恒逸石化：2020年年度报告（英文版）.PDF

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1、2020 Annual Report of Hengyi Petrochemical Co., Ltd. 1 Hengyi Petrochemical Annual Report 2020 This document is a translated version of the Chinese version 2020 Annual Report (“2020 年年度报告全文”), and the published annual report in the Chinese version shall prevail. The complete published Chinese 2020 A

2、nnual Report may be obtained at http:/. 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 2 Chairmans Statement 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 3 Chairmans Statement Looking back at 2020, it was an extremely extraordinary, unusual and difficult year for every country, region,

3、 company and individual. Confronted with the sudden outbreak of the once-in-a-century coronavirus pandemic, all Hengyi staff have made their concerted efforts and demonstrated their solidarity and resilience. They are not afraid of difficulties and never shrink from challenges. They seize the day an

4、d live it to the full. They keep forging ahead with entrepreneurial passion and strength, and achieve encouraging results in 2020. Over the past year, we planned ahead and took all factors into consideration, we shouldered responsibility with persistence and dedication, we protected life and guarant

5、eed production, we took actions to save time and maintain profitability. With all these efforts, we have enabled the Group to continue its rapid growth, and completed all the targets in Hengyis strategy. Over the past year, we made efforts in achieving further progress; we adhered to the overall str

6、ategy of engaging in refinery, polyester and polyamide industries; we promoted the construction of Hengyi (Brunei) PMB Petrochemical Project Phase II and major domestic projects; we put Haining Hengyis 1MMTA Differential Environmental Protection Functional Fiber project into production, which furthe

7、r highlighted the advantage of integrated operation of full industry chain. Over the past year, we persevered with our goals regardless of adverse external factors; we enhanced the leading role of digital intelligence; we increased investment in scientific research; we put new Hengyi Research and De

8、velopment Center formally into use; we achieved many major breakthroughs in scientific research relying on the R&D platform developed by Hengyi together with Zhejiang University, Donghua University, Nanjing Tech University, etc. Three manufacturing enterprises of Zhejiang Shuangtu New Materials, Han

9、gzhou Yijing and Jiaxing Yipeng have been certified as National High-tech Enterprises. Look back at 2020, we should say our achievements did not come easily. None of these achievements would have been possible without the hard work and contribution of all our staff, the tolerance and understanding o

10、f all their family members, and the care and support of leaders at all levels and friends from all sectors. Here, I would like to extend my sincere thanks and highest respect to all of you! Whats past is prologue. The new year brings new hope, and new journey experiences new dream. The year of 2020

11、Annual Report of Hengyi Petrochemical Co., Ltd. 4 2021 marks the 100th founding anniversary of Communist Party of China. We have set out the grand vision for high-quality development in the next five years, and made “1-2-6” strategy implementation plan focused on the construction of 1 platform, 2 ce

12、nters, and 6 bases, and set the target of becoming a world-class petrochemical group. Even though tremendous success has been gained, we still have a long way to go since the worldwide pandemic has not been quelled yet, the international situation is still complex and the market competition is becom

13、ing more intense. Therefore, we shall remain resolve, assume responsibility, and forge ahead. Instead of aiming too high or underestimating our own capabilities, we shall lay a solid foundation for Hengyi! Chairman: Qiu Yibo 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 5 Section I Important

14、Notes, Contents and Interpretation The board of directors, Supervisory Committee, Directors, Supervisors and Senior Management of the Company guarantee that the contents of the 2020 Annual Report (hereinafter referred to as the Report) are true, accurate and complete, free from false records, mislea

15、ding statements or major omissions, and bear individual and joint legal liabilities. The financial report of the Report has been audited by Zhongxinghua Certified Public Accountants LLP and a standard unqualified audit report has been issued. Qiu Yibo, head of the Company, Mao Ying, person in charge

16、 of the accounting work, and Wu Zhen, head of the accounting body (accountant in charge), declared that they would ensure the truthfulness, accuracy and completeness of the financial report in this Report. This Report has been deliberated and approved at the 8th meeting of the 11th Board of Director

17、s of the Company. All Directors have attended the Board meeting at which this Report was deliberated. The profit distribution plan approved by the Board of Directors is as follows: Based on the base of 3,681,645,407, a cash dividend of RMB3 (including tax) will be distributed to all shareholders for

18、 every 10 shares, no bonus shares will be distributed, and no common reserve fund will be converted into share capital. If the total share capital of dividend-paying date of record changes due 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 6 to additional issuance, repurchase of shares and con

19、version of convertible bonds before the Company pays dividends to date of record, the Company plans to maintain the distribution ratio unchanged and adjust the corresponding total share capital. The profit distribution plan for 2020 shall be submitted to the 2020 General Meeting of Shareholders for

20、deliberation and approval. Forward-looking statements such as future plans, development strategies, industry discussions and prospects involved in this Report do not constitute the Companys substantive commitment to investors. Please pay attention to investment risks. This Report describes in detail

21、 the main risks currently faced by the Company and the countermeasures. Please refer to the relevant contents in Section IV. 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 7 Table of Contents Section I Important Notes, Contents and Interpretation . 5 Section II Company Profile and Main Financi

22、al Indicators . 11 Section III Business Summary . 18 Section IV Discussion and Analysis of Business Situation . 32 Section V Important Matters . 108 Section VI Changes in Shares and Shareholders . 152 Section VII Preference Shares Relevant Situation . 167 Section VIII Relevant Situation of Convertib

23、le Corporate Bonds . 168 Section IX Directors, Supervisors, Senior Management and Employees . 172 Section XIII Catalogue of Documents for Reference . 405 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 8 Definitions Item Refers to Definitions Hengyi Petrochemical, Company, the Company Refers to

24、 Hengyi Petrochemical Co., Ltd. Shenzhen Stock Exchange, the exchange Refers to Shenzhen Stock Exchange Hengyi Group Refers to Zhejiang Hengyi Group Co., Ltd. Hengyi Limited Refers to Zhejiang Hengyi Petrochemicals Co., Ltd. Hengyi Brunei Refers to Hengyi Industries Sdn Bhd Zhejiang Yisheng Refers t

25、o Zhejiang Yisheng Petrochemical Co., Ltd. Yisheng New Materials Refers to Zhejiang Yisheng New Materials Co., Ltd. Yisheng Dahua Refers to Yisheng Dahua Petrochemical Co., Ltd. Hainan YISHENG Refers to Hainan YISHENG Petrochemical Co., Ltd. Hengyi polymer Refers to Zhejiang Hengyi Polymer Co., Ltd.

26、 Hengyi Hi-tech Refers to Zhejiang Hengyi High-tech Materials Co., Ltd. Haining New Materials Refers to Haining Hengyi New Materials Co., Ltd. Haining Thermoelectric Refers to Haining Hengyi Thermoelectricity Co., Ltd. Guangxi Hengyi New Materials Refers to Guangxi Hengyi New materials Co., Ltd Taic

27、ang Yifeng Refers to Taicang Yifeng Chemical Fiber Co., Ltd. Jiaxing Yipeng Refers to Jiaxing Yipeng Chemical Fiber Co., Ltd. Shuangtu New Materials Refers to Zhejiang Shuangtu New Materials Co., Ltd. Hangzhou Yichen Refers to Hangzhou Yichen Chemical Fiber Co., Ltd. Shaoxing Hengming Refers to Shao

28、xing Keqiao Hengming Chemical Fiber Co., Ltd. Suqian Yida Refers to Suqian Yida New Material Co., Ltd. Ningbo Hengyi Trade Refers to Ningbo Hengyi Trading Co., Ltd. 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 9 Item Refers to Definitions Hangzhou Yijing Refers to Hangzhou Yijing Chemical Fi

29、ber Co., Ltd. Hengyi Caprolactam Refers to Zhejiang Baling Hengyi Caprolactam Co., Ltd China Zheshang Bank Refers to China Zheshang Bank Co., Ltd. Yisheng Investment Refers to Dalian Yisheng Investment Co., Ltd. Hong Kong Tianyi Refers to Hongkong Tianyi International Holding Co., Ltd. Hengyi Invest

30、ment Refers to Hangzhou Hengyi Investment Co., Ltd. Hengyi Polyamide Refers to Zhejiang Hengyi Polyamide Co., Ltd. Dongzhan Shipping Refers to Dongzhan Shipping Co., Ltd. Fulida Group Refers to Fulida Group Holding Co., Ltd. Xinghui Chemical Fiber Refers to Xinghui Chemical Fiber Group Co., Ltd. Bru

31、nei Refining and Petrochemical Project, PMB Petrochemical Project Refers to Petrochemical projects invested and built by the Company in Brunei PX Refers to P-xylene, colorless transparent liquid, used in the production of plastics, polyester fibers and films PTA Refers to Purified terephthalic acid,

32、 mainly used to produce PET, can also be made into engineering polyester plastics, and be used as the raw material of plasticizer and dye intermediate. PIA Refers to Iso-phthalic acid, mainly used in the production of alkyd resin, unsaturated polyester resin and other polymers and plasticizers, as w

33、ell as in the production of film finishers, coatings, polyester fiber dyeing modifiers and medicines. MEG Refers to Ethylene glycol, mainly used to produce polyester fiber, antifreeze, unsaturated polyester resin, lubricant, plasticizer, nonionic surfactant and explosives, etc. 2020 Annual Report of

34、 Hengyi Petrochemical Co., Ltd. 10 Item Refers to Definitions PET, Polyester Refers to Polyethylene terephthalate, a fiber-forming polymer prepared by direct esterification and continuous polycondensation reaction of PTA and MEG as raw materials POY Refers to Pre-oriented yarn or partially oriented

35、yarn FDY Refers to Fully drawn yarn, also known as polyester drawn yarn DTY Refers to Draw textured yarn, also known as polyester textured yarn CPL Refers to Caprolactam, mainly used to produce polyamide fiber, engineering plastics, plastic film, etc. It is widely used in industrial and civil fields

36、 Differential yarn Refers to Varieties that are innovative in technology or performance or have certain characteristics and are different from conventional yarns Yuan, RMB10,000 Refers to RMB yuan and RMB 10,000 Reporting period/during reporting period/this reporting period Refers to From January 1,

37、 2020 to December 31, 2020 End of reporting period/end of the current reporting period Refers to As of December 31, 2020 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 11 Section II Company Profile and Main Financial Indicators I. Company Profile Stock abbreviation Hengyi Petrochemical Stock c

38、ode 000703 Abbreviation of the changed stock (if any) N/A Stock exchange Shenzhen Stock Exchange Chinese name 恒逸石化股份有限公司 Chinese abbreviation 恒逸石化 Foreign name (if any) HENGYI PETROCHEMICAL CO., LTD. Foreign abbreviation HYPC Legal Representative Qiu Yibo Place of registration No.G, 7/F, Haifu Build

39、ing, No.16 West Beihai Avenue, Beihai City, Guangxi Zhuang Autonomous Region Postal code of the registered address 536000 Office address Building 3, Hengyi Nanan Mingzhu, 260 North Shixin Road, Xiaoshan District, Hangzhou City, Zhejiang Province Postal code of office address 311215 Company website h

40、ttp:/ E-mail II. Contact Person and Contact Information Secretary of the board Securities representative Name Zheng Xingang Chen Shasha Contact address Board of Directors Office, 16/F, Building 3, Nanan Mingzhu, No. 260 North Shixin Road, Xiaoshan District, Hangzhou City, Zhejiang Province Board of

41、Directors Office, 16/F, Building 3, Nanan Mingzhu, No. 260 North Shixin Road, Xiaoshan District, Hangzhou City, Zhejiang Province Tel (0571) 83871991 (0571) 83871991 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 12 Fax: (0571) 83871992 (0571) 83871992 E-mail III. Information Disclosure and Pl

42、ace of Preparation Name of the information disclosure media selected by the Company China Securities Journal, Securities Times, Shanghai Securities News and Securities Daily The website address of the website designated by the CSRC for publishing the annual report http:/ Place where the Companys ann

43、ual report is prepared Office of Board of Directors of Hengyi Petrochemical Co., Ltd. IV. Registration Changes Organization Code 9145050019822966X4 Changes in the Companys main business since listing (if any) No changes Previous changes of controlling shareholders (if any) No changes V. Other Releva

44、nt Information The accounting firm engaged by the Company Name of accounting firm Zhongxinghua Certified Public Accountants LLP Office address of accounting firm 15/F, East Tower, No.1 Fuwai Street, Xicheng District, Beijing Signature name of accountants Liu Hongyue, Wang Guohai Sponsor institutions

45、 engaged by the Company to perform continuous supervision duties during the reporting period Name of sponsor institution Office address of sponsor institution Name of sponsor representative Continuous supervision period CITIC Securities CO., LTD No.48 Liangmaqiao Road, Chaoyang District, Beijing Mao

46、 Zongxuan, Xu Rui January 2021 - December 2021 Financial consultants engaged by the Company to perform continuous supervision duties 2020 Annual Report of Hengyi Petrochemical Co., Ltd. 13 during the reporting period Applicable Not applicable VI. Main Accounting Data and Financial Indicators Does th

47、e Company need to retroactively adjust or restate the accounting data of previous years Yes No Reason for retrospective adjustment or restatement Combination of businesses under common control 2020 2019 Increase/decrease of this year over the previous year 2018 Before adjustment After adjustment Aft

48、er adjustment Before adjustment After adjustment Operating income (Yuan) 86,429,630,191.87 79,620,543,631.74 79,620,543,631.74 8.55% 88,065,815,535.96 88,065,815,535.96 Net profit attributable to shareholders of the listed company (Yuan) 3,071,998,839.75 3,201,348,425.33 3,190,185,517.79 -3.70% 1,87

49、2,494,729.34 1,872,494,729.34 Net profit after deducting non-recurring gains and losses attributable to shareholders of the listed company (Yuan) 2,479,101,027.63 2,725,438,479.51 2,725,438,479.51 -9.04% 1,536,880,249.17 1,536,880,249.17 Net cash flow from operating activities (Yuan) 5,013,772,777.9

50、5 -112,081,728.16 -91,125,777.91 5,602.04% 1,607,078,608.23 1,607,078,608.23 Basic earnings per share 1.08 1.13 1.13 -4.42% 0.76 0.76 Diluted earnings per share 1.07 1.13 1.13 -5.31% 0.76 0.76 Weighted average ROE 12.56% 14.73% 14.54% -1.98% 12.29% 12.29% 2020 Annual Report of Hengyi Petrochemical C