Sinochem International (600500), a central chemical enterprise of China, released the Sustainability Report for Sinochem International 2017 on the World Environment Day. According to the Report, the company invested up to RMB 522 million in scientific and technological innovation throughout the year of 2017, surging by 69% year-on-year, indicating its determination to make huge R&D progresses as a central enterprise with outstanding innovation strength.
This is the 14th sustainability report released by Sinochem International since 2005.
As shown by the Report, in 2017 Sinochem International invested up to RMB 522 million in science and technology, surging by 69% year-on-year and accounting for 4.9% of the output revenue; the compound growth rate of the company’s sci-tech investment in the past three years reached 30%. In the same year, the "new product sales revenue” – an indicator that measures the conversion capability of sci-tech investment, recorded RMB 2.7 billion, a year-on-year increase of 32%. The number of R&D staff reached 436, increasing by 25% over the same period last year and occupying nearly 50% of all scientific and technical personnel. Among them, the proportion of highly educated personnel rose year by year, with those holding a master’s degree and above accounting for nearly 50%. For the time being, Sinochem International has 76 projects under research, and 4 applying for inclusion into state planned programs; 2 projects have been honored provincial science and technology awards, 6 granted industry and association awards. The company has also participated in the revision of 2 national standards, and presided over the formulation of 2 industry standards.
As for the scientific and technological innovation system, Sinochem International has so far initially established a two-level R&D organization structure where a central institute and R&D platforms of specific professions complement each other. The innovation system has integrated R&D strategies, projects, achievements, resources, and information management as one, and completed the development of product plans, technology plans, and intellectual property strategies. At the same time, a “product manager system” and a “phase-gate” R&D project management mechanism have been introduced. The Sinochem International Science and Technology Innovation Center with an investment of nearly RMB 100 million was also completed and put into use in May last year.
China is now transforming from a large chemical producer to a strong chemical producer and has defined “technology-driven growth” as a keyword in the 13th Five-Year Plan for the chemical industry. After the 19th CPC National Congress, Chairman of Sinochem Group Ning Gaoning put forward the "In Science We Trust" outlook, and then Sinochem Group came up with a development strategy “To transform into an innovation platform that is driven by science and technology”. As the flagship chemical enterprise of Sinochem Group, Sinochem International has made an agile response by adjusting its corporate development strategy and raising “innovation-driven” to a strategic height. It is now committed to becoming a leading company in material science and life sciences with international competitiveness, as well as a major force in the chemical sector to empower China through science and technology.
Sinochem International plans to increase its R&D investments to RMB 695 million for the year 2018. As it keeps boosting science and technology development and consolidating its footprints in green and environmental industries, the vision “Fine Chemistry Green Life” will surely come true