XINJIANG TIANYE(SH:600075)2023-04-19 16:00Financial Performance - In 2022, the company achieved a net profit attributable to the parent company of CNY 853,215,790.98, with retained earnings from the previous year amounting to CNY 5,124,512,476.00, resulting in a total distributable profit of CNY 5,724,464,886.74[6]. - The proposed cash dividend is CNY 1 per 10 shares, based on a total share capital of 1,707,358,596 shares, with no stock dividends or capital reserve transfers planned[6]. - The company's operating revenue for 2022 was approximately ¥11.65 billion, a decrease of 3.07% compared to ¥12.01 billion in 2021[22]. - Net profit attributable to shareholders for 2022 was approximately ¥853.22 million, down 47.92% from ¥1.64 billion in 2021[22]. - Basic earnings per share for 2022 were ¥0.50, a decline of 53.27% from ¥1.07 in 2021[23]. - The total profit for 2022 was CNY 99,151,650, a decline of 47.79% from CNY 189,896,690 in the previous year[60]. - The net profit attributable to the parent company was CNY 85,321,580, down 47.92% from CNY 163,830,680 in the previous year[60]. Cash Flow and Investments - The net cash flow from operating activities for 2022 was approximately ¥1.29 billion, a decrease of 50.41% from ¥2.59 billion in 2021[22]. - The company raised CNY 3 billion through the public issuance of convertible bonds during the reporting period[59]. - The company’s cash flow from operating activities decreased by 50.41%, from CNY 2,591,938,375.60 to CNY 1,285,292,507.51[62]. - The company raised a total of CNY 300,000 million through the issuance of convertible bonds, with a net amount of CNY 296,377.40 million after deducting fees[87]. - As of December 31, 2022, the company has utilized CNY 80,000 million to supplement working capital and invested CNY 13,652.92 million and CNY 19,016.27 million in two projects, totaling CNY 112,669.19 million in fundraising[88]. Operational Highlights - The company generated 76.39 billion kWh of electricity in 2022, a year-on-year increase of 1.66%[37]. - The production of calcium carbide reached 139.71 million tons, reflecting a 1.69% increase compared to the previous year[37]. - The company produced 62.28 million tons of PVC resin, which is a decrease of 6.94% year-on-year[37]. - The sales of calcium carbide increased significantly by 5030.66% to 4.57 million tons compared to the previous year[38]. - The company reported a 72.07% increase in acetylene gas production, totaling 5.17 million tons[38]. Research and Development - The company has accumulated 336 effective patents, with over 78 patents authorized in 2022, and holds more than 160 registered trademarks domestically, enhancing its competitive advantage in the chemical new materials and water-saving agriculture sectors[41]. - The company’s research and development expenses were CNY 346,666,182.77, a decrease of 5.66% compared to the previous year[62]. - The company completed 78 R&D projects during the reporting period, with 95 projects in total, and obtained 78 authorized patents[80]. Environmental and Safety Management - The company is focusing on safety and environmental quality management, implementing 67 safety management systems[39]. - The company invested CNY 16,472.386 million in environmental protection during the reporting period[199]. - Tianwei Chemical's total emissions of sulfur dioxide from its thermal power plant are 616 tons per year, with a concentration of ≤35 mg/m3[200]. - Tianwei Chemical's nitrogen oxide emissions from its thermal power plant total 880 tons per year, adhering to the ≤50 mg/m3 standard[200]. - Tianwei Chemical's dust emissions from its thermal power plant are 176 tons per year, complying with the ≤10 mg/m3 ultra-low emission standard[200]. Market and Industry Outlook - The company reported that the PVC market is facing challenges due to a downturn in demand and a sluggish real estate market, with price fluctuations closely linked to macroeconomic conditions[44]. - The company is positioned to benefit from the anticipated recovery in real estate sales in Q3 2023, which may boost PVC demand as it is closely tied to the construction sector[44]. - The company aims to enhance its PVC product structure and continue to focus on high-quality development through technological innovation and industry integration[140]. Corporate Governance - The company has established a complete internal control system for all subsidiaries, ensuring oversight of assets, business, and strategic planning[196]. - The company has maintained independence in assets, personnel, finance, organization, and business from the controlling shareholder[154]. - The shareholders' meeting was conducted in accordance with legal regulations and all proposals were approved without any rejections[161]. - The company is focused on maintaining compliance with corporate governance standards as evidenced by the successful shareholders' meeting[161]. Future Strategies - The company plans to focus on expanding its market presence and enhancing product offerings in response to changing market demands[66]. - The company aims to improve operational quality and maintain key economic indicators at the forefront of the industry throughout 2023[143]. - The company plans to enhance operational efficiency by implementing lean management across all processes and promoting innovation in production, technology, and market strategies[143]. - The company is exploring potential mergers and acquisitions to diversify its product offerings and enhance competitive advantage[163].