CSG HOLDING CO. LTD. The First Quarter Report 2022

Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2022-019

Bond Code: 149079 Short Form of Bond: 20 CSG 01

CSG Holding Co. Ltd.The First Quarter Report 2022

The Company and all the members of the Board of Directors confirm that the information

disclosed is authentic accurate and complete and there are no any fictitious statements misleading

statements or significant omissions carried in this report.Important Notice:

1. Board of Directors and the Supervisory Committee and its directors supervisors and senior

executives hereby confirm that the Quarter Report is authentic accurate and complete and there are

no any fictitious statements misleading statements or significant omissions carried in this report

and shall take individual and joint legal responsibilities.

2. Head of the Company responsible person in charge of accounting and principal of the financial

department (accounting officer) confirm that the financial information in this Quarter Report is

authentic accurate and complete.

3. Whether the First Quarter Report has been audited or not

□ Yes √ No

This report is prepared both in Chinese and English. Should there be any inconsistency between the

Chinese and English versions the Chinese version shall prevail.I. Main financial data

（I）Major accounting data and financial indicators

Whether it has retroactive adjustment or re-statement on previous accounting data

□Yes √No

The same period of the Year-on-year

The report period

previous year increase/decrease

Operating income (RMB) 2785709687 3006832539 -7.35%

Net profit attributable to shareholders of the

383682831573268793-33.07%

listed company (RMB)

Net profit attributable to shareholders of the

336240261572808470-41.30%

listed company after deducting non-recurring

1CSG HOLDING CO. LTD. The First Quarter Report 2022

gains and losses (RMB)

Net cash flow arising from operating activities

102057062341291798-70.10%

(RMB)

Basic earnings per share (RMB/Share) 0.12 0.19 -36.84%

Diluted earnings per share (RMB/Share) 0.12 0.19 -36.84%

Weighted average ROE (%) 3.30% 5.46% -2.16%

Increase/decrease at the end

End of the report period End of the previous year of the report period over the

end of the previous year

Total assets (RMB) 20699582452 19939364510 3.81%

Net assets attributable to shareholders of the

11805984216114296610463.29%

listed company (RMB)

(II) Item and amount of non-recurring gains and losses

√Applicable □ Not applicable

Unit: RMB

Item Amount in the report period Note

Gains/losses from the disposal of non-current asset (including the write-off that

3068799

accrued for impairment of assets)

Governmental subsidy reckoned into current gains/losses (not including the subsidy

enjoyed in quota or ration according to national standards which are closely relevant 46614460

to enterprise’s business)

In addition to the effective hedging business related to the normal business of the

company the profit and loss from changes in fair value arising from holding trading

financial assets and trading financial liabilities as well as the investment income 8493186

obtained from the disposal of trading financial assets trading financial liabilities and

available for sale financial assets

Reversal of provision for impairment of receivables that have been individually

601289

tested for impairment

Other non-operating income and expenditure except for the aforementioned items -961899

Less: Impact on income tax 9039153

Impact on minority shareholders’ equity (post-tax) 1334112

Total 47442570 --

Particulars about other gains and losses that meet the definition of non-recurring gains and losses:

□ Applicable √ Not applicable

It did not exist that other profit and loss items met the definition of non-recurring gains and losses.Explanation of the non-recurring gains and losses listed in the Explanatory Announcement No.1 on Information Disclosure for

2CSG HOLDING CO. LTD. The First Quarter Report 2022

Companies Offering their Securities to the Public - Non-recurring Gains and Losses as recurring gains and losses

□ Applicable √ Not applicable

It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of

Companies Offering Securities to the Public - Non-recurring Profit and Loss" were defined as recurring profit and loss items in the

report period.(III) Statement of change in the major accounting data and financial indicators and the causes

√Applicable □ Not applicable

Unit: RMB

Item of the Balance Sheet Note March 31 2022 December 31 2021 Percentage of change

Notes receivable (1) 3118469 19220984 -84%

Accounts receivable (2) 973020406 730525687 33%

prepayments (3) 129634944 76097276 70%

Inventories (4) 1516472480 1093805525 39%

Other current assets (5) 182463523 140705298 30%

Short-term borrowings (6) 90770000 180770000 -50%

Employee benefits payable (7) 237455537 426212979 -44%

Other payables (8) 186600761 289440477 -36%

Non-current liabilities due within

(9)2529405242503820548402%

one year

Long-term borrowings (10) 1920374171 1469059824 31%

Bonds payable (11) - 1996587330 -100%

Lease liabilities (12) - 220138 -100%

Special reserve (13) 476574 7296397 -93%

Item of Income Statement Note Jan.-Mar.2022 Jan.-Mar.2021 Percentage of change

Financial expenses (14) 30893854 46480853 -34%

Investment income (15) 8493186 1373392 518%

Asset impairment loss (16) -1456 - -

Income on disposal assets (17) 3067343 -298458 -

Other income (18) 48350708 14347461 237%

Non-operating income (19) 1658098 2976619 -44%

Non-operating expenses (20) 2619997 15315650 -83%

Income tax expenses (21) 66600517 119176328 -44%

Net after-tax amount of other (22) -539838 885753 -161%

comprehensive income

3CSG HOLDING CO. LTD. The First Quarter Report 2022

Notes:

(1) The decrease in notes receivable was mainly due to the change of collection method of some subsidiaries and some were

converted to accounts receivable due to non-performance by the drawer.

(2) The increase in accounts receivable was mainly due to the increase in accounts receivable from architectural glass Companies.

(3) The increase in prepayments was mainly due to the increase in prepayments for materials by some subsidiaries.

(4) The increase in inventories was mainly due to the increase in the inventory for the resumption of polysilicon production of the

subsidiary and changes in the pace of production and sales of the companies in the Glass Division.

(5) The increase in other current assets was mainly due to the increase in input tax to be deducted for some subsidiaries.

(6) The decrease in short-term borrowings was mainly due to the repayment of part of the borrowings.

(7) The decrease in employee benefits payable was mainly due to the year-end bonuses accrued in the previous year that were paid

during the report period.

(8) The decrease in other payables was mainly due to the payment of corporate bond interest during the report period.

(9) The increase in non-current liabilities due within one year was mainly due to the reclassification of bonds payable to non-current

liabilities due within one year.

(10) The increase in long-term borrowings was mainly due to the increase in borrowings for the projects.

(11) The decrease in bonds payable was mainly due to the reclassification of bonds payable to non-current liabilities due within one

year.

(12) The decrease in lease liabilities was mainly due to the reclassification of lease liabilities to non-current liabilities due within one

year

(13) The decrease in special reserve was mainly due to the write-off of special reserves by subsidiaries.

(14) The decrease in financial expenses was mainly due to the decrease in interest expenses.

(15) The increase in investment income was mainly due to the increase in income from structured deposits.

(16) The decrease in asset impairment loss was mainly due to the subsidiary's write-off of inventory depreciation reserves.

(17) The increase in income on disposal assets was mainly due to the increase in gains and losses from disposal of assets by some

subsidiaries.

(18) The increase in other income was mainly due to the increase in the amortization of deferred income of some subsidiaries.

(19) The decrease in non-operating income was mainly due to the decrease in claim income and the payments unable to pay etc.

(20) The decrease in non-operating expenses was mainly due to the return of government subsidies in the previous period.

(21) The decrease in income tax expenses was mainly due to the decrease in total profits.

(22) The decrease in net after-tax amount of other comprehensive income was mainly due to changes in the translation differences in

foreign currency statements.II. Information of shareholders

(I) The total number of common shareholders and the number of preference shareholders with voting

rights recovered as well as the top ten shareholders

Unit: Share

The total number of common shareholders The total number of preference shareholders with voting

1571880

at the end of the report period rights recovered at end of report period (if applicable)

Particulars about the shares held by the top ten shareholders

4CSG HOLDING CO. LTD. The First Quarter Report 2022

Number of share

Proportion Amount of pledged marked or

Amount of

Name of shareholder Nature of shareholder of shares restricted frozen

shares held

held (%) shares held Share

Amount

status

Foresea Life Insurance Co. Ltd. – Domestic non state-owned

15.19%466386874

HailiNiannian legal person

Foresea Life Insurance Co. Ltd. – Domestic non state-owned

3.86%118425007

Universal Insurance Products legal person

Bank of China Limited - China

Domestic non state-owned

Merchants Ruiwen Hybrid Securities 2.85% 87416306

legal person

Investment Fund

Pledged 86630000

Domestic non state-owned

Zhongshan Runtian Investment Co. Ltd. 2.82% 86633447 Marked 86630000

legal person

Frozen 3447

Foresea Life Insurance Co. Ltd. – Own Domestic non state-owned

2.11%64765161

Fund legal person

China Merchants Securities (HK) Co.State-owned legal person 1.42% 43621323

Limited

China Galaxy International Securities

Foreign legal person 1.34% 41219778

(Hong Kong) Co. Limited

National Social Security Fund 110 Domestic non state-owned

1.13%34667149

Portfolio legal person

Ping An Bank Co. Ltd. - China

Merchants Credit Suisse Steady Domestic non state-owned

0.97%29718363

Allocation Hybrid Securities Investment legal person

Fund

China Life Insurance Company Limited -

Domestic non state-owned

Traditional - General Insurance Products - 0.83% 25361164

legal person

005L-CT001 Shen

Particulars about the top ten shareholders with un-restrict shares held

Amount of unrestricted Type of shares

Name of shareholder

shares held Type Amount

Foresea Life Insurance Co. Ltd. – HailiNiannian 466386874 RMB ordinary shares 466386874

Foresea Life Insurance Co. Ltd. – Universal Insurance Products 118425007 RMB ordinary shares 118425007

Bank of China Limited - China Merchants Ruiwen Hybrid

87416306 RMB ordinary shares 87416306

Securities Investment Fund

Zhongshan Runtian Investment Co. Ltd. 86633447 R MB ordinary shares 86633447

5CSG HOLDING CO. LTD. The First Quarter Report 2022

Foresea Life Insurance Co. Ltd. – Own Fund 64765161 RMB ordinary shares 64765161

Domestically listed

China Merchants Securities (HK) Co. Limited 43621323 43621323

foreign shares

Domestically listed

China Galaxy International Securities (Hong Kong) Co. Limited 41219778 41219778

foreign shares

National Social Security Fund 110 Portfolio 34667149 RMB ordinary shares 34667149

Ping An Bank Co. Ltd. - China Merchants Credit Suisse Steady

29718363 RMB ordinary shares 29718363

Allocation Hybrid Securities Investment Fund

China Life Insurance Company Limited - Traditional - General

25361164 RMB ordinary shares 25361164

Insurance Products - 005L-CT001 Shen

Among shareholders as listed above Foresea Life Insurance Co. Ltd.-HailiNiannian Foresea

Life Insurance Co. Ltd.-Universal Insurance Products Foresea Life Insurance Co. Ltd.-Own

Fund are all held by Foresea Life Insurance Co. Ltd. Zhongshan Runtian Investment Co. Ltd.Statement on associated relationship is a related legal person of Foresea Life Insurance Co. Ltd. and Chengtai Group Co. Ltd.or consistent action among the another related legal person of Foresea Life Insurance Co. Ltd which held 40187904 shares

above shareholders: via China Galaxy International Securities (Hong Kong) Co. Limited.Except for the above-mentioned shareholders it is unknown whether other shareholders

belong to related party or have associated relationship regulated by the Management

Regulation of Information Disclosure on Change of Shareholding for Listed Companies.Explanation on the top ten

shareholders which involving N/A

margin business (if applicable)

(II) The total number of preferred shareholders of the company and particulars about the top ten

preferred shareholders

□ Applicable √ Not applicable

III. Statement on other important matters

√Applicable □ Not applicable

(I) Ultra-short-term financing bills

On June 15 2020 the Third Extraordinary Shareholders’ General Meeting 2020 of CSG reviewed and approved the proposal on

application for registration and issuance of ultra-short-term financing bills and medium-term notes which agreed that the Company

should register and issue ultra-short-term financing bills with a registered amount not exceeding 1.5 billion yuan (the limit is not

subject to the limit of 40% of net assets).With the period of validity of the quota not longer than two years such ultra-short-term

financing bills will be issued by installments in accordance with the actual capital needs of the Company and the situation of

inter-bank market funds. On September 4 2020 the NAFMII held its 102nd registration meeting in 2020 and decided to accept the

Company's registration of ultra-short-term financing bills with a total of 1.5 billion yuan and a validity period of two years.(II) Medium-term notes

On June 15 2020 the Third Extraordinary Shareholders’ General Meeting 2020 of CSG reviewed and approved the proposal on

6CSG HOLDING CO. LTD. The First Quarter Report 2022

application for registration and issuance of ultra-short-term financing bills and medium-term notes which agreed that the Company

should register and issue medium-term notes with a registered amount not exceeding 1.5 billion yuan. With the period of validity of

the quota not longer than two years such medium-term notes will be issued by installments in accordance with the actual capital

needs of the Company and the situation of inter-bank market funds. On September 4 2020 the NAFMII held its 102nd registration

meeting in 2020 and decided to accept the Company's registration of medium-term notes with a total of 1.5 billion yuan and a

validity period of two years.(III) Public issuance of corporate bondsOn March 2 2017 the Second Extraordinary Shareholders’ General Meeting 2017 reviewed and approved the “Proposal on thePublic Issuance of Corporate Bonds for Qualified Investors". On February 27 2019 the First Extraordinary Shareholders’ GeneralMeeting 2019 reviewed and approved the “Proposal on Extending the Validity Period of the Shareholders' General Meeting for thePublic Offering of Corporate Bonds to Qualified Investors” which agreed that the Company should issue corporate bonds with a

total issue of no more than RMB 2 billion and a term of no more than 10 years. On June 26 2019 the Company received the

“Approval of Approving CSG Holding Co. Ltd. to Issue Corporate Bonds to Qualified Investors” issued by China Securities

Regulatory Commission (ZJXK [2019] No. 1140). On March 24 2020 and March 25 2020 the Company issued the first batch of

corporate bonds with total amount of RMB 2 billion and valid term of 3 years at the issuance rate of 6% which will be redeemed on

March 25 2023.IV. Quarterly financial statements

(I) Financial statements

1. Consolidated Balance Sheet

Prepared by CSG Holding Co. Ltd.March 31 2022

Unit: RMB

Item Ending balance Opening balance

Current asset:

Monetary Fund 2307789914 2765925906

Tradable financial assets 998160000 999600000

Notes receivable 3118469 19220984

Accounts receivable 973020406 730525687

Receivables financing 231764980 297046123

Prepayments 129634944 76097276

Other receivables 185837560 183696711

Inventories 1516472480 1093805525

Other current assets 182463523 140705298

Total current assets 6528262276 6306623510

Non-current assets:

7CSG HOLDING CO. LTD. The First Quarter Report 2022

Investment real estate 383084500 383084500

Fixed assets 9109757144 8566515026

Construction in progress 2327437036 2461088650

Right-of-use asset 9472983 9911935

Intangible assets 1177909939 1167611402

Development expenditure 89148220 72019362

Goodwill 130147859 130147859

Long-term prepaid expenses 3271426 3013721

Deferred tax assets 252213065 255185923

Other non-current assets 688878004 584162622

Total non-current assets 14171320176 13632741000

Total assets 20699582452 19939364510

Current liabilities:

Short-term borrowings 90770000 180770000

Notes payable 442671687 400662713

Accounts payable 1720920759 1428851312

Contract liability 386426568 335188642

Employee benefits payable 237455537 426212979

Taxes payable 131565273 185009681

Other payables 186600761 289440477

Incl.: Interest payable 5616409 95001362

Non-current liabilities due within one year 2529405242 503820548

Other current liabilities 45293406 40099309

Total current liabilities 5771109233 3790055661

Non-current liabilities:

Long-term borrowings 1920374171 1469059824

Bonds payable 1996587330

Lease liabilities 220138

Long-term accounts payable 147148057 168258062

Deferred income 529711379 564129128

Deferred income tax liabilities 84465617 84580132

Total non-current liabilities 2681699224 4282834614

Total Liabilities 8452808457 8072890275

Owners' equity:

8CSG HOLDING CO. LTD. The First Quarter Report 2022

Share capital 3070692107 3070692107

Capital reserve 596997085 596997085

Other comprehensive income 158660692 159200530

Special reserves 476574 7296397

Surplus reserve 1144887510 1144887510

Undistributed profits 6834270248 6450587417

Total owner's equity attributable to the parent

1180598421611429661046

company

Minority shareholders' equity 440789779 436813189

Total owner's equity 12246773995 11866474235

Total Liabilities and Owner's Equity 20699582452 19939364510

Legal Representative: Chen Lin Responsible person in charge of the accounting: Wang Jian Principal of the financial department:

Wang Wenxin

2. Consolidated Income Statement

Unit: RMB

Item Amount incurred in the report period Amount incurred in the previous period

I. Total operating revenue 2785709687 3006832539

Incl. :Business income 2785709687 3006832539

II. Total business cost 2385993949 2306236702

Incl.: Business cost 1996135271 1884970395

Taxes and surcharges 29430897 33969707

Sales expense 62182177 59878963

Management costs 155690153 176841412

Research and development expenses 111661597 104095372

Financial expenses 30893854 46480853

Incl. : Interest expense 43766699 56228887

Interest income 14681526 11013336

Plus: Other income 48350708 14347461

Investment income (“-” for loss) 8493186 1373392

Credit impairment loss (“-” for loss) -4406594 -6144938

Asset impairment loss (“-” for loss) 1456

Income on disposal assets (“-” for loss) 3067343 -298458

III. Operational profit (“-” for loss) 455221837 709873294

9CSG HOLDING CO. LTD. The First Quarter Report 2022

Plus: non-operating income 1658098 2976619

Less: non-operating expenses 2619997 15315650

IV. Gross profit (“-” for loss) 454259938 697534263

Less: Income tax expenses 66600517 119176328

V. Net profit (“-” for net loss) 387659421 578357935

(I) Classification by business continuity

1. Net profit from continuous operation(“-” for

387659421578357935

net loss)

2. Discontinued operating net profit(“-” for net

loss)

(II) Classification by ownership

1. Net profit attributable to the owner of the

383682831573268793

parent company

2. Minor shareholders’ equity 3976590 5089142

VI. Net after-tax amount of other comprehensive

-539838885753

income

Net after-tax amount of other comprehensive

income attributable to the owner of the parent -539838 885753

company

(I) Other comprehensive income that will be

-539838885753

reclassified into profit or loss

1. Foreign-currency financial statement

-539838885753

translation difference

VII. Total comprehensive income 387119583 579243688

Total comprehensive income attributable to

383142993574154546

owners of the Company

Total comprehensive income attributable to

39765905089142

minority shareholders

VIII. Earnings per share

(I) Basic earnings per share 0.12 0.19

(II) Diluted earnings per share 0.12 0.19

Legal Representative: Chen Lin Responsible person in charge of the accounting: Wang Jian Principal of the financial department:

Wang Wenxin

3. Consolidated Cash Flow Statement

Unit: RMB

10CSG HOLDING CO. LTD. The First Quarter Report 2022

Item Amount incurred in the report period Amount incurred in the previous period

I. Net cash flow from business operation:

Cash received from sales of products and

29751948512989003056

providing of services

Refunds of taxes 6174213 1578830

Received other cash related to business

4520071533650668

activities

Subtotal of cash inflow from operating activities 3026569779 3024232554

Cash paid for the purchase of goods and

19974555331743026747

services

Cash paid to and for employees 592412995 527402580

Payments of all types of taxes 232790434 274884499

Payment of other cash related to business

101853755137626930

activities

Subtotal of cash outflow from operating activities 2924512717 2682940756

Net cash flow from operating activities 102057062 341291798

II. Cash flows from investing activities:

Cash received from returns on investment 1149600000 550000000

Cash received from returns on investment

80956681373392

income

Net cash received from the disposal of fixed

978036356696

assets intangible assets and other long-term assets

Cash received relating to other investing

16753461

activities

Subtotal of cash inflows from investment activities 1158673704 568483549

Cash paid for the purchase and construction of

fixed assets intangible assets and other long-term 784088536 234168691

assets

Cash paid for investment 1148160000 640000000

Cash paid relating to other investing activities 5319802 5206030

Subtotal of cash outflows from investing activities 1937568338 879374721

Net cash flows from investing activities -778894634 -310891172

III. Cash flow from financing activities:

Cash received from the loan 489156004 143434231

Other financing-related cash received 20000

Subtotal of cash inflows from financing activities 489156004 143454231

11CSG HOLDING CO. LTD. The First Quarter Report 2022

Cash paid for debt repayment 100000000 149972571

Cash paid for dividends profits or interest

144617231132691808

payments

Payment of other cash related to financing

23817019316663

activities

Subtotal of cash outflows from financing activities 268434250 282981042

Net cash flow from financing activities 220721754 -139526811

IV. Influence of exchange rate alternation on cash

68620202866

and cash equivalents

V. Net increase in cash and cash equivalents -456047198 -108923319

Plus: Balance of cash and cash equivalents at

27564775722124028196

the beginning of term

VI. Balance of cash and cash equivalents at the end

23004303742015104877

of term

(II) Report of the Auditors

Whether the First Quarter Report has been audited or not

□ Yes √ No

The First Quarter Report hasn’t been audited.Board of Directors of

CSG Holding Co. Ltd.

29 April 2022

12