China Jushi FY2021: Cash generation and working capital

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

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

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.