Evidence-linked English operating research. The source and stated coverage below define the scope of this version. Source-page links provide optional verification; the English account is intended to stand on its own.
Glass fiber and related-product revenue was RMB 16,866,869,940.62, down 5.48%. The report says roving sales declined as downstream demand weakened, while electronic-fabric sales rose 59.39%. Total revenue reached RMB 20,192,222,964.59; management attributed its increase to other-business revenue. Thus growth in the group total is not presented as equivalent growth in the core fiber business. The two materials paths faced different market conditions.
The next generation of E9 was upgraded for industrial production and application. Management described the E7, E8 and E9 range as serving demand for larger and lighter wind blades. It also discussed glass fiber for CFRT thermoplastic prepreg tape and development of high-modulus yarn for wind-blade spar pultrusion, among other new products. These are product and development disclosures; no grade-by-grade sales or independent comparative performance test is given in this passage.
Jushi manufactures glass fiber and related products, rather than the complete range of finished goods that use them. The annual report explains the production route: mineral ingredients, including pyrophyllite, kaolin, limestone and quartz sand, are proportioned, melted at high temperature, drawn into fine filaments, dried and wound. Each strand contains hundreds or even thousands of filaments; the source describes individual diameters from a few to more than twenty micrometres. This is industry process background, not a specification for every Jushi grade. It describes glass fiber as an inorganic, non-metallic material used for reinforcement in composites, electrical insulation, thermal insulation and circuit-board substrates. Stated advantages include electrical insulation, heat resistance, corrosion resistance and mechanical strength; their suitability for a particular finished component is not independently demonstrated by this description. The report distinguishes alkali-free, medium-alkali and high-alkali glass by composition, and says alkali-free glass represents more than 95% of industry output. That industry percentage is not Jushi’s own sales mix. Its commercial disclosures distinguish roving and related products measured in tonnes from electronic fabric measured in metres. Those forms serve different applications and cannot be combined into one physical output or sales total.
R&D investment was RMB 577,046,498.71, all expensed, equal to 2.86% of revenue; the company listed 1,303 research personnel. The operating discussion describes connecting manufacturing and business-management data and extending digital systems to equipment-making and packaging factories. These are process and management initiatives accompanying materials research, rather than evidence of a quantified cost saving for every digital application.
For FY2022, management describes upgrading its E9 ultra-high-modulus glass fiber to improve industrial production and application. It positions the E7, E8 and E9 family around customers seeking larger and lighter wind-turbine blades. It also reports developing high-modulus yarn for the pultruded reinforcement of a wind blade’s main beam, glass fiber for thermoplastic pre-impregnated tape, and greater emphasis on ultra-thin electronic fabric. These are fiber or fabric inputs for downstream manufacturing, not disclosure that Jushi delivered finished turbines or circuit boards. The thermoplastic-tape product is reported as included in Zhejiang’s first-batch new-materials list; inclusion is a disclosed recognition, not a quantified supply contract or independent comparative test. The source also lists products labelled LFT and CFRT, without defining those abbreviations in this annual discussion. No present-day product catalogue specification is inserted into FY2022 or assigned to an unnamed grade. The discussion does not quantify each new product’s sales, realized market share, modulus, fiber diameter, customer qualification conditions or incremental profit. Commercial product development, industrial-production suitability and actual customer delivery therefore remain different claims. Management’s descriptions of solving import dependence and international leadership remain its own assessments.
The disclosed research programme covers glass formulations, sizing chemicals, new fiber products, composite applications, production-process equipment, cleaner production and intelligent manufacturing. It therefore spans both materials sold to customers and the manufacturing system used to make them. Management claims core proprietary technology in glass formulations, large glass-fiber furnaces and green manufacturing, together with an ability to provide complete technology packages. The annual narrative does not independently compare that capability with every competitor or identify a delivered technology-export contract. Its factory discussion describes linking manufacturing and business-management data and putting digital projects at the headquarters equipment-making centre and packaging factory into operation. These initiatives support its stated effort to make process accessories, non-standard parts and key equipment internally; the narrative does not give a separate production saving or financial return for each digital project. The already reported research expenditure, expensing and personnel figures measure resources committed to research. They do not measure the revenue of newly commercialized products, prove each project succeeded or establish an asset value for every research activity. Patent awards and corporate honours are condensed rather than used as substitutes for product performance or economic outcomes.
Jushi’s FY 2022 policy expenses research-stage spending when incurred. Development-stage spending becomes an intangible asset only when all stated conditions are met: technical feasibility of completion, an intention to finish and use or sell it, evidence of expected economic benefits or internal usefulness, sufficient technical and financial resources, and reliable measurement of attributable costs. Development spending that fails these conditions is expensed; where the stages cannot be distinguished, all spending is expensed. This helps readers interpret the reported research programme and capitalized assets without treating capitalization as a patent, customer qualification, order or commercial success. Conversely, expensing does not by itself show that the technology lacks value. Construction spending follows another policy: costs, including qualifying borrowing costs, transfer into fixed assets when ready for the intended use. That accounting transfer is not independent evidence of design output, customer acceptance or a particular furnace’s commissioning date. The separately disclosed platinum-rhodium production tooling retains its special consumption-cost treatment rather than ordinary depreciation.
Sales guided changes in production mix, with emphasis on wind-energy yarn, LFT and CFRT yarn and ultra-thin electronic fabric. Management describes using longer-term contracts and faster product certification to develop strategic and multinational customers. Domestic sales represented 57.14% of main-business revenue and direct sales 68.24%. The top five customers represented 21.69% of annual sales. The narrative does not identify every customer or disclose the quantities secured by those contracts.
A 150,000-tonne-per-year chopped-strand line at Chengdu was ignited. The company described it as its second dedicated chopped-strand line and declared the Chengdu intelligent base fully built. This supplies a capacity and commissioning-stage update to the chopped-strand project disclosed in 2021. The line capacity is not added again as a separate base-wide total, and the passage does not supply its annual utilisation.
The account names Jushi Group Chengdu’s 150,000-tonne-per-year chopped-strand glass-fiber line. The Chengdu location, implementing business and specific chopped-strand product connect it to the dedicated line discussed in the 2021–2022 operating narrative, rather than to the relocated-base roving components. Its budget is CNY 1,797,588,300. An opening CNY 35,298,293.13 plus FY2022 additions of CNY 1,010,327,986.45 equals CNY 1,045,626,279.58 transferred into fixed assets. The issuer reports 100% engineering progress and a 58% investment-to-budget indicator; the closing construction cell is blank. The narrative separately reports ignition and describes this as the second dedicated chopped-strand line. That product form serves different delivery requirements from continuous roving. The construction and ignition disclosures do not establish the line’s annual achieved production, utilization or customer-order volume, and the capacity is not added again as a base-wide total.
The Egyptian base's fourth roving line was successfully ignited. This updates the construction stage recorded in 2021 and preserves the explicit fourth-line identity. Ignition is the reported milestone; the passage does not provide stable design-output achievement, an exact start date or the line's capacity. Those require subsequent evidence rather than inference from the existing Egyptian base's total.
The report records establishment of a Huai'an subsidiary and the start of a proposed zero-carbon intelligent glass fiber manufacturing base. The location summary separately identifies Huai'an as under construction. This is the start of a new domestic base, distinct from a later electronic-yarn line and its separate wind-power project. Zero-carbon is the company's project description, not an independent life-cycle emissions certification established here.
Jushi Group Jiujiang’s intelligent manufacturing-base programme is named with planned annual glass-fiber capacity of 400,000 tonnes and a budget of CNY 5,075,718,000. Its opening construction balance is CNY 1,477,987.82, FY2022 additions CNY 1,693,843,083.01 and closing value CNY 1,695,321,070.83. Engineering progress is reported as 50%, with a separate 33% investment-to-budget indicator; the transfer-to-fixed-assets cell is blank, not a newly stored zero. The full operator and programme name identify the whole construction programme. It remains distinct from the base’s individual first phase and later production-line batches. The operating narrative’s installation activity and these programme accounts do not turn planned 400,000 tonnes into annual output or specify each individual furnace’s utilization.
Phase I of the new Jiujiang base entered comprehensive installation and debugging. The report described progress in intelligent manufacturing construction in the central region. This is a new-base programme component, kept distinct from older Jiujiang line construction and cold repairs. Installation and debugging are not automatically a production-start statement or proof of achieved design output.
The Jushi Group electronic-materials cold-repair row covers annual capacities of 50,000 tonnes of electronic yarn and 160 million metres of supporting electronic fabric, with a budget of CNY 634,358,600. FY2022 additions and the closing construction account are both CNY 670,114,001.10; the opening and fixed-asset-transfer cells are blank. The issuer reports 30% engineering progress and a printed 12% investment-to-budget indicator. This is the electronic-materials repair account held in the project profile; the FY2022 table does not report completion or give a numbered phase, and later completion is not backdated into this account. Additions include accounting transfers under the table’s footnote and are not the separately described actual-investment measure; neither closing value divided by budget nor additions divided by budget substitutes for the printed 12%. No guessed corrected percentage or cash spend is supplied. This is refurbishment of an existing electronic-materials line, separate from the 100,000-tonne/300-million-metre new-build account and not automatically incremental group capacity.
The intelligent base's third electronic-fabric line was ignited and put into production. The explicit third-line identifier and Tongxiang base connect this to the third electronic-materials phase progressing in 2021. The filing does not provide an individual realised-output figure in this passage. Its production milestone is kept separate from the wider base's completion statement.
After five years of construction, the company declared the Tongxiang headquarters intelligent manufacturing base complete. The report describes the third electronic-fabric line as successfully ignited and producing. This is a programme-level completion disclosure, following earlier records for individual roving and electronic-yarn phases. Statements of global leadership in this passage are management's assessment rather than an independently verified ranking.
The FY2022 annual report describes a strategy centred on glass fiber, with upstream supply-chain development and selected downstream composite opportunities. Upstream measures include self-made inputs, ore substitution, packaging changes, raw-material adjustments and energy-saving work. These are management’s proposed or reported operating levers; the narrative does not quantify the saving attributable to each measure. It should be read alongside the separately reported rise in materials cost and pressure on core glass-fiber gross margin, which use different scopes from a general claim of lower comprehensive costs. For international expansion, the stated approach is to establish markets before factories, serve domestic markets from domestic production and foreign markets from overseas production, and coordinate bases according to demand. That is a strategy, not proof that every product avoids export duties or that a new factory is already operating. In 2022 management says it adjusted product mix, cold-repair schedules and inventory preparation to changing demand, and worked on long-term contracts and product qualification with strategic customers. It does not disclose the contract volumes secured or identify every customer. The following-year operating plan acknowledges uncertainty and a possible slowdown in near-term demand growth, combining higher sales and product-mix improvement with capacity control, project execution and cost reduction. This forward-looking plan is not a measured FY2023 outcome or a firm commissioning timetable.
Jushi sold 2,110,300 tonnes of roving and related products and 702 million metres of electronic fabric in FY2022. Tonnes and metres describe different products and cannot be added as a combined physical sales total. Management reports declining roving sales as downstream demand weakened, while electronic-fabric sales increased 59.39%. It describes adapting production, sales and inventory mix, including greater emphasis on wind-energy yarn and thin electronic fabric, rather than uniformly rising demand across every product. These are group sales quantities, not nameplate capacity, plant output or utilization. The production-and-sales subsection says production grew as capacity increased but does not provide a complete physical production or inventory table; no missing tonnage is derived from construction milestones or inventory carrying values. Existing disclosures of Tongxiang electronic-material commissioning, Chengdu chopped-strand ignition, Egyptian fourth-line ignition and Jiujiang installation remain separate stages of capability expansion.
FY2022 glass-fiber and related-product revenue was CNY 16,866,869,940.62, down 5.48%, while its cost of revenue increased 10.24% to CNY 9,861,511,031.41. Reported gross margin was 41.53%, down 8.34 percentage points. This is product-category gross profitability, before group operating expenses, financing, tax and minority attribution. Management links pressure to rapid industry capacity growth and weaker demand, alongside falling roving sales and stronger electronic-fabric sales. Total consolidated revenue nevertheless rose 2.46% to CNY 20,192,222,964.59; management attributes that increase to other-business revenue. A separate other-main-business row reports CNY 692,722,075.95 revenue and 1.29% margin. The two main-business rows total CNY 17,559,592,016.57, below total consolidated revenue because the classifications have different coverage. The glass-fiber share is 96.06% of main-business revenue and 83.53% of all revenue, two different denominators. The other-main-business label is not automatically assigned the wind-power explanation used in a later filing. Group revenue and net profit therefore do not alone describe the demand and profitability of core fiber production.
Glass-fiber materials cost was CNY 3,903,501,954.66, up 27.95% from CNY 3,050,708,784.94. The reported 30.02% share of total cost numerically matches consolidated cost of revenue of CNY 13,004,199,984.94. Using the separate glass-fiber category cost instead would give about 39.58%, so 30.02% is not relabelled as a glass-fiber-only cost share. The source does not itemize every remaining cost component here or divide material-cost growth between prices, consumption and mix. It cannot establish a complete per-tonne cost increase or saving. Manufacturing uses mineral inputs melted and drawn into filaments, and the research discussion includes glass formulations, sizing chemistry, equipment and cleaner production. Management describes ore substitution, self-made inputs, packaging changes and energy-saving initiatives. Those explain possible operating levers but do not provide a measured saving for each initiative or prove that all product costs fell.
The annual industry discussion cites the China Glass Fiber Industry Association and reports Chinese glass-fiber yarn output of 6.87 million tonnes, up 10.2%. Composite-product output was about 6.41 million tonnes, up 9.8%, with thermoplastic composites growing while thermoset output fell. Management describes weak wind-power and property-related markets but stronger automotive, infrastructure and electronics conditions. This is industry context, not Jushi orders or production. Chinese glass-fiber and product exports were reported at 1.83 million tonnes and USD 3.29 billion, up 9.0% and 7.9% respectively. The cited export subsection does not state a glass-wool exclusion; the recorded figure retains the disclosed coverage rather than adding an unstated exclusion. Yarn, electronic fabric/mat products and finished composites are different scopes and cannot be silently joined into a single production series. The report gives global application shares of 35% construction, 29% transport, 15% electronics, 12% industrial equipment and 9% energy/environment. These are industry estimates, not Jushi revenue shares. Its six-producer capacity concentration above 75% is a combined industry estimate, not Jushi’s own market share or independently certified ranking. Historical charts and management leadership forecasts are condensed while the differing product and market conditions remain explained.
Jushi reports one operating segment for glass fiber and its products. This describes management reporting, rather than proving identical margins at every factory or for every product. The external-transaction note gives CNY 16,866,869,940.62 for glass-fiber-related activities and CNY 692,722,075.95 for other activities, totaling CNY 17,559,592,016.57. That total matches the main-business revenue in the consolidated revenue note; it is not the entire CNY 20,192,222,964.59 consolidated turnover. The geographic split is CNY 10,033,533,370.50 for mainland China and CNY 7,526,058,646.07 outside mainland China, assigned by customer location. The foreign amount therefore is not solely output from overseas plants or exports from Chinese factories. Non-current assets instead follow asset location: CNY 29,228,907,718.16 in mainland China and CNY 7,082,596,963.83 outside, totaling CNY 36,311,504,681.99. This geographic asset table excludes financial and deferred-tax assets. Management’s statement that customers are dispersed and do not create major-customer dependence remains its assessment alongside the quantitative concentration disclosures.
Domestic main-business revenue was CNY 10,033,533,370.50 at 34.64% gross margin, while foreign revenue was CNY 7,526,058,646.07 at 47.02%. The report says domestic revenue fell 20.48% and foreign revenue rose 21.93%, attributing the difference to weak domestic demand and a temporary recovery overseas. These are management explanations for historical FY2022 results, not evidence that every overseas plant or country improved. Direct sales were CNY 11,983,542,741.79 at 37.28% margin; distributor sales were CNY 5,576,049,274.78 at 45.68%. Domestic and foreign totals reconcile to CNY 17,559,592,016.57, as do direct and distributor totals. Regions and channels are two classifications of the same main-business revenue, not four independent revenues to add. Direct sales represented 68.24% and domestic sales 57.14% of that main-business denominator. A higher distributor margin does not by itself demonstrate superior pricing for identical products: the source does not provide matched product, region and customer economics. Foreign revenue is not automatically an export-order total, overseas-plant revenue or a named project’s sales.
The five largest customers accounted for CNY 4,380,290,400 of FY2022 sales, or 21.69% of annual sales. Related-party sales within that top-five group were CNY 1,947,911,900, or 9.65% of annual sales. The related amount is a subset, not extra revenue or all related-party sales across every customer. The five largest suppliers accounted for CNY 6,991,847,700 purchases, or 36.05% of annual purchases; related-party procurement within that group was CNY 844,643,000, or 4.36%. Purchases and sales have different denominators, and these flows are not year-end payables or receivables, cash settled or a named project’s spending. The source does not name the five parties in this concentration subsection. Named related-transaction notes must not be used to invent the anonymous ranking or final customers. Both specified exceptional-dependence disclosures are marked not applicable, which does not establish absence of ordinary concentration or settlement risk. Management separately describes longer contracts and certification work with strategic customers, without disclosing quantities secured by those contracts.
Closing inventory carrying value was CNY 4,128,658,445.26, up 87.73%; management attributes growth to capacity expansion and larger stocks of goods and raw materials. This is an accounting value, not physical tonnes or unsold output from a specified line. Fixed assets were CNY 28,903,405,307.61 and construction in progress CNY 4,513,922,703.79. Management links the increases to completed-line capitalization and ongoing project investment. Carrying values and transfers are not cash expenditure, utilization or independent certification of commissioning. Overseas assets were CNY 11,893,768,783.93, or 24.46% of total assets, not overseas cash or sales. Restricted assets totaled CNY 968,934,805.93: CNY 6,150,910.07 monetary funds for bill deposits and term deposits, CNY 941,422,969.27 fixed assets pledged for borrowings and CNY 21,360,926.59 pledged intangible assets. Collateral values are not additional loan principal or cash already paid. Operating cash was CNY 4,124,060,977.31, down 31.05%; management attributes the decline to larger tax payments. Investing and financing cash were negative. The full notes and cash bridge still require separate review before assigning every change to a project or calculating an unsupported adjusted operating result.
Management reports CNY 2,573,510,400 gains from sales of selected precious-metal holdings in FY2022. It says it reviewed inventories and usage needs and adjusted the platinum-rhodium ratio through technical changes, reducing rhodium-powder use. This connects the disposal to materials used by the manufacturing business without treating it as glass-fiber customer demand. The disclosed gain is not gross sale proceeds, cash receipts or recurring fiber-production margin. It is repeated in the significant-disposal discussion and is not counted twice as a second transaction. The cash-flow explanation separately attributes improved investing cash flow to increased net cash from fixed-asset disposals; that cash statement does not make the gain amount identical to proceeds. Consolidated profit attribution, broader disposal classifications, tax and nonrecurring effects require note-level reconciliation; no sustainable-profit measure is created simply by subtracting this selected gain.
The FY2022 treasury summary reports CNY 5.25690264 billion of bank wealth-management occurrence funded from the company’s own money, with no unmatured balance and no overdue unrecovered amount at year-end. Annual placement activity can include recycling of principal; it is not a year-end asset balance or money spent on production projects. The individual-contract table totals CNY 6.31659534 billion of principal and CNY 12.72001717 million of actual income. Its scope includes three contracts begun on 31 December 2021: CNY 200 million, CNY 209.3713 million and CNY 650.3214 million. The first ended on 4 July 2022 and the other two on 4 January 2022. Their combined principal of CNY 1.0596927 billion exactly bridges the two tables: CNY 6.31659534 billion less CNY 1.0596927 billion equals CNY 5.25690264 billion. This is a calculation from disclosed start dates and principal amounts, rather than an explicit reconciliation supplied by the issuer. It does not equate contract principal with the previous-year financial-statement carrying value, which may use a different measurement scope. The contracts are labelled principal-protected in the report and shown as recovered; those labels do not independently establish deposit-insurance coverage or guarantee the outcome of future placements. Reported actual income is the total for these listed contracts, not all group financial income or a distribution to shareholders. Different contract durations and recycled money prevent treating this income divided by the summed principal as a comparable annual portfolio yield.
The FY2022 report says the company first made a payout under its excess-profit-sharing programme in 2022. The programme covers 2021–2023; on 25 April 2022 the remuneration and appraisal committee considered implementation rules and a proposal to distribute the 2021 excess-profit share. First payout is therefore different from first expense accrual or a benefit earned solely during FY2022. In the consolidated short-term employee-compensation note, the profit-sharing line starts at CNY 728,931,116.59, increases by CNY 13,705,594.49 and decreases by CNY 137,833,460.17, ending at CNY 604,803,250.91. The arithmetic reconciles the accounting movement. The decrease is recorded as a liability reduction, not separately identified in this table as cash paid to one specified set of executives; the narrative and the accounting row do not provide a complete beneficiary-by-beneficiary payout bridge. Administrative expenses fell from CNY 1,330,325,296.54 to CNY 685,129,891.19, or 48.50%; management attributes the high prior-year employee cost to the earlier excess-profit-sharing accrual. Employee compensation inside administrative expenses fell from CNY 1,095,236,977.17 to CNY 408,343,638.99. This comparison helps explain the change in reported overhead; it is not evidence that production payroll or the whole workforce fell by the same percentage. The closing profit-sharing liability is not an additional FY2022 expense to add again, and its annual reductions are not interchangeable with all administrative employee costs. The disclosed incentive is profit sharing, while the annual report marks director and executive share awards for the reporting period as not applicable.
At 31 December 2022, consolidated monetary funds were CNY 2,635,927,627.07. The note identifies CNY 6,150,910.07 as restricted; the restricted-assets table describes bill deposits and term deposits. Subtracting that restriction gives CNY 2,629,776,717.00, which matches the cash-flow statement’s closing cash and cash-equivalents total. The composition table reports CNY 90,947.86 of cash on hand, CNY 2,628,406,207.10 of bank deposits available for payment and CNY 1,279,562.04 of other monetary funds available for payment; these three components sum to that total. The broader monetary-funds table instead includes CNY 7,430,472.11 of other monetary funds, explaining why its total is different. These are source-based arithmetic reconciliations, not a claim that all funds can immediately be transferred between subsidiaries or distributed to shareholders. Cash-flow cash increased by CNY 403,043,257.51 during the year from CNY 2,226,733,459.49. Offshore-location monetary funds of CNY 533,770,247.57 are a separate geographic subset. Foreign-currency monetary funds, translated into CNY at year-end, total CNY 1,120,392,769.99 and use a currency classification rather than bank location. Neither amount equals all overseas assets, and neither is additional cash to add to the consolidated total. The earlier restricted-asset explanation retains pledged fixed and intangible assets as collateral values, not cash or extra loan principal.
The cash-flow reconciliation starts with FY2022 total consolidated net profit of CNY 6,820,295,007.44, including non-controlling interests. It does not start with the CNY 6,610,015,911.86 attributable to ordinary shareholders. Operating cash is CNY 4,124,060,977.31, compared with CNY 5,981,158,526.45 in the prior-year column. Important adjustments include adding CNY 1,694,727,918.65 of fixed-asset depreciation and related depletion, and subtracting CNY 2,573,074,377.00 of gains from disposing of fixed, intangible and other long-lived assets. The latter reverses a profit item when reconciling operating cash; it is not the cash proceeds of disposal. The annual bridge records inventory changes as a negative CNY 1,964,704,443.24, operating receivable changes as positive CNY 3,519,071,886.79, and operating payable changes as negative CNY 3,876,432,441.59. Thus inventory and payable movements absorb cash in this reconciliation while the receivable movement offsets part of that absorption. These broad operating categories are not simply the differences between closing trade receivables or trade payables, and the whole receivable adjustment cannot be described as payments from one customer. The remaining disclosed adjustments cover impairment, other amortization, scrapping, fair value, finance and investment items, and deferred tax. Checking every numeric row in the original bridge reproduces the reported operating cash exactly; selecting only these larger adjustments would not. Management separately attributes the year-on-year cash decline to higher tax payments. That explanation and the note-level bridge are different views of the same year, not evidence that working-capital effects are absent. No independent sustainable-profit or free-cash-flow measure is inferred from this reconciliation.
Closing consolidated trade receivables have a gross balance of CNY 1,765,977,373.06 and a credit-loss allowance of CNY 176,087,911.31, leaving CNY 1,589,889,461.75 net. Of the gross balance, CNY 1,553,489,707.25 is less than one year old, while CNY 87,050,249.69 is more than five years old; age is not a disclosed contractual overdue date. Individually assessed receivables of CNY 105,005,379.77 are fully provided because the issuer expects them to be uncollectible. A separate grouped balance of CNY 1,660,971,993.29 has an allowance of CNY 71,082,531.54; the table reports 4.28% for that group, not for every customer or the entire gross balance. The allowance movement includes a negative CNY 27,797,351.87 in the recovery-or-reversal column, CNY 3,222,212.19 of actual write-offs and positive CNY 3,220,099.30 of other movements, described as mainly foreign-exchange translation. An allowance reduction is therefore not automatically cash recovered. The five largest year-end debtors owe CNY 211,217,171.05, or 11.96% of gross trade receivables; the table remains anonymous and includes one fully provided balance of CNY 33,719,892.02. This ranking concerns outstanding debt, not the five largest annual sales customers or disclosed related-party sales. Separately classified receivables financing contains CNY 1,557,717,208.24 of bills at year-end, down from CNY 5,017,060,615.72. It is not cash or an extra category inside the trade-receivable net total. These distinctions let readers assess settlement and credit exposure without inventing customer identities or treating an accounting allowance as proof of future collection.
Other receivables close at CNY 1,442,882,075.57 gross, less CNY 17,811,434.82 of credit-loss allowance, for a net CNY 1,425,070,640.75. The balance is dominated by CNY 1,239,682,773.00 of relocation compensation, unchanged in the opening and closing nature-of-balance table. CNY 28,088,155.83 is separately classified as a charge for funds occupied, versus CNY 15,744,681.47 at the start of the year. Together these two closing amounts equal the anonymous customer14 balance of CNY 1,267,770,928.83, described as relocation compensation and funds-occupation charges, aged one to three years and accounting for 87.86% of gross other receivables. That source-based arithmetic match does not identify the debtor, establish a government guarantee, name a factory relocation or show cash collected. Deposits, employee advances, tax refunds, advances on behalf of others and guarantee deposits make up other categories. The allowance table ends with CNY 15,658,615.08 in the lifetime-expected-loss stage without credit impairment and CNY 2,152,819.74 in the credit-impaired stage. It records CNY 234,665.69 of write-offs, a CNY 837,194.94 reversal and CNY 2,557,978.43 of negative other movements; the note attributes those other movements to consolidation-perimeter changes and foreign-currency translation. A smaller allowance is not solely an improved collection result, and the blank allowance cell for customer14 does not independently establish zero credit risk. The large compensation claim is an unsettled asset, not cash available to fund construction or external glass-fiber revenue.
Consolidated inventory at 31 December 2022 is CNY 4,183,381,066.43 gross, with CNY 54,722,621.17 of inventory write-down and related impairment allowance, leaving CNY 4,128,658,445.26 net. The net total is the same amount already discussed in the asset overview, not another stock balance to add. Finished goods account for CNY 2,430,411,615.03 gross and CNY 2,376,275,284.25 net, compared with CNY 871,835,223.89 net in the opening column. Raw materials close at CNY 1,597,736,456.23 net versus CNY 1,144,846,360.74 at the start of the year. Reusable materials of CNY 73,596,743.23 and goods dispatched of CNY 81,049,961.55 form the other net categories; dispatched inventory is not automatically collected cash or revenue already recognized. Adding the four closing net categories reproduces the reported inventory total. Management links the larger stock to capacity expansion and increased goods and raw-material holdings. The note shows the accounting composition but gives no complete tonnage, inventory by specific furnace, sale price or customer delivery schedule, so those cannot be derived from carrying values. During FY2022 the allowance increases by a CNY 34,796,551.15 charge and CNY 1,022,281.44 of other increases, and decreases by CNY 490,658.43 of reversals or transfers out. Those movements reconcile the CNY 19,394,447.01 opening allowance to the closing allowance. The charge appears as an adjustment in the operating-cash bridge, but it is not an additional inventory cash purchase or a second expense to add there. Inventory buildup and impairment are related but distinct signals: one concerns funds tied up in stock, the other its accounting valuation.
The important-construction table names a 150,000-tonne-per-year intelligent glass-fiber manufacturing-line expansion, with a budget of CNY 1,471,166,700. Its opening construction balance was CNY 27,031,365.87; FY2022 additions of CNY 10,275,662.21 and transfer to fixed assets of CNY 37,307,028.08 reconcile that listed balance movement. Reported engineering progress is 100% and the printed investment-to-budget indicator is 84%. The closing construction cell is blank rather than an explicitly stated zero. The table does not name a numbered phase or site in this row. It is therefore not matched solely by capacity to a Tongxiang roving phase or another 150,000-tonne project. This is a construction-account disclosure, not a measured annual output or utilization result.
The new-headquarters building has a reported CNY 700,000,000 budget. Its construction account starts at CNY 440,103,653.07, adds CNY 115,998,646.22 during FY2022 and transfers CNY 556,102,299.29 into fixed assets. The issuer reports 100% engineering progress and an 89% investment-to-budget indicator, while the closing construction cell is blank. This office/support asset is separate from glass-fiber production capacity; neither its budget nor transfer creates additional fiber tonnes. Capitalization supplies the issuer’s accounting evidence of readiness, not an independently checked occupancy certificate or cash paid during the year.
The Egyptian construction account names a new 120,000-tonne-per-year glass-fiber tank-furnace drawing line and supporting works, budgeted at CNY 2,167,074,800. The FY2022 account opens at CNY 133,945,308.11, adds CNY 1,623,762,924.81 and records negative CNY 12,871,560.17 in the other-decrease column, closing at CNY 1,770,579,793.09. The negative decrease is preserved as printed; subtracting it adds to the balance, rather than proving a cash refund. Engineering progress is reported as 80%, separate from the printed 76% investment-to-budget indicator. The named new-build account is not automatically identified as a differently named fourth roving phase or a separate Egyptian line upgrade; the original project scope is retained. The FY2022 narrative’s ignition milestone and the construction account’s progress have distinct scopes; neither is replaced with a claim of achieved design output.
The Jushi Group construction row combines planned annual capacities of 100,000 tonnes of electronic yarn and 300 million metres of electronic fabric. Yarn tonnes and fabric metres are different measures and are not added as one output total. Its budget is CNY 3,670,560,500. Opening construction value of CNY 1,424,157,899.42 plus FY2022 additions of CNY 1,211,432,378.21 is reduced by CNY 2,635,090,650.23 transferred into fixed assets and CNY 499,627.40 of other reductions. The closing construction cell is blank. The issuer reports 100% engineering progress and a separate 73% investment-to-budget indicator. Capitalization is an accounting movement, not cash capital spending or a quantified customer-qualified output. This named account remains separate from the 50,000-tonne yarn/160-million-metre fabric cold repair. The row does not supply a numbered phase, so it is not automatically linked to the intelligent base’s third electronic-materials line solely from a similar product description.
The account names Jushi Group Chengdu’s 150,000-tonne-per-year chopped-strand glass-fiber line. The Chengdu location, implementing business and specific chopped-strand product connect it to the dedicated line discussed in the 2021–2022 operating narrative, rather than to the relocated-base roving components. Its budget is CNY 1,797,588,300. An opening CNY 35,298,293.13 plus FY2022 additions of CNY 1,010,327,986.45 equals CNY 1,045,626,279.58 transferred into fixed assets. The issuer reports 100% engineering progress and a 58% investment-to-budget indicator; the closing construction cell is blank. The narrative separately reports ignition and describes this as the second dedicated chopped-strand line. That product form serves different delivery requirements from continuous roving. The construction and ignition disclosures do not establish the line’s annual achieved production, utilization or customer-order volume, and the capacity is not added again as a base-wide total.
Jushi Group Jiujiang’s intelligent manufacturing-base programme is named with planned annual glass-fiber capacity of 400,000 tonnes and a budget of CNY 5,075,718,000. Its opening construction balance is CNY 1,477,987.82, FY2022 additions CNY 1,693,843,083.01 and closing value CNY 1,695,321,070.83. Engineering progress is reported as 50%, with a separate 33% investment-to-budget indicator; the transfer-to-fixed-assets cell is blank, not a newly stored zero. The full operator and programme name identify the whole construction programme. It remains distinct from the base’s individual first phase and later production-line batches. The operating narrative’s installation activity and these programme accounts do not turn planned 400,000 tonnes into annual output or specify each individual furnace’s utilization.
The Jushi Group electronic-materials cold-repair row covers annual capacities of 50,000 tonnes of electronic yarn and 160 million metres of supporting electronic fabric, with a budget of CNY 634,358,600. FY2022 additions and the closing construction account are both CNY 670,114,001.10; the opening and fixed-asset-transfer cells are blank. The issuer reports 30% engineering progress and a printed 12% investment-to-budget indicator. This is the electronic-materials repair account held in the project profile; the FY2022 table does not report completion or give a numbered phase, and later completion is not backdated into this account. Additions include accounting transfers under the table’s footnote and are not the separately described actual-investment measure; neither closing value divided by budget nor additions divided by budget substitutes for the printed 12%. No guessed corrected percentage or cash spend is supplied. This is refurbishment of an existing electronic-materials line, separate from the 100,000-tonne/300-million-metre new-build account and not automatically incremental group capacity.
A separate Jushi Group row describes upgrading a 50,000-tonne-per-year high-modulus, high-strength glass-fiber tank-furnace drawing line. It has a CNY 138,173,500 budget, an opening construction balance of CNY 9,318,386.64, FY2022 additions of CNY 200,812,000.74 and CNY 210,130,387.38 transferred into fixed assets. The issuer reports 100% engineering progress and a separate printed 108% investment-to-budget indicator; its closing construction cell is blank. High-modulus/high-strength fiber and electronic yarn are different stated products, so the shared 50,000-tonne number does not justify merging this row with the electronic-materials repair. The row gives no precise factory address or numbered furnace identity. Its accounting additions and capitalization are not automatically cash investment or all-new capacity, and no replacement budget ratio is calculated from those movements.
The eight-row important-project movement table totals CNY 4,136,014,865.02 of closing construction value, while all construction in progress totals CNY 4,513,922,703.79 in the balance and classification notes. The important-project subtotal is a subset, not an alternative consolidated balance to add again. Its CNY 6,536,566,682.75 of additions, CNY 4,484,256,644.56 transferred to fixed assets and signed negative CNY 12,371,932.77 of other decreases reconcile with the CNY 2,071,332,894.06 opening subtotal. The rows include a headquarters building and distinct new-build and repair accounts, so adding every stated product capacity would misstate manufacturing growth. Budgets are explicitly expressed in ten-thousand CNY, whereas account movements are in CNY. Although the column heading refers to cumulative investment relative to budget, the table’s footnote says the percentage reflects current-year actual investment relative to budget and says additions include fixed assets transferred back into construction. The printed percentages are retained as issuer indicators with that qualification; they are not recomputed from additions or closing carrying value. Funding is described as self-raised in each row, not proof that each project had no borrowing or was financed exclusively from retained cash. Blank interest-capitalization cells are not independent zero-interest assertions. Engineering progress, capitalization, commissioning, stable design output and customer qualification remain different measures.
Beyond the eight important-project movement rows, the construction classification note reports CNY 251,404,223.68 for Jushi Group’s 200,000-tonne-per-year glass-fiber tank-furnace drawing-line technological upgrade, CNY 7,153,377.93 for supporting construction at the Egyptian production base and CNY 119,350,237.16 for other projects. Together with the three closing important-project accounts, these amounts reconcile all CNY 4,513,922,703.79 of construction in progress. They are included in that balance rather than additional investment to add to it. The 200,000-tonne description gives an upgrade scope, not proof of wholly incremental capacity or a named phase; no capacity-only match is made to a later project. Egyptian supporting works are separately listed from the new 120,000-tonne line account, and their carrying value alone does not establish which furnace or utility they serve. The aggregated other-project row does not identify individual sites, spending commitments or completion dates.
The FY2022 cash-flow note reports CNY 523,064,577.33 of government subsidy cash received. The other-income note recognizes CNY 276,085,718.35, including current income support and releases of earlier asset-related grants. Separately, asset-related deferred grants open at CNY 393,580,838.53, receive CNY 294,487,800.00 of new additions and close at CNY 645,510,859.34. These cash receipts, income recognition and balance movements are different scopes and timing measures; they must not be added as three new sources of funding or treated as equal. The eleven-project deferred table releases CNY 47,508,941.02 into other income and records positive CNY 4,951,161.83 of currency translation. The net reduction of CNY 42,557,779.19 in the summary is the release less translation, not a second subsidy expense or cash repayment. Opening balance plus additions minus income release plus translation reconciles the closing deferred balance. General other-income support includes local fiscal-contribution rewards CNY 68,661,000.00, industrial-optimization support CNY 23,007,525.00 and tax/fee refunds CNY 21,222,361.29. These recognized supports affect reported economics, but the notes do not establish that they will recur at the same level or can be allocated to every individual product line.
Consolidated trade payables total CNY 2,803,027,289.85 at year-end: CNY 1,717,825,912.67 for construction and equipment, and CNY 1,085,201,377.18 for materials and services. The equipment component connects the manufacturing build-out to supplier obligations; it is not new cash capital spending or a project budget to add to construction assets. The note lists anonymous supplier 6 with CNY 12,859,278.37 outstanding for more than one year and states that the contractual payment date had not yet arrived. Age alone is therefore not proof that this amount was overdue, and the unnamed supplier is not identified from another relationship. Customer advances recorded as contract liabilities amount to CNY 501,721,984.89; these represent consideration received before revenue recognition, not all confirmed new orders or an annual sales total. Receivables, advances and supplier balances carry different economic and accounting meanings and are not netted into an invented operating margin.
The listed parent’s year-end trade receivables are CNY 6,300,277,120.74 gross, less CNY 62,412,667.73 of allowances, giving CNY 6,237,864,453.01 net. The named schedule includes Jushi Group at CNY 4,243,571,298.95, Jiujiang at CNY 654,132,305.82, Jushi Egypt at CNY 384,900,953.71 and Chengdu at CNY 223,449,999.47. These balances belong to the parent-only accounts; they are not added to consolidated external receivables. The parent’s five largest debtors account for CNY 5,566,968,924.25, or 88.37%, and include those group entities plus an anonymous customer. This is not the share of group sales to five outside customers. The individual-assessment table explains blank allowances for named related companies as not providing for those related balances; it does not certify their collection or prove absence of credit risk. Other named anonymous balances are fully provided for as expected unrecoverable. Their anonymity is retained. Distinguishing parent and group scopes avoids treating internal distribution and funding relationships as extra customer demand.
Parent-only turnover is CNY 15,738,229,945.12 with CNY 15,364,506,864.18 cost of revenue; parent net profit is CNY 2,208,838,585.89 and operating cash CNY 2,262,548,334.57. These are not substituted for consolidated group results or summed with them. Parent investment income totals CNY 2,149,427,299.37, comprising CNY 2,100,000,000 from investments accounted for at cost, CNY 62,253,415.10 equity-method income, CNY 73,884.27 wealth-management income and a CNY 12,900,000 derivative-disposal loss. The four components reconcile the total. The CNY 9,149,990.02 debt-restructuring gain is comparative-year income, not a current component. The separate Jushi Group dividend claim has the same CNY 2.1 billion reported amount as cost-method income, but recognition and cash receipt remain separate. Parent cash from investment income is separately reported at CNY 2,334,865,476.46; it is not the exact same scope as annual investment profit or proof that the entire year-end dividend claim was collected.
Consolidated investment income is a CNY 32,367,113.75 loss. The note reports CNY 65,763,120.23 equity-method income, CNY 21,741,351.59 gains from disposal of long-term equity investments, CNY 13,239,361.27 wealth-management income and CNY 133,110,946.84 derivative-disposal losses. These current components reconcile the total; the CNY 13,556,212.99 debt-restructuring loss appears in the prior-year column. Separately, fair-value changes produced a CNY 18,613,674.18 loss, consisting of CNY 2,487,929.73 losses on trading financial assets and CNY 16,125,744.45 losses on trading financial liabilities, the latter identified as derivative-related. Disposal results, changes in outstanding instrument value and end-of-year derivative liabilities are different measures. They are not all current cash outflows, a glass-fiber product margin or automatically evidence that hedging was ineffective. The issuer’s stated currency-risk-management purpose does not independently establish effectiveness; these accounting outcomes are explained without inventing instrument-level contracts or speculative intentions.
Profit attributable to listed-company shareholders is CNY 6,610,015,911.86, up 9.65%, while the report’s profit excluding nonrecurring items is CNY 4,377,021,554.19, down 15.01%. The difference is CNY 2,232,994,357.67 net nonrecurring income. Its supplement includes CNY 2,534,977,509.32 asset-disposal results, CNY 228,576,777.33 government grants in the nonrecurring classification, CNY 43,720,258.82 charges for funds used by nonfinancial enterprises, CNY 138,485,259.75 financial-instrument losses and CNY 25,239,744.48 other nonoperating net expenses. It deducts CNY 403,098,702.22 tax and CNY 7,456,481.35 minority effects. These reported categories reconcile the net amount. A calculation using the financial notes also reconciles the disposal category: CNY 2,573,074,377.00 asset-disposal gains less CNY 59,838,219.27 fixed-asset disposal losses plus CNY 21,741,351.59 equity-disposal gains. The financial-instrument category reconciles derivative disposal, fair-value changes and wealth income. These are arithmetic bridges, not a new issuer explanation of each transaction. Management’s selected precious-metal gain of CNY 2,573,510,400 differs from the broader asset-gain note by CNY 436,023 without an itemized explanation; it is not added again. Reported adjusted profit is not independently normalized earnings, recurring free cash or a forecast.
Consolidated net financial expense is CNY 265,880,466.94, compared with CNY 488,509,468.93 previously. The current note contains CNY 409,933,125.19 interest expense, minus CNY 126,677,531.33 interest income, a signed exchange-loss entry of negative CNY 27,501,906.06 and CNY 10,126,779.14 other expense. The negative exchange-loss entry reduces expense and thus represents a gain in this presentation; it is not restated as a positive loss. The components reconcile the net figure. This expense note differs from cash interest paid, capitalized construction interest and the bond/loan rate schedules. It also differs from the currency-translation amount recorded outside net profit and from the cash-flow statement’s exchange-rate effect. A lower net financial expense does not by itself prove lower debt principal or eliminate exposure to rates and currencies. No net finance amount is assigned to a specific plant or interpreted as a current borrowing quote.
The other-comprehensive-income note reports CNY 432,960,672.87 of foreign-statement translation during FY2022: CNY 341,593,260.96 attributable to the parent’s shareholders and CNY 91,367,411.91 to minorities. Other comprehensive income is reported outside the net-profit line; it is not an additional product profit or cash inflow. The parent-attributable foreign-translation balance moved from negative CNY 195,727,346.92 to positive CNY 145,865,914.04. Total closing parent-attributable other comprehensive income is CNY 144,750,246.56 because the separate equity-method item remains negative CNY 1,115,667.48. The cash-flow statement separately records negative CNY 7,670,386.64 from exchange-rate changes in cash and cash equivalents. These values also differ from the signed finance-note exchange result. They are not combined into one realized currency gain or allocated to a specific overseas production line. CNY comparisons of overseas accounts retain the source translation rules; the report does not supply an independently calculated constant-currency operating comparison.
The consolidated income-tax charge is CNY 1,218,854,471.62, consisting of CNY 1,296,548,043.27 current tax and negative CNY 77,693,571.65 deferred tax. The deferred component reduces the period’s accounting expense; it is not necessarily a cash refund. The reconciliation starts from CNY 8,039,149,479.06 pretax profit and CNY 2,009,787,369.77 tax at the stated legal/applicable basis, then adjusts for subsidiary rates, prior periods, nontaxable income and other disclosed items. The subsidiary-rate adjustment is negative CNY 708,343,320.98, making entity scope relevant to group economics. Separately, the operating cash-flow statement shows CNY 2,700,654,618.81 paid in all tax categories and CNY 372,240,885.56 of tax refunds received. These cash categories include more than corporate income tax and are not forced to equal the income-tax expense. No group effective tax rate is substituted for a subsidiary’s rate, and this historical disclosure is not current tax advice or a guarantee of future preferences.
The note presents deferred-tax assets of CNY 400,602,610.37 and deferred-tax liabilities of CNY 578,807,466.89 before offset, with net-offset presentation marked not applicable. Major asset sources include unrealized profit on internal transactions, accrued unpaid employee pay and tax already paid on asset-related grants. Major liabilities reflect differences between book and tax depreciation and investment tax bases. These accounts are neither an immediate tax bill nor cash available for construction, and a simple subtraction does not establish a legally offsettable amount. The unrecognized deductible base is CNY 143,128,303.22, comprising CNY 23,861,100.87 temporary differences and CNY 119,267,202.35 losses. The loss amount is a deduction base, not an already recognized tax asset. Its current expiry schedule concentrates CNY 106,088,272.19 in 2025; other current amounts expire in 2023, 2026 and 2027. Entries shown only in opening columns are not current-year losses. Recognition depends on future taxable profit under the issuer’s accounting estimates, so the balances do not independently prove recoverability.
The FY2022 tax note assigns a 25% corporate-income-tax rate to China Jushi, 22.50% to Jushi Egypt and 15% to Jushi Group, Chengdu and Jiujiang. These are rates for named reporting entities, not one rate covering the group. The issuer describes Jushi Group’s high-technology eligibility for 2020–2022, Jiujiang’s renewed eligibility for 2022–2024 and Chengdu’s western-development preference for 2021–2030. Keeping the stated dates makes the operating advantage and possible expiry visible without assuming a later renewal. The note says other overseas companies follow their registered jurisdictions’ rules; it does not provide one uniform overseas rate. Routine small-enterprise formula text is preserved in the source rather than expanded into a current tax guide. The reported preferences and certificates remain issuer disclosures, not an independent certification by SinoFilings or advice on how a reader should calculate tax.
Gross goodwill is CNY 472,512,501.24, with CNY 2,544,408.27 accumulated impairment relating to Hubei Hongjia Kaolin Mining. Both totals are unchanged from opening in the current table; the impairment is not a newly inferred FY2022 loss. The larger goodwill entries include Tongxiang Leishi Micropowder at CNY 189,612,641.95, Tongxiang Jinshi Precious Metal Equipment at CNY 176,839,725.90 and Xinfu Enterprise at CNY 87,534,955.83. Goodwill also appears for Jushi Group, Jiujiang and the California glass-fiber sales company; that last full source name is not merged with South Carolina’s manufacturing company. The note describes recoverable value using management-approved budgets, five to six forecast years and discount rates between 13.40% and 15.64%. Beyond that horizon it uses the last forecast year’s figures and an indefinite operating-life assumption. Expected sales, margins, expenses and tax enter the model; an indefinite modeled life is not guaranteed future operations or actual reserves. The disclosed valuation assumptions help readers understand acquisition-related risk but do not independently verify every asset group’s value or assign one uniform discount rate to all businesses.
The FY 2022 policy says revenue is recognized when the customer obtains control of the promised goods or services. Jushi describes its usual obligations as transfers of goods and one-time services, mainly glass-fiber yarn and product sales. The note considers payment rights, legal title, physical possession, risks and rewards, and customer acceptance in assessing control; it is not a statement that every shipment uses one identical contractual trigger. Where the policy’s conditions for recognition over time are not met, revenue is recognized at the point control transfers. A contract liability instead represents an obligation to transfer goods after customer consideration has been received or has become due before delivery. Such advances therefore are not another amount of recognized revenue or a complete confirmed order book. Receivables financing is a separate financial-reporting category for certain bills and receivables measured at fair value with changes in other comprehensive income; its balance is not new cash merely because the category contains the word financing. These are issuer accounting policies, not SinoFilings assurance that every transaction was recognized correctly.
The inventory policy covers materials, goods in production and products held for sale, including goods dispatched to customers. Purchases enter at actual cost, including procurement, processing and other costs; issues use a month-end weighted-average calculation. At the reporting date, inventory is measured at the lower of cost and net realizable value. The latter means estimated selling proceeds less the costs needed to finish and sell the goods and related taxes. Jushi normally tests individual items but permits category or related-product grouping in specified circumstances. When the cause of a previous write-down disappears, a recovery is limited to the allowance previously recognized and enters profit. This explains why a change in inventory carrying value or allowance can reflect both quantities and valuation. It cannot be converted into fiber tonnage, finished goods sold or a selling-price forecast without the corresponding physical and pricing disclosures. The policy is reported by the issuer; it does not independently establish the recoverability of every batch.
The FY 2022 policy checks fixed assets, construction in progress, finite-life intangibles, investment property measured at cost and specified long-term investments for signs of impairment. Goodwill, indefinite-life intangibles and intangibles not yet ready for use are tested annually even without such signs. Recoverable value is the higher of fair value less disposal costs and the present value of expected future cash flows; where an individual asset cannot be assessed separately, the test uses an asset group that generates largely independent cash inflows. Goodwill is allocated to the groups expected to benefit from the acquisition, and an impairment first reduces that goodwill. Once recognized, these long-lived asset impairment losses are not reversed in later periods under the disclosed policy. Inventory has a different, limited reversal rule. These valuation methods and management forecasts explain reported carrying values; they do not independently certify mine reserves, project completion, future sales or acquisition returns. The current goodwill table’s unchanged accumulated impairment remains distinct from a new FY 2022 loss.
The parent-only cash statement reports CNY 2,334,865,476.46 received as investment returns, alongside a combined dividends, profits and interest payment line of CNY 2,148,701,807.34. Its closing cash and cash equivalents are CNY 901,324,446.40. Those amounts belong to the listed legal entity, while the consolidated statement already includes the parent and its subsidiaries with consolidation adjustments. Adding the two statements would count internal flows and balances twice. Investment-return cash also should not be silently equated with the CNY 2.1 billion dividend receivable outstanding from Jushi Group, or with the CNY 2.1 billion parent cost-method investment income: receivables, recognized income and cash received describe different accounting events, and the cited statements do not identify a complete collection bridge for that individual dividend. The consolidated cash-flow FX effect and parent-only FX effect have different perimeters too; no parent balance is assigned to a factory or project without a disclosed link.
The FY2022 risk discussion identifies mineral, chemical, electricity and natural-gas supply/prices as manufacturing constraints, alongside foreign-currency export quotations, borrowing rates and liquidity tied up in receivables and inventory. It reports 15% income-tax preferences for Jushi Group and Jiujiang under high-technology eligibility and Chengdu under the western-development preference, and a 13% export VAT rebate for principal glass-fiber products. These are historical issuer disclosures for named entities and products, not current tax advice or one group effective tax rate. Management also describes origin- and product-specific trade measures: the US additional 25% levy on covered Chinese goods; EU combined fabric measures of 99.7% for Chinese bases and 44% for the Egyptian base after a July 2022 change; Chinese-origin yarn at 24.8% and Egyptian-origin yarn at 13.1%; and Turkish measures of 35.75% on relevant Chinese-origin products. Fabric and yarn, Chinese and Egyptian production, and combined versus single measures remain distinct. The listed rates are not summed into one group tariff or presented as current law. The existence of overseas bases does not prove that trade exposure has disappeared. Company risk-management and leadership statements remain attributed assessments rather than independent assurances.
The auditor’s FY2022 report, dated 17 March 2023, states that consolidated and parent financial statements present fairly in all material respects under Chinese Accounting Standards. The communicated key audit matter is recognition of glass-fiber and related-product revenue when customers obtain control. Procedures include sales-contract and shipment sampling, export customs confirmation and checks of shipping departures and revenue cut-off. A key audit matter is not a separate adverse opinion, and the auditor does not give an individual opinion on it. The financial opinion excludes other annual-report information and gives that information no separate assurance conclusion. Reasonable assurance is a high level of assurance but not a guarantee of detecting every material misstatement. It therefore does not independently certify project readiness, technical performance, every customer relationship or SinoFilings’ English translation, and cannot substitute for independent editorial approval.
The FY2022 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 19,342,484,700.00, operating profit of CNY 7,957,666,900.00 and net profit of CNY 6,644,064,000.00. Total assets are CNY 42,921,251,900.00, net assets CNY 24,317,246,600.00, 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.
The FY2022 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 907,712,300.00, operating profit of CNY 160,740,100.00 and net profit of CNY 134,630,900.00. Total assets are CNY 2,959,694,800.00, net assets CNY 1,318,028,300.00, 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 FY2022 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 693,275,900.00, operating profit of CNY 3,285,500.00 and net profit of CNY 2,467,200.00. Total assets are CNY 153,983,200.00, net assets CNY 82,577,000.00, 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.
The FY2022 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 3,813,759,600.00, operating profit of CNY 227,822,000.00 and net profit of CNY 208,479,400.00. Total assets are CNY 6,357,960,400.00, net assets CNY 3,811,861,200.00, 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 FY2022 figures.
The FY2022 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 33,097,900.00, operating profit of CNY 7,865,500.00 and net profit of CNY 5,877,500.00. Total assets are CNY 547,016,000.00, net assets CNY 518,927,000.00, 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.
Jushi Group Jiujiang lost control of its wholly owned De’an Linda Limestone Quarry in March 2022. Under the agreement signed on 24 December 2021, the quarry’s 100% equity was contributed to Jiangxi Yifeng Mining at a CNY 45.2885 million valuation. Of that, CNY 32.6844 million entered Yifeng’s registered capital and CNY 12.6041 million became a claim held by Jushi Jiujiang; the other party agreed to bear CNY 4.3933 million of transaction tax. Jushi Jiujiang retained 25% of Yifeng after the transaction. The disposal table separately reports CNY 49,681,775.00 of cash-and-equity consideration and CNY 26,872,828.48 of difference from the subsidiary net-asset share. These are distinct transaction/accounting measures, not all cash received or a 100% ownership claim over the resulting associate. The cash-flow note records CNY 14,800,737.50 received from the quarry disposal, less CNY 2,048,291.59 of cash leaving with the subsidiary, producing CNY 12,752,445.91 net disposal cash. This explains the move from consolidated quarry assets to a minority mining investment and claim; no exact quarry boundary, extraction output or ongoing supply contract is inferred. The investment-income note’s consolidated equity-disposal gain is a separate measure and is not silently replaced with the disposal table’s net-asset difference.
After the quarry contribution, Jushi Group Jiujiang holds 25% of Jiangxi Yifeng Mining. The annual equity-method table records CNY 32,684,400.00 of added investment, CNY 2,128,664.95 of recognized investment income and CNY 34,813,064.95 of closing carrying value. The additions and recognized income reconcile that closing account; they are not Yifeng’s total assets, full profit or glass-fiber revenue. The disclosed CNY 12.6041 million claim arising from the contribution is separate from registered-capital investment and is not added again to the investment carrying value as if it were the same asset. The remaining 25% investment does not mean the quarry stayed wholly consolidated or that Jushi exclusively controls mining operations. The report names the transaction counterpart but does not establish a new independently verified mine site, reserve tonnage, production rate or long-term mineral supply entitlement.
Wuxi Boshi Precious Metal Materials entered the consolidated perimeter in August 2022. The group-composition table lists Wuxi as both its main operating and registered location, describes manufacturing and sales of nonferrous-metal alloys, and reports a 51% indirect holding. At year-end it has CNY 20,012,005.43 of net assets and CNY 12,005.43 of profit from its consolidation date to year-end. The latter is a partial-year entity result, not a full-year metal-disposal gain or the value of the group’s platinum-rhodium production bushings. The alloy business fits a materials-related corporate activity, but the note does not identify a particular furnace, capacity, exclusive customer or precise street address. It is stored as a distinct organization rather than merged with other similarly named materials suppliers or treated as an additional glass-fiber production line.
The perimeter-change note says Jushi India Limited left consolidation in March 2022 and was deregistered during the year. It also lists Jianshi Juhong Mining as leaving in November 2022. These named legal-entity changes do not prove that all Indian activity or every mining business closed. In particular, the separate Jushi India Glass Fiber Company remains in the year-end subsidiary composition table under its longer full name. The two India names are kept as distinct organizational identities. No production history, transferred assets or relationship between them is invented from the shared country and Jushi name.
Jushi India Glass Fiber Company remains listed with a 100% indirect holding at year-end. The subsidiary table gives Maharashtra as its main operating location, Pune as its registered location and glass-fiber/products manufacturing and sales as its business nature. Those administrative and corporate disclosures are not a measured operating production result, a furnace address or proof a planned Indian line had been commissioned. This company is distinct from Jushi India Limited, deregistered in March. The separate Indian 100,000-tonne project termination discussed in the annual governance/strategy disclosures is a project decision; it is not used to erase the company record or infer completion of a different project.
The subsidiary composition table lists Jushi US Glass Fiber sales company in California, with a 100% indirect holding and a business of glass-fiber/products sales and import/export of specialist equipment and chemical materials. It separately lists Jushi USA in South Carolina with a 70% indirect holding and glass-fiber/products manufacturing and sales. A country label therefore does not identify a single subsidiary or one factory. The South Carolina financial and minority disclosures belong to Jushi USA, not the California sales company. Their activities can connect manufacturing to distribution, but the annual table alone does not quantify intercompany shipments, external sales split or a separate California manufacturing line. The two full source names and their location/activity scopes are preserved as distinct identities.
Jushi USA’s important-subsidiary financial table is reported in ten-thousand CNY, including the full entity rather than only Jushi’s 70% stake. At year-end its assets are CNY 2,959,694,800 and liabilities CNY 1,641,666,500. FY2022 net profit is CNY 134,630,900, comprehensive income CNY 238,475,500 and operating cash CNY 230,671,800. Cash generation differs from profit; comprehensive income is another reported measure rather than an additional cash inflow. The separate minority note reports a 30% minority interest, CNY 40,389,281.63 of minority profit and CNY 395,408,491.11 of closing minority equity. The CNY 10,000-unit profit table is rounded, so its displayed total is not forced to reproduce the exact minority amount by percentage multiplication. The minority-dividend cell is blank rather than a newly inferred zero payment. Full subsidiary revenue and cash are not added to consolidated totals or treated as all externally generated in the US; parent attribution and consolidation eliminations have different scopes.
Jushi Egypt Glass Fiber Company is listed in Suez with a 75.01% indirect holding. Its full subsidiary accounts report CNY 5,713,937,200 of assets and CNY 2,637,759,200 of liabilities at year-end, FY2022 net profit CNY 617,055,500, comprehensive income CNY 854,264,700 and operating cash CNY 641,258,600. The original financial table is in ten-thousand CNY, not USD or only the listed parent’s attributable share. The minority note separately gives a 24.99% interest, CNY 154,202,166.86 of minority profit, CNY 64,250,077.56 of dividends declared to minority holders and CNY 768,736,893.24 of closing minority equity. Declared minority dividends are not automatically actual cash paid during FY2022 or dividends received by SinoFilings readers as listed-company shareholders. These entity-level results are separate from the new 120,000-tonne construction account and its budget/progress; company assets and operating cash are not allocated to a specific Egyptian line without disclosure. Suez supplies a general operating location, not independently verified coordinates or each plant’s permit record.
The report identifies Lianyungang Zhongfu Lianzhong as a wind-blade manufacturer and seller, with a 32.04% direct holding accounted for by the equity method. Its full FY2022 revenue is CNY 3,813,759,579.24 and net profit CNY 208,479,388.83, while Jushi’s investment table recognizes CNY 61,494,608.65 of income. The recognized amount is not replaced by the associate’s full profit or an unqualified percentage multiplication. The closing investment is CNY 1,223,259,790.15, comprising the reported CNY 1,186,660,405.42 share of net assets and CNY 36,599,384.73 of adjustments. The adjustment is printed as other items, not invented goodwill; the prior-year unrealized intercompany-profit item is not silently inserted into the current-year blank. The associate note says CNY 32,516,818.62 of dividends were received during FY2022. Full blade-company revenues, assets and emissions are therefore not treated as consolidated Jushi fiber-factory totals. The investment is a business connection to downstream composites, while the annual note does not quantify a particular blade model’s customer orders or guarantee exclusive fiber purchases.
The year-end composition table lists Jushi Group in Tongxiang, Jushi Group Jiujiang and Jushi Group Chengdu for glass-fiber/products production and sales. It also identifies Jiujiang Calcium for calcium oxide, calcium carbonate and fluorite processing and sales; Tongxiang Leishi Micropowder for deeper processing of nonmetallic minerals; and Hubei Hongjia Kaolin Mining in Yidu for kaolin, peat, other nonmetallic mineral and refractory-material processing and sales. These reported corporate functions connect fiber manufacturing to upstream materials, but do not supply annual mine output or a one-to-one allocation to glass-fiber furnaces. The disclosed overseas network includes sales/import-export companies in Hong Kong, Toronto, Tokyo, Seoul, Milan, Madrid and Lyon, a Rio de Janeiro sales company, and the separately described California business. Holdings vary: the table gives 60% for the Japan and South African composite companies, 70% for Korea and 99.99% for Brazil, rather than all entities being wholly owned. South Africa’s stated production-and-sales scope and other corporate scopes do not by themselves establish an individual factory’s capacity or actual production. The full legal-entity list and source dates are retained, while minor registered-business boilerplate is condensed for readers. A new company record or permitted business activity is not counted as a commissioned project or another complete annual analysis.
Jushi reports CNY 7.96235 billion of subsidiary-guarantee occurrence during FY2022 and CNY 4.3859 billion outstanding at year-end. These measure annual guarantee activity and an outstanding balance, respectively; they are not two balances to add together. Non-subsidiary guarantee occurrence and outstanding balance are both reported as zero. The report says all guarantees cover companies within the consolidation perimeter, but that does not establish that guarantees are risk-free or disclose cash paid following a guarantee call. The outstanding total is reported as 15.89% of company net assets; the guarantee table does not identify a detailed denominator calculation. Guarantees for beneficiaries with a debt-to-assets ratio above 70% amount to CNY 66.1637 million, a subset rather than additional exposure outside the CNY 4.3859 billion total. The table reports zero for guarantees to shareholders, the actual controller and their related parties, and zero for the portion exceeding 50% of net assets. These categories describe the issuer’s guarantee disclosure, rather than a finding that no other related-party financing or economic exposure exists. This disclosure alone does not specify each guaranteed borrower, facility maturity, collateral package or likelihood of enforcement; the detailed debt and related-balance notes must be read separately.
The fixed-asset note identifies CNY 909,766,645.64 of buildings at the Chengdu new base and CNY 24,471,402.29 of Jushi Group Beite buildings for which property certificates were still being processed at year-end. These are carrying values of named buildings, not unspent project budgets or fines. A pending property certificate is a specific title disclosure; it does not establish that the facilities lacked every production or environmental permit, were illegally operating or had stopped manufacturing. The note does not provide individual certificate numbers or a final issue date. The annual operating discussion and environmental-process statements supply different evidence and do not remove this year-end title qualification. No precise address or automatic match to another property is inferred from the Beite name alone.
Under the disclosed agreement for the new-materials intelligent manufacturing base, Tongxiang’s local government agreed a CNY 400 million reward, with 90% for research and supporting work and 10% for equipment investment. Jushi Group received CNY 80 million in each of 2019, 2020, 2021 and 2022; the FY2022 receipt contains CNY 8 million of equipment-related support. It is one CNY 80 million receipt, not an additional CNY 400 million payment that year. The asset-related portion opens at CNY 20,555,555.34 deferred, adds CNY 8,000,000.00, releases CNY 2,388,889.08 to income and closes at CNY 26,166,666.26. The separate CNY 72 million current-income component plus that deferred release explains CNY 74,388,889.08 of recognized new-materials reward income. The release of prior deferred funds is not another cash receipt. The agreement’s base-wide reward is not assigned to a numbered furnace, and a grant receipt is not proof of customer sales, research commercialization or achieved output.
The high-performance advanced manufacturing-base grant belongs to Jushi Group Chengdu and the Qingbaijiang agreements disclosed in the notes. FY2022 support comprises CNY 16.83 million under one supplemental agreement and CNY 200 million under the third supplemental agreement for fixed-asset investment, together CNY 216,830,000.00. The account opens with CNY 222,513,884.74 deferred, recognizes CNY 27,847,046.82 of income and closes at CNY 411,496,837.92. The receipt funds a named manufacturing base; recognition is spread over asset depreciation periods and is not the same as annual cash receipts or fiber revenue. A separate provincial industrial-development grant, received in 2021, releases CNY 909,416.76 in FY2022 and retains CNY 9,432,451.25 deferred. A separate Chengdu municipal technological-upgrade grant adds CNY 2,047,800.00, releases CNY 28,441.66 and closes at CNY 2,019,358.34. These separately disclosed grants are not folded into the CNY 216.83 million receipt or treated as automatic new fiber capacity. The broader base reward is not attributed to an individual chopped-strand line without specific project evidence.
The grant note links Jushi USA’s JS304 project to a stated 96,000-tonne-per-year alkali-free glass-fiber tank-furnace drawing line. A 28 May 2016 memorandum with Richland County, the South Carolina Department of Commerce and the state economic-development coordinating body recommended grant support for site preparation, infrastructure and improvements to land and real property. The issuer reports receipts in 2018 and 2019 of CNY 29.9067 million and CNY 38.9698 million equivalent, and releases support over the assets’ depreciation periods. In FY2022 the deferred balance opens at CNY 55,002,030.75, releases CNY 4,210,642.29 into income and gains CNY 4,951,161.83 from currency translation, closing at CNY 55,742,550.29. The translation gain is not a new grant cash payment. The named 96,000-tonne grant scope remains separate from an 80,000-tonne operating project until the report evidence establishes their relationship; country or operator alone does not settle phase and capacity identity. It also remains distinct from the US sales company. The historical support is not presented as a current grant entitlement or independent confirmation of plant output.
The 300-million-metre electronic-fabric line receives CNY 48,260,000.00 of new asset-related support in FY2022 under the Tongxiang development-and-reform disclosure, recognizes CNY 1,675,694.45 of income and retains CNY 46,584,305.55 deferred. This fabric capacity is measured in metres and is not added to yarn tonnes or treated as annual fabric sold. A separate 150,000-tonne-per-year chopped-strand glass-fiber line grant adds CNY 10,000,000.00, releases CNY 347,222.25 and retains CNY 9,652,777.75. Its explanatory note names Jushi Group as recipient and Tongxiang’s economic/information and finance authorities as the funding context. The shared 150,000-tonne chopped-strand wording is insufficient to assign this grant to the Chengdu line; no such identity merge is made. For both rows, the deferred amount is accounting support to be recognized over asset lives, not a remaining project budget, new production or unspent cash balance. The notes do not supply separate customer qualifications or furnace addresses.
The remaining asset-grant rows preserve earlier awards rather than establishing new FY2022 lines. Jushi Group’s glass-fiber waste reuse project, funded in 2012, releases CNY 319,209.35 and retains CNY 3,285,418.71 deferred. The 360,000-tonne intelligent manufacturing application project, awarded support in 2016 and 2020, releases CNY 7,500,000.00 and retains CNY 56,875,000.00. At Jiujiang, a green-manufacturing system-integration grant received in 2017 and 2020 releases CNY 1,383,378.36 and retains CNY 10,029,493.27. A separate Jiujiang high-strength/high-modulus intelligent manufacturing application grant receives CNY 9,350,000.00 in FY2022, releases CNY 899,000.00 and closes at CNY 14,226,000.00 deferred. These notes explain support for manufacturing technology and resource use, but are not independent environmental certifications or measures of achieved throughput. The 360,000-tonne grant programme and Jiujiang application grants are not automatically merged with a 400,000-tonne construction base or a separately named repair because the manufacturing themes overlap.
At 31 December 2022, short-term borrowing totals CNY 4,359,584,343.15: secured borrowing CNY 300,284,166.67, guaranteed borrowing CNY 624,046,478.80 and unsecured credit borrowing CNY 3,435,253,697.68. The long-term note lists CNY 12,949,998.38 secured, CNY 3,697,619,678.45 guaranteed and CNY 2,395,090,794.44 credit borrowing. Those three categories total CNY 6,105,660,471.27 before CNY 1,796,497,671.04 due within one year is reclassified, leaving CNY 4,309,162,800.23 noncurrent. The calculated pre-reclassification sum is an account reconciliation, not a separate additional loan. Current maturities must not be added twice to that sum. The issuer reports long-term credit rates of 1.20%–3.10%, guaranteed rates of 2.70%–3.30% and a 5.70% secured rate. These historical category ranges do not establish a weighted group interest rate or identify which individual factory each borrowing financed. Guaranteed borrowing is also distinct from the group’s separately disclosed guarantees for subsidiaries; a guarantee is not an additional cash loan.
The bond chapter lists four year-end instruments. The 2021 Jushi 01 company bond has CNY 200 million principal, a 3.14% coupon, annual interest payments and principal due on 6 December 2024. The 2022 Jushi 01 company bond has CNY 800 million principal, a 3.07% coupon and principal due on 4 March 2025, also with annual interest payments. The 2021 Jushi GN001 green medium-term note has CNY 500 million principal, a 3.61% coupon and principal due on 19 April 2024. The 2022 Jushi SCP005 ultra-short-term financing paper has CNY 500 million principal, a 1.83% rate and a single principal-and-interest payment due on 7 April 2023. These are maturity dates as disclosed for FY2022, not assertions of subsequent repayment. The issuer reports that each listed issue’s proceeds had been fully used consistently with its prospectus, and that no investor-protection provision was triggered during the year. That statement does not allocate the funds to a specific furnace or independently certify green-project eligibility or compliance. Reported normal interest payment and redemption of earlier issues remain historical issuer claims rather than a forecast of future repayment.
The longer-term bond note gives year-end carrying amounts of CNY 512,614,861.20 for 2021 Jushi GN001, CNY 200,453,555.56 for 2021 Jushi 01 and CNY 819,631,333.33 for 2022 Jushi 01. Their calculated sum is CNY 1,532,699,750.09, including accrued/accounting components rather than only CNY 1.5 billion of principal. Deducting the CNY 33,313,916.61 current portion leaves CNY 1,499,385,833.48 noncurrent bonds. The current portion is a reclassification within the longer-term bond balance, not another issue to add twice. The short-term paper is separate: SCP005 has CNY 502,058,750.00 closing carrying value, compared with its CNY 500 million principal. The movement note shows FY2022 short-paper issuance of CNY 2,599,640,714.61 and repayments of CNY 2,627,845,342.44. Its CNY 3.1 billion issuance-face column includes an issue originating in 2021, so that column is not all new FY2022 issuance or ending debt. The three 2019 longer-term issues were already classified as current at the opening date and were repaid during FY2022; their historical principal and repayments are not added to year-end balances.
The bill note retains CNY 285,125,689.74 of endorsed or discounted bills that had not matured at year-end and were not derecognized: bank acceptances CNY 280,125,689.74 and commercial acceptances CNY 5,000,000.00. The same CNY 285,125,689.74 is recognized within other current liabilities. This is an asset-and-liability accounting exposure, not an extra cash balance, a separate new sales total or a receivable that disappeared when transferred. It is distinct from CNY 873,262,429.08 of bank-acceptance bills payable, for which the issuer states no matured unpaid bills at year-end. That zero overdue statement does not remove future settlement obligations. The cash-flow note separately records CNY 4,610,000,000.00 received from bill discounting for financing purposes and CNY 3,260,000,000.00 paid for financing-purpose bill redemption during FY2022. Those annual cash movements are not year-end balances, and their difference is not automatically the closing amount of retained endorsed bills. No individual counterparty or factory allocation is inferred from these consolidated figures.
The issuer’s financial-liability maturity schedule totals CNY 15,958,429,014.92, with CNY 10,146,697,790.17 within one year, CNY 5,330,585,102.61 in one to three years, CNY 473,767,568.37 in three to five years and CNY 7,378,553.77 beyond five years. Within-one-year entries comprise short-term borrowing, bills payable, trade and other payables, and current portions of noncurrent liabilities. Later buckets contain noncurrent borrowing, bonds and leases. These buckets reconcile the presented rows, not every balance-sheet liability or all future cash needed to run the business. The borrowing and bond labels explicitly exclude unrecognized interest. The schedule also has no separate row for CNY 502,058,750.00 of short-term paper, CNY 285,125,689.74 of retained endorsed-bill liabilities, or VAT on customer advances disclosed under other current liabilities. Those categories are retained separately in this analysis rather than silently treating the table as exhaustive or inventing an issuer explanation for its scope. Management says subsidiaries forecast cash and headquarters monitors group funding and loan compliance, but this description does not independently verify committed undrawn facilities or prove that all maturities were subsequently covered.
The FY2022 risk note identifies exposure from sales or purchases in currencies different from a business’s functional currency and from net investments in overseas subsidiaries. The issuer says it uses bank forward-exchange contracts with currencies and timing aligned to the underlying items, and increases foreign-currency borrowing at overseas operations to help balance exposure. These are stated risk-management practices, not independent confirmation of hedge effectiveness, exact contract coverage or absence of currency losses. Interest-bearing debt is reported as 48.69% fixed rate at year-end; fixed-rate debt still has fair-value sensitivity, while floating-rate debt affects cash interest. The notes record CNY 16,498,549.37 of derivative financial liabilities and describe forward-exchange valuation using observable market inputs. The fair-value liability is an accounting valuation, not automatically cash paid, speculative trading or the full future settlement value. FX effects on earnings, translated overseas assets and the cash-flow translation adjustment remain different measures; their detailed monetary and profit notes require separate reconciliation.
The bond chapter reports a FY2022 current ratio of 0.9334 and quick ratio of 0.6100, down from 1.0129 and 0.8545, and attributes the decline to lower receivable financing and other quick assets. These accounting ratios compare defined balance-sheet categories; they do not include every unrecognized future obligation or turn inventories and receivables into immediately available cash. It reports interest coverage of 20.61 and cash interest coverage of 15.85; the issuer attributes the former’s increase to higher profit and the latter’s decline to reduced operating cash. Profit and cash coverage therefore describe different bases, especially alongside the separately explained disposal gains and operating-cash reconciliation. Reported loan repayment and interest payment rates are both 100% for the year, and the report marks overdue interest-bearing debt and overdue bonds as not applicable. These are historical issuer disclosures, not independently confirmed solvency, a guarantee of later maturities or an investment recommendation.
The parent has CNY 2,100,000,000 of dividends receivable from Jushi Group, compared with CNY 2,300,000,000 at the opening date. The current claim is not evidence that this exact dividend was paid during FY2022. Net other receivables excluding the dividend claim are CNY 7,065,848.31, chiefly a CNY 6,930,212.32 tax-refund claim. The CNY 760,000,000 loan-principal entry is in the opening column; a blank closing cell does not prove that every group funding relationship disappeared. Parent long-term equity investments total CNY 11,513,162,515.93: CNY 10,136,366,917.18 in subsidiaries and CNY 1,376,795,598.75 in associates and joint ventures. The subsidiary account includes Jushi Group, Beixin Technology Development, Jushi USA and the retained Jushi India Glass Fiber Company. These carrying amounts are not an additional set of group factories, the market value of the companies or spending on a particular production line. The parent associate schedule recognizes CNY 62,253,415.10 income and CNY 33,923,818.62 declared dividends/profits; its perimeter differs from the consolidated associate schedule.
The foreign-currency monetary-items note reports CNY 1,120,392,769.99 translated cash, including USD 106,309,598.16 translated at the reported year-end rate of 6.9646 to CNY 740,403,827.39. Currency denomination is a different classification from the CNY 533,770,247.57 cash held outside China; neither is the entire group cash or overseas asset balance. Other reported foreign-currency categories include CNY 866,986,131.91 trade receivables, CNY 19,614,198.39 receivable financing and CNY 151,282,758.14 other receivables. Foreign-currency short-term loans total CNY 334,465,207.05; trade payables are CNY 675,948,080.92 and other payables CNY 61,077,268.51. The USD amounts reclassified as non-current debt due within one year are CNY 1,054,702,192.93, separate from CNY 24,882,285.15 remaining long-term loans. Jushi Egypt in Suez and Jushi USA in South Carolina use USD as functional currency, although published group accounts use CNY. These balances are not summed into a complete net currency exposure or converted using current rates. The note does not establish contract-level natural offsets, sensitivity or verified hedge effectiveness.
The FY 2022 consolidated equity statement records CNY 1,921,505,629.44 of distributions attributable to listed-parent owners and CNY 64,773,077.56 to minority owners, totaling CNY 1,986,278,707.00. The same listed-owner distribution appears in the parent-only equity statement. These are equity-account movements; they are not interchangeable with the financing cash-flow line of CNY 2,364,357,305.78, which combines dividends, profits and interest and includes CNY 74,945,414.45 paid to minority shareholders. The cited tables do not separately reconcile every component of that combined cash line, so no residual is labeled as verified interest or cash dividends to listed shareholders. The proposed FY 2022 dividend discussed elsewhere in this annual guide is a later proposal, not a replacement amount for the distributions booked during 2022. The CNY 220,883,858.59 transfer to statutory surplus reserve raises reserves while reducing retained earnings; it does not create new cash or profit. Consolidated retained earnings reconcile from CNY 14,708,775,845.87 opening, plus CNY 6,610,015,911.86 attributable profit, less that reserve transfer and the listed-owner distribution, to CNY 19,176,402,269.70 closing. The source reports 4,003,136,728 shares unchanged through FY 2022. CNY 9,800,000 received from minority investment belongs to subsidiary capital funding, not a new listed-company share issue; the comparative 2021 capital-reserve transfer likewise is not FY 2022 cash financing.
At the end of FY2022, Jushi reports 245 employees at the parent and 13,866 at its main subsidiaries, giving 14,111 in this disclosed workforce perimeter. It classifies 11,224 as production staff and 1,865 as technical staff, alongside 107 sales, 76 finance and 839 administrative staff. The predominance of production roles gives context to the company’s furnace, drawing and finishing operations, but these are year-end headcounts rather than average full-time equivalents, staffing for each factory or evidence of output per employee. The separately disclosed 1,303 research personnel use a different classification; they cannot simply be added to technical staff as if the categories were proven disjoint. For front-line capability, the report describes training and assessment for fiber drawing, winding and machine repair. This identifies skills needed to run the production process; counts of classes and participation are not used as proof of better yield or lower unit cost. Routine cultural activities and awards are condensed. The report also discloses CNY 63.5436 million of remuneration paid for outsourced labour, with hours marked not applicable. This is a disclosed annual payment amount, not an outsourced headcount. It is not equated to the much narrower outsourcing-expense line inside administrative expenses, nor divided by a presumed salary to invent contractor numbers. The source does not allocate the workforce or these payments to each named capacity project.
Platinum-rhodium alloy bushings form part of the glass-fiber drawing process. The annual accounting policy describes periodic cleaning and reprocessing to maintain fiber quality; losses of metal in that process enter product cost and reduce the production asset. The issuer records these bushings within fixed assets without ordinary depreciation. At 31 December 2022, the platinum-rhodium category has CNY 11,026,435,002.96 gross and net carrying value, already included in consolidated net fixed assets of CNY 28,903,405,307.61. It is not extra cash, ordinary finished-goods inventory or a balance to add to plant assets again. The fixed-asset table reports CNY 280,089,809.38 of platinum consumption as a separate reduction, while purchases, construction transfers, disposals and currency translation form other movements. The entire annual decrease is therefore not metal consumed in production. Total fixed assets close at CNY 35,122,930,192.23 gross less CNY 6,219,524,884.62 accumulated depreciation, matching the reported net total. Construction transferred CNY 5,635,228,052.93 into gross fixed assets, with CNY 26,464,615.48 of accumulated depreciation transferred separately. Transfers and translation are accounting changes, not all cash spent that year. The precious-metal disposal gain discussed by management is a profit measure rather than the metal asset’s remaining value or a fiber-sales margin.
At 31 December 2022, consolidated intangible assets have CNY 1,186,399,549.89 of gross cost and CNY 241,670,319.80 of accumulated amortization, giving CNY 944,729,230.09 net carrying value. The net categories are land-use rights CNY 820,263,117.79, patents CNY 152,038.13, software-use rights CNY 61,489,407.27, energy-use rights CNY 41,346,090.19 and pollutant-discharge rights CNY 21,478,576.71. Land supports the factory footprint, while energy and discharge rights are separately recognized production-related assets; they are not extra factory capacity or cash. The note supplies accounting values rather than individual addresses, active permit numbers or proof that each plant complies with every permit. Non-patented technology has CNY 18,337,225.43 both as gross cost and accumulated amortization; that accounting result does not mean the company has no technical know-how. Mining-right gross cost of CNY 116,979,308.76, accumulated amortization CNY 2,986,066.40 and impairment CNY 108,376,460.90 leave the accounts through a change in consolidation perimeter. This is not a new CNY 116.98 million annual mining loss. The prior-year net mining value was CNY 5,676,534.45; the actual disposal and resulting investment scope require their separate transaction notes.
The annual report proposes a gross cash dividend of CNY 5.21 for every ten shares for FY2022, totaling CNY 2,085,634,235.29. It reports this as 31.55% of consolidated net profit attributable to ordinary shareholders of CNY 6,610,015,911.86. The proposal includes no bonus shares or capitalization of reserves, and no cash repurchases counted toward this dividend total. It is a proposal for the reporting year, not evidence that this amount was paid during FY2022. The retained-earnings note separately records CNY 1,921,505,629.44 of ordinary-share dividends in the year’s movement; the two amounts must not be substituted for one another. A cash-flow line combining dividends, profits and interest payments also has broader coverage than cash paid to listed-company ordinary shareholders. The disclosed articles provide for annual cash distributions of at least 20% of the parent company’s distributable profit, or cumulative cash distributions over the latest three years of at least 30% of their average annual distributable profit. That policy has a different profit basis and time horizon from the proposal’s 31.55% ratio to consolidated attributable profit. The report states the policy was not changed during FY2022. This page preserves those disclosed terms without asserting that the proposal ratio alone independently proves compliance with both policy tests, or supplying a payment date from a later filing.
The governance discussion presents the FY2022 cash distribution as a proposal: CNY 5.21 gross for every ten shares and CNY 2,085,634,235.29 in total. The financial statements’ events-after-the-balance-sheet note separately lists that same CNY 2,085,634,235.29 under both proposed profit or dividends and profit or dividends approved and declared after deliberation. These are two disclosure labels for the same amount, not two distributions to add together. Reading only the governance proposal table would omit the approved/declared wording in the financial note. Conversely, that wording does not identify a cash payment date or a particular shareholder approval date in this table. The annual report therefore supports the disclosed proposal and approved/declared states, while neither is substituted for cash paid during FY2022. The year’s ordinary-share dividend movement in retained earnings and the broader cash-flow line for dividends, profits and interest remain different measures. The report’s board approval and submission date is 17 March 2023; subsequent-event information belongs to the FY2022 report’s disclosure context without becoming an event executed before the FY2022 balance-sheet date.
China National Building Material Group, the actual controller, and China National Building Material Company Limited, the controlling shareholder, made undertakings in December 2017 to resolve overlapping glass-fiber businesses within three years. The report describes a two-year extension in December 2020. A proposed restructuring involving China Jushi and Sinoma Science & Technology was terminated on 15 December 2020 because the parties did not agree on core transaction terms. Management says no clear integration plan had been formed by the commitment’s expiry, so the undertaking had not been completed as expected. The FY2022 commitment table shows a period beginning 5 January 2021, marks timely and strict fulfilment as yes, and directs readers to its attached explanation. That table entry is not proof that the overlapping business had actually been integrated: the accompanying narrative explains the outstanding work and further extension. Jushi’s board approved the extension proposal on 16 December 2022; the same annual report says an extraordinary shareholders’ meeting approved it on 4 January 2023. The additional two-year period runs from that shareholder approval, with other undertaking terms unchanged. This is a subsequent-event approval disclosed in the FY2022 report, not completion of an integration in 2022. The company says its existing fiber business would continue while a specific integration solution was studied. Management’s assurances about protecting public shareholders are attributed commitments, not an independently verified absence of competitive or related-party risk.
The strategic committee’s 2022 record identifies proposals that affect the manufacturing programme. On 8 February it considered and unanimously passed proposals to terminate the Indian 100,000-tonne-per-year alkali-free glass-fiber furnace drawing-line project and to build a Chengdu 150,000-tonne-per-year chopped-strand line. On 18 March it considered and passed the Jiujiang intelligent base’s 400,000-tonne-per-year glass-fiber programme and a Tongxiang gas station with supporting pipelines. On 25 April the proposals covered a Jushi Group 200,000-tonne-per-year furnace line’s cold repair and technical upgrade; a 50,000-tonne-per-year electronic-yarn and 160-million-metres-per-year electronic-fabric line’s cold repair and upgrade; and Jiujiang Calcium’s processing project for 200,000 tonnes per year of glass-fiber-grade calcium oxide and 75,000 tonnes per year of calcium carbonate. The calcium products and gas infrastructure support manufacturing; their output is not extra glass-fiber tonnage. On 29 December the committee considered and passed a Huai’an high-performance glass-fiber base and related works with a 400,000-tonne-per-year programme, described by the issuer as zero-carbon, alongside a proposal to invest in a new-energy subsidiary. The table reports committee consideration and unanimous passage of proposals. It does not by itself prove final project completion, customer qualification, achieved output or the emissions performance implied by the zero-carbon label. A cold repair or upgrade is also different from adding the full stated capacity as a wholly new line. The operating narrative and construction accounts provide separate evidence of execution; differently named projects, base programmes, individual lines and energy infrastructure require their own identities rather than being merged solely by capacity.
For 31 December 2022, the board’s internal-control self-assessment says there were no material weaknesses in financial-reporting controls and concludes those controls were effective in all material respects. The annual report also says Zhongshen Zhonghuan issued an unqualified internal-control audit opinion, referring readers to the separately issued control report. These are attributed disclosures about financial-reporting controls; the underlying separate report is not reproduced as an independent review of this English research. The company describes requiring subsidiaries to report related transactions, guarantees and investments in advance, while delegating operating responsibilities by business and objectives. That control framework does not independently demonstrate that each particular transaction complied with its process. The annual report’s auditor table shows the former firm, Tianzhi International, with thirteen years of service and Zhongshen Zhonghuan with one. The issuer attributes the change to the long previous tenure, audit independence and its business and future audit needs, and says it communicated with the predecessor without objection to the change. This explanation is not evidence of an undisclosed audit dispute. Both listed financial-audit fees are CNY 1.1 million, with a separate CNY 0.2 million internal-control audit fee for the new firm. An unqualified control opinion and a change of auditor do not resolve every operating, site-permit, related-party or content-verification question.
The important-matters section reports that director Zhang Jiankan bought 50,000 Jushi shares for CNY 789,909 on 10 March 2022 during the restricted period before an annual-report announcement. The issuer attributes the purchase to an operating mistake by account-management personnel; that is its account of the cause. It says the Zhejiang office of the securities regulator issued a warning letter and recorded the matter in the securities and futures integrity record. The report describes commitments not to reduce those newly purchased shares for twelve months and to return any future gain from their sale to the listed company. These are the disclosed commitments, not evidence that a later sale occurred or money was returned. A separate earlier governance item marks securities-regulatory penalties over the preceding three years as not applicable. That label is presented alongside the specifically disclosed warning; it is not used to erase the event or independently reconcile the different classifications. The account concerns a historical director-compliance event, not a conclusion that all transactions were unlawful, a forecast of the company’s share price or a statement of today’s trading rules.
At 31 December 2022, China National Building Material Company Limited, or CNBM Limited, holds 1,079,739,151 Jushi shares,26.97%; the issuer identifies it as the controlling shareholder. Zhenshi Holding Group holds 624,225,514 shares,15.59%, including 344,768,000 marked as pledged in this table. The pledged shares remain a subset of that shareholder’s holding; the pledge is not an extra stake, Jushi borrowing or evidence that enforcement occurred. The table lists Hong Kong Securities Clearing Company Limited at 402,390,565 shares,10.05%, with an annual increase of 19,994,383 shares. This registered holding does not identify each underlying beneficial investor, so it is not treated as a single ultimate owner or added to another holder’s stake without evidence. The report states that CNBM Limited and Zhenshi have no related-party relationship and are not acting in concert under the cited disclosure rules; relationships and concerted action among the other shareholders are unknown to the issuer. Unknown pledge or relationship labels remain unknown rather than a general no-risk conclusion. Routine lists of smaller funds are retained in the source, while these major stakes and the specific pledge explain ownership concentration and potential governance exposure.
The report separately identifies CNBM Limited as the direct controlling shareholder and China National Building Material Group Co., Ltd., or CNBM Group, as the actual controller. Their similar English names do not make them the same legal entity. The original control diagram shows the State-owned Assets Supervision and Administration Commission of the State Council above CNBM Group, with several intermediate companies in the path to CNBM Limited and its 26.97% Jushi holding. Percentage labels within that upper diagram refer to shares in intermediate companies; for example, the 52.38% public-investor line enters CNBM Limited, not Jushi. They must not be presented as Jushi’s free float or multiplied into a verified effective ownership figure without a defined method and complete chain. The report does not mark a controlling-shareholder or control change as applicable during FY 2022. This is a historical issuer disclosure, not a determination that every related business has already been integrated or that later control arrangements stayed unchanged. CNBM’s long lists of other investments and registered activities are condensed because they do not establish Jushi operating capacity or additional Jushi revenue. Existing competition undertakings and related-party transactions remain separate operating and shareholder questions.
Jushi reports CNY 289.22 million of environmental funding invested during FY2022, originally stated as CNY 28,922 ten-thousand. This identifies a financial commitment to environmental protection alongside expansion and normal manufacturing. The annual table does not allocate the amount to individual factories or projects, distinguish all capital assets from operating expense, or provide a reconciliation to cash paid. It should therefore be read as the issuer’s reported environmental investment measure, not automatically as a cash-flow line, the cost of a specific abatement plant or independently verified permit compliance. The environmental section supplies separate disclosures about wastewater, air emissions and energy reuse; those operational disclosures explain the manufacturing context without attributing every outcome to this one aggregate amount.
The table labels this operation Jushi Group and describes wastewater pretreated before delivery to Tongxiang’s Shenhe sewage-treatment plant. It lists two wastewater outlets in the northwestern part of the factory. FY2022 actual wastewater chemical oxygen demand, or COD, is 105.79 tonnes against a stated approved annual amount of 1,200.425 tonnes; ammonia-nitrogen is 2.00 tonnes against 84.03 tonnes per year. COD and ammonia-nitrogen are different pollutant measures, not quantities of wastewater to add. For treated furnace air emissions the table lists fourteen outlets, one per production line: dust is 24.85 tonnes against an approved 222.974 tonnes per year, sulfur dioxide 113.55 against 215.059, and nitrogen oxides 388.62 against 803.336. The table marks these entries as not exceeding standards. Its concentration column contains applicable standard limits, not observed concentration readings; pH and smoke-blackness entries have no mass total. These are attributed annual disclosures for this named operation, not all Jushi factories worldwide, proof of every permit condition or a remaining capacity allowance for another project.
Jushi Chengdu’s wastewater is described as pretreated before entering the industrial park’s sewage-treatment plant, with one outlet in the southeastern part of the factory. The table reports actual FY2022 wastewater COD of 22.82 tonnes versus an approved 338.22 tonnes, and ammonia-nitrogen of 0.56 versus 30.44 tonnes. It separately lists three treated-air outlets, one per production line. Actual sulfur dioxide is 12.25 tonnes versus an approved 115.7959 tonnes, nitrogen oxides 22.93 versus 258.1736, and dust 0.55 versus 104.2364. The issuer marks each row as not exceeding standards. These actual mass totals and stated approved amounts retain the Chengdu scope; they are not measured concentration readings, global group totals or separately verified evidence that every construction or operating licence was in force. The outlet description supplies limited physical context, but an outlet’s corner within a factory is not an exact factory address or a coordinate for automatic project matching.
The same environmental table includes Lianyungang Zhongfu Lianzhong’s blade factory, pipe-and-tank factory and fifth blade factory. The investment disclosures identify Zhongfu Lianzhong as a 32.04%-owned associate, so the inclusion of its environmental rows does not make its sites wholly owned or turn their discharges into a consolidated Jushi glass-fiber-plant total. For the blade factory, actual versus approved amounts in tonnes are volatile organic compounds, or VOCs, 3.0575 versus 4.3678; styrene 0.01 versus 0.194; particulate matter 0.4373 versus 0.6245; domestic-sewage COD 6.65 versus 9.499; and suspended solids 4.911 versus 7.016. The pipe-and-tank factory reports VOCs 6.239 versus 9.175, styrene 3.3935 versus 4.9901, particulate matter 2.043 versus 3.004, COD 6.84 versus 9.12, and suspended solids 5.148 versus 6.864. The fifth blade factory reports VOCs 2.55 versus 3.751, particulate matter 0.086 versus 0.127, COD 1.215 versus 1.62 and suspended solids 0.81 versus 1.08. Domestic sewage is described as routed through the municipal network to Dapu Industrial Park’s treatment plant. The issuer marks the rows as not exceeding standards. Some outlets are shared between pollutant rows, so outlet counts should not be summed as independent stacks. The suspended-solids rows pair a wastewater limit with GB/T14675-1993, described in the source as a three-point comparative odor-bag method. This apparent standard-reference mismatch is retained as a source inconsistency, not silently replaced with a guessed standard. The disclosure does not provide an independently verified current compliance conclusion.
Jushi says existing pollution-control facilities at the company and its subsidiaries operated normally in FY2022, discharged within standards and had no environmental violations. Its explanation describes pretreated wastewater reuse, air treatment before high-level release, equipment noise control and separate handling of hazardous and general solid waste. These processes relate directly to manufacturing costs and the ability to keep factories operating, but the passage supplies no quantified savings or independent inspection results. Management also describes supervising environmental-impact assessment and construction-completion acceptance, and observing the requirement for environmental facilities to be designed, built and put into use alongside the main project. That is an attributed process description, not a list of individual permit numbers, validity dates or all site-specific conditions. The company says principal outlets had automatic monitoring and other outlets were tested periodically by external environmental-testing organizations, with manual comparisons of online and self-monitoring data. Primary monitoring logs and individual acceptance documents are not supplied here. Emergency plans and drills are condensed as operating context; general environmental slogans are omitted. The distinction leaves concrete treatment and monitoring information available without turning the annual report into certification of every plant or project.
Jushi reports 58,187,200 kilowatt-hours of self-used distributed photovoltaic electricity in FY2022, originally expressed as 5,818.72 ten-thousand kilowatt-hours. It also reports 1,711,779.7 gigajoules of steam energy generated using recovered heat. The second figure is an energy quantity in GJ, not tonnes of steam, and cannot simply be added to the electricity figure. The annual explanation describes a newly developed low-carbon product formulation, energy-saving fans and bushings, automatic furnace-pressure control, rooftop solar development and equipment-efficiency reviews at three domestic locations. These identify process and energy actions relevant to glass-fiber manufacturing, while design claims do not establish a measured saving for each machine or product. The table attributes an avoided-emissions figure of 229,231 tonnes of carbon-dioxide equivalent to the company’s reduction measures. It does not show the calculation baseline, emission factors, allocation by measure or independent assurance. That reported avoidance is not the company’s total Scope 1 or Scope 2 emissions, proof of a zero-carbon factory, or a basis for adding claimed solar and heat savings again. Meetings, quizzes and publicity activities are omitted. The annual report says a separate ESG report is issued regularly; this explanation covers the annual section only and does not claim review of that separate report.
Page parsing is separate from content extraction. Reviewed means the stated topic scope was checked; it does not certify the entire annual report.
Same-assistant source/English comparison, not independent editorial approval. Complete selected statements and notes read; original parent, current/prior income, nonrecurring, FX, tax and goodwill tables visually checked. Annual parent/consolidated, stock/flow, signed result and original-unit boundaries retained. No new entity, outward partner research or inferred project allocation. Whole financial/management/ownership material inventory remains incomplete. This selected topic is not blanket clearance of all pages6–190; full financial reader inventory must be separately reconciled.
Material reader inventory under editorial-selection-v1. Whole source chapter read through preceding batches; actual reader explanations and FY2022 project profiles reconciled by business question, not counts. What does Jushi make, how is it made and where is it used? Industry process and share statistics are attributed context, not every grade specification or Jushi sales mix. Development and recognition do not establish customer orders. What changed in plants and projects during FY2022? Operator, location, product and phase distinguish identities. Ignition, commissioning, installation and base completion are different; budgets and future repair completion are not backdated. What were volumes, product economics, channels and customer concentration? Tonnes and metres are separate. Main-business and total revenue denominators differ. Industry output is not company production; direct/indirect channels are not named final customers. Materials39.58% is not gross margin41.53%. What constrains cash, inputs, earnings and expansion? Metals disposal is not recurring fiber profitability; cost/labour scopes remain explicit. Historical trade restrictions, energy and FX are not current legal advice. How do invested businesses and future strategy relate to the core business? Registered USD capital differs from10,000CNY financial columns. Full investee results are not ownership-adjusted contribution. FY2023 plans are intentions, not FY2022 completed outcomes. Routine policies, registry lists, minor expense categories and activity records remain in source evidence rather than copied wholesale. Unitemized disposal-gain difference remains explicit. Same-assistant source comparison, not independent editorial approval; source-use basis remains pending.
Same-assistant source/English comparison, not independent editorial approval. Full management8–22 read earlier; product/process/research/strategy8–10/13–14/20–21 reread, original8/10 visually checked. Process background, issuer technical claims, actual product development, customer qualification and following-year plans retain distinct scopes. Existing numeric research and operating facts are not duplicated as new fields. Current catalogues are not treated as historical annual evidence; no partner extension. Four material reader questions answered with annual evidence. Whole management/governance/financial material inventory remains incomplete.
Full management8–22 and audit69–72 text read; original10/11/12/14/15/16/17/72 visually checked. Same-assistant source and English comparison, not independent editorial approval. Product/region/channel/consolidated and industry scopes, original units, year-end versus annual periods and gain/cash distinctions preserved. Major-investee table, governance and complete financial notes remain pending; no partner extension. Selected reader questions answered without chart-by-chart copying, new customer identity, or guessed project/cash allocation. Auxiliary unknowns retained; these topics do not close the whole chapters.
Same-assistant source/English comparison, not independent editorial approval. Full13/33–36/143/153–154 reread, original34–36/143/154 visually checked. Workforce scopes, profit-sharing accounting movement, actual payout narrative and proposed dividend retain different periods and meanings; routine training/publicity condensed. Whole governance/important-matters/financial inventories remain incomplete. Three material reader questions answered with annual evidence. Whole management/governance/financial material inventory remains incomplete.
Full management8–22 and audit69–72 text read; original10/11/12/14/15/16/17/72 visually checked. Same-assistant source and English comparison, not independent editorial approval. Product/region/channel/consolidated and industry scopes, original units, year-end versus annual periods and gain/cash distinctions preserved. Major-investee table, governance and complete financial notes remain pending; no partner extension. Selected reader questions answered without chart-by-chart copying, new customer identity, or guessed project/cash allocation. Auxiliary unknowns retained; these topics do not close the whole chapters.
Full management8–22 and audit69–72 text read; original10/11/12/14/15/16/17/72 visually checked. Same-assistant source and English comparison, not independent editorial approval. Product/region/channel/consolidated and industry scopes, original units, year-end versus annual periods and gain/cash distinctions preserved. Major-investee table, governance and complete financial notes remain pending; no partner extension. Selected reader questions answered without chart-by-chart copying, new customer identity, or guessed project/cash allocation. Auxiliary unknowns retained; these topics do not close the whole chapters.
Same-assistant source and English comparison, not independent editorial approval. Original page19 all five rows visually checked, including the line-wrapped Zhongfu full name and US-dollar capital exception. Organizational holding and monetary scopes retained. Four existing issuer-named organizations reused; Beixin distinct from other similarly named companies. No subsidiary summation, shareholder attribution, plant allocation or accounting-method inference. Management material, governance/environment and full financial notes remain incomplete. All five rows, six monetary columns and reported holdings checked against the original table. The other chapters are not cleared by this table.
Full management8–22 and audit69–72 text read; original10/11/12/14/15/16/17/72 visually checked. Same-assistant source and English comparison, not independent editorial approval. Product/region/channel/consolidated and industry scopes, original units, year-end versus annual periods and gain/cash distinctions preserved. Major-investee table, governance and complete financial notes remain pending; no partner extension. Selected reader questions answered without chart-by-chart copying, new customer identity, or guessed project/cash allocation. Auxiliary unknowns retained; these topics do not close the whole chapters.
Same-assistant source/English comparison, not independent editorial approval. Full governance23–38 text read, related49–50 and subsequent179–181 reread; original33/46/49/50/179–181 visually checked. Committee proposals, reported internal-control opinions, shared appointments, actual regulatory warning, subsequent undertaking extension and dividend disclosure states retain distinct scopes. Financial/environment/important-matter material inventories remain incomplete. Shared roles, board renewal/pay, committee project decisions, incentives/workforce/dividend policy and control disclosure covered. Routine CVs/attendance/meeting procedure and publicity condensed; independent editorial and source-use gates remain pending.
Same-assistant source/English comparison, not independent editorial approval. Full governance23–38 text read, related49–50 and subsequent179–181 reread; original33/46/49/50/179–181 visually checked. Committee proposals, reported internal-control opinions, shared appointments, actual regulatory warning, subsequent undertaking extension and dividend disclosure states retain distinct scopes. Financial/environment/important-matter material inventories remain incomplete. Six material reader questions answered with annual evidence. Whole management/governance/financial material inventory remains incomplete.
Same-assistant source/English comparison, not independent editorial approval. Whole environmental/social39–45 text read; original emissions tables40–42 visually checked. Investment, pollutant masses, limits, associate perimeter, treatment/monitoring and energy scopes separated. General permit claims are not independently verified licences. Routine publicity and non-material charity activity records screened out with reasons; financial and remaining important-matter inventories incomplete.
Complete46–53 read and reconciled with actual English explanations for the outstanding competition undertaking and further extension, auditor change/defined control scope, specifically disclosed director warning, consolidated subsidiary guarantees and bank-product contract timing bridge. Original52–53 tables were visually checked in the existing treasury batch; complete51 text and current statement scope are retained. Routine not-applicable headings and approval/publication indices condensed, not converted to blanket absence of financing, legal or governance risk. Detailed actual related trading remains in171–178 source notes; no partner research. Material-reader selection complete, not independent editorial or source-use approval.
Same-assistant source/English comparison, not independent editorial approval. Full annual pages51–53 reread and original52–53 visually checked. Guarantee occurrence, year-end balance and subset are distinct; contract start-date bridge is a derived check, not an issuer reconciliation. Whole governance/important-matters and financial inventories remain incomplete. Two material reader questions answered with annual evidence. Whole management/governance/financial material inventory remains incomplete.
Complete54–62 ownership chapter read and original55–56 shareholder tables and58/60 control diagrams checked. Reader explanations cover stable share count, direct and upper control, registered major holdings, pledge subset and unknown relationships/beneficial holders. Minor fund list, registered business boilerplate and other controller investments condensed with source retained. Bond listings cross-reference the separate63–68 debt review, not new share issuance. Chapter selection review only; source-use and independent editorial approval remain pending.
Same-assistant source/English comparison, not independent editorial approval. Source recognition policies, financial/equity statements and ownership54–62 read; original shareholder55–56 and control58/60 diagrams plus equity83/84/86, share151 and cash81/82 viewed. Parent/consolidated/minority, equity/cash, registered/beneficial, ownership/pledge and historical/current scopes separate. No new entity or outward partner research. Whole annual material-reader inventory still requires closure. This selected topic is not blanket clearance of all pages54–189; full financial reader inventory must be separately reconciled.
Same-assistant source/English comparison, not independent editorial approval. Full63–68/119/141–142/145–148/158/168–170 read; original debt/bill/maturity tables visually checked. Principal, accrued carrying values, current reclassification and annual cash remain distinct; maturity table is limited, not all future cash obligations. Financial and whole important-matter inventories remain incomplete. All chapter pages read; instrument dates/rates/principal, proceeds-use and payment/protection statements explained. Intermediary contact lists omitted as unrelated to operating and shareholder questions; original evidence retained.
Same-assistant source/English comparison, not independent editorial approval. Full63–68/119/141–142/145–148/158/168–170 read; original debt/bill/maturity tables visually checked. Principal, accrued carrying values, current reclassification and annual cash remain distinct; maturity table is limited, not all future cash obligations. Financial and whole important-matter inventories remain incomplete.
Material reader inventory under editorial-selection-v1. Whole source chapter read through preceding batches; actual reader explanations and FY2022 project profiles reconciled by business question, not counts. How should audit, recognition, profit, distributions and parent cash be interpreted? Audit assurance does not independently verify every narrative. Control-based revenue, expensed research and impairment estimates are explained. Cash dividends/profits/interest, equity distributions, proposals and parent-only cash are distinct. Are earnings supported by available cash and recoverable working capital? Gross receivables, allowances, net balances and anonymous debtor scopes differ. Relocation claims are not cash received. Inventory book values are not tonnes. Full operating-cash bridge begins with total profit, not attributable profit. What investment and productive assets are on the books? All eight important CIP accounts and residual all-CIP scope are covered. Accounting additions/transfers are not cash. Engineering progress is not the qualified investment ratio. Metals are productive assets with a different depreciation treatment; rights and title processing do not establish permit legality. Grant cash, income, deferred balances and FX are separate. What borrowing, bills, supplier obligations and maturities fund operations? Current portions are not added to gross debt twice. Bond principal, carrying values, interest and SCP differ. Retained endorsed bills remain obligations. Maturity analysis is limited to issuer categories and excludes interest; no inferred comprehensive liquidity promise. What is consolidated, controlled, disposed of or equity-accounted? Manufacturing versus sales companies, two India entities, mineral disposal versus associate investment and minority cash scopes remain distinct. Partial-year Wuxi results are not a full-year figure. No outward partner investigation. Which related trades and balances matter? Purchases, equipment, sales, advances and current/prior balances retain direction and currency. Commercial relations do not imply arm’s-length pricing or final demand. Registry lists and small routine counterparties are condensed. How do parent, segment, nonrecurring, FX, tax and goodwill differ? Parent receivables/investment income are not additional consolidated external business. Geography and main-business totals differ from total revenue and asset location. Foreign monetary balances, OCI translation, finance FX and cash FX are distinct. Tax rates are historical and entity-specific; goodwill models are assumptions. The436023CNY selected-metal/broader gain gap is unitemized, without an invented cause or correction. What subsequent commitments and distributions affect shareholders? Extensions and proposals are issuer disclosures with subsequent dates, not integration completion or verified dividend payment. Routine no-applicable contingencies and template pension/lease mechanics are condensed, not deleted from source. Routine policies, registry lists, minor expense categories and activity records remain in source evidence rather than copied wholesale. Unitemized disposal-gain difference remains explicit. Same-assistant source comparison, not independent editorial approval; source-use basis remains pending.
Full management8–22 and audit69–72 text read; original10/11/12/14/15/16/17/72 visually checked. Same-assistant source and English comparison, not independent editorial approval. Product/region/channel/consolidated and industry scopes, original units, year-end versus annual periods and gain/cash distinctions preserved. Major-investee table, governance and complete financial notes remain pending; no partner extension. Selected reader questions answered without chart-by-chart copying, new customer identity, or guessed project/cash allocation. Auxiliary unknowns retained; these topics do not close the whole chapters.
Same-assistant source/English comparison, not independent editorial approval. Full106/129–135 text read; original130/131/132/134/135 tables visually checked. All eight important-project rows preserve units, blank cells, signed decreases and progress/ratio footnote. Three existing identities reused with full operator/product/site/account continuity; other scopes remain unmerged. Whole financial material inventory remains incomplete.
Same-assistant source/English comparison, not independent editorial approval. Complete118/120–127/159–160 text reread; original121–123/125–127 tables visually checked, original118/159/160 checked in preceding batch. Cash definition, complete profit bridge, receivable allowances/concentration, relocation claims and inventory valuation separated. Remaining assets/funding/grants/perimeter/related/parent/nonrec and whole financial material inventory incomplete.
Same-assistant source/English comparison, not independent editorial approval. Source128/159/163–167 read; original128/159/163–167 tables visually checked. Six distinct issuer-reported organizations added, full names/place/activity distinguish US sales/manufacturing and two India entities. Disposal consideration, equity-method investment, subsidiary and minority measures remain separate. No partner research extension, new physical site or inferred commissioning. Whole financial material inventory incomplete.
Same-assistant source/English comparison, not independent editorial approval. Source133/137–138/149–151/155/157/162 read; original133/137/138/149/155/157/162 tables visually checked. Land/energy/discharge carrying values are not permit clearance; grant cash, deferral, recognition and FX have separate scopes. Named projects remain unmerged without exact site/product/phase identity. Whole financial material inventory remains incomplete.
Same-assistant source/English comparison, not independent editorial approval. Full171–178 text read, original173–178 tables visually checked. Material related trading directions and balance types retained; current/prior columns and blank allowances separate. Existing full-name identities reused, three other-related-party entities added from exact registry names, not external partner research. Financial/management material inventories remain incomplete. Minor registry, rental and routine service rows condensed on documented materiality review; no blanket whole-financial clearance.
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