[年报]鲁 泰Ｂ(200726):2023年年度报告（英文版）
原标题:鲁 泰Ｂ:2023年年度报告（英文版） ANNUALREPORT2023 April2024 ANNUALREPORT2023 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. TheCompanyhasdescribedindetailinthisReportthepossiblerisks.Pleaserefertothecontentsaboutthemajorrisksandcountermeasuresin“Prospects”in“PartIIIManagementDiscussionandAnalysis”ofthisReport.SecuritiesTimes,ShanghaiSecuritiesNews,ChinaSecuritiesJournal,TaKungPao(HK)andwww.cninfo.com.cnhavebeendesignatedbytheCompanyforitsinformationdisclosurein2024.AndallinformationabouttheCompanyshallbesubjecttowhat’sdisclosedbytheCompanyontheaforesaidmedia.Investorsarekindlyremindedtoexercisecautionwhenmakinginvestmentdecisions. TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuidelineNo.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure.In2023,globalgeopoliticaltensionsintensified,withfrequentlocalconflictsanddisturbances.Theworldeconomystruggledtogainmomentumandsufferedfromslowrecovery,withmajor developed economies experiencing high inflation and declining demand. Theexacerbatingfragmentationoftheglobaleconomyinturnhinderedthedevelopmentofglobaltrade.Facingacomplexandsevereinternationalenvironmentandslowrecoveryinconsumermarketdemand,centralandlocalgovernmentsatalllevelscontinuouslyintroducedandimplemented policies to "stabilise foreign trade", leading to a rebound in the nationaleconomyandanannualeconomicgrowthof5.2%.Thetextileandapparelforeigntradeindustryandenterprises, buildingontheirindustrialadvantages,actively expandedintoemergingmarkets, withtheirexportbusinessoverallshowingatrendofstabilisingandimprovingquarterbyquarter.Lookingforwardto2024,theexternalenvironmentremainssevereandcomplex,withtheglobalgeopoliticallandscapecontinuingtobeimpacted.WiththeongoingstabilisationandimprovementofChina'seconomy,thetextileindustrystandstobenefitfromleveragingtheadvantagesinherentinChina'scomprehensivetextileandapparelindustrialchain,aswellasitsstablesupplychain.Domestically,theindustrycanenhanceitsqualityandefficiencythroughadvancementsindigitalandintelligenttransformation,whilesimultaneously undertaking a green and low-carbon transition. Internationally, strategicglobalindustriallayoutandseamlesssupplychainintegrationwillenabletheindustrytoactivelyaddressthediversificationoftheglobalconsumermarket,therebyachievinghigh-qualitydevelopment.Fordetails,pleaserefertoPartIIIManagementDiscussionandAnalysis.TheBoardhasapprovedafinaldividendplanasfollows:basedonthesharecapitalof817,431,206 shares (exclusive of repurchased and retired B-shares), a cash dividend ofRMB1.30(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves. ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................7 PartIIIManagementDiscussionandAnalysis..............................................................................11 PartIVCorporateGovernance.......................................................................................................36 PartVEnvironmentalandSocialResponsibility..........................................................................64 PartVISignificantEvents...............................................................................................................68 PartVIIShareChangesandShareholderInformation................................................................77 PartVIIIPreferredShares..............................................................................................................87 PartIXBonds...................................................................................................................................88 PartXFinancialStatements............................................................................................................92 DocumentsAvailableforReference 1.ThefinancialstatementssignedandstampedbytheCompany’slegalrepresentative,ChiefAccountantandFinancialManager; 2.TheoriginalIndependentAuditor’sReportstampedbytheCPAfirm,aswellassignedandstampedbytherelevantcertifiedpublicaccountants;and 3.TheoriginalsofalltheCompany’sannouncementsanddocumentsdisclosedtothepublicduringtheReportingPeriodonSecuritiesTimes,ShanghaiSecuritiesNews,ChinaSecuritiesJournalandTaKungPao.Definitions
ICorporateInformation
TheindependentauditfirmhiredbytheCompany:
□Applicable?Notapplicable TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReporting Period: □Applicable?Notapplicable VIKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes?No
exceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicated thattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.□Yes?No Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafter □Yes?No VII Accounting Data Differences under China’s Accounting Standards for BusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards 1.NetProfitandEquityunderCASandIFRS □Applicable?Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable?Notapplicable NodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB
whathavebeendisclosedintheCompany’squarterlyorinterimreports.□Yes?No IXExceptionalGainsandLosses ?Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems: □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IIndustryOverviewfortheReportingPeriod TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuideline No.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure. In2023,Chinesetextileandapparelexportenterprisesfacedthedualpressuresoforderreductionandordertransfer.Ononehand, thedeclineindemandfromkeymarkets,changesintheinternationaltradelandscape,andexchangefluctuationputcontinuous pressureonthetextileandappareltrade,leadingtoanoveralldeclineinChina'stextileandapparelexportvaluefortheyear. AccordingtodatareleasedbytheChinaCustomsExpress,thetotalexportvolumeofthedomestictextilesandapparelreached USD293.64billionin2023,representingayear-on-yeardecreaseof8.1%.Ontheotherhand,lookingatthetrendforthewhole year,influencedbypositivefactorssuchasthecontinuousdigestionofinventoryinoverseasmarketsandsomerecoveryin demandinthesecondhalfoftheyear,theproductionandtradeoftextilesandapparelinChinashowedsignsofrecoveryinthe latterhalfof2023,withtheexportsituationstabilisingandimproving.Thecurrentinternationalpoliticalandeconomicenvironmentisintricatelycomplex.Undertheeffectsoftightenedmonetary policiesinmajordevelopedeconomies,globaleconomicandtradeactivitiesfacechallenges,andthepressuretoimprovemarket demandremainssignificant.Nevertheless,thedomesticeconomyexhibitsremarkableresilience.WithintheframeworkofChina's ongoingenhancementofthedomesticmarketenvironment,thetextileindustrycontinuestofindopportunitiesintheconstruction ofamodernisedindustrialsystemcharacterisedbyhigh-endcapabilities,intelligence,environmentalsustainability,andintegration. Thisundertakingwillserveasapivotaldrivingforcepropellingthetextileindustrytowardshigh-qualitydevelopment.Atthe sametime,Chinacontinuestopromotethejointconstructionofthe"BeltandRoad"initiativeandthedevelopmentofhigh- standardfreetradezones,providingfavourableconditionsforthetextileindustrytofurtherexplorediversifiedinternational marketsandbuildaninternationalisedsupplychainsystem.Thisisalsobeneficialforpreventingandmitigatingexternalrisk impacts. IIPrincipalActivityoftheCompanyintheReportingPeriod TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuideline No.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure. In2023,globalgeopoliticaltensionsintensified,withfrequentlocalconflictsanddisturbances.Theworldeconomystruggledto gainmomentum,withmajordevelopedeconomiesexperiencinghighinflationanddecliningdemand.Textileindustryenterprises facedmultiplechallenges,includingchangesintheinternationaltradelandscape,regionalconflicts,andexchangefluctuation.The Company steadfastlyadhered toa"customer-focused" philosophy,consolidatingitspositioninthedomesticmarket while concurrentlyexpandingintooverseasmarkets.Continuouslyexecutingthestrategiesof"ImprovingQualityandEfficiency"and "Overall Internationalization", the Company intensified its efforts in "expanding market, adjusting structure and building capabilities".Fromtheprogressofprojectstothesteadyoperationsofoverseasproductionbases,andfromtheresearchand developmentofnewproductstotheexplorationofnewmarkets,theCompanyremaineddedicatedtohigh-qualitydevelopment anddisciplinedmanagementpractices.ThisunwaveringcommitmentenabledtheCompanytodeliverexceptionalproductsand servicestobothdomesticandinternationalcustomers. FortheReportingPeriod,theCompanyachievedoperatingrevenueofRMB5,961million,operatingprofitofRMB433million,anet profitattributabletotheCompanyastheparentofRMB403million,andanetprofitattributabletotheCompanyastheparentbefore exceptionalgainsandlossesofRMB386million,respectivelydown14.08%,59.99%,58.14%and51.46%whencomparedtolast theCompany’sgrowthintheReportingPeriod. DuringtheReportingPeriod,theCompanywassuccessivelyselectedasthe"ChineseTextileandApparelBrandof2023with CompetitiveEdge"bytheChinaNationalTextileandApparelCouncil,namedasan"EnterprisewithOutstandingContributionto TechnologicalAdvancement"bytheChinaCottonTextileIndustryAssociation,andawardedbytheShandongTextileandApparel Associationthe"SocialResponsibilityContributionAward",amongotherhonours.TheCompanymainlyfocusedonthefollowing aspects: (I)Enhancecustomerrelationsinanall-aroundwaytoimprovethebusinessqualityandoperationalperformance.During the Reporting Period, the Company strengthened communication with customers, enhanced customer relationship management, actively expanded into new markets and new customers, gradually established an integrated sales model, and continuouslyimprovedintegratedservicecapabilities.Itdeepenedtheexecutionofthebigcustomerstrategyandfocusedintensively onthebusinessapparelmarket;accuratelygraspedcustomerneeds,optimisedmarketingstrategies,madefulluseofdigitalproduct platforms,andprovidedcustomerswith"one-stop"solutions;leveragedtheoffice'sroleattheforefrontofthemarket,strengthened theconstructionofoverseasmarketingteams;setfootonresearchandinnovation,enhancedkeytechnologyandprocessresearch, addedfemaleapparel,printedproducts, andnew materials categories,offeringcustomers productsandserviceswithgreater commercialvalue. (II)Deepentheimplementationoftwomajorstrategiestoenhancedeliverycapabilityandoperationalefficiency.DuringtheReportingPeriod,centredonproductionlines,theCompanyprofoundlyadvancedtwomajorstrategies,andcontinuously enhanceddeliverycapabilityandoperationalefficiency.TheCompanyestablishedanoverseasoperationmanagementcentre, continuouslyenhancingtheoperationalmanagementofoverseasproductionbases.Theproductioncapacityofdomesticfunctional fabric, multi-categoryapparel manufacturing,andother projects continuedtobereleased.Each productionlinecontinuously strengtheneditsoperatingawareness,focusedonbusinessstrategicgoals,bolsteredoverallplanningability,andconstantlymet customers' differentiated needs. Each production line played a significant role in responsibility, continuously enhanced the managementoftheproductrealisationprocess,ensuringmarket,researchanddevelopment,marketing,manufacturing,procurement, anddeliveryweresynchronised,supportingtheCompany'shigh-qualitydevelopment.(III)Fullyenhancesystematicmanagementtoimprovebusinesssupportandoperationalcapability.DuringtheReportingPeriod,theCompanyfocusedonitscoreoperations,fullyenhanceditssystematicmanagementcapability, strengthenedprofessionalsupport,andprovidedmanagementsupportandserviceguarantees.Centredontheintegrationofbusiness and finance, it deepened comprehensive budget management, continuously advanced organisational optimisation, process optimisation,andITsupport,andstrengthenedperformancemanagement.Itensuredresourceallocation,acceleratedthebuildingof aninternationaltalentteam,improvedthetrainingandmanagementmechanismsforkeypositions,optimisedincentivemechanisms, andinvigoratedtheorganisation.TheCompanyinitiatedaprojecttoenhancecorporateculture,systematicallyorganising,refining, andupgrading. (IV)ContinuetoenhanceinnovationcapabilitytoconsolidateandexpandcompetitiveadvantagesDuringtheReportingPeriod,theCompanysuccessfullypassedthere-certificationofaNationalHigh-techEnterpriseandpassedthe annualassessmentandperformanceevaluationofinnovativeplatformssuchasthenationalenterprisetechnicalcentre,Shandong ProvinceBigDataIndustryInnovationCentre,ShandongProvincialEngineeringTechnologyResearchCentre,andShandong ProvinceKeyLaboratoryofEnterprises.ItwononefirstprizeforScientificandTechnologicalProgressfromtheChinaNational TextileandApparelCouncil,three"TopTenInnovativeProducts"awards,receivedauthorisationfor69patents,including53 inventionpatents,participatedintheformulationorrevisionoffiveindustrystandards,obtainedonesoftwarecopyright,and undertookonekeyR&DprojectofShandongProvincein2023. IIICoreCompetitivenessAnalysis 1.TheCompanyhasacomprehensiveverticalindustrialchainandinternationalizedlayout.Itpossessesthewholeindustrialchain integratingspinning,bleachinganddyeing,neatening,testing,andgarmentmaking,aswellasexcellentqualitycontrolcapabilities throughvariouslinksoftheproductionofhigh-endyarn-dyedfabrics.Inordertoleverageinternationalresources,giveplaytothe advantageofinternationalizedindustrialdistributionandreinforcetheleadinginternationalstatusinmanufacturingtheyarn-dyed fabricsforshirts,theCompanyhasputinplaceproductionbases,designagency,andmarketserviceofficesoverseas. 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), Global Recycle Standard (GRS), HIGG (FEM andFSLM) and China National Accreditation Service for Conformity Assessment (CNAS), and realized the internationalization, standardization and normalization of the corporate management.Inordertomakeoutstandingachievementinitsoperatingmanagement,betterimprovetheCompany’sbusiness performanceandcapabilities,theCompanyhasintroducedtheGB/T19580CriteriaforPerformanceExcellencestepbystep,setup the“bigquality”system,promotedthemanagementinnovationandguaranteedthemanagementquality.3.TheCompanyestablishesitshigh-leveltechnicalcooperationplatformbyvirtueofstrongR&Dcapability.Infact,theCompany alwaysinsistsontheindependentinnovation,enhancesitstechnicalcooperationandjointproductdevelopmentwithvariousresearch institutes,collegesanduniversities,strategicclientsandimportantsuppliersbyrelyingonvarioustechnicalplatformsincludingthe nationalenterprisetechnicalcentre,thenationalindustrialdesigncentre,thenationaldemonstrationbaseforintroducingtalents,the nationalpost-doctoralscientificresearchstationandShandongProvincialEngineeringTechnologyResearchCentre.Emphasising bothcutting-edgetechnologicalreservesandtheinnovationofappliedtechnologies,theCompanycontinuouslystrengthensthe developmentofnewproductsorientedtowardsrealizingcommercialvalue.Graduallyenhancingitscapabilityintechnological researchandintegratedproductdevelopment,theCompanycontinuallycontributesmoregreen,low-carbon,andsustainablenew technologiesandhigh-qualityproductstotheindustry,creatingmorevalueforcustomersandmaterialisinglow-carbon,green,and sustainabledevelopment. IVCoreBusinessAnalysis 1.Overview FortheReportingPeriod,theCompanyrecordedoperatingrevenueofRMB5,961million(a14.08%year-on-yeardecrease);costof salesofRMB4,591million(a10.92%year-on-yeardecrease),sellingexpenseofRMB148million(an8.42%year-on-yearincrease) andadministrativeexpenseofRMB382million(a3.53%year-on-yeardecrease);researchanddevelopmentexpenseofRMB240 million(a13.26%year-on-yeardecrease);andnetcashgeneratedfromoperatingactivitiesofRMB855million(a39.90%year-on- yeardecrease). 2.RevenueandCostAnalysis (1)BreakdownofOperatingRevenue Unit:RMB
□Applicable?Notapplicable (3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue?Yes□No
?Applicable□Notapplicable Apparelinventoryincreased45.56%year-on-year,mainlyduetotheincreaseinordersfromnewcustomersattheendof2023, whichhavenotyetbeenshipped. (4)ExecutionProgressofMajorSignedSalesandPurchaseContractsintheReportingPeriod□Applicable?Notapplicable (5)BreakdownofCostofSales Byoperatingdivisionandproductcategory Unit:RMB
(7)MajorChangestotheBusinessScopeorProductorServiceRangeintheReportingPeriod□Applicable?Notapplicable (8)MajorCustomersandSuppliers Majorcustomers:
□Applicable?Notapplicable Majorsuppliers:
□Applicable?Notapplicable 3.Expense Unit:RMB
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