China Jushi FY2024: Manufacturing bases

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