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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
consolidated / same filing comparative / (current / prior - 1) * 100 / positive-base-growth-v1
consolidated / same filing comparative / (current / prior - 1) * 100 / positive-base-growth-v1
consolidated / same annual period / R&D expense / revenue * 100 / same-basis-rd-intensity-v1
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