SPC(SH:600688)2022-09-16 16:00Financial Performance - The company's operating revenue for the first half of 2022 was RMB 45,900,355, an increase of 23.60% compared to RMB 37,136,606 in the same period last year[9]. - The total profit (loss) for the period was a loss of RMB 442,601, a decrease of 129.30% compared to a profit of RMB 1,510,713 in the previous year[9]. - The net loss attributable to shareholders of the parent company was RMB 436,009, a decline of 135.04% from RMB 1,244,189 in the same period last year[9]. - The basic loss per share for the reporting period was RMB -0.040, compared to earnings of RMB 0.115 in the same period last year[10]. - The diluted loss per share for the reporting period was also RMB -0.040, compared to earnings of RMB 0.115 in the previous year[10]. - The weighted average return on net assets decreased by 5.61 percentage points to -1.448% from 4.164% in the previous year[10]. - The net profit (loss) after deducting non-recurring gains and losses for the current reporting period (January to June) was -402,544,000, a decrease of 134.42% compared to the same period last year[87]. - The EBITDA to total debt ratio decreased to 0.11, down 80.00% from 0.55 in the previous year[87]. - The interest coverage ratio fell to -7.84, a decline of 119.38% from 40.45 in the previous year[87]. - The cash interest coverage ratio was -127.87, down 104.95% from -62.39 in the previous year[87]. Cash Flow and Investments - The net cash flow used in operating activities was RMB -6,405,122, an increase of 168.05% compared to RMB -2,389,552 in the previous year[9]. - The company generated a net cash inflow of RMB 1,776,708 thousand from investing activities in the first half of 2022, a significant improvement from a net cash outflow of RMB 3,106,358 thousand in the previous year[33]. - The company's net cash inflow from financing activities was RMB 1,996,321 thousand in the first half of 2022, recovering from a loss of RMB (51,020) thousand in the first half of 2021[198]. - The total cash inflow from operating activities for the first half of 2022 reached RMB 50,632,846 thousand, a 31.1% increase from RMB 38,606,063 thousand in the same period of 2021[197]. - Cash outflow from operating activities totaled RMB 57,037,968 thousand, compared to RMB 40,995,615 thousand in the first half of 2021, resulting in a net cash flow from operating activities of RMB (6,405,122) thousand[197]. Production and Sales - The total production of main products was 5.4317 million tons, a decrease of 8.07% year-on-year[18]. - The company processed 5.7951 million tons of crude oil, a decrease of 6.68% year-on-year[18]. - The production of finished oil was 3.1534 million tons, a year-on-year decrease of 12.85%[18]. - The production of liquefied gas increased by 23.41% year-on-year to 326,300 tons[18]. - The production of ethylene increased by 16.67% year-on-year to 353,500 tons[18]. - The production of paraxylene increased significantly by 116.01% year-on-year to 318,400 tons[18]. - The company's product sales rate was 98.74%, with a collection rate of 100% for accounts receivable excluding related parties[18]. - In the first half of 2022, the company achieved a net sales amount of RMB 40.142 billion, an increase of 26.89% compared to the same period last year[21]. - The sales volume of synthetic fibers decreased by 79.89%, while the sales volume of resins and plastics and petroleum products decreased by 15.07% and 12.89%, respectively[21]. Costs and Expenses - The company's sales cost for the first half of 2022 was RMB 40.681 billion, an increase of 31.95% year-on-year, accounting for 101.34% of net sales[21]. - Operating costs for the first half of 2022 reached RMB 39,118,453 thousand, a 35.59% increase compared to RMB 28,849,768 thousand in the same period of 2021, primarily due to rising raw material and energy costs[33]. - The unit processing cost of crude oil was RMB 4,540.43 per ton, an increase of 59.36% compared to the same period last year[22]. - The company recorded an investment loss of RMB (50,675) thousand in the first half of 2022, compared to a gain of RMB 602,510 thousand in the same period of 2021[194]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 42,481,112, a decrease of 9.69% from RMB 47,038,622 at the end of the previous year[9]. - The total liabilities decreased from RMB 9,400,510,000 as of December 31, 2021, to RMB 7,987,334,000 as of June 30, 2022, a reduction of approximately 15.1%[149]. - The company's total current liabilities amounted to RMB 12,614,058 thousand, a decrease of 20.5% from RMB 15,795,743 thousand at the end of 2021[192]. - The company's total equity attributable to shareholders decreased to RMB 28,858,796 thousand, down 4.3% from RMB 30,242,139 thousand[113]. Environmental and Compliance - The company’s environmental performance showed a 100% compliance rate for wastewater discharge, with ammonia nitrogen and sulfur dioxide emissions decreasing by 58.93% and 8.78%, respectively[20]. - The company achieved a 100% compliance rate for wastewater discharge standards and a 100% compliance rate for hazardous waste disposal during the first half of 2022[77]. - The company has maintained its "Green Enterprise" title from Sinopec Group and continues to implement high standards for environmental management[76]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[84]. Research and Development - The company’s research and development efforts resulted in 55 patent applications, with 39 patents granted during the reporting period[20]. - Research and development expenses (excluding depreciation and amortization) increased to RMB 34,884,000 in 2022 from RMB 25,208,000 in 2021, showing a rise of about 38.4%[130]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 105,475[88]. - The largest shareholder, Sinopec Corp., held 5,459,455,000 shares, representing 50.44% of the total shares[90]. - A cash dividend of RMB 0.1 per share was approved for the 2021 fiscal year, totaling RMB 1,082,381,350[57].