China Jushi FY2025: Markets, customers and suppliers

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 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

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