100,000-tonne unsaturated polyester resin project

Jushi Group completed and put into production the 100,000-tonne-per-year unsaturated polyester resin line. The report describes this as progress toward combined glass-fiber-and-resin solutions for composite-material customers. It updates the construction start reported in 2016. The line's nominal resin capacity is kept separate from glass fiber tonnes, and the passage does not provide resin sales, utilisation or a named customer contract.

Annual production capacity

100,000 tonnes/year

Management says the 100,000-tonne-per-year unsaturated-polyester resin line was completed and put into production during 2017, supporting a combined glass-fiber and resin offering for composite materials. The financial construction note calls it a production-line renovation project and retains CNY 86,790,535.52 in construction, after CNY 79,140,025.66 of additions. Its budget is CNY 186,417,500, with 46.56% budget utilisation and 50% physical progress, funded by own funds and borrowings. These source descriptions coexist: the report does not provide a component or phase explanation that reconciles commissioning with the financial progress figure. Nominal resin capacity is not glass-fiber capacity, and commissioning is not evidence of full-year output, sales or utilisation.

Project budget / 2017 / resin renovation

RMB 186,417,500

Construction-note additions / 2017 / resin renovation

RMB 79,140,025.66

Construction-note balance / 2017 / resin renovation

RMB 86,790,535.52

Construction-note physical progress / 2017 / resin renovation

50 percent

The 100,000-tonne unsaturated polyester resin project is intended to extend the group’s offering alongside glass fiber for composite materials. The construction note reports a CNY 186,417,500.00 budget, CNY 7,650,509.86 of additions and closing construction, a reported investment ratio of 4.10% and engineering progress of 5%, funded by own resources and borrowing. The later narrative repeats total investment as 18,641.75 ten-thousand CNY and says construction started at the end of 2016 with an approximate one-year period. The construction table calls it a production-line modification project, while the narrative describes building a line. The disclosed capacity and matching budget link these descriptions to the existing resin-project record, with the wording difference retained. Product development, process design and equipment selection remained underway in the management discussion. This establishes intended product-chain expansion and spending at an early stage, rather than completed output, customer orders or a demonstrated sales contribution.

Project budget / 2016 / construction note

RMB 186,417,500

Construction in progress at year-end / 2016 / construction note

RMB 7,650,509.86

Issuer-reported investment-to-budget ratio / 2016 / construction note

4.1 percent

Engineering progress / 2016 / construction note

5 percent

Construction formally began on a 100,000-tonne unsaturated polyester resin project. Product development, process design and equipment selection were in progress. Management presented the project as a step toward combined glass-fiber-and-resin solutions for composite materials. This provides the intended role in the value chain and the construction stage, rather than evidence that the resin plant was already producing or that the group had secured sales for its full planned capacity.

Annual production capacity

100,000 tonnes/year