[年报]恒力石化(600346):恒力石化2021年年度报告（英文删节版）
原标题:恒力石化:恒力石化2021年年度报告（英文删节版） Dear shareholders, partners and employees: The tides of Bohai Sea have brought warmth to the springy Northern country. Despite occasional coldness, the changing seasons have marked the inevitable passage of time. The hardships we have experienced last year were partly expected and partly unexpected. We have expected that the Covid-19 pandemic would recur, geopolitical conflicts would continue, and the world economy would be sluggish. However, the frequency of pandemic recurrence, the depth of the conflicts, and the difficulty of economic recovery were still beyond our expectations. The chill was felt by every individual at this juncture of profound changes unseen in a century. However, hardships are, in themselves, a kind of growth and experience, an inevitable path towards realizing great dreams. We must overcome the difficulties of the present in order to achieve a better future. “Misfortune may be a blessing in disguise.” During this chess game which features both “crisis” and “opportunity”, “the unchanged” and “changes”, and lockdown and opening-up, the pioneering Hengli people have made each move with deliberation to prepare for crises in advance and seize opportunities when they come, to seek innovation in the unchanged and remain composed during changes, and to meditate during lockdown to pursue a brighter future during opening-up. This year has witnessed Hengli sailing farther away through the rise and fall of history. However arduous and long the journey is, it will eventually be accomplished. Against the backdrop of profound changes unseen in a century intertwined with the Covid-19 pandemic, Hengli is willing to be as hard-working as “old cattle” to develop its main businesses, achieve critical breakthroughs, deploy the innovation chain around its industrial chain, and vice versa. During this year, we have promoted the “dual circulation strategy” and focused on developing the real economy, putting into operation the 200kt industrial yarn project of Hengli Chemical Fiber, as well as the polyester film project and degradable plastic project of Kanghui New Material. Hengli (Huizhou) Industrial Park, Hengli Refining and Chemical Fine Chemical Park Phase I Project, and Hengli (Yangtze River Delta) International New Materials Industrial Base have started construction. The PBS biodegradable plastic project with an annual output of 900kt and the lithium battery diaphragm project with an annual output of 1.6 billion square meters have been successively launched. The business layout of the five major industrial chains has begun to emerge. We have carried out a groundbreaking reform to overcome the shortcomings of the industry. We have become the second company in the world and the first in China that is able to produce 12-micron silicon-coated release laminated lithium battery protective film on line. Our production of MLCC release base film accounted for over 65% of the national total, and our high-purity tetrahydrofuran (THF) has been used in the innovative research and development of drugs to treat Covid-19. Our self-developed Henglink industrial Internet platform has been rated as a “demonstration project” by the Ministry of Industry and Information Technology and selected as a provincial industrial Internet platform in Liaoning Province. We have applied for 700 patented technologies, with cutting-edge technologies in multiple industries. We have attached equal importance to environmental protection and intelligent manufacturing to achieve leading efficiency. As a petrochemical company, despite owning large-scale equipment, Hengli still insists on environmental protection and intelligent manufacturing throughout its manufacturing process. Since Hengli Petrochemical, Hengli Refinery, and Hengke New Material were awarded “National Green Factory” in 2017 and 2020 respectively, Hengli Chemical Fiber was also awarded in early 2022. So far, four companies under Hengli have been awarded “National Green Factory”. We have always embraced gratitude and responsibility, and stayed true to our mission since we first started business. Hengli has actively supported poverty alleviation, student aid and disaster relief among other public welfare projects. Our efforts have paid off as in 2021, Hengli made it to the “Top 100 Global Enterprises”, won the “National Labor Day Medal”, and achieved gratifying annual operating data: our annual operating income amounted to RMB197.97 billion, a year-on-year increase of 29.2%; our annual profit amounted to RMB15.53 billion, a year-on-year increase of 15.37%. Data and honors speak louder than words. They testify to Hengli’s strong momentum and resilience. However, as we are happily sharing our achievements, we also know that “a single feather cannot support a roc, just as a single foot cannot support a horse.” It is thanks to the national strategic guidance and the support of all shareholders, partners and employees that Hengli can make it this far. Therefore, Hengli has distributed RMB7.02 billion in dividends to repay its shareholders. The fourth phase of its employee stock ownership plan has earned three times of return, and a new phase of employee stock ownership plan with a larger scale and a wider scope has been launched. We hope that the benefits of development can be shared by all Hengli people. The journey is long and arduous, and we must take every step earnestly. The new era has sent us a beautiful invitation but also brought us all kinds of difficulties. At present or in the future, there are going to be challenges for the development of the nation, businesses and households. As we are aware of the close relation between the rise and fall of a company and that of a nation, Hengli will always keep the nation on its mind and concentrate on its mission to serve the country. The patriotism of entrepreneurs can take many forms, but the first and foremost is to run a first-class company. Based on the domestic and international environment, for 2022, Hengli has clearly set the path to “lead development with talents and create the future with innovation”. In the new year, we must be "talent-oriented" and establish talent leadership. We will create a working environment that recognizes, loves and respects talents, improve the talent pool development mechanism featuring “talent attraction, utilization, retention and training”, and establish a leader training and evaluation system oriented by responsibility, ability and contribution. In this way, we can ensure endless brainpower for corporate development. We will adopt a dual-motor system driven by efficiency and innovation, advocate a pragmatic, active and intelligent way of working, and encourage hard work, enthusiasm and determination. We will advocate a working attitude of being preemptive, time-sensitive, and effective, and dedicate ourselves to building a “learning-oriented, innovative and technological” national enterprise. We will continue to increase investment in research and development by encouraging our employees to innovate and promoting their intrinsic motivation to boost both quantity and quality in scientific research. Meanwhile, we will also strengthen cooperation with domestic and foreign universities, research institutes and major international enterprises, and solicit their resources to achieve innovative breakthroughs. We will “get the big picture while also addressing the finest detail" to achieve progress against all odds. In the face of the complex and intense external environment, we will “get the big picture” strategically by focusing on both international and domestic markets and the five main sectors and industrial chains; we will also “address the finest detail” tactically by working on our business essentials featuring “quality, cost effectiveness and
Chapter Ⅰ Definitions In this report, the terms listed below are defined as follows, unless the context otherwise implies:
Financial Indicators I Main Accounting Data Unit: million RMB
II Main Financial Indicators
III. 2021 Main Financial Data by Quarter Unit: million RMB
IV. Items and Amount of Non-recurring Profits and Losses Unit: RMB
V. Items Measured through Fair Value Unit: million RMB
the Management I. Discussion and analysis of the business performance Since 2021, the global economy has been recovering in general with a pick-up in the pace, and international trade and investment have gradually returned to normal. The Covid-19 vaccination has been expanded around the globe, and multiple countries have relaxed the pandemic control while implementing large-scale fiscal stimulus and easing monetary policies. The world economy has gradually emerged from the recession under the background. In the first half of 2021, major economies showed vigorous recovery, but when entering Q3, they have experienced a general slowdown and diverged growth rates, showing a fast growth followed by a slow one. Due to the unbalanced global recovery, there appeared a mismatch between supply and demand of global commodities, resulting in a rapid rise of inflation in the world. The increasing pressure of inflation and the crisis in supply chain and energy cannot be resolved in the short term. The global economic recovery and growth hence still face uncertainty. At the beginning of 2022, the global economy continued to recover between the climbing number of Covid cases and price index. Thanks to the improvement of global vaccination coverage and efficacy, the global economy is expected to show a moderate growth in 2022. However, the withdrawal of easing policies and the weakening of cyclical rebound will constrain the recovery momentum. Because of differences in policy support and vaccination coverage, the “recovery gap” between developed economies, and emerging markets and developing economies will be sustained, leaning towards a diverged recovery. In addition, geopolitical risks have become an important driving force for the recent increase in international commodity prices. After the sharp rise in 2021, international commodity prices will see another strong pickup in 2022. The factors influencing the commodity market will be more complex and diverse. On the whole, considering the slowdown of global economic recovery, the accelerated tightening of monetary policy by the Federal Reserve and the gradual restoring of the global supply chain, it is unlikely that commodity prices will surge sharply again. However, the prices of key energy such as crude oil are expected to keep climbing, as geopolitical events occur, inventories remain at a historically low level, and the increase of production in OPEC+ is less than expected. The price of some non-ferrous metals such as copper and nickel may break new highs, because the green transformation of economy results in new large demands of some metals, and the inventories remain at a historically low level. Domestically speaking, with the pandemic and global changes both unseen in a century, we should unswervingly do our own things well. China adheres to making progress while maintaining stability and high-quality development, strengthens the cross-cycle adjustment of macro policies, and enhances support for the real economy. The national economy has continued to recover its growth, and main targets of 2021 have been well accomplished. The government aims to gradually change the traditional growth model driven by real estate and infrastructure investment, and actively promotes economic transformation and a new development pattern at the same time. China’s economic growth and pandemic prevention and control have maintained a leading position in the world, and its GDP has steadily reached a new level. In 2021, China’s GDP was RMB114.37 trillion, an increase of 8.1% over the previous year calculated at constant prices. The average annual growth rate in the past two years is 5.1%. China’s share in the global economy keeps going up, and continues to be a critical engine that drives the world economic growth. However, China’s economy still faces short and medium-term pressure from “demand contraction, supply shocks, and weakening expectations”. “Development is the foundation and key to solving all problems.” The Central Economic Work Conference clearly states that the policy for 2022 is to “prioritize stability while pursuing progress”. On the one hand, China will continue to implement the strategy of expanding domestic demand, promote the recovery of consumption, expand effective remains highly resilient, with the trend of enlarging scale, upgrading structure and innovative consumption models unchanged. Consumption growth is well supported by the economic recovery, employment growth, increase in residents’ income and the gradual improvement of social security. On the other hand, China will continue to transform the economic structure, develop new drivers of growth, and give rein to the strong development momentum of high-end manufacturing and high-tech integration based on technologically innovative industrial chains such as new energy, 5G, optoelectronic chips, integrated circuits, biotechnology, industrial Internet, and artificial intelligence, etc. China will improve the core competitiveness of the manufacturing industry, break through the bottlenecks in key areas, and enhance the resilience of the industrial chain and the supply chain. With regard to the chemical industry, the year 2021 was characterized as “high growth followed by low development”. In the first half, the pandemic in China was under control, and various industries gradually recovered and resumed work and production. By virtue of the support of public policies, the economy picked up, and the main chemical downstream industries also recovered significantly. The demand for chemical products kept rising and achieved high growth in the first half. The prices and price differentials of main chemical products produced by upstream refining, coal-gasification and ethylene plants, such as PX, pure benzene, acetic acid, polypropylene, ethylene glycol, styrene, polyethylene, and butadiene, generally maintained and kept fluctuating significantly within the range, thus leading to stable profitability. Similar to the upstream, downstream new chemical material products also benefited from the increase of raw material costs and terminal demands recovery, the profitability of polyester yarn for civil use and that for industrial use rapidly returned to normal, and functional thin films, engineering plastics, biodegradable materials, and other under-supply materials maintained at higher prices with greater profitability. In the second half of 2021, the growth of the manufacturing industry slowed down affected by the slump real estate and coal and electricity shortages, and the service industry showed decelerated growth due to the dispersed cases of Covid. Due to the tightening energy efficiency constraints and periodic supply and demand imbalance gradually emerged, causing the overall declining growth rate of the industry and mounting market volatility and downward pressure. As the crude oil price rose sharply, the price of crude-related products also went up accordingly, whilst the price of chemical products for the consumer side was more dependent on their own supply and demand changes. In the turbulent external environment where the oil price and the market wildly fluctuated, industry leading enterprises with upstream production capacity, especially large-scale refining and petrochemical production capacity, demonstrated a more prominent risk-resistance and profitability along the entire industry chain. 2021 was the first year of the “dual-carbon” actions. China has pledged to establish and improve an economic system featuring green, low-carbon, and circular development, increase energy utilization efficiency, raise the share of non-fossil fuels in total energy consumption, reduce carbon dioxide emissions, and enhance the carbon sink capacity of the ecosystem, so as to ensure that carbon emission peaking and carbon neutrality be achieved on schedule. The “dual-carbon” goal will transform the supply-side structural reform and the industry, leading to a low-carbon, green, and high-quality development period. Entering the new period of the “14th Five-Year Plan”, with the upstream breakthrough, the leading companies have fostered greater operation, development space, and growth possibility under an operation mode which allows in-depth coordination and complementary operation between the platform of “major chemical” and the extension of advanced materials throughout the whole industrial chain. Meanwhile, faced with the exponential growth and huge gap in the demand for advanced chemical materials caused by the rapid development of “new consumption” and “key & core technologies” in the future, we should make full use of the continuous empowerment of the upstream “major chemical” platform and the cumulative development of downstream advanced materials for the “bottom down” development of the new markets of downstream chemical materials, which will become the historical ten years, and is expected to push the leading companies’ to build a chemical-materials-based industrial chain and the improvement of scarce production capacity, so as to serve national upgrading in advanced manufacturing and consumption, and achieve a leapfrog breakthrough and a “secondary growth curve” of long-term development under the effect of core technology, manufacturing technique, and an overwhelming scale. At the corporate level, the company proactively adapts to the new situation, development and changes, focuses on the national strategic transformation deployment of the industry, continues to strengthen the basic support and development function of the “major chemical” platform with “refining & chemicals+ethylene+coal chemicals” as the upstream carrier, upholds and adheres to Hengli’s “innovation and R&D genes”, expands, deepens and refines our downstream advanced chemical material business, improves the R&D, and technological capacity, and raise the proportion of R&D in the downstream sector, in order to realize the “dual circulation” of coordinated development of the “major chemical” platform and the advanced material business. During the reporting period, the key tasks of listed companies are as follows: 1. Strengthening the basic support and development function of the “major chemical” platform with “refining & chemicals+ethylene+coal chemicals” as the upstream carrier, with stable and flexible operation, stable functioning of major plants, and significant synergy of the whole industrial chain model. (1) The development of the upstream “major chemical” platform: “gaining one of the top seven petrochemical industrial parks in China, we have concentrated and efficiently built four major capacity clusters: benchmark refining and chemical integration project at a capacity of 20000 kta, modern coal chemical plant at a capacity of 5000 kta, the world’s largest single ethylene project at a capacity of 1500 kta, and 5 sets of largest single PTA plant in the industry with a total capacity of 11600 kta. We have successfully shattered the “bottleneck” in business links and raw material supply in the upstream and formed a strategic support platform of “major chemical” with a combination of “world-class chemical refineries + modern coal chemical plants” and the integration of oil, coal, and chemical. Meanwhile, as the listed company owned 100% shares of both Hengli Refining and Hengli Chemical, our refining and chemical integration project is the only self-developed project owned by a private company in the industry. Owning 100% of the equity and production capacity guarantees that the profits of our refining, ethylene, and coal chemical businesses and the output of important chemical raw materials can all be owned by listed companies and shareholders. This effectively ensures the profitability of the listed company and the ability to control the upstream “major chemical” development platform. At present, the business segments of the listed company in the midstream and upstream have been based on a processing capacity of 20,000 kt of crude oil and 5000 kt of raw coal. The main production is as follows: in the aromatics process, an annual output of 4500 kt of PX, 1200 kt of pure benzene, and 1660 kt of PTA (5000 kt from the Huizhou base which is under construction). In the olefin process, we have an annual production of 1800 kt of fiber-grade ethylene glycol, 850 kt of polypropylene, 720 kt of styrene, 400 kt of high-density polyethylene, and 140 kt of butadiene. In the coal chemical process, an annual output of 750 kt of methanol, 400 kt of acetic acid, 300 kt of pure hydrogen and 126 kt of liquid nitrogen. We have reserved and transported high-end chemicals that are high value-added and in shortage within China, as well as midstream and upstream raw materials and additional gases to the downstream advanced materials industrial chains. At the same time, we were fully (providing a large amount of low-cost electricity and steam for self-use), self-supply crude oil terminal (2 terminals at a handling capacity of 300 kt), China’s largest refinery self-supply crude oil tank area (storage capacity: 6000 kt crude oil), and other utilities including finished raw material terminals and tank area storage, which greatly reduces the production and operation costs. The refining and chemical plant, coal chemical plant, ethylene plant, and PTA plant in Changxing Island base are all connected through the pipeline, saving a lot of intermediate costs and transportation costs, forming a business strategic layout of a world-class petrochemical industrial development platform, and combining the matching integrated capacity and top-equipped utility. This also lays a solid foundation of raw materials and industrial supporting conditions for us to further develop the downstream advanced chemical materials business of aromatics and olefins with advantages in scale and market potential. （未完）  |