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WANHUA CHEMICAL GROUP CO., LTD. 2018 Annual Report

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WANHUA CHEMICAL GROUP CO., LTD. 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. 2018 Annual Report Company Code：600309 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Important Note I. Board of directors (the "Board"), board of supervisors, directors, supervisors and senior management of the Company certify that this report does not contain any false or misleading statements or material omissions and are jointly and severally liable for the authenticity, accuracy and integrity of the content. II. All directors of the Company attended the Board meeting. III. Deloitte Touche Tohmatsu Certified Public Accountants LLP issued standard unqualified audit report for the Company. IV. Mr. Liao Zengtai, legal representative, Mr. Kou Guangwu, the chief financial officer, and Mr. Zhang Shoujun, the head of accounting department (the person in charge of accounting), certify the authenticity, accuracy and integrity of the financial statements contained in the annual report of the current year. V. Plan of profit distribution or capital reserve capitalization approved by the Board. Profits available to shareholders would be distributed to all shareholders at a cash dividend of RMB 20 (inclusive of tax) for every ten shares based on 3,139,746,626.00 outstanding shares in total after the completion of new share registration and cancellation of shares previously held by Wanhua Chemical Industry when the Company merged Wanhua Chemical Industry in February 2019. The profit for distribution totally amounted to RMB 6,279,493,252.00, with undistributed profits of RMB 7,475,172,932.46 carrying forward to subsequent years for distribution. VI. Risk statement of forward-looking description ✓ Applicable □ Not Applicable The forward-looking description on future plan and development strategy in this report does not constitute substantive commitment to investors. Please note the investment risk. VII. Does the situation exist where the controlling shareholders and their related parties occupy the funds of the Company for non-operational use? No VIII. Does the situation exist where the Company provides external guarantee which is not in compliance with the required decision-making procedures? No IX. Significant risk alert There are no significant risks which have adverse effects on the Company's furfure development strategy and operation objects during the reporting period. X. Others □ Applicable ✓ Not Applicable 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Contents Section I Definitions .......................................................................................................................................................1 Section II General Information and Financial Indicators of the Company ....................................................................3 Section III The Company's Business Overview ..............................................................................................................8 Section IV Discussion and Analysis for Operation .........................................................................................................10 Section V Important Events ...........................................................................................................................................33 Section VI Ordinary Share Capital Changes and Information of Shareholders .............................................................56 Section VII Preferred Stock Information ........................................................................................................................64 Section VIII Directors, Supervisors and Senior Management and Employees ..............................................................65 Section IX Corporate Governance ..................................................................................................................................76 Section X Circumstances about Corporate Bonds .........................................................................................................80 Section XI Financial Report ............................................................................................................................................81 Section XII List of Documents Available for Inspection ................................................................................................ 221 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Section I Definitions I. Definition In this report, unless the context otherwise requires, the following terms shall have the meanings set out below: Definition of frequently used words CSRC Refers to China Securities Regulatory Commission SSE Refers to Shanghai Stock Exchange Company, the Company, Wanhua Refers to Wanhua Chemical Group Co., Ltd. Chemical, Wanhua The previous shareholder controlling the Company, Wanhua Industrial Wanhua Industry Refers to Group Co., Ltd. Wanhua Chemical Industry, Refers to Yantai Wanhua Chemical Industry Co., Ltd. controlling shareholder State-owned Assets Supervision and Administration Commission of Yantai SASAC Refers to Yantai Municipal Government. Guofeng Investment Refers to Yanhua Guofeng Investment Holdings Co., Ltd Zhongcheng Investment Refers to Yantai Zhongcheng Investment Co., Ltd. Zhongkaixin Refers to Shenzhen Zhongkaixin Venture Capital Co., Ltd. Prime Partner International Refers to Prime Partner International Limited Dejie Huitong Refers to Beijing Dejie Huitong Technology BorsodChem Zártkör enM köd Részvénytársaság, abbreviation name of BC Company Refers to BorsodChem Zrt. The subsidiary controlled by the Company, Wanhua Chemical (Ningbo) Wanhua Ningbo Refers to Co., Ltd. MDI Refers to Diphenyl-methane-diisocyanate. HDI Refers to Hexamethylene diisocyanate ADI Refers to Aliphatic isocyanate (including H12MDI, HDI, HDI derivatives and IPDI) HCL Refers to Hydrogen chloride IPDI Refers to Isophorone diisocyanate SAP Refers to Super absorbent polymer TPU Refers to Thermoplastic urethane LPG Refers to Liquified petroleum gas C2 Refers to Carbon 2 chemical C3 Refers to Carbon 3 chemical C4 Refers to Carbon 4 chemical PO Refers to Propylene oxide 1 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. AE Refers to Acrylic easter MTBE Refers to Methyl tertiary butyl ether PC Refers to Polycarbonate MMA Refers to Methyl methacrylate PMMA Refers to Polymethyl methacrylate TDI Refers to Toluene diisocynate) MIBK Refers to Methyl isobutyl ketone PVC Refers to Polyvinyl chloride EO Refers to Ethylene oxide NPG Refers to Neopentyl glycol H12MDI Refers to Hydrogenated phenyl methane diisocyanate TBA Refers to Tert-butanol CWAO Refers to Catalytic wet oxidation LLDPE Refers to Linear low density polyethylene Note: Industry data quoted by this report mainly refer to those in the report provided by Shanghai Santao Business Consulting Co., Ltd. 2 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Section II General Information and Financial Indicators of the Company I. Information of the Company Legal company name in Chinese 万华化学集团股份有限公司 Abbreviation of legal company name in Chinese 万华化学 Legal company name in English Wanhua Chemical Group Co., Ltd. Abbreviation of legal company name in English Wanhua Legal representative of the Company Liao Zengtai II. Contacts Secretary to the Board Securities affairs representative Name Kou Guangwu Xiao Minghua Address No.7 Xingfu South Road, Yantai City No.7 Xingfu South Road, Yantai City Telephone number 0535-6698537 0535-6698537 Facsimile number 0535-6837894 0535-6837894 E-mail [email protected] [email protected] III. Basic information of the Company Registration address No.17, Tianshan Road, Economic Technology Development Zone, Yantai Post code of registration address 264006 Office address No.7 Xingfu South Road, Yantai City Post code of office address 264013 Website www.whchem.com E-mail [email protected] IV. Information disclosure and the locations "China Securities Journal", "Shanghai Securities News" "Se- Designated newspapers for information disclosure curities Times" and "Securities Daily" Website designated by CSRC for the publication of the http://www.sse.com.cn Company's annual report The Company's annual report is available at Office of the Board 3 2018 Annual Report WANHUA CHEMICAL GROUP CO., LTD. V. Abbreviation of the Company's shares Abbreviation of the Company's shares Class of shares Stock exchange Short name Stock code Former short name A shares Shanghai Stock Exchange Wanhua Chemical 600309 Yantai Wanhua VI. Other relevant information Information of the Name Deloitte Touche Tohmatsu Certified Public Accountants LLP accounting firm Office address F/30, Bund Center, No. 222 Yan An Road East, Shanghai appointed by the Company (domestic) Signing Certified Public Accountant Wu Xiaohui, Wang Xin Name Citi Orient Securities Co., Ltd. Sponsor performing continuous super- Office address 24/F, Building 2, No.318 Zhongshan South Road, Shanghai vision duties in the Authorized sponsor representative Li Xuwei, Liu Li reporting period* Continuous supervision period From 16 January 2017 to 31 December 2018 VII. Major accounting data and financial indicators in recent three years (I) Major accounting data Unit: RMB Major accounting data 2018 2017 Year on year (%) 2016 Operating income 60,621,193,436.91 53,123,173,258.81 14.11 30,099,861,530.44 Net profit attributable to shareholders 10,610,379,859.30 11,134,790,281.66 -4.71 3,679,421,831.90 of the Company Net profit excluding non-recurring profit or loss attributable to sharehold- 10,034,835,805.76 10,710,734,337.04 -6.31 3,676,300,829.83 ers of the Company Net cash flow from operating activities 19,257,494,429.46
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