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Wei Qiao Textile Announced 2013 Annual Results

2014/4/11 9:10:00 25

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China's largest cotton < a target= "_blank" href= "http://www.91se91.com/" > textile < /a > producer - Wei Qiao textile Limited by Share Ltd.

(hereinafter referred to as "Wei Qiao textile"), together with its Affiliated Companies, "group"; Hongkong stock exchange No. 2698) announces its annual performance for the year ended December 31, 2013 ("review year" or "year").

2013 is an important year for the implementation of the "12th Five-Year" plan for China's textile industry, and also an important period for China's textile industry to enter the depth adjustment.

During the year, China's textile industry faced many challenges, but the main economic indicators remained stable growth.

On the export side, benefiting from the weak recovery of the global economy, China's textiles < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > the export situation has improved.

Domestic consumption continued to grow, but the growth rate continued to decline due to the slowdown in domestic economic growth.

In terms of raw materials, cotton prices in China went through the ups and downs in 2010 and 2011. The trend in 2012 and 2013 was relatively stable, mainly because the cotton prices in the domestic market were largely affected by the auction price of national cotton after the implementation of the temporary storage and storage policy by the Chinese government.

During the year, the price difference between domestic and foreign cotton remained at around 4000 yuan per ton.

China's textile enterprises are still under certain operational pressure due to the larger cotton price difference.

in the complex market situation of textile industry in 2013, the group's revenue was about 13881000000 yuan, a decrease of about 9% compared with 2012.

The net profit of shareholders of the parent company is about 629000000 yuan, an increase of about 30.5% over the same period last year and a profit of 0.53 yuan per share.

The board recommended that the final dividend be paid at 0.1658 yuan (including tax) per share for the year ended December 31, 2013.

During the period of less than p years, the output of cotton yarn, grey cloth and denim was about 488000 tons, 1021000000 meters and 73000000 meters respectively. The output of cotton yarn increased by about 8.4% compared with the same period last year, mainly due to the increase in the production of self occupied yarn during the year. The output of grey cloth and denim decreased by about 2.3% and 18% compared with that of the same period last year.

Business Review

In the face of complex situation, the group, relying on its scale and R & D advantages, continues to give full play to the potential of the equipment and speed up the upgrading and upgrading of the product structure, improve the level of product refinement, gradually increase the proportion of high-end products, adopt flexible sales strategies, and actively expand the market share of P.

By adding better products and services, we can increase the added value and increase the profit of our group.

At the same time, we should also grasp the opportunity to purchase raw materials, make reasonable use of procurement quotas, and reduce production costs.

up to the end of December 31, 2013, the group's cotton yarn income decreased compared to the same period last year, mainly because the sales of cotton yarn decreased compared with the same period last year, and the income of cotton yarn decreased correspondingly.

The proportion of grey cloth and denim increased, mainly due to the group's market oriented demand, actively adjusting the product mix and flexibly selling, so that the sales of grey cloth and denim increased.

by the end of December 31, 2013, the proportion of overseas income earned by the group was about 46.7%, representing an increase of about 14.7 percentage points compared with the same period last year, mainly because the group seized the opportunity to pick up the international market demand, adjusted the product mix, actively expanded overseas markets, increased export orders and increased the proportion of overseas revenues.

sales and distribution costs

in the year ended December 31, 2013, the sales and distribution costs of the group were about 204000000 yuan, representing a decrease of about 1% compared with the corresponding period of 206000000 yuan in the same period last year.

The pport cost decreased by about 17.3% yuan to about 124000000 yuan from about 150000000 yuan in 2012, mainly due to the relatively low unit price of export pport and the increase in the proportion of export sales of group products during the year, resulting in a corresponding reduction in the total pport cost; the sales staff was about 29000000 yuan, which was flat compared with the same period last year; sales commission was about 17000000 yuan, an increase of about 70% compared with 10000000 yuan in the same period last year, mainly due to the rising demand in the international market, the increase in group export revenue and the corresponding increase in the Commission.

administrative expenses /p >

in the year ended December 31, 2013, the group's administrative expenditure was about 284000000 yuan, an increase of about 12.7% compared to the 252000000 yuan in the same period last year.

This is mainly due to the group's accounting for depreciation in the period of idle assets in accordance with the accounting standards.

financial cost

by the end of December 31, 2013, the group's financial cost was about a href= "http://www.91se91.com/news/index_s.asp" > RMB < /a > 566000000 yuan, which was about 10% less than that of last year's RMB 629000000 yuan.

The interest expense is about 555000000 yuan, which is about 7.3% less than that of the same period last year, mainly due to the decrease in group bank lending and the decrease in the average lending rate. The exchange loss was about 12000000 yuan, mainly due to the increase in group export revenue during the year, and the decrease in import volume, resulting in a loss of exchange due to the appreciation of the renminbi. The exchange loss was about 30000000 yuan in the same period last year.

shareholders' net profit and earnings per share /p >

by the end of December 31, 2013, the shareholders of the group's parent company accounted for net < a href= "http://www.91se91.com/news/index_s.asp" > profit < /a > RMB 629000000 yuan, an increase of about 30.5% compared with that of last year's RMB 482000000 yuan.

for the year ended December 31, 2013, the company's earnings per share were RMB 0.53 yuan.