China Jushi's volume and price rise simultaneously, with non-GAAP net profit increasing by 94.7%; dividend payout ratio exceeds 43%, and the second largest shareholder spends 1.1 billion yuan to increase holdings.

Changjiang Business Daily News ● Changjiang Business Reporter Xu Jia

China Jushi (600176.SH), the global leader in fiberglass, maintains growth momentum.

The recently disclosed annual report shows that in 2025, China Jushi achieved operating revenue of 18.88 billion yuan, a year-on-year increase of 19.08%; net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit attributable to the parent”) was 3.285 billion yuan, up 34.38%; and net profit excluding non-recurring gains and losses (hereinafter referred to as “non-recurring profit”) was 3.482 billion yuan, an increase of 94.7%.

Changjiang Business Daily notes that in 2025, the fiberglass industry showed a clear improvement in steady growth, especially with rapid growth in domestic demand. Against this backdrop, China Jushi’s sales of fiberglass roving and electronic fabric both surpassed 3.2 million tons and 1 billion meters, setting new records.

On the basis of balancing sustainable development and cash flow, China Jushi actively rewards investors through dividends. Including interim and annual dividends, in 2025, China Jushi will distribute a total of 1.435 billion yuan, increasing the dividend payout ratio to 43.66% of the company’s net profit attributable to the parent for 2025, reaching a new high.

It is worth mentioning that recently, China Jushi’s second-largest shareholder has completed additional share purchases. From November 29, 2025, to March 3, 2026, Zhenshi Group, the second-largest shareholder, accumulated an additional 51.2728 million shares of the company, costing about 1.1 billion yuan.

Fiberglass roving and electronic fabric sales both hit new highs

In recent years, China’s fiberglass industry has been in a period of rapid development, with production scale continuously expanding.

Currently, six major fiberglass producers—China Jushi, Taishan Fiberglass Co., Ltd., Chongqing International Composite Materials Co., Ltd., Owens Corning (OC), Nippon Electric Glass (NEG), and Shandong Fiberglass Group—have a combined annual capacity accounting for about 70% of the global fiberglass capacity. The three largest domestic fiberglass producers account for roughly 70% of China’s fiberglass capacity, forming a clear oligopoly.

As the domestic markets for electronics, wind power, and new energy vehicles gradually recover, and key emerging markets such as photovoltaics and safety protection steadily grow, the fiberglass industry’s steady growth trend has significantly improved.

Data shows that in 2025, China’s total fiberglass output reached 8.43 million tons, an 11.5% increase year-on-year, ending the slow growth trend of the previous two years and returning to double-digit growth.

Against this background, as a global fiberglass leader, China Jushi achieved both volume and price increases in 2025, with business performance rebounding.

The annual report shows that in 2025, China Jushi achieved operating revenue of 18.88 billion yuan, up 19.08%; net profit attributable to the parent was 3.285 billion yuan, up 34.38%; and non-recurring profit was 3.482 billion yuan, up 94.7%.

During the reporting period, sales of fiberglass roving and electronic fabric both reached new highs of over 3.2 million tons and 1 billion meters, respectively.

Changjiang Business Daily notes that in 2025, China Jushi’s main business of fiberglass yarn and products generated revenue of 18.345 billion yuan, an 18.51% increase, with a gross profit margin of 32.21%, up 7.87 percentage points year-on-year. The main reason is that in 2025, the company fully implemented sales strategies focused on increasing volume, price adjustments, and stabilizing prices, leading to growth in sales volume and prices, and an increase in gross profit margin.

By region, in 2025, China Jushi’s domestic and international revenues were 12.394 billion yuan and 6.135 billion yuan, respectively, up 28.89% and 3.52%. Gross profit margins were 32.89% and 31.99%, respectively, increasing by 10.58 and 3.86 percentage points year-on-year.

The domestic growth was driven by sustained demand in the fiberglass industry, rapid growth in the domestic market, product structure adjustments, increased proportion of electronic fabric, and the full-year operation of Huai’an wind power projects, which significantly boosted power generation and profitability domestically compared to abroad.

Outstanding scale advantage, 14 consecutive years of dividend payout ratio over 30%

China Jushi’s scale advantage solidifies its position in the fiberglass industry and ensures healthy business fundamentals.

According to China Jushi, the company’s capacity is the largest in the world, maintaining the “world’s first” in three areas: thermosetting roving, thermoplastic reinforcement, and electronic base fabric.

Currently, China Jushi has six production bases in Tongxiang (Zhejiang), Jiujiang (Jiangxi), Chengdu (Sichuan), Huai’an (Jiangsu), Suez (Egypt), and South Carolina (USA), covering major global fiberglass markets.

Changjiang Business Daily notes that in 2025, China Jushi advanced projects centered on zero-carbon intelligent manufacturing. The Tongxiang headquarters’ annual capacity of 120,000 tons of fiberglass pool kiln drawing line was efficiently renovated and put into operation; the second phase of the Jiujiang intelligent manufacturing base’s 200,000-ton annual capacity line was commissioned in stages; the 100,000-ton electronic yarn production line in Huai’an entered full installation; the 500MW wind power project and the new 200,000-ton high-performance fiberglass production line in Chengdu began construction at the end of 2025; and the Tongxiang headquarters’ 200,000-ton fiberglass pool kiln drawing line renovation project was fully launched.

In terms of technology, China Jushi has world-class core independent intellectual property rights in glass formulation, large-scale pool kiln technology, and green manufacturing, with full technical export capabilities, leading globally.

In 2025, China Jushi was granted 75 invention patents, filed 21 international invention patent applications, participated in formulating 16 national, industry, and group standards, and achieved breakthroughs in many innovative projects, boosting quality and efficiency.

Research and development expenses in 2025 totaled 582 million yuan, a 10.25% increase, accounting for 3.08% of operating revenue. By the end of 2025, China Jushi employed 1,386 R&D personnel, representing 9.66% of total employees.

Balancing sustainable development and cash flow, China Jushi actively rewards investors through dividends.

Since 2012, China Jushi has maintained a cash dividend payout ratio of no less than 30% for 14 consecutive years. Since listing, the company has distributed a total of 12 billion yuan in cash dividends.

In particular, in 2025, China Jushi implemented its first mid-term dividend, distributing 681 million yuan, and planned to pay a total of 1.435 billion yuan in cash dividends to all shareholders for the year, with a per-share dividend of 0.36 yuan. The combined mid-term and annual dividends accounted for 43.66% of the net profit attributable to the parent, reaching a new high.

Since 2016, China Jushi has not conducted equity refinancing on the A-share market.

As of the end of 2025, China Jushi’s total assets were 54.627 billion yuan, a 2.34% increase from the previous year, with an asset-liability ratio of 40.41%, down 0.67 percentage points.

Notably, from November 29, 2025, to March 3, 2026, Zhenshi Group, the second-largest shareholder, increased its holdings by 51.2728 million shares, accounting for 1.2808% of the total share capital, with a total purchase amount of about 1.1 billion yuan.

In September 2025, China Jushi’s controlling shareholder, China National Building Material Group, also announced plans to increase its holdings by 125 million to 250 million yuan over the next 12 months.