Evidence-linked English operating research. The source and stated coverage below define the scope of this version. Source-page links provide optional verification; the English account is intended to stand on its own.
The narrative identifies a first batch of 100,000 tonnes within a planned 200,000-tonne high-performance glass fiber programme. Construction formally began at the end of 2025. Construction start is not production start, and the first batch is not the whole programme.
In the FY2025 management discussion, the Huai'an 100,000-tonne electronic-yarn line had entered full installation. The construction-note table reports engineering progress of 60% and cumulative spending equal to 32.23% of its RMB 3,606,179,400 budget. These are different disclosed measures, rather than interchangeable completion percentages. Funding is described as own funds and borrowings. The reviewed project disclosures do not give a commissioning date, actual line output, line-specific product grades, named customers, equipment suppliers or a precise street address. Installation and nominal capacity must not be presented as commercial output.
The 100,000-tonne electronic-yarn line is identified at the Huai'an base and was in full installation in the FY2025 narrative. It is a yarn production project linked to the electronic-material chain. It is not evidence that the line was already producing in 2025, or that it produces every fabric grade discussed elsewhere.
The 2025 annual report said the Huai'an 100,000-tonne electronic yarn line had entered the full installation stage.
This project sits on the electronic-yarn side of the product chain. Management calls it a 100,000-tonne electronic-yarn line and reports full installation as its 2025 stage. In the report's product explanation, electronic yarn is the input that is subsequently woven and treated to make electronic fabric, which then enters copper-clad laminate and circuit-board production. Tonnes of yarn capacity and metres of fabric sales therefore describe different stages and units. The cited passages do not establish a fabric-weaving capacity for this particular line, a customer's purchase commitment, or production already achieved by the project.
The construction notes name Jushi Group Huai'an Co., Ltd. as the company behind the 100,000-tonne electronic-grade glass fiber line. Its stated design scope is electronic-grade fiber, not 100,000 tonnes of circuit boards or fabric. The report explains that electronic yarn is processed through warping, sizing, weaving and finishing to make electronic fabric, which is used with resin and copper foil in copper-clad laminates and then printed circuit boards. This describes the product chain; it does not establish that this particular line supplies every downstream application or a named customer.
The electronic line's construction-in-progress balance rose from RMB 1,513,236.48 at the start of FY2025 to RMB 1,139,133,408.57 at year end, after RMB 1,137,620,172.09 of additions. The important-project row leaves fixed-asset transfers and other reductions blank; those blanks are not recorded as numerical zeros. The row also reports RMB 9,024,109.40 of capitalised interest, both cumulative and for the year, and a 2.62% interest capitalisation rate. Construction-in-progress is an accounting balance, not a valuation of operating capacity or evidence of sales.
The 2025 annual report identifies Jushi Group Huai'an Co., Ltd. as the company behind the line. Its construction-in-progress schedule gives the project a budget of RMB 3.606 billion and a year-end balance of RMB 1.139 billion. Cumulative investment represented 32.23% of the budget, while reported engineering progress was 60%.
The FY2025 construction note retains the same Huai'an implementing company, 400,000-tonne high-performance-fiber designation and RMB 4,672,868,700 budget. It reports 80% engineering progress and RMB 254,160,966.78 remaining in construction-in-progress, distinct from the electronic line's 60% progress. The programme's cumulative-spending-to-budget ratio is 71.82%, compared with 72.52% in the prior filing. This ratio should not be substituted for engineering progress or forced into a monotonically increasing series; the reports do not explain the ratio difference.
The FY2025 important-construction-project note reports a budget of RMB 4,672,868,700.00 and engineering progress of 80% for this project. The closing construction-in-progress balance is RMB 254,160,966.78. Engineering progress, spending against budget, and actual output are different measures. A blank closing cell is retained as a blank and is not entered as a numeric zero.
The 2025 annual report said the Huai'an 500 MW wind-power project formally started construction by the end of 2025. This is a separate milestone from installation of the electronic-yarn line.
The FY2025 important-construction-project note reports a budget of RMB 985,586,300.00 and engineering progress of 100% for this project. RMB 113,884,457.72 was transferred to fixed assets during the year. The row has no closing construction-in-progress amount. Engineering progress, spending against budget, and actual output are different measures. A blank closing cell is retained as a blank and is not entered as a numeric zero.
The FY2025 important-construction-project note reports a budget of RMB 5,075,718,000.00 and engineering progress of 100% for this project. RMB 1,046,122,366.68 was transferred to fixed assets during the year. The row has no closing construction-in-progress amount. Engineering progress, spending against budget, and actual output are different measures. A blank closing cell is retained as a blank and is not entered as a numeric zero.
The narrative describes the second batch of 200,000-tonne lines within a 400,000-tonne manufacturing programme as entering production through staged ignition during FY2025. The batch and the whole programme are represented separately and their capacities must not be added together.
The narrative reports that this cold-repair upgrade entered production in FY2025. It identifies a 120,000-tonne annual line, not a newly added 120,000 tonnes of group capacity. The 180,000-tonne cold-repair row in the financial note is kept separate pending identity reconciliation.
The FY2025 important-construction-project note reports a budget of RMB 880,943,600.00 and engineering progress of 100% for this project. RMB 746,121,169.87 was transferred to fixed assets during the year. The row has no closing construction-in-progress amount. Engineering progress, spending against budget, and actual output are different measures. A blank closing cell is retained as a blank and is not entered as a numeric zero. This project is kept separate from the differently described cold-repair work in the narrative; matching by site and capacity alone is insufficient.
The FY2025 narrative says the Tongxiang headquarters' 200,000-tonne tank-furnace drawing-line cold-repair upgrade was fully initiated. This record retains the narrative designation and initiated status. It is not automatically merged with the construction note's 200,000-tonne upgrade-and-expansion row, which has 100% engineering progress, because the report does not explicitly reconcile the two project identities. It is also distinct from the 120,000-tonne narrative cold repair and the 180,000-tonne cold repair in the note.
The FY2025 important-construction-project note reports a budget of RMB 760,080,900.00 and engineering progress of 100% for this project. RMB 706,444,293.35 was transferred to fixed assets during the year. The row has no closing construction-in-progress amount. Engineering progress, spending against budget, and actual output are different measures. A blank closing cell is retained as a blank and is not entered as a numeric zero. This project is kept separate from the differently described cold-repair work in the narrative; matching by site and capacity alone is insufficient.
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