China Jushi | FY2014 business review

The company completed a change of registered address on 1 September 2014 to No. 669 Wenhua South Road, Wutong Subdistrict, Tongxiang, Zhejiang. The 2014 filing also reports legal registration of the change from China Fiberglass to China Jushi on 4 March 2015. That name change is a later event disclosed in this filing. The registered office is not evidence of the precise location of each furnace or expansion project.

The corporate profile records a history of registered business scopes: earlier descriptions included glass fiber, pipes, flooring and other building-material activities, while the 2011 scope emphasized new-material technology development and services, glass-fiber and building-material sales, and enterprise and asset management. The same historical account includes an expanded 2015 scope covering wholesale of fibers, composites, materials and related inputs or equipment, together with premises leasing, installation and information services. That 2015 entry is later than the reporting year, and a permitted activity does not establish that it generated FY2014 revenue. For actual operations, the subsidiary discussion identifies wholly owned Jushi Group for glass-fiber production and sales and Beixin Technology for building-material sales. The product-revenue and subsidiary accounts distinguish manufacturing, trading and listed-company consolidation. Registration, parent-company permission and subsidiary operations are related descriptions, not interchangeable measures of factory activity. The registered-office and later legal-name changes retain their separately disclosed dates; an office address is not a coordinate for every production project.

The E7 formulation entered batch production in 2014 and began supplying domestic and overseas customers. The report links it to large wind-turbine blades, high-pressure vessels and high-performance pultruded profiles, with claimed improvements in modulus, strength and softening temperature. The batch-production and supply stage is a reported commercial milestone. The cited passage does not supply grade-specific numerical performance values or establish that every application generated revenue.

The report describes composite fiber as offering simpler forming, greater production efficiency, mechanical performance, repairability and recyclability than traditional glass fiber. It lists compression molding, laminated-sheet forming and winding as suitable processes, with potential uses in aerospace, automotive, construction, sports equipment and new energy. Management says the composite-fiber project had completed product appraisal and acceptance, entered stable batch production and gained recognition from major overseas customers. It separately says polypropylene (PP) composite yarn had met the requirements for industrial production through online compositing. The passage supplies no customer names, annual tonnage, separate sales, resin fraction or measured performance results. Potential applications are not disclosed deliveries to every industry, and the PP process milestone does not establish that every named technology or grade had the same composition or sales stage. Existing product-specific accounts retain the different stages for E7, LFT yarn, nylon-reinforcement chopped strands, optical-cable reinforcement, bathroom SMC yarn and rail-sleeper yarn.

The technical account names Compofil as a high-performance composite-fiber material alongside E6 and E7 high-performance glass fiber. Management claims improvements in physical properties, corrosion resistance and energy or environmental performance compared with traditional E-glass. The research account separately names the Vipro product series and says it had gained customer recognition. Neither name is accompanied by a numerical datasheet, grade-level volume, named customer or separate revenue in these passages. The composite-fiber production narrative and PP process statement provide relevant development context, but the annual report does not explicitly map each of them to a particular Compofil or Vipro grade. These names and commercialization statements are recorded without importing an undisclosed formulation or claiming an independently established global technology ranking.

The report says high-dispersion LFT yarn entered stable batch production and nylon-reinforcement chopped strands gained customer recognition and batch purchases. Optical-cable reinforcement yarn received recognition in India and Korea. SMC yarn for integrated bathrooms began batch purchases in Japan, while high-speed rail-sleeper yarn received recognition from Japan's Sekisui and reached batch production. These are product-specific statements with different stages. No annual sales amount or customer-wide exclusive relationship is inferred from them.

R&D expenditure was RMB 179.3053 million, entirely expensed, representing 2.86% of revenue. The report describes development aimed at environmental, lighter and stronger materials, with applications including larger wind blades and high-pressure water transmission. Glass fiber yarn and related products generated RMB 6.102609686 billion in reported product revenue. Product development and R&D resources are presented alongside the business scale, without treating research spending as sales of any particular formulation.

R&D expenditure was CNY 179,305,336.22, entirely expensed, with capitalized R&D of CNY 0.00. The report gives 2.86% of revenue and 4.38% of net assets as separate ratios; neither is the contribution of a particular product to earnings. Management says development targeted lighter and stronger materials for large wind blades, high-pressure pipes for desalination and long-distance transport, offshore structures and hybrid vehicles. These are research objectives, not disclosed orders. The report lists 90 patent applications, 84 authorizations and 359 valid patents at year end, distinguishing current-year flows from the stock of valid patents. It describes furnace melting, fiber-drawing yield, output per furnace position and automation as cost mechanisms. Spending, patents and claimed capabilities do not establish independently measured cost savings, grade-level performance or a verified world-leading position.

Research expenditure / 2014 / consolidated

RMB 179,305,336.22

Capitalized research expenditure / 2014 / consolidated

RMB 0

The issuer describes quality, environmental, occupational-health-and-safety and measurement-management certifications, respectively labeled ISO 9001, ISO 14001, OHSAS 18001 and ISO 10012. It also describes a nationally accredited testing center and research facilities. These statements concern organizational systems and testing resources; they do not establish that every glass formulation has a current customer approval or product certificate. The product account separately lists classification-society and other certification labels, without reproducing grade-level certificates or their validity scopes. For 2014 it reports new product-certification applications under the classification-society labels GL, LR and DNV: 5, 10 and 1 respectively. Applications are not automatically issued approvals. Additional product tests labeled RoHS and REACH, two separately labeled testing programs in the report, numbered 28 and 30 respectively. Those test counts do not establish a disclosed new order, delivery volume, product-wide legal compliance or separate revenue. The qualification activity is relevant to supporting customer acceptance, while the already reported batch-production and purchasing milestones remain more direct commercialization evidence. General quality-management slogans and brand honors supply no additional measured performance result here.

Reported product certification applications / 2014 / gl current year

5 applications

Reported product certification applications / 2014 / lr current year

10 applications

Reported product certification applications / 2014 / dnv current year

1 applications

Reported additional product tests / 2014 / rohs current year

28 tests

Reported additional product tests / 2014 / reach current year

30 tests

Management says wind-energy and thermoplastic markets recovered and fiber-yarn sales volumes increased. Group revenue was RMB 6.2681535 billion. Foreign sales represented 48.38% of main-business sales, while the five largest customers represented 12.25% of annual sales. These figures describe different reporting totals. The narrative attributes growth mainly to higher product sales volumes; it does not assign all growth to the E7 launch or any single new factory.

The report describes a concentrated glass-fiber industry with substantial technology and capital barriers to entry. It says the six largest global producers represented approximately 75% of global capacity. For the preceding three years it gives annual compound capacity growth of 6.65% in China and 1.70% worldwide, and puts Chinese capacity above half of global capacity. These are historical issuer-reported industry measures, not Jushi production, shipments, utilization or a present-day market-share series. Management attributes Chinese producers' expansion to technical improvement, lower costs and more consistent quality, and expects concentration to persist. Those explanations and expectations are not independent verification of a global ranking or guaranteed pricing power. The company separately reports four large production bases and describes large tank furnaces as a means of supporting scale, quality and manufacturing efficiency. A base count does not supply each site's exact capacity, address or output, and a claimed world-leading furnace size is not an independently checked comparison. Product and project accounts provide the more specific company developments.

Management's stated strategy connects higher-value products, clustered industrial operations, international production and global markets. Its proposed routes to growth include glass-fiber applications in wind energy, specialized pipes and vessels, marine uses and water infrastructure, alongside the product-specific development and purchasing stages already reported. These application opportunities are not new disclosed customer orders. The planned US line and second Egyptian line were each described at an 80,000-tonne annual design scale and were being prepared; their project-table amounts and investment stages remain separate from the first Egyptian line already operating. The FY2015 operating plan emphasizes product-mix adjustment, technical upgrades, market development and cost efficiency. These are next-year intentions, not completed FY2014 savings or commissioning. The funding discussion proposes bank cooperation and broader financing channels but supplies no quantified total funding requirement or fully committed funding package in that passage. Management also identifies higher raw-material, energy and labor costs and trade barriers as challenges. Historical tax preferences, duties, currency exposure, debt maturity and continuous-furnace fuel constraints have their own dated explanations; plans to mitigate them are not guarantees of outcomes.

Consolidated revenue was CNY 6,268,153,539.62 and operating cost CNY 4,050,327,752.77. The main-business table gives glass-fiber yarn and products revenue of CNY 6,102,609,685.77, cost of CNY 3,946,978,080.64 and a 35.32% gross margin, up 3.42 percentage points. Other main-business revenue was CNY 107,017,423.25 and cost CNY 84,160,225.73. Management labels the glass-fiber and other shares as 98.28% and 1.72% of total operating revenue. Those printed percentages fit the sum of the two main-business rows rather than the larger consolidated revenue; the original label and ratios are retained with this scope comparison. Domestic main-business revenue was CNY 3,205,677,499.51 and foreign revenue CNY 3,003,949,609.51, producing the same main-business total. The foreign share of 48.38% therefore is not a percentage of every consolidated sale. Management attributes revenue growth primarily to higher product sales volumes and recovery in wind-energy and thermoplastic demand, with shortages for some products, regions and seasons. It gives no actual production or sales tonnage here, so the table cannot establish realized price per tonne, factory utilization or how much revenue came from E7 alone.

Revenue / 2014 / consolidated

RMB 6,268,153,539.62

Cost of sales / 2014 / consolidated

RMB 4,050,327,752.77

Revenue / 2014 / glass fiber products

RMB 6,102,609,685.77

Cost of sales / 2014 / glass fiber products

RMB 3,946,978,080.64

Gross margin / 2014 / glass fiber products

35.32 percent

Revenue / 2014 / other main business

RMB 107,017,423.25

Cost of sales / 2014 / other main business

RMB 84,160,225.73

Revenue / 2014 / domestic main business

RMB 3,205,677,499.51

Revenue / 2014 / overseas main business

RMB 3,003,949,609.51

The five largest customers accounted for CNY 767,877,464.14, reported as 12.25% of annual sales. The disclosed percentage is consistent after rounding with consolidated revenue, while main-business revenue has a different denominator. The report does not identify those five customers or attribute their purchases to individual formulations. Purchases from the five largest suppliers were CNY 907,861,050.48, or 24.14% of purchases, a procurement measure rather than sales or year-end payables. Materials for glass-fiber yarn and products were CNY 1,134,091,770.78, labeled 28.00% of total cost. That ratio is consistent with consolidated operating cost rather than the narrower glass-fiber cost row. Management links cost increases to raw materials and labor, selling expenses to transport and employee costs, and financing expenses to interest and foreign-exchange losses. Customer sales, supplier purchases, material consumption and closing balances require different readings; no named relationship or complete supply-risk protection is inferred from these totals.

Top five customer sales / 2014 / source annual sales label top five

RMB 767,877,464.14

Reported top five customer share / 2014 / source annual sales label top five

12.25 percent

Top-five supplier purchases / 2014 / consolidated top five

RMB 907,861,050.48

Top five suppliers share of purchases / 2014 / consolidated top five

24.14 percent

Reported material cost / 2014 / glass fiber products

RMB 1,134,091,770.78

Reported material cost share / 2014 / source total cost label

28 percent

The five largest closing trade-receivable debtors owed CNY 227,121,749.03, reported as 12.45% of gross trade receivables, with allowances of CNY 6,692,961.27. Two names printed in English are AMIANTIT FIBERGLASS INDUSTRIES LTD., with CNY 93,445,121.60 outstanding and an allowance of CNY 934,451.22, and FUTURE PIPE INDUSTRIES LLC, AUH, with CNY 27,896,972.22 outstanding and an allowance of CNY 278,969.72. The table labels them third parties. These are disclosed year-end debtor relationships, not a list of new orders, delivered tonnes, exclusivity agreements or independently established customer status today. The annual-sales table separately reports an unnamed top five with CNY 767,877,464.14 and 12.25% of annual sales. Its denominator and measurement period differ. The named closing debtors must not be substituted for those anonymous annual customers, and their balances cannot be assigned to a particular glass grade or project. Relationships remain limited to the issuer's disclosure; counterparties are not researched onward.

Top five debtor gross receivables / 2014 / consolidated top five closing

RMB 227,121,749.03

Top five debtor gross share / 2014 / consolidated top five closing

12.45 percent

Top five debtor allowance / 2014 / consolidated top five closing

RMB 6,692,961.27

Trade receivables before allowance / 2014 / amiantit disclosed closing debtor

RMB 93,445,121.6

Trade receivable expected-credit-loss allowance / 2014 / amiantit disclosed closing debtor

RMB 934,451.22

Trade receivables before allowance / 2014 / future pipe auh disclosed closing debtor

RMB 27,896,972.22

Trade receivable expected-credit-loss allowance / 2014 / future pipe auh disclosed closing debtor

RMB 278,969.72

Prepayments ended at CNY 206,514,724.56, compared with CNY 288,013,689.79 in the opening column. The five largest prepaid recipients accounted for CNY 92,036,574.57 and a reported 44.57%. Their names identify refractory materials, calcium products, electricity supply, power engineering and warehouse equipment counterparties. The table does not allocate every prepayment to a named plant or project, establish delivered quantities or measure the annual cost of those inputs. Separately, the other-receivable table includes a CNY 39,000,000.00 guarantee deposit with CMB Financial Leasing, a CNY 6,000,000.00 deposit with Bank of Communications Financial Leasing and a CNY 2,259,432.41 natural-gas deposit with CITY GAS. The first is explicitly described as a guarantee deposit without an allowance in the individual-assessment table; a blank provision cell is not staged as numeric zero. These balances describe funds tied to procurement, leasing or service arrangements. They are not all current material expense, cash usable for debt repayment or additional guarantee liabilities. Their named counterparties are retained without onward investigation.

Prepayments / 2014 / consolidated

RMB 206,514,724.56

Top-five prepayment balances / 2014 / consolidated top five closing

RMB 92,036,574.57

Top-five share of supplier prepayments / 2014 / consolidated top five closing

44.57 percent

Security deposits receivable / 2014 / cmb financial leasing

RMB 39,000,000

Other deposits receivable / 2014 / bocom financial leasing

RMB 6,000,000

Other deposits receivable / 2014 / city gas

RMB 2,259,432.41

Related-party operating sales include inventory goods sold to Zhenshi Holding Group of CNY 344,395,988.26, compared with CNY 173,705,212.16 in the prior-year column. Separately, raw-material sales to that group were CNY 8,145,979.58, compared with CNY 4,054,863.48. Inventory-goods sales to CNBM International Trading were CNY 55,671,988.25 versus CNY 34,222,449.52, while the distinct CNBM Group Import and Export company accounted for CNY 25,916,018.19 versus CNY 107,541,348.11. Lianyungang Zhongfu Lianzhong accounted for CNY 26,233,533.89 versus CNY 31,221,158.50 of inventory-goods sales. CNBM means China National Building Material; English counterparty labels here identify the issuer's disclosed entries. These are annual transaction categories, not cash receipts, confirmed new orders or proof of a particular fiber grade. Their disclosure establishes named related operating relationships, but does not identify the members of the separate anonymous annual top-five customer table. Closing receivables are examined separately, and no counterparty's own business network is researched onward.

Related goods sales / 2014 / zhenshi holding

RMB 344,395,988.26

Related goods sales / 2013 / zhenshi holding prior comparison

RMB 173,705,212.16

Related-party material sales / 2014 / zhenshi holding

RMB 8,145,979.58

Related goods sales / 2014 / cnbm international trading

RMB 55,671,988.25

Related goods sales / 2014 / cnbm group import export

RMB 25,916,018.19

Related goods sales / 2013 / cnbm group import export prior comparison

RMB 107,541,348.11

Related goods sales / 2014 / lianyungang zhongfu lianzhong

RMB 26,233,533.89

The related procurement note separates transport services, equipment and materials. Product freight from Zhenshi Group Zhejiang Yushi was CNY 152,046,870.70, compared with CNY 83,291,311.50; material freight was CNY 17,583,810.48 and equipment freight CNY 1,074,983.35. Jiujiang Yushi freight was CNY 33,386,548.01 versus CNY 7,352,444.94, and Shanghai Tianshi freight was CNY 22,593,114.99 versus CNY 25,855,947.75. Equipment purchases from Tongxiang Huarui were CNY 10,409,943.59 versus CNY 29,066,931.98; its technical and procurement services were a separate CNY 24,248,411.39. Raw materials from Zhejiang Songyang Mingshi were CNY 20,239,097.71 versus CNY 20,113,847.58. These disclosed links show where related logistics, equipment and input suppliers enter the operating chain. The amounts are annual procurement/service transactions, not a complete group freight-cost total, all cash already paid or closing creditor balances. Equipment procurement and service fees also cannot be added indiscriminately to a named project's budget. Routine meeting, checkup and travel entries are not expanded into stand-alone operating narratives without a disclosed material mechanism. The analysis stops at the issuer's relationships.

Related procurement and service transactions / 2014 / zhejiang yushi product freight

RMB 152,046,870.7

Related procurement and service transactions / 2014 / zhejiang yushi material freight

RMB 17,583,810.48

Related procurement and service transactions / 2014 / zhejiang yushi equipment freight

RMB 1,074,983.35

Related procurement and service transactions / 2014 / jiujiang yushi freight

RMB 33,386,548.01

Related procurement and service transactions / 2014 / shanghai tianshi freight

RMB 22,593,114.99

Related procurement and service transactions / 2014 / tongxiang huarui equipment

RMB 10,409,943.59

Related procurement and service transactions / 2014 / tongxiang huarui technical procurement services

RMB 24,248,411.39

Related procurement and service transactions / 2014 / songyang mingshi raw materials

RMB 20,239,097.71

The FY2014 report describes a change in European Union market access for specified glass-fiber products exported from China. Jushi Group received the final investigation notice on 23 December 2014. The issuer reports a combined anti-dumping and anti-subsidy rate of 24.8%, with a stated collection period from 24 December 2014 to March 2016. It says the earlier 13.8% anti-dumping charge, applied since March 2011, would no longer be levied separately; the two percentages are not added together. Covered products include chopped strands no longer than 50 mm, specified glass-fiber rovings and glass-fiber mats excluding glass-wool mats. The description excludes impregnated/coated rovings with combustible content above 3%. The disclosed origin, destination and product boundaries matter for the route to European customers: this is not a charge on every worldwide group sale or a single rate applied to every glass grade. The report does not quantify affected sales, duty cash paid, customer pass-through or the resulting margin change. Production and trading entities outside mainland China cannot be assumed exempt solely from their location. These are the issuer's dated disclosure and stated period, not a determination of tariff treatment today.

Disclosed combined trade-duty rate / 2014 / jushi group china origin eu covered products

24.8%

The FY2014 marketing account reports overseas sales-company presence in 14 countries and regions. The broader organization account calls these overseas subsidiaries and separately reports two exclusive distributors in the United Kingdom and Germany. These are different routes to market; 14 jurisdictions do not mean 14 manufacturing plants or exactly one company in each jurisdiction. Management also claims long-term relationships with customers across more than 100 countries and regions. That geographic reach is not a count of named customers, product orders or revenue; the report does not identify every claimed large multinational customer. The subsidiary-role and customer-concentration accounts provide separate, more specific evidence. In discussing trade barriers, management expects a large part of demand in investigating countries and regions to be supplied directly from Egypt, reducing the adverse effect. The first Egyptian line's reported operation and the separately prepared second line provide context for that plan. The report does not quantify a customer-switching volume, duty reduction or realized margin improvement. Management's mitigation expectation does not itself establish a customs exemption for every overseas product or shipment; the disclosed EU origin-and-product duty scope remains separate.

Reported overseas sales jurisdictions / 2014 / issuer overseas sales presence

14 countries/regions

Reported exclusive distributors / 2014 / issuer uk germany disclosed network

2 distributors

Operating cash flow was positive CNY 1,663,215,648.34, investing cash flow negative CNY 1,464,564,652.96 and financing cash flow negative CNY 1,004,272,604.86. Management links the operating increase to cash from goods sales and the financing outflow to more bank-debt repayments. These are category totals, not payments for each project. Monetary funds ended at CNY 1,209,076,952.68; the comparison reflects concentrated short-term financing receipts at the end of 2013 as well as subsequent uses. Fixed assets were CNY 12,123,424,742.48 and construction in progress CNY 395,732,152.16. Management attributes the shift partly to completion of an 80,000-tonne line and refurbishment projects being transferred into fixed assets; an accounting transfer is not new cash spending or proof of full utilization. Short-term borrowing was CNY 6,070,394,123.85, current portions of non-current liabilities CNY 2,139,531,242.01 and long-term borrowing CNY 2,393,534,711.76. Repayment and reclassification explain part of the long-term decline. Bonds were CNY 2,234,294,581.96 and other current liabilities CNY 800,000,000.00, with management describing new private debt and medium-term notes alongside matured short-term paper. A decline in one category does not prove lower total refinancing exposure. The cash notes distinguish bank-acceptance deposits from funds available on demand; the debt notes separately describe maturities, rate exposure and lease commitments. Those scopes explain liquidity constraints while the manufacturing business expands, without attributing every balance or repayment to an individual factory.

Guarantees to subsidiaries incurred during 2014 were CNY 13,370,674,000.00, while the outstanding closing balance was CNY 7,509,374,000.00. The reported ratio to net assets was 186.78%. Outstanding guarantees outside the subsidiary perimeter and guarantees for shareholders, actual controllers and their related parties were separately reported as zero. Those bounded zeros do not mean there were no guarantees. Guarantees involving recipients with debt-to-asset ratios above 70% were CNY 838,774,000.00; the amount above half of net assets was CNY 5,499,208,106.28. The table totals its stated categories at CNY 6,337,982,106.28. These categories are not another amount to add to total outstanding exposure. Likewise, annual incurred guarantees and closing guarantees are different measures, rather than two loan principals or actual cash payments. The issuer says all guarantees were for subsidiaries, without allocating every balance to a particular factory or project. The absence of a reported procedural breach does not establish the absence of credit risk or future obligations.

Guarantees incurred / 2014 / subsidiaries

RMB 13,370,674,000

Outstanding subsidiary guarantees / 2014 / subsidiaries

RMB 7,509,374,000

Guarantees to net assets / 2014 / report defined

186.78 percent

Guarantees for recipients above70percentleverage / 2014 / report defined

RMB 838,774,000

Guarantees above half net assets / 2014 / report defined

RMB 5,499,208,106.28

The report says approximately 50% of sales receipts were denominated in US dollars. This is a currency exposure statement, distinct from the geographic share of overseas sales. It describes outstanding foreign-exchange forwards used as cash-flow hedges, expected to settle during 2015 and 2016. Their reported fair value was negative CNY 60,554,289.00 at year end. The financial-liability note records CNY 60,554,289.00 as a derivative liability, while the effective hedge result after tax was negative CNY 51,471,145.65 in other comprehensive income, outside the income statement's current profit. The deferred-tax note records CNY 9,083,143.35 associated with the cash-flow hedge valuation. These figures describe valuation and tax effects, not proof that the entire loss was paid in cash in 2014. The fair-value classification table labels the same CNY 60,554,289.00 as a derivative financial asset, conflicting with the liability note and negative contract valuation. The conflicting label is preserved as a source issue; no second asset is created or netted against the liability. Authorization to transact in derivatives and a policy against speculation do not mean no contracts existed.

Derivative financial liability / 2014 / consolidated forward derivative liability

RMB 60,554,289

Effective cash-flow hedge gains after tax / 2014 / owners oci

RMB -51,471,145.65

The restricted-asset note lists CNY 4,564,758,301.66 of fixed assets and CNY 47,030,732.88 of intangible assets used as collateral for borrowing. Together with restricted monetary funds of CNY 215,727,180.24, the reported restricted-asset total is CNY 4,827,516,214.78. The operating-asset amounts are carrying values, not bank valuations, loan principals or an additional cash balance. The monetary restriction and asset collateral therefore cannot simply be added to borrowings as another debt measure. The note establishes encumbrance within the disclosed scope but does not allocate all balances to named factories or identify each lender's enforcement conditions. This is relevant to flexibility in financing the manufacturing business; it is not evidence of a plant shutdown, foreclosure or an independent estimate of collateral recovery. The existing restricted-cash fact is reused rather than duplicated.

Restricted fixed assets / 2014 / consolidated

RMB 4,564,758,301.66

Restricted intangible assets / 2014 / consolidated

RMB 47,030,732.88

Restricted assets / 2014 / consolidated

RMB 4,827,516,214.78

The issuer reports that 64.42% of debt matured in less than one year at December 2014, compared with 56.84% a year earlier. That is its reported debt measure, not a ratio calculated against every operating payable. Existing short-term borrowing of CNY 6,070,394,123.85 comprised pledged borrowing of CNY 162,887,100.00, mortgaged borrowing of CNY 790,000,000.00, guaranteed borrowing of CNY 3,199,887,884.53 and unsecured credit borrowing of CNY 1,917,619,139.32. Long-term borrowing, excluding the current portion, was CNY 2,393,534,711.76: CNY 408,464,719.59 mortgaged and CNY 1,985,069,992.17 guaranteed. A further CNY 1,981,098,110.19 of long-term borrowing was due within one year. Guarantees describe credit support, not another borrowing balance to add. Fixed-rate interest-bearing borrowing accounted for about 33.12%, down from 46.69% in the prior-year comparison. These maturity and rate disclosures describe refinancing and interest-cost exposure while the manufacturing business expands. They do not establish future lender availability, a default or the interest-inclusive cost of refinancing. The table is labeled an analysis of undiscounted contractual cash flows; its displayed borrowing balances are not a reason to invent undisclosed future interest payments.

Bank borrowing category / 2014 / short term pledged

RMB 162,887,100

Bank borrowing category / 2014 / short term mortgaged

RMB 790,000,000

Bank borrowing category / 2014 / short term guaranteed

RMB 3,199,887,884.53

Bank borrowing category / 2014 / short term unsecured

RMB 1,917,619,139.32

Bank borrowing category / 2014 / noncurrent mortgaged

RMB 408,464,719.59

Bank borrowing category / 2014 / noncurrent guaranteed

RMB 1,985,069,992.17

Long-term loans due within one year / 2014 / consolidated

RMB 1,981,098,110.19

Reported debt due under one year / 2014 / issuer reported debt

64.42 percent

Reported debt due under one year / 2013 / issuer reported debt prior year comparison

56.84 percent

Reported fixed-rate borrowing share / 2014 / issuer interest bearing borrowing

33.12 percent

Reported fixed-rate borrowing share / 2013 / issuer interest bearing borrowing prior year comparison

46.69 percent

The short-term instrument rollforward reports CNY 800,000,000.00 issued and CNY 1,437,953,999.99 repaid during 2014, leaving the already recorded CNY 800,000,000.00 closing balance. The note identifies an unsecured CNY 100,000,000.00 issuer instrument issued on April 10 and an unsecured CNY 700,000,000.00 Jushi Group instrument issued on October 13, each with a 365-day term. Those new receipts are not automatically permanent funding for an individual factory. The noncurrent bond table includes the existing 2012 bond at CNY 1,192,347,200.04 carrying value; two three-year instruments at CNY 500,000,000.00 and CNY 200,000,000.00; a five-year instrument with CNY 300,000,000.00 face value and CNY 296,054,881.92 closing carrying value; and a directed instrument at CNY 45,892,500.00. The source does not give a term for that last row. The noncurrent rollforward's new issue amount is CNY 1,041,392,500.00, with CNY 1,912,000.10 discount or premium amortization, reconciling the opening and closing carrying amounts. Face values, issue proceeds, amortized carrying values and annual cash received from bond issuance have separate measures. The existing total CNY 2,234,294,581.96 is reused, rather than adding these instrument rows to it as further debt.

Short financing paper issue / 2014 / consolidated

RMB 800,000,000

Short financing paper repayments / 2014 / consolidated

RMB 1,437,953,999.99

Nominal debt balance / 2014 / 2012 glass fiber bond

RMB 1,192,347,200.04

Nominal debt balance / 2014 / 2014 ppn002

RMB 500,000,000

Nominal debt balance / 2014 / 2014 ppn001

RMB 200,000,000

Nominal debt balance / 2014 / 2014 jushi mtn001

RMB 296,054,881.92

Nominal debt balance / 2014 / reported noncurrent directed instrument

RMB 45,892,500

Noncurrent instrument issue amount / 2014 / consolidated

RMB 1,041,392,500

Bond carrying-value amortization / 2014 / consolidated

RMB 1,912,000.1

Finance-lease payables classified as noncurrent were CNY 238,863,835.11. The current long-term-payable category was CNY 158,433,131.82; together with current long-term borrowing, it explains the existing current noncurrent-liability total. Noncurrent long-term payables also include CNY 186,396.98 labeled other, producing a total of CNY 239,050,232.09. That total cannot all be renamed lease principal. Future minimum finance-lease payments were CNY 429,280,958.98, including CNY 172,976,885.41 within one year, CNY 117,612,642.00 in the second year, CNY 117,614,655.15 in the third and CNY 21,076,776.42 beyond three years. These are commitments measured at year end, not payments already made in those future years. The note reports CNY 31,797,595.07 of unrecognized finance charges. Minimum payments less that charge match total noncurrent long-term payables plus the current portion; using only the specifically labeled noncurrent lease balance leaves a CNY 186,396.98 difference. Although it equals the other-payable row, the text does not explicitly classify that row as leasing, so the narrower lease bridge remains unresolved. Gross leased production assets of CNY 1,527,870,094.12 and net carrying value of CNY 887,544,084.93 describe machinery and precious-metal resources, not another cash financing receipt.

Finance-lease payable / 2014 / consolidated

RMB 238,863,835.11

Long-term payables due within one year / 2014 / consolidated

RMB 158,433,131.82

Long-term payables / 2014 / other noncurrent

RMB 186,396.98

Long-term payables / 2014 / consolidated noncurrent total

RMB 239,050,232.09

Minimum finance-lease payments / 2014 / future total at report date

RMB 429,280,958.98

Minimum finance-lease payments / 2014 / future within one year

RMB 172,976,885.41

Minimum finance-lease payments / 2014 / future second year

RMB 117,612,642

Minimum finance-lease payments / 2014 / future third year

RMB 117,614,655.15

Minimum finance-lease payments / 2014 / future beyond three years

RMB 21,076,776.42

Unrecognised lease finance charges / 2014 / consolidated

RMB 31,797,595.07

Three disclosed sale-and-leaseback contracts concern existing production equipment. In the first, Jushi Group transferred equipment valued at CNY 400,189,851.46 to CMB Financial Leasing and leased it back for three years; total rent was CNY 400,189,851.46, first rent CNY 100,189,851.46 and Jushi Chengdu was the guarantor. In the second, Jushi Group equipment valued at CNY 353,260,957.65 was transferred to the same lessor for a four-year arrangement with CNY 300,000,000.00 total rent and CNY 53,260,957.65 first rent; the listed issuer, then China Fiberglass, guaranteed the debt. In the third, Jushi Chengdu transferred specialized production plates, equipment and platinum-rhodium bushings valued at CNY 125,645,400.00 to Bank of Communications Financial Leasing. Its term was 60 months, total rent CNY 143,161,216.75 and first rent CNY 1,601,066.67; Jushi Group was the guarantor. In each description, equipment stayed with its operator, with no physical delivery to the lessor, and ownership was deemed transferred when the lessor paid. These arrangements explain financing against operating resources rather than evidence that a factory stopped producing. The annual cash-flow note separately reports CNY 300,000,000.00 received from sale and leaseback in 2014. Contract asset values and total rents are not all current-year cash receipts, and contract identifiers do not independently establish that every agreement was newly signed in 2014. Counterparties are limited to the issuer's disclosed relationships.

Lease contract equipment value / 2014 / jushi group cmb first

RMB 400,189,851.46

Lease contract total rent / 2014 / jushi group cmb first

RMB 400,189,851.46

Lease contract first rent / 2014 / jushi group cmb first

RMB 100,189,851.46

Lease contract equipment value / 2014 / jushi group cmb second

RMB 353,260,957.65

Lease contract total rent / 2014 / jushi group cmb second

RMB 300,000,000

Lease contract first rent / 2014 / jushi group cmb second

RMB 53,260,957.65

Lease contract equipment value / 2014 / chengdu bocom

RMB 125,645,400

Lease contract total rent / 2014 / chengdu bocom

RMB 143,161,216.75

Lease contract first rent / 2014 / chengdu bocom

RMB 1,601,066.67

Lease contract term / 2014 / chengdu bocom

60 months

Sale-and-leaseback financing receipts / 2014 / consolidated

RMB 300,000,000

Finance expense was CNY 781,789,011.49. Its disclosed components were CNY 770,862,143.85 interest expense, less CNY 43,181,554.56 interest income, plus CNY 30,605,192.72 exchange loss and CNY 23,503,229.48 other costs. The original interest-income row carries a negative sign, consistent with its deduction in the total. This net finance expense is not a cash-interest-only measure. Separately, CNY 47,786,702.18 of borrowing costs was capitalized, using disclosed capitalization rates of 5% to 6%. Under the stated accounting policy, qualifying borrowing costs enter the associated asset's cost; other borrowing costs enter current profit or loss. The capitalized amount cannot be presented as a new cash inflow or added to an individual project's budget without allocation evidence. Current finance costs matter because debt funding supports production assets and expansion while interest and exchange effects reduce reported earnings. Exchange loss in current profit, exchange effects on cash and cash-flow hedge amounts in other comprehensive income have separate categories; one is not a second copy of another.

Finance expenses / 2014 / consolidated

RMB 781,789,011.49

Interest expense / 2014 / consolidated

RMB 770,862,143.85

Interest income deduction in finance expense / 2014 / consolidated

RMB -43,181,554.56

Exchange loss in finance expense / 2014 / consolidated

RMB 30,605,192.72

Other finance expense / 2014 / consolidated

RMB 23,503,229.48

Capitalised interest in the year / 2014 / consolidated

RMB 47,786,702.18

Parent cash fell from CNY 189,104,081.98 to CNY 86,471,772.43. The cash-flow statement reports positive operating cash flow of CNY 98,053,800.91 and investing cash flow of CNY 297,167,777.74, offset by negative financing cash flow of CNY 497,853,888.20, producing a CNY 102,632,309.55 cash decline. Parent borrowing receipts were CNY 1,750,000,000.00 and repayments CNY 2,000,000,000.00; the combined dividend, profit-distribution and interest payment line was CNY 247,853,888.20, not a shareholder-dividend-only measure. At year end the parent balance sheet shows CNY 700,000,000.00 short-term borrowing, CNY 100,000,000.00 of noncurrent liabilities due within one year, CNY 100,000,000.00 of other current liabilities and CNY 1,692,347,200.04 bonds. The noncurrent long-term-borrowing closing cell is blank; the CNY 1,000,000,000.00 shown in that row belongs to the prior balance. Parent annual borrowing flows, these closing categories and consolidated debt have different periods and entities and are not added together as new external financing. The cash comparison explains liquidity at the listed issuer without attributing all consolidated factory spending to the parent.

Consolidated monetary funds / 2014 / parent company

RMB 86,471,772.43

Net cash from operating activities / 2014 / parent company

RMB 98,053,800.91

Net cash from investing activities / 2014 / parent company

RMB 297,167,777.74

Net cash from financing activities / 2014 / parent company

RMB -497,853,888.2

Reported consolidated borrowing cash receipts / 2014 / parent company

RMB 1,750,000,000

Reported consolidated debt repayment cash / 2014 / parent company

RMB 2,000,000,000

Reported consolidated cash for dividends profit distributions or interest / 2014 / parent company

RMB 247,853,888.2

Short-term borrowings / 2014 / parent company

RMB 700,000,000

Bonds payable / 2014 / parent company

RMB 1,692,347,200.04

The foreign-currency monetary-item note reports translated short-term borrowings of CNY 750,775,280.95. This is a currency-denominated subset of the previously reported consolidated short-term debt, not an extra borrowing balance. Its US-dollar row translates to CNY 746,872,790.53. Three smaller rows contain unresolved source labels: the row labeled Hong Kong dollars pairs 311,652.00 with a rate of 7.4556 and CNY 2,323,552.65; the row labeled Korean won pairs 30,000,000.00 with 0.0514 and CNY 1,542,000.00; and the row labeled Indian rupees pairs 15,825.95 with 2.3340 and CNY 36,937.77. In the same note, the other Hong Kong-dollar, Korean-won and Indian-rupee entries use 0.7889, 0.0057 and 0.0954, while 7.4556, 0.0514 and 2.3340 occur for euros, Japanese yen and Brazilian reais. The original images confirm these printed combinations. They do not establish which label or rate should be corrected, so no replacement currency exposure is invented. The four reported translated rows sum to the printed subset total. Egypt's operating entity is described as based in Suez and using Egyptian pounds as its functional currency; neither that city nor the currency supplies a factory street address or coordinates. Currency settlement exposure, overseas sales geography and the existing forward-hedge valuation remain different measures.

Foreign currency note short borrowing translated / 2014 / consolidated currency subset as reported

RMB 750,775,280.95

Foreign currency note short borrowing translated / 2014 / printed hkd label unresolved

RMB 2,323,552.65

Foreign currency note short borrowing translated / 2014 / printed krw label unresolved

RMB 1,542,000

Foreign currency note short borrowing translated / 2014 / printed inr label unresolved

RMB 36,937.77

Jushi Group completed an ultra-short-term financing-note issue on 21 January 2015, with a CNY 300,000,000.00 issue amount, a 270-day term and a 4.7% issue rate; interest began on 22 January. This subsequent issue explains a later funding event relevant to refinancing and expansion. It is not included as another FY2014 cash receipt or added to the FY2014 closing debt instruments already described. The disclosure does not allocate the proceeds to a particular overseas line or guarantee the availability of longer-term financing. The March 2015 board dividend proposal likewise remains a subsequent capital-allocation proposal rather than evidence that the FY2014 distribution was paid during 2014.

Subsequent financing issue amount / 2015 / jushi group january2015 issue

RMB 300,000,000

Subsequent financing term / 2015 / jushi group january2015 issue

270 days

Subsequent financing issue rate / 2015 / jushi group january2015 issue

4.7%

The FY2014 tax note lists 25% and 15% domestic corporate-income-tax rates and describes specific preferential treatment rather than one group-wide rate. The issuer says Jushi Group continued high-technology-enterprise recognition following an October 2014 notice and continued to enjoy a 15% income-tax rate. Jushi Jiujiang's disclosed high-technology recognition ran from 8 July 2013 to 7 July 2016, with the same preferential rate during that validity period. Chengdu's local tax approval of 17 March 2014 covered the Western Development preference from 1 January 2013 to 31 December 2020 at 15%. The electronic-substrate subsidiary passed a high-technology re-examination and held a three-year certificate, also with a disclosed 15% rate during its validity. The note does not supply an exact start-and-end date for that certificate here. Hong Kong and other overseas entities followed their registration jurisdictions' tax rules; no foreign rate is invented. These historical eligibility disclosures help explain differing subsidiary tax effects in the existing tax reconciliation. They do not establish today's rates, perpetual qualification or a consolidated effective rate of 15%.

Disclosed income-tax concession rate / 2014 / jushi group

15%

Disclosed income-tax concession rate / 2014 / jushi jiujiang

15%

Disclosed income-tax concession rate / 2014 / jushi chengdu

15%

Disclosed income-tax concession rate / 2014 / jushi electronic substrate

15%

The project table identifies an upgrade to the packaging-material workshop of Jushi Group Chengdu. It gives a project amount of 7,990 ten-thousand CNY, annual investment of 1,224 ten-thousand CNY and cumulative investment of 6,821 ten-thousand CNY, and marks the project unfinished. This is a packaging-support project, not an additional glass-fiber furnace or a stated increment of yarn capacity. The table does not give a physical address, completion date, workshop output or savings. A separate project identity preserves the disclosed operator and activity without merging it into the Chengdu 50,000-tonne upgrade or 60,000-tonne conversion merely because they share a city.

Project budget / 2014 / packaging workshop upgrade

RMB 79,900,000

Annual project investment / 2014 / packaging workshop upgrade

RMB 12,240,000

Cumulative project investment / 2014 / packaging workshop upgrade

RMB 68,210,000

Jushi Group's original 100,000-tonne-per-year alkali-free glass-fiber line underwent cold repair and an energy-efficiency upgrade. The financial project note says that the rebuilt line had a design capacity of 120,000 tonnes per year for high-performance glass fiber. Construction started in May 2014 and was completed in October 2014. Its investment budget was 20,002.27 ten-thousand CNY, matching the 100,000-tonne upgrade in the board-report investment table; funding combined own funds and bank borrowing. The investment table reports both current-year and cumulative investment of 19,776.55 ten-thousand CNY and a completed status. Those existing budget and investment facts are reused rather than duplicated. The disclosed change is from a 100,000-tonne design to a 120,000-tonne design, an increase of 20,000 tonnes per year in nameplate capability. It is not evidence of an entirely additional 120,000-tonne line, actual annual production or utilization. The note gives no physical address or coordinates, and the project is not merged with the separately recorded 120,000-tonne upgrade merely because their reported capacities match.

Designed annual fiber capacity / 2014 / upgraded line design

120,000 tonnes/year

The automated warehouse expansion supported the Tongxiang base described as producing 600,000 tonnes of glass fiber annually. That base scale is not new glass-fiber capacity created by a warehouse. The financial note says construction started in January 2014 and the warehouse was built in January 2015, a subsequent completion disclosed in the FY2014 report. The important-project table gives a budget of CNY 192,217,900.00, current additions of CNY 91,029,571.30 and engineering progress of 90%. The separate closing construction-in-progress table explicitly gives CNY 91,131,571.30. The original image of the important-project table places the same amount in the closing-balance column, corroborating the separate closing table. The warehouse's other-decrease cell is blank; text extraction that loses the grid must not be used to shift the amount into that column or invent a source conflict. The board investment table's completed label and cumulative investment of 11,486.40 ten-thousand CNY therefore should not be equated with the financial note's year-end construction balance or used to move the January 2015 completion into 2014.

Project budget / 2014 / reported engineering row

RMB 192,217,900

Annual construction additions / 2014 / reported engineering row

RMB 91,029,571.3

Construction in progress at year-end / 2014 / closing cip table

RMB 91,131,571.3

Engineering progress / 2014 / reported engineering row

90 percent

The financial note says the first Egyptian 80,000-tonne alkali-free glass-fiber line formally entered production in April 2014. This follows the earlier November 2013 ignition and trial-operation disclosure already held in the project history. The important-project row gives CNY 1,442,967,879.32 of budget, current additions of CNY 143,291,171.04 and CNY 1,300,587,316.22 transferred to fixed assets. It reports an investment-to-budget ratio of 91.86% but engineering progress of 90%. Formal production, the accounting transfer and completion of the broader engineering scope are different milestones. The board investment table instead labels the line complete, with a USD 223.31 million project amount and cumulative investment of 133,166.60 ten-thousand CNY. Different currencies and table perimeters are retained; no undisclosed exchange-rate or cost reconciliation is invented. The separate construction balance for Egyptian supporting works is also not assigned to this main-line row as if it were a single reconciled closing amount. Shared country and 80,000-tonne capacity do not merge this first line with the separately disclosed phase-II proposal.

Project budget / 2014 / reported engineering row

RMB 1,442,967,879.32

Annual construction additions / 2014 / reported engineering row

RMB 143,291,171.04

Project transfer to fixed assets / 2014 / reported engineering row

RMB 1,300,587,316.22

Reported investment-to-budget ratio / 2014 / reported engineering row

91.86 percent

Engineering progress / 2014 / reported engineering row

90 percent

The financial note says the conversion of Chengdu's original 60,000-tonne medium-alkali glass-fiber line was completed in February 2014. The board table describes that original line, with a project amount of 59,980 ten-thousand CNY, annual investment of 28,855.43 ten-thousand CNY and cumulative investment of 51,210.43 ten-thousand CNY. These are investment measures, not annual output or measured utilization. The engineering table separately lists an 80,000-tonne technical-upgrade row with a similar budget. The compared passages do not explicitly bridge the two project names or state that one is the other's resulting capacity. That engineering row is therefore not assigned to this Chengdu project, and no additional 80,000-tonne plant, capacity increase or accounting transfer is inferred from the resemblance. The established project history and explicitly disclosed completion date are retained; the unresolved engineering identity stays in the evidence review.

The Chengdu packaging-material workshop upgrade remained unfinished in the board investment table. Its budget of 7,990 ten-thousand CNY matches the CNY 79,900,000.00 engineering budget. The engineering table reports current additions of CNY 12,425,835.86, CNY 32,764,179.66 transferred to fixed assets, closing construction in progress of CNY 35,627,184.88 and 85.6% engineering progress. The board table separately gives current investment of 1,224 ten-thousand CNY and cumulative investment of 6,821 ten-thousand CNY. The source does not provide a complete bridge between the two annual investment measures. A closing construction balance is neither total spending since project inception nor the same as equipment already transferred to fixed assets. Packaging is supporting activity, not a newly disclosed glass-fiber furnace or a tonnage addition. The existing board budget and investment fields remain, while engineering figures keep their separate scope and evidence. No warehouse-equipment prepayment or finance-lease deposit is automatically assigned to this project merely because it also supports production.

Annual construction additions / 2014 / reported engineering row

RMB 12,425,835.86

Project transfer to fixed assets / 2014 / reported engineering row

RMB 32,764,179.66

Construction in progress at year-end / 2014 / closing cip table

RMB 35,627,184.88

Engineering progress / 2014 / reported engineering row

85.6 percent

The 120,000-tonne alkali-free line energy-saving upgrade is linked to the existing project record by its full upgrade description, reporting context and CNY 162,047,600.00 budget, which matches 16,204.76 ten-thousand CNY in the board table. The engineering table reports CNY 70,335,836.85 of current additions, CNY 361,896,453.08 transferred to fixed assets, 100% progress and a 72.49% investment-to-budget ratio. Its opening balance and transfer exceed the printed budget, and these figures do not provide an internally complete budget reconciliation. The original numbers are retained without enlarging the budget or changing the reported ratio. The board table's cumulative investment of 16,003.26 ten-thousand CNY is a different table measure, not an automatic reconciliation to the transfer. This activity remains separate from the 100,000-to-120,000-tonne cold-repair upgrade whose budget is 20,002.27 ten-thousand CNY. Matching final capacity alone does not justify merging the two project records or adding an entire new 120,000-tonne line to group capacity. Actual output, energy savings and precise project coordinates remain undisclosed here.

Project budget / 2014 / reported engineering row

RMB 162,047,600

Annual construction additions / 2014 / reported engineering row

RMB 70,335,836.85

Project transfer to fixed assets / 2014 / reported engineering row

RMB 361,896,453.08

Reported investment-to-budget ratio / 2014 / reported engineering row

72.49 percent

Engineering progress / 2014 / reported engineering row

100 percent

The engineering table identifies an electrical-assisted melting upgrade for line 308, with CNY 13,519,340.00 of budget, CNY 134,219,074.48 closing construction in progress, 90% engineering progress and a reported investment-to-budget ratio of 10.5%. The closing balance is much larger than the printed budget, so these measures do not supply a consistent investment reconciliation. The same figures appear in the original image; the budget is not silently multiplied by ten or replaced with an inferred amount. The separate construction-balance table corroborates the closing amount. This is a named line upgrade rather than evidence of a new standalone factory or disclosed additional fiber tonnage. The annual report gives no exact site address, coordinates, measured energy saving or final completion date for this row. A line identifier and a shared melting technology are insufficient to merge it with another furnace, cold-repair activity or site. The original source values and unresolved perimeter are retained for later-period comparison.

Project budget / 2014 / reported engineering row

RMB 13,519,340

Construction in progress at year-end / 2014 / closing cip table

RMB 134,219,074.48

Reported investment-to-budget ratio / 2014 / reported engineering row

10.5 percent

Engineering progress / 2014 / reported engineering row

90 percent

The subsequent-events note says shareholders approved two overseas developments on 6 February 2015: establishment of a South Carolina production company, under a provisional name subject to local registration, with an 80,000-tonne annual alkali-free glass-fiber furnace-drawing line; and an 80,000-tonne annual expansion by Jushi Egypt within its existing site. These are approvals after the 31 December 2014 reporting date. They complement the preparation-stage project rows already described in the board investment table, without proving construction, ignition or production during FY2014. The South Carolina company name remained provisional in this approval, and the passage supplies no exact site or direct bridge to the earlier 100,000-tonne US proposal. The Egyptian expansion is distinct from the first Egyptian line that began formal production in April 2014. Shared country, operator or nominal capacity does not justify merging their operating histories or counting the later approval as output. The warehouse's January 2015 completion is separately disclosed as a subsequent milestone.

Jushi Group was wholly owned and produced and sold glass-fiber products. The major-company table reports revenue of 616,984.24 ten-thousand CNY and net profit of 63,063.47 ten-thousand CNY for that company. These are named-company amounts rather than figures to add to consolidated revenue or allocate to particular factories. They do not show dividends received by the listed parent. Manufacturing-company accounts, consolidated accounts and the geographic sales table have different perimeters. The financial notes distinguish the listed parent's investment income, dividend receivables and investment-income cash from consolidated manufacturing earnings. A named company's reported revenue and profit therefore do not measure the amount paid to the parent or identify which factory or product generated it.

Beixin Technology Development was wholly owned and sold building materials, an activity distinct from glass-fiber manufacturing. Its named-company revenue was 9,831.11 ten-thousand CNY and net profit 1,292.92 ten-thousand CNY in the major-company table. These totals cannot be added again to consolidated accounts, treated as glass-fiber factory earnings or assumed to be cash dividends. The different role helps explain why trading and glass-fiber product figures need separate reporting boundaries. No further counterparty investigation is required.

Revenue / 2014 / beixin technology reported company

RMB 98,311,100

Net profit / 2014 / beixin technology reported company

RMB 12,929,200

The issuer purchased the remaining 2.78% of Beixin Technology Development for CNY 2,128,832.26 in 2014, bringing its interest to 100%. The important-matters table dates the purchase to June; the financial note instead says April. The exact completion month remains unresolved. The seller is described as a related Beixin group company, with a different word order in the Chinese legal name between the acquisition and related-party tables; those names are retained in the evidence rather than silently standardized. The acquisition table reports transferred ownership rights and debt obligations and a valuation-based price. The acquired share of net assets was CNY 1,816,680.15. The capital-reserve table reports a decrease of CNY 312,152.11, consistent with the price exceeding that share of net assets. This is an equity transaction for a remaining minority interest, rather than a newly acquired entire business or a factory investment. Purchase-period profit contributed by the acquired interest was CNY 339,121.33, with a printed 0.06% of pretax profit. It differs from the trading subsidiary's full-year net profit of 1,292.92 ten-thousand CNY. Both the date conflict and the full-year versus purchase-period perimeter remain explicit; no research is extended into the seller.

Equity acquisition price / 2014 / beixin remaining interest

RMB 2,128,832.26

Interest purchased in the period / 2014 / beixin remaining interest

2.78 percent

Acquired share of net assets / 2014 / beixin remaining interest

RMB 1,816,680.15

In June 2014 Jushi Group Hong Kong purchased the remaining 49% of the France subsidiary for CNY 2,921,320.80, bringing ownership to 100%. The financial note reports an acquired share of net assets of CNY 3,293,302.17, exceeding the purchase price by CNY 371,981.37. The capital-reserve table records that amount as an increase, while the accompanying narrative gives CNY 371,981.36, a one-cent source discrepancy. Neither amount is treated as operating income or counted twice. The cash-flow note separately reports CNY 5,050,118.97 paid to acquire subsidiary minority interests. The two purchase prices add to 34.09 CNY more than that cash figure; the report provides no complete reconciliation here. The transaction prices are not silently equated with the cash-flow amount. The report states that the consolidation scope did not change during 2014. A larger ownership share in an already consolidated overseas subsidiary therefore does not establish a new manufacturing facility, additional production capacity or a new business entering the consolidated group.

Equity acquisition price / 2014 / france remaining interest

RMB 2,921,320.8

Interest purchased in the period / 2014 / france remaining interest

49 percent

Acquired share of net assets / 2014 / france remaining interest

RMB 3,293,302.17

The ownership note describes an operating chain extending beyond finished glass fiber. Jushi Group, directly held by the listed company, manufactures and sells glass fiber and its products; the subsequent table identifies the following interests as indirect holdings. Jushi Chengdu and Panding are production businesses. Jiujiang Calcium processes and sells calcium oxide, calcium carbonate and fluorspar, while Dean Linda's disclosed scope covers limestone and warehousing of other nonmetallic mineral products. Zhejiang Beite makes refractory bricks for glass furnaces; Tongxiang Jinshi produces specialized platinum-rhodium equipment for glass-fiber manufacture; Leishi processes other nonmetallic minerals. Hubei Hongjia's scope includes kaolin, peat and refractory-material processing and sales, while Jianshi Juhong mines and sells refractory clay underground. These descriptions help readers locate material preparation and furnace-related resources within the group. They are disclosed corporate business scopes, not measurements of annual output, internal supply shares, reserves or mine capacity. City-level operating and registration information does not establish a physical factory address, coordinates or a separate production line. Names are English renderings of the issuer's Chinese subsidiary list, and no additional investigation of their customers or suppliers is undertaken.

The FY2014 subsidiary list distinguishes production from international selling and import-export activity. Jushi Egypt in Suez has a production and sales scope covering glass fiber and related materials and equipment. South Africa Huaxia Composites also has a production and sales scope. By contrast, the California-based Jushi US entity is described as selling glass fiber and trading related machinery and chemical inputs. That California entry is not evidence of a South Carolina manufacturing plant in 2014. The Hong Kong, Paris, Tokyo and Milan entries similarly describe sales and trade; the Toronto, Seoul, Mumbai, Madrid, Switzerland and Singapore entries provide additional distribution and trade presence. The separate Johannesburg-based South African industrial entity is a sales and trade business, distinct from Huaxia Composites. These are indirect group holdings in the table, with ownership percentages varying by entity rather than all being wholly owned. Beixin Technology in Shenzhen is domestic and import-export trading, while the Beijing property subsidiary leases premises. A subsidiary's permitted scope or operating city does not establish its production volume, market share, utilization, sales to a particular customer or exact plant location. The disclosed network explains routes to markets without treating every office as a factory.

The organization note identifies two second-tier subsidiaries, Jushi Group and Beixin Technology Development, and 30 third-tier or lower subsidiaries. Consolidation is based on control and includes the issuer and controlled subsidiaries; the note states that the consolidation scope did not change in FY2014. These entity counts are not furnace counts or a measure of manufacturing capacity. Purchases of remaining minority interests can change ownership within an already consolidated entity without adding a new factory or business perimeter. The accounts use Chinese Accounting Standards for Business Enterprises, a calendar reporting year and renminbi presentation. The board authorized these statements on 16 March 2015. The preparation note reports no matter casting significant doubt on going concern within 12 months of the reporting date; that dated issuer statement does not promise future funding or remove the refinancing exposures already described. Earlier share-issue and capital-bonus history supplies ownership background, without treating a historical capital change as FY2014 operating growth.

Subsidiary tier count / 2014 / second tier

2 entities

Subsidiary tier count / 2014 / third tier and lower

30 entities

The FY2014 proposal provides CNY 1.65 per ten shares before tax on 872,629,500 shares, totaling CNY 143,983,867.50. Parent-company net profit quoted for the proposal was CNY 180,834,905.25. The distribution table instead compares the proposal with consolidated profit attributable to shareholders of CNY 474,536,988.11, giving a 30.34% ratio. These are different earnings perimeters. The parent capital reserve was CNY 4,523,159,369.29, but the proposal included no reserve capitalization. A proposal for the FY2014 distribution is not proof of cash payment during 2014. The same table reports a FY2013 distribution of CNY 96,206,691.12 and CNY 1.20 per ten shares. That amount does not equal the year-end FY2014 share count multiplied by the earlier rate; the table alone supplies no complete dividend-entitlement bridge. Historical compensation-share movements are described separately, without assuming an undisclosed reason for the dividend base.

Proposed cash distribution / 2014 / fy2014 proposal

RMB 143,983,867.5

Parent net profit / 2014 / parent company

RMB 180,834,905.25

Proposed dividend to attributable profit / 2014 / consolidated attributable profit

30.34 percent

Capital reserve / 2014 / parent company

RMB 4,523,159,369.29

The report says Jushi Group missed its agreed profit forecasts for 2012 and 2013. A proposal to repurchase the compensation shares for a total CNY 1.00 and cancel them was not approved, according to the specific share-change explanation. The four holders instead gifted shares to eligible other shareholders on the 18 April 2014 record date: CNBM Company gifted 16,641,457 shares, Zhenshi 15,917,914, Pearl Success 26,771,038 and Surest 11,576,665. The report says the gifts were completed on 20 August 2014. The transfers changed ownership within existing shares; total shares remained 872,629,500. Separately, 231,541,500 restricted shares from the 2011 acquisition of a 49% interest in Jushi Group became tradable on 4 August 2014 after the lockup. That release was not a new share issue. The meeting summary collectively labels the April agenda as passed, including the repurchase proposal, whereas the detailed explanation explicitly says that proposal was rejected. Both statements are retained as a source inconsistency; the reported completed action is the share gift, not a cash repurchase or cancellation. The summary does not disclose the item-by-item voting bridge.

CNBM Company held 295,086,135 shares, reported as 33.82%, and was identified as the controlling shareholder. Zhenshi Holding held 178,714,089 shares, or 20.48%, with 178,016,560 shares pledged. These are shareholder interests and pledges, not company-owned factories or mortgages over operating assets. CNBM Company is distinct from China National Building Materials Group, identified as the actual controller. The ownership diagram places the group beneath the State-owned Assets Supervision and Administration Commission and above CNBM Company; it is a disclosed control chain, not a calculated ultimate economic interest. A public-shareholder percentage in the parent-company diagram must not be read as Jushi free float. Control at the disclosed 33.82% interest does not mean complete or majority ownership. The issuer says CNBM Company, Zhenshi, Pearl Success and Surest were not related or acting in concert under its stated disclosure rules; relationships among other holders were unknown. No undisclosed ownership-change bridge or counterparty investigation is added.

Shareholder shares / 2014 / cnbm company

295,086,135 shares

Shareholder ownership / 2014 / cnbm company

33.82 percent

Shareholder shares / 2014 / zhenshi holding

178,714,089 shares

Shareholder ownership / 2014 / zhenshi holding

20.48 percent

Shareholder pledged shares / 2014 / zhenshi holding

178,016,560 shares

The board reports that its FY2014 self-evaluation found no major internal-control deficiencies and says the auditor issued an unqualified internal-control audit report. This is the annual report's description of a separate assurance document, which has not been directly examined in this batch; it does not constitute independent editorial approval of this English research. Several directors or supervisors also held executive, finance or audit roles at CNBM Company, and Zhenshi's chairman held management roles at Jushi Group. The overlaps provide control and oversight context without proving misconduct or the failure of operational independence. The January shareholder meeting authorized Jushi Group to conduct finance leasing of 4 hundred-million CNY. Other listed approvals concerned bank financing, subsidiary guarantees, forward foreign-exchange settlement, currency swaps, precious-metal futures and debt instruments. Approval is not proof of every transaction, cash payment or closing balance. Ordinary attendance and meeting procedures are compressed. The financial notes separately disclose related operating sales and procurement, closing settlements, borrowings and the financial-statement audit perimeter. Those actual transaction and balance explanations are distinct from a meeting authorization; the separate internal-control assurance document is not treated as independently examined here.

The financial note reports Jushi Group profit attributable to owners of 40,120 ten-thousand CNY for 2012 and 50,089 ten-thousand CNY for 2013, below the agreed forecast of 77,086 ten-thousand CNY for each year. These are historical realized results and acquisition forecasts, not FY2014 manufacturing revenue. The shortfalls explain the completed 2014 compensation-share gifts described in the share-change account; they did not cancel shares or reduce the total 872,629,500 shares. CNBM Company and Zhenshi already held issuer shares before the 2011 acquisition and were also eligible for proportionate compensation gifts on those earlier holdings. This does not supply a complete share-by-share ownership bridge. A separate commitment covered the acquisitions of Tongxiang Jinshi and Tongxiang Leishi from Assure Glory: 75% in 2012 and the remaining 25% in 2013. The report gives combined audited net profit of 16,660.21 ten-thousand CNY for 2013 and 2014 together, above the combined forecasts of 8,489.67 and 7,496.10 ten-thousand CNY. The combined result cannot be treated as either company's individual profit or as FY2014 alone. The 2015 forecast of 7,402.84 ten-thousand CNY remains a future obligation in this report, not an achieved result. The disclosed common control of Assure Glory and Pearl Success, a shareholder above 5%, is retained without investigating those counterparties further.

The financial related-party note reports CNY 7,034,200 of key-management remuneration for 2014, compared with CNY 5,776,800 for the preceding year. The management roster and remuneration description instead report a total of 708.76 ten-thousand CNY for the listed current and former directors, supervisors and senior managers. The report does not reconcile that roster total to the financial-note key-management amount. The difference is therefore retained as an unresolved reporting-perimeter comparison, without asserting overpayment or an accounting error. Neither figure is total workforce pay or a factory labor cost and neither supports a per-worker production-cost calculation. Ordinary biographies and individual meeting attendance are omitted; the remuneration scope is retained because it concerns related-party disclosure and shareholder interests.

Key management remuneration / 2014 / financial note key management

RMB 7,034,200

The subsequent-events note records shareholder approval on 6 February 2015 to change the English corporate name from CHINA FIBERGLASS CO., LTD to CHINA JUSHI CO., LTD. The replacement business licence was obtained on 4 March, and the exchange-approved stock short name took effect on 18 March. These dates explain why the FY2014 report uses the later corporate identity; they do not describe a newly created manufacturing company. The report also says the parent group's mixed-ownership pilot had regulatory approval in principle, with the issuer among the first proposed implementation units. Specific implementation plans and review procedures were still required. This is a disclosed prospective ownership initiative, not proof that control had already changed, that a new investor had subscribed or that funds had been received. The registered-address move in September 2014 remains separate from later naming and ownership proposals and does not identify every plant site.

The report discusses adoption of revised Chinese accounting standards and gives a prior-period classification comparison. A 3.5% interest in Shenzhen Lihe Incubator Development was reclassified in the 31 December 2013 comparison: long-term equity investment decreased by CNY 595,237.67 and available-for-sale financial assets increased by the same amount. The table prints no entry in its parent or minority equity-impact columns, and the issuer states that the policy change had no material impact on previously disclosed statements. Blank table cells are retained as blanks, without creating a numeric zero field. This is a classification change in a dated comparative balance, not evidence of a sale, cash receipt or new FY2014 profit. The financial notes separately explain equity-method losses, legacy investment allowances and actual forward-hedge valuation. The comparative classification transfer does not substitute for those annual results or imply that the historical holding generated new operating cash. Authorization to transact in derivatives and a differently scoped investment statement cannot establish that no derivative contracts existed.

The management investment discussion states that there was no external equity investment during the reporting period and no entrusted wealth management or derivatives investment by non-financial companies. Those are the chapter's declarations. Separate important-matter and financial notes disclose purchases of remaining minority interests in Beixin Technology and the France subsidiary, while the financial notes describe outstanding foreign-exchange forwards accounted for as cash-flow hedges. The existing transaction explanations preserve the purchase-date difference, the minority-price/cash difference and the inconsistent fair-value asset/liability label. A broad absence declaration must not erase those disclosed transactions or become a finding that no derivatives existed. The report does not explicitly reconcile the wording of the investment declarations with those specific transactions in the cited passages. Different transaction categories may matter, but an undisclosed accounting rationale is not supplied here. Financing authorizations, actual purchases, contract valuations and cash movements remain separate evidence.

The report discusses adoption of revised Chinese accounting standards and gives a prior-period classification comparison. A 3.5% interest in Shenzhen Lihe Incubator Development was reclassified in the 31 December 2013 comparison: long-term equity investment decreased by CNY 595,237.67 and available-for-sale financial assets increased by the same amount. The table prints no entry in its parent or minority equity-impact columns, and the issuer states that the policy change had no material impact on previously disclosed statements. Blank table cells are retained as blanks, without creating a numeric zero field. This is a classification change in a dated comparative balance, not evidence of a sale, cash receipt or new FY2014 profit. The financial notes separately explain equity-method losses, legacy investment allowances and actual forward-hedge valuation. The comparative classification transfer does not substitute for those annual results or imply that the historical holding generated new operating cash. Authorization to transact in derivatives and a differently scoped investment statement cannot establish that no derivative contracts existed.

The financial audit opinion covers the parent and consolidated FY2014 balance sheets, income statements, equity movements, cash flows and notes under Chinese Accounting Standards for Business Enterprises. It is unqualified and dated 16 March 2015. That financial-statement opinion does not approve this English research or resolve every label inconsistency in the source. Consolidated net profit was CNY 473,382,637.81; profit attributable to owners of the listed parent was CNY 474,536,988.11 and the minority result was negative CNY 1,154,350.30. The attributable amount exceeds total group profit because the minority result is a loss, not because the two figures are interchangeable. The separate parent-company net profit of CNY 180,834,905.25, already used in the distribution discussion, is a different legal-entity perimeter. The indirect operating-cash reconciliation starts with consolidated net profit, rather than parent-only earnings or the shareholder-attributable amount. Individual subsidiaries' profits cannot simply be added to these consolidated figures without considering eliminations and ownership scope.

Consolidated net profit / 2014 / consolidated

RMB 473,382,637.81

Profit attributable to shareholders / 2014 / consolidated

RMB 474,536,988.11

Profit attributable to minority owners / 2014 / consolidated

RMB -1,154,350.3

Operating cash flow was CNY 1,663,215,648.34, compared with CNY 1,425,846,462.25 in the source's prior-year column. The indirect reconciliation includes depreciation of CNY 765,835,291.91, a positive inventory adjustment of CNY 440,700,101.47, a negative operating-receivables adjustment of CNY 625,544,267.89 and a negative operating-payables adjustment of CNY 228,791,741.78. Depreciation is a non-cash adjustment to profit; it is not cash received from a customer. The inventory release helped cash conversion, while the reported receivables and payables changes used cash. These reconciliation categories are broader than a single trade-receivable or trade-payable balance and are not a complete explanation of one factory's performance. Cash received from goods and services was CNY 4,646,909,386.06, distinct from consolidated revenue of CNY 6,268,153,539.62. Collection timing, bills and other settlement mechanisms prevent treating the difference as an automatically measured default or assigning it to a named customer. The existing operating-cash total is reused; the additional fields preserve the signed adjustments and collection perimeter.

Cash-flow reconciliation depreciation / 2014 / consolidated

RMB 765,835,291.91

Inventory decrease in cash-flow reconciliation / 2014 / consolidated

RMB 440,700,101.47

Operating receivable decrease in cash-flow reconciliation / 2014 / consolidated

RMB -625,544,267.89

Operating payable change in cash-flow reconciliation / 2014 / consolidated

RMB -228,791,741.78

Cash receipts from goods and services / 2014 / consolidated

RMB 4,646,909,386.06

Year-end monetary funds of CNY 1,209,076,952.68 include CNY 215,727,180.24 restricted by pledges, deposits or litigation preservation. Removing that reported restricted amount gives CNY 993,349,772.44, matching the cash-flow note's closing cash and cash-equivalent total. The cash composition lists cash on hand, bank deposits available for payment and available other monetary funds. Its cash-equivalent cells are blank; they are not converted into separate numeric zero facts. Monetary funds held abroad were CNY 148,086,895.42, whereas foreign-currency monetary funds translated into renminbi were CNY 548,715,737.80. Location and currency describe different perimeters and must not be equated. Operating, investing and financing flows, together with a negative CNY 42,449,552.92 exchange-rate effect on cash, reconcile to the reported cash decline of CNY 848,071,162.40. Neither overseas balances nor mortgaged operating assets are assumed freely transferable cash or extra financing proceeds.

Cash and cash equivalents / 2014 / consolidated

RMB 993,349,772.44

Restricted monetary funds / 2014 / consolidated

RMB 215,727,180.24

Monetary funds held abroad / 2014 / consolidated

RMB 148,086,895.42

Exchange-rate effect on cash / 2014 / consolidated

RMB -42,449,552.92

Trade receivables had a gross balance of CNY 1,823,755,442.75, an allowance of CNY 77,045,717.30 and a net carrying value of CNY 1,746,709,725.45. The note reports an allowance charge of CNY 22,720,813.10, recoveries or reversals of CNY 1,753,147.70 and write-offs of CNY 2,615,893.96. Recoveries and reversals share a reported category; the amount cannot all be labeled cash collected. Opening allowance plus the charge, less reported recoveries or reversals and write-offs, falls short of the closing allowance by 2,899,552.83 CNY. These paragraphs do not give the complete movement bridge, so no foreign-exchange or consolidation adjustment is invented. Separately, notes receivable totaled CNY 1,170,976,724.46, comprising bank-acceptance and commercial-acceptance bills. Bills are a different settlement instrument from trade receivables and are not automatically cash available on demand. Gross receivables, net carrying amounts, annual charges and write-offs cannot be summed as four separate exposures, and the existence of an allowance does not independently establish collectability.

Trade receivables before allowance / 2014 / consolidated

RMB 1,823,755,442.75

Trade receivable expected-credit-loss allowance / 2014 / consolidated

RMB 77,045,717.3

Trade receivables after allowance / 2014 / consolidated

RMB 1,746,709,725.45

Trade receivable allowance charge / 2014 / consolidated

RMB 22,720,813.1

Trade receivable allowance recoveries or reversals / 2014 / consolidated

RMB 1,753,147.7

Actual trade receivable write-offs / 2014 / consolidated

RMB 2,615,893.96

Receivable notes balance / 2014 / consolidated

RMB 1,170,976,724.46

Gross inventory was CNY 1,191,053,158.32, with a write-down allowance of CNY 4,717,705.48 and a net carrying value of CNY 1,186,335,452.84. Finished goods accounted for gross CNY 892,602,867.81, an allowance of CNY 59,944.77 and net CNY 892,542,923.04. The balances describe goods held at year end, not annual output, sales or proof that every product has an order. The original table shows commissioned processing materials of CNY 2,459,689.26 in both the gross and allowance columns, with its net cell blank. Text extraction alone obscures those columns; the original image and provision rollforward confirm the allowance placement. The blank net cell is retained without creating a numeric zero or treating the repeated amount as an additional net asset. The rollforward reports no allowance charge, other increase, reversal or write-off during the year within its stated categories, leaving the total allowance unchanged. That limited movement disclosure does not mean all inventory was unimpaired or fully saleable. The reduction in book inventory and the indirect cash-flow inventory adjustment have different scopes and should not be forced into identical values.

Inventory before allowance / 2014 / consolidated

RMB 1,191,053,158.32

Inventory valuation allowance / 2014 / consolidated

RMB 4,717,705.48

Inventory after allowance / 2014 / consolidated

RMB 1,186,335,452.84

Inventory before allowance / 2014 / finished goods

RMB 892,602,867.81

Inventory valuation allowance / 2014 / finished goods

RMB 59,944.77

Inventory after allowance / 2014 / finished goods

RMB 892,542,923.04

Inventory before allowance / 2014 / commissioned processing materials

RMB 2,459,689.26

Inventory valuation allowance / 2014 / commissioned processing materials

RMB 2,459,689.26

Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets was CNY 1,511,854,766.19. That cash-payment category differs from the net investing outflow of CNY 1,464,564,652.96, which also includes investment recoveries, disposals and minority-interest purchases. Operating cash flow exceeds the long-term-asset cash payments by 151,360,882.15 CNY before other investing and financing uses; that simple difference is not a measure of unrestricted cash after debt service or dividends. Net financing cash flow was negative CNY 1,004,272,604.86. Repayment, new borrowing, bond receipts, leasing and the combined dividend/profit/interest-payment category must be assessed separately rather than treating the category total as cash paid only to shareholders. Project budgets, cumulative project investment and transfers from construction in progress to fixed assets are separate measurements from this cash-capital-spending amount. The existing investing and financing totals are reused, and the report does not allocate all long-term-asset cash payments to individual projects.

Cash paid for long-term assets / 2014 / consolidated

RMB 1,511,854,766.19

The accounting policy describes platinum-rhodium alloy bushings as a specialized resource used in the final fiber-forming process. They are periodically cleaned and reworked to maintain fiber quality, consuming precious metal. The issuer includes these bushings in fixed assets but does not apply ordinary depreciation; production losses reduce the metal asset and enter product cost. The fixed-asset table reports CNY 5,799,283,858.50 of platinum-rhodium alloy at year end and CNY 241,967,854.43 in its other-reduction row. The table's current depreciation charge is CNY 523,867,437.48, whereas the cash-flow reconciliation's depreciation-labeled adjustment is CNY 765,835,291.91. The difference equals that metal reduction, but the report does not explicitly supply a classification bridge between these two labels. The arithmetic is retained without relabeling metal consumption as ordinary depreciation or claiming that the entire difference is independently reconciled. This treatment matters when comparing production costs, asset intensity and cash adjustments with businesses whose equipment is depreciated conventionally. The asset amount is neither usable cash nor a disclosed annual metal purchase requirement.

Net fixed assets / 2014 / platinum rhodium alloy

RMB 5,799,283,858.5

Precious-metal other reduction / 2014 / platinum rhodium alloy

RMB 241,967,854.43

Ordinary fixed-asset depreciation / 2014 / consolidated fixed asset table

RMB 523,867,437.48

Gross fixed assets ended at CNY 14,639,407,021.17, accumulated depreciation at CNY 2,514,721,230.30 and impairment at CNY 1,261,048.39, giving the previously recorded net carrying value of CNY 12,123,424,742.48. Transfers into fixed assets from construction in progress were CNY 3,711,244,019.96 in the fixed-asset table. The important-project table separately reports CNY 3,133,501,959.22 transferred to fixed assets, a narrower table perimeter rather than another amount to add. The fixed-asset table also reports assets transferred back to construction in progress with gross value CNY 786,636,496.32 and related accumulated depreciation CNY 359,376,737.29. Those movements can change accounting categories without a new cash payment. Under the disclosed policy, assets reaching their intended usable condition are transferred at actual or provisional cost; pending final settlement can later adjust that estimate. Transfer does not prove full utilization, complete commercial ramp-up or completion of every associated facility. These balances and transfers remain distinct from annual cash paid for long-term assets and project budgets.

Gross fixed assets / 2014 / consolidated

RMB 14,639,407,021.17

Accumulated fixed-asset depreciation / 2014 / consolidated

RMB 2,514,721,230.3

Fixed-asset impairment / 2014 / consolidated

RMB 1,261,048.39

Fixed assets transferred from construction in progress / 2014 / consolidated fixed asset table

RMB 3,711,244,019.96

Gross fixed assets transferred to construction in progress / 2014 / consolidated fixed asset table

RMB 786,636,496.32

Depreciation transferred with assets to construction in progress / 2014 / consolidated fixed asset table

RMB 359,376,737.29

Cash received from borrowing was CNY 13,657,621,297.31 and cash received from bond issuance was CNY 1,845,892,500.00. Debt repayments were CNY 15,742,726,965.01. These are annual flows; receipts and repayments cannot be substituted for closing borrowings or interpreted as that much permanent new capital. Other financing receipts totaled CNY 311,244,033.38, comprising the separately recorded CNY 300,000,000.00 sale-and-leaseback receipt and CNY 11,244,033.38 from reduced pledged-loan deposits. Releasing a deposit makes existing funds available and is not new borrowing. Payments included CNY 216,035,065.30 finance-lease payments, CNY 4,017,094.01 lease fees and CNY 18,110,628.78 other financing fees. A separate CNY 838,140,682.45 category combines dividends, profit distributions and interest payments; its whole amount is not a shareholder dividend. Financing inflows and outflows explain the already recorded negative net financing cash flow of CNY 1,004,272,604.86. This comparison helps explain demands on operating cash and financing turnover without allocating all debt or payments to a specific plant or projecting future financing access.

Reported consolidated borrowing cash receipts / 2014 / consolidated

RMB 13,657,621,297.31

Cash received from bond issuance / 2014 / consolidated

RMB 1,845,892,500

Reported consolidated debt repayment cash / 2014 / consolidated

RMB 15,742,726,965.01

Released pledged-loan deposit cash / 2014 / consolidated

RMB 11,244,033.38

Finance lease cash paid / 2014 / consolidated

RMB 216,035,065.3

Finance lease cash fees / 2014 / consolidated

RMB 4,017,094.01

Other financing cash fees / 2014 / consolidated

RMB 18,110,628.78

Reported consolidated cash for dividends profit distributions or interest / 2014 / consolidated

RMB 838,140,682.45

Trade payables totaled CNY 643,493,380.04. They included CNY 354,151,872.72 for raw materials, CNY 110,411,472.01 for equipment and CNY 168,337,855.44 for construction, with other operating categories making up the balance. The table lists CNY 27,739,861.93 of important payables aged over one year; the printed reason is that the agreed payment date had not yet arrived. Age alone therefore must not be reported as confirmed overdue debt. Notes payable of CNY 198,524.86 are a separate bank-acceptance instrument, not additional trade-payable cash already paid. Customer advances totaled CNY 268,689,162.70, of which CNY 267,562,767.46 was advances for goods. The aged-advance list says the associated goods had not yet been shipped. Advances describe funds received before the relevant fulfillment; they are not automatically delivered sales, new named orders or a measured production backlog. Construction and equipment creditors show capital tied to projects, but the disclosure does not assign every creditor to a named site. Operating settlement obligations, customer funding and bank refinancing retain their distinct mechanisms; counterparties are not researched onward.

Trade accounts payable / 2014 / consolidated

RMB 643,493,380.04

Trade payable category / 2014 / raw materials

RMB 354,151,872.72

Trade payable category / 2014 / equipment

RMB 110,411,472.01

Trade payable category / 2014 / construction

RMB 168,337,855.44

Important trade payables aged above one year / 2014 / disclosed important rows

RMB 27,739,861.93

Bank-acceptance bills payable / 2014 / consolidated

RMB 198,524.86

Customer advances received / 2014 / consolidated

RMB 268,689,162.7

Customer advances received / 2014 / advances for goods

RMB 267,562,767.46

Closing related-party trade receivables were CNY 37,067,424.98 gross, with CNY 390,037.75 of bad-debt allowance. Of the gross balance, CNY 26,218,428.31 was due from Lianyungang Zhongfu Lianzhong, CNY 10,683,034.07 from CNBM Group Import and Export, CNY 116,312.60 from CNBM International Trading and CNY 49,650.00 from Changzhou Zhongxin Tianma. The original table places the Zhenshi Oriental Steel and Tongxiang Huarui receivable figures only in the opening columns; their blank closing cells are not invented current balances or numeric zeros. Related prepayments totaled CNY 6,617,447.13, including CNY 6,269,002.00 of Huarui equipment prepayments and CNY 348,445.13 to Beijing Changqing. Related trade payables totaled CNY 20,600,159.24, including CNY 8,273,450.16 for Huarui equipment, while related customer advances were CNY 6,911,514.05. Related other payables of CNY 61,553,110.59 included CNY 60,506,947.00 explicitly labeled an equity-purchase payable to Hongshi Holdings, an English rendering of the disclosed name. That amount is not a current raw-material procurement expense. Jiujiang Yushi's other-payable figure appears only in the opening column. These separate categories explain settlement exposure; they are not all incremental debt to add to existing consolidated totals, and annual sales or purchases do not equal cash collections or payments.

Related trade receivables / 2014 / consolidated disclosed related gross

RMB 37,067,424.98

Related receivable allowance / 2014 / consolidated disclosed related

RMB 390,037.75

Related trade receivables / 2014 / lianyungang zhongfu lianzhong gross

RMB 26,218,428.31

Related trade receivables / 2014 / cnbm group import export gross

RMB 10,683,034.07

Related-party supplier prepayments / 2014 / consolidated disclosed related

RMB 6,617,447.13

Related-party supplier prepayments / 2014 / tongxiang huarui equipment

RMB 6,269,002

Related-party trade payables / 2014 / consolidated disclosed related

RMB 20,600,159.24

Related customer advances / 2014 / consolidated disclosed related

RMB 6,911,514.05

Related-party other payables / 2014 / consolidated disclosed related

RMB 61,553,110.59

Related equity-purchase payable / 2014 / hongshi holdings

RMB 60,506,947

The parent-company statement describes the listed legal entity, rather than the consolidated manufacturing group. It reports investment income of CNY 348,862,947.21: CNY 350,000,000.00 under the cost method, less CNY 1,137,052.79 of equity-method losses. Cost-method income generally reflects the separately accounted investment relationship here; it is not another sale of fiber to an external customer. The parent incurred CNY 156,740,899.60 of finance expense, and its previously recorded net profit of CNY 180,834,905.25 remains distinct from consolidated profit. Parent dividend receivables were CNY 350,000,000.00 at year end versus CNY 299,300,000.00 at the beginning, while cash received from investment income was CNY 299,300,000.00. Opening dividend receivables plus recognized cost-method income less investment-income cash receipts match the closing receivable arithmetically. These aggregate accounts do not identify the payer or explicitly allocate every cash receipt to the opening dividend, so a named subsidiary payment is not invented. Recognized income, amounts still receivable and cash actually received explain different aspects of funds available to the parent and its shareholders.

Investment income / 2014 / parent company

RMB 348,862,947.21

Cost-method investment income / 2014 / parent company

RMB 350,000,000

Equity-method investment income / 2014 / parent company

RMB -1,137,052.79

Finance expenses / 2014 / parent company

RMB 156,740,899.6

Dividends receivable / 2014 / parent company

RMB 350,000,000

Dividends receivable / 2013 / parent company opening comparison

RMB 299,300,000

Investment-income cash receipts / 2014 / parent company

RMB 299,300,000

Parent long-term equity investments totaled CNY 7,810,268,915.68, comprising CNY 7,751,980,767.70 of subsidiary investments and CNY 58,288,147.98 of associate or joint-venture investments. The subsidiary cost table keeps Jushi Group at CNY 7,661,620,009.39. Beixin Technology's CNY 2,128,832.26 increase corresponds to the separately discussed minority purchase; the parent's total subsidiary cost moved from CNY 7,749,851,935.44 to CNY 7,751,980,767.70. Nanjing Huafu's balance declined from CNY 59,425,200.77 to CNY 58,288,147.98 through the CNY 1,137,052.79 equity-method loss already included in parent investment income. That change is not an invented cash dividend or a new factory acquisition. Parent other receivables were CNY 222,483.32 gross, with CNY 3,076.23 allowance and CNY 219,407.09 net carrying value. In the nature-of-balance table, CNY 101,616,802.84 labeled funds lent belongs to the opening column; its current cell is blank. The note does not establish a new FY2014 closing loan of that amount or identify all its cash recovery. Investment costs are the parent's separate accounts and do not replace consolidated physical assets or production performance.

Long-term equity investments / 2014 / parent company

RMB 7,810,268,915.68

Subsidiary investment cost / 2014 / parent company total

RMB 7,751,980,767.7

Subsidiary investment cost / 2014 / parent company jushi group

RMB 7,661,620,009.39

Associate investment balance / 2014 / parent company nanjing huafu

RMB 58,288,147.98

Gross other receivables / 2014 / parent company

RMB 222,483.32

Other receivable allowance / 2014 / parent company

RMB 3,076.23

Net other receivables / 2014 / parent company

RMB 219,407.09

Grant income recognized in current profit was CNY 27,969,689.56, compared with CNY 136,585,408.92 in the prior-period column. The nonrecurring-income measure includes CNY 24,128,503.56 of grants; the CNY 3,841,186.00 medical-insurance grant is separately classified as recurring by the issuer because it follows local employment and social-security support. That is the company's disclosed classification, not a forecast that the amount will recur. The detailed table's CNY 40,000,000.00 Panding phase-two grant, CNY 20,000,000.00 capital-increase award, CNY 12,000,000.00 headquarters relocation award and CNY 11,000,000.00 relocation-financing interest support appear in the prior column, not FY2014 income or evidence of current project completion. Conversely, a grant name containing 2013 can appear in current recognized income, so its title alone does not determine the reporting period. Current grant cash receipts of CNY 27,512,243.91 are a distinct cash-flow measure. The CNY 457,445.65 waste-fiber project recognition is labeled income-related in this table, while the associated deferred grant note uses an asset-related classification. That disclosed difference is retained; neither a completed environmental facility nor measured recycling output is inferred from a grant title or amount.

Government grant income / 2014 / consolidated

RMB 27,969,689.56

Government grant income / 2013 / consolidated prior comparison

RMB 136,585,408.92

Nonrecurring government grants / 2014 / consolidated disclosed nonrecurring

RMB 24,128,503.56

Medical-insurance grant classified recurring / 2014 / issuer disclosed recurring

RMB 3,841,186

Government grant cash receipts / 2014 / consolidated

RMB 27,512,243.91

Waste-fiber grant recognition / 2014 / issuer current grant income

RMB 457,445.65

The issuer's nonrecurring-profit table totals CNY 8,151,434.38 after tax and minority effects. Its components are a CNY 22,628,564.53 noncurrent-asset disposal loss, CNY 24,128,503.56 government-grant income, CNY 10,161,201.75 other non-operating income and expense, a CNY 3,460,490.80 tax deduction and a CNY 49,215.60 minority deduction. Grant income therefore cannot be described as the whole contribution of nonrecurring items to profit. The net disposal loss here is not the same measure as gross disposal losses in the expense note or an adjustment in the cash-flow reconciliation. The figures help separate reported operating performance from specified disposal and support items without turning issuer classifications into a forecast of sustainable future earnings. The accounting-policy supplement also states that nine revised Chinese Accounting Standards were adopted and comparative statements restated. Historical comparisons must distinguish values as originally reported in FY2013 from the FY2013 comparative basis in this FY2014 report; existing historical facts are retained rather than overwritten.

Non-recurring profit contribution / 2014 / consolidated disclosed after tax minority

RMB 8,151,434.38

Nonrecurring disposal result / 2014 / consolidated

RMB -22,628,564.53

Nonrecurring other income and expense / 2014 / consolidated

RMB 10,161,201.75

Nonrecurring tax effect deducted / 2014 / consolidated

RMB -3,460,490.8

Nonrecurring minority effect deducted / 2014 / consolidated

RMB -49,215.6

Consolidated tax expense was CNY 132,575,457.47, comprising CNY 133,397,221.32 current tax and a CNY 821,763.85 deferred-tax credit. Profit before tax of CNY 605,958,095.28 less that expense reconciles to consolidated net profit of CNY 473,382,637.81, a separate perimeter from parent-company profit. In the reconciliation, different subsidiary tax rates reduce the statutory-rate calculation by CNY 55,124,416.21, while deductible temporary differences or losses for which no deferred-tax asset was recognized add CNY 39,836,327.05. These are disclosed adjustments in the tax-expense calculation, not promises of recoverable future cash tax credits. Current tax expense is itself an accounting measure rather than a complete cash-tax payment total. The note matters for understanding how operating locations and recognition limits affect profit after tax; it does not establish that all entities share one effective rate or that tax benefits automatically fund further expansion.

Income-tax expense / 2014 / consolidated

RMB 132,575,457.47

Current income tax expense / 2014 / consolidated

RMB 133,397,221.32

Deferred income tax expense / 2014 / consolidated

RMB -821,763.85

Profit before tax / 2014 / consolidated

RMB 605,958,095.28

Subsidiary tax-rate difference effect / 2014 / consolidated tax reconciliation

RMB -55,124,416.21

Unrecognized tax-benefit effect / 2014 / consolidated tax reconciliation

RMB 39,836,327.05

Net intangible assets were CNY 407,785,078.96, including CNY 260,573,069.12 of land-use rights, CNY 115,755,884.95 of mining rights, CNY 7,782,195.45 of patents and CNY 10,830,380.64 of non-patent technology. These asset classes describe recorded rights and knowledge used by the business. The issuer's policy measures them initially at cost and amortizes finite-lived assets; mining-right amortization follows actual extraction and reserves. The balance does not supply mine reserves, licensed output, an exact site or evidence that patented technology generated a named new product. Gross intangible additions of CNY 27,638,651.85 differ from the CNY 27,604,838.85 purchase subtotal; the note does not give a complete bridge, so the two are retained as separate source measures. The goodwill table is explicitly labeled original carrying amount and totals CNY 472,512,501.24 at both the beginning and end of the year. It includes CNY 176,839,725.90 for Tongxiang Jinshi and CNY 189,612,641.95 for Leishi, connecting historical acquisition balances with the specialized-equipment and mineral-processing businesses already described. Unchanged goodwill in that table is not a new FY2014 acquisition or a demonstrated recoverable net value. A blank current goodwill-impairment expense cell is not stored as a numeric zero or used to certify future recoverability.

Intangible assets net / 2014 / consolidated

RMB 407,785,078.96

Intangible rights net / 2014 / land use rights

RMB 260,573,069.12

Intangible rights net / 2014 / mining rights

RMB 115,755,884.95

Intangible rights net / 2014 / patents

RMB 7,782,195.45

Intangible rights net / 2014 / non patent technology

RMB 10,830,380.64

Gross intangible additions / 2014 / consolidated reported total

RMB 27,638,651.85

Intangible purchase subtotal / 2014 / consolidated reported purchases

RMB 27,604,838.85

Goodwill original value / 2014 / consolidated

RMB 472,512,501.24

Goodwill original value / 2014 / tongxiang jinshi

RMB 176,839,725.9

Goodwill original value / 2014 / leishi

RMB 189,612,641.95

The consolidated associate investment schedule closes at CNY 71,880,624.74 before its CNY 493,103.30 impairment allowance. Their difference matches the CNY 71,387,521.44 investment carrying value in the separate interests-in-associates summary. Nanjing Huafu closes at the CNY 58,288,147.98 already shown in the parent account, but consolidated investments also include Luoyang Xinjingrun Engineering Glass at CNY 13,099,373.46 and Shenzhen Zhujiang Building Materials at CNY 493,103.30 with an equal allowance. The annual equity-method loss is CNY 4,307,651.57, comprising the previously recorded parent Nanjing loss and CNY 3,170,598.78 for Luoyang. These associate results affect consolidated investment income without representing fiber sales, production at a controlled subsidiary or cash dividends received. The summary separately displays a net-loss measure of CNY 9,936,659.06; it is not added again to the equity-method loss. The summary's prior comparison and the prior equity-method loss in the investment-income note differ, with no complete bridge in those tables. Both source measures remain available rather than forcing a single historical growth comparison.

Associate investment balance / 2014 / consolidated before allowance

RMB 71,880,624.74

Associate investment allowance / 2014 / consolidated

RMB 493,103.3

Associate investment balance / 2014 / consolidated summary net

RMB 71,387,521.44

Associate investment balance / 2014 / consolidated luoyang xinjingrun

RMB 13,099,373.46

Equity-method investment income / 2014 / consolidated

RMB -4,307,651.57

Equity-method investment income / 2014 / consolidated luoyang xinjingrun

RMB -3,170,598.78

The available-for-sale equity table reports CNY 12,647,435.72 of closing cost balances and an equal CNY 12,647,435.72 impairment allowance. Its net-value cell is blank; it is not staged as a printed numeric zero, and the gross balance is not described as cash available for factories. The detailed schedule includes the existing Yantai Bohai Chemical Building Materials holding at CNY 12,327,935.72 with an equal allowance, together with smaller fully provided holdings. It also shows CNY 595,237.67 of Shenzhen Lihe investment removed during the year. The investment-income note records a CNY 376,937.67 loss on disposal of available-for-sale financial assets; that loss is a separate result, not a new cash investment or a complete disclosed proceeds bridge for every holding. A source inconsistency is retained: the overview's opening gross balance differs from the detailed schedule's opening total of CNY 13,242,673.39. The closing balances agree, but the opening figures are not silently repaired. These legacy holdings and their recognition limits explain a narrower balance-sheet issue and do not turn the company's manufacturing research into a market-trading system.

Legacy equity cost balance / 2014 / consolidated available for sale closing

RMB 12,647,435.72

Legacy equity allowance / 2014 / consolidated available for sale closing

RMB 12,647,435.72

Legacy equity disposal result / 2014 / consolidated available for sale

RMB -376,937.67

Legacy equity cost removed / 2014 / shenzhen lihe

RMB 595,237.67

The deferred-tax note lists CNY 584,783,408.18 of deductible losses and CNY 25,664,004.62 of deductible temporary differences for which no deferred-tax asset was recognized, totaling CNY 610,447,412.80. These are underlying deductible amounts, not a tax credit of the same size or spendable cash. The reported loss expiries are CNY 59,012,441.46 in 2015, CNY 66,981,893.82 in 2016, CNY 131,344,823.00 in 2017, CNY 158,685,890.80 in 2018 and CNY 168,758,359.10 in 2019. They are future expiry buckets measured at FY2014 year end, not losses already incurred in each future year. The 2014 expiry row contains a prior-balance figure only and is not invented as another closing bucket. Separately, recognized deferred-tax assets before offset total CNY 35,490,320.37 and liabilities CNY 44,191,471.18. The policy limits asset recognition to probable taxable income available for deduction and requires review when that support changes. Therefore these balances and the unrecognized loss pool cannot be assumed to finance expansion or guarantee future tax savings. Balance-sheet deferred taxes, the annual tax-expense reconciliation and actual cash tax payments have separate periods and accounting perimeters.

Unrecognized deductible losses / 2014 / consolidated

RMB 584,783,408.18

Unrecognized deductible differences / 2014 / consolidated

RMB 25,664,004.62

Deductible-loss expiry bucket / 2014 / future expiry 2015 at fy2014

RMB 59,012,441.46

Deductible-loss expiry bucket / 2014 / future expiry 2016 at fy2014

RMB 66,981,893.82

Deductible-loss expiry bucket / 2014 / future expiry 2017 at fy2014

RMB 131,344,823

Deductible-loss expiry bucket / 2014 / future expiry 2018 at fy2014

RMB 158,685,890.8

Deductible-loss expiry bucket / 2014 / future expiry 2019 at fy2014

RMB 168,758,359.1

Deferred tax assets before offset / 2014 / consolidated before offset

RMB 35,490,320.37

Deferred tax liabilities before offset / 2014 / consolidated before offset

RMB 44,191,471.18

The employee-benefit-payable schedule reports CNY 613,147,868.36 of annual additions, CNY 599,040,087.81 of reductions and CNY 26,843,555.51 remaining at year end. Its short-term-benefit additions were CNY 575,067,438.14, including CNY 487,760,276.77 of salaries, bonuses, allowances and subsidies. Defined-contribution post-employment benefits added CNY 36,894,825.02 and termination benefits CNY 1,185,605.20. These are movements in employee-benefit liabilities, rather than a disclosed wage-only cash payment or a complete allocation between manufacturing cost, period expenses and construction capitalization. The annual additions are not added again to existing operating cost. Separately, selling expense includes CNY 14,040,371.38 of employee remuneration and administrative expense CNY 180,676,517.91; those narrower expense classifications are not the total group payroll. Closing unpaid amounts do not by themselves show overdue wages or a labor dispute. Workforce counts by function, already described separately, concern a different measure and do not support dividing these movements by year-end headcount to invent an average annual salary.

Employee benefit movement / 2014 / all benefits additions

RMB 613,147,868.36

Employee benefit movement / 2014 / all benefits reductions

RMB 599,040,087.81

Employee benefit movement / 2014 / all benefits closing

RMB 26,843,555.51

Employee benefit movement / 2014 / short term additions

RMB 575,067,438.14

Employee benefit movement / 2014 / wages bonus additions

RMB 487,760,276.77

Employee benefit movement / 2014 / defined contribution additions

RMB 36,894,825.02

Employee benefit movement / 2014 / termination additions

RMB 1,185,605.2

Transport expense within selling expenses rose from the source's prior-year CNY 131,443,408.93 to CNY 159,282,780.76. Total selling expenses were CNY 201,421,910.27 versus CNY 173,195,284.28. This identifies an important distribution-cost component while reported sales volumes increased, but the aggregate table does not separate volume, freight rates, customer terms or routes well enough to attribute the increase to one cause. Administrative transport expense of CNY 11,721,047.43 is a separately classified measure. Annual related-party logistics procurement, already described, has a different transaction perimeter and is not added to selling transport as an incremental cost or forced into a one-for-one reconciliation. Total administrative expense was CNY 570,678,893.29 versus CNY 505,129,816.92, including CNY 179,305,336.22 of technology-development expense already discussed in the R&D account. That R&D line is not an additional amount on top of administrative expense, and reported expense does not establish a grade-specific product sale.

Period expense / 2014 / selling transport current

RMB 159,282,780.76

Period expense / 2013 / selling transport comparative

RMB 131,443,408.93

Period expense / 2014 / selling total current

RMB 201,421,910.27

Period expense / 2013 / selling total comparative

RMB 173,195,284.28

Period expense / 2014 / administrative total current

RMB 570,678,893.29

Period expense / 2013 / administrative total comparative

RMB 505,129,816.92

The parent and major subsidiaries reported 8,594 employees: 15 at the parent and 8,579 at major subsidiaries. Occupational categories were 5,800 production workers, 1,241 technical staff, 90 sales staff, 85 finance staff and 1,378 administrative staff. Those categories sum to the reported total. Technical staff are not automatically all R&D personnel, and these group-level counts cannot be assigned to individual factories to calculate productivity. A separate count of 50 retirees whose costs were borne by the companies is not part of current headcount. The outsourcing table reports zero hours and payments within its stated scope, without establishing that every supplier or contractor was absent. The following passage is a 2015 training plan, including operating-role certification renewal; it is not a record of completed 2014 sessions or evidence of better output or fewer defects. Ordinary welfare, biographies and planned attendance counts are omitted. Management-roster remuneration and financial-note key-management compensation require a separate perimeter comparison.

Reported employee count / 2014 / parent and major subsidiaries

8,594 people

Reported employee count / 2014 / production

5,800 people

Reported employee count / 2014 / technical

1,241 people

The annual report identifies glass-fiber manufacturing within the building-materials industry as classified as heavily polluting for environmental supervision. It reports cleaner-production reviews in 2007 and December 2012, no major environmental problems in 2014 and compliant discharges at all production bases. These are issuer statements, rather than an independent SinoFilings determination of permit compliance. The passage provides no site-by-site monitoring readings, pollutant limits, discharge quantities or permit conditions. Cleaner-production review dates and process-resource measures do not fill those omissions or independently quantify environmental costs. The separately described water reuse, waste-fiber recycling and oxygen-combustion processes explain operating mechanisms. General environmental honors and routine social activities are omitted because they add no specific production or shareholder evidence.

Management identifies electricity, natural gas, minerals and chemical auxiliaries as important production inputs. It describes tank-furnace glass-fiber manufacture as continuous and says it cannot simply stop during fuel shortages. The stated safeguards include gas-supply stations, storage tanks, vehicle-mounted backup supply and emergency fuel procurement that can reach a production base within 2 to 12 hours. That interval describes delivery, not stored-gas endurance or a demonstrated guarantee against interruption. The report does not identify each base's storage volume or outage record. Separately, management describes a reclaimed-water system whose biomembrane process treats 4,800 tonnes of sewage per day. This is a sewage-treatment figure, not a measured 4,800-tonne daily reclaimed-water output, a licensed discharge limit or a specific factory's water balance. It says waste-fiber reuse and oxygen combustion were applied across domestic production bases and reduced energy use and pollutant emissions. No site allocation, measured before-and-after saving or complete energy denominator accompanies those claims here. They explain operating mechanisms alongside the separately attributed environmental-compliance disclosure; they do not independently establish permit compliance or quantify savings.

Reported sewage treatment per day / 2014 / issuer biomembrane process

4,800 tonnes/day

Reported emergency fuel delivery lower bound / 2014 / issuer reported delivery range

2 hours

Reported emergency fuel delivery upper bound / 2014 / issuer reported delivery range

12 hours