April 2022
Chairman's Statement
In 2021, while China celebrated the 100th anniversary of the CPC and got the 14th Five-Year Plan off,
Hengyi Petrochemical made steady progress in the strategy of "refinery, polyester and polyamide
industries". However, we are still facing severe challenges in operation due to the Covid-19
resurgence and the complex and rapidly changing external environment. Onl y after polishing can a
piece of jade be finer. In this extraordinary year, we, all Hengyi staff, achieved a grati fying result
with joint efforts and full vigor.
Hitting a new high, we recorded bothrevenue and total assets exceeding RMB100 billion
In the year 2021, we continued to rise to various external challenges, with operating performance
reaching a new all-time high. The revenue was RMB128.98 billion, up 49.23% year on year; the total
assets amounted to RMB105.549 billion, up 13.88% year on year. With the revenue and total assets
both exceeding RMB100 billion, the Company has achieved its business objectives and development
goals, showing its strong growth momentum and vitality.
Releasing capacity, we unleashthe growth potential
In the year 2021, our industrial chain planning which integrates upstream and downstream was
further refined. The Hengyi Brunei Phase I Project continuously operated at full capacity, and many
other projects were put i nto production, incl uding the i ntellige nt environmental and functional fiber
project of Haining New Materials, the new -type functional fiber project of Fujian Yijin and the
3-mtpa PTA project of Yisheng New Materials. With new capacity fully released, the Company's
capacity reached a new level. Accordingly, we have gai ned strong growth momentum and
consolidated our industry leader role.
With innovation, we empower our high-end intelligent development
In the year 2021, following the transformation from "Made in China" to "Intelligent Manufacturing
in China", the Company further implemented the strategy of i nnovatio n-driven development. The
Company has made planning with foresight on long-term projects for high-end green products,
adding more to the highlights of high-quality development. The Company also has i mproved the
integration of data and i ntelligence, building the first polyester factorywithwhole-process intelligent
storage and transportation system in Chi na. Our AI full-detection prototype first applied in the
chemical fiber industry was selected as the Industrial Intelligent Pioneer Case at the Intelligent
Economy Summit 2021. By leveraging its s uppl y chain, the Company has focused on building
"Hengyi Brain", an i ntellige nt information platform, to empower the development of chemical fiber
industry and create more value.
Co-creating andsharing, we improve the talent incentive mechanism
In the year 2021, the Company continued to promote its employee stock ownership plan to benefit
those at grassroots level. We launched the special campaign of "ensuring frontline stable, solidifying
foundation" among all employees, which aimed to enable more Hengyi employees to better share our
development achievements. The establishment of the long-termdevelopment and sharing mechanism
has effectively enhanced the sense of belonging and cohesion of employees, increased our attraction
to high-level talents, and laid a solid foundation for our stable and sound long-termdevelopment.
Mountains do not reject fine dust, and rivers do not refuse to fill with water. It is the hard work of
every Hengyi employee and the support of leaders, investors and partners that make the Company
has the energy and courage to forge ahead. On behalf of the Company, I would like to express my
heartfelt thanks to you all!
With entering 2022, the ever-changing international community and the COVID-19 resurgence have
made the whole market under pressure. This era of challenges and opportunities also is a test for our
operation and management. As a multinational business, we will explore with a more global
perspective, give equal priority to exploring opportunities and preve nti ng and controlling risks, and
plan ahead, keep innovating and make steadyprogress while seekingopportunities inchanges.
Looking forward, as demanded by the high-quality development in the new era and the new pattern
of industrial development, we will continue to promote the construction of major strategic projects,
including the Brunei Phase II Project, the 1.2-mtpa Caprolactam-Pol ya mide Integration and
Supporting Project and Suqian Yida’s 1.1-mtpa New-type Differentiated Environmental Fiber Project,
and make further improvement in integrating the whole industry chain of "refi nery, pol yester and
polyamide industries". We will continue to consolidate the foundation of innovation and
development through high-intensity investment. Wi th Hengyi Research Institute and platforms like
joint laboratories co-built with top colleges and universities, we will continue to promote the
application
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