China Jushi FY2023: Subsidiaries and invested companies

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