China Jushi FY2007: Markets, customers and suppliers

Glass fiber and related-product revenue was RMB 3.112873552 billion. Reported domestic revenue was RMB 1.696569198 billion and foreign revenue RMB 1.504298239 billion. The top five customers represented 30.12% of sales, while the top five suppliers represented 34.23% of procurement. The filing discusses wind-energy, boats, automotive and construction uses as market context; these application categories are not a list of Jushi's named customer contracts.

Glass fiber and related products generated CNY 3.113 billion of FY2007 revenue. The product tables in both the management report and the financial notes give cost of CNY 2.079 billion; revenue less that cost implies a margin of about 33.20%. The management table reports a 2.44 percentage-point improvement from the prior year. Other products contributed CNY 87.994 million of revenue and CNY 61.103 million of cost. A separate paragraph on the same management page instead describes glass-fiber cost as CNY 2.0715494 billion and a margin of 33.45%. That difference appears in the original image and is not simply a text-extraction error. The tabulated cost also reconciles with the consolidated total when other-product cost is added. This review uses the explicitly identified table basis and preserves the conflicting narrative; it does not treat the higher margin as a second product segment or silently correct the filing.

Reported glass-fiber and related-product revenue / 2007 / fy2007 consolidated glass fiber revenue

RMB 3,112,873,551.57

Reported glass-fiber and related-product cost / 2007 / fy2007 consolidated glass fiber table cost

RMB 2,079,398,357.08

Reported glass-fiber and related-product revenue / 2007 / fy2007 consolidated other products revenue

RMB 87,993,885.02

Reported glass-fiber and related-product cost / 2007 / fy2007 consolidated other products cost

RMB 61,102,504.51

Management described a global sales network with customer relationships in more than 70 countries and an annual November meeting at Tongxiang to discuss the following year's orders. Its main operating concerns included exchange-rate movements, rising energy and raw-material costs, borrowing associated with capacity expansion and reduced export tax rebates. These disclosures explain the commercial and cost environment surrounding the new capacity; they do not quantify a long-term contracted order book.

Related operating sales in FY2007 included CNY 293.813 million to GIBSON INTERPRISES INC, or a reported 9.18% of sales, CNY 110.956 million to Tongxiang Hengshi Fiber Base and CNY 53.920 million to the Jushi Panden electronic-substrate joint venture. The relationship note connects Gibson to the same legal representative as a foreign shareholder of Jushi Group and identifies Hengshi as a subsidiary of an issuer shareholder. Gibson's sales were CNY 303.291 million in the comparative year, so its reported share fell even as total group sales increased. On procurement, the group reported CNY 107.185 million of goods or services from Tongxiang Jinshi Precious Metal Equipment and CNY 100.195 million from Tongxiang Leishi Micro Powder, both linked in the relationship note to shareholder-controlled companies. Their reported purchase shares were 6.90% and 6.45%, respectively. These are named operating transactions, distinct from the subsidiary capital subscription and investment sales. The note says pricing followed market prices, while management also cited transaction approvals; those disclosures do not constitute this site's independent assessment of fairness. The report records additional related operating balances even though management stated no funds were occupied by the controlling shareholder. A statement about that specific funding category does not mean that all related receivables or trading relationships were zero.

Reported related-party sales transaction / 2007 / fy2007 related operating sales gibson

RMB 293,813,149.76

Reported related-party sales transaction / 2007 / fy2007 related operating sales hengshi

RMB 110,956,410.91

Reported related-party sales transaction / 2007 / fy2007 related operating sales panden

RMB 53,920,001.03

Reported related-party purchase or service transaction / 2007 / fy2007 related operating purchases jinshi

RMB 107,184,903.16

Reported related-party purchase or service transaction / 2007 / fy2007 related operating purchases leishi

RMB 100,194,667.7