China Jushi FY2019: Debt and related-party balances

Investment and financing cash

Long-lived-asset payments differ from net investing cash

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.

Reported disclosureFY2019 annual report, p. 70 ↗

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

Borrowing turnover and cash movements are not closing debt

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.

Reported disclosureFY2019 annual report, p. 69 ↗FY2019 annual report, p. 70 ↗

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

South Carolina support offsets site preparation and infrastructure

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.

Reported disclosureFY2019 annual report, p. 130 ↗FY2019 annual report, p. 131 ↗

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

Bank borrowing and the current repayment boundary

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.

Reported disclosureFY2019 annual report, p. 124 ↗FY2019 annual report, p. 128 ↗

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

Bond issuance, amortised balances and other current liabilities

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.

Reported disclosureFY2019 annual report, p. 128 ↗FY2019 annual report, p. 129 ↗

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

Restricted assets and sale-and-leaseback equipment

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.

Reported disclosureFY2019 annual report, p. 139 ↗FY2019 annual report, p. 155 ↗FY2019 annual report, p. 156 ↗

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

Reported maturity and interest-rate exposure need consistent scope

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 disclosureFY2019 annual report, p. 128 ↗FY2019 annual report, p. 146 ↗

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

Parent-company funding is directed largely to operating subsidiaries

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.

Reported disclosureFY2019 annual report, p. 158 ↗FY2019 annual report, p. 159 ↗

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

Read the complete annual research snapshot

Sources and scope

What this guide establishes

Business and management pages 8–22, important governance 23–56 and important financial content57–163 selected under editorial-selection-v1.64 note decisions and17 reader questions checked; historical US capacity identity, source date wording, allowance discrepancy and auxiliary unknowns isolated. Source use and independent approval pending.
Main-business product and geography totals overlap. Bill receipts are not cash; balance-sheet reclassification and construction transfers are not new cash flow or production. No numerical annual tonnage is invented from qualitative growth statements.
The report attributes margin change mainly to selling-expense reclassification. A quantified comparable-margin bridge is not supplied in the selected passage; no whole decline is assigned to factory efficiency.
Investee accounts are full-company figures, not additional consolidated or project totals. US registered capital is USD, while the operating amounts use CNY. Top-five related exposures are subsets and anonymous ranks do not establish cross-year legal identity.
March2020 policy and preliminary investigation disclosures are subsequent events, not FY2019 final outcomes or current legal advice. Future market and company plans remain expectations. Management claims are not independent technical benchmarks; no partner research is extended.
Bank-product listed principal and income cross start-years; credit limits are not cash or drawn debt. Shareholder pledges, subsidiary guarantees, dividend proposals and environmental issuer statements retain their own scopes and do not prove site asset mortgages, actual payouts or independent compliance.
Opening accounting adjustments are dated 1 January 2019, not year-end or annual cash. The original financial-note board approval date conflicts with the auditor signature year and remains unconfirmed; no source year silently corrected.
Construction-note budgets use CNY10,000 units; balances and transfers use CNY. Engineering progress, budget expenditure ratio, transfer to fixed assets and trial commercialization are distinct. A grant agreement is not all received cash, grant income is not product sales, and similar project names are not automatically merged.

FY2019 full annual report ↗
Chinese / A-share / Chinese Accounting Standards / Published 2020-03-23
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