Stockcode:000045,200045Stockabbreviation:ShenTextileA,ShenTextileBAnnouncementNo.:2026-04
Summaryof2025AnnualReportofShenzhenTextile
(Holdings)Co.,Ltd.
I.Importantnotes
Thesummaryoftheannualreportisextractedfromthefulltextoftheannualreport.InordertofullyunderstandtheCompany'soperatingresults,financialstatusandfuturedevelopmentplans,investorsshouldcarefullyreadthefulltextoftheannualreportonthemediadesignatedbytheCSRC.Alldirectorsattendedtheboardmeetingatwhichthisreportwasconsidered.Promptofamodifiedreport
□Applicable?NotapplicableProposedprofitdistributionplanortheproposalforcapitalizationofreservestoincreasesharecapitalforthereportingperioddeliberatedbytheBoardofDirectors??Applicable?NotapplicableWhethertoconvertcapitalreservestocapitalshares?Yes?NoTheBoardhasapprovedafinaldividendplanasfollows:basedonthetotalsharecapitalof506,521,849shares,acashdividendofRMB0.48(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ProposedprofitdistributionplanforpreferredsharesforthereportingperiodresolvedbytheBoardofDirectors
□Applicable?NotapplicableII.BasicinformationoftheCompany
1.Companyprofile
| Stockname | ShenzhenTextileA,ShenzhenTextileB | Stockcode | 000045、200045 | |
| Stockexchange | ShenzhenStockExchange | |||
| Stocknamebeforethechange(ifany) | None | |||
| Contactpersonandcontactinformation | SecretaryoftheBoardofDirectors | Securitiesaffairsrepresentative | ||
| Name | HuangMin | LIZhenyu | ||
| Officeaddress | Floor6,BlockA,ShenFangBuilding,No.3HuaqiangNorthRoad,FutianDistrict,Shenzhen | Floor6,BlockA,ShenFangBuilding,No.3HuaqiangNorthRoad,FutianDistrict,Shenzhen | ||
| Fax | 0755-83776139 | 0755-83776139 | ||
| Tel. | 0755-83776043 | 0755-83776043 | ||
| huangm@chinasthc.com | lizy@chinasthc.com | |||
2.Introductiontomainbusinessorproductsduringthereportingperiod(I)MainbusinessoftheCompanyTheCompany'smainbusinessisahigh-techindustryfocusingontheR&D,productionandsalesofpolarizersforOLEDandLCDdisplay,andtheoperationandmanagementofitsownproperties.
Duringthereportingperiod,therewasnosignificantchangeintheCompany'sprimarybusiness.First,theCompanyactivelyadjusteditsproductstructure,implementedaproductdifferentiationstrategy,andincreasedthesalesproportionofhigh-value-addedproducts.Ithasthesalesvolumeofultra-large-size(85"andabove)polarizerssurgedsignificantly;second,theCompanymadeeveryefforttoovercomequalityproblems,improvecustomersatisfaction,reduceproductreturnlossesandmanagementcosts,andatthesametime,playedasales-drivenroletopromotesalesbyproduction,andtheproductionandsalesvolumerepeatedlyhitarecordhigh;third,theCompanystrengthenedleanmanagement,effectivelyreducedtherawmateriallosses,andsavedtheproductioncosts;fourth,theCompanystrengthenedtheinnovation-leddrive,focusedonkeytechnologybreakthroughs,promotedthedevelopmentandindustrializationofcutting-edgeproducts,andsuccessfullyachievedthedevelopmentandfirstdeliveryofVA-typehigh-transmittanceandhigh-polarization2.0polarizers;fifth,theCompanyinitiatedtheinvestmentandconstructionoftheLine8projecttobreakthroughtheproductioncapacitybottleneckformid-to-high-endproducts;sixth,theCompanyactivelypromotedtheeliminationofenterpriseswith"non-mainbusinessassetsnon-dominantbusinessassets,inefficientassetsandineffectiveassets",improvedthemechanismforsurvivalofthefittestenterprises,guidedtheconcentrationofresourcestothecorebusiness,andenhancedtheefficiencyofresourceutilization;seventh,theCompanystrengthenedsupervisionandmanagement,focusedonworksafety,improvedtheinstitutionalsystem,formulatedemergencydisposalplans,enhancedsafetytrainingandeducation,carriedoutsafetyriskidentification,hiddendangerinvestigationandrectification,consolidatedtheweaklinks,andpreventedaccidents;eighth,continuouslyimprovedthequalityofpropertymanagementservice,improvetenantsatisfaction,strivedtomaintaintheCompany'spropertyrentalrateatahighlevel,andensuredthestabilityoftheCompany'spropertyleasingmanagementbusinessincome.(II)MainproductsoftheCompanyandtheirusesCurrently,theCompanyhas7mass-productionpolarizerproductionlines,anditsproductscoverOLEDandLCDpolarizers.TheseproductsaremainlyappliedtoproductssuchasTVs,laptops,monitors,vehicles,industrialcontrols,instrumentsandmeters,smartphones,andwearabledevices.Bycontinuouslystrengtheningtheexpansionofsaleschannelsandtheconstructionofitsownbrand,theCompanyhasbecomeaqualifiedsupplierformainstreampanelenterprisessuchasCSOT,BOE,LGD,XianyangCaihong,HKC,TianmaMicroelectronicsandSharp.ThemainproducttypesandapplicationsoftheCompany'spolarizerproductionlinesareasfollows:
| Productionlines | Address | Productwidth | annualproductioncapacity | Mainproducttype |
| Line4 | Pingshan | 1490mm | 10millionsquaremeters | TFT/OLED |
| Line5 | Pingshan | 650mm | 2millionsquaremeters | TFT/OLED |
| Line6 | Pingshan | 1490mm | 16millionsquaremeters | TFT/OLED |
| Line7 | Pingshan | 2500mm | 32millionsquaremeters | TFT/OLED |
(III)IndustryOverviewfortheReportingPeriodThepolarizerisalsocalledpolarizedlightsheet,whichcancontrolthepolarizationdirectionofaspecificbeam.Whenthenaturallightpassesthroughthepolarizer,thelightwiththevibrationdirectionperpendiculartothepolarizertransmissionaxiswillbeabsorbed,andonlythepolarizedlightwiththevibrationdirectionparalleltothepolarizertransmissionaxiswillbetransmitted.Thedownstreamapplicationsofpolarizersaremainlyinthepanelindustry.Accordingtodifferentpaneltypes,polarizeraremainlyclassifiedintoTNtype,STNtype,TFTtypeandOLEDtype.Currently,theglobalpolarizermarketisdominatedbyTFT-LCDpolarizers.EachLCDpanelrequirestwopolarizers.Thehigh-qualitydevelopmentofthepolarizerindustryhasaprofoundimpactontheentiredisplayindustry.Asoneofthethreecorerawmaterialsofthedisplaypanel,thedemandforpolarizerisdirectlyaffectedbythefluctuationofthedisplaypanelmarket.Inrecentyears,withtheacceleratedtransferoftheglobaldisplaypanelindustrytoChina,China'spolarizerindustryhasusheredinastageofrapiddevelopment.Theproductioncapacityandprocesstechnologylevelofdomesticpolarizermanufacturershavecontinuouslyjumped.China'spolarizerindustryhassignificantlyimproveditspositionandinfluenceintheglobalmarket.Chinesemainlandhasbecometheworld'slargestpolarizerproductionbase.
TheCompanyisoneofthemainpolarizerR&D,productionandsalesenterprisesinChina.ItisthepioneerofChina'spolarizerindustry.NowithasdevelopedintoaleadingenterpriseinChina'spolarizerindustry,andhasbecomeanimportantsupplierofmainstreampanelenterprisesintheworld.In2025,influencedbymultiplefactorssuchasthecomplexandvolatileglobaleconomyandgeopolitics,thetransitionofthenational"trade-in"policy,andrisingpricesofrawmaterialslikestoragedevicesdrivenbytheAIwave,theglobaldisplaypanelandterminalmarketdemandstillexperiencesacertaindegreeoffluctuationwhilecontinuingitsslowrecovery.Inthefuture,withthecapacityexpansionandindustryconsolidationinthepolarizerindustry,itisnecessarytobemorevigilantaboutriskssuchaschangesinthecompetitivelandscape,risingrawmaterialcosts,andthesecurityofrawmaterialsupply.(IV)MarketCompetitionPatternThepolarizerindustryisahighlyconcentratedindustry.Atpresent,thereareabout10majorpolarizermanufacturersintheworld,mainlylocatedinChinesemainland,JapanandTaiwan.WiththecontinuoustransferofproductioncapacitytoChinaandthecontinuousexpansionofproductionbymanufacturersfromChinesemainland,Chinahasbecometheworld'slargestpolarizerproductionbase.Accordingtoresearchdatafromtheindustryinstitutions,theproductioncapacityofpolarizersinChinamainlandaccountedforabout65%oftheglobaltotalin2025,anditisexpectedtofurtherincreasetoabout75%in2026.Asthecompetitiveadvantageofultra-widepolarizerproductionlinedrivenbytherapidgrowthofdemandforlarge-sizedisplayproducts(65inchesandabove)continuouslystandsout,Chinesemainlandcontinuestomaintainitsleadingpositionintheindustry.(V)MarketpositionoftheCompany'sproductsTheCompanyisoneofthemaindomesticenterprisesintheR&D,production,andsalesofpolarizers.Itbeganitspolarizerbusinessin1995andachievedthefirstmassproductionofpolarizersinChinain1998,becomingapioneerinChina'spolarizerindustry.TheCompanyhasmasteredcoretechnologiesfortheR&DandproductionofTN/STN-LCD,TFT-LCD,andOLEDpolarizers.Itisoneofthefewdomesticpolarizermanufacturerswiththecapabilitytoproduceafullrangeofpolarizerproductsinlarge,medium,andsmallsizes.TheCompanywasthefirsttoachievemassproductionofpolarizersforOLEDTVsandOLEDmobilephones,fillingagapinthedomesticmarket.TheCompany'sLine7isoneofthefew2500mmultrawidepolarizingfilmproductionlinesintheworld,whichcanmeettheneedsofhighergenerationpanelproductionlinessuchasthe8.5/8.6/10.5/11generationglobally.Especiallymatchingtheproductionline10.5/11generationofpanelhasthebesteconomicproductionefficiency,andhasindustry-leadingadvantagesinthetechnicallevelandproductioncapacityofultralargeandlarge-sizedpolarizers.
3.Keyaccountingdataandfinancialindicators
(1)MajoraccountingdataandfinancialindicatorsinthepastthreeyearsWhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears?Yes?No
Unit:RMB
| Asattheendof2025 | Asattheendof2024 | Increase/decreaseattheendofthisyearcomparedwiththeendoflastyear | Asattheendof2023 | |
| Totalassets | 5,418,295,716.77 | 5,232,150,397.33 | 3.56% | 5,649,822,363.44 |
| Netassetsattributabletoshareholdersofthelistedcompany | 2,979,719,569.18 | 2,951,869,910.25 | 0.94% | 2,882,152,266.22 |
| 2025 | Year2024 | Increase/decreasethisyearcomparedwithlastyear | Year2023 | |
| Operatingrevenue | 3,241,380,430.62 | 3,335,283,008.68 | -2.82% | 3,079,678,375.45 |
| Netprofitattributabletoshareholdersofthelistedcompany | 68,418,663.02 | 89,371,134.24 | -23.44% | 79,268,250.45 |
| Netprofitattributabletoshareholdersoflistedcompaniesafterdeductingnon-recurringprofitorloss | 63,434,024.61 | 77,028,485.76 | -17.65% | 62,328,667.73 |
| Netcashflowsfromoperatingactivities | 347,793,597.26 | 231,264,525.09 | 50.39% | 184,766,739.80 |
| Basicearningspershare(RMB/share) | 0.14 | 0.18 | -22.22% | 0.16 |
| Dilutedearningspershare(RMB/share) | 0.14 | 0.18 | -22.22% | 0.16 |
| Weightedaveragerateofreturnonnetassets | 2.31% | 3.06% | -0.75% | 2.77% |
(2)Quarterlymainaccountingdata
Unit:RMB
| Q1 | Q2 | Q3 | Q4 | |
| Operatingrevenue | 777,932,127.47 | 822,549,498.84 | 864,584,512.93 | 776,314,291.38 |
| Netprofitattributabletoshareholdersofthelistedcompany | 20,864,282.75 | 14,370,482.77 | 24,210,475.56 | 8,973,421.94 |
| Netprofitattributabletoshareholdersoflistedcompaniesafterdeductingnon-recurringprofitorloss | 14,037,064.80 | 11,151,938.67 | 22,426,921.26 | 15,818,099.88 |
| Netcashflowsfromoperatingactivities | 274,031,114.11 | 51,303,206.88 | -155,199,237.98 | 177,658,514.25 |
WhethertheabovefinancialindicatorsortheiraggregatearesignificantlydifferentfromthefinancialindicatorsrelatedtotheCompany'sdisclosedquarterlyandsemi-annualreports?Yes?No
4.Sharecapitalandshareholders(I)Numberofordinaryshareholders,numberofpreferredshareholderswhosevotingrightshavebeenrestored,andshareholdingsofthetop10shareholders
Unit:shares
| Totalnumberofordinaryshareholdersattheendofthereportingperiod. | 35,373 | Totalnumberofordinaryshareholdersattheendofthemonthbeforethedisclosuredateoftheannualreport | 34,660 | Totalnumberofpreferredshareholderswhosevotingrightshavebeenrestoredattheendofthereportingperiod | 0 | Totalnumberofpreferredshareholderswhosevotingrightisrestoredattheendofthemonthbeforethedisclosuredateoftheannualreport | 0 | ||
| Shareholdingsofthetop10shareholders(excludingshareslentthroughrefinancing) | |||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingratio | Numberofsharesheld | Numberofsharesheldunderrestricted | Pledge,markingorfreezing | ||||
| Sharestatus | Number | ||||||||
| conditions | ||||||
| ShenzhenInvestmentHoldingsCo.,Ltd. | State-ownedlegalperson | 46.21% | 234,069,436 | 0 | Notapplicable | 0 |
| ShenzhenShenchaoTechnologyInvestmentCo.,Ltd. | State-ownedlegalperson | 3.18% | 16,129,032 | 0 | Notapplicable | 0 |
| SunHuiming | Domesticnaturalperson | 1.60% | 8,088,853 | 0 | Notapplicable | 0 |
| HongKongSecuritiesClearingCompanyLtd.(HKSCC) | Overseaslegalperson | 1.21% | 6,142,366 | 0 | Notapplicable | 0 |
| ChenXiaobao | Domesticnaturalperson | 0.89% | 4,491,920 | 0 | Notapplicable | 0 |
| LinChuangguang | Domesticnaturalperson | 0.71% | 3,619,800 | 0 | Notapplicable | 0 |
| SuWeipeng | Domesticnaturalperson | 0.71% | 3,580,100 | 0 | Pledged | 3,000,000 |
| LiZengmao | Foreignnaturalperson | 0.61% | 3,089,197 | 0 | Notapplicable | 0 |
| JinJun | Domesticnaturalperson | 0.45% | 2,267,700 | 0 | Notapplicable | 0 |
| SunWenbo | Domesticnaturalperson | 0.41% | 2,066,700 | 0 | Notapplicable | 0 |
| Notestoshareholders'relatedrelationshiporpersonsactinginconcert | Amongthetop10ordinaryshareholders,ShenzhenInvestmentHoldingsCo.,Ltd.andShenzhenShenchaoTechnologyInvestmentCo.,Ltd.donotconstitutearelationshipofpersonsactinginconcert.Inaddition,theCompanydoesnotknowwhetherthereisarelatedrelationshipbetweenthetop10ordinaryshareholders,nordoesitknowwhethertheyarepersonsactinginconcertasstipulatedintheAdministrativeMeasuresfortheAcquisitionofListedCompanies. | |||||
| Shareholdersparticipatinginmarginfinancingandsecuritieslendingbusiness(ifany) | None | |||||
Participationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesinrefinancingbusinessandlendingshares
□Applicable?NotapplicableChangesofthetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharescomparedwiththepreviousperiodduetorefinancinglending/repayment
□Applicable?Notapplicable
(2)TotalnumberofpreferredshareholdersoftheCompanyandsharesheldbytop10preferredshareholders
□Applicable?NotapplicableTheCompanyhadnopreferredshareholdersduringthereportingperiod.
(3)Disclosethepropertyrightsandcontrolrelationshipbetweenthecompanyandtheactualownerintheformofablockdiagram
5.Bondsexistingontheapprovaldateoftheannualreport
□Applicable?NotapplicableIII.ImportantmattersOnOctober15,2025,theCompanyheldthe45thmeetingofthe8thBoardofDirectors,atwhichthe"ProposalonInvestmentandConstructionof1.49m-widePolarizerProductionLineProject(Line8)byaSubsidiary"wasdeliberatedandapproved.Itisagreedthatthesubsidiary,ShenzhenSAPOPhotoelectricCo.,Ltd.,basedonthemarketdemandforpolarizersanditsowndevelopmentneeds,woulduseacombinationofitsownfundsandbankloans,withaplannedtotalinvestmentofapproximatelyRMB1.334billion,tobuildanewplantbuildingandsupportingfacilitiesbypurchasinglandinPingshanDistrict,Shenzhen,andtopurchaseequipmentandinstrumentstoconstructa1.49m-wideLCDandOLEDpolarizerproductionlinewithadesignedcapacityofapproximately18millionsquaremetersperyear.Fordetails,pleaserefertothe"AnnouncementonInvestmentandConstructionof1.49m-widePolarizerProductionLineProject(Line8)byaSubsidiary"(No.2025-39)publishedbytheCompanyonCninfo(http://www.cninfo.com.cn)onOctober16,2025.Currently,theprojecthasobtainedthelanduseright,andALLconstructionworksareprogressinginanorderlymanner.
ShenzhenTextile(Holdings)Co.,Ltd.
BoardofDirectors
March30,2026
State-ownedAssetsSupervisionandAdministrationCommissionShenzhenInvestmentHoldingsCo.,Ltd.
| ShenzhenInvestmentHoldingsCo.,Ltd. | ShenzhenMajorIndustryInvestmentGroupCo.,Ltd. |
ShenzhenShenchaoTechnologyInvestment
ShenzhenShenchaoTechnologyInvestmentShenzhenTextile(Holdings)Co.,Ltd.