LU THAI TEXTILE CO., LTD.
ANNUALREPORT 2022
April 2023
ANNUALREPORT 2022
Part I Important Notes, Table of Contents and Definitions
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.
Liu Zibin, the Company’s legal representative, and Zhang Keming, head of accounting affairs
and head of the accounting department (equivalent to accounting manager) hereby guarantee
that the Financial Statements carried in this Report are factual, accurate and complete.
All the Company’s directors have attended the Board meeting for the review of this Report
and its summary.
The Company has described in detail in this Report the possible risks. Please refer to the
contents about the major risks and countermeasures in “Prospects” in “Part III Management
Discussion and Analysis” of this Report. Securities Times, Shanghai Securities News, China
Securities Journal, Ta Kung Pao (HK) and www.cninfo.com.cn have been designated by the
Company for its information disclosure in 2023. And all information about the Company shall
be subject to what’s disclosed by the Company on the aforesaid media. Investors are kindly
reminded to exercise caution when making investment decisions.
The Company is subject to the disclosure requirements for listed companies engaging in
textile and apparel as stated in Guideline No. 3 of the Shenzhen Stock Exchange for Self-
regulation of Listed Companies—Industry-specific Information Disclosure.
In 2022, the Russo-Ukrainian conflict, the intensified inflation in Europe and the US, and
other severe and complex international situations led to a slowdown in global economic
growth, as the declines in demand resulted in increased downward pressure. Likewise, the
growth rate of the textile industry also showed a quarter-by-quarter decelerating trend. In the
face of the complex and changeable political and economic status of the world, the domestic
textile industry has overcome a variety of risks and shocks, as most of the operating indexes
have only dropped slightly year-on-year, and the total export volume hits a record high. From
the global perspective, the impact of inflation, geopolitical conflicts, trade frictions and other
factors that resulted in the global economic downturn has not diminished. There are still
many uncertainties in the international environment and domestic and foreign markets. As
the downward trend of the global economy may persist, the export trade regarding the
domestic textile industry is under great pressure. However, the domestic levels of processing,
manufacturing and equipment in fibres and raw materials, spinning and weaving, and
clothing and home textiles are mostly internationally advanced. In the context of the
upgrading of domestic demand, textile and clothing enterprises with core competitiveness are
equipped with relatively good development resilience and anti-risk capacity. In the future, the
integration between the textile industry and new fields will be accelerated, and more
opportunities for low-carbon and green development will appear. For details, please refer to Part
III Management Discussion and Analysis.
The Board has approved a final dividend plan as follows: based on 887,633,151 shares, a cash
dividend of RMB1 (tax inclusive) per 10 shares is to be distributed to the shareholders, with
no bonus issue from either profit or capital reserves.
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.
Table of Contents
Part I Important Notes, Table of Contents and Definitions...... 2
Part II Corporate Information and Key Financial Information...... 7
Part III Management Discussion andAnalysis......11
Part IV Corporate Governance ...... 37
Part V Environmental and Social Responsibility...... 62
Part VI Significant Events...... 66
Part VII Share Changes and Shareholder Information ...... 76
Part VIII Preferred Shares...... 88
Part IX Bonds...... 89
Part X Financial Statements ...... 93
DocumentsAvailable for Reference
1. The financial statements signed and stamped by the Company’s legal representative, Chief Accountant and
Financial Manager;
2. The original Independent Auditor’s Report stamped by the CPA firm, as well as signed and stamped by the
relevant certified public accountants; and
3. The originals of all the Company’s announcements and documents disclosed to the public during the Reporting
Period on Securities Times, Shanghai Securities News, Chin
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