China Jushi FY2025: Business overview

The listed company was established on 31 August 1998. The 2025 report locates its headquarters at No. 669 Wenhua South Road, Wutong Subdistrict, Tongxiang, Zhejiang, and identifies China National Building Material Company Limited as its controlling shareholder. That headquarters address describes the company office; it is not evidence of the location of every factory or new project. This guide follows the business disclosures of the listed group and its subsidiaries, while distinguishing the individual production bases and construction projects discussed below.

China Jushi makes and sells glass fiber and glass fiber products. Its business has two main product paths: roving and related products used as reinforcement materials, and fine electronic yarn that can be woven into fabric for circuit-board materials. In 2025, glass fiber and its products generated RMB 18.345 billion, representing 99.01% of main-business revenue. Huai'an renewable-power generation contributed RMB 183.548 million, or 0.99%. The revenue mix therefore places materials manufacturing at the centre of the business, with electricity generation a much smaller reported activity.

The report describes glass fiber as an inorganic, non-metallic material made from mineral ingredients such as pyrophyllite, kaolin, limestone and quartz sand. Production proceeds through high-temperature melting, drawing the melt into filaments, drying and winding. Hundreds or thousands of individual filaments form a strand. The report identifies electrical insulation, heat resistance, corrosion resistance and mechanical strength as useful material properties. These are descriptions of the material family; they are not a specification sheet for every Jushi product.

By 2025, roving and related-product sales reached 3.2026 million tonnes and electronic-fabric sales reached 1.062 billion metres. The report says both volumes reached new records. It also reports 562 million kWh of grid-connected renewable electricity generation in Huai'an. Tonnes, metres and kilowatt-hours measure different operating activities and should not be added into one output total. These are group-level sales and power figures; they are not the new electronic-yarn project's realised output.

Direct sales represented 76.58% of main-business revenue in 2025, with distribution accounting for the remainder of the reported sales-model split. Domestic revenue represented 66.89% of main-business revenue. Jushi describes customised products, more targeted services and strategic cooperation with selected customer groups, with priority areas including wind energy, automotive uses, electronics and electrical equipment, new energy and photovoltaics. These disclosures explain how the company approaches its markets without identifying specific customer relationships for every application.

The top five customers accounted for 29.08% of annual sales, or RMB 5.490 billion, in 2025. Related-party sales within that top-five group represented 17.46% of annual sales. The report explains that customers under the same controlling party are grouped for this disclosure, with the stated exception for the same state-owned asset authority. This concentration measure describes the disclosed customer groups; it cannot be used to invent named customers or link an unidentified buyer to a specific project.

Management says sales priorities included wind energy, automotive, electrical and electronic applications, new energy and photovoltaics. It describes segmenting customers, offering customised products and services, and coordinating production, sales, inventories and research across six bases. The two overseas manufacturing bases are used for flexible supply allocation in response to trade barriers. These are stated operating measures; the disclosure does not establish a named customer relationship for each application, or a quantified sales contribution from each measure.

Management describes replacing expensive imported raw materials through domestic sourcing and in-house production, developing new suppliers and formulations, and expanding lower-cost financing channels. The glass-fiber product cost table reports materials of RMB 4,090,268,606.23, representing 32.89% of that product group's cost. Production also consumes electricity, natural gas, minerals and chemical auxiliary materials. The disclosure does not identify a separate input-cost breakdown or supply contract for the electronic line.

The five largest suppliers accounted for RMB 3,446,756,200 of purchases, or 28.58% of annual purchases. Related-party purchases within that top-five group were RMB 1,176,938,200, equivalent to 9.76% of annual purchases. These are purchase flows during FY2025, distinct from supplier prepayments outstanding at year end. The annual-report passage does not identify the five suppliers or allocate their purchases to a particular factory or project. The related-party proportion uses total annual purchases as its denominator, not just purchases from the top five suppliers.

Top-five supplier purchases / 2025 / consolidated

RMB 3,446,756,200

Top-five share of annual purchases / 2025 / consolidated

28.58%

Related-party purchases within top-five suppliers / 2025 / consolidated

RMB 1,176,938,200

Related-party share of annual purchases within top five / 2025 / consolidated

9.76%

Supplier prepayments totalled RMB 114,442,882.38 at year end, compared with RMB 102,525,486.73 at the start of the year. Of the closing amount, RMB 111,260,133.41, or 97.22%, was aged within one year. For material older advances, the filing says the contractual settlement date had not yet arrived. The five largest prepayment recipients held RMB 51,789,092.42, or 45.26% of the total, but are labelled only Supplier 1 through Supplier 5. This measures cash advanced before settlement, not annual procurement concentration. The note does not identify which advances relate to the electronic-yarn line or give the suppliers' legal identities.

Supplier prepayments closing balance / 2025 / consolidated

RMB 114,442,882.38

Supplier prepayments aged within one year / 2025 / consolidated

RMB 111,260,133.41

Share of supplier prepayments aged within one year / 2025 / consolidated

97.22%

Top-five supplier prepayment balance / 2025 / consolidated

RMB 51,789,092.42

Top-five share of supplier prepayments / 2025 / consolidated

45.26%

For the 2026-2030 planning period, management's strategy keeps glass fiber as the core business while strengthening innovation and extending the upstream and downstream industrial chain. The stated routes include internal development, acquisitions and joint ventures. Product upgrading and broader overseas production and sales are priorities, together with global supply systems and research coordination. This sets out intended development directions; it is not a list of completed acquisitions, contracted overseas projects or guaranteed future revenue.

The 2026 operating plan prioritises production-capacity control and price stability, sales growth in core markets, a better product mix, quality improvement and cost reduction. It also calls for project execution, innovation and talent development, factory benchmarking and risk control. The report does not turn those priorities into a project-by-project commissioning calendar in this section. The plan is forward-looking, so it should be read alongside the actual installation, construction and production milestones reported for individual sites.