Evidence-linked English operating research. The source and stated coverage below define the scope of this version. Source-page links provide optional verification; the English account is intended to stand on its own.
Roving and related-product output reached 2.0072 million tonnes, with sales of 2.0859 million tonnes. Electronic-fabric output was 381 million metres and sales were 378 million metres. Fiber and related products generated RMB 11,045,651,537.89, 96.38% of main-business revenue. Output and sales are separate measures, and fabric metres are not added to roving tonnes. Bulk purchasing continued across five manufacturing bases.
China Jushi manufactures glass fiber and related products rather than finished turbines, vehicles or circuit boards. The report describes proportioning mineral inputs such as pyrophyllite, kaolin, limestone and quartz sand, melting them at high temperature, drawing fibers, and drying and winding the product. Fiber reinforces composite materials and can also provide electrical or thermal insulation. Its five manufacturing bases are Tongxiang, Chengdu and Jiujiang in China, Egypt and the United States. For bulk inputs the group negotiates centrally while contracts are signed separately; annual or public bidding, supplier assessment and longer contracts during rising raw-material prices support procurement. Auxiliary purchases follow production plans. Production is primarily pulled by customer demand, with complementary planned output and flexible scheduling. Domestic sales are mainly direct with a smaller agency channel; overseas sales use trading subsidiaries, distributors and direct customers. This operating model connects the company’s product mix, inventory, procurement and geographic flexibility. It does not establish that every production plan is backed by a firm order, or that every overseas sale is made by an overseas factory.
The company reports obtaining additional certifications from the American Bureau of Shipping, Saudi Arabia's SABER system and the United Kingdom's WRAS water-contact scheme. The same discussion describes raw-material and chemical testing under a new supplier-management system. These disclosures explain qualification and quality-control work. They do not identify each certified product grade, certification number or a sales contract arising from certification.
The report places glass fiber in construction materials, electrical and electronic products, transport, pipes and tanks, industrial applications and renewable-energy equipment. Wind applications include blades and nacelles, while automotive applications use fiber-reinforced thermoplastic or thermoset composites. In electronics, glass yarn is woven into fabric used in copper-clad laminates, which in turn form the base for printed circuit boards. These are downstream uses of the company’s material, not proof that it supplies a named vehicle manufacturer, turbine project or electronics device. Roving and related products are reported in tonnes, whereas electronic fabric is reported in metres; those volumes cannot be added. The existing annual production and sales figures remain separate from installed design capacity and project ignition dates. The ABS, Saudi SABER and UK WRAS qualifications described elsewhere support potential access to particular applications or markets, but the report does not provide grade-specific revenue, customer orders or certificate specifications for each. Industry application shares and market forecasts are not substituted for Jushi’s own sales mix.
R&D investment was RMB 341,662,980.95, entirely expensed, 2.93% of revenue; research personnel numbered 1,766. The company obtained 98 patent authorisations, including 48 inventions. A China–Egypt high-performance glass fiber and composites joint laboratory received a Ministry of Science and Technology assistance-project approval. Approval of the laboratory initiative and patent outcomes are distinguished from commercial product deliveries.
Research covered glass formulations, sizing chemicals, fiber products, composite applications, machinery, cleaner production and intelligent manufacturing. Sizing and formulation are disclosed research areas; the report does not give enough grade-level specifications or independent performance tests to establish a universal technical advantage. FY2020 R&D expenditure was CNY 341,662,980.95, equal to 2.93% of revenue, and was entirely expensed: capitalized R&D was zero. The 1,766 research personnel represented 15.07% of employees. The report also describes patent grants and approval of assistance for a China–Egypt joint laboratory, already recorded separately; patents and an approved laboratory initiative are not commercial shipments. Reported material cost was CNY 2,406,124,579.58, up 19.96%. The table’s 31.15% cost share is consistent with total consolidated operating cost, not the narrower fiber-cost row; it is not presented here as the material share of fiber-only cost. The disclosure does not allocate research or material spending to individual production lines, or quantify savings achieved by each technical initiative.
Management describes falling inventories and two price increases during the third quarter as domestic demand recovered. Main-business sales were 67.42% domestic; domestic revenue increased 29.66% while foreign revenue fell 14.76%. The company adjusted products, developed larger domestic customers and allocated overseas orders according to available manufacturing capacity. This account preserves the different market conditions rather than treating the global customer base as moving uniformly.
The second named component at Chengdu, a 120,000-tonne-per-year alkali-free furnace-drawing line, was ignited on 20 September 2020. This follows the 130,000-tonne component ignited in July. They are recorded individually within the new-site programme; a shared city and annual report do not make them one furnace. The report's ignition milestone does not itself give a full-year utilisation figure.
A 130,000-tonne-per-year alkali-free furnace-drawing line at Chengdu was ignited on 23 July 2020. The annual account also identifies a separate 120,000-tonne line ignited later in the year. These capacities correspond to separate components of the relocated base's 250,000-tonne programme. The dates and product chemistry help distinguish them from older Chengdu projects and from one another.
The Indian project continued design optimisation. Management said construction would begin at an appropriate time after overseas pandemic risks became controllable. This is a conditional plan, updating the pre-construction preparation in 2019. No construction-start or production milestone is assigned, and no precise future commissioning date is inferred.
The Tongxiang intelligent base's second roving phase, a 150,000-tonne-per-year alkali-free tank-furnace line, was ignited on 9 June 2020. It is stored separately from phase I commissioned in 2018, despite equal stated capacity and the same base. The disclosed milestone is ignition; the passage does not provide the line's full-year realised output or require that its design capacity be treated as production for all twelve months.
Glass fiber and related products generated FY2020 revenue of CNY 11,045,651,537.89 and cost of CNY 7,164,384,303.54. Revenue increased 11.14%, while cost increased 14.14%; the reported gross margin was 35.14%, down 1.71 percentage points. Management attributes the margin decline to lower fiber prices amid the domestic and overseas pandemic. Its separate account of domestic inventory reduction and two price increases in the third quarter does not imply that the full-year margin rose. Fiber represented 94.68% of total revenue but 96.38% of main-business revenue: these percentages have different denominators. The other category within the main-business table contributed CNY 414,982,932.84 of revenue, CNY 409,307,989.36 of cost and a 1.37% margin. It is not interchangeable with the separately defined other-business category in the financial notes. Consolidated revenue of CNY 11,666,196,819.43 and cost of CNY 7,724,853,724.22 cover a broader scope than these main-business categories. No annual average selling price is inferred by dividing these mixed product revenues by roving tonnage.
The revenue note reports main-business revenue of CNY 11,460,634,470.73 and cost of CNY 7,573,692,292.90. Other-business revenue of CNY 205,562,348.70 and cost of CNY 151,161,431.32 are added to those main-business figures to obtain total revenue and cost. The separate product table places other products inside main business, alongside glass fiber and its products. Other products must therefore not be confused with other business or added a second time to the totals. Geographic and product tables are alternative views of the same main-business scope, not additional turnover. The issuer states that it is managed as one operating segment, with production and sales of glass fiber and products as its principal activities. Its product and regional detail remains useful for studying business mix, but is not evidence of independently reported segment profits. This distinction keeps readers from treating every presentation of the fiber business as a separate source of earnings.
Domestic main-business sales reached CNY 7,726,978,097.33, up 29.66%, with CNY 5,083,752,668.86 of cost and a reported 34.21% gross margin. Foreign sales were CNY 3,733,656,373.40, down 14.76%, with CNY 2,489,939,624.04 of cost and a 33.31% margin. Domestic margin improved 1.23 percentage points, while foreign margin fell 5.59 percentage points. Domestic sales represented 67.42% of main-business revenue. Management describes adjusting the domestic product mix, expanding larger customers and allocating overseas orders according to the capacity structure as demand weakened abroad. The two regions are another view of the same main-business totals in the product table; adding the product and region views would double count sales and cost. Sales geography is not factory geography, and no plant-level revenue or profit is reconstructed from the regional disclosure.
The five largest customers accounted for CNY 2,273,351,200 of sales, or 19.49% of annual sales. Within that total, related-party sales were CNY 1,774,861,400, or 15.21% of annual sales. The five largest suppliers accounted for CNY 2,109,554,900 of purchases, or 25.18% of annual procurement, including CNY 389,669,600 of related-party purchases, or 4.65% of annual procurement. The related-party amounts are subsets, not additional amounts to add to the top-five totals. Customer and supplier percentages use different denominators. The ranking disclosure does not name each counterparty or prove that an anonymous customer in one year is the same legal entity in another. These figures show the importance of concentrated and related business relationships without inventing individual customers, commercial contracts or procurement categories. No external investigation of counterparties is required by this entry.
Operating cash flow was CNY 2,051,501,993.04, down 25.90%; management attributes the decline to increased cash payments for purchases. Investing cash flow was negative CNY 1,528,404,139.05, compared with negative CNY 4,778,164,196.20 in 2019, as cash spent on fixed-asset construction decreased. Financing cash flow was negative CNY 91,140,347.05, with lower bank borrowings cited by management. These net cash-flow categories do not isolate expenditure on each new production line or establish a complete project funding bridge. At year end, receivables financing was CNY 5,078,958,104.62; management connects its growth to unmatured bills received from customers. Other receivables were CNY 1,112,201,249.93, with relocation compensation identified as the main reason for the increase. Customer advances in contract liabilities were CNY 146,743,943.57, rather than another recognized sales amount. Completed lines transferred from construction in progress into fixed assets; a transfer between asset categories is not cash generation or proof of each line’s full-year utilization. These working-capital and construction mechanisms explain why reported growth, profit and cash need separate analysis. Detailed financial statements and notes still require review.
Management says the Chengdu 250,000-tonne annual manufacturing base was fully put into operation in 2020 and the relocation was substantially completed. The separately recorded 130,000-tonne and 120,000-tonne components retain their July and September ignition dates; those dates do not supply actual annual output or utilization. Relocation compensation and gains were recognized in stages, and management reports CNY 351,993,600 of asset-disposal income for 2020 in this discussion. That Chengdu-specific management figure is not presented as the group’s entire audited disposal result, recurring fiber margin or cash compensation already received. The increase in other receivables indicates the importance of compensation outstanding, but this passage does not reconcile each compensation claim, gain recognition and cash receipt. The subsequent financial-note review must preserve any differences instead of forcing them to match.
At 31 December 2020, consolidated monetary funds were CNY 1,869,596,929.32, including CNY 712,650,673.61 held outside China. The note separately reports CNY 3,521,261.01 subject to mortgage, pledge, freezing or other use restrictions. Overseas location does not by itself mean restricted use, and the two amounts must not be added as separate pools of trapped cash. The note does not allocate the restriction to a particular plant or establish freely distributable parent-company cash. Monetary funds rose from the opening CNY 1,446,167,665.44, but a closing balance is different from the CNY 2,051,501,993.04 of operating cash flow already discussed. Treasury wealth-management products are separately classified as financial assets: their CNY 30,069,063.78 carrying value is not another bank deposit or proof that the expected return in the management table was received. This distinction matters when assessing resources available for expansion.
Trade receivables at year end were CNY 1,296,762,105.68 before credit-loss allowances of CNY 169,801,941.36, leaving CNY 1,126,960,164.32 net. The gross amount includes CNY 71,158,848.15 more than five years old; age is not a delivery date or proof of recovery. Individually assessed balances of CNY 105,735,306.90 were fully provided because the issuer expected them to be unrecoverable. The remaining collective pool includes fiber and other receivables and is not a single identified customer. The top five debtors held CNY 151,040,574.87, or 11.64% of gross trade receivables, with CNY 89,170,100.36 of allowances. These are year-end credit exposures, not the annual top-five sales concentration. The debtors are anonymized in the note, so no names, customer contracts or customer-level sales are inferred. A smaller net balance than the opening CNY 1,360,941,142.15 must be read alongside write-offs and allowance changes, rather than treated as entirely cash collection.
The trade-receivable allowance moved from CNY 169,008,469.08 at the start of 2020 to CNY 169,801,941.36 at year end. The bridge adds CNY 52,769,376.67 of new provisions, subtracts CNY 2,750,000 of recovery or reversal and CNY 48,835,627.56 of write-offs, and includes a negative CNY 390,276.83 other change. The issuer identifies the CNY 2,750,000 item as a litigation recovery, but does not explain the other-change cause in this note. Actual receivable write-offs also total CNY 48,835,627.56; the three major write-offs listed individually total CNY 48,666,872.10 and are only a subset. Using allowances on write-off is not another same-sized current-year provision, and write-offs are not cash receipts. Keeping these movements separate helps explain why the net receivable balance can fall while collection risk remains. No exchange-rate explanation or anonymous debtor identity is invented.
Receivables financing at 31 December 2020 comprised CNY 4,889,241,945.39 of bank-accepted bills, CNY 165,716,159.23 of commercially accepted bills and CNY 24,000,000 of letters of credit, totaling CNY 5,078,958,104.62. The policy explains that frequently transferring these receivables through discounting or endorsement supports a business model of collecting and selling financial assets. Endorsement transfers a bill onward; discounting obtains finance before maturity. Neither label alone establishes cash collection or accounting removal. Among endorsed or discounted bills still unmatured at year end, CNY 1,265,591,780.60 of bank bills had been derecognized, while CNY 1,373,051,346.91 of bank bills and CNY 141,569,355.14 of commercial bills remained recognized. The retained total was CNY 1,514,620,702.05. The note does not split these totals between cash discounting and endorsement, and they must not be added to the closing financing balance as separate assets. This gives operating context to the large bill balance without treating every bank bill as cash or every transfer as a final collection.
Other receivables were CNY 1,120,378,098.27 gross and CNY 1,112,201,249.93 after CNY 8,176,848.34 of credit-loss allowances. Their gross balance includes CNY 955,645,806.96 of relocation compensation and CNY 24,068,575.19 of fees for the use of funds. An anonymized debtor listed as customer 18 owed both types, totaling CNY 979,714,382.15, aged under one year and representing 87.45% of gross other receivables. This is a non-sales collection exposure; the label does not identify a fiber customer, and an accrued receivable is not a received relocation payment or disposal profit. The allowance total reconciles from CNY 7,706,592.29 with CNY 603,942.26 of charges and a negative CNY 133,686.21 other change. The original stage table places the two movements in its second-stage column but the opening and closing totals in the first-stage column, without a printed transfer explaining that presentation. Aggregate amounts are retained; no stage-transition or risk-free conclusion is inferred. The largest-debtor allowance cell is blank, not verified zero. The source gives no named identity for that debtor in this table, and research is not extended into it.
Closing inventory was CNY 1,596,308,690.56 gross and CNY 1,580,008,674.12 net of CNY 16,300,016.44 of write-down allowances. Net inventory fell from CNY 2,069,971,201.20 at the start of the year. Finished goods made up CNY 863,100,888.50 gross, with CNY 15,809,358.01 of allowances; raw materials were CNY 622,288,366.50 gross, with CNY 490,658.43 of allowances. The allowance bridge adds CNY 10,343,769.74 of new charges to the opening CNY 5,956,246.70. The policy uses month-end weighted-average issue cost and the lower of cost and net realizable value, which for saleable goods considers selling prices less selling costs and related taxes. A lower stock balance therefore does not remove valuation risk or prove an equivalent release of cash. CNY 66,155,293.50 of goods dispatched remained inventory; shipment alone should not be presented as recognized revenue or customer acceptance. Manufacturing working capital includes inputs and unsold output, rather than just annual production volume.
The goodwill note carries CNY 472,512,501.24 at both the beginning and end of 2020, with no impairment provision reported. The two largest historical balances are CNY 189,612,641.95 for Tongxiang Leishi powder processing and CNY 176,839,725.90 for Tongxiang Jinshi precious-metal equipment. These are acquisition-related accounting amounts, not current equipment purchases or additional project budgets. The issuer calculated recoverable values using forecast future cash flows, historical financial information, expected sales growth and market prospects, with discount rates from 10.15% to 15.80%. It says the tested raw-material businesses have an indefinite income horizon and reports no clear impairment after its assessment. This describes management’s valuation assumptions and conclusion; it does not independently prove future growth, perpetual mine access or absence of risk. Jinshi was absorbed into Jushi Group in 2019, with its goodwill pushed down into Jushi Group’s individual accounts. That historical accounting step is not a new 2020 acquisition, and the source balances are not added again to consolidated goodwill.
The deferred-tax note reports unoffset deferred tax assets of CNY 150,236,452.87 and deferred tax liabilities of CNY 388,454,613.75. The largest disclosed asset component arises from unrealized profits on internal transactions, while the largest liability component relates to depreciation and tax differences. These are timing-related accounting balances; they are not cash refunds, new production assets or two further payments to subtract from operating cash flow. Unrecognized deductible tax losses were CNY 371,414,693.13 and other unrecognized deductible temporary differences were CNY 275,492,629.70. The amounts are tax bases, not the value of an approved tax credit, and the loss-expiry table is relevant to whether benefits can later be used. The income-tax expense note separately reports CNY 396,726,154.34 of current tax and CNY 47,280,753.65 of deferred tax, totalling CNY 444,006,907.99. Tax differences between jurisdictions and entities help explain why the parent statutory rate cannot be applied to all consolidated earnings. Neither these expense amounts nor the deferred balances establish tax cash paid or future renewal of a preferential qualification.
Operating cash receipts classified as subsidies were CNY 235,498,871.81 in 2020. In contrast, the grant note's basic-amount total is CNY 245,232,691.79 and its amount recognized in profit or loss is CNY 185,158,914.03. These are three different measures. Recognized income consists of CNY 172,296,631.63 in other income and CNY 12,862,282.40 in non-operating grant income, including pandemic support. Deferred grant income rose from CNY 130,589,447.52 to CNY 176,703,745.56 after CNY 63,990,000.00 of new grants, CNY 13,650,042.22 recognized in other income and a negative CNY 4,225,659.74 other change. That other change belongs to the US project row, but its cause is not explained here; it is not assumed to be a refund or exchange movement. The deferred table covers support for intelligent manufacturing, Tongxiang, Jiujiang, Chengdu and the US base. Earlier receipts can be released to earnings while current equipment support remains deferred. Tongxiang's disclosed CNY 400 million government support commitment is split 90% for research and other support and 10% for equipment; CNY 80 million was received in 2020, including CNY 8 million for equipment. The commitment is not CNY 400 million of 2020 cash or a full project budget. This support is material to the cost and funding of development, but it does not itself establish production output, orders or independent technological success.
Financial expenses were CNY 484,999,467.50, comprising CNY 462,494,847.72 of interest expense, a CNY 58,010,273.12 interest-income offset, CNY 64,988,927.78 of exchange losses and CNY 15,525,965.12 of other costs. Accrual expenses differ from the interest cash-flow categories. Investment income was CNY 184,727,208.53, including CNY 170,924,672.42 from associates and CNY 13,154,046.23 from wealth-management products. The latter is a current-year earnings measure, whereas the management treasury list contains products with earlier origins; the two lists are not forced into a single holding-period calculation. Consolidated asset-disposal gains were CNY 394,339,446.44. This broader amount differs from the rounded Chengdu relocation gain described by management and is not relocation cash received. Trade-receivable credit losses in profit or loss were negative CNY 50,019,376.67: the annual charge of CNY 52,769,376.67 was offset by CNY 2,750,000.00 of recoveries. The allowance table's other movements are not another profit charge. These components help distinguish recurring fiber economics from finance, investments, recoveries and disposals without fabricating a normalized profit or cash bridge.
The cash reconciliation starts with consolidated net profit of CNY 2,409,764,398.73, including all group ownership interests, rather than profit attributable only to the parent shareholders. Operating cash flow was CNY 2,051,501,993.04. Working-capital adjustments included a CNY 479,618,757.34 inventory decrease, negative CNY 4,498,778,550.09 for operating receivables and positive CNY 2,208,250,371.57 for operating payables. The receivables adjustment has a broader scope than the change in trade receivables alone and cannot be labelled customer cash collected. Non-cash adjustments include impairments, depreciation and disposals. The depreciation adjustment is CNY 1,252,570,892.71, while the fixed-asset note reports CNY 994,426,577.05; the report does not provide a complete bridge between those scopes. Closing cash and cash equivalents were CNY 1,866,075,668.31. This equals total monetary funds of CNY 1,869,596,929.32 less CNY 3,521,261.01 of restricted funds. Restricted assets totalled CNY 1,049,767,133.44, mostly fixed and intangible assets pledged for borrowing. Their carrying value is not another loan principal or another deduction from available cash. The cash-flow note also reports CNY 49,694,085.91 of financing cash outflows for sale-and-leaseback arrangements and CNY 58,574,268.88 of other investing cash outflows for Chengdu relocation; neither becomes a new factory budget.
The issuer's supplementary schedule reports CNY 474,264,294.55 of non-recurring profit effects after its tax and minority adjustments. It includes CNY 394,339,446.44 of asset-disposal gains and CNY 171,508,871.81 of qualifying government grant income, rather than every grant recognized in the income statement. Its stated definition excludes support closely tied to ordinary operations under uniform specified standards. The total is a reported accounting classification, not a measure of cash received, an independently calculated sustainable profit or an earnings forecast. A separate historical sale-and-leaseback note says the arrangement begun in 2015 had completed by 31 December 2020. Production equipment remained in Jushi Group's possession without physical handover throughout the financing arrangement. Completion of that arrangement does not mean a factory was sold and shut or that all leases ended. These disclosures connect unusual earnings and historical financing to the operating business while retaining the source's scope.
A court approved the Lifan restructuring plan on 1 December 2020. The note describes CNY 46,564,756.95 of creditor claims allocated in the plan to CNY 400,000.00 of cash, CNY 17,052,444.44 converted into 1,067,781 listed shares at the plan's CNY 15.97 conversion price, and CNY 29,112,312.51 assigned to trust interests. These plan allocations are not all assets or cash received by year end. At 31 December the issuer says it had received CNY 100,000.00 in cash and 210,751 shares corresponding to CNY 2,661,957.56 of creditor carrying value. For the share conversion actually recorded, the table shows CNY 3,365,693.47 of claim face value and CNY 703,735.91 of prior allowance, with a negative CNY 1,620,847.62 restructuring profit effect. The figures illustrate the recovery form and earnings effect of a specific credit exposure. The plan conversion price is not asserted to be market value or sale proceeds; unreceived cash, shares and trust interests are not called completed recovery. The three disclosed plan allocations sum exactly to the stated CNY 46,564,756.95 claim. An earlier internal English version misread the cash allocation as CNY 4.4 million and incorrectly reported a CNY 4 million mismatch; this version corrects that reading against original page 163. The plan totals reconcile, while recovery actually completed by year end remains a separate question.
The issuer describes its revenue principally as sales of glass-fiber yarn and products. It recognizes revenue when the customer obtains control of the goods: the ability to direct their use and receive substantially all their economic benefits. For obligations that do not meet the policy criteria for recognition over time, revenue is recognized at a point in time. The policy considers rights to payment, legal title, physical possession, risks and rewards, and customer acceptance as indicators of control. These are accounting criteria, not evidence that all customers paid immediately or that every shipment used the same contractual delivery term. Revenue is measured using the transaction price allocated to the performance obligation, including the stated constraints on uncertain consideration. The report marks different recognition policies for the same business under different operating models as not applicable. For a reader studying collections, the separate cash-flow statement is therefore essential: recorded sales, customer advances and cash received answer different questions. The policy does not disclose a uniform collection period for all customers.
The consolidated cash-flow statement reports CNY 595,922,467.23 paid for taxes and charges in 2020 and CNY 128,304,838.01 received as tax refunds. These are annual cash categories. Closing taxes payable were separately CNY 560,096,477.02, including income tax of CNY 363,844,381.81 and value-added tax of CNY 152,086,160.71. A closing obligation is not another annual cash payment. The income-tax expense discussed elsewhere concerns current and deferred income tax, whereas the cash-payment line covers multiple taxes and charges. The report does not give a complete income-tax-only cash reconciliation or allocate all refunds to individual factories. Readers should therefore not subtract all tax refunds from income-tax expense and call the result tax paid. Deferred tax assets are recognized only to the extent that future taxable income is considered probable under the stated policy; recognized benefits and unrecognized tax-loss bases do not themselves provide cash to finance a project.
Consolidated net profit was CNY 2,409,764,398.73 in 2020. Profit attributable to the parent shareholders was CNY 2,416,110,988.92, while the amount allocated to non-controlling shareholders was a loss of CNY 6,346,590.19. The parent-attributable amount therefore exceeds group net profit because the minority allocation is negative; it is not an extra profit stream to add to the total. Consolidated operating-cash reconciliation starts from the full group amount, whereas a shareholder earnings comparison uses the parent-attributable scope. Minority interests in subsidiary tables and their annual allocations must retain their reported ownership and period boundaries, especially when ownership changes during the year. The income statement also separates profit from other comprehensive income, which includes foreign-currency translation. Translation recorded outside profit is not automatically an operating cash loss. These boundaries help an overseas reader connect subsidiary performance to consolidated accounts without combining parent-only statements, subsidiary totals and shareholder allocations.
In addition to the product costs described in the revenue tables, the income notes report CNY 101,655,950.45 of taxes and surcharges, CNY 134,206,334.92 of selling expenses and CNY 556,893,149.13 of administrative expenses in 2020. These are functional expense categories, not three further factory-investment budgets. Selling expenses rose from CNY 88,309,356.52 in 2019; its salary and lease rows increased while the transport row declined. The table does not explain a complete causal bridge for those changes. A selling-expense transport line also cannot stand for all group logistics costs or be directly substituted for annual purchases from a related transport provider: the procurement and expense tables use different classifications and counterparties. Administrative costs include staff, depreciation, rent and service costs; the separately disclosed research expenditure retains its own function. Expense accruals and the cash-flow line covering payments for selling, administration and research differ in coverage and timing. Routine meeting, travel and activity subcategories are condensed, while their underlying source remains available. No unnamed plant shutdown, labour shortage or procurement saving is inferred from a small expense line alone.
The financial statements use Chinese Accounting Standards for Business Enterprises and present the group in renminbi, identified here as CNY. The accounting year runs from 1 January to 31 December; the board approved these statements for issue on 18 March 2021. The issuer prepares them on a going-concern basis and states that it identified no circumstances casting significant doubt on that assumption over the following twelve months. This records the issuer’s assessment, not a guarantee of future commercial outcomes. Consolidation is based on control and includes the parent and controlled subsidiaries, with internal transactions, balances and unrealized internal profits eliminated under the stated policy. Non-controlling interests retain their reported shares of equity, profit and comprehensive income. A partial disposal that leaves control intact therefore differs from selling the whole operation, while associates contribute through the separate equity-accounting scope. Parent-only accounts remain statements of the legal entity and are not added to consolidated totals. The report’s currency policies and individual functional currencies also explain why translated balances, profit and cash exchange effects need separate interpretation.
The company approved a public sale of 24.99% of Jushi Egypt, with board approval on 19 January and shareholder approval on 7 February 2020. The issuer identifies QIFEI LIMITED, a subsidiary of the China–Africa Industrial Capacity Cooperation Fund, as the buyer following listing on the Beijing property exchange. The disclosed price was USD 137,445,000, and the local transfer closed on 30 June 2020. The company retained 75.01% and continued consolidating Jushi Egypt. This was a minority ownership transaction; the entire Egyptian factory was not sold or removed from the operating perimeter. A USD sale price is not automatically attributable net profit or a CNY cash receipt. This management account does not by itself supply the cash settlement, transaction costs or equity-accounting bridge. The buyer is retained only as disclosed, without extending research into its other holdings.
The management table reports the full accounts of selected subsidiaries and associates in units of ten-thousand CNY. Wholly owned Jushi Group, the fiber operating company, recorded CNY 10,991,643,600 of revenue and CNY 2,423,050,100 of net profit. Jushi USA, held 70%, reported CNY 319,401,900 of revenue and a net loss of CNY 184,326,000; this is a company-level result, not a per-line loss or utilization calculation. Its registered capital is separately quoted in USD, so that capital entry must not be read in the financial table’s CNY unit. Wholly owned Beixin Technology Development, which sells building materials, reported CNY 415,155,300 of revenue and CNY 975,500 of net profit. The 32.04%-held Zhongfu Lianzhong composite-materials company produces and sells wind blades and reported full-company revenue of CNY 4,989,227,100 and net profit of CNY 567,883,200. The 20.10%-held Guangrongda leasing company reported CNY 26,671,100 of revenue and CNY 3,421,100 of net profit. An associate’s complete sales and profit are not amounts to add to Jushi’s consolidated accounts or automatically multiply by ownership to obtain recognized investment income. These rounded management figures retain their source precision and require financial-note context for consolidation and equity-method treatment. No new counterparty identities or operational claims are inferred.
The subsidiary table connects the five manufacturing bases to a wider corporate network. Jushi Group, Jiujiang, Chengdu and Panden electronic materials are accompanied by raw-material businesses: Leishi powder processing, calcium and limestone operations around Jiujiang, Hongjia kaolin and Juhong mining. Overseas subsidiaries also support sales, equipment and materials trade; a trading company is not automatically a fiber furnace. The table distinguishes a US glass-fiber trading company, whose business-location and registration entries differ, from the US manufacturing company in South Carolina. It lists Jushi India Glass Fiber with a production-and-sales business description, while management still describes the India development proposal as conditional on pandemic risks. A registered activity therefore does not establish an operating Indian plant in 2020. Location and business descriptions are retained without adding precise addresses, coordinates, production capacity or orders. This grouping helps explain the company's procurement and distribution structure; it is not a new project-by-project commissioning record.
The financial note presents full-company US manufacturing revenue of CNY 319,401,900, net loss of CNY 184,326,000 and negative operating cash flow of CNY 145,074,100. The Egyptian company reports revenue of CNY 1,280,064,800, net profit of CNY 246,018,100 and positive operating cash flow of CNY 475,020,400. These figures are converted from the source's ten-thousand-CNY unit, retaining its rounding. They do not show the revenue or profit attributable only to the listed company's shareholders, and are not additions to consolidated totals. The separate minority-interest note allocates a negative CNY 55,297,790.45 to US minority shareholders and positive CNY 44,594,781.29 to Egyptian minority shareholders. The US minority holding is 30%; the Egyptian minority holding is 24.99% at year end after the mid-year disposal. Applying that Egyptian closing percentage to a full year of profit would ignore the change in ownership period. The note's reported allocation is used instead. The contrast between US losses and cash use and Egypt's earnings and cash generation is relevant to overseas development, without treating accounting profit as cash or asserting that either plant achieved design output.
The issuer retained control of the Egyptian company after selling 24.99%, leaving a 75.01% holding. The financial transaction note reports CNY 973,041,877.50 of cash consideration and CNY 577,530,112.46 of net assets corresponding to the disposed share, with a difference of CNY 395,511,765.04. It separately reports CNY 288,966,506.11 as the capital-reserve adjustment. These two reported differences leave CNY 106,545,258.93 unexplained by this table; no foreign-exchange, tax or retained-earnings adjustment is invented to reconcile them. Continuing control means this is not a sale of the whole plant or a reason to remove all Egyptian operating results from consolidation. The capital-reserve note also records purchases of 10 percentage points of the Korean company, 25 points of the Canadian company and 40 points of the Spanish company. The aggregate negative CNY 1,498,660.27 capital-reserve effect of those purchases is not their total cash price. Combined with the Egyptian effect, the reported capital-reserve increase is CNY 287,467,845.84. Equity transaction adjustments must not be relabelled as ordinary fiber-sales earnings.
Zhongfu Lianzhong in Lianyungang produces and sells wind blades and is held at 32.04%, with equity-method accounting. Its complete company revenue of CNY 4,989,227,062.54 and net profit of CNY 567,883,216.65 describe the associate's business, rather than additional Jushi consolidated revenue. The investment carrying value is CNY 1,215,914,921.15 after adjustments to Jushi's share of net assets; this is an investment balance, not a new blade-factory budget. Dividends received from the associate were CNY 31,887,864.36. The consolidated investment roll-forward recognizes CNY 170,276,833.19 of equity-method income for this associate and a negative CNY 917,158.35 other change. The parent-only roll-forward instead recognizes CNY 169,359,674.84 of equity-method income and reaches the same closing carrying value without that other-change row. Both tables reconcile to their own closing balance, but the note is not used to assert a further cause for the presentation difference. Dividends reduce the investment balance and are not a second recognition of the same associate profit. Other smaller associates include asset management and leasing; their aggregate earnings do not become glass-fiber output or new manufacturing capacity.
In the parent-only accounts, other receivables include CNY 4,790,000,000.00 of lending principal: CNY 4,150,000,000.00 due from Jushi Group and CNY 640,000,000.00 from Jushi Chengdu. Receivable dividends of CNY 700,000,000.00 from Jushi Group appear at both the opening and closing dates. Their existence is not evidence of an additional consolidated external receivable or cash collected. Parent trade receivables of CNY 930,287,848.13 gross and CNY 105,332,599.47 of allowances also include identified group companies. The parent note attributes no allowance to specified intra-group amounts; that presentation is not an independent guarantee of repayment. Parent revenue of CNY 10,589,797,047.92 and investment income of CNY 874,360,870.25 belong to the separate legal entity, including cost-method dividend income and equity-method results. Consolidation eliminates qualifying internal balances and transactions, so these figures cannot be added again to the group totals. Parent subsidiary investment cost of CNY 10,136,366,917.18 is likewise not another group factory valuation or current-year construction spend.
At 31 December 2020, China National Building Material Company Limited (CNBM Company) held 944,653,675 China Jushi shares, or 26.97%, and was identified as the controlling shareholder. The report identifies China National Building Material Group Co., Ltd. (CNBM Group) as the actual controller; its ownership diagram traces state supervision through China’s State-owned Assets Supervision and Administration Commission. CNBM Company and CNBM Group are distinct entities, not two additive direct stakes in Jushi. The disclosed controlling shareholder and controller did not change during the year. Zhenshi Holding Group held 546,129,059 shares, or 15.59%, with 510,039,981 pledged. That is a pledge of a shareholder’s Jushi shares, not automatically a borrowing or guarantee by Jushi itself. The issuer says CNBM Company and Zhenshi are not related parties or parties acting in concert; it reports other shareholders’ relationships as unknown. Hong Kong Securities Clearing Company appears with 255,378,838 shares, or 7.29%, but this table does not identify the underlying beneficial investors and is not used to infer a single end-investor. The report shows shared senior roles with the major shareholders: chairman Cao Jianglin held CNBM roles, while vice-chairman and president Zhang Yuqiang chaired Zhenshi’s board. This identifies overlapping governance interests; it does not establish misconduct. Routine shareholder fund rankings and extended biographies are condensed.
The controlling CNBM entities had committed in December 2017 to resolve competition between Jushi and other glass-fiber businesses under their control within three years. The report describes a proposed restructuring involving Jushi and Sinoma Science & Technology, using cash, asset exchanges, share exchanges or combinations to acquire all or part of Taishan Glass Fiber and Zhongfu Lianzhong. Trading was suspended from 2 December 2020 while terms were discussed. On 15 December the two listed companies terminated the proposed transaction because the parties could not agree on core terms. The original commitment was therefore not completed as expected; a table marker suggesting timely performance must be read together with this explanatory narrative. Jushi retained its existing fiber business. The report then records a two-year extension starting on 5 January 2021, following shareholder approval, with the other commitments unchanged. That extension is a subsequent commitment, not evidence that an acquisition, business combination, capacity transfer or customer integration occurred in 2020. This matters to minority investors because potentially competing businesses remained within the controlling group, while any later transaction would require its own terms and evidence. No value, synergy or outcome is invented, and research is not extended into the counterparties.
The board’s assessment as at 31 December 2020 states that no material financial-reporting internal-control deficiency was identified and that financial-reporting controls were effective in all material respects. The annual report separately says Tianzhi International issued an unmodified internal-control audit opinion, referring readers to the standalone control report. This entry records that disclosure; it does not claim to have independently examined the standalone report or tested each control. The report also says no major difference from the regulator’s governance requirements was disclosed, while explicitly retaining the unresolved competition and integration commitment discussed elsewhere. Standard governance procedures, meeting counts and full director biographies are condensed because they do not by themselves answer an operating or shareholder-risk question. A clean disclosed control assessment does not prove that every transaction is conflict-free, that all commercial risks are absent, or that SinoFilings’s translated research has received independent editorial approval.
Management links its growth strategy to intelligent manufacturing, product and process upgrading, and building markets before factories. Its 2021 plan is a forward-looking intention, not a FY2020 achievement. The India proposal remained conditional on overseas pandemic risks becoming controllable; the disclosed design optimization is not a construction start. Large furnaces, bushings, oxy-fuel combustion, sizing chemicals and glass formulations are described as areas of technical strength, but leadership claims do not establish independently tested performance or quantified cost savings. Management groups four named Chinese subsidiaries under a 15% high-technology enterprise tax preference. The financial notes distinguish the basis: Jushi Group, Jushi Jiujiang and Jushi Panden Electronic Base Materials held three-year high-technology certificates, whereas the stated Chengdu basis was the western-development income-tax programme approved for 1 January 2013 to 31 December 2020. A shared 15% rate does not establish identical qualifications or renewal. The FY2020 subject-rate table separately lists the parent at 25% and Jushi Egypt at 22.50%; these are subject rates, not the consolidated effective tax rate. No later eligibility is inferred. The report describes a fiber export VAT rebate rising to 13% from 20 March 2020 and additional US tariffs on covered Chinese exports. These are historical issuer disclosures, not current tax or trade advice. For the EU, fabric measures and Egypt-origin fiber measures had different product and origin scopes. The issuer says directly exported fabric covered by the investigation was under 1% of product sales volume, but also says most Egyptian plant products fell within the separate fiber investigation; the small fabric percentage cannot be used to dismiss all Egyptian trade exposure. Management describes an Egypt fiber subsidy duty changing from 8.7% to 13.1% in June 2020 and its challenge to the calculation. Alleged WTO-rule violations are the company’s position, not an established court finding. Currency borrowing, imported inputs and forward exchange can mitigate exchange exposure, not prove complete hedging. Interest rates, receivables and inventory affect funding needs. Electricity, natural gas, minerals and chemicals affect production cost and continuity; the report says the continuous furnaces cannot routinely stop and describes gas storage and vehicle backup supply. Its stated emergency-delivery window of two to twelve hours is a management contingency claim, not a verified supply guarantee. No current legal rates, customer deliveries or permit status are inferred.
The issuer provided CNY 25,285,262.67 against Juhong construction because adjustment of an ecological red line created uncertainty for production and operation. The term is retained as the report’s environmental-boundary explanation; the note does not itself establish a revoked permit, shutdown duration or replacement raw-material supplier. Separately, the intangible-asset table identifies CNY 108,376,460.90 of current-year impairment in the mining-rights column. Mining rights had CNY 116,979,308.76 of gross cost, CNY 2,567,795.44 of accumulated amortization and CNY 6,035,052.42 of closing net value. That valuation loss is material to understanding assets supporting the business, but the table does not identify the particular mine or explain its cause. The two impairment amounts are not assumed to belong to the same mine. Their amounts match separate construction and intangible-loss categories in the consolidated impairment note. The remaining mineral rights are not a reserve estimate, a production quota or proof that all operations are permitted.
The fixed-asset note reports CNY 25,912,993.67 of Jushi Group Beite factory buildings for which title certificates were still being processed at year end. This is a specific property-document status, not evidence that production was suspended or that an operating permit was absent. The note also lists assets leased out, including buildings and platinum; those disclosures identify use arrangements and do not create new fiber capacity. Detailed leased-asset amounts are condensed here because manufacturing investment, precious-metal cost treatment and the title application already answer the material operating questions. The report does not provide a completed title or precise physical address for this item, and neither is invented.
The report presents a proposal based on FY2020 profits to pay CNY 2.24 per ten shares, using 3,502,306,849 shares as the base, for a gross dividend of CNY 784,516,734.18. It also proposes converting capital reserves into 1.43 additional shares per ten shares, totaling 500,829,879 new shares and increasing the total to 4,003,136,728. These are proposed subsequent distributions and share changes, not cash paid or shares issued during 2020. The report says the share total and capital structure did not change during the reporting year. A capital-reserve conversion changes the number of shares and the composition of equity; it is not new operating cash raised. The proposal table’s 32.47% ratio compares the proposed cash distribution with consolidated profit attributable to shareholders, whereas the company’s dividend policy refers to parent-company distributable profits. The denominator and legal entity therefore matter. The events-after-the-balance-sheet note separately lists the same CNY 784,516,734.18 under both proposed profit or dividends and profit or dividends approved and declared after deliberation. These are two labels for the same amount, not two distributions. The table does not identify a cash payment date or a specific shareholder approval date. This additional disclosed state belongs to the annual report’s subsequent-event context and does not turn the proposed cash and share changes into events executed during 2020. The retained-earnings note records CNY 675,945,221.45 of ordinary-share dividends in its annual movement, while the cash-flow line combines dividends, profits and interest. Their scopes and timing differ; neither is replaced by the subsequent FY2020 distribution amount.
The company reports CNY 1,489,000,000 of bank wealth-management placements from its own funds during 2020, with CNY 30,000,000 not yet matured at year end and no overdue unrecovered amount in the summary table. The detailed list totals CNY 1,491,400,000 of principal. Its first eight entries were placed in December 2018 and total CNY 2,400,000; including those old products explains why the detailed principal list is larger than the new-placement total. The detailed list contains CNY 13,930,629.15 of actual returns and separately CNY 69,063.78 of expected future returns. Expected returns on unmatured products are not added to actual returns or labeled cash already collected. The three unmatured CNY 10,000,000 placements have 2021 maturity dates. A list of placements over time is not an additional closing asset balance or the same as construction expenditure. The table describes these products as principal-protected, which is the disclosed product classification rather than an independent guarantee of risk-free investment. This passage does not supply a complete reconciliation to recognized investment income, trading-asset fair value or investing cash receipts; those accounting-note scopes remain separate.
The important construction table reports CNY 13,691,657.04 of borrowing costs capitalized during 2020, allocated there to the Chengdu 250,000-tonne programme, at a disclosed capitalization rate of 3.7277%. Capitalization places qualifying borrowing costs into the asset cost rather than immediately presenting the same amount as an expense. The financial supplement reports the same annual capitalized amount and rate. This is not the group’s total interest payment, and the capitalization rate should not be used as the interest rate of every loan or as a financing commitment for later years. The construction table’s own-funds/borrowing label identifies the stated funding mix but does not disclose a complete source-by-source cash allocation.
At 31 December 2020, consolidated short-term loans were CNY 4,201,470,880.21, down from CNY 6,610,547,641.36 at the beginning of the year. Non-current long-term loans were CNY 4,430,331,242.69, up from CNY 3,148,654,457.99. The current portion of non-current liabilities was separately CNY 613,160,403.69: CNY 205,809,784.24 of long-term loans, CNY 406,964,111.26 of bonds and CNY 386,508.19 of leases. Non-current bonds were another CNY 1,833,290,277.81. The 2018 green note and medium-term note shown in the current portion have changed balance-sheet maturity classification; that does not mean their principal was repaid in 2020. These categories help a reader separate near-term refinancing from longer funding, but they do not identify the cash funding of each factory. The loan note discloses historical rate ranges by security category, rather than a single borrowing rate applicable to the whole group. Guaranteed, secured and unsecured borrowing must also be distinguished from the issuer guarantees already described elsewhere.
The report retains CNY 1,514,620,702.05 of liabilities for bills transferred without derecognition at year end. Derecognition means removing the receivable from the accounts; transferring or discounting a bill does not always satisfy that accounting test. The receivable note divides this exact total into bank and commercial acceptance bills, while the other-current-liability note labels the matching amount as bank acceptance bills. Both labels are retained as a source inconsistency rather than creating two additional balances. Separately, the cash-flow note reports CNY 1,418,662,736.13 of inflows from bill discounting for financing purposes and CNY 1,100,000,000.00 of outflows described as financed amounts. Those are annual cash categories, not the closing retained-bill balance or a complete reconciliation of every transferred bill. Ordinary bills payable were CNY 431,147,842.13, including bank bills and letters of credit; the note reports no matured unpaid bills within that scope. This narrow statement is not a conclusion that all group obligations are current or risk-free.
The short-term debt table lists nine 2020 issues, each with CNY 500 million face value, with disclosed tenors from 88 to 270 days. Their combined face value is CNY 4.5 billion, calculated from those nine rows. The table also includes two 2019 issues: its CNY 5.5 billion issue-amount column therefore must not be reported as new 2020 issuance. The actual current-year issuance column is CNY 4,498,086,555.56, and current-year repayments are CNY 3,500,000,000.00. Closing short-term notes of CNY 2,014,293,333.34 are an accounting carrying amount, comprising the four rows that remain at year end; they are not the total face value ever issued or total borrowing cash raised. The table separately reports interest accrual and discount or premium amortization. Accrued interest on issues repaid during the year cannot simply be added to the closing principal, and the note is not used to invent a full cash-interest settlement bridge. Repeated issuance and repayment illustrate the turnover of short funding rather than nine additional permanent sources of factory capacity.
Consolidated trade payables closed at CNY 1,743,411,276.79. Engineering payables were the largest disclosed component, CNY 882,005,715.45, followed by raw-material payables of CNY 697,410,199.90 and equipment payables of CNY 93,053,630.88. Those balances show obligations to suppliers and builders supporting manufacturing; they are neither this year's purchases nor additional amounts to add to construction assets. Five important balances aged more than a year totalled CNY 65,590,390.53. Their counterparties were anonymous, and the issuer says contractual payment dates had not yet been reached. Age alone is therefore not evidence of default, nor does the disclosure identify the supplier across years. Customer contract liabilities were separately CNY 146,743,943.57 current and CNY 10,133,832.34 non-current. These represent obligations associated with customer contracts rather than completed sales or bank loans. Routine other payables, compensation roll-forwards and staff profit-sharing administration are condensed because the tables do not demonstrate an additional material manufacturing constraint or shareholder transaction; the source remains available.
The financial-risk note says 62.78% of debt was due in less than one year at 31 December 2020, while 38.99% of interest-bearing borrowings carried fixed rates. These percentages have different denominators and cannot be combined into a fixed-rate short-debt estimate. The issuer's liability-to-asset ratio was 50.06%. Its statement that credit customers are dispersed and monitored is a management assessment, not evidence of no losses or no related-party concentration. The foreign-currency monetary-funds table totals CNY 882,846,341.47 in translated value; foreign-currency funds are different from funds physically held overseas and from all available cash. The Egyptian and US manufacturing entities use the US dollar as functional currency. Currency risk arises from sales, purchases and funding in other currencies as well as translating overseas net assets into the consolidated reporting currency. The note describes forward exchange arrangements and foreign-currency borrowing as mitigation policies, without proving all exposures are hedged. The foreign financial-statement translation row reports a negative CNY 305,231,938.48 pre-tax movement in other comprehensive income. That differs from transaction exchange losses in financial expenses and is not another operating cash payment to subtract.
Cash paid to acquire or construct fixed assets, intangible assets and other long-term assets was CNY 1,531,676,750.95 in 2020, compared with CNY 5,109,198,554.61 in 2019. The 2020 amount is an annual group cash outflow across those asset categories; it is not a budget for one factory, the value transferred from construction into fixed assets, or proof of additional capacity brought into service. The investing statement also records CNY 1,489,000,000.00 paid for investments and CNY 1,461,400,000.00 received from recovering investments. Those two categories should not be relabelled factory construction without an explicit source allocation. The overall net investing cash outflow was CNY 1,528,404,139.05, after investment income receipts, asset disposals and other investing cash items. This explains why net investing cash and long-lived-asset payments differ. The year-on-year payment figures describe cash timing, while construction progress and the operating stage of individual projects require their own disclosures.
The financing statement reports CNY 12,458,635,146.24 of borrowing cash received and CNY 12,635,284,056.02 of cash used to repay debt in 2020. These gross annual flows describe funding turnover; neither is the closing borrowing balance or a direct measure of new factory spending. Cash paid for dividends, profits or interest was a combined CNY 1,127,267,422.53. That combined line cannot be described as dividends alone, and the proposed distribution for FY2020 is not assumed to have been paid within the year. After investment inflows and other financing items, net financing cash flow was negative CNY 91,140,347.05. Operating cash flow of CNY 2,051,501,993.04, net investing cash flow of negative CNY 1,528,404,139.05, net financing cash flow and a negative CNY 11,407,059.88 exchange-rate effect together reconcile to the CNY 420,550,447.06 increase in cash and cash equivalents. The exchange-rate cash effect is distinct from the exchange loss in finance expenses and the translation movement in equity. This reconciliation explains the change in available cash without presenting a manufactured measure of free cash flow.
The important-matters table reports CNY 10,289,650,000 of subsidiary guarantee activity during 2020 and CNY 5,601,970,000 of outstanding guarantees at year end. The occurrence amount is a period flow; the closing amount is a balance, so they are not added. The company says all guarantees were for companies within its consolidated perimeter, with no guarantees outside subsidiaries in this table. The reported guarantee-to-net-assets ratio is 32.13%. Outstanding guarantees for obligors with a liabilities-to-assets ratio above 70% were CNY 208,310,000, a subset of the closing total rather than an additional obligation. Guarantees support operating subsidiaries’ access to funding and can expose a guarantor if the obligor fails to pay. They do not independently prove that the guarantee amount was drawn, paid out in cash or defaulted, nor should it simply be added to consolidated borrowing balances when the underlying subsidiary debt is already included. The table’s absence of an overdue liability explanation does not establish that every possible claim is risk-free. The financial-note headings for important commitments and contingencies are marked not applicable. That narrow presentation does not cancel the separately disclosed subsidiary guarantees or prove that all contractual obligations are risk-free.
The annual report links Chengdu’s relocation to the district’s changed urban functions and says the relocated operation completed commissioning in the fourth quarter of 2020. Its environmental treatment facilities were designed, built and put into use alongside the production project. This base-level completion account remains separate from the individual line ignition dates in July and September; neither provides actual annual utilization or a new third production line. The report describes wastewater pretreatment and reuse, treatment of furnace exhaust, noise reduction and separate hazardous and ordinary solid-waste handling. These facilities relate to continuity, permitted operation and resource use rather than a general sustainability claim, but the passage does not quantify each project’s environmental capex, savings or water-reuse volume. The company reports normal operation of treatment facilities and no environmental violations during the year; those are issuer statements, not independent verification of all permits or sites. The emissions table supplies company-entry annual quantities and approved totals, while its concentration column gives standard limits, not measured concentrations. For example, the Jushi Group entry reports 310.34 tonnes of nitrogen oxides against an approved total of 567.737 tonnes and wastewater chemical oxygen demand of 55.43 tonnes against 61.018 tonnes. The Chengdu entry reports 13.88 tonnes of nitrogen oxides against 258.1736 tonnes and wastewater chemical oxygen demand of 5.06 tonnes against 14.9688 tonnes. These are distinct entry scopes, not plant-output intensity, avoided emissions or totals for every global factory. The separate Zhongfu Lianzhong blade-company row is not attributed to a Jushi fiber furnace.
The issuer and its main subsidiaries reported 11,720 employees, comprising 127 at the listed parent and 11,593 at the main subsidiaries. The occupational breakdown includes 8,873 production staff and 1,766 technical staff, with the remaining roles in sales, finance and administration. This identifies the importance of factory and technical capabilities; it is not a plant-by-plant staffing or labor-productivity measure. The technical headcount matches the research-personnel number in the R&D disclosure, so those categories are not added as two separate workforces. The company reports 1,088 workers passing its glass-fiber product occupational skill assessment. That is relevant to the production skill base but does not demonstrate a quantified improvement in yield, safety or cost. Routine training-session counts and welfare activities are condensed. Outsourcing payments were CNY 46,140,500, converted from the report’s ten-thousand-CNY unit; total outsourced hours were not provided because the company says the activities used different measurement methods. This does not make outsourcing zero or permit a comparable hourly cost to be calculated.
Tianzhi International’s report, dated 18 March 2021, gives an unmodified opinion on the FY2020 consolidated and parent financial statements prepared under Chinese Accounting Standards for Business Enterprises. Its two key audit matters were recognition of glass fiber and related-product revenue when customers obtain control, and elimination of transactions within the consolidated group. For revenue, the auditor describes contract and delivery-document testing, customs confirmations for exports and checks of shipment timing. For elimination, domestic fiber sales of consolidated Chinese companies were coordinated through the issuer, producing frequent and material internal transactions; the auditor describes reconciliation and review of unrealized internal profit. This explains why subsidiary sales cannot simply be added to the issuer’s sales and why a shipment date, recognized revenue and customer cash receipt can differ. Key audit matters are areas important to the overall audit, not separate qualified opinions. The auditor explicitly says its financial-statement opinion does not provide assurance on the other annual-report information. Neither the financial audit nor the separately reported control audit is independent approval of SinoFilings’s English selection, entity matching or translations.
The US alkali-free glass-fiber furnace line described in this note has a 96,000-tonne annual design scale and began trial production after ignition on 18 May 2019. The note says unsold trial-run products were transferred to other current assets at estimated selling prices. At 31 December 2020, their reported estimated selling value was CNY 23,643,999.23, compared with the opening CNY 80,684,947.83. This is a historical closing asset amount, not recognized FY2020 revenue, received cash, production tonnage or a measure of the whole plant’s utilization. Other current assets also included CNY 172,174,886.77 of unoffset VAT and prepaid taxes; that tax balance is separate from trial products. The two entries total CNY 195,818,886.00. Distinguishing ignition, trial output and later sales lets readers follow commercialization without equating a furnace’s technical start with sale of all its products.
Consolidated net property, plant and equipment at 31 December 2020 was CNY 20,814,561,968.89. The balance-sheet fixed-asset summary of CNY 20,910,936,255.17 also includes CNY 96,374,286.28 of assets in clearance, identified in the note with the Chengdu whole-plant relocation. Clearance is an accounting balance, not sale proceeds or recognized disposal profit. Platinum-rhodium alloy accounted for CNY 7,563,367,368.19 within net fixed assets. The policy explains that this metal is made into bushings used to draw glass fiber, with periodic cleaning and processing for product quality. Unlike ordinary buildings and machinery, these bushings are not depreciated: production losses of the alloy enter product cost and reduce the metal asset. This makes the balance relevant to both manufacturing and recoverable material value, rather than another furnace-capacity measure. The fixed-asset note reports CNY 994,426,577.05 of depreciation charges and CNY 3,511,382,242.71 of gross transfers from construction in progress. Transfers bring previously accumulated construction costs into operating assets; they are not the same amount as current-year cash purchases. The precious-metal amount is retained at its reported accounting value, with no market-price valuation invented.
Construction in progress closed at CNY 1,966,724,950.88 gross and CNY 1,941,439,688.21 net after CNY 25,285,262.67 of impairment allowances. The net amount was below the opening CNY 2,187,731,981.04, but that movement does not mean investment stopped: projects were added and transferred into fixed assets during the year. The important-project movement table covers selected projects, not every item in total construction. Its closing CNY 1,825,772,618.12 therefore differs from the complete net balance. Project additions, transfers and remaining costs give readers a construction-accounting view; they do not disclose actual fiber output, customer acceptance or final cash settlement. The policy allows a project that has reached its intended usable condition to transfer at an estimated cost before final settlement, with later cost adjustment. A blank closing cell in a transferred project is not used to invent a separate zero-valued field or a new production claim.
The note separately lists a project for 60,000 tonnes per year of electronic yarn and 300 million metres per year of electronic fabric. Its disclosed budget is CNY 2,372,687,100, reported as 237,268.71 units of ten-thousand CNY; closing construction is CNY 858,468,130.17, with engineering progress of 50% and cumulative investment of 46% of budget. Those percentages describe different concepts and must not be replaced by closing construction divided by budget. The table lists own funds as its funding source. A separate 150,000-tonne annual intelligent glass-fiber expansion has a CNY 1,471,166,700 budget, CNY 710,824,879.28 of closing construction and 50% engineering progress, with own funds and borrowing listed. These are planned scales and construction status, not actual 2020 production. The new headquarters also holds CNY 218,885,152.92 in construction and is not fiber capacity. Egypt’s production-base supporting works retain CNY 37,594,455.75 of construction and 96% progress; supporting infrastructure must not be described as an additional fiber line. The report does not provide a reliable project-level cash-payment bridge for these balances.
The Chengdu 250,000-tonne annual furnace-line programme reports 100% engineering progress, a budget of CNY 3,104,300,700 and CNY 2,014,925,243.89 transferred into fixed assets in 2020. Its 91.07% cumulative-investment-to-budget measure is different from engineering progress. The management narrative separately records the new site’s 130,000-tonne and 120,000-tonne line ignitions; those components should not be added again to the aggregate 250,000-tonne programme. The note’s Jushi Group 300,000-tonne intelligent-manufacturing programme, phase II, reports 100% progress, a CNY 1,195,591,400 budget and CNY 950,758,023.28 of transfers. This is the scope named by the financial note; the programme title is not automatically an additional 300,000-tonne line on top of the individual line already described by management. A separate project for 60,000 tonnes of electronic yarn and 200 million metres of fabric reports 100% progress, a CNY 2,186,133,600 budget and CNY 89,580,981.44 of current-year transfers. It differs from the unfinished 300-million-metre fabric project. These transfers include costs accumulated before 2020, and neither budgets nor transfer amounts establish annual sales, actual output or the final full project cost.
The 2020 non-operating expense table reports CNY 26,898,923.27 for US trial-production products sold externally during the year. The description concerns sales, but the amount is presented in an expense table, not as a separately disclosed revenue or cash receipt. Its reported accounting classification is therefore retained. This complements the other-current-asset note, which values unsold US trial products at estimated selling prices and reports CNY 23,643,999.23 at year end versus CNY 80,684,947.83 at the beginning. Subtracting the expense-table item from that opening asset does not produce a complete roll-forward of trial inventory, and the report is not used to invent sales proceeds, margin or cash collected. The disclosure shows that some trial products reached external sale; it does not prove that the full plant had reached designed output, that all US production was sold or that trial-product accounting represents ordinary commercial revenue.
The consolidated intangible-asset table reports CNY 782,786,193.31 of net carrying value at year end. Land-use rights account for CNY 672,833,787.46 and energy-use rights for CNY 31,678,441.50. The same table includes software, non-patented technology and mining rights. These categories describe assets recorded in the accounts, not a catalogue of newly commercialized products or a certificate that every plant meets all operating conditions. Gross acquisition cost, amortization and impairment must remain distinct from the closing net balance; the mining-right impairment is discussed separately and is not automatically assigned to the land or energy-right rows. Land right-of-use assets under leases are a separate accounting category. The report does not connect every intangible balance to a named project, remaining permit term or output entitlement. The operating evidence therefore comes from project, production and constraint disclosures rather than treating a positive asset value as permission to operate.
Page parsing is separate from content extraction. Reviewed means the stated topic scope was checked; it does not certify the entire annual report.
Important business model, inputs/process, sales channels, applications and five-base manufacturing footprint selected under editorial-selection-v1. Existing volumes retained. Industry forecasts and charts are condensed, not attributed as company results or independently verified current market data. Same-assistant selection, not independent editorial approval.
Material management selection retained; tax basis corrected with notes107-108. Management describes four 15% high-technology preferences; financial notes specifically identify Chengdu western-development basis. Prior wording and snapshots retained in history; no subsequent eligibility inferred. Same-assistant review, not independent editorial approval.
Same-assistant important-content selection and source comparison, not independent editorial approval. Financial pages61-173 and all58 consolidated notes mapped to source-backed English explanations or explicit condensed-detail reasons. Dividend proposal/declared labels, yearly movement and cash scopes remain separate; no payment date invented. Original evidence and snapshots retained. Commercial source-use basis and independent editorial review pending.
Same-assistant important-content selection and source comparison, not independent editorial approval. Financial pages61-173 and all58 consolidated notes mapped to source-backed English explanations or explicit condensed-detail reasons. Dividend proposal/declared labels, yearly movement and cash scopes remain separate; no payment date invented. Original evidence and snapshots retained. Commercial source-use basis and independent editorial review pending.
Same-assistant important-content selection and source comparison, not independent editorial approval. Financial pages61-173 and all58 consolidated notes mapped to source-backed English explanations or explicit condensed-detail reasons. Dividend proposal/declared labels, yearly movement and cash scopes remain separate; no payment date invented. Original evidence and snapshots retained. Commercial source-use basis and independent editorial review pending.
Same-assistant source/English comparison, not independent editorial approval. Consolidated statements, revenue policy, main/other-business and product boundaries, tax cash/liabilities and financing flows compared to original source. Source pages71/73/74/129/137/164 key columns visually checked; whole financial chapter material-selection inventory remains incomplete.
Same-assistant source/English comparison, not independent editorial approval. Financial notes107-116 text read and original numeric columns visually checked. Tax-subject basis, monetary-fund location/restrictions, trade-loss movements, bill recognition, relocation receivable, inventory and estimated US trial-product value retained. Other-receivable stage-table presentation remains unexplained. Financial important-content selection through173 is incomplete.
Same-assistant correction against original163, not independent review. Lifan plan cash allocation is400000CNY, not4400000. Plan allocation sum equals46564756.95CNY; prior claimed4million mismatch was an assistant error. Original observations/fields/snapshots retained; corrected current reading replaces rejected legacy item.
Same-assistant source/English comparison, not independent editorial approval. Production-asset notes118-125 original tables visually checked, with policies96 and supplemental164 source text compared. Net assets, precious-metal cost treatment, construction scopes/budgets/progress/transfers, capitalized borrowing, separate environmental/mining impairments, goodwill and title application explained. Remaining important financial notes incomplete.
Same-assistant source/English comparison, not independent editorial approval. Intangible carrying amounts and functional expense categories compared to original pages122-124/137-138/141; page124/137/138 visually checked. Consolidated58-note source-to-English selection inventory recorded, whole chapter review still pending.
Same-assistant source/English comparison, not independent editorial approval. Original debt, tax, grant, earnings and cash tables126-135/138-146 visually checked. Stock versus flows, bill-label inconsistency, short-note period scope, grant cash versus income, expense-classified US trial products and cash/depreciation perimeter explained. Important remaining financial topics incomplete.
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