Financial Performance - The net profit attributable to the parent company's shareholders for 2021 was RMB 2,000,506 thousand, while the net profit according to International Financial Reporting Standards was RMB 2,073,431 thousand[2]. - In 2021, the company's operating revenue reached RMB 89,280,415 thousand, an increase of 19.51% compared to RMB 74,705,183 thousand in 2020[12]. - The total profit for 2021 was RMB 2,648,161 thousand, reflecting a significant increase of 361.50% from RMB 573,816 thousand in the previous year[12]. - The net profit attributable to shareholders of the parent company was RMB 2,000,506 thousand, up by 218.50% from RMB 628,110 thousand in 2020[12]. - The company's total assets at the end of 2021 amounted to RMB 47,038,622 thousand, a 5.12% increase from RMB 44,749,173 thousand in 2020[12]. - The basic earnings per share for 2021 was RMB 0.185, representing a 213.56% increase from RMB 0.059 in 2020[12]. - The net cash flow from operating activities for 2021 was RMB 4,060,026 thousand, compared to RMB 1,751,217 thousand in 2020, indicating a substantial improvement[12]. - The company's net assets attributable to shareholders reached RMB 30,260,172 thousand at the end of 2021, a 3.57% increase from RMB 29,218,033 thousand in 2020[12]. - The weighted average return on equity for 2021 was 6.727%, an increase of 4.60 percentage points from 2.127% in 2020[12]. - The company reported a net profit of RMB 2,076,606 thousand under International Financial Reporting Standards (IFRS) for 2021, compared to RMB 656,398 thousand in 2020[15]. Dividends and Shareholder Returns - The proposed dividend for the 2021 fiscal year is RMB 0.1 per share (including tax), pending approval at the annual general meeting[2]. - The cash dividend amount for 2021 was RMB 1,082,381.35 thousand, representing 54.11% of the net profit attributable to the parent company's shareholders[131]. - The company plans to maintain a cash dividend policy, distributing at least 30% of the annual net profit as cash dividends when conditions are met[129]. Operational Highlights - The company processed a total of 13.76 million tons of crude oil in 2021, a decrease of 6.18% year-on-year, primarily due to the largest maintenance in its history[20]. - The company achieved a production and sales rate of 100.05% and a receivables turnover rate of 100%[20]. - The company increased gasoline production by 12.34 thousand tons despite a decrease in overall crude processing volume[25]. - The company exported 39.1 thousand tons of 92 gasoline and 46.5 thousand tons of low-sulfur aviation kerosene for the first time[25]. - The company maintained a stable operation rate of 97.84% for its facilities, with unplanned shutdowns decreasing by 52.94%[21]. Cost and Revenue Analysis - The total sales cost and expenses for 2021 were RMB 74.4566 billion, up 20.04% from RMB 62.0271 billion in 2020[40]. - The sales cost for the company was RMB 74.298 billion, an increase of 20.03% from RMB 61.9011 billion in the previous year, primarily due to rising crude oil prices[41]. - The total procurement amount from the top five suppliers was RMB 48.0106 billion, accounting for 69.01% of the total procurement[64]. - The total sales amount from the top five customers was RMB 57.1698 billion, representing 64.09% of the total revenue[65]. Environmental and Social Responsibility - The company achieved a comprehensive wastewater discharge compliance rate of 99.95% and a compliance rate of 100% for controlled waste gas emissions in 2021[150]. - The company recycled 91,654 tons of CO2 in 2021 from its ethylene glycol unit, contributing to its carbon reduction efforts[155]. - The company has been recognized as a "Green Enterprise" for multiple consecutive years, reinforcing its commitment to environmental protection[150]. - The company contributed 7.766 million yuan to poverty alleviation efforts, focusing on regions in Yunnan and Gansu[156]. - The company allocated 1.821 million yuan for public welfare projects in 53 villages in collaboration with local governments[156]. Strategic Initiatives and Future Plans - The company plans to process 13.65 million tons of crude oil in 2022, with production targets of 7.57 million tons of refined oil, 825,200 tons of ethylene, and 453,000 tons of polyethylene[92]. - The company aims to strengthen its core industry of carbon fiber and develop high-end new materials, focusing on polyester, polyolefins, and elastomers[91]. - The company is actively participating in the global transition towards low-carbon and renewable energy, aligning with national goals for carbon neutrality[90]. - The company is committed to enhancing its carbon asset management and exploring carbon capture, utilization, and storage (CCUS) technologies to improve its environmental impact[96]. - The company is focusing on achieving carbon peak and carbon neutrality as part of its green transformation strategy, which is essential for high-quality development in the petrochemical industry[106]. Risks and Challenges - The company is highly sensitive to fluctuations in crude oil and petrochemical product prices, which can significantly impact its revenue and financial performance due to their cyclical nature[98]. - Over 95% of the crude oil required for production is imported, exposing the company to risks associated with price volatility and potential supply disruptions[99]. - The company faces risks from potential stricter environmental regulations that could lead to increased operational costs[101]. - Currency fluctuations, particularly the depreciation of the RMB against foreign currencies, could adversely affect the company's costs and profitability[102]. Corporate Governance and Compliance - The company has not reported any significant litigation or arbitration matters during the reporting period[136]. - There were no penalties or administrative measures taken against the company or its executives during the reporting period[137]. - The company has adopted new accounting standards effective from January 1, 2021, including the interpretation of accounting standards related to COVID-19 rent concessions[133]. - The company appointed KPMG Huazhen as the domestic auditor and KPMG as the overseas auditor for the 2021 fiscal year, with fees of RMB 3,418,500 each[134][135]. - The company has not identified any violations of commitments made by its controlling shareholders or related parties during the reporting period[132].
上海石化(600688) - 2021 Q4 - 年度财报