[年报]深纺织Ｂ(200045):2022年年度报告（英文版）
原标题:深纺织Ｂ:2022年年度报告（英文版） I.ImportantNotice,TableofContentsandDefinitions TheBoardofDirectors，theSupervisoryCommittee,thedirectors,thesupervisors,andexecutivesoftheCompanyguaranteethattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheReportandwewillacceptindividualandjointresponsibilitiesforthetruthfulness,accuracyandcompletenessoftheReport. Mr.YinKefei,TheCompanyleader,Chieffinancialofficerandthepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthisannualreport. Inadditiontothefollowingdirectors,otherdirectorspersonallyattendedtheBoardmeetingatwhichtheAnnualReportwasconsidered.
understandthedifferencesbetweenplans,forecastsandcommitments,andremindinvestorsofinvestmentrisks.Thecompanyhasthemacroeconomicrisks,marketcompetitionrisksandrawmaterialrisks.Investorsareadvisedtopayattentiontoinvestmentrisks.Fordetails,pleaserefertothepossibleriskfactorsthatthecompanymayfaceintheXI"RisksfacingtheCompanyandcountermeasures"intheSectionIII"ManagementDiscussion&Analysis". Thecompany’sprofitdistributionplanapprovedbytheboardofdirectorsthistimeis:Thecompany’sprofitdistributionplanapprovedbytheboardofdirectorsthistimeis:basedon506,521,849shares,acashdividendof0.60yuan(taxincluded)willbedistributedtoallshareholdersforevery10shares,and0shares(taxincluded)willbegivenasbonusshares.Thecapitalreservewillnotbeconvertedintosharecapital.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 1. Accountingstatementsbearingthesignaturesandsealsofthecompany'slegalrepresentative,generalmanager, chieffinancialofficer,andpersoninchargeoftheaccountingagency.2.OriginalofAuditors’ReportcarriedwiththesealofCertifiedPublicAccountantsaswellaspersonalsignatures ofcertifiedPublicaccountants. 3.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod. TheabovedocumentswerecompletelyplacedattheOfficeofSecretariesoftheBoardofDirectorsoftheCompany. Definition
1.CompanyProfile
CPAsengaged
TheFinancialadvisorperformingpersistentsupervisiondutiesengagedbytheCompanyinthereportingperiod□Applicable√Notapplicable 6.SummaryofAccountingdataandFinancialindex Whetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata√Yes□No Retroactiveadjustmentorrestatementofcauses AccountingpolicychangeandCorrectionofaccountingerrors
OnDecember30,2021,theMinistryofFinanceissuedtheNo.15InterpretationofAccountingStandardsforBusiness Enterprises (hereinafter referred to as "No. 15Interpretation"), which standardizes the accounting treatmentofproductsorby-productsproducedbyenterprisesbeforetheyreachtheintendedstateofuseorduringtheresearchanddevelopmentprocess. TheNo.15Interpretationstipulatesthatifanenterprisesellsproductsorby-productsproducedbeforethefixedassetsreachtheintendedstateofuseorduringtheR&Dprocess,itshallseparatelyaccountfortheincomeandcostsrelatedtothetrialoperationsalesinaccordancewiththerevenuestandardandthe"No.1AccountingStandardforBusinessEnterprises-Inventory",andincludethemintheprofitorlossoftheperiod,andshallnotusethenetamountoftheincomerelatedtothetrialoperationsalesafteroffsettingthecoststowritedownfixedassetsorR&Dexpenses.Meanwhile,theenterpriseshallseparatelydiscloseinthenotestherelevantrevenueandcostamountsofthetrialoperationsales,thespecificpresentationitems,andtheimportantaccountingestimatesusedindeterminingthecostsrelatedtothetrialoperationsales.TheprovisionscameintoforceonJanuary1,2022,thereforetheretrospectiveadjustmentsshallbemadefortrialsalesthatoccurredbetweenthebeginningoftheearliestperiodofpresentationofthefinancialstatementandJanuary1,2022.TheCompanyadoptstheretroactiveadjustmentmethodforaccountingtreatmentandrestatesthefinancialstatementsofcomparableyears.Forspecificimpacts,see"SectionXFinancialReport(IV)ChangesinImportantAccountingPoliciesandAccountingEstimatesandCorrectionofPriorPeriodErrors".（2）Correctionofaccountingerrors ShenzhenShengboOptoelectronicsTechnologyCo.,Ltd.(hereinafterreferredtoas"ShengboOptoelectronics"),asubsidiaryofthecompany,foundsignificantpriorperioderrorsinpreviousyearsthisyear.Inaccordancewiththerelevantprovisionsof"AccountingStandardsforBusinessEnterprisesNo.28-ChangesinAccountingPoliciesandAccountingEstimatesandCorrectionofErrors",thecompanyhascorrectedrelevanterrormattersandrestatedthe2021consolidatedfinancialstatements.Fordetails,see"SectionXFinancialReports-(IV)ChangesinSignificantAccountingPoliciesandAccountingEstimatesandCorrectionofPriorPeriodErrors".Thelowerofthecompany'snetprofitbeforeandafterdeductingnonrecurringgainsandlossesinthelastthreeaccountingyearsisnegative,andtheauditreportofthelatestyearindicatesthatthereisuncertaintyinthecompany'sabilitytocontinueasagoingconcern □Yes√No Thelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative.□Yes√No 7.Differencesbetweenaccountingdataunderdomesticandoverseasaccountingstandards1.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderinternationalandChineseaccountingstandards. □Applicable√Notapplicable Nodifference. 2.DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards. □Applicable√Notapplicable TheCompanyhadnodifferenceofthenetprofitornetassetsdisclosedinfinancialreport,undereitherforeignaccountingrulesorChineseGAAP(GenerallyAcceptedAccountingPrinciples)intheperiod.8.MainFinancialIndexbyQuarters InRMB
9.Itemsandamountofnon-currentgainsandlosses √Applicable□Notapplicable InRMB
None For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason. □Applicable√Notapplicable NoneofNon-recurringgain/lossitemsrecorgnizedasrecurringgain/loss/itemsasdefinedbytheinformationdisclosureexplanatoryAnnouncementNo.1-Non–recurringgain/lossinthereportperiod.III.ManagementDiscussion&Analysis I.IndustryinformationoftheCompanyduringthereportingperiod Polarizersarealsoknownaspolaroid,whichcancontrolthepolarizationdirectionofspecificlightbeams.Whennaturallightpassesthroughthepolarizer,thelightwhosevibrationdirectionisperpendiculartothetransmissionaxisofthepolarizerwillbeabsorbed,leavingonlypolarizedlightwhosevibrationdirectionisparalleltothetransmissionaxisofthepolarizer.Thedownstreampolarizerismainlyusedinthepanelindustry.Accordingtodifferentpaneltypes,polarizersmainlyincludeTN,STN,TFTandOLED.Currently,theglobalpolarizermarketisdominatedbypolarizersforTFT-LCDpanels.EachLCDpanelrequirestwopolarizers. TheCompanyisoneofthemajorR&D,productionandsalesenterprisesofpolarizersinChina,andtheleadingenterpriseofpolarizerindustryinChina.TheCompany'spolarizerisoneofthekeybasicmaterialsinthedisplaypanelindustry,anditsdemandisgreatlyaffectedbythefluctuationofthedisplaypanelmarket.In2022,duetothecomplexandvolatilesituationathomeandabroad,theongoingwarbetweenRussiaandUkraine,andthecombinationofglobalinflation,thepanelindustryexperiencedawaveofcontinuousdownwardrevision.Inthesecondhalfoftheyear,inthepanelfactorycontinuestoadjustthedynamic,inventorystrategy,thepanelmarketbegantoimproveinthefourthquarter,andisexpectedtofurtherrecoverin2023. II.MainBusinesstheCompanyisEngagedinDuringtheReportPeriod 1.Thecompany'smainbusiness Thecompany'smainbusinesscoveredsuchthehighandnewtechnologyindustryasrepresentedbyLCDpolarizer,itsownpropertymanagementbusinessandtheretainedbusinessofhigh-endtextileandgarment. Duringthereportingperiod,theCompany'smainbusinesshasnotchangedsignificantly.First,theCompanycontinuedtooptimizetheproductstructure.Underthebackgroundofthesignificantreductioninproductionbyterminalandpanelcustomersin2022,itadoptedtherouteofproductdifferentiation,optimizedthecustomerstructure,improvedtheabilitytoresistrisks,implementedthe"Productionutilizationguarantee"policy,andracedtoseizethemarketshare;Second,itsparednoefforttoimplementtheproductionandoperationofLine7,focusedonimprovingproductioncapacity,yieldandmanagementlevel,thushelpedtheCompany'soverallbusinessperformancetobeimproved;Thethirdwastocontinuetopromoteleanmanagement,strictlycontrolmanufacturingcosts,reducematerialloss,strengthenmaterialrecycling,andreducecostsandincreaseefficiencyinanall-roundway;Thefourthwastostrengthentheinnovationdrive,createdifferentiatedcompetitiveadvantages,focusonpromotingtheconstructionofSAPO'sR&Dmanagementsystem,createamarket-orientedinnovationmechanism,andstrengthenthetechnicalresearch;Fifth,it’stofocusonthesecurityofrawmaterialsupplychainandtheriskofpriceincreasesofchemicalrawmaterials,andacceleratetheevaluationanduseofchemicalalternativerawmaterials;Sixth,Thecompanyhasovercometheadverseeffects tocompletetheprojectconstruction,activelyfulfilledsocialresponsibilities,andformulatedanimplementationplanforrentreductionoftheCompany'sanditswholly-ownedenterprises’self-ownpropertiesbasedonactualbusinessconditions,thustobridgeoverdifficultieswithmarketentities;Theseventhwastopromotethemajorassetrestructuringmatter,which’splannedtopurchasealltheequityorthecontrollingstakeofHengmeiOptoelectronicsbyissuingsharesandpayingcash,andmeanwhileraisesupportingfunds,thustocoordinatesystemresources,makeupforshortcomings,andenhancethecorecompetitivenessoftheCompany. 2.Mainproductsandtheirpurposes Currently,theCompanyhas7massproductionlinesforpolarizers,coveringTN,STN,TFT,OLED,3D,dyesheet,opticalfilmfortouchscreenandotherfields,mainlyusedinTV,NB,navigator,Monitor,vehicle,industrialcontrol,instruments,smartphones,wearabledevices,3Dglasses,sunglassesandother products，the company has become a mainstream panel company such as HuaxingOptoelectronics,BOE,Sharp,LGD,ShenzhenTianma,Huike,etc.bycontinuouslystrengtheningsaleschannelexpansionandbuildingitsownbrand.Qualifiedsuppliers. TheCompany'smainproductsmadeineachpolarizerproductionlineandtheirapplicationareasfollows:
ThepolarizerindustryhasgraduallyshiftedfromatraditionalbusinessmodelofR&D,production,andsalestoacustomer-centric,jointresearchanddevelopment,andcomprehensiveservicebusinessmodel.By understanding customer needs, joint research and develop, manage high-standard production,manufacturehigh-qualityproducts,useadvancedpolarizerrollandattachingequipmenttocooperatewithdownstreampanelmanufacturers'productionlines,reduceproductionlinks,reduceproductionandtransportationcosts,andcreatevalueforcustomers,win-win. 4.MajorfactorsfordrivingtheCompany'sperformance Referto"III.Analysisoncorecompetitiveness"inthissectionfordetails.5.Marketpositionofcompanyproducts Currently,theCompanyisoneofthemajorR&D,productionandsalesenterprisesofpolarizersinChina,andistheleadingenterpriseinthedomesticpolarizerindustry.TheCompanymainlyfocusesonmediumandlarge-sizedpolarizerproducts,andmeanwhilehastheproductioncapacityofmulti-sizeandmulti-seriesproducts. Inthefuture,theCompanywillfurtheradjustandoptimizetheproductstructureandcustomerstructure,improvetheinternalmanagementlevel,optimizeandupgradetheproductiontechnologylevel,productioncostandconsolidate;Ontheotherhand,theCompanypromotedtheworkrelatedtothemajorassetrestructuring,realizedthestrongallianceinthepolarizerindustry,rapidlyincreasedtheproductionscaleofpolarizers,optimizedtheCompany'sindustrialchainlayoutinthepolarizerindustry,enhancedthetechnicalreserves,andfurtherimprovedtheCompany'scorecompetitiveness.6.Advantagesanddisadvantagesincompetition (1)Competitiveedge See"III.Analysisofcorecompetitiveness"inthischapterfordetails.(2)Competitivedisadvantage See"XI.FuturedevelopmentprospectoftheCompany(III)Possiblerisks"inthischapterfordetails.III.AnalysisOncoreCompetitiveness 1.Technologyadvantages.SAPOPhotoelectricisthefirstdomesticnationalhigh-techcompanywhichenteredintotheR&Dandproductionofthepolarizer，Weareoneofthelargest,mosttechnicalandprofessionalpolarizerR&Dteamsinthecountryandhasmorethan20yearsofoperatingexperienceinthepolarizer industry. Products includeTN-type, STN-type, IPS-TFT-type, VA-TFT-type, OLED,vehicle-mountedindustrialdisplay,flexibledisplay,3Dstereoandpolarizerforsunglasses,andopticalfilmfortouchscreens,etc.,Wehaveproprietarytechnologyforpolarizersandnewintellectualpropertyrightsforvariousnewproducts.Asoftheendofthisreport,SAPOPhotoelectricappliedfor127inventionpatentsandwasauthorizedwith100items(68validpatents),amongwhich:40domesticinventionpatents(18patentsgotauthorized,18validpatents);80domesticutilitymodelpatents(78patentsgot authorized,48valid patents,);1 overseasinvention patent(0patents got authorized);6overseasutilitymodelpatents(4patentsgotauthorized,2validpatents).Therewere4nationalstandardsand 2 industrial standards that were developed by the company are approved and then will beimplemented.willbeimplemented.SAPOPhotoelectrichasthreeinnovativeplatforms:GuangdongEngineeringTechnologyResearchCenter,ShenzhenPolarizingMaterialsandTechnologyEngineeringLaboratoryandShenzhenEnterpriseTechnologyCenter.ItfocusesontheR&DandindustrializationofLCDpolarizercoreproductiontechnology,thedevelopmentandindustrializationofOLEDpolarizernewproducts,andthelocalizationresearchofpolarizerrawmaterials,amongwhich,massproductionhas been achieved for OLED TV polarizer products successfully, filling the domestic gap. Byintroducingallkindsofprecisiontestequipment,itimproveslabtrialandpilot-scaletestmethods,andbuildsacollaborativeinnovationplatformforIndustry-University-Researchcooperation,toenhancetheR&Dlevelcomprehensively. 2.Talentsadvantages.TheCompanyemphasizestheindependentinnovation,establishesitsownR&Dmanagementsystem,andhasapolarizermanagementteamandaseniortechnicalpersonnelteamwithstrongtechnicalability,richexperienceandinternationalvision.Throughtheestablishmentoftechnicalcooperationwiththeworld'sleadingpolarizermanufacturerNittoElectricCo.,Ltd,ithaslearnedtheadvanced polarizer production management concepts, and meanwhile accumulated the technicalexperiencethroughindependentinnovation,improveditscorecompetitiveness,andgraduallyshapeditsownbrand,technology,operationmanagementandotheradvantages.In2022,theCompanycontinuedtodeepenthemarket-orientedreform,practicetheconceptof"Don'tracehorses",selectedagroupofmiddle-levelmanagementcadreswithstrongprofessionalabilityandhighdegreeofmarketizationfortheCompany,andfurtherstrengthenedthecorebackboneteam;Also,theCompanyImprovedthetalentgrowthchannelandthereservetalentechelonconstructionmechanism,regularlyorganizedandcarriedouttheemployeegradeevaluation,talent-poolworkandotherworktohelpemployeesgrowanddevelop;itimprovedtheassessmentincentivemechanism,andgaveaplaytotheincentiveandspurringrole of assessment; The Company actively explored the long-term incentive constraints of theCompany'smanagementlayerandtheemployeebenefitrewarddistributionmechanism,theemployeestockownershipplan,etc.,thustobuildavaluedistributionmechanismforbenefitsharingandrisksharing. 3.Marketadvantages.Thecompanyhasgoodcustomergroupsnotonlyindomesticmarketbutinforeign market, compared with foreign advanced counterparts, the biggest advantage lies in thelocalizationforsupporting,closetothepanelmarket,aswellasthestrongsupportofthenationalpolicy.Interms ofmarket demand,with themass productionofthe10.5/11-generation TFT-LCDpanelproductionlinesunderconstructionandplannedforthenextfewyears,theproductioncapacityofhigh-generationTFT-LCDpanelsinmainlandChinawillincreasesignificantlyinthenextfewyears,thecorrespondingdomesticpolaroidfilmmarketdemandhasalsoincreased,andthedomesticmarketisthemost important market for polaroid manufacturers, especially in the large-size polarizer market.Mainlandpolarizermanufacturerswillusherinimportantindustryopportunities;intermsofmarketdevelopment,thecompanytakesproductionmaterialcontrolasthecore,technologyservicesastheguide,customerneedsasthefocus,organicallycombinesproductionandsales,establishesarapidresponsemechanism,fullyexploitslocalizationadvantages,andusesitsownaccumulatedtechnologyandtalents,doesagoodjobofpeer-to-peerprofessionalservices,formsastablesupplychainandincreasesmarketshare.Meanwhile,theCompanyusedthecapitalmarkettocarryoutassetrestructuring,implemented the Company's development strategy, and seized important market opportunities tobecomebetterandstronger. 4.Qualityadvantages.TheCompanyalwaysadherestotheprincipleof"Meetingcustomerneedsandpursuingexcellent quality; Implement green manufacturing andachieve continuous improvement"quality policy, centering on the product quality control to enable its products comparable tointernational quality standards. The Company strictly controls product performance indicators,standardizesincominginspectionstandards,andtakesqualityimprovementandconsumptionreductionasthestartingpointtoachievesimultaneousimprovementofoutputandquality;Ithasintroducedmodern management system, passed the ISO9001 quality management system, ISO14001environmentalmanagementsystem,ISO450001occupationalhealthandsafetymanagementsystem,QCO80000 hazardous substance management system and ISO50001 energy management systemcertification;TheproductshavepassedCTItesting,anditcomplieswiththeenvironmentalprotectionrequirements ofRoHS directive, andthe whole processis standardizedfrom raw materialsupply,manufacturing,marketingtocustomerservicetoensurethestabilityofproductquality.5.Managementadvantages.Thecompanyalwaysadheredtothequalitypolicyof"Satisfyingcustomerdemandsandpursuingexcellentquality"andfocusedonproductqualitycontrol.Thecompanystrictlycontrolsproductperformanceindicators,standardizesinspectionstandardsforincomingmaterials,startswithqualityimprovementandconsumptionreduction,andachievessimultaneousincreaseinoutputandquality;throughtheintroductionofamodernqualitymanagementsystem,theproductshavepassedISO9001 Quality Management System and ISO14001 Environmental Management System,OHSAS18000OccupationalHealthandSafetyManagementSystem,QCO80000SystemCertification;theproductistestedbySGSandmeetstheenvironmentalprotection,Thecompanyhadincreasedtheautomaticdetectingandmarkingequipmentsinthebeginningsectionandtheendingsection,strictlycontrolledtheproductqualityandimprovedtheproductutilizationrateandproductmanagementefficiency. Throughtheimplementationofthekeyworkmanagementlistof"SolidPartyBuilding+,LeanPromotesDevelopment",itusedtheleanmeanstoachievecontinuouscostreductionandefficiencyincrease;Throughtheimplementationofthe"AmoebaBusinessModel"projectandsegmentingsmallindependentaccountingunittoenablegrassrootsbackboneemployeescanparticipateinproductionandoperationactivities. 6.Policyadvantages.PolarizerisseenasanessentialpartofthepaneldisplayindustryandSAPOPhotoelectric in its development has promoted the supply capacity of nationalpolarizers, greatlyloweredthedependenceofnationalpanelenterprisesonimportedpolarizers,andsafeguardedthenationalpanelindustry,whichservesasagoodfacilitatortoenhancingtheoverallcompetitivenessofChina'spanelindustrychainandcoordinateddevelopmentofthewholeindustrychainofthepaneldisplayindustryclusterinShenzhen.Recognizedasanationalhigh-techenterprise,theCompanyisentitledtothepreferentialpolicyforduty-freeimportofownproductiverawmaterialsthatcannotbeproducedathomeandfrequentlygainednational,provincialandmunicipalpolicyandfinancialsupportinitspolarizerprojects.Meanwhile,theCompanytightenedsuppliermanagement,improveditsoverallpurchasingstrategy,anddownsizedsupplierswhileintroducingacompetitivemechanism,whereinfocuswasgiventointroductionofnewmaterialsatacompetitiveprice,tofurtherloweritsproductioncostandimproveitsproductcompetitiveness. IV.Mainbusinessanalysis Ⅰ.General Theyearof2022isakeyyearforthe"14thFive-YearPlan"andayearfortheCompanytocontinuetodeepenreformandimprovebusinessquality.Overthepastyear,inthefaceofsevereandcomplexeconomicsituation,theCompanyhasstrengthenedconfidence,unitedandworkedhardtoovercomedifficulties together, and new progress has been made in polarizer production and operation,technologicalinnovation,leanmanagementofenterprises,improvementofinternalcontrolmechanism,potentialexploitationofpropertyleasing,andassetrevitalizationandwithdrawal,thuslayingasolidfoundationfortheCompany'sfurthertransformationanddevelopment.Duringthereportingperiod,theCompanyachievedanoperatingincomeof2.838billionyuan,aYOYincreaseof21.80%;Thetotalprofitwas44,348,800yuan,aYOYdecreaseof42.54%;Thenetprofitattributabletoshareholdersofthelistedcompanywas73,309,200yuan,aYOYincreaseof31.54%.TheCompany'stotalprofitdecreasedcomparedwiththesameperiodlastyear,whichwasmainlydueto:affectedbythecontinuedweakeningoftheLCDTVpanelmarket,thepriceofpolarizersgraduallydeclinedin2022,coupledwiththelargeconsumptionongroundoftheramp-upmassproductionofthenewlyput-intoproductionoftheultra-largesizeTVpolarizerindustryproject(Line7),theCompanymadeimpairmentprovisionsforinventoryandotherassetsbasedonexpectedfuturenetcashflows.TheCompany'soperatingincomeandnetprofitattributabletoshareholdersofthelistedcompanyincreasedcomparedwiththesameperiodofthepreviousyear,whichwasmainlydueto:First,thereleaseoftheCompany'sNo.7lineproductioncapacity,theoverallrevenuegrowthofpolarizerbusiness.Second,basedontheGroup'sfutureprofitforecast,theCompanyconsideredthatitcangeneratesufficienttaxable income in the future period to take advantage of deductible temporary differences anddeductiblelossestomeettheconditionsforrecognitionofdeferredtaxassets,thereforeitrecognizedrelevantdeferredtaxassetswhilereducingincometaxexpense.（未完）  |