Chairman’s Statements
Looking back on 2022, we may find that the external environment remained severe, the international situation was
changing constantly, the geopoliticalconditionsin the world were very complex, and the global economy was facing
significant downward pressures. Under the disturbance of multiple unfavorable factors, the business operation of the
Company faceda criticaltest,and the petrochemicalchemicalfiberindustrythat the Company had beenengaged in also
experienced a huge challenge. Only after polishing can a piece of jade be finer. Facing this harsh test, all persons of
Hengyi Petrochemical were full of confidence, worked together to overcome the difficulties and demonstrated high
businessvitality and developmentresilience,so thatthe Company can s teadilyenterthe next stage ofdevelopment.
G ui dedby the strategy,we have si gnificantadvantages
This year, we continuedimplementingthe strategicdeploymentof"refinery,polyesterandpolyamide industries" without
wavering. The Phase I of the refining-petrochemical project in Brunei was operated steadily, and won the China
Construction Engineering Luban Prize. It was hailed by the People's Daily as a model for building an Asia-Pacific
community with a shared future. The investment and constructionof the 1.2-mtpa Caprolactam-Polyamide Integration
and Supporting Project have been started in China, and the 500,000-tpa New-type Functional Fiber Project was
successfully put into production; the production capacity of differentiated high-end polyester products was gradually
released,and the integrationadvantages of the whole industrial chain were prominent, laying a solidfoundation forthe
high-quality developmentofHengyi.
Basedon the R&D, we are empowered by innovation
In 2022,the Company continued adhering to the innovation-driven development. With our long-term and unremitting
efforts and down-to-earth attitude, the Company achieved significant technologicaldevelopment resultsthis year: The
greenand environmentally-friendlypolyesterproduct"Eticont"achievedlarge-scaleproduction; theproductionofflame-
retardant and antibacterial products steadily increased; the development of functional composite materials, such as
cationic dyeable fiber, was taking shape and gradually advancing industrial ization. Besides, the Company continued
developing and researchingcutting-edge processesandtechnologiesincaprolactam,polyamide and otherfields,and our
products continued moving towards high-end and differentiation, adding brightness to the innovative development of
Hengyi.
Digital-intelligence integration improving the quality and efficiency
This year, the Company continuedfocusingon the transformationofindustry digitization, networking and intelligence,
and the constructionofthe visualized "Hengyi Brain" Phase II projectwas being orderlypromoted;besides,onthe basis
of building the first polyester factory with full-process intelligent storage and transportation system in China, the
Company furtherpromotedtheapplicationoftheequipment managementsystem,and thusthe overalllevelofintelligence
of the Company rose again accordingly. With the introduction and optimization of the automated and intelligent
equipment,the labor costswere reducedandthe overalloperationalefficiencywas significantlyimproved,enhancing the
sustainabilityofthe developmentofthe Company.
The continuous share repurchases give us confidence
This year, based on our current favorable business background and the expected continuous growth with the project
productionin the future, we continuedfirmly implementingour repurchase plan. Up to now, Hengyi Petrochemicalhas
accumulated a repurchase amount of approximately RMB 2.034 billion through the third-phase repurchase plan. The
continuousshare repurchase plan not only injecteda shot of energy into the market, but also gave us confidence inthe
future developmentofHengyi.
The cold winter ispassing, and the warm spring is coming.With the gradual release ofthe effectsofnationaleconomic
stabilizationpolicies,ourconfidence inthe market has been significantlyboosted,the downstream consumerdemand is
gradually recovering,and positive signals ofa rebound in the petrochemicaland chemicalfiberindustry have emerged.
The climate isextremelycold,butthe verdant pine treeshave notwithered, and the vast blue sea iseven clearer.The test
of the coldwinter makes all Hengyi people more confidentthat the future is foreseeable.Wewill continue maintaining
our composure, take the initiative, and firmly grasp the next important opportunity to face and overcome difficulties,
demonstrate high business vitality and development resilience, steadily entering the next stage of development of the
Company.
In 2023,we will followthe spiritofthe 20th NationalCongressofthe CPC, continue to fully leverage the advantages of
upstreamand downstreamindustryintegration,and strive to build the Company into a source anda leading place fornew
technologiesandproducts,further enhancing the pro
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