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Sinochem Group Held 2018 Working Conference: Proposing Shift of Strategy from Defense to Offensive to Innovatively Achieve the Company’s Centennial Goal

Date:2018-02-01 Source:Sinochem Group

On January 23, Sinochem Group's 2018 Working Conference was held in Beijing. The conference carefully reviewed and objectively evaluated the business performance and strategic implementation in 2017 and fully deployed priority tasks for 2018.

Chairman Frank Ning, President Zhang Wei, and other leading management members attended the conference along with principals of the functional departments and the five strategic business units at the headquarters, totaling 139 participants. Personnel at key posts of the Group's authorized strategic business units attended the conference via video mode. Relevant leadership of the Company's external Directors and Board of Supervisors were invited too. The conference was presided over by Li Qing, Deputy Secretary of the Party Leading Group and Vice President of Sinochem Group.

On behalf of Leading Party Group and leadership of Sinochem Group, Mr. Zhang Wei delivered a strategy implementation report titled "A New Era, Heralding a New Future; a New State, Winning a New Victory." Mr. Zhang Wei pointed out that in 2017 Sinochem Group accomplished revenue of 521 billion yuan and a total profit of 13.5 billion yuan, achieving a new record in performance and a new height in its business.

Mr. Zhang Wei summarized the business performance of Sinochem Group in 2017 from eight perspectives: performance hit a record high; business indicators were all positive looking. Management innovation inspired vitality; management and control system were remodeled and rebuilt. Major projects entered a new stage; model innovation fostered new momentum. Asset restructuring realized key breakthroughs, bringing in significantly enhanced return level. Social impact continued to expand; brand value kept rising up. Development results were fully shared among all; happiness index was effectively elevated. Stringent implementation of party self-discipline rules proved to be effective party-building efforts. The practice of a comprehensive and strict party supervision responsibility boosted a healthy development of the company.

In his report, Mr. Zhang Wei noted that Sinochem Group would shift its principle from strategic defense to more offensive endeavors in 2018 and depicted the goal of the company at its 100th anniversary as a "world-class comprehensive chemical enterprise and a limited diversified investment holding company." He deployed key tasks for 2018 in seven perspectives: first, realize the operating budget goal; second, expedite cultivation of new momentum for growth; third, deepen reform in a steady and unceasing manner, promoting management innovation; fourth, develop with safety and quality; fifth, cultivate talents for Sinochem Group with an open mind and an inclusive heart; sixth, enhance party building efforts; seventh, honor Party Constitution, focusing on a comprehensive and strict party self-discipline, and strengthening discipline and accountability enforcement.

Mr. Zhang Wei stressed that in 2017, Sinochem staff activated a new chapter for Sinochem Group’s innovative development with an operating record created best ever in its history. They deserve applause for their entrepreneurship. 2018 is the first year to fully implement the spirit of the 19th National Congress of the Communist Party of China (CPC). Standing at a new historical starting point, Sinochem staff members are to explore and move forward with greater courage, wisdom and commitment under the leadership of Sinochem Leading Party Group following the "industry-leading and respected" corporate vision.

The conference was concluded with Mr. Frank Ning’s remarks. He expressed his appreciation for staff’s hard work and congratulated the company for its historic performance on behalf of the Group’s Party Leading Group and the Board of Directors. Mr. Frank Ning focused on innovation and expounded the connotation and denotation of the company’s innovation. He stressed that talents should be cultivated with true ability and core competitiveness. The key is to become a sci-tech driven company. Sci-tech creation and innovation should be turned into the company’s fundamental force to drive growth.

Mr. Frank Ning stated that 19th National Congress opened up a new era, new ideas, a new journey, new strategies, new goals, new chapters and new states. "New" had run through 2017. For Sinochem Group, new thinking, new achievements, new structure, new strategy, including new technologies, new products, new teams, everything was characterized with "new" too. Over the past year, Sinochem Group achieved good performance. The achievements owed to the market, but all the more to the reform and innovation of the company and the staff's hard work. The report of the 19th National Congress steered China’s development to a historical direction. In the future, the economy should proceed from the general repetitive production to truly improving the quality and value creation, carrying out and advancing supply-side structural reforms, with innovation and creation in every aspect of company operation as major driving force. A company can only survive through genuine innovation and upgrading.

Mr. Frank Ning emphasized that Sinochem Group has the foundation for innovation, and is determined to stand out by breakthroughs in innovation. To become a respected and good company, it has to be a truly creative enterprise by building on the existing business. This process will take a long time, and will not see results until five or ten years later. Sinochem staff should be prepared with the notion that "Success does not have to lie in me" to keep on with innovative efforts.

Finally, Mr. Frank Ning held that Sinochem Group need to establish an innovative system, institution and planning. It is necessary that Sinochem Group prioritizes on scientific concept, reforming the system and institution with innovation as the thinking mentality, working methodology and survival mode. Holding fast to its state-owned nature, Sinochem Group should operate in line with market rules with maximized efforts. Value creation should be the working principle  to ensure that every entrepreneur, every innovator is stimulated and valued, so that we become an innovative, creative and respected enterprise with feelings, compassion and ideals.