China Jushi FY2014: Cash generation and working capital

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