China Jushi FY2025: Manufacturing bases

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