Securities code: China Resources Chemical Innovative Materials Co.Ltd(301090) securities abbreviation: China Resources Chemical Innovative Materials Co.Ltd(301090) Announcement No.: 2022016
China Resources Chemical Innovative Materials Co.Ltd(301090)
Summary of annual report 2021
1、 Important tips
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 carefully read the full text of the annual report in the media designated by the CSRC.
The directors of the company personally attended the meeting of the board of directors to consider this annual report.
The audit opinion of Tianzhi International Certified Public Accountants (special general partnership) on the company's financial report this year is: standard unqualified opinion.
Changes of accounting firm during the reporting period: the company's accounting firm has not changed this year. Tips on non-standard audit opinions □ applicable √ not applicable the company was not profitable at the time of listing and is not profitable at present □ applicable √ not applicable to the profit distribution plan of common stock or the plan of converting accumulation fund into share capital in the reporting period considered by the board of directors √ applicable □ not applicable
The company's profit distribution plan for ordinary shares reviewed and approved by the board of directors is: Taking the total share capital of 147941655300 shares at the end of 2021 as the base, distribute cash dividends of 0.49 yuan (including tax) to all shareholders for every 10 shares, give bonus shares of 0 share (including tax), and transfer capital reserve to all shareholders for every 10 shares.
Preferred stock profit distribution plan for the reporting period adopted by the board of directors □ applicable √ not applicable II. Basic information of the company 1. Company profile
Stock abbreviation China Resources Chemical Innovative Materials Co.Ltd(301090) Stock Code: China Resources Chemical Innovative Materials Co.Ltd(301090)
Shenzhen Stock Exchange
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Tian Meiyuan, Liu Lishan
Office address: Weitang Comprehensive Industrial Park, Chunjiang Town, Xinbei District, Changzhou City, Jiangsu Province
Fax: 051985778196
Tel: 051985778588
E-mail [email protected]. [email protected].
2. Introduction to main business or products during the reporting period (I) main business and products
1. Main uses and products
The company is mainly engaged in the R & D, production and sales of polyester materials and new materials. The product polyester bottle chips are mainly used in soft drinks, edible oil, food packaging, wine packaging, condiments, commodity packaging, medical drug packaging and sheet materials.
2. Process flow of main products
The production process of polyester bottle chip products mainly includes two parts: polyester process and solid-phase polycondensation and tackifying process. The details are as follows: (1) polyester process
Polyester process takes PTA and MEG as the main raw materials, adds additives in the reaction process, and the melt generated after esterification and polycondensation reaction under the action of catalyst is filtered to produce basic PET chips. (2) Solid state polycondensation (SSP) process
The principle of solid state polycondensation (SSP) is based on the further polycondensation of PET chips in solid form to improve the molecular weight of polyester chips. The specific reaction process is mainly: the basic PET chip is polymerized in the solid state under the environment of high temperature nitrogen and lower than the melting point temperature, and the by-products such as ethylene glycol and acetaldehyde are taken away through nitrogen to improve the viscosity and dealdehyde of the product.
3. Upstream and downstream industrial chain of main products
The company's raw materials are mainly PTA and MEG, and the upstream comes from petrochemical products. Its price is affected by the price of basic raw materials such as crude oil and the relationship between market supply and demand. The company has maintained long-term cooperation with major PTA and MEG manufacturers outside China. PTA is mainly purchased in China, some MEG needs to be imported from abroad, and the main source countries of import parts are Saudi Arabia, Kuwait, Malaysia and other countries.
The company's main products are polyester bottle chips, which are used in the production of drinking water bottles, hot filling beverage bottles, carbonated beverage bottles, edible oil bottles, medical blood collection vessels, membranes, sheets and other fields. The downstream applications are mainly in the food and beverage industry, and the current sales are mainly concentrated in China.
4. Main business model
(1) I. procurement mode
The main raw materials required for the production of polyester bottle chips of the company are purified terephthalic acid (PTA) and ethylene glycol (MEG), which are downstream products of the petrochemical industry chain. Taking advantage of the scale advantage, the company uniformly arranges the procurement of raw materials, maintains a long-term and stable cooperative relationship with major raw material manufacturers outside China, signs a framework long-term contract, and agrees on the monthly procurement volume according to the production needs to stabilize the supply of most raw materials. At the same time, according to the price fluctuation of raw materials and sales orders, the company locks the raw material cost through spot and futures to further control the procurement risk and reduce the procurement cost.
The company takes Changzhou and Zhuhai as the center, according to the geographical advantages, comprehensively considers the quality of raw materials, the scale of suppliers and other relevant factors, establishes the audit and evaluation management mechanism of qualified suppliers, forms the list of qualified suppliers, implements dynamic management, and updates it once a year. The procurement of main raw materials and long-term raw and auxiliary materials adopts the centralized procurement mode, and the suppliers must be selected from the list of qualified suppliers; For other general raw and auxiliary materials and production materials, suppliers will be selected by means of bidding, price consultation and competitive negotiation.
(2) Production mode
The company implements the production mode of combining planning and order production, and produces independently relying on its own production capacity. The company formulates the production plan for the next year at the end of each year according to the operation and sales of the current year, and formulates the production plan for the next month at the end of each month according to the operation and sales of the current month.
At the same time, the company adjusts the specific production arrangement according to the customer's order.
(3) . sales mode
The company has established a sales network covering major national and global markets and implemented a direct sales model focusing on direct customers in the market. The company can conduct spot trading according to the inventory of products; You can also sign an annual framework agreement with key long-term cooperative customers according to the actual needs of customers, and make rolling delivery and monthly settlement month by month according to the customer's order requirements; Or sign a lock up contract for forward delivery with customers according to their own production plan.
In terms of goods delivery mode, domestic customers mainly adopt the methods of door-to-door delivery and self delivery, while overseas customers mainly adopt the methods of FOB and CIF.
(4) Research and development mode
The company's polyester bottle chip products mainly adopt the advanced and mature technology of China Kunlun Engineering Co., Ltd. and Switzerland Buhler company; According to the characteristics of the industry, the new material business focuses on breaking through key areas through independent research and development, cooperative research and development and the introduction of advanced technology. At present, the company has mastered a series of new technologies and processes in the field of new materials, and established a set of systematic management and control mechanism for the whole process of innovative projects to ensure the standardized, structured and standardized operation of R & D project management.
During the reporting period, there was no significant change in the company's main product uses, process flow, upstream and downstream industrial chains and main business models. (II) industry development and change
1. Industry development
In recent years, China's polyester bottle chip industry has made great progress in industrial scale, technological innovation and cluster effect through technology R & D and market integration. The concentration of production capacity has been further improved, and the integration and large-scale development has become a new industry development trend. China's pet bottle industry is in the leading position in the industry integrity, advanced technology, production costs and other aspects, and has become a leading supplier of global supply and supply stability. The global polyester bottle chip production capacity is mainly distributed in the Asia Pacific region represented by China and India, and the new expansion projects in the future will also be mainly concentrated in the Asia Pacific region dominated by China. According to the annual report of polyester industry chain released by CCF, China's Chinese mainland, PET bottle production capacity accounts for about 33% of the world's total capacity, and China's pet bottle volume is ranked first in the world. The rest of the capacity is mainly distributed in North America, the European Union, the middle East and Africa and other areas in 2021. From the perspective of the global trade flow of polyester bottle chips, Asia is not only the main export region of polyester bottle chips, but also one of the main consumption regions, while the Americas, Europe and other regions are the main importers of polyester bottle chips.
With the development of social economy and the improvement of people's living standards, food grade polyester materials have become the first choice of green environmental protection and health packaging materials with their excellent characteristics of high transparency, high mechanical properties, high plasticity, high barrier, high recyclability and high cost performance. They are widely used in various fields such as food and beverage, cosmetics and drugs. During the reporting period, with the effective control of the epidemic and the implementation of active fiscal and monetary policies by the state, China's economic development and social consumption demand continued to recover, and the demand in downstream areas such as traditional food and beverage gradually recovered. At the same time, under the background of the epidemic, it stimulated the application demand in the fields of sheet protection, fresh cold chain and daily chemical products, so as to achieve rapid growth in the overall demand of the industry. However, during the reporting period, Brent crude oil climbed all the way from $50 / barrel at the beginning of the year to $85 / barrel, with an annual average of $70.6/barrel, an increase of 62.3% compared with 2020, resulting in the simultaneous sharp rise in the prices of main raw materials in the upstream of the industry. Driven by the rise of costs, the price including tax increased from 3680 yuan / ton at the beginning of the year to 5550 yuan / ton, with an annual average of 4699 yuan / ton, an increase of 29.7% compared with 2020. Driven by the two major raw materials of crude oil and coal, the price including tax increased from 4400 yuan / ton at the beginning of the year to 7300 yuan / ton, with an average annual average of 5240 yuan / ton, an increase of 36% over 2020. With the rise of raw material prices, the tax included price of inner sector of polyester bottle chip increased from 5400 yuan / ton at the beginning of the year to 82008300 yuan / ton, with an average annual average of 6815 yuan / ton, an increase of 25.4% over 2020. The increase of finished product price lags behind that of raw material price, which has compressed the profit space of the industry to a certain extent. At the same time, the sharp rise of global shipping costs caused by repeated epidemic, container shortage, port congestion and other factors has further reduced the profit level of the industry.
As a recyclable green environmental protection and health packaging material, pet is expected to usher in broad market prospects and development opportunities in the future. With the continuous transformation of technological R & D achievements of leading enterprises in the industry, new polyester materials and emerging application fields based on PET are emerging, and the product application fields are further subdivided and widened. New polyester materials have been applied in many fields, such as wind power blades, rail transit, building materials, optical functional films, automotive electrical component materials, etc., and gradually form a substitution effect on traditional materials such as glass, aluminum, paper, high-density polyethylene, polypropylene, polyvinyl chloride, polystyrene, polymethylmethacrylate, polycarbonate and wood, constantly creating new demand growth points, It shows that the new chemical materials industry has broad market space and great development potential. Some new polyester materials in China have high technical barriers, and their sources mainly depend on imports, with a high degree of dependence on foreign countries. Some leading enterprises in China continue to strengthen technical research, break through foreign "neck" technology, and gradually realize localization and import substitution.
2. Upstream and downstream conditions of the industry
Polyester bottle and PTA are the main raw materials in the downstream chain of petrochemical industry. With the continuous release and expansion of the capacity of refining and chemical integration projects upstream of China's polyester industry chain, the supply and demand relationship of PTA has shifted from self-sufficiency to export, the supply and demand relationship of main raw materials has changed, and the import dependence has been further reduced. MEG China's production capacity and output further improved, and the import share gradually decreased.
With the continuous expansion of new application fields in the downstream of the polyester industry chain and the steady growth of the export market, the demand growth in the downstream of the industry will further lead the supply growth, and the supply-demand structure and profitability of the industry are expected to be further improved.
3. Industry policy environment
In February 2021, the State Council issued the guiding opinions on accelerating the establishment and improvement of a green and low-carbon circular development economic system to promote the green and low-carbon transformation of the energy system, accelerate the implementation of green transformation of petrochemical, chemical and other industries, strengthen the recycling of renewable resources, improve the consumption system of green and low-carbon circular development, and promote the comprehensive green transformation of economic and social development.
In May 2021, the Ministry of ecology and environment issued the guidance on strengthening the prevention and control of the ecological environment source of high energy consumption and high emission construction projects, promoting the coordinated control of pollution and carbon reduction in high energy consumption and high emission industries, improving the level of cleaner production and pollution prevention, and accelerating the green transformation and low-carbon development.
In September 2021, the national development and Reform Commission issued the plan for improving the dual control of energy consumption intensity and total amount, strengthened and improved the dual control system of energy consumption, promoted the total energy management, focused on controlling fossil energy consumption, promoted the paid use and trading of energy rights, resolutely controlled high energy consumption and high emission projects, and encouraged the increase of renewable energy consumption. In addition, during the reporting period, various ministries and commissions of the State Council successively issued industrial policies such as the 14th five year plan for the development of circular economy, the notice on the action plan for the control of plastic pollution in the 14th five year plan, the 14th five year plan for the green development of industry, the 14th five year plan for the development of raw material industry, and so on. From the macro level, relevant industries, including new chemical materials, have made great progress in energy utilization, ecological environmental protection Green development and other aspects put forward requirements and make macro planning to urge relevant enterprises to continuously strengthen R & D innovation and improve production process equipment and technical level. The above policies restrict, eliminate and fall
