China Jushi FY2024: Projects and construction progress

The FY2024 report describes development of a Huai'an 100,000-tonne electronic-grade glass fiber line and a supporting 500 MW wind-power project as intended to strengthen the company's electronic-fiber market position. This is management's stated purpose. The passage does not report that the electronic line had been commissioned, disclose an opening date or quantify line-specific sales. The FY2025 installation update belongs to the later annual report and is not inserted into this FY2024 account.

The 2024 annual report described work on a zero-carbon intelligent production line in Huai'an with designed annual electronic-grade glass fiber capacity of 100,000 tonnes, alongside a 500 MW wind-power project.

For FY2024 the Huai'an 400,000-tonne programme has a disclosed budget of RMB 4,672,868,700, 75% engineering progress, cumulative spending equal to 72.52% of budget, and RMB 264,736,810.10 remaining in construction-in-progress. Fixed-asset transfers during the year were RMB 2,977,488,769.22. The table states funding from own funds and borrowings. These accounting and progress measures refer to the named programme, not the separate 100,000-tonne electronic line.

Project budget / 2024 / project disclosed

RMB 4,672,868,700

Engineering progress / 2024 / project disclosed

75%

Construction in progress at year-end / 2024 / project disclosed

RMB 264,736,810.1

Transferred to fixed assets / 2024 / project disclosed

RMB 2,977,488,769.22

The 2024 annual report describes a 500 MW wind-power construction project as supporting the Huai'an 100,000-tonne electronic-grade glass fiber line.

The FY2024 construction note identifies a supporting 200 MW wind-power project of Jushi New Energy (Huai'an) Co., Ltd., while the management narrative says a supporting 233 MW wind project had been fully connected to the grid. The note reports a RMB 985,586,300 budget, 90% engineering progress and RMB 16,267,223.17 closing construction-in-progress. The different capacity descriptions and progress scopes remain unresolved; they must not be silently treated as the same rated installation. The separate 500 MW development is also kept distinct.

Engineering progress / 2024 / project disclosed

90%

Construction in progress at year-end / 2024 / project disclosed

RMB 16,267,223.17