China Jushi FY2014: Projects and construction progress

The Chengdu 50,000-tonne line technical upgrade was marked complete, following the December 2013 trial-operation milestone. The table gives a project amount of RMB 282.9821 million, annual investment RMB 117.4733 million and cumulative investment RMB 205.8633 million. This is a separate completion observation for the same upgrade; it is not merged with the 60,000-tonne conversion or interpreted as a new stand-alone furnace without further evidence.

Conversion of the Chengdu 60,000-tonne medium-alkali line was marked complete. The table retained the RMB 599.80 million project amount, with annual investment of RMB 288.5543 million and cumulative investment of RMB 512.1043 million. This provides the completion-stage update to the construction started in March 2013. The converted line's nominal capacity is not treated as entirely new production capacity without a before-and-after reconciliation.

Annual production capacity

60,000 tonnes/year

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 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

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 project table marks the first Egyptian 80,000-tonne glass fiber line as complete. The project amount remained USD 223.31 million; annual investment was RMB 174.376 million and cumulative investment RMB 1.331666 billion. This follows the November 2013 ignition-and-trial-operation disclosure. Completion in this table is preserved as a later annual milestone, rather than rewriting the earlier report's trial-production wording.

Annual production capacity

80,000 tonnes/year

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 same table separately lists another Egyptian 80,000-tonne line project, with a different project amount of USD 188.05 million. It was in preparation, with zero recorded investment and completion expected in the first half of 2016. This is distinct from the already completed Egyptian line listed above it. The later phase-II description helps relate this proposal across filings; the shared company and capacity are not grounds to collapse the two rows.

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 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 Panding electronic-grade fabric expansion, with stated capacity of 100 million metres annually, was marked complete. Its project amount was USD 186.14 million; annual investment was RMB 877.0425 million and cumulative investment RMB 1.0356325 billion. The observation is linked to the construction-stage project in the 2013 filing. The source unit is linear metres, kept separate from older fabric projects stated in square metres.

The table now lists a South Carolina 80,000-tonne alkali-free glass fiber line, with a project amount of USD 297.483 million and no annual or cumulative investment. It remained in preparation without a formal construction start. This is held separately from the earlier United States 100,000-tonne proposal: country alone does not establish that the two are the same approved design. Both are associated with the United States development history, with the unresolved design relationship retained.

The 120,000-tonne alkali-free line energy-saving upgrade was marked complete. The table gives a project amount of RMB 162.0476 million and cumulative investment of RMB 160.0326 million. The project is related to the existing line through its explicit capacity and upgrade scope, while remaining a separate investment activity from the original furnace construction. A completed upgrade is not added to group capacity as another 120,000-tonne line.

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 automated warehousing centre supporting the 600,000-tonne glass fiber base was marked complete, with a project amount of RMB 192.2179 million and cumulative investment of RMB 114.864 million. Its purpose is logistics and storage for the base. The capacity of the base being served is not the production capacity of a warehouse. This observation follows the 2013 preparation-stage proposal.

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