Group 1 - The 9th China-South Asia Expo opened in Kunming, Yunnan Province, with participation from 73 countries, regions, and international organizations, featuring over 2,500 enterprises [1] - The scale of this year's expo has significantly expanded, with more than 120 well-known enterprises, including Fortune Global 500 and China 500 companies, participating, marking a 36% increase from the previous year [1] - Sri Lanka, as the theme country, showcased a 360-square-meter immersive exhibition area, highlighting unique cultural products such as Ceylon tea and handicrafts [1] Group 2 - The newly established Yunnan Living Pavilion focuses on promoting a new lifestyle model centered around living, tourism, and wellness in Yunnan [2] - The Coffee Industry Pavilion, as the only single-category professional exhibition, aims to present the entire coffee industry chain, with expectations of over 20 million yuan in foreign trade exports in 2024 [2] - Various specialized pavilions, including manufacturing, green energy, and traditional Chinese medicine, showcased innovative products such as high-performance glass fiber and smart acupuncture devices [2]

Core Concept - The article emphasizes the importance of "Three Precision Management" (三精管理) in corporate management, which includes organizational refinement, meticulous management, and lean operations, aiming to enhance efficiency and effectiveness in enterprises [3][10]. Group 1: Organizational Refinement - Organizational refinement focuses on governance standardization, functional hierarchy, platform specialization, and streamlined institutions, which are crucial for stable corporate development [4][5]. - Governance standardization is essential for ensuring a well-functioning corporate structure, with a clear board and efficient management team being foundational for growth [4]. - Functional hierarchy should be defined by roles such as investment centers, profit centers, and cost centers, clarifying decision-making and accountability [5]. - Platform specialization emphasizes focusing on core business areas to build competitive strength, avoiding diversification that dilutes focus [5]. - Streamlined institutions advocate for appropriate scaling, avoiding the pitfalls of excessive growth that can lead to inefficiencies [5]. Group 2: Meticulous Management - Meticulous management revolves around quality and cost, emphasizing the need for effective operational methods and long-term commitment to quality [6]. - Management methods should be practical and replicable, drawing from successful models like Japan's 5S and TQC [6]. - Cost benchmarking is a preferred method for controlling expenses, allowing companies to identify areas for improvement by comparing with industry leaders [6]. - Quality management requires a systematic approach, ensuring that quality standards are integrated throughout the production process to minimize defects [7]. - Financial stability is highlighted as crucial, with a focus on maintaining healthy cash flow and managing inventory and receivables effectively [7]. Group 3: Lean Operations - Lean operations address the uncertainties in business environments, stressing the need for correct strategic choices to avoid failure [8]. - Core business focus is essential, with non-core activities ideally being divested to maintain operational efficiency [8]. - Effective innovation is necessary, balancing the need for new ideas with the risks associated with untested ventures [9]. - Market segmentation allows companies to carve out niches in competitive industries, enhancing product value and profitability [9]. - Value optimization is crucial, with a focus on maximizing profits and market capitalization while ensuring sustainable growth [9]. Group 4: Challenges of Scale - The article discusses the limitations of scale, noting that not all companies can sustain linear growth indefinitely, with many facing decline after periods of success [11][12]. - The concept of "big but not strong" is introduced, suggesting that companies should prioritize quality and efficiency over sheer size [15]. - The phenomenon of "big company disease" is identified, characterized by inefficiencies and bureaucratic challenges that can hinder performance [16][18]. - Companies are encouraged to maintain a clear understanding of their growth limits and to avoid overextending themselves [18].

Group 1: Industry Overview - The fiberglass industry is experiencing unprecedented price fluctuations, with prices for Shandong fiberglass dropping from 5750 RMB/ton in June 2022 to 3000 RMB/ton by February 2024, a cumulative decline of 48.7% [1] - The supply-demand dynamics have been significantly restructured due to the introduction of 1.5 million tons of new capacity in 2021-2022, leading to a supply shock amidst shrinking demand from real estate and infrastructure [1] - The current downtrend in prices is characterized by a "volume compensating for price" feature, as leading companies like China Jushi continue to expand despite the downturn [1] Group 2: Pricing and Cost Structure - Nittobo's recent 20% price increase for high-performance electronic cloth may reshape the pricing logic within the fiberglass industry [3] - The fiberglass industry has a high capital barrier, with leading companies like China Jushi having fixed assets accounting for 65% of their total assets, significantly higher than the manufacturing average [4] - New fiberglass projects have a stable investment intensity of 12,000 RMB/ton, which is 30%-50% higher than the average in the chemical new materials sector [4] Group 3: Supply and Demand Dynamics - Despite 1.035 million tons of planned domestic capacity by 2025, only 350,000 tons are expected to be operational, with 70% of new capacity coming from existing leading companies [5] - The production of high-energy-consuming processes like crucible drawing has been declining, with its share of total fiberglass production dropping to 4% in 2024 [7] - The industry is evolving from a cyclical nature to a quasi-utility attribute, with leading companies maintaining positive cash flow even during downturns [7] Group 4: Technological Advancements and Market Trends - The fiberglass industry is transitioning from a cyclical material sector to a strategic emerging industry, with electronic cloth becoming a key material in the 5G and AI technology revolution [8] - The global low-dielectric fiberglass market is projected to grow from $28 million in 2024 to $194 million by 2033, with a compound annual growth rate of 23.8% [9] - Leading companies are focusing on production line upgrades and smart manufacturing to reduce unit costs and increase the share of high-end products [10] Group 5: Future Outlook - The price increase for electronic cloth is a signal of long-term value reassessment in the fiberglass industry, driven by exponential demand from AI servers and high-speed networks [13] - The supply-demand balance for low-dielectric electronic cloth is expected to remain tight for the next 3-5 years, as domestic manufacturers are still in the early stages of high-end capacity breakthroughs [13] - The shift in product technology barriers from quantity expansion to quality breakthroughs is reshaping the cyclical nature of the industry [13]

Core Viewpoint - Quartz glass fiber, with a silica content exceeding 99.99%, exhibits exceptional thermal resistance and electrical insulation properties, making it suitable for various high-temperature applications in aerospace, military, and semiconductor industries [1][3][5]. Production Process - Quartz glass fiber is produced by refining pure natural crystal into molten quartz glass rods, which are then drawn into fibers. The production methods include hydrogen-oxygen flame and plasma methods, with various coatings applied based on intended use [3][4]. Physical and Chemical Properties - The chemical composition of quartz glass fiber closely resembles that of high-purity quartz glass, resulting in similar physical and chemical properties [4]. - It has superior electrical insulation properties, with the lowest dielectric constant and loss factor among mineral fibers, making it ideal for high-frequency applications [5][6]. Mechanical Properties - Quartz glass fiber has a tensile strength of 6,000 MPa, which is three times that of standard glass fibers. Its tensile modulus and elongation at break are also competitive compared to other fibers [11][12]. Thermal Properties - The softening temperature of quartz glass fiber is 1,700 °C, and it can be used continuously at temperatures up to 1,050 °C. It exhibits minimal weight loss (less than 1.5%) after being subjected to 1,000 °C for 1,000 hours [16][17]. Applications - The superior electrical insulation properties make quartz glass fiber suitable for radar domes in military aircraft, electromagnetic emission windows, and high-frequency circuit boards [20]. - Its thermal resistance allows for applications in aerospace, such as heat-resistant auxiliary facilities around spacecraft engines, thermal protection systems, and ablative materials for re-entry [21].

Core Viewpoint - China Jushi, a leading player in the fiberglass industry, is accelerating its strategic layout in its main business, focusing on capacity expansion, resource security, and subsidiary empowerment, with a total investment of approximately 3.186 billion RMB in several capacity enhancement projects [2][5]. Group 1: Capacity Expansion and Investment - China Jushi's wholly-owned subsidiary, Jushi Chengdu, plans to invest 2.348 billion RMB to build a production line with an annual capacity of 200,000 tons of high-performance fiberglass, expected to yield an average investment return rate of 11.62% [3]. - The overseas subsidiary, Jushi Egypt, aims to upgrade its existing production line from 80,000 tons to 100,000 tons with a total investment of approximately 8.998 million USD, projected to achieve an average investment return rate of 29.78% [3]. - The company is also investing 192 million RMB in a limestone mining project to ensure stable raw material supply for fiberglass production [4]. Group 2: Financial Performance and Shareholder Returns - In Q1 2025, China Jushi reported a revenue of 4.479 billion RMB, a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 730 million RMB, up 108.52% [6]. - The company has distributed a total of 10.77 billion RMB in cash dividends since its listing, with a payout ratio of 39.3% and a payout financing ratio of 106.13% [8]. - The major shareholder, China National Building Material, has consistently increased its stake in China Jushi, acquiring an additional 92.013 million shares over the past decade [8]. Group 3: Research and Development - China Jushi has maintained its position as a global leader in fiberglass production, with significant investments in R&D, totaling 2.146 billion RMB over the past four years [7]. - The company has consistently allocated over 500 million RMB annually for R&D since 2021, with a total of 1.53 billion RMB in Q1 2025, reflecting a year-on-year increase of 19.89% [7]. - The company has a workforce of 1,300 R&D personnel, accounting for 9.65% of its total staff, ensuring a strong focus on innovation and technology [7].

Group 1 - The core investment involves an increase of 160.09925592 million RMB in the capital of Jushi Group Chengdu Co., Ltd. by Jushi Group Co., Ltd. [1] - After the capital increase, the registered capital of Jushi Chengdu will change from 1,339.90074408 million RMB to 1,500 million RMB [1][2] - The investment is aimed at expanding production capacity and accelerating the construction of a 200,000-ton high-performance fiberglass production line project, enhancing market competitiveness and industry position [2][3] Group 2 - Jushi Chengdu was established on April 9, 2004, and is located in Qingbaijiang District, Chengdu, with a registered capital of 1,339.9007 million RMB [2] - As of December 31, 2024, Jushi Chengdu has total assets of 5,899.8181 million RMB, total liabilities of 1,699.2805 million RMB, and net assets of 4,200.5376 million RMB, with an asset-liability ratio of 28.80% [2] - The company reported an operating income of 1,637.0032 million RMB for the year 2024 [2]

中国巨石股份有限公司董事会战略与可持续发展（ESG）委员会工作细则 中国巨石股份有限公司 董事会战略与可持续发展（ESG）委员会工作细则 （2025年6月修订） 第一章 总则 第一条 为适应中国巨石股份有限公司（以下简称"公司"）战略发展需要， 增强公司核心竞争力，合理确定公司发展规划，健全投资决策程序，提高决策的科 学性、有效性和决策质量，完善公司治理结构，提升公司环境、社会责任及公司治 理（以下简称"ESG"）绩效，根据《中华人民共和国公司法》、《上市公司治理准 则》、《上市公司独立董事管理办法》、《上海证券交易所上市公司自律监管指引 第1号——规范运作》、《中国巨石股份有限公司章程》（以下简称"《公司章程》"） 及其他有关规定，公司设立董事会战略与可持续发展（ESG）委员会，并制定本细则。 第二条 战略与可持续发展（ESG）委员会是董事会下设的专门工作机构，主 要负责对公司长期发展战略、重大投资决策和ESG（环境、社会及公司治理）相关事 宜进行研究并提出建议。 第二章 人员组成 第三条 战略与可持续发展（ESG）委员会成员由七名董事组成，其中至少包 括一名独立董事。 第四条 战略与可持续发展（ESG）委 ...

Core Points - The document outlines the rules for shareholder meetings of China Jushi Co., Ltd, aiming to standardize the decision-making process and enhance the effectiveness of shareholder rights [1][2][3] Group 1: General Provisions - The rules are established in accordance with relevant laws such as the Company Law and Securities Law of the People's Republic of China [1] - The company secretary is responsible for the daily affairs of the shareholder meetings [1] - Shareholder meetings are categorized into annual and temporary meetings, with annual meetings held within six months after the end of the fiscal year [1][2] Group 2: Convening and Proposing Meetings - The board of directors must convene meetings within the stipulated time frame [2][3] - Independent directors can propose temporary meetings with majority consent, and the board must respond within ten days [2][3] - If the board fails to respond or refuses to convene, the audit committee can independently call for a meeting [3][4] Group 3: Shareholder Proposals - Shareholders holding more than 10% of shares can request a temporary meeting in writing, and the board must respond within ten days [3][4] - Proposals for temporary meetings must be submitted at least ten days before the meeting [5][6] - The notice for the meeting must include details such as the date of equity registration and contact information [6][7] Group 4: Meeting Procedures - The meeting must be held at the company's office unless specified otherwise [23][24] - All directors and senior management must attend the meeting, and the chairman presides over the meeting [11][24] - Legal opinions must be obtained regarding the legality of the meeting procedures and participant qualifications [27] Group 5: Voting and Resolutions - Voting is conducted by a show of hands or through electronic means, with each share carrying one vote [30][31] - Ordinary resolutions require more than half of the votes, while special resolutions require two-thirds [42][43] - The results of the voting must be announced immediately after the meeting [15][39] Group 6: Record Keeping and Announcements - Meeting records must be maintained for at least ten years, including details of attendees and resolutions passed [46][47] - Resolutions must be announced promptly, detailing the number of votes and the outcome [47][48] - The rules can be amended by the board and must be approved by the shareholders [50][51]

Core Points - The document outlines the management system for regulating fund transactions between China Jushi Co., Ltd. and its related parties to prevent fund occupation by these parties [1][2] - The system defines two types of fund occupation: operational and non-operational, with specific examples provided for each type [2][3] - The company aims to minimize related transactions and strictly limit fund occupation by related parties during operational fund transactions [3][4] Summary by Sections General Principles - The purpose of the system is to establish a long-term mechanism to prevent fund occupation by related parties, based on relevant laws and regulations [1] - Fund occupation includes both operational and non-operational types, with operational occupation arising from business transactions and non-operational occupation involving payments for wages, debts, and other expenses without a service exchange [2] Regulations on Fund Transactions - The company must clearly define settlement periods for operational fund transactions and take necessary measures to avoid non-operational fund occupation [4][5] - Specific prohibited actions include providing funds for wages, borrowing funds, and issuing commercial acceptance bills without a real transaction background [3][4] Payment Procedures - The finance department must submit payment bases for approval before making payments to related parties, ensuring compliance with the company's governance standards [4][5] - All payment transactions must be documented and reviewed to ensure adherence to the company's regulations [4] Audit and Record Management - The company is required to hire an accounting firm to audit related party fund occupation and disclose findings [5] - The finance department must maintain detailed records of all fund transactions with related parties [5] Legal Responsibilities - The company must take effective measures against related parties that occupy funds and may pursue legal action if necessary [5][6] - Violations of the system by directors or senior management may result in disciplinary actions, including fines or dismissal [5][6] Supplementary Provisions - Definitions of key terms such as "controlling shareholder" and "related transactions" align with national accounting standards and stock exchange rules [6] - The system will be implemented upon approval by the board of directors and shareholders [6]

General Principles - The purpose of the system is to enhance the quality and transparency of annual report information disclosure by ensuring its authenticity, accuracy, completeness, and timeliness [1] - The responsibility system applies to directors, senior management, subsidiary heads, and other personnel involved in annual report information disclosure [1] Responsibility Identification and Accountability - Responsibility should be pursued in cases of violations of laws and regulations that lead to significant errors in annual report disclosures [2] - Serious consequences or personal subjective factors leading to significant errors may result in heavier penalties [2] - Mitigating circumstances such as preventing adverse outcomes or correcting mistakes may lead to lighter penalties [2][3] Forms of Accountability - Various forms of accountability include correction orders, public criticism, job reassignment, suspension, demotion, dismissal, and potential legal action for severe cases [3] Additional Provisions - Any matters not covered by the system or conflicting with relevant laws will be handled according to those laws [5] - The board of directors is responsible for interpreting and revising the system [5]