JINNENG(SH:603113)2023-04-20 16:00Financial Performance - In 2022, the company's operating revenue reached ¥16,800,675,660, representing a 39.85% increase compared to ¥12,013,130,011.11 in 2021[20] - The net profit attributable to shareholders was ¥249,174,605.94, a significant decrease of 73.09% from ¥925,809,497.40 in the previous year[20] - The net profit after deducting non-recurring gains and losses was ¥11,681,899.24, down 98.52% from ¥788,527,347.71 in 2021[20] - The company's total assets increased by 24.49% to ¥16,325,812,918 from ¥13,113,830,212.41 in 2021[20] - The net assets attributable to shareholders decreased slightly by 0.42% to ¥8,707,439,940.02 from ¥8,744,276,532.01 at the end of 2021[20] - The cash flow from operating activities for the year was ¥512,521,684.51, reflecting a 162.31% increase compared to the previous year[20] - Basic earnings per share decreased by 73.64% to CNY 0.29, while diluted earnings per share decreased by 68.00% to CNY 0.32[21] - The weighted average return on equity decreased by 8.19 percentage points to 2.86%, and the return on equity after deducting non-recurring gains and losses decreased by 9.28 percentage points to 0.13%[21] - The company reported a total revenue of 351.17 million, with a year-on-year increase of 9.95 million, representing a growth of approximately 2.9%[136] Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥1.20 per 10 shares, amounting to a minimum of 15% of the distributable profit for the year[5] - The company declared a cash dividend of 1.20 RMB per 10 shares, totaling 101,753,426.88 RMB for the reporting period[160] - The company has a clear cash dividend policy, ensuring at least 15% of distributable profits are allocated for dividends when conditions are met[157] Operational Developments - The company is actively advancing the construction of the second phase project with a capacity of 900,000 tons/year PDH and 450,000 tons/year PP, expected to be fully operational in 2023[32] - The company has planned a third phase project including 440,000 tons/year of butyl acrylate and 120,000 tons/year of superabsorbent polymer, with production expected to start by the end of 2025[33] - The company is constructing a new 40,000 tons/year potassium sorbate project to enhance its competitive edge and extend its industrial chain[41] - The company is constructing a new materials and hydrogen energy project in Qingdao with a capacity of 900,000 tons/year for propane dehydrogenation and 450,000 tons/year for high-performance polypropylene[47] Market and Product Performance - The company's operating revenue increased by 39.85% compared to the previous year, primarily due to the release of production capacity at Jinneng Chemical (Qingdao) and increased sales of propylene, polypropylene, and carbon black products[22] - The company’s main products production and sales volumes showed the following changes: - Olefin products: Production 764,840 tons, Sales 779,910 tons, Inventory 4,140 tons[35] - Carbon black products: Production 618,440 tons, Sales 624,540 tons, Inventory 19,600 tons[35] - Coking products: Production 1,922,470 tons, Sales 1,935,140 tons, Inventory 238,470 tons[35] - Refined products: Production 45,340 tons, Sales 45,500 tons, Inventory 1,847 tons[35] - The company reported a quarterly revenue of CNY 4.52 billion in Q1, CNY 4.31 billion in Q2, CNY 5.28 billion in Q3, and CNY 2.70 billion in Q4[24] Cost and Expense Management - The company reported a significant increase in operating costs by 55.56% due to rising raw material prices and new product costs[58] - The company's sales expenses increased by 33.67% year-on-year, primarily due to higher sales personnel wages[69] - The company's financial expenses surged by 643.11% year-on-year, mainly due to convertible bond interest expenses and increased exchange losses[69] - The total R&D expenditure for the period was ¥686,639,203.30, accounting for 4.09% of operating revenue[71] Environmental and Sustainability Initiatives - The company has established a unique "C3+C4+photovoltaic+hydrogen" green chemical industry chain, focusing on new materials and new energy[47] - The company has successfully reduced fresh water consumption through advanced wastewater treatment technologies, enhancing environmental benefits[169] - The company has reduced carbon emissions by 125,000 tons through the adoption of carbon reduction technologies during production processes[181] - The company has implemented a three-tier supervision mechanism for the operation of pollution prevention facilities, which are functioning well[170] Governance and Compliance - The company has not faced any penalties from securities regulatory agencies in the past three years[144] - The company has not disclosed any significant differences in governance practices compared to regulatory requirements[131] - The company has established internal controls that effectively ensure the reliability of financial reporting and information disclosure[162] - The company has confirmed that there are no violations of laws or regulations by its controlling shareholders[200] Shareholder Commitments - The controlling shareholders, Qin Qingping and Wang Yongmei, committed to not reducing their shareholding by more than 25% of their total shares held in any given year after the lock-up period ends[185] - The shareholders will notify the company three trading days prior to any planned share reduction, ensuring transparency in their actions[186] - The commitments are designed to ensure that the company maintains its competitive edge and operational integrity in the market[187] Future Outlook - The company expects to achieve a sales revenue of 1,784,203.32 million yuan and a net profit attributable to the listed company of 55,086.88 million yuan in 2023[124] - The financial outlook remains positive, with expectations of continued growth driven by market demand and strategic initiatives[138]