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恒逸石化定期财报:恒逸石化:2019年年度报告(英文版)

股票名称:恒逸石化 股票代码:000703
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恒逸石化股份有限公司2019年年度报告全文2019AnnualReportofHengyiPetrochemicalCo.,Ltd.Stockabbreviation:HengyiPetrochemicalStockcode:000703AnnualReport2019Disclosuredate:Apr.28,2020ThisdocumentisatranslatedversionoftheChineseversion2019AnnualReport(“2019年年度报告全文”),andthepublishedannualreportintheChineseversionshallprevail.ThecompletepublishedChinese2019AnnualReportmaybeobtainedat.2019AnnualReportofHengyiPetrochemicalCo.,Ltd.2SectionIImportantNotes,ContentsandInterpretationTheBoardofDirectors,SupervisoryCommittee,directors,supervisorsandseniormanagementofHengyiPetrochemicalCo.,Ltd.(hereinafterreferredtoasthe"Company")herebyguaranteethattheinformationpresentedinthisAnnualReport2019(hereinafterreferredtoasthe"Report")isauthentic,accurateandcompleteandfreeofanyfalserecords,misleadingstatementsormaterialomissions,andtheywillbearjointandseveralliabilityforsuchinformation.TheReporthasbeendeliberatedandpassedatthe38thmeetingofthe10thBoardofDirectorsoftheCompany.AlldirectorsattendedthemeetingoftheBoardofDirectorsfordeliberationofthisannualreport.ThefinancialreportoftheReporthasbeenauditedbyZhongxinghuaCertifiedPublicAccountantsLLP(specialgeneralpartnership)whichhasissuedastandardunqualifiedauditreport.QiuYibo,thepersoninchargeoftheCompany,MaoYing,thepersoninchargeofaccountingwork,andWuZhen,thepersoninchargeoftheaccountingdepartment(AccountingOfficer),declare:Thisistoguaranteetheauthenticity,accuracyandintegrityofthefinancialreportintheAnnualReport.TheprofitdistributionproposalapprovedbytheBoardofDirectorsis:ItisplannedtodistributeRMB1,136,690,189.60cashdividends(tax-inclusive)in2019,accountingfor35.51%ofretainedprofitsbelongingtoparentcompany's2019AnnualReportofHengyiPetrochemicalCo.,Ltd.3shareholdersinthe2019consolidatedstatementsoftheCompany.Taking2,841,725,474sharesasthebasis,RMB4(taxincluded)ofcashdividendand0bonusshareforevery10shareswillbedistributedtoallshareholders,transfertoincrease3sharesper10sharestoallshareholdersbycapitalreserve.Ifadditionalissue,repurchaseofsharesorconvertiblebondsconvertedintocapitalstocksoftheCompanybeforetheregistrationdateofdividend-payingequitiescausesthechangeintotalsharecapitalontheregistrationdateofthedividend-payingequities,theCompanyintendstokeepthedistribution(increasebytransferring)proportionunchangedandadjustthecorrespondingtotalsharecapital.The2019annualprofitdistributionplanshallbealsosubmittedtothe2019annualGeneralShareholdersMeetingfordeliberationandapproval.Forward-lookingstatements(suchasfutureplan,developmentstrategy,industrydiscussionandprospect)involvedintheReportdon'tconstitutetheCompany'ssubstantivecommitmenttoitsinvestorsandtheinvestorsshallpayattentiontotheinvestmentrisks.TheReportdescribesmainrisksfacedbytheCompanynowandsolutionsindetailsandtheinvestorsshallviewrelatedcontentin"SectionIV".2019AnnualReportofHengyiPetrochemicalCo.,Ltd.4ContentsSectionIImportantNotes,ContentsandInterpretation...............................................................2SectionIICompanyProfileandMainFinancialIndicators..........................................................8SectionIIICorporateBusinessOverview.....................................................................................15SectionIVDiscussionandAnalysisonBusinessCircumstance..................................................27SectionVSignificantEvents......................................................................................................77SectionVIChangesinSharesandInformationaboutShareholders..........................................125SectionVIIInformationofPreferredShares................................................................................139SectionVIIIConvertibleCorporateBonds...................................................................................140SectionIXDirectors,Supervisors,SeniorManagementandEmployees...................................141SectionXCorporateGovernance..............................................................................................157SectionXICorporateBonds.......................................................................................................167SectionXIIFinancialReport........................................................................................................178SectionXIIIDocumentsAvailableforReference.........................................................................3392019AnnualReportofHengyiPetrochemicalCo.,Ltd.5DefinitionsItemReferstoDefinitionsHengyiPetrochemicalCo.,Ltd.,company、theCompanyReferstoHengyiPetrochemicalCo.,Ltd.exchangeReferstoShenzhenStockExchangeHengyiGroupReferstoZhejiangHengyiGroupCo.,Ltd.HengyiPetrochemicalCo.,Ltd.ReferstoZhejiangHengyiPetrochemicalCo.,Ltd.HengyiBruneiReferstoHengyiIndustriesSdnBhdZhejiangYishengReferstoZhejiangYishengPetrochemicalCo.,Ltd.YishengDahuaReferstoYishengDahuaPetrochemicalCo.,Ltd.HainanYishengReferstoHainanYishengPetrochemicalCo.,Ltd.HengyiPolymerReferstoZhejiangHengyiPolymerCo.,Ltd.HengyiHigh-TechReferstoZhejiangHengyiHigh-TechMaterialsCo.,Ltd.HainingNewMaterialsReferstoHainingHengyiNewMaterialsCo.,Ltd.TaicangYifengReferstoTaicangYifengChemicalFiberCo.,Ltd.JiaxingYipengReferstoJiaxingYipengChemicalFiberCo.,Ltd.ShuangtuNewMaterialsReferstoZhejiangShuangtuNewMaterialsCo.,LtdHangzhouYichenReferstoHangzhouYichenChemicalFiberCo.,Ltd.ShaoxingHengmingReferstoShaoxingKeqiaoHengmingChemicalFiberCo.,Ltd.SuqianYidaReferstoSuqianYidaNiewMaterialsCo.,Ltd.NingboHengyiTradingReferstoNingboHengyiTradingCo.,Ltd.HangzhouYijingReferstoHangzhouYijingChemicalFiberCo.,Ltd.HengyiCaprolactamReferstoZhejiangBalingHengyiCaprolactamCo.,Ltd.YishengNewMaterialsReferstoZhejiangYishengNewMaterialsCo.,Ltd.ChinaZheshangBankReferstoChinaZheshangBankCo.,Ltd.YishengInvestmentReferstoDalianYishengInvestmentCo.,Ltd.2019AnnualReportofHengyiPetrochemicalCo.,Ltd.6ItemReferstoDefinitionsHongKongTianyiReferstoHongKongTianyiInternationalHoldingCo.,Ltd.HengyiInvestmentReferstoHangzhouHengyiInvestmentCo.,Ltd.HengyiPolyamideReferstoZhejiangHengyiPolyamideCo.,Ltd.FulidaGroupReferstoFulidaGroupHoldingCo.,Ltd.XinghuiChemicalFiberReferstoXinghuiChemicalFiberGroupCo.,Ltd.Hengyi(Brunei)PMBPetrochemicalProjectReferstoPetrochemicalprojectinvestedbytheCompanyandconstructedinBruneiPXReferstoParaxylene(colorlessclearliquid)usedforproductionofplastic,polyesterfiberandfilmPTAReferstoPureterephthalicacidMEGReferstoEthyleneglycol,mainlyusedforproductionofpolyesterfiber,anti-freezingagent,unsaturatedpolyesterresin,lubricant,plasticizer,non-ionicsurfactantandexplosivePETandpolyesterReferstoPolyethyleneglycolterephthalate-fiber-formingpolymerbydirectesterificationcontinuouspolycondensationwithPTAandMEGasrawmaterialsPOYReferstoPOY(fullname:PRE-ORIENTEDYARNorPARTIALLYORIENTEDYARN)FDYReferstoFullydrawnyarn,alsocalledaspolyesterdrawnyarn(fullname:FULLYDRAWNYARN)DTYReferstoDraw-texturedyarn,alsocalledasdrawtexturingyarn(fullname:DRAWTEXTUREDYARN)CPLReferstoCaprolactamanddifferentiatedyarnReferstoVarietyinnovatedintermsoftechnologyorperformanceorhavingacertaincharacteristicwhichisdifferentfromconventionalyarn2019AnnualReportofHengyiPetrochemicalCo.,Ltd.7ItemReferstoDefinitionsRMBandRMB10,000ReferstoRMByuanandRMB10,000Reportingperiod/withinthereportingperiod/thisreportingperiodReferstofromJan.1,2019toDec.31,2019Endingofthereportingperiod/endingofthisreportingperiodReferstoAsofDec.31,20192019AnnualReportofHengyiPetrochemicalCo.,Ltd.8SectionIICompanyProfileandMainFinancialIndicatorsI.CompanyInformationStockabbreviationHengyiPetrochemicalStockcode000703Nameofsharesafterchanges(ifany)N/AStockExchangeShenzhenStockExchangeCompanynameinChinese恒逸石化股份有限公司CompanyabbreviationinChinese恒逸石化CompanyNameinForeignLanguage(ifany)HENGYIPETROCHEMICALCO.,LTD.ForeignabbreviationoftheCompany(ifany)HYPCLegalRepresentativeQiuYiboRegisteredaddressNo.G,7thFloor,HaifuMansion,No.16BeihaiAvenueWest,BeihaiCity,GuangxiZhuangAutonomousRegion,ChinaPostcodeofRegisteredAddress536000OfficeaddressBuilding3,HengyiNan'anMingzhu,No.260,ShixinNorthRoad,XiaoshanDistrict,HangzhouCity,ZhejiangProvincePostalCodeofOfficeAddress311215WebsiteE-mailhysh@hengyi.comII.ContactPersonandContactInformationSecretaryoftheBoardRepresentativeofSecuritiesAffairsNameZhengXingangDengXiaolongandChenShasha2019AnnualReportofHengyiPetrochemicalCo.,Ltd.9ContactAddressBoardOffice,24thFloor,Building3,Nan'anMingzhu,No.260,ShixinNorthRoad,XiaoshanDistrict,HangzhouCity,ZhejiangProvinceBoardOffice,24thFloor,Building3,Nan'anMingzhu,No.260,ShixinNorthRoad,XiaoshanDistrict,HangzhouCity,ZhejiangProvinceTel.(0571)83871991(0571)83871991Fax(0571)83871992(0571)83871992E-mailhysh@hengyi.comhysh@hengyi.comIII.InformationDisclosureandLocationsTheMediaSelectedbytheCompanyforDisclosureChinaSecuritiesJournal,SecuritiesTimes,ShanghaiSecuritiesNewsandSecuritiesDailyWebsiteDesignatedbyCSRCforPublishingAnnualReportCNINFO(LocationforAnnualReportoftheCompanyBoardOfficeofHengyiPetrochemicalCo.,Ltd.IV.RegistrationChangeOrganizationcode9145050019822966X4ChangesinMainBusinessSinceListing(ifany)NochangeChangeofControllingShareholders(ifany)NochangeV.OtherRelatedInformationAccountingfirmHiredbytheCompanyNameoftheaccountingfirmZhongxinghuaCertifiedPublicAccountantsLLP(specialgeneralpartnership)OfficeaddressoftheAccountingFirm15thFloor,EastTower,No.1,FuwaiStreet,XichengDistrict,BeijingNameofCertifiedPublicAccountantLiuHongyueandWangGuohaiThesponsorinstitutionhiredbytheCompanytoperformthecontinuoussupervisioninthe2019AnnualReportofHengyiPetrochemicalCo.,Ltd.10reportingperiod□Applicable√NotapplicableThefinancialadviserhiredbytheCompanytoperformthecontinuoussupervisioninthereportingperiodNameofFinancialAdviserOfficeaddressofFinancialAdviserNameofsponsorsofFinancialAdviserContinuoussupervisionperiodCITICSecuritiesCo.,Ltd.No.48LiangmaqiaoRoad,ChaoyangDistrict,BeijingCityMaoZongxuanandJiangWenhuaJan.2020-Dec.2020VI.KeyAccountingDataandFinancialIndicatorsWhethertheCompanyneedstoretroactivelyadjustmentorrestatementofaccountingdatainprioryearsornot√Yes□NoRetrospectiveadjustmentorreasonrestatementBusinessmergerunderthesamecontrolIn2019In2018Increase/DecreaseComparedwiththeSamePeriodofthePreviousYearIn2017BeforeadjustmentAfteradjustmentAfteradjustmentBeforeadjustmentAfteradjustmentOperatingincome(RMB)79,620,543,631.7484,947,688,333.8688,065,815,535.96-9.59%65,959,511,485.7366,733,242,136.48Netprofitattributabletotheshareholdersofthelistedcompany(RMB)3,201,348,425.331,962,052,783.551,872,494,729.3470.97%1,684,556,358.801,685,306,459.49Netprofitattributable2,725,438,479.511,536,880,249.171,536,880,249.1777.34%1,588,002,050.651,588,002,050.652019AnnualReportofHengyiPetrochemicalCo.,Ltd.11toshareholdersofthelistedcompanyafterdeductingnon-recurringprofitsandlosses(RMB)Netcashflowgeneratedbyoperationalactivities(RMB)-112,081,728.161,674,591,241.521,607,078,608.23-106.97%2,379,505,467.041,862,399,374.88Basicearningspershare(RMB/share)1.130.800.7648.68%0.690.69Dilutedearningspershare(RMB/share)1.130.790.7648.68%0.690.69WeightedaverageROE14.73%13.41%12.29%2.44%14.56%14.56%Endof2019Endof2018Increase/DecreaseattheEndoftheCurrentYearComparedwiththeEndofthePreviousyearEndof2017BeforeadjustmentAfteradjustmentAfteradjustmentBeforeadjustmentAfteradjustmentTotalassets(RMB)85,230,757,616.7859,624,677,810.4461,834,734,496.6437.84%35,803,733,495.1036,951,119,599.15Netassetsattributabletoshareholdersoflistedcompany(RMB)23,253,008,414.0017,801,881,185.1618,363,073,231.6426.63%13,774,198,891.6513,774,948,992.34Prompt:1.TheCompany'soperatingincomedecreasesby9.59%mainlybecausetheCompany'sHengyi(Brunei)PMBPetrochemicalProjectgoesintofulloperation,thepolyestercapacityincreasesaswellastheCompany'stradevolumeandPTAexportquantitydecreasesynchronouslyinthereportingperiod,ofwhichthePTAsales2019AnnualReportofHengyiPetrochemicalCo.,Ltd.12revenuedecreasesbyRMB4.918billion(year-on-yeardecrease:29.99%)andthetradeincomedecreasesbyRMB14.118billion(year-on-yeardecrease:33.90%).See"SectionIVDiscussionandAnalysisonBusinessCircumstance"fordetails.2.BecausetheCompany'sHengyi(Brunei)PMBPetrochemicalProjectwentintooperationattheendof2019,thedailyproductionexpenditureincreased,theproductdistributionwassubjecttoL/CsettlementandtheL/Cnotexpiringwasincludedintoreceivables,theCompany'sreceivablesincreasedbyRMB4.5billion,causingthenetcashflowfromtheCompany'soperatingactivitiesdecreasedincomparisontothatofpreviousyears.See"SectionIVDiscussionandAnalysisonBusinessCircumstance"fordetails.VII.DifferencesinAccountingDataunderDomesticandForeignAccountingStandards1.DifferencesofnetprofitsandnetassetsinthefinancialreportsdisclosedaccordingtotheinternationalaccountingstandardsandChineseaccountingstandardsThereisnodifferencebetweennetprofitsandnetassetsinthefinancialreportdisclosedinaccordancewithinternationalaccountingstandardsandtheChineseaccountingstandardsinthereportingperiodoftheCompany.2.DifferencesbetweenthenetprofitsandnetassetsinthefinancialreportdisclosedaccordingtotheoverseasaccountingstandardsandtheChineseaccountingstandardsThereisnodifferencebetweenthenetprofitsandnetassetsinthefinancialreportdisclosedaccordingtotheoverseasaccountingstandardsandtheChineseaccountingstandardsinthereportingperiodoftheCompany.VIII.KeyIndicatorsbyQuarterUnit:RMBQ1Q2Q3Q4Operatingincome22,025,886,192.4719,703,610,932.4220,475,258,083.4317,415,788,423.42Netprofitattributabletotheshareholdersofthelistedcompany443,760,028.67833,036,924.31936,829,830.81987,721,641.54Netprofitattributabletoshareholdersoflistedcompany411,237,818.85660,648,535.98828,995,924.19824,556,200.492019AnnualReportofHengyiPetrochemicalCo.,Ltd.13afterdeductingnon-recurringprofitsandlossesNetcashflowsfromoperatingactivities-106,149,164.21920,017,062.491,275,079,391.69-2,201,029,018.13WhethertherearesignificantdifferencesbetweenabovefinancialindexesandtheirtotalvalueandrelevantfinancialindexesintheCompany’srevealedquarterlyreportsandsemi-annualbulletin□Yes√NoIX.Non-recurringProfitandLossItemsandTheirAmountsUnit:RMBItemAmountin2019Amountin2018Amountin2017DescriptionProfitsandlossesfromdisposalofnon-currentassets(includingthewrite-offfortheaccruedimpairmentofassets)-1,811,565.512,249,652.18-336,648.60Taxrefundandexemptionwithunauthorizedapprovalorwithouttheformalapprovaldocument5,957,948.277,979,386.685,466,237.13Governmentsubsidiesincludedinthecurrentprofitsandlosses(closelyrelatedtoenterprisebusiness,exceptgovernmentsubsidiesenjoyedinfixedamountorquantityaccordingtouniformnationalstandard)420,716,519.76102,224,764.7326,619,457.38Netgainsandlossesofthesubsidiariesunderthesamecontrolandarisingfromthebusinessmergersincethebeginningoftheperiodtothemergerdate47,338,830.48161,261,977.54124,828,260.78ProfitsandlossesarisingfromcontingentmattersnotrelatedtothenormaloperationoftheCompany-2,173,136.66-118,450.840.00ExceptfortheeffectivehedgingrelatedtothenormalbusinessoftheCompany,theprofitsandlossesfrom301,297,013.33187,235,582.94-157,319,455.062019AnnualReportofHengyiPetrochemicalCo.,Ltd.14ItemAmountin2019Amountin2018Amountin2017Descriptionfairvaluechangesarisingfromtheholdingoftradingfinancialassets,derivativefinancialassets,tradingfinancialliabilities,andderivativefinancialliabilities,andinvestmentincomefromthedisposaloftradingfinancialassets,derivativefinancialassets,tradingfinancialliabilities,derivativefinancialliabilitiesandothercreditor'sinvestmentsProfitsandlossesobtainedfromexternalentrustedloans29,136,336.4836,538,791.6628,072,265.82Trusteefeeincomefromentrustedoperations1,698,114.174,622,641.502,594,339.62Othernon-operatingincomesandexpensesinadditiontotheaboveitems-14,994,635.244,640,725.70-99,662.05Otheritemsofprofitsandlossescomplyingwiththedefinitionofnon-recurringprofitsandlosses-2,065,748.975,731,998.98224,828.37Less:Impactofincometax139,947,035.37137,414,288.03-30,647,165.76Impactofminorityequity(after-tax)169,242,694.9239,338,302.87-36,607,619.69Total475,909,945.82335,614,480.1797,304,408.84--Forthenon-recurringprofitandlossitemsdefinedbytheCompanybasedonthedefinitionsinExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringProfitsandLosses,andthenon-recurringprofitandlossitemslistedinExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringProfitsandLossesdefinedbytheCompanyasrecurringprofitandloss,thereasonsshouldbespecified.IntheCompany’sreportingperiod,therearenoitemsdefinedasrecurringprofitandloss,whicharedefinedandlistedasnon-recurringprofitandlossitemsinExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringProfitsandLosses.2019AnnualReportofHengyiPetrochemicalCo.,Ltd.15SectionIIICorporateBusinessOverviewI.TheMainBusinessoftheCompanyduringtheReportingPeriodWhethertheCompanyneedstocomplywithdisclosurerequirementsofaspecificindustryNo(I)OverviewofmainbusinessHengyiPetrochemicalCo.,Ltd.(stockcode:000703)aimsatdevelopingintooneoftheadvancedChineseandleadinginternationalpetrochemicalindustrygroups,nowhasformedthepetrochemicalindustrychaincorebusinessesdrivenby"polyester+polyamide"dual-wheels,withpetrochemicalfinance,tradeandlogisticsasgrowingbusinessanddifferentiatedfiberproductsandapplicationofindustrialintelligencetechnologiesasemergingbusiness,andthusgraduallyimprovesandenhancesthemulti-levelandthree-dimensionalindustrycorecompetitivenessof"petrochemical+".1.Overviewofpetrochemicalandchemicalfiberbusiness(1)Oneoftheworldleading"refining+chemicalfiber"enterprisesWithHengyi(Brunei)PMBPetrochemicalProjectgoingintofulloperation,theCompany'suniqueindustriallayoutof"crudeoilandpolyester&polyamide"hasbeengraduallyimproved,reflectingadvantageslikeproductionexpansionandqualityimprovementofthepolyesterindustry,comprehensiveexploitationandtransformationofthePTAindustryaswellasfulloperationoftherefiningindustry,thusmakingitsindustrychainfurtherintegratedwithamorebalancedandinternationalizedbusinessmode.Currently,asoneoftheworld'sleadingenterpriseswithanintegratedrefiningandchemicalfiberindustrychain,theCompanyconcentratesonitsmainbusinessandcontinuouslyincreasesinvestmentinproductR&Dandindustrialintelligencetechnologies,rankingamongthebestoftheindustryintermsofcomprehensivecompetitiveadvantagesformanyyears.Withinthereportingperiod,theCompany’sproductvarietyhasbeengraduallyenrichedandproductmixfurtherimprovedwhichhasconsolidatedthecorecompetitivenessofthemain2019AnnualReportofHengyiPetrochemicalCo.,Ltd.16businesses,improvedtheprofitabilityofindustrychainproductsandenhanceditsabilitytowithstandmarketrisks.ThemainproductsoftheCompanyincludepetroleumproductssuchasgasoline,dieseloil,kerosene,etc.andpetrochemicalslikeparaxylene(PX),benzene,purifiedterephthalicacid(PTA)andcaprolactam(CPL)andchemicalfiberproductslikePRE-ORIENTEDYARN(POY),fullydrawnyarn(FDY),draw-texturedyarn(DTY),polyesterstaplefiber,polyester(PET)chipandpolyesterbottlechip.UptothedisclosuredateoftheReport,thedesigncrudeoilprocessingcapacityoftheCompanyhasreached8milliontons/yearandaccordingtodisclosure,it’sproposedtoenhancethecrudeoilprocessingcapacitybyanother14milliontons/year;TheholdingPTAproductioncapacityhasreached13.5milliontons/yearandproposedtoincreasebyanother6milliontons/year;Caprolactam(CPL)productioncapacityhasreachedto400kt/year;Polyesterfiberproductioncapacityhasreached6.35milliontons/yearwithaproductioncapacityof5.47milliontons/yearforthepolyesterfilamentyarn(includingPOY/FDY/DTY/chip)andproposedtoincreaseby1.35milliontons/year;Thepolyesterbottlechipproductioncapacityhasreached1.5milliontons/yearandproposedtoincreaseby500kt/year.Thescaleofproductioncapacityranksamongthebestoftheindustry.Withinthereportingperiod,guidedby"greenmanufacturing"and"circulareconomy",theCompanycontinuouslyincreasesinvestmentinproductR&D,increasestheshareofdifferentiatedpolyesterfiberproducts,andnotablyimprovesfunctionalhighvalue-addedproducts,thussignificantlyenhancesindustrializationefficiency.Currently,ithasformedthreedifferentiatedproductmatrixfeaturinggreenandenvironmental-friendlyproducts,complexfiberproductsandfunctionalproducts.ProductslikeYitaikang",Yizhuyarn,Yilongyarn,Yicaiyarn,Yihuiyarn,cationicchipandfiber,flameretardantchipandfiber,SPHcompositeelasticfibre,CEYcompositefilament,T3compositefilamentandECDPhavebeendevelopedinfullswing.Differentseriesoffireresistantfibressuchasflameretardantblackyarn,flameretardantfullextinctionandflameretardantcatiohavebeendevelopedonthebasisoftheoriginalfireresistantfibreproductsandthedifferentiatedmodifiedproductsofYixuanserieshasbeendevelopedbasedonECDPandwellapplaudedbythemarket.Meanwhile,theCompanyismarketingPTT,T400andregeneratedfiber.UptothedisclosuredateoftheReport,theCompanyhasbecomethelargestenterpriseinonlineadditionsofmeltdirectlyspinningandthelargestmanufacturerofmeltdirectlyspinningpolyester2019AnnualReportofHengyiPetrochemicalCo.,Ltd.17polyamidecompositefibersaswellasthemainsupplierofnatural-likechemicalfiberrawmaterialslikesundayangorayarnandcotton-likematerialsinChina.Notes:PolyesterfiberproductscoverPOY,FDY,DTY,shortfiberandchipproducts.(2)ProductsproducedbytheCompanyarerawmaterialsofallbasicnecessitiesfordailylifewithrigiddemandTheendproductsoftheCompanymainlyincludepetroleumproductslikegasoline,diesel,kerosene,etc.andpolyesterproductssuchaspolyesterfilamentyarn,polyesterstaplefiberandbottlechip,ofwhichthepetroleumproductsincludinggasoline,dieselandkerosene,etc.willbeusedasenergysupplyforrelevantequipment;ThepolyesterfilamentyarnscoverproductslikePOY,FDYandDTYwhichareappliedtoshellfabricsandliningssuchasclothing,hometextilesanddecorationaswellastoindustrialpurposesincludingbraid,zipper,tent,automotivetrimandearthreadofmask.TheCompany'sFDYproductscanbeusedasisolationmaterialsofprotectionsuitstomeettheincreaseddemandofprotectiveequipmentrawmaterialsbydownstreamcustomers.Thepolyesterstaplefibercanbewidelyusedinspinning,non-wovenandfilling.Thespunlacenon-wovenfabriccanalsobeusedasisolatedlayerofmasksanddownstreamdisinfectingwipes.Now,thedemandforspunlacenon-wovenfabricincreasescontinuously;Thebottlechipismainlyusedforfoodpackaging(includingcokebottle,beveragebottle,waterbottleandoilbottle).Table1ProductionCapacityoftheMainProductsoftheCompany(10,000tons/year)ProductProductivityChemicals265Refinedoil565PTA1,350Polyesterfiber635Polyesterbottlechip150Caprolactam402019AnnualReportofHengyiPetrochemicalCo.,Ltd.18Notes:Thepolyamidechipistheproductoperatedbythecontrollingshareholder-HengyiGroup(3)CharacteristicsandapplicationoftheCompany’smainproductsTable2CharacteristicsandApplicationoftheCompany’sMainProductsMainproductsProductdisplayApplicationPXOnehydrocarbon,colorlessclearliquidandextensiveuse,mainrawmaterialforproducingthepurifiedterephthalicacid(PTA)andalsousedforsyntheticplastics,drugandpesticideRefinedoilMainlyusedasfuelofvariousfueloilpowerplantsandsupplyofheat.UsedasAfuelofautomobiles,motorcycles,speedboats,helicopters,agriculturesandforestryaircrafts,vehicleswithdieselengines(includingtrains),vesselsanddieselboilersPTAMainlyusedforproducingpolyesterproducts,widelyusedforalltheaspectsofnationaleconomies(suchasclothing,decoration,electronicsandarchitecture).75%usedforpolyesterfiber,20%usedforbottlepolyesterand5%usedforfilmpolyester(mainlyforciviluseinthedownstream)Figure1LayoutofthePetrochemicalChemicalFiberIndustryChainWheretheCompanyIsPetroleumBenzeneOlefinEthyleneAreneP-xyleneOilrefiningPetrochemicalRefiningintegrationRefinedoilDieseloilKeroseneGasolinePolyethyleneterephthalatePureterephthalicacidEthyleneglycolPolyesterfilamentyarnPolyamideshortfiberIndustrialyarnIndustrialyarnPolyesterfilamentyarnPolyamideshortfiberCaprolactamPolyamidePolyamidechipChemicalfiberIndicatethedomesticbusinessIndicatetheBruneibusinessDrawtexturingyarnWeavingfields(suchastextile,garmentandhometextiles)PolyamideindustrychainBottlechipFilmchipIndicatethefuturebusinessPropylenePolypropyleneEngineeringplasticsPolyesterfilamentyarnPolyethylenePolyamideindustrychain2019AnnualReportofHengyiPetrochemicalCo.,Ltd.19Table2CharacteristicsandApplicationoftheCompany’sMainProductsMainproductsProductdisplayApplicationPOYUsedforreprocessingandproductionofDTYandfiberproductswithspecialstylesandwidelyusedforclothingandindustryFDYDirectlyusedforweavingaswellasproductionofclothingandupholsteryfabric.Widelyusedforclothingandindustryandalsousedasisolationmaterial(includingprotectionsuit)DTYDirectlyusedforweavingandwidelyusedforclothingandindustry,garmentmaterialsandliningCPLMainlyusedtoproducepolyamidefabric,engineeringplasticsandplasticfilmaswellaswidelyusedforindustryandcivilianfieldPolyesterstaplefiberWidelyusedforspinning,nonwovenandfilling.Thenon-wovenfabricscanbeusedasrawmaterialofproducingthemaskaswellasalsousedfordownstreamdisinfectingwipesanddisposableprotectiveequipmentPETchipWidelyusedforindirectspinningaswellasproducingtextilerawmaterials(suchasfilamentyarnandshortfiber)andplasticsPolyesterbottlechipMainlyusedforfoodpackaging(includingcokebottle,beveragebottle,waterbottleandoilbottle)2.Overviewof"petrochemical+"business(1)The"petrochemical+finance"businessprovidessustainedprofitfortheCompanyTheCompany'sfinancialassetsmainlyrefertoequitiesofChinaZheshangBank2019AnnualReportofHengyiPetrochemicalCo.,Ltd.20("CZBank").UptothedisclosuredateoftheReport,theCompanyholds748,069,283stocksofCZBank(shareholdingratio:3.52%).TheCompany'scontrollingshareholder-HengyiGroupholds494,655,630stocksofCZBank,accountingfor2.33%oftotalstocksofCZBank.CZBankwasestablishedformallyin2004,isoneof12nationaljoint-stockcommercialbanksapprovedbyChinaBankingandInsuranceRegulatoryCommission,hadbeenlistedinthemainboardmarketofTheStockExchangeofHongKongLtd.onMar.30,2016andgotlistedatShanghaiStockExchangeonNov.26,2019andthenbecamean"A+H"listedbank.Now,CZBankdevelopsintoahigh-classcommercialbankwithasolidfoundation,goodbenefits,fastgrowthandperfectriskcontrol.Withthecompletionof"A+H"layoutofCZBank,itsfuturegrowthanddevelopmentwillbeaccelerated.TheCompanyfurtheroptimizesitsstrategiclayoutandcontinuouslycreatesvalueforshareholdersbygrowthpremiumofCZBank.AccordingtoAnnualReport2019issuedbyCZBank,CZBankrealizedtheretainedprofitsofRMB12.925billionbelongingtoshareholdersin2019,increasingby12.48%incomparisontolastyearwhichwasthehighestannualperformancegrowthrateofthepastthreeyears.TheoperationincomeisRMB46.364billion,increasingby19.06%incomparisontolastyear;UptotheendofDec.2019,thetotalassetsofCZBankreachedtoRMB1,800.786billion,increasingby9.36%incomparisontolastyear;CZBankmakesanewbreakthroughontheroadofhigh-qualitydevelopmentwhosecompetitivestrengthiscontinuouslyimproved.(2)The"petrochemical+trade"businessisinfavorofimprovingproductbargainingpowerWithintegrationoftheCompany'sindustrychainandcontinuousperfectionofbalanceddevelopment,themanagementrequirementagainstintermediategoods(suchasoilrawmaterials,PX,PTAandCPL)anddownstreamproducts(includingpolyesterfiberandpolyesterbottlechip)iscontinuouslyincreased.TheCompanyshalleffectivelymanagetheinventoryandlowertheriskofindustrychainpricefluctuationatthesametime.TheCompanyexpandsthesub-regionalmarketsathomeandabroadbasedonrefining-chemicalfiberproductionbaseandadvantage,energeticallyexplorestheflexiblepersonalizedcustomizationforproductionandfavorablecomplementationofrawmaterialprocurementandproductsaleonthebasisoftraditionalspreadtrade,improvesproductbargainingpowerwithmanytradingtoolsandactivelygivesfullplaytosuperiorityofindustrychainintegrationtolocktheproductdifferenceinpriceandlowertheproductprice2019AnnualReportofHengyiPetrochemicalCo.,Ltd.21fluctuationriskandthecostofproductionandoperationoftheCompany.(3)The"petrochemical+logistics"businessprovidesexcellentsupportingvalue-addedservicesformainbusinessesoftheCompanyUptothedisclosuredateoftheReport,theCompany'slogisticsbusinessprovidesfulldistributionofrawmaterialsandproductsbasedonmainbusinessandtradebusinessandrealizesonlineandofflineeffectivefusioninthepremiseofHengyiWeChatmallandmarketingsupplychainsystemasthecoreonlineandlogisticsbusinessassupportofflinebecausethestockrightacquisitionofDongzhanShippingCo.,Ltd.iscompleted.WiththeHengyi(Brunei)PMBPetrochemicalProjectfullyoperating,theCompanyactivelycarriesoutthesupportingshippingbusinessoftheHengyi(Brunei)PMBPetrochemicalProjecttolowerthelogisticscostandacceleratetheimplementationoftheCompany's"petrochemical+logistics"industrylayout.II.MaterialChangestoMajorAssets1.MajorchangesinmainassetsMajorAssetsExplanationofMaterialChangesEquityAssetsMainlyrefertocapitalincreaseforthejointstockcompanyandrecognitionofprofitandlossoninvestmentsundertheequitymethodFixedAssetsMainlyrefertotheHengyi(Brunei)PMBPetrochemicalProjectgoingintooperationwithinthereportingperiodIntangibleAssetsMainlyrefertotheincreaseinintangibleassetsofthesubsidiary-HengyiBruneiwithinthereportingperiodProjectsunderConstructionMainlyrefertotheHengyi(Brunei)PMBPetrochemicalProjectgoingintooperationwithinthereportingperiod2.MajoroverseasassetsSpecificdetailsofCauseAssetsizeLocationOperationControlmeasurestoguaranteetheEarningProportionofforeignassetsIfthereissignificantvalue2019AnnualReportofHengyiPetrochemicalCo.,Ltd.22assetsmodesecurityofassetspositionintheCompanynetassetsimpairmentriskHoldingsubsidiariesOverseasinvestmentUSD5.68772billionHongKong/Brunei/SingaporeSelf-buildingStrengtheningthemanagementcontroloftheparentcompanyagainstoverseassubsidiariesGood170.64%NoOtherinformationNoIII.CoreCompetitivenessAnalysisWhethertheCompanyneedstocomplywithdisclosurerequirementsofspecificindustryNo1.AdheretotheentityandhighlightthepioneeringadvantagesoftheindustrialstrategyTheCompanytakestheleadinenteringsuchproductfieldsaspolyestermeltdirectspinning,PTAandcaprolactamandgreatlyimprovesindustrialtechnologyandcompetitivenessofabove-mentionedfieldsbywin-wincooperationinstrictaccordancewiththestrategicguideline-"consolidate,highlightandoptimizethemainbusinesscompetitiveness".TheComp……

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