[中报]鲁 泰Ｂ(200726):2024年半年度报告（英文版）
原标题:鲁 泰Ｂ:2024年半年度报告（英文版） INTERIMREPORT2024 August2024 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.In H1 2024, despite the global economy continuing to face multiple challenges such asinflationandgeopoliticaltensions,theoveralleconomiclandscapehasdisplayedamodestrecovery.AccordingtothedatareleasedbytheNationalBureauofStatistics,China'sgrossdomesticproduct(GDP)grewby5%yearonyearinthefirstsixmonths,andtheeconomicperformance remained generally stable. The textile industry has ensured its continuedstabilityfromthepreviousperiod,withitsefficiencycontinuingtoimprove.StatisticsfromtheGeneralAdministrationofCustomsofChinashowthattheexportrevenueoftextileproductsincreasedby6.5%betweenJanuaryandJune2024.Amidstrelativelystabledemandincertainoverseasmarketsandamodestrestockingbyinternationalbrands,China'stextileandapparelexportshaveperformedbetterthanexpectedoverall,withthecompetitivenessofthe industry chain remaining stable. However,fromthe overall perspective ofeconomicoperations, strong supply coexists with weak demand, and insufficient effective demandremainsaprominentissue.Thetextileindustryisfacingchangesintheglobaltradelandscapeandthereshapingofmarketopportunities.In2024,theglobaleconomyisstillconfrontedwithacomplicatedandgrimdevelopmentstatus.China'seconomywillcontinuetofacemanychallengesinconsolidatingthegoodmomentumofstablegrowth,aswellasinpersistentlypromoting high-quality development. For details, please refer to Part III ManagementDiscussionandAnalysis. TheBoardhasapprovedafinaldividendplanasfollows:basedonthesharecapitalof817,305,896 shares, a cash dividend of RMB1.00 (tax inclusive) per 10 shares is to bedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis................................................................................9 PartIVCorporateGovernance.......................................................................................................27 PartVEnvironmentalandSocialResponsibility..........................................................................30 PartVISignificantEvents...............................................................................................................33 PartVIIShareChangesandShareholderInformation................................................................40 PartVIIIPreferredShares..............................................................................................................49 PartIXBonds...................................................................................................................................50 PartXFinancialStatements............................................................................................................55 DocumentsAvailableforReference 1.ThefinancialstatementssignedandstampedbytheCompany’slegalrepresentativeandheadofaccountingaffairsandheadoftheaccountingdepartment;and 2.TheoriginalsofalltheCompany’sannouncementsanddocumentsdisclosedtothepublicduringtheReportingPeriodonSecuritiesTimes,ShanghaiSecuritiesNews,ChinaSecuritiesJournalandTaKungPao.Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddress, emailaddressandothercontactinformationoftheCompanyintheReportingPeriod.□Applicable?Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2023AnnualReport.2.MediaforInformationDisclosureandPlacewherethisReportisLodgedIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforlodgingtheCompany’s periodicreportsintheReportingPeriod. □Applicable?Notapplicable ThewebsiteoftheShenzhenStockExchange,mediaandwebsitewheretheCompany’speriodicreportsaredisclosed,aswellas theplaceforlodgingsuchreportsdidnotchangeintheReportingPeriod.Thesaidinformationcanbefoundinthe2023Annual Report. 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 DuringtheReportingPeriod,theglobalpoliticalandeconomiclandscapecontinuedtopresentacomplexandvolatilesituation,with geopoliticalconflicts,inflation,andmountingprotectionismposingmultidimensionalchallengestoeconomicrecovery.Inthefaceof thecomplexity,severity,anduncertaintyoftheexternalenvironment,theCompanysteadfastlyadheredtoa"customer-focused" philosophy,consolidatingitspositioninthedomesticmarketwhileconcurrentlyexpandingintooverseasmarkets.Continuously executingthestrategiesof"ImproveQualityandEfficiency"and"OverallInternationalization",theCompanyacceleratedthelaunch and steady operations of new overseas projects, intensified the exploration of new markets, and dedicated to high-quality developmentanddisciplinedmanagementpracticesbyexpandingmarket,adjustingstructureandbuildingcapabilities. FortheReportingPeriod,theCompanyachievedoperatingrevenueofRMB2,830million,operatingprofitofRMB192million,anet profitattributabletotheCompanyastheparentofRMB170million,andanetprofitattributabletotheCompanyastheparentbefore exceptionalgainsandlossesofRMB264million,respectivelydown0.35%,down15.98%,down23.50%,andup37.50%when comparedtothesameperiodoflastyear.NochangesoccurredtotheCompany’sprincipaloperations,primaryproducts,business models,ortheprimaryfactorsdrivingtheCompany’sgrowthintheReportingPeriod.DuringtheReportingPeriod,theCompanywasselectedasthe"ChineseTextileandApparelBrandof2024withCompetitiveEdge" bytheChinaNationalTextileandApparelCouncilandnamedasan"InnovationUnitforDigitalTransformation"bytheShandong TextileandApparelAssociationin2023.TheCompanymainlyfocusedonthefollowingaspectsduringtheReportingPeriod: (I)ContinuouslyimprovetheLuThaiProductionSystem(LTPS)anddeeplypromotecostreductionandefficiencyenhancement TheCompanydeeplyimplementedtheexcellentperformancemanagementmode,continuouslyimprovedtheLTPS,andpromoted leanproduction.Itcarriedoutsystematictrainingonleanproduction-relatedknowledgeandstimulatedtheenthusiasmandcreativity ofitsemployeesthroughmanagementandtechnologyresearchrefinement,star-levelplantevaluation,technologycomparison,and othertasks,aswellasaseriesofteam-buildingactivities,therebyconstantlyenhancingitsmanagementcapabilitiesinqualitycontrol, productionoperations,andriskcontrol.Aimingtoactivelyrespondtomarketchangesandmeetcustomerdemands,theCompany furtherstrengtheneditsinternalmanagementmechanismsandcontinuedtomaintainitsadvantageouspositioninthecottontextile industry. (II)ExpandtheglobalmarketingnetworkandimprovetheoverallproductionsolutioncapabilitiesTheCompanybuiltaglobalmarketingnetworkcenteredontheGroupheadquarters.Adheringtothebigcustomerstrategyand leveragingitsglobalindustryframeworkandadvantagesintheverticalindustrychain,theCompanyimproveditscooperationmodel featuringhigh-levelinteraction,middle-levelcommunication,andnodeinterconnectionwithstrategicandvaluablecustomers, stabilizedstrategicpartnerships,andfosteredawin-windevelopmentmodel.Itmaintainedgoodrelationshipswithandtrackedkey customers,promotedintegratedfabricandapparelservice,improvedtheverticalsupplychaincooperationsystemforfabricsand clothing,andprovidedcustomerswitha"one-stop"solutionforvarious"fabrics+apparel".(III)FocusoncustomervaluecreationandadvanceR&DinnovationandcooperationLeveragingitsadvantagesinthefullindustrychainand"domestic+overseas"productionframework,theCompanycontinuously strengtheneditsmarket-orientedproductdevelopmentandtechnologyresearchsystem. Inresponsetomarket conditions,the Companyfurtherstreamlinedthemechanismforintroducingproductdevelopmentneedsandexecutingproductdevelopmenttasks, strengthenedjointdevelopmentwithupstreamanddownstreamindustrypartners,aswellasresearchinstitutions,andpromotedthe implementation of research projects related to the design of casual wear and functional fabrics, centering around product functionalityenhancement,greenandsustainableproductdevelopment,andprocessingtechnologyresearch.DuringtheReporting Period,theCompanywasgranted17patents,including13forinventionandfourforutilitymodels.(IV)FurtherrefinethecorporateculturesystemandenhancemarketcompetitiveawarenessonallfrontsInordertofurtheremployee'sthinking,gathertheirstrength,andmotivatethem,theCompanyadvanceditscorporateculture enhancementproject,activelyrespondingtochangesintheinternationalpoliticalandeconomiclandscapeandembracingmarket challenges.Adheringtotheprinciplesof"pursuingexcellence"and"integrityforwin-win"withallstakeholders,theCompany persistedinthesustainabledevelopmentapproachof"greenandlow-carbon,intelligentmanufacturing",proactivelyadaptingto externalenvironmentalchangesandcontinuouslymeetingcustomerandmarketdemands,whichhaslaidasolidideologicaland culturalfoundationforthenextstageofdevelopmentandsparednoeffortstobuildtheCompanyintoagreenandfashionablegroup inthetextileandapparelindustrycenteredonleadingfabrics. TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuidelineNo. 3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure. Thisyear,supportedbytheorderlyandstablefunctioningofthesupplychain,aswellastherecoveryofmarketdemandsathome andabroad,theoverallproductionsituationinthetextileindustryhasremainedgenerallystable.Accordingtothedatafromthe NationalBureauofStatistics,theretailsalesofconsumergoodsinthefirsthalfof2024totaledRMB23.60trillion,up3.7%yearon year.Specifically,thesalesofapparel,shoesandhats,andknitwearandtextilesabovethedesignatedsizerecordedRMB709.8 billion,up1.3%yearonyear.AccordingtothestatisticsbulletinoftheGeneralAdministrationofCustoms,China'stextileand apparelexportscontinuedtomaintainastablerecoverytrendinthefirsthalfof2024,withcumulativeexportsoftextilesandapparel ofUSD143.18billioninthefirsthalfofthisyear,ayear-on-yearincreaseof4.7%.Basedonthe2024H1economicoperationreport ofChina'stextileindustryreleasedbytheChinaNationalTextileandApparelCouncil,astheefficiencyoftextileenterpriseshas continuedtoimprove,theprofitabilityandsomeoperationalindicatorsofenterpriseshaveshownatrendofimprovement.However, intermsofdemand,thegrowthindomesticdemandisstillslightlylessthantheexportdata,andthedomesticdemandisinsufficient initsstability,whichneedstobefurtherstrengthened. In2024,theinternationalpoliticalandeconomicenvironmentisbecomingincreasinglycomplicated.Instabilitiesanduncertainties suchasthedivergingmonetarypoliciesacrosstheworld,tighteninggeopoliticalenvironment,andtradeprotectionismwillconstrain theimprovementofinternationalmarketdemand.Accompaniedbyaseriesofregulatorypoliciesintensivelyintroducedand implementedbythestate,thedomesticeconomyasawholewillcontinuetorecover,butintheshortterm,theintertwinedproblems ofinsufficienteffectivedemand,subduedmarketsentiment,andstructuraltransformationpressuresinthemediumandlongtermwill furtherposechallengestosteadyeconomicgrowthandriskprevention.IICoreCompetitivenessAnalysis 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,thenationalpost-doctoralscientificresearchstationand ShandongProvincialEngineeringTechnologyResearchCentre.Emphasisingbothcutting-edgetechnologicalreservesandthe innovationofappliedtechnologies,theCompanycontinuouslystrengthensthedevelopmentofnewproductsorientedtowards realizingcommercialvalue.Graduallyenhancingitscapabilityintechnologicalresearchandintegratedproductdevelopment,the Companycontinuallycontributesmoregreen,low-carbon,andsustainablenewtechnologiesandhigh-qualityproductstothe industry,creatingmorevalueforcustomersandmaterialisinglow-carbon,green,andsustainabledevelopment.IIICoreBusinessAnalysis Overview: Seecontentsundertheheading“IPrincipalActivityoftheCompanyintheReportingPeriod”above.Year-on-yearchangesinkeyfinancialdata: Unit:RMB
NosuchchangesintheReportingPeriod. Breakdownofoperatingrevenue: Unit:RMB
□Applicable?Notapplicable TheCompanyissubjecttothedisclosurerequirementsforlistedcompaniesengagingintextileandapparelasstatedinGuideline No.3oftheShenzhenStockExchangeforSelf-regulationofListedCompanies—Industry-specificInformationDisclosure. Unit:RMB
PhysicalstoresoftheCompany: □Yes?No Newphysicalstores: □Yes?No IndicatebytickmarkwhethertheCompanydisclosesitstopfivefranchisedstores.□Yes?No IVOtherInformationRequiredbyInformationDisclosureGuideforCompaniesEngagedinTextileandGarmentServices 1.Capacity TheCompany'sowncapacity
□Yes?No Overseascapacity ?Yes□No
Productsaleschannelsandoperationmethods a.Salesmodel TheCompanyadoptedtheorder-basedsalesmodel.Withtheself-ownedtrademark"Luthai"foritsfabricsales,itprovided customerswithdevelopmentanddesignplansbasedoncustomerneeds,fabricsandpatternsleadingthemarket,fashionand abroad,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
Unit:RMB
Franchiseesanddistributorsrecordedmorethan30%ofsalesrevenue □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
8.Brandbuilding Productionandsalesofbrandclothing,apparelandhometextileproducts?Yes□No Self-ownedbrands
□Applicable?Notapplicable 9.Others Engagedinbusinessrelatedtoappareldesign □Yes?No WhethertheCompanyheldmeetingsfortheplacementoforders □Yes?No VAnalysisofNon-CoreBusinesses ?Applicable□Notapplicable Unit:RMB |
