China Jushi FY2022: Manufacturing bases

At the end of FY2022, Jushi reports 245 employees at the parent and 13,866 at its main subsidiaries, giving 14,111 in this disclosed workforce perimeter. It classifies 11,224 as production staff and 1,865 as technical staff, alongside 107 sales, 76 finance and 839 administrative staff. The predominance of production roles gives context to the company’s furnace, drawing and finishing operations, but these are year-end headcounts rather than average full-time equivalents, staffing for each factory or evidence of output per employee. The separately disclosed 1,303 research personnel use a different classification; they cannot simply be added to technical staff as if the categories were proven disjoint. For front-line capability, the report describes training and assessment for fiber drawing, winding and machine repair. This identifies skills needed to run the production process; counts of classes and participation are not used as proof of better yield or lower unit cost. Routine cultural activities and awards are condensed. The report also discloses CNY 63.5436 million of remuneration paid for outsourced labour, with hours marked not applicable. This is a disclosed annual payment amount, not an outsourced headcount. It is not equated to the much narrower outsourcing-expense line inside administrative expenses, nor divided by a presumed salary to invent contractor numbers. The source does not allocate the workforce or these payments to each named capacity project.

Parent employees / 2022 / FY2022 year end parent/main subsidiary disclosed workforce; not average FTE or contractors

245 persons

Main-subsidiary employees / 2022 / FY2022 year end parent/main subsidiary disclosed workforce; not average FTE or contractors

13,866 persons

Parent and main-subsidiary employees / 2022 / FY2022 year end parent/main subsidiary disclosed workforce; not average FTE or contractors

14,111 persons

Production employees / 2022 / FY2022 year end parent/main subsidiary disclosed workforce; not average FTE or contractors

11,224 persons

Technical employees / 2022 / FY2022 year end parent/main subsidiary disclosed workforce; not average FTE or contractors

1,865 persons

Outsourced labour remuneration paid / 2022 / FY2022 reported outsourced labour remuneration paid, not administrative expense only outsourcing or headcount

RMB 63,543,600

Platinum-rhodium alloy bushings form part of the glass-fiber drawing process. The annual accounting policy describes periodic cleaning and reprocessing to maintain fiber quality; losses of metal in that process enter product cost and reduce the production asset. The issuer records these bushings within fixed assets without ordinary depreciation. At 31 December 2022, the platinum-rhodium category has CNY 11,026,435,002.96 gross and net carrying value, already included in consolidated net fixed assets of CNY 28,903,405,307.61. It is not extra cash, ordinary finished-goods inventory or a balance to add to plant assets again. The fixed-asset table reports CNY 280,089,809.38 of platinum consumption as a separate reduction, while purchases, construction transfers, disposals and currency translation form other movements. The entire annual decrease is therefore not metal consumed in production. Total fixed assets close at CNY 35,122,930,192.23 gross less CNY 6,219,524,884.62 accumulated depreciation, matching the reported net total. Construction transferred CNY 5,635,228,052.93 into gross fixed assets, with CNY 26,464,615.48 of accumulated depreciation transferred separately. Transfers and translation are accounting changes, not all cash spent that year. The precious-metal disposal gain discussed by management is a profit measure rather than the metal asset’s remaining value or a fiber-sales margin.

Reported gross 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 35,122,930,192.23

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

RMB 6,219,524,884.62

Reported platinum-rhodium production 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 11,026,435,002.96

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

RMB 280,089,809.38

At 31 December 2022, consolidated intangible assets have CNY 1,186,399,549.89 of gross cost and CNY 241,670,319.80 of accumulated amortization, giving CNY 944,729,230.09 net carrying value. The net categories are land-use rights CNY 820,263,117.79, patents CNY 152,038.13, software-use rights CNY 61,489,407.27, energy-use rights CNY 41,346,090.19 and pollutant-discharge rights CNY 21,478,576.71. Land supports the factory footprint, while energy and discharge rights are separately recognized production-related assets; they are not extra factory capacity or cash. The note supplies accounting values rather than individual addresses, active permit numbers or proof that each plant complies with every permit. Non-patented technology has CNY 18,337,225.43 both as gross cost and accumulated amortization; that accounting result does not mean the company has no technical know-how. Mining-right gross cost of CNY 116,979,308.76, accumulated amortization CNY 2,986,066.40 and impairment CNY 108,376,460.90 leave the accounts through a change in consolidation perimeter. This is not a new CNY 116.98 million annual mining loss. The prior-year net mining value was CNY 5,676,534.45; the actual disposal and resulting investment scope require their separate transaction notes.

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

RMB 1,186,399,549.89

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

RMB 241,670,319.8

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

RMB 944,729,230.09

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

RMB 820,263,117.79

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

RMB 152,038.13

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

RMB 61,489,407.27

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

RMB 41,346,090.19

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

RMB 21,478,576.71