China Jushi FY2025: Debt and related-party balances

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

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