South Carolina 80,000-tonne glass fiber line

The United States project was put into production and operation. Operating indicators improved and customer product certification progressed. Management described the factory as a new option for coordinating global production and sales and responding to trade friction. Production and continuing customer certification are recorded together; the passage does not establish that every product was certified, that the factory had achieved full-year design output, or that all trade exposure disappeared.

The US project is labeled an 80,000-tonne-per-year alkali-free glass-fiber line in the financial schedule. Its budget was CNY 2,052,632,700.00, annual construction additions CNY 1,620,098,190.87 and closing construction value CNY 1,923,272,307.23. The schedule reports 93.70% cumulative investment against budget and 95.00% engineering progress, with CNY 2,837,161.23 of current-year capitalized interest at 2.97%. Management's operating narrative says ignition was imminent, not completed. The engineering percentage, construction value and capitalized interest do not establish commercial output or customer deliveries in2018. The historical80,000-tonne label is retained separately from later reports'96,000-tonne wording, for which no direct capacity bridge has been established. The project is linked to its existing historical identity without rewriting later-year capacities.

US80kt project budget / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 2,052,632,700

US project annual construction additions / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 1,620,098,190.87

US project closing construction value / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 1,923,272,307.23

US cumulative investment/budget / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

93.7 percent

US engineering progress / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

95 percent

US annual capitalized interest / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 2,837,161.23

US current-year capitalization rate / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

2.97 percent

The United States project entered its final push, with ignition described as imminent. This follows factory and utilities construction in 2017. The wording is prospective: the passage does not say that the furnace had already been ignited or that commercial production occurred in 2018. Its status is preserved separately from the operating milestone disclosed in the following annual report.

The JS304 US project received a new asset-related grant of CNY 29,906,711.56, which remained deferred at year end without a current-year release in that row. The issuer links the support to a 2016 memorandum with Richland County and South Carolina economic authorities for site preparation, infrastructure and land improvements. This identifies support for the US development; it does not establish operating sales, full utilization or an independently inspected grant agreement.

US JS304 asset-grant addition / 2018 / FY2018 A share/CAS.

RMB 29,906,711.56

Construction of the United States project progressed, with factory buildings and public utilities entering comprehensive construction. This updates the 2016 groundbreaking of the 80,000-tonne proposal; it is not a commissioning statement. India is mentioned separately as a project progressing according to plan. The filing does not equate the Indian proposal with a producing third overseas base.

Management describes the US 80,000-tonne-per-year alkali-free glass-fiber project as entering full construction of factory buildings and utilities during 2017. Its construction account adds CNY 298,233,708.78 to the CNY 4,940,407.58 opening balance, leaving CNY 303,174,116.36 at year end. The table gives a CNY 2,052,632,700 budget, 14.77% budget utilisation and 15% physical progress, with own funds and borrowings as financing sources. Those reported amounts are denominated in renminbi, even though the physical project is in the United States. They do not prove commissioning, commercial output or capacity utilisation in 2017. The planned continuation in the 2018 operating programme is a forward-looking statement as reported in this annual filing.

Project budget / 2017 / us 80kt

RMB 2,052,632,700

Construction-note additions / 2017 / us 80kt

RMB 298,233,708.78

Construction-note balance / 2017 / us 80kt

RMB 303,174,116.36

Construction-note physical progress / 2017 / us 80kt

15 percent

The United States 80,000-tonne line broke ground on 8 December 2016 local time and entered substantive construction. Management described a strategy of moving factories closer to customers and supplying foreign markets from foreign production. The same 80,000-tonne scope links this event with the South Carolina proposal in the 2014 table. Groundbreaking is a construction milestone, not operating capacity or commercial delivery.

The management discussion dates the United States 80,000-tonne-per-year glass-fiber line’s groundbreaking and entry into substantive construction to 8 December 2016 local time. The financial note separately says the US project started construction in the first quarter of 2017. Both descriptions belong to the same stated line capacity, but the annual report does not reconcile the construction wording. They remain dated milestones rather than being forced into one start date. The financial note gives total investment of 205,263.27 ten-thousand CNY, financed by company funds and bank borrowing, with completion expected before the end of 2018. That budget is a plan, not cash spent in 2016, a committed loan facility or an actual completion result. Management’s rationale was to supply overseas customers from local production; a sales network or groundbreaking does not establish commercial US output. This description is attached to the existing US 80,000-tonne project record, without adding its planned capacity a second time.

Reported project narrative budget / 2016 / us 80kt financial note

RMB 2,052,632,700

The table now lists a South Carolina 80,000-tonne alkali-free glass fiber line, with a project amount of USD 297.483 million and no annual or cumulative investment. It remained in preparation without a formal construction start. This is held separately from the earlier United States 100,000-tonne proposal: country alone does not establish that the two are the same approved design. Both are associated with the United States development history, with the unresolved design relationship retained.