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China JushiFY2023Products and glass-fiber technology
FY2023 overviewProducts and glass-fiber technologyManufacturing basesProjects and construction progressSubsidiaries and invested companiesMarkets, customers and suppliersCash generation and working capitalDebt and related-party balancesOperating risks and business commitmentsSite operations and environmental evidence
Annual business review / fy2023-counterparty-edges-20261005

China Jushi FY2023: Products and glass-fiber technology

Products, applications, research and commercial progress.

Evidence-linked English operating research. The source and stated coverage below define the scope of this version. Source-page links provide optional verification; the English account is intended to stand on its own.

Reporting period ended 2023-12-31 / Filing published 2024-03-20
Content version 18 / 14786b140af3 / PUBLISHED

Products and applications

Solutions for newer energy and transport applications

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.

Reported disclosureFY2023 annual report, p. 9 ↗Open continuing product dossier

Technology and commercial progress

Research expenditure and laboratory equipment in use

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.

Reported disclosureFY2023 annual report, p. 14 ↗FY2023 annual report, p. 15 ↗FY2023 annual report, p. 9 ↗Open continuing technology dossier

From minerals to reinforcement: what the research programme supports

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.

Reported disclosureFY2023 annual report, p. 11 ↗FY2023 annual report, p. 15 ↗

A social-responsibility passage also contains technical operating evidence

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.

Reported disclosureFY2023 annual report, p. 43 ↗

Read the complete annual research snapshot

Sources and scope

What this guide establishes

  • This page presents selected business disclosures from the FY2023 full annual report. It is not an exhaustive extraction of every disclosure.
  • Event dates stated in the text may differ from the reporting year. Later events disclosed before filing are identified explicitly; later annual reports are not inserted into this historical account.
  • The Chinese source was translated and compared with the cited pages in separate passes by the same assistant. Independent editorial review and publication approval remain pending.
  • Capacity, production, sales, project budgets and construction expenditure are different measures. Repairs and programme phases are not automatically incremental capacity.
  • FY2023 operating figures retain original currencies, scopes and periods. Cash, bills, receivables, inventory and cash-flow notes reviewed as limited topics; material financial and management selection is complete. Bill settlements are not cash sales, investment cash is not project additions, overseas cash is not foreign-currency cash, and blank cells are not zero. Governance/environment/shareholder/bond scope, source ambiguities, source-use basis and independent editorial approval retain their separate status.
  • FY2023 construction budgets retain ten-thousand-CNY original units, while accounting movements retain CNY. Project progress, budget ratios, capacity plans, actual output and cash remain separate. Two Egyptian120,000-tonne rows remain distinct pending identity evidence; US goodwill sales and the US manufacturing company are not automatically merged. Whole material review completed; source-use basis and independent editorial approval remain pending.
  • FY2023 funding notes distinguish principal, accrued-interest carrying values, current maturity reclassification and operating payables. Grant income, deferred balances and currency movements reconcile with distinct scopes. Material review completed; source-use basis and independent editorial review remain pending; management risk-control claims are not independent covenant or funding assurance.
  • FY2023 subsidiary data retain yuan/ten-thousand-yuan original units, manufacturing/sales roles and direct/indirect interests; the blade associate income period starts after acquisition. Related transactions are selected issuer disclosures, not final-market demand or an investigation of counterparties. The finance-company carrying/principal difference is not separately explained in this note. Material review completed; source-use basis and independent editorial approval remain pending.
  • FY2023 parent-only accounts retain intercompany funding, dividends and investment income separately from consolidated operations. Geographic revenue is based on customer location; non-current asset geography excludes financial/deferred-tax assets. Nonrecurring profit includes tax/minority deductions, and dividend declarations are not cash payments. Whole material review completed; source-use basis and independent editorial review remain pending.
  • FY2023 statements distinguish cash, accrual distributions, current items, debt and operating obligations. Currency translation in equity, transaction exchange gains and cash effects are separate. Tax eligibility and rates are historical issuer disclosures. Disposal categories do not provide a complete itemized bridge; unknown differences remain isolated. Whole material review completed; source-use basis and independent editorial review remain pending.
  • FY2023 management discussion has been reviewed for material operating questions. National industry statistics and historical management price commentary are separate from Jushi sales and orders. Customer sales are not parent receivable balances. Whole material review completed; source-use basis and independent editorial review remain pending.
  • FY2023 material financial-note selection is complete. Land, energy-use and discharge-right balances are accounting assets, not independent confirmation of site permits or capacity. Deferred-tax assets, liabilities and unrecognized loss bases are not cash refunds or debt due immediately. Unitemized source differences remain isolated. Source-use basis and independent editorial review remain pending.
  • Named trading directions reflect selected FY2023 issuer disclosures and reused source-name identities. English names translated from Chinese are not independently certified registered English names. Counterparty relationships do not prove ownership, final demand, project allocation or settlement. Minor reciprocal categories are not assumed absent. Independent editorial and commercial source-use approval remain pending.
FY2023 full annual report ↗
Chinese / A-share / Chinese Accounting Standards / Published 2024-03-20
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