Chongqing International Composite Materials' 1.158 billion yi, with an annual output of 111 million meters, electronic cloth production line starts construction in November 2026. By the 2026 annual report, will this money first land in construction in progress or other non-current assets?
Chongqing International Composite Materials' 1.158 billion yi, with an annual output of 111 million meters, electronic cloth production line starts construction in November 2026. By the 2026 annual report, will this money first land in construction in progress or other non-current assets?
重庆国际复合材料11.58亿、年产1.11亿米的电子布产线2026年11月开工，到2026年报，这笔钱先落在在建工程还是其他非流动资产？
The desk answersverifiedWalnut, from public filings
The 2026 annual report will not be disclosed until April next year. Everything below is a judgment derived from accounting standards and from practices that peers have already put on their financial statements; it is not numbers that have already occurred. The latest period that can be verified is the third-quarter report of October 28.
Conclusion first: first book "other non-current assets—prepayments for engineering and equipment"; construction in progress is recognized only for civil works that have broken ground and been measured and for equipment awaiting installation that has arrived. By December 31, 2026, both accounts will have money, with the bulk in the prepayment column.
These two accounts are not divided by project attribute, but by how far the money has been paid
The company itself spelled out the recognition standard for construction in progress in the semi-annual report: it is measured at the actual cost incurred before the asset reaches its intended usable state. For buildings and structures, the transfer-to-fixed-assets point is "the main works and supporting works are substantially complete, meet design requirements, and have passed acceptance"; for machinery and equipment, it is "after installation and commissioning, meets design requirements."
What goes in the other column is stated plainly in the third-quarter report's table of reasons for changes:
Other non-current assets -63.84%, mainly due to a decrease in prepayments for engineering equipment during the reporting period
The semi-annual report's itemized notes are clearer. At the end of June 2026, other non-current assets totaled 4,496.3 wan, of which prepayments for engineering and equipment were only 864.2 wan, versus 3.010 yi at the beginning of the year; the remaining 3,632.1 wan was input tax related to long-term assets of the Brazil company.
Money paid to equipment suppliers and engineering contractors for which no work volume or equipment has yet been received has its own separate pocket on this company's books and is not mixed into construction in progress. In the first half, this pocket shrank from 3.01 yi to 864.2 wan as the money was converted into equipment; by the end of the third quarter, construction in progress had fallen from 16.049 yi at the beginning of the year to 6.276 yi, down 60.90%, and the third-quarter report attributed it in one sentence: construction in progress transferred to fixed assets.
Of the 11.58 yi, less than 11.26 yi is eligible to enter construction in progress
The announcement's breakdown: total investment 11.5826 yi, equal to construction investment 11.2587 yi plus 2,023.6 wan of initial working capital and 1,215.9 wan of construction-period interest.
Initial working capital never enters construction in progress; it is working capital used only after production begins and will not appear in the 2026 annual report. The 1,215.9 wan of construction-period interest will be capitalized into construction in progress, but only when both asset expenditure and borrowing costs have been incurred; with only two months left in 2026, what can be capitalized is a trivial amount.
The remaining 11.2587 yi of construction investment is the money that truly has to pass through the three stages of "prepayment—construction in progress—fixed assets." The construction content is four workshops—pre-treatment, weaving, post-treatment, and inspection—plus automated logistics, utilities, electrical systems, and civil installation, with an annual output after reaching capacity of 11,132.40 wan meters of electronic-grade glass fiber cloth; the implementing entity is the parent company's main site, located in the existing plant at No. 1 Longshan Road, Changshou Economic and Technological Development Zone.
The announcement does not include land acquisition, and intangible assets barely moved over nine months (3.884 yi to 3.844 yi), so there is no land payment to go through.
By the end of 2026, only a trivial amount will have been spent
The construction period runs from November 2026 to September 2027, eleven months, and the 2026 annual report covers only the first two months.
The reference point is on the company's own books. The project with annual output of 3600 wan meters was approved by the board on December 29, 2025, and by June 30, 2026 had cumulative investment of 1.543 yi, 9.12% of the then budget of 16.927 yi, with project progress of 10.00%. More than half of that half-year was spent on design, bidding, and ordering equipment.
Scaled at that pace, the monthly average is about 0.257 yi; if Longshan's first two months are similar, it falls at 0.3 yi to 0.5 yi, 3% to 5% of 11.58 yi. This is an estimate, not a number from the documents.
The company's disclosure threshold for "significant construction in progress" is a single item balance exceeding 0.3% of total assets, which by 243.40 yi is 7,302 wan. Longshan at year-end very likely will not reach it; the words "Longshan" will not appear on the statements and it will be merged into "other" in the detail—when reading next year's annual report, do not take "Longshan cannot be found" as meaning nothing was invested.
What peers are doing right now happens to demonstrate the sequence
| Company (end of September 2026, yi CNY) | Construction in progress | Other non-current assets | Other non-current as % of total assets |
|---|---|---|---|
| Honghe Technology | 3.89 | 9.26 | 12.5% |
| China Jushi | 8.06 | 7.37 | 1.2% |
| International Composite Materials | 6.28 | 1.23 | 0.5% |
| Sinoma Science & Technology | 17.81 | 1.05 | 0.1% |
Honghe Technology is the cleanest comparison; it makes only electronic cloth. At the end of the second quarter, its prepayments for equipment were 4.436 yi and construction in progress only 0.596 yi; at the end of the third quarter, other non-current assets had risen to 9.257 yi and construction in progress to 3.894 yi. Deposits are being paid on one side while equipment arrives and is transferred into construction in progress on the other, with both accounts rising at the same time—this is the intermediate state of "prepayment first, construction in progress second."
The progress of its two new projects explains the first half-year of a new production line: the Huangshi electronic cloth No. 4 plant has a budget of 20 yi, and in the first half of 2026 782.1 wan was put into construction in progress, 0.39% of the budget; the electronic yarn No. 2 plant has a budget of 30 yi, and 1,903.5 wan was put in, 0.63%. Meanwhile, prepayments for equipment sitting in other non-current assets were 4.44 yi.
China Jushi is the opposite direction: construction in progress fell from 15.335 yi at the beginning of the year to 8.062 yi at the end of the third quarter, down more than seven yi, while other non-current assets rose from 4.570 yi to 7.366 yi—old projects transferred to fixed assets, new projects paid deposits, and the money changed location.
Where a smart person would push back
The strongest point: there is no accounting rule about "which account gets hit first"—it all depends on how the contract specifies payment. If the equipment tender is completed all at once in November and December and 30% of the deposit is paid, other non-current assets in the annual report will jump from 1.23 yi to over 3 yi; then it is not a trivial amount but almost entirely in this one line—direction unchanged, magnitude different.
Second point: some companies record prepaid equipment payments under "construction in progress—equipment pending installation"; International Composite's half-year report has 7,412.8 wan. If the Longshan contract is handled this way, my classification is wrong, and the final determination depends only on the annual report notes.
So the answer is not either-or: both accounts will have money; the prepaid line arrives first and is larger; the construction in progress line arrives later and is smaller. Which is larger and which is smaller depends on how many equipment contracts were signed in November and December and what percentage of deposit was paid.
When I would be wrong: if in the 2026 annual report prepaid engineering and equipment payments have barely risen and are still around 1 yi, while under construction in progress the Longshan project is listed separately with a balance exceeding 7,302 wan, that means it is recorded only upon arrival and prepayments are very small, and the above inference is reversed. Another case is if the project is substantially delayed, the environmental assessment and energy assessment are not approved, and in two months only design fees were spent; then neither account will move.
Sources:
- Chongqing International Composite Materials Co., Ltd. "Announcement on the Construction of the High-Performance Electronic Fiber Cloth (Longshan) Project," November 6, 2026, Announcement No. 2026-074
- Chongqing International Composite Materials Co., Ltd. "2026 Third Quarter Report," October 28, 2026, Announcement No. 2026-072
- Chongqing International Composite Materials Co., Ltd. "2026 Semi-Annual Report," August 20, 2026
- Chongqing International Composite Materials Co., Ltd. "Announcement on the Change and Adjustment of the Company's 3600 wan-meter High-Frequency High-Speed Electronic Fiber Cloth Project," September 1, 2026, Announcement No. 2026-057
- Honghe Electronic Materials Technology Co., Ltd. "2026 Semi-Annual Report," August 14, 2026, and "2026 Third Quarter Report," October 23, 2026
- China Jushi Co., Ltd. "2026 Third Quarter Report," October 20, 2026
- Sinoma Science & Technology Co., Ltd. "2026 Third Quarter Report," October 24, 2026
2026年报要等明年4月才披露，下面全部是按准则和同行已摆在报表上的做法推出的判断，不是已经发生的数。能核到的最新一期是10月28日的三季报。
结论放前面：先落"其他非流动资产——预付工程及设备款"，在建工程只为已经动土、已经计量的土建和已经到货的待安装设备开账。到2026年12月31日两个科目都会有钱，大头在预付那一格。
这两个科目分的不是项目属性，是钱付到哪一步
在建工程的确认标准，公司自己在半年报里写清楚了：按建造该项资产达到预定可使用状态前所发生的实际成本计量。房屋建筑物以"主体工程及配套工程实质完工、达到设计要求并经验收"为转固时点，机器设备以"安装调试后达到设计要求"为时点。
另外那一格装什么，三季报的变动原因表写得很直白：
其他非流动资产 -63.84%，主要系报告期内预付工程设备款减少
半年报的分项附注更清楚。2026年6月末其他非流动资产合计4,496.3万，其中预付工程及设备款只剩864.2万，年初是3.010亿；剩下3,632.1万是巴西公司与长期资产相关的进项税。
付给设备商和工程商、还没换来工程量或设备的钱，在这家公司账上有独立口袋，不混进在建工程。上半年这个口袋从3.01亿缩到864.2万，钱换成了设备；到三季度末在建工程从年初16.049亿降到6.276亿，降60.90%，三季报的归因就一句：在建工程转固。
11.58亿里，有资格进在建工程的不到11.26亿
公告的拆法：总投资11.5826亿，等于建设投资11.2587亿加铺底流动资金2,023.6万、建设期利息1,215.9万。
铺底流动资金永远不进在建工程，它是投产以后才动用的周转资金，2026年报里不会出现。建设期利息1,215.9万会资本化进在建工程，但要资产支出和借款费用都已发生，2026年只剩两个月，能资本化的是零头。
剩下11.2587亿建设投资，才是真正要在"预付—在建—固定资产"三级之间走一遍的钱。建设内容是前准、织布、后处理、检查四个车间加自动物流、公用工程、电气系统和土建安装，达产后年产11,132.40万米电子级玻璃纤维布；实施主体是母公司本部，地点在长寿经开区龙山路1号的现有厂区。
公告不含土地购置，无形资产九个月也基本没动（3.884亿到3.844亿），没有土地款要走。
到2026年底，花掉的只是零头
建设期2026年11月到2027年9月，十一个月，2026年报只覆盖头两个月。
参照物就在公司自己账上。年产3600万米那个项目2025年12月29日经董事会批准，到2026年6月30日累计投入1.543亿，占当时16.927亿预算的9.12%，工程进度10.00%。这半年大半时间花在设计、招标、订设备上。
按这个节奏折算，月均约0.257亿；龙山头两个月若相仿，落在0.3亿到0.5亿，占11.58亿的3%到5%。这是估算，不是文件里的数。
公司披露"重要在建工程"的门槛是单项余额超过总资产0.3%，按243.40亿算是7,302万。龙山年末很可能够不到，报表上见不到"龙山"两个字，会并进明细的"其他"——明年翻年报，别把"找不到龙山"当成没投。
同行正在做的事，正好把先后顺序演了一遍
| 公司（2026年9月末，亿元） | 在建工程 | 其他非流动资产 | 其他非流动占总资产 |
|---|---|---|---|
| 宏和科技 | 3.89 | 9.26 | 12.5% |
| 中国巨石 | 8.06 | 7.37 | 1.2% |
| 国际复材 | 6.28 | 1.23 | 0.5% |
| 中材科技 | 17.81 | 1.05 | 0.1% |
宏和科技是最干净的对照，它只做电子布。二季度末它的预付设备款4.436亿、在建工程只有0.596亿；三季度末其他非流动资产涨到9.257亿，在建工程涨到3.894亿。一边付定金、一边有设备到货转进在建工程，两个科目同时往上走——这就是"先预付、再在建"的中间态。
它两个新项目的进度把新建产线头半年说透了：黄石电子布四厂预算20亿，2026年上半年往在建工程里放了782.1万，占预算0.39%；电子纱二厂预算30亿，放了1,903.5万，占0.63%。同期躺在其他非流动资产里的预付设备款是4.44亿。
中国巨石是反方向：在建工程从年初15.335亿降到三季度末8.062亿，降了七亿多，其他非流动资产从4.570亿升到7.366亿——老项目转固、新项目付定金，钱的位置换了。
一个聪明人会从哪儿反驳
最强的一条：会计上没有"先落哪个科目"的规则，全看合同怎么付款。如果设备招标在11、12月一次做完、付掉三成定金，年报里的其他非流动资产会从1.23亿跳到3亿以上，那就不是零头而是几乎全在这一格——方向不变，幅度不同。
第二条：有的公司把预付设备款记进"在建工程——待安装设备"，国际复材半年报里就有7,412.8万。龙山合同若这么处理，我的分法就错了，定案只看年报附注。
所以答案不是二选一：两个科目都会有钱，预付那一格先到、更大；在建工程那一格后到、更小。谁大谁小看11、12月签了几份设备合同、付了几成定金。
什么情况下我错了：如果2026年报里预付工程及设备款没怎么涨、还在1亿上下，同时在建工程下方单列了龙山项目且余额超过7,302万，说明它是到货才入账、预付款极少，上面就推反了。另一种是项目实质推迟，环评能评没批下来、两个月只花了设计费，那两个科目都不会动。
- 01重庆国际复合材料股份有限公司《关于建设高性能电子纤维布（龙山）项目的公告》，2026年11月6日，公告编号2026-074
- 02重庆国际复合材料股份有限公司《2026年第三季度报告》，2026年10月28日，公告编号2026-072
- 03重庆国际复合材料股份有限公司《2026年半年度报告》，2026年8月20日
- 04重庆国际复合材料股份有限公司《关于公司3600万米高频高速电子纤维布项目变更调整的公告》，2026年9月1日，公告编号2026-057
- 05宏和电子材料科技股份有限公司《2026年半年度报告》2026年8月14日、《2026年第三季度报告》2026年10月23日
- 06中国巨石股份有限公司《2026年第三季度报告》，2026年10月20日
- 07中材科技股份有限公司《2026年三季度报告》，2026年10月24日
后半句才是重点：这条线把产品结构往毛利率50%以上那一档推，而它投产的2027年9月，正好是全行业这轮扩产的产能一起落地的时候。
## 三道门，不是两道
半年报在建工程里有一栏“待安装设备”，7,412.8万，年初2,656.4万。这栏说明界线不是“设备还是土建”，是“到货还是没到货”：付了钱设备没来，挂其他非流动资产；来了没装好，进在建工程；装好调试达到设计要求，转固定资产。
这条界线上个季度已经动过：在建工程从4.32亿升到6.28亿，其他非流动资产从4,496万升到1.234亿，两格同时往上走——而龙山11月5日才过董事会。
三季报不披露明细。其他非流动资产里那笔巴西长期资产进项税3,632.1万（半年报数）性质上不会大动，三季度多出的7,847万里大半应是预付工程设备款——这是倒推，不是文件里的数。
两个月能花多少，看3600万米项目的先例：批准后六个月进在建1.543亿，月均0.257亿，龙山头两个月落在0.3亿到0.5亿。报表上大概率还看不到项目的名字。
## 这两格钱，是Q3自己挣出来的
三季度单季收入30.31亿，同比增34.10%；归母6.46亿，扣非6.26亿，非经常性只有2,041.8万。利润是经营挣的。
毛利率是最硬的变化：一季度23.29%，二季度31.05%，三季度35.90%（均按累计数相减算，下同），三个季度抬了12.6个百分点。
前三季经营现金流16.94亿，购建固定资产等付现16.74亿，几乎抵平；同期长期借款从37.83亿升到58.18亿，增20.34亿。公告写“自有资金及银行贷款”，实际是经营现金流刚够维持现有开支，新增靠借。
（三季报预付款项涨449.74%是贵金属款，与这条线无关。）
## 做布的压设备，做纱的压土建
| 公司（2026年9月末，亿元） | 在建工程 | 其他非流动资产 | 后者/前者 |
|---|---|---|---|
| 宏和科技 | 3.89 | 9.26 | 2.4 |
| 中国巨石 | 8.06 | 7.37 | 0.9 |
| 国际复材 | 6.28 | 1.23 | 0.2 |
| 中材科技 | 17.81 | 1.05 | 0.1 |
分野不在公司好坏，在资产形态。宏和只做布，钱压在预付里，是它在建工程的两倍多；巨石、中材这类综合厂，钱压在土建窑炉里，预付不到在建的十分之一。
原因是结算方式：窑炉厂房按进度结算，干一段付一段，直接记进在建；织布机、后处理线是成套设备，签合同先付定金，定金只能挂预付。
龙山的建设内容——前准、织布、后处理、检查四个车间加自动物流、公用工程、电气系统、土建安装——没有池窑，没有拉丝。形态更接近宏和，不接近巨石。
宏和自己演过一遍：6月末在建工程0.60亿、其他非流动资产4.70亿，9月末3.89亿和9.26亿，同期固定资产从20.09亿涨到28.20亿。一个季度三个科目同时变大，是同一件事的三个阶段。
## 从付款到折旧，中间隔多久
按宏和的速度，一个季度能从预付挪3.3亿进在建。龙山11.26亿建设投资，粗算要三到四个季度走完这段，转固再往后一个季度。公告给的建设期是2026年11月到2027年9月。
卡点不在钱，在设备。公司10月30日业绩说明会说得直接：
> 公司现有织布机规模尚不足以完全消化自有细纱产能。公司自去年启动织布机采购规划，相关采购及交付工作按合同约定有序推进，设备到货节奏受排产、物流等多重因素影响，实际到货情况存在不确定性。
同一场会还说，国产织布机“处于试验试用阶段”，效率、精度、良率“仍需要进一步收集、验证评估”。
折旧算得出来。11.2587亿建设投资除以1.11324亿米产能，单位投资10.12元/米；按公司自己的政策（机器设备5到14年、房屋20到40年、残值5%），统一按10年折，一年折旧约1.07亿，折到每米0.96元。
2027年报只背三个月折旧、不到0.3亿，2028年才全年0.9亿。对照前三季归母12.86亿，折旧不是这条线的风险。
## 现在每米布卖14块6，是去年同期的三倍
宏和的经营数据公告：1到9月电子布销量13,355万米，收入19.54亿，均价14.63元/米，去年同期4.97元，涨194.37%；上游电子级玻纤纱进价从25.80元/公斤涨到72.57元，涨181.28%。
```chart
type: group
title: 单季毛利率：国际复材在追，宏和已经站在顶上
unit: %
labels: 2026Q1, 2026Q2, 2026Q3
values: 23.29, 31.05, 35.90
values2: 55.65, 62.01, 64.47
legend: 国际复材|宏和科技
```
| 公司（2026Q3单季，亿元） | 收入 | 毛利率% | 归母 |
|---|---|---|---|
| 宏和科技 | 9.27 | 64.5 | 3.64 |
| 中国巨石 | 69.19 | 51.3 | 24.12 |
| 国际复材 | 30.31 | 35.9 | 6.46 |
| 中材科技 | 94.11 | 22.4 | 7.02 |
35.9%和64.5%之间那28个点，就是这条线要抢的空间。1.11亿米按宏和的14.63元算是16.3亿收入，这是上限——国际复材的布更粗、单价更低——而投资只有11.26亿，一年收入仍超过整条线的投资。
价格是唯一不能外推的：今年这个价是去年同期的三倍，2025年前三季还是4.97元/米，而2027年9月投产时同行这两年批的产线都在出货。若均价回落到7元附近，按每米0.96元折旧加其他固定成本，这条线的毛利会被压掉一大截；若价格撑住，它就是公司毛利率再上一个台阶的底气。
## 一个聪明人会从哪儿反驳
第一条最难反驳：2026年报里这条线根本不重要，两格加起来可能一亿上下，占总资产不到半个百分点。这条我认，重心因此放在后几节。
第二条，合同结构能推翻我的分法：走EPC总包或按进度结算，土建进在建、设备定金进预付，两格都不大；若11、12月设备一次性定标、付掉三成定金，其他非流动资产会从1.23亿跳到3亿以上——方向对，量级全错。
第三条，公司自己有把预付并进在建的先例：半年报那栏“待安装设备”就是已到货未安装的设备款，龙山若也这么处理，“先落哪一格”就不是准则问题，是记账习惯问题。
## 什么算看错
明年年报出来，其他非流动资产若还在1.5亿以下、在建工程明细里没有龙山，说明两个月几乎没付设备定金，“预付先到”不成立。反过来若冲过3亿，量级错了、方向对了。
2027年半年报是第二个检验点：龙山在建若不到3亿（占建设投资27%），进度就比宏和那条曲线慢；2027年报里若仍在在建、进度不到90%，公告的11个月建设期就是落空。
价格那条另算：2027年下半年布价若回到7元以下，即便科目全落对，这条线也只是把折旧背上了。
来源：
1. 国际复材《关于建设高性能电子纤维布（龙山）项目的公告》，2026年11月6日，公告编号2026-074
2. 国际复材《2026年第三季度报告》，2026年10月28日，公告编号2026-072
3. 国际复材《2026年半年度报告》，2026年8月20日
4. 国际复材《投资者关系活动记录表》，编号2026-004，2026年10月30日
5. 宏和科技《2026年第三季度报告》《2026年第三季度主要经营数据公告》，2026年10月23日，公告编号2026-087；《2026年半年度报告》，2026年8月14日
6. 中国巨石《2026年第三季度报告》2026年10月20日；中材科技《2026年三季度报告》2026年10月24日