China Jushi FY2023: Projects and construction progress

The Egyptian 120,000-tonne-per-year furnace-drawing line fully achieved design production and performance in 2023. This is associated with the fourth roving phase ignited in 2022, using the annual project sequence and Egyptian base context; the phase-to-capacity match remains documented in the identity review. The same sentence separately reports cold-repair start on an 80,000-tonne line. The new line and repair of an older line remain distinct investments.

Annual production capacity

120,000 tonnes/year

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

Phase I of the Huai'an Lianshui base was fully launched and was entering the critical installation stage. A supporting wind-power project progressed at the same time. The passage does not declare the base fully commissioned in 2023. It links the manufacturing and renewable-power investments but does not make them one physical asset or identify the wind project as the later 500 MW project.

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

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 first line at the Jiujiang intelligent manufacturing base was ignited and achieved design production and performance ahead of schedule, according to the company. This updates the installation-and-debugging stage reported in 2022. The passage does not give the line's individual capacity, ignition date or full-year output. The claim that it was the world's largest glass fiber line is management's description rather than an independently verified ranking.

Tongxiang completed cold repair and upgrading of a line with stated annual capacities of 50,000 tonnes of electronic yarn and 160 million metres of supporting electronic fabric. Management says it quickly reached design performance and production. The project concerns repair of an existing line; its capacities are not automatically new group additions. It is kept separate from the 60,000-tonne phase-I intelligent-base line because the passage does not establish that they are the same furnace.

Annual production capacity

50,000 tonnes/year

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