Financial Performance - Revenue for 2021 was RMB 57,759,590, an increase of 10.3% compared to RMB 52,352,584 in 2020[18] - Gross profit for 2021 reached RMB 6,468,189, reflecting a growth of 13.2% from RMB 5,714,072 in the previous year[18] - Operating profit decreased by 22.8% to RMB 1,701,898 from RMB 2,204,379 in 2020[18] - Net profit attributable to equity holders was RMB 2,129,589, down 10.6% from RMB 2,381,905 in 2020[18] - Basic earnings per share for 2021 was RMB 0.48, a decrease of 10.6% compared to RMB 0.54 in 2020[18] - The company achieved a revenue of RMB 57.76 billion and a net profit of RMB 2.13 billion in 2021, marking a historical high for multiple operational indicators[34] - The total amount of new contracts signed in 2021 reached RMB 63.15 billion, reflecting strong business growth[34] - The total revenue for the group reached RMB 57.76 billion, representing a year-on-year growth of 10.3%[43] - The profit attributable to shareholders was RMB 2.13 billion, a decrease of 10.6% year-on-year[43] - The total value of new contracts signed during the year was RMB 63,150.16 million, a slight increase of 0.2% compared to RMB 63,013.63 million in 2020[124] Assets and Liabilities - As of December 31, 2021, non-current assets increased by 7.7% to RMB 7,979,567,000 compared to RMB 7,409,911,000 in 2020[17] - Current assets rose by 1.4% to RMB 64,937,676,000 from RMB 64,055,416,000 in the previous year[17] - Current liabilities increased by 1.7% to RMB 41,370,338,000, up from RMB 40,672,278,000 in 2020[17] - Non-current liabilities decreased by 4.5% to RMB 2,423,569,000 compared to RMB 2,537,011,000 in 2020[17] - The total assets as of December 31, 2021, were RMB 72,917.24 million, an increase of RMB 1,451.92 million from RMB 71,465.33 million in 2020[126] - The total liabilities as of December 31, 2021, were RMB 43,793.91 million, an increase of RMB 584.62 million from RMB 43,209.29 million in 2020[126] - The backlog of uncompleted contracts at the end of the reporting period was RMB 1110.45 billion, up 5.1% year-on-year, covering 1.92 times the total revenue for the year[50] Profitability Metrics - Gross margin improved to 11.2% in 2021 from 10.9% in 2020[19] - Net profit margin decreased to 3.7% in 2021 from 4.6% in 2020[19] - Return on assets was 3.0% in 2021, down from 3.4% in 2020[19] - The company's net profit margin decreased from 4.6% in 2020 to 3.7% in 2021, reflecting a decline in profitability[133] - The return on assets (ROA) fell from 3.4% in 2020 to 3.0% in 2021, due to reduced profits and increased total assets[135] - The return on equity (ROE) decreased from 8.4% in 2020 to 7.3% in 2021, attributed to lower profits and higher total equity[135] Strategic Initiatives - The company aims to enhance its service levels in safety, efficiency, and sustainability as part of its strategic vision[11] - Future strategies include expanding business areas and extending the value chain in the energy and chemical engineering sector[11] - The company emphasizes innovation and value creation as key drivers for its development[11] - The company is focusing on the "dual carbon" target strategy, exploring the reconstruction of refining processes under new energy and new power systems[38] - The company is committed to talent development through a mid-to-long-term talent development plan and initiatives like the "Seedling Plan" for young cadres[38] - The company is actively promoting green low-carbon initiatives, including CO2 recycling and distributed photovoltaic power generation[35] Technology and Innovation - The company has made significant advancements in technology, including the development of a hydrogen energy full industry chain and the successful industrial application of "direct crude oil cracking to ethylene technology"[35] - The company launched a 3,000 tons/year high-end polybutene-1 industrial demonstration unit, marking a major breakthrough in high-end synthetic materials[35] - The company has received 92 provincial and above-level science and technology progress awards, including a first-class award for "complex raw material million-ton ethylene complete technology"[35] - The company has made significant progress in hydrogen energy technology, including the implementation of the world's largest green hydrogen project in Xinjiang and the production of a hydrogen purification device for fuel cells[58] - The company completed 681 new patent applications, with 476 being invention patents, representing 69.9% of the total[60] - The company is focusing on key core technologies related to oil transformation and high-end chemical materials to drive industry transformation and upgrade[38] Corporate Governance - The company has established a comprehensive internal control system in compliance with various regulatory requirements, enhancing risk management and operational efficiency[163] - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with independent directors making up at least one-third of the board[175] - The company has established a nomination committee to evaluate the independence of independent non-executive directors and ensure a diverse board composition[177] - The company adheres to the corporate governance code as per the Hong Kong Listing Rules without any deviations[172] - The company has implemented internal control mechanisms to provide sufficient financial data and explanations to the board and audit committee[181] Risk Management - The company has taken effective internal control measures to monitor sanctions risks related to its projects in Iran and Russia, ensuring compliance with commitments to the Hong Kong Stock Exchange[168] - The risk management and internal control system has been integrated, with risk factors identified and evaluated annually, and measures established for significant risks[182] - The company conducts quarterly evaluations of internal control execution and annual comprehensive assessments of risk-oriented internal control effectiveness[182] Market Position and Growth - The company has established long-term stable partnerships with major energy and chemical enterprises globally, enhancing its market influence[11] - The company is actively involved in major projects such as the Hainan Ethylene and Shandong LNG Phase III, further consolidating its market position[37] - The company is committed to international business development, focusing on traditional markets in the Middle East and Southeast Asia while exploring emerging markets in Africa and South Asia[67] - The company has a strong international competitive position in the energy and chemical engineering sector, serving both domestic and overseas clients[195]
中石化炼化工程(02386) - 2021 - 年度财报