Huai'an 400,000-tonne high-performance glass fiber programme

The FY2025 construction note retains the same Huai'an implementing company, 400,000-tonne high-performance-fiber designation and RMB 4,672,868,700 budget. It reports 80% engineering progress and RMB 254,160,966.78 remaining in construction-in-progress, distinct from the electronic line's 60% progress. The programme's cumulative-spending-to-budget ratio is 71.82%, compared with 72.52% in the prior filing. This ratio should not be substituted for engineering progress or forced into a monotonically increasing series; the reports do not explain the ratio difference.

The FY2025 important-construction-project note reports a budget of RMB 4,672,868,700.00 and engineering progress of 80% for this project. The closing construction-in-progress balance is RMB 254,160,966.78. Engineering progress, spending against budget, and actual output are different measures. A blank closing cell is retained as a blank and is not entered as a numeric zero.

Project budget / 2025 / project disclosed

RMB 4,672,868,700

Engineering progress / 2025 / project disclosed

80%

Construction in progress at year-end / 2025 / project disclosed

RMB 254,160,966.78

For FY2024 the Huai'an 400,000-tonne programme has a disclosed budget of RMB 4,672,868,700, 75% engineering progress, cumulative spending equal to 72.52% of budget, and RMB 264,736,810.10 remaining in construction-in-progress. Fixed-asset transfers during the year were RMB 2,977,488,769.22. The table states funding from own funds and borrowings. These accounting and progress measures refer to the named programme, not the separate 100,000-tonne electronic line.

Project budget / 2024 / project disclosed

RMB 4,672,868,700

Engineering progress / 2024 / project disclosed

75%

Construction in progress at year-end / 2024 / project disclosed

RMB 264,736,810.1

Transferred to fixed assets / 2024 / project disclosed

RMB 2,977,488,769.22

The Huai'an high-performance glass-fiber programme has planned annual capacity of 400,000 tonnes and a reported budget of CNY 4,672,868,700. FY2023 additions and closing construction carrying value were both CNY 1,539,568,533.97. Reported progress was 40%, while cumulative investment relative to budget was 36.08%. Capitalized interest was CNY 2,337,333.35 at a reported 2.40% rate. The source uses a ‘zero-carbon intelligent manufacturing base’ project name; that label is not independent verification of zero emissions. The programme remains distinct from individual production lines and its supporting wind project. Planned capacity, construction carrying value and reported progress do not establish 400,000 tonnes of actual output, commercial sales or an approved emissions outcome.

Reported construction budget / 2023 / huaian programme budget

RMB 4,672,868,700

Reported construction carrying-value additions / 2023 / huaian programme additions

RMB 1,539,568,533.97

Issuer-reported construction progress / 2023 / huaian programme progress

40%

Issuer-reported investment-to-budget ratio / 2023 / huaian programme budget ratio

36.08%

Reported closing construction carrying value / 2023 / huaian programme closing

RMB 1,539,568,533.97

Huai'an is the Jiangsu location in Jushi's six-base manufacturing network. The filing separately describes high-performance glass fiber production, a new electronic-yarn line and wind-power developments. These are connected activities with different physical and accounting scopes. The base grouping is not a single production line, and the operating wind business is not evidence that the new electronic-yarn line has entered commercial production.