2024-03-27-深交所-深纺织Ｂ_2023年年度报告（英文版）_231页_1mb

报告摘要

Summary of Shenzhen Textile (Holdings) Co., Ltd. 2023 Annual Report

Core Content

Shenzhen Textile (Holdings) Co., Ltd. (STHC), listed on the Shenzhen Stock Exchange under stock codes 000045 and 200045, published its 2023 Annual Report in March 2024. The report includes important notices, company profile, financial highlights, management discussion, and other relevant sections.

The company guarantees the accuracy and completeness of the report and confirms the authenticity of the financial data. The financial report is prepared in both Chinese and English, with the Chinese version taking precedence in case of discrepancies.

Main Financial Highlights

Financial Data (in RMB)

Item	2023 (Yuan)	2022 (Yuan)	Change over last year (%)	2021 (Yuan)
Operating Income	3,079,678,375.45	2,837,988,264.36	8.52%	2,330,061,681.00
Net Profit (attributable to shareholders)	79,268,250.45	73,309,182.94	8.13%	55,733,468.82
Net Profit (after non-recurring gains/losses)	62,328,667.73	61,951,894.68	0.61%	41,288,192.98
Net Cash Flow from Operations	184,766,739.80	490,238,550.60	-62.31%	-4,436,980.35
Basic Earnings Per Share	0.16	0.14	14.29%	0.11
Weighted Average ROE	2.77%	2.59%	0.18%	2.00%
Gross Assets	5,649,822,363.44	5,617,137,367.90	0.58%	5,563,539,326.16
Net Assets (attributable to shareholders)	2,882,152,266.22	2,849,264,555.21	1.15%	2,811,366,974.46

Non-Current Gains and Losses (in RMB)

Item	2023	2022	2021
Non-current asset disposal gain/loss	1.72	31,264.60	-961,982.35
Government subsidies (excluding related to business)	19,927,836.02	11,048,569.36	7,747,114.25
Fair value gains/losses (excluding effective hedging)	2,151,780.82	-	-
Reverse of impairment provision for accounts receivable	15,031,480.15	-	989,313.04
Net non-operating income/expense (excluding above)	-6,755,922.25	7,516,025.10	19,964,046.87
Total	16,939,582.72	11,357,288.26	14,445,275.84

The report notes that the lower of net profit before and after non-recurring gains/losses in the last three fiscal years is negative, and the previous year's auditor's report indicated uncertainty regarding the company's going concern ability.

Key Business and Market Information

Main Business

The company primarily engages in the R&D, production, and sales of LCD polarizers, along with property management and high-end textile and garment businesses. The business structure has remained largely unchanged during the reporting period.

Main Products and Their Applications

The company operates 7 mass production lines for polarizers, covering a wide range of applications including TN, STN, TFT, OLED, 3D, dye sheets, and touch screen optical films. These are used in products such as TVs, laptops, smartphones, wearable devices, and 3D glasses.

Production Lines

Line	Location	Product Breadth	Planned Capacity	Main Project
Line 1	Pingshan	500mm	600,000 m²	TN/STN/Dye sheet
Line 2	Pingshan	500mm	1.2 million m²	TN/STN/CSTN
Line 3	Pingshan	650mm	1 million m²	TFT
Line 4	Pingshan	1490mm	6 million m²	TFT/OLED
Line 5	Pingshan	650mm	2 million m²	TFT/OLED
Line 6	Pingshan	1490mm	10 million m²	TFT/OLED
Line 7	Pingshan	2500mm	32 million m²	TFT/OLED

Business Model

The company has transitioned from a traditional R&D, production, and sales model to a customer-centric, joint R&D, and comprehensive service model. This approach focuses on understanding customer needs, reducing production and transportation costs, and creating value through innovation and efficiency.

Market Position

STHC is one of the leading domestic manufacturers of polarization films, with a long history in the industry dating back to 1995. It has achieved mass production of the first polarization film in China in 1998 and has since become a key supplier to major panel companies such as BOE, Sharp, LGD, and Shenzhen Tianma. The company has also developed core technologies for various types of polarization films and has achieved mass production of OLED TV and mobile phone polarizers, addressing domestic shortages.

Core Competitiveness

(I) Technology Advantages

SAPO Photoelectric, a subsidiary, is the first domestic high-tech company to engage in the R&D and production of polarizers.
The company has a strong R&D team and has developed a complete set of proprietary technologies.
As of the end of the reporting period, SAPO Photoelectric has obtained 104 patent authorizations, including 18 invention patents and 82 utility model patents.
The company has three innovation platforms: Guangdong Engineering Technology Research Center, Shenzhen Polarizing Materials and Technology Engineering Laboratory, and Shenzhen Enterprise Technology Center.
The company has developed a national patent for "A Polarizer for Improving the Contrast of OLED Display" in 2023, which solved key industry technical challenges and has significant commercial value.

(II) Talent Advantages

The company emphasizes independent innovation and has established a robust R&D management system.
It maintains a team of senior technicians with strong technical capabilities and international vision.
It continues to build and strengthen its talent team through training, recruitment, and internal exchanges.
The company has launched several innovative products, including ultra-large size TV polarizers and OLED TV/mobile phone polarizers.

Risks and Challenges

The company faces several risks, including macroeconomic risks, market competition, technological challenges, and raw material cost fluctuations. These risks are detailed in Section XI of the report, "Risks Facing the Company and Countermeasures."

Conclusion

The 2023 Annual Report highlights the company's continued development in the polarizer industry, its strong technological foundation, and its competitive position in the market. Despite facing challenges, the company remains a key player in the global display industry, with a focus on innovation and efficiency.

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