[年报]鲁 泰Ｂ(200726):2024年年度报告（英文版）
原标题:鲁 泰Ｂ:2024年年度报告（英文版） ANNUALREPORT2024 April2025 ANNUALREPORT2024 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theBoardofSupervisorsaswellasthedirectors,supervisorsandseniormanagementofLuThaiTextileCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsof this 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,ChinaSecurities Journal, Ta Kung Pao and www.cninfo.com.cn have been designated by theCompanyforitsinformationdisclosurein2025.AndallinformationabouttheCompanyshallbesubjecttowhat’sdisclosedbytheCompanyontheaforesaidmedia.Investorsarekindlyremindedtoexercisecautionwhenmakinginvestmentdecisions. The Company shall abide by relevant disclosure requirements of the Self-RegulatoryGuidelinesofShenzhenStockExchangeforListedCompaniesNo.3-IndustryInformationDisclosureontextileandgarmentindustry. In2024,theglobaleconomicenvironmentwascomplexandchallenging,withcontinuedgeopolitical tensions, frequent local conflicts, and the spread of unilateralism and tradeprotectionism.Inthefaceofweakglobaleconomicgrowthandsluggishdomesticdemand,governmentsatthecentralandlocallevelshavecontinuouslyintroducedandimplementedpoliciesaimedat“protectingpeople’slivelihoods”and“stimulatingconsumption.”AccordingtodatafromtheNationalBureauofStatistics,China’sGDPin2024wasRMB134.91trillion,representingayear-on-yeargrowthof5%.TheChineseeconomycontinuestomoveforwardsteadilywithstrongresilienceandvitality.Ontheotherhand,Chinahasachievedgrowthinitsimportandexportbusiness,thankstoitsimportantpositionintheglobalindustrialchain,strongproductcompetitiveness,andthecontinuedadvancementofthe“BeltandRoad”initiative.AccordingtodatafromtheGeneralAdministrationofCustoms,China’stotalimportandexportvalueofgoodsin2024reachedUSD6.2trillion,ayear-on-yearincreaseof3.8%.Lookingaheadto2025,therearestillnumerousrisksanduncertaintiesrelatedtoglobalgeopoliticalconflicts,inflationrebound,andthemonetarypoliciesofvariouscentralbanks.Export-orientedtextileenterpriseswillcontinuetoadheretoaninnovation-drivendevelopmentstrategyandaglobalisedindustriallayout,deepenstructuralreforms,optimiseassetstructures,andcontinuouslyenhancetheirabilitytocopewithgeopoliticalrisksandeconomic structural transformation, in order to achieve sustainable and high-qualitydevelopment.Fordetails,pleaserefertoPartIIIManagementDiscussionandAnalysis.TheprofitdistributionplanapprovedbytheBoardofDirectorsisasfollows:Basedonatotalof817,306,010shares,acashdividendofRMB1.00(includingtax)willbedistributedforeverytensharestoallshareholders,withnobonusshares(includingtax)tobeissuedandnocapitalisationofreservesintosharecapital. ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions......................................................2 PartIICorporateInformationandKeyFinancialInformation..............................................7PartIIIManagementDiscussionandAnalysis..........................................................................11 PartIVCorporateGovernance...................................................................................................36 PartVEnvironmentalandSocialResponsibility......................................................................64 PartVISignificantEvents............................................................................................................68 PartVIIShareChangesandShareholderInformation............................................................77 PartVIIIPreferenceShares........................................................................................................86 PartIXBonds................................................................................................................................86 PartXFinancialStatements........................................................................................................90 DocumentsAvailableforReference 1.ThefinancialstatementssignedandstampedbytheCompany’slegalrepresentative,ChiefAccountantandFinancialManager; 2.TheoriginalIndependentAuditor’sReportstampedbytheCPAfirm,aswellassignedandstampedbytherelevantcertifiedpublicaccountants;and 3.TheoriginalsofalltheCompany’sannouncementsanddocumentsdisclosedtothepublicduringtheReportingPeriodonSecuritiesTimes,ShanghaiSecuritiesNews,ChinaSecuritiesJournalandTaKungPao. Definitions
I.CorporateInformation
TheindependentauditfirmhiredbytheCompany:
□Applicable?Notapplicable TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: □Applicable?Notapplicable VI.KeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes?No
□Yes?No Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegative.□Yes?No VII. Accounting Data Differences under Chinese Accounting Standards (CAS) andInternationalAccountingStandards(IAS)andForeignAccountingStandards1.NetProfitandEquityunderIASandCAS □Applicable?Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderForeignAccountingStandardsandCAS □Applicable?Notapplicable NodifferencefortheReportingPeriod. VIII.KeyFinancialInformationbyQuarter Unit:RMB
□Yes?No IX.ExceptionalGainsandLosses ?Applicable□Notapplicable Unit:RMB
Therearenootherprofitandlossitemsinlinewiththedefinitionofnon-recurringgainsandlossesintheCompany. Notetodefinethenon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—Non-recurringGainsandLossesasrecurringprofitandlossitems. □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis I.IndustryOverviewfortheReportingPeriod TheCompanyshallabidebyrelevantdisclosurerequirementsoftheSelf-RegulatoryGuidelinesofShenzhenStockExchangeforListedCompaniesNo.3-IndustryInformationDisclosureontextileandgarmentindustry. In2024,China’stextileindustrydemonstratedstrongdevelopmentresilience,withtheoveralleconomicperformanceoftheindustryremainingstable.Keyoperatingindicatorsshowedrecovery,andtextileandapparelexportsachievedsteadygrowth.AccordingtostatisticsfromtheGeneralAdministrationofCustoms,China’stextileandapparelexportvaluein2024wasUSD301.1billion,markingayear-on-yearincreaseof2.8%.Ofthis,textileexportsamountedtoUSD141.96billion,ayear-on-yearincreaseof5.7%,whileapparelexportstotalledUSD159.14billion,reflectingayear-on-yearincreaseof0.3%.Thetextileindustryhasdevelopedintoahighlyglobalisedandfullymarket-orientedsector.Inthefaceofthecurrentcomplexandchallengingmarketsituation,theimpactofgeopolitics,andinsufficienteffectivedemand,China’stextileindustrywillleverageitscomplete industrial chain and efficient supply chain capabilities. By strengthening systematicresearchontechnologicaltrends,marketchanges,andglobaldevelopments,theindustrywillstrivetofindtheoptimalbalanceinareassuchasscaleandstructure,speedandquality,developmentandsecurity,internationalanddomesticmarkets,resourcesandtheenvironment,aswellascompetitionandcooperation.Thiswillensuretheindustry’scontinuedgreen,fashionable,andsustainabledevelopment. II.PrincipalActivityoftheCompanyintheReportingPeriod TheCompanyshallabidebyrelevantdisclosurerequirementsoftheSelf-RegulatoryGuidelinesofShenzhenStockExchangeforListedCompaniesNo.3-IndustryInformationDisclosureontextileandgarmentindustry. In 2024, amidst thesevere and complex external situation, China’s textileindustry remainedcommittedtodeepeningitstransformationandupgrading,continuouslyenhancingitsdevelopmentresilience.Inresponsetothechangesintheinternationaltradelandscapeandinsufficienteffectivedemand, the Company adhered to the philosophy of “customer-centricity,” focusing on thedomesticmarketwhileexpandingintooverseasmarkets.TheCompanycontinuedtoadvancethestrategiesof“ImproveQualityandEfficiency”and“OverallInternationalization,”whileadjustingitsstructureandbuildingcapacity.Effortswereintensifiedtoexplorenewmarkets,andnewoverseasprojectswerepushedforwardforrapidcommissioningandstableoperation.Focusingoncorebusinesses,theCompanyincreasedinvestmentinresearchanddevelopmentinnovation,drovetheupgradinganditerationofproductsandservices,andensuredthatvariousmanagementandoperationaltaskswerecarriedoutinanorderlymanner. DuringtheReportingPeriod,theCompanyachievedtotaloperatingrevenueofRMB6,091million,operatingprofitofRMB467million,netprofitattributabletotheparentcompanyofRMB410million,andnetprofitattributabletotheparentcompanyafterdeductingnon-recurringgainsandlossesofRMB482million.Thesefiguresrepresentyear-on-yeargrowthof2.17%,7.80%,1.70%,and24.91%,respectively.NochangesoccurredtotheCompany’sprincipaloperations,primaryproducts,businessmodels,ortheprimaryfactorsdrivingtheCompany’sgrowthintheReportingPeriod. DuringtheReportingPeriod,theCompanywassuccessivelyselectedasthe“ChineseTextileandApparelBrandof2024withCompetitiveEdge”bytheChinaNationalTextileandApparelCouncil,namedasa“SustainedInnovationUnit”forthetoptencategoriesoftextileinnovationproductsbyAssociationasthe“DigitalTransformationInnovationUnit”fortheShandongtextileandapparelindustryin2023.Duringthereportingperiod,theCompanymainlyfocusedonthefollowingaspects: i.ContinuouslyimprovetheLuThaiProductionSystem(LTPS)anddeeplypromotecostreductionandefficiencyenhancement TheCompanydeeplyimplementedtheexcellentperformancemanagementmode,continuouslyimprovedtheLTPS,andpromotedleanproduction.Byimplementingmanagementandtechnicalimprovements,star-levelfactoryevaluations,technicalcompetitions,andaseriesofteam-buildingactivities,theCompanyaimedtostimulateemployeeenthusiasmandcreativity.Theseeffortscontributedtothecontinuousenhancementofmanagementcapabilitiesandlevelsinareassuchasqualitycontrol,productionoperations,andriskmanagement.TheCompanyactivelyrespondedtomarket changes, continuously strengthened internal management, adhered to high-qualitydevelopment,andconsistentlymaintaineditsleadingpositioninthecottontextileindustry.DuringtheReportingPeriod,theCompanyachieveditsexpectedgoalsinareassuchasthestableoperationofoverseasproductionbases,newproductresearchanddevelopment,expansionintonewmarkets,capacityoptimisation,andthestabilityofitsworkforce. ii.ExpandtheglobalmarketingnetworkandimprovetheoverallproductionsolutioncapabilitiesTheCompanybuiltaglobalmarketingnetworkcentredaroundtheGroup’sheadquarters,activelyexplorednewmarketsandnewcustomers,focusedonthepromotionofcoreproducts,emphasisedthe development of leisure categories, and strengthened cost, expense, and risk control. TheCompany advanced its “key account strategy,” and leveraged the advantages of a globalisedindustrial layout and a vertically integrated production chain to continuously improve itscooperationwithstrategiccustomersandcreateawin-windevelopmentmodel.TheCompanyintegratedinternalandexternalresourcestoenhanceitscapabilitiesinproducinganddeliveringknittedfabrics, functionalfabrics,andnew categoriesofapparelproducts,thereby creatingacompetitiveadvantagethroughcomplementarysynergyacrossitsdiverseproductcategories.TheCompanyfocusedonmaintainingandservicingkeycustomers,improvedtheverticalsupplychaincooperation system for fabrics and apparel, and continuously promoted the development ofintegrateddomesticandinternationalfabricandapparelservicecapabilities,therebyprovidingcustomerswithproductsandservicesthatoffergreatercommercialvalue.iii.FocusoncustomervaluecreationandadvanceR&DinnovationandcooperationByleveragingtheadvantagesofitsentireindustrychainand“domestic+overseas”productionlayout,theCompanycontinuedtodeepenitsmarket-orientedandperformance-drivenproductdevelopment mechanism. It strengthened joint development with upstream and downstreamindustrypartnersandresearchinstitutions,andfocusedonproductfunctionalityenhancement,greensustainability,andprocessingtechnologyresearch,topromotetheimplementationoffabricleisurewearandfunctional-relatedresearchprojects.DuringtheReportingPeriod,theCompanywasgranted20nationalinventionpatents,participatedintheformulationorrevisionofnineindustrystandards,andsuccessfullypassedthemid-termandannualassessmentsforthe“14thFive-Year” National Key R&D Project and Key R&D Project ofShandong Province (MajorInnovation Projects). Several research and development achievements received awards. TheCompanyanditsmajority-owned subsidiaries’projects,KeyTechnologiesforEfficientGreenFashionOnlineDyeingandTheirIndustrialisationandKeyTechnologiesandApplicationsofFunctionalFabricsBasedonInterfaceChemistryandMicrostructureRegulation,wereawardedtheFirstPrizeforScientificandTechnologicalProgressbytheChinaNationalTextile&ApparelCouncil.TheprojectKeyTechnologiesandIndustrialisationofThermalandHumidityComfortandTechnologicalProgressfromthesamecouncil.Additionally,thefabricdesignworkGreenWonderlandwontheGoldAwardattheChinaInternationalFabricDesignCompetition.iv.StrengthencorporateculturetoenhancecompetitiveawarenessandoperationalcapabilitiesTheCompanyimplementedacorporatecultureenhancementprojecttofurtherunifythinking,consolidatestrength,andmotivateemployees,therebyimprovingteamcapabilities.TheCompanyacceleratedthedevelopmentofaninternationaltalentpool,improvedthetrainingandmanagementofkeypositionpersonnel,andactivelyrespondedtochangesintheinternationalpoliticalandeconomiclandscapeaswellasmarketchallenges.Adheringtotheprincipleof“pursuingexcellence,integrity,andwin-wincooperation,”theCompanywascommittedtoasustainabledevelopmentapproachof“green,low-carbon,andintelligentmanufacturing.”Itstrivedtotransformitselfintoaglobalgreenfashiontextileandapparelindustrygroup,withleadingfabricsasitscore.III.CoreCompetitivenessAnalysis 1.TheCompanyhasacomprehensiveverticalindustrialchainandinternationalizedlayout.Itpossessesthewholeindustrialchainintegratingspinning,bleachinganddyeing,neatening,testing,andgarmentmaking,aswellasexcellentqualitycontrolcapabilitiesthroughvariouslinksoftheproductionofhigh-endyarn-dyedfabrics.TheCompanyhasestablishedoverseasproductionbases,designinstitutions,andmarketserviceagencies,enablingittointegrateandallocateinternationalresources.Thisleveragestheadvantagesofitsglobalindustriallayoutandhighlightsitsleadingpositionintheproductionofyarn-dyedfabrics. 2.TheCompanyhasbetterintegratedmanagementcapabilityandhigh-levelmanagementsystemarchitecture.Since1995,theCompanyhassuccessivelypassedthecertificationofISO9001qualitymanagementsystem,ISO14001environmentalmanagementsystem,ISO45001OccupationHealthSafetyManagementSystem,SA8000SocialResponsibilityManagementSystem,TheWorldwideResponsibleApparelProductionStandard(WRAP),SustainableTextileProduction(STeP),GlobalOrganicTextileStandard(GOTS),GlobalRecycleStandard(GRS),HIGG(FEMandFSLM)andChina National Accreditation Service for Conformity Assessment (CNAS), and realized theinternationalization,standardizationandnormalizationofthecorporatemanagement.Inordertomake outstanding achievement in its operating management, better improve the Company’sbusinessperformanceandcapabilities,theCompanyhasintroducedtheGB/T19580CriteriaforPerformanceExcellencestepbystep,setupthe“bigquality”system,promotedthemanagementinnovationandguaranteedthemanagementquality. 3.TheCompanyestablishesitshigh-leveltechnicalcooperationplatformbyvirtueofstrongR&Dcapability.TheCompanyalwaysinsistsontheindependentinnovationbyrelyingontechnologicalplatformssuchastheNationalEnterpriseTechnicalCentre,NationalIndustrialDesignCentre,National Post-doctoral Scientific Research Station, and Shandong Provincial EngineeringTechnologyResearchCentre.Ithasestablishedlong-termtechnicalcooperationandjointproductdevelopmentwithresearchinstitutions,universities,strategiccustomers,andkeysuppliers.TheCompanyfocusesonbothfrontiertechnologyreservesandapplicationtechnologyinnovation,continuouslystrengtheningnewproductdevelopmentdrivenbycommercialvaluerealisation.Itgraduallyenhancesitscapabilitiesintechnologicalresearchandproductintegrationdevelopment,consistentlycontributingmoregreen,low-carbon,andsustainablenewtechnologiesandhigh-qualityproductstotheindustry,thusachievinglow-carbon,green,andcirculardevelopment.IV.CoreBusinessAnalysis 1.Overview DuringtheReportingPeriod,theCompanyrecordedoperatingrevenueofRMB6,091million(a2.17%year-on-yearincrease);costofsalesofRMB4,644million(a1.14%year-on-yearincrease),sellingexpenseofRMB151million(a1.72%year-on-yearincrease)andadministrativeexpenseofRMB344million(a9.94%year-on-yeardecrease);researchanddevelopmentexpenseofRMB207million(a13.74%year-on-yeardecrease);andnetcashgeneratedfromoperatingactivitiesofRMB1,244million(a45.54%year-on-yearincrease). 2.RevenueandCostAnalysis (1)BreakdownofOperatingRevenue Unit:RMB
□Applicable?Notapplicable (3)Whetherrevenuefromphysicalsalesishigherthanservicerevenue?Yes□No
?Applicable□Notapplicable Shirtinventoryincreased30.18%year-on-year,mainlyduetotheincreaseinshirtordersattheendofReportingPeriod. (4)ExecutionprogressofmajorsignedsalesandpurchasecontractsintheReportingPeriod□Applicable?Notapplicable (5)Breakdownofcostofsales Byoperatingdivisionandproductcategory Unit:RMB
Inthisyear,thesubsidiaryShanghaiZhinuoTextileNewMaterialsCo.,Ltd.wasderegistered,andanewsubsidiary,TianyiApparelCo.,Ltd.,wasestablished. (7)MajorchangestothebusinessscopeorproductorservicerangeintheReportingPeriod□Applicable?Notapplicable (8)Majorcustomersandsuppliers Majorcustomers:
□Applicable?Notapplicable Majorsuppliers:
□Applicable?Notapplicable 3.Expense Unit:RMB
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