Company code: Ningxia Baofeng Energy Group Co.Ltd(600989) company abbreviation: Ningxia Baofeng Energy Group Co.Ltd(600989) Ningxia Baofeng Energy Group Co.Ltd(600989)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should http://www.sse.com.cn. The website carefully reads the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 Ernst & Young Huaming Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
The annual profit distribution plan of the company in 2021 is: Based on the total number of 7313816494 shares after deducting the shares repurchased by the company from the total share capital of the company, the company plans to distribute cash dividends of 2047678237 yuan, including cash dividends of 0.3210 yuan (including tax) per share for shares with unlimited sales conditions and 0.2648 yuan (including tax) per share for shares with limited sales conditions.
Since the company donated RMB 30000000000 in cash to Ningxia Yanbao Charity Foundation in 2021 for public welfare charities dominated by donations to students, in order to safeguard the interests of non selling shareholders, the company calculated the contribution shared by non selling shareholders according to the shareholding ratio of non selling shareholders, and the limited selling shareholders compensated in full with their cash dividends.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange Ningxia Baofeng Energy Group Co.Ltd(600989) Ningxia Baofeng Energy Group Co.Ltd(600989) none
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Huang Aijun, Zhang Zhongmei
Office address: Baofeng circular economy industrial park, Ningdong energy and chemical industry base, Yinchuan, Ningxia Baofeng circular economy industrial park, Ningdong energy and chemical industry base, Yinchuan, Ningxia
Tel: 0951555803109515558031
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
During the reporting period, the global olefin industry developed steadily, while China’s olefin industry changed greatly, as shown in:
(1) Industry structure: gas to olefins has developed rapidly, and the “three pillars” pattern has initially taken shape
In 2021, gas to olefins achieved rapid development, and the olefin industry has developed from oil to olefins to oil to olefins, coal to olefins and gas to olefins. In 2021, Petrochina Company Limited(601857) Lanzhou Petrochemical ethane to ethylene project, Tarim ethane to ethylene project, Oriental Energy Co.Ltd(002221) propane dehydrogenation to propylene (PDH) project, Jinneng Science&Technology Co.Ltd(603113) PDH project and other projects were successively put into operation, with an additional capacity of about 3.8 million tons of polyethylene and polypropylene, accounting for nearly 50% of the total new capacity of polyethylene and polypropylene in 2021. By the end of 2021, China’s production capacity of oil, coal, gas to polyethylene and polypropylene accounted for 60:25:15, initially forming a competitive development pattern of olefins from a variety of raw materials.
(2) Cost comparison: the price of raw materials fluctuates greatly, and coal to olefin still has advantages
In 2021, the prices of oil, coal, ethane and propane, the three major raw materials for olefin production in China, experienced sharp fluctuations and increases. Compared with the high and low prices in the reporting period, the prices of oil, ethane and propane nearly doubled, and the price of thermal coal nearly tripled; At the end of the reporting period, the prices of oil, ethane and propane remained relatively high; Under the regulation of the state’s policy of expanding supply, the price of thermal coal has quickly dropped to a relatively low level. The cost of the industry generally rose year-on-year. However, in terms of subdivided industries, although the coal to olefin industry has experienced greater fluctuations in the price of raw coal, it still maintains the cost advantage compared with oil to olefin and gas to olefin.
Cost comparison of olefin production by various process routes (i.e. different raw materials)
Project (average) year-on-year growth in 2020 and 2021 (%)
Coal to olefin (CTO) (yuan / ton) 454800638100 40.30
Propane dehydrogenation to olefin (PDH) (yuan / ton) 514800720700 40.00
Naphtha cracking to olefins (yuan / ton) 521 Guangdong Topstrong Living Innovation And Integration Co.Ltd(300749) 700 43.80
(3) Price trend: driven by rising costs, it has increased, but the impact of market supply and demand has increased
During the reporting period, the price fluctuation of olefins in China increased, and the average price increase of polyethylene and polypropylene was 10% – 20%; Among them, March and October experienced two price peaks, with a price increase of more than 30%. The main factor driving the rise of olefin prices in China is the rise of raw material prices. Since oil to olefin still accounts for the highest proportion of olefin production capacity and output in the world and China, the rise of oil prices still has a strong support and impetus for the rise of olefin prices; However, from the correlation between raw material prices and olefin prices, due to the diversification of olefin raw materials, the correlation between oil and olefin prices has decreased, the impact of market supply and demand on olefin prices has increased, and the advantages of enterprises with better cost management are more obvious.
(4) Changes in supply and demand: there has been a small peak in China’s capacity increase and structural changes in market demand
In 2021, China’s polyethylene and polypropylene production capacity increased by 7.7 million tons, an increase of 15.0% over the previous year; The new output was 6.9 million tons, an increase of 15.7% over the previous year; The apparent consumption is basically the same, and the degree of external dependence has decreased.
2021 is the year when China’s olefin industry will expand and put into operation. The production capacity and output of polyethylene and polypropylene have increased greatly, the production capacity of high-end products has been enhanced, China’s independent supply capacity has been improved, its dependence on foreign countries has decreased, the ability of products to export to the international market has been improved, and the gap with international advanced countries and chemical giants is gradually narrowing, The whole industry continues to show a strong development trend. (data source: jinlianchuang, Longzhong information, Zhuo Chuang information and other chemical professional information websites)
The company’s main business remained unchanged during the reporting period. The main business is to replace petroleum with coal to produce high-end chemical products, including: (1) coal to olefin, that is, to produce methanol with coal and coke oven gas as raw materials, and then produce polyethylene and polypropylene with methanol as raw materials; (2) Coking, that is, washing raw coal into clean coal, and then coking with clean coal to produce coke; (3) Fine chemical industry produces MTBE, pure benzene, industrial naphthalene, modified asphalt, anthracene oil and other fine chemical products with the by-products of coal to olefin and coking business. Among them, coal to olefin is the main business of the company.
3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 443765410123810501287996 16.453329474157877
Net assets attributable to listed company shares 30689964563862590034754501 18.492335219666845 East
Operating income 23299935290201592772888905 46.291356819915786
The net profit attributable to 707042586277462276804387 52.95380187330362 east of the shares of listed companies belongs to the shares of listed companies
East’s net profit after deducting non recurring profit and loss of 733551122686484731479077 51.33390941996162
Net cash flow from operating activities: 648781772700518371466616 25.16357258 Goldenhome Living Co.Ltd(603180)
Weighted average net assets closed at 25.33 19.04, an increase of 6.29 percentage points and 19.30 profit rate (%)
Basic earnings per share (RMB 0.97 0.63 53.97 0.54 / share)
Diluted earnings per share (RMB 0.97 0.63 53.97 0.54 / share) 3.2 main accounting data by quarter in the reporting period
Unit: yuan currency: RMB
First quarter second quarter third quarter fourth quarter
(January March) (April June) (July September) (October December)
Operating income 497926439094548761019244572894150128710411920554
The net profit attributable to listed company shares 172787971146200561455536158463486213175229673382 East belongs to listed company shares
East’s net profit after deducting non recurring profits and losses of 179926671716, 207071714838, 165748310555, 180804425577
Description of the difference between the quarterly data of net cash flow of 1676416263571840707995532102798265223194271085588 and the data in the disclosed periodic report □ applicable √ not applicable
4 shareholders 4.1 total number of ordinary shareholders, total number of preferred shareholders with voting rights restored, total number of shareholders holding special voting shares and top 10 shareholders at the end of the reporting period and the month before the disclosure of the annual report
Unit: shares
As of the end of the reporting period, the total number of ordinary shareholders (households) was 137735
Total number of ordinary shareholders (households) at the end of the previous month before the disclosure date of the annual report 118229
By the end of the reporting period, the total number of preferred shareholders whose voting rights had been restored (households) was 0
Total number of preferred shareholders whose voting rights were restored at the end of last month before the disclosure date of the annual report (households)
