China Jushi | FY2023 business review

Glass fiber and related products generated RMB 14,422,519,043.04, 99.06% of main-business revenue, down 14.49%. Management says domestic and overseas volumes increased, but lower fiber prices reduced revenue and margins in both regions. The operating account reports record-period roving and electronic-fabric production and sales. Volume growth and revenue decline can coexist; the annual view explains their different drivers rather than treating them as a contradiction.

The company developed more than ten major new products. It describes high-performance solutions for offshore wind, photovoltaic frames, vehicle battery boxes and hydrogen storage tanks, with customer quality certification and gradual stable batch supply. These are application-specific commercialization disclosures. The passage does not identify the customers, assign a shipment quantity to each application or state that every product was already delivering at the same stage.

R&D investment was RMB 519,365,367.39, entirely expensed, equal to 3.49% of revenue; the company reported 1,322 research personnel. Sixty invention patents were authorised, including 35 overseas inventions. Equipment supplied to the China–Egypt high-performance glass fiber and composites joint laboratory had entered use. The laboratory equipment milestone updates the approval disclosed in 2020, while remaining separate from customer certification and product sales.

The FY2023 annual report describes glass fiber as a nonmetallic inorganic material used for composite reinforcement, electrical insulation and thermal insulation. It describes mineral ingredients such as pyrophyllite, kaolin, limestone and quartz sand being proportioned, melted at high temperature, drawn into filaments, dried and wound. A strand contains hundreds or thousands of filaments. These process steps explain why a glass formulation, furnace technology and downstream product format are distinct parts of the business. The disclosed research programme covers glass formulations, sizing chemicals, fiber-product development, composite applications, process equipment, cleaner production and intelligent manufacturing. Management’s claim of world-leading proprietary technology is attributed to the company; research expenditure, patents and laboratory use do not themselves establish an individual product’s customer certification, delivery quantity or commercial profit.

The FY2023 report says an inductively coupled plasma spectrometer was to be donated to Egypt’s National Research Centre for qualitative and quantitative analysis of glass-fiber mineral raw materials. Unlike a general charity activity, this identifies a specific research input and its intended use. The same passage says the joint high-performance glass-fiber and composites laboratory, established in January 2018, developed localised Egyptian glass formulations and higher-melting-efficiency processes that reduced production cost and carbon emissions. Those effects are management claims without a quantified saving here. This account preserves the date stated in this passage without conflating it with a separate later approval or equipment-use milestone, and does not extend research into the partner or assume commercial delivery of each formulation.

Domestic revenue represented 61.82% of main-business revenue, while direct sales represented 70.79%. The top five customers accounted for 12.60% of annual sales; related-party sales within that group accounted for 11.46% of the total. Management says it maintained cooperation with major global enterprises and developed new applications and customers. The concentration table does not provide the names of all buyers or connect an unnamed buyer with a particular furnace.

The future-factory approach extended to the Egyptian and United States subsidiaries. The report describes wider use of its industrial digital platform across the value chain and a platform linking customers and suppliers for collaboration. This helps explain how the manufacturing network is operated as a group. Claims of globally leading manufacturing efficiency are management's assessment; the cited passage does not give a reproducible numerical cross-company efficiency comparison.

The company disposed of its Zhongfu Lianzhong interest through an equity swap, reporting investment income of RMB 179.4115 million. The investment table lists a 20.01% interest in Sinoma Science & Technology Wind Power Blade, whose business is wind-blade manufacture and sales. This records the change in downstream equity participation, distinct from a new customer supply contract. It does not establish a specific fiber purchase volume by the investee.

The FY2023 parent-and-main-subsidiary workforce table reports 13,819 employees, including 10,928 production personnel and 1,867 technical personnel. These are employment categories, not the same definition as the separately reported research headcount. The training account specifically identifies drawing, winding and maintenance roles and says the company conducted occupational training and assessment for glass-fiber workers and related positions. This explains the skill base around continuous-fiber production; training attendance alone does not establish yield, productivity or injury improvements. The report also says the second payout under its 2021–2023 excess-profit-sharing programme was completed in 2023. That historical payment does not incorporate the later FY2024 reversal of unpaid amounts into FY2023. Outsourced labour is separately reported, without a usable hours measure.

Annual parent/main-subsidiary employees / 2023 / annual parent main subsidiaries

13,819 people

Annual production personnel / 2023 / annual parent main subsidiaries

10,928 people

Annual technical personnel / 2023 / annual parent main subsidiaries

1,867 people

Glass-fiber drawing uses platinum-rhodium alloy bushings. The accounting policy describes periodic cleaning and reprocessing to maintain production quality, with process metal losses charged to production cost and deducted from fixed assets. These bushings are recorded as fixed assets without depreciation. At year-end, the platinum-rhodium fixed-asset category had CNY 11,141,473,839.03 gross and net carrying value. That amount is part of total fixed assets, not an extra cash balance, a precious-metal trading inventory or a value to add again to factory assets. Total fixed assets were CNY 39,868,570,019.19 gross less CNY 8,009,835,521.47 accumulated depreciation, leaving CNY 31,858,734,497.72 net. The precious-metal category’s annual additions were CNY 767,724,917.92 and reductions CNY 652,686,081.85. Those movements include transfers and other changes, so they are not all purchases, disposals for cash or manufacturing losses. Depreciation lives of eight to twelve years for machinery and twenty to forty-five years for buildings are accounting estimates, not guaranteed operating lifetimes.

Reported gross fixed assets / 2023 / annual consolidated fixed assets

RMB 39,868,570,019.19

Reported accumulated fixed-asset depreciation / 2023 / annual consolidated fixed assets

RMB 8,009,835,521.47

Reported net fixed assets / 2023 / annual consolidated fixed assets

RMB 31,858,734,497.72

Reported platinum-rhodium production assets / 2023 / annual consolidated platinum rhodium gross net

RMB 11,141,473,839.03

At 31 December 2023, consolidated intangible assets had CNY 1,064,535,943.98 net carrying value. Land-use rights accounted for CNY 953,572,517.89, software-use rights CNY 61,604,195.71, energy-use rights CNY 36,697,227.64 and pollutant-discharge rights CNY 12,662,002.74. These four net amounts reconcile to the reported total. They describe accounting interests used in operations, rather than additional physical factory capacity or cash available for construction. The energy and discharge categories had annual amortization of CNY 4,648,862.55 and CNY 8,816,573.97 respectively; an amortization charge is not the same as cash paid for energy or a pollution penalty. The table is consolidated and does not allocate these rights to each named project, state a new line’s approved emissions quota or independently confirm that all site permits remain valid. Land-use rights likewise do not replace the separately disclosed processing of Chengdu building-title certificates. Blank net cells for other intangible categories are retained as blanks rather than newly recorded zero-valued facts. The disclosed balances help explain the operating asset base while preserving the separate need for site-specific evidence where a permit claim is made.

Reported consolidated land-use rights net carrying value / 2023 / consolidated land use rights net

RMB 953,572,517.89

Reported consolidated energy-use rights net carrying value / 2023 / consolidated energy use rights net

RMB 36,697,227.64

Reported consolidated pollutant-discharge rights net carrying value / 2023 / consolidated pollutant discharge rights net

RMB 12,662,002.74

Reported consolidated intangible assets net carrying value / 2023 / consolidated intangible assets net

RMB 1,064,535,943.98

China Jushi reported FY2023 sales of 2.4814 million tonnes of roving and related products. Roving consists of bundles of continuous glass filaments used as reinforcement. The disclosed quantity measures products sold across the group; it is not furnace capacity, production output or a volume attributed to an individual project. The source reports 248.14 ten-thousand tonnes, so the converted figure retains the precision of that disclosure.

Sales volume / 2023 / group roving and products

2,481,400 tonnes

China Jushi reported FY2023 electronic glass-fiber fabric sales of 836 million metres. This woven material is used in the electronic-materials value chain. The annual report gives a group sales measure of 8.36 hundred-million metres. It does not allocate these sales to a particular production line or identify customer orders and product grades. Metres of fabric and tonnes of roving are separate measures and must not be added together.

Sales volume / 2023 / group electronic fabric

836,000,000 metres

Net cash from operating activities was CNY 867,222,853.35 in FY2023. Management attributed the decrease from the previous year to lower cash received from sales and lower collections on bank acceptance bills reaching maturity. These are consolidated cash flows, rather than cash generated by one product or factory. Net cash from investing activities was positive CNY 98,331,879.87; management said cash recovered from disposals of long-term assets exceeded cash paid to acquire or construct long-term assets. Net cash used in financing activities was CNY 470,272,794.89. These net flows do not establish gross disposal proceeds, total capital expenditure or closing debt balances.

Net cash from operating activities / 2023 / consolidated

RMB 867,222,853.35

Net cash from investing activities / 2023 / consolidated

RMB 98,331,879.87

Net cash from financing activities / 2023 / consolidated

RMB -470,272,794.89

The FY2023 main-business table reports glass-fiber and related-product revenue of CNY 14,422,519,043.04 and cost of CNY 10,446,817,040.40. Revenue fell 14.49% while cost rose 5.94%; the reported gross margin was 27.57%. Management links lower revenue and margins to a large fall in glass-fiber selling prices, despite increased domestic and overseas sales volumes. The table gives a margin decline of 13.96 percentage points, whereas the adjacent narrative says 13.97; the difference is retained as a source inconsistency, with no invented correction. These are product-category main-business results, not the listed group’s total consolidated revenue or the profit of a particular furnace. The separate other-product row has CNY 136,931,126.74 revenue and a 2.24% margin; this FY2023 passage does not identify it as the wind-generation business described in the later FY2024 filing.

Glass-fiber main-business revenue / 2023 / main business glass fiber

RMB 14,422,519,043.04

Glass-fiber main-business cost / 2023 / main business glass fiber

RMB 10,446,817,040.4

Glass-fiber reported gross margin / 2023 / main business glass fiber

27.57%

Jushi manages glass fiber and its products as one operating segment. This describes management reporting; it does not establish that every product, factory or customer has the same economics. The external-transaction note reports CNY 14,422,519,043.04 from glass-fiber-related activities and CNY 136,931,126.74 from other activities, totaling CNY 14,559,450,169.78. The same total is split into CNY 9,000,380,301.66 for mainland China and CNY 5,559,069,868.12 for countries and regions outside mainland China. Revenue is attributed to the customer’s location, so the foreign amount is not automatically shipments from Chinese plants or revenue made solely by overseas factories. Non-current assets are assigned to the asset’s location instead: CNY 30,991,349,081.50 in mainland China and CNY 7,271,023,367.68 outside, totaling CNY 38,262,372,449.18. This asset disclosure excludes financial assets and deferred tax assets; it is not the group’s complete balance-sheet asset total. Management describes customers as dispersed and states that it does not depend on major customers. That qualitative statement remains an issuer assessment, alongside the separately disclosed customer-concentration figures.

Reported external revenue by segment-note category / 2023 / annual glass fiber related external revenue

RMB 14,422,519,043.04

Reported external revenue by segment-note category / 2023 / annual other external revenue

RMB 136,931,126.74

Reported external revenue by segment-note category / 2023 / annual total segment note external revenue

RMB 14,559,450,169.78

Reported revenue by customer location / 2023 / annual mainland customer revenue

RMB 9,000,380,301.66

Reported revenue by customer location / 2023 / annual outside mainland customer revenue

RMB 5,559,069,868.12

Reported non-current assets by asset location excluding financial and deferred-tax assets / 2023 / annual mainland noncurrent geographic assets

RMB 30,991,349,081.5

Reported non-current assets by asset location excluding financial and deferred-tax assets / 2023 / annual outside mainland noncurrent geographic assets

RMB 7,271,023,367.68

Reported non-current assets by asset location excluding financial and deferred-tax assets / 2023 / annual total noncurrent geographic assets

RMB 38,262,372,449.18

Glass fiber serves construction, transport, electronics, industrial equipment and energy applications. The FY2023 report describes global end-use shares of 35%, 29%, 14%, 12% and 10% respectively; these industry estimates are not Jushi revenue shares. Reinforcing fibers improve composite performance, while electronic yarn and fabric serve electrical and circuit-board applications. The report describes a concentrated supplier industry: six producers together account for about 70% of global capacity, not a 70% share for Jushi alone. Its industry discussion, citing the China Glass Fiber Industry Association, reports Chinese glass-fiber yarn output of 7.23 million tonnes, up 5.2%. Electronic yarn output was 788,000 tonnes, down about 2.2%; modest downstream demand could not absorb preceding capacity growth, keeping electronic yarn and fabric prices low. Demand for wind composites grew from 2022 but remained below expectations; automotive thermoplastic composites grew while appliance demand disappointed. Chinese glass-fiber and product exports, excluding glass wool and its products, reached 1.797 million tonnes, up 3.5%, while export value fell 11.5% to USD 2.66 billion. Growing national tonnage therefore did not establish growing sales value. Management describes industry inventory pressure and price cuts early in 2023, some midyear supply-demand improvement without sustained price recovery, and renewed cuts in the fourth quarter. This is the report’s historical industry account, not a current price assessment or a forecast. National output, exports and application shares are not Jushi production, export orders or project capacity. They provide context for reading Jushi’s separate roving/fabric sales, regional margins and product commercialization disclosures.

Reported Chinese industry glass-fiber yarn output / 2023 / national glass fiber yarn output not jushi

7,230,000 tonnes

Reported Chinese industry glass-fiber and product exports excluding glass wool / 2023 / national glass fiber products exports excluding glass wool not jushi

1,797,000 tonnes

The glass-fiber materials row reports CNY 3,619,952,449.71 of FY2023 material cost, down 7.26% from CNY 3,903,501,954.66. Its reported share of total cost is 33.80%. Numerically, that rounded share matches consolidated cost of revenue of CNY 10,710,222,075.86; dividing by the separate glass-fiber category cost of CNY 10,446,817,040.40 gives about 34.65%, a different denominator. The reported 33.80% is retained with its basis rather than relabelled as a glass-fiber-only cost share. The source does not itemize every remaining cost component in this table. Material expenditure alone cannot establish energy, labor or per-tonne savings, nor explain the entire glass-fiber margin decline. Its change can reflect input prices, consumption and production mix, which this row does not separately quantify. The disclosed process uses mineral inputs melted and drawn into filaments, making material and energy conditions relevant to manufacturing economics; the table is not a project-specific materials budget.

Reported glass-fiber materials cost / 2023 / glass fiber material cost

RMB 3,619,952,449.71

Reported materials share of total cost / 2023 / materials share of total cost matches consolidated denominator

33.8 percent

FY2023 domestic main-business revenue was CNY 9,000,380,301.66, down 10.30%, with a 22.92% gross margin. Overseas main-business revenue was CNY 5,559,069,868.12, down 26.14%, with a 34.46% margin. Management says volumes increased in both markets, but lower selling prices reduced revenue and margins. Direct sales generated CNY 10,307,171,605.33 at a 26.86% margin, while distributor sales generated CNY 4,252,278,564.45 at a 28.47% margin. These channel rows describe how products reach customers; geographic rows describe markets. They are two views of the same main-business revenue, not additional sales to sum together. Overseas revenue is not synonymous with the revenue of the Egyptian and US subsidiaries, and the passage does not disclose a price for each grade or a named customer order.

Domestic main-business revenue / 2023 / main business domestic

RMB 9,000,380,301.66

Domestic main-business gross margin / 2023 / main business domestic

22.92%

Overseas main-business revenue / 2023 / main business overseas

RMB 5,559,069,868.12

Overseas main-business gross margin / 2023 / main business overseas

34.46%

Direct-sales main-business revenue / 2023 / main business direct sales

RMB 10,307,171,605.33

Distributor main-business revenue / 2023 / main business distributor sales

RMB 4,252,278,564.45

The annual report discloses purchases from the five largest suppliers of CNY 2,851,639,100, equal to 23.58% of annual purchases. Related-party purchases within that group were CNY 609,977,400, or 5.04% of annual purchases. The related-party amount is included in the top-five total, not an additional procurement category. The disclosure marks the specified single-supplier/new-top-five/dependence situation as not applicable; that is not proof of zero supply risk. It does not name all five suppliers, identify which raw materials they provided or assign purchases to a plant. The separately disclosed electricity, gas, mineral and chemical-input exposure explains why continuity and input prices matter without extending research into suppliers’ own businesses.

Top-five supplier purchases / 2023 / annual top five suppliers

RMB 2,851,639,100

Related-party purchases within five largest suppliers / 2023 / annual top five suppliers related

RMB 609,977,400

The five largest customers accounted for CNY 1,873,643,200 of FY2023 sales, or 12.60% of annual sales. Within that total, related-party customers accounted for CNY 1,705,141,100, or 11.46% of annual sales. The related-party amount is a subset of the top-five total, not an additional sales category. It is not a statement of all related-party sales across every customer. This concentration disclosure helps a reader assess the role of affiliated counterparties in reported sales, but does not identify the five anonymized customers or establish their ultimate customers and end-use demand. Separate named related-party transaction notes retain their own scope and are not used to invent the anonymous list. The report marks the specified exceptional-customer scenario as not applicable; that does not remove ordinary concentration, settlement or related-party risks. These are annual sales figures. The separate 37.40% top-five parent-company receivable concentration measures balances at year-end and must not be substituted for this sales measure.

Reported top-five customer annual sales / 2023 / annual top five customer sales

RMB 1,873,643,200

Reported related-party annual sales within top-five customers / 2023 / annual related party sales subset within top five

RMB 1,705,141,100

Reported top-five customer share of annual sales / 2023 / annual top five customer sales share

12.6 percent

Reported related-party subset share of annual sales / 2023 / annual related party subset within top five sales share

11.46 percent

The FY2023 report says the group sold part of its precious-metal holdings after considering member companies’ inventory and usage requirements while introducing new technologies and processes. It reports disposal gains of CNY 997.619 million. Separately, disposal of the Zhongfu Lianzhong equity interest through an equity swap generated investment income of CNY 179.4115 million. These transactions affect the explanation of annual profit but are not glass-fiber sales revenue, recurring manufacturing margin or identified cash receipts. Disposal gains are not gross sale proceeds. The equity swap is a change in downstream investment participation, not a new fiber supply order. This account does not subtract the gains from shareholder-attributable net profit to invent an adjusted earnings measure; tax, attribution and the financial-note reconciliation remain separate.

Reported precious-metal disposal gain / 2023 / reported asset disposal gain

RMB 997,619,000

Reported equity-swap investment income / 2023 / zhongfu lianzhong equity swap

RMB 179,411,500

At the end of FY2023, consolidated fixed assets were CNY 31,858,734,497.72 and construction in progress was CNY 3,085,946,656.88. Management attributes the increase in fixed assets and decline in construction to completed new lines being transferred into fixed assets. This group accounting transfer complements the separately sourced project-stage narratives; it does not establish that every planned project was producing, or give line-specific sales. Short-term borrowings were CNY 6,246,170,212.34, up 43.27%, attributed to additional short-term bank borrowing. Bonds payable fell as amounts due within one year were reclassified, so that decline alone is not evidence of debt repayment. Deferred income rose with asset-related government grants; it is not unrestricted cash or operating sales revenue.

Consolidated fixed assets / 2023 / consolidated

RMB 31,858,734,497.72

Consolidated construction in progress / 2023 / consolidated

RMB 3,085,946,656.88

Reported short-term borrowings / 2023 / consolidated

RMB 6,246,170,212.34

The FY2023 report gives overseas assets of CNY 12,003,062,958.90, or 23.05% of total assets. This measures the disclosed group asset footprint, not overseas sales or a profitability contribution. It does not allocate the amount among the Egyptian and US physical sites. The separate main-restricted-assets table lists fixed assets of CNY 305,101,315.26 and intangible assets of CNY 17,763,936.92 pledged for borrowings, a total of CNY 322,865,252.18. The table does not place all that collateral overseas. Pledged asset carrying values are not loan principal, and these selected management-discussion rows do not complete the financial notes’ full restriction and liquidity review.

Reported overseas assets / 2023 / reported overseas assets

RMB 12,003,062,958.9

Main restricted assets, carrying value / 2023 / management discussion main restricted assets

RMB 322,865,252.18

The FY2023 consolidated monetary-funds note reports CNY 3,126,268,154.16 at year-end, including CNY 502,053,908.11 held overseas. The cash-flow supplement reports the same closing cash total and describes its bank deposits and other monetary funds as available for payment. Its restricted-cash line is blank; that cell is not converted into a new zero-valued fact or a guarantee of unrestricted transfers between countries. The foreign-currency note separately reports CNY 865,969,224.31 of cash denominated in foreign currencies. Currency denomination and where cash is held are different dimensions, so that figure is not interchangeable with overseas cash and they are not added. The opening monetary-funds total is CNY 2,635,927,627.07, while opening cash for the cash-flow statement is CNY 2,629,776,717.00. Different reported bases remain separate rather than forcing opening balances to match or inventing a restriction explanation.

Reported monetary-funds balance / 2023 / annual consolidated monetary funds

RMB 3,126,268,154.16

Reported cash held overseas / 2023 / annual consolidated overseas cash

RMB 502,053,908.11

Reported foreign-currency monetary funds in CNY / 2023 / annual consolidated foreign currency cash

RMB 865,969,224.31

Year-end bills receivable had gross value of CNY 986,653,948.82, an allowance of CNY 56,452.65 and net value of CNY 986,597,496.17. The classification note splits net bills into CNY 958,427,625.05 bank acceptances and CNY 28,169,871.12 commercial acceptances. For endorsed or discounted bills not yet matured at the reporting date, CNY 641,444,866.84 of bank bills remained recognized, while CNY 7,088,506.18 of commercial bills was derecognized. Another balance-sheet category, receivables financing, held CNY 1,407,810,800.78 of bank acceptance bills; its separate transfer table reports CNY 3,098,695,319.93 derecognized before maturity. Derecognition means removal from the reported asset balance under the issuer’s accounting treatment. These transfer amounts are not additional balances to add to closing receivables and do not all represent cash received from product sales: endorsement and discounting are combined. Blank allowance cells are not translated into guaranteed risk-free assets.

Reported gross bills receivable / 2023 / annual consolidated bills

RMB 986,653,948.82

Reported bills-receivable allowance / 2023 / annual consolidated bills

RMB 56,452.65

Reported net bills receivable / 2023 / annual consolidated bills

RMB 986,597,496.17

Reported transferred bills remaining recognized / 2023 / annual bank bills endorsed discounted unmatured

RMB 641,444,866.84

Reported receivables-financing balance / 2023 / annual consolidated receivables financing

RMB 1,407,810,800.78

The FY2023 trade-receivable note shows gross receivables of CNY 1,664,423,831.13, a credit-loss allowance of CNY 187,882,562.24 and net value of CNY 1,476,541,268.89. Individually assessed balances of CNY 101,754,447.58 were fully provided because management expected they could not be recovered. That is a valuation judgment, not proof that the whole amount was written off or a customer identity had been established. Actual write-offs during the year were CNY 3,320,985.89. The five-largest-debtor table totals CNY 183,983,395.65, or 11.06% of reported trade receivables and contract assets, and includes an individually provided customer. Its anonymized customer numbers do not support new named customer relationships, and this receivable concentration is not the same as the top-five annual sales concentration. Allowance movements also include consolidation and currency-translation effects, so the increase is not attributed entirely to new customer defaults.

Reported gross trade receivables / 2023 / annual consolidated trade receivables

RMB 1,664,423,831.13

Reported trade-receivable allowance / 2023 / annual consolidated trade receivables

RMB 187,882,562.24

Reported net trade receivables / 2023 / annual consolidated trade receivables

RMB 1,476,541,268.89

Reported individually fully provided trade receivables / 2023 / annual consolidated individual trade receivables

RMB 101,754,447.58

Other receivables had gross value of CNY 1,430,877,114.18 and a CNY 18,678,669.75 allowance, leaving CNY 1,412,198,444.43 net. The nature table separately identifies CNY 1,239,682,773.00 relocation compensation and CNY 66,835,538.59 charges for use of funds. The largest anonymized debtor held CNY 1,306,518,311.59 for those two categories, or 91.31% of gross other receivables, aged one to four years. These are non-trade receivables rather than additional glass-fiber sales, cash already collected or a new customer order. The two category amounts reconcile to that debtor’s balance, but this passage does not name the debtor or specify an individual project, enforceable collection date or complete payment schedule. Deposits, advances, tax refunds and other amounts remain separate; the concentration is not proof of default or a reason to infer zero collection risk.

Reported gross other receivables / 2023 / annual consolidated other receivables

RMB 1,430,877,114.18

Reported other-receivable allowance / 2023 / annual consolidated other receivables

RMB 18,678,669.75

Reported relocation-compensation receivable / 2023 / annual consolidated relocation compensation

RMB 1,239,682,773

Reported charges for use of funds receivable / 2023 / annual consolidated use of funds charges

RMB 66,835,538.59

Consolidated inventory at 31 December 2023 was CNY 4,581,693,751.73 gross, less CNY 48,578,683.13 of provisions, for CNY 4,533,115,068.60 net. Net raw materials were CNY 1,536,355,969.98; finished goods CNY 2,824,240,034.54; circulating materials CNY 65,442,231.14; and goods dispatched CNY 107,076,832.94. Those four categories reconcile to the reported net total. They are carrying values, not physical output, utilization, a named customer’s delivery or sales already recognized. Compared with the opening net total of CNY 4,128,658,445.26, finished-goods inventory was higher while raw materials were lower, but the note does not divide that value change into volumes, mix and prices. Provisions moved from CNY 54,722,621.17 to CNY 48,578,683.13 after CNY 4,781,411.70 charged, CNY 710,292.42 of other additions and CNY 11,635,642.16 in a combined reversal-or-write-off column. That last column cannot be split into recoveries and write-offs or described entirely as a profit release. Blank provision cells for circulating and dispatched materials are not newly entered zero amounts.

Reported gross inventory / 2023 / annual consolidated inventory

RMB 4,581,693,751.73

Reported inventory provision / 2023 / annual consolidated inventory

RMB 48,578,683.13

Reported net inventory / 2023 / annual consolidated inventory

RMB 4,533,115,068.6

Reported net inventory category / 2023 / annual inventory raw materials

RMB 1,536,355,969.98

Reported net inventory category / 2023 / annual inventory finished goods

RMB 2,824,240,034.54

Reported net inventory category / 2023 / annual inventory circulating materials

RMB 65,442,231.14

Reported net inventory category / 2023 / annual inventory dispatched goods

RMB 107,076,832.94

The FY2023 consolidated reconciliation starts with net profit of CNY 3,157,311,174.05 and ends with operating cash of CNY 867,222,853.35. Its signed working-capital adjustments include CNY -405,609,140.60 for inventory, CNY -589,426,148.02 for operating receivables and CNY -2,649,389,106.80 for operating payables. These indicate cash absorbed on the reported reconciliation basis; they are not three extra expenses or simple differences between every corresponding balance-sheet row. The bridge also removes CNY 935,050,584.53 of long-lived asset-disposal gains and CNY 209,261,376.72 of investment gains from operating cash, alongside depreciation, financial costs and other adjustments. Cash ultimately increased by CNY 496,491,437.16: operating cash plus CNY 98,331,879.87 net investing cash, CNY -470,272,794.89 net financing cash and CNY 1,209,498.83 exchange effects. That reconciles closing cash of CNY 3,126,268,154.16 with opening cash of CNY 2,629,776,717.00. The table explains the reported cash conversion without treating accounting gains as product receipts or computing an unsupported adjusted profit.

Reported signed inventory adjustment in cash bridge / 2023 / annual consolidated operating cash reconciliation

RMB -405,609,140.6

Reported signed operating-receivable adjustment / 2023 / annual consolidated operating cash reconciliation

RMB -589,426,148.02

Reported signed operating-payable adjustment / 2023 / annual consolidated operating cash reconciliation

RMB -2,649,389,106.8

The annual construction table identifies the Jiujiang intelligent manufacturing programme with planned glass-fiber capacity of 400,000 tonnes per year. Its reported budget was CNY 5,075,718,000. During FY2023, CNY 1,337,453,777.12 was added and CNY 2,369,702,274.51 transferred into fixed assets, leaving CNY 662,886,833.95 in construction at year-end. Reported project progress was 80%, separately from the 62.64% cumulative investment-to-budget indicator. Capitalized interest was CNY 26,487,668.10, with a reported 2.84% rate. These are the whole programme’s accounting movements and reported progress, not capacity already operating, one line’s spending, cash disbursements or a measured utilization rate.

Reported construction budget / 2023 / jiujiang programme budget

RMB 5,075,718,000

Reported construction carrying-value additions / 2023 / jiujiang programme additions

RMB 1,337,453,777.12

Issuer-reported construction progress / 2023 / jiujiang programme progress

80%

Issuer-reported investment-to-budget ratio / 2023 / jiujiang programme budget ratio

62.64%

Reported transfer into fixed assets / 2023 / jiujiang programme transfer

RMB 2,369,702,274.51

Reported closing construction carrying value / 2023 / jiujiang programme closing

RMB 662,886,833.95

The annual table separately names construction of an Egyptian 120,000-tonne-per-year tank-furnace drawing line and supporting works. Its budget was CNY 2,167,074,800; FY2023 additions were CNY 207,708,257.21 and transfers into fixed assets CNY 1,978,288,050.30. Progress was reported as 100% and the cumulative investment-to-budget indicator as 81.61%. The closing construction cell is blank, so no new zero-valued balance is recorded. Transfer into fixed assets indicates the issuer’s accounting treatment of readiness, rather than independent confirmation of a production permit, actual output or utilization. The same table has another Egyptian 120,000-tonne upgrade: the two rows remain separate. This passage alone does not establish a match to a differently named phase or a later 180,000-tonne project.

Reported construction budget / 2023 / egypt new programme budget

RMB 2,167,074,800

Reported construction carrying-value additions / 2023 / egypt new programme additions

RMB 207,708,257.21

Issuer-reported construction progress / 2023 / egypt new programme progress

100%

Issuer-reported investment-to-budget ratio / 2023 / egypt new programme budget ratio

81.61%

Reported transfer into fixed assets / 2023 / egypt new programme transfer

RMB 1,978,288,050.3

The Tongxiang electronic-materials cold repair covers planned annual capacity of 50,000 tonnes of electronic yarn and 160 million metres of electronic fabric. Its reported budget was CNY 634,358,600. FY2023 accounting additions were CNY 271,318,268.61; CNY 937,445,360.46 transferred into fixed assets and CNY 3,986,909.25 was recorded as other reductions. The closing construction cell is blank. The table reports 100% progress and a separate 55.82% cumulative investment-to-budget indicator. Those reported measures are preserved even though they cannot be reconstructed simply by dividing the table’s carrying-value movements by its budget. No unsupported explanation is supplied for that difference. This is refurbishment of the existing electronic-materials project, not evidence of an additional identical new line; progress and capitalization do not quantify saleable output or utilization.

Reported construction budget / 2023 / tongxiang programme budget

RMB 634,358,600

Reported construction carrying-value additions / 2023 / tongxiang programme additions

RMB 271,318,268.61

Issuer-reported construction progress / 2023 / tongxiang programme progress

100%

Issuer-reported investment-to-budget ratio / 2023 / tongxiang programme budget ratio

55.82%

Reported transfer into fixed assets / 2023 / tongxiang programme transfer

RMB 937,445,360.46

The Huai'an high-performance glass-fiber programme has planned annual capacity of 400,000 tonnes and a reported budget of CNY 4,672,868,700. FY2023 additions and closing construction carrying value were both CNY 1,539,568,533.97. Reported progress was 40%, while cumulative investment relative to budget was 36.08%. Capitalized interest was CNY 2,337,333.35 at a reported 2.40% rate. The source uses a ‘zero-carbon intelligent manufacturing base’ project name; that label is not independent verification of zero emissions. The programme remains distinct from individual production lines and its supporting wind project. Planned capacity, construction carrying value and reported progress do not establish 400,000 tonnes of actual output, commercial sales or an approved emissions outcome.

Reported construction budget / 2023 / huaian programme budget

RMB 4,672,868,700

Reported construction carrying-value additions / 2023 / huaian programme additions

RMB 1,539,568,533.97

Issuer-reported construction progress / 2023 / huaian programme progress

40%

Issuer-reported investment-to-budget ratio / 2023 / huaian programme budget ratio

36.08%

Reported closing construction carrying value / 2023 / huaian programme closing

RMB 1,539,568,533.97

The Egyptian 120,000-tonne-per-year tank-furnace drawing-line upgrade is a separate row from the new line and supporting works. Its budget was CNY 424,995,900, with opening construction value of CNY 3,921,281.25, FY2023 additions of CNY 462,913,795.20 and other reductions of CNY 11,459,266.77. Closing construction value was CNY 455,375,809.68. The issuer reported 80% progress and a 60.16% cumulative investment-to-budget indicator. These measures are retained without replacing the reported ratio with a calculation from carrying-value movements. Transfer into fixed assets is blank, not a newly stored zero. Shared country and capacity do not justify merging this upgrade with the Egyptian new-build row, a named phase, or a later capacity-expansion project.

Reported construction budget / 2023 / egypt upgrade programme budget

RMB 424,995,900

Reported construction carrying-value additions / 2023 / egypt upgrade programme additions

RMB 462,913,795.2

Issuer-reported construction progress / 2023 / egypt upgrade programme progress

80%

Issuer-reported investment-to-budget ratio / 2023 / egypt upgrade programme budget ratio

60.16%

Reported closing construction carrying value / 2023 / egypt upgrade programme closing

RMB 455,375,809.68

The construction note names a supporting 200 MW wind-power project operated by Jushi New Energy (Huai'an). Its reported budget was CNY 985,586,300. FY2023 additions and closing construction value were both CNY 287,061,000.12, with reported progress of 50% and a cumulative investment-to-budget indicator of 29.13%. This is a supporting energy project rather than additional glass-fiber capacity. The 200 MW scope is preserved separately from later reported connected capacity and other proposed wind projects; this table does not establish electricity already generated, carbon reductions or commercial power revenue.

Reported construction budget / 2023 / wind programme budget

RMB 985,586,300

Reported construction carrying-value additions / 2023 / wind programme additions

RMB 287,061,000.12

Issuer-reported construction progress / 2023 / wind programme progress

50%

Issuer-reported investment-to-budget ratio / 2023 / wind programme budget ratio

29.13%

Reported closing construction carrying value / 2023 / wind programme closing

RMB 287,061,000.12

Gross goodwill was CNY 472,512,501.24, with an existing CNY 2,544,408.27 provision. Following an absorption, CNY 87,534,955.83 moved from the Xinfu asset group into Jushi USA Glass Fiber Co., Ltd.’s group, whose goodwill then totaled CNY 92,585,558.19. The source describes that US business as glass-fiber sales; it is not automatically the same entity as the 70%-owned US manufacturing company or its factory. The impairment test uses 2024–2028 cash-flow projections and a stable period. The US sales asset group had CNY 238,495,936.93 carrying value and CNY 277,419,900 estimated recoverable value, with a 14.63% discount rate and a 2.77% steady-period EBIT margin. Those are valuation-model inputs and asset-group amounts, not goodwill alone or profits subsequently achieved. The five disclosed tested groups each report zero new impairment; that result does not remove the existing provision or guarantee future cash flows.

Reported gross goodwill / 2023 / annual consolidated goodwill

RMB 472,512,501.24

Reported existing goodwill impairment provision / 2023 / annual consolidated goodwill

RMB 2,544,408.27

Asset-related government grants carried forward as deferred income totaled CNY 920,326,328.36 at year-end, compared with CNY 645,510,859.34 opening balance. The detailed grant table reports CNY 337,636,200.00 of new grants, CNY 63,749,205.56 transferred into other income and CNY 928,474.58 of other changes identified as currency translation. Those movements reconcile to closing deferred income. The shorter deferred-income note presents a CNY 62,820,730.98 net reduction: the income transfer less the positive currency movement, rather than a second contradictory income-release amount. Government support recognized in FY2023 profit totaled CNY 322,278,465.20, split into CNY 63,749,205.56 asset-related and CNY 258,529,259.64 income-related amounts. Deferred balances are not all current income or cash collected this year. The project table includes grants for manufacturing, materials, equipment and supporting bases; an award does not prove that a project has achieved its capacity or environmental target. The source explains that asset-related amounts are released over the assets’ depreciation periods. This support affects reported profit and investment funding, but is not customer revenue or an assurance of recurring future awards.

Reported deferred asset-related grant balance / 2023 / annual consolidated asset grant balance

RMB 920,326,328.36

Reported new asset-related grants / 2023 / annual consolidated asset grant additions

RMB 337,636,200

Reported asset-grant transfer into income / 2023 / annual consolidated asset grant profit transfer

RMB 63,749,205.56

Reported currency translation in asset grants / 2023 / annual consolidated asset grant currency

RMB 928,474.58

Reported government support in profit / 2023 / annual consolidated grants profit

RMB 322,278,465.2

Reported income-related government support in profit / 2023 / annual consolidated income related grants

RMB 258,529,259.64

FY2023 management expenses included CNY 38,230,858.83 of stop-work losses, versus CNY 6,482,320.10 in the comparative year. This note does not assign that increase to a named plant, a specific cold repair, environmental enforcement or a particular project. It is a reported operating burden with location and cause unallocated. Research expense was CNY 519,365,367.39, including CNY 159,761,761.75 labor, CNY 271,563,857.11 materials and fuel/power, CNY 60,452,117.67 depreciation and CNY 27,587,630.86 other costs. These categories explain resources used in research; they do not establish successful commercialization or create another research spend on top of the total. Net finance expense was CNY 231,536,047.89: CNY 383,531,878.60 interest expense, less CNY 143,312,392.11 interest income and CNY 21,470,810.28 exchange gains, plus CNY 12,787,371.68 other charges. The negative value under the source heading “exchange losses” represents a net gain. Net finance expense is therefore neither gross borrowing interest nor all cash paid for financing; capitalized interest and cash-flow classifications remain separate.

Reported stop-work losses / 2023 / annual consolidated stop work cost

RMB 38,230,858.83

Reported research expense / 2023 / annual consolidated research expense

RMB 519,365,367.39

Reported net finance expense / 2023 / annual consolidated finance expense

RMB 231,536,047.89

Consolidated income-tax expense was CNY 550,467,489.97, comprising CNY 550,840,649.92 current tax and CNY -373,159.95 deferred tax. The reconciliation begins with CNY 3,707,778,664.02 profit before tax and CNY 926,944,666.01 tax at the statutory/applicable rate, then includes CNY -288,289,385.82 from different subsidiary rates and CNY -34,938,435.19 from additional research-related deductions, alongside prior-period and other adjustments. These explain the group’s reported expense; the reference rate is not a single actual tax rate for every overseas and domestic operation. Tax expense is not identical to cash tax paid, and historical deductions are not a guarantee of permanent future eligibility. The tax reconciliation is retained to interpret operating and investment returns without presenting a tax-planning recommendation.

Reported consolidated income-tax expense / 2023 / annual consolidated income tax

RMB 550,467,489.97

Reported adjustment for differing subsidiary tax rates / 2023 / annual consolidated tax subsidiary rates

RMB -288,289,385.82

The FY2023 grant note reports CNY 139,750,400 received for the Jiujiang one-million-tonne glass-fiber materials base and CNY 169,300,000 for the Huai’an high-performance manufacturing base. Closing deferred balances for those scopes were CNY 137,538,039.17 and CNY 169,300,000 respectively. The Huai’an intelligent production-line project was still under construction at 31 December. The one-million-tonne Jiujiang grant programme is not automatically identical to the 400,000-tonne construction-table programme. Chengdu also received CNY 18,120,000 for the advanced manufacturing base, CNY 4,677,000 under provincial industrial-development support and CNY 1,788,800 for technical renovation. These are separately disclosed programmes, not customer sales or a second set of project construction costs. Tongxiang received CNY 40,000,000 under its materials-base award agreement in FY2023, of which CNY 4,000,000 was the equipment-investment component; the agreement allocates 90% to research and supporting activities and 10% to equipment. Earlier US JS304 grants concerned the 96,000-tonne line and site preparation, infrastructure and land improvements, with receipts in 2018 and 2019. Historical awards and current deferred-income releases must not be presented as new FY2023 US receipts or verified environmental performance.

Reported grant received for named programme / 2023 / annual jiujiang one million tonne base grant

RMB 139,750,400

Reported grant received for named programme / 2023 / annual huaian high performance base grant

RMB 169,300,000

Reported deferred balance for named programme grant / 2023 / annual jiujiang one million tonne base grant

RMB 137,538,039.17

Reported deferred balance for named programme grant / 2023 / annual huaian high performance base grant

RMB 169,300,000

The parent-company note reports CNY 1,101,918,069.89 gross trade receivables, CNY 63,327,918.82 credit-loss allowance and CNY 1,038,590,151.07 net carrying value at year-end. These are the listed parent’s own accounts, not another receivable balance to add to the consolidated group. The five largest parent debtors together account for CNY 412,079,792.05, or 37.40% of the disclosed trade-receivable and contract-asset balance. They include Jushi Egypt at CNY 270,410,424.08 and Jushi Group (Huai’an) at CNY 34,986,072.49, as well as anonymized customers. Accordingly, 37.40% is a parent receivable concentration that includes group companies, not the share of group sales to five outside customers. The individual-assessment note says that the listed related companies are not provided for on that basis. This accounting treatment does not prove that their balances are risk-free or were collected after year-end. Anonymized customers remain anonymized.

Reported parent-only gross trade receivables / 2023 / annual parent trade receivables

RMB 1,101,918,069.89

Reported parent-only trade-receivable allowance / 2023 / annual parent trade receivables

RMB 63,327,918.82

Reported parent-only net trade receivables / 2023 / annual parent trade receivables

RMB 1,038,590,151.07

Reported parent-only top-five debtor balance share including group companies / 2023 / annual parent top five debtor share

37.4%

The parent-company income note reports CNY 14,019,373,100.60 revenue and CNY 13,671,025,235.90 cost of revenue. These parent-only accounts can include activity with group entities and must not replace or be added to consolidated revenue and costs. Parent investment income was CNY 1,809,376,691.61, including CNY 1,600,000,000 income from investments accounted for at cost, CNY 29,767,389.67 equity-method income, CNY 179,453,482.82 gains from disposal of long-term equity investments and CNY 155,819.12 other non-current financial-investment income. The separate dividend-receivable note identifies the CNY 1,600,000,000 balance as due from Jushi Group. Dividend recognition at the parent is not another group product sale or evidence of cash receipt. The detailed associate schedule has CNY 481,806,000 declared dividends/profits, whose parent-only investment perimeter differs from the consolidated associate schedule. Matching labels across those scopes does not establish a data conflict. The wind-blade share exchange contributes an accounting gain already explained in the investment history, rather than a second new operating transaction.

Reported parent-only revenue / 2023 / annual parent revenue

RMB 14,019,373,100.6

Reported parent-only cost of revenue / 2023 / annual parent cost of revenue

RMB 13,671,025,235.9

Reported parent-only investment income / 2023 / annual parent investment income

RMB 1,809,376,691.61

Reported parent-only investment income under cost method / 2023 / annual parent cost method investment income

RMB 1,600,000,000

The issuer’s nonrecurring-profit supplement reports CNY 1,146,509,242.30 after tax and minority-interest effects. Its positive components are CNY 858,299,845.67 non-current asset-disposal gains, CNY 258,529,259.64 government grants classified in this supplement, CNY 828,181.28 financial-asset/liability valuation and disposal gains, CNY 42,238,714.87 charges for use of funds by non-financial enterprises, CNY 8,264,183.49 reversals of individually assessed receivable impairment, CNY 179,411,541.13 non-monetary asset-exchange gains and CNY 16,042,435.46 other non-operating net income. It deducts CNY 205,770,851.83 income-tax effects and CNY 11,334,067.41 after-tax minority-interest effects. The share-exchange gain relates to Jushi’s June 2023 exchange of its 42.64% Zhongfu Lianzhong stake for Sinoma Wind Power Blade shares. This explains why reported profit contains contributions beyond recurring glass-fiber production and sales. The supplement’s grant amount is not every grant recognized in the income statement, and its disposal and exchange gains are accounting classifications, not a new set of cash receipts to add to investment cash flow. These figures complement the existing precious-metal disposal and investment explanations; they do not represent additional separate transactions. The issuer’s nonrecurring classification is preserved without presenting adjusted profit as guaranteed sustainable earnings.

Reported nonrecurring profit net of tax and minority effects / 2023 / annual consolidated nonrecurring profit net

RMB 1,146,509,242.3

Reported non-current asset-disposal gains in nonrecurring supplement / 2023 / annual consolidated nonrecurring asset disposal

RMB 858,299,845.67

Reported non-monetary asset-exchange gain / 2023 / annual consolidated nonmonetary exchange gain

RMB 179,411,541.13

Reported tax deduction in nonrecurring supplement / 2023 / annual consolidated nonrecurring tax deduction

RMB 205,770,851.83

Reported after-tax minority deduction in nonrecurring supplement / 2023 / annual consolidated nonrecurring minority deduction

RMB 11,334,067.41

Jushi presents its consolidated statements in renminbi, while overseas subsidiaries use the currency of their own principal economic environment. For translation of overseas financial statements, assets and liabilities use the closing spot rate, and income and expenses use an approximation of the rate at the transaction date. Resulting statement-translation differences are recorded in other comprehensive income under the disclosed policy. FY2023 foreign-statement translation attributable to parent owners was CNY 84,732,826.27. This differs from the CNY 21,470,810.28 exchange gain reducing net financial expense and from the CNY 1,209,498.83 exchange-rate effect on cash and cash equivalents. These are separate accounting measures; they cannot be summed as one realized currency profit or assigned to a particular overseas line. CNY comparisons of an overseas subsidiary combine underlying activity with the report’s translation rules. The note retains prior-year amounts as previously translated; it does not provide a constant-currency operating comparison.

Reported foreign-statement translation in parent-attributable other comprehensive income / 2023 / annual parent attributable oci foreign statement translation

RMB 84,732,826.27

Under Jushi’s disclosed accounting policy, revenue is recognized when the customer obtains control of the promised goods or services. Its usual business comprises transfer of goods and one-time services, mainly glass-fiber yarn and products. Production, an order, an advance payment and cash collection are not automatically the same event as recognized revenue. Contract liabilities represent consideration received or receivable before the related transfer obligation has been fulfilled. Inventory is measured at the lower of cost and net realizable value, with materials issued using a monthly weighted-average method. Construction cost includes qualifying capitalized borrowing costs; construction is transferred to fixed assets when the relevant project has passed overall acceptance and is ready for its intended use. The policy does not certify that every named project has reached that stage. Research-stage spending is expensed, while development spending requires the stated technical, commercial, resource and measurement conditions to qualify as an intangible asset. Spending that cannot be separated between those stages is expensed. These policies explain why research expenditure, investment, construction carrying value, commissioned capacity, deliveries and profit describe different parts of commercialization rather than interchangeable evidence of success.

The FY2023 tax note gives a 25% corporate-income-tax rate for the listed parent, 22.50% for Jushi Egypt, and 15% for Jushi Group, Jushi Group Chengdu and Jushi Group Jiujiang. These are disclosed rates for named tax entities, not one effective group rate or current tax advice. The report describes high-technology eligibility at Jushi Group and Tongxiang Leishi Micro Powder for FY2023–FY2025, Jiujiang eligibility for FY2022–FY2024, and Chengdu’s reported western-development preference for 2021–2030. This places expiration and eligibility alongside the production and investment history without assuming later renewals. The separate income-tax expense bridge reflects subsidiary rates, prior-period adjustments, deductible research and other factors; tax expense differs from tax paid. Management also identifies uncertainty in some final tax treatments and in recognition of deferred-tax assets. FY2023 adoption of Chinese Accounting Standards Interpretation No.16 changed initial recognition of deferred tax for specified transactions, with the issuer reporting no material impact on the FY2022 statements. The broader government-support note labels CNY 322,278,465.20 as grants recognized in profit, while the other-income schedule separately identifies fiscal awards, deferred-grant release, additional VAT deduction and tax relief. These source classifications are retained; the entire amount is not described as one unrestricted cash award or recurring customer revenue.

Reported historical corporate-income-tax rate by entity / 2023 / annual listed parent income tax rate

25%

Reported historical corporate-income-tax rate by entity / 2023 / annual egypt income tax rate

22.5%

Reported historical corporate-income-tax rate by entity / 2023 / annual jushi group income tax rate

15%

The income-statement note reports CNY 935,050,584.53 gains on disposal of non-current assets, while the non-operating expense note reports CNY 84,127,641.69 non-current asset-disposal losses. Subtracting those two disclosed categories gives CNY 850,922,942.84. The nonrecurring supplement’s disposal category, which explicitly includes reversal of previously recognized asset impairments, is CNY 858,299,845.67. The CNY 7,376,902.83 difference is not itemized as a complete reconciliation in these cited tables, so no new disposal, impairment reversal or profit-sharing allocation is invented to close it. Management separately describes CNY 997.619 million gains from sales of selected precious-metal holdings. That selected transaction narrative and these broader accounting categories have different disclosed scopes; they are not extra gains to sum. The source explains the use of platinum-rhodium bushings in fiber drawing and charges production losses to cost without ordinary depreciation, providing operating context for why precious metals are held. None of these gain amounts is the gross sale proceeds, cash receipts or ongoing glass-fiber margin. The investment share-exchange gain retains its separate investment scope and is not added into a second adjusted-profit measure.

Reported non-current asset-disposal gains in income-statement note / 2023 / annual consolidated income statement asset disposal gains

RMB 935,050,584.53

Reported non-current asset-disposal losses in non-operating expenses / 2023 / annual consolidated nonoperating asset disposal losses

RMB 84,127,641.69

The FY2023 note reports CNY 418,816,232.23 deferred-tax assets and CNY 606,941,713.05 deferred-tax liabilities before offsetting, and marks net-offset presentation as not applicable. They are not combined into a newly reported net balance. Major recognized tax-asset categories include CNY 165,102,946.12 from unrealized intragroup profit, CNY 147,137,792.29 from asset-related government grants already taxed, and CNY 68,264,895.00 from accrued but unpaid employee compensation. These are tax effects of timing differences, not additional grant cash, employee payments or product sales. The liabilities principally reflect accounting/tax differences in fixed-asset depreciation. Separately, CNY 92,502,666.07 of deductible differences and losses did not have deferred-tax assets recognized: CNY 23,824,874.07 temporary differences and CNY 68,677,792.00 deductible losses. Those are underlying deduction bases, not tax-asset balances or guaranteed refunds. The loss-expiry schedule assigns CNY 55,078,226.70 to 2025, with the remainder to 2026–2028; it is the historical FY2023 disclosure and does not show whether deductions were subsequently used. This distinction matters when assessing profit quality and funding: recognized deferred taxes are not freely spendable construction cash, and unrecognized loss bases cannot be added to cash or equity as assured future benefits. The report’s separate current/deferred tax expense and entity-specific historical rates retain their own scope.

Reported deferred-tax assets before offsetting / 2023 / consolidated deferred tax assets before offsetting

RMB 418,816,232.23

Reported deferred-tax liabilities before offsetting / 2023 / consolidated deferred tax liabilities before offsetting

RMB 606,941,713.05

Reported unrecognized deductible differences and losses base / 2023 / unrecognized deductible differences and losses base not tax asset

RMB 92,502,666.07

Reported unrecognized deductible loss base / 2023 / unrecognized deductible loss base not tax asset

RMB 68,677,792

Jushi identifies electricity, natural gas, minerals and chemical auxiliaries as substantial production inputs whose supply and prices affect output and cost. It also reports exposure to interest-rate changes because of its borrowing scale, and to working-capital efficiency through receivables and inventories. Export settlement is mainly in US dollars, so renminbi movements affect quotations, export revenue and exchange gains or losses. The FY2023 risk account reports 15% corporate-income-tax preferences at named eligible subsidiaries and a 13% export VAT rebate rate for principal glass-fiber products, while describing government grants as occasional. Changes in eligibility or policy could affect earnings. These are the company’s reported conditions and risks for that filing; they are not a statement of current tax law, a quantified future loss or proof that every plant has the same benefit.

The FY2023 annual report describes trade constraints separately by product and manufacturing origin. Its US discussion says the additional tariff on covered Chinese-origin products remained 25% in that reporting view. For EU-bound glass-fiber fabrics, it describes a combined Chinese-base anti-dumping/countervailing rate of 99.7% and an Egyptian-base rate raised to 44% in July 2022. Its separate yarn discussion reports a 24.8% combined rate for Chinese-base products and a 13.1% countervailing rate for Egyptian-base products. It also reports a 35.75% Turkish anti-dumping rate on relevant Chinese-origin products. These are attributed historical disclosures, not current legal advice or a universal tariff across Jushi’s portfolio. The components must not be added again to rates explicitly stated as combined. Different rates and origins help explain the importance of a global production footprint, but do not quantify avoided duties, lost orders or the sales of any one factory.

The FY2023 controlled-and-invested-company table lists Jushi Group with a reported holding of 100.00% and a principal business of glass-fiber manufacturing and sales. It reports revenue of CNY 14,501,179,400.00, operating profit of CNY 3,519,940,400.00 and net profit of CNY 2,933,067,100.00. Total assets are CNY 46,679,550,100.00, net assets CNY 25,694,355,100.00, and registered capital CNY 5,255,313,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions.

Registered capital / 2023 / annual investee table

RMB 5,255,313,000

Total assets / 2023 / annual investee table

RMB 46,679,550,100

Net assets / 2023 / annual investee table

RMB 25,694,355,100

Revenue / 2023 / annual investee table

RMB 14,501,179,400

Operating profit / 2023 / annual investee table

RMB 3,519,940,400

Net profit / 2023 / annual investee table

RMB 2,933,067,100

Issuer-reported holding percentage / 2023 / annual investee table

100%

The FY2023 controlled-and-invested-company table lists Jushi USA with a reported holding of 70.00% and a principal business of glass-fiber manufacturing and sales. It reports revenue of CNY 874,233,700.00, operating profit of CNY 61,396,500.00 and net profit of CNY 63,288,900.00. Total assets are CNY 2,811,253,200.00, net assets CNY 1,403,908,600.00, and registered capital USD 200,000,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions.

Registered capital / 2023 / annual investee table

200,000,000 USD

Total assets / 2023 / annual investee table

RMB 2,811,253,200

Net assets / 2023 / annual investee table

RMB 1,403,908,600

Revenue / 2023 / annual investee table

RMB 874,233,700

Operating profit / 2023 / annual investee table

RMB 61,396,500

Net profit / 2023 / annual investee table

RMB 63,288,900

Issuer-reported holding percentage / 2023 / annual investee table

70%

The FY2023 controlled-and-invested-company table lists Guangrongda Financial Leasing with a reported holding of 20.10% and a principal business of financial leasing. It reports revenue of CNY 31,201,000.00, operating profit of CNY 6,608,100.00 and net profit of CNY 4,958,800.00. Total assets are CNY 535,076,800.00, net assets CNY 517,885,700.00, and registered capital CNY 500,000,000.00. The table uses ten-thousand CNY, except the explicitly labelled ten-thousand USD registered capital of Jushi USA. These are organizational figures, not an allocation to a factory, furnace or product. The table does not specify each row’s standalone or consolidated perimeter; the rows must not be added together as the listed issuer’s results or treated as shareholder-attributable contributions. Its 20.10% reported holding is not full ownership and does not by itself establish control or an accounting method. This is a financing-related investment in the issuer’s disclosure, not research into the investee’s own filings or proof of a named project financing contract.

Registered capital / 2023 / annual investee table

RMB 500,000,000

Total assets / 2023 / annual investee table

RMB 535,076,800

Net assets / 2023 / annual investee table

RMB 517,885,700

Revenue / 2023 / annual investee table

RMB 31,201,000

Operating profit / 2023 / annual investee table

RMB 6,608,100

Net profit / 2023 / annual investee table

RMB 4,958,800

Issuer-reported holding percentage / 2023 / annual investee table

20.1%

In June 2023 Jushi acquired an additional 10.60% of Zhongfu Lianzhong for CNY 305,444,477, raising its direct holding from 32.04% to 42.64%. It then exchanged that entire stake, valued at CNY 1,228,527,731, for 132,103,913 Sinoma Wind Power Blade shares. A further CNY 175,093,471 cash subscription in August bought 18,827,847 shares. The combined holding was 150,931,760 shares, or 20.01% of Sinoma Wind Power Blade. This changed the route of Jushi’s exposure to wind-blade manufacturing: Zhongfu Lianzhong became a wholly owned subsidiary of the blade company, not of Jushi. Jushi nominated one director out of five and one supervisor out of three; the note treats its investment as an associate, and a 20.01% shareholding does not by itself establish control. Zhongfu Lianzhong’s CNY 480,600,000 special dividend is separate from glass-fiber revenue and the exchange valuation. For the transition period, Jushi estimated a CNY 20,352,500 share of losses in December using unaudited January–June figures. The investment table reports CNY 20,352,467.90 of loss at greater precision. The special audit had not been received by the annual-report date; this is not a final later compensation settlement or cash payment.

Reported ownership in wind-blade associate / 2023 / annual blade associate ownership

20.01%

Reported total shares in wind-blade associate / 2023 / annual blade associate shares

150,931,760 shares

Reported stake exchange valuation / 2023 / annual zhongfu stake exchange value

RMB 1,228,527,731

The US manufacturing company in South Carolina was 70% directly owned by China Jushi; the remaining 30% was held by minority shareholders. Its functional currency was the US dollar, while the important-subsidiary financial table is presented in ten-thousand Chinese yuan. FY2023 revenue was CNY 874,233,700 and net profit CNY 63,288,900, compared with CNY 907,712,300 and CNY 134,630,900 a year earlier. Operating cash flow was CNY 217,151,100, versus CNY 230,671,800 in the comparative year. These rounded company-wide amounts are not a project-line allocation or cash distributed to the parent. The separate minority table, in yuan rather than ten-thousand yuan, reports CNY 18,986,675.62 profit attributable to minority shareholders and CNY 421,172,567.13 closing minority equity. Its dividend cell is blank, not a newly recorded zero. The US sales subsidiary named separately in the group table is 100% indirectly owned and conducts sales and imports/exports of equipment and inputs; it is not automatically this manufacturing company or the same goodwill asset group.

Reported subsidiary operating cash flow / 2023 / annual us manufacturing operating cash

RMB 217,151,100

Reported profit attributable to subsidiary minority shareholders / 2023 / annual us manufacturing minority profit

RMB 18,986,675.62

Jushi Egypt Glass Fiber Company, located in Suez, was 75.01% indirectly owned within the Jushi group; minority shareholders held 24.99%. The business description includes production and sales of glass fiber, composites and engineering plastics, with related raw materials, equipment and parts. It uses the US dollar as functional currency, although its registered capital is stated in Egyptian pounds and its financial table in ten-thousand Chinese yuan. Those are different currency disclosures. FY2023 revenue was CNY 1,519,790,200, net profit CNY 340,073,200 and operating cash flow CNY 540,980,400. The comparative figures were CNY 1,757,447,300, CNY 617,055,500 and CNY 641,258,600. Closing assets were CNY 6,330,050,700 and liabilities CNY 3,002,020,700. These are the whole subsidiary, not the spending, output or return of an individual new-build or upgrade row. The separate minority-interest table reports CNY 84,984,288.58 profit, CNY 35,886,804.54 dividends declared to minority shareholders and CNY 831,674,699.12 closing minority equity. Declared dividends do not prove cash paid in the same period; rounded financial-table amounts should not be forced to reproduce every yuan-level minority figure exactly.

Reported subsidiary ownership share / 2023 / annual egypt manufacturing indirect ownership

75.01%

Reported subsidiary revenue / 2023 / annual egypt manufacturing revenue

RMB 1,519,790,200

Reported subsidiary net profit / 2023 / annual egypt manufacturing profit

RMB 340,073,200

Reported subsidiary operating cash flow / 2023 / annual egypt manufacturing operating cash

RMB 540,980,400

Reported subsidiary assets / 2023 / annual egypt manufacturing assets

RMB 6,330,050,700

Reported subsidiary liabilities / 2023 / annual egypt manufacturing liabilities

RMB 3,002,020,700

Reported subsidiary dividend declared to minority shareholders / 2023 / annual egypt manufacturing minority dividend

RMB 35,886,804.54

Sinoma Wind Power Blade manufactures and sells wind-turbine blades. Jushi’s direct 20.01% holding is accounted for under the equity method rather than consolidating all of the blade company’s revenue into Jushi sales. The FY2023 associate note reports CNY 5,521,514,274.38 revenue and CNY 246,386,884.31 net profit, explicitly covering amounts after Jushi acquired the shares. Its comparative column instead describes Zhongfu Lianzhong, the former direct investee. Differences between the columns therefore combine entity and period changes; they are not a like-for-like annual growth rate for the same company. The year-end investment carrying value was CNY 1,452,704,090.31, comprising a CNY 1,097,376,510.29 share of net assets and CNY 355,327,580.02 adjustments described as other adjustments. The blank goodwill adjustment cell is not converted into a newly asserted zero or an explanation for the entire premium. Investment carrying value is not another capital payment or the value of a specific blade factory.

Reported associate investment carrying value / 2023 / annual blade associate investment

RMB 1,452,704,090.31

Reported associate revenue after acquisition / annual blade associate post acquisition revenue

RMB 5,521,514,274.38

Reported associate profit after acquisition / annual blade associate post acquisition profit

RMB 246,386,884.31

Jushi sold all of Beixin Technology Development to related party CNBM Investment for CNY 90,402,700. The agreement was signed in February and loss of control is recorded in March 2023, based on the business-registration change. The consolidated disposal table reports CNY 6,867,423.66 difference between consideration and the disposed net-asset share; cash consideration and accounting gain are different amounts. Jushi Group (Huai’an) and Zhejiang Jushi New Energy entered consolidation in January, and Jushi New Energy (Huai’an) in March. These additions supported new manufacturing and energy activities, but incorporation and small start-up profits do not by themselves establish a line’s commercial output. The group table shows 100% indirect ownership of Jushi Group (Huai’an), 100% direct ownership of Zhejiang Jushi New Energy and 80% indirect ownership of Jushi New Energy (Huai’an). Xinfu Enterprise was deregistered in March; that legal-entity closure is not evidence that Jushi’s US manufacturing plant closed.

Reported subsidiary disposal consideration / 2023 / annual beixin technology disposal

RMB 90,402,700

Reported consolidated difference on subsidiary disposal / 2023 / annual beixin technology disposal gain

RMB 6,867,423.66

The FY2023 auditor’s report, dated 18 March 2024, states that the consolidated and parent financial statements present fairly, in all material respects, under Chinese Accounting Standards. Its communicated key audit matter is glass-fiber and related-product revenue recognition. The auditor describes contract and shipment sampling, export customs reconciliation and sales cut-off procedures. Identifying a key audit matter is not an adverse opinion on that item; the report says it does not give a separate opinion on each key audit matter. The financial opinion does not cover other information in the annual report or give that information a separate assurance conclusion. Reasonable assurance is high-level assurance, not a guarantee that every material misstatement will be detected. The audit therefore does not independently verify every factory narrative, commercialisation claim or SinoFilings translation, and cannot substitute for independent editorial approval of this research.

The FY2023 report identifies CNBM Group as actual controller and CNBM Limited as controlling shareholder. It describes their December 2017 commitments to address overlapping glass-fiber businesses through possible entrusted management, restructuring, equity swaps or business adjustments. A proposed Jushi–Sinoma Science & Technology transaction was terminated on 15 December 2020 because the parties did not agree core terms. A two-year extension in December 2020 was followed by another two-year extension approved at the first extraordinary shareholder meeting on 4 January 2023, after the December 2022 announcement. Those are announcement and approval dates, not a completed integration. The report says an explicit integration plan had not been formed by the earlier deadline and Jushi would retain its existing business while options were studied. This unresolved business overlap matters for shareholder interests; routine statements of corporate independence do not mean the integration obligation was discharged.

The FY2023 annual report proposes a tax-inclusive cash dividend of CNY 2.75 per ten shares, totalling CNY 1,100,862,600.20, or 36.16% of reported shareholder-attributable annual profit. The proposal contains no bonus shares or capital-reserve conversion. This is the plan disclosed with the annual report, not evidence that the dividend had already been paid during FY2023. It describes capital allocation alongside the company’s investment and financing needs, without becoming a stock-return recommendation. The stated payout percentage uses the report’s attributable-profit denominator; it is not the share of operating cash flow or unrestricted cash.

Proposed annual cash dividend / 2023 / proposal for fy2023

RMB 1,100,862,600.2

Proposed dividend per ten shares / 2023 / proposal for fy2023

2.75 CNY/10 shares

The board’s FY2023 self-evaluation says no material financial-reporting control deficiency existed at 31 December 2023. The annual report also says the separate internal-control audit received a standard unqualified opinion. This account attributes those conclusions to the issuer’s disclosure; the separately referenced audit document has not been independently reviewed here. They do not guarantee that every operating risk or error is absent. The governance rectification discussion distinguishes completed rule revisions from the unresolved glass-fiber competition commitment. Committee attendance and approval records are condensed rather than treated as independent proof of effective operations.

The FY2023 report lists CNBM Group Finance as a related group company. Its deposit table gives a daily maximum limit of CNY 250 million and CNY 11,293,448.78 deposited and withdrawn during the year, with zero opening and closing deposit balances. A zero year-end balance does not mean no transactions occurred. The separate loan table gives a CNY 10 million facility at 2.40%, CNY 10 million drawn, no principal repayment and a CNY 10 million closing loan balance. The credit table also reports CNY 10 million total and actual usage; these entries are not assumed to be another CNY 10 million of borrowing to add to the loan table. Limits, annual flows and outstanding balances remain separate. The annual report’s absence of reported non-operating fund occupation or irregular guarantees is not a claim that no related-party finance or guarantee exposure existed.

Reported daily related-finance deposit limit / 2023 / cnbm finance deposit limit

RMB 250,000,000

Reported related-finance deposits during year / 2023 / cnbm finance deposit flow

RMB 11,293,448.78

Reported related-finance closing loan / 2023 / cnbm finance loan

RMB 10,000,000

The FY2023 guarantee table reports CNY 8,249.90 million of guarantees arising during the year and CNY 4,850.39 million outstanding at year-end, equal to 16.93% of reported net assets. It says all guarantees were for companies inside the consolidated perimeter, and reports zero guarantees outside subsidiaries. The table identifies CNY 500 million supporting beneficiaries with debt-to-asset ratios above 70%. These are guarantee obligations and risk categories, not actual cash payouts, incremental group loan principal or project capital expenditure. Annual new guarantees and the closing balance measure different periods and must not be summed. Internal-group scope does not eliminate default or funding exposure.

Reported subsidiary guarantees arising during year / 2023 / annual subsidiary guarantees

RMB 8,249,900,000

Reported closing subsidiary guarantees / 2023 / closing subsidiary guarantees

RMB 4,850,390,000

Reported guarantees for beneficiaries above 70% leverage / 2023 / high leverage beneficiaries

RMB 500,000,000

At 31 December 2023, the annual report identifies CNBM Limited as Jushi’s controlling shareholder, with 1,079,739,151 shares, or 26.97%, and CNBM Group as actual controller. The report separately states that CNBM Group held 44.50% of CNBM Limited directly and through subsidiaries. This is an upstream ownership figure, not CNBM Group’s direct percentage in Jushi; percentages at different levels are not added. Zhenshi Holdings held 624,225,514 Jushi shares, or 15.59%, of which 444,768,000 shares were pledged. A shareholder’s pledged-share count is neither a monetary debt of Jushi nor evidence that control changed or the pledge was enforced. The report says CNBM Limited and Zhenshi were unrelated and were not acting in concert; relationships among the other listed holders were unknown. Hong Kong Securities Clearing appears as a separate holder of 476,006,270 shares, or 11.89%; this row does not identify ultimate beneficial owners or establish that a single foreign investor controlled that stake. Its pledge status is marked unknown even though the numerical cell shows zero, so no affirmative absence of a pledge is inferred.

Reported registered-holder shares / 2023 / cnbm limited jushi holding

1,079,739,151 shares

Reported registered-holder percentage / 2023 / cnbm limited jushi holding

26.97%

Reported registered-holder shares / 2023 / zhenshi jushi holding

624,225,514 shares

Reported registered-holder percentage / 2023 / zhenshi jushi holding

15.59%

Reported registered-holder pledged shares / 2023 / zhenshi jushi pledge

444,768,000 shares

Reported direct/indirect upstream ownership / 2023 / cnbm group in cnbm limited

44.5%

The FY2023 report states that total shares and share-capital structure did not change during the year. Its securities-issuance, controlling-shareholder change, control-change and share-repurchase sections are marked not applicable; the preferred-stock chapter is also not applicable. These disclosures provide historical context for dilution and control rather than an assurance that future issuance or ownership changes cannot occur. The separate category for pledges of at least 80% by the controlling or largest shareholder and its concert parties is not applicable. That category does not cancel the pledge separately disclosed for Zhenshi, which is another significant shareholder. Shareholder corporate-registration and portfolio lists are condensed because they do not explain additional Jushi operating exposure.

The subsequent-events note lists CNY 1,100,862,600.20 both as proposed profit/dividend distribution and as a distribution reviewed, approved and declared. It relates to the annual distribution already described in the governance material. The note does not establish that this amount was paid in cash during FY2023, so it is not added again as a new cash outflow. The issuer states that, as of 31 December 2023, it had no important contingencies requiring disclosure, and marks important non-adjusting subsequent events as not applicable. Those statements refer to the report’s date and disclosure criteria. They do not erase the separately reported guarantees or establish that the entire group has no contractual, environmental or legal exposures. The board approved submission of the report on 18 March 2024; this is historical reporting evidence, not a current assurance about later events. Routine pension-account administration is retained in the underlying source without expanding the reader page into a benefits-procedure guide.

Reported dividend distribution in subsequent-events note / annual proposed and declared dividend note

RMB 1,100,862,600.2

Group net profit was CNY 3,157,311,174.05: CNY 3,044,441,957.13 attributable to parent shareholders and CNY 112,869,216.92 to minority holders. Other comprehensive income was CNY 106,231,313.36, making total comprehensive income CNY 3,263,542,487.41. Other comprehensive income records specified changes outside the current income statement; it is not additional product sales or operating cash. The equity statement shows CNY 2,122,800,505.89 distributions reducing equity, comprising CNY 2,085,634,235.28 for parent owners and CNY 37,166,270.61 for minority holders. The minority distribution recognized in equity differs from the CNY 1,314,820.00 minority cash payment shown in the cash-flow statement. They must not be substituted for one another or assumed to prove a later payment. Starting group equity of CNY 28,797,489,798.96 plus comprehensive income and CNY 60,000,000 minority capital, less the recognized distributions, reconciles to CNY 29,998,231,780.48 closing equity. The listed parent’s own equity was CNY 13,073,896,407.26; that separate amount does not replace or add to consolidated equity. The FY2023 profit-distribution proposal disclosed after year-end is a different reporting event from these FY2023 equity movements.

Reported consolidated total comprehensive income / 2023 / annual consolidated comprehensive income

RMB 3,263,542,487.41

Reported reduction of consolidated equity from distributions / 2023 / annual consolidated distribution equity change

RMB -2,122,800,505.89

Reported reduction of consolidated equity from parent-owner distributions / 2023 / annual consolidated parent owner distribution equity change

RMB -2,085,634,235.28

Reported reduction of consolidated equity from minority distributions / 2023 / annual consolidated minority distribution equity change

RMB -37,166,270.61

The FY2023 environmental table reports pollution information for Jushi Group and Jushi Chengdu. For Jushi Group it gives wastewater chemical oxygen demand of 87.31 tonnes, ammonia nitrogen of 2.78 tonnes, dust of 16.29 tonnes, sulphur dioxide of 124.44 tonnes and nitrogen oxides of 433.09 tonnes. The Chengdu row separately reports 15.96, 0.80, 1.58, 24.91 and 50.71 tonnes for those respective pollutants. The table labels the reported discharges as not exceeding the applicable limits. These are company-reported amounts, not an independently verified compliance finding. The named entities and outlet descriptions do not establish an individual furnace allocation or a complete group footprint. No emissions for Jiujiang, Egypt, the US or the under-construction Huai’an base are inferred from this table. Chemical oxygen demand measures the pollution load of wastewater; it is not the volume of water discharged.

The annual report gives FY2023 environmental funding of CNY 232.45 million. It does not split that figure into operating expense and capital investment, so it cannot be treated as a budget for one construction project. Management says treatment facilities operated normally and reported no environmental violation. It describes wastewater pretreatment and reuse, exhaust treatment, noise controls and separate handling of hazardous and general solid waste. Monitoring combines automated outlets with third-party testing where automatic monitoring is absent. The report discusses environmental assessment and project acceptance supervision but provides no permit number or line-specific acceptance date in this passage. Those general statements are not evidence that every planned line had obtained its own approval or entered unrestricted operation.

Annual environmental funding, expense/capital split unspecified / 2023 / annual environment funding

RMB 232,450,000

The FY2023 annual report states that its carbon-reduction measures reduced emissions by 183,349 tonnes of CO2 equivalent. It identifies self-consumed photovoltaic electricity of 78.7224 million kWh and waste-heat steam of 1,198,302 gigajoules. These are different energy flows; electricity and steam are not added into a new energy-saving total. The passage does not give the calculation baseline, conversion factors or a complete Scope 1/2/3 inventory. Consequently, the reported reduction is not the company’s actual annual emissions, proof of a zero-carbon factory or an independently assured avoided-emissions estimate. Rooftop solar and waste-heat recovery are the disclosed operating measures; their output is not assigned to the separately developed wind project.

Reported annual carbon reduction, baseline unspecified / 2023 / annual reported reduction

183,349 tonnes CO2e

Reported photovoltaic self-consumption / 2023 / annual pv self consumption

78,722,400 kWh

Reported waste-heat steam / 2023 / annual waste heat steam

1,198,302 GJ

The FY2023 debt chapter lists four outstanding instruments. Exchange-listed bond 21 Jushi 01 (185081) had a CNY 200 million balance, a 3.14% stated rate and a 6 December 2024 maturity; 22 Jushi 01 (185458) had CNY 800 million, 3.07% and 4 March 2025. Both pay interest annually and principal at maturity. The interbank green medium-term note 21 Jushi GN001 (132100037) had CNY 500 million, 3.61% and 19 April 2024, also with annual interest and principal at maturity. Short-term financing bill 23 Jushi SCP005 (012383040) had CNY 500 million, 2.3% and 11 May 2024, with principal and interest due together at maturity. These balances total CNY 2.0 billion for the four rows, not total group debt. They show the contractual dates reported at year-end; they do not establish later repayment, refinancing, a current rate or allocation to a named plant. The green label alone does not identify the financed project or verify environmental performance.

Reported debt-instrument balance / 2023 / 21 jushi 01 185081

RMB 200,000,000

Reported stated debt-instrument rate / 2023 / 21 jushi 01 185081

3.14%

Reported debt-instrument balance / 2023 / 22 jushi 01 185458

RMB 800,000,000

Reported stated debt-instrument rate / 2023 / 22 jushi 01 185458

3.07%

Reported debt-instrument balance / 2023 / 21 jushi gn001 132100037

RMB 500,000,000

Reported stated debt-instrument rate / 2023 / 21 jushi gn001 132100037

3.61%

Reported debt-instrument balance / 2023 / 23 jushi scp005 012383040

RMB 500,000,000

Reported stated debt-instrument rate / 2023 / 23 jushi scp005 012383040

2.3%

For the two exchange bonds, the annual report says interest payments were normal. It reports normal interest on the green note and principal-and-interest settlement at maturity for the 2022 fifth short-term issue and the first four 2023 short-term issues. Those payment rows are not additional outstanding balances to add to the four-instrument year-end table. The proceeds tables state that the CNY 200 million and CNY 800 million exchange issues and the two CNY 500 million interbank issues had been fully used, with zero unused amounts and use consistent with the stated commitments. These are cumulative proceeds-use disclosures, not additional FY2023 funding or unrestricted year-end cash; the tables do not establish which Jushi project received the funds. The issuer reports no investor-protection-clause trigger for the interbank instruments, and marks overdue non-bond interest-bearing debt as not applicable. This is the issuer’s historical account, not an independent inspection of every covenant. Although the convertible-bond heading is checked applicable, every detailed convertible subsection is not applicable; no convertible issuance, outstanding balance or conversion-related dilution is inferred from that inconsistent heading.

The FY2023 debt chapter reports a current ratio of 0.9263 and a quick ratio of 0.6127 at year-end. These compare current or quick assets with current liabilities; they do not mean that every debt was immediately payable or that the company was insolvent. The reported debt-to-asset ratio was 42.39%. Interest coverage fell to 9.92 times from 20.61 in FY2022, while cash interest coverage fell to 4.53 from 15.85 and EBITDA interest coverage fell to 14.94 from 24.84. EBITDA means earnings before interest, tax, depreciation and amortisation; the annual table does not supply a detailed reconciliation for these ratios. Management attributes the profit-based declines to lower profit and the cash-coverage decline to increased receipt of acceptance bills reducing operating cash inflow. The disclosed explanation is relevant to financing capacity and cash conversion, but does not quantify a separate causal contribution for each factor. Reported loan and interest payment rates of 100% concern this historical disclosure and do not guarantee future repayment.

Reported current ratio / 2023 / annual reported current ratio

0.9263 ratio

Reported quick ratio / 2023 / annual reported quick ratio

0.6127 ratio

Reported annual interest coverage / 2023 / annual reported interest coverage

9.92 times

Reported annual cash interest coverage / 2023 / annual reported cash interest coverage

4.53 times

The cash-flow statement reports CNY 1,459,995,313.74 paid to acquire fixed, intangible and other long-lived assets. Its material-investment note identifies CNY 1,060,358,701.43 cash for project construction and CNY 134,655,874.27 for platinum purchases. These are disclosed cash-flow scopes, not the same as additions or transfers from construction into fixed assets, and not a budget or spending allocation for one named line. The note also reports CNY 1,534,449,143.53 received from rhodium-powder sales and CNY 483,806,000.00 associate dividends: investment cash rather than glass-fiber operating sales. Financing-purpose bill discounting generated CNY 7.54 billion of other financing receipts, while CNY 5.30 billion of bill redemption was reported as other financing payments. Those are annual flows, not a CNY 2.24 billion closing bill liability or an additional project-finance balance. The liability-movement table explicitly includes current maturities within long-term loans, leases and bonds, so they are not counted again as separate incremental debt.

Reported cash acquisition of long-lived assets / 2023 / annual consolidated long lived cash acquisition

RMB 1,459,995,313.74

Reported project-construction cash payment / 2023 / annual consolidated project construction cash

RMB 1,060,358,701.43

Reported platinum-purchase cash / 2023 / annual consolidated platinum purchase cash

RMB 134,655,874.27

Reported financing-purpose bill-discount receipts / 2023 / annual consolidated financing bills

RMB 7,540,000,000

Reported financing-purpose bill-redemption payments / 2023 / annual consolidated financing bills

RMB 5,300,000,000

The asset notes report CNY 893,042,000.79 of Chengdu new-base buildings for which property certificates were still being processed. That is a property-title disclosure, not evidence that the plant lacked every operating permit, was illegal or had stopped production. The restricted-assets table separately reports mortgaged fixed assets of CNY 305,101,315.26 net and mortgaged intangible assets of CNY 17,763,936.92 net at year-end. Together they make CNY 322,865,252.18 of restricted net assets, not additional cash debt or cash already paid. A CNY 6,150,910.07 monetary-funds restriction for bill deposits and term deposits appears in the opening column. It reconciles the difference between opening monetary funds of CNY 2,635,927,627.07 and opening cash-flow cash of CNY 2,629,776,717.00. The closing restricted-cash cell is blank and is not changed into a zero-valued fact or a general unrestricted-cash assurance.

Reported assets awaiting property certificates / 2023 / annual chengdu new base buildings title

RMB 893,042,000.79

Reported net mortgaged fixed assets / 2023 / annual consolidated mortgaged fixed assets

RMB 305,101,315.26

Reported net mortgaged intangible assets / 2023 / annual consolidated mortgaged intangibles

RMB 17,763,936.92

At 31 December 2023, current maturities of non-current liabilities were CNY 1,703,036,017.30: CNY 960,003,299.67 of loans, CNY 733,476,416.81 of bonds and CNY 9,556,300.82 of leases. The long-term loan note reports CNY 636,373.48 secured by mortgages, CNY 3,545,596,545.73 guaranteed and CNY 2,654,438,874.99 unsecured before deducting current maturities, leaving CNY 5,240,668,494.53 classified as non-current loans. These categories describe contractual funding, not additional construction cash or evidence that every guarantee was called. The remaining non-current bond balance was CNY 799,920,000.00 after current reclassification. The lease note likewise reports CNY 13,748,190.09 after deducting its current portion. Current amounts must not be counted again when using loan, bond or lease movement tables that already include them. Reported loan rates ranged from 1.20% to 3.05% for unsecured loans, 2.40% to 5.308% for guaranteed loans and 5.70% for mortgage loans; they are historical contract ranges, not current borrowing offers.

Reported current maturities of non-current liabilities / 2023 / annual consolidated current maturities

RMB 1,703,036,017.3

Reported current-maturity category / 2023 / annual current long term loans

RMB 960,003,299.67

Reported current-maturity category / 2023 / annual current bonds

RMB 733,476,416.81

Reported current-maturity category / 2023 / annual current leases

RMB 9,556,300.82

Reported non-current debt category after current reclassification / 2023 / annual noncurrent loans

RMB 5,240,668,494.53

Reported non-current debt category after current reclassification / 2023 / annual noncurrent bonds

RMB 799,920,000

Reported non-current debt category after current reclassification / 2023 / annual noncurrent leases

RMB 13,748,190.09

The year-end short-term paper balance was CNY 504,440,277.78 for 23 Jushi SCP005, issued on 14 August 2023 with CNY 500,000,000 principal, a 270-day term and a 2.30% coupon. Its carrying value includes CNY 4,440,277.78 accrued interest; it is not another CNY 504 million issue on top of the principal. The annual movement table reports CNY 2,499,802,397.26 of new issues on its accounting basis and CNY 2,527,404,336.40 of repayments. It includes a prior-year note repaid in 2023; the CNY 3 billion sum of face amounts across the rows is therefore not all new FY2023 issuance. Each row is marked no default, a reporting-date disclosure rather than confirmation of future repayment. Other current liabilities also include CNY 641,444,866.84 of transferred acceptance bills still recognized and CNY 41,062,935.65 of VAT on customer advances. The bill obligation mirrors the retained-bill asset scope described in working capital, while the tax component is not an additional financing instrument or cash received from a new product sale.

Reported short-term paper carrying value / 2023 / annual consolidated short paper

RMB 504,440,277.78

Reported annual paper issues on accounting basis / 2023 / annual consolidated short paper issue

RMB 2,499,802,397.26

Reported annual paper repayments / 2023 / annual consolidated short paper repayment

RMB 2,527,404,336.4

Reported obligation for retained transferred bills / 2023 / annual consolidated retained bill obligation

RMB 641,444,866.84

Other payables include CNY 20,352,467.90 for transition-period loss compensation, cross-referenced to the Zhongfu Lianzhong and Sinoma Wind Power Blade integration note. The related-balance table identifies the same CNY 20,352,467.90 payable to Zhongfu Lianzhong; these are two disclosures of the same year-end obligation, not two separate costs or payments. The investment-income explanation uses a rounded CNY 20,352,500 estimate based on unaudited January–June figures. The annual report had not received the special audit at its issue date. This is an estimate and payable at that historical date, not evidence that a later final settlement had already been paid, nor a reason to replace the historical amount with a later-year figure.

Reported transition-loss compensation payable / 2023 / annual zhongfu transition compensation payable

RMB 20,352,467.9

The financial-risk note reports CNY 12,810,258,502.74 due within one year within a CNY 18,864,595,187.36 financial-liability maturity table. The table combines loans, bonds, leases, bills, trade and other payables and derivative obligations; it is not a CNY 18.86 billion bank-debt total. The issuer labels the schedule undiscounted remaining contractual obligations, while loan, bond and current-maturity rows explicitly exclude unrecognized interest. That stated basis is preserved rather than estimating omitted future interest or treating the total as identical to all future cash payments. Fixed-rate instruments represented 63.87% of interest-bearing debt at year-end, compared with 48.69% a year earlier. Management describes bank FX forwards and foreign-currency liabilities as risk-management measures, but these do not prove complete hedging or remove credit and liquidity risk. The claimed availability of backup financing and covenant monitoring is attributed to management; this review does not independently confirm every bank commitment or covenant outcome.

Reported financial-liability maturity amount / 2023 / annual financial liabilities due within year

RMB 12,810,258,502.74

Reported financial-liability maturity amount / 2023 / annual financial liabilities maturity total

RMB 18,864,595,187.36

Reported fixed-rate share of interest-bearing debt / 2023 / annual consolidated fixed rate debt share

63.87%

Closing related-party trade receivables were CNY 39,977,344.01 gross with CNY 186,247.81 credit-loss allowance. These gross balances are not cash collected or an extra receivable total to add to consolidated trade receivables. Related-party trade payables totaled CNY 83,184,296.97, while another CNY 172,888,807.15 table combines contract liabilities, other current liabilities and a non-current liability. That mixed-category total is not entirely product orders, trade debt or revenue already recognized. The finance-company loan appears at CNY 10,007,333.33 carrying value in the related-balance note, whereas the lending agreement reports CNY 10,000,000 principal. The related-balance note does not separately explain the CNY 7,333.33 difference, so no new loan or exact accrued-interest explanation is inferred. Annual interest of CNY 82,000 reported for the agreement is a different period measure. The Zhongfu Lianzhong transition-compensation payable appears separately and has already been explained in the funding notes, so it is not counted again as a new liability.

Reported related-party trade receivables gross / 2023 / annual consolidated related trade receivables

RMB 39,977,344.01

Reported related-party trade-receivable allowance / 2023 / annual consolidated related trade receivables

RMB 186,247.81

Reported related-party trade payables / 2023 / annual consolidated related trade payables

RMB 83,184,296.97

Reported finance-company loan carrying value / 2023 / annual related finance company loan carrying

RMB 10,007,333.33

The parent reported CNY 5,625,000,000 of intercompany loan principal within other receivables: CNY 4,525,000,000 to Jushi Group, CNY 800,000,000 to Jushi Group Jiujiang and CNY 300,000,000 to Jushi Group Chengdu. The note places these balances within one year; that is an ageing disclosure, not a contractual repayment promise. Parent other receivables totaled CNY 5,627,134,894.50 gross and CNY 5,627,134,534.50 net after a CNY 360 allowance, with smaller tax-refund and other balances alongside the loans. Separately, CNY 1,600,000,000 dividends were receivable from Jushi Group, compared with CNY 2,100,000,000 at the start of the year. These subsidiary funding and dividend balances explain how resources move within the group. They are not additional external credit exposures or new group customer revenue, and a receivable does not establish that cash was paid during FY2023. Parent long-term equity investments totaled CNY 11,821,212,146.52, comprising CNY 10,215,360,405.59 in subsidiaries and CNY 1,605,851,740.93 in associates/joint ventures. The subsidiary investment schedule includes a CNY 250,000,000 addition to Zhejiang Jushi New Energy. This is the parent’s investment-account movement, not another measure of a named plant’s construction spending or proof of its commissioned capacity.

Reported parent-only intercompany loan principal / 2023 / annual parent intercompany loan principal

RMB 5,625,000,000

Reported parent-only net other receivables / 2023 / annual parent other receivables net

RMB 5,627,134,534.5

Reported parent-only dividend receivable from Jushi Group / 2023 / annual parent jushi group dividend receivable

RMB 1,600,000,000

Reported parent-only long-term equity investments / 2023 / annual parent long term equity investments

RMB 11,821,212,146.52

Reported parent-only addition to subsidiary investment / 2023 / annual parent zhejiang new energy investment addition

RMB 250,000,000

At 31 December 2023, consolidated current assets were CNY 13,387,904,537.77 and current liabilities CNY 14,452,761,626.78. Their difference is a CNY 1,064,857,089.01 shortfall, calculated from the reported balances; the comparative balances also had current liabilities above current assets. This matters for the funding and timing of working capital, but it does not alone prove default or inability to continue operating. Current assets include inventories, bills and receivables as well as cash, while current liabilities include supplier payables, customer advances, payroll and taxes as well as borrowings and current debt maturities. The balances are therefore not a comparison of freely available cash with bank debt. Total group assets were CNY 52,073,958,059.20, liabilities CNY 22,075,726,278.72 and equity CNY 29,998,231,780.48. Production assets and construction account for a substantial part of the asset base but are not automatically immediately spendable funds. The financial statements use a 12-month operating cycle to classify current items. Management states that it identified no matters creating significant doubt about going concern over the 12 months from the reporting date; this is a historical assessment, not a guarantee of future funding.

Reported consolidated current assets / 2023 / annual consolidated current assets

RMB 13,387,904,537.77

Reported consolidated current liabilities / 2023 / annual consolidated current liabilities

RMB 14,452,761,626.78

Reported consolidated total assets / 2023 / annual consolidated total assets

RMB 52,073,958,059.2

Reported consolidated total liabilities / 2023 / annual consolidated total liabilities

RMB 22,075,726,278.72

Reported consolidated total equity including minority interests / 2023 / annual consolidated total equity

RMB 29,998,231,780.48

FY2023 consolidated financing cash inflows were CNY 15,331,086,705.56 and outflows CNY 15,801,359,500.45, producing CNY 470,272,794.89 net cash used in financing. Receipts from borrowings were CNY 7,731,086,705.56 and debt repayments CNY 7,989,486,416.96. These annual gross flows cannot be read as year-end debt or as new project funding retained in cash. A further CNY 7,540,000,000 was received and CNY 5,308,567,904.29 paid under other financing activities; the separate note identifies bills and precious-metal-related financing categories, which must retain their own scope. Cash received from investment was CNY 60,000,000, entirely identified as subsidiary minority-shareholder capital. It is not issuance of new shares by the listed parent. Cash paid for dividends, profit distributions or interest was CNY 2,503,305,179.20; the statement combines these categories, so this is not a pure shareholder-dividend amount. Its included cash dividends/profits to subsidiary minority holders were CNY 1,314,820.00. Together with CNY 867,222,853.35 operating cash, CNY 98,331,879.87 investing cash and CNY 1,209,498.83 exchange-rate effects, financing cash reconciles to CNY 496,491,437.16 growth in cash and cash equivalents. The net cash increase does not mean that operating cash alone financed every construction programme.

Reported consolidated borrowing cash receipts / 2023 / annual consolidated borrowing cash receipts

RMB 7,731,086,705.56

Reported consolidated debt repayment cash / 2023 / annual consolidated debt repayment cash

RMB 7,989,486,416.96

Reported consolidated net financing cash flow / 2023 / annual consolidated financing cash net

RMB -470,272,794.89

Reported consolidated cash for dividends profit distributions or interest / 2023 / annual consolidated distribution interest cash

RMB 2,503,305,179.2

Reported subsidiary minority capital cash received / 2023 / annual consolidated minority capital cash

RMB 60,000,000

At year-end, trade payables included CNY 1,807,716,455.42 for engineering and equipment and CNY 1,020,723,663.24 for materials and services, totaling CNY 2,828,440,118.66. The equipment/engineering component connects reported construction and asset growth to amounts still payable; it is neither a second measure of capital expenditure nor cash already spent. The important older supplier balance of CNY 46,967,781.91 is attributed to a contract not yet fully performed, not automatically a disclosed payment default. Short-term borrowings separately comprise CNY 200,183,333.33 secured by mortgage, CNY 932,339,505.15 guaranteed and CNY 5,113,647,373.86 credit borrowings. These sum to the CNY 6,246,170,212.34 borrowing balance, not to all current liabilities. Contract liabilities of CNY 507,422,650.32 are advance payments for goods, not additional recognized sales. Employee-related payables totaled CNY 701,374,074.97, including CNY 474,430,416.96 in short-term profit-sharing plans. The profit-sharing balance rolled forward from CNY 604,803,250.91 with CNY 20,913,969.44 additions and CNY 151,286,803.39 reductions. Additions and reductions in that accounting table are not automatically the employee-cash-payment figure in the cash-flow statement, and the note does not allocate every obligation to a factory or disposal transaction.

Reported trade payables for engineering and equipment / 2023 / annual consolidated engineering equipment payables

RMB 1,807,716,455.42

Reported trade payables for materials and services / 2023 / annual consolidated material service payables

RMB 1,020,723,663.24

Reported contract liabilities from advances for goods / 2023 / annual consolidated customer advance liability

RMB 507,422,650.32

Reported short-term profit-sharing plan payable / 2023 / annual consolidated profit sharing payable

RMB 474,430,416.96

The issuer’s related-party purchase table identifies Zhenshi Group Zhejiang Yushi International Logistics with CNY 609,109,484.28 of transport and ocean-freight services, compared with CNY 844,328,366.07. Tongxiang Huarui Automatic Control Technology Equipment supplied CNY 166,121,544.61 of equipment, versus CNY 142,249,764.80; a separate Huarui row reports CNY 919,312.38 technical services and repairs. Shanghai Tianshi International Freight Forwarding supplied CNY 113,002,796.79 transport services and QUARTZ LOGISTICS INC. CNY 83,399,725.47. CNBM International Engineering Group supplied CNY 62,909,292.03 engineering services. These disclosures show how related companies participate in delivery and investment. The amounts are transaction categories, not all current operating expense, a named project allocation or evidence that every transaction was paid during the year. The annual report’s related-party classification is preserved without independently extending research into the counterparties or inferring that related pricing was disadvantageous.

Reported related-party purchase or service transaction / 2023 / annual yushi transport ocean freight

RMB 609,109,484.28

Reported related-party purchase or service transaction / 2023 / annual huarui equipment

RMB 166,121,544.61

Reported related-party purchase or service transaction / 2023 / annual cnbm international engineering

RMB 62,909,292.03

The related-sales note reports CNY 702,984,912.35 of inventory-product sales to Zhejiang Zhenshi New Materials and CNY 477,001,298.70 to Tongxiang Hengxian Import and Export. The latter comparative amount was CNY 12,792,784.59; a large change in this named trading relationship does not by itself identify final customer demand or exports to a particular country. Product sales to Zhenshi Holding were CNY 264,616,310.50, compared with CNY 1,296,146,377.65, and to Zhenshi Group Huamei New Materials CNY 166,487,022.80, versus CNY 378,650,265.74. The same counterparties may also buy raw materials, water/electricity or fixed assets, disclosed as separate categories. These selected rows are not the total of every related-party sale or an unduplicated measure of final-market demand. The year-end related-party balance table separately reports CNY 71,991,650.51 of contract and other current liabilities to Hengxian; this is not another sale to add to annual revenue.

Reported related-party sales transaction / 2023 / annual zhejiang zhenshi inventory products

RMB 702,984,912.35

Reported related-party sales transaction / 2023 / annual hengxian inventory products

RMB 477,001,298.7

Reported related-party sales transaction / 2023 / annual zhenshi holding inventory products

RMB 264,616,310.5

In FY2023, Zhenshi Group Zhejiang Yushi International Logistics supplied transport and ocean-freight services to the Jushi business. The annual report lists the counterparty as a subsidiary of a shareholder. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, Tongxiang Huarui Automatic Control Technology Equipment supplied equipment to the Jushi business. The annual report lists the counterparty as a subsidiary of a shareholder. A separate row also records technical services and repairs. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, Shanghai Tianshi International Freight Forwarding supplied transport services to the Jushi business. The annual report lists the counterparty as a subsidiary of a shareholder. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, QUARTZ LOGISTICS INC. supplied transport services to the Jushi business. The annual report lists the counterparty as a subsidiary of a shareholder. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, China National Building Materials International Engineering Group supplied engineering services to the Jushi business. The annual report lists the counterparty as a fellow group company. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, the Jushi business sold inventory goods to Zhejiang Zhenshi New Materials. The annual report lists the counterparty as another related party. Other rows separately disclose raw-material and energy sales and raw-material procurement; directions and categories are not netted together. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, the Jushi business sold inventory goods to Tongxiang Hengxian Import and Export. The annual report lists the counterparty as another related party. Its trading-company name does not identify the final buyer or destination country. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, the Jushi business sold inventory goods to Zhenshi Holding. The annual report lists the counterparty as a shareholder. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.

In FY2023, the Jushi business sold inventory goods to Zhenshi Group Huamei New Materials. The annual report lists the counterparty as a subsidiary of a shareholder. This named entity is kept separate from the differently named Egyptian Huamei company in the same filing. This records the disclosed transaction direction, not ownership by Jushi, final customer demand, cash settlement or an allocation to a specific factory or project.