China Jushi | FY2010 business review

Management describes FY2010 as a recovery in downstream composite-material demand, including wind power, transport and infrastructure, accompanied by stronger exports. Consolidated revenue reached CNY 4,765,021,506.34, up 50.27%. Consolidated operating profit was CNY 463,842,784.20, compared with an operating loss of CNY 399,182,841.99 in the prior-year comparative. The issuer attributes the revenue and operating-profit improvement to higher glass-fiber selling prices and sales volume. It does not provide a quantified bridge separating price, volume, product mix and changes in the consolidation perimeter. Selling expenses rose with transport and packaging needs, while management expenses rose with technical-development charges and wages. These costs help explain why a product revenue-cost margin is different from consolidated operating profit. Management also reports commissioning four new production lines and one upgrade of an existing line. Their nominal capacities are not all incremental group capacity, and commissioning is not a measure of annual output or utilization. The comparative figures here use the presentation in the FY2010 accounts; they should not be silently substituted with an earlier, unadjusted FY2009 series.

Reported business revenue / 2010 / consolidated total

RMB 4,765,021,506.34

Reported business revenue growth / 2010 / consolidated total

50.27%

Reported consolidated operating profit / 2010 / consolidated total

RMB 463,842,784.2

Reported consolidated operating profit / 2009 / consolidated fy2010 prior year comparative

RMB -399,182,841.99

The FY2011 operating plan emphasizes higher-value products and faster promotion of new formulations, overseas factory and sales-network development, process efficiency and risk management. These are management's plans as described in the FY2010 report, not realized FY2011 capacity, sales or recruitment. The disclosure index lists a December 7, 2010 announcement of an intention to acquire a GIBSON glass-fiber company, as well as a product-price-increase announcement. The index alone supplies neither acquisition completion nor transaction terms, acquired capacity or achieved price realization. It does not establish that this named acquisition target is the same legal entity as GIBSON ENTERPRISES INC. in the leading-customer table. The separate proposed purchase of Jushi's remaining interest and its conditional compensation forecasts retain their own pending-approval scope. Routine training and safety intentions are condensed rather than used to imply a verified outcome.

The FY2010 report says ViPro was successfully developed from the E6 formulation. The issuer claims further improvements in tensile strength, tensile modulus, shear strength, compressive strength, corrosion resistance and heat resistance. It also describes lower production cost, removal of fluorine use and wider potential applications. These are qualitative company claims: the passage gives no comparable numerical test series, realized cost reduction or separately identified ViPro sales. Development is a separate stage from later product introduction or marketing. Annual-stage wording should therefore be compared before deciding whether a new name or claim represents a new invention. Both formulations are linked to the existing material-family entry, while their annual stages remain separately sourced. The report supports a technology-development milestone and intended commercial advantages, without establishing full customer adoption, orders or annual output for ViPro.

Management describes E6 as its proprietary high-performance glass fiber and claims advantages over conventional E glass in strength, elastic modulus and corrosion resistance, with lower waste-gas and dust emissions during production. The FY2010 passage says E6 had received certification from major international authoritative organizations and had successfully entered high-power wind-turbine blade manufacturing, corrosion-resistant pipes, high-voltage insulation and high-pressure pipes. This is an issuer claim of entry into application areas, rather than merely a list of planned uses. The passage does not name the certifying organizations or customers, reproduce test results, identify orders or isolate E6 revenue. The annual product-revenue table covers glass fiber more broadly. Readers can therefore retain the disclosed application-entry stage while recognizing the limits of certification and commercial evidence. This wording corrects the preliminary English characterization of the uses as intended applications; the original statement and its frozen history remain preserved.

Management reports that pure-oxygen combustion technology had been applied across domestic furnace production lines in FY2010 and attributes lower energy use per unit of capacity to it. The stated domestic scope does not establish deployment at every overseas operation or a numerical group-wide energy reduction. Product development included assembled-roving and direct-roving series for reinforcing thermosetting resins, with progress in reinforcement for thermoplastic plastics, chopped-strand mats and products identified as BMC in the source. The report identifies 386T as a new general-purpose direct-roving product and says it received a JEC Asia innovation award in Singapore in October 2010. An award is a development signal, rather than a sales or customer-qualification measure. The report also describes experimental facilities for high-pressure pipe reinforcement and a laboratory identified as LFT in the report. The facilities provide research context, but the passage does not establish their physical address, testing specifications, commercial capacity or attributable revenue. These disclosures are retained as separate process-application, product-development and research stages rather than combined into a single quantified commercialization claim.

Platinum-rhodium alloy is a major production material used to make bushings for the final fiber-forming operation. The annual report describes regular cleaning and reworking to keep the fibers within specified quality requirements. These operations consume some of the precious metal, and the actual maintenance loss is charged to product cost. The alloy is accounted for as a fixed asset but is not depreciated like ordinary machinery. This explains why substantial capital remains in production tooling while a recurring loss enters manufacturing cost. Its reported gross balance rose from CNY 3,823,948,001.66 to CNY 5,208,379,477.85, after CNY 1,931,983,159.24 of additions and CNY 547,551,683.05 of reductions. The accounting table does not separate every acquisition, purchase, disposal or process loss within those movements. Accordingly, total reductions are not relabeled measured production consumption, and additions are not treated as cash purchases. No metal tonnage, alloy composition or individual-line tooling requirement is supplied here.

Reported precious metal bushing balance / 2010 / consolidated opening

RMB 3,823,948,001.66

Reported precious metal bushing balance / 2010 / consolidated closing

RMB 5,208,379,477.85

Reported precious metal bushing additions / 2010 / consolidated

RMB 1,931,983,159.24

Reported precious metal bushing reductions / 2010 / consolidated

RMB 547,551,683.05

Purchases from Tongxiang Leishi Micro Powder were CNY 227,110,522.94, and purchases from Tongxiang Juzhen Mining were CNY 14,986,427.18, both described as raw materials. Purchases of platinum-rhodium alloy and bushing-processing services from Tongxiang Jinshi Precious Metal Equipment totaled CNY 86,899,849.26 and were assigned to fixed assets in the transaction classification. That production-tooling treatment differs from ordinary raw-material purchases. The group separately recorded CNY 33,839,307.50 of materials, water and electricity, processing fees and rent supplied to Jinshi. Opposite-direction transactions with mixed purposes are not netted into one purchase cost or cash flow. The disclosure supports a link between the production process and shareholder-related inputs without identifying every delivered quantity or an undisclosed technical specification.

Reported related purchases / 2010 / leishi raw materials

RMB 227,110,522.94

Reported related purchases / 2010 / juzhen raw materials

RMB 14,986,427.18

Reported related purchases / 2010 / jinshi alloy and bushing processing

RMB 86,899,849.26

Reported related sales / 2010 / jinshi material utilities processing rent

RMB 33,839,307.5

Glass fiber and its products generated CNY 4,418,283,700.24 of main-business revenue and CNY 3,106,434,238.90 of cost in FY2010. Revenue rose 45.39%, while cost rose 19.22%. The product table reports a 29.69% margin, up 15.43 percentage points. Although the original column labels this an operating-profit margin, its arithmetic corresponds to revenue less the listed product cost divided by revenue. It is therefore a product revenue-cost margin, rather than group operating profit after selling, management and financing expenses. The separate other-product category generated CNY 245,678,458.25 of revenue and CNY 133,657,341.91 of cost. Its reported 45.60% margin should not be applied to glass fiber or every group activity. These are annual product-category totals, not separate measures for E6, ViPro, individual yarn grades or factories. The report describes recovery in prices and volume, but this table does not provide the annual tonnage, realized unit price or plant utilization needed to divide those effects precisely.

Reported business revenue / 2010 / glass fiber product main business

RMB 4,418,283,700.24

Reported business cost / 2010 / glass fiber product main business

RMB 3,106,434,238.9

Reported product revenue cost margin / 2010 / glass fiber product main business

29.69%

Reported business revenue growth / 2010 / glass fiber product main business

45.39%

Reported business cost growth / 2010 / glass fiber product main business

19.22%

Reported product margin change / 2010 / glass fiber product main business

15.43 percentage points

Reported business revenue / 2010 / other product main business

RMB 245,678,458.25

Reported business cost / 2010 / other product main business

RMB 133,657,341.91

Reported product revenue cost margin / 2010 / other product main business

45.6%

Consolidated revenue of CNY 4,765,021,506.34 consists of CNY 4,663,962,158.49 of main-business revenue and CNY 101,059,347.85 of other-business revenue. Their respective costs of CNY 3,240,091,580.81 and CNY 45,324,934.31 reconcile to consolidated cost of CNY 3,285,416,515.12. Within main business, the glass-fiber and other-product rows add to the same main-business total as the domestic and foreign geographical rows. Product mix and market geography are alternative views, not additional sales to sum together. Other products in main business are also different from other-business income. The latter includes CNY 82,898,535.09 of materials sales, CNY 4,912,372.91 of electricity sales and CNY 13,248,439.85 in a residual category. These categories do not supply a standalone revenue series for each advanced material or project. The listed-parent profit statement has no operating revenue in its revenue column, while the consolidated statement includes subsidiaries. A parent-only result cannot represent the revenue or product economics of the whole operating group.

Reported business revenue / 2010 / consolidated main business

RMB 4,663,962,158.49

Reported business revenue / 2010 / consolidated other business

RMB 101,059,347.85

Reported business cost / 2010 / consolidated main business

RMB 3,240,091,580.81

Reported business cost / 2010 / consolidated other business

RMB 45,324,934.31

Reported business cost / 2010 / consolidated total

RMB 3,285,416,515.12

Reported business revenue / 2010 / materials other business

RMB 82,898,535.09

Reported business revenue / 2010 / electricity other business

RMB 4,912,372.91

Reported business revenue / 2010 / residual other business

RMB 13,248,439.85

Domestic main-business revenue was CNY 2,273,620,869.12, up 62.85%, and foreign main-business revenue was CNY 2,390,341,289.37, up 42.18%. The respective costs were CNY 1,495,595,024.95 and CNY 1,744,496,555.86. These rows add to main-business revenue and cost, excluding other-business income. Selling-market geography is different from a factory location or a subsidiary registration. Management reports 13 overseas production and sales subsidiaries and relationships with customers in more than 70 countries and regions. This describes a network; it does not establish 13 overseas factories or production in every customer market. The issuer identifies Tongxiang proximity to Shanghai port as useful for exporting fiber and importing equipment and materials, and Zhejiang raw-material sources as a potential cost advantage. Those are attributed logistical explanations, not a separately verified freight-cost comparison. The annual regional totals do not identify revenue by advanced fiber formulation, customer end use or individual overseas subsidiary.

Reported business revenue / 2010 / domestic main business

RMB 2,273,620,869.12

Reported business revenue / 2010 / foreign main business

RMB 2,390,341,289.37

Reported business cost / 2010 / domestic main business

RMB 1,495,595,024.95

Reported business cost / 2010 / foreign main business

RMB 1,744,496,555.86

Reported business revenue growth / 2010 / domestic main business

62.85%

Reported business revenue growth / 2010 / foreign main business

42.18%

The five leading disclosed customers contributed CNY 950,538,622.40, or 19.95% of consolidated revenue. They were GIBSON ENTERPRISES INC., with CNY 403,739,224.57; HELM AG, CNY 136,066,264.58; POLYBASE LIMITED, CNY 135,906,252.41; CNBM Group Import and Export Company, CNY 134,546,051.49; and Zhenshi Group Hengshi Fiber Foundation, CNY 140,280,829.35. The related-party note identifies the CNBM importer as under common control with a shareholder, and Hengshi as controlled by the second-largest shareholder. This supplies commercial and ownership context without requiring a separate investigation of each customer. The amounts in the leading-customer table are already part of consolidated sales. They must not be added again as related-party revenue, and broader connected-party trade categories need not have the same amount as this customer table. The disclosures identify annual sales relationships, rather than an exclusive contract, a verified end-use allocation or a closing receivable balance. Supplier concentration is a different question: this leading-customer total does not establish a top-five supplier purchase share.

Reported top five customer sales / 2010 / consolidated annual

RMB 950,538,622.4

Reported top five customer share / 2010 / consolidated annual

19.95%

Reported named customer sales / 2010 / gibson enterprises annual

RMB 403,739,224.57

Reported named customer sales / 2010 / helm ag annual

RMB 136,066,264.58

Reported named customer sales / 2010 / polybase limited annual

RMB 135,906,252.41

Reported named customer sales / 2010 / cnbm import export annual

RMB 134,546,051.49

Reported named customer sales / 2010 / zhenshi hengshi annual

RMB 140,280,829.35

The related-trade table reports CNY 143,759,319.32 of goods, materials, electricity and wastewater-treatment transactions with Zhenshi Hengshi, compared with CNY 140,280,829.35 in the customer-sales table. The broader transaction description is retained without allocating the difference among utilities and other services. For CNBM Import and Export, the related stock-goods amount is CNY 135,592,205.72, while the customer table gives CNY 134,546,051.49. The report does not provide a complete bridge between those figures. Neither value is silently substituted for the other. Transactions with related entities therefore require both a party relationship and a defined sales scope; the annual customer's ranking is not a complete related-party transaction ledger.

Reported related sales / 2010 / hengshi broader goods material utilities

RMB 143,759,319.32

Reported related sales / 2010 / cnbm import export stock goods

RMB 135,592,205.72

Management says the Tongxiang manufacturing base's location near Shanghai Port supports finished-fiber exports and imports of selected equipment and raw materials. It also attributes some cost advantage to major raw-material origins within Zhejiang. These statements explain the company's claimed logistics position, without supplying a precise port distance, factory address, transport-cost saving or mineral ownership. The report separately describes purchases of overseas inputs and equipment as a possible partial offset to currency exposure. That planned response is not a quantified natural hedge or evidence that all inputs are locally sourced. Existing named-supplier and freight facts retain their transaction directions; this geographic context does not turn supplier relations into ownership of their mines or facilities.

Management identifies trade protection as a constraint on exports. The report describes investigations involving Jushi in the European Union, India and Turkey, with notices known in December 2009 and January 2010. It then says that in January 2011 the issuer learned the Turkey and India final outcomes. Turkey imposed a 23.75% final duty on specified investigated exports including Jushi's, reduced from a 38% provisional rate; India set an 18.67% rate for Jushi's relevant products. These are issuer-reported post-year-end developments, not FY2010 closing rates, taxes on every group sale or current legal guidance. The exact days on which the issuer learned the outcomes are not supplied. The source states historical expiry dates of December 31, 2015 for Turkey and January 6, 2016 for India; they do not establish that no later extension occurred. The possible learning window is January 2011, while precise statutory effective dates remain unestablished here. Lower final rates do not mean duty-free access, and the report does not quantify a complete duty-related sales or earnings loss.

The FY2010 report says the issuer learned the European Union final outcome in March 2011: a 13.8% final antidumping duty on relevant investigated products from Jushi and other Chinese exporters, reduced from the provisional 43.6% rate. This is a historical issuer disclosure about specified products, not current legal guidance or a duty on every group sale. The exact learning day is not supplied. The report is signed March 16, 2011, which bounds the possible learning window in March without establishing an exact event day or duty effective date. The source gives March 15, 2016 as the stated historical expiry; it does not independently establish that no later extension occurred. Management describes the outcome as relatively favorable but still acknowledges continuing trade-protection risk. This post-year-end context cannot be attributed to FY2010 realized earnings or substituted for a December 31, 2010 rate; the report gives no complete sales or profit-loss quantification.

The Jiujiang programme was described as two furnace-drawing lines with nominal annual capacities of 70,000 and 80,000 tonnes, together forming the 150,000-tonne programme. The first, an alkali-free glass-fiber line operated by Jushi Jiujiang, entered production in February 2010. The investment table reports CNY 981,259,600 for this component, converted from CNY 98,125.96 in ten-thousand-yuan units. That reported total investment is not identified as cash paid entirely during FY2010. The component remains linked to its existing project record, rather than becoming a new project because the annual table groups it with the second line. Commissioning during the year does not mean the full nominal capacity was produced or sold that year; this passage supplies no line-specific annual output, utilization, customers or revenue. Its accounting identity must also be checked before attaching a broader factory-construction transfer to this line alone.

Reported project total investment / 2010 / jiujiang 70kt line reported total

RMB 981,259,600

The 80,000-tonne-per-year alkali-free glass-fiber furnace-drawing line was the second component of the Jiujiang 150,000-tonne programme. It entered production in July 2010, after the first component in February. Its disclosed total investment was CNY 991,753,800, converted from the table amount of CNY 99,175.38 in ten-thousand-yuan units. The two component amounts are distinct reported investment totals; neither is an annual operating cost or independently identified annual cash outflow. This project continues the existing Jiujiang component record. The programme total is the sum of the two nominal line capacities, not a third additional line to add again. Annual production, utilization, fiber-grade mix and customer delivery are not separately quantified for this component in the cited project disclosure.

Reported project total investment / 2010 / jiujiang 80kt line reported total

RMB 991,753,800

The Tongxiang energy-saving and environmental glass-fiber furnace-drawing line had a disclosed nominal annual capacity of 35,000 tonnes and entered production in May 2010. The project table reports total investment of USD 73,511,800, expressed as USD 7,351.18 in ten-thousand-dollar units even though the table header generally states yuan. The currency in the individual row governs this amount; it is not silently converted to CNY or added to yuan budgets using an assumed exchange rate. The project stays associated with its existing Tongxiang record. The accounting construction note separately names project 224 as a Tongxiang 30,000-tonne waste-fiber furnace. Similar location and environmental wording do not establish that these are interchangeable names for the same physical project. Until that relationship is evidenced, the 35,000-tonne commissioning claim and the 224 accounting row retain distinct scopes. Neither supplies project-specific annual sales or a quantified environmental saving.

Reported project total investment / 2010 / tongxiang 35kt line reported total

73,511,800 USD

The Jiujiang energy-saving and environmental furnace-drawing line had a nominal annual glass-fiber capacity of 20,000 tonnes and entered production in July 2010. Its disclosed total investment was CNY 242,464,000, converted from CNY 24,246.40 in ten-thousand-yuan units. It is a separate named line from the 70,000- and 80,000-tonne components of the other Jiujiang programme, even though the second large component entered production in the same month. The existing 20,000-tonne project record preserves that distinction. The energy-saving and environmental description is the issuer label; the cited project row does not quantify this line's energy consumption, emissions reduction, annual output, customer deliveries or revenue. Total investment, nominal annual capacity and the disclosed production-start month are retained as different measures rather than combined into an estimate of FY2010 output or earnings.

Management includes an alkali-free glass-fiber furnace-drawing upgrade at Jushi Chengdu, with a stated annual line capacity of 40,000 tonnes, among the five completed and ignited line projects. The asset explanation separately describes four new lines and one upgraded line. The Chengdu upgrade therefore must not automatically be treated as 40,000 tonnes of entirely new group capacity. The financial construction table also names a 40,000-tonne-per-year furnace-drawing line for chopped-strand feedstock, with a CNY 136,010,000 budget, CNY 11,973,752.36 of current-year additions and the same amount still in construction at year-end. It reports investment at 8.80% of budget and own funds as the source. This ratio measures reported expenditure relative to budget, not physical construction completion or utilization. The unfinished accounting project is not equated with the already commissioned Chengdu upgrade solely because both labels contain 40,000 tonnes. The cited disclosure does not locate the unfinished row precisely enough to assign it to a particular Chengdu site or existing line identity.

Reported project budget / 2010 / 40kt chopped strand construction row

RMB 136,010,000

Reported project construction additions / 2010 / 40kt chopped strand construction row

RMB 11,973,752.36

Reported project construction closing balance / 2010 / 40kt chopped strand construction row

RMB 11,973,752.36

Reported project investment budget ratio / 2010 / 40kt chopped strand construction row

8.8%

The major-construction table opens with CNY 824,085,550.67, records CNY 385,086,421.01 of additions and CNY 1,181,105,286.79 transferred to fixed assets, and closes at CNY 28,066,684.89. The broader construction balance is CNY 49,728,071.24 at year-end, compared with CNY 839,647,136.25 at the beginning. A separate fixed-asset note reports CNY 1,214,026,089.85 transferred from construction, a broader total than the major-project table. The difference is not forced into an individual line without a source bridge. Within the major table, Jiujiang new-factory construction transferred CNY 970,314,228.01 and still carried CNY 2,738,604.70 at year-end. That broad factory label does not allocate its balance or transfer between the 70,000-, 80,000- and 20,000-tonne lines. Project 224 transferred CNY 71,138,550.41 and the continuation table explicitly shows a zero closing balance. The coded project 222 also shows a zero closing balance and a 100.00% expenditure-to-budget ratio, but its code alone does not establish a site or product identity. These are accounting and expenditure disclosures, not independent measures of line output, utilization or commercial success.

Reported construction opening balance / 2010 / major project table

RMB 824,085,550.67

Reported construction carrying-value additions / 2010 / major project table

RMB 385,086,421.01

Reported construction transfer to fixed assets / 2010 / major project table

RMB 1,181,105,286.79

Reported construction closing balance / 2010 / major project table

RMB 28,066,684.89

Reported construction closing balance / 2010 / all construction

RMB 49,728,071.24

Reported construction opening balance / 2010 / all construction

RMB 839,647,136.25

Reported construction transfer to fixed assets / 2010 / fixed asset note all construction

RMB 1,214,026,089.85

Reported construction transfer to fixed assets / 2010 / jiujiang new factory accounting row

RMB 970,314,228.01

Reported construction closing balance / 2010 / jiujiang new factory accounting row

RMB 2,738,604.7

Reported construction transfer to fixed assets / 2010 / 224 tongxiang 30kt waste fiber accounting row

RMB 71,138,550.41

The construction note also identifies supporting works for fiber finishing, process control and resource handling. At year-end, it lists CNY 4,275,865.65 for an offline chopped-strand addition to line 202, CNY 999,733.91 for a chopped-strand addition to line 307 and CNY 803,369.85 for a South African chopped-strand-mat unit expansion. It lists CNY 9,764,868.76 for pure-oxygen conversion of a furnace-drawing line and CNY 117,325.50 for waste-fiber recovery treatment. These are closing construction balances, not annual production capacities, budgets or separately identified cash payments. The labels distinguish reinforcement-product finishing, oxygen-process conversion and waste recovery, but the table does not consistently identify the implementing subsidiary, exact physical site or completion date for each entry. They are retained as supporting process and accounting context, without creating new project identities from a line code alone. Domestic process-rollout claims and these residual balances can refer to different scopes or stages; a small remaining balance does not by itself overturn a broader management deployment statement.

Reported construction closing balance / 2010 / 202 offline chopped strand accounting row

RMB 4,275,865.65

Reported construction closing balance / 2010 / 307 chopped strand accounting row

RMB 999,733.91

Reported construction closing balance / 2010 / south africa mat expansion accounting row

RMB 803,369.85

Reported construction closing balance / 2010 / oxygen conversion accounting row

RMB 9,764,868.76

Reported construction closing balance / 2010 / waste fiber recovery accounting row

RMB 117,325.5

Consolidated fixed assets had a closing gross cost of CNY 11,921,846,600.30, compared with CNY 8,727,533,153.63 opening. The note records CNY 3,938,574,064.36 of additions and CNY 744,260,617.69 of reductions. Closing accumulated depreciation was CNY 1,370,950,478.87 and impairment was CNY 1,261,048.39, giving a net carrying amount of CNY 10,549,635,073.04. Management attributes the increase to bringing Panding into consolidation and completed construction transferred into fixed assets. Those changes in accounting perimeter and asset classification are distinct from the amount of cash paid for equipment or construction during the year. Closing gross machinery was CNY 4,838,629,088.69 and buildings were CNY 1,643,893,433.20, alongside the separate precious-metal tooling balance. Neither book value nor an accounting transfer establishes a new physical capacity figure, an operating start date or a site valuation. The reported commissioning narratives remain the source for physical project stages.

Reported gross fixed assets / 2010 / consolidated opening

RMB 8,727,533,153.63

Reported gross fixed assets / 2010 / consolidated closing

RMB 11,921,846,600.3

Reported fixed asset additions / 2010 / consolidated

RMB 3,938,574,064.36

Reported fixed asset reductions / 2010 / consolidated

RMB 744,260,617.69

Reported accumulated fixed asset depreciation / 2010 / consolidated closing

RMB 1,370,950,478.87

Fixed-asset impairment allowance / 2010 / consolidated closing

RMB 1,261,048.39

Reported net fixed assets / 2010 / consolidated closing

RMB 10,549,635,073.04

Reported gross fixed assets / 2010 / consolidated machinery

RMB 4,838,629,088.69

Reported gross fixed assets / 2010 / consolidated buildings

RMB 1,643,893,433.2

Closing intangible assets had CNY 287,193,554.54 of gross cost and CNY 44,883,877.70 of accumulated amortization, giving CNY 242,309,676.84 of carrying value. Land-use rights account for CNY 198,434,404.59 of that net amount; the note also carries trademark-use rights, patent and nonpatent technology, intellectual property and software. These are accounting categories, not a complete count of patents, independently valued technology or ownership of unrestricted freehold land. Annual intangible amortization of CNY 10,850,680.78 is separate from CNY 11,813,204.86 of accumulated amortization brought in through consolidation changes. Carrying land-use rights does not establish every plant's permits or resolve the separate Baoyu title limitation already discussed. The report does not assign this full group asset balance to a particular factory or project; collateral amounts elsewhere retain their financing role.

Reported intangible gross cost / 2010 / consolidated closing

RMB 287,193,554.54

Reported intangible accumulated amortization / 2010 / consolidated closing

RMB 44,883,877.7

Reported intangible carrying value / 2010 / consolidated closing

RMB 242,309,676.84

Reported land use rights carrying value / 2010 / consolidated closing

RMB 198,434,404.59

Reported intangible amortization / 2010 / consolidated annual

RMB 10,850,680.78

Reported intangible accumulated amortization import / 2010 / consolidation change

RMB 11,813,204.86

The listed company held 51% of Jushi Group at the end of FY2010. Jushi manufactured and sold glass fiber and composite-material products, forming the principal operating subsidiary. Its management summary reports assets of CNY 15,062,327,400 and annual net profit of CNY 478,395,200. These are subsidiary measures converted from the original ten-thousand-yuan presentation, not the listed-company owner-profit measure or a figure to add again to consolidated profit. The summary gives registered capital of USD 256,208,100, whereas the consolidation table displays USD 256,200,000 using less precise ten-thousand-dollar units. Both original presentations are retained; the difference does not establish a capital change. Control brings the subsidiary into consolidated accounts, while minority interests remain separate. Jushi wholly owned its Jiujiang and Chengdu subsidiaries, but that lower-tier 100% ownership must not be relabeled 100% economic ownership by the listed issuer. The proposed acquisition of the remaining 49% of Jushi was still pending regulatory review at financial-report authorization.

Reported ownership percentage / 2010 / jushi group subsidiary

51%

Reported registered capital / 2010 / jushi group consolidation table

256,200,000 USD

Reported registered capital / 2010 / jushi group management summary

256,208,100 USD

Reported subsidiary total assets / 2010 / jushi group subsidiary

RMB 15,062,327,400

Reported subsidiary net profit / 2010 / jushi group subsidiary

RMB 478,395,200

The issuer held 97.22% of Beixin Technology Development. The FY2010 management summary reports registered capital of CNY 90,000,000, assets of CNY 244,804,800 and net profit of CNY 21,279,000. The original asset and profit amounts use ten-thousand-yuan units. The consolidation table classifies Beixin as a trading enterprise, while the narrative business scope includes new-material research, production and sales, distribution and industrial investment. A permitted business scope does not establish separately realized revenue from every activity. Beixin's subsidiary results are already within the group consolidation perimeter and are not an extra earnings layer to add to group profit. Its lower-tier operations include Baoyu industrial trading and the Beijing Luxin home-furnishings market. Baoyu has 50% recorded ownership but 100% voting rights and is consolidated because the note states that Beixin exercises substantive control. A 50% equity label therefore does not, by itself, mean this subsidiary is outside consolidation.

The subsidiary tables identify Jushi Jiujiang and Jushi Chengdu as production enterprises, wholly owned within Jushi. Jiujiang Mining, below Jiujiang, processes and sells calcium oxide, calcium carbonate and fluorite, connecting the organizational structure to manufacturing inputs. The South African Huaxia composite-material company is classified as production, with glass-fiber and fiber-product manufacturing and sales within its stated business scope. It has a 60% stake within Jushi and registered capital displayed as USD 4,000,000. This differs from the South African Huaxia industrial company, a trading entity registered in Johannesburg. Other overseas companies in Hong Kong, Canada, Korea, India, Italy, Spain, Singapore and France are predominantly described as trading businesses. Their scopes include fiber sales and related equipment or raw-material trade, but the scope does not quantify actual revenue by activity. Registration in a city is not a verified factory address. The ownership percentages are subsidiary-level table values; they do not establish that the listed issuer directly holds the same percentage in every lower-tier entity.

Reported registered capital / 2010 / south africa production subsidiary

4,000,000 USD

The report states that the consolidated subsidiary count increased by one: two newly established companies and two equity acquisitions entered, while three entities exited. The newly established entities were Jushi Singapore and Jushi France; the acquired entities were Jushi Panding Electronic Base Materials and Zhejiang Beite Refractory Materials. The exits were Shenzhen Zhujiang Junan Cement Products after a partial disposal and loss of control, Qibai Ceramics after disposal of all shares, and Shangmei Home Building Materials through deregistration. A net increase of one therefore understates the amount of organizational change if read without the gross entries and exits. The table reports Singapore closing net assets of CNY 4,581,420.31 and current-period net profit of CNY 1,290,157.51; France has CNY 5,633,798.27 and CNY 1,301,171.51 respectively. These are the newly included entities table figures. The source does not make them interchangeable with standalone full-year profit before consolidation or the listed-owner share. Expansion, acquisition and an exit from consolidation remain different events.

Reported subsidiary net assets / 2010 / singapore newly included table

RMB 4,581,420.31

Reported subsidiary net profit / 2010 / singapore newly included table

RMB 1,290,157.51

Reported subsidiary net assets / 2010 / france newly included table

RMB 5,633,798.27

Reported subsidiary net profit / 2010 / france newly included table

RMB 1,301,171.51

Panding Electronic Base Materials is described as producing and selling glass fiber and related products for information-technology and other high-technology applications. It had formerly been an associate of Jushi; the long-term investment note says Jushi acquired the other 50% during FY2010. The subsidiary table consequently shows 100% ownership within the operating-subgroup structure. This does not remove the listed issuer's minority ownership boundary in Jushi. Zhejiang Beite produces refractory bricks for glass furnaces and is shown at 93% ownership. The newly included entities table reports Panding closing net assets of CNY 254,116,315.64 and current-period net profit of CNY 80,908,577.84. Beite reports CNY 32,213,593.45 of net assets and a net loss of CNY 5,958,517.59. Negative profit is retained as a loss. These figures explain acquired business roles and the table scope; they are not added again to consolidated profit or labeled a precisely identified post-acquisition contribution without a disclosed period bridge. The cited notes do not provide an exact acquisition-completion date for both entities.

The overseas tables show 60% stakes for several operating-subgroup companies, 75% for Singapore and 51% for France. The Canada entry illustrates why a simple capital-amount ratio is not a substitute for the ownership column: registered capital is USD 600,000 and actual contribution is USD 185,000, while the table still records 60% ownership and voting rights. The report also records 60% stakes for the Italian company and South African Huaxia industrial company but explains that minority holders had not completed their contributions. Under their articles, Jushi enjoyed all economic rights according to actual contributions, so the report consolidated them using 100% economic rights for the period. This stated accounting treatment does not rewrite their recorded ownership column or establish that the listed issuer directly owned 100%. Baoyu separately illustrates substantive control despite 50% equity and 100% voting rights. The explanations preserve the difference between registered ownership, cash contribution, voting rights and consolidated economic rights rather than multiplying or substituting them into a single unsupported ownership number.

Shareholders approved the proposed share-funded acquisition of the remaining 49% of Jushi at the meeting of November 1, 2010. The proposed seller stakes were 11.5%, 11%, 18.5% and 8%, which sum to 49%. The balance-sheet subsequent-events note says that completion would make Jushi wholly owned by the listed company, but the transaction was still under review by the China Securities Regulatory Commission when the financial report was authorized. Shareholder approval and proposed future ownership therefore do not establish a completed 100% acquisition at the FY2010 year-end. The current 51% ownership remains the historical boundary for interpreting subsidiary results and minority interests. The proposed integration is material to the listed issuer's ownership of the principal operating business, while its share consideration, dilution, forecasts and commitments require their own shareholder explanation. No later annual-report completion is inserted into this historical stage.

Equity-accounted investments were distinct from consolidated manufacturing subsidiaries. The long-term investment note lists activities in building-material trade, coal and import-export, property development, architectural glass, and cement products. Reported stakes include 30% in Shanghai Huajian, 35.32% in Nanjing Huafu, 49% in Shenzhen Zhujiang Building Materials, 47.20% in Luoyang Xinjingrun Glass Engineering and 25% in Shenzhen Dapeng Cement. Junan Cement Products was no longer consolidated after a partial disposal and was recorded at 50% under the equity method, with CNY 15,299,750 in the closing investment table. The table totals CNY 117,869,653.74 before impairment, compared with CNY 186,885,365.96 opening. Deducting CNY 12,647,435.72 of impairment reconciles the closing total to the CNY 105,222,218.02 net asset on the consolidated balance sheet. Panding left the investment table because acquiring the remaining stake brought it into consolidation. Neither the gross investment amount nor the net asset equals investee revenue or total assets. Investee results are not mechanically added to group sales or profit; equity-accounted results enter through the relevant investment-income treatment. This clarification replaces the earlier broad carrying-amount label while preserving its original evidence and historical version.

The transaction table dates the purchase of the remaining 50% of Panding and the acquisition of 93% of Beite to June 2010. It supplies a month, not an exact completion day. The disclosed prices were USD 12,680,000 and USD 5,210,000 respectively, and the ownership and debt-transfer columns were marked completed. Panding sellers were listed as unrelated parties; the Beite transaction included a related-party purchase. The related-party table isolates a 33% Beite portion bought from Zhenshi for USD 1,850,000, settled in cash. That portion had a disclosed book value of CNY 12,596,797 and an assessed value of CNY 12,612,600. It is not the price for the entire 93% acquisition. Original dollar consideration, yuan valuation and consolidated acquisition cash-flow amounts retain their different currencies and scopes; the report does not provide a complete exchange-rate and payment bridge that would make them interchangeable.

Reported acquisition consideration / 2010 / panding remaining 50 percent

12,680,000 USD

Reported acquisition consideration / 2010 / beite 93 percent

5,210,000 USD

Reported acquisition consideration / 2010 / beite related 33 percent

1,850,000 USD

Reported acquisition book value / 2010 / beite related 33 percent

RMB 12,596,797

Reported acquisition assessed value / 2010 / beite related 33 percent

RMB 12,612,600

The company sold a 30% stake in Junan Cement Products on December 31, 2010, for CNY 46,104,000. The transaction table separately reports CNY 43,655,673.73 of disposal gain and CNY 637,818.86 of profit contributed before sale. Neither figure is cash proceeds. Junan ceased consolidation and the remaining investment was accounted for under the equity method. At group level, CNY 50,549,919.14 of long-term investment disposal income, plus CNY 16,245,752.33 of fixed-asset disposal gains and less CNY 6,861,361.72 of fixed-asset disposal losses, reconciles to the CNY 59,934,309.75 nonrecurring disposal line. These classification totals do not provide a complete Junan transaction cash or carrying-value bridge. The disposal table's reported percentage retains its source label without an inferred denominator.

Disposal cash-and-equity consideration / 2010 / junan thirty percent sale

RMB 46,104,000

Reported disposal gain / 2010 / junan thirty percent sale

RMB 43,655,673.73

Reported presale profit contribution / 2010 / junan before sale

RMB 637,818.86

Reported investment disposal income / 2010 / consolidated annual

RMB 50,549,919.14

Reported fixed asset disposal gain / 2010 / consolidated annual

RMB 16,245,752.33

Reported fixed asset disposal loss / 2010 / consolidated annual

RMB 6,861,361.72

Reported nonrecurring disposal result / 2010 / consolidated annual

RMB 59,934,309.75

At December 31, 2010, the consolidated balance sheet reported monetary funds of CNY 1,606,912,178.08, while the cash-flow note reported available cash of CNY 1,395,847,478.08. The CNY 211,064,700 difference matches three deposit categories: a CNY 15,000,000 pledged fixed deposit, CNY 146,064,700 of bank-pledge guarantee deposits and CNY 50,000,000 of other guarantee deposits. The cash note separately identifies cash on hand and bank and other monetary funds available for payment. The monetary-funds note states that, apart from these three categories, the other listed funds can be used after notifying the relevant parties. Consequently, the whole other-monetary-funds balance should not be treated as unavailable. The distinction matters when assessing resources for construction, operating purchases and debt service; a balance-sheet monetary-funds headline alone overstates the cash-flow measure of available cash.

Reported monetary funds / 2010 / consolidated

RMB 1,606,912,178.08

Reported monetary-funds balance / 2010 / consolidated

RMB 1,395,847,478.08

Reported restricted deposits / 2010 / consolidated

RMB 211,064,700

Consolidated operating cash flow was positive CNY 783,662,952.34 in FY2010, compared with an outflow of CNY 126,622,041.82 in FY2009. Cash received from selling goods and providing services was CNY 4,774,034,852.48; cash paid for goods and services was CNY 3,066,648,735.49. These are receipts and payments rather than accrual revenue and production cost, so they should not replace the product-economics measures. The profit-to-cash reconciliation begins with consolidated net profit of CNY 442,899,999.43, including minority interests. It includes noncash adjustments and changes in operating inventories, receivables and payables. Its depreciation/depletion adjustment of CNY 1,001,696,058.94 differs from the fixed-asset note depreciation measure; the report does not provide a bridge that warrants labeling the entire adjustment ordinary machinery depreciation or metal consumption. The parent-only operating cash flow was an outflow of CNY 262,226,056.20, showing why the listed parent and its consolidated operating subsidiaries must remain separate scopes.

Reported operating cash flow / 2010 / consolidated

RMB 783,662,952.34

Reported operating cash flow / 2009 / consolidated prior comparative

RMB -126,622,041.82

Reported cash sales receipts / 2010 / consolidated

RMB 4,774,034,852.48

Reported cash supplier payments / 2010 / consolidated

RMB 3,066,648,735.49

Reported consolidated net profit / 2010 / consolidated

RMB 442,899,999.43

Reported cash depreciation adjustment / 2010 / consolidated

RMB 1,001,696,058.94

Reported operating cash flow / 2010 / parent only

RMB -262,226,056.2

Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets was CNY 420,714,689.07 in FY2010, down from CNY 1,321,692,805.15 in FY2009. This cash expenditure is distinct from project budgets, in-year construction additions and assets transferred from construction in progress. The cash-flow statement separately reports CNY 351,914,794.10 of investment payments and CNY 88,725,729.90 of net cash paid to acquire subsidiaries or other businesses. Investment cash inflows were CNY 38,474,630.71, including disposal receipts, and total investing cash flow was an outflow of CNY 822,880,582.36. Thus, the positive operating cash flow did not by itself cover the complete investing outflow. Readers can follow manufacturing expansion and acquired operations without treating every investing payment as factory capital expenditure or allocating an aggregate cash number to a named line without a source bridge.

Reported cash capital expenditure / 2010 / consolidated

RMB 420,714,689.07

Reported cash capital expenditure / 2009 / consolidated prior comparative

RMB 1,321,692,805.15

Reported cash investment payments / 2010 / consolidated

RMB 351,914,794.1

Reported investing cash flow / 2010 / consolidated

RMB -822,880,582.36

Reported investing cash inflows / 2010 / consolidated

RMB 38,474,630.71

The subsidiary/business acquisition note reports an acquisition price of CNY 122,122,507, gross cash paid of CNY 120,099,957 and acquired cash of CNY 31,374,227.10. Deducting the acquired cash gives the reported net acquisition payment of CNY 88,725,729.90. The disposal note similarly distinguishes a disposal price of CNY 46,114,000 from cash received of CNY 35,680,000 and cash leaving the group with the disposed businesses of CNY 6,558,271.40, producing net disposal receipts of CNY 29,121,728.60. These aggregate note figures explain the cash-flow effects of the changing business perimeter. Neither transaction price is interchangeable with its gross or net cash amount, and the cited cash note does not allocate every payment to an individual acquired or disposed company. Subsidiary net assets and reported profits therefore remain separate from this cash reconciliation.

Reported acquisition price / 2010 / aggregate acquisitions

RMB 122,122,507

Reported acquisition gross cash / 2010 / aggregate acquisitions

RMB 120,099,957

Reported acquired cash / 2010 / aggregate acquisitions

RMB 31,374,227.1

Reported acquisition net cash / 2010 / aggregate acquisitions

RMB 88,725,729.9

Reported disposal price / 2010 / aggregate disposals

RMB 46,114,000

Reported disposal gross cash / 2010 / aggregate disposals

RMB 35,680,000

Reported disposed cash / 2010 / aggregate disposals

RMB 6,558,271.4

Reported disposal net cash / 2010 / aggregate disposals

RMB 29,121,728.6

The group received CNY 6,610,237,162.59 from borrowing and CNY 500,000,000 from bond issuance during FY2010. It paid CNY 6,841,143,726.90 to repay debt. These are annual financing flows, not balances outstanding at year-end or net new capacity funding. Cash paid for dividends, profit distributions and interest totaled CNY 526,471,045.40; the combined caption should not be labeled entirely interest or entirely listed-shareholder dividends. Other financing payments were CNY 196,064,700. Total financing cash flow was an outflow of CNY 450,307,004.71. Combining operating, investing and financing flows with a negative exchange-rate effect of CNY 11,049,157.97 gives the reported CNY 500,573,792.70 decrease in cash. Opening cash of CNY 1,896,421,270.78 consequently declined to CNY 1,395,847,478.08, despite the operating recovery.

Reported cash borrowing receipts / 2010 / consolidated

RMB 6,610,237,162.59

Reported cash bond receipts / 2010 / consolidated

RMB 500,000,000

Reported cash debt repayments / 2010 / consolidated

RMB 6,841,143,726.9

Reported cash dividends profit interest / 2010 / consolidated

RMB 526,471,045.4

Reported cash other financing payments / 2010 / consolidated

RMB 196,064,700

Reported financing cash flow / 2010 / consolidated

RMB -450,307,004.71

Reported cash fx effect / 2010 / consolidated

RMB -11,049,157.97

Reported cash change / 2010 / consolidated

RMB -500,573,792.7

The consolidated balance sheet reports net trade receivables of CNY 1,109,673,906 at December 31, 2010, compared with CNY 1,171,190,198.68 at the preceding year-end. The note separates the FY2010 gross balance of CNY 1,154,728,968.92 from the CNY 45,055,062.92 allowance. Management attributes the lower receivable share of assets to a changed settlement policy and faster collection. That is an issuer explanation, rather than a measured causal decomposition of the annual cash recovery. The aging table places 86.07% of gross receivables within one year, with CNY 12,876,496.30 older than five years and fully provided in that row. Aging and an allowance indicate the reported credit profile; they do not prove every customer will pay. The report also records CNY 2,029,021.87 of trade-receivable write-offs during FY2010, distinct from the closing allowance and the remaining balance. Readers should therefore assess sales growth alongside collection, aging and credit loss, without treating a receivable decline as identical to cash received.

The five largest disclosed trade-receivable balances totaled CNY 202,157,833.63, or 17.50% of gross receivables at year-end. They were Feicheng Sanying Fiber Industry, Gibson Enterprises, Shandong Shenghao Glass Fiber, Yongchang Sekisui Composite Materials and Poly Base. Their respective balances were CNY 70,954,014.58, CNY 53,696,135.35, CNY 28,643,488.58, CNY 24,710,873.77 and CNY 24,153,321.35. The note classifies these counterparties as third parties. This balance concentration describes credit outstanding at a date, whereas the annual customer-sales table measures trading over the reporting year and reports a different percentage. The two rankings and denominators cannot substitute for one another. A named customer relationship also does not establish a separate factory location, a particular end-use order or the customer's own financial condition. The names and amounts are retained for research into the issuer's collection exposure; the counterparties are not recursively researched.

Closing bills receivable totaled CNY 435,368,763.27, compared with CNY 256,955,377.87 at the preceding year-end. The FY2010 balance consisted of CNY 428,242,856.51 of bank-acceptance bills and CNY 7,125,906.76 of commercial-acceptance bills. These are credit and settlement instruments, rather than the available-cash balance. The note reports CNY 360,000 of bills transferred into trade receivables because the issuers could not perform their payment obligations. It also reports 647 endorsed bills not yet matured, totaling CNY 151,330,767.73, separately from discounted bills used to obtain borrowing. A transfer, an endorsement and borrowing against an unmatured bill are different events. The disclosed outstanding bills therefore help explain how customers settle and how the group manages operating credit, but they are not added to cash receipts or treated as a measured guarantee that all underlying customer balances have been paid.

Management links the inventory increase to four new production lines, a commissioned retrofit and larger raw-material reserves. Closing inventory had a gross balance of CNY 1,134,382,698.33, an allowance of CNY 4,923,068.60 and a net balance of CNY 1,129,459,629.73. Raw materials were CNY 232,324,415.57, up from CNY 122,744,175.60. Finished goods had a gross balance of CNY 863,099,008.22 and a net balance of CNY 860,635,628.88. These categories show how manufacturing expansion affected both inputs held and completed products awaiting sale; the note does not quantify how much stock belongs to each named line. Entrusted-processing materials of CNY 2,459,689.26 were fully covered by an allowance, with the net-value cell left blank. That blank is not imported as a reported zero field. The net inventory increase of CNY 218,675,383.22 differs from the cash-flow reconciliation adjustment of CNY 211,936,175.35 by CNY 6,739,207.87. The report gives no complete bridge for that difference, so the balance-sheet movement is not substituted into operating cash flow.

Reported gross inventory / 2010 / consolidated

RMB 1,134,382,698.33

Reported inventory allowance / 2010 / consolidated

RMB 4,923,068.6

Reported net inventory / 2010 / consolidated

RMB 1,129,459,629.73

Reported net inventory / 2009 / consolidated prior comparative

RMB 910,784,246.51

Reported raw material inventory / 2010 / consolidated

RMB 232,324,415.57

Reported raw material inventory / 2009 / consolidated prior comparative

RMB 122,744,175.6

Reported finished goods gross / 2010 / consolidated

RMB 863,099,008.22

Reported finished goods net / 2010 / consolidated

RMB 860,635,628.88

Reported entrusted processing inventory / 2010 / consolidated

RMB 2,459,689.26

Reported cash inventory adjustment / 2010 / consolidated

RMB -211,936,175.35

Trade payables rose to CNY 1,764,116,893.37 from CNY 383,491,749.77. The management summary attributes the larger share of assets to equipment purchases not yet paid under contractual terms; the financial-change discussion instead highlights unpaid purchases of platinum-rhodium alloy. Both issuer explanations are retained without allocating the total between equipment and metal purchases. Of the closing trade-payable balance, CNY 144,053,549.99 was older than one year and described as unsettled. Bills payable were CNY 84,956,517.75, which the note says would mature in the next accounting period. These obligations are separate from cash already paid to suppliers. Customer advances were CNY 124,029,353.36, including CNY 53,362,418.20 older than one year and unsettled. They represent a different direction of operating credit and are not automatically recognized revenue or evidence of canceled orders. The report attributes irregular opening-to-closing aging relationships for advances to changes in the consolidation perimeter; aging changes alone therefore cannot be treated as a customer-level collection history.

Reported trade payables / 2010 / consolidated

RMB 1,764,116,893.37

Reported trade payables / 2009 / consolidated prior comparative

RMB 383,491,749.77

Reported aged trade payables / 2010 / older than one year

RMB 144,053,549.99

Bills payable / 2010 / consolidated

RMB 84,956,517.75

Customer advances in contract liabilities / 2010 / consolidated

RMB 124,029,353.36

Reported aged customer advances / 2010 / older than one year

RMB 53,362,418.2

Supplier prepayments had a gross balance of CNY 177,298,798.32 and an allowance of CNY 2,363,966.25, leaving CNY 174,934,832.07 net on the consolidated balance sheet. The largest disclosed prepayment recipients include air-conditioning equipment, liquefied natural gas, coal, industrial gas and gas-network businesses. The amounts support research into input and equipment settlement, but a prepayment alone does not prove actual delivery, a new factory or a completed supply contract. Other receivables separately totaled CNY 150,125,949.54 gross with CNY 8,021,881.69 of allowances and CNY 142,104,067.85 net. The note lists CNY 18,700,000 due from Jiujiang Glass Fiber Factory among the largest balances. This named nontrade claim is not presented as product-sales revenue or ordinary trade receivables. The report warns that changes in consolidation affect the aging comparison of prepayments and other receivables. These categories remain separate from customer credit, and no transaction-level cash bridge or counterparty financial condition is inferred.

Reported supplier prepayments gross / 2010 / consolidated

RMB 177,298,798.32

Reported supplier prepayment allowance / 2010 / consolidated

RMB 2,363,966.25

Reported supplier prepayments net / 2010 / consolidated

RMB 174,934,832.07

Reported gross other receivables / 2010 / consolidated

RMB 150,125,949.54

Reported other receivable allowance / 2010 / consolidated

RMB 8,021,881.69

Reported other receivables net / 2010 / consolidated

RMB 142,104,067.85

Reported named other receivable / 2010 / jiujiang glass fiber factory

RMB 18,700,000

Parent-company other receivables were CNY 693,620,899.97 gross, with CNY 28,745,939.41 of allowances, giving CNY 664,874,960.56 net. The largest balances were CNY 550,000,000 due from Jushi, CNY 131,874,634.94 from Beixin and CNY 10,000,000 from Luxin. These parent-to-subsidiary funding balances are eliminated in consolidated accounts, so they are not added to the group asset total as independent external resources. The five largest balances together were CNY 693,024,572.94, or 99.91% of the gross parent balance; the other two named entries were Shanghai Huajian and Bohai Chemical. The report does not classify every one of those five as the same subsidiary relationship. A broad statement about no funds supplied to controlling shareholders is a different party and direction scope from funds owed by the parent's own subsidiaries. Parent receivables, consolidated customer credit and shareholder funding are thus kept separate.

Parent long-term investments totaled CNY 963,216,490.65 before impairment; deducting CNY 12,327,935.72 reconciles to the CNY 950,888,554.93 net balance-sheet asset. The investment note identifies cost-method holdings of CNY 796,765,769.39 in Jushi and CNY 88,231,926.05 in Beixin. These parent investment balances are not added to consolidated subsidiary assets or treated as market valuations. Parent equity-method investment losses of CNY 1,414,915.64 in Nanjing Huafu and CNY 72,809.15 in Shanghai Huajian sum to the parent investment-income loss of CNY 1,487,724.79. The financial statements use Chinese Accounting Standards. Tianzhi International issued an unmodified financial-statement opinion dated March 16, 2011, covering parent and consolidated statements. That audit expressly says its consideration of controls was for audit procedures and was not an opinion on control effectiveness. Management separately mentions an internal-control audit. Neither financial-statement assurance nor management assertions constitute independent editorial approval of this website's analysis.

Other fixed assets use straight-line depreciation, with the report listing a 14-year useful life for machinery and a range of 10 to 40 years for buildings. Precious-metal bushings follow the maintenance-loss treatment described separately. The fixed-asset note reports FY2010 depreciation of CNY 454,144,375.89, while the cash-flow reconciliation presents a broader depreciation and depletion line of CNY 1,001,696,058.94. Their difference is CNY 547,551,683.05, exactly the precious-metal asset reduction in the rollforward. This arithmetic match does not establish a disclosed bridge or prove that every metal reduction was production loss; the report does not provide that full reconciliation. It also reports assets still in use after being fully depreciated with original cost of CNY 560,139,563.90 and disclosed net value of CNY 17,090,767.87. These are accounting values, not a measured remaining service life, maintenance requirement or replacement budget. Readers can distinguish machinery depreciation, the special production-material cost treatment and cash-flow presentation without merging them into one performance measure.

Reported fixed asset depreciation charge / 2010 / consolidated

RMB 454,144,375.89

Reported fully depreciated assets in use original / 2010 / consolidated

RMB 560,139,563.9

Reported fully depreciated assets in use net / 2010 / consolidated

RMB 17,090,767.87

Zhejiang Yushi International Logistics supplied CNY 78,433,826.23 of sales-goods transportation and CNY 102,867,589.58 of freight for materials and engineering equipment. The classification assigns the first to selling expenses and the latter to raw materials and construction in progress. Reported same-category shares of 64.65% and 9.17% do not use total group cost as their denominator. These disclosures explain how distribution and expansion-related freight involved a shareholder-linked provider, but they do not establish route volumes, a separately completed equipment project or that every amount was paid in cash in the year.

Reported related freight / 2010 / zhejiang yushi sales transport

RMB 78,433,826.23

Reported related freight / 2010 / zhejiang yushi input and equipment transport

RMB 102,867,589.58

Closing related trade receivables were CNY 12,928,930.57 gross, with CNY 585,709.46 of allowances. The note separately reports CNY 9,904,555.06 of other receivables and CNY 1,620,191.05 of allowances, CNY 2,112,493.87 of trade payables, CNY 8,065,812.42 of advances received and CNY 8,622.99 of other payables. These are different claim and obligation types, not values to combine into customer revenue. The opening other-payable balance included CNY 351,764,794.10 of Chengdu equity-transfer consideration. Its current cell is blank; that is not imported as a reported zero or presented as still outstanding at year-end. Blank current entries for Gibson and Panding also do not establish zero company-wide sales or balances. Reporting perimeter and party classification must remain explicit when comparing opening and closing related balances.

Reported related-party trade receivables gross / 2010 / related closing

RMB 12,928,930.57

Reported related trade receivable allowance / 2010 / related closing

RMB 585,709.46

Reported related other receivables gross / 2010 / related closing

RMB 9,904,555.06

Reported related other receivable allowance / 2010 / related closing

RMB 1,620,191.05

Reported related-party trade payables / 2010 / related closing

RMB 2,112,493.87

Reported related advances received / 2010 / related closing

RMB 8,065,812.42

Related-party other payables / 2010 / related closing

RMB 8,622.99

Related-party other payables / 2010 / related opening

RMB 357,146,488.15

Reported related equity transfer payable / 2010 / chengdu equity transfer opening

RMB 351,764,794.1

Net profit attributable to the listed company owners was CNY 205,961,890.01; this is an accounting profit measure, not cash distributed to shareholders. The report deducts CNY 74,468,670.36 of nonrecurring results after tax and minority-interest effects, leaving CNY 131,493,219.65. The gross nonrecurring subtotal of CNY 86,950,829.39 is not the same owner-profit amount. It includes asset-disposal results, specified government support, entrusted-loan income and other nonoperating items, followed by tax and minority-interest adjustments. The adjusted amount is a disclosed classification for FY2010, not proof that every remaining contribution will recur. Reported operating profit also includes investment income under the statement presentation; it should not be relabeled profit solely from glass-fiber production.

Reported nonrecurring gross subtotal / 2010 / consolidated annual

RMB 86,950,829.39

Recognized government-grant income was CNY 34,227,276.76. The report classifies CNY 25,237,913.48 of that income as nonrecurring, while the cash-flow note reports CNY 25,533,945.73 received in grants. The recognition, classification and receipt measures cannot substitute for one another. Disclosed support covers fiscal returns, technology, equipment, energy efficiency, industrial recycling, trade and production-related initiatives. Examples include CNY 1,000,000 for energy saving and circular industry, CNY 350,000 for reclaimed-water recovery, CNY 300,000 for industrialization of medium-alkali SMC untwisted roving, and CNY 945,000 of interest support for a pyrophyllite grinding line. A grant label does not establish a project's commissioning, actual production or identity with every similarly named project. The report does not supply a complete cash-to-income bridge or allocate all income outside the nonrecurring category by project.

Reported grant income / 2010 / consolidated annual

RMB 34,227,276.76

Reported nonrecurring grant income / 2010 / consolidated annual

RMB 25,237,913.48

Reported grant cash received / 2010 / consolidated annual

RMB 25,533,945.73

Reported grant income / 2010 / energy saving circular industry

RMB 1,000,000

Reported grant income / 2010 / reclaimed water recovery

RMB 350,000

Reported grant income / 2010 / medium alkali smc roving industrialization

RMB 300,000

Reported grant income / 2010 / pyrophyllite grinding line interest support

RMB 945,000

Selling expenses were CNY 121,317,073.51, including CNY 82,655,786.84 of transportation. Management attributes expense growth to greater sales activity and related transport and packaging needs. Administration expenses were CNY 424,892,331.41, including CNY 136,869,955.72 of technical-development expense. The separate CNY 21,454,533.93 research cash payment is not the same measure or an interchangeable total R&D figure. Financing expense was CNY 481,472,052.21, comprising CNY 507,902,334.32 of interest expense, less CNY 29,417,957.69 of interest income, a negative exchange-loss line of CNY 12,299,539.67 and CNY 15,287,215.25 of other items. Those annual accounting charges are not identical to cash interest paid or closing debt. The report provides issuer explanations, not a quantified price, volume or currency decomposition of the recovery.

Reported selling expense / 2010 / consolidated annual

RMB 121,317,073.51

Reported selling transport expense / 2010 / consolidated annual

RMB 82,655,786.84

Reported administration expense / 2010 / consolidated annual

RMB 424,892,331.41

Reported technical development expense / 2010 / consolidated annual

RMB 136,869,955.72

Reported research cash payment / 2010 / consolidated annual

RMB 21,454,533.93

Reported financing expense / 2010 / consolidated annual

RMB 481,472,052.21

Reported interest expense / 2010 / consolidated annual

RMB 507,902,334.32

Reported interest income / 2010 / consolidated annual

RMB 29,417,957.69

Reported exchange loss / 2010 / consolidated annual

RMB -12,299,539.67

Reported other financing expense / 2010 / consolidated annual

RMB 15,287,215.25

The FY2010 tax note describes entity-specific rates and concessions: Jushi and Chengdu at 15%, Panding at 12.5%, Beixin at 22%, and specified other domestic entities at 25%, with separate local and overseas rules. Jiujiang's stated refund concerns a share of the locally retained income-tax amount, not a blanket reduction of the entire group tax rate. These are historical disclosures, not current tax guidance. Group current income tax of CNY 56,397,977.59 plus CNY 8,660,680.71 of deferred-tax adjustment gives CNY 65,058,658.30 of expense. Deducting that expense from CNY 507,958,657.73 of pretax profit gives CNY 442,899,999.43 of total consolidated net profit before the owner/minority split. Entity concession rates, taxable income, current tax and consolidated tax expense therefore have different scopes.

Reported current income tax / 2010 / consolidated annual

RMB 56,397,977.59

Reported deferred tax adjustment / 2010 / consolidated annual

RMB 8,660,680.71

Reported consolidated income-tax expense / 2010 / consolidated annual

RMB 65,058,658.3

Recognized deferred-tax assets were CNY 47,388,148.48, comprising CNY 20,147,678.63 related to impairment and CNY 27,240,469.85 related to deductible operating losses. The unrecognized table separately totals CNY 122,577,820.18 of deductible items, including CNY 99,579,716.33 of losses. Those underlying items are not a recognized tax asset of that amount and are not assured future cash recovery. The deferred-tax liability of CNY 237,643.23 is distinct from its CNY 950,572.91 taxable temporary difference. Goodwill declined from CNY 16,678,380.56 to CNY 11,782,175.81 as the CNY 4,896,204.75 Junan amount left the balance. The report states that its goodwill impairment tests found no impairment; that accounting conclusion is not an assurance of zero business risk or a market valuation.

Deferred-tax assets before offset / 2010 / consolidated closing

RMB 47,388,148.48

Deferred-tax assets before offset / 2010 / impairment closing

RMB 20,147,678.63

Deferred-tax assets before offset / 2010 / deductible losses closing

RMB 27,240,469.85

Total unrecognized deductible base / 2010 / consolidated closing

RMB 122,577,820.18

Reported unrecognized loss base / 2010 / consolidated closing

RMB 99,579,716.33

Reported deferred tax liability / 2010 / consolidated closing

RMB 237,643.23

Reported taxable temporary difference / 2010 / fixed asset depreciation closing

RMB 950,572.91

Reported goodwill / 2010 / consolidated opening

RMB 16,678,380.56

Reported goodwill disposal / 2010 / junan exit

RMB 4,896,204.75

Reported goodwill / 2010 / consolidated closing

RMB 11,782,175.81

The FY2010 accounts retrospectively changed the FY2009 treatment of losses attributable to minority shareholders in Junan and Shangmei. Instead of stopping minority loss allocation at their opening equity, excess losses continued to reduce minority equity. The detailed note raises FY2009 opening retained earnings by CNY 2,067,949.27 and raises profit attributable to the parent by CNY 1,616,419.34, changing the reported owner loss from CNY 154,769,883.68 to CNY 153,153,464.34. The board discussion separately reports CNY 3,684,368.61 added to owner equity. These are retrospective attribution changes, not incremental FY2010 operating cash or revenue. A separate adjustment concerns presentation of the prior acquisition of the remaining Chengdu interest: it raises FY2009 other comprehensive income by CNY 230,987,887.68, from negative CNY 223,345,582.75 to positive CNY 7,642,304.93. For the owner comprehensive-income adjustment, the board discussion states CNY 117,803,822.72 while the detailed note states CNY 117,803,822.71. Each source amount retains its role; the one-cent difference is not silently repaired. Comparative figures restated in this FY2010 filing must remain distinguishable from the original FY2009 filing when constructing a cross-period series.

Reported retained earnings adjustment / 2009 / fy2009 opening restatement in fy2010

RMB 2,067,949.27

Reported consolidated owner profit adjustment / 2009 / fy2009 minority loss restatement in fy2010

RMB 1,616,419.34

Reported consolidated owner profit / 2009 / fy2009 unadjusted in fy2010

RMB -154,769,883.68

Reported consolidated owner profit / 2009 / fy2009 restated in fy2010

RMB -153,153,464.34

Reported owner equity adjustment / 2009 / fy2009 minority loss restatement in fy2010

RMB 3,684,368.61

Reported other comprehensive income adjustment / 2009 / fy2009 presentation restatement in fy2010

RMB 230,987,887.68

Reported other comprehensive income / 2009 / fy2009 unadjusted in fy2010

RMB -223,345,582.75

Reported other comprehensive income / 2009 / fy2009 restated in fy2010

RMB 7,642,304.93

Reported owner comprehensive income adjustment / 2009 / fy2009 board presentation restatement in fy2010

RMB 117,803,822.72

Reported owner comprehensive income adjustment / 2009 / fy2009 note presentation restatement in fy2010

RMB 117,803,822.71

The consolidated financial statements report short-term borrowings of CNY 4,764,577,303.49, long-term borrowings falling due within one year of CNY 1,792,363,771.19 and noncurrent long-term borrowings of CNY 3,344,185,284.24 at December 31, 2010. The current-maturity borrowing note agrees with the financial-statement amount and divides it into unsecured, guaranteed and mortgaged loans. The management summary instead displays CNY 2,307,433,200 for noncurrent liabilities due within one year. That summary amount is not silently substituted into the financial-statement maturity series: the two source presentations are retained with their roles, and no reconciliation is inferred. These balances describe historical funding and refinancing exposure, rather than subsequent repayment outcomes or a current forecast. Borrowing inflows and repayments during the year are separate flow measures, and collateral values do not increase the loan principal a second time.

Reported short-term borrowings / 2010 / consolidated

RMB 4,764,577,303.49

Reported current long term borrowings / 2010 / consolidated

RMB 1,792,363,771.19

Reported long term borrowings / 2010 / consolidated

RMB 3,344,185,284.24

Reported management current maturity summary / 2010 / management summary

RMB 2,307,433,200

Jushi issued one-year commercial paper with CNY 500,000,000 face value on February 25, 2010, with a contractual maturity of February 25, 2011. The year-end balance was CNY 515,069,444.40, comprising the principal and CNY 15,069,444.40 of accrued interest. The interest-paid column is blank, so accrued interest is not presented as an observed cash payment. The issue connects the bond receipt in the annual cash-flow statement to a specific historical funding instrument; its closing balance should not all be labeled principal. The current-maturity loan table separately identifies a USD 38,400,000 loan due September 24, 2011 and translates it to CNY 254,311,680 at the reporting date. That foreign-currency exposure belongs to loans rather than this commercial-paper issue, and neither contractual date proves what occurred after the report period.

Reported commercial paper principal / 2010 / jushi commercial paper

RMB 500,000,000

Reported commercial paper balance / 2010 / jushi commercial paper

RMB 515,069,444.4

Reported commercial paper accrued interest / 2010 / jushi commercial paper

RMB 15,069,444.4

The restricted-asset note reports CNY 3,070,980,083.85 of assets supporting loan guarantees at year-end. This includes property, plant and equipment, intangible assets, pledged monetary funds, mortgaged receivables and pledged bills; it is an asset measure, not additional debt. The noncurrent long-term loan table separates CNY 1,001,121,689.51 of unsecured borrowing, CNY 2,026,530,668 of guaranteed borrowing, CNY 302,532,926.73 of mortgaged borrowing and CNY 14,000,000 of pledged borrowing. Guaranteed loans include guarantees by the listed parent for subsidiaries and cross-guarantees among subsidiaries. The collateral descriptions connect funding to the operating footprint: machinery and platinum-rhodium production components at Tongxiang, and warehouses, workshops and production components at Chengdu. These descriptions explain financing encumbrances; they do not establish another production project, an independently verified factory address or a second loan balance. Guarantee limits, actual borrowing and collateral carrying values require their own scopes.

Reported restricted assets / 2010 / consolidated

RMB 3,070,980,083.85

Reported unsecured long term borrowings / 2010 / consolidated

RMB 1,001,121,689.51

Reported guaranteed long term borrowings / 2010 / consolidated

RMB 2,026,530,668

Reported mortgaged long term borrowings / 2010 / consolidated

RMB 302,532,926.73

Reported pledged long term borrowings / 2010 / consolidated

RMB 14,000,000

The group sold receivables to banks with recourse and obtained CNY 37,000,000 of short-term borrowing. The receivables had a gross balance of CNY 43,217,118.93 and a net balance of CNY 42,784,947.74. The borrowing note identifies two Panding arrangements: CNY 15,000,000 backed by CNY 18,451,727.55 gross receivables, and CNY 22,000,000 backed by CNY 24,765,391.38. Their gross and net collateral amounts reconcile to the aggregate note. Separately, CNY 26,598,349.14 of unmatured discounted bank-acceptance bills produced borrowing of the same amount, split between Panding and Chengdu. The source explicitly describes bank borrowing, so this financing is not relabeled customer payment or a completed release from credit exposure. Collateral carrying amounts, facility limits and actual borrowings remain separate: adding the receivable collateral again to loan principal would count the same financing support twice. These mechanisms connect working capital to the operating subsidiaries' funding needs.

The annual guarantee table reports closing A-category guarantees of CNY 1,401,209,734.17 and guarantees to subsidiaries of CNY 1,485,095,000, totaling CNY 2,886,304,734.17. Its reported total-to-net-assets ratio was 202.93%. The A heading says subsidiaries are excluded, yet its detailed rows name Jiujiang, Chengdu and Panding, which were subsidiaries of Jushi. This presentation difference prevents treating every A amount as an unrelated external guarantee. The table reports annual new guarantees of CNY 2,153,628,000 in A and CNY 2,015,000,000 to subsidiaries; annual new activity is not substituted for closing outstanding balances. Guarantees to shareholders or controllers were reported as zero. Other disclosed risk categories include CNY 739,500,000 for borrowers with liability-to-asset ratios above 70% and CNY 1,435,642,733.05 above the stated half-net-assets threshold. Those overlapping classifications are parts of the reported guarantee exposure, not additional balances to add again. Historical contract amounts and end dates also remain distinct from the closing exposure.

Closing subsidiary-guarantee balance / 2010 / reported a category

RMB 1,401,209,734.17

Closing subsidiary-guarantee balance / 2010 / reported subsidiary b category

RMB 1,485,095,000

Closing subsidiary-guarantee balance / 2010 / reported a plus b

RMB 2,886,304,734.17

Reported annual new guarantees / 2010 / reported a category

RMB 2,153,628,000

Reported annual new guarantees / 2010 / reported subsidiary b category

RMB 2,015,000,000

Reported guarantee risk category / 2010 / borrower liability ratio above 70 percent

RMB 739,500,000

Reported guarantee risk category / 2010 / reported above half net assets threshold

RMB 1,435,642,733.05

Zhenshi provided a CNY 500,000,000 guarantee facility to Jushi, with actual borrowing of CNY 500,000,000 at year-end and a disclosed guarantee period from April 23, 2010 to June 30, 2012. This support runs into the operating group; it is not an outgoing guarantee to a shareholder and does not contradict the zero outgoing shareholder-guarantee category. Separate collateral arrangements disclose limits of CNY 79,797,000 for Panding property, CNY 370,368,000 for Jushi property and CNY 771,757,200 for Jushi equipment and precious-metal assets. Each of those three arrangements reports actual borrowing of zero at the reporting date. Their facility limits are therefore not imported as outstanding debt. The underlying collateral carrying amounts likewise support financing rather than creating another loan principal. These distinctions allow readers to assess both shareholder funding support and remaining secured borrowing capacity without inflating group debt by adding guarantees, asset values and unused limits.

Reported inbound guarantee limit / 2010 / zhenshi to jushi

RMB 500,000,000

Reported supported borrowing balance / 2010 / zhenshi to jushi

RMB 500,000,000

Reported undrawn collateral limit / 2010 / panding property

RMB 79,797,000

Reported undrawn collateral limit / 2010 / jushi property

RMB 370,368,000

Reported undrawn collateral limit / 2010 / jushi equipment and metals

RMB 771,757,200

Buildings for which title certificates had not been completed had original cost of CNY 474,297,418.66, accumulated depreciation of CNY 28,500,502.18 and net carrying value of CNY 445,796,916.48. The table identifies Jushi headquarters, Chengdu, Jiujiang, Jiujiang Mining, Zhejiang Beite and Baoyu Industrial. Their respective net amounts were CNY 103,768,672.12, CNY 41,332,522.56, CNY 258,024,927.51, CNY 7,722,473.46, CNY 9,682,956.84 and CNY 25,265,363.99. The note says certificates for the other subsidiaries were being processed, with completion timing uncertain. Baoyu was different: it did not own the land corresponding to its buildings and could not obtain the building certificates. These are disclosed title limitations relevant to asset rights and financing, rather than proof that all listed plants were unlawfully operating or had stopped production. They also do not identify an undisclosed physical address or establish that the buildings belong to a separately named expansion project. The distinct explanations and affected accounting balances are preserved.

Reported uncertificated building original / 2010 / consolidated

RMB 474,297,418.66

Reported uncertificated building depreciation / 2010 / consolidated

RMB 28,500,502.18

Reported uncertificated building net / 2010 / consolidated

RMB 445,796,916.48

Reported uncertificated building net / 2010 / jushi headquarters

RMB 103,768,672.12

Reported uncertificated building net / 2010 / chengdu

RMB 41,332,522.56

Reported uncertificated building net / 2010 / jiujiang

RMB 258,024,927.51

Reported uncertificated building net / 2010 / jiujiang mining

RMB 7,722,473.46

Reported uncertificated building net / 2010 / zhejiang beite

RMB 9,682,956.84

Reported uncertificated building net / 2010 / baoyu industrial

RMB 25,265,363.99

Restricted fixed assets used as bank-loan collateral had a net carrying amount of CNY 2,768,529,837.70. That included CNY 1,904,719,648.79 of platinum-rhodium alloy, CNY 468,476,745.11 of machinery and CNY 391,491,081.50 of buildings, with smaller transport and office-equipment balances. The restricted-asset note adds CNY 22,002,249.27 of intangible assets to give CNY 2,790,532,086.97 of assets in its collateral category. Restricted deposits, recourse receivables and discounted bills were separate categories in the wider restricted-asset total. Thus the fixed-asset table and the entire restricted-asset note do not use the same perimeter. A collateral carrying value describes assets supporting a loan; it is not the loan balance, a facility limit or an incremental liability. The balance also cannot be assumed to equal a realizable sale value. The manufacturing group therefore had a substantial portion of production assets supporting bank finance, with collateral amounts and actual debt retained separately for research.

Reported restricted fixed assets net / 2010 / consolidated

RMB 2,768,529,837.7

Reported restricted fixed assets net / 2010 / precious metal bushings

RMB 1,904,719,648.79

Reported restricted fixed assets net / 2010 / machinery

RMB 468,476,745.11

Reported restricted fixed assets net / 2010 / buildings

RMB 391,491,081.5

Reported restricted intangible assets / 2010 / collateral category

RMB 22,002,249.27

Reported collateral asset carrying value / 2010 / fixed and intangible assets

RMB 2,790,532,086.97

The borrowing notes identify actual secured arrangements tied to production assets. Jiujiang had CNY 30,000,000 borrowed against platinum-rhodium bushings with a disclosed carrying value of CNY 50,688,836.30. Jushi separately had CNY 200,000,000 of long-term borrowing secured by bushings valued at CNY 491,503,080.79, and USD 38,400,000 due within one year secured by alloy valued at CNY 326,855,589.77. The report translates the dollar loan to CNY 254,311,680; the dollar amount and reported yuan translation describe the same borrowing. Chengdu arrangements instead included mixed warehouses, workshops, machinery and bushings. One reports CNY 95,000,000 outstanding, including CNY 37,500,000 due within one year, and another CNY 80,000,000, including CNY 40,000,000 due within one year. Those current portions are included in the contract balances, not additional loans. Neither loan-to-collateral arithmetic nor historic facility dates establish the usable balance of every facility or an independently verified asset valuation.

Reported secured contract borrowing / 2010 / jiujiang metal contract

RMB 30,000,000

Reported secured contract collateral / 2010 / jiujiang metal contract

RMB 50,688,836.3

Reported secured contract borrowing / 2010 / jushi long term metal contract

RMB 200,000,000

Reported secured contract collateral / 2010 / jushi long term metal contract

RMB 491,503,080.79

Reported secured contract borrowing / 2010 / jushi current export bank metal contract

38,400,000 USD

Reported secured contract collateral / 2010 / jushi current export bank metal contract

RMB 326,855,589.77

Reported secured contract borrowing / 2010 / chengdu agricultural bank mixed contract

RMB 95,000,000

Reported secured contract borrowing / 2010 / chengdu bank of china mixed contract

RMB 80,000,000

Beixin entrusted a bank to lend CNY 24,000,000 to Luoyang Xinjingrun. The original contract expired in September 2009 and was not formally renewed; the report says the parties continued to execute the arrangement and applied a 5.31% rate from February 2009. This wording does not establish borrower default. Closing loan-loss allowance was CNY 1,677,617.56, with a FY2010 loan-impairment charge of CNY 237,617.56. The related-transaction charge was CNY 1,292,100, while the nonrecurring-income table reports CNY 1,274,400 of entrusted-loan income. These values retain their separate source roles because no complete bridge is disclosed. Principal, allowance, income and actual cash repayment remain distinct.

Reported entrusted loan principal / 2010 / beixin luoyang

RMB 24,000,000

Reported entrusted loan loss allowance / 2010 / beixin luoyang

RMB 1,677,617.56

Reported entrusted loan impairment charge / 2010 / consolidated annual

RMB 237,617.56

Reported related entrusted loan income / 2010 / luoyang related table

RMB 1,292,100

Reported nonrec entrusted loan income / 2010 / nonrec annual

RMB 1,274,400

The parent company reported a FY2010 net loss of CNY 66,334,880.60 and negative retained earnings of CNY 197,980,055.42 at year-end. These parent figures are distinct from positive earnings attributable to the listed company owners in the consolidated accounts. Management proposed no FY2010 profit distribution and no conversion of capital reserve into shares, explaining the need to finance capacity expansion and the parent accumulated losses. The proposal still required approval at the annual general meeting; the annual report does not establish that the meeting had already approved it. The parent had 427,392,000 shares and CNY 53,696,990.29 of capital reserve. A capital reserve is not itself a cash balance or an announced dividend. For a foreign reader, the relevant distinction is between the operating group recovery, the legal parent distribution position and the approval stage of the proposal.

Parent-only net profit / 2010 / parent

RMB -66,334,880.6

Reported parent retained earnings / 2010 / parent

RMB -197,980,055.42

Reported parent capital reserve / 2010 / parent

RMB 53,696,990.29

Reported issued share count / 2010 / parent

427,392,000 shares

The proposed purchase of the remaining 49% of Jushi would move the listed company from its existing 51% stake to full ownership if completed. The transaction table gives proposed consideration of CNY 2,937,489,800. The report records shareholder approval and other approvals, but states that implementation still required China Securities Regulatory Commission approval. Ownership and debt-transfer columns were marked incomplete. The seller stakes were 11.5%, 11%, 18.5% and 8%. For the CNBM and Zhenshi portions, disclosed prices were CNY 689,410,900 and CNY 659,436,500 respectively, with consideration through newly issued shares. The nearby assessed values were CNY 689,411,200 and CNY 659,436,800; small differences between assessment and transaction price are retained rather than silently equated. These figures describe a pending transaction, not FY2010 acquisition cash paid or an ownership change already realized.

Proposed transaction consideration / 2010 / remaining jushi 49 percent

RMB 2,937,489,800

Proposed transaction consideration / 2010 / cnbm jushi 11 5 percent

RMB 689,410,900

Proposed transaction consideration / 2010 / zhenshi jushi 11 percent

RMB 659,436,500

Reported transaction assessed value / 2010 / cnbm jushi 11 5 percent

RMB 689,411,200

Reported transaction assessed value / 2010 / zhenshi jushi 11 percent

RMB 659,436,800

The remaining-stake integration included forecasts of Jushi net profit attributable to its parent owners of CNY 363,350,000 for FY2010, CNY 539,280,000 for FY2011 and CNY 770,860,000 for FY2012. If actual results fell below the appraisal forecasts during those years, CNBM and Zhenshi would compensate the listed company in shares under the stated profit-gap and original-stake arrangement. Implementation was conditional on regulatory approval of the transaction. The report also asserts that audited Jushi FY2010 profit met the forecast target, but supplies no complete calculation here linking that claim to every profit measure elsewhere in the report. Jushi owner profit, total subsidiary profit and listed-company consolidated owner profit are therefore kept separate. Generic statements that the company made no profit forecast are read alongside this specific transaction commitment, with the source difference retained. No realized compensation payment, cash receivable or automatically enforceable current entitlement is inferred.

Projected integration owner profit / 2010 / projected jushi owner profit 2010

RMB 363,350,000

The related-party disclosures identify transactions with businesses linked to the listed company's shareholders and with investees or minority shareholders. Their operating roles include product distribution, raw materials, precious-metal bushing processing, logistics, utilities and entrusted funding. The report says prices were based on prevailing market prices and records the issuer's approval and fairness assertions. These are disclosed pricing-policy claims, not an independent assessment that every transaction was fairly priced. A shareholder relationship alone does not establish that an entity is consolidated or that its sales should be added to the group's revenue.

The FY2010 report names the listed issuer CHINA FIBERGLASS CO., LTD, abbreviated CFG, with Shanghai A-share code 600176. Its history distinguishes first registration on April 16, 1999 from stock-exchange listing on April 22, 1999, and the December 6, 2004 shareholder renaming decision from December 9 registration of that change. These historical identity dates do not identify a factory commissioning date. At year-end, the direct controlling shareholder, China National Building Material Co., Ltd. (CNBM), held 154,502,208 shares, reported as 36.15%; Zhenshi Holding Group held 85,631,040 shares, reported as 20.04%. The report identifies CNBM's parent group as the ultimate controller and says the controlling shareholder and ultimate controller did not change during FY2010. Direct shareholder ownership is different from the listed issuer's interest in Jushi and its still-pending plan to acquire the remaining interest. Zhenshi's table records 81,000,000 pledged shares; a pledge is not a reported transfer of share ownership, nor does this table establish the financing amount or a triggered enforcement event. The registered and office address in Beijing remains administrative identity evidence, not a substitute for Tongxiang, Jiujiang or Chengdu production-site addresses.

Reported issuer major shareholding / 2010 / cnbm direct holder

154,502,208 shares

Reported issuer controlling shareholding percentage / 2010 / cnbm direct holder

36.15%

Reported issuer major shareholding / 2010 / zhenshi direct holder

85,631,040 shares

Reported issuer major shareholding percentage / 2010 / zhenshi direct holder

20.04%

Reported issuer shareholder pledged shares / 2010 / zhenshi direct holder

81,000,000 shares

Management reports a reclaimed-water system with coagulation and air-flotation treatment capable of handling 4,500 tonnes of wastewater per day, and describes it as achieving zero wastewater discharge. This is the issuer's claim about that system, not an independently measured group-wide discharge result or proof of every site's compliance. The company also reports full domestic-base adoption of its waste-fiber reuse and pure-oxygen combustion technologies, linking them to lower unit energy use and carbon emissions. It reports FY2010 savings of 10,585 tonnes of standard-coal equivalent and a reduction of 200.6 tonnes of COD (chemical oxygen demand, a water-pollution indicator). Standard-coal equivalent is an energy-accounting unit, not necessarily that quantity of coal physically consumed or saved. The report gives no complete plant-by-plant baseline, measured energy intensity or carbon-emissions bridge for these statements. Claims of being below industry-average energy intensity retain management attribution. The disclosed expectation of stricter discharge supervision is a historical management outlook; the statement that the company was not on the published list of serious polluters is narrower than an assurance of no environmental risk. A grant for water recovery and energy-saving support reported elsewhere does not independently prove commissioning or measured results.

Reported wastewater treatment capacity / 2010 / issuer reclaimed water system

4,500 tonnes/day

Reported energy saving / 2010 / issuer annual resource statement

10,585 tonnes standard-coal equivalent

Reported cod reduction / 2010 / issuer annual resource statement

200.6 tonnes COD

The report's employee table records 10,134 active employees, including 7,009 production personnel and 1,700 technical personnel. Its six role categories sum to the stated total. This supports an explanation of the workforce available for manufacturing and technical work, but technical personnel are not automatically all dedicated researchers, and the table does not allocate them to individual plants or disclose vacancies or labor productivity. Management identifies talent reserves as a challenge for the overseas expansion strategy and includes recruitment and training in its FY2011 plan. The plan is not evidence that the intended staffing was achieved. Routine training, safety-education intentions and education-level counts are condensed unless tied to a specific reported operating constraint; no safety record or training effect is inferred from those intentions.

Reported active employees / 2010 / issuer employee table

10,134 persons

Reported production personnel / 2010 / issuer employee table

7,009 persons

Reported technical personnel / 2010 / issuer employee table

1,700 persons