[年报]深纺织Ｂ(200045):2023年年度报告（英文版）
原标题:深纺织Ｂ:2023年年度报告（英文版） I. Important Notice, Table of Contents and Definitions 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. Mr.Yin Kefei, The Company leader, Ms. Liu Yu, Chief financial officer and Mr. Huang Min,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 enclosed in this annual report. All the directors attended the board meeting for the 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 understand the differences between plans, forecasts and commitments, and remind investors of investment risks. The company has the macroeconomic risks, market competition and technological risks, raw material risks and intensified competition 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 0.65 yuan (tax included) will be distributed to all shareholders for every 10 shares, and 0 shares (tax included) will be given as bonus shares. The capital reserve will not be converted into share capital. This Report has been prepared in both Chinese and English. In case of any discrepancy, the Chinese version shall prevail. Table of Contents I.Important Notice, Table of contents and Definitions II. Company Profile & Financial Highlights. III. Management Discussion & Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change of share capital and shareholding of Principal Shareholders VIII. Situation of the Preferred Shares IX. Corporate Bond X. Financial Report Documents available for inspection 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 placed at the Office of Secretaries of the Board of Directors of the Company. Definition
II. Company Profile & Financial Highlights 1.Company Profile
CPAs engaged
□ Applicable√ Not applicable The Financial advisor performing persistent supervision duties engaged by the Company in the reporting period □ Applicable√ Not applicable 6. Summary of Accounting data and Financial index May the Company make retroactive adjustment or restatement of the accounting data of the previous years □ Yes √ No
the last three fiscal years is negative, and the auditor's report of the previous year shows that the Company’s going concern ability is uncertain. □ Yes √No The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative. □ Yes √No 7.The differences between domestic and international accounting standards 1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets. □ Applicable□√ Not applicable None 2） Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards. □ Applicable √Not applicable None 8.Main Financial Index by Quarters In RMB
financial index of the quarterly report as well as semi-annual report index disclosed by the Company. □Yes ?No 9.Items and amount of non-current gains and losses √Applicable □Not applicable In RMB
Due to the special nature of the impairment provision for management and maintenance expenses advanced by the Guangzhou-Foshan Expressway to be clarified, it will affect the normal judgment of the Company's operating performance and profitability by the user of the report. 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 necessary to explain the reason. □ Applicable√ Not applicable None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period. 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 by polarizers for TFT-LCD panels. Each LCD panel requires two polarizers. The high-quality development of the polarizer industry has a profound impact on the entire display industry. As one of the three core raw materials for display panels, the demand for polarizers is directly affected by the fluctuations in the display panel market. In recent years, with the accelerated transfer of the global display panel industry to Chinese Mainland, China's polarizer industry has ushered in a stage of rapid development. The capacity scale and process technology level of domestic polarizer manufacturers have continued to rise. The status and influence of China's polarizer industry in the global market have significantly improved, and Chinese Mainland has become the world's largest polarizer production base. The company is one of the main domestic polarizer research and development, production, and sales enterprises. It is a pioneer in the polarizer industry in China and has now developed into a leading enterprise in the domestic polarizer industry, becoming an important supplier of mainstream panel enterprises worldwide. In 2023, affected by the severe and complex global economic and political situation, global demand for display panels and terminal markets has slowly recovered. However, polarizer companies still face significant operational pressures such as intensified market competition, declining sales prices, and rising raw material costs. 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 own property management business and the retained business of high-end textile and garment. During the reporting period, the Company's main business has not changed significantly. First, the Company actively adjusts the product structure, implements the product differentiation strategy, further optimizes the product structure, increases the proportion of large-size products, increases the market share of high-value products, implements the policy of "ensuring utilization" and seizes market share; Second, it carries out lean management in depth, continuously strengthens efficiency improvement, significantly reduces production line switching time, reduces production costs and strengthens production management by unifying production technology, to continuously reduce the loss rate of main raw materials, and increase the product yield rate to a higher level in the industry; Third, it strengthens the guidance of innovation, accelerates the construction of a market-oriented and professional R&D management system, focuses on key technologies and product research, completes the process optimization and upgrading of No.4 wide production line, realizes the mass production delivery of 55-inch and 65-inch high-transmittance OLED TV polarizers, and completes the development of high alkali-resistant fixed-curvature OLED mobile phone polarizers; Fourth, it actively inefficient assets and ineffective assets", steadily promotes the survival of the fittest, promotes the concentration of resources from non-non-main business to main business, and improves the efficiency of resource allocation; Fifth, it strengthens supervision and management, well ensures work safety, formulates safety management system, strengthens safety training and education, carries out safety risk management and control, investigates and rectifies hidden dangers, consolidates weak links and prevents accidents; Sixth, it continues to well ensure the lease of its own property, improves service quality, and carries out the improvement of textile business operation; Seventh, it promotes major asset restructuring, and actively promotes the audit, evaluation, due diligence and other work involved in this transaction with relevant parties. 2.Main products and their 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, It is mainly used in TV, laptops, navigators, monitors, on- board equipment, industrial control, instrumentation, 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 in each polarizer production line and their application are as follows:
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 for customers, win-win. 4. Major factors for driving the Company's performance Refer to "III. Analysis on core competitiveness" in this section for details. 5. Market position of company products The company is one of the main polarization film research and development, production, and sales enterprises in China. It began to engage in polarization film business in 1995 and achieved mass production of the first polarization film in China in 1998. It is a pioneer in the polarization film industry in China and has now mastered the core technology of TN/STN, TFT-LCD, OLED display polarization film research and production. It is one of the few polarization film manufacturers in China with the ability to produce a full range of large, medium, and small size polarization film products. It is the first to achieve mass production of polarization films for OLED TVs and OLED phones, filling the domestic gap. The company mainly produces polarizing film products for medium and large-sized TFT-LCD. The company's Line 7 is one of the few 2500mm ultra wide polarizing film production lines in the world, which can meet the needs of higher generation panel production lines such as the 8.5/8.6/10.5/11 generation globally. Especially matching the 10.5/11 generation line has the best economic production efficiency, and has industry-leading advantages in the technical level and production capacity of ultra large and large-sized products. 6. Advantages and disadvantages in competition (1) Competitive edge See "III. Analysis of core competitiveness" in this chapter for details. (2) Competitive disadvantage See "XI. Future development prospect of the Company (III) Possible risks" in this chapter for details. III. Analysis On core Competitiveness (I) 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，With 28 years of operating experience in the polarizer industry, its products cover mainstream display applications such as TN type, STN type, TFT type, OLED type, etc., and has a complete set of proprietary technology of polarizer that can meet customer needs and has independent intellectual property rights of various new products. As of the end of the reporting period, SAPO Photoelectric has obtained a total of 104 patent authorizations, including 18 domestic invention patents, 82 domestic utility model patents, and 4 overseas utility model patents. 6 national standards and 2 industry standards independently drafted and formulated by SAPO Photoelectric are implemented through examination and approval; In addition, 1 industry standard that it participated in the drafting and formulation passed the approval and implementation. 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 OLED and LCD polarizer core production technology, and the localization research of polarizer raw materials, among which, mass production has been achieved for the polarizer projects for OLED TV and OLED mobile phones successfully, filling the domestic gap. Based on the successful development of OLED polarizer products, the Company's "A Polarizer for Improving the Contrast of OLED Display" was granted a national patent in 2023. Through in-depth research and meticulous design of the material structure and optical path of OLED polarizer, the patent successfully solved the key technical problems in the industry and promoted the technical progress in the field of OLED polarizer, which has high commercial value and application prospects. （II）Talents advantages. The Company emphasizes independent innovation and has established its own R&D management system. At present, it has a polarizer management team and a team of senior technicians with strong technical ability, rich experience and international vision. In order to adapt to the Company's high-quality development trend, the Company continues to strengthen the construction of talent team, enhance the core competitiveness of enterprise talents by stimulating the potential and vitality of existing talents, and lay a solid foundation for the transformation and upgrading of the Company's strategy .First, the Company attaches great importance to personnel training and team building, and strives to build an efficient, collaborative and creative technical team, which team can quickly gain insight into market trends, accurately grasp the technical direction, overcome technical difficulties, and successfully launch a number of influential innovative products such as ultra-large size TV polarizers and OLED TV/mobile phone polarizers; Second, it further enriches the ranks of middle-level cadres and core talents, and supplements them with core talents through market-oriented recruitment, social recruitment and internal introduction of subordinate enterprises; Third, it strengthens the exchange and study of internal personnel, combined with the actual situation of the Group, after full communication and brewing, it continuously carried out the two-way exchange and training activities of cadres and talents of the Group and its affiliated enterprises in 2023, which strengthened the communication and exchange of talents between the Group headquarters and its affiliated enterprises, enhanced the comprehensive ability and performance ability of employees, and stimulated the vitality of cadres; Fourth, according to the principle of "strategic leading, performance-orientation, fairness and justice", the Company has established a performance-based salary assessment and distribution mechanism of "efficiency first, fairness emphasized, rewarding the excellent and punishing the poor, allowing both high and low based on performance, and combining incentives and constraints", reasonably determining the salary structure and level, and forming an incentive and constraint mechanism in which value creation determines value distribution. (III).Market advantages. The Company has a good market customer base at home and abroad. Compared with advanced foreign peers, its biggest advantage lies in the localization supporting ability close to the panel market and the strong support of the national industrial policy.In terms of market demand, with the continuous mass production of domestic 10.5/11 generation TFT-LCD panel production lines, the domestic polarizer market demand has also increased; And with the further acceleration of the development of large-size panels, mainland manufacturers with large-size polarizers have ushered in important industry opportunities. In terms of market development, the Company focuses on customer demand, constantly optimizes production technology and product structure, improves quality control, organically combines production and sales, establishes a rapid response mechanism, gives full play to localization advantages, and earnestly provides peer-to-peer professional services. Around the overall strategic deployment, it promotes the verification of various models, forms a stable supply chain, and continuously increases market share.At the same time, it utilizes the capital market for asset restructuring, implements its development strategy, and seizes the important market opportunity of becoming better and stronger. (IV). Quality advantages. The Company always adheres to the quality policy of "meeting customers' needs, pursuing excellent quality, promoting green manufacturing and realizing continuous improvement", pays attention to product quality control, and its products comply with international quality standards. The Company strictly controls product performance indicators, standardizes incoming inspection standards, and takes quality improvement and consumption reduction as the starting point to achieve simultaneous improvement of output and quality; It introduces modern management system, and passes ISO9001 quality management system, ISO14001 environmental management system, ISO450001 occupational health and safety management system, QCO80000 hazardous substance management system and ISO50001 energy management system certification; Its products have passed CTI testing, and meet the RoHS directive environmental protection requirements, realizing the standardized management of the whole process from raw material supply, manufacturing, marketing to customer service, thus ensuring the stability of product quality. (V).Management advantages. SAPO Photoelectric has accumulated rich management experiences in more than 20 years in the manufacturing of polarizer, possessing the home most advanced control technology of the production management process of the polarizer and quality management technology and the stable raw material procurement channel so forth management systems；The Company continues to implement advanced management system and reasonable incentive mechanism, etc., to improve decision-making efficiency, speed up market reaction, refine the R&D reward system, and in the meantime to realize the in-depth integration of enterprise and employee values and stimulate new business vitality; It formulates the work plan for improving the operation of subordinate companies, set up the operation improvement working group, comprehensively sort out the Company's operation, and carry out business optimization, cost control and cash flow improvement in a steady and orderly manner to help improve the Company's production and operation; It strengthens the on-site technical management level of subordinate companies, enhances the production stability, sets up a film breaking improvement task team, and the film breaking improvement results of each production line are remarkable; Through the implementation of the key work management list of "Solid Party Building +, Lean Promotes Development", it used the lean means to achieve continuous cost reduction and efficiency increase; Through the implementation of the "Amoeba Business Model" project and segmenting small independent accounting unit to enable grassroots backbone employees can participate in production and operation activities. (VI)6.Policy advantages. Polarizer is seen as an essential part of the panel display industry and SAPO Photoelectric in its development has promoted the supply capacity of national polarizers, greatly lowered the dependence of national panel enterprises on imported polarizers, and safeguarded the national panel industry, It has promoted the coordinated development of the entire industrial chain of Shenzhen "20+8" ultra-high definition video display industry cluster. the Company tightened supplier management, improved its overall purchasing strategy, and downsized suppliers while introducing a competitive mechanism, wherein focus was given to introduction of new materials at a competitive price, to further lower its production cost and improve its product competitiveness. IV. Main business analysis Ⅰ.General The year of 2023 is the first year of a new round of state-owned enterprise reform, and it is also the year when the Company continues to deepen reform, strengthen independent innovation and improve the quality of operation.Over the past year, faced with the severe and complicated economic situation, under the strong leadership of the Board of Directors of the Company, the whole Company has been firmly confident, united and hard-working. Focusing on the "Tenth Five-Year Plan" strategic plan, it has persisted in deepening the main business of polarizers, made every effort to promote the continuous improvement of production capacity and technical level and the continuous breakthrough and innovation of cutting-edge technologies, steadily promoted major asset restructuring, strived to turn challenges into opportunities, continuously optimized its business quality and steadily improved its operating efficiency, thus achieving a better overall operation situation and laying a solid foundation for further transformation and development for the Company. During the reporting period, the Company achieved an operating income of RMB 3.08 billion, with a year-on- year increase of 8.52% and a net profit attributable to shareholders of listed companies of RMB 79,268,300, with an year-on-year increase of 8.13%. Review of the company's key works carried out in 2023 as follows: (I) Enhance the operational capability of polarizer business and implement the differentiated development strategy. In 2023, first, the Company actively optimized the product structure, increased the proportion of ultra-large polarizer products, implemented the policy of "ensuring utilization" and seized market share; Second, it strengthened the guidance of innovation, accelerated the construction of a market-oriented and professional R&D management system, focused on promotion of key technologies and product research, completed the process optimization and upgrading of No.4 wide production line, completed the new product development and mass production of 55-inch and 65-inch high-transmittance OLED TV polarizers, and achieved a major breakthrough in the supply chain system of high-end OLED TV terminal brand manufacturers; Third, it strengthened technical research, completed the development of high alkali-resistant fixed-curvature OLED mobile phone polarizer, passed the strict test and verification of mainstream panel manufacturers, entered the supply chain system of domestic smart phone brand terminal manufacturers and achieve massed production; Fourth, it carried out in-depth refined management, continuously improved production capacity and yield, reduced losses, and thus improved comprehensive production efficiency, in which product yield was raised to a （未完）  |