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Wanhua Chemical Group Annual Report 2017

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Wanhua Chemical Group Annual Report 2017 WANHUA CHEMICAL GROUP ANNUAL REPORT 2017 Company Code：600309 2017 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Important Note 1. 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. 2. Information of absent directors. Position of absent directors Name of absent directors Reason for absence Name of the attorney Director Li Jiankui Business trip Liao Zengtai Director Mu Simon Xinming Business trip Gou Guangwu 3. Deloitte Touche Tohmatsu Certified Public Accountants LLP issued standard unqualified audit report for the Company. 4. The Company assured the authenticity, accuracy, and completion of the report. 5. Plan of profit distribution or capital reserve capitalization approved by the Board. The Company has implemented profit distribution plans for the previous three quarters, hence it will not distribute profits at the end of the year. 6. Risk statement of forward-looking description. ✓ Applicable □ N/A 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. 7. Does the situation exist where the controlling shareholders and their related parties occupy the funds of the Company for non-operational use? No. 8. Does the situation exist where the Company provides external guarantee which is not in compliance with the required decision-making procedures? No. 9. Significant risk alert. There are no significant risks which have adverse effects on the Company's future development strategy and operation objects during the reporting period. 10. Others. □ Applicable ✓ N/A 2017 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Contents Section I Definitions .......................................................................................................................................................1 Section II General Information and Financial Indicators of the Company ....................................................................2 Section III The Company's Business Overview ..............................................................................................................6 Section IV Discussion and Analysis for Operation .........................................................................................................8 Section V Important Events ...........................................................................................................................................29 Section VI Changes in Ordinary Shares and Information of Shareholders ....................................................................43 Section VII Preferred Stock Information ........................................................................................................................53 Section VIII Directors, Supervisors and Senior Management and Employees ..............................................................54 Section IX Corporate Governance ..................................................................................................................................62 Section X Corporate Bonds ............................................................................................................................................65 Section XI Financial Statements ....................................................................................................................................66 Section XII List of Documents Available For Inspection ............................................................................................... 185 2017 Annual Report WANHUA CHEMICAL GROUP CO., LTD. Section I Definitions I. Definition In this report, unless the context requires, the following terms shall have the meanings set out below: Definition of f requently used words CSRC Refers to China Securities Regulatory Commission SSE Refers to Shang hai Stock Exchange Company, the Company, Wanhua Refers to Wanhua Chemical Group Co., Ltd. Chemical, Wanhua Wanhua Industry, controlling The shareholder controlling the Company, Wanhua Industrial Group Co., Refers to shareholder Ltd. 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 Polyurethane LPG Refers to Liquefied 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 AE Refers to Acrylic Ester 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 diisocyanate MIBK Refers to Methyl isobutyl ketone PVC Refers to Polyvinyl Chloride EO Refers to Ethylene oxide NPG Refers to Neopentyl glycol PDH Refers to Propane dehydrogenation H12MDI Refers to Hydrogenat ed phenyl methane diisocyanate 1 2017 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 Postcode of registration address 264006 Office address No.7 Xingfu South Road, Yantai City Postcode of office address 264013 Website www.whchem.com E-mail [email protected] IV. Information disclosure and the locations "China Securities Journal", "Shanghai Securities News", Designated newspapers for information disclosure "Securities 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 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 2 2017 Annual Report WANHUA CHEMICAL GROUP CO., LTD. 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 2017 2016 Year on year (%) 2015 Operating income 53,123,173,258.81 30,099,861,530.44 76.49 19,492,382,889.53 Net profit attributable to shareholders 11,134,790,281.66 3,679,421,831.90 202.62 1,609,743,609.59 of the Company Net profit excluding non-recurring profit or loss attributable to share- 10,710,734,337.04 3,676,300,829.83 191.35 1,554,629,372.73 holders of the Company Net cash flow from operating activities 10,212,146,595.40 7,348,843,878.83 38.96 4,602,393,725.92 31 December 2017 31 December 2016 Year on year (%) 31 December 2015 Net assets attributable to shareholders 27,279,539,897.19 14,821,586,070.82 84.05 11,570,972,856.73 of the Company Total assets 65,827,732,248.24 50,765,015,455.16 29.67 47,804,417,081.92 Total equity at the end of the period 2,734,012,800.00 2,162,334,720.00 26.44 2,162,334,720.00 (II) Major financial indicators Major financial indicators 2017 2016 Year on year (%) 2015 Basic earnings per share (RMB/Share) 4.09 1.42 188.03 0.62 Diluted earnings per share (RMB/Share) Basic earnings per share excluding 3.93 1.42 176.76 0.60 non-recurring profit or loss (RMB/Share) Weighted average return on net assets (%) 50.66 28.11 Increased by 22.55 percentage points 14.67 Weighted average return on net assets 48.73 28.09 Increased by 20.64 percentage points 14.17 excluding non-recurring profit or loss (%) Explanations for accounting data and financial indicators for recent three years ✓ Applicable □ N/A Subsequent to the Company's non-public offering of 116,009,280 shares on 16 January 2017, the Company's total shares increased to 2,278,344,000 shares from 2,162,334,720 shares. The Company implemented 2016 profit distribution plan in May 2017 in awarding 2 shares for each 10 shares, hence the Company's total shares increased to 2,734,012,800 shares from 2,278,344,000 shares. The Company has calculated the
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