Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Luthai Textile Co., Ltd.
Report for the Third Quarter of 2013
October 2013
1
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Section I. Important Reminders
The Board of Directors, the Supervisory Committee as well as all directors, supervisors and senior
management staff of Luthai Textile Co., Ltd. (hereinafter referred to as “the Company”) warrant
that this report is factual, accurate and complete without any false record, misleading statement or
material omission. And they shall be jointly and severally liable for that.
All directors attended the board session for reviewing this report.
Liu Shizhen, company principal, Zhang Hongmei, chief of the accounting work, and Zhang Keming,
chief of the accounting organ (chief of accounting), hereby confirm that the financial statements
enclosed in this report are factual, accurate and complete.
This report is prepared in both Chinese and English. Should there be any discrepancy between the
two versions, the Chinese version shall prevail.
Section II. Financial Highlights & Change of Shareholders
I. Major accounting data and financial indexes
Does the Company adjust retrospectively or restate accounting data of previous years due to change of the
accounting policy or correction of any accounting error?
□ Yes √ No
30 Sept. 2013 31 Dec. 2012 Increase/decrease (%)
Total assets (RMB Yuan) 8,136,693,033.82 8,153,279,084.33 -0.2%
Net assets attributable to shareholders of the
5,663,198,872.26 5,268,701,258.26 7.49%
Company (RMB Yuan)
YoY
YoY
Jul.-Sept. 2013 increase/decrease Jan.-Sept. 2013
increase/decrease (%)
(%)
Operating revenues (RMB Yuan) 1,578,162,869.91 12.82% 4,638,658,125.08 10.27%
Net profit attributable to shareholders of the
259,965,918.94 62.67% 676,141,809.32 46.57%
Company (RMB Yuan)
Net profit attributable to shareholders of the
Company after extraordinary gains and losses 229,232,434.34 63.53% 622,651,758.44 40.58%
(RMB Yuan)
Net cash flows from operating activities (RMB
-- -- 898,069,611.06 22.64%
Yuan)
Basic EPS (RMB Yuan/share) 0.28 75% 0.71 54.35%
Diluted EPS (RMB Yuan/share) 0.28 75% 0.71 54.35%
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Weighted average ROE (%) 4.7% 1.64% 12.38% 3.48%
Items and amounts of extraordinary gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Amount as of Jan.-Sept.
Item Note
2013
Gains/losses on the disposal of non-current assets (including the offset part of asset
1,237,895.97
impairment provisions)
Government grants recognized in the current period, except for those acquired in
the ordinary course of business or granted at certain quotas or amounts according to 40,090,381.88
the country’s unified standards
Gains and losses on change in fair value from tradable financial assets and tradable
financial liabilities, as well as investment income from disposal of tradable
26,765,182.99
financial assets and tradable financial liabilities and financial assets available for
sales, except for effective hedging related with normal businesses of the Company
Other gain/loss items that meet the definition of an extraordinary gain/loss 1,632,728.00
Less: Income tax effects 10,813,879.86
Minority interests effects (after tax) 5,422,258.10
Total 53,490,050.88 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the
Public—Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item
□ Applicable √ Inapplicable
II. Total number of shareholders at the period-end and shares held by the top ten
shareholders
Unit: share
Total number of shareholders at the
97,118
period-end
Shares held by the top ten shareholders
Pledged or frozen
Sharehol
Number of Number of shares
Nature of ding
Name of shareholder the shares the restricted Numbe
shareholder percenta Status of
held shares held r of
ge (%) shares
shares
Domestic
ZIBO LUCHENG TEXTILE INVESTMENT CO.,
non-state-owned 12.9% 123,314,700
LTD.
corporation
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Foreign
TAILUN (THAILAND) TEXTILE CO., LTD. 12.37% 118,232,400 118,232,400
corporation
DBS VICKERS (HONG KONG) LTD A/C Foreign
4.24% 40,528,642
CLIENTS corporation
Domestic
HUASHANG PROSPEROUS GROWTH STOCK
non-state-owned 1.43% 13,651,132
FUND
corporation
Foreign
LYNAS ASIA FUND 1.27% 12,099,838
corporation
VALUE PARTNERS HIGH-DIVIDEND STOCKS Foreign
1.1% 10,513,697
FUNDS corporation
Domestic
GUANGFA STRATEGY OPTIMIZATION
non-state-owned 0.84% 8,074,561
MIXED-TYPE SECURITIES INVESTMENT FUND
corporation
Foreign
VALUE PARTNERS CLASSIC FUND 0.75% 7,137,350
corporation
Domestic
YINHUA SUSTAINING GROWTH STOCK FUND non-state-owned 0.63% 6,000,000
corporation
Foreign
HTHK-MANULIFE CHINA VALUE FUND 0.6% 5,731,606
corporation
Shares held by the top ten non-restricted share holders
Number of Type of shares
Name of shareholder non-restricted shares
Type Number
held
ZIBO LUCHENG TEXTILE INVESTMENT CO., LTD. 123,314,700 RMB ordinary shares 123,314,700
Domestically listed
DBS VICKERS (HONG KONG) LTD A/C CLIENTS 40,528,642 40,528,642
foreign shares
HUASHANG PROSPEROUS GROWTH STOCK FUND 13,651,132 RMB ordinary shares 13,651,132
Domestically listed
LYNAS ASIA FUND 12,099,838 12,099,838
foreign shares
Domestically listed
VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS 10,513,697 10,513,697
foreign shares
GUANGFA STRATEGY OPTIMIZATION MIXED-TYPE
8,074,561 RMB ordinary shares 8,074,561
SECURITIES INVESTMENT FUND
Domestically listed
VALUE PARTNERS CLASSIC FUND 7,137,350 7,137,350
foreign shares
YINHUA SUSTAINING GROWTH STOCK FUND 6,000,000 RMB ordinary shares 6,000,000
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Domestically listed
HTHK-MANULIFE CHINA VALUE FUND 5,731,606 5,731,606
foreign shares
Domestically listed
MANULIFE GLOBAL FUND 5,057,340 5,057,340
foreign shares
Zibo Lucheng Textile Investment Co., Ltd. is the largest
shareholder of the Company and the actual controller. Tailun
(Thailand) Textile Co., Ltd. is the second largest shareholder
Explanation on associated relationship or/and persons acting in as well as sponsor of foreign capital of the Company. All of
concert among the above-mentioned shareholders: other shareholders are people holding circulating A share or
circulating B share and the Company is not able to confirm
whether there is associated relationship or concerted action
among other shareholders.
Shareholders taking part in margin financing and securities lending
Naught
(if any)
Did any shareholder of the Company carry out an agreed buy-back in the reporting period?
□ Yes √ No
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Section III. Significant Events
I. Major changes of main accounting statement items and financial indicators in the reporting
period, as well as reasons for the changes
1. Transactional financial assets stood at RMB 24,913,390.00 on 30 Sept. 2013, up 35.48% from the opening
amount, which was mainly because of the fair value changes of transactional financial assets.
2. Notes receivable stood at RMB 106,314,854.22 on 30 Sept. 2013, down 33.03% from the opening amount,
which was mainly because the banker’s acceptance bills received were endorsed and used to pay for materials.
3. Prepayments stood at RMB 208,087,238.54 on 30 Sept. 2013, up 116.27% from the opening amount, which
was mainly because the prepayments for raw materials increased.
4. Other non-current assets stood at RMB 17,661,156.58 on 30 Sept. 2013, down 74.05% from the opening
amount, which was mainly because the amount used for B-share repurchase was transferred into monetary funds.
5. Construction in process stood at RMB 370,061,619.16 on 30 Sept. 2013, up 52.64% from the opening amount,
which was mainly because Xinjiang Luthai input more to the spinning project.
6. Engineering materials stood at RMB 39,376,096.12 on 30 Sept. 2013, up 226.57% from the opening amount,
which was mainly because the special equipment increased.
7. Short-term borrowings stood at RMB 937,582,275.53 on 30 Sept. 2013, down 33.74% from the opening
amount, which was mainly because mature bank loans were repaid.
8. Notes payable stood at RMB 14,375,247.62 on 30 Sept. 2013, up 51.13% from the opening amount, which was
mainly because the payments made with notes increased.
9. Taxes and fares payable stood at RMB 96,402,590.09 on 30 Sept. 2013, up 89.49% from the opening amount,
which was mainly because the enterprise income tax and the city maintainance & construction tax increased.
10. Non-current liabilities due within one year stood at RMB 61,480,00.00 on 30 Sept. 2013, up 378.39% from
the opening amount, which was mainly because the long-term borrowings due within one year increased.
11. Business taxes and surtaxes stood at RMB 40,446,798.89 for the current period, up 229.05% from the same
period of last year, which was mainly because the city maintenance & construction tax, the education surtax, etc.
increased.
12. Asset impairment loss stood at RMB -2,597,359.38 for the current period, down 1230.42% from the same
period of last year, which was mainly because the asset impairment loss recognized at age on accounts receivable
and other receivables decreased.
13. Gains on fair value changes stood at RMB 6,524,749.00 for the current period, up 144.63% from the same
period of last year, which was mainly because some transactional financial assets were disposed upon maturity,
carrying over the formerly recognized gains and losses on fair value changes, and the fair value of transactional
financial assets changed.
14. Non-operating incomes stood at RMB 45,053,343.38 for the current period, up 70.32% from the same period
of last year, which was mainly because government subsidies incrreased.
15. Income tax expenses stood at RMB 136,129,483.74 for the current period, up 74.87% from the same period of
last year, which was mainly because the taxable income increased.
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
II. Progress and influence of significant events, as well as the analysis and explanation on
solutions
1. On 25 June 2012, the 2nd temporary shareholders’ general meeting in 2012 reviewed and approved relevant
matters about repurchasing part of domestically listed foreign shares (B share). On 8 Sep. 2012, Report of Luthai
Textile Co., Ltd. on Repurchasing Part of Domestically Listed Foreign Shares (B share) and announcement on
approving the plan of repurchasing part of B shares were declared. For details see announcement No. 2012-037
published on Cninfo website (www.cninfo.com.cn). The Company began to implement plan of repurchasing part
of B shares on 10 Sep. 2012. The repurchasing period is due on 24 June 2013 with repurchase of B shares at an
amount of 48,837,304 shares. On 12 July 2013, the Company registered liquidation of Shenzhen subsidiary of
limited liability companies in China Security, and finished write-off works stated above. In respect of the specific
progress and subsequent development, for details see the relevant announcements on Cninfo website.
Overview of the
Date of disclosure Index to the relevant announcement disclosed on the website
significant event
Report of Luthai Textile Co., Ltd. on Repurchasing Part of Domestically
Repurchase of some 8 Sept. 2012
Listed Foreign Shares (B share)（www.cninfo.com.cn）
domestically listed foreign
Report on Completion of the Repurchase of Some Domestically Listed
shares (B-shares) 12 Jul. 2013
Foreign Shares (B-shares) & Change of the Shares （www.cninfo.com.cn）
III. Commitments made by the Company or shareholders holding over 5% of the Company’s
shares in the reporting period or such commitments carried down into the reporting period
Time of
Commitment Period of
Commitment Contents making Fulfillment
maker commitment
commitment
Zibo Lucheng will not reduce Not reduce the
Increase of bonus share
its shareholding within 60 shareholding
for 2005 and 2006 has
months after reform of within 60
been fulfilled. The total
non-tradable shares and, within months after
profit of 2008 increased
24 months after the term of 60 reform of
by 58.06% compared to
months, the price of selling non-tradable
that of 2005. Till 12 Jun.
holding shares shall not be shares and,
2011, the non-tradable
Zibo Lucheng lower than RMB 15 per share (if within 24
Commitments made term of 9835.80 ten
Textile Investment the share capital changes, months after
in a share reform 12 Jun. 2006 thousand shares held by
Co., Ltd. ex-rights and ex-dividend will the term of 60
Lu Cheng Company
be conducted); it proposed and months, the
came to an end and the
voted for a cash distribution not price of
above shares came into
lower than 50% of the profit selling holding
market on 24 Jun. 2011,
available for distribution in the shares shall
up to 23 Jun. 2013 had
year at the 2006 Shareholders’ not be lower
expired 24 months, and
General Meeting and 2007 than RMB 15
are not reduced at
Shareholders’ General Meeting; per share (if
present.
it will increase the LUTHAI A the share
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
shares held by it through trading capital
at the secondary market with the changes,
dividends received in 2005 and ex-rights and
2006, and the increase of the ex-dividend
LUTHAI A shares held shall be will be
accomplished within 12 months conducted)
after the dividend is transferred
to its account. In 2008, the total
profit increased by not less than
30% compared with that in
2005.
Commitments made
in an acquisition
None None None None
report or a report on
equity changes
Commitments made
in asset None None None None
reorganization
Investment projects of
raised funds including
project on 150 thousand
ingots of high-end
combed yarn, project on
production line of 50
thousand ingots of
two-for-one twisting,
project on
complementing
circulating funds of the
Commitments at the
company, project on
time of initial public Luthai Textile Co., Investment project of raised
19 Dec. 2008 production line of 10
issuance or Ltd. funds
million meters of
re-financing
high-end jacquard for
female garments have
already been fulfilled. On
18 Oct. 2011, the 3rd
temporary shareholders’
general meeting
approved that RMB 140
million raised funds of
this project were
transferred into project
on increasing 40 million
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
meters of high-end
yarn-dyed fabric
production line. Till the
end of the reporting
period, this project has
already been finished.
And project on network
construction of brand and
marketing is under the
implementation.
Other commitments
made to minority None None None None
shareholders
Executed in time or
Yes
not?
Detailed reason for
failing to execute
None
and the plan for the
next step (If any)
IV. Predict the 2013 annual operating results
Warnings of possible loss or large-margin change of the accumulated net profit made during the period from the
beginning of the year to the end of the next reporting period compared with the same period of the last year
according to prediction, as well as explanations on the reasons
□Applicable √Inapplicable
V. Investments in derivatives
Unit: RMB Ten thousand Yuan
Proportio
Rela n of the
ted- closing
Impairm Actual
part investmen
Type of Initial Opening ent Closing gain/loss
Operat y t amount
Relation derivative investment Start date Ending date investmen provisio investment in
or trans in the
investment amount t amount n (if amount reporting
actio Company
any) period
n or ’s closing
not net assets
(%)
Comm Non-rela The
No 332,328.55 1 Jan. 2013 18 Sep. 2014 95,484.23 0 122,323.29 20.15% 2,048.76
ercial ted party forward
9
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Bank foreign
exchange
settlement
The
Comm forward
Non-rela 26 Sep.
ercial No foreign 5,350.98 25 Dec. 2013 0 0 3,490.1 0.57% -24.72
ted party 2013
Bank exchange
settlement
Comm
Non-rela Interest-rat
ercial No 11,929.8 17 Jun. 2013 13 Dec. 2013 0 0 11,929.8 1.97% 0
ted party e swap
Bank
Total 349,609.33 -- -- 95,484.23 0 137,743.19 22.69% 2,024.04
Capital source for derivative
Self-owned funds
investment
Cases involving lawsuit (if
No
applicable)
Disclosure date of the board
announcement approving the
16 May 2013
wealth management entrustment
(if any)
Disclosure date of the general
meeting announcement approving
No
the wealth management
entrustment (if any)
The Company conducted derivatives products transaction in order for hedging. And the forward
settlement hedging was operated by installments, with the relevant amount not more than the
planned derivatives products transactions. And all derivatives products transaction was
zero-deposit. Meanwhile, the Company had a complete risk control system for sufficient
analysis and prevention of possible risks such as risk of laws and regulations, credit risk,
operation risk and market risk.
1. Risk of laws and regulations:
Analysis on risks and control
The Company conducted derivatives products transaction in strict accordance with relevant laws
measures of derivative products
and rules as well as regulatory policies from government securities regulatory authorities, if
held in the reporting period
there were no standard operation procedures and strict approval procedures, it was easy to cause
(including but not limited to
compliant and regulatory risks existing in the validity and feasibility of contract, commitments
market risk, liquidity risk, credit
and other legal documents signed.
risk, operation risk, law risk, etc.)
Precautionary measures: The Company carefully studied and mastered laws, regulations and
policies relevant to derivative products transaction, formulated internal control rules for the
forward settlement hedging business, standardized the operation procedures. And strengthened
the compliant examination on derivative products investment business, and strictly abided by
relevant laws, regulations and the Company’s internal management rules.
2. Credit risk and liquidity risk:
When the contract matures, the Company couldn’t deliver as scheduled due to insufficient
10
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
liquidity, and the counterparty or the Company couldn’t fulfill the contract due to other aspects
except the liquidity, which would cause credit risk and further economic losses for the
Company.
Precaution measure: the Company chose the powerful financial institutions with good reputation
as the counterparty, and signed standard derivative products transaction contract, as well as
strictly controlled the credit risk of counterparty. The Company conducted derivative investment
transactions according to the relevant approval procedure, which was in line with relevant laws,
regulations, the Company’s Articles of Association, the Management Rules for Derivative
Investment of Luthai Textile Co., Ltd. and the Plan for Derivative Translation in 2013 of Luthai
Textile Co., Ltd. approved at the 28th Meeting of Sixth of board of directors on 15 May 2013,
and performed relevant information disclosure responsibilities. The Company decided the up
limit for the amount of derivative products transaction according to the production and
operation scale and the progress of foreign exchange income for the Company, and delivered by
phases. It was also possible to use extension of term and other ways to ensure the fulfillment of
contract as schedules upon the mature of contract, and wouldn’t cause any loss of credit risk for
the Company due to insufficient liquidity or other reasons.
3. Operation risk:
The derivative financial transactions had high specialty and complexity, so imperfect internal
operation procedures, staffs and external events would make the Company to undertake risks
during the transaction.
Precaution measure: The Company promulgated strict authorization and approval system and
perfect regulatory mechanism, fixed the departments, operation procedures and approval
procedures system to conduct derivative products transaction, established special risk control
positions, implemented strict authorization and post checks and balances system, meanwhile, it
improved the overall quality of relevant personnel through strengthening the business training
and professional ethics education for them. Besides, it established the System of Reporting the
Abnormal Situation Timely, formed an efficient risk management procedures, so as to ensure to
lower the operation risks to the maximum.
4. Market risk:
The forward settlement of exchange is an important derivative products transaction, which was
significantly affected by the exchange rate fluctuation due to its large amount. The Central Bank
decided to expand the fluctuation range of RMB exchange rate from bidirectional 0.5% to
bidirectional 1% since 16 Apr. 2012, which would increase the difficulty in the operation of
forward settlement of exchange. Besides, if the RMB is devalued by a large margin on the basis
of the current situation before the contract is due, so then, the larger losses shall incur in the
contract on forward settlement of exchange signed by the Company.
Risk analysis and precaution measure: Renminbi appreciated significantly compared with that
before the exchange rate reform, but Renminbi internationalization would be a long-term goal,
which decided that Renminbi would not depreciated significantly. Although the increased
fluctuation range added the operation difficulty, it provided a certain opportunity, which
required relevant personnel of the Company actively master the market trend, carefully operate
and hold positive opportunity, so as to try the best to reduce the market risks under the condition
of increased market difficulty.
Changes of market prices or fair 1. Up to 30 Sep. 2013, the Company held 25 undue financial derivative product contracts,
11
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
values in the reporting period of totaling US$ 220.0811 million, with 22 forward settlement contracts, 2 interest rate swap
the invested derivatives. And the contracts and 1 forward exchange contracts (the latest expiration before Sep. 2014). The above
analysis on the fair value of the financial derivative products accounted for 22.69% of the closing net assets.
derivatives should include the 2. 1-3 quarter of 2013, the due financial derivative products of the Company totally equaled to
specific use methods and the US$ 337.5625 million, all delivered on time and the gain generated was RMB 20.2404 million.
relevant assumptions and The due forward settlement was US$ 334.5357 million, all delivered on time, generating gain of
parameters. RMB 20.4876 million. And the due forward foreign exchange trading amount equaled to
US$ 3.0268 million, which was all delivered as scheduled and generated gain of RMB 0.2472
million..
Whether significant changes
occurred to the Company’s
accounting policy and specific
accounting principles of Unchanged
derivatives in the reporting period
compared to the previous
reporting period
The Company independent director Zhou Zhiji, Wang lei, Sun Ruizhe, Su Xin, Xu Jianjun
conducting derivatives business have issued the following professional advice: we were of the
Specific opinion from opinion that it would strengthen the Company’s competitiveness to use derivative transactions
independent directors on the with focus on forward settlement and purchase as an effective tool to avoid foreign exchange
Company’s derivatives investment risks, to strengthen the relevant internal control and to carry out the loss and risk prevention
and risk control measures so as to improve the operation and management. It was considered feasible for the
Company to conduct derivative transactions with focus on forward settlement and purchase, and
no harm was done to interests of the Company’s shareholders.
VI. Researches, visits and interviews received in the reporting period
Place of Way of Visitor Main discussion and materials
Time of reception Visitor
reception reception type provided by the Company
Telephone Teleconference of 2013
Chang Xin Asset Management,
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Sheng Ming
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Dacheng Fund, Liu Yang semi-annual report of Luthai A
cation shares.议
Telephone Teleconference of 2013
Tebon Fund, Bai Zhongguang, Chen
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Li
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution CGA Investment, Dong Tao semi-annual report of Luthai A
cation shares.议
16 Aug. 2013 The office Telephone Institution Dongguan Securities, Ding Shuo Teleconference of 2013
12
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Communi semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Soochow Fund, Zhao Meiling semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Fuanda Fund, Zhu Yi semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Goldman Sachs, Wen Xintong semi-annual report of Luthai A
cation shares.议
Telephone Teleconference of 2013
ICBC Credit Suisse Fund, Gao
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Yuanyuan
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution GF Fund, Zhang Dongyi semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
Franklin Templeton Sealand Fund,
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Wu Xiyan
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Guotai Junan, Zhou Chen semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
Cathay Securities Investment Trust,
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Chen Zhouting
cation shares.
Telephone Teleconference of 2013
HuaAn Funds, Chen Yuan,Yang
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Xingxing
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution HSBCJT Fund : Qiu Dongrong semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Milestone Management: Weng Di semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Lord Fund, Huang Wei semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Institution Penghua Fund, Li Huijie
Communi semi-annual report of Luthai A
13
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
cation shares.
Telephone Teleconference of 2013
Pole Point Assets Management,
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Huang Feng
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution China International Fund, Qu Yu semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Life Assets, Zhang Huasheng semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Taikang AMC, Guo Xiaoyan semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution TX Investment Consulting, Shen Ni semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Industrial Securities, Lin Xiaofeng semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution Yuancheng Investment, Ma Lina semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
Zheshang Property & Casualty
16 Aug. 2013 The office Communi Institution semi-annual report of Luthai A
Insurance, Ma Buchuan
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution BOC International Securities, Li Na semi-annual report of Luthai A
cation shares.
Telephone Teleconference of 2013
16 Aug. 2013 The office Communi Institution BOC Securities, Bai Bingyang semi-annual report of Luthai A
cation shares.
The
Reception Field
22 Aug. 2013 Institution Galaxy Securities, Hua Xiaowei Basic situation of the Company.
room of the research
Company
The
Reception Field
22 Aug. 2013 Institution Essence Fund, Zheng Ri Basic situation of the Company.
room of the research
Company
22 Aug. 2013 The Field Institution Huatai Securities, Zhu Lili Basic situation of the Company.
14
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Reception research
room of the
Company
The
Reception Field
22 Aug. 2013 Institution Union Assets, Xu Zhen Basic situation of the Company.
room of the research
Company
The
Reception Field
22 Aug. 2013 Institution Fuanda Fund, Zhu Yi Basic situation of the Company.
room of the research
Company
The
Reception Field
22 Aug. 2013 Institution China Merchants Securitis, Su Ping Basic situation of the Company.
room of the research
Company
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Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Section IV. Financial Statements
I. Financial statements
1. Consolidated balance sheet
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 680,934,230.60 919,734,646.13
Transactional financial assets 24,913,390.00 18,388,641.00
Notes receivable 106,314,854.22 158,739,877.01
Accounts receivable 206,418,924.67 228,133,619.46
Accounts paid in advance 208,087,238.54 96,214,664.63
Other accounts receivable 51,350,131.16 63,051,887.49
Financial assets purchased under
agreements to resell
Inventories 1,735,541,959.26 1,684,292,327.27
Non-current assets due within 1 year
Other current assets 17,661,156.58 68,068,385.18
Total current assets 3,031,221,885.03 3,236,624,048.17
Non-current assets:
Long-term equity investment 67,442,600.00 67,442,600.00
Investing property
Fixed assets 4,191,089,105.23 4,186,294,298.29
Construction in progress 370,061,619.16 242,436,748.42
Engineering materials 39,376,096.12 12,057,574.11
Disposal of fixed assets
Intangible assets 351,774,203.39 319,013,492.53
R&D expense
Goodwill 20,613,803.29 20,613,803.29
Long-term deferred expenses 1,735,073.12 1,806,377.50
Deferred income tax assets 57,328,048.48 59,099,452.02
16
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Other non-current assets 6,050,600.00 7,890,690.00
Total of non-current assets 5,105,471,148.79 4,916,655,036.16
Total assets 8,136,693,033.82 8,153,279,084.33
Current liabilities:
Short-term borrowings 937,582,275.53 1,415,078,463.05
Transactional financial liabilities
Notes payable 14,375,247.62 9,512,094.30
Accounts payable 295,019,810.15 327,495,627.56
Accounts received in advance 142,357,385.24 115,544,995.57
Financial assets sold for repurchase
Handling charges and commissions
payable
Employee’s compensation payable 306,032,761.15 347,614,652.54
Tax payable 96,402,590.09 50,873,887.19
Interest payable 1,894,449.25 2,670,262.59
Dividend payable 441,966.54 441,966.54
Other accounts payable 129,622,219.66 135,800,195.70
Non-current liabilities due within 1
61,480,000.00 12,851,550.00
year
Other current liabilities
Total current liabilities 1,985,208,705.23 2,417,883,695.04
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables 9,735,560.00 9,735,560.00
Specific payables
Estimated liabilities
Deferred income tax liabilities 5,812,190.35 4,880,456.83
Other non-current liabilities 65,071,663.77 66,087,352.65
Total non-current liabilities 80,619,414.12 80,703,369.48
Total liabilities 2,065,828,119.35 2,498,587,064.52
Owners’ equity (or shareholders’
equity)
Paid-up capital (or share capital) 955,800,496.00 1,008,894,800.00
Capital reserves 997,517,508.58 1,230,191,471.42
17
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Less: Treasury stock 272,794,496.52
Specific reserves
Surplus reserves 579,274,370.26 579,274,370.26
Provisions for general risks
Retained profits 3,137,695,820.84 2,729,178,150.40
Foreign exchange difference -7,089,323.42 -6,043,037.30
Total equity attributable to owners of
5,663,198,872.26 5,268,701,258.26
the Company
Minority interests 407,666,042.21 385,990,761.55
Total owners’ (or shareholders’) equity 6,070,864,914.47 5,654,692,019.81
Total liabilities and owners’ (or
8,136,693,033.82 8,153,279,084.33
shareholders’) equity
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
2. Balance sheet of the Company
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Closing balance Opening balance
Current Assets:
Monetary funds 450,987,740.59 561,697,936.17
Transactional financial assets 19,497,400.00 18,388,641.00
Notes receivable 83,446,973.15 126,547,171.09
Accounts receivable 239,369,137.73 227,340,296.02
Accounts paid in advance 247,706,289.46 93,344,833.30
Interest receivable
Dividend receivable
Other accounts receivable 27,191,104.19 33,841,380.59
Inventories 1,118,661,034.61 957,461,111.10
Non-current assets due within 1 year
Other current assets 1,537,113.09 35,410,586.78
Total current assets 2,188,396,792.82 2,054,031,956.05
Non-current assets:
Available-for-sale financial assets
18
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Held-to-maturity investments
Long-term accounts receivable
Long-term equity investment 1,101,936,804.88 1,101,936,804.88
Investing property
Fixed assets 2,545,512,605.09 2,502,972,171.82
Construction in progress 168,712,890.91 131,087,397.75
Engineering materials 39,376,096.12 11,825,529.11
Disposal of fixed assets
Production biological assets
Oil-gas assets
Intangible assets 227,791,523.91 192,517,510.55
R&D expense
Goodwill
Long-term deferred expenses
Deferred income tax assets 33,576,388.86 35,551,956.91
Other non-current assets 6,050,600.00 7,890,690.00
Total of non-current assets 4,122,956,909.77 3,983,782,061.02
Total assets 6,311,353,702.59 6,037,814,017.07
Current liabilities:
Short-term borrowings 553,068,634.06 674,742,046.27
Transactional financial liabilities
Notes payable 8,455,842.89 6,436,997.30
Accounts payable 184,637,592.35 140,562,402.98
Accounts received in advance 43,340,223.62 40,842,302.85
Employee’s compensation payable 250,515,957.84 285,681,845.09
Tax payable 76,658,721.12 31,703,094.57
Interest payable 926,912.18 766,191.29
Dividend payable 441,966.54 441,966.54
Other accounts payable 20,181,391.06 15,414,367.82
Non-current liabilities due within 1
61,480,000.00 12,851,550.00
year
Other current liabilities
Total current liabilities 1,199,707,241.66 1,209,442,764.71
Non-current liabilities:
19
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Long-term borrowings
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred income tax liabilities 2,924,610.01 2,758,296.16
Other non-current liabilities 31,313,406.52 31,819,761.55
Total non-current liabilities 34,238,016.53 34,578,057.71
Total liabilities 1,233,945,258.19 1,244,020,822.42
Owners’ equity (or shareholders’ equity)
Paid-up capital (or share capital) 955,800,496.00 1,008,894,800.00
Capital reserves 1,003,870,189.67 1,236,544,152.51
Less: Treasury stock 272,794,496.52
Specific reserves
Surplus reserves 579,274,370.26 579,274,370.26
Provisions for general risks
Retained profits 2,538,463,388.47 2,241,874,368.40
Foreign exchange difference
Total owners’ (or shareholders’) equity 5,077,408,444.40 4,793,793,194.65
Total liabilities and owners’ (or
6,311,353,702.59 6,037,814,017.07
shareholders’) equity
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
3. Consolidated income statement for the reporting period
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Jul.-Sept. 2013 Jul.-Sept. 2012
I. Total operating revenues 1,578,162,869.91 1,398,771,930.43
Including: Sales income 1,578,162,869.91 1,398,771,930.43
II. Total operating cost 1,294,078,195.58 1,234,138,524.76
Including: Cost of sales 1,093,479,412.12 1,025,358,240.45
Taxes and associate charges 8,711,151.07 9,931,184.90
20
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Selling and distribution expenses 37,667,349.75 41,772,534.98
Administrative expenses 140,495,171.44 144,692,946.98
Financial expenses 13,400,319.66 15,309,785.44
Asset impairment loss 324,791.54 -2,926,167.99
Add: Gain/(loss) from change in fair value (“-” means loss) 8,243,230.00 16,428,997.70
Gain/(loss) from investment (“-” means loss) 2,590,756.57 543,700.00
III. Business profit (“-” means loss) 294,918,660.90 181,606,103.37
Add: non-operating income 26,983,588.18 6,299,925.96
Less: non-operating expense 1,208,581.24 1,417,101.47
Including: loss from non-current asset disposal 1,067,557.93 30,679.93
IV. Total profit (“-” means loss) 320,693,667.84 186,488,927.86
Less: Income tax expense 52,436,575.64 28,078,150.98
V. Net profit (“-” means loss) 268,257,092.20 158,410,776.88
Attributable to owners of the Company 259,965,918.94 159,815,718.16
Minority shareholders’ income 8,291,173.26 -1,404,941.28
VI. Earnings per share -- --
(I) Basic earnings per share 0.28 0.16
(II) Diluted earnings per share 0.28 0.16
Ⅶ. Other comprehensive incomes -233,359.31 133,122.26
Ⅷ. Total comprehensive incomes 268,023,732.89 158,543,899.14
Attributable to owners of the Company 259,732,559.63 159,948,840.42
Attributable to minority shareholders 8,291,173.26 -1,404,941.28
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
4. Income statement of the Company for the reporting period
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Jul.-Sept. 2013 Jul.-Sept. 2012
I. Total sales 1,233,216,982.68 1,104,690,533.54
Less: cost of sales 871,674,675.26 809,243,308.96
Business taxes and surcharges 7,470,100.16 9,017,860.60
Distribution expenses 15,945,415.10 14,857,809.51
21
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Administrative expenses 100,905,286.06 107,957,950.39
Financial costs 4,077,675.62 6,683,900.73
Impairment loss 3,395,097.23 -2,100,700.89
Add: gain/(loss) from change in fair value (“-” means
7,168,300.00 14,471,618.70
loss)
Gain/(loss) from investment (“-” means loss) 937,236.57 35,171,514.98
II. Business profit (“-” means loss) 237,854,269.82 208,673,537.92
Add: non-business income 23,123,558.29 2,589,163.44
Less: non-business expense 1,137,244.73 295,197.62
Including: loss from non-current asset disposal 1,059,514.25 24,617.74
III. Total profit (“-” means loss) 259,840,583.38 210,967,503.74
Less: income tax expense 40,737,019.49 23,280,045.49
IV. Net profit (“-” means loss) 219,103,563.89 187,687,458.25
V. Earnings per share -- --
(I) Basic earnings per share 0.23 0.18
(II) Diluted earnings per share 0.23 0.18
VI. Total comprehensive income 219,103,563.89 187,687,458.25
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
5. Consolidated income statement for Jan.-Sept. 2013
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Jan.-Sept. 2013 Jan.-Sept. 2012
I. Total operating revenues 4,638,658,125.08 4,206,797,495.19
Including: Sales income 4,638,658,125.08 4,206,797,495.19
Interest income
II. Total operating cost 3,874,437,740.20 3,690,064,019.10
Including: Cost of sales 3,278,054,350.02 3,080,464,968.97
Interest expenses
Taxes and associate charges 40,446,798.89 12,292,119.83
Selling and distribution expenses 119,479,189.90 118,932,826.07
Administrative expenses 401,317,500.83 426,096,718.56
22
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Financial expenses 37,737,259.94 52,047,616.39
Asset impairment loss -2,597,359.38 229,769.28
Add: Gain/(loss) from change in fair value (“-” means loss) 6,524,749.00 -14,618,032.30
Gain/(loss) from investment (“-” means loss) 20,240,433.99 19,596,338.49
Including: share of profits in associates and joint ventures
Foreign exchange gains (“-” means loss)
III. Business profit (“-” means loss) 790,985,567.87 521,711,782.28
Add: non-operating income 45,053,343.38 26,452,868.03
Less: non-operating expense 2,092,337.53 3,559,910.03
Including: loss from non-current asset disposal 1,189,964.78 657,200.55
IV. Total profit (“-” means loss) 833,946,573.72 544,604,740.28
Less: Income tax expense 136,129,483.74 77,844,369.77
V. Net profit (“-” means loss) 697,817,089.98 466,760,370.51
Including: Net profit achieved by combined parties
before the combinations
Attributable to owners of the Company 676,141,809.32 461,319,006.35
Minority shareholders’ income 21,675,280.66 5,441,364.16
VI. Earnings per share -- --
(I) Basic earnings per share 0.71 0.46
(II) Diluted earnings per share 0.71 0.46
Ⅶ. Other comprehensive incomes -1,046,286.12 341,112.17
Ⅷ. Total comprehensive incomes 696,770,803.86 467,101,482.68
Attributable to owners of the Company 675,095,523.20 461,660,118.52
Attributable to minority shareholders 21,675,280.66 5,441,364.16
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
6. Income statement of the Company for Jan.-Sept. 2013
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Jan.-Sept. 2013 Jan.-Sept. 2012
I. Total sales 3,459,398,413.78 3,301,306,015.59
Less: cost of sales 2,464,801,509.96 2,488,425,975.64
23
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Business taxes and surcharges 30,666,602.50 9,176,999.11
Distribution expenses 48,967,979.51 44,805,496.22
Administrative expenses 283,102,825.24 314,274,476.87
Financial costs 10,691,014.45 22,261,994.38
Impairment loss 2,890,515.38 -273,666.92
Add: gain/(loss) from change in fair value (“-” means
1,108,759.00 -10,226,111.30
loss)
Gain/(loss) from investment (“-” means loss) 18,672,363.99 49,626,749.47
Including: income form investment on associates and
joint ventures
II. Business profit (“-” means loss) 638,059,089.73 462,035,378.46
Add: non-business income 30,634,667.64 13,024,305.73
Less: non-business expense 1,766,598.55 649,987.36
Including: loss from non-current asset disposal 1,147,493.63 26,377.61
III. Total profit (“-” means loss) 666,927,158.82 474,409,696.83
Less: income tax expense 102,713,999.87 68,078,515.15
IV. Net profit (“-” means loss) 564,213,158.95 406,331,181.68
V. Earnings per share -- --
(I) Basic earnings per share 0.59 0.4
(II) Diluted earnings per share 0.59 0.4
VI. Other comprehensive income
VII. Total comprehensive income 564,213,158.95 406,331,181.68
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
7. Consolidated cash flow statement for Jan.-Sept. 2013
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Jan.-Sept. 2013 Jan.-Sept. 2012
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 4,677,517,728.61 4,107,295,281.30
Net increase of funds in repurchase business
Tax refunds received 130,470,701.76 125,546,066.56
Other cash received relating to operating activities 68,886,871.62 43,373,629.01
24
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Subtotal of cash inflows from operating activities 4,876,875,301.99 4,276,214,976.87
Cash paid for goods and services 2,733,786,778.93 2,319,321,904.77
Cash paid to and for employees 901,798,075.13 837,281,504.97
Various taxes paid 199,727,477.04 176,239,257.42
Other cash payment relating to operating activities 143,493,359.83 211,075,485.74
Subtotal of cash outflows from operating activities 3,978,805,690.93 3,543,918,152.90
Net cash flows from operating activities 898,069,611.06 732,296,823.97
II. Cash flows from investing activities:
Cash received from withdrawal of investments
Cash received from return on investments
Net cash received from disposal of fixed assets, intangible assets and
4,597,037.91 1,378,946.15
other long-term assets
Net cash received from disposal of subsidiaries or other business units 951,000.00
Other cash received relating to investing activities 22,643,185.14 23,511,937.33
Subtotal of cash inflows from investing activities 27,240,223.05 25,841,883.48
Cash paid to acquire fixed assets, intangible assets and other long-term
452,765,553.34 536,263,924.65
assets
Cash paid for investment
Net increase of pledged loans
Net cash paid to acquire subsidiaries and other business units 50,000.00
Other cash payments relating to investing activities
Subtotal of cash outflows from investing activities 452,765,553.34 536,313,924.65
Net cash flows from investing activities -425,525,330.29 -510,472,041.17
III. Cash Flows from Financing Activities:
Cash received from capital contributions 19,249,218.56
Including: Cash received from minority shareholder investments by
subsidiaries
Cash received from borrowings 895,692,472.84 1,316,561,060.88
Cash received from issuance of bonds
Other cash received relating to financing activities 128,760,586.78 36,000,000.00
Subtotal of cash inflows from financing activities 1,024,453,059.62 1,371,810,279.44
Repayment of borrowings 1,319,051,629.30 1,390,227,588.90
Cash paid for interest expenses and distribution of dividends or profit 292,114,539.61 343,326,414.61
Including: dividends or profit paid by subsidiaries to minority
shareholders
25
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Other cash payments relating to financing activities 308,785,842.17 175,904,401.19
Sub-total of cash outflows from financing activities 1,919,952,011.08 1,909,458,404.70
Net cash flows from financing activities -895,498,951.46 -537,648,125.26
IV. Effect of foreign exchange rate changes on cash and cash equivalents -1,999,550.60 2,745,777.41
V. Net increase in cash and cash equivalents -424,954,221.29 -313,077,565.05
Add: Opening balance of cash and cash equivalents 900,182,215.72 811,148,146.93
VI. Closing balance of cash and cash equivalents 475,227,994.43 498,070,581.88
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
8. Cash flow statement of the Company for Jan.-Sept. 2013
Prepared by Luthai Textile Co., Ltd.
Unit: RMB Yuan
Item Jan.-Sept. 2013 Jan.-Sept. 2012
I. Cash flows from operating activities:
Cash received from sale of commodities and rendering of service 3,425,325,312.28 3,381,590,117.40
Tax refunds received 81,499,131.48 82,373,642.84
Other cash received relating to operating activities 33,637,487.63 12,518,689.73
Subtotal of cash inflows from operating activities 3,540,461,931.39 3,476,482,449.97
Cash paid for goods and services 2,191,814,367.76 1,858,985,788.02
Cash paid to and for employees 689,156,047.52 647,634,486.61
Various taxes paid 109,159,564.76 98,433,076.87
Other cash payment relating to operating activities 98,287,684.60 102,031,275.37
Subtotal of cash outflows from operating activities 3,088,417,664.64 2,707,084,626.87
Net cash flows from operating activities 452,044,266.75 769,397,823.10
II. Cash flows from investing activities:
Cash received from retraction of investments
Cash received from return on investments
Net cash received from disposal of fixed assets, intangible assets
4,504,961.91 978,946.15
and other long-term assets
Net cash received from disposal of subsidiaries or other business
951,000.00
units
Other cash received relating to investing activities 20,077,197.85 17,504,139.16
Subtotal of cash inflows from investing activities 24,582,159.76 19,434,085.31
26
Report for the Third Quarter of 2013 of Luthai Textile Co., Ltd.
Cash paid to acquire fixed assets, intangible assets and other
262,433,258.71 317,222,587.89
long-term assets
Cash paid for investment 39,941,614.98
Net cash paid to acquire subsidiaries and other business units
Other cash payments relating to investing activities 1,100,000.00
Subtotal of cash outflows from investing activities 263,533,258.71 357,164,202.87
Net cash flows from investing activities -238,951,098.95 -337,730,117.56
III. Cash Flows from Financing Activities:
Cash received from capital contributions
Cash received from borrowings 504,371,831.37 559,030,956.56
Cash received from issuance of bonds
Other cash received relating to financing activities 35,410,586.78
Subtotal of cash inflows from financing activities 539,782,418.15 559,030,956.56
Repayment of borrowings 572,748,867.72 690,702,932.18
Cash paid for interest expenses and distribution of dividends or
269,785,130.01 302,289,518.99
profit
Other cash payments relating to financing activities 200,985,842.17
Sub-total of cash outflows from financing activities 1,043,519,839.90 992,992,451.17
Net cash flows from financing activities -503,737,421.75 -433,961,494.61
IV. Effect of foreign exchange rate changes on cash and cash
-669,747.39 1,192,617.91
equivalents
V. Net increase in cash and cash equivalents -291,314,001.34 -1,101,171.16
Add: Opening balance of cash and cash equivalents 559,095,505.76 443,347,389.73
VI. Closing balance of cash and cash equivalents 267,781,504.42 442,246,218.57
Legal representative: Liu Shizhen Person-in-charge of the accounting work: Zhang Hongmei
Chief of the accounting division: Zhang Keming
II. Audit report
Is this report audited?
□ Yes √ No
This report is not audited.
27