China Jushi | FY2025 business review

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.

Roving is the coarser product family. The report gives a typical individual filament diameter of 10-20 micrometres and describes uses in composite reinforcement, electrical insulation and thermal insulation. Downstream applications include construction materials, transport, electrical and electronic equipment, energy and environmental uses, and consumer goods. For Jushi, this product path connects manufacturing output to customers making reinforced components and materials across multiple industries; the application list does not identify individual customer contracts.

Fine yarn has individual filaments of 9 micrometres or less in the report's classification. It includes electronic-grade yarn and industrial fine yarn. Electronic yarn is converted into electronic fabric through warping, sizing, weaving and subsequent treatment. Fabric acts as insulation and reinforcement, helping support the substrate and control dimensional change. It is impregnated with resin, combined with copper foil and hot-pressed into copper-clad laminate (CCL); subsequent processing produces a printed circuit board (PCB). This explains the yarn-to-fabric-to-board chain in which Jushi's electronic materials participate.

The annual report distinguishes ordinary, thin, ultra-thin and extremely thin electronic fabrics. Its industry description associates ordinary fabric with equipment such as desktop computers, printers and televisions; thin fabric with smartphones, servers and automotive electronic materials; and ultra-thin or extremely thin fabric with high-end smartphones and integrated-circuit substrates. It also discusses LowDk and LowCTE fabrics in communications infrastructure and semiconductor packaging. This is application context for understanding the product ladder, rather than evidence that Jushi supplies every listed application or that any particular project makes all these grades.

Jushi identifies E7, E8 and E9 as proprietary high-modulus glass formulations and part of its high-performance glass fiber portfolio. The report places these products in its discussion of wind-energy materials and describes additional development directions including boron-free and fluorine-free glass, lower-density materials and lighter-coloured products. Management presents this range as a competitive strength. The cited disclosure provides product-family positioning, rather than numerical modulus values, model-by-model specifications or a verified ranking against competing products.

The official English sustainability report describes a warpage-resistant flat glass fiber for reinforced thermoplastics, selected for Zhejiang's first-batch new-materials list in 2025. The company identifies applications in new-energy-vehicle charging-port housings, precision electronic connectors and computer casings. It says a dedicated team developed the product after more than 700 days of work and that the product was launched and received customer recognition. This establishes a reported product-launch milestone and the intended application range. The cited case study gives no launch date, cross-section dimensions, measured warpage reduction, mechanical-property specification, shipment volume, named customer or producing line. It therefore does not identify all potential application companies as Jushi customers or quantify this product's contribution to sales.

The report names glass-fiber chopped strands for heat- and oxidation-resistant reinforced nylon and chopped strands for PP reinforcement in new-energy vehicles. These descriptions identify two distinct resin/application targets within the reinforcement-product range; they do not establish a single interchangeable grade. The accompanying recognition table is useful for identifying the developments, but it is not a technical datasheet or evidence of an automotive customer's qualification. It does not give strand length, fiber diameter, glass formulation, resin loading, test conditions, customer names or sales by grade. The product targets can be recorded while those specifications and commercial quantities remain unresolved.

The company says it rolled out a high-melting-yield E6 low-carbon formulation and an E7 low-carbon/zero-carbon formulation at Tongxiang, Jiujiang and Chengdu in 2025. By substituting carbonate raw materials such as limestone and soda ash, it reports reducing annual carbonate consumption by nearly 35,000 tonnes and industrial carbon-dioxide emissions by over 15,000 tonnes. This describes the company’s stated formulation and process effects, not zero lifecycle emissions or proof that every production line adopted the same formula. Completely phasing out carbonate raw materials by 2030 is a future objective. The report also attributes a reduction of up to 5% in energy per unit of product to 200,000-tonne and 180,000-tonne Tongxiang upgrades; it does not resolve which separately named cold-repair or expansion accounting rows refer to the same works.

The company's R&D programme spans glass formulations, sizing chemicals, glass fiber product development, composite-material applications, production equipment, cleaner production and intelligent manufacturing. Its discussion of technical capabilities includes large melting-furnace design, specialist fiber-drawing bushings, development and in-house production of key inputs, and glass and sizing formulations. These are distinct parts of the production system: material chemistry, equipment, manufacturing processes and downstream application work all appear in the disclosure. Claims of international technical leadership are management's own assessment, not an independently benchmarked conclusion here.

Reported R&D investment in 2025 was RMB 582,434,136.52, equivalent to 3.08% of total operating revenue. The expenditure was entirely expensed, with no capitalised R&D investment in the table. The report lists 1,386 R&D personnel, or 9.66% of the workforce. During the year the company obtained 75 invention-patent authorisations, filed 21 international invention-patent applications and participated in 16 national, industry or group standards. Patent grants, patent applications and participation in standards are separate measures and do not establish product sales by themselves.

Commercial progress differs across the electronic-material range. Jushi reports growth in sales of fabric for automotive applications and says some ultra-thin products achieved stable batch deliveries in 2025. In the same passage, special-fiber electronic fabrics remain in development and certification. Stable deliveries are evidence of a commercial milestone for the stated subset; development and certification are earlier stages. The passage does not name customers, give shipment volumes for those ultra-thin products, or attribute the deliveries to the new Huai'an 100,000-tonne line.

Jushi says it launched multiple 'AI plus glass fiber' projects and continued developing digital factories in 2025. It describes SAP as supporting global operations and reducing data barriers. Tongxiang, Jiujiang and Chengdu were included in the Ministry of Industry and Information Technology's list of excellent intelligent factories, according to the report. These disclosures establish initiatives and reported recognition; the passage does not quantify an AI-driven yield improvement, energy saving or cost reduction that could be attributed to a particular project.

The research programme covers glass formulations, sizing chemicals, fiber product development, composite-material applications, production equipment, cleaner production and intelligent manufacturing. Management reports 75 granted invention patents, 21 international invention-patent applications and participation in 16 standards during FY2025. Granted rights, patent applications and standards work are different outputs, and none alone demonstrates a commercial customer order. Separately disclosed stable bulk delivery of some ultra-thin products remains distinct from special electronic-fabric products still under development and certification.

The filing says the company operates certified quality, environmental and measurement systems, maintains laboratory recognition and lists product certifications including LR, DNV, CCS, ACS, KTW, BKI, ABS and NSF61. It describes application support and joint quality-technology work with strategic partners. These are company-reported capabilities; the annual report passage does not specify which certificate covers the Huai'an electronic line, or identify all participating partners. Group capability should not be reassigned to a new line without supporting evidence.

Management reports that sales of automotive-specific fabric grew in FY2025 and that some ultra-thin products achieved stable bulk delivery. This is a disclosed commercial milestone for part of the product range, rather than a statement that every thin fabric or special electronic grade was in mass production. The passage does not identify the delivered grades, shipment quantities, customer names or the manufacturing line responsible. It therefore supports a distinction between an operating product range and development work, while leaving grade-level sales and line attribution unresolved.

The FY2025 research update says Jushi increased work on special-fiber electronic fabrics and that development and certification of the related products were progressing. Certification is a separate stage from stable customer delivery. The update does not say that every product had completed qualification, disclose an order backlog, or quantify certified-product revenue. It should be read alongside the separate bulk-delivery statement for some ultra-thin products, without treating the two disclosures as the same product population or assigning either to the Huai'an electronic-yarn project.

Jushi describes an integrated technical portfolio spanning high-performance glass and sizing formulations, very large tank-furnace design, key raw-material development and in-house manufacture, special fiber-drawing bushing design and processing, and intelligent and green manufacturing. These capabilities cover several steps in making fiber, rather than only a finished-product recipe. The annual report presents them as company strengths but does not quantify a yield or unit-cost improvement for each technology, identify which new line uses which capability, or establish a comparative technical ranking. Group capabilities remain separate from line-specific operating results.

The report identifies localisation of starch for G-series electronic-grade glass-fiber sizing as a named technical development. It links the work to an ingredient used in a sizing formulation, which makes it a raw-material and process capability rather than an additional yarn production line. The named development does not establish that the complete formulation is domestically sourced or that the ingredient was adopted on every electronic-yarn line. Its recognition entry does not disclose the starch specification, substitution percentage, processing performance, supplier identity or cost saving. Those missing details prevent an allocation of this development's economic benefit to a specific factory or product grade.

China Jushi reports that the CNBM-supported research project on localising mineral raw materials for overseas glass-fiber plants passed its acceptance inspection. The same passage reports acceptance of the China-Egypt Joint Laboratory for High Performance Fiberglass and Composites, supported by China's Ministry of Science and Technology. These are named research and laboratory milestones relevant to the company's overseas manufacturing capability. Research acceptance is distinct from the environmental acceptance or commissioning of a production line. The passage does not specify mineral types, sourcing contracts, substitution ratios, production trials at particular plants or realised unit-cost savings; the laboratory name also does not establish that all the mineral research was carried out only in Egypt.

The report says the company launched 16 AI-plus-glass-fiber research projects around intelligent production, operational decision-making and innovation. It describes a fine-yarn pioneer factory as a benchmark for spreading manufacturing technologies and management practices, and identifies three-tier early warning for real-time management and root-cause analysis of quality issues as application areas. The count is the number of launched research projects, not the number of fully deployed systems or upgraded production lines. Although the company reports that some practical application scenarios were implemented, the passage does not supply a complete deployment list or measured changes in yield, defect rate, uptime or unit cost. The capability therefore remains recorded at company level rather than assigned to every new project.

Reported launched AI and glass-fiber research projects / 2025 / reported launched research not installed systems

16 projects

The report describes quality-information systems including SAP, MES, barcode systems, SCADA and laboratory-information tools, used to input, collect and analyse quality data. Controls cover raw materials, development, pilot production, mass production and marketing. The inspection sequence starts with incoming materials and includes physical sampling, analytical monitoring and quality checks; finished-fiber inspections cover physical properties, characteristics and packaging, followed by delivery checks on packaging, vehicles and loading. The company also says it standardises process parameters and operating procedures and develops automation and error-prevention measures. This explains how it says quality is managed across the manufacturing chain. The passage does not quantify rejection rates, customer returns, line-level yield or the improvement attributable to an individual software system.

The sustainability report states that all six global glass-fiber production bases have ISO 9001 quality-management-system certification. It separately names Jushi Group headquarters and the US and Egyptian subsidiaries as also holding IATF 16949 automotive quality-management-system certification. The latter statement is narrower than the six-base statement and is not extended here to Jiujiang, Chengdu or Huai'an. These are company-disclosed management-system credentials. They do not establish certification of every product grade, a named customer's production approval, or an order. The passage gives no certificate numbers, issuing-body records or validity dates; independent certificate verification and site-level scope details remain pending.

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%

The six manufacturing bases listed in the report are Tongxiang in Zhejiang, Jiujiang in Jiangxi, Chengdu in Sichuan, Huai'an in Jiangsu, Suez in Egypt and South Carolina in the United States. Four are in China and two are overseas. The company also lists overseas sales companies in the United States, France, Spain, Japan and South Korea, and says its products reach more than 100 countries and regions. The report describes coordinating production, sales and inventories across the six bases, using overseas manufacturing to provide supply-chain options under trade-remedy and tariff pressures.

Tongxiang's 120,000-tonne-per-year furnace-drawing line completed a cold-repair and technical-upgrade project and entered production in 2025. The report separately states that a cold-repair and upgrade project for a 200,000-tonne-per-year Tongxiang line was fully initiated. One disclosure is a production milestone; the other is the start of work on a different line. The capacity figures identify the lines in the report and should not automatically be treated as an equal amount of incremental new group capacity.

At Jiujiang, the report describes the second batch of lines, with combined designed annual capacity of 200,000 tonnes, within a 400,000-tonne glass fiber line construction programme at the intelligent manufacturing base. These lines were fired and put into production by area and phase during 2025. The wording supports phased commissioning; it does not specify one common start date, full-year output, utilisation or the achieved production rate for every line in that batch.

Chengdu's intelligent manufacturing base began the first 100,000-tonne-per-year batch of a planned 200,000-tonne high-performance glass fiber line construction project at the end of 2025. Construction start is the disclosed milestone. The cited management discussion does not say that this batch was already producing, nor does it give a commissioning date or specify the exact products and customers assigned to the line.

Huai'an is the Jiangsu location in Jushi's six-base manufacturing network. The filing separately describes high-performance glass fiber production, a new electronic-yarn line and wind-power developments. These are connected activities with different physical and accounting scopes. The base grouping is not a single production line, and the operating wind business is not evidence that the new electronic-yarn line has entered commercial production.

South Carolina, United States, is the second overseas location in the six-base network alongside Suez, Egypt. The subsidiary table distinguishes Jushi USA Inc., which produces and sells glass fiber and products, from the similarly named US trading company. It reports a 70% holding in the manufacturing company. This legal-entity and state-level information identifies the operating role; it does not provide verified plant coordinates or prove that every historical US proposal refers to the same physical site.

The parent and principal subsidiaries reported 14,341 active employees at year end, including 11,053 production staff, 2,119 technical staff, 141 sales staff, 83 finance staff and 945 administrative staff. The R&D workforce of 1,386 reported elsewhere is a different classification and must not be added to these occupational categories as extra employees. The company reports training focused on drawing, winding and other quality-critical production roles.

Active employees / 2025 / parent and main subsidiaries

14,341 people

The production-and-sales subsection says output increased as capacity expanded, but provides no numerical production or physical-inventory table. Its narrative says roving and electronic-fabric sales reached new highs; the separately disclosed sales volumes remain sales measures. They do not establish tonnes produced, year-end tonnes in stock, capacity utilisation or output of a particular furnace. Inventory in the financial statements is a monetary carrying amount with a different scope. No physical output or inventory amount is filled in from sales, nominal capacity or the industry totals.

The selected cost table records RMB 4,090,268,606.23 of material cost for glass fiber and products in FY2025, compared with RMB 3,736,276,389.40 in FY2024, an increase of 9.47%. Its reported cost share rose from 31.90% to 32.89%. This is a material-cost component of the glass-fiber business, rather than total consolidated cost, total supplier purchases or cash paid to suppliers. The table does not provide a complete separate breakdown for electricity, natural gas, labour and every mineral or chemical, or allocate these costs to individual factories. It therefore supports understanding input exposure without establishing a complete furnace cost model or the cause of every margin change.

Glass-fiber business material cost / 2025 / glass fiber products material cost

RMB 4,090,268,606.23

Glass-fiber business material cost / 2024 / glass fiber products material cost comparative

RMB 3,736,276,389.4

Reported material share of cost / 2025 / glass fiber products material cost share

32.89%

Platinum-rhodium alloy bushings are part of the fiber-drawing process, rather than a passive financial investment. The accounting policy says these components require repeated cleaning and processing to maintain fiber quality; metal consumed in that process is charged to production cost. The company includes them in fixed assets but does not depreciate them in the ordinary way. The platinum-rhodium category had a year-end carrying amount of RMB 11,133,726,865.73, compared with RMB 11,021,562,872.80 a year earlier, within total fixed assets of RMB 34,763,765,928.60. Its asset-movement table separately records RMB 373,157,083.84 of platinum consumption during FY2025. These amounts explain a substantial capital commitment associated with manufacturing, but are not metal weight, market value, a factory allocation or an additional amount to add to fixed assets. Ordinary machinery depreciation cannot be applied to this entire category without considering the special policy.

Platinum-rhodium fixed-asset carrying amount / 2025 / consolidated platinum rhodium

RMB 11,133,726,865.73

Platinum-rhodium fixed-asset carrying amount / 2024 / consolidated platinum rhodium comparative

RMB 11,021,562,872.8

Reported platinum consumption movement / 2025 / consolidated platinum consumption

RMB 373,157,083.84

The report describes Huai’an furnace combustion trials and stable experimental operation with natural gas blended with 5%–30% hydrogen. The English passage also refers to “20% oxygen blending” before discussing hydrogen; that wording is retained as an unresolved source ambiguity rather than silently corrected. A trial is not proof of commercial hydrogen replacement across the production base. The company also reports SGS cradle-to-gate carbon-footprint certification for direct roving, assembled roving, chopped strands and chopped-strand mat at Huai’an. The English case study gives four tCO2e values without an explicit functional-unit denominator, so this page does not create per-tonne intensity or cross-product rankings from them. Certification is attributed to the report, with no independent certificate-validity lookup.

The report says glass-fiber worker training covered drawing, roving assembly, inspection and packaging, chemical processing and chopping. These are concrete production skills; training hours alone are not evidence of a higher yield or fewer rejects. Its year-end workforce table reports 14,341 employees, including 12,213 in mainland China, one in Hong Kong/Macao/Taiwan and 2,127 overseas. It reports turnover of 16.43% in mainland China and 29.90% overseas, defining the denominator as employees on the books at period-end rather than an average workforce. The different regions are not silently combined into a standard global turnover rate. Localisation figures are company-reported and do not establish the skill mix or labour cost at one furnace.

Reported supplementary year-end workforce / 2025 / global year end employees

14,341 people

Reported overseas turnover, year-end denominator / 2025 / overseas year end denominator

29.9 percent

Jushi reports 2025 work-safety expenditure of RMB 48.4694 million and describes dust extraction, ventilation and noise-control changes around drawing and chemical preparation. For the year, it reports no work-safety fatalities among its own employees, outsourced employees or stakeholders during construction, and an employee lost-time injury frequency rate of 0.7327 per million working hours. The stated numerator uses injuries approved under the work-related injury insurance programme; it is not a universal count of every harm or an assurance of zero injuries. Contractor LTIFR is reported separately as zero. The report’s 2026 targets include specified exclusions for performance evaluation; those are future target definitions, not retroactive exclusions invented for the 2025 figures.

Reported work-safety expenditure / 2025 / company reported supplementary

RMB 48,469,400

Reported employee lost-time injury frequency / 2025 / insurance approved employee injuries

0.7327 injuries/million work hours

The FY2025 major-subsidiary table identifies Jushi Group as a subsidiary engaged in manufacturing and selling glass-fiber products. It reports revenue of CNY 19,133,295,600, operating profit of CNY 4,079,663,000 and net profit of CNY 3,168,130,100. Total assets are CNY 44,190,076,200 and net assets CNY 29,284,760,800; registered capital is CNY 5,255,313,000. The table uses ten-thousand CNY units. This is a subsidiary-level business perimeter, rather than the listed issuer's consolidated revenue or a single factory. The table does not specify whether the subsidiary figures include its own controlled entities, provide a consolidation-elimination bridge or quantify the contribution from each site. These figures therefore should not be added to other subsidiary rows or assigned automatically to the Tongxiang base. Registered capital is a legal capital measure, not this year's cash investment or project budget.

Registered capital / 2025 / annual major subsidiary table perimeter not specified

RMB 5,255,313,000

Total assets / 2025 / annual major subsidiary table perimeter not specified

RMB 44,190,076,200

Net assets / 2025 / annual major subsidiary table perimeter not specified

RMB 29,284,760,800

Revenue / 2025 / annual major subsidiary table perimeter not specified

RMB 19,133,295,600

Operating profit / 2025 / annual major subsidiary table perimeter not specified

RMB 4,079,663,000

Net profit / 2025 / annual major subsidiary table perimeter not specified

RMB 3,168,130,100

The major-subsidiary table identifies Jushi USA as a subsidiary manufacturing and selling glass-fiber products. For FY2025 it reports revenue of CNY 875,248,400, operating profit of CNY 48,495,900 and net profit of CNY 42,192,700. Total assets are CNY 2,357,729,100 and net assets CNY 1,407,088,700. These operating and balance-sheet figures follow the table's ten-thousand CNY unit. The registered-capital cell is an explicit exception: 20,000 ten-thousand US dollars, or USD 200,000,000. No exchange rate is assumed and the capital is not converted into CNY. This organizational record is distinct from the physical South Carolina manufacturing-base record; the table alone does not allocate all of the subsidiary's figures to that site, a production line or an individual customer. The subsidiary's net profit is not a separately disclosed amount attributable to the listed company's shareholders.

Registered capital / 2025 / annual major subsidiary table perimeter not specified

200,000,000 USD

Total assets / 2025 / annual major subsidiary table perimeter not specified

RMB 2,357,729,100

Net assets / 2025 / annual major subsidiary table perimeter not specified

RMB 1,407,088,700

Revenue / 2025 / annual major subsidiary table perimeter not specified

RMB 875,248,400

Operating profit / 2025 / annual major subsidiary table perimeter not specified

RMB 48,495,900

Net profit / 2025 / annual major subsidiary table perimeter not specified

RMB 42,192,700

The FY2025 table identifies Jushi New Energy as a subsidiary whose principal business is electricity generation. It reports revenue of CNY 184,129,000, operating profit of CNY 117,896,500 and net profit of CNY 117,350,200. Total assets are CNY 1,297,269,400 and net assets CNY 719,701,700; registered capital is CNY 600,000,000. The source values are in ten-thousand CNY units. This separates an electricity-generating business from the glass-fiber manufacturing subsidiaries. The table does not break revenue into electricity sold outside the group and internal supplies, or allocate assets and profit between the separately described wind-power programmes. Revenue and profit cannot be treated as the performance of the Huai'an 200 MW project or the 500 MW construction project without a disclosed reconciliation. No generation volume, tariff or project return is inferred from these monetary figures.

Registered capital / 2025 / annual major subsidiary table perimeter not specified

RMB 600,000,000

Total assets / 2025 / annual major subsidiary table perimeter not specified

RMB 1,297,269,400

Net assets / 2025 / annual major subsidiary table perimeter not specified

RMB 719,701,700

Revenue / 2025 / annual major subsidiary table perimeter not specified

RMB 184,129,000

Operating profit / 2025 / annual major subsidiary table perimeter not specified

RMB 117,896,500

Net profit / 2025 / annual major subsidiary table perimeter not specified

RMB 117,350,200

The important non-wholly-owned subsidiary table reports FY2025 revenue of approximately RMB 1.8299 billion, net profit RMB 333.4595 million and operating cash inflow RMB 580.3821 million for Jushi Egypt, compared with RMB 1.7019 billion, RMB 317.5051 million and RMB 546.8079 million respectively in FY2024. Jushi USA Inc., the manufacturing subsidiary, reports FY2025 net profit of RMB 42.1927 million after a FY2024 loss of RMB 28.0472 million, but operating cash inflow declined from RMB 171.0782 million to RMB 73.9355 million. A return to profit therefore did not imply higher cash generation in that subsidiary. The disclosed minority interests are 24.99% in Egypt and 30% in US Inc.; subsidiary net profit is not entirely attributable to the listed company's shareholders. Figures retain the table's ten-thousand-renminbi precision. They are legal-entity measures, not a plant-by-plant cost breakdown, and are not added to already consolidated group revenue or cash flow.

The financial notes report that Jushi Green Energy (Lianshui) Co., Ltd. entered consolidation in February 2025. Its disclosed year-end net assets were RMB 252,130,385.40 and profit from inclusion to year end RMB 2,130,385.40; the group roster lists power generation, transmission and supply as its business. Hubei Hongjia Kaolin Mining Co., Ltd. ceased to be consolidated in June 2025 under the liquidation heading. These changes are different from an acquisition or a transaction losing subsidiary control, whose separate note headings were marked not applicable. The disclosures do not establish commissioning, generated electricity or full-year production for the new entity, or cash proceeds from liquidation. A corporate scope change does not itself identify the physical stage of a similarly named energy project.

For FY2025, glass fiber and products had disclosed main-business revenue of RMB 18,345,083,876.74, cost of RMB 12,435,427,887.68 and gross margin of 32.21%. The product, geographic and sales-channel tables describe overlapping views of the same business and must not be added together.

Revenue / 2025 / consolidated main business

RMB 18,345,083,876.74

Cost of sales / 2025 / consolidated main business

RMB 12,435,427,887.68

Gross margin / 2025 / consolidated main business

32.21%

For FY2025, other main-business revenue (wind power) had disclosed main-business revenue of RMB 183,547,580.76, cost of RMB 54,358,987.20 and gross margin of 70.38%. The product, geographic and sales-channel tables describe overlapping views of the same business and must not be added together.

Revenue / 2025 / consolidated main business

RMB 183,547,580.76

Cost of sales / 2025 / consolidated main business

RMB 54,358,987.2

Gross margin / 2025 / consolidated main business

70.38%

For FY2025, domestic main-business sales had disclosed main-business revenue of RMB 12,393,721,914.81, cost of RMB 8,317,317,941.49 and gross margin of 32.89%. The product, geographic and sales-channel tables describe overlapping views of the same business and must not be added together.

Revenue / 2025 / consolidated main business

RMB 12,393,721,914.81

Cost of sales / 2025 / consolidated main business

RMB 8,317,317,941.49

Gross margin / 2025 / consolidated main business

32.89%

For FY2025, overseas main-business sales had disclosed main-business revenue of RMB 6,134,909,542.69, cost of RMB 4,172,468,933.39 and gross margin of 31.99%. The product, geographic and sales-channel tables describe overlapping views of the same business and must not be added together.

Revenue / 2025 / consolidated main business

RMB 6,134,909,542.69

Cost of sales / 2025 / consolidated main business

RMB 4,172,468,933.39

Gross margin / 2025 / consolidated main business

31.99%

For FY2025, direct sales had disclosed main-business revenue of RMB 14,188,696,385.61, cost of RMB 9,505,251,073.95 and gross margin of 33.01%. The product, geographic and sales-channel tables describe overlapping views of the same business and must not be added together.

Revenue / 2025 / consolidated main business

RMB 14,188,696,385.61

Cost of sales / 2025 / consolidated main business

RMB 9,505,251,073.95

Gross margin / 2025 / consolidated main business

33.01%

For FY2025, distributor sales had disclosed main-business revenue of RMB 4,339,935,071.89, cost of RMB 2,984,535,800.93 and gross margin of 31.23%. The product, geographic and sales-channel tables describe overlapping views of the same business and must not be added together.

Revenue / 2025 / consolidated main business

RMB 4,339,935,071.89

Cost of sales / 2025 / consolidated main business

RMB 2,984,535,800.93

Gross margin / 2025 / consolidated main business

31.23%

The notes state that the group is managed as one operating segment. The product and geographic external-revenue tables total RMB 18,528,631,457.50, matching main-business revenue rather than total consolidated revenue of RMB 18,880,860,110.36. Geographic revenue is attributed to the location of the customer; it does not measure production at factories in that region. The remaining total-revenue difference must not be assigned to a product or project without separate evidence.

The report says FY2025 glass fiber roving sales exceeded 3,200,000 tonnes. The figure is a disclosed lower bound, not an exact quantity. The filing does not establish the exact company-wide production or closing inventory quantity in this passage.

Sales volume / 2025 / group disclosed

> 3,200,000 tonnes

The report says FY2025 electronic fabric sales exceeded 1,000,000,000 metres. The figure is a disclosed lower bound, not an exact quantity. The filing does not establish the exact company-wide production or closing inventory quantity in this passage.

Sales volume / 2025 / group disclosed

> 1,000,000,000 metres

The FY2025 business description reports sales of 320.26 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 / 2025 / group roving and products

3,202,600 tonnes

The FY2025 business description reports electronic fabric sales of 10.62 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 / 2025 / group electronic fabric

1,062,000,000 metres

The FY2025 business description reports 562 million kWh of grid-connected generation from Huai'an new energy and rounded revenue of RMB 183.5476 million. The product revenue table gives wind-power main-business revenue of RMB 183,547,580.76, or 0.99% of main-business revenue. This is an operating-business result, not output of the newly started 500 MW construction project. The 2024 narrative separately reports 181.8188 million kWh of wind generation; differences in the disclosed labels and scopes must be checked before computing a like-for-like project growth rate.

Reported electricity generation / 2025 / huaian new energy business

562,000,000 kWh

The FY2025 report discloses total r&d expenditure of 582,434,136.52 CNY. This is a group-level research resource measure; it is not an amount attributable to one product or construction project.

Total R&D expenditure / 2025 / group disclosed

RMB 582,434,136.52

The FY2025 report discloses capitalised r&d expenditure of 0.00 CNY. This is a group-level research resource measure; it is not an amount attributable to one product or construction project.

Capitalised R&D expenditure / 2025 / group disclosed

RMB 0

The FY2025 report discloses r&d expenditure / revenue of 3.08 %. This is a group-level research resource measure; it is not an amount attributable to one product or construction project.

R&D expenditure / revenue / 2025 / group disclosed

3.08%

The FY2025 report discloses r&d personnel of 1,386 people. This is a group-level research resource measure; it is not an amount attributable to one product or construction project.

R&D personnel / 2025 / group disclosed

1,386 people

The FY2025 report discloses r&d personnel share of 9.66 %. This is a group-level research resource measure; it is not an amount attributable to one product or construction project.

R&D personnel share / 2025 / group disclosed

9.66%

The related-party sales table identifies Tongxiang Hengxian Import and Export as a counterparty for goods and raw materials, with FY2025 transaction revenue of RMB 2,060,837,253.42. This establishes a disclosed commercial relationship. It does not identify a specific factory, line, downstream customer or individual contract, and it should not be assumed to be the anonymous customer numbered first in another table.

Related-party sales / 2025 / consolidated related party

RMB 2,060,837,253.42

The five largest year-end debtor balances totalled RMB 173,444,890.13, or 8.66% of total accounts receivable and contract assets, with a reported allowance of RMB 523,374.82. Their individual names are anonymised as Customer 6 through Customer 10. The contract-asset cells in those rows are blank, and the reported combined balances equal the accounts-receivable balances. This is a year-end exposure ranking, whereas the 29.08% top-five sales concentration is a full-year flow measure. The two rankings cannot be assumed to contain the same customers; blanks are not converted into independently verified zero contract-asset amounts.

Top-five accounts receivable and contract-asset balance / 2025 / consolidated

RMB 173,444,890.13

Top-five share of receivables and contract assets / 2025 / consolidated

8.66%

Top-five debtor credit-loss allowance / 2025 / consolidated

RMB 523,374.82

The annual report's industry discussion, citing the China Fiberglass Industry Association, reports Chinese glass-fiber yarn production of 8.43 million tonnes in 2025, up 11.5%, and domestic apparent consumption of glass fiber and products of 6.585 million tonnes. Its trade discussion reports exports of glass fiber and products of 1.9496 million tonnes, down 3.6%, with export value of USD 2.852 billion, up 1.6%. The report attributes the rising aggregate export price partly to the lower prior-year base and a greater share of processed products. These different yarn, product and trade scopes are industry context, not Jushi's own output, sales, market share or unit price. Apparent consumption is an aggregate supply/use measure, not a count of Jushi's customer orders. Expanded industry supply helps explain competitive pressure even while the company's own annual sales and margins improved.

The industry review describes different demand conditions across glass-fiber applications. Electronic yarn and fabric benefited from electronics, household appliances and vehicle electronics; investment in specialist electronic glass fiber also redirected some equipment away from conventional electronic products. Construction-related industrial fabrics remained under pressure from weak property and infrastructure demand. Wind power and automobiles supported reinforced plastics, with thermoset and thermoplastic materials serving distinct downstream processes. The same review says ordinary direct-roving average prices were above 2024 but their price level moved down through the quarters, while higher-performance wind, automotive and electronic materials had stronger pricing. It reports RMB 13.38 billion of industry specialist electronic-glass-fiber projects under construction or planned at year end, with anticipated concentrated capacity release in 2027. That timing is the report's industry expectation, not confirmed commissioning, Jushi's approved investment, a company revenue forecast or evidence of shipments to specific AI customers. Historical industry charts and competitor rosters are condensed into this context rather than copied as a separate dataset.

The company describes direct sales as the primary channel, supplemented by distributors. Its sustainability report says quality feedback is reviewed quarterly and routed into improvement projects. It reports 21 product and service complaints in 2025, all addressed, with the roving complaint rate increasing by 0.003 to 0.005 per 1,000 tonnes, while the separately labelled yarn complaint rate fell by 0.001 to 0.039 per million metres. Those denominators describe different products and cannot be combined; the English label “yarn” is not converted into a precise electronic-fabric grade. The company’s claims of a 100% product pass rate and no major strategic-customer quality issue are attributed, not independent product testing or proof that no complaint occurred.

Reported product and service complaints / 2025 / company reported supplementary

21 complaints

Jushi’s four domestic bases had 920 active raw-material suppliers with positive annual procurement, and a further 406 qualified suppliers with zero procurement in 2025. These defined populations differ from the report’s broader supplier headline and do not establish companywide concentration. At year-end it reports 20 bottleneck suppliers and 12 newly developed suppliers for risky materials. Its response includes geographical diversification, quota controls and substitution of imported or purchased inputs with domestic or in-house alternatives. The report identifies six new-form partnerships and 21 strategic suppliers; these are categories, not counts to add to the active population. It separately reports no high-risk supplier in the ESG module, which does not mean no raw-material supply risk. This research stops at Jushi’s disclosed relationship and does not extend into supplier-company investigations.

Reported active raw-material suppliers at four domestic bases / 2025 / four domestic bases positive procurement

920 suppliers

Reported year-end bottleneck suppliers / 2025 / company reported supplementary

20 suppliers

The consolidated FY2025 revenue was RMB 18,880,860,110.36; the FY2024 comparative in the same filing was RMB 15,855,766,997.99. These are annual amounts, not parent-company amounts.

Revenue / 2025 / consolidated

RMB 18,880,860,110.36

Revenue / 2024 / consolidated

RMB 15,855,766,997.99

The consolidated FY2025 cost of sales was RMB 12,627,832,919.21; the FY2024 comparative in the same filing was RMB 11,887,682,064.62. These are annual amounts, not parent-company amounts.

Cost of sales / 2025 / consolidated

RMB 12,627,832,919.21

Cost of sales / 2024 / consolidated

RMB 11,887,682,064.62

The consolidated FY2025 selling expenses was RMB 211,094,362.60; the FY2024 comparative in the same filing was RMB 198,705,377.65. These are annual amounts, not parent-company amounts.

Selling expenses / 2025 / consolidated

RMB 211,094,362.6

Selling expenses / 2024 / consolidated

RMB 198,705,377.65

The consolidated FY2025 administrative expenses was RMB 742,632,238.21; the FY2024 comparative in the same filing was RMB 343,653,044.65. These are annual amounts, not parent-company amounts.

Administrative expenses / 2025 / consolidated

RMB 742,632,238.21

Administrative expenses / 2024 / consolidated

RMB 343,653,044.65

The consolidated FY2025 finance expenses was RMB 315,762,318.79; the FY2024 comparative in the same filing was RMB 217,662,066.36. These are annual amounts, not parent-company amounts.

Finance expenses / 2025 / consolidated

RMB 315,762,318.79

Finance expenses / 2024 / consolidated

RMB 217,662,066.36

The consolidated FY2025 r&d expense was RMB 582,434,136.52; the FY2024 comparative in the same filing was RMB 528,291,814.11. These are annual amounts, not parent-company amounts.

R&D expense / 2025 / consolidated

RMB 582,434,136.52

R&D expense / 2024 / consolidated

RMB 528,291,814.11

The consolidated FY2025 net cash from operating activities was RMB 4,200,505,000.62; the FY2024 comparative in the same filing was RMB 2,032,312,760.51. These are annual amounts, not parent-company amounts.

Net cash from operating activities / 2025 / consolidated

RMB 4,200,505,000.62

Net cash from operating activities / 2024 / consolidated

RMB 2,032,312,760.51

The consolidated FY2025 net cash from investing activities was RMB -839,403,432.75; the FY2024 comparative in the same filing was RMB -977,214,274.93. These are annual amounts, not parent-company amounts.

Net cash from investing activities / 2025 / consolidated

RMB -839,403,432.75

Net cash from investing activities / 2024 / consolidated

RMB -977,214,274.93

The consolidated FY2025 net cash from financing activities was RMB -2,999,266,127.97; the FY2024 comparative in the same filing was RMB -1,059,229,317.19. These are annual amounts, not parent-company amounts.

Net cash from financing activities / 2025 / consolidated

RMB -2,999,266,127.97

Net cash from financing activities / 2024 / consolidated

RMB -1,059,229,317.19

Management attributes revenue growth to higher sales volumes and prices, and the increase in operating cash receipts to cash collected from sales and collection of commercial bills at maturity. It attributes the higher administrative expense to a low FY2024 base after reversal of an unpaid excess-profit sharing plan, and the higher finance expense to increased exchange losses and reduced interest income. These are management explanations; operating cash flow is not the same measure as profit or free cash flow.

Profit attributable to listed-company shareholders was RMB 3,285,461,018.68. Profit after excluding the filing-defined non-recurring items was RMB 3,481,596,089.85. The non-recurring contribution was negative RMB 196,135,071.17, so the adjusted amount exceeded reported attributable profit. These two profit measures should remain separate; neither is operating cash flow.

Profit attributable to shareholders / 2025 / consolidated

RMB 3,285,461,018.68

Profit excluding disclosed non-recurring items / 2025 / consolidated

RMB 3,481,596,089.85

Non-recurring profit contribution / 2025 / consolidated

RMB -196,135,071.17

At FY2025 year end, consolidated inventory had gross carrying amount RMB 3,585,192,258.29, provisions of RMB 30,674,498.17 and net book value RMB 3,554,517,760.12. Finished goods alone had net book value RMB 1,900,087,868.21. These are monetary accounting values across the group, not tonnes of roving or metres of fabric. They do not fill the outstanding product-level physical inventory fields.

Inventory net book value / 2025 / consolidated

RMB 3,554,517,760.12

The filing reports overseas assets of RMB 11,783,667,402.51, or 21.57% of total assets. Consolidated fixed assets were RMB 34,763,765,928.60, or 63.64% of total assets; management attributes their increase to completed engineering projects transferred to fixed assets. Other non-current assets increased mainly because of advance payments for engineering and equipment. These group measures do not establish an individual project's commissioning status.

Jushi Green Energy (Lianshui) Co., Ltd. was newly consolidated in February 2025; the table gives year-end net assets of RMB 252,130,385.40 and post-consolidation profit of RMB 2,130,385.40. Hubei Hongjia Kaolin Mining Co., Ltd. left the consolidation perimeter in June through liquidation. A new energy entity is not automatically the owner of every Huai'an wind project; the annual report's explicit project-company designations remain authoritative.

At 31 December 2025, consolidated accounts receivable had a gross balance of RMB 2,001,627,494.17 and a credit-loss allowance of RMB 110,286,596.06, leaving a net carrying amount of RMB 1,891,340,898.11. The same filing reports an opening net amount of RMB 1,820,468,326.40. Receivables describe recognised amounts still outstanding; they are not the year's cash receipts or new orders. The closing and opening amounts are group accounting balances and are not assigned to an individual production line.

Accounts receivable gross balance / 2025 / consolidated

RMB 2,001,627,494.17

Accounts receivable credit-loss allowance / 2025 / consolidated

RMB 110,286,596.06

Accounts receivable net carrying amount / 2025 / consolidated

RMB 1,891,340,898.11

Of the gross accounts-receivable balance, RMB 1,872,651,746.73 was aged one year or less, while RMB 45,017,101.31 was aged more than five years. The intervening age bands remain separately reported in the source. Ageing measures how long a balance has been recorded; the table does not give each invoice's contractual due date. It therefore cannot be relabelled as an overdue schedule, or used to infer payment behaviour for an unnamed customer.

Accounts receivable aged one year or less / 2025 / consolidated

RMB 1,872,651,746.73

Accounts receivable aged more than five years / 2025 / consolidated

RMB 45,017,101.31

The individually assessed receivables totalled RMB 89,773,622.65 and were fully provided for because the company expected them to be uncollectible. The table names only Customer 1 through Customer 5 and an Other category. Separately, actual accounts-receivable write-offs during FY2025 totalled RMB 11,009,003.89. A closing allowance, an expected loss and an actual write-off are different measures. These anonymous loss cases cannot be matched to named related-party customers or to the five largest sales customers without additional evidence.

Individually assessed receivables, fully provided / 2025 / consolidated

RMB 89,773,622.65

Accounts receivable written off during year / 2025 / consolidated

RMB 11,009,003.89

The notes-receivable account closed at a net RMB 1,301,618,467.53: bank acceptance notes of RMB 970,811,781.90 and commercial acceptance notes of RMB 330,806,685.63. The credit-risk table separately reports gross commercial notes of RMB 332,027,051.33 and their allowance of RMB 1,220,365.70. Acceptance notes are settlement instruments; their balances are not extra product sales. Among notes endorsed or discounted but not yet matured, RMB 556,931,257.01 remained recognised and RMB 57,478,150.00 was derecognised. These retained and removed accounting exposures must remain separate and are not added to the closing notes balance.

Notes receivable net carrying amount / 2025 / consolidated

RMB 1,301,618,467.53

Commercial acceptance-note credit-loss allowance / 2025 / consolidated

RMB 1,220,365.7

Endorsed or discounted notes still recognised / 2025 / consolidated

RMB 556,931,257.01

Endorsed or discounted notes derecognised / 2025 / consolidated

RMB 57,478,150

The separate receivables-financing account held bank acceptance bills of RMB 2,284,605,771.83 at year end, compared with RMB 1,471,635,750.00 at the start of the year. Its note also reports RMB 4,324,842,840.65 of bills that had been endorsed or discounted, had not matured at the balance-sheet date and had been derecognised. The larger derecognised amount is a separate disclosed exposure category, not cash on hand or a balance to add to the closing financing asset. The source's empty allowance and fair-value-change cells are preserved as blanks rather than entered as numerical zeros.

Receivables-financing closing balance / 2025 / consolidated

RMB 2,284,605,771.83

Endorsed or discounted financing bills derecognised / 2025 / consolidated

RMB 4,324,842,840.65

At 31 December 2025, the consolidated group held inventory with a gross carrying amount of RMB 3,585,192,258.29. After RMB 30,674,498.17 of write-down allowances, its net book value was RMB 3,554,517,760.12, compared with RMB 4,203,372,582.81 at the start of the year. Inventory represents materials and goods still carried as assets in the manufacturing and sales cycle. The lower year-end net balance is an accounting observation; the note does not provide tonnes or metres by product, stock by factory, or enough information to attribute the change to prices, volumes or an individual production line.

Inventory gross book value / 2025 / consolidated closing inventory

RMB 3,585,192,258.29

Inventory gross book value / 2024 / consolidated opening inventory comparative in fy2025

RMB 4,251,263,342.09

Inventory write-down allowance / 2025 / consolidated closing inventory

RMB 30,674,498.17

Inventory write-down allowance / 2024 / consolidated opening inventory comparative in fy2025

RMB 47,890,759.28

Inventory net book value / 2025 / consolidated closing inventory

RMB 3,554,517,760.12

Inventory net book value / 2024 / consolidated opening inventory comparative in fy2025

RMB 4,203,372,582.81

The net inventory balance comprises raw materials of RMB 1,420,446,626.72, finished goods of RMB 1,900,087,868.21, turnover materials of RMB 76,015,711.55 and goods dispatched of RMB 157,967,553.64. Their opening net values were RMB 1,546,550,806.68, RMB 2,382,551,551.19, RMB 82,782,278.31 and RMB 191,487,946.63 respectively. This separates production inputs, finished stock and the other reported inventory categories. Goods dispatched remain in the inventory account in this table; the amount is not additional sales revenue or evidence of accepted customer delivery. No customer, product grade or project allocation is given in this note.

Inventory net book value / 2025 / consolidated closing inventory

RMB 1,420,446,626.72

Inventory net book value / 2024 / consolidated opening inventory comparative in fy2025

RMB 1,546,550,806.68

Inventory net book value / 2025 / consolidated closing inventory

RMB 1,900,087,868.21

Inventory net book value / 2024 / consolidated opening inventory comparative in fy2025

RMB 2,382,551,551.19

Inventory net book value / 2025 / consolidated closing inventory

RMB 76,015,711.55

Inventory net book value / 2024 / consolidated opening inventory comparative in fy2025

RMB 82,782,278.31

Inventory net book value / 2025 / consolidated closing inventory

RMB 157,967,553.64

Inventory net book value / 2024 / consolidated opening inventory comparative in fy2025

RMB 191,487,946.63

The inventory allowance movement table reports FY2025 charges of RMB 16,132,408.92 and a combined reversal-or-write-off amount of RMB 14,850,875.45. It also reports other increases of RMB 349,266.40 and other decreases of RMB 18,847,060.98, explaining that other movements reflect changes in the consolidation perimeter and foreign-currency translation. The combined reversal-or-write-off column cannot be represented as wholly recovered inventory value or a wholly physical stock disposal. These valuation movements help reconcile the allowance balance, but do not establish product-level demand, realised selling prices or obsolete stock at a named factory.

Inventory allowance charge / 2025 / consolidated annual allowance movement

RMB 16,132,408.92

Inventory allowance reversal or write-off / 2025 / consolidated annual allowance movement

RMB 14,850,875.45

Inventory allowance other increase / 2025 / consolidated annual allowance movement

RMB 349,266.4

Inventory allowance other decrease / 2025 / consolidated annual allowance movement

RMB 18,847,060.98

FY2025 revenue rose across the four quarters: RMB 4,478,911,752.73 in January-March, RMB 4,630,191,487.53 in April-June, RMB 4,795,092,996.64 in July-September and RMB 4,976,663,873.46 in October-December. Operating cash flow followed a less even pattern: an outflow of RMB 92,542,930.27 in the first quarter, then inflows of RMB 1,533,257,702.51, RMB 694,075,441.23 and RMB 2,065,714,787.15. Those four cash figures reconcile to the reported annual RMB 4,200,505,000.62. The annual cash result therefore should not be read as steady conversion throughout the year. This table reports consolidated quarterly outcomes, not collections from a particular customer, factory or new electronic line. It gives no causal breakdown of the first-quarter outflow, and one year's sequence does not establish a recurring seasonal pattern.

Quarterly consolidated revenue / 2025 / consolidated q1

RMB 4,478,911,752.73

Quarterly consolidated operating cash flow / 2025 / consolidated q1

RMB -92,542,930.27

Quarterly consolidated revenue / 2025 / consolidated q2

RMB 4,630,191,487.53

Quarterly consolidated operating cash flow / 2025 / consolidated q2

RMB 1,533,257,702.51

Quarterly consolidated revenue / 2025 / consolidated q3

RMB 4,795,092,996.64

Quarterly consolidated operating cash flow / 2025 / consolidated q3

RMB 694,075,441.23

Quarterly consolidated revenue / 2025 / consolidated q4

RMB 4,976,663,873.46

Quarterly consolidated operating cash flow / 2025 / consolidated q4

RMB 2,065,714,787.15

The selected investment-cash note reports RMB 724,712,837.45 paid for engineering construction and RMB 553,378,698.27 paid to buy platinum in FY2025. Their selected subtotal is RMB 1,278,091,535.72; the main cash-flow statement reports RMB 1,368,256,678.38 paid to acquire or build fixed assets, intangibles and other long-term assets. These are different levels of the same investment disclosures, not separate expenditures to add together. Purchases of precious metal are also different from the consumption charged to production cost and the year-end metal carrying amount. The note does not allocate the complete cash expenditure to the Huai'an electronic line or another named project. It separately records RMB 150,906,400 of dividends received from associates and RMB 400,000,000 of relocation compensation received. Financing cash flow includes RMB 200,000,000 of related-party borrowing; that annual inflow does not supply a particular bank receipt date.

Cash paid for engineering construction / 2025 / consolidated engineering construction cash

RMB 724,712,837.45

Cash paid to purchase platinum / 2025 / consolidated platinum purchase cash

RMB 553,378,698.27

The goodwill note reports a net carrying amount of RMB 469,968,092.97 and tests five asset groups using discounted expected future cash flows. Its table explicitly reports no impairment amount for those five tests. For Jiujiang, the tested asset-group carrying amount was RMB 5,550,346,576.97 and the estimated recoverable amount RMB 5,690,006,473.72. The model used a 2026–2030 forecast period, revenue compound growth of 1.80%, forecast EBIT margins of 23.71%–24.86%, and a stable-period discount rate of 12.62%; EBIT means earnings before interest and tax. These are management valuation assumptions supporting an accounting test, not realised results, a market sale price or a promise that future profits will meet them. Asset-group values include assets beyond the goodwill balance and must not be summed again into group assets. The US Glass Fiber Ltd. goodwill group is described as a sales business and is distinct from the US Inc. manufacturing subsidiary. The gross goodwill and matching impairment balance of the liquidated Hubei Hongjia business both decreased by RMB 2,544,408.27; that paired disposal does not itself establish a new annual goodwill charge or cash proceeds.

Jiujiang tested asset-group carrying amount / 2025 / jiujiang goodwill test

RMB 5,550,346,576.97

Jiujiang tested asset-group recoverable amount / 2025 / jiujiang goodwill test

RMB 5,690,006,473.72

The government-grant note records RMB 166,676,452.80 in FY2025 profit: RMB 122,734,116.36 related to assets and RMB 43,942,336.44 related to income. This compares with RMB 180,045,844.11 recognised in profit in FY2024. The separate cash-flow note records RMB 258,430,236.44 of government-subsidy cash received. Deferred asset-related grants closed at RMB 1,367,850,317.46, with RMB 214,487,900 of additions and RMB 122,734,116.36 transferred to other income; a separate negative RMB 7,553,069.19 movement completes that roll-forward without an inferred cause. Earnings recognition, cash receipts and the deferred balance have different timing and are not three amounts of annual revenue to add together. The filing also describes preferential tax treatment in its risk discussion. Reported support affects understanding of earnings and investment funding, but neither an accounting balance nor the annual disclosure establishes that all support will recur or that tax rules remain unchanged today.

Government grants recognised in profit / 2025 / consolidated grants profit

RMB 166,676,452.8

Government subsidy cash received / 2025 / consolidated subsidy operating cash

RMB 258,430,236.44

Deferred asset-related government grants / 2025 / consolidated asset related deferred grants

RMB 1,367,850,317.46

The filing reports RMB 18,609,183.98 of asset-disposal gains, compared with RMB 275,073,851.97 in FY2024. A separate non-operating-expense table records RMB 210,882,096.34 of non-current asset disposal losses in FY2025, including fixed assets, intangibles and construction in progress, compared with RMB 4,839,745.46 in FY2024. The supplemental non-recurring table combines disposal effects as a loss of RMB 192,272,912.36. These are gains and losses after carrying amounts and costs, not gross cash sale proceeds, engineering cash expenditure or a verified loss assigned to a particular factory. The broader non-recurring total is a negative RMB 196,135,071.17 after the table's tax and minority adjustments; it includes other items and cannot be subtracted again from profit already reflecting those items. The gain/loss comparison helps distinguish annual operating improvement from changes in one-off asset results.

Non-current asset disposal gain / 2025 / consolidated disposal gain

RMB 18,609,183.98

Non-current asset disposal/scrapping loss / 2025 / consolidated nonoperating asset loss

RMB 210,882,096.34

The report contains an unmodified financial-statement opinion from Zhongshen Zhonghuan. The audit covers the consolidated and company financial statements and related notes for FY2025 under Chinese Accounting Standards. Glass fiber revenue recognition is identified as a key audit matter, including whether control has transferred and whether revenue is recorded in the correct period. The auditor does not give a separate opinion on that key matter, and the financial-statement opinion does not provide assurance on all other annual-report narrative.

The annual report names Zhongshen Zhonghuan as both the financial-statement auditor and the internal-control auditor, and reports no change of auditor during the audit period. These are separate audit scopes; the appointments do not establish independent review of this research guide.

Management identifies exposure to changes in preferential income-tax treatment, government grants and export rebates. Several subsidiaries received a 15% income-tax rate, while the Huai'an renewable-power business has a time-limited exemption and reduction schedule. The filing also describes the November 2024 reduction of the export VAT rebate for most glass fiber products from 13% to 9%. These are historical disclosures in this annual report, not a verification of tax rules currently in force.

Management identifies exchange-rate exposure from export pricing and foreign-currency settlements, with US dollars the main settlement currency for exports. It also identifies interest-rate exposure from borrowing, and liquidity pressure from receivables and inventories. These disclosures explain operating exposures; they do not establish that a liquidity crisis occurred.

The annual report describes trade restrictions affecting exports from the Chinese and Egyptian bases to several markets. Management warns that further trade friction or policy changes could affect overseas sales. Manufacturing also consumes substantial electricity, natural gas, minerals and chemical inputs, exposing production costs to supply and price changes. The detailed tariff discussion mixes 2025 circumstances with developments known by the March 2026 filing; it must not be treated as either a pure year-end tariff schedule or current legal advice.

The report's industry discussion describes stronger demand in wind energy, automotive and electronics alongside release of previously planned glass fiber capacity. It warns about structural overheating in specialist electronic glass fiber. Its year-end industry estimate of RMB 13.38 billion in projects under construction or planned is an industry figure, not Jushi's own capital budget. The expected concentrated release in 2027 is a forecast in the filing, not completed production.

In the trade-risk discussion, China Jushi describes a 55% special-tariff burden on glass-fiber exports from its Chinese bases to the United States, composed of a 25% measure, a 20% measure introduced in February and March 2025, and a retained 10% measure discussed in August 2025. For the Egyptian base, it describes a 10% special tariff from April 9, 2025. The same passage then refers to a temporary US 10% surcharge for February 24 to July 24, 2026, subject to exemptions. The 2026 statement is information disclosed after the FY2025 reporting period. These are the company's descriptions of particular measures, not a verified current customs schedule or a complete all-in import-duty calculation. No 55% plus 10% calculation is made: the passage mixes different dates and does not resolve how each measure applies to a specific shipment.

For exports from its Chinese bases to the European Union, the company describes combined anti-dumping and countervailing duties of 24.8% for specified glass-fiber yarn and related products, including direct and assembled rovings, chopped strands and chopped-strand mat. It separately describes a 99.7% combined rate for glass-fiber fabrics. The report states that the existing rates continued during the relevant reviews: an interim review for the yarn/product measures announced in August 2024 and sunset reviews for fabrics initiated in April 2025. Yarn/product and fabric categories must remain separate; these figures are not a rate for all electronic-grade yarn, all fabrics worldwide or output of the new Huai'an line. This is the FY2025 filing's account, without independent verification of current tariff law.

The filing says specified glass-fiber exports from the Chinese bases to Turkey continued to face a 35.75% anti-dumping duty under a measure dated October 18, 2022. For Egypt, it cites a July 19, 2025 final-disclosure document in an anti-dumping investigation, giving Jushi Egypt a rate of 9.58%. A rate in a final-disclosure document is retained with that procedural description; this annual-report passage is not independent evidence of the date on which the measure became effective for a shipment. Rates quoted for other Egyptian and Bahraini companies are not assigned to Jushi. The disclosure illustrates that origin and exporter can matter, while leaving current legal applicability unverified.

The company describes a July 10, 2025 Indian final-disclosure document proposing anti-dumping rates of 40% to 50%, calculated using injury margins, for specified Chinese-origin glass-fiber products. The listed scope includes direct and assembled rovings, chopped strands and chopped-strand mat, but excludes thermoplastic chopped strands. The report explicitly says the matter still required submission to the Indian Ministry of Finance, which could retain or cancel the measure. The range therefore is not presented as a single effective tariff or a completed decision, and no midpoint or product-specific rate is inferred. This is the filing's description of the proceeding, rather than confirmation of its subsequent outcome.

The filing describes a Brazilian anti-dumping investigation initiated on August 6, 2025 for Chinese- and Egyptian-origin glass-fiber products. Its listed scope covers direct and assembled rovings and excludes chopped strands and chopped-strand mat. Management says it was responding to the investigation and expected it to finish before the end of February 2027. The investigation and expected timetable do not establish an imposed duty, a final outcome or lost sales. Management warns that escalating trade friction or changes in export-market policies could affect overseas sales, but this passage does not quantify market-by-market revenue losses or mitigation benefits.

For exports from its Egyptian base to the European Union, Jushi describes a 13.1% countervailing duty on specified glass-fiber yarn and related products, with a sunset review started in June 2025. It also reports an anti-dumping investigation initiated in February 2025. The annual report then describes a March 13, 2026 final-disclosure document proposing an 11% anti-dumping duty on the Egyptian products, with a final decision expected before mid-April 2026. That proposal and expected decision are post-period disclosure context, not a duty proven to have been imposed during FY2025. For Egyptian glass-fiber fabrics, the company separately describes a 44% combined anti-dumping and countervailing rate and June 2025 sunset reviews. The proposed 11% is not added to 13.1% as a confirmed FY2025 total, and fabric measures are not assigned to the yarn category.

Jushi’s sustainability report identifies energy-price volatility, low-carbon technology upgrades, heat and water availability as possible operating constraints. Its current-impact assessment says the identified climate risks had no material adverse effect on operating continuity, asset security or current financial conditions. The scenario matrices therefore must not be read as evidence that all the listed floods, shutdowns or customer losses occurred in 2025. The physical-risk modelling uses site coordinates and asset weights under lower- and higher-emission pathways; under the higher-emission pathway it rates extreme heat and average temperature rise as significant in the long term through 2060. These are management model ratings, not loss forecasts verified by SinoFilings. Potential responses include equipment cooling, maintenance and low-carbon capital investment. The report does not supply a site-by-site monetary loss estimate.

The FY2024 cash distribution of RMB 960,752,814.72 was completed in May 2025, and the FY2025 interim distribution of RMB 680,533,243.76 was completed in October 2025. Separately, the board proposed a further RMB 754,035,615.95 distribution in March 2026, which the subsequent-events note says still required shareholder approval. The reported FY2025 total of RMB 1,434,568,859.71 includes that proposal and must not be described as entirely paid by the year end. Capital allocation here provides operating cash context, not an investment recommendation.

The company completed its repurchase by 24 November 2025, buying 34,528,223 shares for RMB 539,657,450 excluding transaction taxes and fees. The repurchased shares were intended for equity incentives, with cancellation required under specified approval-failure conditions. A restricted-share incentive draft was approved by the board on 31 December 2025. The financial notes mark share-based payment expense as not applicable. A repurchase and a board-approved draft are not evidence that awards had been granted or a share-based payment charge recognised.

The important-matters table reports RMB 1,551,790,000 of guarantees outstanding at FY2025 year end, all for entities within the consolidated group, equal to 4.99% of the company's net assets. Guarantees arising during the year were RMB 4,097,930,000; that annual flow is not an extra year-end balance. Guarantees outside subsidiaries were explicitly zero. Separately, the related-party note marks both guarantor and guaranteed-party subsections as not applicable. That mark does not cancel the subsidiary guarantees disclosed in the important-matters table; these passages do not explain the different classifications. The subsidiary exposure should not be added automatically to consolidated debt or treated as a guarantee payment already made.

Guarantees arising for subsidiaries during the year / 2025 / subsidiary guarantees annual flow

RMB 4,097,930,000

Outstanding guarantees outside subsidiaries / 2025 / outside subsidiaries guarantees

RMB 0

Reported guarantee total to company net assets / 2025 / reported guarantee to company net assets

4.99%

Jushi's consolidated provision note recognises RMB 61,429,001.01 at 31 December 2025 for risk-protection obligations under the 2023 Zhongfu Lianzhong and Sinoma Wind Power Blade integration agreement. Former shareholders bear losses caused by pre-handover matters in their pre-integration ownership proportions. The intermediary's preliminary December 2025 audit assessed RMB 191,725,970.69 of relevant financial effects; this is a broader amount than Jushi's recognised obligation. The final compensation amount still required the parties to accept the audit results and a special review report. The related-party note names Zhongfu Lianzhong or Sinoma Blade as contractual creditor, while the contingency note refers back to this same provision. These are cross-references to one recognised balance, not additional liabilities to sum. Neither the preliminary assessment nor the provision establishes cash compensation paid in FY2025.

Preliminary financial effects assessed for integration matters / 2025 / integration preliminary audit financial effects

RMB 191,725,970.69

The FY2025 interbank debt table reports instrument 102481553 with a year-end nominal balance of RMB 500,000,000, stated annual interest rate 2.43% and contractual maturity 2027-04-17. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 500,000,000

Stated debt interest rate / 2025 / issuer debt instrument

2.43%

The FY2025 interbank debt table reports instrument 102483306 with a year-end nominal balance of RMB 500,000,000, stated annual interest rate 2.08% and contractual maturity 2027-08-02. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 500,000,000

Stated debt interest rate / 2025 / issuer debt instrument

2.08%

The FY2025 interbank debt table reports instrument 102580853 with a year-end nominal balance of RMB 500,000,000, stated annual interest rate 2.15% and contractual maturity 2028-02-27. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 500,000,000

Stated debt interest rate / 2025 / issuer debt instrument

2.15%

The FY2025 interbank debt table reports instrument 102581625 with a year-end nominal balance of RMB 300,000,000, stated annual interest rate 2.00% and contractual maturity 2028-04-17. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 300,000,000

Stated debt interest rate / 2025 / issuer debt instrument

2%

The FY2025 interbank debt table reports instrument 102584108 with a year-end nominal balance of RMB 200,000,000, stated annual interest rate 2.04% and contractual maturity 2028-09-26. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 200,000,000

Stated debt interest rate / 2025 / issuer debt instrument

2.04%

The FY2025 interbank debt table reports instrument 012581335 with a year-end nominal balance of RMB 700,000,000, stated annual interest rate 1.78% and contractual maturity 2026-03-06. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 700,000,000

Stated debt interest rate / 2025 / issuer debt instrument

1.78%

The FY2025 interbank debt table reports instrument 012582010 with a year-end nominal balance of RMB 500,000,000, stated annual interest rate 1.69% and contractual maturity 2026-05-15. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 500,000,000

Stated debt interest rate / 2025 / issuer debt instrument

1.69%

The FY2025 interbank debt table reports instrument 012582000 with a year-end nominal balance of RMB 500,000,000, stated annual interest rate 1.69% and contractual maturity 2026-04-17. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 500,000,000

Stated debt interest rate / 2025 / issuer debt instrument

1.69%

The FY2025 interbank debt table reports instrument 012582803 with a year-end nominal balance of RMB 300,000,000, stated annual interest rate 1.70% and contractual maturity 2026-08-14. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 300,000,000

Stated debt interest rate / 2025 / issuer debt instrument

1.7%

The FY2025 interbank debt table reports instrument 012582981 with a year-end nominal balance of RMB 400,000,000, stated annual interest rate 1.70% and contractual maturity 2026-06-05. This is the position disclosed for the reporting period, not a claim about its current repayment status. The instrument balance is not attributed to a plant or project without a specific disclosed funding link.

Nominal debt balance / 2025 / issuer debt instrument

RMB 400,000,000

Stated debt interest rate / 2025 / issuer debt instrument

1.7%

The debt chapter reports normal interest payments or maturity settlements for the listed instruments, and marks overdue bonds and other interest-bearing debt as not applicable at year end. The ten outstanding instruments' proceeds are shown as fully used in accordance with their stated purposes. The report marks project-construction progress funded by those proceeds as not applicable; these general funding disclosures do not allocate proceeds to the Huai'an electronic line. Later contractual maturity dates are not evidence of actual repayment after year end.

The debt chapter reports a current ratio of 1.0486, quick ratio of 0.7788, liabilities-to-assets ratio of 40.41%, and interest coverage of 13.84 times. These are company-disclosed consolidated indicators using the filing's definitions, not independently recalculated lending covenants. Together with disclosed cash generation and maturities, they provide context for an asset-intensive manufacturing business. They do not establish committed funding for a particular project.

The annual report's debt section gives a current ratio of 1.0486 at FY2025 year end, compared with 0.8995 at the prior year end, and a quick ratio of 0.7788, compared with 0.6164. Management attributes the changes to higher receivables financing and lower current portions of non-current liabilities. These reported balance-sheet measures complement the maturity and borrowing disclosures; they are not cash balances, confirmed unused credit or proof that receivables will be collected on time. The debt section reports no applicable overdue bonds, no other interest-bearing debt overdue at year end, and no triggered investor-protection clauses in its specified disclosure subsections. Those source-relative statements do not establish compliance with every covenant in offering documents, current repayments or the absence of all future financing risk.

Reported current ratio / 2025 / consolidated 2025

1.0486 ratio

Reported current ratio / 2024 / consolidated 2024

0.8995 ratio

Reported quick ratio / 2025 / consolidated 2025

0.7788 ratio

Reported quick ratio / 2024 / consolidated 2024

0.6164 ratio

The related-party note reports a RMB 200,000,000 borrowing from China National Building Material Group, the issuer's actual controller, beginning on December 17, 2025 and contractually maturing on December 16, 2035, with a stated interest rate of 2.62%. It separately reports FY2025 interest expense of RMB 218,333.33 to that party and a year-end payable of RMB 200,218,333.33. The related-balance note says its long-term-payable amount includes any portion due within one year; the balance is not an additional loan principal to add to the disclosed borrowing. This arrangement is separate from deposits and unused credit at the related finance company, whose loan-business table is marked not applicable. Different group counterparties and scopes explain why that mark does not mean there was no borrowing from related parties. No cash-flow receipt date, security, covenant, project allocation or current repayment is established beyond the stated annual-report terms.

Controller borrowing amount / 2025 / cnbm group borrowing

RMB 200,000,000

Controller borrowing stated interest rate / 2025 / cnbm group borrowing

2.62%

Controller borrowing interest expense / 2025 / cnbm group borrowing

RMB 218,333.33

Related controller payable including current portion / 2025 / cnbm group payable

RMB 200,218,333.33

The consolidated long-term-payable note reports RMB 303,575,457.30 of borrowed-funds payables before deducting RMB 348,743.30 due within one year, leaving RMB 303,226,714 in the non-current portion. It separately reports RMB 10,000,000 of special payables, producing a combined note total of RMB 313,226,714. The controller-related balance is only one disclosed counterparty within this broader funding category; the note does not allocate every other component to a named lender or factory. The current portion is a reclassification of the gross borrowed-funds balance and is not added again to that gross amount. Neither the entire combined note nor the controller borrowing is an extra item to add again to consolidated liabilities.

Borrowed funds before current reclassification / 2025 / consolidated borrowed funds gross

RMB 303,575,457.3

Long-term payables due within one year / 2025 / consolidated current borrowed funds

RMB 348,743.3

Borrowed funds after current reclassification / 2025 / consolidated noncurrent borrowed funds

RMB 303,226,714

The listed parent reports RMB 3.62 billion of funding principal in other receivables, compared with RMB 5.898 billion a year earlier. The counterparty table allocates that principal to Jushi Group (RMB 1.40 billion), Jushi Huai'an (RMB 1.37 billion), Jushi New Energy Huai'an (RMB 470 million) and Jushi Jiujiang (RMB 380 million). It separately reports RMB 900 million of dividends receivable from Jushi Group, rather than cash already received. These figures show financing and earnings distribution within the corporate structure. The consolidation policy eliminates material intragroup balances, transactions and unrealised profits; parent-only receivables are therefore not extra external group assets or available consolidated cash. A subsidiary's legal name in this table does not allocate the entire funding to a specific construction project or prove customer receivable collection.

Parent-only borrowed-funds receivable principal / 2025 / parent only subsidiary funding

RMB 3,620,000,000

Parent-only borrowed-funds receivable principal / 2024 / parent only subsidiary funding comparative

RMB 5,898,000,000

Parent dividend receivable from Jushi Group / 2025 / parent only jushi group dividend

RMB 900,000,000

Tongxiang Hengxian Import and Export: the FY2025 related-party table reports sales involving inventory goods and raw materials of RMB 2,060,837,253.42, compared with RMB 1,810,187,076.10 for FY2024 in the same filing. The inventory-goods and raw-material categories identify what was sold, but do not disclose glass-fiber grade, tonnage, end-use industry or the final buyer. This named buyer must not be equated with the anonymous top-five customers or year-end debtors. The relationship list classifies this counterparty as other related party. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party sales amount / 2025 / consolidated related party transaction disclosure

RMB 2,060,837,253.42

Related-party sales prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 1,810,187,076.1

Zhejiang Zhenshi New Materials: the FY2025 related-party table reports sales involving inventory goods, raw materials and energy of RMB 897,157,702.64, compared with RMB 10,352,158.86 for FY2024 in the same filing. The table records sales to this party as well as a separate procurement flow from it. The large difference between the two years does not, by itself, establish a new project, a new production line or a change in the underlying product mix. The mixed categories should not be represented as pure glass-fiber product revenue. The relationship list classifies this counterparty as other related party. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party sales amount / 2025 / consolidated related party transaction disclosure

RMB 897,157,702.64

Related-party sales prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 10,352,158.86

Zhejiang Zhenshi New Materials: the FY2025 related-party table reports purchases involving raw materials of RMB 1,699,384.79, compared with RMB 593,362.82 for FY2024 in the same filing. Procurement from this counterparty is recorded independently of sales to it. Neither flow is netted against the other. The raw material itself and the purchasing production site are not specified in this row. The relationship list classifies this counterparty as other related party. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party purchases amount / 2025 / consolidated related party transaction disclosure

RMB 1,699,384.79

Related-party purchases prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 593,362.82

Zhenshi Huafeng (Zhejiang) Carbon Fiber Materials: the FY2025 related-party table reports sales involving inventory goods and raw materials of RMB 160,688,549.27, compared with RMB 3,516,933.01 for FY2024 in the same filing. The counterparty name includes Carbon Fiber Materials, but that is not evidence that China Jushi sold carbon fiber. The transaction table uses the broader categories of inventory goods and raw materials; their exact composition and final application remain undisclosed here. The relationship list classifies this counterparty as other related party. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party sales amount / 2025 / consolidated related party transaction disclosure

RMB 160,688,549.27

Related-party sales prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 3,516,933.01

Zhenshi Group Zhejiang Yushi International Logistics: the FY2025 related-party table reports purchases involving transport charges and energy of RMB 748,151,537.97, compared with RMB 757,023,283.11 for FY2024 in the same filing. Transport and energy are supporting inputs to the manufacturing and delivery business. This combined transaction amount cannot be split into freight versus energy from the row, or used to calculate freight per tonne. The shareholder-related identity does not make this organization a Jushi-owned factory. The relationship list classifies this counterparty as a subsidiary of a shareholder. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party purchases amount / 2025 / consolidated related party transaction disclosure

RMB 748,151,537.97

Related-party purchases prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 757,023,283.11

Tongxiang Huarui Automatic Control Technology Equipment: the FY2025 related-party table reports purchases involving equipment and technical services of RMB 70,822,009.56, compared with RMB 149,396,934.67 for FY2024 in the same filing. This supplier supports the business with equipment and technical services. The disclosed amount is a transaction flow, not an installed-capacity measure or necessarily capital expenditure. The table provides no allocation to the Huai’an electronic-yarn project or another named line. The relationship list classifies this counterparty as a subsidiary of a shareholder. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party purchases amount / 2025 / consolidated related party transaction disclosure

RMB 70,822,009.56

Related-party purchases prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 149,396,934.67

China National Building Materials International Engineering Group: the FY2025 related-party table reports purchases involving engineering services of RMB 3,149,999.99, compared with RMB 43,532,629.86 for FY2024 in the same filing. The engineering-service category establishes a named service provider, but the row does not identify the contract, project, construction phase or completion milestone. A smaller annual transaction amount alone does not establish that a project was completed. The relationship list classifies this counterparty as a fellow group company. The English name is a translation of the Chinese filing name. These are disclosed group transaction flows, not cash receipts or payments; the filing does not assign this row to a specific factory or project.

Related-party purchases amount / 2025 / consolidated related party transaction disclosure

RMB 3,149,999.99

Related-party purchases prior-year comparative amount / 2024 / consolidated related party transaction disclosure

RMB 43,532,629.86

At 31 December 2025, the related-party settlement note reports gross accounts receivable of RMB 11,384,491.79 and a credit-loss allowance of RMB 39,250.12. The opening gross balance was RMB 41,338,347.63, with an allowance of RMB 118,238.77. These subtotals cover the listed related parties, not all customers of the group. Related-party supplier prepayments were RMB 2,181,155.40 at year end, compared with RMB 235,753.18 at the start of the year. Receivables represent amounts outstanding from customers; prepayments represent advances to suppliers. Neither is an additional annual sales or purchase flow, and the two asset categories remain separate.

Related-party receivables gross balance / 2025 / consolidated related party settlement disclosure

RMB 11,384,491.79

Related-party receivables gross balance (opening) / 2024 / consolidated related party settlement disclosure

RMB 41,338,347.63

Related-party receivables allowance / 2025 / consolidated related party settlement disclosure

RMB 39,250.12

Related-party receivables allowance (opening) / 2024 / consolidated related party settlement disclosure

RMB 118,238.77

Related-party supplier prepayments / 2025 / consolidated related party settlement disclosure

RMB 2,181,155.4

Related-party supplier prepayments (opening) / 2024 / consolidated related party settlement disclosure

RMB 235,753.18

The related-party note reports closing accounts payable of RMB 174,985,652.97, against an opening RMB 183,795,348.04, and separately other payables of RMB 85,776,986.39, against RMB 27,564,467.90. Accounts payable are outstanding trade debts; the other-payable subtotal is a different accounting category. A further combined category, labelled contract liabilities and other current liabilities, totals RMB 202,776,964.72 at year end and RMB 218,928,705.02 at the start. Because the source does not split those two liability types in this table, the whole combined amount cannot be described as customer advances, firm orders or a sales backlog. These are related-party subtotals, not the corresponding totals for the entire group.

Related-party accounts payable / 2025 / consolidated related party settlement disclosure

RMB 174,985,652.97

Related-party accounts payable (opening) / 2024 / consolidated related party settlement disclosure

RMB 183,795,348.04

Related-party contract and other current liabilities combined / 2025 / consolidated related party settlement disclosure

RMB 202,776,964.72

Related-party contract and other current liabilities combined (opening) / 2024 / consolidated related party settlement disclosure

RMB 218,928,705.02

Related-party other payables / 2025 / consolidated related party settlement disclosure

RMB 85,776,986.39

Related-party other payables (opening) / 2024 / consolidated related party settlement disclosure

RMB 27,564,467.9

For Zhenshi Group Zhejiang Yushi International Logistics, year-end accounts payable were RMB 73,350,357.71, compared with RMB 8,400,307.92 at the start, while separately disclosed other payables were RMB 6,450,000.00, compared with RMB 6,800,000.00. The same counterparty also appears in receivables: gross RMB 5,646.40 with an allowance of RMB 14.68, against opening gross RMB 681.20 and an allowance of RMB 3.88. A counterparty can appear on both sides of the settlement ledger. These balances are kept gross and separate from the annual transport-and-energy procurement amount; the table does not provide invoice due dates, overdue status or a factory-level allocation.

Related-party accounts payable / 2025 / consolidated related party settlement disclosure

RMB 73,350,357.71

Related-party accounts payable (opening) / 2024 / consolidated related party settlement disclosure

RMB 8,400,307.92

Related-party other payables / 2025 / consolidated related party settlement disclosure

RMB 6,450,000

Related-party other payables (opening) / 2024 / consolidated related party settlement disclosure

RMB 6,800,000

Related-party receivables gross balance / 2025 / consolidated related party settlement disclosure

RMB 5,646.4

Related-party receivables gross balance (opening) / 2024 / consolidated related party settlement disclosure

RMB 681.2

Related-party receivables allowance / 2025 / consolidated related party settlement disclosure

RMB 14.68

Related-party receivables allowance (opening) / 2024 / consolidated related party settlement disclosure

RMB 3.88

Tongxiang Huarui Automatic Control Technology Equipment had closing accounts payable of RMB 33,942,520.77, compared with RMB 103,830,040.23 at the start, and separate other payables of RMB 441,000.00, compared with RMB 232,000.00. These outstanding balances add settlement context to the equipment-and-technical-service relationship. They are not additional equipment purchases or proof of payment during the year. The decrease in trade payables cannot establish project completion or be attributed to the Huai’an electronic-yarn line without contract-level evidence.

Related-party accounts payable / 2025 / consolidated related party settlement disclosure

RMB 33,942,520.77

Related-party accounts payable (opening) / 2024 / consolidated related party settlement disclosure

RMB 103,830,040.23

Related-party other payables / 2025 / consolidated related party settlement disclosure

RMB 441,000

Related-party other payables (opening) / 2024 / consolidated related party settlement disclosure

RMB 232,000

China National Building Materials International Engineering Group had closing accounts payable of RMB 28,795,049.55, compared with RMB 28,108,349.56 at the start. The note also lists closing other payables of RMB 800,000.00; its opening cell is blank. A balance can reflect unsettled activity from more than one period, so these amounts are not interchangeable with the annual engineering-service transaction flow. The blank opening amount remains undisclosed rather than being filled with zero, and the table does not identify the underlying engineering project.

Related-party accounts payable / 2025 / consolidated related party settlement disclosure

RMB 28,795,049.55

Related-party accounts payable (opening) / 2024 / consolidated related party settlement disclosure

RMB 28,108,349.56

Related-party other payables / 2025 / consolidated related party settlement disclosure

RMB 800,000

For Zhejiang Zhenshi New Materials, the combined contract-liability and other-current-liability row is RMB 125,691,936.52 at year end, with an empty opening cell. The report also lists supplier prepayments of RMB 90,954.01 at year end and RMB 83,114.88 at the start. These categories complement the separately reported sales and raw-material purchases with this party. The combined liability amount is not wholly identified as an advance for future product deliveries, and it cannot be converted into a production order or assigned to an electronic-materials project. The blank opening liability remains blank; the supplier advances are recorded independently rather than netted against it.

Related-party contract and other current liabilities combined / 2025 / consolidated related party settlement disclosure

RMB 125,691,936.52

Related-party supplier prepayments / 2025 / consolidated related party settlement disclosure

RMB 90,954.01

Related-party supplier prepayments (opening) / 2024 / consolidated related party settlement disclosure

RMB 83,114.88

Tongxiang Hengxian Import and Export appears in the combined contract-liability and other-current-liability category at RMB 2,520,830.78 at year end, compared with RMB 157,417,586.39 at the start. This is a point-in-time liability category, separate from the sales of inventory goods and raw materials during FY2025. The table does not split contract liabilities from other current liabilities or give order quantities. The change cannot, on its own, be described as a loss of customers, a cancelled order book or a factory utilisation change.

Related-party contract and other current liabilities combined / 2025 / consolidated related party settlement disclosure

RMB 2,520,830.78

Related-party contract and other current liabilities combined (opening) / 2024 / consolidated related party settlement disclosure

RMB 157,417,586.39

The related-party commitments subsection is marked not applicable, as is the separate important-commitments subsection. However, the important-contingencies subsection is expressly applicable and refers to the risk-protection arrangement in the 2023 Zhongfu Lianzhong and Sinoma Wind Power Blade integration. The related-party note identifies Zhongfu Lianzhong or Sinoma Blade as the contractual creditor and cross-refers to the provision note. The existing recognised provision and preliminary audit figures remain separate facts in this guide; this cross-reference is not a second liability to add to them. The not-applicable marks are limited to their stated subsections and do not justify a blanket statement that the company had no obligations or contingencies.

The related-party balance table identifies RMB 77,505,986.39 due to Zhongfu Lianzhong at FY2025 year end, compared with RMB 20,352,467.90 at the start. The other-payables note identifies the same amounts as transition-period profit/loss compensation. It separately lists RMB 20,352,467.90 among important other payables older than one year or overdue, saying payment conditions had not been met; this statement concerns that listed portion, not proof that the entire closing balance was overdue or paid. The investment-income explanation says a preliminary December 2025 audit led to an additional estimated compensation of approximately RMB 57.1535 million and an offsetting equity-method investment-income adjustment of approximately RMB 43.2239 million for the second half of 2023. These explanatory amounts retain the report's rounded precision; the investment-income table records the net transition effect as a loss of RMB 13,929,585. This transition settlement is separate from the RMB 61,429,001.01 provision under the agreement's risk-protection clauses. The payable, annual earnings effect, historical-period adjustment and provision are different measures; cross-references do not create additional amounts to sum, and preliminary recognition does not prove cash compensation paid.

Transition-period compensation payable linked to Zhongfu Lianzhong / 2025 / zhongfu transition compensation

RMB 77,505,986.39

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

RMB 20,352,467.9

Net transition-period effect on investment income / 2025 / wind blade transition result

RMB -13,929,585

The company reports that it no longer has a supervisory board and that the board audit committee exercises its supervisory functions. Subsidiaries must report related-party transactions, external guarantees and external investments to the company before the relevant actions. The group describes delegated, differentiated management of subsidiaries. These are disclosed governance arrangements, rather than independent proof that every control operated effectively.

The board's assessment at 31 December 2025 says no material weaknesses in financial-reporting internal control were identified and considers that control effective in all material respects. The annual report also states that Zhongshen Zhonghuan issued a standard unqualified internal-control audit opinion. The separate control assessment and audit documents are referenced by the annual report but are not included in this extraction. This statement is distinct from the financial-statement audit and does not certify every project narrative.

The FY2025 filing recounts a continuing commitment by the controlling shareholder and ultimate controller to resolve overlapping glass-fiber and related-products businesses within the wider group. The original December 2017 commitment contemplated business integration within three years through measures such as entrusted management, asset restructuring, equity swaps or business adjustments. A proposed transaction involving Jushi and Sinoma Science & Technology was terminated on 15 December 2020 because the parties did not agree on its core terms. The commitment was subsequently extended in 2020, 2022 and again in 2024, each time by two years. The filing says a definite integration plan had not been formed by the relevant deadlines; it describes complexity across several listed companies and markets as the group’s explanation. Jushi would continue its existing glass-fiber business while the group studied a solution. This is unresolved business integration, not a completed acquisition, a transfer of production assets or a confirmed factory consolidation.

The important-matters chapter expressly lists continuing undertakings, including the business-overlap commitment, shareholder share-purchase and retention undertakings, and a conditional cancellation obligation for shares repurchased for incentives. These undertakings have different parties, purposes and deadlines. They coexist with the financial-note subsections that mark related-party commitments and important commitments as not applicable. A not-applicable mark in one accounting-note subsection is therefore not a declaration that no undertakings exist anywhere in the filing. The repurchase’s execution and the incentive plan’s approval conditions remain separate from the still-unfinished business integration; none proves that a new operating project has been authorised or completed.

China National Building Materials Group Finance is identified as a fellow group company. The financial-business table reports deposits opening at RMB 646,654,233.27 and closing at RMB 780,215,611.60. Total deposits made during FY2025 were RMB 16,362,377,045.42 and withdrawals RMB 16,228,815,667.09: these are gross movements through the account, not sales revenue or an extra year-end pool of cash. The closing amount also appears in the related-party monetary-funds note and must not be counted twice. The disclosed maximum daily deposit limit is RMB 800,000,000.00. Separately, the table reports credit capacity of RMB 800,000,000.00 with actual utilisation of RMB 0.00, and marks loan business as not applicable. A deposit limit and unused credit capacity are different measures; unused capacity is not an outstanding borrowing or cash already received. The English counterparty name is a rendering of the Chinese filing name.

Finance-company closing deposits / 2025 / annual report disclosed treasury and governance scope

RMB 780,215,611.6

Finance-company opening deposits / 2024 / annual report disclosed treasury and governance scope

RMB 646,654,233.27

Gross deposits made during year / 2025 / annual report disclosed treasury and governance scope

RMB 16,362,377,045.42

Gross withdrawals during year / 2025 / annual report disclosed treasury and governance scope

RMB 16,228,815,667.09

Maximum daily deposit limit / 2025 / annual report disclosed treasury and governance scope

RMB 800,000,000

Finance-company credit capacity / 2025 / annual report disclosed treasury and governance scope

RMB 800,000,000

Finance-company credit utilisation / 2025 / annual report disclosed treasury and governance scope

RMB 0

The related finance-company table gives a deposit interest-rate range of 0.55% to 1.90%. The related-transaction note reports interest income from this finance company of RMB 9,015,912.14 in FY2025, against RMB 1,785,593.02 in FY2024. The rate range does not identify one rate applied to every deposit, and the annual income is not a year-end deposit balance. Daily balances, tenors and the applicable rate for each placement are not supplied here, so the year-end balance and this range do not establish an independently calculated annual yield or return on the company’s operating business.

Finance-company annual interest income / 2025 / annual report disclosed treasury and governance scope

RMB 9,015,912.14

Finance-company prior-year interest income / 2024 / annual report disclosed treasury and governance scope

RMB 1,785,593.02

Disclosed deposit rate lower bound / 2025 / annual report disclosed treasury and governance scope

0.55%

Disclosed deposit rate upper bound / 2025 / annual report disclosed treasury and governance scope

1.9%

The company reports no material litigation or arbitration during FY2025 and marks non-operating occupation of funds by controlling shareholders or related parties, unlawful guarantees and bankruptcy reorganisation as not applicable. These statements retain the filing’s specified scope. They do not exclude smaller disputes, ordinary related-party dealings or the separately disclosed guarantees for consolidated subsidiaries.

The sustainability report says seven internal-control supervision exercises and a full-level self-assessment identified 118 internal-control deficiencies in 2025. The passage does not classify their severity or quantify resulting loss. This broader operational self-assessment is not equivalent to the annual report’s separately stated financial internal-control audit opinion, and this page does not recast all 118 findings as material financial-reporting weaknesses. The company also identifies export-control and economic-sanctions risks as issues requiring attention; the supplementary passage does not specify a regime, affected product, realised order loss or quantified exposure. The annual trade-risk account therefore remains the more detailed source for its stated historical measures.

The annual report identifies three entities on mandatory environmental-information disclosure lists: Jushi Group, Jushi Group Jiujiang and Jushi Group Chengdu. It links their environmental reports and says a separate social-responsibility, sustainability or ESG report was disclosed. Management states that waste gas, wastewater and solid-waste emissions met applicable standards, and claims Huai'an wind power reduced carbon emissions by more than 400,000 tonnes. The annual report does not supply the underlying site-level emissions inventory or calculation methodology in these passages; the linked environmental and ESG reports have not been extracted here.

The annual report links the FY2025 statutory environmental disclosure of Jushi Group Co., Ltd., identified on the Zhejiang platform by unified social credit code 9133048373030919X7. This is a subsidiary reporting perimeter, not consolidated China Jushi environmental data. The platform lists both registered and production address as 669 Wenhua South Road, Tongxiang Development Zone (Gaoqiao Subdistrict), Jiaxing, Zhejiang. It describes separate roving and fine-yarn/electronic-fabric process chains. The address is evidence for the named reporting entity; it does not locate every historical Tongxiang project, assign all emissions to a single furnace, or establish coordinates for the whole manufacturing network.

The environmental-management section reports a pollution-discharge permit obtained on 15 April 2025, number 9133048373030919X7004Q, with a five-year term. It also lists environmental-impact review opinions for an 180,000-tonne tank-furnace drawing-line upgrade obtained on 12 December 2025 and a 200,000-tonne upgrade obtained on 2 September 2025. The listed authority is the Jiaxing Ecology and Environment Bureau. These are reported administrative milestones, not evidence of actual line output. Approval attachments and operating conditions have not been read. The basic-information section separately shows permit number 9133048373030919X7001U; that difference remains unresolved. Capacity and location alone cannot reconcile these upgrades with the annual report's differently named cold repairs.

For FY2025 the key-information section reports annual air emissions of 111.185 tonnes of sulphur dioxide, 340.464 tonnes of nitrogen oxides and 5.314 tonnes of particulate matter. It separately reports wastewater of 1,201,504 tonnes and chemical oxygen demand (COD) of 28.313 tonnes. Wastewater is an effluent quantity, not fresh-water consumption; COD is a pollutant load, not the amount of wastewater. These are values submitted by Jushi Group Co., Ltd. on the statutory platform, not independently measured site totals or group-wide emissions. No emission intensity is calculated because a matching production denominator and physical-site boundary have not been established.

Reported sulphur dioxide emissions / 2025 / jushi group statutory environmental perimeter

111.185 tonnes

Reported nitrogen oxides emissions / 2025 / jushi group statutory environmental perimeter

340.464 tonnes

Reported particulate emissions / 2025 / jushi group statutory environmental perimeter

5.314 tonnes

Reported wastewater quantity / 2025 / jushi group statutory environmental perimeter

1,201,504 tonnes

Reported COD load / 2025 / jushi group statutory environmental perimeter

28.313 tonnes

The pollution-control section distinguishes wastewater treatment for the headquarters production base (outlet DW001) from treatment for the intelligent base (DW002). Both list pH, COD and ammonia nitrogen as treatment parameters. Air-control entries identify furnace and drawing passages, heat-treatment exhaust and organic emissions from sizing preparation. This links environmental infrastructure to specific production steps, rather than a general responsibility statement. The reporting company says its pollution-control facilities operated in step with production throughout 2025 and had no abnormal operation; that is its own statement. Listed facilities and outlet identifiers do not establish treatment capacity, independent compliance verification or the identities of all historical production-line projects.

The carbon-emissions section identifies fossil-fuel combustion and net purchased electricity and heat as emissions sources. It states that the current-year actual emissions had not been verified and were therefore not filled in. Current- and prior-year quantity fields contain slashes, and the disclosure says no carbon report was published in this section. Those entries are not zero emissions or proof that the operation was carbon neutral. The captured sections do not provide an annual energy-consumption or fresh-water-use total suitable for a production-intensity calculation. Jushi's separately reported wind-generation or avoided-emissions figures cannot fill this missing manufacturing-emissions field.

Jiaxing Ecology and Environment Bureau issued decision Jia Huan Jian [2025] No. 35 on 2 September 2025 for Jushi Group Co., Ltd., with project code 2501-330483-04-02-242305. It describes upgrading and expanding an existing production base on Wenhua South Road in Tongxiang Economic Development Zone, replacing older equipment with upgraded furnace systems, drawing machines, unloading robots and pallet-handling equipment. The approved design is 200,000 tonnes of glass fiber per year, with projected investment of RMB 760.0809 million, including RMB 15.5 million for environmental protection. The legal owner, capacity, location and exact total investment agree with the annual report's 200,000-tonne upgrade-and-expansion row, supporting this association. That does not resolve the separately described newly initiated cold repair or the 180,000-tonne project, and design capacity is not actual output.

EIA design annual capacity / 2025 / eia design not realised output

200,000 tonnes/year

EIA projected total investment / 2025 / eia design not realised output

RMB 760,080,900

EIA projected environmental investment / 2025 / eia design not realised output

RMB 15,500,000

The decision requires separated stormwater and process-water collection, treatment and reuse through the existing base's wastewater system, followed by treatment at Tongxiang Shenhe Water Services. A new fluoride-removal facility must be built before the old reverse-osmosis concentrate station is taken out of service and dismantled. Furnace and drawing-channel exhaust must use dry deacidification, catalytic ceramic filtration with SCR denitration, dual-alkali desulphurisation and wet electrostatic mist removal before discharge through outlet DA001. The project must be designed against Grade A heavy-pollution-weather performance requirements. These are conditions attached to the approved design, not proof of completed installations, achieved treatment efficiency or an awarded Grade A rating.

The signed decision requires the environmental facilities to be designed, built and put into use alongside the main works, a lawful pollution-discharge permit, operation within that permit, and completion of the prescribed acceptance procedure. Production is allowed only after acceptance is passed. Material changes to the project's nature, scale, location, process or pollution controls require a new environmental-impact submission; a decision to start construction more than five years after approval requires renewed review. Online pollutant monitoring must also be linked to the environmental authority. The September 2025 approval therefore supplies operating conditions; it does not establish the date of commissioning, the acceptance outcome or the realised output of the line.

China Jushi's official English 2025 Sustainability Report covers 1 January to 31 December 2025, while explicitly identifying some information from the first quarter of 2026. Its general organisational scope covers wholly owned and controlled entities, but individual environmental tables exclude the Egyptian and US bases. The company says the Chinese version prevails if the language versions differ. The English download was obtained from the company's own investor-relations site, whose page shows an update dated 22 July 2026; that update is not assigned as the original publication date. This source supplements the A-share annual report and does not turn selected environmental figures into six-base consolidated totals. The selected English energy, water and air-emissions tables and their scope footnotes were compared with the Chinese report.

For 2025 the sustainability table reports comprehensive energy consumption of 6,925,402 MWh, including electricity consumption of 2,627,022 MWh and natural-gas consumption of 4,177,884 MWh. Its footnote excludes the Egyptian and US bases. Electricity includes purchased and self-generated power; natural gas is expressed as an energy equivalent, not cubic metres of gas. Electricity and gas are components of total energy and must not be added to that total again. These figures describe the disclosed domestic perimeter, not an allocation to Tongxiang, Jiujiang, Chengdu, Huai'an or an individual new line.

Reported comprehensive energy consumption / 2025 / sustainability excluding egypt and united states

6,925,402 MWh

Reported electricity consumption / 2025 / sustainability excluding egypt and united states

2,627,022 MWh

Reported natural gas energy consumption / 2025 / sustainability excluding egypt and united states

4,177,884 MWh

The same report gives 2025 water withdrawal of 7,990,345 tonnes, comprising tap water and surface water, water discharge of 2,627,811 tonnes and water consumption of 5,362,534 tonnes. It separately lists circulating water of 337,343,761 tonnes and a circulation-utilisation rate of 97.69%. Circulating flows are not new water withdrawal and cannot be added to the withdrawal total. The table excludes the Egyptian and US bases. These amounts are therefore different in scope from Jushi Group Co., Ltd.'s Zhejiang statutory wastewater submission; the two datasets are retained separately. No line-level or product-level water intensity is inferred from them.

Reported water withdrawal / 2025 / sustainability excluding egypt and united states

7,990,345 tonnes

Reported water discharge / 2025 / sustainability excluding egypt and united states

2,627,811 tonnes

Reported water consumption / 2025 / sustainability excluding egypt and united states

5,362,534 tonnes

The 2025 sustainability report lists nitrogen oxides of 690.55 tonnes, sulphur dioxide of 275.57 tonnes, industrial particulate matter of 30.72 tonnes and volatile organic compounds of 77.10 tonnes. The table explicitly excludes Egypt and the United States. These company-reported amounts have a broader domestic boundary than the separate Zhejiang legal-entity submission. They are recorded under their own scope and must not be added to the subsidiary values or treated as measurements for one furnace. The report's statement of full compliance with permit requirements remains attributed to the company; it is not a replacement for the permit, monitoring record or acceptance documents.

Reported nitrogen oxides emissions / 2025 / sustainability excluding egypt and united states

690.55 tonnes

Reported sulphur dioxide emissions / 2025 / sustainability excluding egypt and united states

275.57 tonnes

Reported particulate emissions / 2025 / sustainability excluding egypt and united states

30.72 tonnes

Reported VOC emissions / 2025 / sustainability excluding egypt and united states

77.1 tonnes

The official English report says Jushi Group Jiujiang Co., Ltd.'s intelligent base achieved a Grade A environmental-performance rating for heavy-pollution weather and Jushi Group Chengdu Co., Ltd. passed the Grade A re-evaluation. These are company-reported site milestones. They do not supply either base's annual energy use, water use, pollutant totals, acceptance outcome for a specific new line or evidence that no production restriction applied. The annual report's linked statutory disclosures for Jiujiang and Chengdu have not been successfully read, so their detailed reporting records remain unresolved.

The official English sustainability report states that environmental protection expenditure in 2025 was RMB 221.6748 million. This is an expenditure measure, separate from the environmental investment budget in a particular project approval and from the report’s green and low-carbon initiative totals. The company says all six production bases held ISO 14001 environmental-management certification, while six manufacturing legal entities represented 85.7% of that population. Bases and legal entities are different counts. Certification is a management-system claim; it does not demonstrate that a specific furnace passed environmental acceptance or that every measured discharge complied with its permit.

Reported environmental protection expenditure / 2025 / company reported supplementary

RMB 221,674,800

For 2025, the company reports 69 external environmental inspections across domestic and overseas bases, no environmental administrative penalties, and no emissions exceeding standards. It separately reports 201 internal environmental inspections and rectification within the specified timeframe. These are attributed company disclosures, not a new independent review of each inspection or permit. The detailed Jiujiang and Chengdu statutory entries and the 180,000-tonne approval attachment remain unread because the earlier retrieval attempts failed. The permit-number difference in the Zhejiang submission remains isolated. None of these gaps is used to assert a permit breach, absence of restrictions, commissioning or line-level emissions.

The report explains wastewater treatment through reclaimed-water reuse, membrane bioreactor treatment and reverse osmosis, alongside separation of stormwater and sewage. Its 2025 wastewater table excludes Egypt and the United States: industrial discharge was 2,603,763 tonnes and domestic discharge 24,048 tonnes, together matching the 2,627,811-tonne discharge figure already recorded. These are components, not additional water use. The company reports recycling approximately 35,090 tonnes of hard waste fiber with RMB 17.97 million of raw-material cost savings, and dry-method reuse of approximately 9,278 tonnes of sludge generating RMB 5.72 million of revenue. These recovery outcomes are company-reported; no allocation to an individual line or inference of additional consolidated profit is made. The separate domestic solid-waste table is not combined with statutory subsidiary emissions.

Reported domestic industrial wastewater discharge / 2025 / domestic perimeter excluding egypt us

2,603,763 tonnes

Reported domestic wastewater discharge / 2025 / domestic perimeter excluding egypt us

24,048 tonnes

The company’s action plan targets carbon peaking by 2027 and carbon neutrality by 2057; these are objectives. Its 2025 progress table reports an 18.7% reduction in carbon emissions from reinforcement roving against a 20.0% target relative to the end of the 13th Five-Year Plan period, explicitly falling short. The separately reported 2025 Scope 1 and 2 total remains 2,344,799 tonnes CO2e for the perimeter excluding Egypt and the US; the displayed components sum to one tonne less and are retained as published. The new Scope 3 inventory reports 7,127,349.37 tonnes CO2e across eight value-chain categories. Category 10 covers only processing needed for glass-fiber fabrics and pultruded panels used in wind-power products, and the company intends to expand this tracking. Scope 3 is not a site-emissions total or a comparable six-base total. The assurance appendix has now been read; its limited scope is described separately.

Reported eight-category Scope 3 inventory / 2025 / reported value chain eight categories

7,127,349.37 tonnes CO2e

Electricity consumption, purchased power, self-generated power and electricity fed into the grid represent different flows. The English report’s table gives self-generated wind-power consumption of 155,092 MWh, but also labels 155,092 MWh as annual purchased green-certificate electricity. Another passage discusses generation and trading. Without a reconciliation, those equal numbers are not assumed to be the same transaction or added as separate incremental energy savings. The printed glass-fiber energy intensity of 282.92 tce/t is also left unnormalised because its unit is unresolved. The reported 15 MW/30 MWh Chengdu storage installation separates power from stored energy; its more-than-14 GWh annual balancing effect is expected, not a metered 2025 saving. These limitations do not change the separately recorded domestic aggregate energy totals.

The report includes a statement from TÜV Rheinland (Shanghai) Co., Ltd., dated 16 March 2026, describing AA1000AS v3 Type 2 assurance at a Moderate level for selected performance indicators and nonfinancial qualitative information chosen by China Jushi. Work used sampling, including observation of a manufacturing unit in Zhejiang. The appendix lists sulphur dioxide, nitrogen oxides, particulate emissions, Scope 1 and Scope 2 greenhouse gases, water extraction and discharge, coal and electricity consumption, purchased green electricity, self-generated wind and photovoltaic consumption, and nonhazardous waste utilisation, plus selected employee, supplier and training indicators. It does not list every metric on this page: for example, VOC emissions, natural gas, Scope 3, energy intensity and product-footprint figures are not identified as selected indicators. The statement explicitly excludes annual financial reports and financial data and does not guarantee forward-looking information. This assurance is not independent editorial approval of SinoFilings’ English research.

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.