China Jushi | FY2018 business review

Glass fiber and related products generated RMB 9.53679658 billion, 95.06% of total revenue. Central bulk purchasing still covered Tongxiang, Chengdu, Jiujiang and Egypt. Sales guided flexible production; domestic deliveries were mainly direct, while overseas business combined trading subsidiaries, distributors and direct sales. The United States investment was still approaching ignition in the project discussion, so it is not inserted retrospectively into this four-base operating description.

The report describes glass fiber as an inorganic material used for composite reinforcement, electrical insulation, thermal insulation and circuit-board substrates. Pyrophyllite, kaolin, limestone and quartz sand are proportioned, melted at high temperature, drawn into filaments, dried and wound. Hundreds or thousands of filaments form a strand. Alkali-free, medium-alkali and high-alkali fibers are distinguished by glass chemistry. This explains the production chain and why a furnace, powder plant and weaving operation are different assets.

The filing explains several routes from glass fiber to downstream products. In vehicles, glass-fiber-reinforced plastics are used in parts such as bumpers, floors and intake-pipe covers, with lightweighting as the stated application rationale. In construction, the discussion includes wall and roof reinforcement, waterproofing materials, gypsum-board facing and glass-fiber-reinforced cement; these uses have different material requirements and should not be treated as one product specification. Wind-energy applications include blades and nacelle covers, with larger blades increasing interest in higher-modulus fiber. Corrosion-resistant composite pipes, containers and flue-gas-treatment equipment provide other uses, while electrical insulation and circuit-board substrates explain the electronic-yarn development discussed separately. These are the issuer's application descriptions, rather than evidence that China Jushi supplies every listed part or operates a downstream vehicle, blade or pipe factory. The filing does not give a revenue split by these end markets, named orders for each application or a quantified substitution rate. Its broad market forecasts and generic lifetime or performance claims are not used here as verified product guarantees.

Management reported increasing market acceptance of the E8 formulation and completion of laboratory-stage formulation confirmation for high-modulus E9. E9 was therefore still described at a laboratory milestone in this filing. The research discussion says E8 had been applied to several higher-end products. It does not support attributing later E9 furnace-scale mass production to 2018 or assigning a numerical sales share to either formulation.

R&D investment was RMB 288,768,065.63, entirely expensed, or 2.88% of revenue. The company reported 1,255 research personnel, 11.18% of its workforce. Research combined glass formulations, fiber-product development and application work. The staffing and investment figures describe inputs to the research programme, while the separately disclosed E8 applications and E9 laboratory confirmation describe product progress.

Platinum-rhodium alloy bushings are used to draw glass into fibers. The issuer describes periodic cleaning and reprocessing to maintain product quality. It records these precious-metal assets within fixed assets without depreciation, while losses during use and reprocessing enter product cost. Their closing carrying amount was CNY 7,483,169,011.36, materially different from ordinary depreciating machinery. Gross annual additions of CNY 1,157,783,822.43 include purchases, construction transfers and other changes, so they are not all cash spent buying metal. Alloy assets of CNY 143,100,273.27 were separately reported as leased out. The report does not convert these values into metal tonnes or cash available for plant investment. Historical asset/cost comparisons need this accounting mechanism, rather than treating all fixed assets as identical depreciating equipment.

Platinum-rhodium alloy carrying amount / 2018 / FY2018 A share/CAS.

RMB 7,483,169,011.36

Gross annual alloy-asset additions / 2018 / FY2018 A share/CAS.

RMB 1,157,783,822.43

Alloy assets leased out carrying value / 2018 / FY2018 A share/CAS.

RMB 143,100,273.27

Operating revenue reached RMB 10,032,423,279.18. Domestic sales represented 55.08% of main-business sales, and the top five customers represented 13.16% of annual sales. Management described both production-efficiency work and developing major and strategic customers, with a rising proportion of higher-end products. The report does not give a numerical share for those higher-end products or identify all customers behind the concentration figure.

Supporting projects at the Egyptian base were successively completed and put into operation, and the 200,000-tonne manufacturing base was declared fully built. This base-wide disclosure follows the separately tracked 80,000-tonne, 80,000-tonne and 40,000-tonne phases. The annual passage describes completion of the base and its supporting assets, rather than another independent 200,000-tonne addition to be counted on top of those lines.

The employee table covers the parent and principal subsidiaries: 111 parent employees and 11,118 subsidiary employees, totaling 11,229. It classifies 7,956 as production staff and 1,646 as technical staff. The separate research-personnel figure is a different category and should not be added to these classifications to estimate headcount. Outsourced labor remuneration is CNY 39,240,000, but the issuer says varied billing methods prevent a common outsourced-hours measure. This matters to production organization and the scope of labor-cost comparisons, not to an invented full-time-equivalent number. Generic training-session plans, welfare activities and education tables are omitted from this account where they do not establish a specific production constraint or measured outcome.

Parent and principal-subsidiary employees / 2018 / FY2018 A share/CAS. Parent and principal subsidiaries; category not additive to research personnel category.

11,229 people

Production staff in employee table / 2018 / FY2018 A share/CAS. Parent and principal subsidiaries; category not additive to research personnel category.

7,956 people

Technical staff in employee table / 2018 / FY2018 A share/CAS. Parent and principal subsidiaries; category not additive to research personnel category.

1,646 people

Reported outsourced labor remuneration / 2018 / FY2018 A share/CAS. Annual remuneration, outsourced hours unavailable; not outsourced FTE.

RMB 39,240,000

Property, plant and equipment closed at CNY 16,419,009,319.54, compared with CNY 13,415,339,996.11 at opening. Management attributes the increase mainly to new and upgraded lines transferred from construction. The gross fixed-asset movement records CNY 3,678,423,326.40 transferred from construction, together with CNY 312,778,420.81 of associated accumulated depreciation; these gross-table amounts are not the net transfer subtotal in the important-project schedule. Conversely, CNY 907,351,626.46 of gross fixed assets and CNY 534,902,649.12 of accumulated depreciation moved back into construction. Asset changes therefore include classifications and existing assets, not only new cash purchases. The policy transfers construction when ready for intended use, including provisional values before final settlement; depreciation starts the following month. A transfer does not establish full utilization or a complete year of sales.

Closing net PPE / 2018 / FY2018 A share/CAS.

RMB 16,419,009,319.54

Opening net PPE / 2018 / FY2018 A share/CAS.

RMB 13,415,339,996.11

Gross PPE transferred from construction / 2018 / FY2018 A share/CAS.

RMB 3,678,423,326.4

Associated depreciation transferred from construction / 2018 / FY2018 A share/CAS.

RMB 312,778,420.81

Gross PPE transferred back to construction / 2018 / FY2018 A share/CAS.

RMB 907,351,626.46

Associated depreciation transferred back to construction / 2018 / FY2018 A share/CAS.

RMB 534,902,649.12

Closing intangible assets included CNY 447,667,193.79 of land-use rights and CNY 115,128,549.26 of mining rights. Land-use-right purchases were CNY 39,900,960.00 in the asset-movement table, not necessarily cash paid on that same date. The policy amortizes mining rights using actual extraction and reserves; the carrying value does not independently establish mine location, remaining ore tonnes or a quantified raw-material self-sufficiency rate. Patents and non-patented technology are separate asset categories and are not a substitute for the annual research-expense or product-commercialization disclosures. A different fixed-asset note identifies the Beite factory building with CNY 27,557,124.79 of carrying value awaiting a property certificate, described by the issuer as within the normal processing period; this is not an independently verified title or an inferred operating ban.

Land-use rights carrying value / 2018 / FY2018 A share/CAS.

RMB 447,667,193.79

Mining rights carrying value / 2018 / FY2018 A share/CAS.

RMB 115,128,549.26

Land-use-right purchases in asset movement / 2018 / FY2018 A share/CAS.

RMB 39,900,960

Beite building awaiting certificate carrying value / 2018 / FY2018 A share/CAS.

RMB 27,557,124.79

Glass fiber and related products generated CNY 9,536,796,579.73 of main-business revenue against CNY 5,049,990,828.95 of cost, with a reported gross margin of 47.05%. Their revenue grew 13.17% and the margin increased by 0.41 percentage points. Other main-business activities contributed CNY 371,460,136.16 of revenue and CNY 363,287,955.40 of cost, with a much lower 2.20% margin. These product categories sum to main-business revenue, rather than the full consolidated revenue of CNY 10,032,423,279.18. The report states that fiber products supplied 95.06% of total revenue. It attributes revenue growth primarily to higher sales volume. The production-and-sales subsection reports growth without supplying numerical tonnage, so these figures do not establish tonnes sold, utilization or an average selling price.

Fiber-product main-business revenue / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 9,536,796,579.73

Fiber-product main-business cost / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 5,049,990,828.95

Other main-business revenue / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 371,460,136.16

Other main-business cost / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 363,287,955.4

Full consolidated revenue / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 10,032,423,279.18

Domestic main-business revenue was CNY 5,457,431,544.54, with CNY 3,093,746,647.16 of cost and a reported 43.31% gross margin. Overseas main-business revenue was CNY 4,450,825,171.35, with CNY 2,319,532,137.19 of cost and a 47.89% margin. Domestic sales represented 55.08% of main-business sales. Domestic revenue increased 15.95%; overseas revenue increased 14.58%, while the overseas margin fell by 0.93 percentage points. The table separates sales markets, not manufacturing locations: overseas revenue cannot be assigned entirely to Egypt or the unfinished US plant. It gives no customer-country breakdown or product-by-market cross-tabulation.

Domestic main-business revenue / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 5,457,431,544.54

Domestic main-business cost / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 3,093,746,647.16

Overseas main-business revenue / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 4,450,825,171.35

Overseas main-business cost / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 2,319,532,137.19

The five largest customers accounted for CNY 1,320,374,800 of sales, or 13.16% of annual sales. Related-party sales within this five-customer group were CNY 619,802,300, or 6.18% of annual sales. The five largest suppliers accounted for CNY 3,421,901,400 of purchases, or 29.21% of annual purchases; related-party purchases within that group were reported as zero. The source presents amounts in CNY 10,000 units and does not name the ranked counterparties here. The zero applies to the five-supplier subset, not all related-party procurement. Ranked totals do not establish individual customer identities, project orders or guaranteed repeat purchases.

Five-customer sales / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 1,320,374,800

Related-party sales within five customers / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 619,802,300

Five-supplier purchases / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 3,421,901,400

Related-party purchases within five suppliers / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 0

The related-transaction note records product sales of CNY 619,802,250.66 to Zhejiang Hengshi Fiberglass and CNY 78,236,126.07 to HENGSHI EGYPT FIBERGLASS FABRICS S.A.E. It also records CNY 352,684,649.19 of transport services from Zhenshi Group Zhejiang Yushi International Logistics and CNY 119,708,375.77 of equipment purchases from Tongxiang Huarui Automatic Control Technology Equipment. These disclosed relationships link sales channels, logistics and production investment to related parties. They are separate transaction categories, not a combined customer order value or a cash-paid table. The board revised the anticipated routine related-transaction limits in December 2018; that approval does not by itself prove arm's-length prices or settlement. A zero related-party amount within the five largest suppliers does not negate these wider related purchases. No further investigation of the counterparties is inferred.

Product sales to Zhejiang Hengshi / 2018 / FY2018 A share/CAS. Named related party annual transaction and category; not cash settlement or current project order.

RMB 619,802,250.66

Product sales to Hengshi Egypt / 2018 / FY2018 A share/CAS. Named related party annual transaction and category; not cash settlement or current project order.

RMB 78,236,126.07

Transport services from Zhejiang Yushi / 2018 / FY2018 A share/CAS. Named related party annual transaction and category; not cash settlement or current project order.

RMB 352,684,649.19

Equipment purchases from Tongxiang Huarui / 2018 / FY2018 A share/CAS. Named related party annual transaction and category; not cash settlement or current project order.

RMB 119,708,375.77

The fiber-product materials-cost line was CNY 1,745,887,091.08, up 21.32%. Its printed 31.70% share uses the table's total-cost denominator; it should not be relabelled as a share of fiber-product cost alone. Selling expense was CNY 385,689,900.71, administrative expense CNY 538,109,752.92 and finance expense CNY 341,228,910.80. Management links selling expense growth to transport, administration growth to remuneration and depreciation, and lower finance expense to interest and exchange gains. These explanations do not quantify a separate freight-price, wage-rate or hedging effect. Research expense and commercialization stages remain separately described. Later-year changes in the classification of contract-fulfilment expenses require an explicit accounting-basis comparison before treating a falling selling-expense line as an efficiency gain.

Fiber-product materials-cost line / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 1,745,887,091.08

Selling expense / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 385,689,900.71

Administrative expense / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 538,109,752.92

Finance expense / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 341,228,910.8

The treasury overview reports CNY 848,000,000.00 of bank-product occurrences using raised funds and CNY 1,004,900,000.00 using own funds. Outstanding amounts were CNY 55,000,000.00 and CNY 25,000,000.00 respectively; overdue unrecovered amounts were reported as zero in both categories. The detailed product schedule includes contracts starting in 2017 as well as 2018 and prints a different contract-amount total of CNY 2,252,900,000.00. The overview and detail are retained as distinct reporting scopes rather than forced into one annual purchase total. Bank-product labels and reported recoveries are issuer disclosures, not an independent guarantee of liquidity. The outstanding amounts are not cash already available for construction, and repeated placements are not unique capital committed.

Overview raised-fund product occurrences / 2018 / FY2018 A share/CAS. Overview occurrence versus detail contracts including prior year starts; not mutually reconciled annual flows.

RMB 848,000,000

Overview own-fund product occurrences / 2018 / FY2018 A share/CAS. Overview occurrence versus detail contracts including prior year starts; not mutually reconciled annual flows.

RMB 1,004,900,000

Outstanding raised-fund bank products / 2018 / FY2018 A share/CAS. Overview occurrence versus detail contracts including prior year starts; not mutually reconciled annual flows.

RMB 55,000,000

Outstanding own-fund bank products / 2018 / FY2018 A share/CAS. Overview occurrence versus detail contracts including prior year starts; not mutually reconciled annual flows.

RMB 25,000,000

Detailed schedule contract amounts, mixed start years / 2018 / FY2018 A share/CAS. Overview occurrence versus detail contracts including prior year starts; not mutually reconciled annual flows.

RMB 2,252,900,000

The related-party trade-receivable schedule has CNY 41,025,563.17 of gross closing balances and CNY 1,732,285.77 of bad-debt allowances. The separate payable schedule has CNY 52,157,576.20 of closing trade payables, including equipment, transport and materials. These are closing credit and supplier obligations rather than annual sales or purchases, and no automatic netting between counterparties is disclosed here. The allowance is retained separately from gross receivables. The schedules do not establish payment collection, absence of impairment or an amount of prohibited shareholder fund occupation.

Gross related trade receivables / 2018 / FY2018 A share/CAS. Gross trade receivables, associated allowance and trade payables kept separate; no automatic offset.

RMB 41,025,563.17

Related trade-receivable allowance / 2018 / FY2018 A share/CAS. Gross trade receivables, associated allowance and trade payables kept separate; no automatic offset.

RMB 1,732,285.77

Related trade payables / 2018 / FY2018 A share/CAS. Gross trade receivables, associated allowance and trade payables kept separate; no automatic offset.

RMB 52,157,576.2

The issuer says it adopted the 2018 financial-statement format for entities not yet applying the new financial-instrument and revenue standards from 1 January 2018. It reports no effect from the format change on total assets, net assets or net profit. Separately, the bond-data note explains a retrospective reclassification of CNY 8,700,000 of asset-related government grants received in 2017 from financing receipts to operating receipts. The change affects the prior operating/financing presentation rather than new customer receipts in 2018. Comparisons with earlier reported cash flows require the same classification; no assumption of identical accounting scope across years is made.

FY2017 asset-grant cash reclassified from financing to operating / 2017 / FY2018 A share/CAS. FY2017 cash, retrospectively reclassified inFY2018 presentation; not new2018 cash.

RMB 8,700,000

Closing monetary funds were CNY 1,503,701,612.91, including CNY 15,625,544.82 of restricted deposits. The cash-flow note reports closing cash of CNY 1,488,076,068.09: the difference equals those restricted deposits. Deducting the deposit again from cash-flow cash would double-count the restriction. The separate restricted-asset schedule also lists CNY 2,056,773,485.07 of property, plant and equipment subject to mortgage borrowing or finance leases and CNY 24,132,885.27 of mortgaged intangible assets. Those are asset carrying values, not an additional debt balance, a cash payment or evidence that a factory stopped operating. Monetary funds held abroad were CNY 352,737,858.28; location abroad does not identify currency denomination or demonstrate unrestricted transferability to the parent.

Monetary funds / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,503,701,612.91

Restricted deposits / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 15,625,544.82

Cash-flow closing cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,488,076,068.09

Restricted PPE carrying value / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 2,056,773,485.07

Restricted intangible carrying value / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 24,132,885.27

Monetary funds held abroad / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 352,737,858.28

The closing bill-and-trade-receivable total of CNY 3,364,297,569.50 comprises CNY 2,117,015,017.29 of bills and CNY 1,247,282,552.21 of net trade receivables. Gross trade receivables were CNY 1,372,416,076.25 with a CNY 125,133,524.04 allowance. The note reports CNY 25,000,000.00 of bills transferred to receivables because the bill drawer failed to perform, rather than a disclosed failure by China Jushi; its table labels these bank acceptances. A separate individually impaired receivable to Baota Petrochemical Finance was CNY 25,000,000.00 and fully provided. This is a credit impairment disclosure, not evidence of customer collection or additional sales. The aging-based subset is narrower than all receivables: CNY 30,459,582.21 was older than five years and fully provided within that subset. Bill balances cannot simply be added to reported cash or treated as risk-free receipts. Counterparties are recorded from this filing without extending their investigation.

The note reports an opening trade-receivable allowance of CNY 150,351,916.53, a current-year charge of CNY 106,542,565.98, no recovery or reversal, and write-offs of CNY 131,968,056.00. These movements do not by themselves reconcile to the reported closing allowance of CNY 125,133,524.04: opening plus charge minus write-offs leaves an unexplained CNY 207,097.53 difference. This derived difference is isolated rather than attributed to exchange rates or labeled a proven error. The named important write-off subtotal of CNY 129,830,120.87 is smaller than all write-offs and must not replace their total. Write-offs are not recovered cash, and the allowance movement is not a measure of new customer orders. A complete movement explanation is not supplied in the inspected passage.

Opening trade-receivable allowance / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Opening versus closing and annual movements remain distinct; incomplete bridge.

RMB 150,351,916.53

Annual trade-receivable allowance charge / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Opening versus closing and annual movements remain distinct; incomplete bridge.

RMB 106,542,565.98

Annual trade-receivable write-offs / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Opening versus closing and annual movements remain distinct; incomplete bridge.

RMB 131,968,056

Named important write-off subtotal / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Opening versus closing and annual movements remain distinct; incomplete bridge.

RMB 129,830,120.87

Other receivables had gross closing value of CNY 146,740,695.53, an allowance of CNY 8,094,653.24 and net value of CNY 138,646,042.29. The gross categories include operating advances of CNY 39,554,151.72, export tax refunds receivable of CNY 33,390,393.07, security deposits of CNY 26,063,967.73 and deposits of CNY 25,689,273.04. These are different claims and operating uses of funds, not extra product revenue or cash received. A named CNY 5,000,000.00 land-transaction deposit in Tongxiang does not establish an acquired site or a completed project. The inspected allowance figures also do not supply a complete movement bridge: opening plus the reported charge minus write-offs differs from closing by CNY 24,600.00. No exchange-rate explanation is invented.

Closing inventory was CNY 1,675,117,236.63, versus CNY 1,329,383,849.68 at opening. It comprises raw materials of CNY 567,062,073.17, finished goods of CNY 939,584,771.08, turnover materials of CNY 50,667,572.59 and shipped goods of CNY 117,802,819.79. The carrying-value table supplies no separate impairment amount in these rows and marks the impairment heading not applicable; this does not independently establish zero obsolescence or strong demand. Inventory values are not production tonnes, capacity utilization or confirmed orders. Shipped goods are not automatically recognized revenue: the audit describes the historical risks-and-rewards recognition basis. The increase in inventory value matches the negative inventory adjustment in the operating cash reconciliation.

Closing inventory / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,675,117,236.63

Opening inventory / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,329,383,849.68

Raw-material inventory / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 567,062,073.17

Finished-goods inventory / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 939,584,771.08

Turnover-material inventory / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 50,667,572.59

Shipped-goods inventory / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 117,802,819.79

Other current assets comprise CNY 384,356,853.92 of VAT awaiting deduction and prepaid taxes plus CNY 80,000,000.00 of bank products. Their total is CNY 464,356,853.92. The tax category is not a cash refund already received, a deferred-tax asset or a factory-specific subsidy. The bank-product balance matches the treasury overview's outstanding raised-fund and own-fund products, so it is not another pool to add to that overview. Current-asset classification alone does not demonstrate immediate access to funds for construction.

VAT awaiting deduction and prepaid taxes / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 384,356,853.92

Closing bank products in current assets / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 80,000,000

Other current assets / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 464,356,853.92

Closing trade payables were CNY 1,940,064,796.86, including equipment of CNY 325,104,605.63 and construction of CNY 812,283,292.80. Bills payable were separately CNY 1,509,872,453.83. These obligations link production investment and procurement to supplier credit; equipment and construction balances are not cash paid during the year or allocations to a specific new line. The note identifies certain aged payables as not yet due under their contracts, without establishing that every payable was current. Customer goods advances were CNY 143,720,442.55; the older significant advances were attributed to unexecuted contracts. Advances are not recognized sales or a complete order book, and this filing does not map them to individual projects.

Closing trade payables / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,940,064,796.86

Closing bills payable / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,509,872,453.83

Equipment payables / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 325,104,605.63

Construction payables / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 812,283,292.8

Customer goods advances / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 143,720,442.55

The consolidated cash reconciliation starts from net profit including minority interests of CNY 2,384,834,658.94 and ends at operating cash of CNY 3,862,006,789.83. Property, plant and equipment depreciation of CNY 981,135,566.04 is a noncash adjustment, not new construction expenditure. The bridge includes a negative inventory adjustment of CNY 345,733,386.95, a negative operating-receivable adjustment of CNY 4,660,257,291.47 and a positive operating-payable adjustment of CNY 5,029,352,530.65, alongside other printed adjustments. These bridge categories are not simply changes in the two trade-receivable and trade-payable closing rows, so a simple balance subtraction is insufficient. Customer cash receipts in the direct cash statement were CNY 8,021,389,487.29, distinct from recognized consolidated revenue. This explains why profit growth and product demand do not by themselves describe cash collected or the funds remaining after plant investment.

Consolidated net profit including minorities / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 2,384,834,658.94

Net operating cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 3,862,006,789.83

PPE depreciation cash bridge adjustment / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 981,135,566.04

Negative inventory cash bridge adjustment / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB -345,733,386.95

Negative operating-receivable cash bridge adjustment / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB -4,660,257,291.47

Positive operating-payable cash bridge adjustment / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 5,029,352,530.65

Customer cash receipts / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 8,021,389,487.29

Goodwill remained CNY 472,512,501.24. Two large named balances were CNY 176,839,725.90 for Tongxiang Jinshi Precious Metal Equipment and CNY 189,612,641.95 for Tongxiang Leishi Powder. The issuer says it tested recoverability using discounted forecast cash flows and found no evident impairment, recognizing no provision. It reports discount rates of12.17%-14.68% and describes an indefinite income horizon for the raw-material asset groups. These are valuation assumptions, not proof of indefinite operation or actual future cash. The inspected passage does not supply a numerical sales-growth or sensitivity bridge for each group; no safety margin or acquisition synergy is invented from the absence of a provision.

Total goodwill / 2018 / FY2018 A share/CAS.

RMB 472,512,501.24

Tongxiang Jinshi goodwill / 2018 / FY2018 A share/CAS.

RMB 176,839,725.9

Tongxiang Leishi goodwill / 2018 / FY2018 A share/CAS.

RMB 189,612,641.95

Deferred-tax assets totaled CNY 169,465,581.04 before offsetting, including CNY 150,552,047.66 attributable to unrealized profit on internal transactions. Management links their increase to that internal-profit timing difference, not additional customer cash. Deferred-tax liabilities totaled CNY 262,024,127.84, including CNY 209,705,907.26 from differences between accounting and tax depreciation. These balances are not taxes paid, tax refunds already received or project grants. Deductible losses of CNY 102,358,777.35 were listed without recognized deferred-tax assets, with an expiry schedule; this is the loss base rather than the value of a guaranteed tax benefit. Current-tax expense, cash payments and jurisdiction-specific policies are separate measures, explained in the companion income-tax discussion. Deferred-tax balances alone do not establish cash available for operations.

Consolidated income-tax expense was CNY 439,193,672.71: current tax of CNY 423,944,741.51 and deferred tax of CNY 15,248,931.20. These are expense measures, not cash paid. The historical tax note lists 25% for the listed parent, 22.50% for the Egyptian subsidiary and 15% for several named Chinese operating subsidiaries. Applying the parent's rate to group profit therefore gives a different result: the reconciliation starts at CNY 706,007,082.91 and includes a negative CNY 283,549,855.32 effect from subsidiary rates, alongside associate income, loss utilization and other adjustments. These issuer-reported rates concern FY2018, not a uniform group rate or current tax entitlement.

Group tax expense / 2018 / FY2018 A share/CAS.

RMB 439,193,672.71

Current tax expense / 2018 / FY2018 A share/CAS.

RMB 423,944,741.51

Deferred tax expense / 2018 / FY2018 A share/CAS.

RMB 15,248,931.2

Signed subsidiary-rate reconciliation effect / 2018 / FY2018 A share/CAS.

RMB -283,549,855.32

The profit statement records a CNY 31,466,534.31 fair-value loss across trading assets and liabilities. Separately, precious-metal forward investment income was CNY 7,662,936.02; the cash-flow note also identifies CNY 7,662,936.02 of precious-metal forward cash receipts. The matching amount supports that particular receipt, not a general conclusion that all derivative gains or losses were cash settled. It also does not establish that metal purchase costs or currency exposure were fully hedged.

Signed fair-value change / 2018 / FY2018 A share/CAS.

RMB -31,466,534.31

Precious-metal forward investment income / 2018 / FY2018 A share/CAS.

RMB 7,662,936.02

Precious-metal forward cash receipts / 2018 / FY2018 A share/CAS.

RMB 7,662,936.02

The issuer's non-recurring schedule totals negative CNY 21,730,558.62 after its signed tax and minority adjustments. It combines disposal losses, a qualifying government-subsidy category, fair-value losses, other non-operating items and precious-metal forward income. The total is not a single cash loss or a measure of all grants. Its negative sign means the reported non-recurring aggregate reduced attributable profit under that schedule; interpreting operating performance still requires the product, capacity, demand and cash evidence described elsewhere.

Signed after-adjustment non-recurring aggregate / 2018 / FY2018 A share/CAS.

RMB -21,730,558.62

The issuer describes customer credit checks, monitoring and special approval before extending credit for transactions outside an operating entity's functional currency. It states that trade receivables had no collateral or other credit enhancement and describes no significant credit-risk concentration across its diversified customer base. These are its controls and assessment, not an independent finding that losses cannot occur. The disclosed defaulted bills and receivable allowances must still be read alongside this description. Similarly, matching currencies and maturities through foreign-exchange forwards, and using foreign-currency liabilities at overseas entities, describe risk-management mechanisms without establishing complete hedge coverage. The reported liabilities-to-assets ratio was 51.99%, compared with 49.36% a year earlier; it is not an interest-bearing-debt-only leverage measure.

Issuer-reported liabilities-to-assets ratio / 2018 / FY2018 year end disclosed in FY2018 A share/CAS.

51.99%

Prior issuer-reported liabilities-to-assets ratio / 2017 / FY2017 year end disclosed in FY2018 A share/CAS.

49.36%

Closing prepayments were CNY 130,302,791.00, compared with CNY 317,865,067.80 at opening. CNY 127,207,095.19, or 97.62%, was aged within one year. The issuer explains significant older unsettled prepayments as not yet reaching their contractual settlement dates. The five largest recipients represented 32.50% of the balance. These balances are payments in advance, separate from operating advances classified under other receivables; a decrease alone does not identify deliveries, refunds or a change in supplier terms. A different non-current account contains CNY 63,920,375.00 of land-concession prepayment. The table's opening cell is blank, which is not encoded as zero or equated with FY2018 cash spending. The account identifies a land-acquisition stage, not equipment delivered or a registered land-use right. This note gives no parcel, completed-title evidence or direct allocation to a named project, so it cannot supply a verified project address or establish that a factory has acquired the site.

Closing prepayments / 2018 / FY2018 A share/CAS.

RMB 130,302,791

Opening prepayments / 2018 / FY2018 A share/CAS.

RMB 317,865,067.8

Closing prepayments aged within one year / 2018 / FY2018 A share/CAS.

RMB 127,207,095.19

Closing non-current land-concession prepayment / 2018 / FY2018 A share/CAS.

RMB 63,920,375

Transport was the largest disclosed component of selling expense: CNY 313,031,294.15 in FY2018, compared with CNY 258,759,173.56 in FY2017. Total selling expense increased from CNY 321,286,725.11 to CNY 385,689,900.71, and management identifies increased transport expense as its explanation. Separately classified port and customs charges were CNY 21,299,972.01, compared with CNY 12,804,303.22. These amounts show the financial scale of distribution under this year's accounting classification. They do not identify freight per tonne, routes, customer delivery terms or a freight-price versus shipment-volume effect. The separate administrative-expense transport category is outside this selling-expense total, so this table is not a complete all-company logistics-cost measure. A later reclassification of contract-fulfilment costs would require a comparable basis before interpreting a lower selling-expense ratio as an operating improvement.

Transport in selling expense FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 313,031,294.15

Transport in selling expense FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 258,759,173.56

Selling expense FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 385,689,900.71

Selling expense FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 321,286,725.11

Port and customs charges FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 21,299,972.01

Port and customs charges FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 12,804,303.22

The employee-compensation payable roll-forward opened at CNY 23,837,362.23, recorded additions of CNY 1,018,971,889.83 and reductions of CNY 996,340,652.30, and closed at CNY 46,468,599.76. Additions comprise short-term compensation of CNY 949,516,826.22, defined-contribution post-employment benefits of CNY 68,085,493.55 and termination benefits of CNY 1,369,570.06. This is a movement in employee obligations, rather than a production-labor-only expense or a payroll cash-flow statement. Consolidated cash paid to and for employees was CNY 891,718,514.33; the filing does not provide a complete item-by-item bridge from that cash row to reductions in this payable note. Administrative expense separately includes employee compensation of CNY 279,369,727.85, compared with CNY 254,902,212.69, and depreciation of CNY 34,592,373.23, compared with CNY 32,801,252.02. Management's remuneration and depreciation explanation therefore has disclosed components, but does not isolate wage-rate increases from staffing, job mix or asset additions. Do not add these expense categories to the total payable additions or divide them by year-end headcount to invent average pay. Routine welfare and education-fund movements are kept in the evidence archive; they do not establish measured training outcomes, a named factory disruption or the reason for termination benefits.

Opening employee compensation payable / 2018 / FY2018 A share/CAS, consolidated. 2018 opening balance; employee obligation movements, cash payments and expense categories are distinct.

RMB 23,837,362.23

Employee compensation payable additions / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 1,018,971,889.83

Employee compensation payable reductions / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 996,340,652.3

Closing employee compensation payable / 2018 / FY2018 A share/CAS, consolidated. 2018 closing balance; employee obligation movements, cash payments and expense categories are distinct.

RMB 46,468,599.76

Short-term compensation additions / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 949,516,826.22

Defined-contribution compensation additions / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 68,085,493.55

Termination-benefit additions / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 1,369,570.06

Cash paid to and for employees / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 891,718,514.33

Administrative employee compensation FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 279,369,727.85

Administrative employee compensation FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 254,902,212.69

Administrative depreciation FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 34,592,373.23

Administrative depreciation FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual amount; employee obligation movements, cash payments and expense categories are distinct.

RMB 32,801,252.02

Tax payables closed FY2018 at CNY 418,385,964.97, compared with an opening balance of CNY 291,210,706.78. Corporate income tax within that total was CNY 303,161,315.71 at year-end, versus CNY 200,539,388.84 at the beginning of the year. These are reporting-date tax obligations, rather than tax payments or income-tax expense for the year; the table does not establish that the balances are overdue. Consolidated cash paid for taxes was CNY 695,793,932.47, compared with CNY 798,508,425.42 in FY2017. That cash-flow row covers all taxes and is not identified as income-tax-only cash payments. It therefore differs in scope from the current and deferred income-tax expense explained separately on this page. Tax refunds appear as a separate cash receipt, and prepaid tax or VAT offsets and deferred-tax assets have different classifications. The inspected rows do not supply a complete bridge by tax between accruals, unpaid balances and payments. They cannot establish an income-tax cash rate or explain the movement in operating cash solely through the increase in tax payables.

Opening tax payables / 2018 / FY2018 A share/CAS, consolidated. 2018 opening balance; unpaid tax balance and cash paid for all taxes are distinct from income tax expense.

RMB 291,210,706.78

Closing tax payables / 2018 / FY2018 A share/CAS, consolidated. 2018 closing balance; unpaid tax balance and cash paid for all taxes are distinct from income tax expense.

RMB 418,385,964.97

Opening corporate income tax payable / 2018 / FY2018 A share/CAS, consolidated. 2018 opening balance; unpaid tax balance and cash paid for all taxes are distinct from income tax expense.

RMB 200,539,388.84

Closing corporate income tax payable / 2018 / FY2018 A share/CAS, consolidated. 2018 closing balance; unpaid tax balance and cash paid for all taxes are distinct from income tax expense.

RMB 303,161,315.71

Cash paid for all taxes FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual amount; unpaid tax balance and cash paid for all taxes are distinct from income tax expense.

RMB 695,793,932.47

Cash paid for all taxes FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual amount; unpaid tax balance and cash paid for all taxes are distinct from income tax expense.

RMB 798,508,425.42

The impairment-expense note identifies bad-debt expense of CNY 108,970,813.40 for FY2018, compared with CNY 40,043,501.51 in FY2017. This is an expense recognized in profit, rather than customer cash recovered or the amount of receivables written off. The separate trade-receivable and other-receivable notes report allowance charges of CNY 106,542,565.98 and CNY 2,397,255.74. Their sum is CNY 30,991.68 below the bad-debt expense total; the inspected passages do not supply a complete bridge explaining that difference. It is retained as a scope-reconciliation question, without assuming an exchange-rate cause or a proven reporting error. This comparison is distinct from the unresolved opening-to-closing allowance movements described alongside the receivable balances. The higher expense establishes the recorded credit-loss burden for this year; it does not by itself quantify a change in demand, identify future recoveries or prove that every bill or customer account deteriorated.

Bad-debt expense FY2018 / 2018 / FY2018 A share/CAS, consolidated. 2018 annual bad debt expense; distinct from allowance charges, write offs and cash collections.

RMB 108,970,813.4

Bad-debt expense FY2017 / 2017 / FY2018 A share/CAS, consolidated. 2017 annual bad debt expense; distinct from allowance charges, write offs and cash collections.

RMB 40,043,501.51

Within other financing cash receipts, the issuer identifies CNY 377,918,333.31 from bill discounting and CNY 19,384,730.95 from raised-fund and investment-management income. It also reports CNY 15,000,000.00 of finance-lease deposits recovered. These are specifically classified financing receipts, rather than additional product revenue or new orders; the aggregate rows do not allocate the proceeds to a named factory or identify every financing instrument. Other financing cash payments include CNY 101,499,814.41 of finance-lease payments. That is cash paid during FY2018 and differs from the contractual minimum payments remaining at year-end explained separately. Recovery of a lease deposit likewise differs from the outstanding lease liability and from recognition of a leased production asset. Customer collections, bill discounting, ordinary borrowing and lease cash therefore need their disclosed cash-flow classifications when assessing how construction and operations were funded.

Bill-discounting financing receipts FY2018 / 2018 / FY2018 A share/CAS, consolidated. FY2018 other financing cash flow category; not closing debt, project expenditure or product revenue.

RMB 377,918,333.31

Raised-fund and investment-management financing receipts FY2018 / 2018 / FY2018 A share/CAS, consolidated. FY2018 other financing cash flow category; not closing debt, project expenditure or product revenue.

RMB 19,384,730.95

Finance-lease deposit cash recovered FY2018 / 2018 / FY2018 A share/CAS, consolidated. FY2018 other financing cash flow category; not closing debt, project expenditure or product revenue.

RMB 15,000,000

Finance-lease cash payments FY2018 / 2018 / FY2018 A share/CAS, consolidated. FY2018 other financing cash flow category; not closing debt, project expenditure or product revenue.

RMB 101,499,814.41

Operating activities generated CNY 3,862,006,789.83 of net cash, while investing activities used a net CNY 5,517,097,259.84. Financing activities provided net cash of CNY 1,163,001,540.42. Management attributes stronger operating cash to customer cash receipts, the larger investing outflow to payments for fixed-asset investment, and financing cash to increased borrowing and fewer repayments of maturing loans. These are net cash-flow categories: investing outflow is not gross plant capital expenditure, and financing inflow is not the closing debt balance. They provide funding context for simultaneous projects without allocating spending or cash generation to an individual base.

Net operating cash flow / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 3,862,006,789.83

Net investing cash flow / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB -5,517,097,259.84

Net financing cash flow / 2018 / FY2018 A share/CAS. Management discussion, stated category and denominator retained; not factory output or customer level allocation.

RMB 1,163,001,540.42

The 2012 corporate bond had a stated principal balance of CNY 1,200,000,000, a 5.56% annual coupon and maturity on 17 October 2019. The report says the interest due in October 2018 was paid on time and the original proceeds had been used to repay bank loans. This distinguishes interest paid during 2018 from principal scheduled after year-end. At the reporting date, bank credit lines were CNY 27,912,000,000 and registered bond issuance capacity CNY 6,200,000,000; the issuer reports used credit of CNY 12,661,000,000. Registered bond capacity is not cash already raised, and the combined headline capacity is not a guarantee that lenders will fund a new plant. The report attributes lower current and quick ratios to more non-current liabilities falling due within a year. Its no-default statement concerns the reported period, not future repayment assurance.

Stated2012 corporate-bond principal balance / 2018 / FY2018 A share/CAS. Contract principal, not effective interest amortized carrying amount; maturity2019 10 17.

RMB 1,200,000,000

Bank credit facilities / 2018 / FY2018 A share/CAS. Disclosed facility/registration/used credit scopes separate; not unrestricted cash or confirmed future refinancing.

RMB 27,912,000,000

Registered bond issuance capacity / 2018 / FY2018 A share/CAS. Disclosed facility/registration/used credit scopes separate; not unrestricted cash or confirmed future refinancing.

RMB 6,200,000,000

Issuer-reported used credit / 2018 / FY2018 A share/CAS. Disclosed facility/registration/used credit scopes separate; not unrestricted cash or confirmed future refinancing.

RMB 12,661,000,000

Short-term borrowings closed at CNY 4,931,434,616.43. Separately, non-current liabilities due within one year totaled CNY 3,134,129,181.32, including long-term loans of CNY 1,557,137,360.00, bonds of CNY 1,497,673,494.60 and long-term payables of CNY 79,318,326.72. Long-term borrowing remaining non-current was CNY 2,653,316,858.19. Non-current bonds closed at CNY 399,350,000.03: the note explicitly says the 2012 bond and 2014 medium-term note were reclassified into current maturities. Their disappearance from the non-current bond rows is therefore not evidence that principal was repaid. Two new three-year instruments dated 7 May and 13 December 2018 each had CNY 200,000,000.00 face issuance, distinct from their amortized carrying values. The cash-flow statement leaves its bond-issuance receipt row blank; it does not supply a one-to-one bridge to these contracts. Borrowing receipts must not all be renamed bank-loan receipts. Guarantees disclosed elsewhere are not mechanically added to these balances as new debt.

Short-term borrowings / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 4,931,434,616.43

Non-current liabilities due within one year / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 3,134,129,181.32

Current maturities of long loans / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,557,137,360

Current maturities of bonds / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,497,673,494.6

Current maturities of long payables / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 79,318,326.72

Non-current long loans / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 2,653,316,858.19

Non-current bonds carrying value / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 399,350,000.03

Face issuance of each of the two named2018 notes / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Each named note separately; not combined400m cash receipt.

RMB 200,000,000

Cash paid for property, plant, intangible and other long-term assets was CNY 6,054,195,562.43. This gross asset-purchase cash is distinct from net investing cash and from the construction-in-progress carrying values of individual projects. Borrowing receipts were CNY 8,659,286,458.02 and debt repayments were CNY 6,850,229,988.75. Cash received from minority investors in subsidiaries was CNY 217,219,183.90, not a new cash share issue by the listed parent. The combined dividends, profit distributions and interest payment row of CNY 1,177,266,052.20 is not dividend-only cash. Exchange-rate effects on cash were CNY 142,663,494.03; they are separate from operating, investing and financing net flows. Taken together, those flows reconcile to the reported decline in cash. Annual investment and recovery of investments include treasury flows and do not identify unique spending on a named factory.

Gross long-term-asset purchase cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 6,054,195,562.43

Borrowing cash received / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 8,659,286,458.02

Debt cash repaid / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 6,850,229,988.75

Subsidiary minority-investor cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 217,219,183.9

Combined distribution and interest cash paid / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 1,177,266,052.2

Exchange-rate effect on cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 142,663,494.03

Foreign-currency monetary funds translated into CNY were CNY 529,541,981.99, whereas the monetary-funds note reports CNY 352,737,858.28 located abroad. These amounts answer different questions and should not be reconciled as the same pool. Foreign-currency trade receivables were CNY 895,367,342.86; foreign-currency short and long borrowings were CNY 296,434,616.43 and CNY 608,079,520.00 respectively, all translated amounts rather than original foreign-currency units. A forward-exchange fair-value liability of CNY 30,232,980.03 was also disclosed. Management describes currency matching and forward transactions, but these balances do not establish full hedge coverage or cash settlement of the fair-value liability. Historical currency exposure must be distinguished from export-market revenue and the geography of factories.

CNY-translated foreign-currency monetary funds / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 529,541,981.99

CNY-translated foreign-currency trade receivables / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 895,367,342.86

CNY-translated foreign-currency short borrowings / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 296,434,616.43

CNY-translated foreign-currency long borrowings / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 608,079,520

Forward-exchange fair-value liability / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only.

RMB 30,232,980.03

The parent-only cash statement reports negative operating cash of CNY 78,884,248.48 and closing cash of CNY 345,106,874.85. The consolidated statement reports positive operating cash of CNY 3,862,006,789.83 and closing cash of CNY 1,488,076,068.09. They are different reporting entities, not contradictory versions of one operating result. The auditor describes centralized external sales for the domestic consolidated entities and the importance of eliminating internal transactions. Parent-only cash cannot describe all factories' liquidity, while consolidated cash does not establish that every subsidiary's funds are immediately transferable to the parent. This distinction is relevant when comparing shareholder distributions with factory investment funding.

Parent-only net operating cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Parent only; not consolidated group cash.

RMB -78,884,248.48

Parent-only closing cash / 2018 / FY2018 A share/CAS, consolidated unless explicitly parent only. Parent only; not consolidated group cash.

RMB 345,106,874.85

Asset-related deferred government grants opened at CNY 55,506,733.18. Additions of CNY 38,456,711.56 and releases of CNY 4,201,428.69 brought the closing balance to CNY 89,762,016.05. The schedule includes the intelligent manufacturing programme, green manufacturing, waste recycling and high-strength/high-modulus glass fiber. A grant balance is not customer revenue, additional production capacity or evidence that the supported product has reached commercial scale. The grant programme's capacity label should not be added again to individual line capacities.

Opening deferred asset grants / 2018 / FY2018 A share/CAS.

RMB 55,506,733.18

Asset-grant additions / 2018 / FY2018 A share/CAS.

RMB 38,456,711.56

Asset grants released to profit / 2018 / FY2018 A share/CAS.

RMB 4,201,428.69

Closing deferred asset grants / 2018 / FY2018 A share/CAS.

RMB 89,762,016.05

The JS304 US project received a new asset-related grant of CNY 29,906,711.56, which remained deferred at year end without a current-year release in that row. The issuer links the support to a 2016 memorandum with Richland County and South Carolina economic authorities for site preparation, infrastructure and land improvements. This identifies support for the US development; it does not establish operating sales, full utilization or an independently inspected grant agreement.

US JS304 asset-grant addition / 2018 / FY2018 A share/CAS.

RMB 29,906,711.56

The government-grant summary reports CNY 70,331,026.46, split between CNY 31,874,314.90 recognized in profit and CNY 38,456,711.56 deferred. Profit recognition includes CNY 20,536,417.90 in other income and CNY 11,337,897.00 in non-operating income. Separately, the cash-flow note reports CNY 66,129,597.77 of government-grant receipts, while the non-recurring schedule includes a narrower CNY 27,672,886.21 subsidy category that excludes qualifying normal-business subsidies. These schedules do not provide a complete bridge from summary to cash. They should not be forced into one cash or non-recurring figure.

Government-grant summary amount / 2018 / FY2018 A share/CAS.

RMB 70,331,026.46

Grants recognized in profit / 2018 / FY2018 A share/CAS.

RMB 31,874,314.9

Government-grant cash receipts / 2018 / FY2018 A share/CAS.

RMB 66,129,597.77

Non-recurring subsidy category / 2018 / FY2018 A share/CAS.

RMB 27,672,886.21

Finance expense totaled CNY 341,228,910.80. Its components were interest expense of CNY 452,139,507.06, interest income shown as negative CNY 36,238,604.90, exchange loss shown as negative CNY 83,559,043.03 and other costs of CNY 8,887,051.67. The negative exchange-loss entry represents a net exchange gain within this expense schedule. It is distinct from the cash-flow statement's translation effect on cash, and total finance expense is not cash interest paid. Borrowing costs capitalized in construction are addressed separately in project accounts.

Interest expense / 2018 / FY2018 A share/CAS.

RMB 452,139,507.06

Signed interest-income component / 2018 / FY2018 A share/CAS.

RMB -36,238,604.9

Signed exchange-loss component / 2018 / FY2018 A share/CAS.

RMB -83,559,043.03

Other finance expense / 2018 / FY2018 A share/CAS.

RMB 8,887,051.67

Total finance expense / 2018 / FY2018 A share/CAS.

RMB 341,228,910.8

Remaining minimum finance-lease payments at year end were CNY 135,313,549.61: CNY 85,003,203.35 within one year and CNY 50,310,346.26 in the following year. Unrecognized finance costs were CNY 6,308,548.24. These are future contractual payments, not current-year cash use. The disclosed sale-and-leaseback contract covered production equipment valued at CNY 373,626,596.64 over five years. The equipment remained in Jushi Group's possession without physical delivery to the lessor; the transaction should not be interpreted as a plant closure or removal of production assets. The disclosure also identifies a joint guarantee. The historical contract description alone does not date a new FY2018 cash inflow.

Remaining minimum finance-lease payments / 2018 / FY2018 A share/CAS.

RMB 135,313,549.61

Minimum finance-lease payments within one year / 2018 / FY2018 A share/CAS.

RMB 85,003,203.35

Minimum finance-lease payments in following year / 2018 / FY2018 A share/CAS.

RMB 50,310,346.26

Unrecognized finance costs / 2018 / FY2018 A share/CAS.

RMB 6,308,548.24

The restricted-assets note identifies CNY 2,096,531,915.16 of closing carrying values: CNY 15,625,544.82 of monetary funds as deposits, CNY 2,056,773,485.07 of fixed assets associated with secured borrowing and finance leases, and CNY 24,132,885.27 of intangible assets pledged for borrowing. This identifies assets already tied to financing, rather than new debt, cash expenditure or an estimate of sale proceeds. The aggregate disclosure does not allocate the restrictions to each factory or show that operations were halted. Its deposit amount is the same restricted balance explained in the cash reconciliation, not an additional deduction from available cash.

Restricted asset carrying-value total / 2018 / FY2018 year end disclosed in FY2018 A share/CAS.

RMB 2,096,531,915.16

Restricted monetary funds as deposits / 2018 / FY2018 year end disclosed in FY2018 A share/CAS.

RMB 15,625,544.82

PPE associated with borrowing security and finance leases / 2018 / FY2018 year end disclosed in FY2018 A share/CAS.

RMB 2,056,773,485.07

Intangibles pledged for borrowing / 2018 / FY2018 year end disclosed in FY2018 A share/CAS.

RMB 24,132,885.27

The issuer states that 78.12% of debt matured in less than one year at the 2018 close, compared with 63.90% at the 2017 close. This is its disclosed debt measure, not a newly calculated percentage of bank loans alone; the text does not give a separate denominator bridge. The adjacent maturity schedule covers financial liabilities including trade bills, trade payables, interest, other payables and derivative liabilities as well as borrowings. Its liability categories should not all be renamed bank debt, nor treated as guarantees to be added again. The company describes balancing continued access and flexibility through borrowing, finance leases and other interest-bearing finance. It also reports approximately 54.13% of interest-bearing borrowing at fixed rates, compared with 53.52% a year earlier. This helps distinguish refinancing timing from exposure to rate changes; it does not quantify future refinancing terms or establish that funding is guaranteed.

Issuer-reported debt maturing in less than one year / 2018 / FY2018 year end disclosed in FY2018 A share/CAS. Issuer debt wording; denominator not independently reconstructed.

78.12%

Prior issuer-reported debt maturing in less than one year / 2017 / FY2017 year end disclosed in FY2018 A share/CAS. Issuer comparative debt wording; not a bank only ratio.

63.9%

The other-comprehensive-income note records a CNY 161,055,599.91 foreign-currency financial-statement translation movement: CNY 148,193,253.57 attributable to the parent and CNY 12,862,346.34 to minority interests. A negative CNY 2,937,265.22 equity-method item brings total other comprehensive income to CNY 158,118,334.69, of which CNY 145,255,988.35 is attributable to the parent. This describes translation of overseas financial statements into the group's presentation currency; it is distinct from an exchange gain in the finance-expense schedule and the cash-flow statement's exchange effect on cash. The translation movement is not another operating cash receipt, customer sale or profit-statement exchange gain. These measures belong to different accounting scopes and should not be added to estimate cash available for new plants.

Foreign-statement translation movement before displayed allocations / 2018 / FY2018 A share/CAS.

RMB 161,055,599.91

Foreign-statement translation attributable to parent / 2018 / FY2018 A share/CAS.

RMB 148,193,253.57

Foreign-statement translation attributable to minority interests / 2018 / FY2018 A share/CAS.

RMB 12,862,346.34

Signed equity-method other comprehensive income / 2018 / FY2018 A share/CAS.

RMB -2,937,265.22

Total current other comprehensive income / 2018 / FY2018 A share/CAS.

RMB 158,118,334.69

Other comprehensive income attributable to parent / 2018 / FY2018 A share/CAS.

RMB 145,255,988.35

Continuous glass-fiber furnace operation makes fuel availability an operating constraint. The issuer identifies exposure to electricity, natural gas, ores and chemical inputs, and describes gas-supply stations, storage tanks and vehicle-based backup supply. It says emergency gas can reach a production base within two to twelve hours; this is its contingency description, not an independently tested delivery guarantee or evidence that no interruption occurred. Central purchasing, competitive tenders and long-term contracts are described as cost controls, without proving fixed input prices or quantifying their savings. The historical risk discussion also links overseas business to trade barriers affecting Chinese exports and Egyptian supply routes. It reports that Turkey ended its investigation of Egyptian glass-fiber products in September 2018 with a zero dumping rate for the investigated enterprises, while US-China tariff developments remained uncertain. These are statements in this FY2018 filing, not a current tariff determination or clearance for every shipment. Management expected the approaching US factory ignition to reduce trade exposure, but the annual narrative does not establish US production during 2018 or quantify the resulting earnings protection. Receivable, inventory, interest-rate and currency risks should be read alongside the separate cash and debt explanations.

The board approved a proposed FY2018 cash distribution on 19 March 2019, after the reporting year, for submission to shareholders. It proposed CNY 2.25 per ten shares, tax included, using 3,502,306,849 shares, with a printed total of CNY 788,019,041.03. It proposed no capital-reserve capitalization for FY2018. Although the preceding narrative uses distribution language, the explicit approval-status paragraph makes this a proposal in this filing. It does not establish shareholder approval, a payment date or cash paid during 2018. The printed proposal is retained as stated in this annual report.

Proposed FY2018 cash distribution, not cash paid / 2018 / FY2018 A share/CAS. Board proposal dated2019 03 19, after reporting period; not actual cash flow or a closing liability.

RMB 788,019,041.03

The FY2017 distribution and capital-reserve capitalization were approved by shareholders on 11 April 2018 and reported as implemented on 17 May 2018. The prior-year dividend total was CNY 729,647,260.25, tax included. The reserve capitalization issued two shares per ten existing shares: 583,717,808 additional shares increased the total from 2,918,589,041 to 3,502,306,849. This was a conversion of capital reserves, not a cash subscription by outside investors. The annual share-change table identifies the same mechanism. The entitlement year, implementation year and cash-flow statement scope must be distinguished; the proposal for FY2018 is a separate subsequent decision.

FY2017 distribution reported implemented in2018 / 2018 / FY2018 A share/CAS. FY2017 entitlement, implementation2018 05 17; not proposed FY2018 dividend.

RMB 729,647,260.25

Shares added through reserve capitalization / 2018 / FY2018 A share/CAS. Reserve capitalization, not new cash issue; opening count explicitly precedes movement.

583,717,808 shares

Opening ordinary shares / 2018 / FY2018 A share/CAS. Reserve capitalization, not new cash issue; opening count explicitly precedes movement.

2,918,589,041 shares

Closing ordinary shares / 2018 / FY2018 A share/CAS. Reserve capitalization, not new cash issue; opening count explicitly precedes movement.

3,502,306,849 shares

The shareholder table records China National Building Material Company Limited (CNBM) with 944,653,675 shares, or 26.97%, and Zhenshi Holding with 546,129,059 shares, or 15.59%. The dedicated control section identifies CNBM as controlling shareholder and China National Building Material Group as actual controller; the report gives no control change during the year. Zhenshi pledged 510,039,981 of its shares. This is the shareholder's pledge of Jushi equity, not a disclosed pledge of the company's factory assets or proof of a default. The report states that CNBM and Zhenshi are neither related nor acting in concert, while relationships among other listed holders are unknown. A wording difference must be preserved: the financial related-party note calls CNBM Company Limited the ultimate controlling party, whereas the dedicated actual-controller section names CNBM Group. This does not justify merging the two entities or inventing a control change.

CNBM direct Jushi shares / 2018 / FY2018 A share/CAS. Named shareholder balance; pledge not company asset collateral.

944,653,675 shares

Zhenshi direct Jushi shares / 2018 / FY2018 A share/CAS. Named shareholder balance; pledge not company asset collateral.

546,129,059 shares

Zhenshi pledged Jushi shares / 2018 / FY2018 A share/CAS. Named shareholder balance; pledge not company asset collateral.

510,039,981 shares

CNBM Group and CNBM Company Limited committed to address competition with other glass-fiber and related-product businesses within three years from 18 December 2017. The contemplated mechanisms included entrusted management, asset restructuring, equity swaps and business adjustments, subject to applicable rules and protection of minority shareholders. The 2018 report marks performance as timely while also saying the parties were discussing feasible plans. This is an outstanding integration commitment within its stated timetable, not evidence that competing operations were already merged or eliminated. The governance section refers back to the same undertaking. Subsequent-year outcomes are not inserted into the 2018 account.

The company and its subsidiaries reported CNY 11,608,820,000.00 of guarantees occurring during the year for subsidiaries and CNY 5,534,140,000.00 outstanding at year-end. The closing total was reported as 37.96% of company net assets. Guarantees for entities with debt-to-asset ratios above 70% were CNY 106,890,000.00. The report states that all guarantees were for subsidiaries; the categories excluding subsidiaries and guarantees for shareholders, controllers and their related parties were zero. These categories do not establish zero group credit exposure. Annual occurrences and outstanding guarantees are different measures, and neither amount is automatically additional borrowing, a cash outflow, a guarantee called or a project spending allocation. The ratio should not be recalculated using parent-attributable equity alone.

Annual subsidiary guarantee occurrences / 2018 / FY2018 A share/CAS. Annual occurrence and outstanding balance separate; contractual exposure, not cash paid.

RMB 11,608,820,000

Outstanding subsidiary guarantees / 2018 / FY2018 A share/CAS. Annual occurrence and outstanding balance separate; contractual exposure, not cash paid.

RMB 5,534,140,000

Guarantees for entities above70% debt/assets / 2018 / FY2018 A share/CAS. Annual occurrence and outstanding balance separate; contractual exposure, not cash paid.

RMB 106,890,000

Guarantees excluding subsidiaries / 2018 / FY2018 A share/CAS. Annual occurrence and outstanding balance separate; contractual exposure, not cash paid.

RMB 0

Guarantees for shareholders/controllers and related parties / 2018 / FY2018 A share/CAS. Annual occurrence and outstanding balance separate; contractual exposure, not cash paid.

RMB 0

The governance section states that a separate internal-control audit by Baker Tilly China received an unmodified opinion and refers readers to the separately disclosed report. It reports no material internal-control defect under that heading. This is the annual report's description of a separate document, not direct inspection of that document here or assurance on this research database. The company reports no director, supervisor or senior-management changes during the year. It reports no major litigation or arbitration and does not mark the listed penalty/remediation heading as applicable; these are scoped issuer disclosures, not universal legal clearance. Operational leadership includes executives serving at CNBM and Zhenshi; those appointments explain shareholder links without by themselves establishing misconduct. General meeting attendance and biographies are condensed rather than used as evidence that conflicts or operating risks cannot exist.

The dedicated shareholder table reports 510,039,981 Zhenshi shares pledged, while the other-important-matters note reports 510,039,918. Both values are retained with their respective sources. The filing does not provide a dated movement bridge that explains the difference, so it is not treated as a verified pledge change. This concerns a shareholder's shares, not a new company borrowing amount.

Zhenshi pledged shares in other-important-matters note / 2018 / FY2018 A share/CAS. Source discrepancy with dedicated shareholder table, not a resolved movement.

510,039,918 shares

The consolidated retained-earnings movement opens at CNY 5,215,634,884.76, adds CNY 2,373,978,329.74 of profit attributable to the parent, and deducts CNY 70,730,638.57 appropriated to statutory surplus reserve and CNY 729,647,260.25 of ordinary-share dividends, closing at CNY 6,789,235,315.68. The reserve account separately rises from CNY 377,913,905.94 to CNY 448,644,544.51 by the same appropriation. Moving profit into a reserve is an equity allocation, not another operating expense or cash outflow. The dividend entry relates to the prior-year distribution implemented in 2018; the FY2018 dividend proposed in March 2019 has a different approval and payment stage. Neither retained earnings nor surplus reserve is a measure of bank cash, freely available construction funding or an independently established amount legally available for a future distribution. Readers should use the separate cash, project-funding and proposal explanations alongside this allocation.

Opening consolidated retained earnings / 2018 / FY2018 A share/CAS.

RMB 5,215,634,884.76

Current profit attributable to parent / 2018 / FY2018 A share/CAS.

RMB 2,373,978,329.74

Current statutory surplus-reserve appropriation / 2018 / FY2018 A share/CAS.

RMB 70,730,638.57

Ordinary dividends deducted in retained-earnings movement / 2018 / FY2018 A share/CAS.

RMB 729,647,260.25

Closing consolidated retained earnings / 2018 / FY2018 A share/CAS.

RMB 6,789,235,315.68

Opening consolidated statutory surplus reserve / 2018 / FY2018 A share/CAS.

RMB 377,913,905.94

Closing consolidated statutory surplus reserve / 2018 / FY2018 A share/CAS.

RMB 448,644,544.51

Baker Tilly China issued an unmodified opinion on the consolidated and parent financial statements under Chinese Accounting Standards, dated 19 March 2019. Two key audit matters were fiber-product revenue recognition and completeness of eliminating transactions within the consolidated group. Revenue was recognized when ownership risks and rewards transferred; audit procedures included samples of contracts and shipping/delivery records, customs confirmation and cutoff testing. Domestic fiber-product sales by consolidated Chinese entities were centralized for external sale, making internal elimination important. A key audit matter is not a separate opinion or an identified qualification. The auditor explicitly excludes the remainder of annual-report information from its financial-statement assurance; this opinion does not independently verify every factory claim, future plan or this English research page.

The issuer reclassified government-grant cash receipts into operating activities regardless of whether grants supported assets or income. This increased the relevant operating receipt presentation by CNY 38,456,711.56 for 2018 and CNY 8,700,000.00 for the 2017 comparison, with corresponding reductions in financing receipts. The reclassification does not create extra cash or customer sales. The presentation change also split research expenditure out of administrative expenses; the 2017 research comparison was CNY 252,717,051.38. Comparisons should use the restated categories instead of interpreting the change as a new operating event.

2018 operating grant-receipt reclassification / 2018 / FY2018 A share/CAS.

RMB 38,456,711.56

2017 operating grant-receipt reclassification / 2017 / FY2017 comparative restated in FY2018 A share/CAS.

RMB 8,700,000

These historical statements use Chinese Accounting Standards and CNY presentation. The company consolidates controlled entities, separately identifies minority interests and eliminates intra-group balances and unrealized internal profits. Thus a parent sale to a manufacturing subsidiary and the subsidiary's external sale cannot simply be added to estimate the group's business. The FY2018 goods-revenue policy requires transfer of significant risks and rewards, loss of continuing control, reliable measurement and probable economic benefits; it does not make ignition, a production budget or a customer's industry application sufficient evidence of sales. The audit treated glass-fiber revenue recognition and internal transaction elimination as key matters, with sampled contracts, dispatch documents and shipment cut-off work. That financial audit does not extend its opinion to every annual-report business narrative. These are the disclosed FY2018 rules, not an assumed IFRS restatement or a claim that all later years use identical recognition rules.

The environmental table separately names Jushi Group, Jushi Chengdu and Lianyungang Zhongfu Lianzhong. Jushi Group reports nitrogen-oxide emissions of 121.02 tonnes against an approved annual quantity of 567.737 tonnes; Chengdu reports 197.13 tonnes against 499.57 tonnes. These are the listed entities' pollutant totals, not greenhouse-gas emissions, production utilization or a worldwide company total. The table marks the disclosed items as not exceeding their stated standards. Management describes wastewater pretreatment and reuse, treated furnace exhaust and monitoring, and reports normal pollution-control operation without environmental violations during 2018. Those are issuer statements within this historical disclosure, not independent regulator verification or a current permit for every existing or relocated plant. Project-specific permit numbers, compliance capital expenditure and quantitative water reuse are not supplied here.

Jushi Group reported NOx emissions / 2018 / FY2018 A share/CAS. Listed entity NOx scope; reported emissions versus approved annual quantity, not carbon or worldwide group total.

121.02 tonnes

Jushi Group approved annual NOx quantity / 2018 / FY2018 A share/CAS. Listed entity NOx scope; reported emissions versus approved annual quantity, not carbon or worldwide group total.

567.737 tonnes

Chengdu reported NOx emissions / 2018 / FY2018 A share/CAS. Listed entity NOx scope; reported emissions versus approved annual quantity, not carbon or worldwide group total.

197.13 tonnes

Chengdu approved annual NOx quantity / 2018 / FY2018 A share/CAS. Listed entity NOx scope; reported emissions versus approved annual quantity, not carbon or worldwide group total.

499.57 tonnes

Construction in progress closed at CNY 4,156,849,872.78. The important-project movement schedule has CNY 3,882,329,691.20 remaining in construction, while other projects account for CNY 274,520,181.58 in the balance table. The important-project schedule reports annual additions of CNY 5,365,193,476.78, transfers to fixed assets of CNY 2,540,906,959.40 and other reductions of CNY 65,623,472.34. These are construction-account movements for the listed projects, not the company's total gross cash capital expenditure. The project columns separately report budget utilization and engineering progress; neither is capacity utilization or customer acceptance. Own funds and borrowing are listed as funding sources, without a project-specific split of actual loan receipts and cash payments.

All construction-in-progress carrying value / 2018 / FY2018 A share/CAS.

RMB 4,156,849,872.78

Important-project closing construction value / 2018 / FY2018 A share/CAS.

RMB 3,882,329,691.2

Other construction projects carrying value / 2018 / FY2018 A share/CAS.

RMB 274,520,181.58

Important-project annual additions / 2018 / FY2018 A share/CAS.

RMB 5,365,193,476.78

Important-project transfers to PPE / 2018 / FY2018 A share/CAS.

RMB 2,540,906,959.4

Important-project other reductions / 2018 / FY2018 A share/CAS.

RMB 65,623,472.34

The US project is labeled an 80,000-tonne-per-year alkali-free glass-fiber line in the financial schedule. Its budget was CNY 2,052,632,700.00, annual construction additions CNY 1,620,098,190.87 and closing construction value CNY 1,923,272,307.23. The schedule reports 93.70% cumulative investment against budget and 95.00% engineering progress, with CNY 2,837,161.23 of current-year capitalized interest at 2.97%. Management's operating narrative says ignition was imminent, not completed. The engineering percentage, construction value and capitalized interest do not establish commercial output or customer deliveries in2018. The historical80,000-tonne label is retained separately from later reports'96,000-tonne wording, for which no direct capacity bridge has been established. The project is linked to its existing historical identity without rewriting later-year capacities.

US80kt project budget / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 2,052,632,700

US project annual construction additions / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 1,620,098,190.87

US project closing construction value / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 1,923,272,307.23

US cumulative investment/budget / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

93.7 percent

US engineering progress / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

95 percent

US annual capitalized interest / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

RMB 2,837,161.23

US current-year capitalization rate / 2018 / FY2018 A share/CAS. Historical80kt schedule scope; progress not utilization.

2.97 percent

The financial note separates phaseI and phaseII of the programme labeled300,000tonnes per year of intelligent glass-fiber manufacturing. PhaseI had a CNY 1,725,293,800.00 budget, CNY 1,047,374,959.40 of annual additions, CNY 1,005,576,703.90 transferred to fixed assets and CNY 109,534,579.75 remaining in construction. Its reported engineering progress was75.00%. PhaseII had a separate CNY 1,195,591,400.00 budget and CNY 407,338,901.68 of additions and closing construction, with35.00% progress. The operating narrative identifies the phaseI roving component as150,000tonnes per year and says it was ignited and put into production. That line milestone differs from the broader phaseI project-account progress. Repetition of300,000tonnes in the programme titles does not prove600,000tonnes of independent additions or justify assigning each phase's whole budget to the individual150,000-tonne line.

Intelligent programme phaseI budget / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 1,725,293,800

PhaseI annual additions / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 1,047,374,959.4

PhaseI transfers to PPE / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 1,005,576,703.9

PhaseI closing construction value / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 109,534,579.75

Intelligent programme phaseII budget / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 1,195,591,400

PhaseII annual additions / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 407,338,901.68

PhaseII closing construction value / 2018 / FY2018 A share/CAS. Programme phase account; not whole budget of individual150kt roving line.

RMB 407,338,901.68

PhaseI engineering progress / 2018 / FY2018 A share/CAS.

75 percent

PhaseII engineering progress / 2018 / FY2018 A share/CAS.

35 percent

The construction schedule combines60,000tonnes per year of electronic yarn with200million meters per year of electronic fabric in one project title. Its budget was CNY 2,186,133,600.00 and both annual additions and closing construction value were CNY 1,264,850,182.93. The schedule reports57.86% investment against budget and55.00% engineering progress. Management separately reports ignition and production of the60,000-tonne fine-yarn phaseI line. Yarn is the upstream material for fabric; the line milestone does not demonstrate that every weaving facility in the combined programme was complete or that200million meters were actually produced. The combined-account budget and progress are retained without assigning them entirely to the yarn component or merging tonnes and meters into one capacity measure.

Combined electronic-yarn/fabric project budget / 2018 / FY2018 A share/CAS. Combined60kt yarn and200million meter fabric account; not yarn only account.

RMB 2,186,133,600

Combined project annual additions / 2018 / FY2018 A share/CAS. Combined60kt yarn and200million meter fabric account; not yarn only account.

RMB 1,264,850,182.93

Combined project closing construction / 2018 / FY2018 A share/CAS. Combined60kt yarn and200million meter fabric account; not yarn only account.

RMB 1,264,850,182.93

Combined project investment/budget / 2018 / FY2018 A share/CAS. Combined60kt yarn and200million meter fabric account; not yarn only account.

57.86 percent

Combined project engineering progress / 2018 / FY2018 A share/CAS. Combined60kt yarn and200million meter fabric account; not yarn only account.

55 percent

The Jiujiang120,000-tonne-per-year alkali-free line had a CNY 1,012,953,900.00 budget, CNY 729,777,613.75 of annual construction additions, CNY 953,647,657.04 transferred to fixed assets and CNY 14,540,162.45 remaining in construction. The schedule reports95.00% engineering progress and CNY 2,357,472.23 of annual capitalized interest. A different30,000-tonne upgrade project transferred CNY 139,903,706.36 to fixed assets and reclassified CNY 59,669,675.17 into the120,000-tonne project. This is an explicit account reclassification, not an additional cash payment or another new line. The receiving schedule does not separately bridge that reclassification against all its additions. The operating narrative's350,000-tonne regional layout is broader than this new line and should not replace its capacity. Existing project identities are retained.

Jiujiang120kt line budget / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 1,012,953,900

Jiujiang120kt construction additions / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 729,777,613.75

Jiujiang120kt transfers to PPE / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 953,647,657.04

Jiujiang120kt closing construction / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 14,540,162.45

Jiujiang120kt annual capitalized interest / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 2,357,472.23

Separate Jiujiang30kt upgrade transfers to PPE / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 139,903,706.36

Separate30kt upgrade reclassified into120kt account / 2018 / FY2018 A share/CAS. Named120kt line, except explicitly identified separate30kt upgrade movements; not extra output.

RMB 59,669,675.17

Jiujiang120kt engineering progress / 2018 / FY2018 A share/CAS.

95 percent

A first-phase furnace cold repair transferred CNY 124,277,373.40 to fixed assets and reported100.00% engineering progress. The600,000-tonne-per-year pyrophyllite powder expansion transferred CNY 194,112,938.94 and likewise reported100.00% progress. Powder is a glass-making raw-material input, not600,000tonnes of additional fiber capacity. The100,000-tonne unsaturated-polyester resin retrofit had an opening construction balance of CNY 86,790,535.52, transferred CNY 80,836,738.35 to fixed assets and reduced construction cost by CNY 5,953,797.17 from sales of trial-run products. Its annual-additions cell is blank and reported engineering progress50.00%, even though the closing construction balance is explicitly zero. The transfer is not an annual addition; trial sales credited against construction are not automatically main-business revenue. A zero account balance does not establish completion of every engineering scope.

Furnace cold-repair transfer to PPE / 2018 / FY2018 A share/CAS.

RMB 124,277,373.4

Pyrophyllite powder expansion transfer to PPE / 2018 / FY2018 A share/CAS.

RMB 194,112,938.94

Resin retrofit opening construction / 2018 / FY2018 A share/CAS.

RMB 86,790,535.52

Resin retrofit transfer to PPE / 2018 / FY2018 A share/CAS.

RMB 80,836,738.35

Trial-product sales reducing resin construction cost / 2018 / FY2018 A share/CAS.

RMB 5,953,797.17

Resin retrofit explicit closing construction balance / 2018 / FY2018 A share/CAS.

RMB 0

Resin retrofit engineering progress / 2018 / FY2018 A share/CAS.

50 percent

The Egyptian supporting-engineering project had a CNY 261,380,000.00 budget, CNY 109,560,294.82 of annual additions, CNY 42,551,841.41 transferred to fixed assets and CNY 162,793,557.16 remaining in construction. Its engineering progress was80.00%. The operating narrative says supporting projects were successively completed and commissioned and the200,000-tonne base was fully built. The year-end support account and broader operating narrative are retained together, rather than translating base completion into zero remaining construction or an extra200,000-tonne line. The filing does not supply a detailed facility-by-facility bridge between these scopes or annual realized output of the base.

Egypt support-project budget / 2018 / FY2018 A share/CAS.

RMB 261,380,000

Egypt support-project additions / 2018 / FY2018 A share/CAS.

RMB 109,560,294.82

Egypt support-project transfers to PPE / 2018 / FY2018 A share/CAS.

RMB 42,551,841.41

Egypt support-project closing construction / 2018 / FY2018 A share/CAS.

RMB 162,793,557.16

Egypt support-project engineering progress / 2018 / FY2018 A share/CAS.

80 percent

On 28 April 2018, the Chengdu subsidiary signed a cooperation agreement with the Qingbaijiang district government for a whole-plant relocation and a new advanced glass-fiber manufacturing base within the district. The disclosed programme envisaged phased construction, two furnace drawing lines operating before the end of 2020 and total investment of CNY 3,000,000,000. This is the historical agreement's plan, not FY2018 expenditure or evidence that the deadline was achieved. The operating narrative's 250,000-tonne project label does not allocate equal capacity to each line or establish net incremental group output.

Chengdu relocation planned investment / 2018 / FY2018 A share/CAS. Planned agreement budget; original 30 hundred million CNY, not annual spending.

RMB 3,000,000,000

The long-term-investment note identifies Lianyungang Zhongfu Lianzhong under associates, with CNY 1,053,632,580.70 of closing carrying value and CNY 69,761,232.13 of equity-method investment profit. Dividends or profit distributions declared were CNY 39,101,515.00, a separate movement rather than proof of cash received in this table. The operating table identifies a32.04% interest and wind-turbine-blade production and sales. Its full-company revenue and profit must not be inserted as wholly owned glass-fiber sales or output. The same investment note separately retains an impaired CNY 493,103.30 Shenzhen Zhujiang investment with an equal closing impairment allowance. The total long-term-investment table includes that impaired row, so its printed total is not automatically an unimpaired net cash-realizable value. No counterparty investigation is extended.

Zhongfu associate investment carrying value / 2018 / FY2018 A share/CAS.

RMB 1,053,632,580.7

Zhongfu equity-method investment profit / 2018 / FY2018 A share/CAS.

RMB 69,761,232.13

Zhongfu declared dividend/profit distribution / 2018 / FY2018 A share/CAS.

RMB 39,101,515

Shenzhen Zhujiang investment and equal allowance / 2018 / FY2018 A share/CAS.

RMB 493,103.3

The issuer established Jushi India Fiberglass in the first half of 2018 in Talegaon Industrial Area Phase II, Pune, Maharashtra. Registered capital was USD 100,000,000 and the subscription was wholly owned. Registration and subscription do not establish paid capital, completed construction or commercial output. The subsidiary tables distinguish the US manufacturing company, Jushi USA Inc., with a 70% direct holding, from a wholly owned US fiberglass sales/import-export company. A trading presence is therefore not another factory. The Egyptian and US manufacturing entities use USD as their functional currency, which matters when comparing local operations with consolidated CNY accounts.

India registered capital / 2018 / FY2018 A share/CAS. Registered capital, not paid capital or cash funding.

100,000,000 USD

Zhongfu's associate disclosure identifies CNY 39,101,515.00 of dividends received during the year. This adds receipt evidence to the investment movement table, whose declared-dividend entry alone did not establish payment. The associate's full-company revenue and profit are not wholly consolidated glass-fiber revenue. Likewise, equity-method income incorporates ownership and accounting adjustments; it should not be equated mechanically with a share of an unadjusted investee profit figure.

Dividend received from Zhongfu associate / 2018 / FY2018 A share/CAS.

RMB 39,101,515

The parent's trade receivables were CNY 2,278,429,041.14 net, including a gross balance of CNY 1,629,085,291.83 due from Jushi Group. They cannot be treated as independent external-customer exposure. Other receivables presented in the parent accounts totaled CNY 1,070,696,094.80, comprising CNY 600,000,000.00 of dividends receivable from Jushi Group and CNY 470,696,094.80 of other net receivables. The latter included CNY 442,000,000.00 of funding principal advanced to named operating subsidiaries. The parent also recorded investment additions of CNY 325,722,075.00 in US manufacturing and CNY 28,660,827.48 in India. These are investment-book movements, not automatically equivalent to cash contributions or the Indian registered capital. The parent's CNY 600,000,000.00 cost-method investment income and dividend receivable do not create an extra external group profit or prove that the dividend was paid.

Parent net trade receivables / 2018 / FY2018 A share/CAS.

RMB 2,278,429,041.14

Parent gross receivable from Jushi Group / 2018 / FY2018 A share/CAS.

RMB 1,629,085,291.83

Parent presented other receivables including dividends / 2018 / FY2018 A share/CAS.

RMB 1,070,696,094.8

Parent dividend receivable from Jushi Group / 2018 / FY2018 A share/CAS.

RMB 600,000,000

Parent other net receivables excluding dividends / 2018 / FY2018 A share/CAS.

RMB 470,696,094.8

Parent funding principal to subsidiaries / 2018 / FY2018 A share/CAS.

RMB 442,000,000

Parent US subsidiary investment-book addition / 2018 / FY2018 A share/CAS.

RMB 325,722,075

Parent India subsidiary investment-book addition / 2018 / FY2018 A share/CAS.

RMB 28,660,827.48