LTTC(SZ:200726)2024-04-11 16:00Financial Performance - In 2023, the company's operating revenue was approximately ¥5.96 billion, a decrease of 14.08% compared to ¥6.94 billion in 2022[22]. - The net profit attributable to shareholders was approximately ¥403.44 million, down 58.14% from ¥963.86 million in the previous year[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥386.14 million, a decline of 51.46% from ¥795.47 million in 2022[22]. - The net cash flow from operating activities was approximately ¥854.86 million, a decrease of 39.90% compared to ¥1.42 billion in 2022[22]. - Basic earnings per share were ¥0.47, down 57.27% from ¥1.10 in the previous year[22]. - The total assets at the end of 2023 were approximately ¥13.43 billion, an increase of 0.59% from ¥13.35 billion at the end of 2022[22]. - The net assets attributable to shareholders were approximately ¥9.23 billion, up 2.40% from ¥9.01 billion at the end of 2022[22]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥1.30 per 10 shares (including tax) to all shareholders[6]. - The total distributable profit for the company was 5,923,889,542.37 CNY, with cash dividends accounting for 100% of the profit distribution[135]. - The company reported a cash dividend of 1.30 CNY per 10 shares, with a total cash dividend amounting to 106,266,056.78 CNY[134]. Operational Developments - The company aims to enhance quality and efficiency through digitalization and green transformation while expanding internationally to adapt to market changes[6]. - The company achieved total operating revenue of 5.961 billion yuan in 2023, a decrease of 14.08% year-on-year[32]. - The company launched new product lines including women's wear and new materials, enhancing its product offerings[33]. - The company established an overseas operation management center to improve operational efficiency and delivery capabilities[33]. - The company has initiated overseas production base construction, currently in trial production phase[50]. Research and Development - The company was awarded 69 patents in 2023, including 53 invention patents, highlighting its commitment to innovation[35]. - Research and development expenses amounted to CNY 240 million, a decline of 13.26% year-on-year[38]. - The company has established strong R&D capabilities and collaborates with various research institutions and strategic partners for product development[37]. - The company is actively developing new eco-friendly textile technologies, including low-carbon dyeing techniques and high-efficiency elastic fabrics, to enhance its market competitiveness[60]. - R&D investment amounted to ¥239,775,343.18 in 2023, a decrease of 13.26% compared to ¥276,424,812.26 in 2022, while the R&D investment as a percentage of revenue increased slightly to 4.02% from 3.98%[60]. Market and Industry Context - The textile industry faced challenges with a total export value of 293.64 billion USD in 2023, a decrease of 8.1% year-on-year[30]. - The textile industry in China maintains a competitive advantage globally, despite challenges from economic downturns and structural adjustments in demand[88]. - The company aims to enhance its international presence and maintain its leading position in the global dyed fabric market through smart manufacturing upgrades and resource integration[88]. - The company plans to expand into emerging markets while improving customer service capabilities and product innovation driven by market demand[89]. Risk Management - The company faces risks from fluctuating raw material prices, particularly cotton, and plans to implement effective procurement strategies to mitigate these risks[90]. - Currency exchange rate fluctuations pose a significant risk to the company's performance, with strategies in place to manage this risk through hedging and optimizing settlement practices[91]. - The company has established a comprehensive risk control system to analyze and mitigate market, liquidity, credit, operational, and legal risks associated with derivative trading[73]. Corporate Governance - The company has revised 24 internal governance documents to enhance its corporate governance structure and ensure compliance with relevant laws and regulations[97]. - The company maintains independence from its controlling shareholder in terms of personnel, assets, finance, and operations, ensuring no infringement on the interests of minority shareholders[97]. - The company has established a robust internal control system to protect the rights of investors and ensure effective governance[97]. - The company has held regular shareholder meetings to ensure equal rights for all shareholders, particularly minority shareholders[97]. Environmental Responsibility - The company adheres to various environmental protection laws and standards during its operations, including the Environmental Protection Law and the Water Pollution Prevention Law[150]. - The company and its subsidiaries have invested a total of CNY 49.3677 million in environmental governance and protection, with CNY 48.3670 million allocated for environmental governance and CNY 1.0007 million for environmental protection tax during the reporting period[159]. - The company has implemented strict pollution control measures, achieving a COD discharge of 282.53 tons and ammonia nitrogen discharge of 149.51 tons, both of which are within the national standards[152]. Employee Management - The total number of employees at the end of the reporting period was 23,522, with 8,168 in the parent company and 15,354 in major subsidiaries[129]. - The company has established a salary management system based on the principle of "pay for performance" to enhance employee motivation[131]. - The company has a training plan that includes management, technical, and general training categories to improve employee skills and competencies[132]. Share Structure and Changes - The total number of shares after the changes is 887,633,151, a decrease of 24,025,517 shares from the previous total of 863,607,634[199]. - The number of restricted shares released on May 9, 2023, and June 8, 2023, was 2,919,000 and 6,979,500 respectively[200]. - The company completed the cancellation of 23,935,748 domestic listed foreign shares (B shares) on May 25, 2023[200].