China Jushi FY2004: Products and glass-fiber technology

Glass-fiber products generated CNY 997.92033586 million of main-business revenue in 2004, compared with CNY 774.54312843 million in 2003. Other products increased from CNY 77.68787252 million to CNY 147.73341382 million. Together they make up the group's CNY 1,145.65374968 million of main-business revenue. Glass-fiber product cost was CNY 690.74033313 million, versus CNY 534.84069739 million a year earlier; other-product cost was CNY 113.80363854 million, versus CNY 44.04298095 million. The business discussion gives a rounded glass-fiber gross margin of 30.78%. Product revenue less cost differs from historical main-business profit, which also deducts main-business taxes and surcharges. Domestic revenue rose from CNY 413.68862537 million to CNY 550.21422153 million, while self-operated export revenue increased from CNY 438.54237558 million to CNY 595.43952815 million, representing 51.98% of total main-business revenue. Geographic totals cover all main-business products, not solely glass fiber, and do not indicate manufacturing locations. Management attributes revenue growth mainly to higher Jushi Group sales volume. The filing does not allocate these product amounts between individual grades, factories or projects.

Reported glass-fiber and related-product revenue / 2004 / glass fiber product revenue

RMB 997,920,335.86

Reported glass-fiber and related-product revenue / 2003 / glass fiber product revenue comparative 2003

RMB 774,543,128.43

Reported glass-fiber and related-product cost / 2004 / glass fiber product cost

RMB 690,740,333.13

Reported glass-fiber and related-product cost / 2003 / glass fiber product cost comparative 2003

RMB 534,840,697.39

Reported glass-fiber and related-product revenue / 2004 / other product revenue

RMB 147,733,413.82

Reported glass-fiber and related-product revenue / 2003 / other product revenue comparative 2003

RMB 77,687,872.52

Reported glass-fiber and related-product cost / 2004 / other product cost

RMB 113,803,638.54

Reported glass-fiber and related-product cost / 2003 / other product cost comparative 2003

RMB 44,042,980.95

Reported domestic main-business revenue / 2004 / consolidated domestic main business revenue

RMB 550,214,221.53

Reported domestic main-business revenue / 2003 / consolidated domestic main business revenue comparative 2003

RMB 413,688,625.37

Reported foreign main-business revenue / 2004 / consolidated self operated export revenue

RMB 595,439,528.15

Reported foreign main-business revenue / 2003 / consolidated self operated export revenue comparative 2003

RMB 438,542,375.58

Management describes unusually tight oil, electricity, coal and transport conditions and rising costs. It sought to ease the pressure through cost reduction, technical progress and management changes. The production-line discussion also refers to newly developed proprietary technology. These passages explain the emphasis on larger furnaces and operating efficiency, while claims about exceptional technical standing remain the company's own assessment rather than an independently measured comparison.