Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Stock Code: 000726, 200726 Stock Name: LTTC, LTTC-B Announcement No. 2024-032
Bond Code: 127016 Bond Name: LTTC Convertible Bonds
LU THAI TEXTILE CO., LTD.
FIRST QUARTERLY REPORT 2024
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
This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the
two versions, the Chinese version shall prevail.
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 2024 Q1 2023 YoY change (%)
Operating revenue (RMB) 1,382,655,063.47 1,378,301,160.57 0.32%
Net profit attributable to the listed company’s
68,241,726.33 95,759,162.05 -28.74%
shareholders (RMB)
Net profit attributable to the listed company’s
122,504,699.15 51,332,367.74 138.65%
shareholders before exceptional gains and losses (RMB)
Net cash generated from/used in operating activities
93,395,090.36 -36,789,172.94 353.87%
(RMB)
Basic earnings per share (RMB/share) 0.08 0.11 -27.27%
Diluted earnings per share (RMB/share) 0.08 0.10 -20.00%
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Weighted average return on equity (%) 0.74% 1.06% -0.32%
31 March 2024 31 December 2023 Change (%)
Total assets (RMB) 13,876,740,262.84 13,430,286,222.94 3.32%
Equity attributable to the listed company’s shareholders
9,270,034,568.19 9,230,806,905.80 0.42%
(RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q1 2024 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-
-324,538.89
offs)
Government grants recognised in profit or loss (exclusive of those that are closely
related to the Company's normal business operations and given in accordance with
12,013,904.08
defined criteria and in compliance with government policies, and have a continuing
impact on the Company's profit or loss)
Gain or loss on fair-value changes in financial assets and liabilities held by a non-
financial enterprise, as well as on disposal of financial assets and liabilities (exclusive
-76,232,111.33
of the effective portion of hedges that is related to the Company's normal business
operations)
Non-operating income and expense other than the above 534,227.42
Less: Income tax effects -9,266,243.61
Non-controlling interests effects (net of tax) -479,302.29
Total -54,262,972.82
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.
(III) Changes in Key Financial Information and Explanation of why
Applicable □ Not applicable
Item Change (%) Main reason for change
Q1 2024
Net profit attributable to the listed
company’s shareholders before 138.65% Decrease in sales costs and finance costs for Q1 2024
exceptional gains and losses
Net cash generated from/used in Decrease in cash paid for purchasing goods and accepting
353.87%
operating activities (RMB) labor services for Q1 2024
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
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 at the Number of preferred shareholders with resumed
48,031 0
period-end voting rights at the period-end (if any)
Top 10 shareholders (exclusive of shares lent in refinancing)
Sharehol Shares in pledge, marked or frozen
Nature of
ding Restricted
Name of shareholder shareholde Total shares held
percenta shares held Status Shares
r
ge
Domestic
non-state-
Zibo Lucheng Textile
owned 17.17% 140,353,583.00 0.00 N/A 0.00
Investment Co., Ltd.
corporatio
n
Foreign
Tailun (Thailand) Textile
corporatio 14.10% 115,232,400.00 0.00 N/A 0.00
Co., Ltd.
n
State-
Central Huijin Assets owned
2.43% 19,884,100.00 0.00 N/A 0.00
Management Co., Ltd. corporatio
n
National Social Security
Other 1.74% 14,190,051.00 0.00 N/A 0.00
Fund Portfolio 413
ICBC Credit Suisse
Innovation Power Stock
Other 1.36% 11,100,000.00 0.00 N/A 0.00
Securities Investment
Fund
Dongfanghong Zhihua
Three-Year Holding
Other 0.90% 7,394,950.00 0.00 N/A 0.00
Mixed Securities
Investment Fund
Dacheng Selected Mixed
Securities Investment Other 0.78% 6,350,000.00 0.00 N/A 0.00
Fund (LOF)
Dongfanghong Jingdong
Big Data Dynamic Asset
Allocation Mixed Other 0.77% 6,324,582.00 0.00 N/A 0.00
Securities Investment
Fund
FEDERATED HERMES
GLOBAL
INVESTMENT FD
Foreign
(CAYMAN) MASTER,
corporatio 0.76% 6,200,183.00 0.00 N/A 0.00
SPC OBOAFTAO
n
FEDERATED HERMES
EMG ASIA EQUITY
FD MASTER S.P.
Dongfanghong New
Power Dynamic Asset
Allocation Mixed Other 0.71% 5,821,030.00 0.00 N/A 0.00
Securities Investment
Fund
Top 10 unrestricted shareholders
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
RMB-
Zibo Lucheng Textile Investment Co.,
140,353,583.00 denominated 140,353,583.00
Ltd.
ordinary stock
Domestically
Tailun (Thailand) Textile Co., Ltd. 115,232,400.00 listed foreign 115,232,400.00
stock
RMB-
Central Huijin Assets Management
19,884,100.00 denominated 19,884,100.00
Co., Ltd.
ordinary stock
RMB-
National Social Security Fund
14,190,051.00 denominated 14,190,051.00
Portfolio 413
ordinary stock
RMB-
ICBC Credit Suisse Innovation Power
11,100,000.00 denominated 11,100,000.00
Stock Securities Investment Fund ordinary stock
Dongfanghong Zhihua Three-Year RMB-
Holding Mixed Securities Investment 7,394,950.00 denominated 7,394,950.00
Fund ordinary stock
RMB-
Dacheng Selected Mixed Securities
6,350,000.00 denominated 6,350,000.00
Investment Fund (LOF) ordinary stock
Dongfanghong Jingdong Big Data RMB-
Dynamic Asset Allocation Mixed 6,324,582.00 denominated 6,324,582.00
Securities Investment Fund ordinary stock
FEDERATED HERMES GLOBAL
INVESTMENT FD (CAYMAN) Domestically
MASTER, SPC OBOAFTAO 6,200,183.00 listed foreign 6,200,183.00
FEDERATED HERMES EMG ASIA stock
EQUITY FD MASTER S.P.
Dongfanghong New Power Dynamic RMB-
Asset Allocation Mixed Securities 5,821,030.00 denominated 5,821,030.00
Investment Fund ordinary stock
Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder of the
Company and the actual controller. Tailun (Thailand) Textile Co., Ltd. is
Related or acting-in-concert parties among the the second largest shareholder as well as sponsor of foreign capital of the
shareholders above Company. All of other shareholders are people holding public A share or B
share and the Company is not able to confirm whether there is associated
relationship or concerted action among other shareholders.
Top 10 shareholders engaged in securities margin
Naught
trading (if any)
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
□Applicable Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the
prior period
□Applicable Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
The Proposal on Repurchase of Domestically Listed Foreign Shares (B-Share) was approved at the 10th Meeting of the 10th Board
of Directors and the First Extraordinary General Meeting of 2023. As such, an amount of no more than RMB200 million would be
used to repurchase shares, with a price limit of HKD4.80 per share, within 12 months from the date when the share repurchase
plan was approved at the general meeting. On 21 August 2023, the Company carried out the first repurchase. As of 21 February
2024, the Company had completed the implementation of the Repurchase Plan of Domestically Listed Foreign Shares (B-Share).
The Company accumulatively repurchased 46,176,428 B-shares (5.35% of the Company’s total share capital). With the highest
repurchase price being HKD4.80/share and the lowest being HKD4.53/share, the total payment for this repurchase plan was
HKD218,386,229.84 (inclusive of commissions and alike). The Company completed the formalities for cancellation of the
foregoing repurchased shares at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited on 1
March 2024.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by Lu Thai Textile Co., Ltd.
31 March 2024
Unit: RMB
Item 31 March 2024 1 January 2024
Current assets:
Monetary assets 1,783,076,067.10 1,558,252,048.03
Held-for-trading financial assets 863,020,314.02 723,800,275.39
Derivative financial assets
Notes receivable 80,550,357.78 99,642,708.67
Accounts receivable 795,032,833.89 826,467,684.78
Receivables financing 46,903,176.04 18,248,205.76
Prepayments 115,370,895.84 51,863,447.56
Other receivables 35,790,886.04 22,168,807.43
Including: Interest receivable
Dividends receivable
Inventories 2,053,468,541.13 2,124,139,574.70
Other current assets 151,363,498.80 145,112,114.03
Total current assets 5,924,576,570.64 5,569,694,866.35
Non-current assets:
Long-term equity investments 170,335,472.46 143,537,479.77
Investments in other equity instruments
Other non-current financial assets 88,750,000.00 88,750,000.00
Investment property 19,352,515.45 19,578,175.93
Fixed assets 5,600,029,079.45 5,597,692,505.07
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Construction in progress 781,842,610.86 868,496,878.41
Right-of-use assets 477,105,968.11 463,226,419.21
Intangible assets 340,669,933.98 343,347,879.42
Development costs
Goodwill 20,563,803.29 20,563,803.29
Long-term prepaid expense 4,493,645.72 1,815,838.60
Deferred income tax assets 159,399,122.28 157,892,110.06
Other non-current assets 289,621,540.60 155,690,266.83
Total non-current assets 7,952,163,692.20 7,860,591,356.59
Total assets 13,876,740,262.84 13,430,286,222.94
Current liabilities:
Short-term borrowings 625,466,667.79 580,704,772.27
Held-for-trading financial liabilities 84,227,317.90 46,785,831.47
Derivative financial liabilities
Notes payable
Accounts payable 210,353,685.50 275,502,915.05
Advances from customers
Contract liabilities 166,416,698.18 188,073,335.89
Employee benefits payable 210,708,895.92 284,344,973.72
Taxes and levies payable 26,145,230.55 42,633,232.55
Other payables 50,712,092.87 47,549,373.52
Including: Interest payable
Dividends payable 441,113.64 441,113.64
Current portion of non-current liabilities 19,743,274.83 96,207,192.49
Other current liabilities 39,379,854.59 63,646,908.11
Total current liabilities 1,433,153,718.13 1,625,448,535.07
Non-current liabilities:
Long-term borrowings 832,308,382.70 259,992,974.40
Bonds payable 1,489,721,662.55 1,476,572,070.79
Lease liabilities 102,560,399.23 86,580,224.41
Long-term payables
Long-term employee benefits payable 57,276,675.61 57,276,675.61
Provisions
Deferred income 149,902,964.22 151,768,947.92
Deferred income tax liabilities 152,666,678.66 155,178,797.04
Other non-current liabilities
Total non-current liabilities 2,784,436,762.97 2,187,369,690.17
Total liabilities 4,217,590,481.10 3,812,818,225.24
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Owners’ equity:
Share capital 817,431,206.00 863,607,634.00
Other equity instruments 71,383,677.78 71,383,677.78
Capital reserves 183,565,335.39 334,792,614.76
Less: Treasury stock 31,556,265.00 193,438,720.78
Other comprehensive income 134,767,287.57 131,343,141.63
Specific reserve 3,083,041.71
Surplus reserves 1,260,661,015.34 1,260,661,015.34
General reserve
Retained earnings 6,830,699,269.40 6,762,457,543.07
Total equity attributable to owners of the
9,270,034,568.19 9,230,806,905.80
Company as the parent
Non-controlling interests 389,115,213.55 386,661,091.90
Total owners’ equity 9,659,149,781.74 9,617,467,997.70
Total liabilities and owners’ equity 13,876,740,262.84 13,430,286,222.94
Legal representative: Liu Zibin The Company’s chief accountant: Zhang Keming
The Company’s financial manager: Zhang Keming
2. Consolidated Income Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Revenues 1,382,655,063.47 1,378,301,160.57
Including: Operating revenue 1,382,655,063.47 1,378,301,160.57
2. Costs and expenses 1,244,353,590.36 1,322,345,679.23
Including: Cost of sales 1,057,560,104.34 1,092,250,995.98
Taxes and levies 14,398,626.79 16,217,092.59
Selling expense 30,889,078.44 33,253,553.15
Administrative expense 82,503,138.98 82,717,307.27
Development costs 55,902,365.72 61,804,412.07
Finance costs 3,100,276.09 36,102,318.17
Including: Interest costs 23,744,746.88 18,056,914.23
Interest revenue 11,898,037.72 14,108,606.20
Add: Other income 11,971,737.41 18,522,742.21
Return on investment (“-” for loss) 23,510,003.30 38,579,946.99
Including: Share of profit or loss of joint ventures and
26,797,992.69 22,919,711.06
associates
Income from the derecognition of financial assets at
amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Gain on changes in fair value (“-” for loss) -72,944,121.94 18,849,156.70
Credit impairment loss (“-” for loss) 1,459,760.70 12,305,904.55
Asset impairment loss (“-” for loss) -18,664,995.37 -37,085,094.15
Asset disposal income (“-” for loss) -324,538.89 -697,500.60
3. Operating profit (“-” for loss) 83,309,318.32 106,430,637.04
Add: Non-operating income 1,270,516.38 1,794,053.25
Less: Non-operating expense 736,288.96 216,172.51
4. Gross profit (“-” for loss) 83,843,545.74 108,008,517.78
Less: Income tax expense 13,147,697.76 16,514,278.35
5. Net profit (“-” for net loss) 70,695,847.98 91,494,239.43
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) 70,695,847.98 91,494,239.43
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 the
68,241,726.33 95,759,162.05
parent
5.2.1 Net profit attributable to non-controlling interests 2,454,121.65 -4,264,922.62
6. Other comprehensive income, net of tax 3,424,145.94 -26,786,154.06
Attributable to owners of the Company as the parent 3,424,145.94 -26,786,154.06
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 3,424,145.94 -26,786,154.06
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 foreign
3,630,756.31 -26,687,109.42
currency-denominated financial statements
6.2.7 Other -206,610.37 -99,044.64
Attributable to non-controlling interests
7. Total comprehensive income 74,119,993.92 64,708,085.37
Attributable to owners of the Company as the parent 71,665,872.27 68,973,007.99
Attributable to non-controlling interests 2,454,121.65 -4,264,922.62
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
8. Earnings per share
8.1 Basic earnings per share 0.08 0.11
8.2 Diluted earnings per share 0.08 0.10
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 Keming
The Company’s financial manager: Zhang Keming
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 1,328,838,566.22 1,395,297,566.56
Tax and levy rebates 21,402,045.84 40,085,910.13
Cash generated from other operating activities 11,744,013.26 56,881,830.64
Subtotal of cash generated from operating activities 1,361,984,625.32 1,492,265,307.33
Payments for commodities and services 731,355,216.01 987,058,521.38
Cash paid to and for employees 450,450,825.71 471,044,601.37
Taxes and levies paid 44,309,736.36 40,258,178.31
Cash used in other operating activities 42,473,756.88 30,693,179.21
Subtotal of cash used in operating activities 1,268,589,534.96 1,529,054,480.27
Net cash generated from/used in operating activities 93,395,090.36 -36,789,172.94
2. Cash flows from investing activities:
Proceeds from disinvestment 235,961,000.00 418,000,000.00
Return on investment 819,660.94 1,323,008.67
Net proceeds from the disposal of fixed assets, intangible assets
331,930.00 303,764.22
and other long-lived assets
Net proceeds from the disposal of subsidiaries and other business
units
Cash generated from other investing activities 50,607,322.66 16,101,451.88
Subtotal of cash generated from investing activities 287,719,913.60 435,728,224.77
Payments for the acquisition of fixed assets, intangible assets
66,655,751.15 129,897,146.31
and other long-lived assets
Payments for investments 435,971,092.97 763,871,013.14
Cash used in other investing activities 385,900,598.02 75,148,727.93
Subtotal of cash used in investing activities 888,527,442.14 968,916,887.38
Net cash generated from/used in investing activities -600,807,528.54 -533,188,662.61
3. Cash flows from financing activities:
Borrowings received 936,546,509.09 276,173,678.66
Cash generated from other financing activities
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Lu Thai Textile Co., Ltd. First Quarterly Report 2024
Subtotal of cash generated from financing activities 936,546,509.09 276,173,678.66
Repayment of borrowings 402,316,763.17 120,706,753.67
Interest and dividends paid 10,844,369.84 7,340,755.36
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 42,621,048.24 4,773,203.00
Subtotal of cash used in financing activities 455,782,181.25 132,820,712.03
Net cash generated from/used in financing activities 480,764,327.84 143,352,966.63
4. Effect of foreign exchange rates changes on cash and cash
-1,584,581.28 -11,540,604.60
equivalents
5. Net increase in cash and cash equivalents -28,232,691.62 -438,165,473.52
Add: Cash and cash equivalents, beginning of the period 1,353,615,305.93 1,822,897,270.16
6. Cash and cash equivalents, end of the period 1,325,382,614.31 1,384,731,796.64
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation
of the New Accounting Standards Implemented since 2024
□ Applicable Not applicable
(III) 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.
Board of Director
Lu Thai Textile Co., Ltd.
27 April 2024
10
