China Jushi FY2024: Business overview

Jushi's 2024 business is the manufacture and sale of glass fiber and related products, including roving and electronic fabric. The report explains glass fiber as an inorganic, non-metallic material made from mineral ingredients including pyrophyllite, kaolin, limestone and quartz sand. The production sequence involves melting, drawing, drying and winding. Its stated properties include mechanical strength, electrical insulation, heat resistance and corrosion resistance. The industry application discussion covers construction materials, transport, electrical and electronic equipment, energy and environmental uses, and consumer goods. These application categories explain the market context; they do not identify specific customer orders.

The report describes higher sales volumes in both domestic and overseas markets, while product prices remained low. Management attributes lower gross margins in both markets to that pricing environment. Domestic revenue increased by 6.84% and overseas revenue by 6.60%. Its response included product-mix adjustments and market development, procurement timing, global purchasing and new suppliers, and efforts to reduce production costs. This is the company's explanation of the year's operating conditions, rather than a forecast that price recovery or cost savings will continue.

Management's strategy in the 2024 report keeps glass fiber as the core business while strengthening the supply chain and extending downstream industry activities. It links those aims with higher quality, efficiency and product upgrading, digital manufacturing and global production and sales. The 2025 operating plan calls for product-mix changes, sales growth in core markets, capacity control, technical upgrades and cost reduction, innovation, talent development and project construction. These are priorities stated in the 2024 report for the following year, not evidence that they were already completed in 2024.