China Jushi FY2019: Subsidiaries and invested companies

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

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

RMB 2,113,459,262.37

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

RMB 2,128,865,279.67

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

RMB -15,406,017.3

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

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

RMB 10,136,366,917.18

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

RMB 327,469,247

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

RMB 241,136,000

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

RMB 86,333,247

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

RMB 1,230,949,829.52

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

RMB 1,199,022,774.52

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

RMB 62,008,980.42

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

RMB 658,260.41

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

RMB 30,740,185.83

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

RMB 11,367,316,746.7

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

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

70 percent

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

100 percent

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

90 percent

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

100 percent

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

100 percent

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

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

32.04 percent

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

RMB 1,023,360,600.95

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

RMB 55,058,394.02

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

RMB 1,078,418,994.97

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

RMB -1,321,262.58

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

RMB 56,379,656.6

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

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

RMB 9,867,343,600

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

RMB 2,102,671,000

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

RMB 333,100

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

RMB -36,790,200

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

RMB 400,930,500

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

RMB 419,100

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

RMB 2,698,208,300

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

RMB 211,257,600

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

RMB 50,683,000

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

RMB 3,052,200

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