China Jushi | FY2021 business review

Total operating revenue was RMB 19,706,882,079.97, up 68.92%. Management attributed growth to higher product volumes and prices. Glass fiber and related products generated RMB 17,844,653,072.20, or 90.55% of total revenue. The operating discussion describes a more balanced development of roving and fine yarn and fabric, alongside more thermoplastic and high-strength, high-modulus products. Portfolio emphasis is not a numerical sales breakdown for each grade.

E9 ultra-high-modulus glass fiber reached tank-furnace mass production in 2021. The company reported modulus above 100 GPa and described E7, E8 and new electronic-yarn formulations as operating efficiently and stably, with customer certification and promotion. The numerical modulus is a company disclosure, not an independently reproduced test result. This production-stage milestone follows the laboratory-stage confirmation for E9 in the 2018 filing.

R&D investment reached RMB 552,223,387.50, entirely expensed, or 2.80% of revenue. The operating account discusses digital applications across the fiber value chain and manufacturing process, alongside glass-formulation development. The expenditure supports a broad research programme. It is not identified solely as E9 development cost or as the budget for any one new production line.

The annual report explains glass-fiber manufacture from mineral inputs such as pyrophyllite, kaolin, limestone and quartz sand through proportioning, high-temperature melting, drawing, drying and winding. Fibers serve as composite reinforcement, electrical insulation, thermal insulation and circuit-board substrates; these are inputs for downstream manufacturers, not proof that Jushi sells finished vehicles or wind turbines. Its industry description of alkali-free glass exceeding 95% of output is not Jushi’s own product mix. Research spans glass formulations, sizing chemicals, fiber products, composite applications, manufacturing equipment, cleaner production and intelligent manufacturing. FY2021 research investment was CNY 552,223,387.50, all expensed, equal to 2.80% of revenue, with 1,792 research personnel. These resources are not allocated solely to E9 or any one line. Management reports E9 tank-furnace mass production and modulus above 100 GPa, and certification/promotion of E7, E8 and new electronic-yarn formulations. The modulus and qualification claims are issuer disclosures; no independent comparative test, named certification customer, grade sales or separate saving from each digital initiative is supplied here. Leadership and awards are condensed rather than used to prove technology or commercial success.

Reported research personnel count / 2021 / annual research personnel disclosed count

1,792 people

Management linked stronger materials demand to vehicle lightweighting and electronics, including PCB-related demand for fabric. Domestic sales represented 67.15% of main-business sales and direct sales represented 86.25%. The top five customers represented 18.59% of annual sales. Manufacturing remained distributed across Tongxiang, Jiujiang, Chengdu, South Carolina and Suez. Customer concentration, sales channel and site geography are distinct parts of this operating model.

Jushi sold 2,352,800 tonnes of roving and related products and 440 million metres of electronic fabric in FY2021. These are sales of different product forms, not additive physical output, nameplate capacity or plant utilization. Management reports growing volumes and prices, a greater emphasis on high-strength and high-modulus products, thermoplastic reinforcement and electronic fabric, and more balanced development of roving and fine yarn/fabric. The report does not quantify each grade’s share or give a complete production and physical-inventory table in the production-and-sales subsection. Vehicle lightweighting and demand for printed circuit boards are identified as demand drivers, rather than named customer orders. The third roving and fine-yarn phases at Tongxiang, Chengdu’s chopped-strand project and Egypt’s fourth roving phase were advancing; this annual narrative does not establish their later ignition or realized output.

Reported roving and related-product sales / 2021 / annual roving and related product sales

2,352,800 tonnes

Reported electronic-fabric sales / 2021 / annual electronic fabric sales

440,000,000 metres

Glass-fiber and related-product revenue was CNY 17,844,653,072.20, up 61.55%, with cost of revenue of CNY 8,945,191,162.08, up 24.86%. Reported gross margin was 49.87%, up 14.73 percentage points. This is gross profitability for a product category, before group expenses, financing and tax. Management attributes improvement to product mix, growing sales and higher prices, including electronic-fabric demand linked to printed circuit boards and lightweighting applications. It also describes pandemic-related overseas supply-demand imbalances and export recovery from the second quarter; these are historical explanations, not a forecast that the same prices persist. Other main-business revenue of CNY 944,630,623.34 had a 1.10% margin. Together these categories total CNY 18,789,283,695.54 main-business revenue, distinct from CNY 19,706,882,079.97 consolidated total revenue. Fiber’s reported 94.97% share uses main-business revenue; its 90.55% share uses total revenue. Neither denominator is silently substituted, and higher gross margin is not presented as an equivalent increase in sustainable shareholder profit.

Reported glass-fiber and related-product revenue / 2021 / annual glass fiber product revenue

RMB 17,844,653,072.2

Reported glass-fiber and related-product cost / 2021 / annual glass fiber product cost

RMB 8,945,191,162.08

Reported glass-fiber and related-product gross margin / 2021 / annual glass fiber product margin

49.87 percent

Reported other main-business revenue / 2021 / annual other main business revenue

RMB 944,630,623.34

Glass-fiber materials cost was CNY 3,050,708,784.94, up 26.79% from CNY 2,406,124,579.58. The reported 28.31% share matches total consolidated cost of revenue of CNY 10,777,245,169.64; it is not a share of the separate CNY 8,945,191,162.08 fiber-category cost. The latter denominator would give about 34.10%, an explanatory calculation rather than a replacement source figure. The table does not break every other cost component out or divide the increase between input prices, volumes and mix. No per-tonne saving is inferred. Electricity, natural gas, minerals and chemical auxiliaries are material inputs; their prices and availability can constrain manufacturing. Management describes cleaner production, energy management and technical innovation, without quantifying a saving for each initiative.

Reported glass-fiber materials cost / 2021 / glass fiber material cost

RMB 3,050,708,784.94

Reported materials share of total cost / 2021 / materials share of total cost matches consolidated denominator

28.31 percent

Domestic main-business sales were CNY 12,617,090,386.04 with a 50.06% gross margin; foreign main-business sales were CNY 6,172,193,309.50 with a 42.02% margin. Domestic sales represented 67.15% of main-business sales. Direct sales were CNY 16,206,541,755.81 with a 47.05% margin, while distributor sales were CNY 2,582,741,939.73 with a 49.72% margin; direct sales represented 86.25%, up 3.08 percentage points. These are alternative classifications of the same CNY 18,789,283,695.54 main-business revenue, not four independent revenue streams. Region does not identify the factory that produced the goods, and direct sales do not name final end users or imply better margins than distributors. Management describes linking domestic and foreign production and sales to recovering overseas markets, alongside its Tongxiang, Jiujiang, Chengdu, South Carolina and Suez manufacturing footprint. That footprint does not itself measure export volume or eliminate origin-specific trade exposure.

Reported domestic main-business revenue / 2021 / annual main business domestic revenue

RMB 12,617,090,386.04

Reported foreign main-business revenue / 2021 / annual main business foreign revenue

RMB 6,172,193,309.5

Reported domestic main-business gross margin / 2021 / annual main business domestic margin

50.06 percent

Reported foreign main-business gross margin / 2021 / annual main business foreign margin

42.02 percent

Reported direct main-business sales / 2021 / annual main business direct sales

RMB 16,206,541,755.81

Reported distributor main-business sales / 2021 / annual main business distributor sales

RMB 2,582,741,939.73

Reported direct-sales gross margin / 2021 / annual main business direct margin

47.05 percent

Reported distributor-sales gross margin / 2021 / annual main business distributor margin

49.72 percent

The five largest customers accounted for CNY 3,663,034,600 sales, or 18.59% of annual sales. Related-party sales within this group were CNY 1,748,114,800, or 8.87% of annual sales. The related amount is a subset, not extra revenue or every related sale. The five largest suppliers accounted for CNY 3,839,051,900 purchases, or 28.05% of annual purchases; related-party purchases within that group were CNY 649,792,600, or 4.75%. Sales and procurement have different denominators. These are annual flows, not cash settled or year-end balances. The concentration subsection does not identify all five names. Related-transaction notes cannot be used to invent their ranking, final customers or project orders. The exceptional-dependence subsections are marked not applicable; this does not establish that ordinary concentration or credit risk is absent.

Reported top-five customer annual sales / 2021 / annual top five customer sales

RMB 3,663,034,600

Reported related-party annual sales within top-five customers / 2021 / annual related party sales subset within top five

RMB 1,748,114,800

Reported top-five customer share of annual sales / 2021 / annual top five customer sales share

18.59 percent

Reported related-party subset share of annual sales / 2021 / annual related party subset within top five sales share

8.87 percent

Reported top-five supplier annual purchases / 2021 / annual top five supplier purchases

RMB 3,839,051,900

Reported related-party purchases within top-five suppliers / 2021 / annual related party purchases subset within top five

RMB 649,792,600

Reported top-five supplier share of annual purchases / 2021 / annual top five supplier purchases share

28.05 percent

Reported related-party subset share of annual purchases / 2021 / annual related party subset within top five purchase share

4.75 percent

Operating cash flow was CNY 5,981,158,526.45, up 191.55%; management attributes the increase to cash received from goods sales. Investing cash was negative CNY 3,531,386,094.62, attributed to greater payments for fixed-asset construction and acquisition, and financing cash negative CNY 1,984,673,978.26, attributed to reduced bank borrowing. These explanations are not a complete project cash bridge. Closing inventory carrying value was CNY 2,199,282,176.18, up 39.19%, with management citing capacity growth, raw-material demand and longer stocking cycles. This is not physical stock. Fixed assets were CNY 24,587,816,587.31; completed lines transferred into fixed assets, without this account proving utilization. Restricted assets totaled CNY 1,038,355,044.61, comprising CNY 25,378,184.01 monetary funds, CNY 990,922,944.34 pledged fixed assets and CNY 22,053,916.26 pledged intangibles. Overseas assets of CNY 9,377,544,866.28 were 21.40% of total assets, not overseas sales or available cash. Financing-related bills reclassified as short-term borrowings explain some lower bills payable, while bonds moving into current portions explain some lower non-current bonds; neither reclassification proves repayment. Rising employee obligations include accrued excess-profit sharing, distinct from cash paid. Detailed audited-note reconciliation remains pending.

Reported net inventory / 2021 / consolidated inventory net

RMB 2,199,282,176.18

Reported net fixed assets / 2021 / consolidated fixed assets net

RMB 24,587,816,587.31

Reported overseas assets / 2021 / consolidated overseas assets

RMB 9,377,544,866.28

Reported monetary funds restricted for bill deposits and term deposits / 2021 / restricted monetary funds deposits term deposits

RMB 25,378,184.01

Reported total restricted assets net carrying value / 2021 / consolidated restricted assets net

RMB 1,038,355,044.61

Management reports CNY 690,972,100 gains from selected precious-metal sales, following review of inventory/usage and technical adjustments to the platinum-rhodium mix that reduced rhodium-powder use. This was 9.46% of reported total profit, not fiber revenue or net shareholder profit. The same metal sale disclosure repeated in the significant-disposal section is not a second transaction. Separately, it reports CNY 186,882,900 asset-disposal gain from Chengdu’s completed whole-plant relocation, with compensation and gains recognized in stages according to relocation progress. This links the gain to a specific operating change but does not establish when all compensation was received. Gains are not gross proceeds or cash receipts. The broader audited disposal and nonrecurring categories still require reconciliation; no sustainable-profit measure is made simply by subtracting these two selected management figures.

Reported gains from selected precious-metal disposals / 2021 / selected precious metal disposal gain management narrative

RMB 690,972,100

Reported Chengdu relocation asset-disposal gain / 2021 / chengdu whole plant relocation gain management narrative

RMB 186,882,900

At 31 December 2021, consolidated monetary funds were CNY 2,252,111,643.50, including CNY 25,378,184.01 of restricted funds. Subtracting the restriction gives CNY 2,226,733,459.49, exactly the closing cash and cash-equivalents total in the cash-flow note. That total comprises CNY 95,727.15 of cash on hand, CNY 2,226,455,273.86 of bank deposits available for payment and CNY 182,458.48 of other monetary funds available for payment. The broader monetary-funds table instead includes CNY 25,560,642.49 of other monetary funds. Available cash increased by CNY 360,657,791.18 from CNY 1,866,075,668.31. The geographic subset of monetary funds held offshore was CNY 1,409,194,045.35; it is neither an additional balance nor a measure of all overseas assets. The notes separately classify CNY 1,066,356,772.29 as trading financial assets, comprising CNY 1,059,747,207.90 of bank wealth-management products and CNY 6,609,564.39 of equity instruments. Those investments are not included in the available-cash total, and their carrying values do not establish risk-free principal or immediate shareholder distributions. This distinction shows the cash resources reported alongside investment holdings without treating all monetary or financial assets as interchangeable.

Monetary funds total / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 2,252,111,643.5

Closing cash and cash equivalents / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 2,226,733,459.49

Restricted monetary funds / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 25,378,184.01

Other monetary funds available for payment / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 182,458.48

Monetary funds held offshore / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,409,194,045.35

FY2021 net operating cash flow was CNY 5,981,158,526.45. The reconciliation starts with total consolidated net profit of CNY 6,138,128,995.81, including non-controlling interests, rather than the CNY 6,028,473,746.53 attributable to ordinary shareholders. It adds CNY 1,777,383,198.72 of fixed-asset depreciation and related depletion and reverses CNY 872,962,153.01 of gains from disposing of fixed, intangible and other long-lived assets. This reversal removes a profit item from operating cash; it is not the cash proceeds from selling those assets. Inventory absorbs CNY 622,367,932.63 and the broad operating-receivables adjustment absorbs CNY 4,243,081,600.01, while the operating-payables adjustment adds CNY 3,286,585,103.23. These categories cover more than the individual trade-receivable and trade-payable balance-sheet lines, so the receivable adjustment cannot all be attributed to one customer or described as cash collected. Remaining bridge items include asset and credit impairment, amortization, scrapping, fair-value movements, finance and investment adjustments and deferred tax. All seventeen numeric components of the original reconciliation sum exactly to reported operating cash; the larger adjustments alone do not. The CNY 430,013,175.15 finance adjustment is also distinct from the income statement finance-expense total. Management separately reports greater cash receipts from product sales. That operating explanation and the accounting bridge describe different aspects of the year; neither supports an invented sustainable-profit figure or a claim that growing working capital had no cash effect.

Total net profit starting the cash bridge / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 6,138,128,995.81

Net operating cash flow / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 5,981,158,526.45

Depreciation and related depletion cash adjustment / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 1,777,383,198.72

Long-lived disposal gain reversal in cash bridge / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB -872,962,153.01

Inventory adjustment in cash bridge / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB -622,367,932.63

Operating receivables adjustment in cash bridge / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB -4,243,081,600.01

Operating payables adjustment in cash bridge / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 3,286,585,103.23

Closing trade receivables were CNY 1,956,210,443.05 gross, with a CNY 203,887,376.07 credit-loss allowance, leaving CNY 1,752,323,066.98 net. The age table reports CNY 1,753,515,551.45 less than one year old and CNY 83,282,773.31 more than five years old. Age is not a contractual overdue date. Individually assessed receivables of CNY 138,335,569.15 were fully provided because collection was not expected. A separate grouped balance of CNY 1,817,874,873.90 carried a CNY 65,551,806.92 allowance, with a disclosed 3.61% group rate rather than a uniform rate for every customer. The allowance movement includes CNY 76,037,392.54 of provisions, CNY 3,800,000.00 of recovery or reversal, CNY 467,813.58 of actual write-offs and negative CNY 37,684,144.25 of other movements. The note links the CNY 3.8 million recovery to litigation involving two anonymous customers; it does not explain the cause of all other movements on these pages. A lower allowance is therefore not automatically cash collected. The five largest year-end debtors total CNY 322,011,105.19, or 16.46% of gross trade receivables. Their anonymous ranking is not the annual top-five sales ranking and does not establish that the same numbered labels identify the same customers in another year. Separately, receivables financing totals CNY 5,017,060,615.72: CNY 4,980,879,149.72 of bank acceptance bills, CNY 12,181,466.00 of commercial acceptance bills and CNY 24,000,000.00 of letters of credit. It is a separate asset classification, not available cash or an extra amount inside net trade receivables.

Trade receivables before allowance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,956,210,443.05

Trade receivable expected-credit-loss allowance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 203,887,376.07

Trade receivables after allowance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,752,323,066.98

Top-five year-end trade-debtor balances / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 322,011,105.19

Receivables financing including bills and letters of credit / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 5,017,060,615.72

Other receivables were CNY 1,468,377,412.01 gross, less CNY 21,441,273.88 of credit-loss allowance, for CNY 1,446,936,138.13 net. Their largest nature-of-balance category is CNY 1,239,682,773.00 of relocation compensation, versus CNY 955,645,806.96 at the start of the year. A separate CNY 15,744,681.47 charge for funds occupied, versus CNY 24,068,575.19 opening, brings the two closing amounts to CNY 1,255,427,454.47. That exactly matches anonymous customer18, described as relocation compensation and funds-occupation charges, aged one to two years and representing 85.50% of gross other receivables. The arithmetic identifies a category match, not a named debtor, government guarantee, particular factory or cash collection. The remaining nature categories include guarantee deposits, employee advances, deposits, payments on behalf of others, tax refunds and other claims. In the expected-credit-loss table, the CNY 21,441,273.88 allowance is placed in the lifetime-expected-loss column without credit impairment, not the first-stage twelve-month column. Its movement is CNY 8,176,848.34 opening plus CNY 13,417,979.31 provision and negative CNY 153,553.77 of other changes. The reviewed pages do not explain the cause of that other movement. The blank allowance cell for customer18 does not independently establish zero credit risk. The compensation claim is an unsettled asset rather than external glass-fiber sales or cash already available for construction.

Gross other receivables / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,468,377,412.01

Other receivable credit-loss allowance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 21,441,273.88

Net other receivables / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,446,936,138.13

Relocation compensation receivable / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,239,682,773

Funds-occupation charge receivable / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 15,744,681.47

Anonymous combined relocation debtor balance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,255,427,454.47

Consolidated inventory closed at CNY 2,218,676,623.19 gross, with CNY 19,394,447.01 of valuation allowance, leaving CNY 2,199,282,176.18 net. Its four net categories are CNY 1,144,846,360.74 of raw materials, CNY 871,835,223.89 of finished goods, CNY 76,798,398.86 of reusable materials and CNY 105,802,192.69 of goods dispatched. They sum exactly to net inventory. Raw materials increased from CNY 621,797,708.07 net, while finished goods increased from CNY 847,291,530.49; the growth cannot all be characterized as unsold finished product. Management connects larger stocks with capacity and raw-material needs and longer inventory cycles. Dispatched goods are not automatically collected cash or recognized revenue, and monetary values do not provide furnace-specific tonnage or utilization. The valuation allowance moves from CNY 16,300,016.44 through a CNY 18,847,060.98 provision, CNY 15,564,215.60 of reversals or transfers out and CNY 188,414.81 of other decreases to the closing amount. Those accounting movements are not additional inventory cash purchases or evidence that every reduction was a customer payment. The CNY 622,367,932.63 inventory adjustment in the operating-cash bridge equals the gross opening-to-closing inventory increase, rather than the smaller net carrying-value increase. Separately, the other-current-assets note describes trial-production products from the US 96,000-tonne annual-capacity alkali-free glass-fiber tank-furnace line ignited on 18 May 2019. Unsold trial products were carried at estimated prices in other current assets; the note states that all of that trial stock had been sold externally by 31 December 2021. This is a disclosed commercialization milestone, not proof of full-capacity utilization, collection of every sales payment or the status of a different production line.

Inventory before allowance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 2,218,676,623.19

Inventory valuation allowance / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 19,394,447.01

Net finished-goods inventory / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 871,835,223.89

Net raw-material inventory / 2021 / Consolidated FY2021 annual note; 31 December carrying amount, not cash collected.

RMB 1,144,846,360.74

Annual inventory impairment charge / 2021 / Consolidated FY2021 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 18,847,060.98

The important-construction table combines annual capacities of 60,000 tonnes of electronic yarn and 300 million metres of electronic fabric. Yarn tonnes and fabric metres are different product measures and cannot be added as one output figure. Its budget is CNY 2,372,687,100. Opening construction value of CNY 858,468,130.17 plus FY2021 additions of CNY 1,456,715,318.46 is reduced by CNY 2,314,793,181.09 transferred into fixed assets and CNY 390,267.54 of other decreases. The closing construction cell is blank. Engineering progress is reported as 100%, with a separate cumulative investment-to-budget indicator of 99.17%; the funding column says own funds. Under the disclosed accounting policy, construction transfers when ready for its intended use, potentially before final settlement. That supports accounting readiness, not an independently verified qualification, cash paid in the year or achieved annual yarn/fabric output. The row does not supply a numbered phase or factory address, so a similar capacity does not by itself establish which site profile it belongs to.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 2,372,687,100

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,456,715,318.46

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

99.17%

Reported transfer into fixed assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 2,314,793,181.09

Signed other construction decrease / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 390,267.54

The 150,000-tonne-per-year intelligent glass-fiber manufacturing-line expansion has a CNY 1,471,166,700 budget. Its CNY 710,824,879.28 opening construction account plus CNY 498,676,201.59 of FY2021 additions, less CNY 1,182,469,715.00 transferred to fixed assets, leaves CNY 27,031,365.87. The issuer reports 90% engineering progress and a separate 82.21% cumulative investment-to-budget indicator, with own funds and borrowing as funding sources. A substantial transfer can coexist with a residual construction balance and less-than-complete reported progress. The source row supplies neither a precise location nor numbered phase, so it is not automatically merged with another 150,000-tonne roving or chopped-strand line. These are account movements and reported project indicators, not annual physical output, utilization or the amount of borrowing specifically outstanding for this account.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,471,166,700

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 498,676,201.59

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

90%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

82.21%

Reported transfer into fixed assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,182,469,715

Reported closing construction carrying value / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 27,031,365.87

The new-headquarters building is budgeted at CNY 700,000,000. Its CNY 218,885,152.92 opening construction value plus CNY 221,218,500.15 of FY2021 additions equals the CNY 440,103,653.07 closing account. The transfer-to-fixed-assets cell is blank. The issuer reports 95% engineering progress and a separate 72% cumulative investment-to-budget indicator, funded with own funds and borrowing. This is office and support infrastructure rather than incremental glass-fiber capacity. A reported progress percentage is not an independently checked occupancy certificate, and the budget, additions and closing construction value are not three amounts of cash to sum. The row does not provide the building address or final occupation date.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 700,000,000

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 221,218,500.15

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

95%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

72%

Reported closing construction carrying value / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 440,103,653.07

Jushi Egypt’s production-base supporting-works account has a CNY 261,380,000 budget. CNY 37,594,455.75 opening plus CNY 891,501.73 of additions, less CNY 30,575,295.22 transferred into fixed assets and CNY 1,407,558.23 of other decreases, gives CNY 6,503,104.03 closing. Engineering progress is reported as 98% and cumulative investment-to-budget as 82.70%, with own funds and borrowing. Supporting infrastructure is distinct from the separately named new 120,000-tonne Egyptian drawing-line account and is not a further fiber-capacity figure. The other decrease is an accounting category; the table does not identify it as a cash refund or disclose each physical component. A residual balance and high progress do not establish that every supporting installation had received its final permits.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 261,380,000

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 891,501.73

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

98%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

82.7%

Reported transfer into fixed assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 30,575,295.22

Reported closing construction carrying value / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 6,503,104.03

Signed other construction decrease / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,407,558.23

The Jushi Egypt row names a new 120,000-tonne-per-year tank-furnace glass-fiber drawing line and supporting works, budgeted at CNY 2,271,067,600. FY2021 additions of CNY 135,512,451.71 less CNY 1,567,143.60 of other decreases leave CNY 133,945,308.11 closing; the opening and fixed-asset-transfer cells are blank. The issuer reports 10% engineering progress and 5.97% cumulative investment-to-budget, using own funds and borrowing. These disclosures indicate a construction account at an early reported stage. Planned capacity is not achieved production, and later ignition or a revised budget belongs to its own period. The row’s full Egyptian new-build scope is retained rather than assigning a numbered phase solely from the shared 120,000-tonne capacity or merging it with the separate production-base supporting works.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 2,271,067,600

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 135,512,451.71

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

10%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

5.97%

Reported closing construction carrying value / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 133,945,308.11

Signed other construction decrease / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,567,143.6

Jushi Group’s new electronic-materials construction row combines planned annual capacities of 100,000 tonnes of electronic yarn and 300 million metres of electronic fabric, with a CNY 3,670,560,500 budget. FY2021 additions and closing construction value are both CNY 1,424,157,899.42; opening and fixed-asset-transfer cells are blank. Engineering progress is reported as 70% and cumulative investment-to-budget as 39.45%, with own funds and borrowing. This new-build account remains separate from the 60,000-tonne yarn/300-million-metre fabric line transferred to fixed assets in the same table. Matching only fabric metres would merge projects with different yarn scopes. The table does not supply a numbered phase, exact site, achieved output or customer-qualified shipments, and the new-build capacity cannot be added to annual sales or treated as commissioned merely because construction expenditure has been recognized.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 3,670,560,500

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,424,157,899.42

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

70%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

39.45%

Reported closing construction carrying value / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,424,157,899.42

A separate row names Jushi Group’s 150,000-tonne-per-year chopped-strand glass-fiber line, budgeted at CNY 1,795,646,500. FY2021 additions of CNY 986,963,750.18 are matched by the same amount transferred into fixed assets; opening and closing construction cells are blank. The issuer reports 100% engineering progress and a 56.18% cumulative investment-to-budget indicator, with own funds and borrowing. Chopped strands and continuous roving have different stated product forms, so the common 150,000-tonne number does not justify merging this account with the intelligent-manufacturing expansion. The printed operator is Jushi Group and this row does not itself name Chengdu. It therefore remains a disclosed construction account without assigning a factory or phase from capacity alone. Its capitalization supports the issuer’s accounting treatment, not achieved annual output, utilization or proof that construction additions equal cash paid.

Reported construction budget / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,795,646,500

Reported construction carrying-value additions / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 986,963,750.18

Issuer-reported construction progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

56.18%

Reported transfer into fixed assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 986,963,750.18

All construction in progress closes at CNY 2,273,427,028.00 gross, less CNY 25,285,262.67 impairment in other projects, giving CNY 2,248,141,765.33 net. The seven-row important-project table closes at CNY 2,031,741,330.50, a subset rather than another balance to add to the consolidated total. Its CNY 1,825,772,618.12 opening subtotal plus CNY 4,724,135,623.24 of additions, less CNY 4,514,801,941.49 transferred into fixed assets and CNY 3,364,969.37 of other decreases, reproduces the closing subtotal exactly. The full fixed-asset note reports a larger CNY 4,636,038,341.53 construction transfer, with a different perimeter. Project budgets are expressed in ten-thousand CNY while account movements are in CNY. The seven budgets sum to CNY 12,542,508,400, covering an office building, supporting works and distinct production scopes. Neither the budgets nor planned capacities are a measure of annual cash spending or achieved output. The table separately prints cumulative investment-to-budget and engineering-progress percentages; they are retained as issuer indicators rather than recalculated from additions or closing carrying values. Blank interest-capitalization cells do not prove zero financing cost. Stage descriptions, book transfers, commissioning, stable design output and customer qualification remain distinct.

Gross construction in progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 2,273,427,028

Construction impairment allowance / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 25,285,262.67

Net construction in progress / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 2,248,141,765.33

Important-project closing subtotal / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 2,031,741,330.5

Important-project additions subtotal / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 4,724,135,623.24

Important-project capitalization subtotal / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 4,514,801,941.49

Signed important-project other decrease / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 3,364,969.37

The inventory note reports CNY 18,847,060.98 of new valuation provisions and CNY 15,564,215.60 in the reversal-or-transfer-out column. Their difference is CNY 3,282,845.38, exactly the inventory and contract-performance-cost impairment loss presented in the FY2021 income note. The net loss is therefore distinct from the gross provision already retained in the inventory movement fields. A further CNY 188,414.81 of other allowance decreases reconciles the allowance balance; it is not automatically an extra profit-and-loss reversal or cash receipt. The asset-impairment statement also lists CNY 2,544,408.27 of goodwill impairment in the current column. Together with the net inventory loss this gives CNY 5,827,253.65 of current asset-impairment loss. The fixed-asset, construction and intangible impairment amounts printed across pages150–151 are in the prior-year column, so they must not be called new FY2021 charges. This connects stock valuation with reported profit without double-counting a gross provision and the net statement expense.

Net inventory impairment expense / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 3,282,845.38

The cash-flow note reports CNY 463,061,910.54 of government subsidy cash received during FY2021. Recognized support totals CNY 242,599,403.51 in the government-grant note, matching CNY 213,865,942.27 of other income plus CNY 28,733,461.24 of government grants within non-operating income. Meanwhile the eight asset-related deferred-grant accounts open at CNY 176,703,745.56, add CNY 246,253,000.00 and close at CNY 393,580,838.53. The detailed table records CNY 25,790,492.97 released into other income and CNY 3,585,414.06 of other decreases; together these explain the CNY 29,375,907.03 reduction in the summary. Opening balance plus additions minus those two reductions reproduces closing deferrals. The notes on the reviewed pages do not explain the cause of all other decreases, so they are not all relabeled foreign exchange. A separate classification-table amount of CNY 476,922,767.23 includes both new deferred support and income entries from earlier grants; its amount column is not another total of cash newly received. As a numerical reconciliation, recognized grant income plus new deferred additions less the asset-grant income release equals the disclosed subsidy cash receipts exactly. That matching arithmetic does not independently date each individual receipt or turn every classification-row amount into new cash. These measures show support for investment and reported earnings without adding cash, income and deferred liabilities as three new sources of funding. The notes do not establish that support will recur at the same level.

Government subsidy cash received / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 463,061,910.54

Recognized other income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 213,865,942.27

Government grants recognized in income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 242,599,403.51

New deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 246,253,000

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 393,580,838.53

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 25,790,492.97

Other decrease in deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 3,585,414.06

The FY2021 note presents CNY 284,674,081.28 of deferred tax assets and CNY 497,246,550.28 of deferred tax liabilities before offsetting. Asset amounts arise from deductible differences including unrealized profit on internal transactions, accrued but unpaid remuneration, previously taxed asset grants, bad-debt provisions and operating losses. The largest liability amount, CNY 472,289,282.93, relates to fixed-asset depreciation differences between accounting and tax treatment and related causes. These are accounting effects of differences between carrying values and tax bases, rather than cash refunds available for construction or debt immediately due. The separate unrecognized-asset schedule reports CNY 309,965,834.86 of deductible temporary differences and CNY 346,254,212.87 of deductible losses, totaling CNY 656,220,047.73. Those amounts are underlying bases, not an unrecognized tax asset of the same size. The loss schedule assigns CNY 213,378.60 to expiry in 2022, CNY 43,504,118.90 in 2023, CNY 112,221,732.66 in 2024, CNY 174,472,856.85 in 2025 and CNY 15,842,125.86 in 2026. Whether tax benefits can be recognized depends on sufficient future taxable income under the disclosed policy; the schedule does not guarantee their eventual use. No consolidated net cash benefit is derived by offsetting these different entities and bases.

Deferred-tax assets before offset / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 284,674,081.28

Deferred-tax liabilities before offset / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 497,246,550.28

Deductible differences without recognized tax asset / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 309,965,834.86

Reported unrecognized deductible loss base / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 346,254,212.87

The annual report discloses FY2021 income-tax rates of 25% for China Jushi, 22.50% for Jushi Egypt and 15% for Jushi Group, Chengdu and Jiujiang. These are historical issuer disclosures, not a single rate applying to all consolidated profits or current tax guidance. Jushi Group’s high-technology certificate is dated 29 December 2020 and Jiujiang’s 16 September 2019, each described as valid for three years; no exact expiry day is inferred. The Chengdu note instead describes western-development preference from 1 January 2021 through 31 December 2030, as disclosed in this report. Other overseas companies follow the rules of their jurisdictions; their rates are not supplied in this table. In the consolidated tax reconciliation, CNY 7,302,837,255.32 of pre-tax profit starts with CNY 1,825,709,313.83 of tax at the statutory/applicable rate. Different subsidiary rates reduce that figure by CNY 681,272,249.24, while other adjustments include earlier-period tax, nondeductible items, associate results, unrecognized deductible differences/losses and additional research deductions. The statutory-rate starting amount plus six disclosed adjustments reproduce CNY 1,164,708,259.51 of reported tax expense. That expense consists of CNY 1,181,352,348.02 current tax and negative CNY 16,644,088.51 deferred tax. A deferred tax benefit is not automatically a cash refund, and tax expense is not the cash taxes paid or closing income-tax payable.

Consolidated income-tax expense / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 1,164,708,259.51

Current income-tax expense / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 1,181,352,348.02

Signed deferred income-tax expense / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB -16,644,088.51

Different subsidiary-rate adjustment / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB -681,272,249.24

Bank wealth-management products use the issuer’s own funds. The annual summary reports CNY 1,569,692,700.00 of activity, CNY 1,059,692,700.00 of unmatured principal and zero overdue unrecovered principal. The nine individual contract amounts total CNY 1,599,692,700.00 because they also include three CNY 10 million contracts starting in 2020 and maturing in early 2021. Their CNY 30 million difference from the annual activity total is not another new FY2021 investment. Six rows were reported recovered; three started on 31 December 2021 and remained unmatured. These comprise CNY 200 million at Bank of Communications, maturing 4 July 2022 with a stated 3.50% annual rate, and CNY 209,371,300 plus CNY 650,321,400 at China Construction Bank, both maturing 31 January 2022 at 1.50%. The latter two are explicitly foreign-currency products, although the table presents CNY amounts. The three expected-return entries total CNY 54,507.90. That sum equals the difference between CNY 1,059,747,207.90 wealth-product fair value and CNY 1,059,692,700.00 principal numerically, but the contract table does not independently identify that difference as realized cash income. The six matured rows report CNY 4,515,630.66 actual return; the consolidated income note reports CNY 4,446,566.88 wealth-management income. Their CNY 69,063.78 difference is not explained in these tables, so no reconciliation cause is invented. The issuer labels the contracts principal-protected; this is its product classification, not an independent assurance of risk-free access to cash. Fair-value products, expected returns and principal are not counted as three separate pools of funds.

Annual bank wealth-product activity / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,569,692,700

Unmatured bank wealth principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,059,692,700

Overdue unrecovered wealth principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 0

Contract-table expected wealth return / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 54,507.9

Contract-table actual wealth return / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 4,515,630.66

Consolidated wealth-management income / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 4,446,566.88

Wealth-product fair value / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,059,747,207.9

The finance-expense note starts with CNY 429,486,116.27 interest expense, subtracts CNY 45,230,162.95 interest income, adds CNY 93,199,508.72 exchange losses and CNY 11,054,006.89 other expense, giving CNY 488,509,468.93 net financing expense. The signs and four components reconcile exactly. This net expense is not the year’s cash interest payment or a coupon applicable to all borrowings. Interest capitalized in the separately explained construction accounts retains its own scope and is not added again as another production-asset acquisition. Exchange losses concern the reported income statement; translation of foreign subsidiary statements, exchange-rate effects on cash and foreign-currency balance equivalents are different accounting measures. The fair-value income note separately reports CNY 2,571,204.76 net gain, consisting of CNY 1,382,070.06 from trading financial assets and CNY 1,189,134.70 from trading financial liabilities. The derivative-asset subrow has its CNY 7,701,151.40 loss in the prior-year column, while the FY2021 derivative-liability subrow shows CNY 1,189,134.70 gain. The prior-year asset loss is not imported as a new FY2021 hedge loss or netted against the closing derivative liability. These classifications explain earnings quality without converting valuation effects into additional glass-fiber sales or cash receipts.

Consolidated finance-note interest expense / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 429,486,116.27

Consolidated finance-note signed interest income / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB -45,230,162.95

Consolidated finance-note signed exchange loss / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 93,199,508.72

Consolidated finance-note other expense / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 11,054,006.89

Consolidated net finance expense / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 488,509,468.93

At year-end 2021, the listed parent reports CNY 2,179,210,484.28 of gross trade receivables, a CNY 74,071,620.59 allowance and CNY 2,105,138,863.69 net carrying value. Named balances include CNY 1,226,079,094.30 due from Jushi Group, CNY 65,855,133.95 from Jushi US, CNY 13,455,369.84 from Jushi Egypt and CNY 5,774,317.07 from Jushi Chengdu. The issuer gives related-party status as the reason for not providing an allowance on these rows; this is its accounting treatment rather than a guarantee of collection. The five largest balances total CNY 1,468,305,081.45, or 67.37% of parent gross receivables, and include subsidiaries. This percentage therefore measures the parent ledger, not consolidated exposure to five outside customers. Anonymous customer numbers are retained as unidentified accounts and are not matched across years. The allowance bridge is CNY 105,332,599.47 opening, plus CNY 9,339,739.65 provision, less CNY 500,000 recovery or reversal and CNY 116,412 write-off, plus a negative CNY 39,984,306.53 other movement, reaching the closing allowance. The note does not explain that other movement; it is not labeled cash collection or a profit reversal here.

Parent gross trade receivables / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,179,210,484.28

Parent trade receivables allowance / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 74,071,620.59

Parent net trade receivables / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,105,138,863.69

Parent named trade receivable / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 1,226,079,094.3

Parent named trade receivable / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 65,855,133.95

Parent named trade receivable / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 13,455,369.84

Parent named trade receivable / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 5,774,317.07

Parent five largest trade receivables / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 1,468,305,081.45

Parent five largest trade receivable share / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

67.37%

Parent trade allowance other movement / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB -39,984,306.53

The parent reports FY2021 revenue of CNY 16,346,425,694.62 and cost of CNY 15,927,730,932.37. Its investment income of CNY 2,370,759,908.59 includes CNY 2,300,000,000 from cost-method investments, CNY 61,609,918.57 of equity-method income and CNY 9,149,990.02 of debt-restructuring income. This shows why the parent profit of CNY 2,439,765,850.19 cannot be read as the consolidated manufacturing profit or added to subsidiary earnings. The wealth-management income of CNY 5,974,203.80 printed in this note belongs to the prior-year column; the current-year cell is blank. Parent cash received from investment returns is CNY 783,376,732.86, a different measure from recognized investment income and the closing dividend receivable. Parent operating cash flow is CNY 3,081,099,431.04, investing cash flow CNY 783,324,386.86 and financing cash flow negative CNY 4,119,494,258.85. After a negative CNY 16,077,159.83 currency effect, cash falls by CNY 271,147,600.78, from CNY 585,806,985.93 to CNY 314,659,385.15. These are parent-company cash scopes, distinct from the consolidated cash bridge elsewhere in this guide.

Parent revenue / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 16,346,425,694.62

Parent revenue cost / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 15,927,730,932.37

Parent investment income / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,370,759,908.59

Parent cost method investment income / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,300,000,000

Parent equity method investment income / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 61,609,918.57

Parent net profit / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,439,765,850.19

Parent investment return cash received / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 783,376,732.86

Parent cash and cash equivalents / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 314,659,385.15

The Lifan restructuring plan, approved by the court on 1 December 2020, covers CNY 46,564,756.95 of Jushi claims: CNY 400,000 cash, CNY 17,052,444.44 converted into 1,067,781 Lifan Technology shares at CNY 15.97 per share, and CNY 29,112,312.51 converted into trust-benefit rights. By year-end 2021, the report says the cash, shares and rights had been received. The table combines 2020 and 2021 rows. Current-year trust and equity conversion gains of CNY 4,864,840.02 and CNY 4,285,150 total CNY 9,149,990.02, matching the parent’s 2021 restructuring income; the table’s CNY 7,529,142.40 total also includes the 2020 loss and is not 2021 income alone. Cash settlement is CNY 300,000 in 2021 and CNY 100,000 in 2020. The original claim amounts exchanged for shares and trust rights are not cash recovered or guarantees of future realization. Separately, the 20 May 2021 Chengdu relocation supplement allows three months for compensation payment, then late interest if unpaid; Jushi Chengdu waives CNY 24,068,575.19 of previously accrued interest. This does not establish receipt of the compensation principal. Subtracting that waiver from the two Lifan gains gives negative CNY 14,918,585.17, whereas consolidated restructuring income is negative CNY 13,556,212.99. The CNY 1,362,372.18 difference is not explained by the cited notes and remains unresolved.

Current year restructuring cash settlement / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 300,000

Current year restructuring trust rights gain / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 4,864,840.02

Current year restructuring equity gain / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 4,285,150

Parent restructuring income / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 9,149,990.02

Relocation interest waived / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 24,068,575.19

Consolidated restructuring income / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB -13,556,212.99

The issuer’s regulatory nonrecurring-item table includes CNY 872,962,153.01 of noncurrent-asset disposal gains, CNY 216,808,910.54 of government grants under the table’s stated definition, CNY 16,740,265.53 of capital-occupancy charges on nonfinancial enterprises, negative CNY 13,556,212.99 of restructuring, CNY 2,571,204.76 of the specified fair-value and financial-investment category, CNY 3,800,000 of individually tested receivable or contract-asset allowance reversals, and negative CNY 36,644,533.36 of other nonoperating items. The grant definition excludes qualifying amounts closely tied to business under unified national standards; it is not all grant income. The financial category excludes qualifying ordinary effective hedges. After deducting CNY 167,972,814.37 tax and CNY 16,334,961.46 minority effects, net nonrecurring items are CNY 878,374,011.66. Subtracting that amount from attributable profit of CNY 6,028,473,746.53 gives the reported adjusted attributable profit of CNY 5,150,099,734.87. This bridge explains how asset transactions and other classified items affect earnings composition. It does not measure cash receipts, forecast earnings, guarantee that such items will never recur or add the disposal gain a second time to reported profit.

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 872,962,153.01

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 216,808,910.54

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 16,740,265.53

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB -13,556,212.99

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,571,204.76

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 3,800,000

Nonrecurring component / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB -36,644,533.36

Nonrecurring tax effect deducted / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 167,972,814.37

Nonrecurring minority effect deducted / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 16,334,961.46

Net nonrecurring items / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 878,374,011.66

Reported adjusted attributable profit / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 5,150,099,734.87

The issuer consolidates entities it controls, meaning power over their relevant activities, exposure to variable returns and the ability to affect those returns. Subsidiary accounts enter from the start of control until control ends; minority interests and their profit remain separately presented. Internal balances, sales and unrealized internal gains are eliminated, which matters because domestic fiber sales pass through the listed parent. The parent separately uses the cost method for controlled subsidiary investments, recognizing its entitlement to declared dividends as investment income. For investments with joint control or significant influence, equity-method accounting adjusts the investment for the attributable share of profit after relevant accounting and unrealized internal-transaction adjustments; declared distributions reduce the investment balance. These mechanisms explain why parent dividend income, associate profit shares, subsidiary sales and consolidated revenue cannot be added as separate external earnings. A dividend declaration can create income or a receivable before the cash arrives. The operating-investment and parent sections retain the actual named balances and income figures rather than using this policy to invent cash transfers or project allocations.

Jushi’s stated revenue policy recognizes sales when the customer obtains control of the goods. The policy considers payment rights, title, physical possession, transfer of principal risks and rewards, and customer acceptance. Cash collection is therefore a separate event from revenue recognition. Customer consideration received or receivable before the required goods or services are transferred is a contract liability. Trade receivables use a simplified expected-credit-loss method with lifetime losses, estimated individually or by credit-risk group; they are not all classified as first-stage twelve-month exposures. Other receivables use the general staged model. Its second stage means credit risk has increased significantly without credit impairment, while the third stage means credit impairment has occurred. This distinction explains the second-stage allowances in the actual note tables. A policy describes how the company accounts for contracts and estimates credit losses; it does not establish acceptance, collection or credit quality for every named customer. The audit discussion separately explains the sampled revenue and internal-elimination work.

Inventory is issued using a month-end weighted-average cost method and measured at the lower of cost and net realizable value. The latter is an estimate of selling proceeds after relevant completion, selling and tax costs, rather than a guaranteed cash price. Ordinary fixed assets use straight-line depreciation starting in the month after they reach their intended usable condition. The policy lists buildings at 20–45 years and machinery at 8–12 years, with 5% residual values; these class assumptions are not furnace-life guarantees or proof that every machine has the same age. The special platinum-rhodium drawing bushings are explained in manufacturing: they remain fixed assets without ordinary depreciation, with metal losses charged to production cost. Long-lived assets with impairment indicators are tested against recoverable amount, the higher of fair value less disposal costs and value in use. Goodwill and indefinite-lived intangibles require annual testing even without an indicator. The policy itself proves neither zero impairment nor realizable sale proceeds; the asset movement section retains actual provisions, expenses and balances.

Construction enters fixed assets when it reaches the intended usable condition. If final construction settlement is still pending, the company first uses an estimated value and later adjusts the asset cost without revising depreciation already charged. A transfer can therefore precede final cost settlement; it does not on its own establish stable design output or customer qualification. Borrowing costs attributable to a qualifying asset are capitalized only when spending, borrowing costs and necessary construction or production activity have begun. Capitalization pauses for an abnormal interruption lasting more than three consecutive months and ends when the asset is ready for intended use or sale. Other borrowing costs are expensed. Research expenditure is expensed; development expenditure becomes an intangible only when technical feasibility, completion intent, probable economic benefit, adequate resources and reliable cost measurement all meet the stated conditions. FY2021’s reported research spending was entirely expensed. That accounting result does not mean no products were developed, and capitalized costs are not an additional cash flow to add to construction payments.

The issuer uses the gross method for government grants. Asset-related grants are recorded as deferred income and released systematically over the relevant asset’s useful life. Selling, transferring, scrapping or destroying that asset before its useful life ends releases the remaining deferred balance into the disposal period’s earnings. Income-related grants for future expenses or losses are deferred until those costs are recognized; those compensating costs already incurred enter current earnings. Grants related to ordinary activities enter other income, while unrelated grants enter nonoperating income. These rules help explain why cash grants received, deferred grant balances and grant income differ in the actual notes. Deferred tax records differences between accounting carrying values and tax bases at the expected applicable rate. Deferred tax assets require probable future taxable profit sufficient to use the deductible differences and are reviewed subsequently. They are not cash refunds or guaranteed future tax savings. The tax and grant sections retain the named historical eligibility, balances and movements; the policy alone does not establish current permission, eligibility renewal or a grant for each new production line.

The report distinguishes exchange differences on foreign-currency transactions from translating foreign operations into the reporting currency. Monetary balances use closing exchange rates, with most transaction differences entering profit; foreign statements produce a separate translation difference in other comprehensive income. The exchange effect on cash in the cash-flow statement is a third scope. These amounts cannot be summed as one extra operating loss or used interchangeably as cash paid. The hedging policy requires formal designation, documentation and effectiveness conditions; its presence is not evidence that every derivative qualifies for hedge accounting. For most leases, the lessee records a right-of-use asset and a liability measured from unpaid lease payments at present value, then recognizes depreciation and interest. Short-term and low-value exceptions are disclosed. Thus a lease liability is not the undiscounted sum of all future payments or a cash outflow on initial recognition. The FY2021 policy-change, estimate-change and initial new-lease-transition rows are marked not applicable; the year label does not establish first adoption. Actual funding, maturity and instrument figures remain in their respective sections.

Main-business revenue of CNY 18,789,283,695.54 plus other-business revenue of CNY 917,598,384.43 gives consolidated revenue of CNY 19,706,882,079.97. Corresponding costs are CNY 9,879,446,191.95 and CNY 897,798,977.69, totaling CNY 10,777,245,169.64. Other business here differs from the other-product category within main-business sales; the table does not identify its complete product composition. It is not renamed wind-blade revenue or equated with noncurrent-asset disposal gains. The income statement additionally deducts taxes and surcharges, selling, administration, research and finance expenses, producing total operating costs of CNY 13,447,990,193.49. Other income, investment income, fair-value changes, credit and asset impairment and asset-disposal income then yield operating profit of CNY 7,310,748,327.44. This reported operating profit includes those gains and is not a measure of fiber manufacturing alone. Adding CNY 45,585,207.40 of nonoperating income and subtracting CNY 53,496,279.52 of nonoperating expense gives CNY 7,302,837,255.32 pretax profit. After CNY 1,164,708,259.51 income-tax expense, net profit is CNY 6,138,128,995.81, split into CNY 6,028,473,746.53 attributable to parent shareholders and CNY 109,655,249.28 to minority owners. Expense, tax, owner attribution and the separate nonrecurring bridge must retain their scopes.

Other business revenue / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 917,598,384.43

Other business revenue cost / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 897,798,977.69

Reported operating profit / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 7,310,748,327.44

Consolidated pretax profit / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 7,302,837,255.32

Consolidated income tax expense / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 1,164,708,259.51

Consolidated net profit / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 6,138,128,995.81

Profit attributable to minority owners / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 109,655,249.28

At year-end, consolidated assets of CNY 43,828,317,484.55 comprise CNY 14,063,722,385.62 current assets and CNY 29,764,595,098.93 noncurrent assets. The manufacturing asset base includes fixed assets and construction accounts explained separately. Current assets also contain receivables, financing receivables and inventory, so they are not all freely available cash. Current liabilities of CNY 13,883,988,598.40 and noncurrent liabilities of CNY 6,423,022,725.97 total CNY 20,307,011,324.37. Current liabilities include borrowings, debt due within a year, suppliers, wages, taxes and customer advances; their reported balance does not mean every amount is immediately payable in cash. The arithmetic excess of current assets over current liabilities is CNY 179,733,787.22. That calculation is not a cash surplus or proof that liquidity risk is absent. Consolidated equity is CNY 23,521,306,160.18, including CNY 22,567,564,914.67 for parent owners and CNY 953,741,245.51 for minority owners. Assets reconcile to liabilities plus equity. The parent’s own balance sheet remains a separate scope, while the cash, collateral and funding sections retain the restrictions and contractual maturities needed to understand available resources.

Consolidated total assets / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 43,828,317,484.55

Consolidated current assets / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 14,063,722,385.62

Consolidated current liabilities / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 13,883,988,598.4

Consolidated total liabilities / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 20,307,011,324.37

Consolidated total equity / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 23,521,306,160.18

The consolidated cash-flow statement records CNY 3,655,648,480.32 paid to acquire or construct fixed assets, intangible assets and other long-lived assets. It reports CNY 1,061,718,436.74 of net cash from disposing of those assets. These cash categories have broader scopes than any single furnace project, and differ from construction additions, transfers into fixed assets and recognized disposal income. No project-by-project cash allocation is inferred. Investment purchases and recoveries also enter investing cash, so asset purchase cash alone is not total investing cash flow. Operating cash of CNY 5,981,158,526.45, investing cash of negative CNY 3,531,386,094.62 and financing cash of negative CNY 1,984,673,978.26 sum to CNY 465,098,453.57 before the currency effect. A negative CNY 104,440,662.39 exchange effect leaves a CNY 360,657,791.18 increase in cash and equivalents, from CNY 1,866,075,668.31 to CNY 2,226,733,459.49. This explains the cash movement while the separate cash note distinguishes bank balances, restricted funds and cash-equivalent scope. Recognized profit and a book transfer remain different events from payment.

Cash paid for long lived assets / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 3,655,648,480.32

Net cash from long lived asset disposals / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 1,061,718,436.74

The goodwill note carries CNY 472,512,501.24 gross at year-end, unchanged from the opening total. The current-year allowance is CNY 2,544,408.27, entirely against Hubei Hongjia Kaolin Mining, leaving CNY 469,968,092.97 net on the consolidated balance sheet. The source’s allowance table places this amount in current additions, not the opening column. The same charge already included in the impairment expense section is not an additional loss to subtract again. The largest gross amounts relate to Tongxiang Leishi Micropowder, CNY 189,612,641.95, and Tongxiang Jinshi Precious Metal Equipment, CNY 176,839,725.90; the note also lists Xinfu Enterprise and smaller Jushi-related amounts. These are named acquisition goodwill accounts, not new factory capacity, mining reserves or cash available for investment. The issuer estimates recoverable amounts using expected future cash flows and discloses discount rates from 11.64% to 15.44%. Its forecast and indefinite income-period assumptions are accounting estimates, not independently verified perpetual cash flows or guarantees of recovery. The report says it found no obvious impairment for the other listed companies; this is its historical testing conclusion. No outward research into these counterparties or new operating identity is added.

Gross goodwill / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 472,512,501.24

Goodwill impairment allowance / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 2,544,408.27

Net goodwill / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 469,968,092.97

Management describes CNY 690,972,100 of gains from selected precious-metal disposals and CNY 186,882,900 of gains from the completed Chengdu whole-plant relocation, originally printed in ten-thousand CNY. Their sum is CNY 877,855,000. The audited noncurrent-asset disposal income line is CNY 872,962,153.01, leaving a CNY 4,892,846.99 difference between those selected rounded explanations and the statement total. The cited sections do not give a full reconciliation. The difference is preserved rather than labeled as a particular loss, adjustment or omitted transaction. The management disclosures explain specific production-metal usage and relocation events, while the audited line supplies the consolidated reported total. Neither is gross disposal proceeds or the cash received from long-lived assets. Current nonoperating expense separately includes CNY 38,837,515.78 of asset scrapping and damage; it is not used to force this particular bridge. The CNY 26,898,923.27 US trial-production item in that note is in the prior-year column, with the current-year cell blank, and is not imported as a FY2021 charge. The regulatory nonrecurring-item bridge retains its own definitions, tax and minority effects.

Noncurrent asset disposal income / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 872,962,153.01

The report’s transaction-related exchange difference entering profit is negative CNY 93,199,508.72. Separately, consolidated foreign-statement translation contributes negative CNY 103,235,804.84 to other comprehensive income: negative CNY 83,783,276.87 for parent owners and negative CNY 19,452,527.97 for minority owners. Adding CNY 1,139,221.63 of equity-method other comprehensive income gives total other comprehensive income of negative CNY 102,096,583.21, split between negative CNY 82,644,055.24 for parent owners and the minority amount. Total net profit of CNY 6,138,128,995.81 plus this other comprehensive income gives CNY 6,036,032,412.60 total comprehensive income. This reconciles profit and the additional equity movements; it is not another measure of cash generated. The cash-flow statement’s negative CNY 104,440,662.39 currency effect has a different scope again. These transaction, translation and cash amounts are not combined into an extra loss to subtract from attributable profit, nor treated as three separate cash payments. Their recognition mechanisms are explained in the accounting-policy section.

Exchange difference entering profit / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB -93,199,508.72

Foreign statement translation OCI / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB -103,235,804.84

Total other comprehensive income / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB -102,096,583.21

Parent owners other comprehensive income / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB -82,644,055.24

Minority owners other comprehensive income / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB -19,452,527.97

At 31 December 2021, consolidated taxes payable total CNY 1,187,391,890.98, versus CNY 560,096,477.02 at the start of the year. The closing total includes CNY 932,610,015.53 of enterprise income tax and CNY 178,113,647.85 of value-added tax, plus property, urban maintenance, education, individual income, land-use, mineral resource and other items. It is a balance of obligations rather than another charge to subtract from reported profit. The separate income statement and tax note explain CNY 1,164,708,259.51 of income-tax expense, including current and deferred components. The cash-flow statement reports CNY 1,170,242,621.97 paid for all taxes and CNY 23,664,737.54 of tax refunds received. Those cash lines are broader than enterprise income tax alone. They cannot be used as an income-tax-only roll-forward or equated with the closing tax balance. The note supplies closing and opening obligations, not a complete bridge by tax type from assessed expense to cash payments; no unexplained residual is labeled arrears or nonpayment. The balance matters to working-capital requirements, while the historical tax preferences and deferred balances retain their separate eligibility and recoverability limits.

Consolidated taxes payable / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 1,187,391,890.98

Enterprise income tax payable / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 932,610,015.53

Value added tax payable / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 178,113,647.85

Cash paid for taxes / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 1,170,242,621.97

Cash tax refunds received / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 23,664,737.54

The issuer says it makes the main operating decisions centrally and manages glass fiber and related products as one operating segment. Its product and geographic tables provide additional views of the same main-business revenue and cost, rather than separate businesses to add together. Glass fiber and related products plus the other-product category sum to main-business revenue of CNY 18,789,283,695.54 and cost of CNY 9,879,446,191.95. Domestic and foreign regions reproduce those same totals. The other-product category within these tables remains different from the separately reported other-business revenue. Regional sales are not the output or profit of the factory located in that region: the group also sells across borders. The note states that customers are dispersed and it has no dependence on major customers; this is the issuer’s assessment. It does not negate the numerical top-customer and related-party concentration disclosures preserved in the market section, or identify anonymous customers. Product, market and subsidiary explanations retain their own scopes instead of manufacturing additional segment profit or project-level accounts.

At year-end, the issuer reports CNY 3,612,101,025.59 of bank acceptance bills that had been endorsed or discounted, remained unmatured, and were derecognized. A separate CNY 1,774,128,566.42 of transferred unmatured bank bills was not derecognized. Derecognition concerns removal from the reported asset accounts; it is not the same event as maturity or independently verified cash settlement. Bills that remain recognized are not added again as a new asset on top of the closing receivable balances. The preceding financing-receivable table reports CNY 5,017,060,615.72, predominantly bank acceptances, with smaller commercial bills and letters of credit. Its balance and the transferred-bill disclosures answer different accounting questions and cannot be summed into available cash. The transfer table combines endorsement and discounting without supplying their separate amounts, complete matching liabilities or a bill-by-bill settlement history. It therefore does not establish how much cash was raised through discounting or how much supplier debt was settled through endorsement. No named bank, customer, guarantee, default or future recovery is inferred from the anonymous aggregate. This boundary matters when comparing recognized sales, collection, working capital and financing.

Transferred bank bills derecognized / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 3,612,101,025.59

Transferred bank bills not derecognized / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 1,774,128,566.42

Management’s strategy centres on glass fiber, a more secure upstream supply chain and downstream composite applications, supported by industrial investment funds. It describes establishing markets before factories and balancing domestic and foreign manufacturing/sales. FY2022 operating plans in this FY2021 filing are intentions, not achieved FY2021 outcomes. The annual industry discussion attributes strong demand to automotive, electronics and wind applications, but also describes wind-fabric adjustment after earlier installation activity and cost pressure on smaller downstream composite producers. Industry estimates and historical charts are not Jushi orders or customer mix. The risk discussion identifies electricity, natural gas, minerals and chemical supplies, export currency quotations, borrowing rates and capital tied up in receivables/inventory. It reports 15% tax treatment for the named Group, Jiujiang and Chengdu entities and 13% export VAT rebate for main fiber products, with eligibility/subsidy changes a risk. These are historical issuer tax descriptions, not current guidance or a group effective tax rate. It lists US additional 25% levies on covered Chinese goods and EU measures with different dates, product/origin scopes: fabric anti-dumping and anti-subsidy measures on China/Egypt, including modified Chinese fabric anti-dumping 34.0–69.0% and anti-subsidy 17–30.7%, Egyptian fabric 20% and 10.9%, and Egyptian-origin yarn 13.1% after a June 2020 change. These are not combined into one tariff or represented as current law. Overseas factories do not prove trade risks are removed.

Tianzhi’s audit report dated 18March 2022 states that FY2021 consolidated and parent financial statements present fairly in all material respects under Chinese Accounting Standards. Its key audit matters are control-based recognition of glass-fiber revenue and completeness of eliminating transactions inside the consolidation perimeter. The report explains that domestic fiber sales by consolidated domestic entities are made externally through the listed parent, with frequent substantial internal transactions. Parent sales and subsidiary sales therefore cannot simply be added as new group external revenue. Audit procedures include contract/shipment samples, customs confirmation and cut-off checks, internal controls, reconciliations and elimination of unrealized internal profit. These matters receive no separate individual audit opinion. The opinion excludes other annual-report information and gives that narrative no separate assurance conclusion. Reasonable assurance is not guaranteed detection of every material error, and does not independently certify every project milestone, technical assertion or SinoFilings translation. It cannot replace independent editorial approval.

The FY2021 controlled-and-invested-company table lists Jushi Group with a reported holding of 100.00% and a principal business of glass-fiber manufacturing and sales. It reports revenue of CNY 18,338,183,600.00, operating profit of CNY 7,193,145,500.00 and net profit of CNY 6,019,353,000.00. Total assets are CNY 35,478,775,600.00, net assets CNY 19,497,878,700.00, and registered capital CNY 5,255,313,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions.

Registered capital / 2021 / annual investee table

RMB 5,255,313,000

Total assets / 2021 / annual investee table

RMB 35,478,775,600

Net assets / 2021 / annual investee table

RMB 19,497,878,700

Revenue / 2021 / annual investee table

RMB 18,338,183,600

Operating profit / 2021 / annual investee table

RMB 7,193,145,500

Net profit / 2021 / annual investee table

RMB 6,019,353,000

Issuer-reported holding percentage / 2021 / annual investee table

100%

The FY2021 controlled-and-invested-company table lists Jushi USA with a reported holding of 70.00% and a principal business of glass-fiber manufacturing and sales. It reports revenue of CNY 965,553,900.00, operating profit of CNY -8,423,100.00 and net profit of CNY 19,977,800.00. Total assets are CNY 2,678,907,700.00, net assets CNY 1,079,552,800.00, and registered capital USD 200,000,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions. The negative operating-profit figure and positive net profit are separate source classifications; the table does not itemize a bridge or explain the difference, and no tax, subsidy or financing cause is guessed.

Registered capital / 2021 / annual investee table

200,000,000 USD

Total assets / 2021 / annual investee table

RMB 2,678,907,700

Net assets / 2021 / annual investee table

RMB 1,079,552,800

Revenue / 2021 / annual investee table

RMB 965,553,900

Operating profit / 2021 / annual investee table

RMB -8,423,100

Net profit / 2021 / annual investee table

RMB 19,977,800

Issuer-reported holding percentage / 2021 / annual investee table

70%

The FY2021 controlled-and-invested-company table lists Beixin Technology Development with a reported holding of 100.00% and a principal business of building-materials sales. It reports revenue of CNY 945,078,700.00, operating profit of CNY 3,483,600.00 and net profit of CNY 2,604,900.00. Total assets are CNY 294,409,600.00, net assets CNY 80,109,800.00, and registered capital CNY 90,000,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions.

Registered capital / 2021 / annual investee table

RMB 90,000,000

Total assets / 2021 / annual investee table

RMB 294,409,600

Net assets / 2021 / annual investee table

RMB 80,109,800

Revenue / 2021 / annual investee table

RMB 945,078,700

Operating profit / 2021 / annual investee table

RMB 3,483,600

Net profit / 2021 / annual investee table

RMB 2,604,900

Issuer-reported holding percentage / 2021 / annual investee table

100%

The FY2021 controlled-and-invested-company table lists Zhongfu Lianzhong with a reported holding of 32.04% and a principal business of wind-turbine blade manufacturing and sales. It reports revenue of CNY 3,489,032,400.00, operating profit of CNY 201,491,200.00 and net profit of CNY 210,033,200.00. Total assets are CNY 5,727,240,100.00, net assets CNY 3,706,030,000.00, and registered capital CNY 261,307,500.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions. The 32.04% disclosed interest is a minority holding in this table, not a wholly owned glass-fiber operation. Later-year restructuring and a different investee must be tracked as separate events; they cannot be inserted into these FY2021 figures.

Registered capital / 2021 / annual investee table

RMB 261,307,500

Total assets / 2021 / annual investee table

RMB 5,727,240,100

Net assets / 2021 / annual investee table

RMB 3,706,030,000

Revenue / 2021 / annual investee table

RMB 3,489,032,400

Operating profit / 2021 / annual investee table

RMB 201,491,200

Net profit / 2021 / annual investee table

RMB 210,033,200

Issuer-reported holding percentage / 2021 / annual investee table

32.04%

The FY2021 controlled-and-invested-company table lists Guangrongda Financial Leasing with a reported holding of 20.10% and a principal business of financial leasing. It reports revenue of CNY 30,919,200.00, operating profit of CNY 10,555,300.00 and net profit of CNY 5,399,100.00. Total assets are CNY 541,700,900.00, net assets CNY 520,074,000.00, and registered capital CNY 500,000,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions. Its 20.10% reported holding is not full ownership and does not by itself establish control or an accounting method. This is a financing-related investment in the issuer’s disclosure, not research into the investee’s own filings or proof of a named project financing contract.

Registered capital / 2021 / annual investee table

RMB 500,000,000

Total assets / 2021 / annual investee table

RMB 541,700,900

Net assets / 2021 / annual investee table

RMB 520,074,000

Revenue / 2021 / annual investee table

RMB 30,919,200

Operating profit / 2021 / annual investee table

RMB 10,555,300

Net profit / 2021 / annual investee table

RMB 5,399,100

Issuer-reported holding percentage / 2021 / annual investee table

20.1%

The South Carolina manufacturing company is 70% directly owned by China Jushi, with 30% held by minority shareholders. Its FY2021 revenue is CNY 965,553,900 and net profit CNY 19,977,800, compared with CNY 319,401,900 revenue and a CNY 184,326,000 net loss in 2020. Operating cash flow is CNY 152,161,500, compared with a CNY 145,074,100 outflow. These original subsidiary figures are in ten-thousand CNY and describe the whole company, not a single furnace or a dividend paid to Jushi. Comprehensive income remains negative at CNY 5,045,000 despite positive net profit, so the two earnings categories are not substituted for one another. The separate minority table, in yuan, records CNY 5,993,351.98 of profit attributable to minority shareholders and CNY 323,865,850.30 of closing minority equity. Its dividend cell is blank, not a newly asserted zero payment. The California US sales/import-export company is a different legal organization, reported 100% indirectly owned; its selling role does not make it the South Carolina manufacturing company. The existing major-investee table’s negative operating profit and positive net profit remain separate classifications without an invented bridge. Neither the subsidiary’s cash flow nor its full profit is added again to consolidated group results.

Reported subsidiary operating cash flow / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 152,161,500

Reported profit attributable to subsidiary minority shareholders / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 5,993,351.98

Reported closing subsidiary minority equity / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 323,865,850.3

Jushi Egypt Glass Fiber Company operates in Suez and is 75.01% indirectly owned within the Jushi group. Its disclosed activities include manufacturing and sales of glass fiber, composites and engineering-plastic products, together with related inputs, equipment and parts. The FY2021 subsidiary financial table reports CNY 1,565,892,000 revenue, CNY 409,972,900 net profit and CNY 900,955,800 operating cash flow. Comparative 2020 amounts are CNY 1,280,064,800, CNY 246,018,100 and CNY 475,020,400 respectively. Year-end assets are CNY 4,376,634,600 and liabilities CNY 1,897,618,000. All these amounts originate in ten-thousand CNY, not US dollars or the budget of a particular Egyptian upgrade or new line. Minority shareholders hold 24.99%; the separate yuan-level table records CNY 102,452,217.59 attributable profit, CNY 37,282,925.86 dividends declared to minorities and CNY 619,506,231.85 closing minority equity. Declared dividends do not establish cash paid in the same period. Rounded company profit need not exactly reproduce the more precise minority figure when multiplied by the ownership percentage. These company-wide financial disclosures show the economic significance of overseas production without attributing every change to one project or treating minority profit as profit belonging wholly to listed shareholders.

Reported subsidiary ownership share / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

75.01%

Reported subsidiary revenue / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 1,565,892,000

Reported subsidiary net profit / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 409,972,900

Reported subsidiary operating cash flow / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 900,955,800

Reported subsidiary assets / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 4,376,634,600

Reported subsidiary liabilities / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 1,897,618,000

Reported profit attributable to subsidiary minority shareholders / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 102,452,217.59

Reported subsidiary dividend declared to minority shareholders / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 37,282,925.86

Reported closing subsidiary minority equity / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 619,506,231.85

Lianyungang Zhongfu Lianzhong manufactures and sells wind-turbine blades and is a 32.04% direct equity-method investment. Its FY2021 full-company revenue is CNY 3,489,032,438.19 and net profit CNY 210,033,205.20, versus CNY 4,989,227,062.54 and CNY 567,883,216.65 in the comparative year. This is the same named associate in both columns, unlike the later-year restructuring into a different direct investee; subsequent reports are not inserted into this FY2021 account. The associate’s full sales and profit are not consolidated as if it were a wholly owned Jushi fiber subsidiary. Jushi’s investment note instead recognizes CNY 62,042,200.59 of equity-method investment income and closes the investment at CNY 1,194,282,000.12. The detailed account starts at CNY 1,215,914,921.15, adds the recognized income and CNY 1,139,221.63 of other-comprehensive-income adjustment, subtracts CNY 83,376,732.86 of dividends declared and records CNY 1,437,610.39 of negative other movement. The associate note separately identifies CNY 83,376,732.86 of dividends received during the year. Equal disclosed declaration and receipt amounts do not make investment income another cash dividend. The closing carrying value combines CNY 1,153,088,359.97 of proportional net assets with CNY 41,193,640.15 of adjustments; the goodwill cell is blank and does not explain the whole adjustment. The source identifies an unrealized intercompany-profit adjustment separately. No cause is invented for the difference between a simple ownership-times-full-profit calculation and the recognized equity-method income.

Recognized equity-method investment income / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 62,042,200.59

Reported associate investment carrying value / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 1,194,282,000.12

Associate dividend received / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 83,376,732.86

Jushi Group absorbed Jushi Panden Electronic Base Materials in May 2021, reducing the disclosed subsidiary count by one. The disposal section does not mark a single disposal causing loss of control as applicable. Internal legal absorption is not evidence that an electronic-materials production line closed, was sold outside the group or produced an additional disposal gain. Separately, Jushi Group Hong Kong acquired the remaining 15% minority stake in the Canadian sales company; the group table reports 100% indirect ownership at year-end. Its Canadian business covers fiber-product sales and imports/exports of machinery and inputs, not an independently verified Canadian furnace. The same note later marks the standard subsection on subsidiary ownership changes retaining control as not applicable; the explicit Canadian purchase is retained rather than erased, and the note does not provide a transaction-price or cash bridge for it. In November 2021, Jushi Group also participated in establishing Tongxiang Xijin New Materials with a 40% holding and CNY 6,000,000 additional investment. It appears in the equity-method investment table and closes at CNY 6,001,883.57, including CNY 1,883.57 recognized income. Its new legal existence does not establish a commissioned plant, particular product specification or commercial output. The source does not identify an exact income-recognition start day, so that income is not assigned a fabricated full-year operating interval.

Additional investment in named associate / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 6,000,000

Reported ownership in named associate / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

40%

The parent carries CNY 10,136,366,917.18 of subsidiary investments at year-end: CNY 8,995,170,009.39 in Jushi Group, CNY 90,360,758.31 in Beixin Technology Development, CNY 935,842,075 in Jushi US and CNY 114,994,074.48 in Jushi India Glass Fiber. These investment-account values do not describe individual plants or prove the construction or operating status of an Indian factory. Parent associate investments carry CNY 1,348,466,002.27, taking combined long-term equity investments to CNY 11,484,832,919.45. This differs from the consolidated associate carrying value, which also includes the subsidiary-held Tongxiang Xijin New Materials investment. For Zhongfu Lianzhong, the parent recognizes CNY 60,604,590.20 of equity-method income, whereas the consolidated movement table records CNY 62,042,200.59 and a negative CNY 1,437,610.39 other movement; both end at CNY 1,194,282,000.12. The numerical difference equals the disclosed unrealized intercompany-profit adjustment, but the cited notes do not identify a full underlying transaction and cash bridge. Equity-method income and investment carrying amounts are not subsidiary sales, dividend receipts or a measure of Jushi’s cash available for new furnaces.

Parent subsidiary investments carrying value / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 10,136,366,917.18

Parent associate investments carrying value / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 1,348,466,002.27

Parent total equity investments carrying value / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 11,484,832,919.45

Parent named associate equity method income / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 60,604,590.2

Platinum-rhodium alloy bushings are used in the fiber-drawing stage. The annual policy describes periodic cleaning and reprocessing to maintain the required fiber quality; metal lost in the process enters product cost and reduces the asset. The issuer includes these bushings within fixed assets without ordinary depreciation. Their CNY 8,875,754,095.00 closing gross and net value is already part of CNY 24,587,816,587.31 of net consolidated fixed assets, rather than extra cash or ordinary finished-goods inventory. Total gross fixed assets of CNY 30,453,596,180.77, less CNY 5,865,778,292.00 accumulated depreciation and CNY 1,301.46 impairment, reconcile to the net total. The platinum-rhodium category records CNY 370,050,576.79 of sales and CNY 614,509,461.88 of other reductions. The reviewed note does not break the latter into production losses and other causes, so the entire reduction cannot be called metal consumed. Total construction transfers into gross fixed assets are CNY 4,636,038,341.53; total purchases are CNY 1,449,398,463.04. These are accounting movements and do not all equal cash capital expenditure. The fixed-asset table records CNY 1,202,921,210.38 of depreciation additions, distinct from the larger depreciation-and-depletion adjustment in the cash bridge. No cause for that difference is inferred from a matching label.

Reported gross fixed assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 30,453,596,180.77

Reported accumulated fixed-asset depreciation / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 5,865,778,292

Fixed-asset impairment allowance / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 1,301.46

Reported net fixed assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 24,587,816,587.31

Reported platinum-rhodium production assets / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 8,875,754,095

Consolidated intangible assets close at CNY 1,122,014,733.63 gross cost, less CNY 206,034,560.67 accumulated amortization and CNY 108,376,460.90 impairment, leaving CNY 807,603,712.06 net. The net categories are land-use rights CNY 661,138,295.46, patents CNY 303,568.73, non-patented technology CNY 9,084,676.96, software-use rights CNY 60,538,137.24, mining rights CNY 5,676,534.45, energy-use rights CNY 45,994,952.74 and pollutant-discharge rights CNY 24,867,546.48. These values describe resources recognized in the accounts alongside the production assets. They are not extra capacity, cash or independent verification of each factory’s permits and precise footprint. The energy-use-right and discharge-right gross additions are CNY 14,810,184.04 and CNY 31,216,714.00; subsequent amortization means the additions differ from closing net rights. Software additions include CNY 6,279,697.97 transferred from construction, rather than all being direct purchases. Mining rights retain CNY 116,979,308.76 gross cost, CNY 2,926,313.41 accumulated amortization and the CNY 108,376,460.90 impairment already present in the opening column. That allowance is not a new FY2021 mining loss. Matching gross cost and amortization for the trademark and franchise categories does not establish that the business has no brand or operating know-how. Individual permit numbers, remaining allowed emissions and site-specific capacity are not supplied by this carrying-value table.

Gross intangible assets / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 1,122,014,733.63

Accumulated intangible amortization / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 206,034,560.67

Intangible impairment allowance / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 108,376,460.9

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 807,603,712.06

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 661,138,295.46

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 303,568.73

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 9,084,676.96

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 60,538,137.24

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 5,676,534.45

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 45,994,952.74

Reported consolidated intangible assets net carrying value / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 24,867,546.48

At year-end 2021, the report lists 130 employees at the listed parent and 13,197 at major subsidiaries, totaling 13,327. The role breakdown is 10,513 production staff, 110 sales staff, 1,792 technical staff, 74 finance staff and 838 administrative staff. This explains the substantial production workforce supporting furnaces and downstream operations, but is not a factory-by-factory allocation or a verified productivity measure. The research table elsewhere also reports 1,792 research personnel; matching numbers do not establish that its population and measurement period are identical to this year-end technical-role category. Labour outsourcing costs paid are separately reported at CNY 59,892,400, originally 5,989.24 ten-thousand CNY. Outsourced hours are marked not applicable, so no outsourced employee count or full-time equivalent is inferred. These outsourcing payments and staff counts have different units and populations; they cannot be added to headcount or treated as total group payroll. Routine attendance, educational publicity and generalized employee-development claims are omitted from the reader page while their original source remains available.

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

130 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

13,197 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

13,327 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

10,513 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

110 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

1,792 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

74 persons

Reported employee headcount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

838 persons

Reported labour outsourcing cost paid / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

RMB 59,892,400

The other-current-assets note identifies Jushi USA’s 96,000-tonne-per-year alkali-free glass-fiber furnace-drawing line. It states that trial production began following furnace ignition on 18 May 2019. Unsold products made during the trial run had been moved into other current assets at estimated selling prices. The trial-product row shows CNY 23,643,999.23 in the opening comparative column, with the year-end cell blank; the note explicitly says these trial-production products had all been sold externally by 31 December 2021. That statement is about the identified trial-product pool. It does not mean all US output or all group inventory had been sold, that design capacity was achieved, that every customer had qualified the products, or that the sales proceeds had all been collected. The source does not provide a separate FY2021 revenue or cash amount for this pool, so the opening asset amount is not imported as new current-year sales, expense or closing inventory. The remaining CNY 137,128,305.76 other-current-assets total consists of uncredited VAT and prepaid taxes, not another trial-product balance. Manufacturing and subsidiary operating results retain their separate periods and scopes.

The fixed-asset note identifies CNY 25,192,197.98 of Jushi Group Beite factory buildings whose property certificates were still being processed at year-end. The amount is a building carrying value, not a fine, unspent project budget or land price. This is a specific title qualification; it does not establish that the factory lacked every production or environmental permit or had stopped operating. The note gives no individual certificate number, issue date or precise address. No other property is identified solely from a similar name. The CNY 96,374,286.28 Chengdu whole-factory-relocation clearance amount in the same page is in the opening column, not a closing asset or FY2021 payment to add to these buildings.

Reported assets awaiting property certificates / 2021 / FY2021 consolidated construction/asset note; original scope and units. Accounting movements are not cash spending. Engineering progress and issuer investment to budget ratios are separate.

RMB 25,192,197.98

The disclosed agreement for the new-materials intelligent manufacturing base provides a CNY 400 million reward, with 90% for research and supporting work and 10% for equipment investment. Jushi Group reports receiving CNY 80 million in each of 2019, 2020 and 2021. The FY2021 receipt is CNY 80 million, not an additional CNY 400 million paid that year, and contains CNY 8 million of equipment-related support. The equipment-related deferred account opens at CNY 14,277,777.70, adds CNY 8,000,000.00, releases CNY 1,722,222.36 into income and closes at CNY 20,555,555.34. The separate current-income reward of CNY 72,000,000.00 plus that release explains CNY 73,722,222.36 of new-materials reward recognized in other income. Releasing an earlier deferred amount is not another cash receipt. This is support for the disclosed base and research/infrastructure scope, not verified research commercialization, annual customer revenue or an award allocated to a numbered furnace. The grant description does not independently identify which electronic-yarn or fabric line receives each part.

Named grant cash received / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 80,000,000

New deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 8,000,000

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 1,722,222.36

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 20,555,555.34

Recognized named grant income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 73,722,222.36

Jushi Group Chengdu’s high-performance advanced manufacturing-base account receives CNY 27.34 million under one Qingbaijiang supplemental agreement and CNY 200 million under a third supplemental agreement for fixed-asset investment in the completed base. Together they match the CNY 227,340,000.00 additions in the main deferred-grant account. An opening CNY 4,810,166.67 plus those additions, less CNY 9,636,281.93 released into other income, leaves CNY 222,513,884.74 deferred. The source identifies the base and implementing company, but does not allocate this base-wide support to a particular chopped-strand furnace. A separate provincial industrial-development grant of CNY 10,913,000.00 was received in FY2021; it releases CNY 571,131.99 and closes at CNY 10,341,868.01 deferred. These are separate disclosed grants and cannot be folded into a single CNY 227.34 million receipt. Under the stated policy, asset-related grants are recognized systematically over the related assets’ useful lives. Their deferred balances are neither new physical production nor unspent cash balances, and the construction readiness, compensation-receivable and government-support accounts retain different scopes.

New deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 227,340,000

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 9,636,281.93

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 222,513,884.74

New deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 10,913,000

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 571,131.99

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 10,341,868.01

The grant note names Jushi USA’s JS304 project as a 96,000-tonne-per-year alkali-free glass-fiber tank-furnace drawing line. A 28 May 2016 memorandum with Richland County, the South Carolina Department of Commerce and the state economic-development coordinating body recommended support for site preparation, infrastructure and improvements to land and real property. The issuer reports historical grant receipts equivalent to CNY 29.9067 million in 2018 and CNY 38.9698 million in 2019. The FY2021 deferred account starts at CNY 60,354,980.68, releases CNY 4,017,535.87 into income and records CNY 1,335,414.06 of other reductions, closing at CNY 55,002,030.75. The reviewed table does not specify the cause of that other-reduction entry; it is not described here as new cash or an assumed translation movement. The 96,000-tonne grant scope is also used in the trial-stock note, which states that all of the line’s trial products had been sold externally by year-end. That commercial milestone does not establish design-capacity utilization or receipt of every customer payment. The grant scope is retained without an automatic match to a differently stated 80,000-tonne operating project or the separate California sales company. Historical support does not establish a current grant entitlement.

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 4,017,535.87

Other decrease in deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 1,335,414.06

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 55,002,030.75

Four other deferred accounts concern earlier manufacturing-support awards rather than new FY2021 production lines. Jushi Group’s glass-fiber-waste reuse project received CNY 7 million in 2012; its FY2021 income release is CNY 335,254.87 and closing deferral CNY 3,604,628.06. A 360,000-tonne intelligent-manufacturing application programme received CNY 45 million in each of 2016 and 2020; it releases CNY 7,500,000.00 and retains CNY 64,375,000.00 deferred. Jiujiang’s green-manufacturing system-integration programme received CNY 8.7 million in 2017 and CNY 6.09 million in 2020; it releases CNY 1,483,065.95 and closes at CNY 11,412,871.63. A separate Jiujiang high-strength/high-modulus intelligent-manufacturing application received CNY 8.55 million in 2018. Its FY2021 account releases CNY 525,000.00 into income and records CNY 2,250,000.00 of other decreases, reducing CNY 8,550,000.00 opening to CNY 5,775,000.00 deferred. The other-decrease cause is not explained on the reviewed pages. These notes show historical support for manufacturing processes and resource use, but do not independently certify environmental performance, quantify achieved throughput or prove new capacity. The programme descriptions are not merged with later construction bases or repairs merely because their intelligent-manufacturing themes overlap.

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 335,254.87

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 3,604,628.06

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 7,500,000

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 64,375,000

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 1,483,065.95

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 11,412,871.63

Asset grant released to income / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 525,000

Closing deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 5,775,000

Other decrease in deferred asset grant / 2021 / FY2021 issuer consolidated rights/grants/tax note; stated scope and original unit. Accounting rights are not verified permits; receipts, income, deferrals, tax bases and tax amounts are distinct.

RMB 2,250,000

At 31 December 2021, short-term borrowing is CNY 3,933,815,389.52: CNY 457,377,874.05 secured by mortgages, CNY 907,764,552.76 guaranteed and CNY 2,568,672,962.71 unsecured credit borrowing. Long-term loans reported outside current maturities total CNY 4,809,170,768.87, comprising CNY 12,949,998.38 mortgage loans, CNY 3,839,995,607.91 guaranteed loans and CNY 956,225,162.58 credit loans. The disclosed long-term rate ranges are 1.00–3.70% for credit borrowing and 1.0845–4.0000% for guaranteed borrowing, with 5.70% for mortgage borrowing. These historical ranges are not a consolidated average funding cost. Separately, liabilities moving into the current category total CNY 2,404,205,679.17: CNY 569,640,968.74 of long-term loans, CNY 1,834,193,472.35 of bonds and CNY 371,238.08 of leases. Those are existing obligations approaching payment, not all new FY2021 borrowing. The corresponding total at the beginning of the year is CNY 613,160,403.69. The financial-risk note states that 68.37% of debt matures in less than a year and 42.76% of interest-bearing borrowing is at fixed rates. The two percentages describe different disclosed populations and are not added or applied to every balance-sheet liability. The issuer’s maturity table is headed undiscounted contractual cash flows; its lease rows place CNY 1,418,124.19 in the one-to-five-year column and CNY 3,235,494.13 beyond five years. It is retained as reported, rather than recast as an independently verified future cash forecast. The funding mix and approaching maturities explain refinancing exposure; they do not prove future credit availability.

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 457,377,874.05

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 907,764,552.76

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 2,568,672,962.71

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 3,933,815,389.52

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 12,949,998.38

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 3,839,995,607.91

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 956,225,162.58

Borrowing carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 4,809,170,768.87

Reported current-maturity category / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 569,640,968.74

Reported current-maturity category / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,834,193,472.35

Reported current-maturity category / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 371,238.08

Reported current maturities of non-current liabilities / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 2,404,205,679.17

Issuer-reported debt due within a year share / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

68.37%

Reported fixed-rate share of interest-bearing debt / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

42.76%

The outstanding instrument table lists the CNY 200 million 21 Jushi 01 corporate bond, issued 3 December 2021 with interest starting 6 December, a 3.14% coupon and maturity on 6 December 2024. Five interbank instruments add CNY 2.8 billion of principal. The CNY 500 million 19 Jushi GN001 green medium-term note pays 3.75% and matures on 22 July 2022; CNY 800 million 19 Jushi MTN001 pays 3.85% and matures on 12 March 2022; CNY 500 million 19 Jushi MTN002 pays 3.68% and matures on 11 December 2022. The CNY 500 million 21 Jushi GN001 green note pays 3.61% and matures on 19 April 2024. These notes and the corporate bond pay interest annually and principal at maturity. The CNY 500 million 21 Jushi SCP003 short-term paper pays principal and 2.44% interest at its 20 May 2022 maturity; its issue and interest-start dates are 23 and 24 November 2021. All dates describe the FY2021 disclosure, not their current repayment status. The six instruments’ CNY 3 billion face principal differs from CNY 3,048,333,000.17 of combined accounting balances: current-maturity bonds CNY 1,834,193,472.35, non-current bonds CNY 712,851,750.04 and short paper CNY 501,287,777.78. The movement notes separately accrue interest and amortize issuance discounts, so face amounts are not silently substituted for carrying values. The use-of-proceeds tables show each listed instrument’s proceeds fully used with zero unused balance, but provide no construction-project progress or operating-benefit allocation in those rows. No named factory is assigned those proceeds here. The issuer reports normal historical interbank payments and no investor-protection trigger during the year; this is not a guarantee of later repayment.

Debt instrument principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 200,000,000

Debt instrument coupon / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

3.14%

Debt instrument principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 500,000,000

Debt instrument coupon / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

3.75%

Debt instrument principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 800,000,000

Debt instrument coupon / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

3.85%

Debt instrument principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 500,000,000

Debt instrument coupon / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

3.68%

Debt instrument principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 500,000,000

Debt instrument coupon / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

3.61%

Debt instrument principal / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 500,000,000

Debt instrument coupon / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

2.44%

Bond carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,834,193,472.35

Bond carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 712,851,750.04

Bond carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 501,287,777.78

The short-paper schedule includes four 2020 issues and three 2021 issues, each with CNY 500 million face value. Its CNY 3.5 billion historical issuance-amount column is not new borrowing all raised during FY2021. The annual movement columns show CNY 1,499,627,122.94 issued, CNY 17,701,609.59 face-based interest accrual, CNY 559,821.50 discount amortization and CNY 3,030,894,109.59 repaid. Opening CNY 2,014,293,333.34 plus issuance, interest and amortization less repayments reconciles to CNY 501,287,777.78 closing. The 2021 third issue is the remaining short paper; the 2021 first and second issues are reported repaid. The longer-bond schedule separately shows CNY 698,990,000.00 annual issuance movements for the 2021 green note and corporate bond against CNY 700 million combined face amount. It records CNY 92,421,666.68 interest, CNY 1,389,166.64 amortization and CNY 486,010,000.00 repayment. Starting CNY 2,240,254,389.07 plus those movements gives CNY 2,547,045,222.39 before closing reclassification, exactly the current and non-current longer-bond balances combined. The schedule explicitly moves the three 2019 issues into current maturities at year-end. Blank closing cells in its non-current presentation do not mean those instruments were repaid. These account movements explain rollover and classification without treating every carrying-value movement as another cash-flow statement receipt or payment.

Short-paper annual issuance movement / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,499,627,122.94

Short-paper annual repayment movement / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 3,030,894,109.59

Longer-bond annual issuance movement / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 698,990,000

Trade payables close at CNY 2,215,202,207.67, including CNY 1,039,470,171.60 for construction, CNY 1,007,147,867.44 for raw materials and CNY 54,921,561.42 for equipment. Freight, other services, utilities and other items supply the remainder. Construction and equipment obligations are not all new cash capital expenditure or charges to the same unnamed furnace; the table supplies no project allocation. Five anonymous supplier balances more than a year old total CNY 37,987,743.89, with the stated explanation that their contractual payment dates have not arrived. Age alone is therefore not labeled overdue default, and supplier numbers are not used to identify firms across years. Customer advance receipts recognized as contract liabilities are CNY 372,596,222.27 versus CNY 146,743,943.57 opening. These remain delivery obligations and are not another amount of recognized sales or proof of future repeat orders. Issued bills payable are CNY 174,866,480.62, while CNY 1,774,128,566.42 of bank-acceptance bills transferred without derecognition appear under other current liabilities. Those are distinct note populations; neither is renamed freely available cash. The full other-current-liability total of CNY 2,365,724,557.39 also includes short paper, short-term finance leases and CNY 42,999,960.58 output tax pending transfer. Its financial-instrument category of CNY 2,322,724,596.81 excludes that tax amount numerically; it is not another additional liability.

Trade-payable carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,039,470,171.6

Trade-payable carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,007,147,867.44

Trade-payable carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 54,921,561.42

Trade-payable carrying amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 2,215,202,207.67

Customer advances in contract liabilities / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 372,596,222.27

Transferred bills not derecognized / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,774,128,566.42

The short-term employee-remuneration note opens its profit-sharing account at CNY 17,279,095.07, adds CNY 725,901,387.31 during FY2021, reduces it by CNY 14,249,365.79 and closes at CNY 728,931,116.59. This exact roll-forward separates the year’s additions from amounts settled or otherwise reduced and from the obligation remaining at year-end. The closing account is part of CNY 926,669,701.36 short-term remuneration payable and CNY 928,341,565.89 total employee remuneration payable, rather than an extra debt to add again to those totals. The full short-term remuneration account records CNY 2,302,965,332.73 annual additions, including wages, benefits and other items as well as profit sharing. These additions are not all cash paid, nor are they all assigned to direct glass-fiber production costs. The note establishes an important profit-allocation and cash-settlement obligation for shareholders; it does not, by itself, prove that incentive payments improved output, identify individual recipients or establish a recurring payment at the same level. Routine pension and insurance-account procedures are condensed while their source record remains available.

Employee profit-sharing account amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 725,901,387.31

Employee profit-sharing account amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 14,249,365.79

Employee profit-sharing account amount / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 728,931,116.59

Total employee remuneration payable / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 928,341,565.89

Short-term remuneration annual additions / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 2,302,965,332.73

The major-contracts table reports CNY 11,571,690,000.00 of subsidiary-guarantee activity during FY2021 and CNY 5,640,110,000.00 outstanding at year-end, equal to 24.99% of the disclosed net-asset denominator. Annual activity and closing exposure are not added together. Guarantees excluding controlled subsidiaries are explicitly zero for both annual activity and closing balance; the issuer says all guarantees support entities within the consolidated group. Of the closing guarantees, CNY 155,830,000.00 supports recipients with liability-to-asset ratios above 70%. These obligations help explain support for subsidiary funding, but are not additional loan principal to add on top of the underlying consolidated borrowings. The table’s statement that there are no explanatory matters concerning potential joint repayment is retained as the issuer’s disclosure, not interpreted as cancellation of all legal guarantee exposure. Separately, CNBM Group Finance, whose ultimate controller is shared with China Jushi, provides a CNY 300,000,000 credit facility with actual activity of zero in the FY2021 financial-business table. The facility is not a drawn loan, deposit or verified future cash resource. No investigation of the finance company or other partners is added.

Annual subsidiary-guarantee activity / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 11,571,690,000

Closing subsidiary-guarantee balance / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 5,640,110,000

Guarantees as share of net assets / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

24.99%

Closing subsidiary-guarantee balance / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 155,830,000

Closing subsidiary-guarantee balance / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 0

Related finance-company credit facility / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 300,000,000

Related finance-company credit activity / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 0

The foreign-currency monetary-item note presents CNY 1,452,030,581.74 equivalent of monetary funds and CNY 957,143,856.70 trade receivables. Their currency denomination differs from the earlier CNY 1,409,194,045.35 of funds deposited outside China: foreign-currency amounts can have a different bank location, and overseas accounts need not have the same currency scope. Foreign-currency short loans are CNY 339,464,531.19 equivalent, current long-term debt CNY 151,794,996.50 and remaining long-term loans CNY 1,689,304,489.20. The notes also retain currency receivables, payables and other balances; gross categories alone do not give a validated net hedge position. The issuer uses foreign-exchange forwards and describes matching contract currencies and terms, while foreign subsidiaries add foreign-currency borrowing to balance exposure. These are management’s policies, not proof that every exposure is fully hedged. The closing derivative liability is CNY 2,357,294.00 and is not the derivative notional principal. Separately, restricted assets total CNY 1,038,355,044.61, comprising CNY 25,378,184.01 monetary deposits, CNY 990,922,944.34 mortgaged fixed assets and CNY 22,053,916.26 mortgaged intangible assets. The restriction account is an asset carrying-value disclosure, not all restricted cash, an extra borrowing balance or a unique allocation to an individual furnace. Egypt’s Suez operation and the South Carolina manufacturing operation use USD functional currency as disclosed; that does not mean every group balance or all overseas revenues are denominated in USD.

Foreign-currency cash translated to CNY / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,452,030,581.74

Foreign-currency trade receivables translated to CNY / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 957,143,856.7

Foreign-currency short-term loans translated to CNY / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 339,464,531.19

Foreign-currency non-current debt due within one year translated to CNY / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 151,794,996.5

Foreign-currency remaining long-term loans translated to CNY / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,689,304,489.2

Derivative financial liability / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 2,357,294

Reported total restricted assets net carrying value / 2021 / FY2021 issuer consolidated funding/treasury note; scope and source unit retained. Principal, carrying amount, annual movements, cash, guarantees and valuation are distinct.

RMB 1,038,355,044.61

At year-end, related trade receivables total CNY 20,220,805.15 gross with CNY 168,769.17 credit-loss allowance. Zhongfu Lianzhong accounts for CNY 16,386,378.73 gross and CNY 133,078.71 allowance within those totals. Receivable balances, the allowance and related annual product sales answer different questions; they are not three additional amounts of revenue or cash. Related prepayments total CNY 1,556,000, including CNY 1,476,000 for equipment from Hefei Zhongya Building Materials Equipment. Related trade payables total CNY 24,084,384.89, including equipment owed to Huarui and transport balances owed to QUARTZ, Yushi and Tianshi. The separate contract-liability/customer-advance table totals CNY 63,438,877.21, including CNY 20,000,000 from Zhenshi Holding and CNY 16,430,274.54 from HENGSHI EGYPT. These advance receipts carry delivery obligations and are not another amount of recognized sales. Huarui’s CNY 2,980,000 bidding deposit appears separately under other payables, not extra equipment purchase or a guarantee principal. All categories are subsets of corresponding consolidated balances, not totals to add on top of the group balance sheet. The previous-year cells for some smaller parties and blank cells are not recast as new FY2021 amounts or as verified zeros.

Reported related-party trade receivables gross / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 20,220,805.15

Reported related-party trade-receivable allowance / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 168,769.17

Reported related-party trade payables / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 24,084,384.89

Related customer advances and contract liabilities / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 63,438,877.21

Related-party supplier prepayments / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 1,556,000

Reported related bidding deposit payable / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 2,980,000

The parent reports a CNY 2,300,000,000 year-end dividend receivable from Jushi Group, compared with CNY 700,000,000 at the previous year-end. A receivable records an amount due, so the closing balance is not a cash receipt in 2021. Separately, parent other receivables carry CNY 760,999,476.64 net, with CNY 760,999,836.64 gross and a CNY 360 allowance. Loan principal accounts for CNY 760,000,000: CNY 500,000,000 due from Jushi Group and CNY 260,000,000 from Jushi Chengdu, both aged less than one year. Refunds, other amounts and a small deposit account for the remainder. The original allowance table places the CNY 360 in its second stage, lifetime expected credit loss without credit impairment. These parent assets describe funding and distributions within the corporate structure. Internal claims cannot be added to consolidated outside-customer assets or treated as additional group cash. The large reduction from the prior loan-principal balance does not by itself establish the timing or cash route of repayment.

Parent dividend receivable from Jushi Group / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 2,300,000,000

Parent net other receivables / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 760,999,476.64

Parent internal loan principal / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 760,000,000

Parent internal loan principal / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 500,000,000

Parent internal loan principal / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 260,000,000

China National Building Material Group Co., Ltd. (CNBM Group) and China National Building Material Company Limited (CNBM Limited) originally undertook in December 2017 to resolve competing glass-fiber businesses within three years. A proposed combination involved China Jushi and Sinoma Science & Technology acquiring all or part of Taishan Fiberglass and Lianyungang Zhongfu Lianzhong through cash, share exchanges or other arrangements. Jushi suspended trading on 2 December 2020, then terminated the restructuring on 15 December because agreement on core terms had not been reached. The original undertaking was not completed as expected. The extended undertaking gives two years from 5 January 2021 to develop and implement a solution. The FY2021 report describes proposals still being studied within that extended period while the existing businesses continue. The commitments table marks performance as timely, but that label does not establish a completed acquisition or removal of competitive overlap. The disclosed undertaking to compensate qualifying losses is a promise, not evidence of compensation already paid. This matters to manufacturing strategy and shareholder interests because the group has overlapping fiber businesses; no future combination, capacity consolidation or benefit is assumed here.

The report describes skills assessments for glass-fiber drawing, winding and mechanical maintenance, and an electrical apprenticeship with Tongxiang Technical College that alternates study and work with trainers from both organizations. These are specific workforce arrangements relevant to keeping production equipment operating; the report does not quantify resulting output improvements, savings or retention. Separately, the board considered the 2021–2023 excess-profit-sharing plan on 17 August 2021 and shareholders approved it on 3 September. The plan creates an incentive and profit-allocation framework. Its existence does not demonstrate that recipients caused the year’s earnings improvement, and it is not described as a listed-share issue. The employee-remuneration note, explained in this guide’s funding section, records CNY 725,901,387.31 of annual profit-sharing additions and CNY 728,931,116.59 outstanding at year-end. Approval of the plan, an expense or accrual and a cash payment remain different events. Broad training-event counts and promotional claims are condensed because they do not establish those operating or shareholder outcomes.

The annual report identifies senior roles spanning Jushi, CNBM and Zhenshi. Chang Zhangli became Jushi chairman on 21 October 2021 after Cao Jianglin left for work-adjustment reasons; Chang also holds senior CNBM roles. Zhang Yuqiang combines Jushi vice-chairman and general-manager roles with leadership of Jushi Group and chairmanship of Zhenshi, a major Jushi shareholder. Zhang Jiankan holds Jushi and Zhenshi positions, while Ni Jinrui became deputy general manager and chief financial officer on 18 March 2021. These disclosed overlaps explain why related-party governance and minority-shareholder oversight matter; they do not themselves prove improper transactions. Chang’s biography and appointment table use different executive classifications for a CNBM Limited role, so that classification is not resolved by assumption. Reported remuneration paid to directors, supervisors and senior management totals CNY 33,102,000, originally 3,310.20 ten-thousand CNY. The note says payments include the 2020 annual bonus and 2021 basic remuneration and benefits; the total is not exclusively FY2021 earnings-related pay, total group payroll or the separately disclosed employee profit-sharing account. Routine biographies and meeting-attendance logs are condensed.

Remuneration paid to directors supervisors and senior management / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

RMB 33,102,000

The strategy committee considered and unanimously passed a set of proposals on 18 March 2021: a 120,000-tonne Egyptian glass-fiber technological upgrade, a 50,000-tonne high-performance fiber upgrade at Jushi Group, a new 100,000-tonne electronic-yarn line and a new 150,000-tonne chopped-fiber line. On 17 August it considered an Egyptian 120,000-tonne new line with supporting works, a Jushi Group 100,000-tonne fiber cold-repair and upgrade, and an equipment-manufacturing center. It considered a fiber-packaging-materials line on 22 October. The March Egyptian upgrade and August Egyptian new-line proposal are different disclosures, even though their capacity labels match. Likewise, a cold repair or technological upgrade is not automatically net additional capacity. Committee deliberation is not commissioning, customer qualification, a completed environmental permit or final execution of every proposal. The Group 150,000-tonne chopped-fiber proposal does not identify Chengdu in these rows, so it is not merged with a Chengdu project merely because the capacity matches. The construction-account section preserves the separate seven important project rows, budgets and balances without converting these committee decisions into new cash expenditure or counting their capacity twice.

The board’s evaluation at 31 December 2021 reports no material weakness in financial-reporting internal control. The annual report also refers to an unqualified internal-control audit opinion by Tianzhi International; the separate full control-audit report has not been reviewed for this entry. It describes requirements for subsidiaries to report related transactions, guarantees and investments in advance. These procedures help explain oversight but do not independently establish compliance for every contract, factory or project. The major-matters section proposes changing the 2022 financial and internal-control auditor to Zhongshen Zhonghuan after 13 years with Tianzhi, citing independence and stating that the prior firm had no objection. This is a proposal disclosed in the FY2021 report, not evidence here that the 2022 appointment was completed or that the previous audit was adverse. The financial-audit section retains its own opinion and key matters. Neither that audit nor the issuer’s control statements constitute independent editorial approval of SinoFilings translations.

The policy described in the FY2021 report calls for annual cash distributions of at least 20% of the parent’s distributable profit, or aggregate cash distributions over the latest three years of at least 30% of average annual distributable profit over those three years. The source uses an alternative condition, not a requirement that both tests must always be added together. The parent-company profit denominator is distinct from consolidated profit attributable to shareholders, subsidiary profits and group operating cash. The report says this policy was unchanged during FY2021. A stated policy is not a guarantee of future payments, the year’s actual cash distribution or approval of a later dividend proposal. Actual equity-account distributions, cash payments and the FY2021 profit-distribution proposal must be read with their own dates and financial-note scopes. Routine policy-process narrative is condensed while the economically relevant conditions are retained.

At 31 December 2021, CNBM Limited holds 1,079,739,151 Jushi shares, or 26.97%, and is identified as the controlling shareholder. Zhenshi Holding Group holds 624,225,514 shares, or 15.59%, with 361,498,840 shares marked pledged. That pledge is a subset of Zhenshi’s holding, not extra ownership, Jushi debt or evidence that enforcement occurred. Hong Kong Securities Clearing Company Limited is the registered holder of 382,396,182 shares, or 9.55%. Its registered stake does not identify each underlying beneficial investor or independently measure foreign net buying. The report says CNBM Limited and Zhenshi have no related-party relationship and are not acting in concert under the cited rules; relations among other holders are unknown to the issuer. Some smaller-holder labels are repeated or shifted in the printed unrestricted-share table, so no repaired minor-holder ranking is invented. The major three named holdings are clear in the original top-shareholder table. Registered annual changes also include the effects of the capital-reserve share conversion and should not all be labeled purchases. Routine lists of small funds are condensed while the major stakes, pledge and unresolved original-table labels remain available for governance research.

Registered holding by named shareholder / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

1,079,739,151 shares

Registered holding percentage by named shareholder / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

26.97%

Registered holding by named shareholder / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

624,225,514 shares

Registered holding percentage by named shareholder / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

15.59%

Registered holding by named shareholder / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

382,396,182 shares

Registered holding percentage by named shareholder / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

9.55%

Reported registered-holder pledged shares / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

361,498,840 shares

The report distinguishes CNBM Limited, Jushi’s direct controlling shareholder, from CNBM Group, its actual controller. CNBM Group is reported to hold 43.02% of CNBM Limited through domestic and H shares; that percentage concerns the upper company, not a 43.02% direct stake in Jushi. The original diagram on page 59 places the State-owned Assets Supervision and Administration Commission of the State Council above CNBM Group and intermediary companies, ending at CNBM Limited’s 26.97% Jushi holding. Its 53.86% public-investor line enters CNBM Limited, not Jushi, and is not Jushi free float. Rounded intermediate percentages are not multiplied or summed into an independently verified effective Jushi ownership figure. The report does not mark a controlling-shareholder or control change as applicable during FY2021. Separately, the issued-share table reconciles 3,502,306,849 opening shares plus 500,829,879 from a capital-reserve conversion to 4,003,136,728 closing shares. The conversion of 1.43 shares per ten existing shares creates additional shares from reserves, not a new cash receipt, operating profit or factory investment. It also helps explain why changes in registered share counts need not represent market purchases. The long lists of other CNBM investments are condensed; competition undertakings and related operating transactions retain separate treatment.

Issued shares at reporting date / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

4,003,136,728 shares

Shares added by capital reserve conversion / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

500,829,879 shares

Actual controller interest in upper controlling company / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

43.02%

The consolidated equity statement records FY2021 distributions of CNY 784,516,734.18 to listed-company owners and CNY 44,012,720.86 to minority owners, totaling CNY 828,529,455.04. These are equity-account distributions. The separate consolidated cash-flow line for dividends, profit distributions and interest together is CNY 1,169,897,690.75, including CNY 6,844,470 of cash paid to minority owners; it cannot be labeled entirely as cash dividends to Jushi shareholders. Parent cash under the combined dividends, profits and interest line is CNY 1,001,368,631.79. Retained earnings reconcile from CNY 9,708,795,418.54 opening, plus CNY 6,028,473,746.53 attributable profit, less CNY 243,976,585.02 transferred to surplus reserve and CNY 784,516,734.18 owner distributions, to CNY 14,708,775,845.87 closing. Moving earnings to reserve changes equity classification rather than creating cash or new operating profit. The share increase from the capital-reserve conversion is explained separately in the ownership section. The consolidated share-investment cash line is blank for 2021; the adjacent CNY 973,041,877.50 belongs to 2020 and is not a 2021 capital receipt.

Equity account distributions / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 784,516,734.18

Equity account distributions / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 44,012,720.86

Equity account distributions / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 828,529,455.04

Transfer from retained earnings to surplus reserve / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 243,976,585.02

Combined cash dividends profits and interest paid / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 1,169,897,690.75

Minority distributions cash paid / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 6,844,470

Combined cash dividends profits and interest paid / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 1,001,368,631.79

Retained earnings / 2021 / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 14,708,775,845.87

The report’s board-approved proposal uses 4,003,136,728 issued shares and a gross cash dividend of CNY 4.8 per ten shares, producing CNY 1,921,505,629.44 in total. It cites parent FY2021 net profit of CNY 2,439,765,850.19 and CNY 2,225,564,263.74 available for distribution at year-end, rather than consolidated retained earnings as the distribution denominator. The subsequent-event table reports the same dividend amount in its proposed and approved-declaration rows. These disclosures establish the reported proposal and declaration wording, but provide no payment date or complete evidence here of final shareholder approval. The amount is therefore not treated as cash paid during FY2021, and its structured proposal fields have no FY2021 value interval. The parent’s CNY 6,136,097,519.67 capital reserve is cited when proposing no reserve-to-share conversion for FY2021 profits. That proposal concerns a different year from the earlier conversion actually reflected in FY2021 issued shares. Distribution policy, declared amounts, reserve movements and cash payments retain their separate scopes.

Proposed cash dividend total / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

RMB 1,921,505,629.44

Proposed cash dividend per ten shares / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

4.8 CNY/10 shares

Dividend proposal share base / FY2021 issuer disclosure; parent/consolidated, stock/flow and reporting date retained. Cash, accounting gains and internal balances have different scopes. Subsequent proposal fields have no FY2021 value interval.

4,003,136,728 shares

Consolidated capital reserve moves from CNY 3,726,142,081.34 to CNY 3,194,978,470.68, a decrease of CNY 531,163,610.66. The issuer explains three components. Jushi Group Hong Kong purchased the remaining 15.00% minority interest in Jushi Canada Glass Fiber; consideration above the consolidated net-asset share reduced capital reserve by CNY 13,573,250.89. This difference is not the total purchase price or new furnace investment. Jushi Group Hong Kong transferred its Jushi Pandeng Electronic Substrate interest to Jushi Group, and the enterprise income tax paid on that transaction reduced consolidated capital reserve by CNY 16,760,480.77. An internal equity transfer is not an external glass-fiber customer sale, nor is this reserve movement independently identified as a separate income-statement tax charge to subtract again. The third component is CNY 500,829,879.00 transferred from capital reserve into share capital under the bonus share plan. It changes the composition of equity and adds 500,829,879 shares; it is not new cash raised from outside investors. The three components reconcile exactly to the reported reserve decrease, while share capital rises from 3,502,306,849 to 4,003,136,728 shares. The separate subsidiary-perimeter explanation retains the later absorption of Pandeng; these disclosed internal events are not turned into additional acquired operating capacity. No outside investigation or new company identity is added.

Capital reserve reduction / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 531,163,610.66

Canada minority acquisition reserve reduction / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 13,573,250.89

Internal transfer tax reserve reduction / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 16,760,480.77

Closing capital reserve / 2021 / FY2021 consolidated issuer statement/note; current year versus prior year, stock versus flow, cash versus income and parent/minority scopes retained.

RMB 3,194,978,470.68

The FY2021 pollution table reports Jushi Group separately from Chengdu and the Zhongfu Lianzhong associate. Jushi Group has two wastewater outlets in the northwest of its plant, with pretreatment before discharge to Tongxiang Shenhe wastewater treatment plant, and 14 gas outlets described as one per production line. It reports actual COD emissions of 107.62 tonnes against an approved 119.600 tonnes per year, ammonia nitrogen of 0.89 tonnes against 11.960 tonnes per year, dust of 33.45 tonnes against 178.256 tonnes per year, sulfur dioxide of 108.62 tonnes against 215.059 tonnes per year, and nitrogen oxides of 344.17 tonnes against 803.336 tonnes per year. The table labels each row as not exceeding its standard. These are historical issuer-reported quantities and approved amounts, not independently checked current permit compliance. Concentration thresholds are standards, not measured actual concentrations; pH ranges and smoke-blackness grades are not additional mass emissions. The figures are kept at the disclosed Jushi Group site scope and are not summed with an associate’s full emissions into a consolidated inventory. They also are not carbon-dioxide totals or evidence of a quantified reduction in greenhouse gases.

Wastewater chemical oxygen demand actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

107.62 tonnes

Approved cod emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

119.6 tonnes/year

Wastewater ammonia-nitrogen actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

0.89 tonnes

Approved ammonia nitrogen emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

11.96 tonnes/year

Air dust actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

33.45 tonnes

Approved dust emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

178.256 tonnes/year

Air sulfur dioxide actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

108.62 tonnes

Approved sulfur dioxide emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

215.059 tonnes/year

Air nitrogen oxides actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

344.17 tonnes

Approved nitrogen oxides emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

803.336 tonnes/year

Jushi Chengdu reports one wastewater outlet in the southeast of its plant, with pretreatment before discharge to the industrial park’s treatment plant, and three gas outlets described as one per production line. Actual FY2021 emissions are 14.48 tonnes COD, 0.46 tonnes ammonia nitrogen, 11.51 tonnes sulfur dioxide, 24.31 tonnes nitrogen oxides and 0.39 tonnes dust. Corresponding approved amounts are 14.9688, 0.7484, 115.7959, 258.1736 and 104.2364 tonnes. Unlike the adjacent Jushi Group rows labeled tonnes per year, the original Chengdu approved-amount cells are printed in tonnes; that original unit difference is retained rather than silently rewritten. The issuer marks these rows as not exceeding standards. Neither the table nor this translation independently establishes current environmental permission, continuous measurements or the compliance of every new project. Outlet count is not independently verified furnace capacity. These site figures inform production constraints and monitoring questions without being allocated to a particular newly announced line or turned into sales, cost savings or a carbon-reduction estimate.

Wastewater chemical oxygen demand actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

14.48 tonnes

Approved cod emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

14.9688 tonnes

Wastewater ammonia-nitrogen actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

0.46 tonnes

Approved ammonia nitrogen emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

0.7484 tonnes

Air sulfur dioxide actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

11.51 tonnes

Approved sulfur dioxide emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

115.7959 tonnes

Air nitrogen oxides actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

24.31 tonnes

Approved nitrogen oxides emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

258.1736 tonnes

Air dust actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

0.39 tonnes

Approved dust emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

104.2364 tonnes

Lianyungang Zhongfu Lianzhong is reported separately in the pollution table; the operating-investment table identifies a 32.04% Jushi interest, so its full emissions are not presented as those of a wholly owned Jushi glass-fiber plant. It reports six VOC outlets, five in roller-coating workshops and one at the testing center, and two wastewater outlets serving the disclosed factory areas. Actual emissions are 5.786 tonnes of volatile organic compounds against an approved 15.4292 tonnes, domestic-wastewater COD of 8.3392 tonnes against 22.238 tonnes, and suspended solids of 6.072 tonnes against 16.192 tonnes. The rows are marked not exceeding standards by the issuer. The original suspended-solids row prints GB/T14675-1993 and a three-point odor-bag method in its standard column. The printed association appears inconsistent with the wastewater suspended-solids category; it is preserved as a source anomaly, without guessing a replacement standard or using it to independently certify compliance. Its water-treatment and coating disclosures provide operating context for the blade business, while factory design capacity and Jushi’s proportionate emissions are not inferred.

Actual vocs emissions / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

5.786 tonnes

Approved vocs emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

15.4292 tonnes

Wastewater chemical oxygen demand actual annual discharge / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

8.3392 tonnes

Approved cod emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

22.238 tonnes

Actual suspended solids emissions / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

6.072 tonnes

Approved suspended solids emissions amount / 2021 / FY2021 issuer disclosure; named organizational scope and original unit retained. Historical reported values are not independent compliance, beneficial ownership or operational verification.

16.192 tonnes

The report describes pretreatment and reuse of production and domestic wastewater, gas treatment before high-level discharge, equipment noise reduction and maintenance, and separate handling of hazardous and general solid wastes. It reports normal operation of existing pollution-control facilities and no environmental violations in 2021, with the environmental-penalty item marked not applicable. These are historical issuer statements, not an independent inspection result or a conclusion that environmental risk is absent. The environmental section describes the requirement to design, build and operate environmental facilities alongside construction projects; it does not supply a separately verified permit for every proposed line. Furnace-gas online monitoring is described, while the resin-VOC monitoring plan is not treated as proof that every resin source already had operating online equipment. Third-party sampling and manual comparisons are reported, but the underlying monitoring logs and permits have not been read here. The company says it reduced electricity, natural-gas and steam consumption and published a green-development blueprint covering management, efficiency, clean production, recycling, fiber manufacture, mining and digital integration. The cited pages provide no quantified carbon baseline or verified carbon saving. Generic environmental-month activities and charity records are condensed because they do not establish a material operating constraint or shareholder impact.

The FY2021 related-purchase table identifies CNY 649,792,621.02 of transport services from Zhenshi Group Zhejiang Yushi International Logistics, CNY 146,426,353.25 from Shanghai Tianshi International Freight Forwarding and CNY 93,329,580.37 from QUARTZ LOGISTICS INC. It separately reports CNY 113,035,692.62 of equipment procurement from Tongxiang Huarui Automatic Control Technology Equipment, plus CNY 1,344,654.55 of technical services and repairs from Huarui. These four counterparties are classified in the issuer’s related-party table as subsidiaries of shareholders. The large logistics and equipment flows explain participation by related companies in delivery and investment, but are not all cash payments, a named-project construction cost or evidence of unfavorable prices. A separate CNY 48,042,464.04 row concerns buying a warehouse from Hengshi USA Wind Power Materials Corporation; warehouse acquisition is not automatically annual transport expense, a new glass-fiber furnace or a verified physical location inferred from the seller’s name. Another row reports CNY 3,155,660.42 of engineering services from China New Building Materials Design & Research Institute. Selected material rows do not represent the sum of every related purchase. Counterparty identities and transaction direction are based only on Jushi’s own disclosure, without extending research into partners.

Reported related-party purchase or service transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 649,792,621.02

Reported related-party purchase or service transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 146,426,353.25

Reported related-party purchase or service transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 93,329,580.37

Reported related-party purchase or service transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 113,035,692.62

Reported related-party purchase or service transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 1,344,654.55

Reported related-party purchase or service transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 48,042,464.04

Jushi reports CNY 1,673,203,826.98 of inventory-product sales to Zhenshi Holding, a shareholder, and separately CNY 74,578,927.84 of raw-material sales to it. CNBM International Trade bought CNY 187,627,284.93 of inventory products, HENGSHI EGYPT FIBERGLASS FABRICS S.A.E CNY 151,486,787.04, TURKIZ COMPOSITE MATERIALS TECHNOLOGY UR CNY 87,999,475.24 and Lianyungang Zhongfu Lianzhong CNY 45,992,662.57. These four counterparties are listed as other related parties; that classification is not expanded into unreported common ownership. The large Zhenshi holding-company product relationship is not the same as sales to its separately named Huamei materials company or the Egyptian Huamei company. The latter Egyptian company bought CNY 61,246,855.06 of inventory products under its own disclosed name. The trading relationship with CNBM International Trade does not identify the final buyer or destination, and the note’s inventory category is not silently replaced by a specific glass-fiber grade. Reciprocal procurement, raw-material and water/electricity transactions retain separate directions and categories, so selected sales are not netted against purchases or added to consolidated revenue again. These are recorded transactions, not an additional confirmed order book, cash collection or an independently researched end-market customer list.

Reported related-party sales transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 1,673,203,826.98

Reported related-party sales transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 74,578,927.84

Reported related-party sales transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 187,627,284.93

Reported related-party sales transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 151,486,787.04

Reported related-party sales transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 87,999,475.24

Reported related-party sales transaction / 2021 / FY2021 issuer subsidiary/associate/related note disclosure. Original organization, unit, period and transaction category retained; balance, annual activity and cash remain separate.

RMB 45,992,662.57