China Jushi FY2021: Subsidiaries and invested companies

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