[中报]深纺织Ｂ(200045):2023年半年度报告（英文版）
原标题:深纺织Ｂ:2023年半年度报告（英文版） I.ImportantNotice,TableofContentsandDefinitions TheBoardofDirectors，theSupervisoryCommittee,thedirectors,thesupervisors,andexecutivesoftheCompanyguaranteethattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheReportandwewillacceptindividualandjointresponsibilitiesforthetruthfulness,accuracyandcompletenessoftheReport. Mr.YinKefei,TheCompanyleader,Mr.HeFei,ChieffinancialofficerandtheMr.HuangMin,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthesemi-report. AllthedirectorsattendedtheboardmeetingforthereviewofthisReport.Concerningtheforward-lookingstatementswithfutureplanninginvolvedintheReport,theydonotconstituteasubstantialcommitmentforinvestors,Investorsandrelatedpersonsshallkeepsufficientriskawareness,andshallunderstandthedifferencesbetweenplans,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 1.AccountingstatementsbearingthesignaturesandsealsoftheCompany'slegalrepresentative,GeneralManager,ChiefFinancialofficer.andpersoninchargeoftheaccountingagency.2.ThetextsofalltheCompany'sdocumentspubliclydisclosedonthenewspapersandperiodicalsdesignatedbyChinaSecuritiesRegulatoryCommissioninthereportperiod. TheabovedocumentswerecompletelyplacedattheOfficeofSecretariesoftheBoardofDirectorsoftheCompany. Definition
I.CompanyProfile
1.WaytocontacttheCompany Whetherregistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanychangedinreportingperiodornot ?Applicable□Notapplicable
Whetherinformationdisclosureandpreparationplacechangedinreportingperiodornot□Applicable√Notapplicable Noneoftheofficialpresses,website,andplaceofenquiryhasbeenchangedinthesemireportperiod.FordetailspleasefindtheAnnualReport2022. 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 oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-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)Thedevelopmentoftheindustrytowhichthecompanybelongs ThefullnameofPOLispolarizer,whichcancontrolthepolarizationdirectionofaspecificbeam,andwhennaturallightpassesthroughthepolarizer,thelightperpendiculartothepolarizertransmissionaxisinthevibrationdirectionwillbeabsorbed,andthetransmittedlightisonlypolarizedlightparalleltothepolarizertransmissionaxis.Thedownstreamapplicationofpolarizerismainlythepanelindustry,andaccordingtothedifferenttypesofpanels,polarizersaremainlydividedintoTNtype,STNtype,TFTtypeandOLEDtype.Atpresent,theglobalpolarizermarketismainlydominatedbypolarizersforTFT-LCDpanels,andtwopolarizersarerequiredforoneLCDpanel. ThepolarizeroftheCompany'sproductisoneofthekeybasicmaterialsinthedisplaypanelindustry,anditsdemandislargelyaffectedbythefluctuationofthedisplaypanelmarket.Inthefirsthalfof2023,affectedbyinsufficientterminalconsumerdemand,panelmanufacturersreducedthepurchaseofpolarizers,coupledwiththeintensecompetitivepressureinthepolarizerindustry,theoverallsalespriceofpolarizersislowerthanthesameperiodlastyear.Aspanelfactoriescontinuetoadjusttheiroperationsanddynamicallycontrolproduction,withtheslowrecoveryofterminalconsumerdemand,therelationshipbetweenmarketsupplyanddemandgraduallyflattens,thepanelpricegraduallystabilizesandrises,andit’sexpectedthatthepanelmanufacturers' demandforpolarizerswillrecovertoacertainextent. (II)MainBusinesstheCompanyisEngaged Thecompany'smainbusinesscoveredsuchthehighandnewtechnologyindustryasrepresentedbyLCDpolarizer,itsownpropertymanagementbusinessandtheretainedbusinessofhigh-endtextileandgarment.Duringthereportingperiod,theCompany'smainbusinesshasnotchangedsignificantly.TheCompanyisactivelystrivingformarketorders,continuouslyoptimizingtheproductstructure,givingprioritytoorderswith highgrossprofitandstablesalesvolumeundertheconditionofmeetingtheoperationoftheproductionline.The sales volume ofthe Company's polarizer business increased YOY, and the Company stabilized theproductionwhilereducingthenumberofchangeoversandthroughoptimizationandstreamliningofassembly.Thesecondistostrengthencustomermanagement,stabilizekeycustomerrelations,openupnewmarkets,strengthentheOLED-TVmarket,promotetheproportionofpolarizerproductsforlarge-sizeTVs.Thethirdisto strengthen supplier management, carry out core suppliervisits and negotiations, actively promote the localizationofmaterials,andcontinuetopromoteprocurementcostreductionthroughpricenegotiationandnewsupplierintroduction;Thefourthistocontinuetopromoteleanmanagement,payattentiontoproductionmanagementandoutputimprovement,carryoutimprovementworksuchasfilmbreakingproblemsolutionandsiteenvironmentimprovement,focusonimprovingturnoverefficiencyininventorymanagement,strengthencostmanagementfromsupplychainnegotiation,productionloss,energyconsumption,etc.tofullypromotecostreductionandefficiencyincrease.ThefifthistodevelopandexpandOLED-TVseriesproducts,promoteOLED-mobile phone product performance improvement and certification delivery in terms of the R&Dmanagement.Thesixthistocarryoutsafetyinspection,safetydrillsandtraining,strengthensecurityforcesinsafetyproductionmanagement.Theseventhistocontinuetodowellinleasingofitsownpropertiesanditsupgradingandtransformingwork.Theeighthistopromotethemajorassetrestructuringmatter,andactivelypromoteauditing,appraisal,duediligenceandotherworkinvolvedinthetransactionwithrelevantparties.Duringthereportingperiod,theCompanyachievedtheoperatingincomeof1.490billionyuan,anincreaseof3.11%YOY;Thenetprofitattributabletoshareholdersofthelistedcompanywas36,307,200yuan,down14.44%YOY.Themainreasonforthedeclineinnetprofitattributabletoshareholdersofthelistedcompanyinthereportingperiodcomparedwiththesameperiodofthepreviousyear:Inthefirsthalfof2023,affectedbythelackofterminalconsumerdemand,thelargecompetitivepressureinthepolarizerindustryandtheoveralllowersalespriceofpolarizersthanthesameperiodlastyear,it’sresultedinadeclineintheCompany'sperformancecomparedwiththesameperiodlastyear. (III)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. (V)Marketpositionofcompanyproducts TheCompanyisoneofthemainpolarizerR&D,productionandsalesenterprisesinChina,andhastheproductioncapacityofTFT-LCDpolarizer,OLEDTVpolarizerandblackandwhiteseriespolarizer,andisaleadingenterpriseinthedomesticpolarizerindustry.TheCompanymainlyfocusesonmediumandlargesizepolarizerproducts,andhastheproductioncapacityofmulti-sizeandmulti-seriesproducts.TheCompany'sNo.7lineisoneofthefewultra-widepolarizerproductionlinesintheworld,whichcanmeettheneedsoftheworld'shigh-generationpanelproductionlinessuchas8.5/8.6generationand10.5/11generation,especiallymatchingthe10.5/11generationlinewiththebesteconomicproductionefficiency.(VI)MajorfactorsfordrivingtheCompany'sperformance 1.Globaldemandforpolarizersmaintainsagrowingtrend AccordingtoOmdiaresearchdata,thetotaldemandforglobalpolarizersisexpectedtoincreasefrom567millionsquaremetersin2022to669millionsquaremetersin2026.Withthedevelopmenttrendofdownstreampanelindustry,thepolarizerindustryacceleratesitstransfertoChineseMainland,itisestimatedthatthemarket demandforpolarizersinChineseMainlandwillincreasefrom67%in2022to80%in 2026,providingopportunitiesforthefuturedevelopmentofthecompany. 2.ThepolarizerterminalTVmarketisdevelopinginthedirectionoflarge-sizeandhigh-endInthefieldofTFT-LCDproducts,TVisstillthemostimportantproductforLCDcapacityconsumption.Fromtheperspectiveofdownstreampaneldemandincrement,thesizegrowthofLCDTVproductshasbecomethemainpartofLCDincrementaldemand.AccordingtoOmdiaresearchdata,theaveragesizeofTVpanelshassteadilyincreasedinrecentyears.In2023,theaveragesizeofTVpanelshasexceeded50inches.Thelarge-scaledisplayproductsarestillanimportanttrendinthefuturedevelopmentoftheindustry,whichisanimportantdrivingforceforthegrowthofpolarizerdemandandwillprovidestableincrementaldemandforthepolarizermarket. With the development of the TV market in the direction is large size and high-end, the polarizermanufacturersneedtoinvestinawider-widthproductionlineinordertomatchthecuttingefficiency.After2018,withtheglobal10.5-generationproductionlineput-into-production,thedemandfor43-inch,49-inch,55-inch,65-inchandothersizesofpanelshasgrownrapidly,thereforethemarketdemandforpolarizersmatchingthecorrespondingsizewillgrowrapidly.However,thepolarizerproductionlineswithdifferentwidthshavedifferentcuttingefficiencyforcuttingTVpanelsofdifferentsizes.Onthewhole,thelargerthewidthofthepolarizerproductionline,themorecuttingsizestructureoftheproductcanbeadapted,thehighertherelativeuseefficiency,anditismoresuitableforthetrendoflarge-sizepanelapplications.3.TheCompany'sownaccumulatedcompetitiveadvantage Fordetails,pleasereferto"II.CoreCompetitivenessAnalysis"inthischapter.II.AnalysisOncoreCompetitiveness (I)Technologyadvantages.SAPOPhotoelectricisthefirstdomesticnationalhigh-techcompanywhichentered intothe R&D andproduction ofthe polarizer，We are oneofthelargest, mosttechnicalandprofessionalpolarizerR&Dteamsinthecountry，Withmorethan20yearsofoperatingexperienceinthepolarizerindustry,itsproductscovermainstreamdisplayapplicationssuchasTNtype,STNtype,TFTtype,OLEDtype,etc.,andhasacompletesetofproprietarytechnologyofpolarizerthatcanmeetcustomerneedsandhasindependentintellectualpropertyrightsofvariousnewproducts.Asoftheendofthereportingperiod,SAPOPhotoelectrichasobtainedatotalof101patentauthorizations,including18domesticinventionpatents,79domesticutilitymodelpatents,and4overseasutilitymodelpatents.4nationalstandardsand2industrystandards independently drafted and formulated by SAPO Photoelectric are implemented throughexaminationandapproval;Inaddition,1industrystandardthatitparticipatedinthedraftingandformulationpassedtheapprovalandimplementation.SAPOPhotoelectric hasthreeinnovationplatformsof"GuangdongEngineering Technology Research Center", "Shenzhen Polarizing Materials and Technology EngineeringLaboratory"and"ShenzhenEnterpriseTechnologyCenter",focusingontheresearchanddevelopmentandindustrialization of the core production technology of polarizers for LCDs, the development andindustrializationofnewproductsforpolarizersforOLEDs,andthelocalizationresearchofrawmaterialsforpolarizer production, among which, the OLED TV and OLED mobile phone polarizer projects havesuccessivelyachievedmassproduction,fillingthedomesticgap. (II) Talents advantages. The Company pays attention to independent innovation, establishes anefficientR&Dmanagementsystem,andhasapolarizermanagementteamandtheseniortechnicalpersonnelteamwithstrongtechnicalability,richexperienceandinternationalvision.Throughlearningandabsorbingtheproductiontechnologyandmanagementconceptsofadvancedpolarizerenterprises,meanwhileaccumulatingtechnicalexperienceandimprovingitscorecompetitivenessthroughindependentinnovation,theCompanygraduallyaccumulatesitsownbrand,technology,operationmanagementandotheradvantages.Inthefirsthalfof2023,theCompanycontinuedtodeepenmarket-orientedreform,practicedtheconceptof"Everyoneisatalent,notracehorses",selectedagroupofmiddle-levelmanagementcadreswithstrongprofessionalabilityandrichindustryexperience,andfurtherstrengthenedthecorebackboneteam;itimprovedthetalentgrowthchannelandthereservedtalentechelonconstructionmechanism,regularlyorganizedandcarriedoutemployeegradeevaluation,reservetalentpool,etc.,tohelpemployeesgrowanddevelop;anditimprovedtheassessmentincentivemechanism,andgaveplaytotheincentiveandspurringroleofassessment;theCompanyactivelyexploredthelong-termincentiveconstraintsoftheCompany'smanagementlayer,theemployeebenefitrewarddistributionmechanism,theemployeestockownershipplan,etc.tobuildavaluedistributionmechanismforbenefitsharingandrisksharing. (III)Marketadvantages. The Company has a good market customer baseat home and abroad,comparedwithforeignadvancedcounterparts,thebiggestadvantageoftheCompanyisthatithaslocalizedmatchingabilitythatisclosetothepanelmarket,aswellasthestrongsupportfromthenationalindustrialpolicy.Intermsofmarketdemand,withthemassproductionofdomestic10.5/11thgenerationandotherhigh-generationTFT-LCDpanelproductionlines,thedomesticpolarizermarketdemandhasalsoincreased;Andwiththefurtheraccelerationofthedevelopmentoflarge-sizepanels,themainlandmanufacturerswithlarge-size polarizer production capacity are ushering in important industry opportunities. In terms of market development,theCompanyfocusesoncustomerneeds,constantlyoptimizesproductiontechnologyandproductstructure,improvesqualitycontrol,organicallycombinesproductionandsales,establishesarapidresponsemechanism, gives full playto localization advantages, and effectively does agood job in point-to-point professionalservices.Centeringontheoverallstrategicdeployment,theCompanywillpromotetheverificationofvariousmodels,formastablesupplychain,andcontinuouslyincreasemarketshare.Meanwhile,itwillusethecapitalmarkettocarryoutassetrestructuring,implementtheCompany'sdevelopmentstrategy,andseizeimportantmarketopportunitiestobecomebetterandstronger. (IV) Quality advantages. The company always adhered to the quality policy of"Satisfying customerdemandsandpursuingexcellentquality"andfocusedonproductqualitycontrol.Thecompanystrictlycontrolsproductperformanceindicators,standardizesinspectionstandardsforincomingmaterials,startswithqualityimprovementandconsumptionreduction,andachievessimultaneousincreaseinoutputandquality;throughtheintroductionofamodernqualitymanagementsystem,theproductshavepassedISO9001QualityManagementSystem and ISO14001 Environmental Management System, OHSAS18000 OccupationalHealth and SafetyManagementSystem,QCO80000SystemCertification;theproductistestedbySGSandmeetstheenvironmentalprotection,Thecompanyhadincreasedtheautomaticdetectingandmarkingequipmentsinthebeginningsectionandtheendingsection,strictlycontrolledtheproductqualityandimprovedtheproductutilizationrateandproductmanagementefficiency. (V)Managementadvantages.SAPOPhotoelectrichasaccumulatedrichmanagementexperiencesinmorethan20yearsinthemanufacturingofpolarizer,possessingthehomemostadvancedcontroltechnologyoftheproduction managementprocess ofthe polarizer andquality management technology andthe stable rawmaterialprocurementchannelsoforthmanagementsystems.Thecompanyhadcarriedoutcomprehensivebenchmarkingwork,organizedthemanagementpersonneltolearnadvancedexperiencesfromcustomersandpeers to force the elevation of management ability, and drew on the foreign company’s managementexperiencesofpolarizer,optimizedthecompany'sorganizationalstructure,reducedthemanagerialhierarchyandfurtherenhancedthecompany'smanagementefficiency. The Company continues to implement advanced management systems and reasonable incentivemechanisms, improve decision-making efficiency, improve market response speed, improve R&D rewardsystem,andalsorealizethein-depthintegrationofenterpriseandemployeevaluetostimulatenewvitalityofoperation;Itformulatesthesubordinatecompany's operationimprovementworkplan,setsupabusinessimprovementworkinggroup,comprehensivelysortsoutthecompany'soperation,putsforwardimprovementsuggestions,andhelpsimprovethecompany'sproductionandoperation;Throughtheimplementationofthekeyworkmanagementlistof"doingsolidpartybuilding+,leanpromotingdevelopment",itusesleanmeanstoreducecostsandincreasesefficiency;Throughtheimplementationofthe"AmoebaBusinessModel"projectandthedividingofthesmallindependentaccountingunit,itenablesthegrassrootsbackboneemployeescanparticipateinproductionandoperationactivities. (VI)Policyadvantages.PolarizerisseenasanessentialpartofthepaneldisplayindustryandSAPOPhotoelectricinitsdevelopmenthaspromotedthesupplycapacityofnationalpolarizers,greatlyloweredthedependenceofnationalpanelenterprisesonimportedpolarizers,Ithasmaintainedthesecurityofthenationalnewdisplayindustry,playedapositiveroleinenhancingtheoverallcompetitivenessofChina'snewdisplayindustrychain,andpromotedthecoordinateddevelopmentofthewholeindustrychainofShenzhen's"20+8"ultra-high-definitionvideodisplayindustrycluster.SAPOPhotoelectrichaspassedtheidentificationofnational high-techenterprises,andthepolarizerprojecthasbeensupportedbynationalandprovincialpoliciesandcitypoliciesformanytimes,anditenjoysthepreferentialpolicyofexemptionfromtariffsfortheimportofsomerawmaterials. III.Mainbusinessanalysis General Refertorelevantcontentsof“1.Summarization”in“DiscussionandAnalysisofManagement”.Changesinthefinancialdata InRMB
TheprofitcompositionorsourcesoftheCompanyhaveremainedlargelyunchangedduringthereportperiod.ComponentofBusinessIncome InRMB
√Applicable□Notapplicable InRMB
□Applicable√Notapplicable IV.AnalysisofNon-coreBusiness √Applicable□Notapplicable InRMB
1.Significantchangesinassetcomposition InRMB
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