CSG HOLDING CO. LTD.Semi-annual Financial Report for 2025
(Unaudited)CSG Semi-annual Financial Report for 2025
CSG HOLDING CO. LTD.Semi-annual Financial Report for 2025
Page number
Consolidated balance sheet 1-2
Balance sheet of the parent company 3-4
Consolidated income statement 5-6
Income statement of the parent company 7
Consolidated cash flow statement 8
Cash flow statement of the parent company 9
Consolidated statement of changes in equity 10-13
Statement of changes in equity of the parent company 14-15
Notes to the financial statements 16-99
Additional Information 100CSG Semi-annual Financial Report for 2025
I. Financial statements
All amounts in the tables in the Notes to the Financial Statements are expressed in RMB.
1. Consolidated balance sheet
Prepared by: CSG Holding Co. Ltd.
30 June 2025
Unit: RMB
Item 30 June 2025 1 January 2025
Current assets：
Cash at bank and on hand 3115421959 3421527482
Trading financial assets 120000000 96000000
Notes receivable 1237878013 1140902743
Accounts receivable 2026933902 1686627681
Receivables financing 788929728 798603111
Prepayments 66467909 121708264
Other receivables 169219254 165872735
Inventories 1938062870 1587828028
Other current assets 446753359 475617056
Total current assets 9909666994 9494687100
Non-current assets：
Investment properties 293712453 293712453
Fixed assets 13316035601 13166391449
Construction in progress 5182697395 5350375132
Right-of-use assets 65673431 64804837
Intangible assets 2307963253 2361275093
Goodwill 8593352 8593352
Long-term prepaid expenses 69281607 71254985
Deferred tax assets 340735280 309995066
Other non-current assets 183139786 99328456
Total non-current assets 21767832158 21725730823
Total assets 31677499152 31220417923
Current liabilities：
Short-term borrowings 1476783801 1163021299
Notes payable 2399802511 2244413755
Accounts payable 3162899038 3092025797
Contract liabilities 333171326 354215784
Payroll payable 243144993 347769466
Taxes payable 80158692 73688362
Other payables 455838149 312816531
1CSG Semi-annual Financial Report for 2025
Item 30 June 2025 1 January 2025
Including: Interest payable 13166832 8946479
Dividends payable 211673022
Non-current liabilities due within one
23999497422168856957
year
Other current liabilities 241922093 218529333
Total current liabilities 10793670345 9975337284
Non-current liabilities：
Long-term borrowings 5990150120 6151608472
Lease liabilities 23160299 21650607
Long-term payables 616410933 464617473
Provisions 12409409 13137220
Deferred income 471726244 487252038
Deferred tax liabilities 97866889 104170857
Total non-current liabilities 7211723894 7242436667
Total liabilities 18005394239 17217773951
Equity：
Share capital 3070692107 3070692107
Capital reserve 590739414 590739414
Less: Treasury stock 178694083
Other comprehensive income 155201780 159726269
Special reserves 4935529 5079628
Surplus reserves 1485514182 1485514182
Undistributed profit 8087056678 8224198195
Total equity attributable to parent
1321544560713535949795
company shareholders
Minority interests 456659306 466694177
Total equity 13672104913 14002643972
Total liabilities and equity 31677499152 31220417923
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
2CSG Semi-annual Financial Report for 2025
2. Balance sheet of the parent company
Unit: RMB
Item 30 June 2025 1 January 2025
Current assets：
Cash at bank and on hand 910728378 1434524102
Trading financial assets 120000000 96000000
Notes receivable 162445762 2300715
Accounts receivable 297576057 110153840
Receivables financing 157160743 82269158
Prepayments 358339 758454
Other receivables 2535004842 2342796700
Other current assets 3941945 3123645
Total current assets 4187216066 4071926614
Non-current assets：
Long-term equity investments 10550321440 10550321440
Fixed assets 5981349 6747771
Intangible assets 12106692 11870899
Long-term prepaid expenses 3913883 3920072
Other non-current assets 5137195 5383326
Total non-current assets 10577460559 10578243508
Total assets 14764676625 14650170122
Current liabilities：
Short-term borrowings 600000000 335000000
Notes payable 473375166 336581197
Accounts payable 331993776 196674995
Payroll payable 21870795 41561327
Taxes payable 3260365 4552018
Other payables 2403980791 3050996384
Including: Interest payable 7028263 2298742
Dividends payable 211673022
Non-current liabilities due within
818330000711705100
one year
Total current liabilities 4652810893 4677071021
Non-current liabilities：
Long-term borrowings 1836645000 1500750000
Deferred income 171187500 171375000
Total non-current liabilities 2007832500 1672125000
Total liabilities 6660643393 6349196021
Equity：
Share capital 3070692107 3070692107
3CSG Semi-annual Financial Report for 2025
Capital reserve 741824399 741824399
Less: Treasury stock 178694083
Surplus reserves 1500059542 1500059542
Undistributed profit 2970151267 2988398053
Total equity 8104033232 8300974101
Total liabilities and equity 14764676625 14650170122
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
4CSG Semi-annual Financial Report for 2025
3.Consolidated income statement
Unit: RMB
Item H1 2025 H1 2024
I. Total business income 6483562120 8078970651
Including: Operating income 6483562120 8078970651
II. Total operating costs 6446481653 7363291697
Including: Operating costs 5542029899 6341251117
Taxes and surcharges 67161401 67905677
Sales expenses 139472905 147091089
General and administrative expenses 347299806 394521014
Research and development expenses 257944614 336673375
Financial expenses 92573028 75849425
Including: Interest expenses 117320748 115225970
Interest income 20807152 31170207
Plus: Other income 68565442 116694636
Investment income (losses listed with “-” sign) -4451443 -4863078
Credit impairment loss (losses listed with “-”
-11113867380905
sign)
Asset impairment loss (losses listed with “-” sign) -56738340 -41315915
Asset disposal gains (losses listed with “-” sign) 2680398 4202074
III. Operating profit (losses listed with “-” sign) 46025138 797777576
Plus: Non-operating income 11749000 4928794
Less: Non-operating expenses 2464381 3180495
IV. Total profit (losses listed with “-” sign) 55309757 799525875
Less: Income tax expenses -9186877 78227657
V. Net profit (losses listed with “-” sign) 64496634 721298218
(I) Classified by operating continuity:
1. Net profit (losses listed with “-” sign) from
64496634721298218
continuing operations
(II) Classified by ownership attribution:
1. Net profit attributable to equity shareholders of
74531505733111562
the parent company
2. Minority interests -10034871 -11813344
VI. After-tax net amount of other comprehensive
-45244891217389
income
After-tax net amount of other comprehensive
income attributable to equity shareholders of the -4524489 1217389
parent company
(I) Other comprehensive income reclassified to
-45244891217389
profit or loss
1. Translation differences on foreign currency -4524489 1217389
5CSG Semi-annual Financial Report for 2025
Item H1 2025 H1 2024
financial statements
After-tax net amount of other comprehensive
income attributable to minority shareholders
VII. Total comprehensive income 59972145 722515607
Total comprehensive income attributable to equity
70007016734328951
shareholders of the parent company
Total comprehensive income attributable to
-10034871-11813344
minority shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.02 0.24
(II) Diluted earnings per share 0.02 0.24
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
6CSG Semi-annual Financial Report for 2025
4. Income statement of the parent company
Unit: RMB
Item H1 2025 H1 2024
I. Operating income 156694392 196004063
Less: Operating costs
Taxes and surcharges 1447393 1569126
Sales expenses 18655281 20151569
General and administrative expenses 123563667 134311842
Financial expenses 23687121 5210579
Including: Interest expenses 38426670 31753909
Interest income 15223199 25751103
Plus: Other income 965278 1009464
Investment income (losses listed with “-” sign) 203204280 656824755
Credit impairment loss (losses listed with “-” sign) -12852 70299
Asset disposal gains (losses listed with “-” sign) 28035
II. Operating profit (losses listed with “-” sign) 193497636 692693500
Plus: Non-operating income 100000 14664
Less: Non-operating expenses 171400 71400
III. Total profit (losses listed with “-” sign) 193426236 692636764
Less: Income tax expenses
IV. Net profit (losses listed with “-” sign) 193426236 692636764
(I) Net profit (losses listed with “-” sign) from
193426236692636764
continuing operations
(II) Net profit (losses listed with “-” sign) from
discontinued operations
V. Total comprehensive income 193426236 692636764
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
7CSG Semi-annual Financial Report for 2025
5. Consolidated cash flow statement
Unit: RMB
Item H1 2025 H1 2024
I. Cash flows from operating activities：
Cash received from sales of goods or services 6458486900 8467658366
Refunds of taxes received 26546457 32599323
Cash received relating to other operating activities 58111672 120575427
Total cash inflows from operating activities 6543145029 8620833116
Cash paid for purchase of goods or services 4695126967 5815275525
Cash paid to and on behalf of employees 1026148525 1220487978
Taxes paid 231840277 320331418
Cash paid relating to other operating activities 205333993 271454050
Total cash outflows from operating activities 6158449762 7627548971
Net cash flows from operating activities 384695267 993284145
II. Cash flows from investing activities：
Recover cash received from investment 1900454000 140000000
Cash received from investment income 2803053 5376333
Net cash received from the disposal of fixed assets intangible assets
510217921021307
and other long-term assets
Total cash inflows from investing activities 1908359232 166397640
Cash paid to purchase fixed assets intangible assets and other long-
5594000851492512738
term asset
Cash paid for investments 1922800000 162800000
Cash paid relating to other investing activities 91394917 26244829
Total cash outflows from investing activities 2573595002 1681557567
Net cash flows from investing activities -665235770 -1515159927
III. Cash flows from financing activities：
Cash received from borrowings 2870829776 1605003386
Cash received relating to other financing activities 458231000
Total cash inflows from financing activities 2870829776 2063234386
Cash paid to repay borrowings 2571038441 900033363
Cash paid for dividends profits or interest 132969154 139192778
Cash paid relating to other financing activities 279585532 86415538
Total cash outflows from financing activities 2983593127 1125641679
Net cash flows from financing activities -112763351 937592707
IV. Effect of exchange rate changes on cash and cash equivalents 3716565 10660765
V. Net increase in cash and cash equivalents -389587289 426377690
Plus: Beginning balance of cash and cash equivalents 3367873386 3051261655
VI. Ending balance of cash and cash equivalents 2978286097 3477639345
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
8CSG Semi-annual Financial Report for 2025
6. Cash flow statement of the parent company
Unit: RMB
Item H1 2025 H1 2024
I. Cash flows from operating activities：
Cash received from sales of goods or services 517356144 857809508
Cash received relating to other operating activities 16027905 26636779
Total cash inflows from operating activities 533384049 884446287
Cash paid for purchase of goods or services 352080435 667365408
Cash paid to and on behalf of employees 142918587 176610778
Taxes paid 11973322 8574661
Cash paid relating to other operating activities 53607115 76762407
Total cash outflows from operating activities 560579459 929313254
Net cash flows from operating activities -27195410 -44866967
II. Cash flows from investing activities：
Recover cash received from investment 1894000000 80000000
Cash received from investment income 203204280 661015979
Net cash received from the disposal of fixed assets
31680
intangible assets and other long-term assets
Total cash inflows from investing activities 2097204280 741047659
Cash paid to purchase fixed assets intangible
32028123750531
assets and other long-term asset
Cash paid for investments 1918000000 523000000
Total cash outflows from investing activities 1921202812 526750531
Net cash flows from investing activities 176001468 214297128
III. Cash flows from financing activities：
Cash received from borrowings 2042000000 643490000
Total cash inflows from financing activities 2042000000 643490000
Cash paid to repay borrowings 1334480100 423750000
Cash paid for dividends profits or interest 33697149 31497937
Cash paid relating to other financing activities 1348388507 880514582
Total cash outflows from financing activities 2716565756 1335762519
Net cash flows from financing activities -674565756 -692272519
IV. Effect of exchange rate changes on cash and
-2913012413
cash equivalents
V. Net increase in cash and cash equivalents -526050999 -522839945
Plus: Beginning balance of cash and cash
14315394211827884309
equivalents
VI. Ending balance of cash and cash equivalents 905488422 1305044364
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
9CSG Semi-annual Financial Report for 2025
7. Consolidated statement of changes in equity
H1 2025
Unit: RMB
H1 2025
Equity attributable to shareholders of the parent company
Item
Less: Other Minority
Total
Share Capital treasury comprehe Special Surplus Undistribut interests
shareholders'
capital reserve stock nsive reserves reserve ed profit
Sub-total equity
income
I. Balance at the
end of the previous 3070692107 590739414 159726269 5079628 1485514182 8224198195 13535949795 466694177 14002643972
year
II. Balance at the
beginning of the 3070692107 590739414 159726269 5079628 1485514182 8224198195 13535949795 466694177 14002643972
current period
III. Changes in the
current period
(negative amounts 178694083 -4524489 -144099 -137141517 -320504188 -10034871 -330539059
indicated with “-”)
(I) Total
comprehensive -4524489 74531505 70007016 -10034871 59972145
income
(II) Shareholders’
contributions and 178694083 -178694083 -178694083
reductions in capital
1. Contributions
from shareholders
in common stock
2. Others 178694083 -178694083 -178694083
(III) Profit
distribution -211673022 -211673022 -211673022
1. Transfer to
surplus reserves
10CSG Semi-annual Financial Report for 2025
2. Distribution to
shareholders -211673022 -211673022 -211673022
(IV) Special
reserves -144099 -144099 -144099
1. Amounts
withdrawn in the 2177153 2177153 2177153
current period
2. Amounts used in
the current period 2321252 2321252 2321252
IV. Balance at the
end of the current 3070692107 590739414 178694083 155201780 4935529 1485514182 8087056678 13215445607 456659306 13672104913
period
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang Wenxin
11CSG Semi-annual Financial Report for 2025
H1 2024
Unit: RMB
H1 2024
Equity attributable to shareholders of the parent company
Total
Item Other Minority
Capital Special Surplus Undistributed shareholders'
Share capital comprehens Sub-total interests
reserve reserves reserve profit equity
ive income
I. Balance at the end of
30706921075907394141773844711411139140406329888065497881405084021748586595214536706169
the previous year
II. Balance at the
beginning of the current 3070692107 590739414 177384471 1411139 1404063298 8806549788 14050840217 485865952 14536706169
period
III. Changes in the
current period (negative
12173891952761-34561465-31391315-11813344-43204659
amounts indicated with
“-”)
(I) Total comprehensive
1217389733111562734328951-11813344722515607
income
(II) Shareholders’
contributions and
reductions in capital
1. Contributions from
shareholders in common
stock
2. Others
(III) Profit distribution -767673027 -767673027 -767673027
1. Transfer to surplus
reserves
12CSG Semi-annual Financial Report for 2025
H1 2024
Equity attributable to shareholders of the parent company
Total
Item Other Minority
Capital Special Surplus Undistributed shareholders'
Share capital comprehens Sub-total interests
reserve reserves reserve profit equity
ive income
2. Distribution to
-767673027-767673027-767673027
shareholders
(IV) Special reserves 1952761 1952761 1952761
1. Amounts withdrawn
313907531390753139075
in the current period
2. Amounts used in the
118631411863141186314
current period
IV. Balance at the end of
30706921075907394141786018603363900140406329887719883231401944890247405260814493501510
the current period
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang Wenxin
13CSG Semi-annual Financial Report for 2025
8. Statement of changes in equity of the parent company
H1 2025
Unit: RMB
H1 2025
Item
Share capital Capital reserve Less: Treasury Surplus reserve Undistributed
Total
stock profit shareholders'equity
I. Balance at the end of the previous year 3070692107 741824399 1500059542 2988398053 8300974101
II. Balance at the beginning of the current
period 3070692107 741824399 1500059542 2988398053 8300974101
III. Changes in the current period (negative
amounts indicated with “-”) 178694083 -18246786 -196940869
(I) Total comprehensive income 193426236 193426236
(II) Shareholders’ contributions and
reductions in capital 178694083 -178694083
1. Contributions from shareholders in
common stock
2. Others 178694083 -178694083
(III) Profit distribution -211673022 -211673022
1. Transfer to surplus reserves
2. Distribution to shareholders -211673022 -211673022
(IV) Internal transfer of shareholders' equity
(V) Special reserves
(VI) Others
IV. Balance at the end of the current period 3070692107 741824399 178694083 1500059542 2970151267 8104033232
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang Wenxin
14CSG Semi-annual Financial Report for 2025
H1 2024
Unit: RMB
H1 2024
Item Undistributed Total shareholders'
Share capital Capital reserve Surplus reserve
profit equity
I. Balance at the end of the previous year 3070692107 741824399 1418608658 3023013128 8254138292
II. Balance at the beginning of the current period 3070692107 741824399 1418608658 3023013128 8254138292
III. Changes in the current period (negative amounts
-75036263-75036263
indicated with “-”)
(I) Total comprehensive income 692636764 692636764
(II) Shareholders’ contributions and reductions in
capital
(III) Profit distribution -767673027 -767673027
1. Transfer to surplus reserves
2. Distribution to shareholders -767673027 -767673027
(IV) Internal transfer of shareholders' equity
(V) Special reserves
(VI) Others
IV. Balance at the end of the current period 3070692107 741824399 1418608658 2947976865 8179102029
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang Wenxin
15CSG Semi-annual Financial Report for 2025
II. GENERAL INFORMATION
CSG Holding Co. Ltd. (the “Group”) was incorporated in September 1984 known as China South Glass Company as
a joint venture enterprise by Hong Kong China Merchants Shipping Co.LTD (香港招商局轮船股份有限公司 )
Shenzhen Building Materials Industry Corporation (深圳建筑材料工业集团公司) China North Industries Corporation
(中国北方工业深圳公司) and Guangdong International Trust and Investment Corporation (广东国际信托投资公司).The Group was registered in Shenzhen Guangdong Province of the People's Republic of China and its headquarters is
located in Shenzhen Guangdong Province of the People's Republic of China. The Group issued RMB-denominated
ordinary shares (“A-share”) and foreign shares (“B-share”) publicly in October 1991 and January 1992 respectively
and was listed on Shenzhen Stock Exchange on February 1992.The Group and its subsidiaries (collectively referred to as the “Group”) are mainly engaged in the manufacture and
sales of float glass photovoltaic glass specialized glass engineering glass energy saving glass silicon related materials
polycrystalline silicon and solar components and electronic-grade display device glass and the construction and
operation of photovoltaic plant etc.Details on the major subsidiaries included in the consolidated scope in the current period were stated in the notes to the
financial statements.III. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1. Basis of preparation of financial statements
These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and their
application guidelines interpretations and other relevant regulations issued by the Ministry of Finance (collectively:
“Accounting Standards for Business Enterprises”). In addition the Group also discloses relevant financial information
in accordance with the China Securities Regulatory Commission’s Information Disclosure and Preparation Rules for
Companies that Offer Securities to the Public No. 15 - General Provisions on Financial Reports (Revised in 2023).The Group’s accounting is based on the accrual basis. Except for certain financial instruments and investment properties
these financial statements are measured on a historical cost basis. If an asset is impaired corresponding impairment
provisions will be made in accordance with relevant regulations.
2. Going concern
The present financial report has been prepared on the basis of going concern assumptions.IV. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
The depreciation of fixed assets amortization of intangible assets capitalization conditions for R&D expenses and
revenue recognition policies based on its own production and operation characteristics. For specific accounting policies
please refer to Note.
1. Statement of compliance with the Accounting Standards for Business Enterprises
This financial statement complies with the requirements of the Accounting Standards for Business Enterprises and truly
and completely reflects the Group’s consolidated and company financial status as of 30 June 2025 as well as the
consolidated and company operating results consolidated and company cash flows and other relevant information from
January to June 2025.
2. Accounting period
The Group adopts the Gregorian calendar year that is from 1 January to 31 December each year.
16CSG Semi-annual Financial Report for 2025
3. Operating cycle
The Group’s operating cycle is 12 months.
4. Recording currency
The Group and its domestic subsidiaries use RMB as their functional currency for accounting. The Group’s overseas
subsidiaries determine their recording currency based on the currency of the main economic environment in which they
operate. The currency used by the Group in preparing these financial statements is RMB.
5. Materiality criteria determination method and selection basis
□Applicable □Not applicable
Item Materiality criterion
Significant single provision for The amount of individual accounts receivable provision accounts for over 5% of
bad debts in accounts receivable the combined accounts receivable balance
Significant single provision for The amount of individual other receivables provision accounts for over 10% of
bad debts in other receivables the combined other receivables balance
The impact on the company’s current profit and loss accounts for over 5% of the
Significant write-off of accounts
net profit absolute value for the most recent audited fiscal year and exceeds 1
receivable/other receivables
million yuan in absolute amount
Significant construction in The budgeted investment amount accounts for over 5% of the recent audited
progress attributable equity to the parent company
Significant non-wholly owned
The subsidiary’s total assets account for over 5% of the consolidated total assets
subsidiaries
6. Accounting treatment of business combinations under the common control and under non- common
control
(1) Business combinations involving enterprises under common control
For business mergers under common control the assets and liabilities of the merged party acquired by the merging
party during the merger shall be measured based on the book value of the merged party in the consolidated financial
statements of the ultimate controlling party on the merger date. The difference between the book value of the merger
consideration (or the total face value of the shares issued) and the book value of the net assets obtained in the merger is
adjusted to the capital reserve (share premium). If the capital reserve (share premium) is insufficient to offset it the
retained earnings are adjusted.The merger of enterprises under the same control is realized step by step through multiple transactions.The assets and liabilities of the merged party acquired by the merging party in the merger shall be measured based on
the book value in the consolidated financial statements of the ultimate controlling party on the date of merger; the book
value of the investments held before the merger plus the book value of the newly paid consideration on the date of
merger The difference between the sum and the book value of the net assets obtained in the merger shall be adjusted to
the capital reserve (equity premium) . If the capital reserve is insufficient for offset the retained earnings shall be
adjusted. The long-term equity investment held by the merging party before it obtained control of the merged party has
been confirmed to be relevant between the date of acquiring the original equity and the date when the merging party and
the merged party are under the final control of the same party whichever is later to the date of merger. Changes in
profits and losses other comprehensive income and other owners’ equity should be offset against the opening retained
earnings or current profits and losses during the comparative statement period respectively.
17CSG Semi-annual Financial Report for 2025
(2) Business combination not under common control
For business combinations not under common control the combination cost shall be the assets paid liabilities incurred
or assumed and the fair value of equity securities issued to obtain control of the purchased party on the acquisition date.On the purchase date the acquired assets liabilities and contingent liabilities of the purchased party are recognized at
fair value.If the merger cost is greater than the fair value share of the acquiree’s identifiable net assets obtained in the merger. The
difference is recognized as goodwill and is subsequently measured at cost less accumulated impairment reserves; if the
merger cost is less than the acquiree’s identifiable net assets acquired in the merger the difference is recognized as
goodwill. The difference between the fair value of the net assets will be included in the current profit and loss after
review.The merger of enterprises not under common control is realized step by step through multiple transactions.The merger cost is the sum of the consideration paid on the purchase date and the fair value of the purchased party’s
equity held before the purchase date on the purchase date. For the equity of the purchased party that has been held
before the purchase date it will be remeasured according to the fair value of the equity on the purchase date and the
difference between the fair value and its book value will be included in the investment income of the current period;
The purchaser’s equity held before the purchase date involves other comprehensive income changes in other owners’
equity are converted into current income on the purchase date other comprehensive income arising from the investee’s
remeasurement of the net liabilities or changes in net assets of the defined benefit plan and other comprehensive
income originally designated as fair value Except for other comprehensive income related to investments in non-trading
equity instruments that are measured and whose changes are included in other comprehensive income.
(3) Handling of Transaction Costs in Business Combinations
Intermediary fees such as auditing legal services evaluation and consulting and other related management fees
incurred for business mergers are included in the current profit and loss when incurred. The transaction costs of equity
securities or debt securities issued as consideration for the merger shall be included in the initial recognition amount of
the equity securities or debt securities.
7. Judgment standards for control and methods for preparing consolidated financial statements
(1) Control criteria
The scope of consolidation in consolidated financial statements is determined based on control. Control means that the
Group has power over the invested unit enjoys variable returns by participating in the relevant activities of the invested
unit and has the ability to use its power over the invested unit to affect its return amount. The Group will reassess when
changes in relevant facts and circumstances lead to changes in the relevant elements involved in the definition of
control.When judging whether to include structured entities into the scope of consolidation the Group comprehensively
considers all facts and circumstances including assessing the purpose and design of the structured entities identifying
the types of variable returns and whether it bears part or all of the returns by participating in its related activities.Evaluate whether the structured entity is controlled based on variability etc.
(2) How to prepare consolidated financial statements
The consolidated financial statements are based on the financial statements of the Group and its subsidiaries and are
prepared by the Group based on other relevant information. When preparing consolidated financial statements the
accounting policies and accounting period requirements of the Group and its subsidiaries are consistent and significant
inter-company transactions and balances are offset.Subsidiaries and businesses that are added due to business combinations under the same control during the reporting
18CSG Semi-annual Financial Report for 2025
period are deemed to be included in the scope of consolidation of the Group from the date they are both controlled by
the ultimate controlling party. The operating results and cash flows from the date of the announcement are included in
the consolidated income statement and consolidated cash flow statement respectively.For subsidiaries and businesses that are added due to business combinations not under common control during the
reporting period the income expenses and profits of the subsidiaries and businesses from the date of acquisition to the
end of the reporting period are included in the consolidated income statement and their cash flows are included in the
consolidated cash flow statement.The part of the subsidiary’s shareholders’ equity that is not owned by the Group is listed separately as minority
shareholders’ equity in the consolidated balance sheet under shareholders’ equity; the share of the subsidiary’s current
net profit and loss that is minority shareholders’ equity is listed in the consolidated income statement. The net profit
item is listed under the item “Profits and losses of minority shareholders”. If the losses of a subsidiary shared by
minority shareholders exceed the minority shareholders’ share of the opening owner’s equity of the subsidiary the
balance will still offset the minority shareholders’ equity.
(3) Purchase of minority shareholders’ equity in subsidiaries
The difference between the newly acquired long-term equity investment cost due to the purchase of minority shares and
the share of the subsidiary’s net assets calculated continuously from the date of purchase or merger based on the new
shareholding ratio and without losing control The difference between the disposal price obtained from the partial
disposal of the equity investment in the subsidiary and the corresponding share of the subsidiary’s net assets calculated
continuously from the date of purchase or merger date corresponding to the disposal of the long-term equity investment
shall be adjusted in the consolidated balance sheet. Capital reserve (equity premium/capital premium) if the capital
reserve is insufficient to offset the retained earnings will be adjusted.
(4) Treatment of loss of control of subsidiaries
If the control over the original subsidiary is lost due to the disposal of part of the equity investment or other reasons the
remaining equity shall be remeasured according to its fair value on the date of loss of control; the sum of the
consideration obtained from the disposal of the equity and the fair value of the remaining equity shall be less Calculated
based on the original shareholding ratio the sum of the share of the book value of the net assets and goodwill of the
original subsidiary calculated continuously from the date of purchase shall be included in the investment income in the
current period when control is lost.Other comprehensive income related to the equity investment of the original subsidiary should be accounted for on the
same basis as the original subsidiary’s direct disposal of relevant assets or liabilities when the control is lost. Any
income related to the original subsidiary that involves accounting under the equity method other changes in owners’
equity should be transferred to the current profits and losses when control is lost.
8. Determination criteria for cash and cash equivalents
Cash refers to cash on hand and deposits that can be used for payment at any time. Cash equivalents refer to
investments held by the Group that are short-term highly liquid easily convertible into known amounts of cash and
have little risk of value changes.
9. Foreign currency business and foreign currency statement conversion
(1) Foreign currency business
The Group’s foreign currency business is converted into the recording currency amount based on the spot exchange rate
on the date of the transaction.On the balance sheet date foreign currency monetary items are converted using the spot exchange rate on the balance
sheet date. The exchange difference arising from the difference between the spot exchange rate on the balance sheet
19CSG Semi-annual Financial Report for 2025
date and the spot exchange rate at the time of initial recognition or the previous balance sheet date is included in the
current profit and loss; for foreign currency non-monetary items measured at historical cost the spot exchange rate on
the date of the transaction is still used The foreign currency non-monetary items measured at fair value shall be
converted at the spot exchange rate on the date when the fair value is determined. The difference between the converted
accounting functional currency amount and the original accounting functional currency amount shall be converted
according to the non-monetary accounting currency amount. The nature of monetary items is included in current profits
and losses or other comprehensive income.
(2) Translation of foreign currency financial statements
On the balance sheet date when converting the foreign currency financial statements of overseas subsidiaries the asset
and liability items in the balance sheet are translated using the spot exchange rate on the balance sheet date. Except for
“undistributed profits” shareholders’ equity items include other items. Converted using the spot exchange rate on the
date of occurrence.Income and expense items in the income statement are translated using the spot exchange rate on the date of transaction.All items in the cash flow statement are translated according to the spot exchange rate on the date when the cash flowoccurs. The impact of exchange rate changes on cash is regarded as an adjustment item and is reflected in the “Impactof exchange rate changes on cash and cash equivalents” separately in the cash flow statement.Differences arising from the translation of financial statements are reflected in the “other comprehensive income” item
under the shareholders’ equity item in the balance sheet.When an overseas operation is disposed of and control is lost the translation difference of the foreign currency
statements listed under the shareholders’ equity item in the balance sheet and related to the overseas operation shall be
transferred to the current profit and loss of the disposal in full or in proportion to the disposal of the overseas operation.
10. Financial instruments
A financial instrument is a contract that forms a financial asset of one party and a financial liability or equity instrument
of another party.
(1) Recognition and derecognition of financial instruments
The Group recognizes a financial asset or financial liability when it becomes a party to a financial instrument contract.Financial assets shall be derecognized if they meet one of the following conditions:
* The contractual right to receive cash flows from the financial asset terminates;
* The financial asset has been transferred and meets the following conditions for derecognition of financial asset
transfer.If the current obligation of a financial liability has been discharged in whole or in part the financial liability or part of it
shall be derecognised. If the Group (debtor) signs an agreement with its creditors to replace existing financial liabilities
by assuming new financial liabilities and the contract terms of the new financial liabilities are substantially different
from the existing financial liabilities the existing financial liabilities will be derecognized and the new financial
liabilities will be recognized at the same time.When financial assets are bought and sold in a regular manner accounting recognition and derecognition will be carried
out based on the transaction date.
(2) Classification and measurement of financial assets
20CSG Semi-annual Financial Report for 2025
Upon initial recognition the Group classifies financial assets into the following three categories based on the business
model of managing financial assets and the contractual cash flow characteristics of financial assets: financial assets
measured at amortized cost financial assets measured at fair value through other comprehensive income and financial
assets measured at fair value through profits and losses.Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value through
profit and loss the relevant transaction costs are directly included in the current profit and loss; for other types of
financial assets the relevant transaction costs are included in the initial recognition amount. For receivables arising
from the sale of products or provision of services that do not include or take into account significant financing
components the amount of consideration that the Group is expected to be entitled to receive shall be deemed as the
initial recognition amount.Financial assets measured at amortized cost
The Group classifies financial assets that meet the following conditions and are not designated as measured at fair value
through profit or loss as financial assets measured at amortized cost:
* The Group’s business model for managing this financial asset is aimed at collecting contractual cash flows;
* The contractual terms of the financial asset provide that the cash flows generated on a specific date are solely
payments of principal and interest based on the outstanding principal amount.After initial recognition such financial assets are measured at amortized cost using the effective interest rate method.Gains or losses arising from financial assets that are measured at amortized cost and are not part of any hedging
relationship are included in the current profit and loss when they are derecognized amortized according to the effective
interest method or impairment is recognized.Financial assets measured at fair value through other comprehensive income
The Group classifies financial assets that meet the following conditions and are not designated as measured at fair value
through profit or loss as financial assets at fair value through other comprehensive income:
* The Group’s business model for managing the financial assets aims at both collecting contractual cash flows and
selling the financial assets;
* The contractual terms of the financial asset provide that the cash flows generated on a specific date are solely
payments of principal and interest based on the outstanding principal amount.After initial recognition such financial assets are subsequently measured at fair value. Interest impairment losses or
gains and exchange gains and losses calculated using the effective interest rate method are included in the current profit
and loss and other gains or losses are included in other comprehensive income. When derecognition is terminated the
accumulated gains or losses previously included in other comprehensive income will be transferred out of other
comprehensive income and included in the current profit and loss.Financial assets measured at fair value through profits and losses
Except for the above-mentioned financial assets measured at amortized cost and at fair value through other
comprehensive income the Group classifies all remaining financial assets as financial assets at fair value through profit
or loss. At the time of initial recognition in order to eliminate or significantly reduce accounting mismatches the Group
irrevocably designated some financial assets that should have been measured at amortized cost or at fair value through
other comprehensive income as financial assets measured through profits and losses.After initial recognition such financial assets are subsequently measured at fair value and the resulting gains or losses
(including interest and dividend income) are included in the current profits and losses unless the financial assets are
part of a hedging relationship.
21CSG Semi-annual Financial Report for 2025
The business model for managing financial assets refers to how the Group manages financial assets to generate cash
flow. The business model determines whether the source of cash flow from the financial assets managed by the Group
is collection of contractual cash flow sale of financial assets or both. The Group determines the business model for
managing financial assets based on objective facts and specific business objectives for managing financial assets
determined by key management personnel.The Group evaluates the contractual cash flow characteristics of financial assets to determine whether the contractual
cash flows generated by the relevant financial assets on a specific date are only payments of principal and interest based
on the outstanding principal amount. Among them principal refers to the fair value of the financial asset at the time of
initial recognition; interest includes consideration for the time value of money the credit risk associated with the
outstanding principal amount in a specific period and other basic lending risks costs and profits. In addition the Group
evaluates contract terms that may cause changes in the time distribution or amount of contractual cash flows of financial
assets to determine whether they meet the requirements of the above contractual cash flow characteristics.Only when the Group changes its business model for managing financial assets all affected relevant financial assets
will be reclassified on the first day of the first reporting period after the change in business model. Otherwise financial
assets shall not be reclassified after initial recognition.Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value through
profit and loss the relevant transaction costs are directly included in the current profit and loss; for other types of
financial assets the relevant transaction costs are included in the initial recognition amount. For accounts receivable
arising from the sale of products or provision of services that do not include or take into account significant financing
components the amount of consideration that the Group is expected to be entitled to receive shall be deemed as the
initial recognition amount.
(3) Classification and measurement of financial liabilities
The Group’s financial liabilities are classified upon initial recognition into: financial liabilities measured at fair value
through profit or loss and financial liabilities measured at amortized cost. For financial liabilities that are not classified
as measured at fair value through profit and loss relevant transaction costs are included in their initial recognition
amount.Financial liabilities measured at fair value through profit or loss
Financial liabilities at fair value through profit or loss include trading financial liabilities and financial liabilities
designated as fair value through profit or loss upon initial recognition. Such financial liabilities are subsequently
measured at fair value and gains or losses arising from changes in fair value as well as dividends and interest expenses
related to such financial liabilities are included in the current profits and losses.Financial liabilities measured at amortized cost
Other financial liabilities adopt the actual interest rate method and are subsequently measured at amortized cost. Gains
or losses arising from derecognition or amortization are included in the current profits and losses.The difference between financial liabilities and equity instruments
Financial liabilities refer to liabilities that meet one of the following conditions:
* Contractual obligation to deliver cash or other financial assets to other parties.* Contractual obligations to exchange financial assets or financial liabilities with other parties under potentially
adverse conditions.* Non-derivative contracts that must or can be settled with the enterprise’s own equity instruments in the future and
the enterprise will deliver a variable number of its own equity instruments according to the contract.
22CSG Semi-annual Financial Report for 2025
* Derivative contracts that must or can be settled with the enterprise’s own equity instruments in the future except for
derivative contracts that exchange a fixed number of its own equity instruments for a fixed amount of cash or other
financial assets.Equity instruments refer to contracts that prove ownership of the remaining equity in the assets of an enterprise after
deducting all liabilities.If the Group cannot unconditionally avoid delivering cash or other financial assets to fulfil a contractual obligation the
contractual obligation meets the definition of a financial liability.If a financial instrument must be settled or can be settled with the Group’s own equity instruments it is necessary to
consider whether the Group’s own equity instruments used to settle the instrument are used as a substitute for cash or
other financial assets or to enable the holders of the instrument to hold the remaining interest in the issuer’s assets after
deducting all liabilities. If it is the former the instrument is a financial liability of the Group; if it is the latter the
instrument is an equity instrument of the Group.
(4) Fair value of financial instruments
Fair value is the price that a market participant would pay to sell an asset or transfer a liability in an orderly transaction
that occurred on the measurement date.The Group measures related assets or liabilities at fair value assuming that the orderly transaction to sell assets or
transfer liabilities is carried out in the principal market for related assets or liabilities. If no principal market exists the
Group assumes that the transaction is carried out in the most advantageous market for related assets or liabilities. The
principal market (or the most advantageous market) is the transaction market which the Group can enter on the
measurement date. The Group adopts the assumptions used by market participants to maximize their economic benefits
when pricing the assets or liabilities.For financial assets or liabilities with an active market the Group adopts the quoted price in the active market to
determine its fair value. For a financial instrument without an active market the Group adopts valuation techniques to
determine its fair value.When measuring non-financial assets at fair value the Company considers the ability of market participants to use the
assets for the best use to generate economic benefits or to sell the assets to other market participants who can use the
assets for the best use to generate economic benefits.The Group adopts valuation techniques that are applicable to the current situation and with sufficient data available and
other information support and gives priority to the use of the related observable input value. It uses unobservable input
values only if the input value cannot be observed or is not feasible.The assets and liabilities measured or disclosed at fair value in the financial statements are in line with the lowest level
of the input values that is important to fair value measurement as a whole to determine the level of fair value. The first
level of the input values means an unadjusted quoted price in an active market for the same assets and liabilities
available on the measurement date. The second level of the input values are the directly or indirectly observable input
values of related assets and liabilities except for the first level of the input values. The third level of the input values are
the unobservable input values of related assets and liabilities.On each balance sheet date the Group re-assesses the assets and liabilities that are continuously measured at fair value
in the financial statements so as to determine whether the conversion occurs at different levels of the fair value
measurement.
(5) Impairment of financial assets
Based on expected credit losses the Group performs impairment accounting on the following items and recognizes loss
provisions:
23CSG Semi-annual Financial Report for 2025
* Financial assets measured at amortized cost;
* Receivables and debt investments measured at fair value through other comprehensive income;
* Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
* Lease receivables;
* Financial guarantee contracts (except those that are measured at fair value and whose changes are included in
current profits and losses the transfer of financial assets does not meet the conditions for derecognition or the
financial assets continue to be involved in the transferred financial assets).Measurement of expected credit losses
Expected credit losses refer to the weighted average of the credit losses of financial instruments with the risk of default
as the weight. Credit loss refers to the difference between all contractual cash flows receivable under the contract and
all cash flows expected to be received by the Group discounted at the original effective interest rate that is the present
value of all cash shortfalls.The Group considers reasonable and well-founded information about past events current conditions and predictions of
future economic conditions and weights the risk of default to calculate the difference between the cash flows receivable
under the contract and the cash flows expected to be received. The probability-weighted amount of the present value is
recognized as the expected credit loss.The Group measures the expected credit losses of financial instruments at different stages respectively. If the credit risk
of a financial instrument has not increased significantly since initial recognition it is in the first stage and the Group
will measure loss provisions based on the expected credit losses in the next 12 months; if the credit risk of a financial
instrument has increased significantly since initial recognition but has not yet occurred If the financial instrument is
credit-impaired it is in the second stage and the Group measures the loss provision based on the expected credit losses
for the entire duration of the instrument; if the financial instrument has been credit-impaired since initial recognition it
is in the third stage and the Group measures the expected credit losses for the entire duration of the instrument. The
expected credit losses during the duration are measured as loss provisions.For financial instruments with low credit risk on the balance sheet date the Group assumes that its credit risk has not
increased significantly since initial recognition and measures loss provisions based on expected credit losses within the
next 12 months.Lifetime expected credit losses refer to the expected credit losses caused by all possible default events that may occur
during the entire expected life of a financial instrument. Expected credit losses in the next 12 months refer to the default
events of financial instruments that may occur within 12 months after the balance sheet date (if the expected duration of
the financial instrument is less than 12 months the expected duration) Expected credit losses are part of the expected
credit losses throughout the entire duration.When measuring expected credit losses the maximum period that the Group needs to consider is the longest contract
period for which the enterprise faces credit risk (including consideration of renewal options).For financial instruments in the first and second stages and with lower credit risk the Group calculates interest income
based on its Carrying Amount before impairment provisions and actual interest rate. For financial instruments in the
third stage interest income is calculated based on its Carrying Amount minus the amortized cost and actual interest rate
after impairment provisions have been made.For receivables such as notes receivable accounts receivable receivable financing other receivables and contract
assets if the credit risk characteristics of a certain customer are significantly different from other customers in the
portfolio or the credit risk of the customer If the characteristics of the receivables change significantly the Group shall
make a separate provision for bad debts for the receivables. In addition to the receivables for which bad debt provisions
are made individually the Group divides the receivables into groups based on credit risk characteristics and calculates
24CSG Semi-annual Financial Report for 2025
bad debt provisions on a group basis.Notes receivable accounts receivable and contract assets
For notes receivable and accounts receivable regardless of whether there is a significant financing component the
Group always measures its loss provisions at an amount equivalent to the expected credit losses during the entire
duration.When the information on expected credit losses cannot be assessed at a reasonable cost for a single financial asset the
Group divides notes receivable and accounts receivable into groups based on credit risk characteristics and calculates
expected credit losses on the basis of the groups. The basis for determining the group is as follows:
A. Notes receivable
* Notes Receivable Portfolio 1: Bank Acceptance Bill
* Notes Receivable Portfolio 2: Commercial Acceptance Bill
B. Accounts receivable
* Accounts receivable portfolio 1: Non-related party customers
* Accounts Receivable Portfolio 2: Related Party Customers
For notes receivable and contract assets divided into portfolios the Group refers to historical credit loss experience
combined with current conditions and predictions of future economic conditions and calculates expected credit losses
through default risk exposure and the expected credit loss rate throughout the duration.For accounts receivable divided into portfolios the Group refers to historical credit loss experience combined with
current conditions and predictions of future economic conditions to prepare a comparison table between the
aging/overdue days of accounts receivable and the expected credit loss rate for the entire duration. Calculate expected
credit losses. The aging of accounts receivable is calculated from the date of confirmation/the number of overdue days
is calculated from the date of expiration of the credit period.Other receivables
The Group divides other receivables into several combinations based on credit risk characteristics and calculates
expected credit losses on the basis of the combinations. The basis for determining the combinations is as follows:
* Other receivables portfolio 1: Amounts due from non-related parties
* Other receivables portfolio 2: Amounts due from related parties
For other receivables classified into portfolios the Group calculates expected credit losses through the default risk
exposure and the expected credit loss rate within the next 12 months or throughout the duration. For other receivables
grouped by aging the aging is calculated from the date of confirmation.Debt investment other debt investment
For debt investments and other debt investments the Group calculates expected credit based on the nature of the
investment and various types of counterparties and risk exposures through default risk exposure and expected credit loss
rate within the next 12 months or throughout the duration.
25CSG Semi-annual Financial Report for 2025
Assessment of significant increase in credit risk
The Group compares the risk of default of a financial instrument on the balance sheet date with the risk of default on the
initial recognition date to determine the relative change in the default risk of the financial instrument during its expected
duration to assess whether the credit risk of the financial instrument has increased significantly since its initial
recognition.When determining whether the credit risk has increased significantly since initial recognition the Group considers
reasonable and supportable information including forward-looking information that can be obtained without
unnecessary additional cost or effort. Information considered by the Group includes:
* The debtor fails to pay the principal and interest on the due date of the contract;
* An actual or expected significant deterioration in the external or internal credit rating (if any) of the financial
instrument;
* The actual or expected serious deterioration in the debtor’s operating results;
* Existing or expected changes in the technological market economic or legal environment will have a significant
adverse impact on the debtor’s ability to repay the Group’s debt.Depending on the nature of the financial instrument the Group assesses whether there is a significant increase in credit
risk on the basis of a single financial instrument or a combination of financial instruments. When evaluating based on a
portfolio of financial instruments the Group can classify financial instruments based on common credit risk
characteristics such as overdue information and credit risk ratings.If it is overdue for more than 30 days the Group determines that the credit risk of the financial instrument has increased
significantly.The Group believes that financial assets default in the following circumstances:
* It is unlikely that the borrower will pay in full what it owes the Group an assessment that does not take into
account recourse actions by the Group such as the realization of collateral (if held);
* Financial assets are overdue for more than 90 days.Credit-impaired financial assets
The Group assesses whether credit impairment has occurred on financial assets measured at amortized cost and debt
investments measured at fair value through other comprehensive income on the balance sheet date. When one or more
events occur that have an adverse impact on the expected future cash flows of a financial asset the financial asset
becomes a credit-impaired financial asset. Evidence that a financial asset has been credit-impaired includes the
following observable information:
* The issuer or debtor encounters significant financial difficulties;
* The debtor breaches the contract such as default or overdue payment of interest or principal;
* The Group grants the debtor concessions that it would not have made under any other circumstances due to
economic or contractual considerations related to the debtor’s financial difficulties;
* the likelihood that the debtor will go bankrupt or undergo other financial reorganization;
* Financial difficulties of the issuer or debtor result in the disappearance of an active market for the financial asset.
26CSG Semi-annual Financial Report for 2025
Presentation of expected credit loss provisions
In order to reflect changes in the credit risk of financial instruments since initial recognition the Group re-measures
expected credit losses on each balance sheet date and the resulting increase or reversal of loss provisions shall be
accounted for as impairment losses or gains into current profit and loss. For financial assets measured at amortized cost
the loss provision is reduced by the book value of the financial assets listed in the balance sheet; for debt investments
measured at fair value through other comprehensive income the Group’s other comprehensive income. The loss
provision is recognized in income and does not deduct the book value of the financial asset.Write off
If the Group no longer reasonably expects that the contractual cash flows of a financial asset can be fully or partially
recovered it will directly write down the Carrying Amount of the financial asset. Such a write-down constitutes the
derecognition of the relevant financial asset. This situation usually occurs when the Group determines that the debtor
does not have the assets or sources of income to generate sufficient cash flow to repay the amount that will be written
down. However in accordance with the Group’s procedures for recovering due amounts financial assets that are
written down may still be affected by execution activities.If a financial asset that has been written down is later recovered the reversal of the impairment loss will be included in
the profit and loss of the current period of recovery.
(6) Financial asset transfer
The transfer of financial assets refers to the transfer or delivery of financial assets to another party (the transfer-in party)
other than the issuer of the financial assets.If the Group has transferred substantially all risks and rewards of ownership of a financial asset to the transferee the
financial asset shall be derecognised; if the Group has retained substantially all risks and rewards of ownership of the
financial asset the financial asset shall not be derecognised.If the Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset it shall
handle the following situations respectively: if it gives up control of the financial asset the financial asset shall be
derecognised and the assets and liabilities incurred shall be recognized; if it has not given up control of the financial
asset If the financial asset is controlled the relevant financial assets shall be recognized to the extent of its continued
involvement in the transferred financial assets and the relevant liabilities shall be recognized accordingly.
(7) Offset of financial assets and financial liabilities
When the Group has the legal right to offset the recognized financial assets and financial liabilities and is currently able
to enforce such legal rights and the Group plans to settle on a net basis or to realize the financial assets and pay off the
financial liabilities at the same time the financial assets and financial liabilities will be presented in the balance sheet at
the amount after offsetting each other. Otherwise financial assets and financial liabilities are presented separately in the
balance sheet and are not offset against each other.
11. Inventories
(1) Inventory classification
The Group’s inventories are divided into raw materials work in progress inventory goods and turnover materials.
(2) Valuation method for issued inventory
The Group’s inventories are valued at actual cost when acquired. Raw materials inventory etc. are priced using the
weighted average method when shipped.
27CSG Semi-annual Financial Report for 2025
(3) Methods of accrual and provision for inventories
On the balance sheet date inventories are measured at the lower of cost and net realizable value. When the net
realizable value is lower than the cost a provision for inventory depreciation is made.Net realizable value is the estimated selling price of the inventory minus the estimated costs to be incurred upon
completion estimated selling expenses and related taxes. When determining the net realizable value of inventories it is
based on the conclusive evidence obtained and the purpose of holding the inventories and the impact of events after the
balance sheet date are also considered.The Group usually accrues inventory depreciation provisions based on individual inventory items. For inventories with
large quantities and low unit prices inventory depreciation provisions are made according to the inventory category.On the balance sheet date if the factors that previously caused the inventory value to be written down have disappeared
the inventory depreciation provision shall be reversed within the amount originally accrued.
(4) Inventory system
The Group adopts the perpetual inventory system.
12. Long-term investment
Long-term equity investments include equity investments in subsidiaries joint ventures and associates. The associates
of the Group are those that the Group can exert significant influence on the invested units.
(1) Initial measurement of investment cost
Long-term equity investments resulting from business combinations: For long-term equity investments obtained from
business combinations under common control the share of the book value of the owner’s equity of the merged party in
the consolidated financial statements of the ultimate controlling party will be used as the investment cost on the date of
merger ; not under the same control For long-term equity investments obtained through a business merger the
investment cost of the long-term equity investment shall be based on the merger cost.For long-term equity investments obtained by other means: for long-term equity investments obtained by paying cash
the actual purchase price paid will be used as the initial investment cost; for long-term equity investments obtained by
issuing equity securities the fair value of the equity securities issued will be used as the initial investment cost.
(2) Subsequent measurement and profit and loss recognition methods
Investments in subsidiaries are accounted for using the cost method unless the investment qualifies as held for sale;
investments in associates and joint ventures are accounted for using the equity method.For long-term equity investments accounted for using the cost method in addition to the actual price paid when
acquiring the investment or the cash dividends or profits that have been declared but not yet distributed included in the
consideration the cash dividends or profits declared to be distributed by the investee shall be recognized as investment
income for current profit and loss.For long-term equity investments accounted for using the equity method if the initial investment cost is greater than the
fair value share of the investee’s identifiable net assets that should be enjoyed at the time of investment the investment
cost of the long-term equity investment will not be adjusted; if the initial investment cost is less than the investment the
investee’s share of the identifiable net assets should be enjoyed If the fair value share of net assets is identified the
book value of the long-term equity investment will be adjusted and the difference will be included in the current profit
and loss of the investment.When accounting using the equity method investment income and other comprehensive income are recognized
respectively according to the share of the net profit or loss and other comprehensive income realized by the investee that
28CSG Semi-annual Financial Report for 2025
should be enjoyed or shared and the book value of the long-term equity investment is adjusted at the same time; in
accordance with the declaration of the investee The portion of the distributed profits or cash dividends that should be
calculated will reduce the book value of the long-term equity investment accordingly; for other changes in the owner’s
equity of the investee other than net profit and loss other comprehensive income and profit distribution the book value
of the long-term equity investment will be adjusted and Included in capital reserves (other capital reserves). When
confirming the share of the investee’s net profits and losses the fair value of the investee’s identifiable assets when the
investment is obtained is used as the basis and in accordance with the Group’s accounting policies and accounting
periods the net profit of the investee is determined. Make adjustments and confirm.If it is possible to exert significant influence on the investee or implement joint control but does not constitute control
due to additional investment or other reasons on the conversion date the sum of the fair value of the original equity
plus the cost of the new investment will be used as the initial investment cost to be accounted for by the equity method.If the original equity is classified as a non-trading equity instrument investment measured at fair value and its changes
are included in other comprehensive income the related cumulative fair value changes originally included in other
comprehensive income will be transferred to retained earnings when it is accounted for under the equity method.If the joint control or significant influence on the invested unit is lost due to the disposal of part of the equity investment
or other reasons the remaining equity after the disposal shall be changed to the Accounting Standards for Business
Enterprises No. 22 - Financial Instrument Recognition and Significant Influence on the date of loss of joint control or
significant influence. Measurement is used for accounting treatment and the difference between the fair value and the
book value is included in the current profit and loss. Other comprehensive income recognized due to the use of the
equity method for accounting in the original equity investment will be accounted for on the same basis as the investee’s
direct disposal of relevant assets or liabilities when the equity method is terminated; other changes in owner’s equity
related to the original equity investment Transferred to current profit and loss.If the control over the invested unit is lost due to the disposal of part of the equity investment or other reasons and the
remaining equity after the disposal can jointly control or exert significant influence on the invested unit it shall be
accounted for according to the equity method and the remaining equity shall be regarded as owned. Adjustments will
be made using the equity method upon acquisition; if the remaining equity after disposal cannot jointly control or exert
significant influence on the invested unit the relevant provisions of Accounting Standards for Business Enterprises No.
22 - Recognition and Measurement of Financial Instruments will be followed. Accounting treatment the difference
between its fair value and book value on the date of loss of control is included in the current profit and loss.If the Group’s shareholding ratio decreases due to capital increase by other investors thereby losing control but it can
exercise joint control or exert significant influence on the invested unit the Group’s share of the invested unit due to the
capital increase shall be confirmed based on the new shareholding ratio. The difference between the share of net assets
increased due to share expansion and the original book value of the long-term equity investment corresponding to the
decrease in shareholding ratio that should be carried forward is included in the current profit and loss; then the new
shareholding ratio is deemed to have been calculated since the investment was obtained. That is adjustments are made
using the equity method of accounting.Unrealized gains and losses from internal transactions between the Group and its associates and joint ventures are
calculated based on the shareholding ratio and are attributable to the Group and investment gains and losses are
recognized on an offsetting basis. However if the unrealized internal transaction losses between the Group and the
investee are impairment losses on the transferred assets they will not be offset.
(3) Basis for determining joint control and significant influence on the invested unit
Joint control refers to the shared control over an arrangement in accordance with relevant agreements and the relevant
activities of the arrangement must be decided only with the unanimous consent of the participants sharing control rights.When judging whether there is joint control first judge whether the arrangement is collectively controlled by all
participants or a combination of participants and secondly whether decisions on activities related to the arrangement
must be unanimously agreed upon by the participants who collectively control the arrangement. If all participants or a
group of participants must act in concert to determine the relevant activities of an arrangement all participants or a
group of participants are considered to collectively control the arrangement; if there are two or more combinations of
participants that can collectively Control of an arrangement does not constitute joint control. When determining whether
joint control exists the protective rights enjoyed are not taken into account.
29CSG Semi-annual Financial Report for 2025
Significant influence means that the investor has the power to participate in decision-making on the financial and
operating policies of the investee but it is not able to control or jointly control the formulation of these policies with
other parties. When determining whether it can exert a significant influence on the investee it is considered that the
investor’s direct or indirect holdings of voting shares in the investee and the current executable potential voting rights
held by the investor and other parties are assumed to be converted into control over the investee. The impact arising
from the acquisition of equity includes the impact of current convertible warrants share options and convertible
corporate bonds issued by the investee.When the Group directly or indirectly through subsidiaries owns more than 20% (inclusive) but less than 50% of the
voting shares of the invested unit it is generally considered to have a significant influence on the invested unit unless
there is clear evidence that this situation It is unable to participate in the production and operation decisions of the
invested unit and does not have a significant impact; when the Group owns less than 20% (exclusive) of the voting
shares of the invested unit it is generally not considered to have a significant impact on the invested unit unless there is
clear evidence that this Under such circumstances we can participate in the production and operation decisions of the
invested unit and have a significant influence.
(4) Impairment testing method and impairment provision accrual method
For investments in subsidiaries associates and joint ventures please refer to Note for the method of calculating asset
impairment.
13. Investment properties
Investment properties are properties held to earn rentals or for capital appreciation or both. The Group’s investment
properties include leased land use rights land use rights held and prepared to be transferred after appreciation and
leased buildings.There is an active real estate trading market in the location where the Group’s investment properties are located and
the Group is able to obtain market prices and other relevant information of similar or similar real estate from the real
estate trading market so that it can make a reasonable estimate of the fair value of the investment real estate. Therefore
the Group adopts the fair value model for subsequent measurement of investment real estate and changes in fair value
through profit and loss.When determining the fair value of investment properties refer to the current market price of the same or similar real
estate in the active market; if the current market price of the same or similar real estate cannot be obtained refer to the
latest transaction price of the same or similar real estate in the active market and Consider the transaction situation
transaction date location and other factors to make a reasonable estimate of the fair value of the investment property; or
determine its fair value based on the expected future rental income and the present value of the relevant cash flows.In rare cases if there is evidence that the Group acquires an investment property that is not under construction for the
first time (or an existing property becomes an investment property for the first time after completing construction or
development activities or changing its use) the Group will If the fair value of investment real estate cannot be obtained
continuously and reliably the investment real estate will be measured using the cost model until disposal and it is
assumed that there is no residual value.The difference between the disposal income from the sale transfer scrapping or damage of investment properties after
deducting its book value and relevant taxes is included in the current profit and loss.
14. Fixed assets
(1) Fixed asset recognition conditions
The Group’s fixed assets refer to tangible assets held for the production of goods provision of labour services leasing
or operation and management and with a useful life of more than one accounting year.A fixed asset can only be recognized when the economic benefits related to the fixed asset are likely to flow into the
30CSG Semi-annual Financial Report for 2025
enterprise and the cost of the fixed asset can be measured reliably.The Group’s fixed assets are initially measured based on the actual cost when acquired.Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when the economic benefits
related to them are likely to flow into the Group and their costs can be reliably measured; daily repair costs of fixed
assets that do not meet the conditions for subsequent expenditures for capitalization of fixed assets shall be included in
the cost of fixed assets when the economic benefits related to them are likely to flow into the Group and their costs can
be measured reliably. When incurred it shall be included in the current profit and loss or included in the cost of related
assets according to the beneficiary object. For the replaced part its book value is derecognized.
(2) Depreciation methods
Depreciation methods for various types of fixed assets Fixed assets are depreciated using the straight-line method based
on their costs less estimated residual values over their estimated useful lives Depreciation begins when a fixed asset
reaches its intended usable condition and depreciation stops when it is derecognized or classified as a non-current asset
held for sale. Without considering impairment provisions the Group determines the annual depreciation rates of various
types of fixed assets based on fixed asset category estimated service life and estimated residual value as follows:
Depreciation Annual depreciation
Category Useful lives (years) Residual rate%
methods rate %
The life average
Buildings 20-35 years 5% 4.75% to 2.71%
method
Machinery The life average
8-20 years 5% 11.88% to 4.75%
equipment method
Transportation and The life average
5-8 years 0 20% to 12.50%
Others method
Among them for fixed assets for which impairment provisions have been made the depreciation rate should also be
calculated and determined by deducting the accumulated amount of fixed asset impairment provisions.
(3) Note for the impairment testing method and impairment provision accrual method for fixed assets.
(4) At the end of each year the Group reviews the useful life estimated net residual value and depreciation method of
fixed assets.If there is a difference between the estimated useful life and the original estimate the useful life of the fixed assets will
be adjusted; if there is a difference between the expected net residual value and the original estimate the estimated net
residual value will be adjusted.
(5) Fixed asset disposal
When a fixed asset is disposed of or no economic benefits are expected to be generated through use or disposal the
fixed asset is derecognised. The amount of disposal income from the sale transfer scrapping or damage of fixed assets
after deducting their book value and relevant taxes is included in the current profit and loss.
15. Construction in progress
The cost of the Group’s construction-in-progress is determined based on actual project expenditures including various
necessary project expenditures incurred during the construction period borrowing costs that should be capitalized
before the project reaches its intended usable state and other related expenses.Construction in progress is transferred to fixed assets when it reaches the intended usable state. The criteria for judging
the intended usable status should meet one of the following conditions: The physical construction (including installation)
31CSG Semi-annual Financial Report for 2025
of the fixed assets has been completed or substantially completed trial production or trial operation has been carried out
and the results show that the assets can operate normally. Or it can produce stably or the trial operation results show
that it can operate normally. The amount of expenditure on the fixed assets constructed is very small or almost no
longer occurs and the fixed assets purchased have met the design or contract requirements or are basically consistent
with the design or contract requirements.Note for the method of accruing asset impairment for construction in progress.The Group’s engineering materials refer to various materials prepared for projects under construction including
engineering materials equipment that has not yet been installed and tools and equipment prepared for production.The purchased engineering materials are measured at cost the engineering materials received are transferred to the
project under construction and the remaining engineering materials after the completion of the project are transferred to
inventory.Note for the asset impairment method of construction materials.In the balance sheet the closing balance of construction materials is listed in the “Construction in Progress” item.
16. Borrowing costs
(1) Recognition principles for capitalization of borrowing costs
If the borrowing costs incurred by the Group are directly attributable to the acquisition construction or production of
assets that meet the capitalization conditions they shall be capitalized and included in the cost of the relevant assets;
other borrowing costs shall be recognized as expenses based on the amount incurred when incurred and shall be
included in the cost of the relevant assets for current profit and loss. Borrowing costs will begin to be capitalized if they
meet the following conditions at the same time:
* Asset expenditures have occurred. Asset expenditures include expenditures in the form of cash payments transfers
of non-cash assets or interest-bearing debts for the acquisition construction or production of assets that meet
capitalization conditions;
* The borrowing costs have been incurred;
* The necessary purchase construction or production activities to bring the asset to its intended usable or saleable state
have begun.
(2) Borrowing cost capitalization period
When the assets purchased constructed or produced by the Group that meet the capitalization conditions are ready for
intended use or sale the capitalization of borrowing costs will cease. Borrowing costs incurred after the assets that meet
the capitalization conditions reach the intended usable or saleable state are recognized as expenses based on the amount
incurred when incurred and included in the current profit and loss.If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition construction or
production process and the interruption lasts for more than 3 months the capitalization of borrowing costs will be
suspended; the borrowing costs during the normal interruption period will continue to be capitalized.
(3) Calculation method of capitalization rate of borrowing costs and capitalization amount
The interest expenses actually incurred on special borrowings in the current period minus the interest income from
unused borrowed funds deposited in banks or investment income from temporary investments are capitalized; general
borrowings are capitalized based on the excess of the accumulated asset expenditures over the special borrowings. The
capitalization amount is determined by multiplying the weighted average of asset expenditures by the capitalization rate
32CSG Semi-annual Financial Report for 2025
of the general borrowings occupied. The capitalization rate is calculated and determined based on the weighted average
interest rate of general borrowings.During the capitalization period all exchange differences on special foreign currency borrowings are capitalized;
exchange differences on general foreign currency borrowings are included in the current profits and losses.
17. Intangible assets
(1) Useful life and its determination basis estimation amortization method or review procedure
The Group’s intangible assets include land use rights patent rights and proprietary technologies mineral mining rights
and others.Intangible assets are initially measured based on cost and their service life is analysed and judged when the intangible
assets are acquired. If the service life is limited from the time when the intangible asset becomes available for use an
amortization method that can reflect the expected realization method of the economic benefits related to the asset shall
be used and amortization will be amortized within the estimated useful life; if the expected realization method cannot
be reliably determined Amortization is carried out using the straight-line method; intangible assets with indefinite
service life are not amortized.The amortization method of intangible assets with limited useful life is as follows:
Useful lives Amortization
Category Basis for determining service life Notes
(years) method
Straight-line
Land use rights 30-70 years Warrant
Depreciation
Patent rights and
Straight-line
proprietary 5-20 years Estimated useful life
Depreciation
technologies
Straight-line
Exploitation rights 16-20 years Warrants expected income period
Depreciation
Straight-line
Others 2-10 years Estimated useful life
Depreciation
At the end of each year the Group reviews the useful life and amortization method of intangible assets with limited
service life. If it is different from the previous estimate the original estimate is adjusted and treated as a change in
accounting estimate.If it is expected that an intangible asset will no longer bring future economic benefits to the enterprise on the balance
sheet date the entire book value of the intangible asset will be transferred to the current profit and loss.Note for the method of impairment for intangible assets.
(2) The scope of R&D expenditure collection and the related accounting treatment
The Group's R&D expenditures are expenditures directly related to the company's R&D activities including R&D staff
salaries direct investment costs depreciation expenses and long-term deferred expenses design expenses equipment
commissioning expenses intangible asset amortization expenses entrusted external research and development expenses
other expenses etc. The wages of R&D personnel are included in R&D expenditures based on project working hours.Equipment production lines and sites shared between R&D activities and other production and operation activities are
included in R&D expenses according to the proportion of working hours and the proportion of area.
33CSG Semi-annual Financial Report for 2025
The Group divides expenditures on internal research and development projects into expenditures in the research phase
and expenditures in the development phase.Expenditures in the research stage are included in the current profits and losses when incurred.Expenditures in the development stage can only be capitalized if they meet the following conditions: it is technically
feasible to complete the intangible asset so that it can be used or sold; there is the intention to complete the intangible
asset and use or sell it; the intangible asset The way to generate economic benefits includes being able to prove that
there is a market for the products produced using the intangible assets or that the intangible assets themselves have a
market. If the intangible assets will be used internally they can prove their usefulness; there are sufficient technical
financial and other resource supports in order to complete the development of the intangible asset and have the ability
to use or sell the intangible asset; the expenditures attributable to the development stage of the intangible asset can be
measured reliably. Development expenditures that do not meet the above conditions are included in the current profit
and loss.The Group’s research and development projects will enter the development stage after meeting the above conditions
and passing technical feasibility and economic feasibility studies to form a project.Capitalized expenditures in the development phase are listed as development expenditures on the balance sheet and are
converted into intangible assets from the date the project reaches its intended use.Capitalization conditions for specific R&D projects:
Expenditures in the research stage are included in the current profits and losses when incurred. Before large-scale
production expenditures related to the design and testing phase of the final application of the production process are
expenditures in the development phase. If the following conditions are met at the same time they will be capitalized:
·The development of the production process has been fully demonstrated by the technical team;
· Management has approved the budget for production process development;
·The research and analysis of the preliminary market research shows that the products produced by the production
process have market promotion capabilities;
·Have sufficient technical and financial support to carry out production process development activities and subsequent
large-scale production; and the expenditure on production process development can be reliably collected. If it is
impossible to distinguish between expenditures in the research stage and expenditures in the development stage all
R&D expenditures incurred will be included in the current profit and loss.
18. Long-term assets impairment
For subsidiaries’ long-term investments fixed assets construction in process right-of-use assets intangible assets
goodwill etc. (excluding inventories investment properties measured according to the fair value model deferred tax
assets and financial assets) value determined as follows:
On the balance sheet date it is judged whether there are any signs of possible impairment of the assets. If there are signs
of impairment the Group will estimate its recoverable amount and conduct an impairment test. Goodwill formed due to
business combinations intangible assets with indefinite useful lives and intangible assets that have not yet reached a
usable state are subject to impairment testing every year regardless of whether there are signs of impairment.The recoverable amount is determined based on the higher of the asset’s fair value less disposal costs and the present
value of the asset’s expected future cash flows. The Group estimates the recoverable amount on the basis of a single
asset; if it is difficult to estimate the recoverable amount of an individual asset the Group determines the recoverable
amount of the asset group based on the asset group to which the asset belongs. The identification of an asset group is
based on whether the main cash inflow generated by the asset group is independent of the cash inflows of other assets or
asset groups.
34CSG Semi-annual Financial Report for 2025
When the recoverable amount of an asset or asset group is lower than its book value the Group will write down its book
value to the recoverable amount and the amount of the write-down will be included in the current profit and loss and
the corresponding asset impairment provision will be made.As far as the impairment test of goodwill is concerned the book value of goodwill formed due to a business
combination shall be apportioned to the relevant asset group in a reasonable manner from the date of purchase; if it is
difficult to apportion it to the relevant asset group it shall be apportioned to the relevant asset group. Related asset
group combinations. The relevant asset group or asset group combination is an asset group or asset group combination
that can benefit from the synergy effects of the business combination and is no larger than the reporting segment
determined by the group.During impairment testing if there are signs of impairment in an asset group or combination of asset groups related to
goodwill first conduct an impairment test on the asset group or combination of asset groups that does not include
goodwill calculate the recoverable amount and confirm the corresponding impairment. Then conduct an impairment
test on the asset group or asset group combination containing goodwill and compare its book value with the recoverable
amount. If the recoverable amount is lower than the book value the impairment loss of goodwill is recognized.Once the asset impairment loss is recognized it will not be reversed in subsequent accounting periods.
19. Long-term prepaid expenses
The long-term deferred expenses incurred by the Group are measured at actual cost and amortized evenly over the
expected beneficial period. For long-term deferred expense items that cannot benefit future accounting periods their
amortized value shall be fully included in the current profit and loss.
20. Employee benefits
(1) Accounting for Short-term compensation
During the accounting period when employees provide services the Group recognizes the actual employee wages
bonuses social insurance premiums such as medical insurance premiums work-related injury insurance premiums
maternity insurance premiums and housing provident funds paid for employees based on prescribed standards and
proportions as liabilities and included in the current profit and loss or related asset costs.
(2) Accounting for post-employment benefits
Post-employment benefit plans include defined contribution plans and defined benefit plans. Among them a defined
contribution plan refers to a post-employment benefit plan in which the enterprise no longer bears further payment
obligations after depositing a fixed fee into an independent fund; a defined benefit plan refers to a post-employment
benefit plan other than a defined contribution plan.Defined contribution plans
Defined contribution plans include basic pension insurance unemployment insurance etc.During the accounting period when employees provide services the deposit amount payable calculated according to the
defined contribution plan is recognized as a liability and included in the current profit and loss or related asset costs.
(3) Accounting for Termination benefits
If the Group provides dismissal benefits to employees the employee compensation liabilities arising from the dismissal
benefits will be recognized at the earliest of the following two times and included in the current profit and loss: When
the Group cannot unilaterally withdraw the dismissal benefits provided due to the termination of labour relations plan or
layoff proposal; When the Group recognizes costs or expenses related to restructuring involving payment of termination
benefits.
35CSG Semi-annual Financial Report for 2025
(4) Accounting for Other long-term benefits
Other long-term employee benefits provided by the Group to employees that meet the conditions of a defined
contribution plan will be handled in accordance with the above-mentioned relevant regulations on defined contribution
plans. If it is in compliance with the defined benefit plan it shall be handled in accordance with the relevant provisionson the defined benefit plan mentioned above but the “changes caused by the remeasurement of the net liabilities or netassets of the defined benefit plan” in the relevant employee compensation costs shall be included in the current profit
and loss or related Asset cost.
21. Estimated liabilities
If the obligations related to contingencies meet the following conditions at the same time the Group will recognize
them as estimated liabilities:
(1) The obligation is a current obligation borne by the Group;
(2) The performance of this obligation is likely to result in the outflow of economic benefits from the Group;
(3) The amount of the obligation can be measured reliably.
Estimated liabilities are initially measured based on the best estimate of the expenditure required to fulfil the relevant
current obligations and factors such as risks uncertainties and time value of money related to contingencies are
comprehensively considered. If the time value of money has a significant impact the best estimate is determined by
discounting the relevant future cash outflows. The Group reviews the book value of estimated liabilities on the balance
sheet date and adjusts the book value to reflect the current best estimate.If all or part of the expenses required to settle the recognized estimated liabilities are expected to be compensated by a
third party or other parties the compensation amount can only be recognized separately as an asset when it is basically
certain that it will be received. The amount of compensation recognized shall not exceed the book value of the liability
recognized.
22. Revenue
(1) General principles
The Group recognizes revenue when it fulfils its performance obligations in the contract that is when the customer
obtains control of the relevant goods or services.If the contract contains two or more performance obligations the Group will allocate the transaction price to each
individual performance obligation based on the relative proportion of the stand-alone selling price of the goods or
services promised by each individual performance obligation on the contract commencement date. Revenue is measured
at the transaction price of each individual performance obligation.When one of the following conditions is met the performance obligation is performed within a certain period of time;
otherwise the performance obligation is performed at a certain point in time:
* When the Group performs the contract the customer obtains and consumes the economic benefits brought by the
Group’s performance.* Customers can control the goods under construction during the performance of the contract by the Group.* The goods produced by the Group during the performance of the contract have irreplaceable uses and the Group has
the right to collect payment for the cumulative performance part completed so far during the entire contract period.
36CSG Semi-annual Financial Report for 2025
For performance obligations fulfilled within a certain period of time the Group recognizes revenue based on the
performance progress within that period of time. When the progress of contract performance cannot be reasonably
determined if the costs incurred by the Group are expected to be compensated revenue will be recognized based on the
amount of costs incurred until the progress of contract performance can be reasonably determined.For performance obligations fulfilled at a certain point in time the Group recognizes revenue at the point when the
customer obtains control of the relevant goods or services. When determining whether a customer has obtained control
of goods or services the Group will consider the following signs:
* The Group has the current right to receive payment for the goods or services that is the customer has current
payment obligations for the goods.* The Group has transferred the legal ownership of the goods to the customer which means that the customer already
owns the legal ownership of the goods.* The Group has physically transferred the goods to the customer that is the customer has physically taken possession
of the goods.* The Group has transferred the main risks and rewards of ownership of the commodity to the customer that is the
customer has obtained the main risks and rewards of ownership of the commodity.* The customer has accepted the goods or services.* Other signs indicating that the customer has obtained control of the product.
(2) Specific method
The Group’s revenue mainly comes from the following business types: sales of products external provision of
consulting and processing services.Selling goods
Products sold The Group produces and sells float glass photovoltaic glass engineering glass solar industry related
products electronic glass and display device etc.For domestic sales the Group transports the products to the agreed delivery location in accordance with the agreement
or picks it up by the buyer. Revenue is recognized after the buyer confirms receipt or pick-up.For export sales the Group recognizes the revenue when it finished clearing goods for export and deliver the goods on
board the vessel or when the goods are delivered to a certain place specified in the contract.For solar energy and other industries’ photovoltaic power generation revenue the Group recognizes the electricity when
it is supplied to the provincial power grid company where each electric field is located uses the settled electricity
volume confirmed by both parties as the electricity sales for that month and uses the on-grid electricity price approved
by the National Development and Reform Commission or the electricity price agreed in the contract as the sales unit
price.The credit periods granted by the Group to customers in various industries are consistent with the practices of various
industries and there is no significant financing component.The Group provides product quality assurance for the products sold and recognizes corresponding estimated liabilities.The Group does not provide any additional services or additional quality assurance so the product quality assurance
does not constitute a separate performance obligation.
37CSG Semi-annual Financial Report for 2025
Glass products with sales return clauses revenue recognition is limited to the amount of accumulated recognized
revenue that is unlikely to result in a significant reversal. The Group recognizes liabilities based on the expected return
amount and at the same time recognizes the balance as an asset based on the book value of the goods expected to be
returned when the goods are transferred minus the expected costs of recovering the goods (including the impairment of
the value of the returned goods).Provide consulting and processing services
The Group provides external consulting and processing services because customers obtain and consume the economic
benefits brought by the company’s performance of the contract while the company performs the contract. The Group
recognizes revenue based on the progress of contract performance. The progress of contract performance is determined
based on the proportion of costs incurred to the estimated total costs. On the balance sheet date the Group re-estimates
the performance progress of completed services to reflect changes in performance.When the Group recognizes revenue based on the progress of completed services the portion for which the Group has
obtained the unconditional right to receive payment is recognized as accounts receivable and the remaining portion is
recognized as contract assets. Accounts receivable and contract assets are recognized as expected credit losses. Loss
provisions are recognized as the basis; if the contract price received or receivable by the Group exceeds the labour
services completed the excess will be recognized as contract liabilities. The Group’s contract assets and contract
liabilities under the same contract are presented on a net basis.
23. Contract costs
Contract costs include incremental costs incurred to obtain the contract and contract performance costs.The incremental costs incurred to obtain the contract refer to costs that the company would not have incurred if it had
not obtained the contract (such as sales commissions etc.). If the cost is expected to be recovered the company will
recognize it as the contract acquisition cost and as an asset. Other expenses incurred by the Company to obtain the
contract except for the incremental costs expected to be recovered are included in the current profits and losses when
incurred.If the cost incurred to fulfil the contract does not fall within the scope of other accounting standards for enterprises such
as inventory and meets the following conditions the company will recognize it as an asset as the contract performance
cost:
* The cost is directly related to a current or expected contract including direct labour direct materials manufacturing
overhead (or similar expenses) costs clearly borne by the customer and other costs incurred solely because of the
contract;
* This cost increases the Company’s resources for fulfilling its performance obligations in the future;
* The cost is expected to be recovered.Assets recognized for contract acquisition costs and assets recognized for contract performance costs (hereinafter
referred to as “assets related to contract costs”) are amortized on the same basis as the recognition of revenue from
goods or services related to the assets and included in the current profit and loss.When the book value of assets related to contract costs is higher than the difference between the following two items
the company makes impairment provisions for the excess and recognizes it as asset impairment losses:
* The remaining consideration that the company expects to obtain from the transfer of goods or services related to the
asset;
* The estimated cost that will be incurred to transfer the relevant goods or services.
38CSG Semi-annual Financial Report for 2025
24. Government subsidies
Government subsidies are recognized when the conditions attached to the government subsidies are met and can be
received.Government subsidies for monetary assets are measured based on the amount received or receivable. Government
subsidies for non-monetary assets are measured at fair value; if the fair value cannot be obtained reliably they are
measured at a nominal amount of 1 yuan.Government subsidies related to assets refer to government subsidies obtained by the Group for the purchase
construction or other formation of long-term assets; in addition government subsidies related to income are regarded as
government subsidies.For government documents that do not clearly stipulate the subsidy objects and can form long-term assets the part of
the government subsidy corresponding to the asset value shall be regarded as the government subsidy related to the
asset and the remaining part shall be regarded as the government subsidy related to income; if it is difficult to
distinguish the government subsidy shall be regarded as the government subsidy related to the asset. The whole is
regarded as a government subsidy related to income.Government subsidies related to assets are recognized as deferred income and are included in profits and losses in
instalments according to a reasonable and systematic method during the use period of the relevant assets. If government
subsidies related to income are used to compensate for relevant costs or losses that have already occurred they will be
included in the current profits and losses; if they are used to compensate for relevant costs or losses in subsequent
periods they will be included in deferred income and will be included in the relevant costs or losses. The loss is
included in the current profit and loss during the period during which the loss is recognized. Government subsidies
measured according to the nominal amount are directly included in the current profit and loss. The Group adopts a
consistent approach to the same or similar government subsidy business.Government subsidies related to daily activities shall be included in other income according to the economic business
essence. Government subsidies unrelated to daily activities are included in non-operating income.When a confirmed government subsidy needs to be returned if the book value of the relevant assets is offset at the time
of initial recognition the book value of the assets is adjusted; if there is a balance of relevant deferred income the
Carrying Amount of the relevant deferred income is offset and the excess is included in the current profit and loss; in
other cases it will be directly included in the current profit and loss.
25. Deferred tax assets and deferred tax liabilities
Income tax includes current income tax and deferred income tax. Except for adjustments to goodwill arising from
business combinations or deferred income taxes related to transactions or events directly included in owners’ equity
which are included in owners’ equity they are all included in current profits and losses as income tax expenses.The Group adopts the balance sheet liability method to recognize deferred income tax based on the temporary
differences between the book values of assets and liabilities on the balance sheet date and their tax basis.Each taxable temporary difference is recognized as a related deferred income tax liability unless the taxable temporary
difference is generated in the following transactions:
(1) Initial recognition of goodwill or the initial recognition of assets or liabilities arising from a transaction with the
following characteristics: the transaction is not a business combination and the transaction affects neither accounting
profits nor taxable income when the transaction occurs initial recognition (Except for individual transactions that result
in equal amounts of taxable temporary differences and deductible temporary differences arising from the assets and
liabilities);
39CSG Semi-annual Financial Report for 2025
(2) For taxable temporary differences related to investments in subsidiaries joint ventures and associates the time of
reversal of the temporary differences can be controlled and the temporary differences are likely not to be reversed in the
foreseeable future.For deductible temporary differences deductible losses and tax credits that can be carried forward to future years the
Group shall use it to offset the deductible temporary differences deductible losses and tax credits to the extent that it is
probable that it will be available. The deferred income tax assets generated will be recognized to the limit of the future
taxable income unless the deductible temporary difference is generated in the following transactions:
(1) The transaction is not a business combination and when the transaction occurs it affects neither accounting profits
nor taxable income (a single transaction in which the initial recognition of assets and liabilities results in an equal
amount of taxable temporary differences and deductible temporary differences are excepted);
(2) For deductible temporary differences related to investments in subsidiaries joint ventures and associates and if the
following conditions are met at the same time the corresponding deferred income tax assets are recognized: the
temporary differences are likely to be reversed in the foreseeable future. And it is likely to obtain taxable income in the
future that can be used to offset deductible temporary differences.On the balance sheet date the Group’s deferred income tax assets and deferred income tax liabilities are measured at
the applicable tax rate during the period when the asset is expected to be recovered or the liability is settled and the
income tax impact of the expected method of recovering the asset or settling the liability on the balance sheet date is
reflected.On the balance sheet date the Group reviews the book value of deferred income tax assets. If it is probable that
sufficient taxable income will not be available in future periods to offset the benefits of deferred tax assets the carrying
amount of the deferred tax assets will be reduced. The amount of the write-down is reversed when it is probable that
sufficient taxable income will be obtained.On the balance sheet date deferred income tax assets and deferred income tax liabilities are presented as the net amount
after offsetting when the following conditions are met at the same time:
(1) The tax payer within the group has the legal right to settle current income tax assets and current income tax
liabilities on a net basis;
(2) Deferred income tax assets and deferred income tax liabilities are related to income taxes levied by the same tax
collection and administration department on the same taxpayer within the group.
26. Leases
On the contract inception date the Group as a lessee or lessor evaluates whether the customer in the contract has the
right to obtain substantially all the economic benefits generated from the use of the identified assets during the use
period and has the right to direct the use of the identified assets during the use period. If a party in a contract transfers
the right to control the use of one or more identified assets within a certain period in exchange for consideration the
Group determines that the contract is a lease or contains a lease.
(1) The accounting policies for right-of-use assets are shown in Note.
Lease liabilities are initially measured based on the present value of the unpaid lease payments at the beginning of the
lease term using the interest rate implicit in the lease.If the interest rate implicit in the lease cannot be determined the incremental borrowing rate is used as the discount rate.Lease payments include: fixed payments and substantive fixed payments if there are lease incentives the amount
related to lease incentives is deducted; variable lease payments that depend on the index or ratio; the exercise price of
the purchase option provided that the lessee is reasonable It is certain that the option will be exercised; the amount
required to be paid to exercise the option to terminate the lease provided that the lease term reflects that the lessee will
exercise the option to terminate the lease; and the amount expected to be paid based on the residual value of the
guarantee provided by the lessee. Subsequently the interest expense of the lease liability for each period during the
40CSG Semi-annual Financial Report for 2025
lease term is calculated based on the fixed periodic interest rate and included in the current profit and loss. Variable
lease payments that are not included in the measurement of lease liabilities are included in the current profit and loss
when actually incurred.Short-term lease
A short-term lease refers to a lease with a lease term of no more than 12 months on the start date of the lease period
except for leases that include a purchase option.The Group will include the lease payments of short-term leases into the relevant asset costs or current profits and losses
on a straight-line basis during each period of the lease term.Low-value asset leasing
Low-value asset leases refer to leases where the value of a single leased asset is less than 100000 yuan when it is a
brand-new asset.The Group will include the lease payments for low-value asset leases into the relevant asset costs or current profits and
losses on a straight-line basis during each period of the lease term.For low-value asset leases the Group chooses to adopt the above simplified treatment method based on the specific
circumstances of each lease.Lease changes
If a lease changes and the following conditions are met at the same time the Group will account for the lease change as
a separate lease: * The lease change expands the scope of the lease by adding the right to use one or more leased assets;
* Increased the consideration is equivalent to the individual price of the extended portion of the lease adjusted for the
circumstances of the contract.If the lease change is not accounted for as a separate lease on the effective date of the lease change the Group re-
allocates the consideration of the contract after the change re-determines the lease term and calculates it based on the
changed lease payment and the revised discount rate. Present value re-measurement of the lease liability.If a change in the lease results in a reduction in the scope of the lease or a shortening of the lease period the Group will
accordingly reduce the book value of the right-of-use assets and include the gains or losses related to the partial or
complete termination of the lease into the current profits and losses.If other lease changes result in the re-measurement of lease liabilities the Group will adjust the book value of the right-
of-use assets accordingly.
(2) The accounting policies for the Group acts as lessor
When the Group acts as a lessor leases that substantially transfer all risks and rewards related to asset ownership are
recognized as finance leases and leases other than finance leases are recognized as operating leases.Financial lease
In financial leases the Group’s net lease investment on the date of the lease term is recorded as the accounting value of
finance lease receivables. The net lease investment is the unguaranteed residual value and the lease receivables that
have not been received on the date of the lease term are calculated based on the amount included in the lease. The sum
of present values discounted with interest rates. As the lessor the Group calculates and recognizes interest income for
each period during the lease term based on fixed periodic interest rates. Variable lease payments obtained by the Group
as a lessor that are not included in the measurement of the net lease investment are included in the current profit and
loss when actually incurred.
41CSG Semi-annual Financial Report for 2025
The derecognition and impairment of finance lease receivables shall be accounted for in accordance with the provisions
of Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments and
Accounting Standards for Business Enterprises No. 23 - Transfer of Financial Assets.Operating lease
For rents in operating leases the Group recognizes current profits and losses according to the straight-line method in
each period during the lease term. The initial direct expenses incurred in connection with the operating lease shall be
capitalized amortized during the lease period on the same basis as the rental income recognition and included in the
current profit and loss in instalments. Variable lease payments related to operating leases that are not included in the
lease receipts are included in the current profit and loss when they actually occur.Lease changes
If an operating lease changes the Group will account for it as a new lease from the effective date of the change and the
amount of lease receipts received in advance or receivable related to the lease before the change is regarded as the
amount of receipts from the new lease.If a financial lease changes and the following conditions are met at the same time the Group will account for the
change as a separate lease: * The change expands the scope of the lease by adding the right to use one or more leased
assets; * The increased consideration. The amount is equivalent to the individual price of the extended portion of the
lease adjusted for the circumstances of the contract.If a financial lease is changed and is not accounted for as a separate lease the Group will treat the changed lease under
the following circumstances: * If the change takes effect on the lease commencement date the lease will be classified
as an operating lease and the Group will From the effective date of the lease change it will be accounted for as a new
lease and the net lease investment before the effective date of the lease change will be used as the book value of the
leased asset; * If the change takes effect on the lease commencement date the lease will be classified as financing For
leases the Group shall conduct accounting treatment in accordance with the provisions of Accounting Standards for
Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments regarding modification or
renegotiation of contracts.
27. Critical accounting policies and accounting estimates
Safety production costs
According to relevant regulations of the Ministry of Finance and National Administration of Work Safety a subsidiary
of the Group which is engaged in producing and selling polysilicon appropriates safety production costs on following
basis:
(a) 4.5% for revenue below RMB10 million (inclusive) of the year;
(b) 2.25% for the revenue between RMB10 million to RMB100 million (inclusive) of the year;
(c) 0.55% for the revenue between RMB100 million to RMB1 billion (inclusive) of the year;
(d) 0.2% for the revenue above RMB1 billion of the year.According to the Administrative Measures for the Extraction and Use of Enterprise Safety Production Expenses (Cai Zi
[2022] No. 136) the Group's subsidiaries engaged in mining and processing are based on mining volume.Safety production expense extraction standards: For non-metallic mines open-pit mines at RMB3 per ton underground
mines at RMB8 per ton.
42CSG Semi-annual Financial Report for 2025
The safety production costs are mainly used for the overhaul renewal and maintenance of safety facilities. The safety
production costs are charged to costs of related products or profit or loss when appropriated and safety production costs
in equity account are credited correspondingly. When using the special reserve if the expenditures are expenses in
nature the expenses incurred are offset against the special reserve directly when incurred. If the expenditures are capital
expenditures when projects are completed and transferred to fixed assets the special reserve should be offset against
the cost of fixed assets and a corresponding accumulated depreciation are recognized. The fixed assets are no longer be
depreciated in future.Significant accounting judgments and estimates
The Group continuously evaluates the important accounting estimates and key assumptions adopted based on historical
experience and other factors including reasonable expectations for future events. The important accounting estimates
and key assumptions that are likely to cause a significant adjustment in the book value of assets and liabilities in the
next fiscal year are as follows:
Classification of financial assets
The Group’s significant judgments involved in determining the classification of financial assets include analysis of
business models and contractual cash flow characteristics.Factors considered include the way to evaluate and report the performance of financial assets to key management
personnel the risks that affect the performance of financial assets and their management methods and relevant business
managers. How to get paid etc.When the Group evaluates whether the contractual cash flows of financial assets are consistent with the basic lending
arrangements it makes the following main judgments: whether the time distribution or amount of the principal may
change during the duration due to early repayment; whether the interest is only Includes time value of money credit
risk other fundamental lending risks and consideration against costs and profits. For example whether the amount of
early repayment only reflects the unpaid principal and interest based on the unpaid principal as well as reasonable
compensation paid for early termination of the contract.Measurement of expected credit losses on accounts receivable
The Group calculates the expected credit losses of accounts receivable through the default risk exposure of accounts
receivable and the expected credit loss rate and determines the expected credit loss rate based on the probability of
default and the loss given default rate. When determining the expected credit loss rate the Group uses internal historical
credit loss experience and other data and adjusts historical data based on current conditions and forward-looking
information. When considering forward-looking information the Group uses indicators including the risk of economic
downturn changes in the external market environment technical environment and customer conditions. The Group
regularly monitors and reviews assumptions related to the calculation of expected credit losses.Impairment of Fixed Assets and Construction in Progress
As of the balance sheet date the Company assesses whether there are any indications of impairment for non-current
assets other than financial assets. When there are indications that the carrying amount of an asset cannot be recovered
impairment testing is conducted.Impairment occurs when the carrying amount of an asset or asset group exceeds its recoverable amount which is the
higher of the net amount after deducting disposal costs from fair value and the present value of estimated future cash
flows. The net amount after deducting disposal costs from fair value is determined by referencing the sales agreement
prices of similar assets in fair transactions or observable market prices minus incremental costs directly attributable to
the asset’s disposal. Significant judgments are made regarding the expected future cash flow present value including
the asset’s (or asset group’s) output selling price relevant operating costs and the discount rate used in the present
value calculation. The Company utilizes all relevant information available to estimate the recoverable amount
including forecasts of output selling prices and related operating costs based on reasonable and supportable
assumptions.Goodwill impairment
43CSG Semi-annual Financial Report for 2025
The Group assesses whether goodwill is impaired at least annually. This requires an estimate of the value in use of the
asset group to which goodwill is assigned. When estimating value in use the Group needs to estimate future cash flows
from the asset group and select an appropriate discount rate to calculate the present value of future cash flows.R&D expenditure
When determining the amount to be capitalized management must make assumptions regarding the expected future
cash generation of the asset the discount rate that should be applied and the expected period of benefit.Deferred tax assets
Deferred tax assets should be recognized for all unused tax losses to the extent that it is probable that sufficient taxable
profits will be available against which the losses can be utilized. This requires management to use a lot of judgment to
estimate the timing and amount of future taxable profits combined with tax planning strategies to determine the
amount of deferred income tax assets that should be recognized.
28. Changes in important accounting policies and accounting estimates
There were no changes in important accounting policies or accounting estimates in the current period.V. TAXATION
1. The main categories and rates of taxes:
Category Taxable basis Tax rate
Enterprise income tax Taxable income 16.5%. 25%
Taxable value-added amount (Tax
payable is calculated using the taxable
Value-added tax (“VAT”) sales amount multiplied by the applicable 3%-13%
tax rate less deductible VAT input of the
current period)
Urban maintenance and construction tax Actual amount of turnover tax paid 1%-7%
Educational surtax Actual amount of turnover tax paid 5%
2. Tax incentives
Tianjin CSG Energy-Saving Glass Co. Ltd. (“Tianjin Energy Conservation”) passed review on a high and new tech
enterprise in 2024 and obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It
applies to 15% tax rate for three years since 2024.Dongguan CSG Architectural Glass Co. Ltd. (“Dongguan CSG”) passed review on a high and new tech enterprise in
2022 and obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It applies to
15% tax rate for three years since 2022. As the company is currently going through the 2025 review of its high and new
tech enterprise certificate the income tax rate of 15% was provisionally adopted for the report period.Wujiang CSG East China Architectural Glass Co. Ltd. (“Wujiang CSG Engineering”) passed review on a high and new
tech enterprise in 2023 and obtained the Certificate of High and New Tech Enterprise the period of validity is three
years. It applies to 15% tax rate for three years since 2023.Dongguan CSG Solar Glass Co. Ltd. (“Dongguan CSG Solar”) passed review on a high and new tech enterprise in
2023 and obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It applies to
15% tax rate for three years since 2023.
44CSG Semi-annual Financial Report for 2025
Yichang CSG Polysilicon Co. Ltd. (“Yichang CSG Polysilicon”) passed review on a high and new tech enterprise in
2023 and obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It applies to
15% tax rate for three years since 2023.
Dongguan CSG PV-tech Co. Ltd. (“Dongguan CSG PV-tech”) passed review on a high and new tech enterprise in
2022 and obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It applies to
15% tax rate for three years since 2022. As the company is currently going through the 2025 review of its high and new
tech enterprise certificate the income tax rate of 15% was provisionally adopted for the report period.Hebei Shichuang Glass Co. Ltd. (“Hebei Shichuang”) passed review on a high and new tech enterprise in 2022 and
obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It applies to 15% tax rate
for three years since 2022. As the company is currently going through the 2025 review of its high and new tech
enterprise certificate the income tax rate of 15% was provisionally adopted for the report period.Wujiang CSG Glass Co. Ltd. (“Wujiang CSG”) passed review on a high and new tech enterprise in 2023 and obtained
the Certificate of High and New Tech Enterprise and the period of validity was three years. It applies to 15% tax rate
for three years since 2023.Xianning CSG Glass Co Ltd. (“Xianning CSG”) passed review on a high and new tech enterprise in 2023 and obtained
the Certificate of High and New Tech Enterprise and the period of validity was three years. It applies to 15% tax rate
for three years since 2023.Xianning CSG Energy-Saving Glass Co. Ltd. (“Xianning CSG Energy-Saving”) passed review on a high and new tech
enterprise in 2024 and obtained the Certificate of High and New Tech Enterprise and the period of validity was three
years. It applies to 15% tax rate for three years since 2024.Yichang CSG Photoelectric Glass Co. Ltd. (“Yichang CSG Photoelectric”) passed review on a high and new tech
enterprise in 2024 and obtained the Certificate of High and New Tech Enterprise and the period of validity was three
years. It applies to 15% tax rate for three years since 2024.Yichang CSG Display Co. Ltd (“Yichang CSG Display”) passed review on a high and new tech enterprise in 2024 and
obtained the Certificate of High and New Tech Enterprise and the period of validity was three years. It applies to 15%
tax rate for three years since 2024.Qingyuan CSG New Energy-Saving Materials Co. Ltd. (“Qingyuan CSG Energy-Saving”) passed review on a high and
new tech enterprise in 2022 and obtained the Certificate of High and New Tech Enterprise and the period of validity
was three years. It applies to 15% tax rate for three years since 2022. As the company is currently going through the
2025 review of its high and new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the
report period.Hebei CSG Glass Co Ltd. (“Hebei CSG”) passed review on a high and new tech enterprise in 2024 and obtained the
Certificate of High and New Tech Enterprise and the period of validity was three years. It applies to 15% tax rate for
three years since 2024.Xianning CSG Photoelectric Glass Co. Ltd. (“Xianning Photoelectric”) passed review on a high and new tech
enterprise in 2022 and obtained the Certificate of High and New Tech Enterprise the period of validity is three years. It
applies to 15% tax rate for three years since 2022. As the company is currently going through the 2025 review of its
high and new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the report period.Zhaoqing CSG Energy Saving Glass Co. Ltd. (hereinafter referred to as "Zhaoqing Energy Saving Company") passed
review on a high and new tech enterprise in 2022 and obtained the Certificate of High and New Tech Enterprise the
period of validity is three years. It applies to 15% tax rate for three years since 2022. As the company is currently going
through the 2025 review of its high and new tech enterprise certificate the income tax rate of 15% was provisionally
adopted for the report period.Sichuan CSG Energy Conservation Glass Co. Ltd. (“Sichuan CSG Energy Conservation”) obtains enterprise income
tax preferential treatment for Western Development and temporarily calculates enterprise income tax at a tax rate of
15% for current year.
45CSG Semi-annual Financial Report for 2025
Chengdu CSG Glass Co. Ltd. (“Chengdu CSG”) obtains enterprise income tax preferential treatment for Western
Development and temporarily calculates enterprise income tax at a tax rate of 15% for current year.Xi'an CSG Energy Saving Glass Technology Co. Ltd. (hereinafter referred to as "Xi'an Energy Saving Company")
obtains enterprise income tax preferential treatment for Western Development and temporarily calculates enterprise
income tax at a tax rate of 15% for current year.Guangxi CSG New Energy Materials Technology Co. Ltd. (hereinafter referred to as "Guangxi New Energy Materials
Company") obtains enterprise income tax preferential treatment for Western Development and temporarily calculates
enterprise income tax at a tax rate of 15% for current year.Qinghai CSG New Energy Technology Co. Ltd. (hereinafter referred to as "Qinghai New Energy Company") obtains
enterprise income tax preferential treatment for Western Development and temporarily calculates enterprise income tax
at a tax rate of 15% for current year.Yichang CSG New Energy Co. Ltd. (hereinafter referred to as "Yichang New Energy Company") Zhaoqing CSG New
Energy Technology Co. Ltd. (hereinafter referred to as "Zhaoqing New Energy Company") Xianning CSG PV Energy
Co. Ltd. (“Xianning PV Energy”) Anhui CSG Photovoltaic Energy Co. Ltd. (“Anhui PV Energy”) and Suzhou CSG
Photovoltaic Energy Co. Ltd. (“Suzhou PV Energy”) are public infrastructure project specially supported by the state in
accordance with the Article 87 in Implementing Regulations of the Law of the People's Republic of China on Enterprise
Income Tax and can enjoy the tax preferential policy of “three-year exemptions and three-year halves” that is starting
from the tax year when the first revenue from production and operation occurs the enterprise income tax is exempted
from the first to the third year while half of the enterprise income tax is collected for the following three years.Anhui CSG Quartz Material Co. Ltd. (hereinafter referred to as "Anhui Quartz Company") was recognized as a high-
tech enterprise in 2023 and has obtained the "High-tech Enterprise Certificate". The certificate is valid for three years
and a 15% income tax rate is applicable for three years starting from 2023.Anhui CSG New Energy Materials Technology Co. Ltd. (hereinafter referred to as "Anhui New Energy Company")
was recognized as a high-tech enterprise in 2023 and has obtained the "High-tech Enterprise Certificate". The certificate
is valid for three years and a 15% income tax rate is applicable for three years starting from 2023.Dongguan CSG Intelligent Equipment Co. Ltd. (hereinafter referred to as "Dongguan Equipment Company") was
recognized as a high-tech enterprise in 2024 and has obtained the "High-tech Enterprise Certificate". The certificate is
valid for three years and a 15% income tax rate is applicable for three years starting from 2024.According to the "Announcement on the Additional Value-Added Tax Deduction Policy for Advanced Manufacturing
Enterprises" (Announcement No. 43 2023 of the Ministry of Finance and the State Administration of Taxation)
regarding the Company's high-tech enterprises from January 1 2023 to December 31 2027 advanced manufacturing
enterprises are allowed to deduct an additional 5% of the deductible input tax for the current period to deduct the value-
added tax payable.VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Cash at bank and on hand
Unit: RMB
Item 30 June 2025 1 January 2025
Cash at bank 2879376563 3367873386
Other currency funds 236045396 53654096
Total 3115421959 3421527482
Including: Total overseas deposits 102518954 63275963
The total amount of cash and cash equivalents that are 137135862 53654096
46CSG Semi-annual Financial Report for 2025
restricted to use due to mortgage pledge or freezing etc.
2. Trading financial assets
Unit: RMB
Item 30 June 2025 1 January 2025
Financial assets at fair value through profit or loss 120000000 96000000
Including:
Structured deposits 120000000 96000000
Total 120000000 96000000
3. Notes receivable
（1）Notes receivable listed by category
Unit: RMB
Item 30 June 2025 1 January 2025
Bank acceptance 1082195798 1042625567
Trade acceptance 155682215 98277176
Total 1237878013 1140902743
（2）Classification by bad debt accrual method
Unit: RMB
30 June 2025
Carrying amount Provision for bad debts
Category
Proporti Proportio Book value
Amount Amount
on n
Provision for bad debts on an
individual basis
Provision for bad debts on a portfolio
1239196821100%13188080.11%1237878013
basis
Including:
Bank acceptance 1082195798 87% 1082195798
Trade acceptance 157001023 13% 1318808 0.84% 155682215
Total 1239196821 100% 1318808 0.11% 1237878013
Continued
1 January 2025
Carrying amount Provision for bad debts
Category
Proporti Book value
Amount Amount Proportion
on
Provision for bad debts on an
individual basis
47CSG Semi-annual Financial Report for 2025
Provision for bad debts on a portfolio
1141735264100%8325210.07%1140902743
basis
Including:
Bank acceptance 1042625567 91% 1042625567
Trade acceptance 99109697 9% 832521 0.84% 98277176
Total 1141735264 100% 832521 0.07% 1140902743
Provision for bad debts on a basis of trade acceptance portfolio:
Unit: RMB
30 June 2025
Item
Carrying amount Provision for baddebts Provision proportion
Trade acceptance 157001023 1318808 0.84%
Total 157001023 1318808
（3）Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
Change in the current period
1 January
Category Recovered or 30 June 2025
2025 Accrued Written off Others
reversed
Trade acceptance 832521 486287 1318808
Total 832521 486287 1318808
（4）Notes receivables that the Company has pledged at the end of the period
Unit: RMB
Item Pledged amount
Bank acceptance 628010976
Total 628010976
（5）Endorsed or discounted notes receivable have not yet matured on the balance sheet
Unit: RMB
Item Un-derecognized amount at the end of the period
Bank acceptance 214352539
Total 214352539
4. Accounts receivable
（1）Disclosure by age
Unit: RMB
48CSG Semi-annual Financial Report for 2025
Aging Closing carrying amount Opening carrying amount
Within 1 year (including 1 year) 1905609469 1570990322
1 to 2 years 33323296 34464346
2 to 3 years 32134664 36721437
Over 3 years 232970219 220964507
Total 2204037648 1863140612
（2）Classification by bad debt accrual method
Unit: RMB
30 June 2025
Carrying amount Provision for bad debts
Category
Provision Book value
Amount Proportion Amount
proportion
Provision for bad
debts on an 162672077 7% 152678150 94% 9993927
individual basis
Provision for bad
debts on a portfolio 2041365571 93% 24425596 1.20% 2016939975
basis
Including:
Receivables from
204136557193%244255961.20%2016939975
unrelated parties
Total 2204037648 100% 177103746 8% 2026933902
Continued
1 January 2025
Category Carrying amount Provision for bad debts
Provision Book value
Amount Proportion Amount
proportion
Provision for bad
debts on an 169387012 9% 155963004 92% 13424008
individual basis
Provision for bad
debts on a portfolio 1693753600 91% 20549927 1.21% 1673203673
basis
Including:
Receivables from
169375360091%205499271.21%1673203673
unrelated parties
Total 1863140612 100% 176512931 9% 1686627681
Provision for bad debts on an individual basis:
Item 1 January 2025 30 June 2025
49CSG Semi-annual Financial Report for 2025
Carrying Provision for Carrying Provision Provision
Reason for provision
amount bad debts amount for bad debts proportion
Mainly due to the
inability to honor
commercial acceptance
bills issued by
Evergrande and its
subsidiaries that have
Total of been endorsed by
single-item customers and the
16938701215596300416267207715267815094%
accrual transfer of accounts
customers receivable from bills
receivable as well as
partial or full provision
for bad debt reserves due
to business disputes or
deterioration of
customer operations.Total 169387012 155963004 162672077 152678150 94%
Provision for bad debts on a portfolio basis:
30 June 2025
Item Provision for bad
Carrying amount Provision proportion
debts
Combined customers 2041365571 24425596 1.20%
Total 2041365571 24425596 1.20%
（3）Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
Change in the current period
Category 1 January 2025 Recovered 30 June 2025
Accrued Written off Others
or reversed
Bad debt provisions
for accounts 176512931 3875668 3284853 177103746
receivable
Total 176512931 3875668 3284853 177103746
（4）Accounts receivable and contract assets details of the top 5 closing balances by debtors
Unit: RMB
Accounts Contract Closing As % of the Closing
Name
receivable assets balances of total closing balance of bad
50CSG Semi-annual Financial Report for 2025
closing closing accounts balance of debt provision
balance balance receivable and accounts for accounts
contract assets receivable and receivable and
contract assets provision for
impairment of
contract assets
Total balances for the five
88388154888388154840%8701726
largest accounts receivable
Total 883881548 883881548 40% 8701726
5. Receivables financing
（1） Classification of receivables financing
Unit: RMB
Item 30 June 2025 1 January 2025
Notes receivable 788929728 798603111
Total 788929728 798603111
6. Other receivables
Unit: RMB
Item 30 June 2025 1 January 2025
Other receivables 169219254 165872735
Total 169219254 165872735
（1）Other receivables
1）Other receivables categorized by nature
Unit: RMB
Nature Closing carrying amount Opening carrying amount
Receivables from special fund for
171000000171000000
talent (note)
Payments made on behalf of other
3212207231056939
parties
Advances to suppliers 10366164 10366164
Refundable deposits 10124399 9026138
Petty cash 1336477 567991
Others 7939382 8591213
Total 232888494 230608445
Note: This fund is a subsidy fund given to the Group by the government. The Company entrusted its wholly-owned subsidiary
Yichang CSG Silicon Materials Co. Ltd. to collect the fund. The Yichang High-tech Zone Management Committee also paid the full
amount to Yichang CSG Silicon in 2014. After receiving the funds Yichang CSG Silicon Materials Co. Ltd. transferred the full
51CSG Semi-annual Financial Report for 2025
amount to Yichang Hongtai Real Estate Co. Ltd. without appropriate approval by the then Company's board of directors and other
competent authorities. Yichang CSG Silicon Materials Co. Ltd. received the above funds from 21 February 2014 to 28 April 2014
and then transferred the entire amount to Yichang Hongtai Real Estate Co. Ltd.The Company filed an infringement compensation lawsuit against Zeng Nan and others and Yichang Hongtai Real Estate Co. Ltd.on 15 December 2021 and Shenzhen Intermediate People's Court officially accepted the lawsuit on 28 January 2022. The first
instance of the case was completed in Shenzhen Intermediate People's Court on 21 June 2022. On 4 June 2024 the Company
received the first instance Civil Judgment issued by Shenzhen Intermediate People's Court which rejected all of the Company's
litigation requests. In June 2024 the Company filed an appeal to Guangdong Higher People's Court. The second-instance hearing
was held on 12 September 2024 and the case is currently under second-instance proceedings.
2） Disclosure by age
Unit: RMB
Aging Closing carrying amount Opening carrying amount
Within 1 year (including 1 year) 16099552 13434205
1 to 2 years 3969872 4846886
2 to 3 years 803106 1357202
Over 3 years 212015964 210970152
3 to 4 years 15451321 14817275
4 to 5 years 1025693 594602
Over 5 years 195538950 195558275
Total 232888494 230608445
3） Classification by bad debt accrual method
Unit: RMB
30 June 2025
Carrying amount Provision for bad debts
Category
Provision Book value
Amount Proportion Amount
proportion
Provision for bad debts
18238926978%6268926934%119700000
on an individual basis
Provision for bad debts
5049922522%9799712%49519254
on a portfolio basis
Including:
Unrelated party
5049922522%9799712%49519254
combination
Total 232888494 100% 63669240 27% 169219254
Continued
1 January 2025
Carrying amount Provision for bad debts
Category
Provision Book value
Amount Proportion Amount
proportion
52CSG Semi-annual Financial Report for 2025
Provision for bad debts
18352384180%6382384135%119700000
on an individual basis
Provision for bad debts
4708460420%9118692%46172735
on a portfolio basis
Including:
Unrelated party
4708460420%9118692%46172735
combination
Total 230608445 100% 64735710 28% 165872735
Provision for bad debts accrued on the basis of a general model of expected credit losses:
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit
Expected
Provision for bad debt loss for the loss for thecredit loss in Total
whole period whole period
the next 12
(no credit (with credit
months
impairment) impairment)
Amount on 1 January 2025 911869 63823841 64735710
Carrying amount on 1 January
2025
that in this period:
——Transfer to Stage 2
——Transfer to Stage 3
——Reversal to Stage 2
——Reversal to Stage 1
Provision for the period 68102 68102
Reverse for the period 33818 33818
Charge-off for the period
Write-off for the period 1100754 1100754
Other changes
Amount on 30 June 2025 979971 62689269 63669240
4） Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
Change in the current period
1 January 30 June
Category Recovered or Charged off
2025 Accrued Others 2025
reversed or written off
Bad debt provisions for
647357106810233818110075463669240
other receivables
Total 64735710 68102 33818 1100754 63669240
53CSG Semi-annual Financial Report for 2025
5） Actual write-off of other receivables in the current period
Unit: RMB
Item Write-off amount
Other receivables 1100754
6）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Percentage in
Nature of total other Provision for bad
Name 30 June 2025 Ageing
business receivables debts
balance
Talent fund
Company A 171000000 Over 5 years 73% 51300000
receivable
Government Advance
14000000 3-4 years 6% 280000
agency B payment
Government Advance
11556004 Over 5 years 5% 231120
agency C payment
Company D Prepayment 10366164 Over 5 years 4% 10366164
Company E Margin 1800000 Over 5 years 1% 36000
Total 208722168 89% 62213284
7. Advances to suppliers
（1）Listing by ages
Unit: RMB
30 June 2025 1 January 2025
Aging
Amount Proportion Amount Proportion
Within 1 year 65432333 99% 119835994 98%
1 to 2 years 919421 1% 1856074 2%
2 to 3 years 114189 14430
Over 3 years 1966 1766
Total 66467909 100% 121708264 100%
（2）Advance payment of the top 5 closing balances by prepayment objects
Advance payment closing Percentage in total advances
Item
balance to suppliers balance
Total balances for the five largest advances to suppliers 36211529 54%
54CSG Semi-annual Financial Report for 2025
8. Inventories
（1）Inventory classification
Unit: RMB
30 June 2025 1 January 2025
Provision for Provision for
Item Carrying decline in Carrying decline in
Book value Book value
amount the value of amount the value of
inventories inventories
Raw materials 585712268 64595787 521116481 552653727 46114817 506538910
Work in
36093170360931703653667036536670
progress
Finished
1348550790511757371297375053100759458451140704956453880
goods
Turnover
83658185180019834781668848178818322088298568
materials
Total 2054014413 115951543 1938062870 1685266769 97438741 1587828028（ 2 ） Provision for decline in the value of inventories and contract performance cost impairment
provision
Unit: RMB
Increase in current period Decrease in current period
1 January
Item Reversal or 30 June 2025
2025 Provision Others Others
write-off
Raw materials 46114817 19164465 683495 64595787
Finished
51140704375738753753884251175737
goods
Turnover
1832203201180019
materials
Total 97438741 56738340 38225538 115951543
9. Other current assets
Unit: RMB
Item 30 June 2025 1 January 2025
VAT to be offset 389749368 391080026
Enterprise income tax prepaid 34554538 57078630
VAT input to be recognized 22279171 27458400
Other taxes prepaid 170282
Total 446753359 475617056
55CSG Semi-annual Financial Report for 2025
10. Investment properties
（1）Investment properties measured in fair value
Unit: RMB
House building and related land use
Item Total
rights
I. 1 January 2025 293712453 293712453
II. Movement in the current period
III. 30 June 2025 293712453 293712453
11. Fixed assets
Unit: RMB
Item 30 June 2025 1 January 2025
Fixed assets 13316035601 13166391449
Total 13316035601 13166391449
（1）List of fixed assets
Unit: RMB
Machinery and Motor vehicles and
Item Buildings Total
equipment others
I. Original book
value：
1. 1 January 2025 7049609664 15871544555 404381198 23325535417
2. Increase in current
8113034573384611811733360826709823
period
（1）Acquisition 6012580 6896297 12908877
（2）Transfers from
construction in 81130345 727468685 4255012 812854042
progress
（3）Other increases 364853 582051 946904
3. Decrease in
1254205177164804036202521878102
current period
（1）Disposal or
978592642848460100707724
retirement
（2）Transfer to
construction in 419857216 419857216
progress
（3）Other
12542011877421313162
decreases
4. 30 June 2025 7130614589 16087674193 412078356 23630367138
II. Accumulative
56CSG Semi-annual Financial Report for 2025
depreciation
1. 1 January 2025 1628365539 6643333962 308589547 8580289048
2. Increase in current
11597732344896142122496626587435370
period
（1）Accrual 115977323 448959906 22493105 587430334
（2）Other increases 1515 3521 5036
3. Decrease in
287863759289632839770378797519
current period
（1）Disposal or
60148287282293762971224
retirement
（2）Transfer to
construction in 315780676 315780676
progress
（3）Other
287861683345619
decreases
4. 30 June 2025 1744314076 6716366420 328246403 8788926899
III. Impairment
provision
1. 1 January 2025 151504708 1426428385 921827 1578854920
2. Increase in current
22312231
period
（1）Accrual
（2）Transfers from
construction in 2231 2231
progress
3. Decrease in
6954534310271453253452513
current period
（1）Disposal or
33574341171233576053
retirement
（2）Other
6954198566861282019876460
decreases
4. 30 June 2025 151497754 1372999589 907295 1525404638
IV. Book value
1. 30 June 2025 5234802759 7998308184 82924658 13316035601
2. 1 January 2025 5269739417 7801782208 94869824 13166391449
（2）Fixed assets without ownership certificate
Unit: RMB
Item Book value Reasons for not yet obtaining certificates of title
Have submitted the required documents and are in
Buildings 1293052754 the process of application or the related land use
right certificate pending
57CSG Semi-annual Financial Report for 2025
12. Construction in progress
Unit: RMB
Item 30 June 2025 1 January 2025
Construction in progress 5182697395 5350375132
Total 5182697395 5350375132
58CSG Semi-annual Financial Report for 2025
（1）Details of construction in progress
Unit: RMB
30 June 2025 1 January 2025
Provision for
Item Provision for
Carrying amount impairment Book value Carrying amount Book value
impairment loss
loss
A new high-purity crystalline silicon project with
an annual output of 50000 tons in Haixi Prefecture 3797738975 3797738975 3644745822 3644745822
Qinghai Province
Yichang CSG Polysilicon Technical
669661059217878698451782361644181303217878698426302605
Transformation Project
Guangxi Beihai Photovoltaic Green Energy
414860876414860876373394252373394252
Industry Park (Phase I) Project
Wujiang Float (650TD) Photovoltaic Calendering
169371968169371968
Line Technical Transformation Project
Chengdu CSG 900T/D line cold repair and
150255439150255439
technical transformation project
Qingyuan CSG Phase I Upgrading Technical
233701054126553412107147642233127020126553412106573608
Transformation Project
Xianning energy-saving production line
182632301826323042260264226026
reconstruction and expansion construction project
Dongguan Photovoltaic Building B 450MWPERC
18686674318499807618686671868667431849980761868667
battery technology upgrade project
Other projects 414735261 23699617 391035644 477462133 3825388 473636745
Total 5735827198 553129803 5182697395 5883630706 533255574 5350375132
59CSG Semi-annual Financial Report for 2025
（2）Movement in the current period of significant projects of construction in progress
Unit: RMB
Including:
Proportion Amount of Capitali
Engine Amount of
Transfer to fixed between borrowing zation
Increase in ering borrowing Source of
Project name Budget 1 January 2025 assets in current 30 June 2025 engineerin costs rate for
current period progres costs fund
period g input and capitalized in current
s capitalized
budget current period
period
A new high-purity
crystalline silicon
project with an annual Internal
4498192210 3644745822 154495358 1502205 3797738975 85% 85% 79301489 28661122 3.67% fund and
output of 50000 tons bank loan
in Haixi Prefecture
Qinghai Province
Guangxi Beihai
Photovoltaic Green Internal
4942051800 373394252 96239578 54772954 414860876 33% 33% 18799028 3038906 2.42% fund and
Energy Industry Park bank loan
(Phase I) Project
Total 9440244010 4018140074 250734936 56275159 4212599851 98100517 31700028
（3） Provision for impairment of construction in progress in the current period
Unit: RMB
Increase in the current Decrease in the Reason for
Item 1 January 2025 30 June 2025
period current period provision
Qingyuan CSG Phase I Upgrading Technical
126553412126553412
Transformation Project
60CSG Semi-annual Financial Report for 2025
Dongguan Photovoltaic Building B 450MWPERC
184998076184998076
battery technology upgrade project
Yichang CSG Polysilicon Technical Transformation
217878698217878698
Project
Other projects 3825388 19876460 2231 23699617
Total 533255574 19876460 2231 553129803
61CSG Semi-annual Financial Report for 2025
13. Right-of-use assets
（1） Details of right-of-use assets
Unit: RMB
Item Land leases Building leases Other leases Total
I. Original book value:
1. 1 January 2025 56927645 14012186 1381893 72321724
2. Increase in current
54429869721334807164722227
period
3. Decrease in current
period
4. 30 June 2025 57471943 14709399 4862609 77043951
II. Accumulative
depreciation
1. 1 January 2025 4929196 1833931 753760 7516887
2. Increase in current
170918715935305509163853633
period
(1) Provision 1709187 1593530 550916 3853633
3. Decrease in current
period
(1) Disposal
4. 30 June 2025 6638383 3427461 1304676 11370520
III. Impairment
provisions
IV. Book value
1. 30 June 2025 50833560 11281938 3557933 65673431
2. 1 January 2025 51998449 12178255 628133 64804837
14. Intangible assets
（1）Details of intangible assets
Unit: RMB
Patents and
Land use Exploitation
Item proprietary Others Total
rights rights
technologies
I. Original book
value：
1. 1 January
14808610005637531851091671546822115863218497317
2025
2. Increase in 15219908 6483890 21703798
62CSG Semi-annual Financial Report for 2025
current period
（1）
268240864838909166298
Acquisition
（2）Others 12537500 12537500
3. Decrease in
current period
（1）Others
4. 30 June 2025 1480861000 563753185 1106891454 88695476 3240201115
II. Accumulative
amortization
1. 1 January
32392413229720712711779828960979526799909074
2025
2. Increase in
165574391617303039247039303813075015638
current period
（1）Accrual 16557439 16173030 39247039 3038130 75015638
3. Decrease in
current period
（1）Disposal
4. 30 June 2025 340481571 313380157 157045328 64017656 874924712
III. Provision for
impairment
1. 1 January
572997761337457313150
2025
2. Increase in
current period
3. Decrease in
current period
4. 30 June 2025 57299776 13374 57313150
IV. Book value
1. 30 June 2025 1140379429 193073252 949846126 24664446 2307963253
2. 1 January
1156936868209246282973873257212186862361275093
2025
（2）Land use rights without ownership certificate
Unit: RMB
Item Book value Reasons for not yet obtaining certificates of title
The management of the Company believes that there is no
substantive legal obstacle to obtaining the relevant land use
Land use rights 3934642
certificate and it will not have a significant adverse impact
on the operation of the Group.
63CSG Semi-annual Financial Report for 2025
15. Goodwill
（1）Original book value of goodwill
Unit: RMB
Name of invested
Increase in Decrease in
unit or items 1 January 2025 30 June 2025
current period current period
forming goodwill
Tianjin CSG Architectural Glass Co.
30399463039946
Ltd
Xianning CSG Photoelectric 4857406 4857406
Shenzhen CSG Display 389494804 389494804
Guangdong Licheng Construction
696000696000
Engineering Co. Ltd.Total 398088156 398088156
（2）Provision for impairment of goodwill
Unit: RMB
Name of invested unit or matters Increase in Decrease in
1 January 2025 30 June 2025
forming goodwill current period current period
Shenzhen CSG Display 389494804 389494804
Total 389494804 389494804
16. Long-term prepaid expenses
Unit: RMB
Amortized
Increase in
Item 1 January 2025 amounts in Other decreases 30 June 2025
current period
current period
Various prepaid
712549854985982695936069281607
expenses
Total 71254985 4985982 6959360 69281607
17. Deferred tax assets and liabilities
（1）Deferred income tax assets before offsetting
Unit: RMB
30 June 2025 1 January 2025
Deductible
Item Deductible temporary
temporary Deferred tax assets Deferred tax assets
differences
differences
Provision for asset
891614965134127172909339984136694548
impairments
64CSG Semi-annual Financial Report for 2025
Deductible losses 1251357908 216100433 1040260054 177300541
Government grants 220066214 33382759 230038184 34948104
Accrued expenses 5526373 828956 8572883 1285932
Depreciation of fixed
1306733881980507314275961222098978
assets etc.Total 2499238848 404244393 2330970717 372328103
（2）Deferred income tax liabilities before offsetting
Unit: RMB
30 June 2025 1 January 2025
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Depreciation of fixed
4592756676918958349314755274317475
assets
Investment
3687456759218641936874567592186419
properties
Total 828021342 161376002 861893227 166503894
（3）Deferred income tax assets or liabilities presented with net amount after offsetting
Unit: RMB
Offset amount of Closing deferred tax Offset amount of Opening deferred tax
closing deferred tax assets or liabilities opening deferred tax assets or liabilities
Item assets after assets after
and liabilities offsetting and liabilities offsetting
Deferred tax assets 63509113 340735280 62333037 309995066
Deferred tax liabilities 63509113 97866889 62333037 104170857
（4）Detail about unrecognized deferred income tax assets
Unit: RMB
Item 30 June 2025 1 January 2025
Deductible temporary differences 1068985636 1093221903
Deductible losses 369438317 430583379
Total 1438423953 1523805282
（5）Deductible losses of unconfirmed deferred income tax assets shall expire in the following years
Unit: RMB
Year 30 June 2025 1 January 2025 Notes
2025191372556
20268873386388733863
20275869823358698233
65CSG Semi-annual Financial Report for 2025
202849615474961547
20298681718086817180
2030130227494
Total 369438317 430583379
18. Other non-current assets
Unit: RMB
30 June 2025 1 January 2025
Item Carrying Impairment Carrying Impairment
Book value Book value
amount provision amount provision
Prepayment for
equipment and 176629786 176629786 92818456 92818456
project
Prepayment for
lease of land use 6510000 6510000 6510000 6510000
rights
Total 183139786 183139786 99328456 99328456
19. The assets with the ownership or use right restricted
Unit: RMB
30 June 2025
Item
Carrying amount Book value Restricted type Restricted situation
Cash at bank and Restricted circulation of Cash at bank and on
137135862137135862
on hand deposits freezes etc. hand
Note receivable 628010976 628010976 Restricted pledge Note receivable
Construction in Construction in
970373969 970373969 Restricted financing lease
progress progress
Total 1735520807 1735520807
Continued
1 January 2025
Item
Carrying amount Book value Restricted type Restricted situation
Cash at bank and Restricted circulation of Cash at bank and on
5365409653654096
on hand deposits freezes etc. hand
Note receivable 871417785 871417785 Restricted pledge Note receivable
Fixed assets 411546518 96468240 Restricted financing lease Fixed assets
Construction in Construction in
618442257 618442257 Restricted financing lease
progress progress
Total 1955060656 1639982378
66CSG Semi-annual Financial Report for 2025
20. Short-term borrowings
（1）Classification of short-term borrowings
Unit: RMB
Item 30 June 2025 1 January 2025
Guaranteed loan 431300239 510679484
Credit loan 5000000 39000000
Discounted bills 440483562 313341815
Ultra-short-term financing bills 600000000 300000000
Total 1476783801 1163021299
21. Notes payable
Unit: RMB
Type 30 June 2025 1 January 2025
Trade acceptance 326682502 295136551
Bank acceptance 1941625886 1861933756
Supply chain financial notes 131494123 87343448
Total 2399802511 2244413755
22. Accounts payable
（1）Accounts payable listed
Unit: RMB
Item 30 June 2025 1 January 2025
Materials payable 1187194602 936163974
Equipment payable 812026729 930083183
Construction expenses payable 889960547 995409551
Freight payable 202285313 172397226
Utilities payable 60269024 47104510
Others 11162823 10867353
Total 3162899038 3092025797
（2）Significant accounts payable aged more than one year
Unit: RMB
Item 30 June 2025 Reasons
Engineering and equipment Due to the unfinished final accounts of related
632014947
payments etc. projects they have not been settled yet
Total 632014947
67CSG Semi-annual Financial Report for 2025
23. Other payables
Unit: RMB
Item 30 June 2025 1 January 2025
Interest payable 13166832 8946479
Dividends payable 211673022
Other payables 230998295 303870052
Total 455838149 312816531
（1）Interest payable
Unit: RMB
Item 30 June 2025 1 January 2025
Interest of long-term borrowings with
periodic payments of interest and return 7194869 7929612
of principal at maturity
Interest of short-term borrowings 5971963 1016867
Total 13166832 8946479
（2）Dividends payable
Item 30 June 2025 1 January 2025
Dividends payable to ordinary
211673022
shareholders
Total 211673022
（3）Other payables
1）Disclosure of other payables by nature
Unit: RMB
Item 30 June 2025 1 January 2025
Guarantee deposits received from
157917096200015615
construction contractors
Accrued cost of sales (i) 41217625 62190968
Payable for contracted labor costs 7087965 7240931
Temporary receipts for third parties 2004726 7913094
Others 22770883 26509444
Total 230998295 303870052
（i）This item mainly includes expenses that have been incurred but for which invoices have not been obtained at the end of the
period comprising maintenance charges professional service fee and travelling expenses etc.
68CSG Semi-annual Financial Report for 2025
24. Contract liabilities
Unit: RMB
Item 30 June 2025 1 January 2025
Contract liabilities 333171326 354215784
Total 333171326 354215784
25. Employee benefits payable
（1）Presentation of employee benefits payable
Unit: RMB
Increase in current Decrease in
Item 1 January 2025 30 June 2025
period current period
I. Short-term employee benefits
3408165629101310041007816689243130877
payable
II. Defined contribution plans
9845569598455695
payable
III. Termination benefits 6952904 8624891 15563679 14116
Total 347769466 1017211590 1121836063 243144993
（2）Presentation of short-term benefits
Unit: RMB
Increase in current Decrease in
Item 1 January 2025 30 June 2025
period current period
1. Wages and salaries bonus
313268258829709152928630133214347277
allowances and subsidies
2. Social security contributions 42672074 42672074
Including: Medical insurance 36802938 36802938
Work injury insurance 5189105 5189105
Maternity insurance 680031 680031
3. Housing funds 1181170 27217429 27683082 715517
4. Labor union funds and
2636713410532349883140028068083
employee education funds
Total 340816562 910131004 1007816689 243130877
（3）Defined benefit plans
Unit: RMB
Increase in current Decrease in current
Item 1 January 2025 30 June 2025
period period
1. Basic pensions 94541798 94541798
2. Unemployment 3913897 3913897
69CSG Semi-annual Financial Report for 2025
insurance
Total 98455695 98455695
26. Taxes payable
Unit: RMB
Item 30 June 2025 1 January 2025
VAT payable 27318067 25325222
Enterprise income tax payable 21497396 24126663
Individual income tax payable 4919421 5589497
Urban maintenance and
15769491398523
construction tax payable
Educational surtax payable 1384185 1150913
Housing property tax payable 13736758 8439364
Environmental tax payable 1422679 1331521
Others 8303237 6326659
Total 80158692 73688362
27. Non-current liabilities due within one year
Unit: RMB
Item 30 June 2025 1 January 2025
Long-term borrowings due within
22150155852081081249
one year
Long-term account payable due
18124253284003271
within one year
Lease liabilities due within one year 3691625 3772437
Total 2399949742 2168856957
28. Other current liabilities
Unit: RMB
Item 30 June 2025 1 January 2025
Output VAT to be transferred 33935368 40029672
Notes that did not meet the
207986725178499661
conditions for derecognition
Total 241922093 218529333
29. Long-term borrowings
（1）Types of long-term borrowings
Unit: RMB
70CSG Semi-annual Financial Report for 2025
Item 30 June 2025 1 January 2025
Guaranteed loan 5550190705 6020234621
Credit loan 2654975000 2212455100
Subtotal 8205165705 8232689721
Less: Long-term borrowings due
22150155852081081249
within one year
Total 5990150120 6151608472
30. Lease liabilities
Unit: RMB
Item 30 June 2025 1 January 2025
Lease liabilities 26851924 25423044
Less: Lease liabilities due within one
36916253772437
year
Total 23160299 21650607
31. Long-term account payable
Unit: RMB
Item 30 June 2025 1 January 2025
Long-term account payable 616410933 464617473
Total 616410933 464617473
（1）Long-term payable listed by nature
Item 30 June 2025 1 January 2025
Lease payable 797653465 548620744
Less: Long-term payables due within
18124253284003271
one year
Total 616410933 464617473
32. Estimated liabilities
Unit: RMB
Item 30 June 2025 1 January 2025 Causes
Pending litigation 915847
Estimated mine
Retirement obligation 12409409 12221373
rehabilitation costs
Total 12409409 13137220
33. Deferred income
Unit: RMB
71CSG Semi-annual Financial Report for 2025
Increase in Decrease in
Item 1 January 2025 30 June 2025 Causes
current period current period
Government
487252038322080018746594471726244
grants
Total 487252038 3220800 18746594 471726244
34. Share capital
Unit: RMB
Movement for current period
1 January
Item Bonus Transfer from 30 June 2025
2025 New issues Others Sub-total
issue capital surplus
Total
number of
30706921073070692107
ordinary
shares
35. Treasury stock
Increase in current Decrease in current
Item 1 January 2025 30 June 2025
period period
Treasury stock 178694083 178694083
Total 178694083 178694083
36. Capital surplus
Unit: RMB
Increase in current Decrease in current
Item 1 January 2025 30 June 2025
period period
Share premium 649166589 649166589
Other capital surplus -58427175 -58427175
Total 590739414 590739414
37. Other comprehensive income
Unit: RMB
Other comprehensive income for current period
Actual
Less: Attributable Attributable
1 January amount
Item Income to parent to minority 30 June 2025
2025 before tax
tax company after shareholders
for current
expenses tax after tax
period
I. Other
159726269-4524489-4524489155201780
comprehensive
72CSG Semi-annual Financial Report for 2025
income items which
will be reclassified
subsequently to
profit or loss
Difference on
translation of
14983507-4524489-452448910459018
foreign currency
financial statements
Financial rewards
for energy-saving 2550000 2550000
technical retrofits
Income generated
when self-property
and land use rights 142192762 142192762
are converted into
investment property
Total 159726269 -4524489 -4524489 155201780
38. Special reserve
Unit: RMB
Increase in current Decrease in current
Item 1 January 2025 30 June 2025
period period
Safety production
5079628217715323212524935529
costs
Total 5079628 2177153 2321252 4935529
39. Surplus reserve
Unit: RMB
Increase in current Decrease in current
Item 1 January 2025 30 June 2025
period period
Statutory surplus
13576616141357661614
reserve
Discretionary
127852568127852568
surplus reserve
Total 1485514182 1485514182
73CSG Semi-annual Financial Report for 2025
40. Undistributed profits
Unit: RMB
Item H1 2025 H1 2024
Undistributed profits at the end of the
82241981958806549788
previous period before adjustments
Undistributed profits at the beginning of
82241981958806549788
the period after adjustments
Add: Net profits attributable to
shareholders of parent company in current 74531505 733111562
period
Less: Appropriation for statutory surplus
reserve
Ordinary share dividends payable 211673022 767673027
Undistributed profits at the end of the
80870566788771988323
period
41. Operating income and operating costs
Unit: RMB
H1 2025 H1 2024
Item
Revenue Cost Revenue Cost
Principal operation 6438671393 5535136344 8026214086 6338666066
Other operations 44890727 6893555 52756565 2585051
Total 6483562120 5542029899 8078970651 6341251117
42. Taxes and surcharges
Unit: RMB
Item H1 2025 H1 2024
Housing property tax 27506645 24262618
Urban maintenance and construction
961127610630321
tax
Educational surtax 7783307 9140452
Land use rights 10533523 13293655
Stamp tax 4385218 4953753
Environmental tax 2549386 2960497
Others 4792046 2664381
Total 67161401 67905677
43. General and administrative expenses
Unit: RMB
74CSG Semi-annual Financial Report for 2025
Item H1 2025 H1 2024
Employee benefits 194638464 213862214
Depreciation and amortization 93064844 106703302
General office expenses 11860200 14096760
Labor union funds 10073173 12098064
Entertainment fees 6108358 10454102
Consulting advisers 5518180 5655089
Canteen costs 4763635 4955469
Business travel expenses 4001509 4479971
Water and electricity fees 3268017 3475192
Vehicle use fees 1706319 2277382
Rental fees 161801 659536
Others 12135306 15803933
Total 347299806 394521014
44. Selling and distribution expenses
Unit: RMB
Item H1 2025 H1 2024
Employee benefits 106353205 110767294
Entertainment fees 7429063 9996939
Business travel expenses 5635857 6358650
Rental fees 3852692 5445122
General office expenses 978987 1543766
Freight expenses 784835 1199242
Insurance fees 653933 766925
Vehicle use fees 301848 664626
Others 13482485 10348525
Total 139472905 147091089
45. Research and development expenses
Unit: RMB
Item H1 2025 H1 2024
Research and development expenses 257944614 336673375
Total 257944614 336673375
46. Financial expenses
Unit: RMB
Item H1 2025 H1 2024
Interest expenses 117320748 115225970
75CSG Semi-annual Financial Report for 2025
Interest income -20807152 -31170207
Exchange gains and losses -7348221 -10609069
Others 3407653 2402731
Total 92573028 75849425
47. Other income
Unit: RMB
Sources of other income H1 2025 H1 2024
Government subsidy amortization 18746594 27058673
Tax benefits and rebates 27063934 61735134
Industry support funds 335320 11125627
Government incentive funds 17997850 11286068
Research grants 562000 2882320
Others 3859744 2606814
Total 68565442 116694636
48. Investment income
Unit: RMB
Item H1 2025 H1 2024
Investment income during the holding period
2715821
of trading financial assets
Debt restructuring income 2080517 569142
Interest on note discounting -9247781 -6356329
Income from term deposits etc. 924109
Total -4451443 -4863078
49. Credit impairment loss
Unit: RMB
Item H1 2025 H1 2024
Losses on bad debts of notes
-486287-238449
receivable
Losses on bad debts of accounts
-5908155159904
receivable
Losses on bad debts of other
-342842459450
receivables
Total -1111386 7380905
50. Asset impairment loss
Unit: RMB
76CSG Semi-annual Financial Report for 2025
Item H1 2025 H1 2024
Decline in the value of inventories and
-56738340-41315915
contract performance cost impairment loss
Total -56738340 -41315915
51. Income on disposal of assets
Unit: RMB
Source of income on disposal of assets H1 2025 H1 2024
Gain on disposal of non-current assets (loss
26803984202074
listed with "-" sign)
52. Non-operating income
Unit: RMB
Amount booked into
Item H1 2025 H1 2024 current non-recurring
profits and losses
Compensation income 3724269 958059 3724269
Amounts unable to pay 3048003 1587975 3048003
Insurance claims 1869798 1869798
Gain on disposal of non-
15790852802381579085
current assets
Others 1527845 2102522 1533675
Total 11749000 4928794 11754830
53. Non-operating expenses
Unit: RMB
Amount booked into
Item H1 2025 H1 2024 current non-recurring
profits and losses
Loss on disposal of non-
1946352446816194635
current assets
Compensation 112252 112252
Donation 271400 171400 271400
Others 1886094 562279 1886094
Total 2464381 3180495 2464381
54. Income tax expenses
（1）Income tax expense details
Unit: RMB
77CSG Semi-annual Financial Report for 2025
Item H1 2025 H1 2024
Current income tax 27857305 144518913
Deferred income tax -37044182 -66291256
Total -9186877 78227657
（2）Adjustment process of accounting profit and income tax expenses
Unit: RMB
Item H1 2025
Total profit 55309757
Income tax expenses calculated at applicable tax rates 8448147
Costs expenses and losses not deductible for tax purposes 851322
Effect of deductible loss on usage of unconfirmed deferred
-6191533
income tax assets in the prior period
Effect of deductible temporary difference or deductible loss
20646084
on unconfirmed deferred income tax in the current period
Adjustments to income taxes in prior periods 416655
Effect of obtaining tax incentives -33357552
Income tax expenses -9186877
55. Other comprehensive income
See Notes herein for details.
56. Notes to the cash flow statement
（1） Cash flows from operating activities
Cash received relating to other operating activities
Unit: RMB
Item H1 2025 H1 2024
Government grants 28113378 75274086
Interest income 20752671 31108379
Others 9245623 14192962
Total 58111672 120575427
Cash paid relating to other operating activities
Unit: RMB
Item H1 2025 H1 2024
Security deposits in operating
3588598673884621
activities
General office expenses 21043810 24410473
Canteen costs 21618130 20422983
Entertainment fees 15890623 25630075
78CSG Semi-annual Financial Report for 2025
Insurance fees 10274599 8138926
Maintenance fee 15751881 19543932
Business travel expenses 14522634 16895349
Rental expenses 8027788 7218739
Vehicle use fee 2430758 3620924
Consulting advisers 7439891 7487681
Bank handling charges 2683202 2030056
Others 49764691 62170291
Total 205333993 271454050
（2） Cash flows from investing activities
Cash paid relating to other investing activities
Unit: RMB
Item H1 2025 H1 2024
Security deposits paid 91394917 26244829
Total 91394917 26244829
Cash paid related to significant investing activities
Unit: RMB
Item H1 2025 H1 2024
Engineering project construction
5594000851492512738
expenditure
Financial investment expenses 1922800000 162800000
Total 2482200085 1655312738
（3） Cash flows from financing activities
Cash received relating to other financing activities
Unit: RMB
Item H1 2025 H1 2024
Cash received in leases 458231000
Total 458231000
Cash payments relating to other financing activities
Unit: RMB
Item H1 2025 H1 2024
Lease repayments 277985532 84615538
Security deposits in financing
600000
activities
Repayments for minority shareholder
16000001200000
borrowings
Total 279585532 86415538
Changes in various liabilities arising from financing activities
79CSG Semi-annual Financial Report for 2025
Unit: RMB
Increase in current period Decrease in current period
1 January
Item Non-cash Non-cash 30 June 2025
2025 Cash changes Cash changes
changes changes
Short-term loan 1163021299 809658496 871690 482343145 14424539 1476783801
Long-term
borrowings
(including long-
8232689721206117128020886952968205165705
term borrowings
due within one
year)
Total 9395711020 2870829776 871690 2571038441 14424539 9681949506
57. Supplementary information to the cash flow statement
（1）Supplementary information to the cash flow statement
Unit: RMB
Supplementary information H1 2025 H1 2024
1．Reconciliation from net profit to cash flows from
operating activities
Net profit 64496634 721298218
Add: Provision for asset impairment 57849726 33935010
Depreciation of fixed assets oil and gas assets and
587430334579893996
productive living assets
Depreciation of right-of-use assets 3853633 968661
Amortization of intangible assets 75015638 73423420
Amortization of long-term prepaid expenses 6959360 4176445
Losses (gains) on disposal of fixed assets intangible assets
-4064848-4202074
and other long-term asset ("-" for gains)
Financial expenses ("-" for gains) 117320748 104616901
Investment loss ("-" for gains) 4451443 -1493251
Decrease in deferred tax assets ("-" for increase) -30740214 -61234259
Increase in deferred tax liabilities ("-" for decrease) -6303968 -5056997
Decrease in inventories ("-" for increase) -406973182 -429833376
Decrease/(increase) in operating receivables ("-" for
-345762946-42729653
increase)
Increase in operating payables ("-" for decrease) 258985756 16382029
Others 2177153 3139075
Net cash flows from operating activities 384695267 993284145
2． Net changes in cash and cash equivalents:
Cash and cash equivalents at end of period 2978286097 3477639345
80CSG Semi-annual Financial Report for 2025
Less: Cash and cash equivalents at beginning of period 3367873386 3051261655
Net increase in cash and cash equivalents -389587289 426377690
（2）Cash and cash equivalents composition
Unit: RMB
Item 30 June 2025 1 January 2025
I. Cash and cash equivalents 2978286097 3367873386
Bank deposits that can be readily
28793765633367873386
drawn on demand
Other cash balances that can be
98909534
readily drawn on demand
II. Cash and cash equivalents at end
29782860973367873386
of period
（3）Monetary funds other than cash and cash equivalents
Unit: RMB
Reasons why it is not cash
Item 30 June 2025 1 January 2025
and cash equivalents
Security deposits restricted
Other monetary fund 137135862 53654096
in use etc.Total 137135862 53654096
58. Monetary items denominated in foreign currencies
（1）Monetary items denominated in foreign currencies
Unit: RMB
Balances denominated in Balances denominated in
Item Exchange rates
foreign currencies RMB
Cash at bank and on hand 40209558
Including：USD 4252307 7.1586 30440564
EUR 50750 8.4024 426423
HKD 10115186 0.9120 9225050
JPY 2213649 0.0496 109797
SGD 710 5.6179 3990
AUD 798 4.6817 3734
Accounts receivable 96954284
Including：USD 12432143 7.1586 88996736
EUR 834785 8.4024 7014201
HKD 1034372 0.9120 943347
Accounts payable 31614237
81CSG Semi-annual Financial Report for 2025
Including：USD 4142556 7.1586 29654902
EUR 138906 8.4024 1167143
GBP 12677379 0.0496 628798
JPY 11000 9.8300 108130
HKD 60596 0.9120 55264
59. Leases
（1） The Company as the lessee
√ Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not applicable
Lease costs for short-term leases or low-value assets that adopt a simplified accounting approach:
√ Applicable □ Not applicable
For January-June 2025 lease costs for the Group’s short-term leases or low-value assets that adopt a simplified
accounting approach were RMB 6326374.Sale-leasebacks:
For January-June 2025 the total cash outflow amount in relation to sale-leasebacks was RMB 67126582.VII. R&D SPENDING
Unit: RMB
Item H1 2025 H1 2024
Material 130842383 158306519
Labor costs 96403094 137105995
Fees and others 30699137 41260861
Total 257944614 336673375
Among them: expense 257944614 336673375
VIII. THE CHANGES OF CONSOLIDATION SCOPE
1. Changes in scope of consolidation due to other reasons
On 31 March 2025 the Group established CSG VINA COMPANY LIMITED. As of 30 June 2025 the Group has not
contributed any capital and the Group holds 100% of its equities.On 23 May 2025 the Group established CSG MIDDLE EAST FOR GLASS INDUSTRY-L.L.C-S.P.C. As of 30 June
2025 the Group has not contributed any capital and the Group holds 100% of its equities.
82CSG Semi-annual Financial Report for 2025
IX. EQUITY IN OTHER ENTITIES
1. Interest in subsidiaries
（1）Constitution of the Group
Unit: RMB
Name of Major Place of
Shareholding Method of
Registered
business registratio Scope of business
capital Indire acquisitiosubsidiary location n Direct ct n
Chengdu Chengdu Development production Establish
Chengdu CSG 260000000 75% 25%
PRC PRC and sales of special glass ment
Sichuan CSG Energy Chengdu Chengdu
180000000 Intensive processing of glass 75% 25% Separation
Conservation PRC PRC
Tianjin Tianjin Establish
Tianjin Energy Conservation 336000000 Intensive processing of glass 75% 25%
PRC PRC ment
Dongguan Donggua 22.22 Establish
Dongguan CSG Engineering 270000000 Intensive processing of glass 77.78%
PRC n PRC % ment
Dongguan Donggua Production and sales of Establish
Dongguan CSG Solar 480000000 75% 25%
PRC n PRC special glass and solar glass ment
Production and sales of hi-
Dongguan Donggua Establish
Dongguan CSG PV-tech 516000000 tech green battery and 100%
PRC n PRC ment
components
Yichang Yichang Production and sales of high- Establish
Yichang CSG Polysilicon 1467980000 75% 25%
PRC PRC purity silicon materials ment
Wujiang Wujiang Establish
Wujiang CSG Engineering 320000000 Intensive processing of glass 75% 25%
PRC PRC ment
Yongqing Yongqing Production and sales of Establish
Hebei CSG (note 1) 48066000 75% 25%
PRC PRC special glass ment
Wujiang Wujiang Production and sales of Establish
Wujiang CSG 565041798 100%
PRC PRC special glass and solar glass ment
Hong Hong
China Southern Glass (Hong Establish
86440000 Kong Kong Investment holding 100%
Kong) Limited (note 2) ment
PRC PRC
Xianning Xianning Production and sales of Establish
Xianning CSG 235000000 75% 25%
PRC PRC special glass and solar glass ment
Xianning Xianning
Xianning CSG Energy-Saving 215000000 Intensive processing of glass 75% 25% Separation
PRC PRC
Qingyuan CSG Energy- Qingyuan Qingyuan Production and sales of ultra- Establish
1055000000100%
Saving PRC PRC thin electronic glass ment
Shenzhen CSG Financial Shenzhen Shenzhen Establish
300000000 Finance leasing etc. 75% 25%
Leasing Co. Ltd. PRC PRC ment
Jiangyou CSG Mining Jiangyou Jiangyou Production and sales of silica Establish
100000000100%
Development Co. Ltd. PRC PRC and its by-products ment
Shenzhen Shenzhen Production and sales of Acquisitio
Shenzhen CSG Display: 143000000 60.8%
PRC PRC display component products n
Zhaoqing Energy Saving Zhaoqing Zhaoqing Establish
200000000 Intensive processing of glass 100%
Company PRC PRC ment
83CSG Semi-annual Financial Report for 2025
Zhaoqing Automobile Zhaoqing Zhaoqing Establish
200000000 Intensive processing of glass 100%
Company PRC PRC ment
Fengyang Fengyang Production and sales of solar Establish
Anhui Energy Company 1750000000 100%
PRC PRC glass ment
Fengyang Fengyang Production and sales of solar Establish
Anhui Quartz Company 75000000 100%
PRC PRC glass products ment
Anhui Silicon Valley Mingdu Fengyang Fengyang Mineral resources Establish
36000000060%
Mining Company PRC PRC exploitation ment
Xi'an Energy Conservation Xi’an Xi’an Establish
150000000 Intensive processing of glass 55% 45%
company PRC PRC ment
Delingha Delingha Production and sales of high Establish
Qinghai New Energy 1350000000 100%
PRC PRC purity silicon products ment
Guangxi New Energy Beihai Beihai Production and sales of solar Establish
80000000075%25%
Materials Company PRC PRC glass ment
Note 1: The registered capital of Hebei CSG is in USD.Note 2: The registered capital of China Southern Glass (Hong Kong) Limited is in HKD.X. GOVERNMENT GRANTS
1. Liabilities involving government grants
Unit: RMB
Amount
Amount
included in
transferred Other
Increase in non- Asset
Accounting 1 January to other changes in 30 June
current operating related/income
item 2025 income in current 2025
period income in related
current period
current
period
period
Asset
Deferred
487252038 3220800 18746594 471726244 related/income
income
related
Total 487252038 3220800 18746594 471726244
2. Government grants included in current profits and losses
Unit: RMB
Accounting item H1 2025 H1 2024
Amortization of government
1874659427058673
subsidies
Other government subsidies 26063896 31507137
Total 44810490 58565810
XI. FINANCIAL INSTRUMENT RISK MANAGEMENT
The Group's main financial instruments include monetary funds notes receivable accounts receivable receivable
84CSG Semi-annual Financial Report for 2025
financing other receivables non-current assets due within one year other current assets notes payable accounts
payable other payables short-term borrowings trading financial liabilities non-current liabilities due within one year
long-term borrowings bonds payable lease liabilities and long-term payables. Details of each financial instrument have
been disclosed in the relevant notes. The risks associated with these financial instruments and the risk management
policies adopted by the Group to mitigate these risks are described below. The management of the Group manages and
monitors these risk exposures to ensure that the above risks are controlled within limited limits.
1. Risk management objectives and policies
The main risks caused by the Group's financial instruments are credit risk liquidity risk and market risk (including
exchange rate risk interest rate risk and commodity price risk).The Group's overall risk management plan addresses the unpredictability of financial markets and strives to reduce
potential adverse effects on the Group's financial performance.The Group has formulated risk management policies to identify and analyze the risks faced by the Group set
appropriate risk acceptance levels and design corresponding internal control procedures to monitor the Group's risk
levels. The Group will regularly reassess these risk management policies and related internal control systems to adapt to
changes in market conditions or the Group's operating activities.The internal audit department also regularly and
irregularly checks whether the implementation of the internal control system complies with the risk management policy.The Board of Directors is responsible for planning and establishing the Group's risk management structure formulating
the Group's risk management policies and relevant guidelines and supervising the implementation of risk management
measures. The Group has formulated risk management policies to identify and analyze the risks faced by the Group.These risk management policies clearly define specific risks and cover many aspects such as market risk credit risk and
liquidity risk management. The Group regularly assesses changes in the market environment and the Group's operating
activities to determine whether to update risk management policies and systems. The Group's risk management is
carried out by relevant departments in accordance with policies approved by the Board of Directors. These departments
identify evaluate and avoid relevant risks through close cooperation with other business departments of the Group.The Group diversifies financial instrument risks through appropriate diversification of investments and business
portfolios and reduces risks concentrated in a single industry specific region or specific counterparty by formulating
corresponding risk management policies.
（1）Credit risk
Credit risk refers to the risk that the counterparty fails to perform its contractual obligations resulting in financial losses
to the Group.The Group manages credit risks by portfolio classification. Credit risk mainly arises from bank deposits bills receivable
accounts receivable other receivables etc.The Group's bank deposits are mainly deposited in state-owned banks and other large and medium-sized listed banks.The Group expects that there will be no significant credit risk in bank deposits.For notes receivable accounts receivable other receivables and long-term receivables the Group sets relevant policies
to control credit risk exposure. The Group evaluates the customer's credit qualifications and sets corresponding credit
periods based on the customer's financial status credit history and other factors such as current market conditions. The
Group will regularly monitor customer credit records. For customers with poor credit records the Group will use
written reminders shorten the credit period or cancel the credit period to ensure that the Group's overall credit risk is
within a controllable range.The debtors of the Group's accounts receivable are customers located in different industries and regions. The Group
continues to conduct credit assessments on the financial status of accounts receivable and purchases credit guarantee
insurance when appropriate.The Group's maximum exposure to credit risk is the carrying amount of each financial asset on the balance sheet. The
Group does not provide any other guarantees that may expose the Group to credit risk. Among the Group's accounts
receivable those from the top five customers (mainly photovoltaic glass customers) accounted for 40% of the Group's
total accounts receivable (2024: 33%). These customers are all industry leaders with good credit thus reducing the risk
of accounts receivable recovery for this group. Among the Group's other receivables those from the top five companies
in terms of arrears. Other receivables account for 89% of the Group's total other receivables (2024: 90%).
（2）Liquidity risk
Liquidity risk refers to the risk that the Group encounters a shortage of funds when fulfilling its obligations to settle by
85CSG Semi-annual Financial Report for 2025
delivering cash or other financial assets.When managing liquidity risk the Group maintains and monitors cash and cash equivalents that management considers
sufficient to meet the Group's operating needs and reduce the impact of cash flow fluctuations. The management of the
Group monitors the use of bank borrowings and ensures compliance with borrowing agreements. At the same time
obtain commitments from major financial institutions to provide sufficient backup funds to meet short-term and long-
term funding needs.At the end of the period the financial liabilities and off-balance sheet guarantee items held by the Group are analyzed
based on the maturity period of the undiscounted remaining contract cash flows as follows (unit: RMB):
30 June 2025
Item
Within 1 year 1-2 years 2-5 years Over 5 years Total
Financial liabilities:
Short-term borrowings 1486113245 1486113245
Notes payable 2399802511 2399802511
Accounts payable 3162899038 3162899038
Other payables 455838149 455838149
Non-current liabilities due
within one year 2440327387 2440327387
Other current liabilities 241922093 241922093
Long-term borrowings 172426487 2064239914 3749499922 491045228 6477211551
Lease liabilities 2349571 6701273 14109455 23160299
Long-term payables 176848080 439562853 616410933
Total financial liabilities
and contingent liabilities 10359328910 2243437565 4195764048 505154683 17303685206
At the end of last year the financial liabilities and off-balance sheet guarantee items held by the Group were analyzed
based on the maturity period of the undiscounted remaining contract cash flows as follows (unit: RMB):
1 January 2025
Item
Within 1 year 1-2 years 2-5 years Over 5 years Total
Financial liabilities:
Short-term borrowings 1175046211 1175046211
Notes payable 2244413755 2244413755
Accounts payable 3092025797 3092025797
Other payables 312816531 312816531
Non-current liabilities due
within one year 2210464448 2210464448
Other current liabilities 218529333 218529333
Long-term borrowings 190373964 2772567174 2866975537 861770244 6691686919
Lease liabilities 2947236 5549939 13153432 21650607
Long-term payables 115153592 302856111 46607770 464617473
Total financial liabilities
and contingent liabilities 9443670039 2890668002 3175381587 921531446 16431251074
The amounts of financial liabilities disclosed in the table above represent undiscounted contractual cash flows and
therefore may differ from the carrying amounts in the balance sheet.
（3）Market risk
Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial instruments
fluctuate due to market price changes including interest rate risk exchange rate risk and other price risks.Interest Rate Risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to
86CSG Semi-annual Financial Report for 2025
changes in market interest rates. Interest rate risk can arise from both recognized interest-bearing financial instruments
and unrecognized financial instruments (such as certain loan commitments).The Group's interest rate risk mainly arises from long-term interest-bearing debt such as long-term bank borrowings and
bonds payable. Financial liabilities with floating interest rates expose the Group to cash flow interest rate risk while
financial liabilities with fixed interest rates expose the Group to fair value interest rate risk. The Group determines the
relative proportions of fixed-rate and floating-rate contracts based on the prevailing market environment and maintains
an appropriate mix of fixed-rate and floating-rate instruments through regular review and monitoring.The Group pays close attention to the impact of interest rate changes on the Group's interest rate risk. The Group
currently does not adopt an interest rate hedging policy. However management is responsible for monitoring interest
rate risk and will consider hedging significant interest rate risk if necessary. An increase in interest rates will increase
the cost of new interest-bearing debt and the interest expense of the Group's unpaid interest-bearing debt with floating
interest rates and will have a significant adverse impact on the Group's financial results. The management will base on
the latest market trends Adjustments are made in a timely manner to the situation and these adjustments may be
through interest rate swap arrangements to reduce interest rate risk.The interest-bearing financial instruments held by the Group are as follows (unit: RMB):
Item 30 June 2025 1 January 2025
Contracts at fixed rates 1192964100 1078169155
Contracts at floating rates 4797186020 5073439317
Total 5990150120 6151608472
For financial instruments held on the balance sheet date that expose the Group to fair value interest rate risk the impact
on net profit and shareholders' equity in the above sensitivity analysis is the impact of re-measurement of the above
financial instruments at the new interest rate assuming that the interest rate changes on the balance sheet date. For
floating rate non-derivative instruments held on the balance sheet date that expose the Group to cash flow interest rate
risk the impact on net profit and shareholders' equity in the above sensitivity analysis is the impact of the above interest
rate changes on the estimated interest expense or income on an annual basis. The analysis of the previous year was
based on the same assumptions and methods.Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to
changes in foreign exchange rates. Exchange rate risk can arise from financial instruments denominated in foreign
currencies other than the functional currency of accounting.Exchange rate risk is mainly due to the impact of the Group's financial position and cash flows on foreign exchange rate
fluctuations. Except for the subsidiaries established in Hong Kong that hold assets settled in Hong Kong dollars the
proportion of foreign currency assets and liabilities held by the Group to the overall assets and liabilities is not
significant. Therefore the Group believes that the exchange rate risk it faces is not significant.At the end of the period the amounts of foreign currency financial assets and foreign currency financial liabilities held
by the Group converted into RMB are listed as follows (unit: RMB):
Foreign currency liabilities Foreign currency assets
Item
30 June 2025 1 January 2025 30 June 2025 1 January 2025
USD 29654902 26836924 119437300 104808255
HKD 55264 67954 10168397 13218722
Others 1904071 1535781 7558145 6949045
Total 31614237 28440659 137163842 124976022
The Group pays close attention to the impact of exchange rate changes on the Group's exchange rate risk. Management
is responsible for monitoring exchange rate risk and will consider hedging significant exchange rate risk if necessary.As of 30 June 2025 for the Group's various U.S. dollar financial assets and U.S. dollar financial liabilities if the RMB
appreciates or depreciates by 10% against the U.S. dollar and other factors remain unchanged the Group's net profit
will decrease or increase by approximately RMB 7631504 (31 December 2024: decrease or increase of approximately
RMB 6627563).
87CSG Semi-annual Financial Report for 2025
2. Capital management
The goal of the Group's capital management policy is to ensure that the Group can continue to operate thereby
providing returns to shareholders and benefiting other stakeholders while maintaining an optimal capital structure to
reduce capital costs.In order to maintain or adjust the capital structure the Group may adjust financing methods adjust the amount of
dividends paid to shareholders return capital to shareholders issue new shares and other equity instruments or sell
assets to reduce debt.The Group monitors the capital structure based on the asset-liability ratio (i.e. total liabilities divided by total assets).At the end of the period the Group's asset-liability ratio was 57% (end of the previous year: 55%).XII. DISCLOSURE OF FAIR VALUE
1. Closing balance of assets and liabilities measured at fair value
Unit: RMB
Closing fair value
Item Level 1 fair value Level 2 fair value Level 3 fair value
Total
measurement measurement measurement
I. Ongoing fair value
--------
measurement
Structured deposits 120000000 120000000
Receivables financing 788929728 788929728
Investment properties 293712453 293712453
Total 413712453 788929728 1202642181
XIII. RELATED PARTIES AND RELATED PARTYTRANSACTIONS
1. Information of the parent company
The Company regards no entity as the parent company.
2. The subsidiariesThe general information and other related information of the subsidiaries are set out in Note “IX. EQUITY IN OTHERENTITIES”.
3. General information of the Group’s associate
The Group has no joint ventures or associated companies.
4. Other related parties information
Name of Other Related Party Relationship with the Group
Qianhai Life Insurance Co. Ltd The largest shareholder of the Company
Shantou Chaoshang Urban Comprehensive Management
Related party of the Company's largest shareholder
Co. Ltd
88CSG Semi-annual Financial Report for 2025
Qianhai Life (Xi'an) Hospital Co. Ltd. Related party of the Company's largest shareholder
Qianhai Life (Guangzhou) General Hospital Co. Ltd. Related party of the Company's largest shareholder
Shenzhen Hongtu Construction Co. Ltd. Related party of the Company's largest shareholder
Suzhou Baoqi Logistics Co. Ltd. Related party of the Company's largest shareholder
Shenzhen Baoyao Construction Engineering Co. Ltd. Related party of the Company's largest shareholder
Shen Zhen Golden Flourish Supply Chain Limited Related party of the Company's largest shareholder
5. Related party transactions
（1）Purchase and sales of goods and rendering and receiving services
Table on purchase of goods/receiving of services
Unit: RMB
Related
Related parties H1 2025 H1 2024
transaction
Qianhai Life Insurance Co. Ltd Receive service 4069565 3724810
Qianhai Life (Guangzhou) General Hospital Co.Ltd. Receive service 86480
Total 4156045 3724810
Table on sales of goods/providing of services
Unit: RMB
Related parties Related transaction H1 2025 H1 2024
Qianhai Life (Xi’an) Hospital Co. Ltd. Sales of goods 1446563
Shenzhen Baoyao Construction Engineering Co.Ltd. Sales of goods 107329
Shantou Chaoshang Urban Comprehensive
Management Co. Ltd Sales of goods 3640
Total 3640 1553892
6. Receivables from and payables to related parties
（1）Receivables from related parties
Unit: RMB
30 June 2025 1 January 2025
Item Related parties Carrying Provision for Provision for
Carrying amount
amount bad debts bad debts
Accounts Shenzhen Hongtu
receivable Construction Co. Ltd. 7890900 6773628 8652356 7382793
Accounts Shen Zhen Golden Flourish
receivable Supply Chain Limited 22090 20986 22090 20986
Advances to Qianhai Life Insurance Co.suppliers Ltd 773001 602449
89CSG Semi-annual Financial Report for 2025
Total 8685991 6794614 9276895 7403779
（2）Payables to related parties
Unit: RMB
Item Related parties Closing carrying amount Opening carrying amount
Accounts payable Suzhou Baoqi Logistics Co. Ltd. 300000 300000
Other payables Qianhai Life Insurance Co. Ltd 6646 46646
Contract liabilities Other related parties 483657 483657
Total 790303 830303
XIV. SHARE-BASED PAYMENTS
1. Overall share-based payments
□ Applicable √ Not applicable
2. Equity-settled share-based payments
□ Applicable √ Not applicable
3. Cash-settled share-based payments
□ Applicable √ Not applicable
4. Share-based payments in the current period
□ Applicable √ Not applicable
XV. COMMITMENTSAND CONTINGENCIES
1. Significant commitments
Capital expenditures contracted for by the Group at the balance sheet date but are not yet necessary to be recognized on the balance
sheet are as follows:
Unit: RMB
Item 30 June 2025 1 January 2025
Buildings machinery and equipment 459690086 903669511
90CSG Semi-annual Financial Report for 2025
2. Contingencies
（1） Important contingencies existing on the balance sheet date
Contingent liabilities arising from pending litigation and arbitration and their financial impact
Court of Target
Plaintiff Defendant Cause of action Case progress
acceptance amount
Disputes over
Zeng Nan Luo Youming Wu Shenzhen
liability for
The Company (Note Guobin Ding Jiuru Li Intermediate
harming 229200087 Under trial
1) Weinan Yichang Hongtai People's
company
Real Estate Co. Ltd. Court
interests
Tianjin Donglai Wujiang
Construction
Construction Wujiang CSG East China District
project contract 16905515 Under trial
Engineering Co. Engineering Glass Co. Ltd. People's
disputes
Ltd. (Note 2) Court
Note 1: The Company requested the Defendants to jointly compensate the plaintiff for the RMB 171 million principal
amount of the subsidy funds granted by the government to the Group as well as the interest loss of RMB 58.2 million.The first instance of the case was heard at Shenzhen Intermediate People's Court on 21 June 2022. On 4 June 2024 the
Company received the first instance Civil Judgment issued by Shenzhen Intermediate People's Court which rejected all
of the Company's litigation requests. In June 2024 the Company filed an appeal to Guangdong Higher People's Court.The second instance of the case was heard at the Guangdong Higher People's Court on 12 September 2024 and the case
is currently in the process of the second instance.Note 2: There is a dispute between the Company and the 22nd Metallurgical Construction Company over construction
payment. The 22nd Metallurgical Construction Company transferred its claim to Tianjin Donglai Construction
Engineering Co. Ltd. and then sued the Company. As of the announcement date of this report the case is still under
trial and the Company has confirmed the accounts payable for the relevant payment obligations.XVI. POST-BALANCE SHEET EVENTS
None.XVII. OTHER SIGNIFICANT EVENTS
1. Segment reporting
（1）Determination basis and accounting policy of report segment
Based on the Group's internal organizational structure management requirements and internal reporting system the
Group's operating business is divided into four reporting segments. These reporting segments are determined based on
the financial information required by the company for daily internal management. The Group's management regularly
evaluates the operating results of these reportable segments to determine the allocation of resources to them and
evaluate their performance.The Group's reportable segments include:
91CSG Semi-annual Financial Report for 2025
-The Glass Division is responsible for the production and sales of float glass photovoltaic glass products architectural
glass products and silica sand required for the production of related glass.-The Electronic Glass and Display device Division is responsible for the production and sales of display components
and special ultra-thin glass products.-The Solar Energy and Others segment is responsible for the production and sales of polysilicon and solar cell module
products photovoltaic energy development and other products.-Other unallocated divisions.Segment reporting information is disclosed based on the accounting policies and measurement standards adopted by
each segment when reporting to management. These accounting policies and measurement basis are consistent with
those used when preparing financial statements.
（2）Financial information of reporting segments
Unit: RMB
Electronic Solar energy Inter-
Unallocated
Item Glass industry glass and and other segment Total
amount
display device industries elimination
Revenue from
582172663952698805613323656116108646483562120
external customers
Inter-segment
446258633751286736142863155276815-273558408
revenue
Interest expenses 72533716 3183375 3176987 38426670 117320748
Depreciation and
amortization 495826487 110945587 63361578 3125313 673258965
expenses
Total profit/(loss) 154511185 -38507828 -55916532 -4777068 55309757
Total assets 19645313658 3035047411 6638412062 2358726021 31677499152
Total liabilities 10454763540 472474501 2947065993 4131090205 18005394239
Increase in non-
41486343711427411840235291523223601552930
current assets
XVIII. NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
1. Accounts receivable
（1）Disclosure by age
Unit: RMB
Aging Closing carrying amount Opening carrying amount
Within 1 year (including 1 year) 297576057 110153840
Total 297576057 110153840
92CSG Semi-annual Financial Report for 2025
（2） Classification by bad debt accrual method
Unit: RMB
30 June 2025 1 January 2025
Provision for Provision for
Carrying amount Carrying amount
bad debts bad debts
Category Provis Provis
Book value Book value
Propor Am ion Proporti Am ion
Amount Amount
tion ount propor on ount propor
tion tion
Provision for
bad debts on a 297576057 100% 297576057 110153840 100% 110153840
portfolio basis
Total 297576057 100% 297576057 110153840 100% 110153840
（3）Accounts receivable and contract assets details of the top 5 closing balances by debtors
Unit: RMB
Closing balance
of bad debt
As % of the total
Closing balances provision for
Accounts closing balance
Contract assets of accounts accounts
Name receivable of accounts
closing balance receivable and receivable and
closing balance receivable and
contract assets provision for
contract assets
impairment of
contract assets
Total balances
for the five
297576057297576057100%
largest accounts
receivable
Total 297576057 297576057 100%
2. Other receivables
Unit: RMB
Item 30 June 2025 1 January 2025
Other receivables 2535004842 2342796700
Total 2535004842 2342796700
（1）Other receivables
1）Other receivables categorized by nature
Unit: RMB
93CSG Semi-annual Financial Report for 2025
Nature of receivables Closing carrying amount Opening carrying amount
Due from related parties 2413603392 2222025032
Others 172736173 172093539
Total 2586339565 2394118571
2） Disclosure by age
Unit: RMB
Aging Closing carrying amount Opening carrying amount
Within 1 year (including 1 year) 2117596664 2036223049
Over 1 year 468742901 357895522
Total 2586339565 2394118571
3） Classification by bad debt accrual method
Unit: RMB
30 June 2025
Carrying amount Provision for bad debts
Category Accrual
Book value
Amount Proportion Amount proportio
n
Provision for bad debts on
1710000007%5130000030%119700000
an individual basis
Provision for bad debts on
241533956593%347232415304842
a portfolio basis
Including:
Related party combination 2413603392 93% 2413603392
Unrelated party
1736173347232%1701450
combination
Total 2586339565 100% 51334723 2% 2535004842
Continued
1 January 2025
Carrying amount Provision for bad debts
Category Accrual
Proportio Book value
Amount Amount proportio
n
n
Provision for bad debts
1710000007%5130000030%119700000
on an individual basis
Provision for bad debts
222311857193%218712223096700
on a portfolio basis
Including:
Related party
222202503293%2222025032
combination
94CSG Semi-annual Financial Report for 2025
Unrelated party
1093539218712%1071668
combination
Total 2394118571 100% 51321871 2% 2342796700
Provision for bad debts accrued on the basis of a general model of expected credit losses:
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit
Expected
Provision for bad debt loss for the loss for thecredit loss in Total
whole period whole period
the next 12
(no credit (with credit
months
impairment) impairment)
Amount on 1 January
218715130000051321871
2025
Carrying amount on 1
January 2025
that in this period:
——Transfer to Stage 2
——Transfer to Stage 3
——Reversal to Stage 2
——Reversal to Stage 1
Provision for the period 12852 12852
Reverse for the period
Write-off for the period
Other changes
Amount on 30 June 2025 34723 51300000 51334723
4） Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
Change in the current period
1 January
Category Recovered or Charged off or 30 June 2025
2025 Accrued Others
reversed written off
Bad debt
provisions for
513218711285251334723
other
receivables
Total 51321871 12852 51334723
5）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Name Nature of 30 June 2025 Aging Percentage in Provision for bad
95CSG Semi-annual Financial Report for 2025
business total other debts
receivables
balance
Advance
Company A payment for 610034761 Within 1 year 24%
other party
Advance
Company B payment for 283701646 Within 1 year 11%
other party
Advance
Company C payment for 243976790 Within 1 year 9%
other party
Advance
Company D payment for 211790912 Within 1 year 8%
other party
Advance
Company E payment for 186845102 Within 1 year 7%
other party
Total 1536349211 59%
3. Long-term equity investments
Unit: RMB
30 June 2025 1 January 2025
Item Carrying Impairment Carrying Impairment
Book value Book value
amount provision amount provision
Investment in
105653214401500000010550321440105653214401500000010550321440
subsidiaries
Total 10565321440 15000000 10550321440 10565321440 15000000 10550321440
96CSG Semi-annual Financial Report for 2025
（1）Investments in subsidiaries
Unit: RMB
Opening Movement in current period Closing
Opening book Closing book
Investee impairment Increase in Decrease in Impairment impairment
value Others value
provision investment investment provision provision
Chengdu CSG Company 151397763 151397763
Sichuan Energy Saving Company 119256949 119256949
Tianjin Energy Saving Company 247833327 247833327
Dongguan Engineering Company 222276243 222276243
Dongguan Solar Energy Company 355120247 355120247
Dongguan Photovoltaic Company 604099854 604099854
Yichang Silicon Material Company 909960170 909960170
Wujiang Engineering Company 254401190 254401190
Hebei CSG Company 266189705 266189705
CSG (Hong Kong) Co. Ltd. 87767304 87767304
Wujiang CSG Company 567645430 567645430
Jiangyou CSG Mining Development Co.
102415096102415096
Ltd.Xianning Float Company 181116277 181116277
Xianning Energy Saving Company 165452035 165452035
Qingyuan Energy Saving Company 885273105 885273105
Shenzhen CSG Financial Leasing Co.
133500000133500000
Ltd.Shenzhen Display Device Company 550765474 550765474
Zhaoqing Energy Saving Company 200000000 200000000
97CSG Semi-annual Financial Report for 2025
Zhaoqing CSG Automotive Glass Co.
159959074159959074
Ltd.Anhui New Energy Company 1750000000 1750000000
Anhui Quartz Company 75000000 75000000
Anhui CSG Silicon Valley Mingdu
216000000216000000
Mining Development Co. Ltd.Xi'an Energy Saving Company 82500000 82500000
Guangxi New Energy Materials
600000000600000000
Company
CSG (Suzhou) Corporate Headquarters
3000000030000000
Management Co. Ltd.Shenzhen CSG Quartz Materials
4000000040000000
Industrial Co. Ltd.Shenzhen CSG New Energy Industry
13500000001350000000
Development Co. Ltd.Others 242392197 15000000 242392197 15000000
Total 10550321440 15000000 10550321440 15000000
98CSG Semi-annual Financial Report for 2025
4. Operating income and operating costs
Unit: RMB
H1 2025 H1 2024
Item
Revenue Cost Revenue Cost
Principal operation 1610864 2824451
Other operations 155083528 193179612
Total 156694392 196004063
5. Investment income
Unit: RMB
Item H1 2025 H1 2024
Investment income from long-term equity
200488459655900646
investment under cost method
Investment income during the holding
2715821
period of trading financial assets
Others 924109
Total 203204280 656824755
99CSG Semi-annual Financial Report for 2025
XIX. SUPPLEMENTARY INFORMATION
1.Statement of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Gains/losses from the disposal of non-current assets 4064848
Government subsidies included in the profit and loss of the current period (closely See Notes
related to the normal operation of the company in line with national policies and to other
43124709
provisions in accordance with the defined standards except government subsidies that earnings for
have a continuous impact on the profit and loss of the company) details
In addition to the effective hedging business related to the normal operation of the
company the profit or loss of fair value changes arising from the holding of financial
assets and financial liabilities by non-financial enterprises and the loss or gain arising 2715821
from the disposal of financial assets and financial liabilities and available for sale
financial assets
Reversal of provision for impairment of receivables that have been individually tested for
3318671
impairment
Profit and loss from debt restructuring 214501
Other non-operating income and expenditure except for the aforementioned items 7905999
Less: Impact on income tax 7709799
Impact on minority shareholders’ equity (post-tax) 852040
Total 52782710
2. ROE and earnings per share
Weighted Earnings per share
Profit during the reporting period average return Basic earnings per share Diluted earnings per share
on equity % (RMB/share) (RMB/share)
Net profit attributable to the
0.55%0.020.02
company’s ordinary shareholders
Net profit attributable to the
company's ordinary shareholders
0.16%0.010.01
after deducting non-recurring gains
and losses
100
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