[年报]恩捷股份(002812):2022年年度报告（英文版）
原标题:恩捷股份:2022年年度报告（英文版） 2022AnnualReport March2022 2022AnnualReport Section1ImportantNotes,ContentsandDefinitions TheBoardofDirectorsanditsmembers,theSupervisoryCommitteeanditsmembersandtheseniormanagementwarrantthatthe contentsoftheAnnualReportaretruthful,accurateandcomplete,withoutanyfalsestatement,misrepresentationormajoromission,and thattheyarejointlyandseverallyliableforthem. PaulXiaomingLee(theCompany’spersonincharge),LiJian(thepersoninchargeoffinance)andDengJinhuan(thepersonincharge oftheaccountingdepartment)herebydeclareandwarrantthatthecontentsofthefinancialstatementsinthisAnnualReportaretruthful, accurateandcomplete. AllDirectorswerepresentattheBoardmeetingtoreviewthisAnnualReport.Thefutureplans,developmentstrategiesandotherforward-lookingdescriptionsinthisreportdonotconstitutematerialcommitments oftheCompanytoinvestors.Investorsandrelatedpersonsshouldbefullyawareoftherisksinconnectiontherewithandshouldunderstand thedifferencebetweenplan,forecastandcommitment.Investorsareadvisedtopayattentiontoinvestmentrisks.Fordetails,pleaserefertothe“3.RiskstheCompanyMayFace”underthe“XI.OutlookfortheCompany’sFutureProspects”inthe Section3“ManagementDiscussionandAnalysis”ofthisreport. 1.RisksofChina’spoliciesontheregulatinglithiumbatteryseparatorInrecentyears,variouscountrieshaveintensivelyintroducedindustrypoliciestosupportthedevelopmentofnewenergyvehicle industry. Benefiting from policy support, the production value of new energy vehicle industry rapidly increased, driving the rapid developmentoftheupstreamlithiumbatteryindustry.Iftherearesignificantadversechangesincarbonemissions,renewableenergy applicationandotherrelevantindustrypoliciesinthefuture,therelevantpoliciesmayhaveanegativeimpactonthedevelopmentofthe wholeindustrychainofnewenergyvehicle,thushavinganadverseimpactontheupstreamlithiumbatteryseparatorindustryandthe Company’soperationresults. 2.Risksoffiercemarketcompetition Therapidgrowthofthenewenergyvehicleindustryhasdriventhefastdevelopmentoflithium-ionbatteryseparatorintheupstream part.Withthehighgrossprofitmarginoflithium-ionbatteryseparator,manydomesticenterprisesareattractedtoinvestinthissegment. Massiveinvestmentfundsaredrivingtherapidincreaseinproductioncapacity,andthissegmentiscurrentlybecomingincreasingly competitive.TheincreasinglyfiercecompetitionwillhaveanadverseimpactontheresultsoftheCompanyifitcan’tdeeplyunderstandthe lawofindustrialdevelopmentandmakeconstanteffortsfortechnologicalinnovationandoperationalmanagementimprovementtoimprove productqualityandreduceproductioncosts. 3.Risksofpricefluctuationinkeyrawmaterials ThekeyrawmaterialsusedbytheCompanyaresubjectedtopricefluctuationtosomeextent,especiallypolypropyleneandpolyethylene, whosepricesareaffectedbythestrongfluctuationsintheinternationalcrudeoilprice.TheresultsoftheCompanymaybeadversely affectedbythegrossprofitmarginwhichmaybeaffectedtosomeextentifthepricesofkeyrawmaterialsfluctuatesharplyduetothe macroeconomicdevelopments,thedemandandsupplyrelationforenterprisesintheupstreamanddownstreampartsandotherfactors. 4.Risksrelatingtoconstructioninprogress TheCompanyneedsagreatamountofinvestmentfundsfortheunder-constructionprojectsintheproductionbases,suchasJiangxi Enpo,ChongqingEnergy,JiangsuEnergy,HubeiEnergy,JiangsuRuijieandHungaryEnergy.IftheCompanyfailstoraisesufficientfunds intime,orcompletetheprojectsandputintooperationonschedule,theproduction,operationandprofitabilitywillbeadverselyaffected. 5.Risksoftechnologyleakageandtalentoutflow Anenterpriseengaginginlithiumbatteryseparatorrequiresadvancedtechnologyandprocess,richmanagementexperienceanddeep understandingoftheindustry.Toensuretheabilityofconstantinnovationandthesteadygrowthofbusiness,theCompanyshouldhave teamsconsistingofsteadyhigh-qualityemployeesinscientificresearch,managementandsales.TheCompanyconstantlyimprovesthe mechanismsfortalentcultivation,incentive,promotionandrestriction,butthereisstillthepossibilityoftheoutflowofcoreemployeesfrom theCompany.Incaseofleakageofthecoretechnologyorthedepartureofcoreemployees,theproductionandoperationoftheCompany maybeadverselyaffected. 6.Risksoftechnologicalprogressandalternatives Lithium-ionbatteryismainlyusedformobilephones,computers,newenergyvehiclesandenergystoragepowerstations.After developmentformanyyears,lithium-ionbatterieshavebeensuperiortotraditionalsecondarybatteries,suchasnickel-cadmiumbatteries, nickel-hydrogenbatteriesandlead-acidbatterieswithrespecttovolumetricspecificenergy,gravimetricspecificenergy,gravimetricspecific power,cyclelife,charge/dischargeefficiency,becominganewenergyindustrywithprioritysupportandkeydevelopmentfromthe governments.Althoughthelithium-ionbatteryiscurrentlythefirstchoiceforelectronicsandpureelectricvehicles,andotheremerging bottlenecks,achievemassproductionandarefullycommercialized,andthelithium-ionbatteryseparatorintheindustrychainwillalsobe affectedadversely. 7.Risksofexchangeratefluctuation TheexportsalesvolumeoftheCompanyincreasesconstantlyasitexpandsitsbusinessscaleandgraduallystrengthensthedevelopment intheinternationalmarket.IftheRMBexchangerateandtheforeignexchangerateinthecountrieswhereourproductsweresoldfluctuate sharplyinthefuture,theresultsoftheCompanymaybeaffectedtosomeextent.8.RisksofChina-UStradefrictions Since2018,China-UStradedisputeshaveoccurredfrequently.TheU.S.hasrestrictedtheimportofChineseproductsbymeansoftariff increasestoreducethetradedeficitwithChina.Lithium-ionbatteriesarealsoamongtheproductssubjecttothetariffincrease.Fromthe perspectiveofindustrychain,thetotalrevenueoftheCompanyhasbeenaffectedbytheChina-UStradedisputesonlytoaslightextent becausetheexportstoUSaccountforanextremelysmallproportioninthetotalrevenueoftheCompany.However,ifthedemandsofthe downstreamcustomerschangeduetotheChina-UStradefrictions,theresultsoftheCompanymaybeaffectedadversely.Inaddition,some oftheCompany’srawmaterialsandmechanicalequipmentareimportedfromoverseas.IfthetradefrictionsbetweentheU.S.andChina intensifiesandresultsinchangesintheglobaltradeenvironment,buttheCompanyfailstomaketimelyadjustments,thestabilityofthe Company’ssupplychainmaybeadverselyaffected. 9.Managementrisksarisingfromtheexpansionofbusinessscale WiththedevelopmentoftheCompany’sbusiness,thescaleoftheCompany’sassetsandbusinesswillbefurtherexpanded,whichraises higherrequirementsforthemanagementleveloftheCompanythaneverbefore.Themanagementriskarisesifthecapabilitiesofthe Companytomanagetheproduction,sales,qualitycontrolandriskscan’tmeettherequirementsforscaleexpansion,andthesystemsfor talentcultivation,organizationpatternandmanagementarenotfurtherimproved.TheCompanyplansnottomakeprofitdistributionforthetimebeing.Afterthecompletionofthenon-publicissuanceofA-shares,the Companywillconsidertheprofitdistributionplanfor2022inaccordancewiththerequirementsofrelevantlawsandregulationsandthe provisionsoftheArticlesofAssociationassoonaspossible. Contents Section1ImportantNotes,ContentsandDefinitions........................................................................2 Section2CompanyProfile&KeyFinancialIndicators....................................................................8 Section3ManagementDiscussionandAnalysis...............................................................................12 Section4CorporateGovernance........................................................................................................48 Section5EnvironmentandSocialResponsibility.............................................................................66 Section6SignificantEvents................................................................................................................71 Section7ShareChangesandShareholderDetails.........................................................................105 Section8 DetailsaboutPreferredShares...................................................................................113 Section9 Detailsaboutbonds......................................................................................................114 Section10FinancialReport..............................................................................................................118 DocumentsAvailableforInspection I.Financialstatementssignedandsealedbythelegalrepresentative,thepersoninchargeoffinanceandthepersoninchargeoftheaccounting departmentoftheCompany. II. TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapersdesignatedbythe ChinaSecuritiesRegulatoryCommissionduringtheReportingPeriod.III.Theoriginaltextofthe2022annualreportsignedbythechairmanoftheBoardofDirectors.IV. Theplacewheretheabovedocumentsaremaintained:theCompany’sSecuritiesDepartment.Definitions
I.CorporateInformation
TheaccountingfirmengagedbytheCompany
ThefinancialadviserengagedbytheCompanytoperformcontinuoussupervisiondutiesduringtheReportingPeriod□Applicable ?N/A VI.KeyAccountingDataandFinancialIndicators WhethertheCompanyisrequiredtoretroactivelyadjustorrestateprioryears’accountingdata□Yes?No
theauditreportforthelatestyearshowsthatCompany’sabilitytocontinueasagoingconcernisuncertain□Yes?No Thelowerofthenetprofitbeforeandafterthedeductionofnon-recurringgainsorlossesisnegative□Yes?No VII. AccountingDataDifferencesUnderDomesticandForeignAccountingStandards1. DifferencebetweenthenetprofitandnetassetsofthefinancialreportdisclosedinaccordancewiththeinternationalaccountingstandardsandinaccordancewiththeChineseaccountingstandards□Applicable?N/A 2. DifferencebetweenthenetprofitandnetassetsofthefinancialreportdisclosedinaccordancewiththeoverseasaccountingstandardsandinaccordancewiththeChineseaccountingstandards□Applicable?N/A VIII.KeyFinancialIndicatorsbyQuarter Unit:RMB
□Yes?No IX.ItemsandAmountsofNon-RecurringGainsorLosses ?Applicable□N/A
TherewasnootherprofitorlossitemoftheCompanythatfallwithinthemeaningofnon-recurringgainorlossThereasonfortheCompanytodefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentation RulesforCompaniesMakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitems □Applicable?N/A TheCompanydidnotdefinethenon-recurringprofitorlossitemsillustratedintheInformationDisclosureandPresentationRulesforCompanies MakingPublicOfferingofSecuritiesNo.1–Non-recurringProfitorLossasrecurringprofitorlossitemsSection3ManagementDiscussionandAnalysis I.IndustryOverviewoftheCompanyduringtheReportingPeriod TheCompanyisrequiredtocomplywiththedisclosurerequirementsfor“rubberandplasticproductmanufacturing”in “chemical industry-relatedbusiness”set forthintheSelf-RegulatoryGuidelinesforListedCompaniesoftheShenzhenStock ExchangeNo.3–IndustryInformationDisclosure. I.IndustryconditionsandtheindustrypositionoftheCompany In2022,theglobalNEVmarketunderwentaperiodofrapidgrowth.Majorcountriesaroundtheworldhavebeenconsistently increasinginvestmentinnewenergyindustriesfocusingonlithiumbatterytechnology.AgainstthebackdropofChina’snational strategicobjectivesofcarbonneutralityandcarbonpeaking,China’sNEVandenergystorageindustrieswillalsocontinuetodevelop rapidly.Asoneofthefourkeycomponentsoflithiumbatteries,separatorsareplayinganimportantroleinthedevelopmentofnew energyindustriesinChinaandeventheworld. TheCompanyisaworldleaderinthelithiumbatteryseparatorindustry,capableofcompetingontheglobalscaleintermsof productioncapacity,productquality,costefficiencyandtechnologicalR&D.TheCompanyhasbeenintegratedintothesupplychain systemsofmostmainstreamlithiumbatterymanufacturersaroundtheworld,supplyingproductscoveringthekey applicationfields ofpowerlithiumbatteries,consumerlithiumbatteriesandenergystoragelithiumbatteries.TheCompanyexperiencedrapidgrowth in2022asproductioncapacityandrevenuegrewsubstantially,rankingfirstintheworldintermsofproductioncapacityand shipmentsofseparators.Inordertoactivelyseizedevelopmentopportunitiesintheindustry,theCompanywillcontinuetoexpand productioncapacityanddiligentlyexploredomesticandforeignmarkets,therebymeetingthedemandofglobalmid-to-high-end lithiumbatterymanufacturingenterprisesandvehicleenterprisesfortheCompany’shighlyconsistentandsafewet-processseparator productsandservices. II.Industrydevelopmenttrends Thehigh-speedgrowthofNEVsworldwideandexpandingmarketscaleofthelithiumbatteryindustryhavebroughtbroad marketprospectsandhistoricdevelopmentopportunitiestothelithiumbatteryseparatorindustry.AccordingtothesurveyofGGII,theshipmentvolumeoflithiumbatteryseparatorsinChinawas12.4billionsquaremeters, representingayear-on-yearincreaseof59%.Thewet-processseparatorsaccountedfor75%oftheshipmentvolume.Therapid growthoftheenergystoragemarketwillfurtherbringaboutthewetanddry-processseparatorincrementalmarkets.(1)Downstreamlithiumbatterymanufacturingenterprisescontinuetoincrease theirproductioncapacity requirements of separatorcompanies. WiththerapidgrowthoftheNEVandenergystoragemarkets,thecapacityandoutputoflithiumbatterymanufacturersexpand continuously.AccordingtotheanalysisandpredictionofSoochowSecuritiesResearchInstitute,theglobaldemandforlithium batterieswillexceed2700GWhby2025.Lithiumbatteryseparatorsareanindispensableandimportantrawmaterialforlithium batterymanufacturing,andstableandthereliableproductioncapacityisanimportantprerequisiteforseparatorcompaniesto undertakelarge-scaleordersfromdownstreamcustomers.Therefore,separatormanufacturerswithproductioncapacityadvantages candeepenthecooperationwithimportantcustomerscontinuously,whichisconducivetofurtherincreasingmarketshare. (2)Theproportionofcoatingfilmsinlithium-ionbatteryapplicationsisontherise.Thelithiumbatteryisoneofthecore componentsinnewenergyvehicles.Asthenewenergyvehiclemarketisswitchingfrombeingpolicy-orientedtomarket-driven, manufacturershavecontinuouslyraisedtheirrequirementsofthekeyindicatorssuchasbatterysafety,batterylifeandservicelife. Thepunctureresistanceandheatresistanceoflithiumbatteryseparatorcanbeeffectivelyenhancedbycoatinginorganicceramic materials,PVDF,andaramidonthebasefilm,therebyincreasingelectrolyteabsorptioncapacity,improvingbatterysafety,service lifeandotherperformances.Therefore,theshipmentofcoatingfilmsoccupiesanincreasingproportionoflithiumbatteryseparators. Thistrendprovidesgreaterfuturedevelopmentspaceforseparatorcompaniesthathavemasteredthecoreformulationandprocessing ofhigh-qualityseparatorcoatings.Inaddition,withsafetyguaranteed,separatorsarebecomingthinnerandlighter.Thinandlight lithium-ionbatteryseparatorseffectivelyraisetheenergydensityinlithium-ionbatteriessothatmoreelectrodematerialscanbe accommodatedinthebatterypervolumeorweight,therebyimprovingbatterylife.Therefore,whetherbeingusedinthebatteriesof portableconsumerelectronicsorelectricvehicles,thinnerandlighterseparatorsareanimportanttrendinthedevelopmentoflithium batteryseparatorindustryunderthepremiseofensuringsafety,servicelifeandhigh-rateandhigh-powercharging/discharging.In addition,polypropylene,polyethyleneandotherpolyolefinmaterialsarethemainbasematerialsofseparatormaterials,whichare alsofurtherexpanded.ItisakeydirectionintheR&Dofthebasematerialtoimprovethetemperatureresistanceofthebasematerial throughchemicalmodificationorbyaddinginorganicfillerandothercompositematerialsbasedontheexistingbasematerialsystem. Inaddition,becausethepolarityofpolyolefinmaterialisgreatlydifferentfromthatofelectrolyte,itisalsoanimportantdirectionin theR&Dofbasematerialforpowerlithiumbatteryseparatortoimprovetheelectrolyteaffinityofpolyolefinseparatorbychemical andphysicalapproaches. (3)Theimportanceofproductquality,productionefficiencyandcostcontrolishighlighted.Againstthebackdropoftherapid growthindownstreamdemand,lithiumbatterymanufacturershaveputforwardhigherrequirementsfortheproductqualityof upstreamseparatormanufacturersthaneverbeforeinordertoensurethecompetitivenessoftheirproductsintermsofqualityand stability.Withtherapidincreaseinoverallproductioncapacityofthelithiumbatteryseparatorindustry,competitionindustry-wide hasbecome increasingly fierce. In this context, the importance of product quality, productionefficiencyandcostcontrolto separatorcompanieshasbecomeincreasinglyprominent. Inaddition,theCompanyhasextensiveproductofferingsinothersegmentssuchasBOPPfilm,asepticpackaging,cigarette packs,specialtypapersandaluminumlaminatedfilm.Overthelastthreedecades,theBOPPfilmindustryinChinahasundergone technological advancements and intensified market competition. The future development of the industry is trending towards willdrivegrowthintheBOPPfilmindustry.Withtheadvancementinrecentyears,China’sasepticpackagingmarkethasestablished aproductsystemwithmaturetechnologies,completeproductmixes,andadaptabilityfortheasepticfillingofvariousliquids.The downstreamindustriesofasepticpackagingareprimarilyfoodandconsumergoodssuchasliquiddairyproductsandnon-carbonated beverages.WithChina’ssustainedandrapideconomicgrowthandtheriseinthedisposableincomeofurbanresidents,togetherwith theincreasinglysophisticatedconsumptionandhealthconcepts,dairyproductsandnon-carbonatedbeverageshavebeenenjoyinga boomingmarket.Asthegovernmentandconsumerspayincreasingattentiontofoodsafety,thefoodandbeverageindustrieshave raisedtheirrequirementsanddemandforpackagingmaterials,particularlyasepticpackaging. Althoughinternationalpackaging giantsstilloccupyaleadingpositionbyleveragingthefirst-moveradvantageinthemarket,inrecentyears,withthecontinuous progressofmaterialtechnologyandproductiontechnologyofdomesticmanufacturers,China’sasepticpackagingmarketbeganto growrapidly.Basedontheexistingtrend,domesticmanufacturerswillgraduallyenterhigh-endasepticpackagingmarketfromthe mediumandlow-endmarketinthefuturethankstothecost-effectiveadvantages,andthemarketshareofdomesticasepticpackaging manufacturerswillgraduallyincrease.Thecigarettelabelprintingindustryisasub-segmentofthepackagingandprintingindustry, andischaracterizedbyadvancedtechnologies,complexprintingprocessesandhighaddedvalue.Itsdevelopmentishighlyaligned withthedevelopmentandchangesofthelargercigaretteindustry,i.e.,thestabledevelopmentofthecigaretteindustryensuresstable demandforcigarettelabels.Thecigarettelabelprintingindustryisconstantlyinnovatingintermsofprintingmaterials,inkmaterials andtechnicalprocesses toremainrelevantintheever-developingcigaretteindustry.Withtheincreasedscrutinyofenvironmental protectionandenergyconservationinmodernsociety,thescopeofspecialtypackagingpaperusedindownstreamindustriessuchas tobacco, alcohol, cosmetics and food are becoming more and more extensive, and market application will develop towards differentiationtomeettheuniquedemandsofdifferentcustomers.China’sspecialtypaperindustryisdevelopinginthedirectionof improvingandenhancingthespecialfunctionsofproducts,enrichingproductvarieties,reducingconsumption,vigorouslyadvocating comprehensive development and utilization of resources, and high-quality, high-value-added and serialized production and processing. Asthepackagingmaterialusedinpouchcells,aluminumlaminatedfilmisoneofthemosttechnicallydifficultlinksinthe pouchcellindustrychain,andhasacrucialimpactonthequalityofthepouchcell.Comparedwithcylindricalcellandprismaticcell, pouchcellhascertainadvantagesinenergydensity,cyclelife,safety,flexibility,etc.Pouchcellhasbecomethemainstreaminthe fieldofconsumerelectronicswithhighcapacityandthindevelopmenttrend.Pouchcellhasaccountedformorethan80%ofmobile phoneandlaptopbatteries,anditspenetrationrateintabletbatterieshasbasicallyreached100%.Inthefieldoftractionbatteries,the EuropeanandAmericannewenergyvehiclemarketspreferpouchcelltractionbatteries;AccordingtothestatisticsofTopsperity Securitiesandotherthirdparties,theshipmentofpouchcellsin2022is171.4GWh,withayear-on-yeargrowthofmorethan20%, andtheshipmentisexpectedtoexceed400GWhin2025,withaCAGRofupto32%in2021-2025.IHSshowsthatamongthetop20mainstreamelectricvehiclemodelsinoverseassalesin2022,11modelsincludingVolkswagen,Audi,PolestarandFordhave adoptedthepouchcellsolution.Withthesteadygrowthoftheconsumerelectronicsmarketrepresentedby5Gcommunicationsand emergingconsumerelectronicsproductsandtherapidincreaseinsalesofNEVsfromEuropeanandAmericanmanufacturers,the marketdemandforpouchcellsandaluminumlaminatedfilmwillcontinuetoexpand.TheLithiumBatteryAluminumLaminated FilmIndustrializationProjectoftheCompanyhasexpandeditsfootprintinthepouchcellfield,diversifieditsproductline, strengtheneditscooperationwithdownstreammanufacturers,andenhanceditsoverallcompetitiveness,whichwereimportantsteps fordeepeningitsindustrialpenetrationinthefieldofnewenergymaterials.III. Industrypolicies TheCompany’smainproduct,lithiumbatteryseparators,isoneofthekeycomponentsoflithiumbatteries,andstandsasoneof thenationalkeysupportindustries.RelevantindustrialpoliciespromulgatedbytheStateinrecentyearsinclude:
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