[中报]深纺织Ｂ(200045):2022年半年度报告（英文版）
原标题:深纺织Ｂ:2022年半年度报告（英文版） I.ImportantNotice,TableofContentsandDefinitions TheBoardofDirectors，theSupervisoryCommittee,thedirectors,thesupervisors,andexecutivesoftheCompanyguaranteethattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheReportandwewillacceptindividualandjointresponsibilitiesforthetruthfulness,accuracyandcompletenessoftheReport. Mr.YinKefei,TheCompanyleader,Mr.HeFei,ChieffinancialofficerandtheMs.ZhuJingjing,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthesemi-report. AllthedirectorsattendedtheboardmeetingforthereviewofthisReport.Concerningtheforward-lookingstatementswithfutureplanninginvolvedintheReport,theydonotconstituteasubstantialcommitmentforinvestors,Investorsandrelatedpersonsshallkeepsufficientriskawareness,andshall understandthedifferencesbetweenplans,forecastsandcommitments,andremindinvestorsofinvestmentrisks.Thecompanyhasthemacroeconomicrisks,marketcompetitionrisksandrawmaterialrisks.Investorsareadvisedtopayattentiontoinvestmentrisks.Fordetails,pleaserefertothepossibleriskfactorsthatthecompanymayfaceintheX"RisksfacingtheCompanyandcountermeasures"intheSectionIII"ManagementDiscussion&Analysis". TheCompanyhasnoplanofcashdividendscarriedout,bonusissuedandcapitalizingofcommonreserveseither.ThisReporthasbeenpreparedinbothChineseandEnglish.Incaseofanydiscrepancy,theChineseversionshallprevail. TableofContents I.ImportantNotice,TableofcontentsandDefinitions II.CompanyProfile&FinancialHighlights. III.ManagementDiscussion&Analysis IV.CorporateGovernance V.Environmental&SocialResponsibility VI.ImportantEvents VII.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVIII.SituationofthePreferredShares IX.CorporateBond X.FinancialReport Documentsavailableforinspection I.Accountingstatementscarriedwithpersonalsignaturesandsealsoflegalrepresentative,GeneralManager,ChiefFinancialofficer. II.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod. III.Otherrelativedocuments. TheabovedocumentswerecompletelyplacedattheOfficeofSecretariesoftheBoardofDirectorsoftheCompany. Definition
I.CompanyProfile
1.WaytocontacttheCompany Whetherregistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanychangedinreportingperiodornot □Applicable□√NotApplicable Theregisteredaddress,officeaddressandtheirpostalcodes,websiteaddressandemailaddressoftheCompanydidnotchangeduringthereportingperiod.Thesaidinformationcanbefoundinthe2021AnnualReport.2.Informationinquiry Whetherinformationdisclosureandpreparationplacechangedinreportingperiodornot□Applicable√Notapplicable Noneoftheofficialpresses,website,andplaceofenquiryhasbeenchangedinthesemireportperiod.FordetailspleasefindtheAnnualReport2021. 3.Otherrelevantinformation Didanychangeoccurtootherrelevantinformationduringthereportingperiod?□Applicable√Notapplicable IV.SummaryofAccountingdataandFinancialindex MaytheCompanymakeretroactiveadjustmentorrestatementoftheaccountingdataofthepreviousyears□Yes√No
□Applicable√Notapplicable Nodifference. 2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards. □Applicable√Notapplicable TheCompanyhadnodifferenceofthenetprofitornetassetsdisclosedinfinancialreport,undereitherforeignaccountingrulesorChineseGAAP(GenerallyAcceptedAccountingPrinciples)intheperiod.VI.Itemsandamountofdeductednon-currentgainsandlosses √Applicable□Notapplicable InRMB
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformationdisclosureforCompainesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason. □Applicable√Notapplicable NoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.III.ManagementDiscussion&Analysis I.MainBusinesstheCompanyisEngagedinDuringtheReportPeriod (I)MainBusinesstheCompanyisEngagedinDuringtheReportPeriod Thecompany'smainbusinesscoveredsuchthehighandnewtechnologyindustryasrepresentedbyLCDpolarizer,itsownpropertymanagementbusinessandtheretainedbusinessofhigh-endtextileandgarment.During the reporting period, the Company's main business has not changed significantly. First, theCompanycontinuouslyoptimizedtheproductstructure.Since2022,ithascontinuouslyoptimizedtheproductstructureandincreasedthemarketshareofhigh-marginproductsthroughtheadjustmentofinternalorderstructureandflexibleproduction;Second,itcontinuedtointroducenewprojects.Facingthedownwardmarketexpectation,theCompanymobilizedresourcestoactivelypromotetheimplementationofnewprojects;Third,itcontinuously promoted lean management, strictly controlled manufacturing costs, reduced material loss, strengthenedmaterialrecycling,andachievedall-roundcostreductionandefficiencyimprovement;Fourth,itfullypromotedtheprojectconstructionandrampupofLine7.Attheendoflastyear,itadjustedtheoperationstrategyofLine7.Inthefirsthalfoftheyear,Line7wasoptimizedandimprovedintermsofquality,processandequipment,theproductyieldwasgreatlyimproved,andtheunitconsumptionofmembranematerialsandchemicalsgraduallydecreased;Fifth,itfocusedonthesafetyguaranteeofrawmaterialsupplychainandtheriskofpriceincreaseofchemicalrawmaterials,andspeduptheevaluationanduseofchemicalalternativerawmaterials;Sixth,itstrengthenedthemanagementofinventoryandaccountsreceivable,improvedassetturnoverand reduced capital occupation; Seventh, it jointly tackled with the pandemic, actively fulfilled social responsibilities,andformulatedtheimplementationplanofrentreductionandexemptionfortheCompanyanditswholly-ownedenterprisesincombinationwiththeactualbusinesssituation,soastotideoverthedifficultieswiththemarketsubjects. Duringthereportingperiod,theCompanyachievedoperatingincomeofRMB1.445billion,withayear-on-yearincreaseof31.19%;RealizedatotalprofitofRMB70,445,600,withayear-on-yeardecreaseof41.93%;AndachievedanetprofitattributabletoshareholdersoflistedcompaniesofRMB42,433,500,withayear-on-yeardecreaseof44.61%.Themainreasonsforthedecreaseinnetprofitattributabletoshareholdersoflistedcompaniesinthisreportingperiodcomparedwiththesameperiodoflastyearareasfollows:First,theCompany'sLine7wasnotputintoproductioninthesameperiodoflastyear,andLine7enteredtherampupstageafteritwasputintoproductioninthesecondhalfof2021.Higherdepreciationandamortizationoffixedassetsledtohigherunitcostofproducts,andtheinterestofprojectloansafterLine7wastransferredtofixedassetswasincludedintheprofitandlossinthisreportingperiod;Second,thisyear,inordertojointlycopewiththeCOVID-19andactivelyfulfilltheirsocialresponsibilities,theCompanyanditswholly-ownedenterprisesreducedorexemptedtherentalofeligiblepropertiesfromMarch1,2022toAugust31,2022,andtherentalincomeinthisperioddecreasedsignificantlyyearonyear.Duringthereportingperiod,technicalindicatorssuchasyieldandlossrateofLine7werefurtherimproved,vehiclespeed,productionandsalesvolumewerefurtherenhanced,andthebusinessperformanceimprovedmonthbymonth.ExcludingtheincomparablefactorssuchasrampupofLine7,andrentreductionandexemption,theCompanyovercametheadversefactorssuchasthedownwardmarketandrisingrawmaterialprices,furtheroptimizedtheproductandcustomerstructure,andimprovedtheleanmanagementlevel.Comparedwiththesameperiodoflastyear,itmaintainedastableoperatingperformancethisreportingperiod. (II)Mainproductsandtheirpurposes Currently,theCompanyhas7massproductionlinesforpolarizers,coveringTN,STN,TFT,OLED,3D,dyesheet,opticalfilmfortouchscreenandotherfields,mainlyusedinTV,NB,navigator,Monitor,vehicle,industrialcontrol,instruments,smartphones,wearabledevices,3Dglasses,sunglassesandotherproducts，thecompanyhasbecomeamainstreampanelcompanysuchasHuaxingOptoelectronics,BOE,Sharp,LGD,ShenzhenTianma,Huike,etc.bycontinuouslystrengtheningsaleschannelexpansionandbuildingitsownbrand.Qualifiedsuppliers. TheCompany'smainproductsmadeineachpolarizerproductionlineandtheirapplicationareasfollows:
ThepolarizerindustryhasgraduallyshiftedfromatraditionalbusinessmodelofR&D,production,andsalesto a customer-centric, joint research and development, and comprehensive service business model. Byunderstandingcustomerneeds,jointresearchanddevelop,managehigh-standardproduction,manufacturehigh-qualityproducts, useadvancedpolarizerrollandattachingequipmenttocooperatewith downstreampanelmanufacturers'productionlines,reduceproductionlinks,reduceproductionandtransportationcosts,andcreate valueforcustomers,win-win. (IV)MajorfactorsfordrivingtheCompany'sperformance Referto"III.Analysisoncorecompetitiveness"inthissectionfordetails.(V)Marketpositionofcompanyproducts Currently,theCompanyisoneofthemajorR&D,productionandsalesenterprisesofpolarizersinChina,andistheleadingenterpriseinthedomesticpolarizerindustry.TheCompanymainlyfocusesonmediumandlarge-sizedpolarizerproducts,andmeanwhilehastheproductioncapacityofmulti-sizeandmulti-seriesproducts.Inthefuture,theCompanywillfurtheradjustandoptimizetheproductstructureandcustomerstructure,improvetheinternalmanagementlevel,optimizeandupgradetheproductiontechnologylevel,improvetheproductionefficiencyandproductquality,broadentheprocurementchannels,reducetheproductioncostandconsolidateandimprovethemarketcompetitiveness. II.AnalysisOncoreCompetitiveness (I)Technologyadvantages.SAPOPhotoelectricisthefirstdomesticnationalhigh-techcompanywhichenteredintotheR&Dandproductionofthepolarizer，Weareoneofthelargest,mosttechnicalandprofessionalpolarizerR&Dteamsinthecountryandhasmorethan20yearsofoperatingexperienceinthepolarizerindustry.ProductsincludeTN-type,STN-type,IPS-TFT-type,VA-TFT-type,OLED,vehicle-mountedindustrialdisplay,flexible display, 3D stereo and polarizer for sunglasses, and optical film for touch screens, etc.,We have proprietarytechnologyforpolarizersandnewintellectualpropertyrightsforvariousnewproducts.Asoftheendwhich:38domesticinventionpatents(16patentsgotauthorized);74domesticutilitymodelpatents(71patentsgotauthorized);1overseasinventionpatent(0patentsgotauthorized);6overseasutilitymodelpatents(4patentsgot authorized).Therewere4nationalstandardsand2industrialstandardsthatweredevelopedbythecompanyareapprovedandthenwillbeimplemented.willbeimplemented.SAPOPhotoelectrichasthreeinnovativeplatforms:Guangdong Engineering Technology Research Center, Shenzhen Polarizing Materials and TechnologyEngineeringLaboratoryandShenzhenEnterpriseTechnologyCenter.ItfocusesontheR&DandindustrializationofLCDpolarizercoreproductiontechnology,thedevelopmentandindustrializationofOLEDpolarizernewproducts,andthelocalizationresearchofpolarizerrawmaterials,amongwhich,massproductionhasbeenachievedforOLEDTVpolarizerproductssuccessfully,fillingthedomesticgap.Byintroducingallkindsofprecisiontestequipment,itimproveslabtrialandpilot-scaletestmethods,andbuildsacollaborativeinnovation platformforIndustry-University-Researchcooperation,toenhancetheR&Dlevelcomprehensively.(II)Talentsadvantages.TheCompanyhasapolarizermanagementteamandateamofseniortechnicianswithstrong technical ability, long cooperation time, rich experience and international vision. By establishing a technical cooperation relationship with Nitto Denko Corporation, a world-class polarizer manufacturer, the Companylearnsadvancedpolarizerproductionmanagementconcepts,andmeanwhileaccumulatestechnicalexperiencethroughindependentinnovation,improvesitscorecompetitiveness,andgraduallyaccumulatesitsownbrand,technology,operationmanagementandotheradvantages.In2022,theCompanycontinuedtodeepenthemarket-orientedreform,practicedtheconceptof"Don'tracehorses",andsetagoodvanefortalentselectionandemployment;Itimprovedthetalentgrowthchannel,establishedthemanagementmethodofemployeepromotionbyrank,andhelpedemployeesgrowanddevelop;Itimprovedtheincentivemechanismofassessment,andfullyutilizedtheincentiveandspurroleofassessment;Activelyexploredthelong-termincentiveandrestraintoftheCompany'smanagementlevel,employeebenefitawarddistributionmechanism,EmployeeStockOwnershipPlan(ESOP),etc.,andbuiltavaluedistributionmechanismofbenefitsharingandriskpooling.(III)Marketadvantages.Thecompanyhasgoodcustomergroupsnotonlyindomesticmarketbutinforeignmarket,comparedwithforeignadvancedcounterparts,thebiggestadvantageliesinthelocalizationforsupporting, closetothepanelmarket,aswellasthestrongsupportofthenationalpolicy.Intermsofmarketdemand,withthemassproductionofthe10.5/11-generationTFT-LCDpanelproductionlinesunderconstructionandplannedforthenextfewyears,theproductioncapacityofhigh-generationTFT-LCDpanelsinmainlandChinawillincreasesignificantlyinthenextfewyears,thecorrespondingdomesticpolaroidfilmmarketdemandhasalsoincreased,andthedomesticmarketisthemostimportantmarketforpolaroidmanufacturers,especiallyinthelarge-sizepolarizermarket.Mainlandpolarizermanufacturerswillusherinimportantindustryopportunities;intermsofmarketdevelopment,thecompanytakesproductionmaterialcontrolasthecore,technologyservicesastheguide,customerneedsasthefocus,organicallycombinesproductionandsales,establishesarapidresponsemechanism,fullyexploitslocalizationadvantages,andusesitsownaccumulatedtechnologyandtalents,doesagoodjobofpeer-to-peerprofessionalservices,formsastablesupplychainandincreasesmarketshare.(IV)Qualityadvantages.Thecompanyalwaysadheredtothequalitypolicyof"Satisfyingcustomerdemandsandpursuingexcellentquality"andfocusedonproductqualitycontrol.Thecompanystrictlycontrolsproductperformanceindicators,standardizesinspectionstandardsforincomingmaterials,startswithqualityimprovement andconsumptionreduction,andachievessimultaneousincreaseinoutputandquality;throughtheintroductionofamodernqualitymanagementsystem,theproductshavepassedISO9001QualityManagementSystemandISO14001EnvironmentalManagementSystem,OHSAS18000OccupationalHealthandSafetyManagementSystem, QCO80000 System Certification; the product is tested by SGS and meets the environmentalprotection,Thecompanyhadincreasedtheautomaticdetectingandmarkingequipmentsinthebeginningsectionandtheendingsection,strictlycontrolledtheproductqualityandimprovedtheproductutilizationrateandproductmanagementefficiency. (V)Managementadvantages.SAPOPhotoelectrichasaccumulatedrichmanagementexperiencesinmorethan20yearsinthemanufacturingofpolarizer,possessingthehomemostadvancedcontroltechnologyoftheproductionmanagementprocessofthepolarizerandqualitymanagementtechnologyandthestablerawmaterialprocurementchannelsoforthmanagementsystems.Thecompanyhadcarriedoutcomprehensivebenchmarkingwork,organizedthemanagementpersonneltolearnadvancedexperiencesfromcustomersandpeerstoforcetheelevationofmanagementability,anddrewontheforeigncompany’smanagementexperiencesofpolarizer,optimizedthecompany'sorganizationalstructure,reducedthemanagerialhierarchyandfurtherenhancedthecompany'smanagementefficiency.Aftertheintroductionofthestrategicinvestor,Throughclosecooperationwith JinjiangGroup,wecomplementeachother'sstrengths,absorbthevitalityofprivateenterprises,continuetoimplementadvancedmanagementsystems,reasonableincentivemechanisms,etc.,improvetheefficiencyofdecision-making,enhancethespeedofmarketresponse,improvetheresearchanddevelopmentincentivesystem,andalsorealizethedeepintegrationofthevalueofthecompanyanditsemployeesandstimulatesthenewvitalityofthebusiness.Throughtheimplementationofthekeyworkmanagementlistof"PracticalPartybuilding+,Leanpromoting development", continuous cost reduction and efficiency increase by lean means; through the implementation ofthe"amoebaBusiness Model"project,smallindependentaccountingunit, toenablethegrassrootskeyemployeestoparticipateintheproductionandoperationactivities.(VI)Policyadvantages.PolarizerisseenasanessentialpartofthepaneldisplayindustryandSAPOPhotoelectricinitsdevelopmenthaspromotedthesupplycapacityofnationalpolarizers,greatlyloweredthedependenceofnationalpanelenterprisesonimportedpolarizers,andsafeguardedthenationalpanelindustry,whichservesasagoodfacilitatortoenhancingtheoverallcompetitivenessofChina'spanelindustrychainandcoordinated development of the whole industry chain of the panel display industry cluster in Shenzhen. Recognizedasanationalhigh-techenterprise,theCompanyisentitledtothepreferentialpolicyforduty-freeimport ofown productive raw materials thatcannot be produced athome andfrequently gained national,provincialandmunicipalpolicyandfinancialsupportinitspolarizerprojects.Meanwhile,theCompanytightenedsuppliermanagement,improveditsoverallpurchasingstrategy,anddownsizedsupplierswhileintroducingacompetitivemechanism,whereinfocuswasgiventointroductionofnewmaterialsatacompetitiveprice,tofurtherloweritsproductioncostandimproveitsproductcompetitiveness.III.Mainbusinessanalysis General Refertorelevantcontentsof“1.Summarization”in“DiscussionandAnalysisofManagement”.Changesinthefinancialdata InRMB
TheprofitcompositionorsourcesoftheCompanyhaveremainedlargelyunchangedduringthereportperiod.ComponentofBusinessIncome InRMB
√Applicable□Notapplicable InRMB
□Applicable√Notapplicable Explanationforayear-on–yearchangeofover30% □Applicable√Notapplicable IV.AnalysisofNon-coreBusiness √Applicable□Notapplicable InRMB
1.Significantchangesinassetcomposition InRMB
□Applicable√Notapplicable 3.AssetandLiabilitiesMeasuredbyFairValue √Applicable□Notapplicable InRMB
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