China Jushi | FY2024 business review

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.

In 2024, Jushi sold 3.025 million tonnes of roving and related products and 875 million metres of electronic fabric. Glass fiber and its products generated RMB 15.480 billion, accounting for 99.60% of main-business revenue. Management's product-mix work focused on thermoplastic chopped strands, smaller-tex direct rovings, package yarn and mats or fabrics, alongside coordination of product plans across six production bases. The report describes an increase in the share of higher-end products but does not quantify that share in this passage.

Management identifies high-performance glass and sizing formulations, large melting-furnace design, specialist fiber-drawing bushings, key-input development and in-house production, and intelligent and green manufacturing as technical capabilities. The product portfolio includes the proprietary E7, E8 and E9 high-modulus formulation families and wind-energy products, alongside boron-free and fluorine-free, lower-density and lighter-coloured directions. Management describes these capabilities as advantages. The cited passages do not provide a numerical performance specification for each product or an independently measured competitive ranking.

R&D investment in 2024 was RMB 528,291,814.11, equal to 3.33% of operating revenue. The report's table records all of this investment as expensed and no capitalised R&D investment. It lists 1,300 R&D personnel, representing 9.65% of employees. Management established a technology innovation committee and describes combining work on glass formulations, sizing formulations and internally produced chemical inputs to meet more specialised customer needs. These disclosures explain the resources and organisation behind development; the expenditure is not a product-specific sales or profitability measure.

Jushi reports 125 patent authorisations in 2024, including 64 invention-patent authorisations, of which 38 were foreign authorisations. Cumulative valid authorised patents reached 1,023. It also reports continuing innovation in fiber-drawing bushings and automation projects aimed at production efficiency. The annual and cumulative patent figures use different scopes, and patent authorisation alone is not evidence that a particular new product has achieved commercial deliveries.

Jushi describes further development of digital and future factories, wider use of internally developed information platforms, and exploration of artificial intelligence in manufacturing. It reports upgrading overseas systems to improve collaboration and data sharing, and completing a unified global purchasing and sales platform for its glass fiber business. The passage describes systems and initiatives; it does not provide a separately measured productivity improvement or financial return attributable to each digital project.

The FY2024 filing describes application-technology support for customers and joint quality-and-technology work with strategic partners. It also reports certifications for quality, environmental and measurement management systems, laboratory recognition and a range of product certifications. These disclosures explain the stated quality-support infrastructure around the glass-fiber portfolio. They do not identify each participating customer, certificate number, validity period or the product and production-line scope of every certification. The group-level description cannot establish that a newly developed line was already certified or delivering a particular grade.

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.

The report lists six production bases: Tongxiang in Zhejiang, Jiujiang in Jiangxi, Chengdu in Sichuan, Huai'an in Jiangsu, Suez in Egypt and South Carolina in the United States. Jushi reports a global marketing network and overseas sales companies in the United States, France, Spain, Japan and South Korea, with products sold to more than 100 countries and regions. During 2024 it coordinated the main product plans and product-mix adjustments across those bases. This describes a manufacturing and sales network; it does not provide line-by-line output or utilisation for each location.

Huai'an already had a reported operating milestone in 2024: phase I of the zero-carbon intelligent manufacturing base was fully commissioned, and its supporting 233 MW wind project was fully connected to the grid. The same passage separately discusses a 100,000-tonne electronic-grade glass fiber line and a supporting 500 MW wind project. The commissioned base phase and 233 MW wind assets therefore need to be tracked separately from the later electronic-yarn line and 500 MW construction project. 'Zero-carbon' is the company's project description in this source, not a life-cycle emissions certification established by this guide.

At the Egypt base, the first line undergoing cold repair completed the work and returned to production ahead of schedule in 2024. Management reports that the line maintained full production and sales. It also describes investigating and comparing potential further overseas investments, but the cited passage does not select a new country or commit to a new overseas plant. This separates the reported restart of an existing line from exploratory work on additional international expansion.

Management reports that phase I of the Huai'an zero-carbon intelligent manufacturing base entered full production in FY2024. Separately, the construction notes name a 400,000-tonne high-performance glass fiber programme operated by Jushi Group Huai'an Co., Ltd., with a closing construction-in-progress balance of RMB 264,736,810.10 and engineering progress of 75%. A first-phase commissioning statement does not mean the entire 400,000-tonne programme was complete, nor does a residual construction balance prove that the operating phase was idle.

The important-construction table distinguishes four programmes. Jiujiang's 400,000-tonne intelligent manufacturing programme shows RMB 915,289,646.21 remaining in construction, 90% engineering progress and RMB 63,215,324.36 transferred to fixed assets during FY2024, funded from own funds and borrowing. The Huai'an 400,000-tonne programme shows 75% engineering progress, RMB 264,736,810.10 remaining and RMB 2,977,488,769.22 transferred; the phase-I production narrative does not complete that whole programme. The Egyptian 120,000-tonne technical-upgrade row reports 100% engineering progress, RMB 670,091,786.47 transferred and cumulative spending at 128.67% of the stated budget, not a 128.67% production-utilisation rate. Its closing construction cell is blank, not an explicit zero field. The supporting 200MW Huai'an wind project reports 90% engineering progress, RMB 865,889,429.58 transferred and RMB 16,267,223.17 remaining. The four important rows total RMB 1,196,293,679.48 at year end; the full construction balance of RMB 1,474,601,801.49 additionally contains other projects. Their fixed-asset transfers total RMB 4,576,685,309.63. Accounting transfer and engineering progress are not evidence of every line's full output, legal acceptance or customer deliveries; the 200MW row is kept distinct from the separate 500MW development.

The fixed-asset note lists RMB 731,364,495.20 of Chengdu new-base factory buildings and RMB 23,029,810.91 of Jushi Group Beite factory buildings for which property certificates were still being processed at FY2024 year end. That status is distinct from production commissioning, environmental approval or a finding that a plant was closed. The asset-restriction table places RMB 492,890,454.71 of gross assets and RMB 322,865,252.18 of carrying value pledged for borrowing in the opening comparative columns. Its closing asset cells are blank; these prior-year amounts are not reported as FY2024 closing collateral, and blank does not establish all restrictions were zero. The table does not allocate those comparative pledges to the named new factories.

Chengdu new-base buildings pending property certificates / 2024 / chengdu new base buildings

RMB 731,364,495.2

Chengdu new-base buildings pending property certificates / 2024 / jushi group beite buildings

RMB 23,029,810.91

The FY2024 business description reports sales of 302.50 ten-thousand tonnes of roving and products. This is the disclosed rounded sales figure, not production, year-end inventory or installed capacity. The broader product scope includes roving and products; it is not an electronic-yarn line output.

Sales volume / 2024 / group roving and products

3,025,000 tonnes

The FY2024 business description reports electronic fabric sales of 8.75 hundred-million metres. Fabric sales are a length measure, whereas yarn and roving capacities are mass measures. These cannot be added or converted without a disclosed product specification.

Sales volume / 2024 / group electronic fabric

875,000,000 metres

Management reports FY2024 generation of 181.8188 million kWh from the Huai'an wind project and an associated claimed CO2 reduction of 103,691.26 tonnes. The carbon reduction is a company-reported calculation, not a separately verified emissions measurement. The report does not attach these operating quantities to the new 500 MW project as commissioned output.

Reported electricity generation / 2024 / huaian wind reported

181,818,800 kWh

Glass fiber and related products generated FY2024 revenue of CNY 15,479,521,966.15 and cost of CNY 11,711,887,743.52, with a reported gross margin of 24.34%, down 3.23 percentage points. Management attributes the decline to low product prices despite record sales volumes. In the main-business geographic table, domestic revenue was CNY 9,615,792,829.62 with a 22.31% gross margin; overseas revenue was CNY 5,926,032,070.56 with a 28.13% margin. Overseas margin fell by 6.33 percentage points, compared with 0.61 points domestically. These categories describe main-business revenue, rather than the issuer's total consolidated revenue or the sales of an individual overseas subsidiary. The separate 'other' product row generated CNY 62,302,934.03 and a 71.90% gross margin; the narrative identifies it as newly commissioned wind-power generation. That row does not establish the output or profitability of the separate 500 MW development.

Glass-fiber main-business revenue / 2024 / main business glass fiber

RMB 15,479,521,966.15

Glass-fiber main-business cost / 2024 / main business glass fiber

RMB 11,711,887,743.52

Glass-fiber reported gross margin / 2024 / main business glass fiber

24.34%

Domestic main-business revenue / 2024 / main business domestic

RMB 9,615,792,829.62

Domestic main-business gross margin / 2024 / main business domestic

22.31%

Overseas main-business revenue / 2024 / main business overseas

RMB 5,926,032,070.56

Overseas main-business gross margin / 2024 / main business overseas

28.13%

Other main-business revenue identified as wind generation / 2024 / main business other

RMB 62,302,934.03

Other main-business gross margin / 2024 / main business other

71.9%

The FY2024 consolidated revenue was RMB 15,855,766,997.99. This value is sourced directly from the FY2024 filing, with the annual period and consolidated scope retained. A comparative amount in a later report remains a separate observation.

Revenue / 2024 / consolidated

RMB 15,855,766,997.99

The FY2024 consolidated net cash from operating activities was RMB 2,032,312,760.51. This value is sourced directly from the FY2024 filing, with the annual period and consolidated scope retained. A comparative amount in a later report remains a separate observation.

Net cash from operating activities / 2024 / consolidated

RMB 2,032,312,760.51

The FY2024 consolidated r&d expense was RMB 528,291,814.11. This value is sourced directly from the FY2024 filing, with the annual period and consolidated scope retained. A comparative amount in a later report remains a separate observation.

R&D expense / 2024 / consolidated

RMB 528,291,814.11

The FY2024 non-recurring-items disclosure identifies CNY 300,099,300 of deferred excess-profit-sharing amounts that would not be paid, following the stated approval process. The company reversed that amount against management expenses. Consolidated management expenses were CNY 343,653,044.65, down 51.11% year on year. Management attributes the decline to both the reversal and lower shutdown losses. The reversal is an accounting effect involving the earlier 2021-2023 plan, rather than sales revenue or a disclosed recurring saving per tonne. It cannot be treated as a cash receipt or subtracted directly from net profit to produce an adjusted-profit figure without the relevant tax and accounting reconciliation.

Management-expense reversal of deferred profit sharing / 2024 / consolidated nonrecurring management expense reversal

RMB 300,099,300

Consolidated management expense / 2024 / consolidated

RMB 343,653,044.65

FY2024 consolidated net operating cash flow was CNY 2,032,312,760.51. Management attributes its increase to more cash received from product sales and more collections of maturing bank-acceptance bills. Net investing cash flow was an outflow of CNY 977,214,274.93; management links its change to lower cash recovered from disposing of long-term assets. Net financing cash flow was an outflow of CNY 1,059,229,317.19, with management citing greater debt repayments. These explanations distinguish customer collections, investment activity and financing. Net investing cash flow is not itself a measure of capital expenditure, and the operating cash increase is not evidence of a particular line's deliveries or a specified customer order.

Net cash from investing activities / 2024 / consolidated

RMB -977,214,274.93

Net cash from financing activities / 2024 / consolidated

RMB -1,059,229,317.19

Consolidated fixed assets were CNY 34,276,099,034.23 at the end of FY2024, compared with CNY 31,858,734,497.72 at the end of FY2023. Construction in progress was CNY 1,474,601,801.49, compared with CNY 3,085,946,656.88. Management attributes the increase in fixed assets and decline in construction balances mainly to completed engineering projects being transferred into fixed assets. These group accounting changes complement the separately described Huai'an phase-I and Egypt restart milestones. They do not show that every project was commissioned, identify the assets of the new electronic-fiber line, or establish utilisation and sales. In particular, the 100,000-tonne electronic line and supporting 500 MW development retain their stated development-stage status in this annual report.

Consolidated fixed assets / 2024 / consolidated

RMB 34,276,099,034.23

Consolidated fixed assets / 2023 / consolidated opening comparative in fy2024

RMB 31,858,734,497.72

Consolidated construction in progress / 2024 / consolidated

RMB 1,474,601,801.49

Consolidated construction in progress / 2023 / consolidated opening comparative in fy2024

RMB 3,085,946,656.88

Consolidated trade receivables at December 31, 2024 were RMB 1,919,098,119.50 before an expected-credit-loss allowance of RMB 98,629,793.10, leaving RMB 1,820,468,326.40 net. A year earlier, gross receivables were RMB 1,664,423,831.13, the allowance RMB 187,882,562.24 and net receivables RMB 1,476,541,268.89. The current-year ageing table places RMB 1,777,732,331.04 within one year; ageing is not a statement that every balance is overdue or collectible. Individually assessed balances of RMB 57,411,830.41 were fully provided because recovery was not expected. Actual write-offs were RMB 81,274,076.81, so the lower closing allowance is not proof that the whole reduction was cash recovery. The note also reports recoveries or reversals and other changes including recoveries of previously written-off accounts and foreign-exchange effects. The five largest reported debtor balances, labelled anonymously, total RMB 204,930,968.26 or 10.68% of the disclosed receivable/contract-asset denominator. This is balance concentration, not annual sales concentration or identification of customers for a specific project.

Trade receivables before allowance / 2024 / consolidated trade receivables gross

RMB 1,919,098,119.5

Trade receivables before allowance / 2023 / consolidated trade receivables gross comparative

RMB 1,664,423,831.13

Trade receivable expected-credit-loss allowance / 2024 / consolidated trade receivables allowance

RMB 98,629,793.1

Trade receivable expected-credit-loss allowance / 2023 / consolidated trade receivables allowance comparative

RMB 187,882,562.24

Trade receivables after allowance / 2024 / consolidated trade receivables net

RMB 1,820,468,326.4

Trade receivables after allowance / 2023 / consolidated trade receivables net comparative

RMB 1,476,541,268.89

Gross trade receivables aged within one year / 2024 / consolidated ar age within year

RMB 1,777,732,331.04

Actual trade receivable write-offs / 2024 / consolidated ar actual writeoffs

RMB 81,274,076.81

Top five debtor balance share of disclosed denominator / 2024 / top five receivable contract asset share

10.68%

Consolidated inventory ended FY2024 at RMB 4,251,263,342.09 gross and RMB 4,203,372,582.81 after RMB 47,890,759.28 of impairment allowances, compared with RMB 4,533,115,068.60 net at the prior year end. Net categories were RMB 1,546,550,806.68 of raw materials, RMB 2,382,551,551.19 of finished goods, RMB 82,782,278.31 of turnover materials and RMB 191,487,946.63 of dispatched goods. Finished-goods net value declined from RMB 2,824,240,034.54 while dispatched goods increased from RMB 107,076,832.94. These are accounting amounts, not tonnes, metres, orders or confirmed customer acceptance. Blank allowance cells for turnover materials and dispatched goods are left absent, not filled with zero. A lower carrying balance cannot by itself establish inventory turnover or a reduction in physical stocks.

Inventory before allowance / 2024 / consolidated inventory gross

RMB 4,251,263,342.09

Inventory before allowance / 2023 / consolidated inventory gross comparative

RMB 4,581,693,751.73

Inventory valuation allowance / 2024 / consolidated inventory allowance

RMB 47,890,759.28

Inventory valuation allowance / 2023 / consolidated inventory allowance comparative

RMB 48,578,683.13

Inventory after allowance / 2024 / consolidated inventory net

RMB 4,203,372,582.81

Inventory after allowance / 2023 / consolidated inventory net comparative

RMB 4,533,115,068.6

Raw materials net / 2024 / raw materials

RMB 1,546,550,806.68

Raw materials net / 2024 / finished goods

RMB 2,382,551,551.19

Raw materials net / 2024 / turnover materials

RMB 82,782,278.31

Raw materials net / 2024 / dispatched goods

RMB 191,487,946.63

The inventory allowance moved from RMB 48,578,683.13 to RMB 47,890,759.28 during FY2024. The disclosed movement includes RMB 24,663,123.24 newly charged, RMB 188,569.55 of other increases attributed to foreign-currency translation, and RMB 25,539,616.64 in a combined reversal-or-write-off column. That combined reduction is not separated into reversals and write-offs in the table, so it is not presented as a cash recovery or wholly as a benefit to earnings. The raw-material allowance stayed at RMB 586,290.39; the finished-goods allowance closed at RMB 47,304,468.89. The small decline in the total closing allowance does not mean there were no new valuation losses.

Opening inventory allowance / 2023 / opening

RMB 48,578,683.13

Inventory allowance charge / 2024 / charged

RMB 24,663,123.24

Inventory allowance other increase / 2024 / other increase

RMB 188,569.55

Combined inventory allowance reversals or write-offs / 2024 / reversal or writeoff

RMB 25,539,616.64

Closing inventory allowance / 2024 / closing

RMB 47,890,759.28

Acceptance bills are payment instruments that can remain on the balance sheet until settlement or until accounting derecognition conditions are met. The FY2024 report shows RMB 1,161,504,167.04 of net bills receivable and a separate RMB 1,471,635,750 of receivables financing. Among endorsed or discounted bills not yet matured, RMB 654,351,887.25 remained recognised in the bills-receivable note, while RMB 187,938,713.29 was derecognised. The receivables-financing note separately reports RMB 3,690,855,586.94 of endorsed or discounted bank acceptance bills derecognised. These are different disclosed categories and histories, not amounts to add as cash collected or outstanding year-end receivables. Blank cells are not explicit zeroes. The distinction helps explain why sales, customer payment instruments, balance-sheet balances and cash receipts are not interchangeable.

Bills receivable net / 2024 / bills receivable net

RMB 1,161,504,167.04

Receivables financing / 2024 / receivables financing

RMB 1,471,635,750

Endorsed or discounted bills not derecognised / 2024 / bills receivable not derecognised

RMB 654,351,887.25

The reconciliation from consolidated net profit of RMB 2,529,421,189.68 to operating cash flow of RMB 2,032,312,760.51 includes non-cash expenses and gains as well as operating-balance changes. It reports a RMB 304,890,793 inventory decrease, RMB 535,560,643.62 decrease in operating receivables and RMB 3,732,271,352.25 decrease in operating payables. These are cash-flow reconciliation categories, broader than a single trade-receivable or trade-payable balance-sheet line; they should not be reconstructed simply by subtracting those two closing balances. The cash-composition note reports RMB 3,123,316,111.08 of year-end cash and cash equivalents, including RMB 3,122,032,136.39 of bank deposits available for payment, RMB 1,199,137.83 of other monetary funds available for payment and RMB 84,836.86 on hand. The restricted-cash row and cash-equivalent rows are blank. This is the issuer's reported composition, not an independent bank-access verification or an explicit numeric zero for every possible restriction.

Inventory decrease in cash-flow reconciliation / 2024 / cf reconciliation inventory

RMB 304,890,793

Operating receivable decrease in cash-flow reconciliation / 2024 / cf reconciliation operating receivables

RMB 535,560,643.62

Operating payable change in cash-flow reconciliation / 2024 / cf reconciliation operating payables

RMB -3,732,271,352.25

Bank deposits reported available for payment / 2024 / cash composition payment available bank

RMB 3,122,032,136.39

In December 2024, Jushi Chengdu agreed revised repayment terms for relocation compensation with Chengdu Xinkaiyuan Urban Investment and Construction and the named local authorities. The report says RMB 163 million, including compensation and the associated fund-occupation charge, was received on December 31, 2024, while the remaining compensation, described as RMB 1.171 billion, was to be repaid over seven years. Those two narrative amounts retain the report's rounded precision. The debt-restructuring table gives an original claim carrying amount of RMB 1,333,509,778.33 and a loss of RMB 19,312,701.76; the revised contractual flows were discounted at the claim's effective interest rate. The receivable note records RMB 1,151,197,076.57, with RMB 600,000,000 classified within one year and RMB 551,197,076.57 remaining non-current. These current and non-current portions are one claim, not additional compensation to add to its total. The loss is not a glass-fiber sales loss, and the outstanding claim is not cash already received. No subsequent collection or creditworthiness conclusion is assumed.

Relocation claim restructuring loss / 2024 / chengdu relocation restructuring result

RMB -19,312,701.76

Relocation claim carrying amount before maturity split / 2024 / chengdu relocation total

RMB 1,151,197,076.57

Relocation claim carrying amount before maturity split / 2024 / chengdu relocation current

RMB 600,000,000

Relocation claim carrying amount before maturity split / 2024 / chengdu relocation noncurrent

RMB 551,197,076.57

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.

The FY2024 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 17,294,313,400.00, operating profit of CNY 2,795,240,200.00 and net profit of CNY 2,356,543,200.00. Total assets are CNY 43,910,910,100.00, net assets CNY 27,554,247,200.00, and registered capital CNY 5,255,313,000.00. The table's monetary unit is ten-thousand CNY, except Jushi USA's explicitly stated ten-thousand USD registered capital. These are organizational figures, not a site or production-line allocation. The table does not specify each row's standalone or consolidated perimeter; its revenues and profits must not be added together as the listed issuer's results or treated as shareholder-attributable contributions.

Registered capital / 2024 / annual controlled and invested table perimeter not specified

RMB 5,255,313,000

Total assets / 2024 / annual controlled and invested table perimeter not specified

RMB 43,910,910,100

Net assets / 2024 / annual controlled and invested table perimeter not specified

RMB 27,554,247,200

Revenue / 2024 / annual controlled and invested table perimeter not specified

RMB 17,294,313,400

Operating profit / 2024 / annual controlled and invested table perimeter not specified

RMB 2,795,240,200

Net profit / 2024 / annual controlled and invested table perimeter not specified

RMB 2,356,543,200

Issuer-reported holding percentage / 2024 / annual controlled and invested table perimeter not specified

100%

The FY2024 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 788,277,100.00, operating profit of CNY -27,963,600.00 and net profit of CNY -28,047,200.00. Total assets are CNY 2,699,569,200.00, net assets CNY 1,396,530,300.00, and registered capital USD 200,000,000.00. The table's monetary unit is ten-thousand CNY, except Jushi USA's explicitly stated ten-thousand USD registered capital. These are organizational figures, not a site or production-line allocation. The table does not specify each row's standalone or consolidated perimeter; its revenues and profits must not be added together as the listed issuer's results or treated as shareholder-attributable contributions.

Registered capital / 2024 / annual controlled and invested table perimeter not specified

200,000,000 USD

Total assets / 2024 / annual controlled and invested table perimeter not specified

RMB 2,699,569,200

Net assets / 2024 / annual controlled and invested table perimeter not specified

RMB 1,396,530,300

Revenue / 2024 / annual controlled and invested table perimeter not specified

RMB 788,277,100

Operating profit / 2024 / annual controlled and invested table perimeter not specified

RMB -27,963,600

Net profit / 2024 / annual controlled and invested table perimeter not specified

RMB -28,047,200

Issuer-reported holding percentage / 2024 / annual controlled and invested table perimeter not specified

70%

The FY2024 controlled-and-invested-company table lists Jushi New Energy with a reported holding of 100.00% and a principal business of electricity generation. It reports revenue of CNY 62,302,900.00, operating profit of CNY 40,963,600.00 and net profit of CNY 40,780,500.00. Total assets are CNY 1,113,158,600.00, net assets CNY 352,351,600.00, and registered capital CNY 300,000,000.00. The table's monetary unit is ten-thousand CNY, except Jushi USA's explicitly stated ten-thousand USD registered capital. These are organizational figures, not a site or production-line allocation. The table does not specify each row's standalone or consolidated perimeter; its revenues and profits must not be added together as the listed issuer's results or treated as shareholder-attributable contributions.

Registered capital / 2024 / annual controlled and invested table perimeter not specified

RMB 300,000,000

Total assets / 2024 / annual controlled and invested table perimeter not specified

RMB 1,113,158,600

Net assets / 2024 / annual controlled and invested table perimeter not specified

RMB 352,351,600

Revenue / 2024 / annual controlled and invested table perimeter not specified

RMB 62,302,900

Operating profit / 2024 / annual controlled and invested table perimeter not specified

RMB 40,963,600

Net profit / 2024 / annual controlled and invested table perimeter not specified

RMB 40,780,500

Issuer-reported holding percentage / 2024 / annual controlled and invested table perimeter not specified

100%

The FY2024 controlled-and-invested-company table lists Sinoma Wind Power Blade with a reported holding of 20.01% and a principal business of wind-turbine-blade production and sales. It reports revenue of CNY 9,469,509,000.00, operating profit of CNY 300,971,100.00 and net profit of CNY 318,392,400.00. Total assets are CNY 14,147,528,700.00, net assets CNY 5,918,829,100.00, and registered capital CNY 754,193,500.00. The table's monetary unit is ten-thousand CNY, except Jushi USA's explicitly stated ten-thousand USD registered capital. These are organizational figures, not a site or production-line allocation. The table does not specify each row's standalone or consolidated perimeter; its revenues and profits must not be added together as the listed issuer's results or treated as shareholder-attributable contributions. Its 20.01% holding must not be represented as full ownership or used alone to establish control or the accounting method. This is an issuer-disclosed investment, not an extension of research into the investee’s own filings.

Registered capital / 2024 / annual controlled and invested table perimeter not specified

RMB 754,193,500

Total assets / 2024 / annual controlled and invested table perimeter not specified

RMB 14,147,528,700

Net assets / 2024 / annual controlled and invested table perimeter not specified

RMB 5,918,829,100

Revenue / 2024 / annual controlled and invested table perimeter not specified

RMB 9,469,509,000

Operating profit / 2024 / annual controlled and invested table perimeter not specified

RMB 300,971,100

Net profit / 2024 / annual controlled and invested table perimeter not specified

RMB 318,392,400

Issuer-reported holding percentage / 2024 / annual controlled and invested table perimeter not specified

20.01%

Domestic sales represented 61.87% of main-business sales in 2024. Direct sales represented 70.10%, with the remainder of the reported sales-model split through distribution. The top five customers generated RMB 2.518 billion of sales, or 15.88% of annual sales; related-party sales within that top-five group represented 11.42% of annual sales. These figures describe sales channels, geographic mix and disclosed concentration. They do not establish which named customer bought a particular product or which customer is associated with the new Huai'an project.

The FY2024 annual report's industry discussion describes a relatively steady electronic-glass-fiber market, supported by recovering computers, phones and household appliances, while advanced applications were encouraging changes in product mix. In contrast, it describes weak demand for construction and building-insulation uses. Wind energy, automobiles and household appliances supported growth in glass-fiber-reinforced plastics, whose thermoset and thermoplastic processes represent different downstream material markets. The report attributes its industry data to the China Fiberglass Industry Association and other named statistical sources. These are industry conditions reproduced in the issuer's discussion, not Jushi's own product-by-product revenue, customer orders or proof that its new electronic line was delivering to AI-related customers. They explain why a single glass-fiber demand trend can conceal different end-market conditions.

The annual report's industry review says Chinese glass-fiber yarn production reached 7.56 million tonnes in 2024, up 4.6%, while exports of glass fiber and products reached 2.022 million tonnes, up 12.5%, with export value of USD 2.79 billion, up 4.9%. These aggregate industry figures have different product scopes and are not used to calculate Jushi's market share or its export unit price. The review describes several modest price increases for certain yarn products and signs of an industry recovery, while Jushi's own main-business discussion still reports low selling prices and lower margins during the year. Those accounts concern different scopes and timing, so an industry recovery claim does not establish that the company's annual margins or every product price had recovered. Historical industry charts are condensed here rather than reproduced as a separate dataset.

The five largest suppliers accounted for RMB 2,812,159,400 of FY2024 purchases, or 24.35% of annual procurement. Related-party purchases within that five-supplier group were RMB 758,804,000, or 6.57% of annual procurement. The annual report states these amounts in ten-thousand renminbi; conversion preserves that disclosed precision. The percentage denominator is annual procurement, not the top-five subtotal. The figures indicate concentrated and related-party supply exposure around production inputs, but this passage does not identify each supplier, its input type or dependence of a particular factory or project. They are not added to customer sales concentration, and the supplier companies are not researched further.

Top five supplier purchases / 2024 / top five supplier purchases

RMB 2,812,159,400

Top five supplier share of annual procurement / 2024 / top five supplier share

24.35%

Related-party purchases within top five suppliers / 2024 / top five related supplier purchases

RMB 758,804,000

Related-party share of annual procurement within top five / 2024 / top five related supplier share

6.57%

The FY2024 filing says Jushi Group, Jushi Jiujiang, Jushi Chengdu and Tongxiang Leishi benefited from a 15% corporate income-tax rate. The detailed note gives different eligibility periods: 2023-2025 for Jushi Group and Tongxiang Leishi, 2022-2024 for Jiujiang, and 2021-2030 under the western-region development policy for Chengdu. These disclosed periods do not establish renewal after expiry or a single 15% rate for the consolidated group. For Jushi New Energy (Huai'an), the report describes a wind-power income-tax exemption for the first three tax years beginning with the first production-business revenue, followed by three years at half tax, and a 50% VAT refund for its own wind-generated electricity. It does not specify the first qualifying tax year in this passage. Management also calls government grants occasional and warns that changes in eligibility or support could affect earnings. No benefit amount, group effective tax rate or tax treatment of the separate 500MW development is inferred.

The annual report describes a November 15, 2024 policy announcement reducing the export VAT rebate for certain non-metallic mineral products from 13% to 9%, including most glass-fiber products. A rebate is part of export tax economics, distinct from a destination country's import duty. Management says the reduction could affect operating performance, but the passage does not quantify an earnings loss or give the effective application date for individual shipments. The four-percentage-point change is not a four-point decline in group gross margin, nor a rule for every product exported by the company. This records the FY2024 filing's account rather than current tax advice.

Disclosed previous export VAT rebate / 2024 / specified glass fiber export rebate before

13%

Disclosed reduced export VAT rebate / 2024 / specified glass fiber export rebate after

9%

Management says export business is settled mainly in US dollars, exposing overseas quotations and exchange gains or losses to renminbi-dollar movements. The financial-risk note also identifies overseas subsidiaries' net investments, describes forward foreign-exchange contracts and additional foreign-currency borrowing at overseas operations as mitigation, and reports that 75.69% of interest-bearing debt was at fixed rates at December 31, 2024, versus 63.87% a year earlier. This ratio concerns interest-bearing debt, not all liabilities; hedging activity does not prove that exchange risk has been eliminated. The company warns that its loan scale, interest changes and the weight of receivables and inventories in current assets can affect financing costs and liquidity. No hedge coverage ratio or quantified future earnings sensitivity is given here.

Reported fixed-rate share of interest-bearing debt / 2024 / interest bearing debt fixed rate share

75.69%

Reported fixed-rate share of interest-bearing debt / 2023 / interest bearing debt fixed rate share comparative

63.87%

The FY2024 filing recounts US additional tariffs on Chinese-origin goods, including the company's glass-fiber products, rising to 25% in May 2019. It then describes additional measures in February and March 2025 and says Chinese glass-fiber exports to the United States faced a burden of nearly 50%. Those early-2025 statements are post-period context in the FY2024 report, not tariffs shown to have applied throughout 2024. 'Nearly 50%' remains the company's approximate description; it is not normalised to an exact 50% field or reconstructed by adding quoted rates. This passage does not establish the rate for a specific shipment, an Egyptian-origin shipment, local US production or today's customs treatment.

For glass-fiber fabrics exported to the European Union, the filing describes a final combined anti-dumping and countervailing rate of 99.7% for Chinese production bases. It explains that adjustments to the anti-dumping component avoided double counting; the separate 30.7% countervailing figure must not be added again to the combined rate. For Egyptian fabrics, it recounts a combined rate of 30.9%, increased to 44% after an anti-absorption proceeding from July 19, 2022. Yarn and related glass-fiber products have different disclosed measures: 24.8% combined for Chinese bases and 13.1% countervailing for the Egyptian base. The report describes an August 30, 2024 interim anti-dumping review covering Chinese rovings, chopped strands and chopped-strand mat, then a February 17, 2025 investigation involving Bahrain, Egypt and Thailand. The latter is post-period context, not a completed FY2024 duty. These are historical issuer disclosures with product and origin boundaries; they do not establish current law, a single global glass-fiber rate or a tax burden for the new electronic-glass-fiber project.

The report says Chinese-base glass-fiber products exported to Turkey continued to face a 35.75% anti-dumping duty under a measure dated October 18, 2022. It separately describes an August 8, 2024 investigation into Egyptian- and Bahraini-origin chopped strands, rovings and chopped-strand mat. For India, it describes a June 29, 2024 investigation into specified Bahraini-, Chinese- and Thai-origin direct and assembled rovings, chopped strands and chopped-strand mat, with exclusions including thermoplastic and wet-use chopped strands, surface or thin mats and glass-fiber fabrics. An investigation does not establish a final duty or lost orders. Management warns that further trade restrictions or political and economic changes in export markets could affect overseas sales; the report does not quantify country-specific losses. No subsequent proceeding outcome is written back into this year.

Glass-fiber production consumes substantial electricity, natural gas, minerals and chemical auxiliary materials. Management identifies both availability and price changes as risks to production and manufacturing cost. This connects input supply to the company's operating model, but the passage gives no quantified interruption, cost sensitivity or plant-by-plant exposure. Renewable-power developments and technical cost-reduction efforts described elsewhere do not by themselves prove that these supply and price risks have been removed.

The important-matters table reports RMB 2,568,850,000 of guarantees outstanding at FY2024 year end, all for companies within the consolidated scope, equivalent to 8.55% of the company's net assets. Guarantees arising for subsidiaries during the year were RMB 5,881,190,000, a flow rather than an additional closing balance. Outstanding guarantees outside subsidiaries were explicitly zero. The table separately identifies RMB 458,330,000 of debt guarantees for recipients whose asset-liability ratio exceeded 70%; it is a category within the guarantee disclosures, not an extra amount to add to the total. The related-party guarantee subsections are marked not applicable, and the contingency note says there were no material contingencies requiring disclosure at December 31, 2024. Those classifications do not erase the reported subsidiary guarantees or establish that all risks and commitments were zero. The filing does not explain the difference in classifications, and guarantees are not added automatically to consolidated debt or treated as cash payments.

Outstanding subsidiary guarantees / 2024 / subsidiary guarantees closing

RMB 2,568,850,000

Guarantees arising for subsidiaries during the year / 2024 / subsidiary guarantees annual flow

RMB 5,881,190,000

Outstanding guarantees outside subsidiaries / 2024 / outside subsidiaries guarantees

RMB 0

Reported guarantee total to company net assets / 2024 / reported guarantee to company net assets

8.55%

Guarantees for recipients with asset-liability ratio above 70 percent / 2024 / guarantees recipient liabilities to assets above 70 percent

RMB 458,330,000

China National Building Material Group, the actual controller, and China National Building Material Co., Ltd., the controlling shareholder, had undertaken in December 2017 to resolve overlapping glass-fiber businesses within three years. The FY2024 report recounts a proposed restructuring with Sinoma Science & Technology that was terminated on December 15, 2020 because core transaction terms could not be agreed, followed by successive two-year extensions. It says another extension was announced on December 10, 2024: the undertaking would run for two years from approval at Jushi's first extraordinary general meeting of 2024, held on December 27, 2024. The report says no definite integration plan had been formed by the earlier deadline and that Jushi would retain its existing glass-fiber businesses at this stage. This is an unresolved shareholder-level business-overlap undertaking, not evidence that a restructuring or business transfer had been completed. No future transaction valuation, timetable beyond the stated undertaking or benefit to minority shareholders is assumed.

The FY2024 financial-risk note presents financial liabilities by undiscounted remaining contractual maturity: RMB 13,586,999,801.47 within one year, RMB 4,584,741,768.36 in one to three years, RMB 527,395,818.62 in three to five years, and RMB 2,106,421.04 beyond five years, totalling RMB 18,701,243,809.49. The table includes trade payables, bills, other payables and derivatives as well as borrowing, bonds and leases. It is therefore not a debt-only schedule or a complete total of all balance-sheet liabilities. Several borrowing categories are explicitly labelled as excluding unrecognised interest, so it is not presented here as a full future interest-and-principal cash budget. Management describes subsidiary cash forecasting, central monitoring of funding needs and compliance with loan agreements, and backup commitments from financial institutions. This account does not demonstrate unused committed facilities, refinancing success or freedom from liquidity risk.

Reported financial liabilities within one year / 2024 / contractual maturity within one year

RMB 13,586,999,801.47

Reported financial liabilities within one year / 2024 / contractual maturity one to three years

RMB 4,584,741,768.36

Reported financial liabilities within one year / 2024 / contractual maturity three to five years

RMB 527,395,818.62

Reported financial liabilities within one year / 2024 / contractual maturity beyond five years

RMB 2,106,421.04

Reported financial liabilities within one year / 2024 / contractual maturity total

RMB 18,701,243,809.49

At December 31, 2024, consolidated short-term borrowings were RMB 5,134,772,077.22, versus RMB 6,246,170,212.34 at the prior year end. The non-current long-term borrowing line was RMB 3,985,107,308.97, versus RMB 5,240,668,494.53, after deducting RMB 1,427,689,411.52 of long-term loans due within one year. Total current portions of non-current liabilities were RMB 2,274,631,500.83, including RMB 833,723,694.44 of bonds and RMB 13,100,130.31 of leases alongside those loans. The current long-term-payable component is RMB 118,264.56; its opening comparative cell is blank and is not recorded as zero. Short-term bonds are reported separately within other current liabilities at RMB 2,407,801,388.89, up from RMB 504,440,277.78. Non-current bonds were RMB 1,000,000,000 after deducting the current portion. These categories show why the lower non-current loan line alone is insufficient to describe funding pressure: current portions and short-term bonds also matter. The deducted current portions are not counted again in their non-current totals. No net-debt figure, covenant breach or inability to refinance is inferred.

Short-term borrowings / 2024 / consolidated short term borrowings

RMB 5,134,772,077.22

Short-term borrowings / 2023 / consolidated short term borrowings comparative

RMB 6,246,170,212.34

Non-current long-term borrowings after current-portion deduction / 2024 / consolidated noncurrent long term borrowings

RMB 3,985,107,308.97

Non-current long-term borrowings after current-portion deduction / 2023 / consolidated noncurrent long term borrowings comparative

RMB 5,240,668,494.53

Long-term loans due within one year / 2024 / consolidated current long term loans

RMB 1,427,689,411.52

Long-term loans due within one year / 2023 / consolidated current long term loans comparative

RMB 960,003,299.67

Bonds due within one year / 2024 / consolidated current bonds

RMB 833,723,694.44

Bonds due within one year / 2023 / consolidated current bonds comparative

RMB 733,476,416.81

Current portions of non-current liabilities / 2024 / consolidated current portions noncurrent liabilities

RMB 2,274,631,500.83

Current portions of non-current liabilities / 2023 / consolidated current portions noncurrent liabilities comparative

RMB 1,703,036,017.3

Short-term bonds within other current liabilities / 2024 / consolidated short term bonds

RMB 2,407,801,388.89

Short-term bonds within other current liabilities / 2023 / consolidated short term bonds comparative

RMB 504,440,277.78

Non-current bonds after current-portion deduction / 2024 / consolidated noncurrent bonds

RMB 1,000,000,000

Non-current bonds after current-portion deduction / 2023 / consolidated noncurrent bonds comparative

RMB 799,920,000

Lease liabilities due within one year / 2024 / consolidated current leases

RMB 13,100,130.31

Long-term payables due within one year / 2024 / consolidated current long term payables

RMB 118,264.56

The related-financial-business table names China National Building Material Group Finance Co., Ltd. as a fellow group company. FY2024 deposits opened at an explicit zero, with RMB 5,251,507,024.56 deposited and RMB 4,604,852,791.29 withdrawn, leaving RMB 646,654,233.27 at year end. The disclosed daily maximum deposit limit was RMB 700,000,000; it is a limit, not proof of the maximum actual daily exposure or compliance on every day. Deposit interest rates ranged from 0.55% to 1.90%. The cash note includes the same RMB 646,654,233.27 within total monetary funds of RMB 3,123,316,111.08; it is not extra cash to add again. The financial-business table also reports repayment of a RMB 10,000,000 opening loan, no new principal borrowing and a zero closing loan balance; the disclosed RMB 700,000,000 lending/credit limit is not an amount drawn. This distinguishes group treasury exposure, annual cash movement, limits and remaining balances without treating the arrangement as proven misappropriation or assuming all cash was unrestricted.

Related finance-company closing deposits / 2024 / cn bm group finance deposit closing

RMB 646,654,233.27

Related finance-company closing deposits / 2023 / cn bm group finance deposit opening

RMB 0

Deposits into related finance company / 2024 / cn bm group finance deposit inflows

RMB 5,251,507,024.56

Withdrawals from related finance company / 2024 / cn bm group finance deposit outflows

RMB 4,604,852,791.29

Disclosed daily maximum deposit limit / 2024 / cn bm group finance daily deposit limit

RMB 700,000,000

Related finance-company loan principal repaid / 2024 / cn bm group finance loan principal repayments

RMB 10,000,000

Consolidated monetary funds / 2024 / consolidated monetary funds

RMB 3,123,316,111.08

Consolidated monetary funds / 2023 / consolidated monetary funds comparative

RMB 3,126,268,154.16

Opening related finance-company loan principal / 2023 / cn bm group finance loan opening principal

RMB 10,000,000

Closing related finance-company loan principal / 2024 / cn bm group finance loan closing principal

RMB 0

Related-party trade receivables at FY2024 year end were RMB 41,338,347.63 before an impairment allowance of RMB 118,238.77, while related-party trade payables were RMB 183,795,348.04. These are separate gross categories, not balances netted together to show a single exposure. The related-balance table also lists RMB 149,553,400 due from Sinoma Wind Power Blade under other receivables; the consolidated note explicitly identifies the same amount as a dividend receivable. It is not a separate cash receipt, loan or second amount to add. A RMB 20,352,467.90 transition-period profit/loss compensation payable is linked to Zhongfu Lianzhong in the related-party payable table. The other-payables note says payment conditions had not yet been met; the closing and opening amount were the same. This FY2024 balance is kept distinct from the integration provision recognised in the FY2025 report, without importing that later assessment or assuming the two liabilities are the same obligation. Named counterparties remain issuer-disclosed relationships and are not extended into research of their own businesses.

Related-party trade receivables before allowance / 2024 / related party trade receivables gross

RMB 41,338,347.63

Related-party trade receivable allowance / 2024 / related party trade receivables allowance

RMB 118,238.77

Related-party trade payables / 2024 / related party trade payables

RMB 183,795,348.04

Dividend receivable from Sinoma Wind Power Blade / 2024 / sinoma blade dividend receivable

RMB 149,553,400

Transition-period compensation payable linked to Zhongfu Lianzhong / 2024 / zhongfu lianzhong transition compensation payable

RMB 20,352,467.9

The auditor's opinion says the FY2024 consolidated and company financial statements fairly present the financial position, results and cash flows in all material respects under Chinese Accounting Standards. Glass-fiber revenue recognition was the stated key audit matter: control passing to the customer is the recognition condition, and the described work includes sampled contracts, dispatch and receipt documents, customs reconciliation and cut-off checks against shipping dates. A key audit matter is not a separate adverse opinion or proof that every shipment was checked. The audit report explicitly excludes other annual-report information from its assurance opinion, while describing a consistency-reading responsibility and no matter to report in that respect. This financial-statement audit does not independently approve SinoFilings' English translations, project matching, technical claims or environmental source material.