China Jushi FY2019: Cash generation and working capital

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 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.