[中报]鲁 泰Ｂ(200726):2022年半年度报告（英文版）
原标题:鲁 泰Ｂ:2022年半年度报告（英文版） INTERIMREPORT2022 August2022 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofLuThaiTextileCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthis Report and its summary, and shall be jointly and severally liable for anymisrepresentations,misleadingstatementsormaterialomissionstherein.LiuZibin,theCompany’slegalrepresentative,andZhangKeming,headofaccountingaffairsandheadoftheaccountingdepartment(equivalenttoaccountingmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuidelineNo.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure.Since2022,affectedbydomesticpandemicreboundandmorecomplicatedinternational,politicalandeconomicenvironments,China'stextileindustryhasfacedregionalphasedworkand production stoppages, blocked logistics operations and hikes in the prices of rawmaterials.SinceMay,asthedomesticpandemiccontrolhasbecomesteadyandtherecoveryinproductionandlogisticsaccelerated,leadingoperatingindicatorsofthetextileindustryhave rallied despite pressure, reflecting robust resilience and anti-risk ability underthesupportofnational"stablegrowth"policies andmeasures. Ontheotherhand,China'sexportedtextilesandapparelachievedsteadygrowth.DatafromtheChina'sCustomsshowsthatinthefirsthalfof2022,thecountry'sexportedtextilesandappareltotaledUSD156.49billion,ayear-on-yearincreaseof11.7%.Underthesupportofariseinexportprices,theexportedamounthitarecordhighyearonyear.Intermsofexportmarkets,thesupplychainoftextileinSoutheastAsiaandothercountriesoperatesnormallythisyear,whichdrivesthesoundgrowthofsupplychainsofexportedfabrics,yarnsandothersupportingproducts.Inthefirsthalfof2022,ChinaexportedtextilesandapparelofUSD27.71billiontotheASEAN,up23.3%yearonyear.Inaddition,thecountry'sexporttothememberstatesoftheRegionalComprehensiveEconomicPartnership("RCEP")amountedtoUSD45.57billion,up13.7%yearonyear,demonstratingthattheimplementationoftheRCEPbenefitsasteadyandsoundexportenvironment.In2022,thetextileindustryisconfrontedwithcomplicateddevelopmentstatusandchallengestostableoperations.Moreover,theproductionandoperatingpressuretextileenterprisesfaceisprominent. TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis................................................................................9 PartIVCorporateGovernance.......................................................................................................31 PartVEnvironmentalandSocialResponsibility..........................................................................35 PartVISignificantEvents...............................................................................................................39 PartVIIShareChangesandShareholderInformation................................................................48 PartVIIIPreferredShares..............................................................................................................62 PartIXBonds...................................................................................................................................63 PartXFinancialStatements............................................................................................................67 DocumentsAvailableforReference 1.ThefinancialstatementssignedandstampedbytheCompany’slegalrepresentativeandheadofaccountingaffairsandheadoftheaccountingdepartment;and 2.TheoriginalsofalltheCompany’sannouncementsanddocumentsdisclosedtothepublicduringtheReportingPeriodonSecuritiesTimes,ShanghaiSecuritiesNews,ChinaSecuritiesJournalandTaKungPao.Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddress andemailaddressoftheCompanyintheReportingPeriod. □Applicable?Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2021AnnualReport.2.MediaforInformationDisclosureandPlacewherethisReportisLodgedIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforlodgingtheCompany’s periodicreportsintheReportingPeriod. □Applicable?Notapplicable ThenewspapersdesignatedbytheCompanyforinformationdisclosure,thewebsitedesignatedbytheCSRCfordisclosingthe Company’speriodicreportsandtheplaceforlodgingsuchreportsdidnotchangeintheReportingPeriod.Thesaidinformation canbefoundinthe2021AnnualReport. 3.OtherInformation IndicatebytickmarkwhetheranychangeoccurredtootherinformationintheReportingPeriod.□Applicable?Notapplicable IVKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes?No
1.NetProfitandEquityunderCASandIFRS □Applicable?Notapplicable NosuchdifferencesfortheReportingPeriod. 2.NetProfitandEquityDifferencesunderCASandForeignAccountingStandards□Applicable?Notapplicable NosuchdifferencesfortheReportingPeriod. VIExceptionalGainsandLosses ?Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems: □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IPrincipalActivityoftheCompanyintheReportingPeriod Inthefirsthalfof2022,theCompanyencounteredamorecomplexandseveremarketenvironmentfeaturingtherecurrentCOVID- 19pandemic,geopoliticalconflicts,increasingenergypricesacrosstheworld,andhighinflation.Infaceofchallenges,theCompany adheredtothe"customer-focused"philosophyandcontinuestopromotethestrategiesof"ImproveQualityandEfficiency"and "OverallInternationalization".Underthepremiseofimplementingpandemicpreventionandcontrol,theCompanyensuresan orderlyadvanceinstaffproductionandlife,managementandoperationthroughexpandingthemarket,adjustingthestructureand buildingcapabilities.Supportedbyitsinternationalsupplychainandbusinessportfolio,theCompanycontinuedtoprovidequality productsandservicesforcustomersathomeandabroad.DuringtheReportingPeriod,theproductorderandbusinessperformance havegraduallyrecovered. FortheReportingPeriod,theCompanyachievedoperatingrevenueofRMB3,330million,operatingprofitofRMB460million,anet profitattributabletotheCompanyastheparentofRMB394million,andanetprofitattributabletotheCompanyastheparentbefore exceptionalgainsandlossesofRMB366million,respectivelyup49.99%,175.64%,156.65%and573.49%whencomparedtothe sameperiodoflastyear.NochangesoccurredtotheCompany’sprincipaloperations,productsorbusinessmodels,ortheprimary factorsdrivingtheCompany’sgrowthintheReportingPeriod. DuringtheReportingPeriod,theCompanyhasbeenratedasthe"EnterprisewithCompetitiveEdgesamongChina'sTextileand ApparelsBrands"byChinaNationalTextileandApparelCouncil,asthe"Top30Enterprisesin2022intheDyeingandPrinting Industry"byChinaDyeingandPrintingAssociation,andasthe"AAACreditEnterpriseinBusinessCreditAssessment"byChina EnterpriseConfederationandChinaEnterpriseDirectorsAssociation.TheCompanyhasprioritizedthefollowingaspects: (I)DeepenandimprovethemanagementtoenhancetheoperationefficiencyConfrontedbythecomplicatedglobaleconomicstatus,therecurrentpandemicanduncertaintiesofdomesticeconomicenvironment, themanagementoftheCompanycenteredaroundcustomers,exploredideastoimproveitsmanagement,andcontinuedtheLTPS construction. Also,theCompany underlined itssocial responsibilityandcompliancemanagement, establisheda performance appraisalsystemorientedbyresults,anddeepenedinformation-basedsupportandbigdataminingandapplication.Byrefined proceduresandinformation-basedmanagement,webracedtheproductlinesandmarketing,R&D,andotherdepartmentstoraisethe operationefficiency. (II)RespondtochangesinmarketsandadjustmarkingstrategiescenteredaroundcustomersTheCompanyconsistentlystrengthenedthemarketdevelopmentwithadirectionofbecomingaglobalizedapparelsolutionprovider with advanced fabrics as our pillar. Based on accurate grasp of market trend and customer demand, service upgrade was comprehensivelyachievedandwin-wincooperationwithcustomersrealized.Underthegradualinfluenceofcomplexandchangeable COVID-19pandemicandinlinewiththechangesindomesticandforeignmarkets,themarketstructurewasadjustedandoptimized, producttypeincreasedactivelyandbusinessofcareerapparelpromotedfurther.Additionally,customerrelationsandstickinesswere builtandcustomizeddevelopmentprojectspromoted. Focusedonthecoredemandsofcustomersandthetrendsinindustrialdevelopment,theCompanyrefinedtheinternalmodelof scientificresearchandinnovativemanagement,androlledoutkeyhierarchicaltechnologicalbreakthroughs.Foronething,it improvedthefunctionsandqualityofexistingproductsandofferedfunctionalproductswithincreasingexperiencecompetitiveness tocustomers,forinstance,dazzlingdyeingserialproductsandpremiumknittedfabricsofshirts.Foranother,itintroducedand developedgreenproductionandprocessingtechnologiesandtechnologiesrelatedtotherecyclingofwaterresources,chemicalsand energy,andbolsteredsustainableoperations.Meanwhile,theCompanyshoreduptheintroductionanddevelopmentofrecyclable anddegradablematerialstosupplycustomerswithmoreecologicallysustainablegreentextiles.Atotalof33patentswereauthorized, includingnineinventionpatents. (III)Continuetheprocessof"ImproveQualityandEfficiency"and"OverallInternationalization"toheightenmanagementefficiency Inthefirsthalfof2022,notwithstandingaturbulentinternational,politicalandeconomicenvironmentanddecliningdomestic demand,theCompanymovedforwardwithitsstrategyof"ImproveQualityandEfficiency"and"OverallInternationalization" backed byits product line. On thebasis of practices in sales regions, it also implemented its decisions and arrangements, communicatedmorewithcustomers,andexpandednewmarketsfornewcustomerstoboostsalesresults.DuringtheReporting Period,theCompanybycomplementarydomesticandforeignadvantages,andtheadvantagesinglobalsupplychainsystemsand overseaslayouts,establishedahigh-leveldialogmechanismforallstrategiccustomers,andpushedforwardstrategiccoordination withthosecustomers.Inadditiontothat,itsetupaperformanceteamtoprovidecomprehensiveservicesforthosecustomersfrom R&Dtodelivery. (IV)CarryforwardthecorporatecultureandseekthegrowthofemployeesandtheCompanytogetherasguidedbythespiritofthe craftsman DuringtheReportingPeriod,theCompanycontinuedtoinstructemployeesoncarryingforwardthespiritofthemodelworkerand thecraftsmanandtheprincipleofhard-workinganddown-to-earthtoupholdthecorporatevisionofa"World-classandcentury-old textileenterprise".WorkersweremobilizedtolearnthehistoryofthePartyandengageinParty-themedactivities,andParty memberswereencouragedtoplaytherolesofleadershipanddemonstration.Variousformsofactivitieswereconductedlike awardingexemplaryandpredominantworkersandskillcompetition.Reservedsharesunderthe2021restrictedshareincentive schemeweregrantedagainforworkerstosharethefruitsofdevelopment.TheCompanyfosteredasound,innovativeandenabling workingenvironmentinwhichallemployeeswereinvolvedandpulledtheirwisdomtogetherforbusinessgrowth.TheCompany,centeredonproducingmid-tohigh-endproducts,hasbeenratedasthe"EnterpriseforIncubationofHigh-end ProductsinShandongProvince"forfourconsecutiveyears,andwasnamedNationalKeyTalentProject.Inthemeantime,itsholding subsidiaryLufengCo.,Ltd.wasalsonamed"EnterpriseforIncubationofHigh-endProductsinShandongProvince".TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuideline No.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure. Inthefirsthalfof2022,undertheimpactofrecurrentpandemic,andinternationalandgeopolitics,China'stextileindustrycame upagainstamoreseveredevelopmentenvironment.Furthermore,theindustry'sproductionmanagementandoperationsofsupply chainswereaffectedbyenormousshocks,andtheeconomywasunderconspicuouspressure.Sincethefourthquarterof2021,the cottonpricehasremainedhighoverhistoricalrecords.Becauseofthedownturnindemand,costisdifficulttobeapportionedto terminalconsumptionandtheprofitsintheintermediatesupplychainareunderinfluence.Fromthedomesticmarket,theretail salesoftextilesandapparelinthefirsthalfof2022werelowerthanthesameperiodoflastyear.Ledbyunstableinternational statusanddomesticpandemiccontrol,thewillingnessofconsumerstospendwasweak.Fromexportedtextiles,however,thefirst halfof2022witnessedpositivegrowthyearonyear,representingoptimisticprogress.Ononehand,China'sexportedtextiles accountedforalargepercentageglobally.Regardlessofanupheaval,geopoliticswascontrollablewithrestrictedimpactson requirements.Ontheotherhand,theproductionoftextilesandapparelwasresilientandresumptionofworkandproduction proactive,bothofwhichsecuredthesupplyofexports.Additionally,thedepreciationinRMBboostedtheexportvolumeof textilesandapparel.Asaconsequence,steadyinternationaldemandoffsetthegloomydomesticone,thoughtherewasagap betweencurrentdataandhistoricalrationaldata. IICoreCompetitivenessAnalysis 1.TheCompanyhasacomprehensiveverticalindustrialchainandinternationalizedlayout.Itpossessesthewholeindustrialchain integratingspinning,bleachinganddyeing,neatening,testing,andgarmentmaking,aswellasexcellentqualitycontrolcapabilities throughvariouslinksoftheproductionofhigh-endyarn-dyedfabrics.Inordertoleverageinternationalresources,giveplaytothe advantageofinternationalizedindustrialdistributionandreinforcetheleadinginternationalstatusinmanufacturingtheyarn-dyed fabricsforshirts,theCompanyhasbuiltvariousproductionbasesinCambodia,BurmaandVietnametc.,andestablishedthedesign agencyinItaly,andthemarketserviceofficesintheU.S.andJapan. 2.TheCompanyhasbetterintegratedmanagementcapabilityandhigh-levelmanagementsystemarchitecture.Since1995,the CompanyhassuccessivelypassedthecertificationofISO9001qualitymanagementsystem,ISO14001environmentalmanagement system, ISO45001 Occupation Health Safety Management System, SA8000 Social Responsibility Management System, The WorldwideResponsibleApparelProductionStandard(WRAP),SustainableTextileProduction(STeP),GlobalOrganicTextile Standard(GOTS),GlobalRecycleStandard(GRS)andChinaNationalAccreditationServiceforConformityAssessment(CNAS), andrealizedtheinternationalization,standardizationandnormalizationofthecorporatemanagement.Inordertomakeoutstanding achievementinitsoperatingmanagement,betterimprovetheCompany’sbusinessperformanceandcapabilities,theCompanyhas introduced theGB/T19580Criteriafor PerformanceExcellence stepbystep,setupthe“bigquality”system, promotedthe managementinnovationandguaranteedthemanagementquality. 3.TheCompanyestablishesitshigh-leveltechnicalcooperationplatformbyvirtueofstrongR&Dcapability.Infact,theCompany alwaysinsistsontheindependentinnovation,enhancesitstechnicalcooperationwithvariousresearchinstitutes,collegesand universities,strategicclientsandimportantsuppliersbyrelyingonvarioustechnicalplatformsincludingthenationalenterprise technicalcenter,thenationalindustrialdesigncenter,thenationaldemonstrationbaseforintroducingtalents,thenationalpost- doctoralscientificresearchstationandShandongProvincialEngineeringTechnologyResearchCenter,dedicatesitselftothecutting- edge technical research, and gradually transforms from technology research to integrated product development. Besides, the Companywillalsotransformfromtheovercomingofkeytechnicaldifficultiestothemasteryoftechnicalprinciplesandthe formulationofindustrialstandards,andfromthefocusontechnicalinnovationtothedynamicintegrationofnewtechnique explorationwithmodelinnovation,materializethelow-carbon,greenandsustainabledevelopment.IIICoreBusinessAnalysis Overview: FortheReportingPeriod,theCompanyrecordedoperatingrevenueofRMB3,330million(a49.99%year-on-yearincrease);costof salesofRMB2,497million(a37.88%year-on-yearincrease),sellingexpenseofRMB60million(a23.37%year-on-yearincrease), administrativeexpenseofRMB190million(a46.24%year-on-yearincrease),researchanddevelopmentexpenseofRMB115 million(a12.51%year-on-yeardecline),andnetcashgeneratedfromoperatingactivitiesofRMB117million(a35.72%year-on- yeardrop). Year-on-yearchangesinkeyfinancialdata: Unit:RMB
Breakdownofoperatingrevenue: Unit:RMB
?Applicable□Notapplicable RevenuefromSoutheastAsiaandtheEuropeanandAmericanregionincreased130.91%and143.35%respectivelycomparedto thesameperiodoflastyear,mainlydrivenbytherecoveryofoverseasdemand,leadingtoincreasedsalesvolumesoffabricand shirts. TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuideline No.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure. Operatingdivision,productcategoryoroperatingsegmentcontributingover10%ofoperatingrevenueoroperatingprofit: Unit:RMB
PhysicalstoresoftheCompany: □Yes?No Newphysicalstores: □Yes?No IndicatebytickmarkwhethertheCompanydisclosesitstopfivefranchisedstores.□Yes?No IVOtherInformationRequiredbyInformationDisclosureGuideforCompaniesEngagedinTextileandGarmentServices 1.Capacity TheCompany'sowncapacity
?Yes□No Capacityutilizationincreasedasaresultoftherecoveryofoverseasdemandandthebackflowoforders.Overseascapacity ?Yes□No
Fornow,theprojectsareunderpreparation. 2.Salesmodelandchannels Productsaleschannelsandoperationmethods a.Salesmodel TheCompanyadoptedtheorder-basedsalesmodel.Withtheself-ownedtrademark"Luthai"foritsfabricsales,itprovided customerswithdevelopmentanddesignplansbasedoncustomerneeds,fabricsandpatternsleadingthemarket,fashionand technology,functionsandenvironmentalprotection.Inaddition,itengagedinbrandoperationofspotfabriconthenewretaile- commerceplatform.Shirtsweremainlymadeaccordingtotheordersofcustomersathomeandabroad,andsoldbybrandowners. TheCompany'sself-ownedbrandwasoperatedthroughself-ownedexclusiveshopssuchasLuThaiExhibitionandSalesPavilion, countersofaffiliatedstoresinmallsande-networkingmarketing.Meanwhile,theCompanycouldprovidecustomerswithhigh-end customizedshirtsandcustomizedbusinessweartomeetthemarketdemandofthehigh-endserviceindustry.b.Saleschannels Directsales:TheheadquartersoftheCompanycarriedoutdirectinvestmentsandoperation,andoperatedandmanagedabrandatthe headquartersorbysettingupabranchcompanyinotherregionstoconcludetransactionswithcustomersoffline.Onlinesales:Throughself-developedplatformsandlargethird-partyonlineshoppingplatforms,theCompanyconcludedtransactions withcustomersontheInternetanddeliveredgoodstocustomersbyexpressdeliveryservices.Unit:RMB
3.Sellingexpenseandbreakdownthereof Unit:RMB
□Yes?No 5.Onlinesales Onlinesalesrecordedmorethan30%ofsalesrevenue □Yes?No Self-developedsalesplatforms
?Yes□No OnlinesaleschannelsopenedorclosedbytheCompany □Applicable?Notapplicable ImpactontheCompanyinthecurrentperiodandsubsequentperiods: Notapplicable. 6.Agencyoperationmodel Agencyoperationmodelinvolved □Yes?No 7.Inventory Inventory
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