Huai'an 100,000-tonne electronic-grade glass fiber production line

In the FY2025 management discussion, the Huai'an 100,000-tonne electronic-yarn line had entered full installation. The construction-note table reports engineering progress of 60% and cumulative spending equal to 32.23% of its RMB 3,606,179,400 budget. These are different disclosed measures, rather than interchangeable completion percentages. Funding is described as own funds and borrowings. The reviewed project disclosures do not give a commissioning date, actual line output, line-specific product grades, named customers, equipment suppliers or a precise street address. Installation and nominal capacity must not be presented as commercial output.

The 100,000-tonne electronic-yarn line is identified at the Huai'an base and was in full installation in the FY2025 narrative. It is a yarn production project linked to the electronic-material chain. It is not evidence that the line was already producing in 2025, or that it produces every fabric grade discussed elsewhere.

The 2025 annual report said the Huai'an 100,000-tonne electronic yarn line had entered the full installation stage.

Project execution stage

full installation stage

This project sits on the electronic-yarn side of the product chain. Management calls it a 100,000-tonne electronic-yarn line and reports full installation as its 2025 stage. In the report's product explanation, electronic yarn is the input that is subsequently woven and treated to make electronic fabric, which then enters copper-clad laminate and circuit-board production. Tonnes of yarn capacity and metres of fabric sales therefore describe different stages and units. The cited passages do not establish a fabric-weaving capacity for this particular line, a customer's purchase commitment, or production already achieved by the project.

The construction notes name Jushi Group Huai'an Co., Ltd. as the company behind the 100,000-tonne electronic-grade glass fiber line. Its stated design scope is electronic-grade fiber, not 100,000 tonnes of circuit boards or fabric. The report explains that electronic yarn is processed through warping, sizing, weaving and finishing to make electronic fabric, which is used with resin and copper foil in copper-clad laminates and then printed circuit boards. This describes the product chain; it does not establish that this particular line supplies every downstream application or a named customer.

The electronic line's construction-in-progress balance rose from RMB 1,513,236.48 at the start of FY2025 to RMB 1,139,133,408.57 at year end, after RMB 1,137,620,172.09 of additions. The important-project row leaves fixed-asset transfers and other reductions blank; those blanks are not recorded as numerical zeros. The row also reports RMB 9,024,109.40 of capitalised interest, both cumulative and for the year, and a 2.62% interest capitalisation rate. Construction-in-progress is an accounting balance, not a valuation of operating capacity or evidence of sales.

Capitalised interest in the year / 2025 / project construction

RMB 9,024,109.4

Interest capitalisation rate / 2025 / project construction

2.62%

The 2025 annual report identifies Jushi Group Huai'an Co., Ltd. as the company behind the line. Its construction-in-progress schedule gives the project a budget of RMB 3.606 billion and a year-end balance of RMB 1.139 billion. Cumulative investment represented 32.23% of the budget, while reported engineering progress was 60%.

Project budget

RMB 3,606,179,400

Construction in progress at year-end

RMB 1,139,133,408.57

Cumulative investment / budget

32.23%

Engineering progress

60%

The FY2024 report describes development of a Huai'an 100,000-tonne electronic-grade glass fiber line and a supporting 500 MW wind-power project as intended to strengthen the company's electronic-fiber market position. This is management's stated purpose. The passage does not report that the electronic line had been commissioned, disclose an opening date or quantify line-specific sales. The FY2025 installation update belongs to the later annual report and is not inserted into this FY2024 account.

The 2024 annual report described work on a zero-carbon intelligent production line in Huai'an with designed annual electronic-grade glass fiber capacity of 100,000 tonnes, alongside a 500 MW wind-power project.

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.

Fine yarn has individual filaments of 9 micrometres or less in the report's classification. It includes electronic-grade yarn and industrial fine yarn. Electronic yarn is converted into electronic fabric through warping, sizing, weaving and subsequent treatment. Fabric acts as insulation and reinforcement, helping support the substrate and control dimensional change. It is impregnated with resin, combined with copper foil and hot-pressed into copper-clad laminate (CCL); subsequent processing produces a printed circuit board (PCB). This explains the yarn-to-fabric-to-board chain in which Jushi's electronic materials participate.