China Jushi FY2022: Debt and related-party balances

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.

Subsidiary guarantee occurrence / 2022 / FY2022 subsidiary guarantees; reported annual occurrence, not year end balance

RMB 7,962,350,000

Subsidiary guarantee outstanding balance / 2022 / FY2022 subsidiary guarantees; year end outstanding balance, not cash called

RMB 4,385,900,000

Guarantees to net assets / 2022 / FY2022 reported guarantee/net assets ratio; detailed denominator not specified in this table

15.89 percent

Guarantees for beneficiaries above 70% debt/assets / 2022 / FY2022 high leverage beneficiary subset of total guarantees; do not add to total

RMB 66,163,700

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.

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

RMB 909,766,645.64

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

RMB 24,471,402.29

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.

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

RMB 80,000,000

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 8,000,000

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 2,388,889.08

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 26,166,666.26

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

RMB 74,388,889.08

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.

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 216,830,000

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 27,847,046.82

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 411,496,837.92

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 909,416.76

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 9,432,451.25

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 2,047,800

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 28,441.66

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 2,019,358.34

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.

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 4,210,642.29

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

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 55,742,550.29

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.

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 48,260,000

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 1,675,694.45

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 46,584,305.55

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 10,000,000

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 347,222.25

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 9,652,777.75

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.

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 319,209.35

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 7,500,000

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 1,383,378.36

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 899,000

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 3,285,418.71

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 56,875,000

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 10,029,493.27

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 14,226,000

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 9,350,000

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.

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

RMB 300,284,166.67

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

RMB 624,046,478.8

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

RMB 3,435,253,697.68

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

RMB 4,359,584,343.15

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

RMB 12,949,998.38

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

RMB 3,697,619,678.45

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

RMB 2,395,090,794.44

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

RMB 4,309,162,800.23

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

RMB 1,796,497,671.04

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.

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

RMB 200,000,000

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

RMB 800,000,000

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

RMB 500,000,000

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

RMB 500,000,000

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

3.14%

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

3.07%

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

3.61%

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

1.83%

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.

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

RMB 512,614,861.2

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

RMB 200,453,555.56

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

RMB 819,631,333.33

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

RMB 1,499,385,833.48

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

RMB 33,313,916.61

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

RMB 502,058,750

Short-paper annual issuance movement / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 2,599,640,714.61

Short-paper annual repayment movement / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 2,627,845,342.44

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.

Transferred bills not derecognized / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 285,125,689.74

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

RMB 873,262,429.08

Financing-purpose bill cash flow / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 4,610,000,000

Financing-purpose bill cash flow / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 3,260,000,000

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.

Presented liability maturity schedule / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 15,958,429,014.92

Presented liability maturity schedule / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 10,146,697,790.17

Presented liability maturity schedule / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 5,330,585,102.61

Presented liability maturity schedule / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 473,767,568.37

Presented liability maturity schedule / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

RMB 7,378,553.77

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.

Reported fixed-rate share of interest-bearing debt / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

48.69%

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

RMB 16,498,549.37

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.

Issuer-reported debt indicator / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

0.9334 ratio

Issuer-reported debt indicator / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

0.61 ratio

Issuer-reported debt indicator / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

20.61 times

Issuer-reported debt indicator / 2022 / FY2022 annual consolidated debt note; specific principal/carrying amount, classification or cash flow. Maturity table scope is limited; no duplicated reclassification.

15.85 times

Year-end related-party trade receivables totaled CNY 33,885,148.32 gross with CNY 24,577.88 of credit-loss allowance, compared with opening gross CNY 20,220,805.15 and allowance CNY 168,769.17. The largest current named amount is CNY 23,190,491.91 due from Zhongfu Lianzhong. Its current allowance cell is blank; the CNY 133,078.71 shown in the opening allowance column is not copied into the current year or used to assert an independently verified zero credit risk. Huamei’s current receivable is CNY 1,056,434.23 with CNY 12,677.21 allowance; Hengshi Egypt’s is CNY 232,291.97 with CNY 2,787.50 allowance. Separately, related supplier prepayments total CNY 7,521,933.31, including CNY 5,131,500.00 for CNBM engineering and CNY 2,239,021.40 for Yushi freight. These are claims or payments ahead of services, not customer sales or cash already collected. The CNY 945,053.60 Alletai receivable and CNY 1,476,000.00 Hefei equipment prepayment are opening-column entries, not new current balances. Related receivables are part of group receivables, not an additional asset total to add twice.

Reported related-party trade receivables gross / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 33,885,148.32

Reported related-party trade-receivable allowance / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 24,577.88

Named related-party receivable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 23,190,491.91

Named related-party receivable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 1,056,434.23

Named related-party receivable allowance / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 12,677.21

Named related-party receivable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 232,291.97

Named related-party receivable allowance / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 2,787.5

Related-party supplier prepayments / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 7,521,933.31

Named related-party supplier prepayment / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 5,131,500

Named related-party supplier prepayment / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 2,239,021.4

Closing related-party trade payables were CNY 42,626,647.79, versus CNY 24,084,384.89 at the start of the year. Material components include CNY 16,302,367.36 for Huarui equipment, CNY 9,272,031.88 for QUARTZ freight, CNY 5,704,485.25 for Yushi freight, CNY 2,887,500.00 for CNBM engineering and CNY 1,274,631.56 for Tianshi freight. These balances describe unpaid or unsettled amounts at one date; they are not the full annual purchases, new loans or a disclosed allocation to a particular construction project. The table’s Hengshi Egypt CNY 88,263.85, Huamei Egypt CNY 69,031.49 and Zhejiang Hengshi CNY 1,066,623.75 are in the opening column rather than the closing column. Blank closing cells are not independently certified absence of every exposure. This subset is already within group payables and is kept separate from customer contract liabilities and bid deposits, so the same obligations are not added twice in funding analysis.

Reported related-party trade payables / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 42,626,647.79

Named related-party payable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 16,302,367.36

Named related-party payable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 9,272,031.88

Named related-party payable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 5,704,485.25

Named related-party payable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 2,887,500

Named related-party payable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 1,274,631.56

Related-party contract liabilities reached CNY 300,649,174.21 at year-end, compared with CNY 63,438,877.21 at the start. The major current amounts are CNY 138,527,771.40 from Zhenshi Holding and CNY 102,125,199.71 from Huamei. Other material balances include CNY 19,602,441.49 from Turkiz, CNY 13,843,127.50 from Huamei Egypt, CNY 11,272,726.75 from Hengshi Egypt, CNY 8,379,168.79 from Huafeng and CNY 2,753,704.35 from CNBM International Trade. These disclosed advances support an understanding of customer funding before revenue recognition, not a second revenue total or all confirmed future orders. They are only the related subset of the group’s contract liabilities. The note does not give delivery schedules, refund conditions, product-by-product volumes or a reliable conversion into future output. Advance balances, receivables and annual sales therefore remain separate measures even when the counterparty is the same.

Related-party contract liabilities / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 300,649,174.21

Named related-party contract liability / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 138,527,771.4

Named related-party contract liability / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 102,125,199.71

Named related-party contract liability / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 13,843,127.5

Named related-party contract liability / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 11,272,726.75

Named related-party contract liability / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 8,379,168.79

Named related-party contract liability / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 2,753,704.35

The related-party other-payable total is CNY 6,548,461.41. It comprises CNY 4,718,461.41 of transport amounts owed to Shanghai Tianshi, plus bid deposits of CNY 1,000,000.00 for CNBM International Engineering, CNY 530,000.00 for Huarui and CNY 300,000.00 for China New Building Materials Design and Research Institute. The four amounts reconcile the reported total; deposits are a different obligation from equipment or freight purchase invoices. They are not new financing loans or customer order revenue. The source also states that no important contingencies required disclosure at 31 December 2022. That is the issuer’s disclosure-scope statement, not independent assurance that every guarantee, credit exposure, project permit or future obligation was absent. The separately reported guarantees and borrowing risks remain relevant. Routine minor rental, hotel, clinic and exhibition entries stay in the archived source without creating a separate paragraph for every activity.

Related-party other payables / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 6,548,461.41

Named related-party other payable / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 4,718,461.41

Named related-party bid deposit / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 1,000,000

Named related-party bid deposit / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 530,000

Named related-party bid deposit / 2022 / FY2022 annual related party note: original CNY, current year transactions or year end balances as specified. Categories and counterparties separate; not additional group revenue, cash settlement or complete orders.

RMB 300,000

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.

Reported parent-only dividend receivable from Jushi Group / 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 net other 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 7,065,848.31

Reported parent-only long-term equity investments / 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 11,513,162,515.93

Parent-only subsidiary investment carrying value / 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 10,136,366,917.18

Parent-only associate and joint-venture investment carrying value / 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 1,376,795,598.75

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.

Foreign-currency cash translated to CNY / 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 1,120,392,769.99

Foreign-currency trade receivables translated to CNY / 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 866,986,131.91

Foreign-currency receivable financing translated to CNY / 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 19,614,198.39

Foreign-currency other receivables translated to CNY / 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 151,282,758.14

Foreign-currency short-term loans translated to CNY / 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 334,465,207.05

Foreign-currency trade payables translated to CNY / 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 675,948,080.92

Foreign-currency other payables translated to CNY / 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 61,077,268.51

Foreign-currency non-current debt due within one year translated to CNY / 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 1,054,702,192.93

Foreign-currency remaining long-term loans translated to CNY / 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 24,882,285.15

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.

Equity-statement distribution by owner category / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 1,921,505,629.44

Equity-statement distribution by owner category / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 64,773,077.56

Equity-statement distribution by owner category / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 1,986,278,707

Transfer from retained earnings to surplus reserve / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 220,883,858.59

Reported consolidated retained earnings / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 19,176,402,269.7

Combined dividends profits and interest cash paid / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 2,364,357,305.78

Cash distributions to minority owners / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 74,945,414.45

Reported subsidiary minority capital cash received / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

RMB 9,800,000

Issued shares at reporting date / 2022 / FY2022 issuer statement or ownership table; exact original CNY, shares or %. Annual flow/year end stock and consolidated/parent/minority scopes separate. Distribution is not inferred cash payment.

4,003,136,728 shares