Lu Thai Textile Co. Ltd. First Quarterly Report 2025

Stock Code: 000726 200726 Stock Name: LTTC LTTC-B Announcement No. 2025-025

Bond Code: 127016 Bond Name: LTTC Convertible Bonds

LU THAI TEXTILE CO. LTD.FIRST QUARTERLY REPORT 2025

Lu Thai Textile Co. Ltd. (hereinafter referred to as the “Company”) and all the members of the Company’s Board of Directors

hereby guarantee that the contents of this Report are true accurate and complete and free of any misrepresentations misleading

statements or material omissions.Important Notes:

1. The Board of Directors the Supervisory Committee as well as the directors supervisors and senior management of the Company

hereby guarantee that the contents of this Report are true accurate and complete and free of any misrepresentations misleading

statements 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 carried

in 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 the

two versions the Chinese version shall prevail.I Key Financial Information

(I) Key Accounting Data and Financial Indicators

Indicate whether there is any retrospectively restated datum in the table below.□Yes □ No

Q1 2025 Q1 2024 YoY change (%)

Operating revenue (RMB) 1452670259.98 1382655063.47 5.06%

Net profit attributable to the listed company’s shareholders

148397559.5268241726.33117.46%

(RMB)

Net profit attributable to the listed company’s shareholders

88658975.61122504699.15-27.63%

before exceptional gains and losses (RMB)

Net cash generated from/used in operating activities (RMB) 107254959.43 93395090.36 14.84%

Basic earnings per share (RMB/share) 0.18 0.08 125.00%

Diluted earnings per share (RMB/share) 0.17 0.08 112.50%

Weighted average return on equity (%) 1.56% 0.74% 0.82%

1Lu Thai Textile Co. Ltd. First Quarterly Report 2025

31 March 2025 31 December 2024 Change (%)

Total assets (RMB) 13887769758.05 13929715649.21 -0.30%

Equity attributable to the listed company’s shareholders

9591080573.639438728389.281.61%

(RMB)

(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2025 Note

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

4914365.03

defined criteria and in compliance with government policies and have a continuing

impact on the Company's profit or loss)

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

60405744.57

(exclusive of the effective portion of hedges that is related to the Company's normal

business operations)

Non-operating income and expense other than the above 5276503.77

Less: Income tax effects 10661134.74

Non-controlling interests effects (net of tax) 196894.72

Total 59738583.91 --

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 Announcement

No. 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 2025

Net profit attributable to the listed

117.46% Gains on changes in the fair value of held-for-trading financial assets

company’s shareholders (RMB)

Basic earnings per share (RMB/share) 125.00% Increased net profit attributable to the listed company’s shareholders

Diluted earnings per share (RMB/share) 112.50% Increased net profit attributable to the listed company’s shareholders

II Shareholder Information

(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

2Lu Thai Textile Co. Ltd. First Quarterly Report 2025

Number of ordinary shareholders at the Number of preferred shareholders with resumed

472190

period-end voting rights at the period-end (if any)

Top 10 shareholders (exclusive of shares lent in refinancing)

Sharehol

Shares in pledge marked or frozen

Name of Nature of ding Restricted

Total shares held

shareholder shareholder percenta shares held

Status Shares

ge

Zibo Lucheng Domestic non-

Textile Investment state-owned 17.17% 140353583.00 0.00 N/A 0.00

Co. Ltd. corporation

Tailun (Thailand) Foreign

14.10% 115232400.00 0.00 N/A 0.00

Textile Co. Ltd. corporation

Central Huijin

Assets State-owned

2.43% 19884100.00 0.00 N/A 0.00

Management Co. corporation

Ltd.National Social

Security Fund Other 1.82% 14910051.00 0.00 N/A 0.00

Portfolio 413

ICBC Credit

Suisse Innovation

Power Stock Other 1.47% 12000000.00 0.00 N/A 0.00

Securities

Investment Fund

FEDERATED

HERMES

GLOBAL

INVESTMENT

FD (CAYMAN)

Foreign

MASTER SPC 0.78% 6334711.00 0.00 N/A 0.00

corporation

OBOAFTAO

FEDERATED

HERMES EMG

ASIA EQUITY

FD MASTER S.P.Dacheng China

Securities

Other 0.55% 4493500.00 0.00 N/A 0.00

Financial Asset

Management Plan

Domestic

Hao Jing 0.53% 4335000.00 0.00 N/A 0.00

individual

Yinhua China

Securities

Other 0.52% 4243912.00 0.00 N/A 0.00

Financial Asset

Management Plan

GF China

Securities

Other 0.50% 4089200.00 0.00 N/A 0.00

Financial Asset

Management Plan

Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of senior management)

Shares by type

Name of shareholder Unrestricted shares held

Type Shares

Zibo Lucheng Textile Investment Co. RMB-

140353583.00140353583.00

Ltd. denominated

3Lu Thai Textile Co. Ltd. First Quarterly Report 2025

ordinary stock

Domestically

Tailun (Thailand) Textile Co. Ltd. 115232400.00 listed foreign 115232400.00

stock

RMB-

Central Huijin Assets Management Co.

19884100.00 denominated 19884100.00

Ltd.ordinary stock

RMB-

National Social Security Fund Portfolio

14910051.00 denominated 14910051.00

413

ordinary stock

RMB-

ICBC Credit Suisse Innovation Power

12000000.00 denominated 12000000.00

Stock Securities Investment Fund

ordinary stock

FEDERATED HERMES GLOBAL

INVESTMENT FD (CAYMAN) Domestically

MASTER SPC OBOAFTAO 6334711.00 listed foreign 6334711.00

FEDERATED HERMES EMG ASIA stock

EQUITY FD MASTER S.P.RMB-

Dacheng China Securities Financial

4493500.00 denominated 4493500.00

Asset Management Plan

ordinary stock

RMB-

Hao Jing 4335000.00 denominated 4335000.00

ordinary stock

RMB-

Yinhua China Securities Financial

4243912.00 denominated 4243912.00

Asset Management Plan

ordinary stock

RMB-

GF China Securities Financial Asset

4089200.00 denominated 4089200.00

Management Plan

ordinary stock

Zibo Lucheng Textile Investment Co. Ltd. is the largest shareholder of the

Company and the actual controller. Tailun (Thailand) Textile Co. Ltd. is

Related or acting-in-concert parties among the the second largest shareholder as well as sponsor of foreign capital of the

shareholders above 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

Naught

trading (if any)

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 the

prior 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

4Lu Thai Textile Co. Ltd. First Quarterly Report 2025

IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by Lu Thai Textile Co. Ltd.

31 March 2025

Unit: RMB

Item 31 March 2025 1 January 2025

Current assets:

Monetary assets 2313873553.31 2055856788.37

Held-for-trading financial assets 657176523.17 693972672.64

Derivative financial assets

Notes receivable 51849911.43 51339990.35

Accounts receivable 806034218.26 849168539.27

Receivables financing 37099824.21 10184900.59

Prepayments 154759244.10 94340345.68

Other receivables 28251018.28 23107489.38

Including: Interest receivable

Dividends receivable

Inventories 1954341384.82 2019884406.30

Current portion of non-current assets 155228341.14 154176585.64

Other current assets 48375851.68 59034547.73

Total current assets 6206989870.40 6011066265.95

Non-current assets:

Long-term equity investments 106637506.47 120084271.29

Investments in other equity instruments

Other non-current financial assets 82800000.00 82800000.00

Investment property 18076501.73 18675533.63

Fixed assets 5930212744.18 6053755987.08

Construction in progress 106182491.03 95026709.37

Right-of-use assets 464189034.11 470238928.19

Intangible assets 331003220.54 333384747.50

Development costs

Goodwill 20563803.29 20563803.29

Long-term prepaid expense 5731201.48 5634560.27

Deferred income tax assets 146973103.13 148530519.94

Other non-current assets 468410281.69 569954322.70

Total non-current assets 7680779887.65 7918649383.26

Total assets 13887769758.05 13929715649.21

5Lu Thai Textile Co. Ltd. First Quarterly Report 2025

Current liabilities:

Short-term borrowings 770218151.16 849686824.33

Held-for-trading financial liabilities 8931384.00 15858713.22

Derivative financial liabilities

Notes payable

Accounts payable 247127150.81 272079091.51

Advances from customers

Contract liabilities 159546392.84 191551003.79

Employee benefits payable 220141957.23 301227361.89

Taxes and levies payable 60746097.44 57261948.01

Other payables 20686785.88 17437799.60

Including: Interest payable

Dividends payable 441221.31 441113.64

Current portion of non-current liabilities 32855526.27 27788571.75

Other current liabilities 31836154.43 42829460.18

Total current liabilities 1552089600.06 1775720774.28

Non-current liabilities:

Long-term borrowings 412226807.84 396244110.21

Bonds payable 1522750319.15 1509420449.46

Lease liabilities 86857413.43 91353320.80

Long-term payables

Long-term employee benefits payable 58494991.36 58494991.36

Provisions

Deferred income 143552260.69 145395121.11

Deferred income tax liabilities 137490533.95 131519037.79

Other non-current liabilities

Total non-current liabilities 2361372326.42 2332427030.73

Total liabilities 3913461926.48 4108147805.01

Owners’ equity:

Share capital 817306010.00 817306010.00

Other equity instruments 71383438.11 71383438.11

Capital reserves 178573460.06 178518667.31

Less: Treasury stock

Other comprehensive income 166298485.09 166925985.26

Specific reserve 4527332.25

Surplus reserves 1271429282.44 1271429282.44

General reserve

Retained earnings 7081562565.68 6933165006.16

Total equity attributable to owners of the

9591080573.639438728389.28

Company as the parent

6Lu Thai Textile Co. Ltd. First Quarterly Report 2025

Non-controlling interests 383227257.94 382839454.92

Total owners’ equity 9974307831.57 9821567844.20

Total liabilities and owners’ equity 13887769758.05 13929715649.21

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

The Company’s financial manager: Zhang Keming

2. Consolidated Income Statement

Unit: RMB

Item Q1 2025 Q1 2024

1. Revenues 1452670259.98 1382655063.47

Including: Operating revenue 1452670259.98 1382655063.47

2. Costs and expenses 1295674320.31 1244353590.36

Including: Cost of sales 1111238055.56 1057560104.34

Taxes and levies 15040356.83 14398626.79

Selling expense 36101405.24 30889078.44

Administrative expense 80989455.49 82503138.98

Development costs 50114870.58 55902365.72

Finance costs 2190176.61 3100276.09

Including: Interest costs 23523728.82 23744746.88

Interest revenue 17193924.62 11898037.72

Add: Other income 4872198.36 11971737.41

Return on investment (“-” for loss) 4286503.15 23510003.30

Including: Share of profit or loss of joint ventures and

419901.8526797992.69

associates

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) 53742560.50 -72944121.94

Credit impairment loss (“-” for loss) -9985896.47 1459760.70

Asset impairment loss (“-” for loss) -35031030.86 -18664995.37

Asset disposal income (“-” for loss) -324538.89

3. Operating profit (“-” for loss) 174880274.35 83309318.32

Add: Non-operating income 6137533.53 1270516.38

Less: Non-operating expense 861029.76 736288.96

4. Gross profit (“-” for loss) 180156778.12 83843545.74

Less: Income tax expense 31371415.58 13147697.76

5. Net profit (“-” for net loss) 148785362.54 70695847.98

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) 148785362.54 70695847.98

7Lu Thai Textile Co. Ltd. First Quarterly Report 2025

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

148397559.5268241726.33

parent

5.2.1 Net profit attributable to non-controlling interests 387803.02 2454121.65

6. Other comprehensive income net of tax -627500.17 3424145.94

Attributable to owners of the Company as the parent -627500.17 3424145.94

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 -627500.17 3424145.94

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

-557507.613630756.31

currency-denominated financial statements

6.2.7 Other -69992.56 -206610.37

Attributable to non-controlling interests

7. Total comprehensive income 148157862.37 74119993.92

Attributable to owners of the Company as the parent 147770059.35 71665872.27

Attributable to non-controlling interests 387803.02 2454121.65

8. Earnings per share

8.1 Basic earnings per share 0.18 0.08

8.2 Diluted earnings per share 0.17 0.08

Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before

the 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 Keming

The Company’s financial manager: Zhang Keming

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2025 Q1 2024

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 1421375672.74 1328838566.22

8Lu Thai Textile Co. Ltd. First Quarterly Report 2025

Tax and levy rebates 20902156.31 21402045.84

Cash generated from other operating activities 13563145.67 11744013.26

Subtotal of cash generated from operating activities 1455840974.72 1361984625.32

Payments for commodities and services 787982640.92 731355216.01

Cash paid to and for employees 466527743.30 450450825.71

Taxes and levies paid 42738146.68 44309736.36

Cash used in other operating activities 51337484.39 42473756.88

Subtotal of cash used in operating activities 1348586015.29 1268589534.96

Net cash generated from/used in operating activities 107254959.43 93395090.36

2. Cash flows from investing activities:

Proceeds from disinvestment 1219876557.02 235961000.00

Return on investment 4796095.42 819660.94

Net proceeds from the disposal of fixed assets intangible assets

331930.00

and other long-lived assets

Net proceeds from the disposal of subsidiaries and other business

units

Cash generated from other investing activities 167784826.19 50607322.66

Subtotal of cash generated from investing activities 1392457478.63 287719913.60

Payments for the acquisition of fixed assets intangible assets

30523796.7866655751.15

and other long-lived assets

Payments for investments 1106009000.00 435971092.97

Cash used in other investing activities 162807000.00 385900598.02

Subtotal of cash used in investing activities 1299339796.78 888527442.14

Net cash generated from/used in investing activities 93117681.85 -600807528.54

3. Cash flows from financing activities:

Capital contributions received

Including: Capital contributions by non-controlling interests

to subsidiaries

Borrowings received 328897923.75 936546509.09

Cash generated from other financing activities

Subtotal of cash generated from financing activities 328897923.75 936546509.09

Repayment of borrowings 385893424.40 402316763.17

Interest and dividends paid 8336325.55 10844369.84

Including: Dividends paid by subsidiaries to non-controlling

interests

Cash used in other financing activities 4423203.00 42621048.24

Subtotal of cash used in financing activities 398652952.95 455782181.25

Net cash generated from/used in financing activities -69755029.20 480764327.84

4. Effect of foreign exchange rates changes on cash and cash

29271314.20-1584581.28

equivalents

5. Net increase in cash and cash equivalents 159888926.28 -28232691.62

Add: Cash and cash equivalents beginning of the period 1353358014.75 1353615305.93

6. Cash and cash equivalents end of the period 1513246941.03 1325382614.31

9Lu Thai Textile Co. Ltd. First Quarterly Report 2025

(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation

of the New Accounting Standards Implemented since 2025

□ Applicable □ Not applicable

(III) Independent Auditor’s Report

Indicate 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.

30 April 2025

10