China Jushi FY2025: Products and glass-fiber technology

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.

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%