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1、Lu Thai Textile Co., Ltd. Annual Report 2021 Lu Thai Textile Co., Ltd. Annual Report 2021 LU THAI TEXTILE CO., LTD. ANNUAL REPORT 2021 April 2022 1 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, s
2、upervisors and senior management of Lu Thai Textile Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading stateme
3、nts or material omissions therein. Liu Zibin, the Companys legal representative, Zhang Hongmei, the Companys Chief Accountant, and Zhang Keming, the Companys Financial Manager hereby guarantee that the Financial Statements carried in this Report are factual, accurate and complete. All the Companys d
4、irectors have attended the Board meeting for the review of this Report and its summary. The Company is subject to the disclosure requirements for listed companies engaging in textile and apparel as stated in Guideline No. 3 of the Shenzhen Stock Exchange for Self-regulation of Listed CompaniesIndust
5、ry-specific Information Disclosure. In 2021, the unstable and uncertain global economic situation caused by COVID-19 has become more prominent. Chinas foreign trade environment has become more volatile due to the combination of COVID-19 and other multiple factors. Global industrial and supply chains
6、 have shown their vulnerability amid the pandemic. All unfavorable factors combined, such as the shortage of raw materials and power supply, the surging prices of production materials and ocean freight, and the appreciation of RMB, have posed great challenges to Chinas textile and garment exports. W
7、ith the support and encouragement of Chinas effective prevention and control measures and policies to stabilize the economy and export, the textile and garment industry has overcome many difficulties, strengthened the upstream and downstream coordination of the industrial chain and supply chain, sei
8、zed the opportunities of the window period of overseas order recovery and order backflow, and achieved growth in exports. With the rise in the COVID-19 vaccination rate, the spread of COVID-19 is slowing down, but there are still outbreaks in some areas and the vaccination rates in low-income countr
9、ies are still low. Additionally, affected by geopolitical factors and high commodity prices, the trade situation in 2022 remains highly uncertain. For details, please refer to Part III Management Discussion and Analysis. The Board has approved a final dividend plan as follows: based on 882,341,295 s
10、hares, a cash dividend of RMB0.70 (tax inclusive) per 10 shares is to be distributed to the shareholders, with no bonus issue from either profit or capital reserves. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings bet
11、ween the two versions, the Chinese versions shall prevail. Table of Contents Part I Important Notes, Table of Contents and Definitions2 Part II Corporate Information and Key Financial Information6 Part III Management Discussion and Analysis11 Part IV Corporate Governance39 Part V Environmental and S
12、ocial Responsibility82 Part VI Significant Events87 Part VII Share Changes and Shareholder Information124 Part VIII Preferred Shares139 Part IX Bonds140 Part X Financial Statements145Documents Available for Reference 1. The financial statements signed and stamped by the Companys legal representative
13、, Chief Accountant and Financial Manager; 2. The originals of all the Companys announcements and documents disclosed to the public during the Reporting Period on Securities Times, Shanghai Securities News, China Securities Journal and Ta Kung Pao. Definitions Term Definition The “Company”, “LTTC”, “
14、Issuer” or “we” Lu Thai Textile Co., Ltd. and its consolidated subsidiaries, except where the context otherwise requires The Board of Directors The Board of Directors of Lu Thai Textile Co., Ltd. The Supervisory Committee The Supervisory Committee of Lu Thai Textile Co., Ltd. CSRC The China Securiti
15、es Regulatory Commission RMB, RMB0,000 Expressed in the Chinese currency of Renminbi, expressed in ten thousandRenminbi The “Company Law” The “Company Law of the Peoples Republic of China” The “Securities Law” The “Securities Law of the Peoples Republic of China” The “Reporting Period” or “Current P
16、eriod” The period from 1 January 2021 to 31 December 2021 Part II Corporate Information and Key Financial Information I Corporate Information Stock name LTTC, LTTC-B Stock code 000726, 200726 Changed stock name (if any) N/A Stock exchange for stock listing Shenzhen Stock Exchange Company name in Chi
17、nese 鲁泰纺织股份有限公司 Abbr. 鲁泰纺织 Company name in English (if any) LU THAI TEXTILE CO.，LTD Abbr. (if any) LTTC Legal representative Liu Zibin Registered address 61 Luthai Boulevard, High-tech Development Zone, Zibo City, Shandong Province, P.R.China Zip code 255086 Past changes of registered address 11 Min
18、gbo Road, Zibo High-tech Development Zone, Shandong Province Office address 81 Songling East Road, Zichuan District, Zibo City, Shandong Province, P.R.China Zip code 255100 Company website Email address lttc II Contact Information Board Secretary Securities Representative Name Zhang Keming Zheng Wei
19、yin and Li Kun Address 81 Songling East Road, Zichuan District, Zibo City, Shandong Province, P.R.China 81 Songling East Road, Zichuan District, Zibo City, Shandong Province, P.R.China Tel. 0533-5277008 0533-5285166 Fax 0533-5418805 0533-5418805 Email address zhangkeming wyzheng，likunIII Media for I
20、nformation Disclosure and Place where this Report Is Lodged Stock exchange website where this Report is disclosed Securities Times, Shanghai Securities News, China Securities Journal andTa Kung Pao (HK) Media and website where this Report is disclosed Place where this Report is lodged The Securities
21、 Department of the Company IV Change to Company Registered Information Unified social credit code 91370300613281175K Change to principal activity of the Company since going public (if any) No change Every change of controlling shareholder since incorporation (if any) No change V Other Information Th
22、e independent audit firm hired by the Company: Name Grant Thornton China Office address 5th Floor, Scitech Palace 22 Jianguomen Wai Avenue, Chaoyang District, Beijing Accountants writing signatures He Feng and Cui Xiaoli The independent sponsor hired by the Company to exercise constant supervision o
23、ver the Company in the Reporting Period: Applicable Not applicable Name of sponsor Office address of sponsor Name of sponsor representative Period of constant supervision Guotai Junan Securities Co., Ltd. Guotai Junan Plaza, 768 Nanjing West Road, Jingan District, Shanghai Ding Xiaowen and Wang Went
24、ing From 1 January 2021 to 31 December 2021 The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period: Applicable Not applicable VI Key Financial Information Indicate by tick mark whether there is any retrospectively restated dat
25、um in the table below. Yes No 2021 2020 2021-over-2020 change (%) 2019 Operating revenue (RMB) 5,238,262,348.85 4,751,222,464.14 10.25% 6,801,381,448.94 Net profit attributable to the listed companys shareholders (RMB) 347,609,693.30 97,308,593.36 257.22% 952,386,011.49 Net profit attributable to th
26、e listed companys shareholders before exceptional gains and losses (RMB) 190,492,580.40 20,039,094.03 850.60% 662,416,013.00 Net cash generated from/used in operating activities (RMB) 348,137,005.48 593,535,922.89 -41.35% 1,086,110,575.51 Basic earnings per share (RMB/share) 0.39 0.11 254.55% 1.11 D
27、iluted earnings per share (RMB/share) 0.36 0.11 227.27% 1.11 Weighted average return on equity (%) 4.44% 1.26% 3.18% 12.96% 31 December 2021 31 December 2020 Change of 31 December 2021 over 31 December 2020 (%) 31 December 2019 Total assets (RMB) 12,987,221,271.63 12,129,903,960.65 7.07% 11,885,431,
28、553.08 Equity attributable to the listed companys shareholders (RMB) 7,983,307,400.03 7,687,577,590.72 3.85% 7,697,135,324.92 Indicate by tick mark whether the lower of the net profit attributable to the listed companys shareholders before and after exceptional gains and losses was negative for the
29、last three accounting years, and the latest independent auditors report indicated that there was uncertainty about the Companys ability to continue as a going concern. Yes No Indicate by tick mark whether the lower of the net profit attributable to the listed companys shareholders before and after e
30、xceptional gains and losses was negative. Yes No VII Accounting Data Differences under Chinas Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards 1. Net Profit and Equity under CAS and IFRS Applicable Not applica
31、ble No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards Applicable Not applicable No difference for the Reporting Period. VIII Key Financial Information by Quarter Unit: RMB Q1 Q2 Q3 Q4 Operating revenue 993,485,161.79 1,226,828,489.15 1,346,36
32、7,447.24 1,671,581,250.67 Net profit attributable to the listed companys shareholders 74,530,850.40 78,966,494.26 93,666,571.98 100,445,776.66 Net profit attributable to the listed companys shareholders before exceptional gains and losses 15,513,465.07 38,768,067.01 80,690,683.49 55,520,364.83 Net c
33、ash generated from/used in operating activities -36,745,428.28 219,506,453.42 61,907,667.37 103,468,312.97 Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what have been disclosed in the Companys quarterly or interim re
34、ports. Yes No IX Exceptional Gains and Losses Applicable Not applicable Unit: RMB Item 2021 2020 2019 Note Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 50,868,019.96 -3,265,763.83 -1,196,233.94 Government subsidies charged to current profit or loss (e
35、xclusive of government subsidies consistently given in the Companys ordinary course of business at fixed quotas or amounts as per governmental policies or standards) 58,686,874.90 61,358,132.11 62,198,864.45 Gain or loss on fair-value changes in held-for-trading financial assets and liabilities & in
36、come from disposal of held-for-trading financial assets and liabilities and available-for-sale financial 77,620,424.02 46,684,051.43 241,537,682.90 assets (exclusive of the effective portion of hedges that arise in the Companys ordinary course of business) Reversed portions of impairment allowances
37、for receivables which are tested individually for impairment 6,198,745.44 Non-operating income and expense other than the above -1,700,653.34 2,373,569.56 -2,857,141.21 Income from disposal of held-for-trading financial assets, financial liabilities and investments in debt obligations 14,162,405.95
38、Less: Income tax effects 28,885,946.87 24,345,018.31 14,593,639.87 Non-controlling interests effects (net of tax) 5,670,351.21 5,535,471.63 9,281,939.79 Total 157,117,112.90 77,269,499.33 289,969,998.49 - Particulars about other items that meet the definition of exceptional gain/loss: Applicable Not
39、 applicable No such cases for the Reporting Period. Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the PublicExceptional Gain/Loss Items: Applicab
40、le Not applicable No such cases for the Reporting Period. Part III Management Discussion and Analysis I Industry Overview for the Reporting Period The Company is subject to the disclosure requirements for listed companies engaging in textile and apparel as stated in Guideline No. 3 of the Shenzhen S
41、tock Exchange for Self-regulation of Listed CompaniesIndustry-specific Information Disclosure. In 2021, facing the triple pressure of demand contraction, supply shock, and weakening expectations, Chinas textile industry still showed a good development trend. According to the data of the China Nation
42、al Textile and Apparel Council, the revenue of textile enterprises above the designated size has increased by 12.3% year on year in 2021; total profits rose by 25.4 % year on year. In terms of export markets, Chinas textile and apparel exports hit a record high, totaling USD315.46 billion, up by 8.3
43、% year on year. But the lack of demand is still imposing pressure on the textile and garment industry. Domestically, market demand has not fully recovered due to the impact of the pandemic. Chinas per capita spending on clothing accounts for 5.9% of the countrys per capita spending in 2021, down 0.3
44、 percentage points over 2019. The growth of online retail sales of apparel goods is significantly lower than the pre-pandemic level. At abroad, uncertainty occurs in Chinas textile and clothing export to developed economies, affected by factors such as protectionism and geopolitics. In addition, the
45、 high price volatility of global commodities has become a significant challenge to the smooth operation of the industry. There is still no fundamental change in problems of financing channels blockage, labor shortage and expensiveness. II Principal Activity of the Company in the Reporting Period The
46、 Company is subject to the disclosure requirements for listed companies engaging in textile and apparel as stated in Guideline No. 3 of the Shenzhen Stock Exchange for Self-regulation of Listed CompaniesIndustry-specific Information Disclosure. Since 2021, the Company has faced various challenges in production and management posed by intertwined disadvantages like recurrent global pandemic, China-US trade fr