2022-03-25-港交所-天虹纺织_二零二一年年报_274页_7mb

报告摘要

Company Name: Texhong Textile Group Limited (stock code: 2678)
Industry: Cotton textile manufacturing and distribution, focusing on high-value-added core-spun textile products.
Key Markets: China, Vietnam, North America, Europe, Brazil, Turkey, Bangladesh, Japan, and South Korea.
Headquarters: Shanghai
Production Bases: China, Vietnam, Turkey, and the Americas.
Total Production Capacity (as of 31 Dec 2021): Approximately 3.87 million spindles, 1,900 weaving and knitting machines, and related dyeing equipment.

Item	2021 (RMB'000)	2020 (RMB'000)	Change	2019 (RMB'000)	2018 (RMB'000)	2017 (RMB'000)
Revenue	26,521,193	19,576,938	35.5%	22,002,943	19,155,709	16,306,375
Gross Profit	5,851,971	2,707,118	116.2%	2,993,437	3,145,825	2,439,959
Profit for the Year	2,741,616	530,354	416.9%	922,749	1,167,943	1,174,725
Profit Attributable to Shareholders	2,685,170	517,065	419.3%	883,726	1,163,092	1,151,862
Basic Earnings per Share	RMB 2.93	RMB 0.57	414.0%	RMB 0.97	RMB 1.27	RMB 1.26

Indicator	2021	2020	Change	2019	2018	2017
Total Assets	24,442,884	20,157,279	21.3%	21,174,661	18,770,015	15,534,431
Total Liabilities	13,841,932	11,684,541	18.5%	13,075,286	11,933,193	9,558,718
Net Current Assets	2,959,173	1,316,579	124.8%	2,217,387	2,660,560	1,300,149
Net Assets	10,600,952	8,472,738	25.1%	8,099,375	6,836,822	5,975,713
Equity Attributable to Shareholders	10,038,270	7,863,267	27.7%	7,473,456	6,738,637	5,910,127
Net Debt to Equity Ratio	0.45	0.52	-	0.86	0.88	0.68
Return on Equity	30%	7%	-	12%	18%	21%

Total Revenue: RMB26.5 billion (up 35.5% YoY)
Yarn Sales:
- Revenue: RMB20.4 billion (up 34.2% YoY)
- Sales Volume: 818,000 tonnes (up ~70,000 tonnes YoY)
- Gross Profit Margin: 23.3% (up 9.9 percentage points YoY)
Garment Fabrics Sales:
- Revenue: RMB3.61 billion (up 51.7% YoY)
- Sales Volume: 137.2 million metres (up from 88.3 million metres)
- Gross Profit Margin: 23.1% (up 3.8 percentage points YoY)
Grey Fabrics Sales:
- Revenue: RMB588.4 million (up 18.4% YoY)
- Sales Volume: 53.8 million metres
- Gross Profit Margin: 29.7% (up 16.8 percentage points YoY)
Knitted Garment Fabrics Sales:
- Revenue: RMB1.04 billion (up 38.8% YoY)
- Sales Volume: 17,740 tonnes
- Gross Profit Margin: 16.0% (down 2.6 percentage points YoY)
Jeanswear Sales:
- Revenue: RMB672.5 million (up 11.9% YoY)
- Sales Volume: 10.6 million pieces
- Gross Profit Margin: 13.3% (up 3.9 percentage points YoY)
Trading Sales:
- Revenue: RMB1.125 billion (up 35.0% YoY)
- Gross Profit Margin: 8.2%
Non-Woven Fabrics Sales:
- Revenue: RMB123.4 million (up 100.0% YoY)
- Gross Profit Margin: -12.4% (down 15.1 percentage points YoY)

Yarn Business:
- Played a central role in the Group's revenue, accounting for ~76.9% of total revenue.
- Benefited from increased selling prices and volume, with a significant rise in gross profit margin.
Garment Fabrics Business:
- Showed strong growth, especially in woven garment fabrics, with a 57.6% increase in revenue.
- The Group's internal use of grey fabrics increased, leading to a decrease in external sales.
Jeanswear Business:
- Gross profit margin improved to 13.3%, with plans to sell the majority interest in the Vietnam plant to the joint venture partner.
Trading Business:
- Revenue increased by 35.0% to RMB1.125 billion.
- Aims to expand sales channels for self-produced products.
Non-Woven Fabrics:
- In the early stages of market development, with revenue doubling in 2021.
- Gross profit margin decreased, indicating the need for further development.

Total Assets: RMB24.4 billion (up 21.3% YoY)
Total Liabilities: RMB13.8 billion (up 18.5% YoY)
Net Assets: RMB10.6 billion (up 25.1% YoY)
Equity Attributable to Shareholders: RMB10.0 billion (up 27.7% YoY)
Net Debt to Equity Ratio: 0.45 (down from 0.52 in 2020)
Return on Equity: 30% (up from 7% in 2020)

China Textile Industry:
- Total sales of large textile enterprises reached RMB257.1 billion, up 10% YoY.
- Total profit reached RMB120.3 billion, up 4.1% YoY.
China Garment and Apparel Industry:
- Sales totaled RMB148.2 billion, up 6.5% YoY.
- Net profit reached RMB76.78 billion, up 14.4% YoY.
Textile Exports (China):
- Total exports: US$145.2 billion (down 5.6% YoY)
Garment Exports (China):
- Total exports: US$170.3 billion (up 24% YoY)
Vietnam Textile Exports:
- Yarn and staple fibre exports increased by 8.9% to 1.893 million tonnes.
- Revenue reached US$5.612 billion (up 50.2% YoY)
Vietnam Garment Exports:
- Increased by 9.9% to US$32.75 billion.

2022 Plans:
- Expand production capacity for yarns to 4.5 million spindles.
- Increase garment fabrics production capacity.
- Target sales: 880,000 tonnes of yarns, 180 million metres of woven garment fabrics, and 28,000 tonnes of knitted garment fabrics.
Fixed Asset Investment:
- Total net investment in fixed assets is expected to be RMB2.0 billion.
Management Restructuring:
- The Group is exploring options for spinning off and listing overseas yarns operations (excluding China and Vietnam) along with vertically integrated garment fabrics and trading businesses.
- Details are not yet finalized and require regulatory approvals.
Market Conditions:
- Strong demand in the global textile market.
- Supply chain tensions persist, but the Group is well-positioned to benefit from this environment.
- Inflation is expected to support higher selling prices.
Strategic Focus:
- Strengthen core competitiveness and capacity layout.
- Invest in textile projects across different regions.
- Enhance digital management and supply chain integration.

The Group's performance in 2021 was robust, with record revenue and profit.
The financial results reflect internal restructuring and optimization measures from 2020.
The Group aims to continue its growth and maintain a favorable position in the market.
The Group has been included in the "Fortune 500 Chinese Companies 2021" list and ranked second in China by the China Cotton Textile Association based on revenue.
The Group is committed to delivering long-term and sustainable returns to its shareholders.

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