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Shenyang Chemical Makes Profit of 357 Million Yuan in 2020
Source: ChemChina Date: 2021-03-19

On the evening of March 18, Shenyang Chemical released its 2020 report. In 2020, the company achieved revenue of 9.572 billion yuan and net profit of 357 million yuan attributable to shareholders, an increase of 147.92% year-on-year. The company also issued an announcement that it intends to pay a cash dividend of 0.9 yuan (including tax) for every 10 shares to all shareholders, totaling 73.76 million yuan.

Facing the complicated and changeable market and the severe impact of COVID-19, Shenyang Chemical has been guided by the philosophy of “science-oriented development”, formed synergy for innovation, seized opportunities for market development, and made overall plans to promote epidemic control, production and operation.

Shenyang Chemical fully leveraged the market advantage of the surging demand for medical gloves for epidemic prevention, implemented the marketing strategy of “increasing gloves and stabilizing the fundamental”, firmly took the initiative of the glove material market with the advantages of brand quality and technical service, and enlarged the glove material market. In the fundamental market involving chlorine vinegar, it adopted the well-defined strategy of “focusing on the high-end and avoiding the low-end”, effectively maintaining the core customer group. It has given full play to the performance advantages of new brands and increased the development of new infrastructure areas and emerging markets such as electric vehicles and electrical component sheaths, so as to improve the market quality. The company further optimized the sales and logistics structure of polyethylene products, focusing on increasing the sales of metallocene polyethylene. In the face of the overall loss of the acrylate industry, the company has developed new markets and new customers while increasing sales of acrylic acid in existing channels. In terms of polyether products, the company has always insisted on differentiated competition, taken the customized route, and continuously developed high-end customers. On the basis of stabilizing the original customers, polyether products have been tailored for new application fields to meet new customers’ special needs, achieving good results. The Shenyang-based company has seized the opportunities of new infrastructure projects, timely adjusted the product and customer structure, and developed industrial customers specializing in 5G base stations, urban rail transportation, underground pipeline networks and medical equipment, with product application fields further expanded. By implementing 300,000 tons/year new-type high-performance polyether polyol project, the company has greatly improved its product structure, process & technology, and equipment performance.

In 2020, Shenyang Chemical also made a new breakthrough in R&D of technologies. The company’s R&D team has closely focused on market demand and implemented technical synergy to complete the marketing of new brands. The performance of the new-brand second-generation chloroacetate paste resin is well recognized by core users in the automotive adhesive industry. The company accomplished multiple small tests and pilot tests throughout the year. The small and pilot tests of fourth-generation chlorine vinegar reached expected targets, while the performance of new brands was optimized. Five R&D projects, including Optimizing Polymerization Control and Improving Quality of Paste Resin, were established by the provincial government as key technological innovations. A number of continuous improvement projects, including Improving Production of Eco-Friendly Resins, were completed according to schedule, along with multiple improvement projects, such as Circulating Water Pump Renovation Project for Water and Steam Branch. By strengthening the incentive of technological innovation, the company has newly formulated and implemented the technological incentive system such as R&D Project Management and Incentive Measures, Technical Transformation Project Management and Incentive Measures and Incentive Measures for Continuous Improvement, which stimulates the enthusiasm of technical personnel to deepen scientific research and lays a solid foundation of talents for the continuous improvement of the company’s core competitiveness.

In 2021, Shenyang Chemical will continue to implement its main marketing model of operation, production and technology to seize market opportunities and ensure steady growth in economic benefits. In the chlor-alkali division, the sales of paste resin products will focus on improving the volume-price combination of glove materials to expand market share in a timely manner. The caustic soda section will be based on the local market, vigorously develop the surrounding markets, optimize the user structure and enhance the anti-risk capability. The division will increase the development of high-quality hydrochloric acid market to enhance product efficiency. It will pay close attention to the changes in the raw material market, adjust the procurement policy timely, take a variety of ways to purchase auxiliary materials, spare parts and chemical additives, and do a good job in preserving supply and reducing costs. It will vigorously localize spare parts and continue to promote the localization of imported ones. In the petrochemicals division, the company will make every effort to facilitate the market expansion of products, turn around losses and increase efficiency. It will accelerate the R&D of high-end PE brands and shift its focus on customized production and sales services. It will give full play to the role of the e-commerce platform, properly set the sales pace of resource products, increase the volume of acrylic trade, optimize the combination of online & offline volume and price, and strive for the maximum premium income. In the polyether division, the 300,000 tons/year new-type high-performance polyether polyol project has enabled the company to significantly improve its product structure, process & technology and equipment performance, further increase the market share and influence of high-end products, and continuously enhance its ability to withstand market risks.
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