China Jushi FY2025: Subsidiaries and invested companies

The FY2025 major-subsidiary table identifies Jushi Group as a subsidiary engaged in manufacturing and selling glass-fiber products. It reports revenue of CNY 19,133,295,600, operating profit of CNY 4,079,663,000 and net profit of CNY 3,168,130,100. Total assets are CNY 44,190,076,200 and net assets CNY 29,284,760,800; registered capital is CNY 5,255,313,000. The table uses ten-thousand CNY units. This is a subsidiary-level business perimeter, rather than the listed issuer's consolidated revenue or a single factory. The table does not specify whether the subsidiary figures include its own controlled entities, provide a consolidation-elimination bridge or quantify the contribution from each site. These figures therefore should not be added to other subsidiary rows or assigned automatically to the Tongxiang base. Registered capital is a legal capital measure, not this year's cash investment or project budget.

Registered capital / 2025 / annual major subsidiary table perimeter not specified

RMB 5,255,313,000

Total assets / 2025 / annual major subsidiary table perimeter not specified

RMB 44,190,076,200

Net assets / 2025 / annual major subsidiary table perimeter not specified

RMB 29,284,760,800

Revenue / 2025 / annual major subsidiary table perimeter not specified

RMB 19,133,295,600

Operating profit / 2025 / annual major subsidiary table perimeter not specified

RMB 4,079,663,000

Net profit / 2025 / annual major subsidiary table perimeter not specified

RMB 3,168,130,100

The major-subsidiary table identifies Jushi USA as a subsidiary manufacturing and selling glass-fiber products. For FY2025 it reports revenue of CNY 875,248,400, operating profit of CNY 48,495,900 and net profit of CNY 42,192,700. Total assets are CNY 2,357,729,100 and net assets CNY 1,407,088,700. These operating and balance-sheet figures follow the table's ten-thousand CNY unit. The registered-capital cell is an explicit exception: 20,000 ten-thousand US dollars, or USD 200,000,000. No exchange rate is assumed and the capital is not converted into CNY. This organizational record is distinct from the physical South Carolina manufacturing-base record; the table alone does not allocate all of the subsidiary's figures to that site, a production line or an individual customer. The subsidiary's net profit is not a separately disclosed amount attributable to the listed company's shareholders.

Registered capital / 2025 / annual major subsidiary table perimeter not specified

200,000,000 USD

Total assets / 2025 / annual major subsidiary table perimeter not specified

RMB 2,357,729,100

Net assets / 2025 / annual major subsidiary table perimeter not specified

RMB 1,407,088,700

Revenue / 2025 / annual major subsidiary table perimeter not specified

RMB 875,248,400

Operating profit / 2025 / annual major subsidiary table perimeter not specified

RMB 48,495,900

Net profit / 2025 / annual major subsidiary table perimeter not specified

RMB 42,192,700

The FY2025 table identifies Jushi New Energy as a subsidiary whose principal business is electricity generation. It reports revenue of CNY 184,129,000, operating profit of CNY 117,896,500 and net profit of CNY 117,350,200. Total assets are CNY 1,297,269,400 and net assets CNY 719,701,700; registered capital is CNY 600,000,000. The source values are in ten-thousand CNY units. This separates an electricity-generating business from the glass-fiber manufacturing subsidiaries. The table does not break revenue into electricity sold outside the group and internal supplies, or allocate assets and profit between the separately described wind-power programmes. Revenue and profit cannot be treated as the performance of the Huai'an 200 MW project or the 500 MW construction project without a disclosed reconciliation. No generation volume, tariff or project return is inferred from these monetary figures.

Registered capital / 2025 / annual major subsidiary table perimeter not specified

RMB 600,000,000

Total assets / 2025 / annual major subsidiary table perimeter not specified

RMB 1,297,269,400

Net assets / 2025 / annual major subsidiary table perimeter not specified

RMB 719,701,700

Revenue / 2025 / annual major subsidiary table perimeter not specified

RMB 184,129,000

Operating profit / 2025 / annual major subsidiary table perimeter not specified

RMB 117,896,500

Net profit / 2025 / annual major subsidiary table perimeter not specified

RMB 117,350,200

The important non-wholly-owned subsidiary table reports FY2025 revenue of approximately RMB 1.8299 billion, net profit RMB 333.4595 million and operating cash inflow RMB 580.3821 million for Jushi Egypt, compared with RMB 1.7019 billion, RMB 317.5051 million and RMB 546.8079 million respectively in FY2024. Jushi USA Inc., the manufacturing subsidiary, reports FY2025 net profit of RMB 42.1927 million after a FY2024 loss of RMB 28.0472 million, but operating cash inflow declined from RMB 171.0782 million to RMB 73.9355 million. A return to profit therefore did not imply higher cash generation in that subsidiary. The disclosed minority interests are 24.99% in Egypt and 30% in US Inc.; subsidiary net profit is not entirely attributable to the listed company's shareholders. Figures retain the table's ten-thousand-renminbi precision. They are legal-entity measures, not a plant-by-plant cost breakdown, and are not added to already consolidated group revenue or cash flow.

The financial notes report that Jushi Green Energy (Lianshui) Co., Ltd. entered consolidation in February 2025. Its disclosed year-end net assets were RMB 252,130,385.40 and profit from inclusion to year end RMB 2,130,385.40; the group roster lists power generation, transmission and supply as its business. Hubei Hongjia Kaolin Mining Co., Ltd. ceased to be consolidated in June 2025 under the liquidation heading. These changes are different from an acquisition or a transaction losing subsidiary control, whose separate note headings were marked not applicable. The disclosures do not establish commissioning, generated electricity or full-year production for the new entity, or cash proceeds from liquidation. A corporate scope change does not itself identify the physical stage of a similarly named energy project.