China Jushi FY2023: Debt and related-party balances

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