Summary of 2025 Annual Report of Shenzhen Textile (Holdings) Co., Ltd.
Stock code: 000045, 200045 Stock abbreviation: Shen Textile A , Shen Textile B Announcement No.: 2026-04
Summary of 2025 Annual Report of Shenzhen Textile
(Holdings) Co., Ltd.
I. Important notes
The summary of the annual report is extracted from the full text of the annual report. In order to fully understand
the Company's operating results, financial status and future development plans, investors should carefully read the
full text of the annual report on the media designated by the CSRC.
All directors attended the board meeting at which this report was considered.
Prompt of a modified report
□ Applicable Not applicable
Proposed profit distribution plan or the proposal for capitalization of reserves to increase share capital for the
reporting period deliberated by the Board of Directors
Applicable Not applicable
Whether to convert capital reserves to capital shares
Yes No
The Board has approved a final dividend plan as follows: based on the total share capital of 506,521,849 shares, a
cash dividend of RMB0.48 (tax inclusive) per 10 shares is to be distributed to the shareholders, with no bonus
issue from either profit or capital reserves.
Proposed profit distribution plan for preferred shares for the reporting period resolved by the Board of Directors
□ Applicable Not applicable
II. Basic information of the Company
Stock name Shenzhen Textile A, Shenzhen Textile B Stock code 000045、200045
Stock exchange Shenzhen Stock Exchange
Stock name before the change (if
None
any)
Contact person and contact
Secretary of the Board of Directors Securities affairs representative
information
Name Huang Min LI Zhenyu
Floor 6, Block A, Shen Fang Building, No. 3 Floor 6, Block A, Shen Fang Building, No. 3
Office address Huaqiang North Road, Futian District, Huaqiang North Road, Futian District,
Shenzhen Shenzhen
Fax 0755-83776139 0755-83776139
Tel. 0755-83776043 0755-83776043
E-mail huangm@chinasthc.com lizy@chinasthc.com
(I) Main business of the Company
The Company's main business is a high-tech industry focusing on the R&D, production and sales of polarizers for
OLED and LCD display, and the operation and management of its own properties.
Summary of 2025 Annual Report of Shenzhen Textile (Holdings) Co., Ltd.
During the reporting period, there was no significant change in the Company's primary business. First, the
Company actively adjusted its product structure, implemented a product differentiation strategy, and increased the
sales proportion of high-value-added products. It has the sales volume of ultra-large-size (85" and above)
polarizers surged significantly; second, the Company made every effort to overcome quality problems, improve
customer satisfaction, reduce product return losses and management costs, and at the same time, played a sales-
driven role to promote sales by production, and the production and sales volume repeatedly hit a record high; third,
the Company strengthened lean management, effectively reduced the raw material losses, and saved the
production costs; fourth, the Company strengthened the innovation-led drive, focused on key technology
breakthroughs, promoted the development and industrialization of cutting-edge products, and successfully
achieved the development and first delivery of VA-type high-transmittance and high-polarization 2.0 polarizers;
fifth, the Company initiated the investment and construction of the Line 8 project to break through the production
capacity bottleneck for mid-to-high-end products; sixth, the Company actively promoted the elimination of
enterprises with "non-main business assets non-dominant business assets, inefficient assets and ineffective assets",
improved the mechanism for survival of the fittest enterprises, guided the concentration of resources to the core
business, and enhanced the efficiency of resource utilization; seventh, the Company strengthened supervision and
management, focused on work safety, improved the institutional system, formulated emergency disposal plans,
enhanced safety training and education, carried out safety risk identification, hidden danger investigation and
rectification, consolidated the weak links, and prevented accidents; eighth, continuously improved the quality of
property management service, improve tenant satisfaction, strived to maintain the Company's property rental rate
at a high level, and ensured the stability of the Company's property leasing management business income.
(II) Main products of the Company and their uses
Currently, the Company has 7 mass-production polarizer production lines, and its products cover OLED and LCD
polarizers. These products are mainly applied to products such as TVs, laptops, monitors, vehicles, industrial
controls, instruments and meters, smartphones, and wearable devices. By continuously strengthening the
expansion of sales channels and the construction of its own brand, the Company has become a qualified supplier
for mainstream panel enterprises such as CSOT, BOE, LGD, Xianyang Caihong, HKC, Tianma Microelectronics
and Sharp.
The main product types and applications of the Company's polarizer production lines are as follows:
annual production
Production lines Address Product width Main product type
capacity
Line 4 Pingshan 1490mm 10 million square meters TFT/OLED
Line 5 Pingshan 650mm 2 million square meters TFT/OLED
Line 6 Pingshan 1490mm 16 million square meters TFT/OLED
Line 7 Pingshan 2500mm 32 million square meters TFT/OLED
(III) Industry Overview for the Reporting Period
The polarizer is also called polarized light sheet, which can control the polarization direction of a specific beam.
When the natural light passes through the polarizer, the light with the vibration direction perpendicular to the
polarizer transmission axis will be absorbed, and only the polarized light with the vibration direction parallel to
the polarizer transmission axis will be transmitted. The downstream applications of polarizers are mainly in the
panel industry. According to different panel types, polarizer are mainly classified into TN type, STN type, TFT
type and OLED type. Currently, the global polarizer market is dominated by TFT-LCD polarizers. Each LCD
panel requires two polarizers.
The high-quality development of the polarizer industry has a profound impact on the entire display industry. As
one of the three core raw materials of the display panel, the demand for polarizer is directly affected by the
fluctuation of the display panel market. In recent years, with the accelerated transfer of the global display panel
industry to China, China's polarizer industry has ushered in a stage of rapid development. The production capacity
and process technology level of domestic polarizer manufacturers have continuously jumped. China's polarizer
industry has significantly improved its position and influence in the global market. Chinese mainland has become
the world's largest polarizer production base.
Summary of 2025 Annual Report of Shenzhen Textile (Holdings) Co., Ltd.
The Company is one of the main polarizer R&D, production and sales enterprises in China. It is the pioneer of
China's polarizer industry. Now it has developed into a leading enterprise in China's polarizer industry, and has
become an important supplier of mainstream panel enterprises in the world. In 2025, influenced by multiple
factors such as the complex and volatile global economy and geopolitics, the transition of the national "trade-in"
policy, and rising prices of raw materials like storage devices driven by the AI wave, the global display panel and
terminal market demand still experiences a certain degree of fluctuation while continuing its slow recovery. In the
future, with the capacity expansion and industry consolidation in the polarizer industry, it is necessary to be more
vigilant about risks such as changes in the competitive landscape, rising raw material costs, and the security of
raw material supply.
(IV) Market Competition Pattern
The polarizer industry is a highly concentrated industry. At present, there are about 10 major polarizer
manufacturers in the world, mainly located in Chinese mainland, Japan and Taiwan. With the continuous transfer
of production capacity to China and the continuous expansion of production by manufacturers from Chinese
mainland, China has become the world's largest polarizer production base. According to research data from the
industry institutions, the production capacity of polarizers in China mainland accounted for about 65% of the
global total in 2025, and it is expected to further increase to about 75% in 2026. As the competitive advantage of
ultra-wide polarizer production line driven by the rapid growth of demand for large-size display products (65
inches and above) continuously stands out, Chinese mainland continues to maintain its leading position in the
industry.
(V) Market position of the Company's products
The Company is one of the main domestic enterprises in the R&D, production, and sales of polarizers. It began its
polarizer business in 1995 and achieved the first mass production of polarizers in China in 1998, becoming a
pioneer in China's polarizer industry. The Company has mastered core technologies for the R&D and production
of TN/STN-LCD, TFT-LCD, and OLED polarizers. It is one of the few domestic polarizer manufacturers with the
capability to produce a full range of polarizer products in large, medium, and small sizes. The Company was the
first to achieve mass production of polarizers for OLED TVs and OLED mobile phones, filling a gap in the
domestic market.
The Company's Line 7 is one of the few 2500mm ultra wide polarizing film production lines in the world, which
can meet the needs of higher generation panel production lines such as the 8.5/8.6/10.5/11 generation globally.
Especially matching the production line 10.5/11 generation of panel has the best economic production efficiency,
and has industry-leading advantages in the technical level and production capacity of ultra large and large-sized
polarizers.
(1) Major accounting data and financial indicators in the past three years
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
Yes No
Unit: RMB
Increase/decrease at
the end of this year
As at the end of 2025 As at the end of 2024 As at the end of 2023
compared with the
end of last year
Total assets 5,418,295,716.77 5,232,150,397.33 3.56% 5,649,822,363.44
Net assets attributable to
shareholders of the listed company
Increase/decrease this
last year
Operating revenue 3,241,380,430.62 3,335,283,008.68 -2.82% 3,079,678,375.45
Summary of 2025 Annual Report of Shenzhen Textile (Holdings) Co., Ltd.
Net profit attributable to
shareholders of the listed company
Net profit attributable to
shareholders of listed companies
after deducting non-recurring profit
or loss
Net cash flows from operating
activities
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average rate of return on
net assets
(2) Quarterly main accounting data
Unit: RMB
Q1 Q2 Q3 Q4
Operating revenue 777,932,127.47 822,549,498.84 864,584,512.93 776,314,291.38
Net profit attributable to
shareholders of the listed company
Net profit attributable to
shareholders of listed companies
after deducting non-recurring profit
or loss
Net cash flows from operating
activities
Whether the above financial indicators or their aggregate are significantly different from the financial indicators
related to the Company's disclosed quarterly and semi-annual reports
Yes No
(I) Number of ordinary shareholders, number of preferred shareholders whose voting rights have been
restored, and shareholdings of the top 10 shareholders
Unit: shares
Total
number of
ordinary Total number of Total number of
shareholder preferred preferred
s at the end shareholders shareholders whose
Total number of ordinary
of the whose voting voting right is
shareholders at the end of the 35,373 34,660 0 0
month rights have been restored at the end
reporting period.
before the restored at the end of the month before
disclosure of the reporting the disclosure date
date of the period of the annual report
annual
report
Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)
Nature of Shareholdin Number of shares Number of shares Pledge, marking or freezing
Name of shareholder held under
shareholder g ratio held Share status Number
restricted
Summary of 2025 Annual Report of Shenzhen Textile (Holdings) Co., Ltd.
conditions
Shenzhen Investment State-owned Not
Holdings Co., Ltd. legal person applicable
Shenzhen Shenchao
State-owned Not
Technology Investment Co., 3.18% 16,129,032 0 0
legal person applicable
Ltd.
Domestic
Not
Sun Huiming natural 1.60% 8,088,853 0 0
applicable
person
Hong Kong Securities
Overseas Not
Clearing Company Ltd. 1.21% 6,142,366 0 0
legal person applicable
(HKSCC)
Domestic
Not
Chen Xiaobao natural 0.89% 4,491,920 0 0
applicable
person
Domestic
Not
Lin Chuangguang natural 0.71% 3,619,800 0 0
applicable
person
Domestic
Su Weipeng natural 0.71% 3,580,100 0 Pledged 3,000,000
person
Foreign
Not
Li Zengmao natural 0.61% 3,089,197 0 0
applicable
person
Domestic
Not
Jin Jun natural 0.45% 2,267,700 0 0
applicable
person
Domestic
Not
Sun Wenbo natural 0.41% 2,066,700 0 0
applicable
person
Among the top 10 ordinary shareholders, Shenzhen Investment Holdings Co., Ltd.
and Shenzhen Shenchao Technology Investment Co., Ltd. do not constitute a
Notes to shareholders' related relationship or relationship of persons acting in concert. In addition, the Company does not know
persons acting in concert whether there is a related relationship between the top 10 ordinary shareholders, nor
does it know whether they are persons acting in concert as stipulated in the
Administrative Measures for the Acquisition of Listed Companies.
Shareholders participating in margin
financing and securities lending business (if None
any)
Participation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares in refinancing business and lending shares
□ Applicable Not applicable
Changes of the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares compared with the
previous period due to refinancing lending/repayment
□ Applicable Not applicable
(2) Total number of preferred shareholders of the Company and shares held by top 10 preferred
shareholders
□ Applicable Not applicable
The Company had no preferred shareholders during the reporting period.
Summary of 2025 Annual Report of Shenzhen Textile (Holdings) Co., Ltd.
(3) Disclose the property rights and control relationship between the company and the actual owner in the
form of a block diagram
State-owned Assets Supervision and Administration Commission
Shenzhen Investment Holdings Co., Ltd. Shenzhen Major Industry Investment Group Co., Ltd.
Shenzhen Shenchao Technology Investment
Shenzhen Textile (Holdings) Co., Ltd.
□ Applicable Not applicable
III. Important matters
On October 15, 2025, the Company held the 45th meeting of the 8th Board of Directors, at which the "Proposal on
Investment and Construction of 1.49m-wide Polarizer Production Line Project (Line 8) by a Subsidiary" was
deliberated and approved. It is agreed that the subsidiary, Shenzhen SAPO Photoelectric Co., Ltd., based on the
market demand for polarizers and its own development needs, would use a combination of its own funds and bank
loans, with a planned total investment of approximately RMB 1.334 billion, to build a new plant building and
supporting facilities by purchasing land in Pingshan District, Shenzhen, and to purchase equipment and
instruments to construct a 1.49m-wide LCD and OLED polarizer production line with a designed capacity of
approximately 18 million square meters per year. For details, please refer to the "Announcement on Investment
and Construction of 1.49m-wide Polarizer Production Line Project (Line 8) by a Subsidiary" (No. 2025-39)
published by the Company on Cninfo (http://www.cninfo.com.cn) on October 16, 2025. Currently, the project has
obtained the land use right, and ALL construction works are progressing in an orderly manner.
Shenzhen Textile (Holdings) Co., Ltd.
Board of Directors
March 30, 2026
