China Jushi | FY2019 business review

Glass fiber and related products generated RMB 9,938,580,527.84, 94.71% of total revenue. The annual report described continued roving growth and stronger electronic-fabric activity, supported by the Tongxiang intelligent base. Procurement now covered five manufacturing bases, including the United States. Management adjusted products and domestic-versus-export allocations in response to tariffs and trade-remedy measures. These operating choices connect the production network to the two materials businesses.

China Jushi manufactures glass fiber and related products. The report describes mineral inputs including pyrophyllite, kaolin, limestone and quartz sand being proportioned, melted at high temperature, drawn into fibers, dried and wound. The materials can reinforce composites and provide electrical or thermal insulation. Procurement spans Tongxiang, Chengdu and Jiujiang in China, Egypt and the United States: bulk supplies are negotiated centrally but contracted separately, with annual or public bidding, supplier assessments and longer contracts when raw-material prices rise. Auxiliary materials are ordered against production plans. Production is mainly pulled by sales demand with complementary planned output. Domestic sales are chiefly direct, with a smaller agency channel; overseas channels combine trading subsidiaries, distributors and direct sales. This describes how inputs, factory scheduling and markets connect. It does not identify a firm customer order for every tonne produced, or mean that all foreign revenue is made by overseas factories.

E7 was upgraded with higher tensile modulus and lower batch-material cost, according to management. E8 high-modulus glass successfully reached tank-furnace production. The company reported development of nine new products spanning high-performance wind-blade yarn, high-pressure pipe yarn, polypropylene chopped strands, SMC yarn, ultra-high-voltage insulator yarn, thermoplastic reinforcement and 1080 thin fabric. These are disclosed development and manufacturing milestones; the report does not allocate sales among the nine products.

The report describes glass fiber as an input to composite products used in building materials, transport and wind-energy equipment. Its electronic yarn can be woven into glass fabric used in copper-clad laminate, a core substrate for printed circuit boards (PCBs). Yarn, fabric, laminate and a finished PCB are different stages; a disclosed electronic-yarn line is not a circuit-board factory. The report associates vehicle applications with lightweight reinforced components and wind applications with blades, including demand for higher-modulus fiber as blades grow larger. These are application explanations and management market context, not evidence that Jushi supplies every named downstream sector, a particular automaker or a disclosed number of turbines. Industry forecasts and broad penetration estimates are not converted into Jushi orders, realised output or current market forecasts.

R&D investment was RMB 283,805,966.64, all expensed, or 2.70% of revenue, with 1,182 research personnel. The research programme covered glass formulations, sizing chemicals, fiber products, composite applications, process equipment, cleaner production and intelligent manufacturing. This breadth helps explain why new mineral inputs, furnace design and downstream applications appear together in the development account. Management's technical-leadership claims are not treated as independent performance benchmarks.

The existing E7 upgrade and E8 tank-furnace manufacturing milestones sit within research on glass formulations, sizing chemicals, composite applications, process equipment, cleaner production and intelligent manufacturing. The report describes large furnaces, bushings, oxy-fuel combustion and process automation as technical strengths. Its statements of world leadership and complete technology-export capability are management claims, not independently tested performance or an identified technology sale. The research table records all expenditure as expensed rather than capitalised; the product-development list does not allocate sales to each new formulation. Future descriptions of functional fiber industrialisation and wider applications remain expectations, rather than evidence that all such products were already commercially manufactured at scale in FY2019.

The fixed-asset policy describes platinum-rhodium alloy bushings used in drawing glass fiber. The precious metals are processed into bushings and require periodic cleaning and reworking to meet the stated fiber-quality requirements. Those activities cause physical metal losses, which the company charges to production cost and deducts from the precious-metal assets. Bushings are therefore included in fixed assets without conventional depreciation, unlike machinery and buildings depreciated over useful lives. The year-end platinum-rhodium carrying amount was CNY 7,616,880,104.32 within CNY 19,552,894,966.32 of fixed assets excluding assets under disposal. It is a production input with capital tied up in it, not a cash reserve or a market-value estimate of recoverable metal. A generic factory depreciation assumption would miss this accounting distinction. The policy also transfers construction to fixed assets when ready for intended use, while qualifying borrowing costs are capitalized under specified conditions. Neither a transfer entry nor capitalized interest alone establishes commercial sales, nameplate output achieved or a new cash payment.

Platinum-rhodium fixed-asset carrying value / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 7,616,880,104.32

Fixed assets excluding assets under disposal / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 19,552,894,966.32

Operating revenue was RMB 10,493,293,115.71, up 4.59%, which management attributed to sales-volume growth. Domestic sales represented 57.64% of main-business sales; the top five customers represented 12.58% of annual sales. The report explains that adoption of a new revenue standard reclassified some selling expenses into cost of sales. That accounting change matters when interpreting the lower reported fiber gross margin; it is not automatically evidence of the same change in factory efficiency.

The Egyptian base shifted its focus from engineering construction to stable operation, with management reporting progress in efficiency, costs, supporting services and local management. The base was used in the group's overseas-to-overseas production-and-sales scheduling. This is a change in the role of an existing manufacturing site, not a new line commissioning event or a quantified saving attributable to one support project.

The parent and major subsidiaries report 11,395 active employees, including 8,544 production personnel and 1,736 technical personnel. This supports a manufacturing-intensive operating description without estimating output per worker from undisclosed annual tonnage. The occupational breakdown is separate from the 1,182 research personnel already reported in the R&D table; the two classifications cannot be added to infer 2,918 distinct specialists. Labour outsourcing is disclosed separately with heterogeneous measurement and no unified hours figure, so the employee total is not a count of every external worker or a basis for cost per outsourced hour. General training attendance, benefits and cultural activity counts are condensed because the selected passages do not establish a quantified change in production, quality or scarce-skill capacity.

Active employees / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

11,395 persons

Production employees / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

8,544 persons

Technical employees / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

1,736 persons

The product table reports glass fiber and related-products revenue of CNY 9,938,580,527.84 and cost of CNY 6,276,629,947.74, with a 36.85% gross margin, down 10.20 percentage points. Other main-business products contributed CNY 400,606,711.26 of revenue and CNY 393,300,018.08 of cost, with a 1.82% margin. Management principally attributes the fiber margin decline to reclassifying some selling expenses into cost of sales under its stated new revenue-standard treatment; volume growth supported sales. The full decline therefore cannot simply be described as deterioration in factory efficiency, and this passage provides no quantified bridge from the published margin to a fully comparable adjusted margin. Domestic main-business revenue was CNY 5,959,236,524.56, up 9.19%, while foreign revenue was CNY 4,379,950,714.54, down 1.59%. Their reported margins were 32.98% and 38.90%. Domestic sales accounted for 57.64% of main-business revenue. Product and geographic totals are two overlapping views of the same main business, not additional sales to add together; main-business revenue is also narrower than consolidated revenue. Geography does not allocate revenue to individual factories. The report says production and sales grew but supplies no numerical annual tonnage in this management table.

Fiber revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 9,938,580,527.84

Fiber cost / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 6,276,629,947.74

Other main product revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 400,606,711.26

Other main product cost / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 393,300,018.08

Domestic main business revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 5,959,236,524.56

Domestic main business cost / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 3,993,773,199.87

Foreign main business revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 4,379,950,714.54

Foreign main business cost / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,676,156,765.95

Fiber gross margin / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

36.85%

Other main product gross margin / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

1.82%

Domestic gross margin / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

32.98%

Foreign gross margin / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

38.9%

The revenue policy principally concerns glass-fiber yarn and products. Revenue follows fulfillment of the performance obligation when the customer obtains control: the ability to direct use and receive substantially all economic benefits. The policy distinguishes qualifying obligations satisfied over time from other obligations recognized at a point in time. Rights to payment, legal title, physical possession, transferred risks and rewards and customer acceptance are indicators, rather than a universal delivery term shared by every order. Transaction price allocation also accounts for uncertain consideration and financing components under the stated policy. Amounts received or receivable from customers before the company transfers the goods are obligations, presented as contract liabilities. These rules explain why a sale is not the same event as cash collection or an advance receipt. The report does not supply a single contractual collection period for every customer; actual working-capital balances and cash receipts must be considered separately.

The cost table lists CNY 2,005,747,004.79 of materials for glass fiber and related products, up 14.88%. Its reported share is 29.62%. Checking the stated percentage against the management table gives 29.62% of consolidated cost of sales of CNY 6,772,702,294.98, rather than the fiber-only cost of CNY 6,276,629,947.74. The source table labels the denominator as total cost; the material amount should not be presented as 29.62% of the fiber segment alone. It is one disclosed cost component, not a complete split of energy, labour, depreciation or all factory costs. The wider report describes electricity, natural gas, minerals and chemical auxiliaries as important production inputs. Neither these figures nor management claims of lower manufacturing cost quantify a comparable unit cost per tonne.

Reported material cost / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,005,747,004.79

Operating cash inflow was CNY 2,768,596,592.74, down 28.31%, despite revenue growth. Management attributes the decline to more receipts through sales bills and more cash paid for purchases and employees; a bill received from a customer is not automatically cash received. Investing cash flow was negative CNY 4,778,164,196.20, compared with negative CNY 5,517,097,259.84 a year earlier. Management says cash paid to acquire and construct fixed assets declined, but the net investing flow itself is not a measure of gross capital expenditure. Financing cash inflow was CNY 2,029,491,681.52, up 74.50%, attributed to additional bank borrowing and bond issuance. Finance expense rose 51.00% to CNY 515,241,817.41 as interest-bearing debt and interest expense increased. The financing-flow and expense figures describe different mechanisms and cannot be netted into one project-funding measure. The financial statements and debt notes remain necessary for the full funding bridge.

Net cash from operating activities / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,768,596,592.74

Net cash from investing activities / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB -4,778,164,196.2

Net cash from financing activities / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,029,491,681.52

Finance expense / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 515,241,817.41

The overview reports bank-product activity of CNY 55,000,000 funded from raised proceeds and CNY 1,095,300,000 funded from own funds. The itemized list totals CNY 1,230,300,000 of principal because it also includes products beginning in 2018. Retaining all listed rows, the 2018-start principal totals CNY 80,000,000; the 2019-start rows total CNY 1,150,300,000, matching the two overview activity amounts together. This is a source-row sum, not all cash invested at the same moment or a closing balance. The year-end unexpired own-fund product is CNY 2,400,000, with no agreed end date. The list’s actual-income/loss total is CNY 17,175,380.72, but returns for products crossing years are not automatically income earned wholly in 2019 or a uniform yield on the aggregate principal. Two separately printed CNY 50 million January-to-July rows and two July-to-October rows with identical dates are retained; duplicate-looking disclosure is not proof of duplicate data. Expected annualized rates do not constitute realised returns. The source describes these historical products as principal protected, not a current recommendation or an independent guarantee by this site.

Bank product activity from raised funds / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 55,000,000

Bank product activity from own funds / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 1,095,300,000

Unexpired bank product principal / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 2,400,000

Itemized bank product principal / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 1,230,300,000

Itemized bank product actual income / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 17,175,380.72

The report says the CNY 1.2 billion 2012 Glass Fiber bond, carrying 5.56% interest, completed final interest and principal redemption and delisting on 17 October 2019. Its basic bond table still displays the original CNY 1.2 billion amount alongside the maturity information, which should not be read as an outstanding year-end balance after that stated redemption. The original proceeds were used to repay bank loans. A historical domestic rating upgrade to AAA in April 2019 is a rating-agency opinion, not a guarantee of future repayment or this site’s rating. At year-end the issuer reports CNY 34.476 billion of bank credit lines, CNY 6.700 billion of registered bond capacity and a combined CNY 41.176 billion, with CNY 13.361 billion of credit used. Registered bond capacity and bank commitments differ; the combined ceiling is not cash or debt already drawn, and an arithmetic unused amount does not establish unconditional funds available for projects. The bond-section current and quick ratios were 0.7844 and 0.6069, below one despite improving, with the improvement attributed to lower current maturities. The debt-to-asset ratio was 52.15%; interest, cash-interest and EBITDA-interest coverage were 5.56, 6.71 and 7.57 times. EBITDA means earnings before interest, tax, depreciation and amortization. Coverage and period-end liquidity measures are different: they do not independently prove future debt service or replace the financial-note maturity and restricted-cash review.

Bank credit limit / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 34,476,000,000

Registered bond capacity / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 6,700,000,000

Combined stated financing limit / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 41,176,000,000

Credit used / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 13,361,000,000

Reported current ratio / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

0.7844 ratio

Reported quick ratio / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

0.6069 ratio

Debt to assets / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

52.15%

Interest coverage / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

5.56 times

Cash interest coverage / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

6.71 times

EBITDA interest coverage / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

7.57 times

Closing monetary funds were CNY 1,446,167,665.44, while closing cash and cash equivalents in the cash-flow statement were CNY 1,445,525,221.25. The difference is CNY 642,444.19, matching the monetary-funds note’s amount subject to restrictions such as mortgage, pledge or freezing. The cash-flow policy defines cash as cash on hand and deposits available for payment, with cash equivalents restricted to short-term, highly liquid investments readily convertible to a known amount with insignificant value-change risk. Readers should not describe all monetary funds as unrestricted cash available for construction. Nor should bill receivables, bank-product principal or undrawn financing limits be added to this balance as though all were cash equivalents. The aggregate note does not allocate the restricted amount to each project or prove a separate asset freeze at a named factory.

Closing monetary funds / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,446,167,665.44

Restricted monetary funds / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 642,444.19

Closing cash and cash equivalents / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,445,525,221.25

The issuer adopted the new revenue, financial-instrument and lease rules from 1 January 2019. It reports cumulative financial-instrument effects in opening balances rather than retrospectively adjusting comparable-period information. Opening consolidated retained earnings rose by CNY 3,443,851.75 and non-controlling equity by CNY 613,324.65, giving CNY 4,057,176.40 of total opening equity change; parent-only retained earnings fell by CNY 6,789,036.90. Opposite parent and consolidated effects are different reporting scopes, not amounts to offset into an invented project result. The note explains the move from historical to expected credit losses for receivables, corresponding changes at an important associate and equity-method investment accounting, reclassification of bills into receivables financing, and separation of advances into contract and other liabilities. It identifies Egypt’s leased land as the source of a newly recognized right-of-use asset of CNY 5,215,553.91. The opening non-current lease liability was CNY 4,845,219.55, with CNY 370,334.36 in current maturities. A right-of-use asset records the lease accounting treatment, not a newly purchased land title, new factory capacity or cash spent on that opening date. Year-end, adjusted opening and unadjusted prior-year balances must retain their dates when compared.

Opening retained-earnings transition adjustment / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 3,443,851.75

Opening minority-equity transition adjustment / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 613,324.65

Opening total-equity transition adjustment / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 4,057,176.4

Parent opening retained-earnings transition adjustment / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB -6,789,036.9

Opening right-of-use asset / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 5,215,553.91

Opening non-current lease liability / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 4,845,219.55

Opening current lease maturity / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 370,334.36

Consolidated trade receivables at year-end had a gross balance of CNY 1,529,949,611.23 and a credit-loss allowance of CNY 169,008,469.08, leaving CNY 1,360,941,142.15 net. The adjusted opening net balance in this note was CNY 1,263,769,197.01; it must not silently be substituted for the unadjusted prior-year comparison after the accounting transition. The company applies a lifetime expected-credit-loss approach to these receivables. CNY 105,455,173.54 was individually assessed and fully provided because it was expected to be unrecoverable. A full allowance is an accounting assessment of loss exposure, not proof that a balance was legally extinguished or actually written off. The top-five receivable debtors accounted for 10.84% of the gross closing balance, a different concentration measure from the five largest annual sales customers. The reported anonymous customer labels cannot be linked to named legal entities or matched across years without evidence. Gross balance, allowance, net balance, yearly loss charges and actual cash recovered are distinct measures; this source does not establish that every remaining balance will be collected.

Gross closing trade receivables / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,529,949,611.23

Closing trade-receivable credit-loss allowance / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 169,008,469.08

Net closing trade receivables / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,360,941,142.15

Adjusted opening net trade receivables / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,263,769,197.01

Individually assessed and fully provided receivables / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 105,455,173.54

Top-five gross closing trade-receivable concentration / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

10.84%

The receivables-financing note reports year-end bank acceptance bills of CNY 3,683,537,948.28 and commercial acceptance bills of CNY 12,182,274.47, together CNY 3,695,720,222.75. Under the financial-instrument policy, classification depends on the business model and cash-flow characteristics, while removal from the balance sheet depends on transfer of risks, rewards and control. The note separately lists endorsed or discounted bank bills not yet matured: CNY 954,297,825.95 derecognized and CNY 600,880,672.45 not derecognized. Derecognized bills are not another closing asset to add back, and retained transferred bills are not a new source of sales on top of the existing bill balance. Endorsement or discounting is also not equivalent to all customers having paid unrestricted cash. The aggregate table does not allocate each transfer to a named customer, factory or financing counterparty; no extra partner investigation is started. These accounting boundaries help explain why working-capital receipts in bills can differ from the cash-flow collection line.

Closing bank acceptance bills / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 3,683,537,948.28

Closing commercial acceptance bills / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 12,182,274.47

Closing receivables financing / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 3,695,720,222.75

Transferred unmatured bank bills derecognized / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 954,297,825.95

Transferred unmatured bank bills not derecognized / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 600,880,672.45

Closing consolidated inventories were CNY 2,075,927,447.90 gross, with CNY 5,956,246.70 of write-down allowances, leaving CNY 2,069,971,201.20 net. Finished goods represented CNY 1,388,660,950.74 net and raw materials CNY 616,111,140.72. The allowance movement contains CNY 5,886,406.25 charged during the year plus CNY 69,840.45 of other increases. The closing allowance is therefore not identical to the yearly expense. These balances describe resources and products held within the group, rather than annual production, completed customer orders or cash collected. US trial-run products are separately reported in other current assets; they should not silently be added to the finished-goods line as if the categories were identical.

Gross closing inventories / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 2,075,927,447.9

Closing inventory allowance / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 5,956,246.7

Net closing inventories / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 2,069,971,201.2

Net closing finished goods / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 1,388,660,950.74

Closing raw materials / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 616,111,140.72

Annual inventory write-down charge / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 5,886,406.25

Other annual allowance increases / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 69,840.45

Under the new-materials intelligent-manufacturing-base agreement, the Tongxiang municipal government agreed CNY 400 million of support for Jushi Group, with 90% for research and supporting facilities and 10% for equipment investment. The report says CNY 80 million was received in FY2019, including CNY 8 million for equipment. It does not say the whole agreement was paid. The equipment component entered deferred income: CNY 666,666.67 was recognized in other income and CNY 7,333,333.33 remained deferred at year-end. The grant table separately reports CNY 72,000,000.00 of research/support rewards in current profit. Together these make the CNY 72,666,666.67 new-materials-base reward in the other-income note. Received cash, deferred investment support and recognized income are therefore separate measures. The award is not glass-fiber sales or evidence of a customer order; the aggregate base agreement does not establish which individual yarn or roving line received every amount.

Tongxiang equipment grant addition / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 8,000,000

Tongxiang equipment grant annual release / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 666,666.67

Tongxiang equipment closing deferred grant / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 7,333,333.33

Tongxiang research and support reward in profit / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 72,000,000

Tongxiang base reward in other income / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 72,666,666.67

The government-grant table reports CNY 150,527,812.40 included in current profit, while the cash-flow note reports CNY 156,997,458.87 of government subsidies received within other operating cash. Different recognition timing and classifications mean these totals are not interchangeable. The grant table also lists CNY 196,830,960.38 in its amount column, which includes newly deferred support alongside recognized items; it should not simply be labelled cash received or product revenue. Social-insurance refunds of CNY 21,554,500.00 are one income component, not evidence of more customer demand. The research and investment awards explain financial support to manufacturing activities, but receipt alone does not prove independently verified technical performance, completed capacity or future eligibility for the same grant.

Government grants included in current profit / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 150,527,812.4

Amount column in government grant table / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 196,830,960.38

Government subsidy cash in other operating receipts / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 156,997,458.87

Social insurance refund in other income / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 21,554,500

Trade accounts payable totalled CNY 1,272,101,463.70 at year-end. Construction obligations of CNY 587,012,267.55 and raw-material obligations of CNY 519,319,422.83 were its largest disclosed components. Equipment payable was CNY 82,867,186.20; the remaining categories were utilities, freight, other services and other items. This mix connects the liability balance to investment and day-to-day manufacturing, but does not allocate the construction balance among individual projects. The report separately disclosed CNY 111,753,914.44 of important trade payables aged over one year, explaining that the listed balances were not yet contractually due. Age alone therefore does not establish a payment default. Bank acceptance bills payable were separately CNY 1,139,123,216.70; the disclosed amount matured but unpaid was CNY 0.00. These bills payable are distinct from receivable bills transferred to banks and retained as liabilities elsewhere in the notes.

Trade accounts payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,272,101,463.7

Raw-material trade payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 519,319,422.83

Utilities trade payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 35,652,032.09

Freight trade payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 15,607,402.18

Equipment payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 82,867,186.2

Construction trade payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 587,012,267.55

Other services trade payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 25,886,111.42

Other trade payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 5,757,041.43

Important trade payables aged over one year / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 111,753,914.44

Bank acceptance bills payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,139,123,216.7

Matured but unpaid bills payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 0

The other-payables presentation combines interest payable of CNY 59,427,476.30 and other obligations of CNY 137,721,045.62 into CNY 197,148,521.92 at year-end. Interest payable itself comprises CNY 3,054,936.08 on long-term loans, CNY 51,693,277.77 on bonds and CNY 4,679,262.45 on short-term loans. These are amounts outstanding at the reporting date, rather than the full-year finance expense or interest paid in cash. In particular, the bond roll-forward reports annual accrued interest of CNY 52,775,277.77, a different measure from the bond interest still payable at year-end. Other obligations include utilities of CNY 47,797,174.82 under this classification; they must not be merged automatically with utilities classified as trade accounts payable. The note does not identify these aggregated obligations as borrowing allocated to particular factories.

Other payables presentation total / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 197,148,521.92

Interest payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 59,427,476.3

Other obligations excluding interest / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 137,721,045.62

Long-term loan interest payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 3,054,936.08

Bond interest payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 51,693,277.77

Short-term loan interest payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 4,679,262.45

Utilities under other payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 47,797,174.82

Bond annual accrued interest / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 52,775,277.77

At 31 December 2019, the consolidated related-party receivables table reports gross trade receivables of CNY 27,699,589.25 with a bad-debt allowance of CNY 628,901.57. Related-party trade payables totalled CNY 36,853,434.03, including CNY 11,653,937.98 of equipment payable to Tongxiang Huarui and CNY 11,524,065.64 of transport payable to Zhenshi Group Zhejiang Yushi International Logistics. Related-party contract liabilities/prepayments received were separately CNY 3,375,479.04. The balances indicate settlement obligations and customer advances at year-end; they do not equal annual purchases or sales, and a smaller closing receivable cannot by itself establish collection of a particular transaction. These are the disclosed related-party subsets, not the whole group's trade assets and liabilities.

Related gross trade receivables / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 27,699,589.25

Related trade allowance / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 628,901.57

Related trade payables / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 36,853,434.03

Huarui equipment payable / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 11,653,937.98

Yushi transport payable / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 11,524,065.64

Related contract liabilities/customer advances / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 3,375,479.04

Parent-company trade receivables were CNY 1,134,558,961.97 gross, with allowances of CNY 71,629,770.43, leaving CNY 1,062,929,191.54 net at year-end. The individual assessment table includes balances with operating group companies labelled as related parties for which no bad-debt allowance was provided. That accounting treatment is not proof that collection was risk-free. Other individually assessed customer balances were fully provided where the issuer expected them to be uncollectible; the anonymised customer labels cannot be assigned to named buyers elsewhere in the report. During 2019 the parent allowance roll-forward records CNY 14,996,222.71 of additions, CNY 549,249.89 in other changes and CNY 1,545.15 of write-offs, moving from the opening CNY 56,085,842.98 to the closing allowance. These parent figures should remain separate from the consolidated customer-credit exposure and its expected-credit-loss transition.

Parent gross trade receivables / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 1,134,558,961.97

Parent net trade receivables / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 1,062,929,191.54

Parent closing trade allowance / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 71,629,770.43

Parent opening trade allowance / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 56,085,842.98

Parent annual allowance additions / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 14,996,222.71

Parent other allowance changes / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 549,249.89

Parent receivable write-offs / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 1,545.15

The separate parent-company income note reports revenue of CNY 8,331,656,795.93 and operating cost of CNY 8,103,086,013.33 for 2019. It also reports investment income of CNY 762,008,980.42: CNY 700,000,000.00 recognised under the cost method for subsidiary investments and CNY 62,008,980.42 under the equity method. Subsidiary distributions and equity-method income are different sources from sales of glass-fiber products. These parent-only amounts do not replace consolidated revenue, and adding subsidiary dividends to group profit would double count an internal distribution. The year-end dividend receivable disclosed elsewhere also makes clear why recognised investment income should not automatically be labelled as cash received.

Parent revenue / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 8,331,656,795.93

Parent operating cost / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 8,103,086,013.33

Parent total investment income / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 762,008,980.42

Parent cost-method investment income / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 700,000,000

Parent equity-method investment income / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 62,008,980.42

The consolidated supplementary disclosure reports CNY 272,484,067.78 of net non-recurring gains for 2019. Major positive components were CNY 128,781,097.36 from disposal of non-current assets, CNY 144,385,429.22 of government grants included under this classification, and CNY 41,481,080.03 from the specified financial-instrument valuation and disposal category. The full reconciliation also includes a CNY 100,000.00 impairment reversal, CNY 8,210,345.97 of other non-operating income/expense and CNY 909,144.00 of other qualifying items, reduced by tax effects of CNY 50,895,609.73 and minority-interest effects of CNY 487,419.07. These categories explain why reported earnings are not solely the outcome of glass-fiber production and sales. The non-recurring grant category is narrower than all grants recognised during the year; it must not replace the broader grant note. Nor does a disposal gain establish the sale price, cash receipt or which individual factory asset was sold.

Net non-recurring gains / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 272,484,067.78

Non-current asset disposal gain / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 128,781,097.36

Non-recurring government grants / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 144,385,429.22

Specified financial instrument gains / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 41,481,080.03

Individually tested impairment reversal / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 100,000

Other non-operating items / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 8,210,345.97

Other qualifying items / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 909,144

Non-recurring tax effect / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB -50,895,609.73

Non-recurring minority effect / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB -487,419.07

The management asset comparison uses other current assets of CNY 464,356,853.92 at 31 December 2018, while the detailed note uses an opening CNY 384,356,853.92 for 2019. The transition table bridges the difference: other current assets decrease by CNY 80,000,000.00 and trading financial assets increase by the same amount on 1 January 2019. The two figures therefore represent different classification bases, rather than evidence of missing assets or an operating cash outflow. This opening change must be separated from movements during 2019. The detailed note subsequently records CNY 309,191,247.51 of closing other current assets, including unsold US trial-run products. Comparing that closing balance directly against the unadjusted 2018 category would mix classification changes with the year's operating and investment movements.

Other current assets before transition / 2018 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 464,356,853.92

Other current assets after transition / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 384,356,853.92

Trading financial assets after transition / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 80,000,000

Opening other-current-assets adjustment / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB -80,000,000

Closing other current assets / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 309,191,247.51

The consolidated intangible-asset note closes at CNY 803,149,056.99, including land-use rights of CNY 653,256,953.04 and mining rights of CNY 114,770,031.29. The table also lists patents, non-patented technology, software and concessions. These are accounting carrying amounts, rather than a valuation of the technology portfolio or evidence of physical production capacity. The note does not allocate these rights to each factory or identify a complete permit and reserve inventory; it therefore supports the group asset picture without establishing site-level mineral supply security.

Total intangible carrying value / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 803,149,056.99

Land-use rights carrying value / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 653,256,953.04

Mining rights carrying value / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 114,770,031.29

Goodwill remains CNY 472,512,501.24 at both the beginning and end of 2019. Its largest named components are Tongxiang Leishi Micro-powder at CNY 189,612,641.95 and Tongxiang Jinshi Precious Metal Equipment at CNY 176,839,725.90. Management estimates recoverable amounts from discounted future cash flows, using historical financial information, expected sales growth and market prospects, with discount rates of 10.67%–14.10%. It reports no goodwill impairment provision. The explanation assumes an indefinite income horizon for the relevant raw-material asset groups; the conclusion consequently depends on management forecasts and is not an independent guarantee of future earnings. In August 2019, wholly owned Jushi Group absorbed Tongxiang Jinshi, reducing the subsidiary count by one. The report describes pushing the existing Jinshi goodwill down into Jushi Group's separate accounts. That accounting relocation is not a new purchase payment or an additional amount to add to consolidated goodwill, and the legal absorption alone does not establish that equipment operations closed.

Consolidated goodwill / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 472,512,501.24

Tongxiang Leishi goodwill / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 189,612,641.95

Tongxiang Jinshi goodwill / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 176,839,725.9

Goodwill discount rate lower bound / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

10.67 percent

Goodwill discount rate upper bound / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

14.1 percent

The unoffset consolidated deferred tax asset is CNY 153,320,780.67, of which CNY 135,196,968.23 relates to unrealised profits on internal transactions. The unoffset deferred tax liability is CNY 367,850,856.07; differences between accounting and tax depreciation account for CNY 315,714,631.60. The report does not present these balances on a net basis. They should not be treated as unrestricted cash or automatically combined across tax-paying entities into a current cash payment. Separately, deductible temporary differences of CNY 113,294,515.47 and unused tax losses of CNY 206,027,492.68 have no recognised deferred tax asset, totalling CNY 319,322,008.15 in underlying deductions and losses. This last total is not the value of a tax asset or a refund. The report provides an expiry schedule for the unused losses; recognition and future use cannot be inferred merely from the existence of a loss balance.

Unoffset deferred tax assets / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 153,320,780.67

Deferred tax assets on unrealised internal profits / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 135,196,968.23

Unoffset deferred tax liabilities / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 367,850,856.07

Deferred tax liabilities on depreciation differences / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 315,714,631.6

Underlying deductible differences without recognised tax asset / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 113,294,515.47

Underlying unused losses without recognised tax asset / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 206,027,492.68

Underlying differences and losses total / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 319,322,008.15

Finance expense totals CNY 515,241,817.41. It includes interest expense of CNY 515,893,338.21, interest income credited at CNY 33,167,348.78, an exchange loss of CNY 15,353,490.74 and other charges of CNY 17,162,337.24. The prior-year exchange-loss line is negative CNY 83,559,043.03, meaning a gain under this presentation. The change from that gain to a loss helps explain the rise in finance expense alongside greater interest cost. Separately, investment income is CNY 64,239,387.00, comprising equity-method income of CNY 63,330,243.00 and precious-metal forward income of CNY 909,144.00. Fair-value changes produce a further gain of CNY 41,481,080.03. These sources show how financing, investees and financial instruments affect profit alongside manufacturing. Finance expense is an income-statement measure; the cash paid for debt service and investment income received are separately disclosed in the cash-flow statement. Valuation gains alone do not establish cash settlement or glass-fiber customer demand.

Finance expense / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 515,241,817.41

Interest expense / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 515,893,338.21

Interest income credit in expense presentation / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB -33,167,348.78

Exchange loss / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 15,353,490.74

Other finance charges / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 17,162,337.24

Investment income / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 64,239,387

Equity-method investment income / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 63,330,243

Precious-metal forward income / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 909,144

Fair-value change gain / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 41,481,080.03

Prior-year exchange loss line, negative means gain / 2018 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB -83,559,043.03

The tax note reports current income-tax expense of CNY 306,091,728.17 and deferred tax expense of CNY 117,430,884.49, totalling CNY 423,522,612.66. Its reconciliation starts with profit before tax of CNY 2,536,981,875.03 and a statutory/applicable-rate reference charge of CNY 634,245,468.76. Different subsidiary rates reduce that reference charge by CNY 216,145,383.76, while current deductions and losses without a recognised deferred tax asset add CNY 39,588,679.66; the complete table contains further adjustments. This explains why the reference charge differs from reported tax expense across the group. The annual expense, cash taxes paid and closing deferred tax asset/liability balances answer different questions. The rate effect cannot be assigned entirely to one factory or to the Panden certificate disclosed after year-end, and the annual report does not establish future entitlement to the same tax benefits.

Current income-tax expense / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 306,091,728.17

Deferred income-tax expense / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 117,430,884.49

Total income-tax expense / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 423,522,612.66

Profit before income tax / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 2,536,981,875.03

Statutory/applicable-rate reference tax charge / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 634,245,468.76

Subsidiary rate reconciliation effect / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB -216,145,383.76

Effect of current deductions/losses without recognised deferred tax assets / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 39,588,679.66

The operating-cash reconciliation begins with consolidated net profit of CNY 2,113,459,262.37 and reaches operating cash inflow of CNY 2,768,596,592.74 after noncash and classification adjustments. Fixed-asset depreciation and related depletion contribute CNY 1,087,194,257.65 to the reconciliation. Inventory growth is a negative CNY 400,810,211.27 adjustment, operating receivable items a negative CNY 4,616,669,884.30 adjustment, and operating payable items a positive CNY 4,111,735,427.92 adjustment. These broad cash-reconciliation categories are larger in scope than the change in the single trade-receivables or trade-payables balance and should retain the note's wording. The table also removes disposal, valuation and investment gains, adjusts finance expense and deferred taxes, and adds impairment and amortisation items. Its complete arithmetic reconciles to reported operating cash. This helps explain why earnings, bills received and funds available for construction differ; the table does not allocate each movement to a named customer or project.

Consolidated net profit, cash reconciliation / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 2,113,459,262.37

Operating cash after reconciliation / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 2,768,596,592.74

Fixed-asset depreciation and related depletion cash adjustment / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 1,087,194,257.65

Inventory increase cash-reconciliation adjustment / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB -400,810,211.27

Operating receivable cash-reconciliation adjustment / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB -4,616,669,884.3

Operating payable cash-reconciliation adjustment / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 4,111,735,427.92

The foreign-currency monetary-items note reports CNY equivalents of CNY 443,946,810.83 in monetary funds and CNY 1,079,658,008.18 in trade receivables. Foreign-currency short-term loans translate to CNY 860,834,516.36, current maturities of long-term liabilities to CNY 239,988,367.96 and long-term loans to CNY 584,605,560.00. These are disclosed category balances across currencies, not a complete net sensitivity or amounts to add to the corresponding consolidated balances. The Egypt and US manufacturing subsidiaries use the US dollar as their functional currency. Management describes matching foreign-currency receipts and payments, forward exchange contracts with matched currency and tenor, and more foreign-currency liabilities at overseas entities to balance exposure. Those policies do not quantify complete hedge coverage. The annual foreign-operation translation movement is CNY 70,275,428.60 in other comprehensive income before ownership allocation, separate from the exchange loss in finance expense and the exchange effect on cash. This distinction connects overseas assets and funding to three different accounting measures without inventing a single currency gain or loss.

Foreign-currency monetary funds translated into CNY / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 443,946,810.83

Foreign-currency trade receivables translated into CNY / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 1,079,658,008.18

Foreign-currency short-term borrowing translated into CNY / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 860,834,516.36

Foreign-currency current long-term maturities translated into CNY / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 239,988,367.96

Foreign-currency long-term borrowing translated into CNY / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 584,605,560

Foreign-operation OCI translation before ownership allocation / 2019 / FY2019 A share/CAS. Consolidated notes; flow, point balance, cash adjustment, currency translation and expense signs retain explicit scope. Historical report only.

RMB 70,275,428.6

At year-end, fixed assets were CNY 19,596,984,480.68 and construction in progress was CNY 2,187,731,981.04. Management principally attributes their respective increase and decline to new production lines completing and transferring to fixed assets. A transfer changes an accounting category; it is not itself a cash payment, a new capacity announcement or proof that each line reached its planned output. Intangible assets were CNY 803,149,056.99, with the increase attributed to land purchases. Receivables financing was CNY 3,695,720,222.75, while the management balance table shows zero in the separate bills-receivable row. Management says the new financial-instrument treatment moved bills to receivables financing. The zero therefore does not mean that customers stopped paying by bill or that all bills were collected. The financial notes separately identify bill classification, asset recoverability and construction transfers. The project explanations distinguish engineering transfers from actual commercial output and keep the US capacity descriptions unresolved. No unexplained accounting difference is assigned to a project.

Fixed assets carrying value / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 19,596,984,480.68

Consolidated construction in progress / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,187,731,981.04

Intangible assets / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 803,149,056.99

Receivables financing / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 3,695,720,222.75

The management restricted-assets table identifies CNY 642,444.19 of monetary funds in term deposits, CNY 2,394,557,266.84 of fixed assets associated with mortgages for borrowing and finance-leased assets, and CNY 23,439,895.60 of mortgaged intangible assets. The total is CNY 2,418,639,606.63. These are year-end carrying values subject to the stated restrictions, not the amount of new borrowing, an additional expense or an estimate of liquidation proceeds. They describe assets already tied to financing arrangements. The financial notes repeat these restrictions and separately describe loan maturities, finance-lease obligations and the cash-equivalent reconciliation. The restriction values must be read alongside those explanations; they cannot be added to debt or treated as freely available cash.

Restricted monetary funds / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 642,444.19

Restricted fixed assets / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,394,557,266.84

Restricted intangible assets / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 23,439,895.6

Restricted assets total / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,418,639,606.63

The trade-receivable allowance movement table prints an opening allowance of CNY 108,646,879.24, charges of CNY 47,777,881.15, recoveries/reversals of CNY 12,610,754.39 and write-offs of CNY 27,045.70, with a reported closing allowance of CNY 169,008,469.08. Taking the recoveries/reversals column as a reduction does not reconcile to the reported closing balance. The original page confirms the printed column placement; this site does not reverse its sign or move it to another column to force a reconciliation. The closing allowance is also disclosed in the separate receivable balance table and is retained with this explicit discrepancy. The same page separately reports CNY 11,870,739.20 of litigation-related recoveries. This is a recovery disclosure, not an identified customer relationship, and it does not explain the allowance movement difference.

Opening trade-receivable allowance / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 108,646,879.24

Trade-receivable allowance charges / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 47,777,881.15

Amount printed under recoveries/reversals / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 12,610,754.39

Trade-receivable allowance write-offs / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 27,045.7

Reported closing trade-receivable allowance / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 169,008,469.08

Litigation-related recoveries / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 11,870,739.2

Closing prepayments total CNY 127,968,542.05; 97.24% are less than one year old. The issuer attributes important unsettled prepayments older than one year to their contractual settlement period not yet arriving. This is its stated timing explanation, not proof of delivery or absence of counterparty risk. Other receivables have a gross balance of CNY 143,118,929.28, a credit-loss allowance of CNY 7,706,592.29 and a net carrying value of CNY 135,412,336.99. Their disclosed categories include operating advances of CNY 48,407,033.78, deposits of CNY 33,443,139.63, guarantees of CNY 26,106,768.02 and tax refunds receivable of CNY 11,866,383.54. These are different claims and uses of funds from trade-customer bills and sales receivables. The other-receivable allowance movement includes a negative charge and a negative other change; it is not evidence of an equal cash collection. Anonymous ranked counterparties are retained as anonymous, and these balances are not allocated to a factory or construction programme without a disclosed link.

Closing prepayments / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 127,968,542.05

Gross other receivables / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 143,118,929.28

Other-receivable credit-loss allowance / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 7,706,592.29

Net other receivables / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 135,412,336.99

Operating advances within other receivables / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 48,407,033.78

Deposits within other receivables / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 33,443,139.63

Guarantees within other receivables / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 26,106,768.02

Tax refunds receivable within other receivables / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 11,866,383.54

The other-non-current-assets note shows CNY 63,920,375.00 of prepaid land-transfer consideration in its opening gross and carrying-value columns. The closing cells are blank. This is an opening asset disclosure, not a reported closing land-prepayment balance or a payment made during 2019. The note does not identify a particular site or explain the subsequent classification of this opening amount. It therefore cannot establish new land acquisition, a project address, completed title registration or an operating permit. The separate intangible-assets explanation retains recognized land and mining rights without assigning this unexplained movement to them.

Opening prepaid land-transfer consideration / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 63,920,375

Selling expense is CNY 88,309,356.52 in 2019 versus CNY 385,689,900.71 in the prior year. The note explains that, from 1 January 2019 under the revised revenue standard, transportation, port/customs and commission costs incurred to fulfil contracts are included in operating cost; before then these costs were in selling expense. The selling-expense transportation line is CNY 34,495,608.34 versus CNY 313,031,294.15. The decline in this expense category cannot by itself demonstrate logistics efficiency, cheaper transport or an equivalent reduction in total group cost, and the table does not supply a fully comparable restatement. Administrative expense rises from CNY 538,109,752.92 to CNY 576,835,053.68, while research expense is CNY 283,805,966.64 versus CNY 288,768,065.63. The research expense table includes people, materials, fuel/power and depreciation. These functional categories explain the accounting cost base alongside production costs and research activity; they are not project-level spending allocations or proof that every research programme reached commercial sales.

Annual selling expense / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 88,309,356.52

Prior-year selling expense / 2018 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 385,689,900.71

Transportation within annual selling expense / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 34,495,608.34

Prior transportation within selling expense / 2018 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 313,031,294.15

Annual administrative expense / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 576,835,053.68

Prior-year administrative expense / 2018 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 538,109,752.92

Annual research expense / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 283,805,966.64

Prior-year research expense / 2018 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 288,768,065.63

The other-current-assets note reports CNY 228,506,299.68 of undeducted value-added tax and prepaid taxes at year-end. Alongside the separately described US trial-production products, these form a category total of CNY 309,191,247.51. The tax amount represents the disclosed current tax-asset category, not a cash balance, a refund already received or the group's deferred income-tax asset. The note does not identify a factory allocation or demonstrate when all of it would be offset or recovered. Unsold trial products retain a different valuation and commercialization scope; they cannot be treated as the tax claim or as customer cash collected.

Undeducted VAT and prepaid taxes / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 228,506,299.68

Other current assets including tax assets and trial products / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 309,191,247.51

The top five customers accounted for CNY 1,319,969,400, or 12.58% of annual sales. Related-party sales within those five were CNY 806,507,100, or 7.69% of annual sales. The top five suppliers accounted for CNY 1,613,151,600, or 18.21% of annual purchases; their related-party subset was CNY 379,604,200, or 4.28% of annual purchases. The related amounts are already included in the top-five totals and must not be added again. Sales and purchase percentages use different denominators, and these rankings are not the complete related-party transaction note. Anonymous ranking positions do not establish legal identities or the same customer or supplier across years. The table helps readers assess concentration and related exposure without inventing deliveries, settlement terms or follow-on counterparty research.

Top five customer sales / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 1,319,969,400

Related sales within top five / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 806,507,100

Top-five supplier purchases / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 1,613,151,600

Related-party purchases within five largest suppliers / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 379,604,200

Top five customer share / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

12.58%

Related top five customer share / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

7.69%

Top-five share of annual purchases / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

18.21%

Related top five supplier share / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

4.28%

The consolidated related-party note connects shareholder-linked businesses to the manufacturing supply chain. It records 2019 transportation services of CNY 379,604,189.41 from Zhenshi Group Zhejiang Yushi International Logistics and CNY 85,975,179.51 from Shanghai Tianshi International Freight Forwarding. Tongxiang Huarui Automatic Control Technology Equipment supplied equipment worth CNY 66,898,487.01 and technology/repair services of CNY 245,957.38. The equipment supplier and Yushi logistics business are classified in the report as shareholder subsidiaries. These disclosures identify important operating relationships, but do not establish that the prices were above or below market or identify which project received each purchase. They are annual transactions, not year-end amounts owed; the related-party payable table must be read separately.

Yushi annual transport services / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 379,604,189.41

Tianshi annual transport services / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 85,975,179.51

Huarui annual equipment purchases / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 66,898,487.01

Huarui annual technical and repair services / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 245,957.38

The related-party sales note reports 2019 finished-goods transactions of CNY 673,854,960.75 with Zhejiang Hengshi Fiberglass Fabrics and CNY 132,652,151.51 with HENGSHI EGYPT FIBERGLASS FABRICS S.A.E. Raw-material transactions with the same parties were separately CNY 22,317,584.96 and CNY 6,642,380.94. This separation matters: adding raw materials and utility services to finished goods would change the product-sales measure. These figures document commercial relationships disclosed by Jushi; they are not the partners' total purchases, their downstream sales or outstanding receivables. The report does not provide a transaction-level product specification or evidence that every sale was ultimately used for one particular end market.

Zhejiang Hengshi finished-goods sales / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 673,854,960.75

Zhejiang Hengshi raw-material sales / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 22,317,584.96

Hengshi Egypt finished-goods sales / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 132,652,151.51

Hengshi Egypt raw-material sales / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 6,642,380.94

Consolidated net profit was CNY 2,113,459,262.37 in FY2019. The allocation to parent shareholders was CNY 2,128,865,279.67 and the allocation to non-controlling shareholders was a loss of CNY 15,406,017.30. Thus the parent-attributable figure is larger than full group profit; it is not another earnings stream to add to the group total. Subsidiaries are consolidated on a control basis, with internal transactions and balances eliminated. Non-controlling ownership allocations retain their separate scope even when they are negative. Parent-only accounts represent the listed legal company and cannot simply be added to subsidiaries or consolidated accounts. The statement also records foreign-currency translation in other comprehensive income outside net profit; this is different from operating cash and from the exchange-rate effect in the cash-flow statement. These distinctions connect subsidiary performance to group reporting without double counting.

Consolidated net profit / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 2,113,459,262.37

Profit attributable to parent shareholders / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 2,128,865,279.67

Net profit allocated to non-controlling shareholders / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB -15,406,017.3

The parent's subsidiary investments had closing carrying value of CNY 10,136,366,917.18. The 2019 increase of CNY 327,469,247.00 comprised CNY 241,136,000.00 added to the US subsidiary and CNY 86,333,247.00 to the Indian subsidiary. These investment-account movements do not establish that each plant was completed or that the same amounts were cash construction payments. Associate investments separately closed at CNY 1,230,949,829.52. Their roll-forward starts at CNY 1,199,022,774.52 and includes equity-method income of CNY 62,008,980.42, other comprehensive income of CNY 658,260.41 and declared dividends of CNY 30,740,185.83. Together the parent's subsidiary and associate investment carrying values total CNY 11,367,316,746.70. Equity-method income reflects the investor's recognised result; it is not the associates' full revenue or the cash dividend received.

Parent subsidiary investments / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 10,136,366,917.18

Parent subsidiary investment additions / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 327,469,247

Parent US investment additions / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 241,136,000

Parent India investment additions / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 86,333,247

Parent associate investments / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 1,230,949,829.52

Opening parent associate investments / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 1,199,022,774.52

Parent equity-method income / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 62,008,980.42

Parent associate other comprehensive income / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 658,260.41

Parent associate declared dividends / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 30,740,185.83

Parent total investment carrying value / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 11,367,316,746.7

The year-end subsidiary roster distinguishes Jushi USA Inc., a South Carolina manufacturing and sales company held 70% directly, from Jushi US Glass Fiber Co., a sales and import/export business held 100% indirectly, operating in South Carolina and registered in California. These two names must not be merged into one factory record. In India, the Mumbai composite-materials sales and trading company is held 90% indirectly, while the glass-fiber manufacturing and sales company is held 100% directly, operates in Maharashtra and is registered in Pune. The Egypt manufacturing and sales company in Suez is held 100% indirectly. This roster identifies legal roles and ownership at the reporting date; it does not prove that every manufacturing entity had commissioned capacity or that each overseas sales office was a factory. The group describes itself as one managed operating segment, so the product and geographic revenue tables should not be relabelled as independently reported operating segments.

Direct ownership: Jushi USA Inc. manufacturing / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

70 percent

Indirect ownership: Jushi US Glass Fiber Co. sales / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

100 percent

Indirect ownership: India composite-materials sales company / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

90 percent

Direct ownership: India fiberglass manufacturing company / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

100 percent

Indirect ownership: Egypt fiberglass company / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

100 percent

The financial note identifies the 32.04%-held Lianyungang Zhongfu Lianzhong composite-materials group as an equity-method associate engaged in wind-blade manufacturing and sales. The ownership-based share of net assets is CNY 1,023,360,600.95. Adjustments of CNY 55,058,394.02 reconcile it to an investment carrying value of CNY 1,078,418,994.97. Those adjustments comprise an elimination of CNY 1,321,262.58 of unrealised internal transaction profits and CNY 56,379,656.60 of other adjustments; the table does not explain the latter in detail. This carrying value is distinct from the associate's whole-company sales and profit shown in the management table. Neither the associate's total revenue nor the investment carrying value represents consolidated glass-fiber revenue or a wind-blade project construction budget.

Direct ownership of Zhongfu Lianzhong / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

32.04 percent

Ownership-based associate net asset share / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 1,023,360,600.95

Associate investment adjustments / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 55,058,394.02

Associate investment carrying value / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 1,078,418,994.97

Elimination of unrealised internal profit / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB -1,321,262.58

Other associate carrying-value adjustments / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

RMB 56,379,656.6

The management table reports the wholly held Jushi Group with CNY 9,867,343,600 of revenue and CNY 2,102,671,000 of net profit. The 70%-held Jushi USA reports revenue of only CNY 333,100 and a net loss of CNY 36,790,200. Its registered capital is stated separately as USD 200 million; the other operating amounts in this table use ten-thousand yuan, so the US revenue and loss must not be translated as dollars. The report also says the US factory entered operation and customer product certification progressed; that operational milestone is not evidence that commercial revenue reached nameplate capacity, and the table does not provide a complete bridge between commissioning, trial output and recognised sales. Wholly held Beixin Technology Development, a building-materials seller, reports CNY 400,930,500 of revenue and CNY 419,100 of net profit. The 32.04%-held Zhongfu Lianzhong composite-materials group, whose business is wind-blade production and sales, reports full-company revenue of CNY 2,698,208,300 and net profit of CNY 211,257,600. The 20.10%-held Guangrongda leasing company reports CNY 50,683,000 of revenue and net profit of CNY 3,052,200. An investee’s full sales or profit is not an amount to add to consolidated sales, and multiplying profit by the stated ownership is not automatically the recognised investment income. The financial notes classify subsidiary control and associate accounting separately; the associate carrying-value bridge explains recognized investment income and distributions. They do not supply a complete bridge from US commissioning and trial production to the management table revenue. The management figures retain their original rounding and full-entity scope; no new project attribution or counterparty investigation is inferred.

Jushi Group revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 9,867,343,600

Jushi Group net profit / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,102,671,000

Jushi USA revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 333,100

Jushi USA net profit / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB -36,790,200

Beixin revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 400,930,500

Beixin net profit / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 419,100

Zhongfu Lianzhong revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 2,698,208,300

Zhongfu Lianzhong net profit / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 211,257,600

Guangrongda revenue / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 50,683,000

Guangrongda net profit / 2019 / FY2019 issuer management disclosure; original currency, unit, product/region/company denominator and balance/flow scope retained. Not project allocation or a complete audited note reconciliation.

RMB 3,052,200

The consolidation-change note reports one fewer subsidiary because Jushi Group absorbed Tongxiang Jinshi Precious Metal Equipment in August 2019. The disclosed reason is an internal legal-entity absorption. This should not be described as an independently established disposal to an outside buyer, cessation of equipment activity or reduction of glass-fiber output. The note supplies no separate sale consideration or production-capacity change. The manufacturing-asset and precious-metal explanations remain distinct from this change in the legal-entity list; no follow-on investigation of the absorbed company is inferred.

Management’s globalisation strategy combines building markets before factories with domestic plants serving domestic markets and overseas plants serving overseas markets. Its US operation is described as one response to trade friction, not proof that tariff risk was eliminated. The report discusses US additional tariffs on covered Chinese exports and two different EU investigation scopes: China/Egypt glass-fiber fabrics, and Egypt-origin glass-fiber yarn. The company says direct EU sales of fabric under investigation were less than 1% of its total product volume during the investigation period, while most products from its Egyptian factory fell within the separate yarn investigation. The small fabric percentage cannot dismiss the wider Egypt-origin exposure. A March 2020 preliminary subsidy rate of 8.7% and expected July 2020 determinations are subsequent disclosures in this FY2019 report, not FY2019 final duty outcomes. The report says the preliminary rate was not final and describes intended defence and possible court action. No later determination, current legal rate or court success is inferred.

At year-end China National Building Material Company Limited held 944,653,675 shares, or 26.97%, and is identified as the controlling shareholder. China National Building Material Group is identified as the actual controller; the control diagram places the group below the State-owned Assets Supervision and Administration Commission of the State Council and above the listed shareholder through several holdings. These are distinct legal entities, not a second direct 26.97% stake to add to the first. Zhenshi Holding Group held 546,129,059 shares, or 15.59%, with 510,039,981 shares pledged. This is a pledge of the shareholder’s shares, not a mortgage of Jushi’s factories or a disclosed sale of the shares. The issuer says CNBM Company and Zhenshi are not related or acting in concert; their percentages cannot be combined into an inferred voting coalition. The table’s Hong Kong clearing-company holding does not disclose underlying ultimate investors. Jushi’s chairman Cao Jianglin also held senior CNBM roles, while vice-chairman and chief executive Zhang Yuqiang chaired Zhenshi. Those connections help readers understand governance and related-party exposure, but do not themselves prove improper transactions. The report describes no change of controlling shareholder or actual controller in FY2019; this is a historical control account.

CNBM Company shareholding / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

26.97%

Zhenshi shareholding / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

15.59%

CNBM Company shares / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

944,653,675 shares

Zhenshi shares / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

546,129,059 shares

Zhenshi pledged shares / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

510,039,981 shares

CNBM Group and CNBM Company each gave a commitment starting on 18 December 2017 to address competition between Jushi and other glass-fiber businesses under their control within three years. The undertaking envisaged alternatives such as entrusted management, restructuring, equity swaps and business adjustment, subject to applicable rules and protecting Jushi shareholders, including minority shareholders. In this FY2019 report the parties were still studying and evaluating integration options and carrying out preparatory work. The commitment table marks performance as timely, but the narrative does not say that integration had completed. The disclosed issue therefore remains relevant to business boundaries, future asset allocation and minority-shareholder interests. No completed acquisition, ownership transfer, later cancellation or later extension is inserted into this historical account, and this does not trigger research into all sister companies.

The guarantee table reports CNY 11,207,370,000 of guarantees arising for subsidiaries during the period and CNY 7,001,030,000 outstanding at year-end. The closing total is 44.74% of the company’s reported net assets. All guarantees described here were for subsidiaries; the table reports zero outside the subsidiary scope. CNY 325,100,000 relates to guaranteed entities with debt-to-asset ratios above 70%, and is a subset of the outstanding guarantees, not an extra amount to add. Issuance during the year, the closing balance and this risk subset are different measures. A guarantee is a contingent support obligation; adding its face amount to consolidated loans would risk counting the same underlying financing again. This disclosure does not show a called guarantee, a default payment or an independently assessed probability of loss.

Subsidiary guarantees arising / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 11,207,370,000

Subsidiary guarantees outstanding / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 7,001,030,000

High-leverage guaranteed-entity subset / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 325,100,000

Guarantee total to reported net assets / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

44.74%

The auditor’s signature page is dated 20 March 2020, while the financial-note introduction prints 20 March 2019 as the board approval date for these FY2019 financial statements. Both dates are visible in the original PDF, so this is not resolved by silently changing the year in the English dataset. The prior-year date falls before the reporting period ended and cannot establish a verified approval chronology for the FY2019 accounts. The figures are treated as FY2019 reporting evidence with this source-date inconsistency disclosed. An exact board approval date remains unconfirmed from these passages; no completed approval event or corrected source version is invented.

In its subsequent-events note, the annual report says the board resolved on 22 January 2020 to propose transferring a 24.99% interest in the Egypt fiberglass company through public listing. The cited income-method appraisal valued all shareholder equity at USD 541 million as of 31 May 2019, originally presented as USD 54,100.00 ten-thousand units. This is a whole-equity appraisal at an earlier valuation date, not an achieved sale price for the proposed minority stake. The note supplies no completed-sale proceeds or closing outcome. The proposal therefore cannot be recorded as a 2019 disposal, a cash inflow, or an already changed ownership percentage.

Whole Egypt shareholder-equity appraisal / 2019 / FY2019 A share/CAS. Named legal entity or consolidated note scope. Carrying values, underlying tax differences, ownership, appraisal and subsequent proposal distinct. Historical report only.

541,000,000 USD

The subsequent-events note reports that Jushi Panden Electronic Base Materials obtained high-technology enterprise recognition on 20 January 2020, with certificate GR201933000974 valid for three years. The issuer says the subsidiary qualifies for a 15% enterprise income tax rate during that validity period. This is a subsidiary-specific benefit disclosed after year-end, rather than evidence that the entire group enjoyed that rate in 2019. It is a historical report statement and does not establish a current certificate, current tax entitlement or a quantified cash saving.

The board’s FY2019 distribution proposal was CNY 1.93 per ten shares, including tax, based on 3,502,306,849 shares, giving CNY 675,945,221.86. No bonus shares or capitalization of reserves was proposed. The three-year scheme table shows the FY2019 amount as 31.75% of attributable profit and also lists the FY2018 scheme at CNY 788,019,041.03. The opening notice identifies the FY2019 item as the proposed distribution considered by the board: the amount and reporting-year label do not establish a shareholder approval date or a payment during 2019. The older scheme is not an additional FY2019 proposed amount. The company’s cash-distribution policy refers to parent distributable profit and alternative annual/three-year conditions, rather than a universal payout calculated from consolidated operating cash flow. The retained-earnings note records CNY 788,019,041.04 of ordinary-share dividends in the 2019 equity movement, one cent more than the older scheme table; both printed figures are retained. This equity movement is not a payment-date record. The subsequent-events table repeats the FY2019 proposal under proposed and approved/declared labels, without identifying a shareholder approval or payment date; repeated labels are not two distributions. The cash-flow statement reports CNY 1,313,783,300.67 for dividends, profits and interest paid together. That combined line cannot establish cash dividends paid by themselves.

Proposed FY2019 dividend / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

RMB 675,945,221.86

Proposed dividend per ten shares / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

1.93 CNY per ten shares

Proposed dividend share base / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

3,502,306,849 shares

FY2018 scheme shown in FY2019 table / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 788,019,041.03

Ordinary-share dividend movement in retained earnings / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 788,019,041.04

Dividends, profits and interest paid together / 2019 / FY2019 consolidated Chinese Accounting Standards annual report; exact printed amount; equity, cash flow and allowance scopes kept distinct.

RMB 1,313,783,300.67

The 2019 board renewal and shared shareholder/executive roles are disclosed governance arrangements, not an independent finding that transactions were fair. The board’s internal-control self-evaluation reports no material financial-reporting control deficiency at 31 December 2019; the annual report also states that Baker Tilly China issued an unqualified internal-control audit report, published separately. This is the issuer’s disclosure of an external audit result, not confirmation that this site has independently reviewed that separate audit or its full scope. The annual report describes no material litigation/arbitration or specified regulatory penalties for the period. These scoped negatives do not establish absence of all legal or operating risk. Approval procedures for expected recurring related transactions are summarized. The financial-note explanations distinguish actual annual related-party sales and purchases from year-end receivables, payables and finance balances; transaction flows and outstanding balances are not interchangeable. The report separately identifies adoption from 1 January 2019 of new revenue, financial-instrument and lease rules and revised presentation. Their effect on performance comparisons must be linked to the transition figures rather than inferred solely from policy adoption. Routine meeting attendance, committee procedures, biographies and ordinary audit remuneration are condensed; important control, business-integration and capital-allocation matters remain.

The issuer identifies electricity, natural gas, minerals and chemical auxiliaries as inputs whose prices and availability affect manufacturing. It describes tank-furnace production as continuous and unable to stop routinely, with gas stations, storage tanks and vehicle backup supply intended to address shortages. Its stated emergency fuel delivery window of two to twelve hours is a management contingency claim, not an independently verified supply guarantee. Receivables, inventory, large borrowings and interest-rate changes constrain funding; foreign-currency purchasing, loans and forward settlement are described mitigation measures, not proof that exposure is fully hedged. The financial tax note identifies different routes to the historical 15% rate: Jushi Group, Jushi Jiujiang and Panden cite high-technology qualifications, while Jushi Chengdu cites the western-region-development policy, with its stated benefit period running from 1 January 2013 to 31 December 2020. These routes should not be described as four high-technology qualifications. The listed parent is shown at 25% and Jushi Egypt at 22.50%. These are filing-period rate disclosures, not confirmation of present eligibility. The disclosed export rebate increase from 10% to 13%, effective 20 March 2020, is a subsequent policy event described in the FY2019 filing. The report’s 2020 operating plan remains forward-looking. These disclosures explain operating sensitivities and their historical timing without asserting current tax eligibility, permit compliance or achieved future targets.

The key-polluter table lists Jushi Group, Jushi Chengdu and the Lianyungang Zhongfu Lianzhong blade company. It is not a consolidated global-emissions inventory and does not cover each of Jushi’s five manufacturing bases. For nitrogen oxides (NOx), the Jushi Group row lists 409.28 tonnes actually emitted against an approved annual amount of 567.738 tonnes; the Chengdu row lists 123.55 tonnes against 499.57 tonnes. These actual annual masses and approved limits differ from concentration standards such as milligrams per cubic metre. They should not be added to different pollutants or presented as a complete emissions footprint. The table reports no exceedances, and management says pollution-control facilities operated normally with no environmental violations. Those are issuer disclosures, not independent certification of every plant or permit. Wastewater pretreatment and water reuse, furnace-exhaust monitoring, third-party sampling and project environmental assessment/acceptance controls are relevant to operating continuity and compliance obligations. The source does not quantify the claimed water-cost savings or provide a complete project-by-project permit verification; generic environmental activity detail is condensed.

Jushi Group reported NOx emissions / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

409.28 tonnes

Jushi Group approved annual NOx amount / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

567.738 tonnes/year

Chengdu reported NOx emissions / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

123.55 tonnes

Chengdu approved annual NOx amount / 2019 / FY2019 issuer governance/bond disclosure; original scope, currency, unit and stock/flow/proposal distinctions retained. Not new cash, project output or independent compliance assurance.

499.57 tonnes/year

The financial auditor gives an unmodified opinion on the consolidated and parent-company statements for FY2019 under Chinese Accounting Standards for Business Enterprises. The opinion concerns those financial statements and their notes, not an assurance conclusion on every operating claim elsewhere in the annual report. Two key audit matters help readers understand this business: when glass-fiber yarn and product revenue is recognized, and whether transactions within the consolidated group are completely eliminated. The auditor says domestic glass-fiber sales of the group’s domestic enterprises were realized externally through the listed company, making internal trading frequent and significant. It describes sample contract/shipment checks, export confirmation with customs, revenue cutoff work and internal-balance/profit elimination checks. A key audit matter is an area of audit attention, not a separate adverse opinion or proof of fraud. Conversely, the unmodified overall opinion is not a guarantee that no misstatement or future operating problem can occur, and it does not independently approve this site’s English research.

Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets was CNY 5,109,198,554.61 in FY2019. It is an annual consolidated cash outflow across those categories, not the budget or spending of a single plant, the carrying amount transferred from construction into fixed assets, or proof of productive capacity commissioned. The same cash-flow statement reports CNY 1,150,300,000.00 paid for investments and CNY 1,227,900,000.00 received from recovering investments. These are separately classified cash movements, not automatically factory construction or incremental operating revenue. Cash received from investment income was CNY 30,740,185.83 and net receipts from disposing of fixed, intangible and other long-term assets were CNY 202,143,208.58. Disposal receipts differ from accounting disposal gains and from an asset’s carrying value. Including other investing cash items, net investing cash flow was negative CNY 4,778,164,196.20. Keeping these categories separate explains why net investing cash and long-lived-asset payments are different measures.

Cash paid for fixed, intangible and other long-term assets / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 5,109,198,554.61

Cash paid for investments / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,150,300,000

Cash received from recovering investments / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,227,900,000

Cash received from investment income / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 30,740,185.83

Net cash received from long-term asset disposals / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 202,143,208.58

Net investing cash flow / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB -4,778,164,196.2

FY2019 borrowing cash received was CNY 16,150,052,261.42 and cash paid to repay debt was CNY 13,912,997,551.49. These are gross annual flows, not closing borrowings and not a direct allocation of finance to new projects. Cash paid for dividends, profits or interest was a combined CNY 1,313,783,300.67, so the line cannot be labelled dividends alone. The financing statement separately records CNY 103,321,500.00 of investment cash received, all described in its subsidiary non-controlling-investor subline; this is not evidence of a new parent-company share issue. After other financing cash categories, net financing cash flow was CNY 2,029,491,681.52. Operating cash of CNY 2,768,596,592.74, net investing cash of negative CNY 4,778,164,196.20, net financing cash and a negative CNY 62,474,924.90 exchange-rate effect reconcile to a CNY 42,550,846.84 decline in cash and cash equivalents. The currency effect in this bridge is distinct from finance expense and the translation movement in equity. This describes changes in cash without inventing an adjusted free-cash-flow measure or treating a proposed FY2019 distribution as cash already paid.

Cash received from borrowings / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 16,150,052,261.42

Cash paid to repay debt / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 13,912,997,551.49

Cash paid for dividends, profits or interest / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 1,313,783,300.67

Cash invested by subsidiary non-controlling shareholders / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 103,321,500

Net financing cash flow / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 2,029,491,681.52

Net operating cash flow / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB 2,768,596,592.74

Exchange-rate effect on cash and equivalents / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB -62,474,924.9

Net increase in cash and equivalents / 2019 / FY2019 A share/CAS financial statement or note; CNY unless separately stated. Consolidated/parent, annual cash/profit, opening transition adjustment and closing balance remain distinct. Not individual project cash or commercial output.

RMB -42,550,846.84

The report links the US96,000-tonne project’s state support to a 28 May2016 memorandum with Richland County and South Carolina agencies. Its stated purpose is to offset site preparation, site infrastructure and improvements to land. The deferred-income table carries CNY 29,906,711.56 at the start of FY2019 and CNY 38,969,814.65 of new grant support, producing CNY 68,876,526.21 at year-end. No current income release is displayed for this row. These are the report’s CNY carrying amounts; they must not be relabelled US dollars or treated as glass-fiber revenue. Across all grant projects, opening deferred income of CNY 89,762,016.05 plus additions of CNY 46,969,814.65 less reductions of CNY 6,142,383.18 reconcile to CNY 130,589,447.52 at year-end. The deferred balance is not an undrawn credit facility or a second cash receipt on top of the additions. A separate grant title describes a360,000-tonne intelligent-manufacturing programme; this does not establish that it is identical to every300,000-tonne construction phase.

US96kt opening deferred grant / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 29,906,711.56

US96kt annual grant addition / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 38,969,814.65

US96kt closing deferred grant / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 68,876,526.21

Group opening deferred grants / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 89,762,016.05

Group annual deferred grant additions / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 46,969,814.65

Group annual deferred grant reductions / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 6,142,383.18

Group closing deferred grants / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 130,589,447.52

At 31 December 2019, consolidated short-term borrowing was CNY 6,610,547,641.36: mortgaged borrowing of CNY 200,000,000.00, guaranteed borrowing of CNY 3,681,979,617.78 and unsecured borrowing of CNY 2,728,568,023.58. Long-term borrowing separately stood at CNY 3,148,654,457.99, comprising CNY 13,450,000.00 mortgaged, CNY 2,919,204,457.99 guaranteed and CNY 216,000,000.00 unsecured. Neither balance identifies how much financed an individual furnace or overseas plant. The current portion of non-current liabilities was another CNY 398,154,909.89: CNY 348,048,037.97 in long-term loans, CNY 49,694,085.91 in long-term payables and CNY 412,786.01 in lease liabilities. These current portions must remain separate from the balances classified as long-term. They describe the repayment boundary at that reporting date, rather than a present-day assessment of credit quality.

Short-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 6,610,547,641.36

Mortgaged short-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 200,000,000

Guaranteed short-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 3,681,979,617.78

Unsecured short-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 2,728,568,023.58

Long-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 3,148,654,457.99

Mortgaged long-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 13,450,000

Guaranteed long-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 2,919,204,457.99

Unsecured long-term borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 216,000,000

Current portion of non-current liabilities / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 398,154,909.89

Current portion of long-term loans / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 348,048,037.97

Current portion of long-term payables / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 49,694,085.91

Current portion of lease liabilities / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 412,786.01

The short-term bond roll-forward reports actual 2019 issuance of CNY 1,999,250,000.00, repayment of CNY 1,000,000,000.00 and amortisation of CNY 337,500.00, leaving CNY 999,587,500.00 at year-end. The issuance amount is a period flow; it is not the closing debt balance or the combined face value of outstanding series. Other current liabilities totalled CNY 1,613,057,976.75, combining that short-term bond balance, CNY 600,880,672.45 of transferred bank acceptance bills retained on the balance sheet, and CNY 12,589,804.30 of output VAT pending transfer. Separately, non-current bonds payable rose from the opening CNY 399,350,000.03 to CNY 2,197,408,333.48 after actual issuance of CNY 1,796,800,000.00 and amortisation of CNY 1,258,333.45. The closing schedule includes two 2018 series and three 2019 series; treating all five as new 2019 financing would overstate the new funding raised. These are consolidated financing notes, not evidence that a specific project secured its entire funding requirement.

Short-term bond issuance / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,999,250,000

Short-term bond repayment / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,000,000,000

Short-term bond amortisation / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 337,500

Short-term bonds closing balance / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 999,587,500

Other current liabilities / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,613,057,976.75

Transferred bank bills retained as liabilities / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 600,880,672.45

Output VAT pending transfer / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 12,589,804.3

Opening non-current bonds payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 399,350,000.03

Non-current bond issuance / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,796,800,000

Non-current bond amortisation / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,258,333.45

Closing non-current bonds payable / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 2,197,408,333.48

18GN001 closing carrying amount / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 199,750,000.11

18MTN001 closing carrying amount / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 200,000,000

19GN001 closing carrying amount / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 499,250,000

19MTN001 closing carrying amount / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 799,866,666.7

19MTN002 closing carrying amount / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 498,541,666.67

Assets with restricted ownership or use had a combined carrying value of CNY 2,418,639,606.63 at year-end: CNY 642,444.19 of monetary funds in term deposits, CNY 2,394,557,266.84 of fixed assets associated with mortgages and financing leases, and CNY 23,439,895.60 of mortgaged intangible assets. These are asset book values, not secured loan principal or a measure of production capacity unavailable for use. The lease note also describes a 2015 sale-and-leaseback arrangement with CMB Financial Leasing involving furnace production equipment and a parent-company guarantee. The equipment remained in the lessee's possession; the transaction does not show a factory closure or physical disposal of its production line. At the end of 2019, sale-and-leaseback assets had gross carrying value of CNY 535,301,411.89, accumulated depreciation of CNY 278,962,484.55 and net carrying value of CNY 256,338,927.34. For 2019 the broader lessee disclosure reports lease interest expense of CNY 250,495.34, short-term lease expense of CNY 45,337,072.23, total lease-related cash outflow of CNY 132,714,507.86 and a positive sale-and-leaseback-related profit/loss item of CNY 43,406,747.86. Those annual flows are separate from the closing equipment values and cannot be treated as the proceeds of a new 2019 plant sale.

Restricted asset carrying value / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 2,418,639,606.63

Restricted monetary funds / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 642,444.19

Restricted fixed assets / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 2,394,557,266.84

Restricted intangible assets / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 23,439,895.6

Sale-and-leaseback assets gross carrying value / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 535,301,411.89

Sale-and-leaseback accumulated depreciation / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 278,962,484.55

Sale-and-leaseback net carrying value / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 256,338,927.34

Lease interest expense / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 250,495.34

Short-term lease expense / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 45,337,072.23

Total lease-related cash outflow / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 132,714,507.86

Sale-and-leaseback-related profit/loss / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 43,406,747.86

The liquidity note reports 66.57% of debt falling due within one year at 31 December 2019. The interest-rate note separately reports that fixed-rate interest-bearing borrowing represented 68.38% of that borrowing base. The two percentages answer different questions and should not be compared as if they shared a denominator. Although the maturity schedule is labelled an undiscounted contractual cash-flow analysis, several entries correspond to balance-sheet amounts. Its current portion of non-current liabilities is CNY 397,742,123.88, which matches current loans and long-term payables but excludes the CNY 412,786.01 current lease liability included in the balance-sheet total. Its other-current-liabilities entry of CNY 1,600,468,172.45 excludes CNY 12,589,804.30 of pending VAT included in the balance-sheet category. These scope differences matter when assessing the refinancing and payment burden: the schedule should not silently replace the full liability totals or be presented as a comprehensive forecast of all future principal and interest payments. This disclosure alone does not establish that refinancing was assured or that a covenant had been breached.

Reported debt due within one year / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

66.57%

Fixed-rate share of interest-bearing borrowing / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

68.38%

Current non-current liabilities in maturity schedule / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 397,742,123.88

Other current liabilities in maturity schedule / 2019 / FY2019 consolidated A share/CAS note. Borrowing, bond, trade/other obligations, current maturities, cash flows and collateral carrying values are distinct; no project finance allocation or current credit judgement.

RMB 1,600,468,172.45

The separate parent-company accounts show financing receivables rather than additional group sales. Closing other receivables were CNY 4,020,542,888.50 gross and CNY 4,020,542,528.50 net after an allowance of CNY 360.00. Loan principal represented CNY 4,017,000,000.00, compared with an opening CNY 442,000,000.00. The closing counterparty table identifies CNY 3,767,000,000.00 lent to Jushi Group and CNY 250,000,000.00 to Jushi Group Jiujiang. A further CNY 700,000,000.00 of dividends was receivable from Jushi Group, giving the parent's combined other-receivables presentation a total of CNY 4,720,542,528.50. This reveals the parent's financing relationship with operating subsidiaries. It must not be added to consolidated revenue or treated as an equivalent amount of externally collectible customer debt. Dividend receivable also records an amount owed to the parent, rather than proving that the cash was already received.

Parent gross other receivables / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 4,020,542,888.5

Parent net other receivables / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 4,020,542,528.5

Parent other receivables allowance / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 360

Parent loan principal / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 4,017,000,000

Opening parent loan principal / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 442,000,000

Parent lending to Jushi Group / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 3,767,000,000

Parent lending to Jushi Jiujiang / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 250,000,000

Parent dividends receivable / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 700,000,000

Parent other receivables and dividends combined / 2019 / FY2019 A share/CAS note. Explicit parent or consolidated scope; annual transactions, carrying balances, allowances, investment income and cash receipts are distinct; no inferred counterparty identity.

RMB 4,720,542,528.5

The US 96,000-tonne-per-year alkali-free glass-fiber furnace-drawing project began trial production after ignition on 18 May 2019. At year-end, unsold trial-run products had an expected selling value of CNY 80,684,947.83, recorded in other current assets. This is an estimate attached to unsold output, not realized sales, an order book or cash received. Together with CNY 228,506,299.68 of uncredited VAT and prepaid taxes, it forms CNY 309,191,247.51 of other current assets. The construction note records a CNY 2.0526327 billion budget, CNY 598,135,469.71 added during the year, CNY 2,515,936,237.17 transferred into fixed assets and CNY 5,471,539.77 left in construction at year-end. Its expenditure-to-budget ratio is 104.83%, while reported engineering progress is 98.00%; those percentages answer different questions. Capitalized interest was CNY 33,321,769.35 during the year and CNY 36,158,930.58 cumulatively, at a stated 3.9397% capitalization rate. The transfer is an accounting movement when assets become ready for intended use; it does not establish full annual output or that all trial products were sold. The 96,000-tonne label is retained from this note without automatically merging it with differently sized historical proposals.

Expected selling value of unsold US trial products / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 80,684,947.83

Uncredited VAT and prepaid taxes / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 228,506,299.68

Other current assets / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 309,191,247.51

US96kt closing construction balance / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 5,471,539.77

US96kt opening construction balance / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 1,923,272,307.23

US96kt annual construction addition / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 598,135,469.71

US96kt annual transfer to fixed assets / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 2,515,936,237.17

US96kt annual capitalized interest / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 33,321,769.35

US96kt cumulative capitalized interest / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 36,158,930.58

US96kt stated budget / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 2,052,632,700

US96kt expenditure to budget / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

104.83%

US96kt engineering progress / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

98%

US96kt capitalization rate / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

3.9397%

The construction note describes a line programme for 60,000 tonnes of electronic yarn and 200 million metres of electronic cloth annually. These are different stages and units, not quantities to add into one capacity figure. The stated budget is CNY 2.1861336 billion. Opening construction of CNY 1,264,850,182.93 plus annual additions of CNY 310,927,813.42, less CNY 1,507,716,653.50 transferred to fixed assets, leaves CNY 68,061,342.85 at year-end. The reported expenditure-to-budget ratio is 88.14% and engineering progress 95.00%. These figures document investment and progress rather than realized annual yarn output, cloth shipments or electronic-material customer qualification. The programme is funded from own funds and borrowing according to the table; the note does not allocate the group cash-flow capital expenditure line or every borrowing to this specific programme.

Electronic programme opening construction / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 1,264,850,182.93

Electronic programme annual addition / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 310,927,813.42

Electronic programme annual transfer / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 1,507,716,653.5

Electronic programme closing construction / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 68,061,342.85

Electronic programme stated budget / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 2,186,133,600

Electronic programme expenditure to budget / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

88.14%

Electronic programme engineering progress / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

95%

The Chengdu subsidiary’s 250,000-tonne-per-year furnace-drawing construction programme is labelled phase I in the financial note. Its stated budget is CNY 3.1058 billion. Opening construction of CNY 34,921,529.11 and annual additions of CNY 704,049,304.75 produce a closing CNY 738,970,833.86 balance. The table reports 65.00% engineering progress but 23.79% expenditure to budget, with own funds as the stated financing source. No transfer to fixed assets is shown in this row; the blank is retained rather than converted into a new operating result. Separately, the fixed-assets-under-disposal account includes CNY 43,463,856.38 labelled Chengdu line103 demolition and relocation, plus CNY 625,657.98 for other assets, totaling CNY 44,089,514.36. An asset-disposal account is not a completion certificate for the relocation or evidence of new-site output. The report also lists CNY 26,633,789.36 of Jushi Group Beite factory buildings without completed title certificates, described by the issuer as within the normal certificate-processing period. That is a specific title-document issue, not evidence that all plant operating permits are missing.

Chengdu phaseI stated budget / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 3,105,800,000

Chengdu phaseI opening construction / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 34,921,529.11

Chengdu phaseI annual construction addition / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 704,049,304.75

Chengdu phaseI closing construction / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 738,970,833.86

Chengdu phaseI engineering progress / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

65%

Chengdu phaseI expenditure to budget / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

23.79%

Chengdu103 assets under disposal / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 43,463,856.38

Other assets under disposal / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 625,657.98

Total assets under disposal / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 44,089,514.36

Beite factory carrying value pending title certificate / 2019 / FY2019 A share/CAS note; exact reported scope. Budget CNY10,000 where stated. Construction balances and transfers are not cash or output. Grant receipt, income and deferral differ.

RMB 26,633,789.36

Management reports that the US project entered production in 2019, while the financial note identifies a 96,000-tonne annual tank-furnace line and dates ignition and trial production to 18 May 2019. The 96,000-tonne label is retained as reported for 2019. These passages do not provide a bridge between different historical capacity labels, so they cannot establish that every earlier proposal and subsequent construction stage shared one unchanged design capacity. Similarly, management describes the Tongxiang 60,000-tonne electronic-yarn and 200-million-metre fabric project as running at full capacity, whereas the financial construction table reports 95% engineering progress and residual construction costs. Operating-stage commentary and completion of every project component are different measures; neither should erase the other. The Chengdu construction note explicitly labels phase I of the 250,000-tonne project, while the historical record describes the wider relocation programme. Phase-I progress does not establish completion of the whole programme. These boundaries preserve the useful development history without guessing project identities, phase capacities or actual annual production.

The construction schedule separately lists a 150,000-tonne annual intelligent-manufacturing expansion and phase II of a project labelled 300,000 tonnes per year. The expansion added CNY 542,378,866.07 of construction costs during 2019, taking its carrying balance from CNY 169,811.32 to CNY 542,548,677.39; reported engineering progress was 10%, while cumulative investment represented 36.88% of budget. Phase II added CNY 53,336,013.65, moving from CNY 407,338,901.68 to CNY 460,674,915.33; engineering progress was 30% and the budget-investment ratio 38.53%. Both rows identify own funds and borrowing as funding sources, without quantifying each source. These are separate unfinished construction entries, rather than proof that the stated annual capacities were producing saleable output. The 300,000-tonne wording is the disclosed project label; the table does not allocate that programme capacity separately between phases.

Expansion opening construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 169,811.32

Expansion construction additions / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 542,378,866.07

Expansion closing construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 542,548,677.39

Phase II opening construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 407,338,901.68

Phase II construction additions / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 53,336,013.65

Phase II closing construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 460,674,915.33

Expansion engineering progress / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

10%

Expansion cumulative budget investment ratio / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

36.88%

Phase II engineering progress / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

30%

Phase II cumulative budget investment ratio / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

38.53%

The new headquarters building and the Egypt production-base support works are separate construction rows from the glass-fiber line projects. Headquarters costs rose from CNY 26,415.09 by CNY 100,037,522.68 to CNY 100,063,937.77 at year-end; engineering progress was 35% and the cumulative budget-investment ratio 14.84%. The Egypt support project started with CNY 162,793,557.16, added CNY 9,352,375.80 and transferred CNY 131,333,000.73 into fixed assets, leaving CNY 40,812,932.23; engineering progress was 95%, compared with an 82% budget-investment ratio. Both rows list own funds and borrowing. These figures describe capital tied up in corporate facilities and production-site support rather than separately quantified additional glass-fiber capacity. A transfer into fixed assets is an accounting-stage movement, not the same as construction cash paid or proof that every supporting component was complete.

Headquarters opening construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 26,415.09

Headquarters construction additions / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 100,037,522.68

Headquarters closing construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 100,063,937.77

Egypt support opening construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 162,793,557.16

Egypt support construction additions / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 9,352,375.8

Egypt support transfer to fixed assets / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 131,333,000.73

Egypt support closing construction / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

RMB 40,812,932.23

Headquarters engineering progress / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

35%

Headquarters cumulative budget-investment ratio / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

14.84%

Egypt support engineering progress / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

95%

Egypt support cumulative budget-investment ratio / 2019 / FY2019 A share/CAS. Explicit consolidated asset or named project note scope; transition balance, construction cost additions, transfers and engineering progress distinct. No inferred phase capacity or historical identity.

82%

The construction schedule identifies phase I of Jushi Group's intelligent-manufacturing programme labelled 300,000 tonnes per year. Opening construction of CNY 109,534,579.75 and annual additions of CNY 22,729,006.88 were transferred to fixed assets at CNY 132,263,586.63. The movement row shows 100% engineering progress and cumulative investment equal to 93.19% of budget. This documents an accounting transfer and reported engineering status, rather than annual saleable output or a separately established 300,000-tonne capacity for phase I alone. The programme label does not allocate capacity between phases. The separate Jiujiang 120,000-tonne furnace-drawing construction entry shows CNY 14,540,162.45 at the beginning of the year and a blank closing column. It is absent from the important-project movement rows on the following page. The blank alone does not establish a zero value, commissioning date, transfer amount or achieved production. These entries complete the construction context alongside the separately described unfinished expansion, phase II, Chengdu, electronic materials, US and support works.

Phase-I opening construction / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 109,534,579.75

Phase-I annual construction additions / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 22,729,006.88

Phase-I annual fixed-asset transfer / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 132,263,586.63

Jiujiang120kt construction opening balance / 2019 / FY2019 A share/CAS. Original note scope; annual flow, adjusted opening balance and closing balance kept distinct. Blank cells not zero.

RMB 14,540,162.45