YMCC(SH:600691)2023-04-14 16:00Financial Performance - In 2022, the company's operating revenue was approximately ¥17.04 billion, a decrease of 9.08% compared to ¥18.74 billion in 2021[21]. - The net profit attributable to shareholders of the listed company was approximately ¥69.96 million, down 83.80% from ¥431.71 million in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥5.05 million, a decline of 98.69% compared to ¥386.70 million in 2021[21]. - The basic earnings per share for 2022 was 0.0294 RMB, a decline of 83.82% from 0.1817 RMB in 2021[22]. - The weighted average return on equity decreased by 6.3422 percentage points to 1.1658% in 2022[22]. - The total operating revenue for 2022 was 17.036 billion RMB, a decrease of 1.701 billion RMB or 9.08% compared to 2021[30]. - The net profit attributable to shareholders for the reporting period was 70 million RMB, down from 432 million RMB in the previous year, representing a decrease of 362 million RMB[42]. - The total operating revenue for the year was 15.611 billion RMB, a decrease of 866 million RMB or 5.25% compared to 2021[47]. - The gross margin for the main business was 8.87%, which represents a decrease of 3.43 percentage points year-on-year[49]. Cash Flow and Assets - The net cash flow from operating activities increased by 60.26% to approximately ¥1.72 billion, compared to ¥1.07 billion in 2021[21]. - As of the end of 2022, the net assets attributable to shareholders were approximately ¥6.01 billion, a slight increase of 0.66% from ¥5.97 billion at the end of 2021[21]. - Total assets at the end of 2022 were approximately ¥24.73 billion, reflecting a 1.19% increase from ¥24.44 billion at the end of 2021[21]. - The company reported a net cash flow from operating activities of approximately 1.72 billion, an increase of 60.26% year-over-year[60]. Production and Sales - The company achieved a total commodity production of 3.8767 million tons in 2022, exceeding the planned target by 9.71%[30]. - The production volume of urea was 2.1807 million tons, while polyvinyl chloride (PVC) production was 213,400 tons, and propylene production was 132,600 tons[42]. - The production volume of urea was 2.1807 million tons, with a sales volume of 2.1545 million tons, reflecting a year-on-year increase of 3.24% in production and 2.29% in sales[50]. - The company’s PVC production capacity is 300,000 tons/year, with an output of 213,400 tons in 2022, benefiting from lower logistics costs due to proximity to the end market[72]. Market and Industry Trends - The nitrogen fertilizer apparent consumption in China increased by 8.1% year-on-year to 36.387 million tons in 2022[32]. - The PVC price decreased by 29.1% year-on-year to an average of 6,313 RMB by the end of 2022[34]. - The company forecasts that nitrogen fertilizer consumption will continue to grow, with stable agricultural demand and increasing industrial demand, while supply will remain balanced[90]. - The company anticipates that the market price of nitrogen fertilizer will be influenced mainly by raw material prices, with international prices remaining uncertain[91]. Research and Development - The company applied for 106 patents in 2022, including 37 invention patents, highlighting its commitment to innovation and technology development[40]. - Research and development expenses totaled approximately 218.62 million, representing 1.28% of total revenue[56]. - The company has 652 R&D personnel, accounting for 8.79% of the total workforce[57]. Safety and Environmental Management - The company has strengthened its safety and environmental management, significantly reducing emissions of major pollutants below the standard limits[36]. - The company is focusing on compliance management and risk identification to enhance operational resilience[31]. - The company is committed to establishing a long-term management mechanism for pollutant discharge to improve ecological environment quality[67]. - The company has implemented a comprehensive safety management system, including a "1356" safety work measure to enhance safety control capabilities[98]. - The company has conducted regular emergency drills to improve environmental awareness and response capabilities among employees[146]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[4]. - The board of directors held 14 meetings and reviewed 36 items, ensuring compliance with governance standards and protecting minority shareholders' rights[103]. - The supervisory board conducted 6 meetings and reviewed 13 items, fulfilling its oversight responsibilities effectively[104]. - The company emphasizes transparent performance evaluation and incentive mechanisms for senior management, ensuring compliance with legal standards[106]. - The company has a structured governance system in place to enhance operational independence and compliance[107]. Related Party Transactions - The total amount of related party transactions reached CNY 7,262,059,435.37, with significant contributions from chemical product purchases[176]. - The largest related party transaction was with Huayang New Materials Technology Group, amounting to CNY 3,394,408,158.21, accounting for 22.53% of similar transactions[175]. - Interest expenses paid to China National Chemical Fertilizer Co., Ltd. totaled CNY 33,794,841.23, representing 7.27% of related party transactions[175]. Legal Matters - The company is involved in multiple lawsuits, including a claim for 10 million yuan in principal and interest from Sichuan Phoenix Investment Co., which is currently in the second instance and has been dismissed[168]. - The company has filed a lawsuit against Xinjiang Guotai Chemical for a total of 12.2636658 million yuan, which has been executed and settled[168]. - The company has indicated that it will adjust its strategies based on ongoing legal proceedings and market conditions[168]. Future Plans and Strategies - The company plans to focus on market expansion and new product development to improve future performance[49]. - The company is committed to accelerating energy-saving and carbon reduction upgrades, benchmarking against industry leaders to optimize and adjust its operations[69]. - The company plans to adhere to national "dual control" and "dual carbon" policies, focusing on low-carbon, clean production, and green development[97].