鲁泰B：2024年第一季度报告(英文)

Stock Code: 000726, 200726 Stock Name: LTTC, LTTC-B Announcement No. 2024-032Bond Code: 127016 Bond Name: LTTC Convertible Bonds

LU THAI TEXTILE CO., LTD.FIRST QUARTERLY REPORT 2024Lu Thai Textile Co., Ltd. (hereinafter referred to as the “Company”) and all the members of the Company’s Board of Directorshereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleadingstatements or material omissions.Important Notes:

1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior management of the Companyhereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleadingstatements or material omissions, and collectively and individually accept legal responsibility for such contents.

2. The Company’s legal representative, chief accountant and financial manager hereby guarantee that the financial statements carriedin this Report are true, accurate and complete.

3. Indicate whether the financial statements in this Report have been audited by an independent auditor.

□Yes ? No

This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between thetwo versions, the Chinese version shall prevail.

I Key Financial Information(I) Key Accounting Data and Financial IndicatorsIndicate whether there is any retrospectively restated datum in the table below.

□Yes ? No

	Q1 2024	Q1 2023	YoY change (%)
Operating revenue (RMB)	1,382,655,063.47	1,378,301,160.57	0.32%
Net profit attributable to the listed company’s shareholders (RMB)	68,241,726.33	95,759,162.05	-28.74%
Net profit attributable to the listed company’s shareholders before exceptional gains and losses (RMB)	122,504,699.15	51,332,367.74	138.65%
Net cash generated from/used in operating activities (RMB)	93,395,090.36	-36,789,172.94	353.87%
Basic earnings per share (RMB/share)	0.08	0.11	-27.27%
Diluted earnings per share (RMB/share)	0.08	0.10	-20.00%

Weighted average return on equity (%)	0.74%	1.06%	-0.32%
	31 March 2024	31 December 2023	Change (%)
Total assets (RMB)	13,876,740,262.84	13,430,286,222.94	3.32%
Equity attributable to the listed company’s shareholders (RMB)	9,270,034,568.19	9,230,806,905.80	0.42%

(II) Exceptional Gains and Losses? Applicable □ Not applicable

Unit: RMB

Item	Q1 2024	Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs)	-324,538.89
Government grants recognised in profit or loss (exclusive of those that are closely related to the Company's normal business operations and given in accordance with defined criteria and in compliance with government policies, and have a continuing impact on the Company's profit or loss)	12,013,904.08
Gain or loss on fair-value changes in financial assets and liabilities held by a non-financial enterprise, as well as on disposal of financial assets and liabilities (exclusive of the effective portion of hedges that is related to the Company's normal business operations)	-76,232,111.33
Non-operating income and expense other than the above	534,227.42
Less: Income tax effects	-9,266,243.61
Non-controlling interests effects (net of tax)	-479,302.29
Total	-54,262,972.82

Other items that meet the definition of exceptional gain/loss:

□Applicable ? Not applicable

No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory AnnouncementNo. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:

□Applicable ? Not applicable

No such cases in the Reporting Period.(III) Changes in Key Financial Information and Explanation of why? Applicable □ Not applicable

Item	Change (%)	Main reason for change
Q1 2024
Net profit attributable to the listed company’s shareholders before exceptional gains and losses	138.65%	Decrease in sales costs and finance costs for Q1 2024
Net cash generated from/used in operating activities (RMB)	353.87%	Decrease in cash paid for purchasing goods and accepting labor services for Q1 2024

II Shareholder Information(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as wellas Holdings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders at the period-end		48,031	Number of preferred shareholders with resumed voting rights at the period-end (if any)			0
Top 10 shareholders (exclusive of shares lent in refinancing)
Name of shareholder	Nature of shareholder	Shareholding percentage	Total shares held	Restricted shares held	Shares in pledge, marked or frozen
					Status	Shares
Zibo Lucheng Textile Investment Co., Ltd.	Domestic non-state-owned corporation	17.17%	140,353,583.00	0.00	N/A	0.00
Tailun (Thailand) Textile Co., Ltd.	Foreign corporation	14.10%	115,232,400.00	0.00	N/A	0.00
Central Huijin Assets Management Co., Ltd.	State-owned corporation	2.43%	19,884,100.00	0.00	N/A	0.00
National Social Security Fund Portfolio 413	Other	1.74%	14,190,051.00	0.00	N/A	0.00
ICBC Credit Suisse Innovation Power Stock Securities Investment Fund	Other	1.36%	11,100,000.00	0.00	N/A	0.00
Dongfanghong Zhihua Three-Year Holding Mixed Securities Investment Fund	Other	0.90%	7,394,950.00	0.00	N/A	0.00
Dacheng Selected Mixed Securities Investment Fund (LOF)	Other	0.78%	6,350,000.00	0.00	N/A	0.00
Dongfanghong Jingdong Big Data Dynamic Asset Allocation Mixed Securities Investment Fund	Other	0.77%	6,324,582.00	0.00	N/A	0.00
FEDERATED HERMES GLOBAL INVESTMENT FD (CAYMAN) MASTER, SPC OBOAFTAO FEDERATED HERMES EMG ASIA EQUITY FD MASTER S.P.	Foreign corporation	0.76%	6,200,183.00	0.00	N/A	0.00
Dongfanghong New Power Dynamic Asset Allocation Mixed Securities Investment Fund	Other	0.71%	5,821,030.00	0.00	N/A	0.00
Top 10 unrestricted shareholders

Name of shareholder	Unrestricted shares held		Shares by type
			Type	Shares
Zibo Lucheng Textile Investment Co., Ltd.	140,353,583.00		RMB-denominated ordinary stock	140,353,583.00
Tailun (Thailand) Textile Co., Ltd.	115,232,400.00		Domestically listed foreign stock	115,232,400.00
Central Huijin Assets Management Co., Ltd.	19,884,100.00		RMB-denominated ordinary stock	19,884,100.00
National Social Security Fund Portfolio 413	14,190,051.00		RMB-denominated ordinary stock	14,190,051.00
ICBC Credit Suisse Innovation Power Stock Securities Investment Fund	11,100,000.00		RMB-denominated ordinary stock	11,100,000.00
Dongfanghong Zhihua Three-Year Holding Mixed Securities Investment Fund	7,394,950.00		RMB-denominated ordinary stock	7,394,950.00
Dacheng Selected Mixed Securities Investment Fund (LOF)	6,350,000.00		RMB-denominated ordinary stock	6,350,000.00
Dongfanghong Jingdong Big Data Dynamic Asset Allocation Mixed Securities Investment Fund	6,324,582.00		RMB-denominated ordinary stock	6,324,582.00
FEDERATED HERMES GLOBAL INVESTMENT FD (CAYMAN) MASTER, SPC OBOAFTAO FEDERATED HERMES EMG ASIA EQUITY FD MASTER S.P.	6,200,183.00		Domestically listed foreign stock	6,200,183.00
Dongfanghong New Power Dynamic Asset Allocation Mixed Securities Investment Fund	5,821,030.00		RMB-denominated ordinary stock	5,821,030.00
Related or acting-in-concert parties among the shareholders above		Zibo Lucheng Textile Investment Co., Ltd. is the largest shareholder of the Company and the actual controller. Tailun (Thailand) Textile Co., Ltd. is the second largest shareholder as well as sponsor of foreign capital of the Company. All of other shareholders are people holding public A share or B share and the Company is not able to confirm whether there is associated relationship or concerted action among other shareholders.
Top 10 shareholders engaged in securities margin trading (if any)		Naught

5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending

□Applicable ? Not applicable

Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with theprior period

□Applicable ? Not applicable

(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them

□Applicable ? Not applicable

III Other Significant Events? Applicable □ Not applicable

The Proposal on Repurchase of Domestically Listed Foreign Shares (B-Share) was approved at the 10

th Meeting of the 10

thBoardof Directors and the First Extraordinary General Meeting of 2023. As such, an amount of no more than RMB200 million would beused to repurchase shares, with a price limit of HKD4.80 per share, within 12 months from the date when the share repurchaseplan was approved at the general meeting. On 21 August 2023, the Company carried out the first repurchase. As of 21 February2024, the Company had completed the implementation of the Repurchase Plan of Domestically Listed Foreign Shares (B-Share).The Company accumulatively repurchased 46,176,428 B-shares (5.35% of the Company’s total share capital). With the highestrepurchase price being HKD4.80/share and the lowest being HKD4.53/share, the total payment for this repurchase plan wasHKD218,386,229.84 (inclusive of commissions and alike). The Company completed the formalities for cancellation of theforegoing repurchased shares at the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited on 1March 2024.

IV Quarterly Financial Statements(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by Lu Thai Textile Co., Ltd.

31 March 2024

Unit: RMB

Item	31 March 2024	1 January 2024
Current assets:
Monetary assets	1,783,076,067.10	1,558,252,048.03
Held-for-trading financial assets	863,020,314.02	723,800,275.39
Derivative financial assets
Notes receivable	80,550,357.78	99,642,708.67
Accounts receivable	795,032,833.89	826,467,684.78
Receivables financing	46,903,176.04	18,248,205.76
Prepayments	115,370,895.84	51,863,447.56
Other receivables	35,790,886.04	22,168,807.43
Including: Interest receivable
Dividends receivable
Inventories	2,053,468,541.13	2,124,139,574.70
Other current assets	151,363,498.80	145,112,114.03
Total current assets	5,924,576,570.64	5,569,694,866.35
Non-current assets:
Long-term equity investments	170,335,472.46	143,537,479.77
Investments in other equity instruments
Other non-current financial assets	88,750,000.00	88,750,000.00
Investment property	19,352,515.45	19,578,175.93
Fixed assets	5,600,029,079.45	5,597,692,505.07

Construction in progress	781,842,610.86	868,496,878.41
Right-of-use assets	477,105,968.11	463,226,419.21
Intangible assets	340,669,933.98	343,347,879.42
Development costs
Goodwill	20,563,803.29	20,563,803.29
Long-term prepaid expense	4,493,645.72	1,815,838.60
Deferred income tax assets	159,399,122.28	157,892,110.06
Other non-current assets	289,621,540.60	155,690,266.83
Total non-current assets	7,952,163,692.20	7,860,591,356.59
Total assets	13,876,740,262.84	13,430,286,222.94
Current liabilities:
Short-term borrowings	625,466,667.79	580,704,772.27
Held-for-trading financial liabilities	84,227,317.90	46,785,831.47
Derivative financial liabilities
Notes payable
Accounts payable	210,353,685.50	275,502,915.05
Advances from customers
Contract liabilities	166,416,698.18	188,073,335.89
Employee benefits payable	210,708,895.92	284,344,973.72
Taxes and levies payable	26,145,230.55	42,633,232.55
Other payables	50,712,092.87	47,549,373.52
Including: Interest payable
Dividends payable	441,113.64	441,113.64
Current portion of non-current liabilities	19,743,274.83	96,207,192.49
Other current liabilities	39,379,854.59	63,646,908.11
Total current liabilities	1,433,153,718.13	1,625,448,535.07
Non-current liabilities:
Long-term borrowings	832,308,382.70	259,992,974.40
Bonds payable	1,489,721,662.55	1,476,572,070.79
Lease liabilities	102,560,399.23	86,580,224.41
Long-term payables
Long-term employee benefits payable	57,276,675.61	57,276,675.61
Provisions
Deferred income	149,902,964.22	151,768,947.92
Deferred income tax liabilities	152,666,678.66	155,178,797.04
Other non-current liabilities
Total non-current liabilities	2,784,436,762.97	2,187,369,690.17
Total liabilities	4,217,590,481.10	3,812,818,225.24

Owners’ equity:
Share capital	817,431,206.00	863,607,634.00
Other equity instruments	71,383,677.78	71,383,677.78
Capital reserves	183,565,335.39	334,792,614.76
Less: Treasury stock	31,556,265.00	193,438,720.78
Other comprehensive income	134,767,287.57	131,343,141.63
Specific reserve	3,083,041.71
Surplus reserves	1,260,661,015.34	1,260,661,015.34
General reserve
Retained earnings	6,830,699,269.40	6,762,457,543.07
Total equity attributable to owners of the Company as the parent	9,270,034,568.19	9,230,806,905.80
Non-controlling interests	389,115,213.55	386,661,091.90
Total owners’ equity	9,659,149,781.74	9,617,467,997.70
Total liabilities and owners’ equity	13,876,740,262.84	13,430,286,222.94

Legal representative: Liu Zibin The Company’s chief accountant: Zhang KemingThe Company’s financial manager: Zhang Keming

2. Consolidated Income Statement

Unit: RMB

Item	Q1 2024	Q1 2023
1. Revenues	1,382,655,063.47	1,378,301,160.57
Including: Operating revenue	1,382,655,063.47	1,378,301,160.57
2. Costs and expenses	1,244,353,590.36	1,322,345,679.23
Including: Cost of sales	1,057,560,104.34	1,092,250,995.98
Taxes and levies	14,398,626.79	16,217,092.59
Selling expense	30,889,078.44	33,253,553.15
Administrative expense	82,503,138.98	82,717,307.27
Development costs	55,902,365.72	61,804,412.07
Finance costs	3,100,276.09	36,102,318.17
Including: Interest costs	23,744,746.88	18,056,914.23
Interest revenue	11,898,037.72	14,108,606.20
Add: Other income	11,971,737.41	18,522,742.21
Return on investment (“-” for loss)	23,510,003.30	38,579,946.99
Including: Share of profit or loss of joint ventures and associates	26,797,992.69	22,919,711.06
Income from the derecognition of financial assets at amortized cost (“-” for loss)
Exchange gain (“-” for loss)
Net gain on exposure hedges (“-” for loss)

Gain on changes in fair value (“-” for loss)	-72,944,121.94	18,849,156.70
Credit impairment loss (“-” for loss)	1,459,760.70	12,305,904.55
Asset impairment loss (“-” for loss)	-18,664,995.37	-37,085,094.15
Asset disposal income (“-” for loss)	-324,538.89	-697,500.60
3. Operating profit (“-” for loss)	83,309,318.32	106,430,637.04
Add: Non-operating income	1,270,516.38	1,794,053.25
Less: Non-operating expense	736,288.96	216,172.51
4. Gross profit (“-” for loss)	83,843,545.74	108,008,517.78
Less: Income tax expense	13,147,697.76	16,514,278.35
5. Net profit (“-” for net loss)	70,695,847.98	91,494,239.43
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss)	70,695,847.98	91,494,239.43
5.1.2 Net profit from discontinued operations (“-” for net loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as the parent	68,241,726.33	95,759,162.05
5.2.1 Net profit attributable to non-controlling interests	2,454,121.65	-4,264,922.62
6. Other comprehensive income, net of tax	3,424,145.94	-26,786,154.06
Attributable to owners of the Company as the parent	3,424,145.94	-26,786,154.06
6.1 Items that will not be reclassified to profit or loss
6.1.1 Changes caused by remeasurements on defined benefit schemes
6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other equity instruments
6.1.4 Changes in the fair value arising from changes in own credit risk
6.1.5 Other
6.2 Items that will be reclassified to profit or loss	3,424,145.94	-26,786,154.06
6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method
6.2.2 Changes in the fair value of other debt investments
6.2.3 Other comprehensive income arising from the reclassification of financial assets
6.2.4 Credit impairment allowance for other debt investments
6.2.5 Reserve for cash flow hedges
6.2.6 Differences arising from the translation of foreign currency-denominated financial statements	3,630,756.31	-26,687,109.42
6.2.7 Other	-206,610.37	-99,044.64
Attributable to non-controlling interests
7. Total comprehensive income	74,119,993.92	64,708,085.37
Attributable to owners of the Company as the parent	71,665,872.27	68,973,007.99
Attributable to non-controlling interests	2,454,121.65	-4,264,922.62

8. Earnings per share
8.1 Basic earnings per share	0.08	0.11
8.2 Diluted earnings per share	0.08	0.10

Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: Liu Zibin The Company’s chief accountant: Zhang KemingThe Company’s financial manager: Zhang Keming

3. Consolidated Cash Flow Statement

Unit: RMB

Item	Q1 2024	Q1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services	1,328,838,566.22	1,395,297,566.56
Tax and levy rebates	21,402,045.84	40,085,910.13
Cash generated from other operating activities	11,744,013.26	56,881,830.64
Subtotal of cash generated from operating activities	1,361,984,625.32	1,492,265,307.33
Payments for commodities and services	731,355,216.01	987,058,521.38
Cash paid to and for employees	450,450,825.71	471,044,601.37
Taxes and levies paid	44,309,736.36	40,258,178.31
Cash used in other operating activities	42,473,756.88	30,693,179.21
Subtotal of cash used in operating activities	1,268,589,534.96	1,529,054,480.27
Net cash generated from/used in operating activities	93,395,090.36	-36,789,172.94
2. Cash flows from investing activities:
Proceeds from disinvestment	235,961,000.00	418,000,000.00
Return on investment	819,660.94	1,323,008.67
Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets	331,930.00	303,764.22
Net proceeds from the disposal of subsidiaries and other business units
Cash generated from other investing activities	50,607,322.66	16,101,451.88
Subtotal of cash generated from investing activities	287,719,913.60	435,728,224.77
Payments for the acquisition of fixed assets, intangible assets and other long-lived assets	66,655,751.15	129,897,146.31
Payments for investments	435,971,092.97	763,871,013.14
Cash used in other investing activities	385,900,598.02	75,148,727.93
Subtotal of cash used in investing activities	888,527,442.14	968,916,887.38
Net cash generated from/used in investing activities	-600,807,528.54	-533,188,662.61
3. Cash flows from financing activities:
Borrowings received	936,546,509.09	276,173,678.66
Cash generated from other financing activities

Subtotal of cash generated from financing activities	936,546,509.09	276,173,678.66
Repayment of borrowings	402,316,763.17	120,706,753.67
Interest and dividends paid	10,844,369.84	7,340,755.36
Including: Dividends paid by subsidiaries to non-controlling interests
Cash used in other financing activities	42,621,048.24	4,773,203.00
Subtotal of cash used in financing activities	455,782,181.25	132,820,712.03
Net cash generated from/used in financing activities	480,764,327.84	143,352,966.63
4. Effect of foreign exchange rates changes on cash and cash equivalents	-1,584,581.28	-11,540,604.60
5. Net increase in cash and cash equivalents	-28,232,691.62	-438,165,473.52
Add: Cash and cash equivalents, beginning of the period	1,353,615,305.93	1,822,897,270.16
6. Cash and cash equivalents, end of the period	1,325,382,614.31	1,384,731,796.64

(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementationof the New Accounting Standards Implemented since 2024

□ Applicable ? Not applicable

(III) Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.

□Yes ? No

These financial statements have not been audited by such an auditor.

Board of Director

Lu Thai Textile Co., Ltd.27 April 2024