[年报]深纺织Ｂ:2021年年度报告（英文版）
原标题:深纺织Ｂ:2021年年度报告（英文版） 2021AnnualReport ShenzhenTextile(Holdings)Co.,Ltd. 2021AnnualReport March 2022 2021AnnualReport I. Important Notice, Table of Contents andDefinitions The Board of Directors， the Supervisory Committee, the directors, the supervisors, and executives of the Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report. Ms. Zhang Jian, The Company leader, Mr. He Fei, Chief financial officer and the Ms.Zhu Jingjing, the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosedin this annual report. All the directors attendedthe board meeting forthe review of this Report. Concerning the forward-looking statements with future planning involved in the Report, they do not constitute a substantial commitment for investors, Investors and related persons shall keep sufficient risk awareness, and shall understandthe differences betweenplans,forecasts and commitments, andremind investors ofinvestment risks. The company has the macroeconomic risks, market competition risks and raw material risks. Investors are advised to pay attention to investment risks. For details, please refer to the possible risk factors that the company may face in the XI "Risks facing the Company and countermeasures " in the Section III "Management Discussion & Analysis". The company’s profit distribution plan approved by the board of directors this time is: based on 506,521,849 shares, a cash dividend of 0.50 yuan (tax included) will be distributed to all shareholders for every 10 shares, and 0 shares(tax included) will begiven as bonus shares. The capital reserve will not beconverted into share capital. This Report has been prepared in both Chinese and English. In case of any discrepancy, the Chinese version shall prevail. 2 2021AnnualReport Table ofContents I. Important Notice,Table of contents andDefinitions II. CompanyProfile &Financial Highlights. III. Management Discussion &Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change ofshare capital andshareholdingof PrincipalShareholders VIII. Situation ofthe Preferred Shares IX. Corporate Bond X. Financial Report 3 2021AnnualReport Documents available forinspection 1. Accounting statements carried with personal signatures and seals of legal representative, General Manager, Chief Financial officer. 2. Original of Auditors’ Report carried with the seal of Certified Public Accountants as well as personal signatures of certified Public accountants. 3. The texts of all the Company's documents publicly disclosed on the newspapers and periodicals designated by China Securities Regulatory Commission in the report period. The above documents were completely placedat theOffice of Secretaries of the Boardof Directors ofthe Company. 4 2021AnnualReport Definition Terms to be defined Refers to Definition Company/The Company/ Shen Textile Refers to Shenzhen Textile (Holdings) Co., Ltd Articles ofAssociation Refers to Articles ofAssociation of Shenzhen Textile (Holdings) Co., Ltd Actual controller / National Assets Regulatory Commission of Shenzhen Municipal People's Government Refers to National Assets Regulatory Commission of Shenzhen Municipal People's Government The Controlling shareholder/ Shenzhen Investment Holdings Co., Ltd. Refers to Shenzhen Investment Holdings Co., Ltd. Shenchao Technology Refers to Shenzhen Shenchao Technology Investment Co., Ltd. SAPO Photoelectric Refers to Shenzhen SOPO Photoelectric Co., Ltd. Jinjiang Group Refers to Hangzhou Jinjiang Group Co., Ltd. Nitto Denko Refers to Nitto Denko Corporation Beauty Century Refers to Shenzhen Beauty Century Garment Co., Ltd. Shenzhen Xieli Refers to Shenzhen XieliAutomobile Co., Ltd. Jinxin Investment Refers to Lanxi Jinxin Investment Management Co., Ltd. Changxing Junying Refers to Changxing Junying Eqkuity Investment Partnership（LP） Huaiji Investment Refers to Hangzhou Huaiji Investment Management Co., Ltd. Shenzhen Textile Import & Export Refers to Shenzhen Textile Import & Export Co., Ltd. Jinhang Investment Refers to Hangzhou Jinhang Investment Fund Partnership（LP） Advantage ford Refers to SuzhouAdvantage ford Investment Center（LP） Line 4 Refers to TTFT-LCD polarizer II phase Line 4 project Line 5 Refers to TFT-LCD polarizer II phase Line 5 project Line 6 Refers to TFT-LCD polarizer II phase Line 6 project Line 7 Refers to Industrialization project of polaroid for super large size TV “CSRC” Refers to China Securities Regulatory Commission Company Law Refers to Company Law of the People’s Republic of China Securities Law Refers to Securities Law of the People’s Republic of China The Report Refers to 2021Annual Report 5 2021AnnualReport II. Company Profile & Financial Highlights I. Company Profile Stock abbreviation Shen TextileA,Shen Textile B Stock code 000045,200045 Stock exchange for listing Shenzhen Stock Exchange Name in Chinese深圳市纺织 (集团 )股份有限公司 Chinese abbreviation (If any)深纺织 English name (If any) SHENZHEN TEXTILE (HOLDINGS) CO., LTD English abbreviation (If any) STHC Legal Representative Zhang Jian Registered address 6/F, Shenfang Building, No.3 Huaqiang North Road, Futian District, Shenzhen Postal code of the RegisteredAddress 518031 Historical change of the company's registered address No OfficeAddress 6/F, Shenfang Building, No.3 Huaqiang North Road, Futian District, Shenzhen Postal code of the office address 518031 Internet Web Site http://www.chinasthc.com [email protected] II. Contact person and contact manner BoardsecretarySecuritiesaffairsRepresentativeNameJiangPengLiZhenyuContactaddress6/F,ShenzhenTextileBuilding,No.3HuaqiangNorthRoad,FutianDistrict,Shenzhen6/F,ShenzhenTextileBuilding,No.3HuaqiangNorthRoad,FutianDistrict,ShenzhenTel0755-837760430755-83776043Fax0755-837761390755-83776139E-mailjiangp@[email protected] III. Information disclosure and placed Newspapers selected by the Company for information disclosure Securities Times, China Securities, Shanghai Securities Daily and Hongkong Commercial Daily. Internet website designated by CSRC for publishing the Annual report of the Company www.cninfo.com.cn The place where theAnnual report is prepared and placed Office of the Board of directors 6 2021AnnualReport IV. Changes in Registration Organization Code 19217374-9 Changes in principal business activities since listing (if any) In July 2012, The business scope of the company is changed to "production, textiles processing, knitwear, clothin g, upholstery fabrics, belts, trademark bands, handicrafts (without restrictions); general merchandise, the special equipment of the textile industry, textile equipment and accessories, instruments, standard parts, raw textile materials, dyes, electronic products, chemical products, mechanical and electrical equipment, light industrial products, office supplies and domestic trade (excluding the franchise, the control and the monopoly of goods) ; operation of import and export business." In December 2018, approved by Shenzhen Market SupervisoryAuthority, the company's business scope was changed to: production and operation of polarizers and other optical film products; hotel and property leasing and management; production and processing of textiles, knitwear, clothing, and decorative fabrics , Belts, trademark belts, handicrafts (excluding restricted items); department stores, special equipment for the textile industry, textile equipment and accessories, meters, standard parts, textile raw materials, dyes, electronic products, chemical products, electromechanical equipment, textile products, office Supplies and domestic trade (excluding franchise, control, and monopoly commodities); import and export business. Changes is the controlling shareholder in the past (is any) In October 2004,In accordance with the Decision on Establishing Shenzhen Investment Holdings Co., Ltd. issued by State-ownedAssetsAdministration Committee of Shenzhen Municipal People's Government (Shen Guo Zi Wei (2004) No. 223 Document), Shenzhen Investment Management Co., Ltd., the controlling shareholder of the Company, and Shenzhen Construction Holding Company and Shenzhen Commerce and Trade Holding Company merged into Shenzhen Investment Holdings Co., Ltd. V. Other Relevant Information CPAsengaged Name of the CPAs Grant Thornton International Ltd（Special Geneaal Partnership） Office address： 5/F, Scitech Palace 22 JianguomenwaiAvenue, Chaoyang District, Beijing Names of the Certified Public Accountants as the signatories Zhen Zhifang,Liu Duoqi The sponsorperforming persistent supervision duties engaged bythe Company in thereporting period. □Applicable√ Not applicable The Financial advisor performingpersistent supervision duties engaged bytheCompany in thereporting period □Applicable√ Not applicable VI.Summary ofAccounting data and Financial index Whether it has retroactive adjustment or re-statement on previous accounting data □Yes√ No 7 2021AnnualReport 2021 2020 Changes of this period over same period of Last year(%) 2019 Operating income（Yuan） 2,293,747,892.06 2,108,964,687.80 8.76% 2,158,184,855.71 Net profit attributable to the shareholders of the listed company（Yuan） 61,162,384.25 37,267,995.74 64.12% 19,679,910.43 Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（Yuan） 40,650,013.22 18,084,607.04 124.78% -41,179,849.56 Cash flow generated by business operation, net（Yuan） -4,436,980.35 1,930,932.76 -329.78% 383,145,788.50 Basic earning per share(Yuan/Share) 0.12 0.07 71.43% 0.04 Diluted gains per share(Yuan/Share) 0.12 0.07 71.43% 0.04 Weighted average ROE(%) 2.19% 1.36% 0.83% 0.75% End of 2021 End of 2020 Changed over last year（％） End of 2019 Gross assets（Yuan） 5,496,647,107.83 4,969,547,552.23 10.61% 4,531,399,885.99 Net assets attributable to shareholders of the listed company（Yuan） 2,816,795,889.89 2,766,234,174.39 1.83% 2,727,764,144.36 The lower of the company’s net profit beforeand after thededuction of non-recurring gains andlossesin the last three fiscal years is negative, andthe auditor's report ofthe previous year shows thatthe Company’s going concernability is uncertain. □Yes√No The lower of the net profit beforeandafter the deduction of the non-recurringgains andlosses is negative. □Yes√No VII. Differences between accounting data under domestic and overseas accounting standards 1. Differences of net profit and net assets disclosed in financial reports prepared under international and Chinese accounting standards. □Applicable √Not applicable No difference. 2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards. □Applicable √Not applicable The Companyhadno differenceof thenet profit or net assets disclosedin financial report, under either foreign accounting rules or Chinese GAAP(GenerallyAcceptedAccountingPrinciples) in the period. 8 2021AnnualReport VIII. Main Financial Index by Quarters In RMB First quarter Second quarter Third quarter Fourth quarter Operating income 552,950,209.39 548,586,197.99 570,752,050.04 621,459,434.64 Net profit attributable to the shareholders of the listed company 42,776,335.85 33,826,738.54 4,921,591.39 -20,362,281.53 Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company 39,905,925.26 21,908,603.63 815,872.77 -21,980,388.44 Net Cash flow generated by business operation -75,288,004.27 22,644,468.02 -14,976,407.55 63,182,963.45 Whether significant variances exist betweenthe above financial indexor the indexwith its sumand the financial index ofthe quarterly reportas well assemi-annual report indexdisclosed bythe Company. □Yes√No IX. Items and amount ofnon-current gains and losses √Applicable □Not applicable In RMB Items Amount (2021) Amount (2020） Amount (2019) Notes Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made) -961,982.35 273,229.58 54,895,878.65 Government subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) 19,643,379.33 29,506,252.69 27,547,902.92 Other benefits of government subsidies that are confirmed related to the main business. Switch back of provision for depreciation of account receivable which was singly taken depreciation test. 989,313.04 469,470.61 Other non-business income and expenditures other than the above 19,964,046.87 1,310,556.26 4,582,973.27 Less :Influenced amount of income tax 6,025,891.12 53,313.37 13,886,055.96 Influenced amount of minor shareholders’ equity (after tax) 13,096,494.74 11,853,336.46 12,750,409.50 Total 20,512,371.03 19,183,388.70 60,859,759.99 -- Details of otherprofit andloss items that meet the non-recurring profit and loss definition □Applicable√ Not applicable 9 2021AnnualReport None For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses,it is necessaryto explain thereason. □Applicable√ Not applicable None ofNon-recurring gain /loss items recorgnized as recurringgain /loss/items as definedby the information disclosure explanatoryAnnouncement No.1-Non –recurring gain/loss in the reportperiod. 10 2021AnnualReport III. Management Discussion &Analysis I. Industry information of the Company during the reporting period Polarizers are also known as polaroid, which can control the polarization direction of specific light beams. When natural light passes through the polarizer, the light whose vibration direction is perpendicular to the transmission axis of the polarizer will be absorbed, leaving only polarized light whose vibration direction is parallel to the transmission axis of the polarizer. The downstream polarizer is mainly used in the panel industry. According to different panel types, polarizers mainly include TN, STN, TFT and OLED. Currently, the global polarizer market is dominated bypolarizers for TFT-LCD panels. Each LCD panelrequires two polarizers. The Company is one of the major R&D, production and sales enterprises of polarizers in China, and the leading enterprise of polarizer industry in China. The Company's polarizer is one of the key basic materials in the display panel industry, and its demand is greatly affected by the fluctuation of the display panel market. In the first half of 2021, due to the strong terminal demand and the shortage of upstream raw materials of various display panels caused by telecommuting and distance learning, the display panel market showed a pattern of short supply, the panel price continued to rise, and the polarizer market witnessed a good prosperity. In the second half of 2021, with the increase of vaccination rate for COVID-19, the pandemic eased, the market demand gradually stabilized, and the supply of raw materials gradually recovered, the display panel market ended its upward cycle, the prices of different types of panels droppedsuccessively, andthe market demand for polarizers gradually stabilized. II.Main Business the Company is Engaged in During the Report Period (1)The company's main business The company's main business covered such the high and new technology industry as represented by LCD polarizer,its ownproperty management businessand theretained businessof high-end textile and garment. During the reporting period, the Company's main business has not changed significantly. First, the Company focused on adjusting its marketing strategy, continuously promoting the optimization of customer and product structure, balancing the sales share of major panel customers, and enhancing the anti-risk and profitability; Second, it strengthened the production management, improved the production capacity and product quality, further speeded up the elevator, carried out equipment and technical transformation, improved the automation level in the later stage, and continuously improved the production capacity and product quality; Third, it controlled the cost and reduced the cost through a number of measures, such as the import of alternative raw materials and the broadening of procurement channels; Fourth, it continued to overcome the adverse effects of the COVID-19, and made every effort to promote the project construction and ramp up of Line 7. The Line 7 project was put into production in mid-July and entered the ramp up period, with a steady increase in yield and machine speed, laying a solid foundation for the rapid increase of oversized orders in the whole year of 2022 and the realization of production line profitability; Fifth, it built the R&D management system, strengthened the R&D efforts on new products, new materials, production processes and other aspects, and introduced more alternative raw materials, among which, the polarizer for OLED TV successfully achieved mass production, filling the domestic gap; Sixth, it effectively revitalized the existing assets. The Company implemented the transfer liquidation work for some subsidiaries and shareholding enterprises, and concentrated on developing the main business of polarizers; Seventh, it implemented the epidemic prevention and control work, paid attention to safe and green production, focused on rectification, safety and environmental protection issues, and promoted the safe and stable 11 2021AnnualReport development of enterprises. During the reporting period, the Company achieved operating income of RMB 2.294 billion, with a year-on-year increase of 8.76%; Realized a total profit of RMB 86.23 million with a year-on-year increase of 66.79%; And achieved a net profit attributable to shareholders of listed companies of RMB 61.16 million, with a year-on-year increase of 64.12%. During the reporting period, the net profit attributable to shareholders of listed companies increased significantly compared with the same period of last year.The main reasons are as follows: First, in 2021, the polarizer market was generally stable and improved, the Company further optimized the order structure, and the average gross profit margin increased steadily; Second, in order to cope with the COVID-19 in 2020 and support the enterprises to overcome the difficulties together, the Company actively responded to the call of Shenzhen Municipal Party Committee, Municipal Government and State-owned Assets Supervision and Administration Commission to reduce the rent for some tenants in February, March and November 2020, and the rent income of suchperiodincreasedsubstantially year onyear. (2)Main products andtheir purposes Currently,the Company has 7 mass production lines for polarizers, covering TN, STN, TFT,OLED, 3D, dye sheet, optical film for touch screen and other fields, mainly used in TV, NB, navigator, Monitor, vehicle, industrial control, instruments, smart phones, wearable devices, 3D glasses, sunglasses and other products，the company has become a mainstream panel company such as Huaxing Optoelectronics, BOE, Sharp, LGD, Shenzhen Tianma, Huike, etc. by continuously strengthening sales channel expansion and building its own brand. Qualified suppliers. The Company's main products made ineach polarizer production lineand their applicationare as follows: Line Place Product breadth Planned capacity Main projuct Line 1 Pingshan 500mm 600，000 m2 TN/STN/ Dye sheet Line 2 Pingshan 500mm 1.2 million m2 TN/STN/CSTN Line 3 Pingshan 650mm 1 million m2 TFT Line 4 Pingshan 1490mm 6 million m2 TFT Line 5 Pingshan 650mm 2 millin m2 TFT Line 6 Pingshan 1490mm 10 million m2 TFT/OLED Line 7 Pingshan 2500mm 32 millin m2 TFT/OLED (3)Company's business model The polarizer industry has gradually shifted from a traditional business model of R&D, production, and sales to a customer-centric, joint research and development, and comprehensive service business model. By understanding customer needs, joint research and develop, manage high-standard production, manufacture high-quality products, use advanced polarizer roll and attaching equipment to cooperate with downstream panel manufacturers' production lines, reduce production links, reduce production and transportation costs, and create value forcustomers, win-win. (4)Major factors for driving theCompany's performance Refer to "III.Analysis oncorecompetitiveness" in this section for details. (5)Market position of companyproducts Currently, the Company is one of the major R&D, production and sales enterprises of polarizers in China, and is the leading enterprise in the domestic polarizer industry. The Company mainly focuses on medium and large-sized polarizer products, andmeanwhile hasthe production capacity ofmulti-size andmulti-series products. 12 2021AnnualReport In the future, the Company will further adjust and optimize the product structure and customer structure, improve the internal management level, optimize and upgrade the production technology level, improve the production efficiency and product quality, broaden the procurement channels, reduce the production cost and consolidateand improve the market competitiveness. (6)Advantages and disadvantages in competition 1. Competitive edge See "III.Analysis of corecompetitiveness" in this chapter for details. 2. Competitive disadvantage See "XI. Future development prospect of theCompany (III) Possible risks" in this chapter for details. III. Analysis On coreCompetitiveness (1)Technology advantages. SAPO Photoelectric is the first domestic national high-tech company which entered into the R&D and production of the polarizer，We are one of the largest, most technical and professional polarizer R&D teams in the country and has more than 20 years of operating experience in the polarizer industry. Products include TN-type, STN-type, IPS-TFT-type, VA-TFT-type, OLED, vehicle-mounted industrial display, flexible display, 3D stereo and polarizer for sunglasses, and optical film for touch screens, etc.,We have proprietary technology for polarizers and new intellectual property rights for various new products. As of the end of this report , SAPO Photoelectric applied for 115 invention patents and was authorized with 89 items, among which: 36 domestic invention patents(16 patents got authorized); 72 domestic utility model patents(69 patents got authorized); 1 overseas invention patent(0 patents got authorized); 6 overseas utility model patents(4 patents got authorized). There were 4 national standards and 2 industrial standards that were developed by the company are approved andthenwill be implemented. will beimplemented. SAPO Photoelectric has three innovative platforms: Guangdong Engineering Technology Research Center, Shenzhen Polarizing Materials and Technology Engineering Laboratory and Shenzhen Enterprise Technology Center. It focuses on the R&D and industrialization of LCD polarizer core production technology, the development and industrialization of OLED polarizer （未完）  |