Financial Performance - Total revenue for the six months ended June 30, 2022, was RMB 25,958,552 thousand, a decrease of 3.3% compared to RMB 26,851,392 thousand in the same period of 2021[12]. - Gross profit increased by 5.5% to RMB 2,664,294 thousand from RMB 2,524,351 thousand year-on-year[12]. - Operating profit remained stable at RMB 1,167,517 thousand, a slight increase of 0.6% from RMB 1,161,083 thousand in the previous year[12]. - Profit attributable to equity holders of the company was RMB 1,354,606 thousand, reflecting a 0.6% increase from RMB 1,347,127 thousand in the same period last year[12]. - Basic earnings per share rose to RMB 0.31, up from RMB 0.30, marking a 0.6% increase[12]. - Net profit margin improved to 5.2% in H1 2022 compared to 5.0% in H1 2021[13]. - The total comprehensive income for the period was RMB 1,386,644,000, an increase of 2.9% from RMB 1,347,293,000 in the previous year[55]. - The company's net profit for the six months ended June 30, 2022, was RMB 1,354,606 thousand, compared to RMB 1,347,127 thousand for the same period in 2021, showing a slight increase of approximately 0.5%[159]. Revenue Breakdown - The engineering contracting segment generated revenue of RMB 14.79 billion, down 9.1% year-on-year, while the construction segment reported revenue of RMB 12.57 billion, a decrease of 3.1% year-on-year[34]. - The design, consulting, and technology licensing segment's revenue was RMB 1.59 billion, remaining stable year-on-year, while equipment manufacturing revenue fell to RMB 397 million, down 17.2% year-on-year[34]. - The refining segment's revenue was RMB 3.99 billion, a decline of 25.6% year-on-year, while the petrochemical segment saw revenue increase to RMB 16.15 billion, up 7.3% year-on-year[35]. - Revenue from the petrochemical industry was RMB 16.145 billion, a year-on-year increase of 7.3%[36]. - Revenue from the refining industry was RMB 3.985 billion, a year-on-year decrease of 25.6%[36]. - Total revenue from domestic operations was RMB 23.781 billion, a year-on-year decrease of 3.9%[38]. - Total revenue from overseas operations was RMB 2.177 billion, a year-on-year increase of 3.6%[38]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 72,256,949 thousand, a decrease of 0.9% from RMB 72,917,243 thousand at the end of 2021[11]. - Current liabilities decreased by 2.4% to RMB 40,382,299 thousand from RMB 41,370,338 thousand at the end of 2021[11]. - The company's equity attributable to equity holders increased by 1.4% to RMB 29,521,670 thousand from RMB 29,118,084 thousand at the end of 2021[11]. - Asset-liability ratio decreased to 59.1% as of June 30, 2022, from 60.1% at the end of 2021[13]. - Total liabilities decreased to RMB 42,729,985 thousand from RMB 43,793,907 thousand, reflecting a reduction of approximately 2.4%[158]. Cash Flow - Net cash flow used in operating activities improved significantly to (RMB 1,378,489 thousand), a 30.3% reduction from (RMB 1,978,359 thousand) in the previous year[12]. - Cash and cash equivalents decreased by RMB 2.26 billion during the reporting period, compared to a decrease of RMB 1.82 billion in the previous year[105]. - Operating cash flow for the six months ended June 30, 2022, was RMB (1,378,489) thousand, a decrease from RMB (1,978,359) thousand in 2021, representing a reduction of approximately 30.3%[162]. Strategic Initiatives - The company aims to enhance its service levels in safety, efficiency, and sustainability as part of its strategic vision to become a world-leading technology-driven engineering company[6]. - Future outlook includes continued focus on operational efficiency and market expansion strategies[26]. - The company is focusing on the transformation and upgrading of traditional refining and chemical industries towards green and low-carbon development[30]. - The company is actively pursuing market expansion and has signed significant contracts in both domestic and international markets, including projects in Algeria[29]. Research and Development - The company plans to enhance its innovation capabilities by focusing on key technologies in areas such as "oil transformation" and hydrogen energy[51]. - The company completed 272 new patent applications and received 280 new authorized patents, including 126 invention patents, indicating a steady improvement in patent quality[46]. - Research and development costs for the period were RMB 897,120 thousand, slightly higher than RMB 892,152 thousand in the previous year[155]. Shareholder Information - The company maintained a total share count of 4,428,000,000 shares as of June 30, 2022[20]. - The largest shareholder, China Petroleum & Chemical Corporation, holds 67.01% of the total shares[22]. - The company plans to distribute a mid-term cash dividend of RMB 0.118 per share based on a total share capital of 4,428,000,000 shares as of June 30, 2022[115]. Employee and Management - As of June 30, 2022, the total number of employees in the group was 16,541, with 77.9% being engineering and technical personnel[142]. - Employee costs for the first half of 2022 were approximately RMB 2.22 billion, compared to RMB 2.31 billion for the same period in 2021[144]. - The management team includes a general manager and three deputy general managers, with the general manager in position since December 2020[138]. Compliance and Governance - The audit committee reviewed the interim report and found no disagreements regarding the financial performance[129]. - There were no significant legal disputes or arbitration matters reported during the period[122]. - The group maintained compliance with the Hong Kong Listing Rules regarding related party transactions[121].
中石化炼化工程(02386) - 2022 Q2 - 季度财报