Lu Thai Textile Co., Ltd. Annual Report 2023 (Summary)
Stock Code: 000726, 200726 Stock Name: LTTC, LTTC-B Announcement No. 2024-022
Bond Code: 127016 Bond Name: LTTC Convertible Bonds
LU THAI TEXTILE CO., LTD.
ANNUAL REPORT 2023 (SUMMARY)
Part I Important Notes
This Summary is based on the full Annual Report of Lu Thai Textile Co., Ltd. (together with its consolidated subsidiaries, the
“Company”, except where the context otherwise requires). In order for a full understanding of the Company’s operating results,
financial position and future development plans, investors should carefully read the aforesaid full text, which has been disc losed
together with this Summary on the media designated by the China Securities Regulatory Commission (the “CSRC”).
All the Company’s directors have attended the Board meeting for the review of this Report and its summary.
Independent auditor’s modified opinion:
□ Applicable Not applicable
Board-approved final cash and/or stock dividend plan for ordinary shareholders for the Reporting Period:
Applicable □ Not applicable
Bonus issue from capital reserves:
□ Yes No
The Board has approved a final dividend plan as follows: based on the share capital of 817,431,206 shares (exclusive of repurchased
and retired B-shares), a cash dividend of RMB1.30 (tax inclusive) per 10 shares is to be distributed to the shareholders, with no
bonus issue from either profit or capital reserves.
Board-approved final cash and/or stock dividend plan for preferred shareholders for the Reporting Period:
□ Applicable Not applicable
This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese versions shall prevail.
Part II Key Corporate Information
1. Stock Profile
Stock name LTTC, LTTC-B Stock code 000726, 200726
Stock exchange for stock listing Shenzhen Stock Exchange
Previous stock name (if any) N/A
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Lu Thai Textile Co., Ltd. Annual Report 2023 (Summary)
Contact information Board Secretary Securities Representative
Name Zhang Keming Zheng Weiyin and Li Kun
81 Songling East Road, Zichuan District, 81 Songling East Road, Zichuan District, Zibo
Address
Zibo City, Shandong Province, P.R.China City, Shandong Province, P.R.China
Fax 0533-5418805 0533-5418805
Tel. 0533-5277008 0533-5285166
Email address zhangkeming@lttc.com.cn wyzheng@lttc.com.cn，likun@lttc.com.cn
2. Principal Activities or Products in the Reporting Period
Lu Thai has always adhered to its mission of “creating wealth, contributing to the society, clothing the world and weaving our way
to every corner of the globe”, as well as to its values of “people foremost policy, rigorous scientific attitude, client orie nted principle
and integrity for win-win outcome”. It has gradually become a textile and garment enterprise group with comprehensive and vertical
production capacities integrating spinning, bleaching and dyeing, weaving, afterfinish and clothing manufacture. Lu Thai produces
and sells middle and high-grade yarn-dyed fabric, dyeing fabric, functional fabric and knitted fabric for shirts, as well as garment. It
claimed its fame for its comprehensive management, R&D ability, advanced technology, stable quality and international operations.
Moreover, it also attaches great importance to improving the added value of its products, explore the emerging market and renew its
service philosophy. Lu Thai has become the world’s largest high-grade yarn dyed fabric producer and a world-class premium shirt
provider. It had paved its development pattern featured in going green, low-carbon growth, science and technology and humanism.
Over 60% of Lu Thai’s products are exported to over 60 countries and regions. Moreover, the Company has established strategic
partnership with renowned brand owners at home and abroad.
3. Key Financial Information
(1) Key Financial Information of the Past Three Years
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes No
Unit: RMB
Change of 31
31 December 2023 31 December 2022 December 2023 over 31 December 2021
31 December 2022 (%)
Total assets 13,430,286,222.94 13,351,097,602.03 0.59% 12,987,221,271.63
Equity attributable to the listed
company’s shareholders 9,230,806,905.80 9,014,156,872.71 2.40% 7,983,307,400.03
2023-over-2022 change
2023 2022 (%) 2021
Operating revenue 5,961,477,252.98 6,938,342,135.90 -14.08% 5,238,262,348.85
Net profit attributable to the listed
company’s shareholders 403,444,254.42 963,864,819.43 -58.14% 347,609,693.30
Net profit attributable to the listed
company’s shareholders before 386,135,437.00 795,473,953.21 -51.46% 190,492,580.40
exceptional gains and losses
Net cash generated from/used in
operating activities 854,864,537.42 1,422,310,774.26 -39.90% 348,137,005.48
Basic earnings per share
(RMB/share) 0.47 1.10 -57.27% 0.39
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Lu Thai Textile Co., Ltd. Annual Report 2023 (Summary)
Diluted earnings per share
(RMB/share) 0.42 0.95 -55.79% 0.36
Weighted average return on
equity (%) 4.40% 11.31% -6.91% 4.44%
(2) Key Financial Information by Quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 1,378,301,160.57 1,462,190,101.90 1,502,888,352.91 1,618,097,637.60
Net profit attributable to the listed
company’s shareholders 95,759,162.05 125,888,836.10 113,464,972.86 68,331,283.41
Net profit attributable to the listed
company’s shareholders before 51,332,367.74 140,477,494.20 110,981,395.05 83,344,180.01
exceptional gains and losses
Net cash generated from/used in
operating activities -36,789,172.94 185,399,389.92 12,047,210.33 694,207,110.11
Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially f rom what
have been disclosed in the Company’s quarterly or interim reports.
□ Yes No
4. Share Capital and Shareholder Information at the Period-End
(1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well
as Holdings of Top 10 Shareholders
Unit: share
Number of
Number of Number of preferred
ordinary
preferred shareholders with
Number of ordinary shareholders at
shareholders resumed voting rights
shareholders at the 49,725 the month-end 48,031 0 0
with resumed at the month-end prior
period-end prior to the
voting rights at to the disclosure of
disclosure of this
the period-end this Report
Report
Top 10 shareholders (exclusive of shares lent in refinancing)
Shareho Shares in pledge,
Total shares
Nature of lding Restricted marked or frozen
Name of shareholder held at the
shareholder percenta shares held
period-end Status Shares
ge
Domestic non-
Zibo Lucheng Textile Investment Co., Ltd. state-owned legal 16.25% 140,353,583 0 N/A 0
person
Foreign legal
Tailun (Thailand) Textile Co., Ltd. 13.69% 118,232,400 0 N/A 0
person
State-owned legal
Central Huijin Assets Management Co., Ltd. 2.30% 19,884,100 0 N/A 0
person
National Social Security Fund Portfolio 413 Other 1.64% 14,190,051 0 N/A 0
ICBC Credit Suisse Innovation Power Stock
Other 1.38% 11,910,000 0 N/A 0
Type Securities Investment Fund
ICBC Credit Suisse Selected Balanced Mixed
Other 0.84% 7,230,000 0 N/A 0
Securities Investment Fund
Dongfanghong Zhihua Three-Year Holding
Other 0.75% 6,451,750 0 N/A 0
Mixed Securities Investment Fund
FEDERATED HERMES GLOBAL Foreign legal
0.72% 6,200,183 0 N/A 0
INVESTMENT FD (CAYMAN) MASTER, person
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Lu Thai Textile Co., Ltd. Annual Report 2023 (Summary)
SPC OBOAFTAO FEDERATED HERMES
EMG ASIA EQUITY FD MASTER S.P.
Dongfanghong Dingyuan 3-Month Fixed Term
Open Mixed Initiating Securities Investment Other 0.61% 5,276,400 0 N/A 0
Fund
Dacheng China Securities Asset Management
Other 0.60% 5,144,200 0 N/A 0
Plan
Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder
and the actual controller of the Company. Tailun (Thailand) Textile
Co., Ltd. is the second largest shareholder and the foreign sponsor
Related or acting-in-concert parties among the shareholders above
of the Company. All the other shareholders are holding tradable A-
shares or B-shares. And it is unknown whether there is any related
party or acting-in-concert party among them.
Shareholders involved in securities margin trading (if any) Naught
Top 10 shareholders involved in refinancing shares lending
□Applicable Not applicable
Changes in shares that the top 10 shareholders lend in refinancing compared with the prior period
Applicable □ Not applicable
Unit: share
Changes in shares that the top 10 shareholders lend in refinancing compared with the end of the prior period
Increase/de Shares in the common account and credit
Shares lent in refinancing and not yet
crease in account plus shares lent in refinancing and
returned at the period-end
Full name of shareholder the not yet returned at the period-end
Reporting As % of total share As % of total share
Period Total shares Total shares
capital capital
GF Fund-ABC- GF China
Securities Asset Decrease 0 0.00% 4,833,300 0.56%
Management Plan
Harvest Fund-ABC-
Harvest China Securities Decrease 0 0.00% 3,674,700 0.43%
Asset Management Plan
Yinhua Fund-ABC- Yinhua
China Securities Asset Decrease 0 0.00% 4,320,212 0.50%
Management Plan
CCB- ICBC Credit Suisse
Selected Balanced Mixed Increase 0 0.00% 7,230,000 0.84%
Securities Investment Fund
CCB- Dongfanghong
Zhihua Three-Year
Increase 0 0.00% 6,451,750 0.75%
Holding Mixed Securities
Investment Fund
Shanghai Pudong
Development Bank Co.,
Ltd.- Dongfanghong
Dingyuan 3-Month Fixed Increase 0 0.00% 5,276,400 0.61%
Term Open Mixed
Initiating Securities
Investment Fund
(2) Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable Not applicable
No preferred shareholders in the Reporting Period.
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Lu Thai Textile Co., Ltd. Annual Report 2023 (Summary)
(3) Ownership and Control Relations between the Actual Controller and the Company
5. Outstanding Bonds at the Date when this Report Was Authorized for Issue
Applicable □ Not applicable
(1) Bond Profile
Coup
Balance
Bond name Abbr. Bond code Date of issue Maturity on
(RMB’0,000)
rate
Convertible Corporate LTTC
Bonds of Lu Thai Convertible 127016 9 April 2020 8 April 2026 139,984.94
Textile Co., Ltd. Bonds
1. For LTTC Convertible Bonds, the coupon rates are: 0.3% for the first year, 0.6% for the
second year, 1.0% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and
Redemption and interest payments 2.0% for the sixth year.
during the Reporting Period 2. On 10 April 2023, the Company paid the interest for the third year according to the par
value of the bonds, i.e. interest of RMB10.00 (tax inclusive) for every 10 “LTTC
Convertible Bonds” (par value: RMB1,000).
(2) Latest Follow-up Ratings and Rating Changes of the Bonds
The credit rating of the Company's convertible bonds for the Reporting Period is AA+, which has not changed compared with that of
the same period of last year.
(3) Key Financial Information of the Company for the Past Two Years
Unit: RMB'0,000
Item 2023 2022 Change
Debt/asset ratio 28.39% 29.53% -1.14%
Net profit before exceptional gains and losses 38,613.54 79,547.4 -51.46%
EBITDA/debt ratio 41.97% 66.20% -24.23%
Interest coverage (times) 5.29 11.25 -52.98%
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Lu Thai Textile Co., Ltd. Annual Report 2023 (Summary)
Part III Significant Events
The Company completed the formalities for cancellation of the 23,935,748 B shares repurchased during the period from 27 July
2022 to 8 May 2023 at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited on 25 May 2023.
For details, see the Company’s Announcement No. 2023-034 disclosed on www.cninfo.com.cn at 26 May 2023.
The Proposal on Repurchase of Domestically Listed Foreign Shares (B-Stock) 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 mont hs from the date when the share repurchase
plan was approved at the general meeting. For details, see the relevant announcements (No.: 2023-043, 2023-044, 2023-053, 2023-
054 and 2023-055) and documents disclosed on 20 June 2023 and 7 July 2023 on www.cninfo.com.cn.
Chairman of the Board: Liu Zibin
Lu Thai Textile Co., Ltd.
12 April 2024
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