Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Stock Code: 000726, 200726 Stock Name: LTTC, LTTC-B Announcement No. 2022-023
Bond Code: 127016 Bond Name: LTTC Convertible Bonds
LU THAI TEXTILE CO., LTD.
FIRST QUARTERLY REPORT 2022
Lu Thai Textile Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the
Company’s Board of Directors hereby guarantee that the contents of this Report are true, accurate and
complete and free of any misrepresentations, misleading statements or material omissions.
Important Notes:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete and
free of any misrepresentations, misleading statements or material omissions, and collectively and individually
accept legal responsibility for such contents.
2. The Company’s legal representative, chief accountant and financial manager hereby guarantee that the financial
statements carried in this Report are true, accurate and complete.
3. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2022 Q1 2021 YoY change (%)
Operating revenue (RMB) 1,580,088,801.60 993,485,161.79 59.05%
Net profit attributable to the listed
159,375,310.19 74,530,850.40 113.84%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 137,429,342.24 15,513,465.07 785.87%
exceptional gains and losses (RMB)
Net cash generated from/used in operating
-15,953,827.96 -36,745,428.28 56.58%
activities (RMB)
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Basic earnings per share (RMB/share) 0.18 0.09 100.00%
Diluted earnings per share (RMB/share) 0.16 0.09 77.78%
Weighted average return on equity (%) 1.97% 0.96% 1.01%
31 March 2022 31 December 2021 Change (%)
Total assets (RMB) 12,843,807,393.13 12,987,221,271.63 -1.10%
Equity attributable to the listed company’s
8,149,893,927.49 7,983,307,400.03 2.09%
shareholders (RMB)
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2022 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) -607,776.95
Government grants through profit or loss (exclusive of government grants continuously given
in the Company’s ordinary course of business at fixed quotas or amounts as per the 24,736,127.27
government’s policies and standards)
Gain or loss on fair-value changes on held-for-trading financial assets and liabilities & income
from disposal of held-for-trading financial assets and liabilities and available-for-sale financial
4,883,000.00
assets (exclusive of the effective portion of hedges that arise in the Company’s ordinary course
of business)
Reverse of provision for impairment of accounts receivable individually conducting
175,622.16
impairment test
Non-operating income and expense other than the above 340,757.97
Less: Income tax effects 7,180,157.74
Non-controlling interests effects (net of tax) 401,604.76
Total 21,945,967.95 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.
1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
(III) Changes in Key Financial Information and Explanation of why
√ Applicable □ Not applicable
Item Change (%) Main reason for change
Operating revenue 59.05
Net profit attributable to the listed 113.84
company’s shareholders YoY increase in sales volume due to the recovery of
Net profit attributable to the listed 785.87 market demand
company’s shareholders before
exceptional gains and losses
56.58 YoY increase in net cash generated from selling
Net cash generated from/used in goods and rendering labor services and used in
operating activities purchasing goods and receiving labor services for
Q1 2022
Basic earnings per share 100.00
Increase in Q1 2022 net profit
Diluted earnings per share 77.78
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders Number of preferred shareholders with resumed
55,183 0
at the period-end voting rights at the period-end (if any)
Top 10 shareholders
Shareho Shares in pledge,
Nature of lding Total shares Restricted marked or frozen
Name of shareholder
shareholder percenta held shares held
Status Shares
ge
Domestic
Zibo Lucheng Textile Investment
non-state-owned 15.80% 140,353,583
Co., Ltd.
corporation
Tailun (Thailand) Textile Co., Foreign
13.31% 118,232,400
Ltd. corporation
Central Huijin Assets State-owned 2.24% 19,884,100
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Management Co., Ltd. corporation
Domestic
National Social Security Fund
non-state-owned 1.27% 11,250,051
Portfolio 413
legal person
Zhong Ou China Securities Asset
Other 0.59% 5,235,900
Management Plan
Dacheng China Securities Asset
Other 0.59% 5,235,900
Management Plan
GF China Securities Asset
Other 0.59% 5,235,900
Management Plan
Yinhua China Securities Asset
Other 0.59% 5,235,900
Management Plan
Harvest China Securities Asset
Other 0.58% 5,192,800
Management Plan
ICBC Credit Suisse Innovation
Power Stock Securities Other 0.56% 4,950,000
Investment Fund
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
RMB-denominate
Zibo Lucheng Textile Investment Co., Ltd. 140,353,583 140,353,583
d ordinary stock
Domestically
Tailun (Thailand) Textile Co., Ltd. 118,232,400 listed foreign 118,232,400
stock
RMB-denominate
Central Huijin Assets Management Co., Ltd. 19,884,100 19,884,100
d ordinary stock
RMB-denominate
National Social Security Fund Portfolio 413 11,250,051 11,250,051
d ordinary stock
Zhong Ou China Securities Asset Management RMB-denominate
5,235,900 5,235,900
Plan d ordinary stock
Dacheng China Securities Asset Management RMB-denominate
5,235,900 5,235,900
Plan d ordinary stock
GF China Securities Asset Management Plan 5,235,900 RMB-denominate 5,235,900
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
d ordinary stock
Yinhua China Securities Asset Management RMB-denominate
5,235,900 5,235,900
Plan d ordinary stock
Harvest China Securities Asset Management RMB-denominate
5,192,800 5,192,800
Plan d ordinary stock
ICBC Credit Suisse Innovation Power Stock RMB-denominate
4,950,000 4,950,000
Securities Investment Fund d ordinary stock
Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder of the
Company and the actual controller. All of other shareholders are people
Related or acting-in-concert parties among the
holding public A share or B share and the Company is not able to confirm
shareholders above
whether there is associated relationship or concerted action among other
shareholders.
Top 10 shareholders engaged in securities
Naught
margin trading (if any)
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
III Other Significant Events
√ Applicable □ Not applicable
The Company convened the 30th Meeting of the 9th Board of Directors and the 18th Meeting of the 9th Supervisory Committee on 18
February 2022, on which the Proposal on Granting the Qualified Awardees the Reserved Restricted Shares of the Incentive Plan for
2021 was reviewed and approved. The Company completed the registration of granting 343 incentive objects 5,838,000 reserved
restricted shares on 18 March 2022. For more details, please refer to relevant announcements disclosed on Cninfo
(www.cninfo.com.cn) respectively on 19 February 2022 and 18 March 2022.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Lu Thai Textile Co., Ltd.
31 March 2022
Unit: RMB
Item 31 March 2022 31 December 2021
Current assets:
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Monetary assets 1,823,376,611.81 1,999,712,889.35
Settlement reserve
Loans to other banks and financial
institutions
Held-for-trading financial assets 4,087,000.00 1,727,000.00
Derivative financial assets
Notes receivable 152,820,042.64 227,740,247.89
Accounts receivable 665,112,339.09 647,277,198.51
Receivables financing 40,408,631.42 34,663,071.88
Prepayments 143,957,361.17 54,545,954.20
Other receivables 76,068,581.68 74,191,613.22
Including: Interest receivable
Dividends receivable 47,025,975.44 47,025,975.44
Financial assets purchased under
resale agreements
Inventories 2,397,600,061.41 2,345,346,794.28
Contract assets
Assets held for sale
Current portion of non-current
assets
Other current assets 57,954,792.87 55,992,522.81
Total current assets 5,361,385,422.09 5,441,197,292.14
Non-current assets:
Long-term receivables
Long-term equity investments 154,483,170.07 169,443,106.66
Investments in other equity
instruments
Other non-current financial assets 190,052,000.00 190,052,000.00
Investment property 21,197,566.25 21,362,302.03
Fixed assets 5,485,743,715.69 5,561,601,374.44
Construction in progress 256,139,339.76 237,579,082.99
Right-of-use assets 252,534,420.77 257,019,286.15
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Intangible assets 360,396,442.92 363,130,978.14
Development costs
Goodwill 20,563,803.29 20,563,803.29
Long-term prepaid expense 595,294.21 672,601.04
Deferred income tax assets 142,835,130.77 138,516,136.50
Other non-current assets 597,881,087.31 586,083,308.25
Total non-current assets 7,482,421,971.04 7,546,023,979.49
Total assets 12,843,807,393.13 12,987,221,271.63
Current liabilities:
Short-term borrowings 880,115,845.68 1,011,034,138.32
Held-for-trading financial
liabilities
Derivative financial liabilities
Notes payable 12,850,000.00
Accounts payable 286,083,478.05 335,401,371.30
Advances from customers
Contract liabilities 155,506,797.75 204,967,348.96
Employee benefits payable 192,778,812.39 272,014,296.09
Taxes and levies payable 51,136,863.68 29,457,702.72
Other payables 122,907,735.63 97,200,565.31
Including: Interest payable
Dividends payable 441,113.64 441,113.64
Current portion of non-current
72,357,208.27 8,877,404.52
liabilities
Other current liabilities 76,015,396.96 120,434,721.81
Total current liabilities 1,849,752,138.41 2,079,387,549.03
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 619,978,412.83 684,962,473.24
Bonds payable 1,407,796,380.76 1,395,480,652.71
Lease liabilities 118,131,732.04 121,357,658.41
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Long-term payables
Long-term employee benefits
57,384,062.39 57,384,062.39
payable
Provisions
Deferred income 165,148,621.68 188,958,133.78
Deferred income tax liabilities 93,739,721.13 92,571,310.14
Other non-current liabilities
Total non-current liabilities 2,462,178,930.83 2,540,714,290.67
Total liabilities 4,311,931,069.24 4,620,101,839.70
Owners’ equity:
Share capital 888,180,207.00 882,341,295.00
Other equity instruments 71,384,248.89 71,384,656.84
Capital reserves 368,450,871.26 340,587,387.65
Less: Treasury stock 99,691,580.00 78,908,300.00
Other comprehensive income -42,131,238.76 -36,423,748.37
Specific reserve
Surplus reserves 1,215,124,336.54 1,215,124,336.54
General reserve
Retained earnings 5,748,577,082.56 5,589,201,772.37
Total equity attributable to owners of
8,149,893,927.49 7,983,307,400.03
the Company as the parent
Non-controlling interests 381,982,396.40 383,812,031.90
Total owners’ equity 8,531,876,323.89 8,367,119,431.93
Total liabilities and owners’ equity 12,843,807,393.13 12,987,221,271.63
Legal representative: Liu Zibin The Company’s chief accountant: Zhang Hongmei
The Company’s financial manager: Zhang Keming
2. Consolidated Income Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Revenues 1,580,088,801.60 993,485,161.79
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Including: Operating revenue 1,580,088,801.60 993,485,161.79
2. Costs and expenses 1,409,725,138.20 985,587,009.24
Including: Cost of sales 1,194,927,176.45 815,351,239.75
Taxes and levies 15,116,716.56 13,245,938.39
Selling expense 33,331,245.31 22,876,675.00
Administrative expense 92,775,354.83 70,211,600.57
Development costs 56,733,874.74 61,633,248.90
Finance costs 16,840,770.31 2,268,306.63
Including: Interest expense 18,139,093.23 12,971,587.55
Interest income 9,609,487.98 7,867,810.79
Add: Other income 24,599,534.70 12,470,516.19
Return on investment (“-” for loss) 886,584.91 7,111,896.31
Including: Share of profit or loss of joint ventures and
-1,636,415.09 -2,671,359.52
associates
Income from the derecognition of financial assets
at amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) 2,360,000.00 -10,376,010.56
Credit impairment loss (“-” for loss) 1,853,310.17 14,759,025.50
Asset impairment loss (“-” for loss) -12,447,808.03 -6,272,617.88
Asset disposal income (“-” for loss) -603,708.22 59,394,526.45
3. Operating profit (“-” for loss) 187,011,576.93 84,985,488.56
Add: Non-operating income 1,828,060.78 408,813.34
Less: Non-operating expense 1,354,778.97 2,288,330.70
4. Gross profit (“-” for loss) 187,484,858.74 83,105,971.20
Less: Income tax expense 29,939,184.05 14,524,286.78
5. Net profit (“-” for net loss) 157,545,674.69 68,581,684.42
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net
157,545,674.69 68,581,684.42
loss)
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
5.1.2 Net profit from discontinued operations (“-” for net
loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as
159,375,310.19 74,530,850.40
the parent
5.2.1 Net profit attributable to non-controlling interests -1,829,635.50 -5,949,165.98
6. Other comprehensive income, net of tax -5,707,490.39 12,399,955.74
Attributable to owners of the Company as the parent -5,707,490.39 12,399,955.74
6.1 Items that will not be reclassified to profit or loss
6.1.1 Changes caused by remeasurements on defined
benefit schemes
6.1.2 Other comprehensive income that will not be
reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other
equity instruments
6.1.4 Changes in the fair value arising from changes in
own credit risk
6.1.5 Other
6.2 Items that will be reclassified to profit or loss -5,707,490.39 12,399,955.74
6.2.1 Other comprehensive income that will be
reclassified to profit or loss under the equity method
6.2.2 Changes in the fair value of other debt
investments
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Credit impairment allowance for other debt
investments
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of
-5,438,747.08 12,399,955.74
foreign currency-denominated financial statements
6.2.7 Other -268,743.31
Attributable to non-controlling interests
7. Total comprehensive income 151,838,184.30 80,981,640.16
Attributable to owners of the Company as the parent 153,667,819.80 86,930,806.14
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Attributable to non-controlling interests -1,829,635.50 -5,949,165.98
8. Earnings per share
8.1 Basic earnings per share 0.18 0.09
8.2 Diluted earnings per share 0.16 0.09
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before
the combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Liu Zibin The Company’s chief accountant: Zhang Hongmei
The Company’s financial manager: Zhang Keming
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2022 Q1 2021
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 1,478,567,179.99 997,750,757.76
Tax and levy rebates 38,224,128.00 11,490,245.21
Cash generated from other operating activities 10,812,024.85 13,616,137.98
Subtotal of cash generated from operating activities 1,527,603,332.84 1,022,857,140.95
Payments for commodities and services 1,024,631,847.67 583,308,258.22
Cash paid to and for employees 452,625,366.04 389,050,366.67
Taxes and levies paid 31,608,127.59 35,216,278.07
Cash used in other operating activities 34,691,819.50 52,027,666.27
Subtotal of cash used in operating activities 1,543,557,160.80 1,059,602,569.23
Net cash generated from/used in operating activities -15,953,827.96 -36,745,428.28
2. Cash flows from investing activities:
Proceeds from disinvestment 13,323,521.50 672,000,000.00
Return on investment 5,802,806.85
Net proceeds from the disposal of fixed assets, intangible assets
4,503,457.00 420,900.00
and other long-lived assets
Net proceeds from the disposal of subsidiaries and other business
units
Cash generated from other investing activities 12,608,822.18 12,538,101.84
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Subtotal of cash generated from investing activities 30,435,800.68 690,761,808.69
Payments for the acquisition of fixed assets, intangible assets and
85,652,349.91 149,203,426.43
other long-lived assets
Payments for investments 523,970,000.00
Cash used in other investing activities 108,589.66 1,378,057.33
Subtotal of cash used in investing activities 85,760,939.57 674,551,483.76
Net cash generated from/used in investing activities -55,325,138.89 16,210,324.93
3. Cash flows from financing activities:
Capital contributions received 20,783,280.00
Including: Capital contributions by non-controlling interests to
subsidiaries
Borrowings received 419,668,185.51 443,069,396.92
Cash generated from other financing activities
Subtotal of cash generated from financing activities 440,451,465.51 443,069,396.92
Repayment of borrowings 528,860,301.40 261,626,057.07
Interest and dividends paid 8,524,817.85 8,455,661.04
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 4,426,403.00
Subtotal of cash used in financing activities 541,811,522.25 270,081,718.11
Net cash generated from/used in financing activities -101,360,056.74 172,987,678.81
4. Effect of foreign exchange rates changes on cash and cash
-3,557,919.18 6,827,333.56
equivalents
5. Net increase in cash and cash equivalents -176,196,942.77 159,279,909.02
Add: Cash and cash equivalents, beginning of the period 1,970,006,884.89 1,396,530,407.47
6. Cash and cash equivalents, end of the period 1,793,809,942.12 1,555,810,316.49
(II) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□ Yes √ No
These financial statements have not been audited by such an auditor.
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Lu Thai Textile Co., Ltd. First Quarterly Report 2022
Board of Director
Lu Thai Textile Co., Ltd.
29 April 2022
13
