2016-04-26-深交所-鲁_泰Ｂ_2016年第一季度报告正文（英文版）_13页_261kb

报告摘要

Lu Thai Textile Co., Ltd. Q1 2016 Report Summary

Core Content Overview

This report provides a comprehensive overview of Lu Thai Textile Co., Ltd.'s financial performance, shareholder structure, significant events, and risk management practices for the first quarter of 2016. It includes detailed financial data, changes in accounting items, commitments, and information on securities and financial derivative investments.

Main Financial Results

Financial Performance

Operating Revenues: RMB 1,282,806,624.05 for Q1 2016, down by 10.20% compared to Q1 2015.
Net Profit Attributable to Shareholders: RMB 150,268,522.21 for Q1 2016, down by 1.60% from Q1 2015.
Net Profit After Deducting Exceptional Profit and Loss: RMB 137,542,633.98 for Q1 2016, up by 4.25% from Q1 2015.
Net Operating Cash Flow: RMB 183,258,282.60 for Q1 2016, up significantly from the negative RMB -97,329,127.52 in Q1 2015.
Basic and Diluted Earnings per Share: Both remained at 0.16 RMB/share, indicating no change.
Weighted Average Return on Equity: 2.15% for Q1 2016, down by 0.14% from 2.29% in Q1 2015.

Changes in Financial Items

Notes Receivable: RMB 87,564,218.01 as of 31 March 2016, down by 34.23%, mainly due to letters of credit becoming due.
Interest Receivable: RMB 0.00 as of 31 March 2016, down by 100.00%, due to interest collected on savings.
Other Accounts Receivable: RMB 44,055,162.39, down by 37.79%, due to export rebates received.
Engineering Materials: RMB 19,909,444.99, up by 215.03%, due to increased equipment to be installed.
Other Non-Current Assets: RMB 47,372,488.77, up by 37.30%, due to increased prepayments for equipment.
Financial Liabilities at Fair Value: RMB 19,928,030.00, down by 57.32%, due to liabilities becoming due and reduced fair value changes.
Payroll Payable: RMB 181,404,630.78, down by 37.72%, due to payment of year-end bonuses.
Interest Payable: RMB 988,920.36, down by 46.60%, due to decreased interest payable.
Treasury Shares: RMB 131,096,061.14, up by 1029.09%, due to increased share repurchases.
Asset Impairment Loss: RMB -870,101.65, down by 175.08%, due to decreased accounts receivable.
Profit on Fair Value Changes: RMB 21,750,839.63, up by 281.23%, mainly from fair value changes in financial liabilities.
Investment Profit: RMB -17,050,096.30, down by 225.14%, due to increased losses from financial derivative investments.
Non-Operating Income: RMB 8,337,965.06, up by 73.10%, due to increased governmental subsidies.

Shareholder Structure

Total Common Shareholders: 69,043 at the end of Q1 2016.
Top Ten Shareholders:
- Zibo Lucheng Textile Investment Co., Ltd.: 14.69% shareholding (140,353,583 shares).
- Tailun Textile Co., Ltd.: 12.37% shareholding (118,232,400 shares).
- Central Huijin Investment Co., Ltd.: 2.13% (20,315,300 shares).
- T.ROWE PRICE INTL DISCOVERY FUND: 2.09% (19,948,219 shares).
- CHINA SECURITIES FINANCE CORPORATION LIMITED: 1.64% (15,679,091 shares).
- LYNAS ASIA FUND: 1.51% (14,413,375 shares).
- FIRST STATE INVESTMENTS ICVC-FIRST STATE GREATER CHINA GROWTH FUND: 1.12% (10,714,368 shares).
- HUA AN NEW SILK ROAD THEMES EQUITY SECURITIES INVESTMENT FUND: 1.06% (10,110,000 shares).
- VALUE PARTNERS CLASSIC FUND: 0.85% (8,156,383 shares).
- First State China A Share Fund: 0.82% (7,881,381 shares).
Shareholding Nature:
- Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder and actual controller.
- Tailun Textile Co., Ltd. is the second-largest shareholder and sponsor of foreign capital.
- Other shareholders hold circulating A or B shares, and no associated relationships or concerted actions were confirmed.

Significant Events

The Company executed a share repurchase proposal starting from 10 November 2015.
By 31 March 2016, the Company had repurchased 15,318,707 shares of Share B.
The repurchase proposal was approved in the 2015 1st Extraordinary General Meeting and disclosed on 6 August 2015 and 10 October 2015.

Commitments

A commitment was made by Zibo Lucheng Textile Investment Co., Ltd. and the directors, supervisors, and senior executives to not reduce their shareholdings from 10 July 2015 to 10 January 2016.
This commitment was fulfilled successfully.

Securities Investments

The Company held a total of 24,681,000 shares in various securities, with a total book value of RMB 73,282,935.24.
The total investment loss for the reporting period was RMB -5,089,556.67.
Investments included stocks such as GTJA, ZHYT, LHCS, JJJD, ZSS, TRTKJ, HTB, GSTL, and SJDB, with most held as tradable financial assets.
The Company used own funds for derivative investments and had no lawsuits related to these investments.

Financial Derivatives

The Company held 32 financial derivative contracts totaling USD179 million as of 31 March 2016.
17 forward settlement contracts worth USD81 million and 15 foreign exchange option contracts worth USD98 million (with expiration before July 2016).
Total derivative investment: RMB 101,897.45, accounting for 13.94% of closing net assets.
Loss from due derivatives: RMB 16,977,500, including RMB 9,152,000 from forward settlement and RMB 7,825,500 from foreign exchange options.
The Company conducted derivative transactions for hedging purposes, primarily forward exchange settlements and options.

Risk Management

The Company implemented a complete risk control system for derivative products.
Risk Control Measures:
- Legal and Regulatory Risk: Adhered to relevant laws and regulations, with strict internal controls and compliance checks.
- Credit and Liquidity Risk: Selected reputable counterparties, controlled credit risk, and ensured liquidity through phased delivery and possible contract extensions.
- Operational Risk: Established strict authorization systems, operation procedures, and training for personnel.
- Market Risk: Actively analyzed market changes and managed exchange rate exposure, especially with the RMB exchange rate reform in November 2015.

Conclusion

The report outlines Lu Thai Textile Co., Ltd.'s financial performance, shareholder structure, and significant events for Q1 2016, emphasizing the Company's focus on risk management and compliance in its financial derivative and securities investment activities.

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