Second, the main business composition analysis

Third, the top 10 shareholders of unrestricted conditions holding shares

Fourth, dividend distribution plan

V. Review of the management of the board of directors

I. Overview

I. Discussion and analysis of the board of directors on the company's operating conditions during the reporting period.

During the reporting period, the global economic recovery was weak, and the external demand recovery momentum was still insufficient. China's economic growth slowed down overall, employment pressures increased, and consumer sentiment was cold, which will constrain domestic demand growth. The downstream market demand is sluggish, the cotton market price fluctuates greatly, various types of costs continue to increase, and comprehensive cost pressures are difficult to effectively alleviate. China's textile manufacturing capacity and orders are still moving overseas.

In the face of many difficulties, the company, under the leadership of the core backbone, strengthened internal management, open source and throttling, and further optimized and upgraded in production, marketing, and subsidiary management, and worked hard to overcome the impact of various unfavorable factors on production and operation.

In marketing, the company gives full play to the leading role of marketing, adhering to the customer's marketing philosophy, on the one hand, strive to expand new customers, strengthen the market introduction of new development products, increase the brand awareness of the fabric, increase market share, and optimize product structure. Increase the proportion of high value-added products and further expand brand customers; on the one hand, strengthen and consolidate the original customer base, conscientiously do a good job of maintaining the relationship between the original customers and ensure the realization of business objectives.

In production, the company further strengthens on-site management, continuously improves production efficiency, saves production costs, mobilizes the enthusiasm of production employees through various channels, and completes the production tasks assigned by the company with quality and quantity.

In the management of subsidiaries, the company further strengthened the production management of Jiangxi Fengzhu Cotton Textile Co., Ltd., standardized business processes and approval procedures, clarified job responsibilities, and reduced raw material costs through scientific cotton blending; reduced production management, technological transformation and upgrading, and reduced Consumption in the production process, improve the quality of cotton yarn; promote sales through the development of new products and new customers.

In the first half of 2016, the company consolidated its operating income of RMB 32,271,200, operating profit of RMB 5.2083 million and net profit of RMB 5,065,900.

(1) Analysis of main business.

1 Analysis table of related changes in financial statements.

1) Reasons for changes in operating income: Operating income decreased slightly compared with the same period, mainly due to the increase in the proportion of finished products in the current period, while the export price of finished products was lower than the domestic selling price.

2) Reasons for changes in operating costs: The decrease in operating costs compared with the same period was mainly due to the decrease in operating income during the period and the increase in the unit price of raw cotton yarn.

3) Reasons for changes in sales expenses: Sales expenses increased compared with the same period, mainly due to the increase in import and export customs declaration fees due to the increase in cotton yarn imports and finished product exports.

4) Reasons for changes in management expenses: The administrative expenses decreased compared with the same period, mainly because the Shandong subsidiary was not included in the consolidated statement during the current period, and its depreciation, salary and social security expenses were reduced.

5) Reasons for changes in financial expenses: Financial expenses have decreased significantly compared with the same period, mainly due to the decrease in interest expenses and the increase in exchange gains due to the repayment of loans during the period.

6) Reasons for changes in net cash flow from operating activities: The net cash flow from operating activities increased significantly compared with the same period, mainly due to the fact that the company continued to strengthen the safe management of funds for the withdrawal of funds from the current period, which resulted in the receipt of goods and services. Cash increases.

7) Reasons for changes in net cash flow from investing activities: The net cash flow from investing activities increased compared with the same period, mainly due to the receipt of cash from the Shandong subsidiary during the period.

8) Reasons for changes in net cash flow from financing activities: The net cash flow from financing activities decreased compared with the same period, mainly due to the increase in the amount of bank loans repaid in the current period.

9) Reasons for changes in R&D expenditures: The increase in R&D expenses in this period was mainly due to a slight increase in R&D investment of the company during the period.

(3) Analysis of core competitiveness.

Since its establishment, the company has always attached importance to technological innovation and technological innovation, continuously improving the production management level and the technological content of products, and enhancing the independent innovation capability of enterprises. Through product innovation and process technology innovation, reduce resource consumption in the production process, reduce production costs, continuously increase the added value of products, and improve the core competitiveness of enterprises.

The main achievements of the company in 2016 include:

1. Complete the declaration of Quanzhou Science and Technology Plan Project.

1 Completed the installation, commissioning and operation of Quanzhou Science and Technology Plan Project “Demonstration and Application of Intelligent Dose of Dye Automatic Dispensing Technology in Printing and Dyeing Industry”. The project mainly studies the intelligent transformation of the proofing technology in the printing and dyeing industry, and introduces intelligent, automated and efficient automatic titration equipment, all-round color test machine to replace the original backward equipment, continuous innovation and improvement of proofing technology, and intelligent use of information technology. Instead of manual operation, the equipment reduces human error, reduces labor costs, and makes titration automation and sample dyeing intelligent and informational.

2 Complete the “National Textile Industry High Performance Model Advanced Enterprise” declaration.

3 Completed the 2016 Jinjiang Science and Technology Progress Award (multi-functional coffee charcoal environmentally friendly knitted fabric) and the Jinjiang City Patent Award (an automatic additive feeding system).

4 Completed the 2016 Quanzhou Science and Technology Progress Award (multi-functional coffee charcoal environmentally friendly knitted fabric) and Quanzhou Patent Award (an automatic feeding system for additives and its conveying method).

5 Complete the 2016 China Textile Industry Federation Science and Technology Awards declaration and project application promotion (multi-functional coffee charcoal environmentally friendly knitted fabric).

6 Obtained the title of “Director Unit” of Quanzhou Industrial Design Center issued by Quanzhou Economic and Information Technology Bureau;

2. Complete technological transformation and technological innovation.

1 In order to improve the overall skill level of the central laboratory and better meet the customer's proofing requirements and the re-sample requirements of the workshop, the company has carried out a comprehensive improvement and upgrade of the laboratory on the basis of the existing laboratory resources since 2016. . The company has invested in a new batch of new automation equipment, the fully automatic dyeing and setting machine cad SMG171/00, the all-round color test machine SUPERMAT, the dyeing machine CAMS90, and some supporting computers. , LCD screen, Tianping hardware equipment, to upgrade existing equipment. The completion of the laboratory technical transformation project has reduced the workload of employees, and at the same time made the operation of employees more standardized and standardized, reducing the errors caused by manual suction and other operations, and improving the accuracy of proofing.

2 Developed a new process of acid reduction cleaning to replace the traditional insurance powder and liquid alkali reduction cleaning process. Under the premise that the performance is basically consistent with the traditional technology, the comprehensive cost of ton cloth can save about 121.2 yuan and shorten the process time by 0.54 hours.

3 Developed a low-temperature bleaching pre-treatment process. When pre-treating the fabric, it achieves the same effect as the previous process at a lower temperature, is more energy-saving, lower in cost, and can improve the strength of the fabric.

3. Product development:

With the increasingly prominent concept of energy conservation and environmental protection, and consumers' pursuit of their own health, this year's new product development concept will be more green, comfortable, practical, healthy and fashion-oriented, and strive to develop a number of new models with market-oriented trends. The products provide a more diverse, healthy and green wearing experience, serve the consumers and contribute to the society.

1Developed product "Youlan Blue", won the "2017/18 Spring/Summer China Popular Fabric Excellence Award" 2 product "Blue Storm", won the "2016 China Excellent Printing and Dyeing Fabric Second Prize" 3 developed products " Medium-thick, high-elastic, high-fluff, super-imitation cotton fabric was selected as the “Textile Light” 2016 textile industry new technology (outcome) project promotion catalogue.

4. In 2016, the company completed 4 invention patent applications, 8 utility model patents and 4 appearance patents, all of which were accepted by the National Patent Office.

5. Participate in the drafting and formulation of a local standard “General Technical Requirements for Single-Way Wet Fabrics”, and pass the national standardization technical committee expert review. Participated in the drafting and formulation of three industry standards, and passed the examination and approval of the experts of the National Standardization Technical Committee; and won the “Outstanding Contribution Award for Knitting Standardization Work”.

In addition, the company's "Knitting Engineering Handbook Dyeing and Finishing Volume (Second Edition)" was awarded the Excellent Book Award of the China National Textile and Apparel Council; the employees of the company participated in the "Five Small Staff of Fujian Province" In the “Innovation Competition” project, “New Technology for Dispersing Active One-Bath Dyeing of Polyester and Cotton Fabrics” won the second prize; “Design and Production of Dyeing and Transporting Vehicles for Dyeing and Finishing Plants” and “Heat Carrier Boiler and Desulfurization Reform” won the third prize; The use of amoeba management methods to improve the quality of equipment maintenance staff, reduce maintenance costs, "cotton fabric polishing dyeing bath technology and application" won the award for excellence and so on.

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