Hengli Petrochemical reports steady 2024 revenue, modest profit growth

Hengli Petrochemical (SSE:600346) today released its 2024 Annual Report, highlighting its resilience amid a challenging economic landscape marked by geopolitical tensions and fluctuating energy markets. The company reported operating revenue of CNY236.273 billion, a slight increase of 0.63% year-on-year, and net profit attributable to shareholders of CNY7.044 billion, up 2.01% from the previous year. Innovation and green initiatives were central to Hengli's strategy, including the establishment of the Hengli-DUT Research Institute and advancements in ultra-fine fiber production. Amid industry-wide profit declines, Hengli focused on cost optimization and technological upgrades, achieving historically low financing costs with the issuance of CNY2 billion in short-term financing bills at a record-low coupon rate of 2.15%. The company continues to invest in new materials, with major projects commencing production. For 2024, the company proposes a cash dividend of CNY0.45 per share, subject to shareholder approval.