Lu Thai Textile Co., Ltd. First Quarterly Report 2021
LU THAI TEXTILE CO., LTD.
FIRST QUARTERLY REPORT 2021
April 2021
1
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors,
supervisors and senior management of Lu Thai Textile Co., Ltd. (hereinafter referred to as the
“Company”) hereby guarantee the factuality, accuracy and completeness of the contents of
this Report and its summary, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
Liu Zibin, the Company’s legal representative, Zhang Hongmei, the Company’s Chief
Accountant, and Zhang Keming, the Company’s Financial Manager hereby guarantee that
the Financial Statements carried in this Report are factual, accurate and complete.
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.
2
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Q1 2021 Q1 2020 Change (%)
Operating revenue (RMB) 993,485,161.79 1,252,428,965.20 -20.68%
Net profit attributable to the listed company’s shareholders
74,530,850.40 103,518,808.50 -28.00%
(RMB)
Net profit attributable to the listed company’s shareholders
15,513,465.07 103,615,262.08 -85.03%
before exceptional items (RMB)
Net cash generated from/used in operating activities (RMB) -36,745,428.28 145,916,523.77 -125.18%
Basic earnings per share (RMB/share) 0.09 0.12 -25.00%
Diluted earnings per share (RMB/share) 0.09 0.12 -25.00%
Weighted average return on equity (%) 0.96% 1.33% -0.37%
31 March 2021 31 December 2020 Change (%)
Total assets (RMB) 12,197,752,223.47 12,129,903,960.65 0.56%
Equity attributable to the listed company’s shareholders
7,774,522,551.24 7,687,577,590.72 1.13%
(RMB)
Exceptional gains and losses
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2021 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 59,394,526.45
Government subsidies charged to current profit or loss (exclusive of government subsidies given in the
Company’s ordinary course of business at fixed quotas or amounts as per the government’s uniform 12,470,516.19
standards)
Gain or loss on fair-value changes in held-for-trading financial assets and liabilities, as well as
derivative financial assets and liabilities & income from disposal of held-for-trading financial assets
-591,341.11
and liabilities, derivative financial assets and liabilities, as well as investments in other debt obligations
(exclusive of effective portion of hedges that arise in the Company’s ordinary course of business)
Non-operating income and expense other than the above -1,879,517.36
Less: Income tax effects 10,098,853.35
Non-controlling interests effects (net of tax) 277,945.49
Total 59,017,385.33 --
3
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or 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 for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021
1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders at Number of preferred shareholders with resumed voting rights at
57,260 0
the period-end the period-end (if any)
Top 10 shareholders
Shares in pledge or
Nature of Shareholdin Total shares Restricted
Name of shareholder frozen
shareholder g percentage held shares held
Status Shares
Domestic
Zibo Lucheng Textile Investment Co., Ltd. non-state-owned 16.36% 140,353,583 0
legal person
Tailun (Thailand) Textile Co., Ltd. Foreign legal person 13.78% 118,232,400 118,232,400
Central Huijin Assets Management Co., State-owned legal
2.37% 20,315,300
Ltd. person
Domestic
ICBC Credit Suisse Double Interest Bond
non-state-owned 1.28% 10,999,958
Securities Investment Fund
legal person
Domestic
National Social Security Fund Portfolio 413 non-state-owned 1.10% 9,480,051
legal person
Dajia Life Insurance Co. Ltd.-Universal
Other 0.86% 7,348,835
Products
Zhong Ou China Securities Asset
Other 0.61% 5,235,900
Management Plan
Dacheng China Securities Asset
Other 0.61% 5,235,900
Management Plan
Harvest China Securities Asset
Other 0.61% 5,235,900
Management Plan
GF China Securities Asset Management
Other 0.61% 5,235,900
Plan
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Lu Thai Textile Co., Ltd. First Quarterly Report 2021
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
d ordinary stock
RMB-denominate
Central Huijin Assets Management Co., Ltd. 20,315,300
d ordinary stock
ICBC Credit Suisse Double Interest Bond Securities RMB-denominate
10,999,958
Investment Fund d ordinary stock
RMB-denominate
National Social Security Fund Portfolio 413 9,480,051
d ordinary stock
RMB-denominate
Dajia Life Insurance Co. Ltd.-Universal Products 7,348,835
d ordinary stock
RMB-denominate
Zhong Ou China Securities Asset Management Plan 5,235,900
d ordinary stock
RMB-denominate
Dacheng China Securities Asset Management Plan 5,235,900
d ordinary stock
RMB-denominate
Harvest China Securities Asset Management Plan 5,235,900
d ordinary stock
RMB-denominate
GF China Securities Asset Management Plan 5,235,900
d ordinary stock
RMB-denominate
China China Securities Asset Management Plan 5,235,900
d 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 the
Related or acting-in-concert parties among 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 and the
Company is not able to confirm whether there is associated relationship or
concerted action among other shareholders.
Top 10 shareholders involved in securities margin
Naught
trading (if any)
Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the
Company conducted any promissory repo during the Reporting Period.
□ Yes √ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
Item 31 March 2021 31 December 2020 Change Reason for change
Prepayments 76,377,931.28 19,611,775.28 289.45% Increase in prepayments for cotton
Recognition of right-of-use assets
according to the new accounting
Right-of-use assets 49,059,102.53 - 100.00%
standard governing leases adopted in
the current period
Other non-current assets 164,333,330.32 95,434,040.18 72.20% Increase in prepayments for land
Recognition in the current period of
income from the relocation
Other current liabilities 68,221,106.95 192,574,674.68 -64.57%
compensation received in the last
period
Item Q1 2021 Q1 2020 Change Reason for change
Reclassification of transportation
Selling expense 22,876,675.00 43,045,212.94 -46.85% expense and port expense from selling
expense to costs of sales
Decrease in interest expense and
Finance costs 2,268,306.63 14,743,890.27 -84.62%
increase in interest income
Return on investment (“-” Transfer of held-for-trading financial
7,111,896.31 104,051,767.00 -93.17%
for loss) assets in the same period of last year
Reversal of recognized gains on
Gain on changes in fair changes in the fair value of
-10,376,010.56 -99,714,752.69 89.59%
value (“-” for loss) held-for-trading financial assets in the
same period of last year
Credit impairment loss Decrease in the balance of accounts
14,759,025.50 1,490,082.33 890.48%
(“-” for loss) receivable
Asset impairment loss
-6,272,617.88 -2,090,161.60 -200.10% Increase in inventory impairment loss
(“-” for loss)
Asset disposal income Recognition of relocation
59,394,526.45 -37,045.69 160427.76%
(“-” for loss) compensation
Non-operating expenses 2,288,330.70 1,540,546.20 48.54% Increase in donation expenditures
Net cash generated
Decrease in cash received from selling
from/used in operating -36,745,428.28 145,916,523.77 -125.18%
goods and rendering of services
activities
Net cash generated
Increase in cash received from
from/used in investing 16,210,324.93 -65,312,638.47 124.82%
disinvestments
activities
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Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Net cash generated
Increase in short- and long-term
from/used in financing 172,987,678.81 -17,426,491.61 1092.67%
borrowings
activities
Net increase in cash and Increase in net cash generated from
159,279,909.02 61,713,008.55 158.10%
cash equivalents financing activities
II Progress, Influence and Solutions with regard to Significant Events
√ Applicable □ Not applicable
1. On 9 April 2020, the Company issued 14 million A-share convertible corporate bonds (Luthai Convertible Bond
for short; Code: 127016) on the Shenzhen Stock Exchange, which were traded at the price of RMB100 and the
conversion price of RMB9.01 per share. The bonds were listed on SZSE on 13 May 2020. Due to the interest
distribution for the year 2019 on 9 July 2020, the conversion price of Luthai Convertible Bond was adjusted from
RMB9.01 per share to RMB8.91 per share. The conversion period of Luthai Convertible Bond started from 15
October 2020. From 1 January 2021 to the end of the first quarter in 2021, Luthai Convertible Bond saw a drop of
RMB14,700.00 in value and a decrease of 147 in number, which were converted to 1,646 shares. By the end of the
first quarter in 2021, the remaining value of the convertible bond reached RMB1,399,889,100.00 and the remaining
number was 13,998,891.
2. On 12 April 2021, the Company held the 22nd Meeting of the 9th Board of Directors and the 13th Meeting of the 9th
Supervisory Committee. The Restricted Stock Incentive Scheme (Draft) and Summary for 2021 and the
Management Measures of Luthai Textile Co., Ltd. for the Enforcement and Assessment of the Restricted Stock
Incentive Scheme for 2021 were reviewed and passed at those meetings and will be submitted to the 1st
Extraordinary General Meeting of 2021 for deliberation.
Overview of significant events Disclosure date Announcement index
Refer to Announcement of Lu Thai Textile Co., Ltd. on
Conversion of convertible bonds into
2 April 2021 Conversion of Convertible Bonds into Equity in Q1 2021
equity in Q1 2021
disclosed on 2 April 2021 on www.cninfo.com.cn for details.
Refer to the Restricted Stock Incentive Scheme (Draft) and
Restricted Stock Incentive Scheme for Summary for 2021 of Lu Thai Textile Co., Ltd. and relevant
13 April 2021
2021 put forward by the Company announcements disclosed on 13 April 2021 on
www.cninfo.com.cn for details.
Progress of any share repurchase:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
III Commitments that the Company’s Actual Controller, Shareholders, Related Parties,
Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the
Reporting Period
√ Applicable □ Not applicable
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Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Date of Term of
Fulfillme
Commitment Promisor Type of commitment Details of commitment commitment commitme
nt
making nt
Commitments made in
share reform
Commitments made in
acquisition documents
or shareholding
alteration documents
Commitments made in
time of asset
restructuring
1. It’s not allowed to interfere the
operation and management
activities of the Company
excessively, and to encroach the
interest of the Company. 2. From
the issuance date of this
commitment to the completion of
the implementation of the
Company's public offering of
A-share convertible corporate
bonds, if the CSRC makes other
new regulatory provisions on
remedial measures for returns and
Controllin Dilution of immediate the commitment, and the above
g return of public commitment fails to meet the 23 May
Commitments made in 23 May
shareholde issuance of A-share requirements of the CSRC, the 2019 to 8 Ongoing
IPO or refinancing 2019
r, actual convertible corporate company/I promise to issue April 2026
controller bonds supplementary commitment then in
accordance with the latest
regulations of CSRC. 3.
Commitment is made to fulfill the
Company's relevant remedial
measures for returns and any
commitment made herein by the
company/me. If the company/I
violate(s) such commitment and
cause(s) losses to the Company or
investors, the company / I will bear
the compensation responsibility to
the Company or investors in
accordance with the law.
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Lu Thai Textile Co., Ltd. First Quarterly Report 2021
1. Commitment is made not to
transfer benefits to other units or
individuals free of charge or under
unfair conditions, and no other ways
damaging the interests of the
Company will be taken. 2. I will
strictly abide by the budget
management of the Company, and
accept the strict supervision and
management of the Company to
avoid waste or excessive
consumption. Any position-related
consumption behaviors of myself
will occur within the scope
necessary for the performance of
my duties. 3. Commitment is made
not to use the Company's assets to
engage in investment and
consumption activities unrelated to
The the performance of duties. 4.
Dilution of immediate
directors Commitment is made that the
return of public 23 May
and senior remuneration system developed by 23 May
issuance of A-share 2019 to 8 Ongoing
manager the Board of Directors or the 2019
convertible corporate April 2026
of the Remuneration Committee is linked
bonds
Company to the implementation of the
Company's remedial measures for
returns. 5. Commitment is made that
the conditions for exercising the
Equity Incentive Plan to be issued
in the future will be linked to the
implementation of the Company's
remedial measures for returns. 6.
From the issuance date of this
commitment to the completion of
the implementation of the
Company's public offering of
A-share convertible corporate
bonds, if the CSRC makes other
new regulatory provisions on
remedial measures for returns and
the commitment, and the above
commitment fails to meet the
requirements of the CSRC, I
promise to issue supplementary
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Lu Thai Textile Co., Ltd. First Quarterly Report 2021
commitment then in accordance
with the latest regulations of CSRC.
7. Commitment is made to fulfill the
Company's relevant remedial
measures for returns and any
commitment made herein by me. If
I violate such commitment and
causes losses to the Company or
investors, I will bear the
compensation responsibility to the
Company or investors in accordance
with the law.
Commitments made in
stock option incentive
Other commitments
made to minority
shareholders
Fulfill on time or not Yes
IV Financial Investments
1. Securities Investments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
2. Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
Unit: RMB’0,000
Proporti
on of
ending
investm Actual
Relation Beginni Purchas Sold in Impairm
Related- Initial Ending ent gain/los
ship Type of ng ed in the the ent
Operato party investm Starting Ending investm amount s in the
with the derivativ investm Reporti Reporti provisio
r transacti ent date date ent in the Reporti
Compan e ent ng ng n (if
on amount amount Compan ng
y amount Period Period any)
y’s Period
ending
net
assets
Comme Non-rel No Forward 166,697 26 31 129,805 36,891. 18,053. 148,644 12.18% 471.6
10
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
rcial ated exchang .7 Novemb Decemb .79 91 28 .42
bank e er 2020 er 2021
settleme
nt
Comme Foreign 22 27
Non-rel 118,238. 56,088. 108,424
rcial No exchang October January 62,150 9,814.2 8.89% 3
ated 46 46 .26
bank e option 2020 2022
Forward
Comme exchang 14
Non-rel 13,081. 1 April 13,081.
rcial No e January 0 6,540.8 6,540.8 0.54% 14.91
ated 6 2021 6
bank transacti 2021
ons
298,017 191,955 106,061 34,408. 263,609
Total -- -- 21.61% 489.51
.76 .79 .97 28 .48
Funding source Self-funded
Legal matters involved (if
N/A
applicable)
Disclosure date of board of directors
announcement on approval of 30 April 2020
derivative investment (if any)
Disclosure date of general meeting of
shareholders announcement on
approval of derivative investment (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. The Company had a complete risk control system for sufficient analysis
and prevention of possible risks such as market risk, liquidity risk and credit risk, operation
risk and risk of laws and regulation.
Analysis of risks and control 1. Market risk: when the international and domestic economic situations change, the
measures associated with derivative corresponding changes in exchange rates and interest rates may have an adverse impact on
investments held in Reporting Period the financial derivatives transactions of the Company. Precautionary measures to be taken
(including but not limited to market include: the Company chooses risk-controlled financial derivative tools with simple structure
risk, liquidity risk, credit risk, and good liquidity to carry out the hedging business, strictly controls the scale of financial
operational risk, legal risk, etc.) derivatives trading by staged operations, and adjusts the strategy according to market
changes in a timely manner. 2. Liquidity risk and credit risk: a credit risk arising from failure
of the contractually due Company or counterparty in performing the contract due to liquidity
or factors other than liquidity. Precautionary measures to be taken include: the Company
determines the upper limit of derivatives transaction amounts according to production and
operation scale as well as foreign exchange income, and conducts operations by stage
according to the budget of future collections and disbursement. The derivative trades are free
11
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
of guarantee deposit and can still be guaranteed in performance after the contract expires by
means of extension and balance settlement etc. to prevent the Company from credit damages
due to lack of liquidity. The Company selects financial institutions with strong capability and
good reputation as a counterparty and signs standard derivative trading contracts to strictly
control credit risk of the counterparty.
3. Operation risk: The derivatives had high specialty and complexity, so imperfect internal
operation procedures, staffs and external events would make the Company to undertake risks
during the transaction. Risk control measures: The Company promulgated strict authorization
and approval system and perfect regulatory mechanism, fixed the operation procedures and
approval procedures system to conduct derivative products transaction, implemented strict
authorization and post checks and balances system, meanwhile, it improved the overall
quality of relevant personnel through strengthening the professional ethics education and
business training for them. Besides, it established the System of Reporting the Abnormal
Situation Timely so as to ensure to lower the operation risks to the maximum.
4. Risk of laws and regulation: The Company conducted derivatives products transaction in
strict accordance with relevant laws and rules, otherwise it was easy to cause compliant and
regulatory risks existing in the validity and feasibility of contract, commitments and other
legal documents signed. Risk control measures: The Company carefully studied and
mastered laws, regulations and policies relevant to derivative products transaction business,
tracked closely the relevant changes; the Company carried out financial derivative
instruments transactions with financial institutions with the legal qualifications, tremendous
strength and good reputation; and strengthened the compliant examination on derivative
products transaction business to avoid possible law risks. The Company conducted derivative
transaction business according to the relevant approval procedure, which was in line with
relevant laws, regulations, the Company’s Articles of Association, the Management Rules for
Securities Investment and Derivative Transaction of Lu Thai Textile Co., Ltd., and the
Proposal on the Plan of Lu Thai Textile Co., Ltd. for Derivative Transactions approved at the
13th Meeting of the 9th Board of Directors on 28 April 2020, and performed relevant
information disclosure responsibilities.
1. By 31 March 2021, the Company held 66 financial derivatives contracts that were not
expired, valued at USD409.5 million. Among them, there were 37 forward settlements worth
USD223 million, 28 foreign exchange option portfolios worth USD176.50 million and 1
Changes in market prices or fair
forward foreign exchange trading worth USD10 million.
value of derivative investments in
2. In the first quarter of 2021, a total of USD70 million financial derivatives matured, and
Reporting Period (fair value analysis
USD52 million were delivered with earnings of RMB4,895,100. USD18 million were
should include measurement method
extended. Among them, forward settlements worth USD45 million matured, and USD27
and related assumptions and
million were delivered with earnings of RMB4,716,000. USD18 million were extended; all
parameters)
of the USD15 million matured foreign exchange option portfolios were delivered with
earnings of RMB30,000; all of the forward foreign exchange trading worth USD10 million
matured and were delivered, with earnings of RMB149,100.
Major changes in accounting policies
and specific accounting principles No significant changes
adopted for derivative investments in
12
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Reporting Period compared to last
reporting period
The Company’s independent directors Zhou Zhiji, Pan Ailing, Wang Xinyu and Qu
Dongmei, concerning conducting derivatives business, have issued the following
professional advice: During the Reporting Period, the Company conducted derivatives
trading based on relevant laws and regulations, the Articles of Association, the Management
Opinion of independent directors on
Rules for Securities Investment and Derivative Transaction of Lu Thai Textile Co., Ltd. The
derivative investments and risk
trading conformed to the Plan for Derivative Transactions approved by the Board of
control
Directors, and the operations were legitimate and compliant. While the normal trading and
operations are guaranteed, the Company's derivatives trading funded with own funds helps to
avoid risks of renminbi exchange rate, improve the ability to hedge against exchange rate
volatility and will not damage the interests of the Company and all shareholders.
V Progress of Projects Financed with Raised Funds
□ Applicable √ Not applicable
VI Operating Performance Forecast for January-June 2021
Warning of a forecast loss on or a forecast significant year-on-year change in the accumulative net profit from the beginning of the
year to the end of the next reporting period, as well as explanation of why:
□ Applicable √ Not applicable
VII Significant Contracts Arising from the Company’s Ordinary Course of Business
□ Applicable √ Not applicable
VIII Cash Entrusted for Wealth Management
√ Applicable □ Not applicable
Unit: RMB’0,000
Unrecovered overdue
Type Funding source Amount Undue amount
amount
Bank’s wealth
Idle raised funds 60,254 27,500 0
management product
Bank’s wealth
Idle self-funded 52,143 17,697 0
management product
Total 112,397 45,197 0
High-risk wealth management transactions with a significant single amount, or with low security, low liquidity or no principal
protection:
√ Applicable □ Not applicable
13
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
RMB’0,000
Whether
Actual there is
Amount of
Typ recovery Amount wealth Overview of the
Method of Annual actual Whether
e of Estimate of profits withdrawn manageme item and the
Name of Type of the Resource Ended Use of payment yield for profits or go through
the Amount Initial date profit (if or losses impairmen nt related index for
the trustee trustee of funds Date fund determinat referenc losses in stator
prod any) in t provision entrustme inquiring (if
ion e Reporting procedures
uct Reporting (if any) nt plan in any)
Period
Period future or
not
One-off Refer to the
Prin repayment related
Agricultur cipal Bank of Recovery announcement
Raised 1 July 8 January
al Bank of Bank -prot 10,000 financial principal 3.50% 182.19 182.19 on 0 Yes Not yet (No.: 2020-051)
funds 2020 2021
China ecte products and schedule disclosed on
d interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
cipal 10 Bank of Recovery announcement
Qishang Raised 11 March
Bank -prot 2,754 December financial principal 3.50% 24.03 24.03 on 0 Yes Not yet (No.: 2020-051)
Bank funds 2021
ecte 2020 products and schedule disclosed on
d interests at Cninfo on 23
maturity May 2020
Prin One-off Refer to the
cipal 10 Bank repayment Recovery related
Qishang Raised 11 March
Bank -prot 5,000 December financial of 3.50% 43.63 43.63 on 0 Yes Not yet announcement
Bank funds 2021
ecte 2020 products principal schedule (No.: 2020-051)
d and disclosed on
14
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
Agricultur cipal 31 Bank of Recovery announcement
Raised 25 March
al Bank of Bank -prot 10,000 December financial principal 3.15% 72.49 72.49 on 0 Yes Not yet (No.: 2020-051)
funds 2021
China ecte 2020 products and schedule disclosed on
d interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
Agricultur cipal Bank of announcement
Raised 22 January 16 April
al Bank of Bank -prot 10,000 financial principal 3.30% 75.95 0- 0 Yes Not yet (No.: 2020-051)
funds 2021 2021
China ecte products and disclosed on
d interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
Agricultur cipal Bank of announcement
Raised 30 March 25 June
al Bank of Bank -prot 10,000 financial principal 3.70% 88.19 0- 0 Yes Not yet (No.: 2020-051)
funds 2021 2021
China ecte products and disclosed on
d interests at Cninfo on 23
maturity May 2020
Prin One-off Refer to the
Agricultur Bank
cipal Raised 30 March 25 June repayment related
al Bank of Bank 5,000 financial 3.70% 44.1 0- 0 Yes Not yet
-prot funds 2021 2021 of announcement
China products
ecte principal (No.: 2020-051)
15
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
d and disclosed on
interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
cipal Bank of announcement
Qishang Raised 19 March 22 June
Bank -prot 2,500 financial principal 3.70% 24.08 0- 0 Yes Not yet (No.: 2020-051)
Bank funds 2021 2021
ecte products and disclosed on
d interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
cipal 16 Bank of Recovery announcement
Qishang Raised 14 January
Bank -prot 5,000 October financial principal 3.50% 43.15 43.15 on 0 Yes Not yet (No.: 2020-051)
Bank funds 2021
ecte 2020 products and schedule disclosed on
d interests at Cninfo on 23
maturity May 2020
One-off Refer to the
Prin repayment related
cipal 16 Bank of Recovery announcement
Qishang Self-owne 14 January
Bank -prot 3,000 October financial principal 3.50% 25.89 25.89 on 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021
ecte 2020 products and schedule disclosed on
d interests at Cninfo on 14
maturity August 2020
Prin One-off Refer to the
4 Bank Recovery
Qishang cipal Self-owne 2 February repayment related
Bank 5,000 November financial 3.50% 43.15 43.15 on 0 Yes Not yet
Bank -prot d funds 2021 of announcement
2020 products schedule
ecte principal (No.: 2020-059)
16
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
d and disclosed on
interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal 11 Bank of Recovery announcement
Qishang Self-owne 9 February
Bank -prot 5,000 November financial principal 3.50% 43.15 43.15 on 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021
ecte 2020 products and schedule disclosed on
d interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal 10 Bank of Recovery announcement
Qishang Self-owne 11 March
Bank -prot 6,246 December financial principal 3.50% 54.5 54.5 on 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021
ecte 2020 products and schedule disclosed on
d interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal 10 Bank of Recovery announcement
Qishang Self-owne 20 January
Bank -prot 3,000 December financial principal 3.40% 11.18 11.18 on 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021
ecte 2020 products and schedule disclosed on
d interests at Cninfo on 14
maturity August 2020
Prin One-off Refer to the
China 18 Bank Recovery
cipal Self-owne 18 January repayment related
Everbright Bank 5,000 December financial 2.70% 11.25 11.25 on 0 Yes Not yet
-prot d funds 2021 of announcement
Bank 2020 products schedule
ecte principal (No.: 2020-059)
17
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
d and disclosed on
interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal Bank of announcement
Qishang Self-owne 9 February 18 May
Bank -prot 3,697 financial principal 3.50% 34.74 0- 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021 2021
ecte products and disclosed on
d interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal 24 Bank of announcement
Qishang Self-owne 29 June
Bank -prot 7,000 February financial principal 3.60% 86.3 0- 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021
ecte 2021 products and disclosed on
d interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal Bank of announcement
Qishang Self-owne 19 March 22 June
Bank -prot 5,000 financial principal 3.70% 48.15 0- 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021 2021
ecte products and disclosed on
d interests at Cninfo on 14
maturity August 2020
Prin One-off Refer to the
19 Bank Recovery
Qishang cipal Self-owne 7 January repayment related
Bank 2,600 February financial 3.40% 10.41 10.41 on 0 Yes Not yet
Bank -prot d funds 2021 of announcement
2021 products schedule
ecte principal (No.: 2020-059)
18
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
d and disclosed on
interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal Bank of Recovery announcement
Qishang Self-owne 27 January 3 March
Bank -prot 2,000 financial principal 3.40% 6.52 6.52 on 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021 2021
ecte products and schedule disclosed on
d interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal 24 Bank of Recovery announcement
Qishang Self-owne 31 March
Bank -prot 2,600 February financial principal 3.50% 8.73 8.73 on 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021
ecte 2021 products and schedule disclosed on
d interests at Cninfo on 14
maturity August 2020
One-off Refer to the
Prin repayment related
cipal Bank of announcement
Qishang Self-owne 11 March 15 June
Bank -prot 2,000 financial principal 3.60% 18.94 0- 0 Yes Not yet (No.: 2020-059)
Bank d funds 2021 2021
ecte products and disclosed on
d interests at Cninfo on 14
maturity August 2020
Total 112,397 -- -- -- -- -- -- 1,000.72 580.27 -- 0 -- -- --
19
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Wealth management transactions with possible impairments including an expectedly unrecoverable principal:
□ Applicable √ Not applicable
IX Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
20
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
XI Communications with the Investment Community such as Researches, Inquiries and
Interviews Received during the Reporting Period
√ Applicable □ Not applicable
Major
Way of Type of discussion
Communication Index to main information
Date Place communica communication content and
party communicated
tion party information
provided
Refer to the Record of
Basic
Investor Relations
Meeting room of Institutional information
31 March 2021 By phone Institution Activities disclosed on 1
the Company investors of the
April 2021 on
Company
www.cninfo.com.cn
21
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by Lu Thai Textile Co., Ltd.
31 March 2021
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 1,560,547,741.68 1,400,478,034.81
Held-for-trading financial assets 208,949,164.24 268,456,216.98
Derivative financial assets
Notes receivable 203,939,049.53 182,994,110.86
Accounts receivable 368,598,618.36 522,425,219.87
Accounts receivable financing 78,731,819.82 55,150,926.34
Prepayments 76,377,931.28 19,611,775.28
Other receivables 107,679,237.37 105,710,818.69
Including: Interest receivable
Dividends receivable 75,488,652.49 75,488,652.49
Financial assets purchased under
resale agreements
Inventories 2,053,531,101.15 1,988,968,681.64
Contract assets
Assets held for sale
Current portion of non-current assets 46,187,513.72 45,750,018.30
Other current assets 334,182,823.00 433,432,258.63
Total current assets 5,038,725,000.15 5,022,978,061.40
Non-current assets:
Investments in other debt obligations
Long-term receivables 41,494,018.13 41,053,183.15
Long-term equity investments 135,408,217.73 138,079,577.25
Investments in other equity
instruments
22
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Other non-current financial assets 156,915,620.25 156,915,620.25
Investment property 22,038,327.15 22,263,668.85
Fixed assets 5,584,734,999.90 5,661,592,991.66
Construction in progress 371,180,755.74 356,273,197.49
Right-of-use assets 49,059,102.53
Intangible assets 370,779,937.26 373,543,480.84
Development costs
Goodwill 20,563,803.29 20,563,803.29
Long-term prepaid expense 118,278,629.40 118,340,494.60
Deferred income tax assets 124,240,481.62 122,865,841.69
Other non-current assets 164,333,330.32 95,434,040.18
Total non-current assets 7,159,027,223.32 7,106,925,899.25
Total assets 12,197,752,223.47 12,129,903,960.65
Current liabilities:
Short-term borrowings 1,023,970,254.35 930,871,008.19
Held-for-trading financial liabilities 296,200.00
Derivative financial liabilities
Notes payable
Accounts payable 202,700,943.72 243,262,473.69
Advances from customers
Contract liabilities 119,653,948.93 141,339,705.62
Employee benefits payable 206,120,465.61 265,648,198.38
Taxes payable 30,036,015.83 36,468,978.77
Other payables 20,636,417.79 17,587,470.79
Including: Interest payable
Dividends payable 441,113.64 441,113.64
Liabilities directly associated with
assets held for sale
Current portion of non-current
31,235,200.20 43,149,400.13
liabilities
Other current liabilities 68,221,106.95 192,574,674.68
Total current liabilities 1,702,870,553.38 1,870,901,910.25
Non-current liabilities:
Insurance contract reserve
Long-term borrowings 593,875,950.40 495,520,342.78
23
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Bonds payable 1,362,080,523.74 1,350,171,526.97
Including: Preferred shares
Perpetual bonds
Lease liabilities 48,672,763.55
Long-term payables
Long-term employee benefits
62,137,656.00 62,137,656.00
payable
Provisions
Deferred income 172,234,790.57 173,862,983.31
Deferred income tax liabilities 83,207,811.39 85,633,161.44
Other non-current liabilities
Total non-current liabilities 2,322,209,495.65 2,167,325,670.50
Total liabilities 4,025,080,049.03 4,038,227,580.75
Owners’ equity:
Share capital 858,133,968.00 858,132,322.00
Other equity instruments 71,385,702.20 71,386,451.81
Including: Preferred shares
Perpetual bonds
Capital reserves 255,925,746.00 255,912,488.01
Less: Treasury stock
Other comprehensive income 13,708,878.63 1,308,922.89
Specific reserve
Surplus reserves 1,154,017,457.79 1,154,017,457.79
General reserve
Retained earnings 5,421,350,798.62 5,346,819,948.22
Total equity attributable to owners of
7,774,522,551.24 7,687,577,590.72
the Company as the parent
Non-controlling interests 398,149,623.20 404,098,789.18
Total owners’ equity 8,172,672,174.44 8,091,676,379.90
Total liabilities and owners’ equity 12,197,752,223.47 12,129,903,960.65
Legal representative: Liu Zibin The Company’s chief accountant: Zhang Hongmei
The Company’s financial manager: Zhang Keming
24
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
2. Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 March 2021 31 December 2020
Current assets:
Monetary assets 600,764,110.66 729,437,231.33
Held-for-trading financial assets 6,045,900.00 163,636,075.34
Derivative financial assets
Notes receivable 111,289,560.63 108,863,689.79
Accounts receivable 243,301,135.80 326,166,935.10
Accounts receivable financing 65,415,697.65 48,764,088.05
Prepayments 104,805,537.00 13,059,806.74
Other receivables 1,931,709,627.40 1,500,882,682.19
Including: Interest receivable
Dividends receivable 75,488,652.49 75,488,652.49
Inventories 1,152,449,069.10 1,097,438,610.46
Contract assets
Assets held for sale
Current portion of non-current assets 46,187,513.72 45,750,018.30
Other current assets 159,186,110.87 247,860,882.02
Total current assets 4,421,154,262.83 4,281,860,019.32
Non-current assets:
Investments in debt obligations
Investments in other debt obligations
Long-term receivables 41,494,018.13 41,053,183.15
Long-term equity investments 2,784,479,499.61 2,555,150,859.13
Investments in other equity
instruments
Other non-current financial assets 144,915,620.25 144,915,620.25
Investment property 29,395,483.93 29,734,239.22
Fixed assets 2,403,675,312.51 2,471,686,117.72
Construction in progress 48,896,170.47 48,694,822.74
Productive living assets
Oil and gas assets
Right-of-use assets 47,948,540.88
25
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Intangible assets 223,214,197.82 225,128,308.75
Development costs
Goodwill
Long-term prepaid expense 1,222,911.08 1,406,347.76
Deferred income tax assets 60,590,909.10 65,729,304.26
Other non-current assets 4,666,295.89 7,936,745.28
Total non-current assets 5,790,498,959.67 5,591,435,548.26
Total assets 10,211,653,222.50 9,873,295,567.58
Current liabilities:
Short-term borrowings 484,266,416.97 332,466,931.13
Held-for-trading financial liabilities
Derivative financial liabilities
Notes payable
Accounts payable 184,875,408.16 132,231,596.74
Advances from customers
Contract liabilities 54,115,445.91 56,841,289.66
Employee benefits payable 160,715,438.40 202,694,515.93
Taxes payable 18,220,213.31 21,896,035.49
Other payables 141,877,593.12 79,668,657.80
Including: Interest payable
Dividends payable 441,113.64 441,113.64
Liabilities directly associated with
assets held for sale
Current portion of non-current
5,633,346.46 4,000,000.00
liabilities
Other current liabilities 53,761,415.02 166,257,466.30
Total current liabilities 1,103,465,277.35 996,056,493.05
Non-current liabilities:
Long-term borrowings 593,875,950.40 495,520,342.78
Bonds payable 1,362,080,523.74 1,350,171,526.97
Including: Preferred shares
Perpetual bonds
Lease liabilities 47,084,419.20
Long-term payables
Long-term employee benefits 62,137,656.00 62,137,656.00
26
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
payable
Provisions
Deferred income 130,487,086.87 131,546,549.87
Deferred income tax liabilities 57,612,402.72 58,927,115.71
Other non-current liabilities
Total non-current liabilities 2,253,278,038.93 2,098,303,191.33
Total liabilities 3,356,743,316.28 3,094,359,684.38
Owners’ equity:
Share capital 858,133,968.00 858,132,322.00
Other equity instruments 71,385,702.20 71,386,451.81
Including: Preferred shares
Perpetual bonds
Capital reserves 317,305,780.24 317,292,522.25
Less: Treasury stock
Other comprehensive income -424,313.33 -424,313.33
Specific reserve
Surplus reserves 1,150,908,718.15 1,150,908,718.15
Retained earnings 4,457,600,050.96 4,381,640,182.32
Total owners’ equity 6,854,909,906.22 6,778,935,883.20
Total liabilities and owners’ equity 10,211,653,222.50 9,873,295,567.58
3. Consolidated Income Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Revenue 993,485,161.79 1,252,428,965.20
Including: Operating revenue 993,485,161.79 1,252,428,965.20
2. Costs and expenses 985,587,009.24 1,134,449,068.31
Including: Cost of sales 815,351,239.75 909,936,744.88
Taxes and surcharges 13,245,938.39 18,233,112.02
Selling expense 22,876,675.00 43,045,212.94
Administrative expense 70,211,600.57 85,578,691.89
R&D expense 61,633,248.90 62,911,416.31
Finance costs 2,268,306.63 14,743,890.27
Including: Interest expense 12,971,587.55 18,671,711.46
27
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Interest income 7,867,810.79 4,314,960.98
Add: Other income 12,470,516.19 9,740,763.66
Return on investment (“-” for loss) 7,111,896.31 104,051,767.00
Including: Share of profit or loss of joint ventures and
-2,671,359.52 -5,524,629.57
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) -10,376,010.56 -99,714,752.69
Credit impairment loss (“-” for loss) 14,759,025.50 1,490,082.33
Asset impairment loss (“-” for loss) -6,272,617.88 -2,090,161.60
Asset disposal income (“-” for loss) 59,394,526.45 -37,045.69
3. Operating profit (“-” for loss) 84,985,488.56 131,420,549.90
Add: Non-operating income 408,813.34 525,956.20
Less: Non-operating expense 2,288,330.70 1,540,546.20
4. Profit before tax (“-” for loss) 83,105,971.20 130,405,959.90
Less: Income tax expense 14,524,286.78 23,719,400.54
5. Net profit (“-” for net loss) 68,581,684.42 106,686,559.36
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net
68,581,684.42 106,686,559.36
loss)
5.1.2 Net profit from discontinued operations (“-” for net
loss)
5.2 By ownership
5.2.1 Net profit attributable to shareholders of the Company
74,530,850.40 103,518,808.50
as the parent
5.2.2 Net profit attributable to non-controlling interests -5,949,165.98 3,167,750.86
6. Other comprehensive income, net of tax 12,399,955.74 22,343,190.91
Attributable to owners of the Company as the parent 12,399,955.74 22,343,190.91
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
28
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
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 12,399,955.74 22,343,190.91
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 investments in other
debt obligations
6.2.3 Other comprehensive income arising from the
reclassification of financial assets
6.2.4 Credit impairment allowance for investments in
other debt obligations
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign
12,399,955.74 22,343,190.91
currency-denominated financial statements
6.2.7 Other
Attributable to non-controlling interests
7. Total comprehensive income 80,981,640.16 129,029,750.27
Attributable to owners of the Company as the parent 86,930,806.14 125,861,999.41
Attributable to non-controlling interests -5,949,165.98 3,167,750.86
8. Earnings per share
8.1 Basic earnings per share 0.09 0.12
8.2 Diluted earnings per share 0.09 0.12
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
4. Income Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Operating revenue 696,922,010.49 848,590,550.08
Less: Cost of sales 563,691,314.04 660,832,545.74
Taxes and surcharges 8,914,255.65 12,344,378.23
29
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Selling expense 16,130,283.27 24,177,042.05
Administrative expense 45,347,205.12 56,584,771.31
R&D expense 43,606,004.99 41,396,325.31
Finance costs -3,064,923.03 -1,334,505.55
Including: Interest expense 6,503,245.70 1,520,513.18
Interest income 5,778,636.94 844,209.61
Add: Other income 7,347,296.48 8,032,757.34
Return on investment (“-” for loss) 3,807,861.60 100,681,817.00
Including: Share of profit or loss of joint ventures and
-2,671,359.52 -5,524,629.57
associates
Income from the derecognition of financial
assets at amortized cost (“-” for loss)
Net gain on exposure hedges (“-” for loss)
Gain on changes in fair value (“-” for loss) -7,590,175.34 -99,714,752.69
Credit impairment loss (“-” for loss) 12,012,001.12 -1,879,269.56
Asset impairment loss (“-” for loss) -3,411,935.03
Asset disposal income (“-” for loss) 59,391,874.67 -67,926.34
2. Operating profit (“-” for loss) 93,854,793.95 61,642,618.74
Add: Non-operating income 370,824.18 480,033.81
Less: Non-operating expense 2,010,965.71 1,260,294.11
3. Profit before tax (“-” for loss) 92,214,652.42 60,862,358.44
Less: Income tax expense 16,254,783.78 11,950,855.86
4. Net profit (“-” for net loss) 75,959,868.64 48,911,502.58
4.1 Net profit from continuing operations (“-” for net loss) 75,959,868.64 48,911,502.58
4.2 Net profit from discontinued operations (“-” for net loss)
5. Other comprehensive income, net of tax
5.1 Items that will not be reclassified to profit or loss
5.1.1 Changes caused by remeasurements on defined benefit
schemes
5.1.2 Other comprehensive income that will not be reclassified
to profit or loss under the equity method
5.1.3 Changes in the fair value of investments in other equity
instruments
5.1.4 Changes in the fair value arising from changes in own
credit risk
5.1.5 Other
30
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
5.2 Items that will be reclassified to profit or loss
5.2.1 Other comprehensive income that will be reclassified to
profit or loss under the equity method
5.2.2 Changes in the fair value of investments in other debt
obligations
5.2.3 Other comprehensive income arising from the
reclassification of financial assets
5.2.4 Credit impairment allowance for investments in other
debt obligations
5.2.5 Reserve for cash flow hedges
5.2.6 Differences arising from the translation of foreign
currency-denominated financial statements
5.2.7 Other
6. Total comprehensive income 75,959,868.64 48,911,502.58
7. Earnings per share
7.1 Basic earnings per share 0.09 0.06
7.2 Diluted earnings per share 0.10 0.06
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 997,750,757.76 1,336,068,394.46
Net increase in customer deposits and interbank deposits
Net increase in borrowings from the central bank
Net increase in loans from other financial institutions
Premiums received on original insurance contracts
Net proceeds from reinsurance
Net increase in deposits and investments of policy holders
Interest, handling charges and commissions received
Net increase in interbank loans obtained
Net increase in proceeds from repurchase transactions
Net proceeds from acting trading of securities
Tax rebates 11,490,245.21 33,311,001.17
Cash generated from other operating activities 13,616,137.98 16,482,395.80
31
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Subtotal of cash generated from operating activities 1,022,857,140.95 1,385,861,791.43
Payments for commodities and services 583,308,258.22 633,557,770.07
Net increase in loans and advances to customers
Net increase in deposits in the central bank and in interbank loans
granted
Payments for claims on original insurance contracts
Net increase in interbank loans granted
Interest, handling charges and commissions paid
Policy dividends paid
Cash paid to and for employees 389,050,366.67 492,433,253.48
Taxes paid 35,216,278.07 50,812,902.16
Cash used in other operating activities 52,027,666.27 63,141,341.95
Subtotal of cash used in operating activities 1,059,602,569.23 1,239,945,267.66
Net cash generated from/used in operating activities -36,745,428.28 145,916,523.77
2. Cash flows from investing activities:
Proceeds from disinvestment 672,000,000.00 50,090,523.24
Return on investment 5,802,806.85 101,675,246.57
Net proceeds from the disposal of fixed assets, intangible assets
420,900.00 2,647,520.00
and other long-lived assets
Net proceeds from the disposal of subsidiaries and other business
units
Cash generated from other investing activities 12,538,101.84 35,077,977.28
Subtotal of cash generated from investing activities 690,761,808.69 189,491,267.09
Payments for the acquisition of fixed assets, intangible assets and
149,203,426.43 204,045,508.07
other long-lived assets
Payments for investments 523,970,000.00 50,215,000.00
Net increase in pledged loans granted
Net payments for the acquisition of subsidiaries and other business
units
Cash used in other investing activities 1,378,057.33 543,397.49
Subtotal of cash used in investing activities 674,551,483.76 254,803,905.56
Net cash generated from/used in investing activities 16,210,324.93 -65,312,638.47
3. Cash flows from financing activities:
Capital contributions received
Including: Capital contributions by non-controlling interests to
subsidiaries
32
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Borrowings raised 443,069,396.92 514,393,931.75
Cash generated from other financing activities 174,000,000.00
Subtotal of cash generated from financing activities 443,069,396.92 688,393,931.75
Repayment of borrowings 261,626,057.07 562,075,997.53
Interest and dividends paid 8,455,661.04 13,744,425.83
Including: Dividends paid by subsidiaries to non-controlling
interests
Cash used in other financing activities 130,000,000.00
Subtotal of cash used in financing activities 270,081,718.11 705,820,423.36
Net cash generated from/used in financing activities 172,987,678.81 -17,426,491.61
4. Effect of foreign exchange rates changes on cash and cash
6,827,333.56 -1,464,385.14
equivalents
5. Net increase in cash and cash equivalents 159,279,909.02 61,713,008.55
Add: Cash and cash equivalents, beginning of the period 1,396,530,407.47 878,559,018.92
6. Cash and cash equivalents, end of the period 1,555,810,316.49 940,272,027.47
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2021 Q1 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 723,992,763.48 873,552,898.00
Tax rebates 1,876,737.81 22,993,582.19
Cash generated from other operating activities 11,238,910.59 7,321,908.78
Subtotal of cash generated from operating activities 737,108,411.88 903,868,388.97
Payments for commodities and services 452,741,337.91 508,037,912.99
Cash paid to and for employees 243,187,954.45 307,956,559.69
Taxes paid 22,980,861.06 21,316,789.59
Cash used in other operating activities 30,677,916.96 33,964,054.78
Subtotal of cash used in operating activities 749,588,070.38 871,275,317.05
Net cash generated from/used in operating activities -12,479,658.50 32,593,071.92
2. Cash flows from investing activities:
Proceeds from disinvestment 392,460,000.00 50,090,523.24
Return on investment 4,032,870.14 101,675,246.57
Net proceeds from the disposal of fixed assets, intangible assets
420,900.00 298,847.38
and other long-lived assets
33
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Net proceeds from the disposal of subsidiaries and other business
units
Cash generated from other investing activities 121,823,568.23 214,014,454.30
Subtotal of cash generated from investing activities 518,737,338.37 366,079,071.49
Payments for the acquisition of fixed assets, intangible assets and
20,211,577.70 16,517,130.57
other long-lived assets
Payments for investments 388,970,000.00 52,615,000.00
Net payments for the acquisition of subsidiaries and other business
units
Cash used in other investing activities 525,315,318.44 248,481,770.00
Subtotal of cash used in investing activities 934,496,896.14 317,613,900.57
Net cash generated from/used in investing activities -415,759,557.77 48,465,170.92
3. Cash flows from financing activities:
Capital contributions received
Borrowings raised 264,478,566.71 40,415,148.91
Cash generated from other financing activities 58,215,720.00 58,280,000.00
Subtotal of cash generated from financing activities 322,694,286.71 98,695,148.91
Repayment of borrowings 18,599,340.70 43,913,708.07
Interest and dividends paid 5,707,658.19 4,331,120.89
Cash used in other financing activities 135,072,100.00
Subtotal of cash used in financing activities 24,306,998.89 183,316,928.96
Net cash generated from/used in financing activities 298,387,287.82 -84,621,780.05
4. Effect of foreign exchange rates changes on cash and cash
56,243.18 389,348.20
equivalents
5. Net increase in cash and cash equivalents -129,795,685.27 -3,174,189.01
Add: Cash and cash equivalents, beginning of the period 728,346,695.28 259,320,863.08
6. Cash and cash equivalents, end of the period 598,551,010.01 256,146,674.07
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases since 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust the items in balance sheet at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
34
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 1,400,478,034.81 1,400,478,034.81
Held-for-trading financial assets 268,456,216.98 268,456,216.98
Notes receivable 182,994,110.86 182,994,110.86
Accounts receivable 522,425,219.87 522,425,219.87
Receivables financing 55,150,926.34 55,150,926.34
Prepayments 19,611,775.28 19,611,775.28
Other receivables 105,710,818.69 105,710,818.69
Including: Dividends receivable 75,488,652.49 75,488,652.49
Inventories 1,988,968,681.64 1,988,968,681.64
Current portion of non-current assets 45,750,018.30 45,750,018.30
Other current assets 433,432,258.63 433,432,258.63
Total current assets 5,022,978,061.40 5,022,978,061.40
Non-current assets:
Long-term receivables 41,053,183.15 41,053,183.15
Long-term equity investments 138,079,577.25 138,079,577.25
Other non-current financial assets 156,915,620.25 156,915,620.25
Investment property 22,263,668.85 22,263,668.85
Fixed assets 5,661,592,991.66 5,661,592,991.66
Construction in progress 356,273,197.49 356,273,197.49
Right-of-use assets 6,892,432.21 6,892,432.21
Intangible assets 373,543,480.84 373,543,480.84
Goodwill 20,563,803.29 20,563,803.29
Long-term prepaid expense 118,340,494.60 118,340,494.60
Deferred income tax assets 122,865,841.69 122,865,841.69
Other non-current assets 95,434,040.18 95,434,040.18
Total non-current assets 7,106,925,899.25 7,113,818,331.46 6,892,432.21
Total assets 12,129,903,960.65 12,136,796,392.86 6,892,432.21
Current liabilities:
Short-term borrowings 930,871,008.19 930,871,008.19
Accounts payable 243,262,473.69 243,262,473.69
Contract liabilities 141,339,705.62 141,339,705.62
35
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Employee benefits payable 265,648,198.38 265,648,198.38
Taxes and levies payable 36,468,978.77 36,468,978.77
Other payables 17,587,470.79 17,587,470.79
Including: Dividends payable 441,113.64 441,113.64
Current portion of non-current liabilities 43,149,400.13 43,599,400.13 450,000.00
Other current liabilities 192,574,674.68 192,574,674.68
Total current liabilities 1,870,901,910.25 1,871,351,910.25 450,000.00
Non-current liabilities:
Long-term borrowings 495,520,342.78 495,520,342.78
Bonds payable 1,350,171,526.97 1,350,171,526.97
Lease liabilities 6,442,432.21 6,442,432.21
Long-term payroll payable 62,137,656.00 62,137,656.00
Deferred income 173,862,983.31 173,862,983.31
Deferred income tax liabilities 85,633,161.44 85,633,161.44
Total non-current liabilities 2,167,325,670.50 2,173,768,102.71 6,442,432.21
Total liabilities 4,038,227,580.75 4,045,120,012.96 6,892,432.21
Owners’ equity:
Share capital 858,132,322.00 858,132,322.00
Other equity instruments 71,386,451.81 71,386,451.81
Capital reserves 255,912,488.01 255,912,488.01
Other comprehensive income 1,308,922.89 1,308,922.89
Surplus reserves 1,154,017,457.79 1,154,017,457.79
Retained earnings 5,346,819,948.22 5,346,819,948.22
Total equity attributable to owners of the
7,687,577,590.72 7,687,577,590.72
Company as the parent
Non-controlling interests 404,098,789.18 404,098,789.18
Total owners’ equity 8,091,676,379.90 8,091,676,379.90
Total liabilities and owners’ equity 12,129,903,960.65 12,136,796,392.86 6,892,432.21
Note for adjustment:
Balance Sheet of the Company as the Parent
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 729,437,231.33 729,437,231.33
Held-for-trading financial assets 163,636,075.34 163,636,075.34
36
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Notes receivable 108,863,689.79 108,863,689.79
Accounts receivable 326,166,935.10 326,166,935.10
Receivables financing 48,764,088.05 48,764,088.05
Prepayments 13,059,806.74 13,059,806.74
Other receivables 1,500,882,682.19 1,500,882,682.19
Including: Dividends receivable 75,488,652.49 75,488,652.49
Inventories 1,097,438,610.46 1,097,438,610.46
Current portion of non-current assets 45,750,018.30 45,750,018.30
Other current assets 247,860,882.02 247,860,882.02
Total current assets 4,281,860,019.32 4,281,860,019.32
Non-current assets:
Long-term receivables 41,053,183.15 41,053,183.15
Long-term equity investments 2,555,150,859.13 2,555,150,859.13
Other non-current financial assets 144,915,620.25 144,915,620.25
Investment property 29,734,239.22 29,734,239.22
Fixed assets 2,471,686,117.72 2,471,686,117.72
Construction in progress 48,694,822.74 48,694,822.74
Right-of-use assets 7,709,598.61 7,709,598.61
Intangible assets 225,128,308.75 225,128,308.75
Long-term prepaid expense 1,406,347.76 1,406,347.76
Deferred income tax assets 65,729,304.26 65,729,304.26
Other non-current assets 7,936,745.28 7,936,745.28
Total non-current assets 5,591,435,548.26 5,599,145,146.87 7,709,598.61
Total assets 9,873,295,567.58 9,881,005,166.19 7,709,598.61
Current liabilities:
Short-term borrowings 332,466,931.13 332,466,931.13
Accounts payable 132,231,596.74 132,231,596.74
Contract liabilities 56,841,289.66 56,841,289.66
Employee benefits payable 202,694,515.93 202,694,515.93
Taxes payable 21,896,035.49 21,896,035.49
Other payables 79,668,657.80 79,668,657.80
Including: Dividends payable 441,113.64 441,113.64
Current portion of non-current liabilities 4,000,000.00 5,139,062.02 1,139,062.02
Other current liabilities 166,257,466.30 166,257,466.30
37
Lu Thai Textile Co., Ltd. First Quarterly Report 2021
Total current liabilities 996,056,493.05 997,195,555.07 1,139,062.02
Non-current liabilities:
Long-term borrowings 495,520,342.78 495,520,342.78
Bonds payable 1,350,171,526.97 1,350,171,526.97
Lease liabilities 6,570,536.59 6,570,536.59
Long-term employee benefits payable 62,137,656.00 62,137,656.00
Deferred income 131,546,549.87 131,546,549.87
Deferred income tax liabilities 58,927,115.71 58,927,115.71
Total non-current liabilities 2,098,303,191.33 2,104,873,727.92 6,570,536.59
Total liabilities 3,094,359,684.38 3,102,069,282.99 7,709,598.61
Owners’ equity:
Share capital 858,132,322.00 858,132,322.00
Other equity instruments 71,386,451.81 71,386,451.81
Capital reserves 317,292,522.25 317,292,522.25
Other comprehensive income -424,313.33 -424,313.33
Surplus reserves 1,150,908,718.15 1,150,908,718.15
Retained earnings 4,381,640,182.32 4,381,640,182.32
Total owners’ equity 6,778,935,883.20 6,778,935,883.20
Total liabilities and owners’ equity 9,873,295,567.58 9,881,005,166.19 7,709,598.61
Note for adjustment:
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases since 2021
□ 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.
Chairman of the Board: Liu Zibin
Lu Thai Textile Co., Ltd.
30 April 2021
38