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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.
consolidated / same annual period / R&D expense / revenue * 100 / same-basis-rd-intensity-v1
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