Hengyi Petrochemical
Annual Report 2020
This document is a translated version of the Chinese version 2020 Annual Report (“2020 年年度报告全文”), and the published annual report in the
Chinese version shall prevail.
The complete published Chinese 2020 Annual Report may be obtained at http://www.cninfo.com.cn.
Chairman's Statement
Chairman's Statement
Looking back at 2020, it was an extremely extraordinary, unusual and difficult year for every country, region,
company and individual. Confronted with the sudden outbreak of the once-in-a-century coronavirus pandemic, all
Hengyi staff have made their concerted efforts and demonstrated their solidarity and resilience. They are not
afraid of difficulties and never shrink from challenges. They seize the day and live it to the full. They keep forging
ahead with entrepreneurial passion and strength, and achieve encouraging results in 2020.
Over the past year, we planned ahead and took all factors into consideration, we shouldered responsibility with
persistence and dedication, we protected life and guaranteed production, we took actions to save time and
maintain profitability. With all these efforts, we have enabled the Group to continue its rapid growth, and
completed all the targets in Hengyi’s strategy.
Over the past year, we made efforts in achieving further progress; we adhered to the overall strategy of engaging
in refinery, polyester and polyamide industries; we promoted the construction of Hengyi (Brunei) PMB
Petrochemical Project Phase II and major domestic projects; we put Haining Hengyi’s 1MMTA Differential
Environmental Protection Functional Fiber project into production, which further highlighted the advantage of
integrated operation of full industry chain.
Over the past year, we persevered with our goals regardless of adverse external factors; we enhanced the leading
role of digital intelligence; we increased investment in scientific research; we put new Hengyi Research and
Development Center formally into use; we achieved many major breakthroughs in scientific research relying on
the R&D platform developed by Hengyi together with Zhejiang University, Donghua University, Nanjing Tech
University, etc. Three manufacturing enterprises of Zhejiang Shuangtu New Materials, Hangzhou Yijing and
Jiaxing Yipeng have been certified as National High-tech Enterprises.
Look back at 2020, we should say our achievements did not come easily. None of these achievements would have
been possible without the hard work and contribution of all our staff, the tolerance and understanding of all their
family members, and the care and support of leaders at all levels and friends from all sectors. Here, I would like to
extend my sincere thanks and highest respect to all of you!
What's past is prologue. The new year brings new hope, and new journey experiences new dream. The year of
2021 marks the 100th founding anniversary of Communist Party of China. We have set out the grand vision for
high-quality development in the next five years, and made “1-2-6” strategy implementation plan focused on the
construction of 1 platform, 2 centers, and 6 bases, and set the target of becoming a world-class petrochemical
group.
Even though tremendous success has been gained, we still have a long way to go since the worldwide pandemic
has not been quelled yet, the international situation is still complex and the market competition is becoming more
intense. Therefore, we shall remain resolve, assume responsibility, and forge ahead. Instead of aiming too high or
underestimating our own capabilities, we shall lay a solid foundation for Hengyi!
Chairman: Qiu Yibo
Section I Important Notes, Contents and Interpretation
The board of directors, Supervisory Committee, Directors, Supervisors and
Senior Management of the Company guarantee that the contents of the 2020
Annual Report (hereinafter referred to as "the Report") are true, accurate and
complete, free from false records, misleading statements or major omissions, and
bear individual and joint legal liabilities.
The financial report of the Report has been audited by Zhongxinghua
Certified Public Accountants LLP and a standard unqualified audit report has
been issued.
Qiu Yibo, head of the Company, Mao Ying, person in charge of the
accounting work, and Wu Zhen, head of the accounting body (accountant in
charge), declared that they would ensure the truthfulness, accuracy and
completeness of the financial report in this Report.
This Report has been deliberated and approved at the 8th meeting of the
11th Board of Directors of the Company. All Directors have attended the Board
meeting at which this Report was deliberated.
The profit distribution plan approved by the Board of Directors is as
follows: Based on the base of 3,681,645,407, a cash dividend of RMB3 (including
tax) will be distributed to all shareholders for every 10 shares, no bonu
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