China Jushi FY2022: Cash generation and working capital

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.

Reported roving and related-product sales / 2022 / annual roving and related product sales

2,110,300 tonnes

Reported electronic-fabric sales / 2022 / annual electronic fabric sales

702,000,000 metres

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.

Reported net inventory / 2022 / consolidated inventory net

RMB 4,128,658,445.26

Reported net fixed assets / 2022 / consolidated fixed assets net

RMB 28,903,405,307.61

Reported consolidated construction in progress / 2022 / consolidated construction in progress

RMB 4,513,922,703.79

Reported overseas assets / 2022 / consolidated overseas assets

RMB 11,893,768,783.93

Reported monetary funds restricted for bill deposits and term deposits / 2022 / restricted monetary funds bill deposits term deposits

RMB 6,150,910.07

Reported total restricted assets net carrying value / 2022 / consolidated restricted assets net

RMB 968,934,805.93

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.

Reported gains from selected precious-metal disposals / 2022 / selected precious metal disposal gain management narrative

RMB 2,573,510,400

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.

Bank wealth-management occurrence / 2022 / FY2022 own funds bank wealth management annual occurrence; excludes contracts begun in 2021

RMB 5,256,902,640

Bank wealth-management unmatured balance / 2022 / FY2022 treasury summary; unmatured bank wealth management year end balance

RMB 0

Bank wealth-management overdue unrecovered balance / 2022 / FY2022 treasury summary; overdue unrecovered year end amount

RMB 0

Listed bank-product contract principal total / 2022 / FY2022 individual contract table total including three contracts begun on 2021 12 31; not annual new placement or year end balance

RMB 6,316,595,340

Listed bank-product contract actual income / 2022 / FY2022 individual contract table actual income total; not all group financial income

RMB 12,720,017.17

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.

Short-term profit-sharing liability additions / 2022 / FY2022 consolidated employee compensation note: short term profit sharing additions, not total plan cash payout

RMB 13,705,594.49

Short-term profit-sharing liability reductions / 2022 / FY2022 consolidated employee compensation note: short term profit sharing reductions, not separately identified beneficiary cash

RMB 137,833,460.17

Short-term profit-sharing liability balance / 2022 / FY2022 consolidated employee compensation note: closing short term profit sharing liability, not new annual expense

RMB 604,803,250.91

Administrative employee-compensation expense / 2022 / FY2022 consolidated administrative expense employee compensation component; not all group payroll or profit sharing payout

RMB 408,343,638.99

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.

Monetary funds total / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 2,635,927,627.07

Closing cash and cash equivalents / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 2,629,776,717

Other monetary funds available for payment / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,279,562.04

Monetary funds held offshore / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 533,770,247.57

Foreign-currency monetary funds translated into CNY / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,120,392,769.99

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.

Total net profit starting the cash bridge / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 6,820,295,007.44

Net operating cash flow / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 4,124,060,977.31

Depreciation and related depletion cash adjustment / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 1,694,727,918.65

Long-lived disposal gain reversal in cash bridge / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB -2,573,074,377

Inventory adjustment in cash bridge / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB -1,964,704,443.24

Operating receivables adjustment in cash bridge / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 3,519,071,886.79

Operating payables adjustment in cash bridge / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB -3,876,432,441.59

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.

Trade receivables before allowance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,765,977,373.06

Trade receivable expected-credit-loss allowance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 176,087,911.31

Trade receivables after allowance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,589,889,461.75

Top-five year-end trade-debtor balances / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 211,217,171.05

Bills classified as receivables financing / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,557,717,208.24

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.

Gross other receivables / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,442,882,075.57

Other receivable credit-loss allowance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 17,811,434.82

Net other receivables / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,425,070,640.75

Relocation compensation receivable / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,239,682,773

Funds-occupation charge receivable / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 28,088,155.83

Anonymous combined relocation debtor balance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,267,770,928.83

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.

Inventory before allowance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 4,183,381,066.43

Inventory valuation allowance / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 54,722,621.17

Net finished-goods inventory / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 2,376,275,284.25

Net raw-material inventory / 2022 / Consolidated FY2022 annual note; 31 December carrying amount, not cash collected.

RMB 1,597,736,456.23

Annual inventory impairment charge / 2022 / Consolidated FY2022 annual note; Annual cash flow reconciliation adjustment or reported flow; not an additional balance.

RMB 34,796,551.15

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,471,166,700

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 10,275,662.21

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

84%

Reported transfer into fixed assets / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 37,307,028.08

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 700,000,000

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 115,998,646.22

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

89%

Reported transfer into fixed assets / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 556,102,299.29

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 2,167,074,800

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,623,762,924.81

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

80%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

76%

Reported closing construction carrying value / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,770,579,793.09

Signed other construction decrease / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB -12,871,560.17

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 3,670,560,500

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,211,432,378.21

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

73%

Reported transfer into fixed assets / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 2,635,090,650.23

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,797,588,300

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,010,327,986.45

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

58%

Reported transfer into fixed assets / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,045,626,279.58

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 5,075,718,000

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,693,843,083.01

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

50%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

33%

Reported closing construction carrying value / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 1,695,321,070.83

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 634,358,600

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 670,114,001.1

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

30%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

12%

Reported closing construction carrying value / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 670,114,001.1

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.

Reported construction budget / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 138,173,500

Reported construction carrying-value additions / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 200,812,000.74

Issuer-reported construction progress / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

100%

Issuer-reported investment-to-budget ratio / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

108%

Reported transfer into fixed assets / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 210,130,387.38

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.

Important-project closing subtotal / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 4,136,014,865.02

Important-project additions subtotal / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 6,536,566,682.75

Important-project capitalization subtotal / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB 4,484,256,644.56

Signed important-project other decrease / 2022 / FY2022 annual construction/asset table; reported scope and units. Accounting movement is not cash spending; reported progress and investment ratios are separate.

RMB -12,371,932.77

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.

Reported closing construction carrying value / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 251,404,223.68

Reported closing construction carrying value / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 7,153,377.93

Reported closing construction carrying value / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 119,350,237.16

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.

Government subsidy cash received / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 523,064,577.33

Recognized other income / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 276,085,718.35

New deferred asset grant / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 294,487,800

Closing deferred asset grant / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 645,510,859.34

Asset grant released to income / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 47,508,941.02

Grant currency translation movement / 2022 / FY2022 annual consolidated rights/grants note; stated account scope and CNY unit. Deferred balances, releases, FX and receipts are distinct.

RMB 4,951,161.83

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.

Trade payable component / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 1,717,825,912.67

Trade payable component / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 1,085,201,377.18

Customer advance contract liabilities / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 501,721,984.89

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.

Reported parent-only gross trade receivables / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 6,300,277,120.74

Reported parent-only trade-receivable allowance / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 62,412,667.73

Reported parent-only net trade receivables / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 6,237,864,453.01

Reported parent-only top-five debtor balance share including group companies / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

88.37%

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.

Reported parent-only revenue / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 15,738,229,945.12

Reported parent-only cost of revenue / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 15,364,506,864.18

Parent-only net profit / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,208,838,585.89

Parent-only operating cash flow / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,262,548,334.57

Reported parent-only investment income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,149,427,299.37

Reported parent-only investment income under cost method / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,100,000,000

Reported parent-only equity-method investment income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 62,253,415.1

Parent-only wealth-management income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 73,884.27

Parent-only derivative disposal gain or loss / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -12,900,000

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.

Consolidated investment income or loss / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -32,367,113.75

Consolidated equity-method investment income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 65,763,120.23

Consolidated long-term equity disposal income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 21,741,351.59

Consolidated derivative-disposal result / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -133,110,946.84

Consolidated fair-value gain or loss / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -18,613,674.18

Trading financial-asset fair-value result / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -2,487,929.73

Trading financial-liability fair-value result / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -16,125,744.45

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.

Reported nonrecurring asset-disposal result / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,534,977,509.32

Reported nonrecurring government grants / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 228,576,777.33

Reported nonrecurring charges for funds used / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 43,720,258.82

Reported nonrecurring financial-instrument result / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -138,485,259.75

Reported nonrecurring other nonoperating result / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -25,239,744.48

Reported tax deduction in nonrecurring supplement / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 403,098,702.22

Reported after-tax minority deduction in nonrecurring supplement / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 7,456,481.35

Reported net nonrecurring income attributable to shareholders / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,232,994,357.67

Reported attributable profit excluding nonrecurring items / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 4,377,021,554.19

Reported non-current asset-disposal gains in income-statement note / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,573,074,377

Reported non-current asset-disposal losses in non-operating expenses / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 59,838,219.27

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.

Consolidated finance-note interest expense / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 409,933,125.19

Consolidated finance-note signed interest income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -126,677,531.33

Consolidated finance-note signed exchange loss / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -27,501,906.06

Consolidated finance-note other expense / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 10,126,779.14

Consolidated net finance expense / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 265,880,466.94

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.

Group foreign-statement translation in other comprehensive income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 432,960,672.87

Reported foreign-statement translation in parent-attributable other comprehensive income / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 341,593,260.96

Minority-attributable foreign-statement translation / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 91,367,411.91

Parent-attributable foreign-translation balance / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 145,865,914.04

Parent-attributable total other-comprehensive-income balance / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 144,750,246.56

Exchange-rate effect on cash and cash equivalents / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -7,670,386.64

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.

Current corporate-income-tax expense / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 1,296,548,043.27

Deferred corporate-income-tax expense / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB -77,693,571.65

Reported consolidated income-tax expense / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 1,218,854,471.62

Cash paid in all tax categories / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,700,654,618.81

Cash received from tax refunds / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 372,240,885.56

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.

Deferred-tax assets before offset / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 400,602,610.37

Deferred-tax liabilities before offset / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 578,807,466.89

Unrecognized deductible temporary differences / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 23,861,100.87

Unrecognized deductible losses / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 119,267,202.35

Total unrecognized deductible base / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 143,128,303.22

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.

Reported historical corporate-income-tax rate by entity / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

25%

Reported historical corporate-income-tax rate by entity / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

22.5%

Reported historical corporate-income-tax rate by entity / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

15%

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.

Reported gross goodwill / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 472,512,501.24

Accumulated goodwill impairment / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

RMB 2,544,408.27

Lower reported goodwill discount-rate endpoint / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

13.4%

Upper reported goodwill discount-rate endpoint / 2022 / FY2022 annual: specified consolidated, parent only or source note category; original CNY/% retained. Annual flows and year end balances distinct. No inferred cash, plant allocation or current tax guidance.

15.64%

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 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.