CSG HOLDING CO. LTD.SEMI-ANNUAL REPORT 2025
Chairman of the Board:
CHEN LIN
August 2025CSG Semi-annual Report 2025
Section I. Important Notice Content and Paraphrase
Board of Directors and the Supervisory Committee of CSG Holding Co. Ltd. (hereinafter referred
to as the Company) and its directors supervisors and senior executives hereby confirm that there
are no any fictitious statements misleading statements or important omissions carried in this report
and shall take all responsibilities individual and joint for the facticity accuracy and completeness
of the whole contents.Ms. Chen Lin person in charge of the Company Ms. Wang Wenxin responsible person in charge
of accounting and Ms. Wang Wenxin principal of the financial department (accounting officer)
confirm that the Financial Report enclosed in the semi-annual report of the Company is true
accurate and complete.All directors were present at the meeting of the Board for deliberating the semi-annual report of the
Company in person.The future plans and other forward-looking statements mentioned in this report do not constitute a
material commitment of the Company to investors. Investors and relevant parties should pay
attention to investment risks and understand the differences between plans forecasts and
commitments.The Company has described the risk factors and countermeasures of the Company's future
development in detail in this report. Please refer to Section III. Management Discussion and
Analysis.The Company is required to comply with the disclosure requirements of "Non-metallic Building
Materials Related Business" in the "Self-regulatory Guidelines for Listed Companies on the
Shenzhen Stock Exchange No. 3- Industry Information Disclosure.The Company has no plans of cash dividend distribution bonus shares being sent or converting
capital reserve into share capital.This report is prepared both in Chinese and English. Should there be any inconsistency between the
Chinese and English versions the Chinese version shall prevail.
1CSG Semi-annual Report 2025
Content
Section I. Important Notice Content and Paraphrase....1
Section II. Company Profile & Financial Highlights....5
Section III. Management Discussion and Analysis ......8
Section IV. Corporate Governance Environment and S...28
Section V. Important Events ........................ 32
Section VI. Changes in Shares and Particulars abou.. 56
Section VII. Bonds ..................................62
Section VIII. Financial Report ..................... 64
Section IX. Other Reported Information .............157
2CSG Semi-annual Report 2025
Documents available for Reference
I. Text of the financial report carrying the signatures and seals of the person in charge of the
Company the responsible person in charge of accounting and the principal of the financial
department (accounting officer).II. All texts of the Company’s documents and original public notices disclosed in the papers
appointed by CSRC in the report period.
3CSG Semi-annual Report 2025
Paraphrase
Item Refers to Content
Company the Company CSG Group
Refers to CSG Holding Co. Ltd.CSG Group or the Group
Foresea Life Refers to Foresea Life Insurance Co. Ltd.Ultra-thin electronic glass Refers to The electronic glass with thickness between 0.1~1.1mm
AG glass Refers to Anti-glare glass
AF glass Refers to Anti-fingerprint glass
AR glass Refers to Anti-reflection glass
Ice Kirin Refers to CSG’s brand for multi-silver high-performance energy-saving glass
BIPV Refers to Building Integrated Photovoltaic
4CSG Semi-annual Report 2025
Section II. Company Profile & Financial Highlights
I. Company Profile
Short form of the stock Southern Glass A Southern Glass B Stock code 000012 200012
Listing stock exchange Shenzhen Stock Exchange
Legal Chinese name of the Company 中国南玻集团股份有限公司
Abbr. of legal Chinese name of the Company 南玻集团
Legal English name of the Company CSG Holding Co. Ltd.Abbr. of legal English name of the Company CSG
Legal Representative Chen Lin
II. Person/Way to contact
Secretary of the Board Representative of securities affairs
Name Xu Lei Yu Xiaojing
CSG Building No.1 of the 6th Industrial Road CSG Building No.1 of the 6th Industrial Road
Contact address
Shekou Shenzhen P. R.C. Shekou Shenzhen P. R.C.Tel. (86)755-26860666 (86)755-26860666
Fax. (86)755-26860685 (86)755-26860685
E-mail securities@csgholding.com securities@csgholding.com
III. Other information
1. Way of contact
Whether registered address office address and their postal codes website address and email address of the Company
changed in the report period or not
□ Applicable √Not applicable
The registered address office address and their postal codes website address and email address of the Company did
not change in the report period. More details can be found in Annual Report 2024.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in the report period or not
□Applicable √ Not applicable
The newspapers designated by the Company for information disclosure the website designated by CSRC for
disclosing semi-annual report and preparation place of semi-annual report did not change in the report period. More
details can be found in Annual Report 2024.
3. Other relevant information
Whether other relevant information changed in the report period or not
5CSG Semi-annual Report 2025
□Applicable √ Not applicable
IV. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √No
The report period The same period of Increase/decrease year-on-
(Jan. to Jun.2025) last year year
Operating income (RMB) 6483562120 8078970651 -19.75%
Net profit attributable to shareholders of the
74531505733111562-89.83%
listed company (RMB)
Net profit attributable to shareholders of the
listed company after deducting non-recurring 21748795 672901192 -96.77%
gains and losses (RMB)
Net cash flow arising from operating
384695267993284145-61.27%
activities (RMB)
Basic earnings per share (RMB/Share) 0.02 0.24 -91.67%
Diluted earnings per share (RMB/Share) 0.02 0.24 -91.67%
Weighted average ROE 0.55% 5.08% -4.53%
Increase/decrease in this
End of this period End of last year period-end over that of last
year-end
Total assets (RMB) 31677499152 31220417923 1.46%
Net assets attributable to shareholders of the
1321544560713535949795-2.37%
listed company (RMB)
V. Difference of accounting data under domestic and overseas accounting standards
1. Differences of the net profit and net assets disclosed in financial report prepared under international
and Chinese accounting standards
□ Applicable √ Not applicable
No such differences in the report period.
2. Difference of the net profit and net assets disclosed in financial report prepared under overseas and
Chinese accounting standards
□ Applicable √ Not applicable
No such differences in the reporting period.VI. Items and amounts of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gains/losses from the disposal of non-current assets (including the write-off that 4064848
6CSG Semi-annual Report 2025
accrued for impairment of assets)
Government subsidies included in the profit and loss of the current period (except
For details please
government subsidies that closely related to the normal operation of the company in
43124709 refer to the notes
line with national policies and provisions in accordance with the defined standards
to other income
and have a continuous impact on the profit and loss of the company)
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
2715821
financial assets and financial liabilities by non-financial enterprises and the loss or
gain arising from the disposal of financial assets and financial liabilities
Reversal of provision for impairment of receivables that have been individually
3318671
tested for 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
Particulars about other gains and losses that meet the definition of non-recurring gains and losses:
□ Applicable √ Not applicable
It did not exist that other profit and loss items met the definition of non-recurring gains and losses.Explanation of the non-recurring gains and losses listed in the Explanatory Announcement No.1 on Information
Disclosure for Companies Offering their Securities to the Public - Non-recurring Gains and Losses as recurring gains
and losses
□ Applicable √ Not applicable
It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information
Disclosure of Companies Offering Securities to the Public - Non-recurring Profit and Loss" were defined as recurring
profit and loss items in the report period.
7CSG Semi-annual Report 2025
Section III. Management Discussion and Analysis
I. Main business of the Company during the report period
(I)Main business of the Company
CSG is a leading domestic brand of energy-saving glass and a renowned brand of solar PV products and display
devices. Its products and technologies are well-known at home and abroad. Its main business includes R&D
manufacturing and sales of high-quality float glass architectural glass photovoltaic glass new materials and
information display products such as ultra-thin electronic glass and display devices as well as renewable energy
products such as silicon materials photovoltaic cells and modules and it provides one-stop services for photovoltaic
power station project development construction operation and maintenance etc. The Company owns quartz sand
raw material processing and production bases in Jiangyou Sichuan; Qingyuan Guangdong; Fengyang Anhui; and
Beihai Guangxi which ensure a steady supply of raw materials for the Company's glass production.Photovoltaic glass business
CSG entered the photovoltaic glass manufacturing industry in 2005. As one of the earliest enterprises engaged in
manufacturing in this field in China the Company is based on independent research and development and has formed
a full closed-loop production capacity from photovoltaic glass original sheet production to deep processing covering
1.6-4mm thickness deep processing products. With nearly 20 years of experience in the production of photovoltaic
glass CSG has accumulated a solid foundation in key equipment and technologies such as kiln calendaring and deep
processing and its product quality enjoys a high status and reputation in the industry and has become an important
and even strategic cooperative supplier of global module leading enterprises.In the context of the era of carbon peak and carbon neutrality the Company is firmly optimistic about the long-term
development of the photovoltaic new energy industry resolutely responds to the national "dual carbon" strategic goal
and continuously improves and enhances the large-scale layout and business competitiveness of the Group's
photovoltaic glass on the basis of relying on the national "14th Five-Year Plan" and the Company's own strategic
development plan. As of June 2025 the Company has a total of 9 photovoltaic rolled glass original sheet production
kilns and supporting deep processing production lines in Dongguan Wujiang Fengyang Xianning and Beihai of
which the second kiln and supporting processing lines in Beihai Guangxi are in the trial production stage and will
further improve the scale advantage when put into official operation.Affected by the global energy transition technological iteration in the photovoltaic industry has accelerated. CSG's
photovoltaic glass business has demonstrated distinct advantages across multiple dimensions including production
process innovation product R&D philosophy and market application awareness thanks to its profound technological
expertise forming unique technological strength. In the first half of 2025 the focus of the photovoltaic glass business
was to build core competitiveness. On the one hand CSG achieved breakthroughs in the three flagship products of
ultra-high-transmittance double-coated glass colorless double-coated glass and anti-glare glass and extended their
application. On the other hand CSG designed a sound differentiated competition program based on its operational
realities and built a development system integrating technological innovation intelligent manufacturing and value-
8CSG Semi-annual Report 2025
added services in the full implementation of the program which further enhanced CSG's core competitive edge as a
technology-leading supplier in the photovoltaic glass industry.Architectural glass business
As one of the largest high-end building energy-saving glass suppliers in China CSG integrates R&D and design
technical consulting production and manufacturing and marketing and service in the architectural glass business. It
always aims to "build green energy-saving products and create quality life" and forms a CSG brand image with
quality service and continuous R&D as its core competitiveness which is strongly competitive in foreign markets as
well. The Company has the world's leading glass deep processing equipment and testing instruments and its products
cover all kinds of engineering and architectural glass. Currently the Company has seven deep processing bases of
energy-saving glass in Tianjin Dongguan Xianning Wujiang Chengdu Zhaoqing and Xi'an and the layout of bases
across the country is being perfected.CSG's architectural glass business adheres to the customized business strategy of trinity of technical service
marketing R&D and manufacturing relying on its own manufacturing and R&D strength as well as the marketing
and service network formed by domestic and overseas offices to meet the personalized needs of domestic and foreign
customers and construction projects. The Company's R&D and application level in coating technology keep pace
with the world the high-end product technology is internationally leading and the high-quality energy-saving and
environmentally friendly LOW-E insulating glass continues to lead the domestic high-end market share. In 2017
CSG's low-E coated glass was awarded the title of Single Champion Product by the Ministry of Industry and
Information Technology and it passed the review again in March 2024 which fully proves the leading position of
CSG's architectural glass in the industry. Under the background of the "dual carbon" goal and the national green
energy-saving building requirements the Company has taken the lead in independently developing many energy-
saving products such as innovative and world-leading "Ice Kirin" glass series products thermal insulation products
BIPV products etc. among which the "Ice Kirin" glass series products have received unanimous praise from the
market for their high performance and stability relying on the Company's advanced coating technology and have
become the benchmark in the domestic product market. The innovation and R&D of energy-saving products with
higher energy efficiency is important to the energy conservation and emission reduction of newly constructed
buildings and the energy-conservation-oriented transformation of existing buildings. In order to meet the market
demand for product innovation the Company will continue to conduct innovation so as to provide quality products
with higher energy efficiency for the market.The Company's quality management system for engineering and architectural glass has been approved by
organizations of UK AOQC and Australia QAS. The product quality which meets the national standards of the US
the UK and Australia enables CSG has an advantage in the international tendering and bidding. Since 1988 CSG's
engineers and technicians have been continuously participating in the formulation and compilation of various national
standards and industry standards. All kinds of high-quality engineering architectural glass provided by the Company
are widely used in landmark buildings such as major city CBDs and transportation hubs at home and abroad which
are too numerous to mention.In addition the Company has always adhered to the intelligent transformation and digital transformation as the key
increment of the development of architectural glass business. It has continuously invested and accumulated rich
9CSG Semi-annual Report 2025
experience in the research of production automation intellectualization information technology and equipment and
the efficiency improvement of intelligent upgrading and transformation of traditional equipment. Through
technological progress and process optimization the Company has effectively reduced production manpower
consumption material consumption and energy consumption actively promoting the Company's transformation and
upgrading to achieve intensive manufacturing and high-quality development.Float glass business
In the field of float glass CSG has 10 advanced float glass production lines in Dongguan Chengdu Langfang
Wujiang and Xianning. In the first half of 2025 one production line of Chengdu Float Company was put back into
production after a cold repair one production line of Wujiang Float Company was shut down for renovation and
another production line was put into trial production after a cold repair. As of June 2025 there are a total of 8
production lines in production. The products cover high-quality float glass with various thicknesses and specifications
of 1.6-25 mm. The proportion of differentiated glass products with special specifications and special application
scenarios such as ultra-white ultra-thin ultra-thick and ultra-long is large which are widely used in high-end
building curtain walls decoration and furniture reflectors automobile windshields scanners and photocopiers
transmitting plates home appliance panels display protection and other application fields with high requirements on
glass quality. With high-quality products and stable supply CSG has established long-term and stable business
cooperation with many well-known processing enterprises.The profit level of the float glass business is generally positively correlated with the level of real estate completion
data and is also affected by multiple factors such as current energy and raw material prices product structure and
enterprise management level. Differentiated glass products have higher added value due to specific application
scenarios higher production process difficulties and relatively proactive pricing by manufacturers. In response to the
downward pressure on the market the Company focuses on improving management efficiency improving the level
of lean production of conventional products firmly implementing the differentiated competition strategy carefully
cultivating and developing differentiated product markets and continuously increasing the proportion of
differentiated products in sales so as to continuously consolidate and enhance the industry competitiveness of the
Company’s float glass business.In the first half of 2025 the new construction and completion volume in the domestic real estate sector showed a
continued decline the supply and demand relationship in the real estate market changed and the market demand for
architectural glass slowed down. However with the rapid development of emerging industries such as new energy
vehicles in China the demand for industrial glass such as automotive glass has increased year-on-year. Due to a
declining real estate market the float glass industry was undergoing cyclical adjustments. However with the
continuous promotion of the national "dual carbon" policy and the improvement of people's living standards the
market demand for differentiated products is relatively stable.Electronic glass and display business
Upon 15 years of development CSG Electronic Glass has always adhered to technology leadership attached
importance to R&D and innovation broken through market barriers with independent intellectual property rights and
independent innovation and firmly followed the development route of quality priority. After 15 years of continuous
cultivation and accumulation CSG Electronic Glass has fully covered various application scenarios and the high
10CSG Semi-annual Report 2025
medium and low-end markets of these application scenarios. It actively explores new markets and developed new
applications in intelligent consumer electronics terminals touch components automotive window glass vehicle
displays medical equipment industrial control commercial displays smart homes and other application fields and
the market share and brand effect of the Company's medium-alumina and high-alumina electronic glass products have
been steadily improving. CSG has long been committed to becoming an industry-leading provider of high-end
electronic glass and it will continue to develop new application materials in the fields of smart home vehicle display
advanced medical new energy vehicles and smart home appliances in the future.In the touch display field CSG has formed a complete touch industry chain from vacuum magnetron sputtering
coating 3A (AG AR and AF) cover plate processing and fine pattern lithography processing to touch display
modules. The main business includes optical coating materials vehicle-mounted cover plates and vehicle-mounted
touch panels. Among them the optical coating material segment includes the two business types of ITO conductive
glass and ITO conductive film and the products are positioned at middle and high-end customers at home and abroad
and are concentrated in differentiated high-value-added ones. The vehicle-mounted cover plate business segment
comprises a variety of products including vehicle-mounted AG glass vehicle-mounted rearview mirror coated cover
plates vehicle-mounted 2A (AR and AF) cover plates vehicle-mounted 3A cover plates and customized cover plates
of special functions. These products are supplied indirectly to renowned domestic and international automotive
brands through downstream customers of vehicle-mounted device manufacturers.Solar energy business
CSG is one of the first polycrystalline silicon manufacturers in China and one of the first entities selected in the
Ministry of Industry and Information Technology's compliance list. It participated in the formulation of the national
standard and testing standard of "Electronic-grade Polycrystalline Silicon". CSG has built a complete industrial chain
covering high-purity crystalline silicon silicon wafers solar cells modules and photovoltaic power plants. It has
three national-level scientific research platforms and seven provincial-level technology platforms including the
"National and Local Joint Engineering Laboratory for Semiconductor Silicon Material Preparation Technology" and
the "National Enterprise Technology Center".With the further implementation of the "dual carbon" strategy competition in the photovoltaic industry has become
increasingly fierce. In response CSG’s photovoltaic subsidiaries fully implement the plannings of the Group.Yichang base is accelerating its low-energy-consuming project Qinghai base is carrying on with its high-purity
crystalline silicon project Dongguan base focuses on market development for differentiated products and Shenzhen
base is vigorously working on its power station project. All these efforts are expected to enhance CSG’s market
competitiveness in an all-round manner.(II) Overview of operation during the report period
In the first half of 2025 under the impact of multiple factors such as the complicated and volatile international
economic situation increasing trade barriers deep adjustment of the domestic real estate sector as well as accelerated
decline in the prices throughout the photovoltaic industry due to periodical supply-demand imbalance the overall
situation of the industries that the Company engaged in was severe the pressure on the enterprises’ production and
11CSG Semi-annual Report 2025
operation increased and the operational quality and efficiency of the industry was under stress. With the ups and
downs of the economic environment the Company maintained its strategic focus and actively responded to the
market changes analyzed the market and industry dynamics in a timely manner duly adjusted the business strategies
and fully implemented lean management and cost reduction and efficiency increase to achieve maximum control of
various costs. Meanwhile the Company gave full play to its advantages of scale and industrial chain deepened the
differentiated business strategy and strived to maximize the economic benefits. In the first half of 2025 the
Company’s operating revenue totalled RMB 6.484 billion yuan decreasing by 19.75% year-on-year; its net profit
reached RMB 64 million yuan decreasing by 91.06% year-on-year; and the net profit attributable to shareholders of
the listed company was RMB 75 million yuan decreasing by 89.83% year-on-year.Glass business segment
Photovoltaic glass: With the successive release of the Administrative Measures for the Development and
Construction of Distributed Photovoltaic Power Generation and the Notice on Deepening the Market-oriented
Reform of Feed-in Tariffs for New Energy to Promote High-quality Development of New Energy by the government
in January and February 2025 two policy windows have been opened. It signals the photovoltaic industry's transition
from a policy-driven to a market-driven structure. The policy adjustments are expected to trigger a rush for
installations of domestic photovoltaic projects. According to data from the National Energy Administration China's
installed capacity grew by 14.36 GW in June 2025 a year-on-year decline of 38.45%. From January to June 2025 the
cumulative installed capacity reached 212.21 GW up 107.07% year-on-year. Trade barriers in overseas markets have
intensified. Particularly the final determinations of the U.S. in the antidumping duty and countervailing duty
investigations from four Southeast Asian countries and its reciprocal tariff order issued in April have reshaped the
overseas market landscape. As a result photovoltaic production capacity in the four Southeast Asian countries has
been gradually shut down while countries such as Laos and Indonesia which the U.S. tariffs have not hit are
emerging as hubs for alternative photovoltaic production capacity. In the first half of 2025 the rush for installations
of photovoltaic projects in China led to a short-term surge in demand for glass. Overseas policy changes restructured
the glass export pattern and the supply of photovoltaic glass increased. After a slight rise in March and April glass
prices fell rapidly as the rush subsided dropping below last year's low.In a tough environment plagued by multiple complex factors the annual budget-oriented management thought with
cost control at the core to redouble efforts in market expansion and differentiated operation and strictly control
operating risk was implemented through all work processes of the photovoltaic glass business in 2025. In terms of
production management with the management policy of "ensuring safety stabilizing production improving quality
and controlling costs" the Company continued to promote cost reduction and efficiency increase on the basis of
ensuring safe production in all processes focusing on the stabilization of production processes and the effective
improvement of product quality so as to enhance its core competitiveness. As for sales the Company took
"expanding the market adjusting the structure reducing costs and controlling risks" as the management policy. By
increasing transaction volumes with major customers and maintaining differentiated operation with low inventory it
worked to enhance operating capabilities and lower operating risk. In the future the Company will always stay active
in perfecting processes for the photovoltaic glass business in its pursuit of a new paradigm featuring management
innovation technological innovation process innovation and product innovation. Meanwhile to navigate the
12CSG Semi-annual Report 2025
business successfully through industry cycles in a challenging market environment the Company will explore
potential advantages in depth and maintain stable operation.Architectural glass: As the golden brand of CSG the Company’s architectural glass business has been equipped
with quality service and continuous R&D capabilities that match the brand. Focusing on the continuous improvement
of the building energy-saving standards and high-rise building safety standards the Company strengthens brand
building and adheres to the customized business strategy integrating technical service marketing and R&D and
manufacturing to meet the personalized needs of domestic and foreign customers and construction projects. As the
Company’s share in the domestic construction market continues to rise it also maintains a leading position in market
scale and profitability in the field of deep processing within the same industry.In the first half of 2025 faced with a complex external economic situation the Company’s architectural glass
business adhered to forward-looking strategic plans and flexible operation strategies actively explored the market to
seek diversified development strengthened the operation of product differentiation and thus the overall operation
remained stable. By refining the market layout the Company focused on high-potential projects and continued to
increase the signing of high-quality projects which resulted in the drastic year-on-year increase of the order
compounding degree. Furthermore it strongly advanced the business of customized products to explore new business
growing points continued to increase the proportion of sales of differentiated products to enhance the overall product
profitability and expanded the influence of the brand of CSG by strengthening brand promotion and opening up
emerging markets in Southeast Asia the Middle East etc. Moreover it promoted the digital transformation to
improve the automation and informatization level of production line and constantly enhance the production efficiency
of equipment and continuously strengthened the cost reduction and efficiency increase and lean management to
improve core competitiveness. With adoption of this series of initiatives the Company’s architectural glass business
achieved a steady operation in current competitive market environment while the development of product
diversification further enhanced the market competitiveness and service capabilities of architectural glass.Float glass: In the first half of 2025 the glass industry went through a cyclical adjustment and a landscape reshuffle.Against this backdrop the Company carried on with the differentiated product strategy. On the one hand it focused
on the domestic high-end ultra-white glass market built on “Blue Diamond” a high-end brand of ultra-white glass
series and continuously increased the market share to become the leader in the industry segment. On the other hand
the Company optimized its product structure strengthened market development of high-value-added products such as
industrial glass and automotive glass expanded new application markets and continuously increased the ratio of
differentiated products in production and sales effectively reducing the impact of the downward trend in the
architectural glass market and enhancing the Company’s profitability.At the same time the Company continued to reduce costs and increase efficiency internally effectively reducing the
procurement cost by developing new suppliers and coordinating and organizing the centralized procurement of bulk
raw materials. The production efficiency was improved and production costs were further reduced by strengthening
the lean management of full production process. In the first half of 2025 Chengdu Float Glass Line 3 resumed
production with significant improvements in production efficiency and energy conservation which has helped
improve the profitability of the Company’s float glass business.Electronic glass and display business segment
13CSG Semi-annual Report 2025
According to the data released by industry research organizations global smartphone shipments reached 297 million
units in the first quarter of 2025 a year-on-year increase of 0.2% showing a slight market recovery but weakening
momentum. Due to the continued release of new production capacity across the domestic electronic glass market in
the first half of the year the contradiction between supply and demand became more intense the industry was more
competitive the price in the electronic glass market continued to decline and the industry’s operational efficiency
was affected to a certain extent.Facing the severe market environment the Company’s electronic glass business constantly strengthened the research
and development and promoted the cost reduction and efficiency increase in terms of internal management. For
marketing it continued to actively explore new markets and develop new applications in intelligent electronic
terminals touch control modules vehicle-mounted displays medical equipment industrial automatic control displays
& commercial displays smart home and other fields. In the first half of the year the Company’s overall market share
of medium-alumina and high-alumina electronic glass products remained stable.For display devices the Company deeply ploughed its traditional dominant segment of optical coating material
business. Phased results were achieved in developing new customers of ITO film with production and sales
increasing year-on-year. Meanwhile the Company continued to develop its vehicle-mounted AG and cover plate
business. A new vehicle-mounted AG glass production line was put into mass production with the production and
sales volumes increasing substantially compared with the same period last year. In addition to automotive
applications functional cover plates are gradually extending to the consumer market. For vehicle-mounted touch
panel segment the Company’s production and sales volumes declined compared with the same period last year due to
the shrinking global demand for consumer electronics and the popularity of in-cell touch technology.Solar energy business segment
In the first half of 2025 the domestic distributed photovoltaic market experienced a rush for installations driven by
policy adjustments. China's new photovoltaic installed capacity exceeded 212.21 GW from January to June
representing a 107% year-on-year surge. With the gradual fading of the policy effects and guidance from national
regulation the market has slowly returned to rationality and the elimination of production capacity in the industry has
accelerated. The whole industrial chain has entered a period of pattern reshaping. In the report period while the
Company mitigated some pressure by actively seizing market opportunities and saw improvements in the operating
performance for the solar energy business product prices remained below costs across all processes due to supply-
demand imbalance. Therefore the overall operation was still under great pressure.II. Core Competitiveness Analysis
CSG Group one of the most competitive and influential large-scale enterprises in China's glass industry and new
energy industry is committed to the development of energy conservation renewable and new material industry. After
four decades of development and accumulation the Company has gradually formed a comprehensive competitive
advantage in terms of products and brands technology research and development industrial chain and layout talent
team and green development.
1. Product and brand advantages
14CSG Semi-annual Report 2025
"CSG" is a famous brand of domestic energy-saving glass ultra-thin electronic glass display and solar photovoltaic
products. Its products and technology are well-known at home and abroad. The Company has been listed in the
"Preferred Brand of Architectural Glass" in Door and Window Curtain Wall Industry and the "Top 20 Building
Materials Enterprises" at the Building Materials Enterprise Development Forum for many years. The "CSG" brand
was recognized by the United Nations Industrial Development Organization as the fourth batch of "International
Reputation Brand" in 2018. CSG has been awarded the title of "Manufacturing Single Champion Enterprise" by the
Ministry of Industry and Information Technology for its low-E coated glass and ultra-thin electronic glass.
2. Technology research and development advantages
The Company has always valued technological R&D and adopted independent R&D as its foundation since its
establishment.As of 30 June 2025 the Company has had a total of 21 national high-tech enterprises 2 national-level
single champion products in the manufacturing industry 1 national-level engineering laboratory 1 national-level
enterprise technology centre 5 national enterprises with intellectual property advantages 1 national intellectual
property demonstration enterprise 7 national-level specialized sophisticated distinctive and innovative enterprises
("Little Giants") 1 provincial-level expert workstation 1 provincial-level doctoral workstation 2 titles of provincial-
level "Manufacturing Single Champion Enterprise" 14 provincial-level enterprise technology centres 5 provincial-
level engineering technology research centres 2 provincial-level engineering research centres 4 provincial-level
demonstration enterprises for intellectual property construction 1 provincial-level intellectual property demonstration
enterprise 6 provincial-level "Little Giants" 1 provincial-level government quality award 10 provincial-level
scientific and technological progress awards and 4 provincial-level patent awards. As of 30 June 2025 the Company
has applied for a total of 3513 patents including 1562 invention patents 1938 utility model patents and 13 design
patents. Moreover the Company has had a total of 2596 authorized patents including 649 invention patents 1934
utility model patents and 13 design patents.The Company has cumulatively obtained 3 computer software Copyrights
and 2 data intellectual property rights.
3. Industrial chain and layout advantages
The Company has three complete industrial chains of energy-saving glass electronic glass and display and solar
photovoltaic glass. With the continuous improvement of the technological level of each process of the industrial
chains the Company's industrial advantage becomes obvious; meanwhile the Company possesses a complete
industry layout with production bases located in South China North China East China Southwest China Central
China and Northwest China.
4. Talent team advantages
The Company's advantage in talent teams is mainly reflected in two aspects: On the one hand the Company has
established a strong R&D team and a powerful R&D system. Through the construction of the core technical team
continuous R&D investment and abundant technical reserves it has constituted an important technology and
innovation support for the Company's strategies. Meanwhile it has established Industry-University-Research
cooperation actively cooperating with domestic colleges and universities which are in advantage in silicate materials
industry to accelerate the transformation of scientific research results and to strengthen basic research; on the other
hand an excellent and stable management team is one of the most fundamental guarantees for the Company's rapid
and stable development. The Company has formed a good echelon training mechanism for professional managers. At
present the Company's senior management team has comparative advantages in multiple aspects such as academic
background professional quality knowledge base management philosophy and experience etc.
5. Green development advantages
With the continuous impetus of the "dual carbon" goals the Company has taken active actions in various carbon-
related fields. For example the Company has widely conducted professional training on carbon emission
15CSG Semi-annual Report 2025
management to improve the ability of relevant personnel to better cope with carbon-related affairs. Meanwhile the
Company has actively promoted through-life carbon footprint certification for relevant products as a preparation for
downstream market expansion of green and low-carbon products. Furthermore Hebei CSG Glass Co. Ltd. a
subsidiary of the Company and an outstanding and benchmark enterprise in the flat glass industry recognized as a
pilot enterprise for carbon peaking in the construction material industry has made efforts to explore and implement
the action plans and effective routes of carbon peaking in the industry. The relevant subsidiary of the Company has
actively gotten involved in the regional pilot market of carbon transactions to strive for a calculation method of
carbon quota matching the real situation of the Company's production. With its total emissions highly consistent with
the quotas. As a pioneer of green development in the industry the Company has 11 subsidiaries being honored as
national "Green Factories" winning itself abundant room for development.III. Main business analysis
Overview
Please refer to the relevant content of “I. Main business of the Company in the report period”.Year-on-year changes of main financial data
Unit: RMB
The corresponding Increase /decrease
The report period Reasons of change
period of last year year-on-year（%）
Operating income 6483562120 8078970651 -19.75%
Operating costs 5542029899 6341251117 -12.60%
Sales expenses 139472905 147091089 -5.18%
Administration expenses 347299806 394521014 -11.97%
Financial expenses 92573028 75849425 22.05%
This is mainly due to the fact that
the profits of some subsidiaries in
Income tax expenses -9186877 78227657 -111.74% this period have declined
compared with the same period of
the previous year.R&D investment 257944614 336673375 -23.38%
This is mainly due to the
Net cash flow arising reduction in cash received from
384695267993284145-61.27%
from operating activities the sale of goods and provision of
services in this period.This is mainly due to the
reduction in cash paid for the
Net cash flow arising
purchase and construction of
from investment -665235770 -1515159927 -56.09%
fixed assets intangible assets and
activities
other long-term assets in the
current period.This is mainly due to the increase
Net cash flow arising
-112763351 937592707 -112.03% in cash paid for debt repayment in
from financing activities
the current period.It is mainly due to the change in
Net increase in cash and
-389587289 426377690 -191.37% the net cash flow generated from
cash equivalents
financing activities.Major changes on profit composition or profit resources in the report period
□ Applicable √ Not applicable
There was no major change in the Company's profit composition or profit resources during the report period.
16CSG Semi-annual Report 2025
Composition of operating income
Unit: RMB
The corresponding period of last
The report period
year
Increase/dec
Ratio in Ratio in rease y-o-y
Amount operating Amount operating
income income
Total of operating income 6483562120 100% 8078970651 100% -19.75%
According to industry
Glass industry 5866352502 90.48% 7198705489 89.10% -18.51%
Electronic glass & Display industry 564500923 8.71% 709839096 8.79% -20.47%
Solar energy and other industries 169379424 2.61% 349633564 4.33% -51.56%
Undistributed 156887679 2.42% 196342139 2.43% -20.09%
Inter-segment offsets -273558408 -4.22% -375549637 -4.65% -27.16%
According to product
Glass products 5866352502 90.48% 7198705489 89.10% -18.51%
Electronic glass & Display products 564500923 8.71% 709839096 8.79% -20.47%
Solar energy and other products 169379424 2.61% 349633564 4.33% -51.56%
Undistributed 156887679 2.42% 196342139 2.43% -20.09%
Inter-segment offsets -273558408 -4.22% -375549637 -4.65% -27.16%
According to region
Mainland China 5942796807 91.66% 7411866057 91.74% -19.82%
Overseas 540765313 8.34% 667104594 8.26% -18.94%
List of the industries products or regions exceed 10% of the operating income or operating profits of the Company
√ Applicable □ Not applicable
Unit: RMB
Increase/decr Increase/decr
Increase/decreas
Gross profit ease of ease of
Operating income Operating cost e of gross profit
ratio operating operating cost
ratio y-o-y
income y-o-y y-o-y
According to industry
Glass industry 5866352502 5000003379 14.77% -18.51% -10.14% -7.93%
Electronic glass & Display
56450092350609301210.35%-20.47%-15.26%-5.51%
industry
Solar energy and other
1693794241542151018.95%-51.56%-57.38%12.45%
industries
According to product
Glass products 5866352502 5000003379 14.77% -18.51% -10.14% -7.93%
Electronic glass & Display
56450092350609301210.35%-20.47%-15.26%-5.51%
products
Solar energy and other
1693794241542151018.95%-51.56%-57.38%12.45%
products
According to region
Mainland China 5942796807 5096486257 14.24% -19.82% -12.37% -7.29%
Overseas 540765313 445543642 17.61% -18.94% -15.14% -3.69%
Under the circumstances that the statistical standards for the Company’s main business data adjusted in the report
period the Company's main business data in the recent year is calculated based on adjusted statistical standards at the
end of the report period
□ Applicable √ Not applicable
17CSG Semi-annual Report 2025
IV. Non-core business analysis
√ Applicable □ Not applicable
Unit: RMB
Percentage to total Whether
Amount Explanation of the reason
profits sustainable or not
Income from investment -4451443 -8.05% No
The main aspect is to make
Impairment of assets -56738340 -102.58% provisions for inventory write- No
downs
The main issues are unpayable
Non-operating income 11749000 21.24% No
payments and so on
Non-operating expenditure 2464381 4.46% No
The main ones are government
Other income 68565442 123.97% No
subsidies etc
Credit impairment loss -1111386 -2.01% No
Gains from asset disposal 2680398 4.85% No
V. Analysis of assets and liabilities
1. Significant changes in assets composition
Unit: RMB
End of the report period End of last year Increase
or
Percentag Percentage Explanation of significantdecrease
Amount e to total Amount to total changesin
assets assets proportion
Cash at bank and
31154219599.83%342152748210.96%-1.13%
on hand
Accounts
20269339026.40%16866276815.40%1%
receivable
Inventories 1938062870 6.12% 1587828028 5.09% 1.03%
Investment
2937124530.93%2937124530.94%-0.01%
properties
Fixed assets 13316035601 42.04% 13166391449 42.17% -0.13%
Construction in
518269739516.36%535037513217.14%-0.78%
progress
Right-of-use
656734310.21%648048370.21%0%
assets
Short-term
14767838014.66%11630212993.73%0.93%
borrowings
Contract liabilities 333171326 1.05% 354215784 1.13% -0.08%
Long-term
599015012018.91%615160847219.70%-0.79%
borrowings
Lease liabilities 23160299 0.07% 21650607 0.07% 0%
Mainly due to the arrival of the
Advance payment 66467909 0.21% 121708264 0.39% -0.18%
advance payment for goods.Other non-current 183139786 0.58% 99328456 0.32% 0.26% Mainly due to the increase in
18CSG Semi-annual Report 2025
assets advance payments for the
purchase of factory buildings
and other factors.Mainly due to the reduction in
the salary accrued in the
Employee previous year and the fact that
2431449930.77%3477694661.11%-0.34%
benefits payable the salary accrued in the
previous year was paid during
this reporting period.Mainly due to the increase in
common stock dividends that
Other payables 455838149 1.44% 312816531 1% 0.44%
have been declared but not yet
distributed.Mainly due to the increase in
Long-term
616410933 1.95% 464617473 1.49% 0.46% the financial leasing business of
payables
some subsidiaries.
2. Main overseas assets
□ Applicable √ Not applicable
3. Assets and liabilities at fair value
√ Applicable □ Not applicable
Unit: RMB
Profit
and loss
from Cumulative
Impairment
changes changes in Purchase
Opening accrued in Amount sold Other Closing
Item in fair fair value amount in this
balance the current in this period changes balance
value in included in period
period
the equity
current
period
Financial assets
1.Trading financial
assets (excluding
9600000019180000001894000000120000000
derivative financial
assets)
Total financial assets 96000000 1918000000 1894000000 120000000
Investment property 293712453 293712453
Receivables
Note 1 798603111 -9673383 788929728financing
Total of the above 1188315564 1918000000 1894000000 -9673383 1202642181
Other changes:
Note 1: It refers to the increase or decrease amount at the beginning and end of the period for bank acceptance drafts
with higher credit ratings.During the report period whether the company’s main asset measurement attributes changed significantly or not
□ Yes √ No
19CSG Semi-annual Report 2025
4. Limited asset rights as of the end of the report period
Unit: RMB
Item Restricted Amount Restricted reason
Monetary funds 137135862 Restricted circulation of depositsfreezes etc
Notes receivable 628010976 Restriction of pledge
Construction In Progress 970373969 Restricted financial leasing
Total 1735520807
VI. Investment analysis
1. Overall situation
√ Applicable □ Not applicable
Investment in the report period (RMB) Investment in the same period of last year (RMB) Change range
2573595002168155756753.05%
2. The major equity investment obtained in the report period
□ Applicable √ Not applicable
3. The major ongoing non-equity investment in the report period
√ Applicable □ Not applicable
20CSG Semi-annual Report 2025
Unit: RMB
Accumulati
Accumulative ve revenue
Fixed Amount Reasons for not
Way of amount actually achieved Date of Index ofasset Industry invested Progress of Expected achieving the planned
Project name investment invested by the Source of funds by the end disclosure (if disclosure (ifinvestmen involved during the project revenue progress and the
end of the of the applicable) applicable)
t or not report period expected revenue
report period report
period
Own funds and
Zhaoqing CSG High-grade No revenue as the Announcement
Manufacturing loans from 13 December
Automotive Glass Self-built Yes 147601326 Under project is still in the number: 2019-
industry financial construction 2019
Production Line Project construction period. 077
institutions
Own funds and Part of the project has
Wujiang CSG Architectural
loans from been completed and Announcement
New Architectural Glass Manufacturing Partially put
Self-built Yes 87536510financial the revenue thereof 24 June 2020 number: 2020-
Intelligent Manufacturing industry into production
institutions has been reflected in 051
Plant Construction Project
profits.Own funds and
No revenue as the Announcement
CSG East China Manufacturing loans from Under
Self-built Yes 1444555 35434597 project is still in the 27 August 2021 number: 2021-
Headquarters Building industry financial construction
construction period. 039
institutions
Part of the project has
CSG Guangxi Beihai Own funds and
been completed and Announcement
Photovoltaic Green Energy Manufacturing loans from Partially put 10 SeptemberSelf-built Yes 96239578 1607911334 the revenue thereof number: 2021-
Industrial Park Project industry financial into production 2021
has been reflected in 041
(Phase I) institutions
profits.Hefei CSG Energy-saving Own funds and
In the preparation Announcement
Glass Intelligent Manufacturing loans from Preparatory 15 October
Self-built Yes 3204661financial stage there is no number: 2021-Manufacturing Industry industry stage 2021
income. 043
Base Project institutions
Xianning CSG Energy-
Part of the project has
saving Glass Co. Ltd. Own funds and
been completed and Announcement
Production Line Manufacturing loans from
Self-built Yes 14141901 75462840 Partially put
3 December
into production the revenue thereof number: 2021-Reconstruction and industry financial 2021
has been reflected in 051
Expansion Construction institutions
profits.Project
21CSG Semi-annual Report 2025
Phase I Upgrading and Own funds and
Technical Transformation loans from No revenue as the Announcement
Manufacturing Under 25 December
Project of Qingyuan CSG Self-built Yes 577365 32350793financial project is still in the number: 2021-
industry construction 2021
Energy-Saving New institutions construction period. 053
Materials Co. Ltd.High-purity crystalline Own funds and
silicon project with an loans from No revenue as the Announcement
Manufacturing Under
annual output of 50000 tonsSelf-built Yes 154495358 3837125892financial project is still in the 23 June 2022 number: 2022-
industry construction
in Haixi Prefecture Qinghai institutions construction period. 024
Province
Total -- -- -- 266898757 5826627953-- -- -- ---- -- --
22CSG Semi-annual Report 2025
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
There was no securities investment during the report period.
(2) Derivative investment
□ Applicable √ Not applicable
There was no derivative investment during the report period.
5. Use of raised fund
□ Applicable √ Not applicable
There was no use of raised fund during the report period.VII. Sale of major assets and equity
1. Sale of major assets
□ Applicable √ Not applicable
The Company did not sell major assets during the reporting period.
2. Sale of major equity
□ Applicable √ Not applicable
VIII. Analysis of main subsidiaries and joint-stock companies
√ Applicable □ Not applicable
Particular about main subsidiaries and joint-stock companies which have influence on the Company's net profit by
over 10%
Unit: RMB
Name of Registered Operating Operating
Type Main business Total assets Net assets Net profit
company capital income profit
Production and
Hebei CSG $48.066
Subsidiary sales of various 894172470 554896989 331124699 -16931210 -10274721
Glass Co. Ltd. million
special glass
Production and
Wujiang CSG sales of special 565.0418
Subsidiary 1361416877 848215620 162094779 -48498121 -38485795
Glass Co. Ltd. glass and solar million
glass
Production and
Dongguan CSG
sales of special
Solar Glass Co. Subsidiary 480 million 1689091604 1062364503 467021554 -16351073 -12168067
glass and solar
Ltd.glass
Guangxi CSG Production and
New Energy Subsidiary sales of solar 800 million 2441034845 750939123 476850642 11495315 11569033
Material glass
23CSG Semi-annual Report 2025
Technology Co.Ltd.Qingyuan CSG Production and
Energy-Saving sales of various 1055
Subsidiary 1431672250 1166515841 199985561 23368979 21340598
New Materials ultra-thin million
Co. Ltd. electronic glass
Anhui CSG
Silicon Valley
Mingdu Mining Subsidiary Mining 360 million 912795713 225819857 2786881 -38281702 -28711277
Development
Co. Ltd.Dongguan CSG
Deep processing
Architectural Subsidiary 270 million 912189492 476734812 384328601 59721925 52907541
of glass
Glass Co. Ltd.Tianjin CSG
Deep processing
Energy-Saving Subsidiary 336 million 1097921357 665287403 482274321 55640065 48313062
of glass
Glass Co. Ltd.Sichuan CSG
Energy Deep processing
Subsidiary 180 million 712535568 443396397 298847580 30644600 28150587
Conservation of glass
Glass Co. Ltd.Wujiang CSG
East China Deep processing
Subsidiary 320 million 1014736553 648188182 407254413 35767355 32171344
Architectural of glass
Glass Co. Ltd.Xianning CSG
Deep processing
Energy-saving Subsidiary 215 million 742090469 339349624 323490684 29680780 27674370
of glass
Glass Co. Ltd.CSG (Hong
Kong) HKD 1
Subsidiary Sell glass 292247550 110132883 148034886 13369173 11067216
Investment Co. million
Ltd.Zhaoqing CSG
Deep processing
Energy-Saving Subsidiary 200 million 657603557 279978003 251910031 17423818 17823588
of glass
Glass Co. Ltd.Development and
Hebei Vision production of
Subsidiary 243 million 596148617 200783870 61513438 -19597850 -14821011
Glass Co. Ltd. various ultra-thin
electronic glass
Production and
Yichang CSG
sales of various
Photoelectric Subsidiary 200 million 517717327 486378391 58634203 -15476837 -12831070
ultra-thin
Glass Co. Ltd.electronic glass
Produce and sell
Yichang CSG
various new types
Display Co. Subsidiary 560 million 780175740 461903061 165995619 6332420 6988574
of display
Ltd.devices etc
Production and
Yichang CSG
sales of high- 1467.98
Silicon Materials Subsidiary 1515964201 969526779 29860483 -64941221 -63041358
purity silicon million
Co. Ltd.material products
Production and
Dongguan CSG sales of high-tech
PV-tech Co. Subsidiary green battery 516 million 510600692 49763731 73436817 -8857571 -8772283
Ltd. products and
components
Qinghai CSG Subsidiary Produce and sell 1350 4283723093 1306478558 2264151 -7325933 -6571330
24CSG Semi-annual Report 2025
New Energy high-purity million
Technology Co. silicon material
Ltd. products
Anhui CSG
Power generation
Photovoltaic Subsidiary 30 million 114045598 52976550 12715052 7826853 7826853
technical services
Energy Co. Ltd.Particulars about subsidiaries obtained or disposed in report period
√ Applicable □ Not applicable
The methods of acquiring and
The impact on overall production and
Name of company disposing of subsidiaries during the
operation as well as performance
reporting period
Will not have a significant impact on the
CSG VINA COMPANY LIMITED
New establishments company's current financial position（南玻越南有限公司） operating results and cash flow.CSG MIDDLE EAST FOR GLASS INDUSTRY- Will not have a significant impact on the
L.L.C-S.P.C New establishments company's current financial position
（南玻（中东）玻璃工业有限公司） operating results and cash flow.Description of main holding and shareholding companies
The increase in the net profit of Guangxi CSG New Energy Material Technology Co. Ltd. is mainly due to the
commissioning of new production lines and the rise in production and sales volume.The decline in the net profit of Qingyuan CSG Energy-Saving New Materials Co. Ltd. is mainly due to the drop in
product prices.The increase in net profit of Xianning CSG Energy-saving Glass Co. Ltd. is mainly due to the rise in sales volume
and the improvement in product gross profit.The increase in net profit of Zhaoqing CSG Energy-Saving Glass Co. Ltd. is mainly due to the increase in sales
volume.The increase in net profit of Hebei Vision Glass Co. Ltd. is mainly due to the reduction in inventory write-down
provisions and the decline in expenses.The decline in the net profit of Yichang CSG Photoelectric Glass Co. Ltd. is mainly due to the drop in product prices.The increase in net profit of Yichang CSG Display Co. Ltd. is mainly due to the rise in revenue and the increase in
gross profit of its products.The increase in the net profit of Dongguan CSG PV-tech Co. Ltd. is mainly due to the rise in the gross profit margin
of its products.IX. Structured main bodies controlled by the Company
□ Applicable √ Not applicable
25CSG Semi-annual Report 2025
X. Risks the Company faces and countermeasures
In 2025 facing the dynamic changes in the political and economic landscape at home and abroad and the task of
building a "Century CSG" the Company will face the following risks and challenges:
* The international political environment still faces many uncertainties.Affected by the complicated international political environment the domestic economy still faces many challenges
and uncertainties. In 2025 the Company will continue to work hard on its internal strength reduce various costs
strengthen its attention to the market intensify its analysis of market trends flexibly adjust its strategies and strive to
achieve the annual core work objectives through steady operation.* The glass industry is confronted with price risks caused by fierce competition among similar products and the
pressure of fluctuating costs of major raw materials.In the first half of 2025 the in-production capacity of the
photovoltaic glass industry was relatively high and there was a large amount of capacity yet to be released. Coupled
with the shrinking installation expectations after the domestic photovoltaic rush installation the market fell into an
unbalanced situation of "strong supply and weak demand" and the mismatch between supply and demand intensified
causing market prices to decline rapidly. As a result the Company's photovoltaic glass performance is under pressure
the accounts receivable cycle has been prolonged and it is facing industry-wide risks. The architectural glass
business is encountering increased operational pressure and rising uncertainty due to intensified market competition.The float glass business faces the risk of temporarily decreased demand in the downstream architectural glass market
and is at risk of undergoing cyclical adjustments in the industry. The electronic glass industry increasingly fierce
contradiction between supply and demand the domestic like product competition risks.The solar energy industry is
facing a phased mismatch between supply and demand with prices at all links of the industrial chain dropping
significantly. The industry is undergoing the challenge of an adjustment period. To cope with the aforesaid risks the
Company will take the following measures:
A. In the photovoltaic glass sector the business sales end has comprehensively intensified efforts to develop the
market in line with the release of new production capacity deeply aligned with market demands optimized the
product structure increased the proportion of differentiated sales and at the same time linked to the external
circulation of the market establishing connections with overseas markets to enhance market competitiveness and
profitability. In terms of production management the systematic control of production processes is strengthened
through the standardization and guidance of production procedures to ensure that product quality is under control and
production costs are reduced. At the same time we will promote special cost reduction activities and strive to provide
the market with photovoltaic glass products that are of stable quality and competitive in cost under the severe market
environment.B. In the architectural glass sector the company will continue to accelerate the pace of digital and intelligent
transformation of the manufacturing industry reduce labor material and energy consumption in production and
continuously promote cost reduction and efficiency improvement. Strengthen the development and layout of high-end
markets and overseas markets and actively respond to market changes; Continue to deeply cultivate the market
refine the market layout and increase the market share. Further increase investment in research and development
intensify the development of new products and their application in new fields and expand the business scope.Enhance service capabilities and give full play to the advantages of quality technology and brand; At the same time
by extending the industrial chain in a market-oriented manner the company maintains its leading position in the
industry.C. In the float glass sector the Company will continue to promote lean management and differentiated operation
26CSG Semi-annual Report 2025
optimize product structure and increase the sales proportion of high value-added products. At the same time it will
improve production efficiency reduce production costs improve profitability and enhance the competitiveness of the
industry through technological upgrading.D. In the electronic glass and display device sector in the face of fierce market competition the company will adhere
to a prudent business strategy increase R&D efforts promote product iteration and upgrading as well as quality
optimization raise the sales proportion of mid-to-high-end products and strive to expand the market share of mid-to-
high-end products. Continue to consolidate the brand influence of Nanshan Glass's electronic glass and significantly
enhance customers' brand recognition of Nanshan Glass in the high-end market. At the same time we will continue to
explore new markets and develop new applications striving to maintain a leading edge in the fierce market
competition.E. In the solar energy sector the Company will closely monitor market dynamics and changes in supply and demand
actively respond to policy guidance and rationally plan production and operation strategies. By optimizing the
production process enhance production efficiency; Increase investment in research and development and
technological innovation and strengthen competitive advantages in niche fields; Deepen resource integration and
management improvement to enhance operational efficiency; Implement cost reduction and efficiency improvement
measures to ensure stable economic benefits.* Risk of fluctuation of foreign exchange rate: At present nearly 8.34% of the operating revenue of the Company is
from overseas and in the future the Company will further develop overseas business. Therefore the fluctuation of
exchange rate will bring certain risk to the operation of the Company. To cope with such risk the Company will
settle exchange in a timely manner and use safe and effective risk evading instrument and product to relatively lock
exchange rate thus reducing the risk caused by fluctuation of exchange rate.XI. Formulation and implementation of market value management system and valuation
improvement plan
Whether the company has established a market value management system.□ Yes √ No
Whether the company has disclosed plans to raise its valuation.□ Yes √ No
XII. Implementation of the “Quality and Earnings Dual Improvement” Action Plan
Indicate whether the Company has disclosed the “Quality and Earnings Dual Improvement” Action Plan.□ Yes √ No
27CSG Semi-annual Report 2025
Section IV. Corporate Governance Environment and Society
I. Changes in directors supervisors and senior management of the company
□ Applicable √ Not applicable
There were no changes in the directors supervisors and senior management of the Company during the reporting
period as detailed in the 2024 annual report.II.Profit distribution and conversion of capital reserves into equity capital in the report
period
□ Applicable √ Not applicable
The Company had no plans of cash dividend distribution bonus shares being sent or converting capital reserve into
share capital for the first half of the year.III. Implementation of the Company’s stock incentive plan employee stock ownership plan
or other employee incentives
□ Applicable √ Not applicable
During the report period the Company had no equity incentive plan employee stock ownership plan or other
employee incentive measures and their implementation.IV. Environmental Information Disclosure Situation
Whether the listed Company and its major subsidiaries are included in the list of enterprises that disclose
environmental information in accordance with the law.√Yes □ No
Number of enterprises included in the list of enterprises
for legal disclosure of environmental information 11
(number)
Serial Query index of environmental information disclosure report
Name of company
number according to law
http://121.29.48.71:8080/#/fill/detailenpId=B51E7181-0BC5-4F52-
1 Hebei CSG Glass Co. Ltd.
8CD7-0511E813BC19&year=2024
https://39.145.37.16:8081/zhhb/yfplpub_html/#/companyDetailsna
me=%E5%AE%89%E5%BE%BD%E5%8D%97%E7%8E%BB%E6
Anhui CSG New Energy Material Technology
2 %96%B0%E8%83%BD%E6%BA%90%E6%9D%90%E6%96%99
Co. Ltd.%E7%A7%91%E6%8A%80%E6%9C%89%E9%99%90%E5%85%
AC%E5%8F%B8&entpId=20241711701723506&type=1
https://103.203.219.138:8082/eps/index/enterprise-
3 Chengdu CSG Glass Co. Ltd. morecode=9151012275878841X1&uniqueCode=971bf2b5f96ef64a
&date=2024&type=true&isSearch=true
http://121.29.48.71:8080/#/fill/detailenpId=757917D7-04E9-4AE8-
4 Hebei Vision Glass Co. Ltd.
B82E-07D9FBD68229&year=2024
http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpri
5 Xianning CSG Glass Co. Ltd. seInfoXTXH=5bb7221d-e76c-4ce1-bed9-
c3ae2a8dcd00&XH=1677751006162009244672&year=2024
6 Dongguan CSGArchitectural Glass Co. Ltd. https://gdee.gd.gov.cn/gdeepub/front/dal/ent/list/detailentId=d405a3
28CSG Semi-annual Report 2025
38-f07f-44ce-b55b-9e1159f0bfbc
https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/ndpl/qyxqid=2024-
7 Tianjin CSG Energy-Saving Glass Co. Ltd.
4C7840E9D6A0405BA915E41B401F94E8
http://218.94.78.91:18181/spsarchive-
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8 Wujiang CSG Glass Co. Ltd. ORVF5MS_IpzMD52ruDxmi1J6ZzViUVTX*8noiI2sReqst5mN4Yc
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http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpri
9 Xianning CSG Photoelectric Glass Co. Ltd. seInfoXTXH=bdb9f8d4-e0fc-454b-89f3-
ee9a92f7cc7b&XH=1677750996633009244672&year=2024
http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpri
10 Yichang CSG Display Co. Ltd. seInfoXTXH=dc2b2d5a-6c25-4837-8511-
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https://gdee.gd.gov.cn/gdeepub/front/dal/ent/list/detailentId=52eb03
11 Dongguan CSG Solar Glass Co. Ltd.
4b-3860-4163-9a24-b101f043f60a
Environmental incidents in the listed company
In the first half of 2025 no environmental incidents occurred.Ⅴ.Social responsibility
In the first half of 2025 the Company focused on the following tasks in fulfilling its social responsibilities:
1.Protect the environment and promote sustainable development through green manufacturingFor many years the Company has firmly adhered to the concept of “Green mountains and clear waters are as good asmountains of gold and silver”attached great importance to environmental protection workand taken multiple
measures to build a beautiful factory that is green low-carbon energy-efficient and high-performance.As of the first half of 2025 11 subsidiaries of CSG have been rated as national-level "Green Factories".The Company
continues to strengthen the comprehensive utilization and management of resources and energy takes various
measures to save energy reduce emissions and reduce carbon and makes contributions to the Country's goal of "dual
carbon". The Group Department has specially established an energy management team which is responsible for
supervising the energy consumption management of various subsidiaries and promotes the energy consumption per
unit product and carbon emission per unit product of the Group's various products to reach the advanced level in the
industry. At present the energy consumption level of most glass melting furnaces in the flat glass business of CSG
has reached the advanced level stipulated by the national standard. For example the subsidiaries Wujiang CSG and
Xianning CSG have been successively rated by the Ministry of Industry and Information Technology as "leaders" in
29CSG Semi-annual Report 2025
energy efficiency in the flat glass industry. Hebei CSG is designated by the Ministry of Industry and Information
Technology as the advanced benchmark "Test Field" of Carbon Peak.At the same timeCSG has always paid attention to the utilization of waste heat in flat glass factories and each
production base has built waste heat boilers and waste heat power plants; CSG is also actively developing
photovoltaic power plants most of which have photovoltaic power plants on the roofs of factories. In the first half of
2025 the Group's waste heat power generation and photovoltaic power generation totaled about 307 million kWh
equivalent to reducing carbon dioxide emissions by about 175200 tons.In additionthe subsidiary companies of the Group all construct pollution prevention and control facilities in
accordance with the environmental impact assessment documents and relevant specifications of construction projects
ensuring synchronous operation with production facilities and investing a large amount of energy and funds in
pollution prevention and control every yearand pay environmental tax on time.In the first half of 2025 the operation
of pollution control facilities was good and the discharge of pollutants was stable.Meanwhile the subsidiaries built
and operated on-line monitoring devices for waste water and exhaust gas in accordance with national laws and
regulationsregularly carried out comparison and review of the effectiveness of on-line monitoring facilitiesand
entrusted a third-party unit to carry out manual environmental monitoring to comprehensively monitor the pollutant
discharge. In addition in accordance with the national requirements all subsidiaries prepared emergency
environmental response plan for environment incident organized and carried out expert evaluation and filed with the
local environmental protection department as required and conducted the emergency drill against environmental
incidents as planned. And there were no major environmental incidents occurred in the first half of 2025.
2.Protect employees and continuously strengthen occupational health management
The Company always adheres to the concept of "Safety First Environmental Protection First and Green
Development" The Group's Safety and Environmental Protection Department coordinates safety and environmental
protection management work establishes the Group's three-level control system of safety environment. The
Company has a complete safety management structure and safety management system strictly implements the safety
production responsibility system of all employees and all employees have signed the safety production responsibility
statement.The Company attaches great importance to the safety training of employees strictly strengthens the three-level safety
education and training of new employees and the continuing education of old employees and organizes various
special training according to the characteristics of employees' posts to improve their safety literacy and safety skills.The management of special equipment and special operations shall be strictly carried out and special operators shall
work with certificates. Special operations can only be carried out after approval and confirmation of safety measures.Regularly carry out emergency drills strengthen the construction of emergency response capabilities improve
emergency response capabilities eliminate hidden dangers in the bud and resolutely defend the last line of defense.Each subsidiary has established a system for the extraction and use of production safety expenses which is strictly in
accordance with the requirements of relevant laws and regulations to extract and standardize the use of production
safety expenses. The Company has also carried out various hidden dangers investigation of the headquarters and
subsidiaries accepted the supervision and inspection of local emergency management departments and organized the
rectification and improvement of various hidden dangers.In addition the Company attaches great importance to the standardization construction and operation of safety
management. As of the end of June 2025 CSG has obtained safety standardization certificates for 18 subsidiaries of
which 6 subsidiaries have reached the second level of safety production standardization 12 subsidiaries have reached
the third level of safety production standardization and a few other subsidiaries are also actively creating and
applying.
30CSG Semi-annual Report 2025
3.Steady operation has safeguarded the interests of shareholders and creditors
The Company has long focused on the development of its primary glass business adhering to stable operations and
enhancing profitability.In the first half of 2025 facing the unfavorable situation of weak market demand for the
Company's leading products the Company actively responded by strengthening lean managementin the first half of
2025 the Company’s operating revenue totalled RMB 6.484 billionits net profit reached RMB 64 millionand the net
profit attributable to shareholders of the listed company was RMB 75 million .At the same timethe Company actively
implements a prudent cash dividend policy to reward shareholdersthe equity distribution of 2024 had been
completedafter excluding the number of shares repurchased the actual cash dividend amount (including tax) was
RMB 211673021.98 accounting for 79.35% of the net profit attributable to shareholders of listed company in
2024striving to maximize shareholder interests.In terms of creditor protection the Company implemented a prudent
financial policy and all due loans were repaid on time which protected the legitimate rights and interests of creditors.
4. Adhere to independent research and development and contribute to technological progress in the industry
The Company has always adhered to independent research and development relying on technology to establish itself
and promote high-quality development. In the first half of 2025 the Company publicly announced 208 patents for the
first time including 114 authorized patents and 94 public invention applications. As of 30 June 2025 the Company
has applied for a total of 3513 patents including 1562 invention patents 1938 utility model patents and 13 design
patents. Moreover the Company has had a total of 2596 authorized patents including 649 invention patents 1934
utility model patents and 13 design patents.Meanwhilethe Company has obtained a total of 3 computer software
copyrights and 2 data intellectual property rights.The research and development has achieved fruitful results boosting
technological progress in the industry.
5.Safeguard employees' rights and interests and build harmonious labor relations
For many years the Company has actively safeguarded the vital interests of its employees and strived to build a
harmonious enterprise where "the enterprise thrives and the employees are happy".We strictly implements the
national and local social security mechanismand purchases five insurances and one fund and other comprehensive
welfare insurance for employees.It has a fair and equitable post promotion system and broaden the development
channels of employees.And implements a statutory leave system for employeesand employees enjoy various
statutory holidays and other paid holidays stipulated by the state.It actively organizes various employee cultural and
sports activities and employees also enjoy benefits such as employee canteens employee physical examinations
subsidies and other benefits.It strengthens occupational health monitoring and management to ensure the physical and
mental health of employees.It cares for employees in needand established a care fundin the first half of 2025 the
care fund provided nearly RMB260000 in assistance to employees and their familieshelped employees overcome
difficulties.
6. Participate in public welfare undertakings and fulfill social responsibilities
All along while ensuring stable operation the company has actively taken on corporate social responsibility
vigorously promoting the traditional virtues of mutual assistance poverty relief and assistance in times of need
through various means such as actively participating in various public welfare activities making donations and
donating blood without compensation.In the first half of 2025the Company donated over RMB 100000 worth of
funds and materials to the Red Cross and social welfare institutions given back to society through practical actions
spreading the positive energy of CSG.
31CSG Semi-annual Report 2025
Section V. Important Events
I. Commitments completed by the actual controllers the shareholders the related parties
the purchasers and the Company during the report period and those that hadn’t been
completed execution by the end of the report period
□Applicable √Not applicable
During the report period there were no commitments made by the Company's actual controller shareholders related
parties acquirers the Company and other relevant parties that had been fulfilled within the report period and had not
been fulfilled within the time limit by the end of the report period.II. Particulars about non-operating fund of listed company occupied by controlling
shareholder and other related parties
□Applicable √Not applicable
During the report period there was no any non-operating fund of listed company occupied by controlling shareholder
and other related parties.III. Illegal external guarantee
□Applicable √Not applicable
During the report period there was no illegal external guarantee.IV. Engaging and dismissing of accounting firm
Whether the semi-annual report has been audited or not
□ Yes √ No
The semi-annual report of the Company has not been audited.V. Explanation from Board of Directors and Supervisory Committee for “Non-standardaudit report” of the period that issued by accounting firm
□ Applicable √ Not applicable
VI. Explanation from Board of Directors for “Non-standard audit report” of the previous
year
□ Applicable √ Not applicable
VII. Issues related to bankruptcy and reorganization
□ Applicable √ Not applicable
The Company did not experience any matters related to bankruptcy reorganization during the reporting period.
32CSG Semi-annual Report 2025
VIII. Lawsuits
Significant lawsuits and arbitrations
√ Applicable □ Not applicable
Amount Recognised
involved as estimated Result and Judgement Date of Index of
Basic information Progress
(RMB liabilities or impact execution disclosure disclosure
0000) not
Plaintiff: Zhongshan Runtian
Investment Co. Ltd.Defendant: CSG Holding Co. Ltd. Announcements
Subject of action: Dispute over the on Company
revocation of a company resolution. Involved
In the
Brief Introduction: As one of the Not Not April Lawsuits on
0 No first
shareholders of the defendant the applicable applicable 182025 http://www.cninf
instance
plaintiff was dissatisfied with the o.com.cn
resolution of the board of directors made (Announcement
by the defendant and filed a lawsuit to No.:2025-012)
revoke the resolution of the board of
directors of the defendant.Plaintiff: Zhongshan Runtian
Investment Co. Ltd.Defendant: CSG Holding Co. Ltd.Subject of action: Dispute over the Announcements
revocation of a company resolution. on Company
Brief Introduction:As one of the Involved
In the
shareholders of the defendant the Not Not April Lawsuits on
0 No first
plaintiff was dissatisfied with the applicable applicable 182025 http://www.cninf
instance
resolution of the defendant's o.com.cn
extraordinary general meeting of (Announcement
shareholders and filed a lawsuit to No.:2025-012)
revoke the resolution of the defendant's
extraordinary general meeting of
shareholders.Other lawsuits
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
During the report period there was no penalty or rectification.X. Integrity of the Company and its controlling shareholders and actual controllers
√Applicable □ Not applicable
The Company has no controlling shareholder and actual controller. According to the disclosure requirements the
Company’s largest shareholder Foresea Life Insurance Co. Ltd. shareholder Zhongshan Runtian Investment Co.Ltd. Shareholder Shenzhen Guanlong Logistics Co. Ltd. shall disclose the corresponding information. The details
are as follows:
i. Integrity of the Company
33CSG Semi-annual Report 2025
During the report period it did not exist that the Company failed to perform the effective judgment of the court or
owed comparatively large amount of debt which was overdue. The Company’s integrity was good.ii. The integrity of the Company’s shareholders
The Company in accordance with relevant regulations sent the Letter on Matters Concerning Assistance in
Providing Materials Required for the 2025 Semi-annual Report to its largest shareholder Foresea Life Insurance Co.Ltd. shareholder Zhongshan Runtian Investment Co. Ltd. and shareholder Shenzhen Guanlong Logistics Co. Ltd.by email on 2 July 2025.These shareholders were asked to examine their own integrity status during the report period
including but not limited to: whether they failed to perform any effective judgment of the court or owed any
comparatively large amount of debt which was overdue etc.The relevant replies are as follows:
1. Reply from the Company’s largest shareholder Foresea Life Insurance Co. Ltd.: As of 30 June 2025 it did not
exist that Foresea Life Insurance Co. Ltd. failed to perform the effective judgment of the court or owed
comparatively large amount of debt which was overdue.
2. As of the date of disclosure of this Report the Company has not received any relevant replies from Zhongshan
Runtian and Guanlong Logistics about "the integrity of your Company and the actual controller during the reporting
period"and unable to update the integrity status of these shareholders and their actual controller Mr. Yao Zhenhua.The Company has disclosed the integrity status of shareholders Zhongshan Runtian Guanlong Logistics and theiractual controller Yao Zhenhua in “XIII. Integrity of the Company and its controlling shareholders and actualcontrollers” under “Section VI. Important Events” of the Company’s 2023 Annual Report the specific content is
as follows:
According to the reply of the shareholder Zhongshan Runtian Investment Co. Ltd. the original content is as follows:
As of December 31 2023 the cases executed by Zhongshan Runtian Investment Co. Ltd. (hereinafter referred to as
“Zhongshan Runtian”) are as follows:
(1) Due to the case of execution of notarising creditor’s rights documents between Great Wall Guoxing Financial
Leasing Co. Ltd. and 16 companies including Shenzhen Shum Yip Logistics Group Co. Ltd. Shenzhen Baoneng
Investment Group Co. Ltd. Baoneng Real Estate Co. Ltd. and Zhongshan Runtian Investment Co. Ltd. Great Wall
Guoxing Financial Leasing Co. Ltd. applied to the court for compulsory execution. As the guarantor of the debt of
RMB 164 million Zhongshan Runtian was jointly and severally liable for the debt and its 5.57 million shares of
Jonjee High-tech were used as collateral. According to the Announcement on the Results of Judicial Disposal of
Certain Shares of Shareholder Holding More Than 5% of the Shares disclosed by the Board of Directors of Jonjee
High-tech on December 18 2023 Great Wall Guoxing Financial Leasing Co. Ltd. applied for compulsory execution.
5.57 million shares in Jonjee High-tech have been disposed of with a disposal amount of RMB 160422600 and a
debt joint and several liability fulfilment amount of RMB 160422600.
(2) Due to the case of notarising creditor’s rights documents between Chongqing Xinyu Financial Leasing Co. Ltd.
and the defendants Shenzhen Baoneng Investment Group Co. Ltd. Shenzhen Baoneng Automobile Co. Ltd. and
Zhongshan Runtian Chongqing Xinyu Financial Leasing Co. Ltd. applied to the court for compulsory execution. As
the guarantor of the debt of RMB260 million Zhongshan Runtian used its 67.65 million A shares of CSG as
collateral. As of June 29 2022 it has disposed of 55628900 A shares of CSG with a total amount of RMB
319999300.00. At present the court has transferred RMB 301717392.44 to the creditor and Zhongshan Runtian's
guarantee liability has been enforced.
(3) Due to the case of notarising creditor’s rights documents between Guangdong Finance Trust Co. Ltd. and
Zhongshan Runtian Shenzhen Jushenghua Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Baoneng
Holdings (China) Co. Ltd. and Mr. Yao Zhenhua Finance Trust applied to the court for compulsory execution. The
34CSG Semi-annual Report 2025
26550000 shares of Jonjee High-tech held by Zhongshan Runtian Investment Co. Ltd. have been sold on September
13 2022 and the amount credited into the account was RMB 793755369.22 which was approximately RMB 90
million different from the debt amount of RMB 882199570.79 submitted to the court by the execution applicant. As
a result the case remained unsettled.
(4) Due to the dispute over the financial loan contract between AVIC Trust Co. Ltd. and Zhongshan Runtian
Zhongshan Runtian as the borrower of the debt principal of RMB 1.05 billion and Hefei Baohui Real Estate Co.Ltd. Hefei Baoneng Real Estate Development Co. Ltd. Shenzhen Jushenghua Co. Ltd. Shenzhen Shum Yip
Logistics Group Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Chia Tai (Shenzhen) Development Co.Ltd. and Mr. Yao Zhenhua were jointly and severally liable for the debt. As of December 31 2023 it has disposed a
total of 11156871 shares of Jonjee High-tech; among them the first round of freezing of 2125605 shares by AVIC
Trust Co. Ltd. and the judicial mark of 8056410 shares.
(5) Due to the case of execution of notarising creditor’s rights documents between Chongqing International Trust Co.
Ltd. and Shenzhen Jushenghua Co. Ltd. Zhongshan Runtian Shenzhen Baoneng Investment Group Co. Ltd. and Mr.Yao Zhenhua the court ruled to seal up and freeze the property of RMB 541 million of Jushenghua Baoneng Group
and Yao Zhenhua and to freeze the 22 million shares of Jonjee High-tech pledged by Zhongshan Runtian to
Chongqing Trust. At present Chongqing Trust has applied for compulsory execution. As of February 2 2023 it has
disposed of 21025100 shares of Jonjee High-tech with a total amount of RMB 617383579.06.
(6) Due to the case of the loan contract dispute between Zhongshan Runtian and Shanghai Pudong Development
Bank Co. Ltd. the People’s Court of Futian District Shenzhen has issued an Execution Ruling ruling that 12 million
shares held by Zhongshan Runtian in “Jonjee High-tech” the entity subject to enforcement shall be auctioned off and
realised for the purpose of settling the debt. As the bidder failed to pay the final payment within the prescribed time
according to the Notification of Sale from the People’s Court of Futian District Shenzhen issued on February 16
2023 the aforesaid 12 million shares would be re-auctioned. On March 22 2023 Shanghai Pudong Development
Bank Co. Ltd. disposed of the 12 million shares held by Zhongshan Runtian in “Jonjee High-tech” by way of a
judicial auction. The 12 million shares have been disposed of for RMB 405684000.Notice of auction was received on December 12 2023: the Futian Court intended to judicially auction 9 million
unrestricted public shares of Jonjee High-tech held by Zhongshan Runtian on the Judicial Auction Online Platform
from 10:00 a.m. on January 16 2024 to 10:00 a.m. on January 17 2024 (except for the extension of the time) which
has been suspended due to the supplemental security.
(7) Due to the case of the loan contract dispute between Zhongshan Runtian and Chongqing Trust Inc. Shenzhen
Intermediate People’s Court has issued an execution notification demanding the disposal of 22 million shares held by
Zhongshan Runtian in “Jonjee High-tech” at a realised price. On January 17 2023 Chongqing Trust disposed of a
total of 5.7 million shares held by Zhongshan Runtian by way of block trading.
(8) Due to the case of the loan contract dispute between Zhongshan Runtian and Bank of Communications Financial
Leasing Co. Ltd. the Intermediate People’s Court of Zhongshan City Guangdong Province has issued an execution
ruling to auction off 8329457 shares held by Zhongshan Runtian in “Jonjee High-tech”. On 11 May 2023 Bank ofCommunications Financial Leasing Co. Ltd. disposed of the 8329457 shares held by Zhongshan Runtian in “JonjeeHigh-tech” by way of a judicial auction. The auction proceeds of RMB 284.27 million which has been used up to
pay off RMB 202451688.15 in this case RMB 269851.69 in execution fees and RMB 50000 in auxiliary auction
fees.
(9) Due to the case of the loan contract dispute between Zhongshan Runtian and Bohai Trust the Intermediate
People's Court of Zhongshan City Guangdong Province has issued an Execution Ruling ruling the mandatory
realisation of 13.7 million shares held by the entity subject to enforcement Zhongshan Runtian in "Jonjee High-tech".As of June 6 2023 all 13.7 million shares had been disposed of. The court has disbursed a total of RMB
35CSG Semi-annual Report 2025
458173319.95 to Bohai Trust with approximately RMB 10 million outstanding. Bohai Trust has initiated separate
legal proceedings at the Shenzhen Court of International Arbitration to recover the outstanding balance and realise
the collateral and the pledge guarantee amounts to RMB 35504500. Currently the case is awaiting a court hearing.
(10) Due to the case of the transfer and buy-back contract dispute between Zhongshan Runtian and Shenzhen Qianhai
Dongfang Venture the Intermediate People's Court of Shenzhen Municipality has issued an Execution Ruling ruling
that the property of the entities subject to enforcement including Shenzhen Hualitong Zhongshan Runtian Baoneng
Investment and Jushenghua should be seized frozen sequestered withheld withdrawn or allocated to the extent of a
total amount of RMB 623102565.76 (including RMB 43513 215.76 of Zhongshan Runtian Investment Co. Ltd.)
as well as interest on the debt during the period of delayed performance costs of enforcement applications and actual
expenses incurred during the enforcement.
(11) Due to the case of the financial loan contract dispute between Bank of Tibet and Lhasa Baochuang and
Zhongshan Runtian the total enforcement amount stands at RMB 828970067.74 with RMB 821439159.19 already
enforced. In August 2023 the court issued a Reinstatement of Execution Ruling which ruled to withhold and freeze
the bank deposits of the entities subject to enforcement in the sum of RMB 50943534.03 a total enforcement fee of
RMB 118343.53 as well as interest interest on the debt during the period of delayed performance and case
acceptance fee.
(12) Due to the case of the loan contract dispute between Shenzhen Baotai Honghua and Zhongshan Runtian
Hualitong and Shenzhen Jixiang Service Shenzhen Baotai Honghua applied for enforcement of RMB 1205000000
and interest. In another case asset disposal resulted in the distribution of disposal proceeds of RMB 356272071.65.
(13) Due to the case of the equity pledge dispute between Essence Securities and Zhongshan Runtian the amount of
the litigation is RMB 352912928.76. The Intermediate People's Court of Nanchang City has issued a first-instance
judgement which ruled to reject the litigation request of Essence Securities. In September 2023 Essence Securities
filed another lawsuit with the Futian court in Shenzhen seeking payment from Zhongshan Runtian for financing
funds and interest. The claim in this case amounts to RMB 128 million. The case is currently undergoing first-
instance proceedings.
(14) Due to the three cases of claim transaction disputes between Guangdong Huaxing Bank Co. Ltd. and
Jushenghua Shum Yip Logistics Baoneng Investment Hualitong and Zhongshan Runtian judgements have been
rendered in the first instance. In Case No. (2022) Y. 0303 M.C. 19249 Zhongshan Runtian is held jointly and
severally liable for settling the principal of RMB 150000000 and associated interest. In Case No. (2022) Y. 0303
M.C. 19248 Zhongshan Runtian bears the joint and several liability for settling the principal of RMB 300000000
and interest of RMB 22500000 on the bonds in question. In Case No. (2022) Y. 0303 M.C. 19250 Zhongshan
Runtian is jointly and severally liable for settling the principal of RMB 200000000 and associated interest on the
bonds in question. All these cases are currently in the second instance.
(15) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co. Ltd. and
Kunshan JuTron New Energy Technology Co. Ltd. Baoneng Investment Jushenghua Baoneng Urban Development
Taiyuan Baoju Real Estate Qianhai Huabao Supply Chain Zhongshan Runtian and Ping An Securities Zhongshan
Runtian acts as a guarantor for the debt of RMB 120 million. The first-instance judgement has yet to be rendered.
(16) Due to the case of the corporate bond trading dispute between Guangdong Huaxing Bank Co. Ltd. and Shum
Yip Logistics Jushenghua Baoneng New Energy Automobile Shenzhen Baoneng Automobile Yao Zhenhua
Baoneng Investment Hualitong and Zhongshan Runtian Zhongshan Runtian acts as a guarantor for the debt of RMB
450 million. The case is still at the stage of the first instance.
(17) Due to the two cases of finance lease contract disputes between Science City (GZ) Financial Leasing Co. Ltd.
and Qoros Automotive Baoneng Investment Jushenghua Baoneng Urban Development Yao Zhenhua Taiyuan
Baoju Real Estate Chongqing Baoneng Supply Chain Guangzhou Baoneng Culture Entertainment Qianhai Huabao
36CSG Semi-annual Report 2025
Supply Chain Zhongshan Runtian and Ping An Securities the total claim amount is RMB 186 million and
Zhongshan Runtian acts as the guarantor in the cases. The cases are currently in the first-instance stage.
(18) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co. Ltd. and
Shenzhen Baoneng Automobile Baoneng Investment Jushenghua Baoneng Urban Development Yao Zhenhua
Taiyuan Baoju Real Estate Guangzhou Baoneng Culture Entertainment Qianhai Huabao Supply Chain Zhongshan
Runtian and Ping An Securities Zhongshan Runtian acts as a guarantor for the debt of RMB 210 million. The case is
currently in the first-instance stage.
(19) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co. Ltd. and
Shenzhen Hua'ai Industrial Development Baoneng Investment Jushenghua Baoneng Urban Development Yao
Zhenhua Taiyuan Baoju Real Estate Guangzhou Baoneng Culture Entertainment Qianhai Huabao Supply Chain
Zhongshan Runtian and Ping An Securities Zhongshan Runtian acts as a guarantor for the debt of RMB 20.33
million. The case is currently in the first-instance stage.
(20) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co. Ltd. and
Baoneng Automotive Research and Development Baoneng Investment Jushenghua Baoneng Urban Development
Yao Zhenhua Taiyuan Baoju Real Estate Guangzhou Baoneng Culture Entertainment Qianhai Huabao Supply
Chain Zhongshan Runtian and Ping An Securities Zhongshan Runtian acts as a guarantor for the debt of RMB
22.38 million. The case is currently in the first-instance stage.
(21) Due to the two cases of finance lease contract disputes between Science City (GZ) Financial Leasing Co. Ltd.
and Shenzhen Baoneng Automobile Qoros Automotive Baoneng Investment Jushenghua Baoneng Urban
Development Zhongshan Runtian Yao Zhenhua Tengchong Beihai Wetland Guangzhou Baoneng Culture
Entertainment Qianhai Huabao Supply Chain and Chuangbang Group the total claim amount is RMB 142 million
and Zhongshan Runtian acts as the guarantor. The two cases are currently in the first-instance stage.
(22) Due to the case of the finance lease contract dispute between Shandong Tongda Financial Leasing Co. Ltd. and
Shenzhen Baoneng Automobile Baoneng Investment Zhongshan Runtian Wuhu Baoneng Real Estate Shenzhen
Xinchang Enterprise Management Co. Ltd. and Chuangbang Group Zhongshan Runtian acts as a guarantor for the
debt of RMB 260 million. The case is currently in the first-instance stage.
(23) Due to the case of the finance lease contract dispute between Shandong Tongda Financial Leasing Co. Ltd. and
Shum Yip Logistics Baoneng Investment Baoneng Real Estate Zhongshan Runtian Wuhu Baoneng Real Estate
and Shenzhen Hualitong Zhongshan Runtian acts as a guarantor for the debt of RMB 160 million. The case is
currently in the first-instance stage.
(24) Due to the two cases of finance lease contract disputes between Science City (GZ) Financial Leasing Co. Ltd.
and Shenzhen Hua'ai Industrial Development Yao Zhenhua Guangzhou Baoneng Culture Entertainment Qianhai
Huabao Supply Chain Zhongshan Runtian and Jushenghua the total claim amount is RMB 122 million and
Zhongshan Runtian acts as the guarantor. The two cases are currently in the first-instance stage.As of December 31 2023 the details of Zhongshan Runtian’s comparatively large amount of debt which was
overdue are as follows:
Serial Borrower Financial Loan amount Credit Start date Maturitynumber institution (RMB 0000) enhancement plan of loan date of loan
Zhongshan Runtian
1 Investment Co. EssenceSecurities 4239.28 Guarantee+Pledge 2018/12/27 2021/12/26Ltd.
Zhongshan Runtian
2 Investment Co. AVIC Trust 105000.00 Guarantee+Pledge 2019/9/25 2021/10/31
Ltd.Total 109239.28
37CSG Semi-annual Report 2025
Note: As of October 31 2023 related stocks held by Zhongshan Runtian had been liquidated by AVIC Trust through
various channels. However since it is not the first pledgee the proceeds from liquidation must be retained for
withdrawal by the first pledgee Essence Securities. AVIC Trust has withdrawn only part of the funds so far. Due to
the large number of issues and quantities of trust products the Company is still negotiating with AVIC Trust on the
deduction method for principal and interest and no solution has been finalized. Therefore the outstanding loan
cannot be adjusted for now. Once a solution is finalized further disclosure will be made.As of December 31 2023 Mr. Yao Zhenhua’s personal execution cases are as follows:
(1) Due to the case of dispute over notarising creditor’s rights documents between Ping An Trust Co. Ltd. and
Shaoxing Baorui Real Estate Co. Ltd. Baoneng City Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd.Baoneng Real Estate Co. Ltd. Shanghai Kaiyue Investment Co. Ltd. and Mr. Yao Zhenhua which was applied for
compulsory execution by Ping An Trust Mr. Yao Zhenhua was jointly and severally liable for the principal and
interest of the debt of RMB 420 million.
(2) Due to the trust loan dispute between the National Trust and Shenzhen Xinao Trading Co. Ltd. Shenzhen
Baoneng Investment Group Co. Ltd. Mr. Yao Zhenhua and others signed relevant guarantee contracts ordering
Shenzhen Xinao Trading Co. Ltd. to repay the loan principal of RMB 290 million and related interest and lawsuit
costs. Shenzhen Baoneng Investment Group Co. Ltd. Mr. Yao Zhenhua and others were jointly and severally liable
for the debt.
(3) Due to the financial borrowing between Zhongrong International Trust Co. Ltd. and Baoneng Automobile Co.
Ltd. it applied to the Beijing Third Intermediate People’s Court for compulsory execution for notarisation on the
matter. Since Mr. Yao Zhenhua provided a guarantee for this loan business and signed the relevant notarised
documents he was jointly and severally liable for the debt of RMB 1048 million.
(4) As Kunlun Trust Co. Ltd. applied to the court for compulsory execution of the notarising creditor’s rights
documents with Shum Yip Logistics Group Co. Ltd. Baoneng Century Co. Ltd. Chia Tai (Shenzhen) Development
Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Baoneng Holdings (China) Co. Ltd. and Mr. Yao
Zhenhua Mr. Yao Zhenhua assumed joint and several guarantee liabilities for the debt of RMB 1.31 billion.
(5) Due to the case of notarising creditor’s rights documents between Guangzhou Xinhua City Development Industry
Investment Enterprise (Limited Partnership) and the defendants Shenzhen Baoneng Investment Group Co. Ltd.Shenzhen Jushenghua Co. Ltd. and Mr. Yao Zhenhua Mr. Yao Zhenhua as the guarantor signed the relevant
notarial documents and assumed joint and several liabilities for the principal and interest of the creditor’s rights of
RMB 600 million.
(6) Due to the dispute over the loan contract between Fuzhou Branch of Xiamen International Bank Co. Ltd. and
Shenzhen Jushenghua Co. Ltd. Fuzhou Branch of Xiamen International Bank Co. Ltd. applied to Shenzhen
Intermediate People’s Court for compulsory execution. Mr. Yao Zhenhua as the guarantor of the loan principal of
RMB 2.16 billion signed the corresponding Guarantee Contract and assumed joint and several liabilities for the debt.
(7) Due to the financial loan dispute between Guangdong Finance Trust Co. Ltd. and Zhongshan Runtian
Guangdong Finance Trust Co. Ltd. applied to Shenzhen Intermediate People’s Court for compulsory execution. Mr.Yao Zhenhua as the guarantor of the loan signed the corresponding Guarantee Contract and was jointly and
severally liable for the debt of RMB 720 million. The 26550000 shares of Jonjee High-tech held by Zhongshan
Runtian Investment Co. Ltd. have been realised on September 13 2022 with a received amount of RMB
793755369.22 which is about RMB 90 million different from the owed amount of RMB 882199570.79 submitted
to the court by the applicant for execution. Therefore the case has not been settled for the time being.
(8) Due to the financial debt dispute between China Railway Trust Co. Ltd. and Baoneng Automobile Group Co.
Ltd. and Kunming Baojun Real Estate Co. Ltd. it applied to Chengdu Intermediate People’s Court of Sichuan
Province for compulsory execution. As the guarantor of the debt Mr. Yao Zhenhua signed the corresponding
38CSG Semi-annual Report 2025
Guarantee Contract and was jointly and severally liable for the debt of RMB 2095 million. A settlement agreement
has been signed in this case.
(9) Due to the financial debt dispute between China Railway Trust Co. Ltd. and Baoneng Automobile Group Co.
Ltd. and Kunming Jianpeng Real Estate Development Co. Ltd. it applied to Chengdu Intermediate People’s Court of
Sichuan Province for compulsory execution. Mr. Yao Zhenhua as the guarantor of the debt signed the corresponding
Guarantee Contract and was jointly and severally liable for the debt of RMB 836 million. A settlement agreement has
been signed in this case and the execution has been terminated.
(10) Due to the case of notarising creditor’s rights documents between Changan International Trust Co. Ltd. and
Shenzhen Baoneng Investment Group Co. Ltd. Wuxi Baoneng Real Estate Co. Ltd. Baoneng Holdings (China) Co.Ltd. Shenzhen Jushenghua Co. Ltd. and Mr. Yao Zhenhua Changan Trust applied for compulsory execution. Mr.Yao Zhenhua as the guarantor of the debt was jointly and severally liable for the debt of RMB 925 million.
(11) Due to the case of notarising creditor’s rights documents between Changan International Trust Co. Ltd. and
Shenzhen Baoneng Investment Group Co. Ltd. Wuxi Baoneng Real Estate Co. Ltd. Baoneng Holdings (China) Co.Ltd. Shenzhen Jushenghua Co. Ltd. and Mr. Yao Zhenhua Changan Trust applied for compulsory execution. Mr.Yao Zhenhua as the guarantor of the debt was jointly and severally liable for the debt of RMB 1117 million.
(12) Due to the case of notarising creditor’s rights documents between China Minsheng Trust Co. Ltd. and the
defendants Shenzhen Baoneng Investment Group Co. Ltd. Hefei Baohui Real Estate Co. Ltd. Shenzhen Baoneng
Enterprise Management Co. Ltd. Anhui Baoneng Land Co. Ltd. and Mr. Yao Zhenhua Minsheng Trust applied for
compulsory execution. As the guarantor of the debt Mr. Yao Zhenhua bore unlimited several and joint liability for
the debt of RMB 4207 million.
(13) Due to the case of notarising creditor’s rights documents between Shanghai Aijian Trust Co. Ltd. and Shenzhen
Shum Yip Logistics Group Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Chia Tai (Shenzhen)
Development Co. Ltd. Hefei Baohui Real Estate Co. Ltd. Hefei Baoneng Real Estate Development Co. Ltd.Shenzhen Jushenghua Co. Ltd. and Mr. Yao Zhenhua Aijian Trust applied to the court for compulsory execution.As the guarantor of the debt Mr. Yao Zhenhua was jointly and severally liable for the debt of RMB 416 million.
(14) Due to the dispute over the loan contract with Baoneng Automobile Group Co. Ltd. Chongqing International
Trust applied to the court for compulsory execution and Mr. Yao Zhenhua as the guarantor of the debt was jointly
and severally liable for the debt of RMB 2186 million.
(15) Due to the case of notarising creditor’s rights documents between China Minsheng Trust Co. Ltd. and Shenzhen
Shum Yip Logistics Group Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Shenzhen Jushenghua Co. Ltd.and Mr. Yao Zhenhua Minsheng Trust applied to the court for compulsory execution and Mr. Yao Zhenhua as the
guarantor of the debt was jointly and severally liable for the debt of RMB 496 million.
(16) Due to the case of China Minsheng Trust Co. Ltd. Shenzhen Shum Yip Logistics Group Co. Ltd. Shenzhen
Baoneng Investment Group Co. Ltd. Shenzhen Jushenghua Co. Ltd. and Mr. Yao Zhenhua Minsheng Trust applied
to the court for compulsory execution and Mr. Yao Zhenhua as the guarantor of the debt was jointly and severally
liable for the debt of RMB 2238 million.
(17) Due to the financial loan contract dispute between AVIC Trust Co. Ltd. and Shenzhen Lingdao Auto Life
Service Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Shenzhen Jushenghua Co. Ltd. Shenzhen Shum
Yip Logistics Group Co. Ltd. Tengchong Baoneng Real Estate Co. Ltd. Zhejiang Jintian Real Estate Development
Co. Ltd. Tengchong Beihai Wetland Ecotourism Investment Co. Ltd. and Mr. Yao Zhenhua AVIC Trust applied
to the court for compulsory execution and Mr. Yao Zhenhua as the guarantor of the debt was jointly and severally
liable for the debt of RMB 984 million.
(18) Due to the financial loan contract dispute between AVIC Trust Co. Ltd. and Shenzhen Shum Yip Logistics
Group Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Shenzhen Jushenghua Co. Ltd. Baoneng Real
39CSG Semi-annual Report 2025
Estate Co. Ltd. and Wuhu Baoneng Real Estate Co. Ltd. Baoneng City Co. Ltd. Tengchong Beihai Wetland Eco-
Tourism Investment Co. Ltd. and Mr. Yao Zhenhua AVIC Trust applied to the court for execution. Mr. Yao
Zhenhua as the guarantor of the debt was jointly and severally liable for the debt of RMB 549 million (principal
exclusive of interest penalty interest etc.).
(19) Due to the loan contract dispute between Shenzhen Branch of Ping An Bank Co. Ltd. and Shenzhen Shum Yip
Logistics Group Co. Ltd. Shenzhen Jushenghua Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Baoneng
Real Estate Co. Ltd. Shenzhen First Space Operation Management Co. Ltd. Mr. Yao Zhenhua and Baoneng City
Co. Ltd. Shenzhen Branch applied to the court for execution. Mr. Yao Zhenhua as the guarantor of the debt was
jointly and severally liable for the debt of RMB 3433 million. A settlement has been reached in this case and the
execution has been terminated.
(20) Due to the execution of lawsuit costs of the loan contract dispute between Shenzhen Branch of Ping An Bank
Co. Ltd. and Baoneng City Co. Ltd. Baoneng Real Estate Co. Ltd. Baoneng Holdings (China) Co. Ltd. Mr. Yao
Zhenhua and Shenzhen Liujin Investment Co. Ltd. the Higher People’s Court of Guangdong Province appointed
Shenzhen Intermediate People’s Court of Guangdong Province to execute the case. Mr. Yao Zhenhua as the
guarantor of the loan contract dispute was jointly and severally liable for the lawsuit costs of RMB 13920800
arising from the loan contract dispute. The said lawsuit costs have been transferred and executed.
(21) Due to the loan contract dispute between Shenzhen Branch of Ping An Bank Co. Ltd. and Baoneng City Co.
Ltd. Baoneng Real Estate Co. Ltd. Baoneng Holdings (China) Co. Ltd. Mr. Yao Zhenhua and Shenzhen Liujin
Investment Co. Ltd. Shenzhen Branch of Ping An Bank Co. Ltd. applied to the court for execution. Mr. Yao
Zhenhua as the guarantor of the debt was jointly and severally liable for the debt of RMB 5562 million. In this case
RMB 3674 million was obtained from auction of residential unit and RMB 2226 million was repaid to Ping An
Bank for debt repayment after deducting the appropriate taxes and fees.
(22) Due to the case of execution of notarising creditor’s rights documents between Chongqing International Trust
Co. Ltd. and Shenzhen Jushenghua Co. Ltd. Zhongshan Runtian Shenzhen Baoneng Investment Group Co. Ltd.and Mr. Yao Zhenhua Chongqing International Trust Co. Ltd. Chongqing International Trust Co. Ltd. applied to the
court for execution and Mr. Yao Zhenhua as the guarantor of the debt was jointly and severally liable for the debt of
RMB 541 million.
(23) Due to the case that Tibet Bank Co. Ltd. sued Lhasa Baochuang Automobile Sales Co. Ltd. Mr. Yao Zhenhua
Shenzhen Baoneng Investment Group Co. Ltd. Shenzhen Jushenghua Co. Ltd. and Shenzhen Shum Yip Logistics
Group Co. Ltd. were jointly and severally liable for the lawsuit costs of the loan contract dispute which was
executed by the Lhasa Intermediate People’s Court of the Tibet Autonomous Region Mr. Yao Zhenhua as the
guarantor of the loan contract dispute was jointly and severally liable for the lawsuit costs of RMB 5.11 million
arising from the loan contract dispute.
(24) Due to the case that Tibet Bank Co. Ltd. sued Lhasa Baochuang Automobile Sales Co. Ltd. Mr. Yao Zhenhua
Shenzhen Baoneng Investment Group Co. Ltd. Shenzhen Jushenghua Co. Ltd. and Shenzhen Shum Yip Logistics
Group Co. Ltd. were jointly and severally liable for the debts arising from the loan contract dispute and were
executed by Lhasa Intermediate People’s Court of the Tibet Autonomous Region. Mr. Yao Zhenhua as the guarantor
of the loan contract dispute bore joint and several guarantee liability for the debt of RMB 829 million arising from
the loan contract dispute which has been paid off.
(25) Due to the case that Chongqing International Trust Co. Ltd. sued Baoneng Automobile Group Co. Ltd.
Nanjing Baoneng Urban Development Co. Ltd. Shenzhen Baoneng Investment Group Co. Ltd. Baoneng Holdings
(China) Co. Ltd. and Yao Zhenhua as the guarantor of the debt Mr. Yao Zhenhua was executed by the Chongqing
No. 5 Intermediate People’s Court and he was jointly and severally liable for the debt of RMB 2186 million.Mr. Yao Zhenhua had no debt with comparatively large amount that had not been paid when due.
40CSG Semi-annual Report 2025
According to the reply of the shareholder Shenzhen Guanlong Logistics Co. Ltd.: As of December 31 2023
Shenzhen Guanlong Logistics Co. Ltd. has not received relevant information on share freezing and lawsuit and ithad no debt with comparatively large amount that had not been paid when due.”
XI. Major related transaction
1. Related transaction with routine operation concerned
□ Applicable √ Not applicable
2. Related transaction with acquisition of assets or equity sales of assets or equity concerned
□ Applicable √ Not applicable
3. Related transaction with jointly external investment concerned
□ Applicable √ Not applicable
4. Credits and liabilities with related parties
□ Applicable √ Not applicable
5. Transactions with related financial companies
□ Applicable √ Not applicable
6. Transactions with financial companies controlled by the company
□ Applicable √ Not applicable
7. Other major related transaction
□ Applicable √ Not applicable
XII. Significant contracts and their implementation
1. Trusteeship contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
(2) Contract
□ Applicable √ Not applicable
41CSG Semi-annual Report 2025
(3) Leasing
□ Applicable √ Not applicable
2. Major guarantees
√ Applicable □ Not applicable
Unit: RMB 0000
External guarantees of the Company and its subsidiaries (excluding the guarantees for subsidiaries)
Date of
disclosure of Actual Counter
Complete Guarantee
related Actual amount guarantee
Name of guarantee Guarantee Collateral Guaranty implement for related
announcemen date of of Guarantee circumsta
object amount (if any) period ation or party or
t on guarantee guarante nce (if
not not
guarantee e any)
amount
Total amount of approved external guarantees during the Total actual amount of external guarantees during the
00
report period (A1) report period (A2)
Total amount of approved external guarantees at the end Total balance of actual external guarantees at the end of
00
of the report period (A3) the report period (A4)
Guarantees of the Company for its subsidiaries
Date of
disclosure of Actual Counter
Complete Guarantee
related Actual amount guarantee
Name of guarantee Guarantee Collateral Guaranty implement for related
announcemen date of of Guarantee circumsta
object amount (if any) period ation or party or
t on guarantee guarante nce (if
not not
guarantee e any)
amount
Xianning CSG Joint
April 28 May 8
Photoelectric Glass 4200 753 liability None None 1 year No No
20252025
Co. Ltd. guarantee
Xianning CSG Joint
April 26 October
Photoelectric Glass 3000 768 liability None None 1 year No No
2024152024
Co. Ltd. guarantee
Xianning CSG Joint
April 26 July 06
Photoelectric Glass 5000 0 liability None None 1 year No No
20242024
Co. Ltd. guarantee
Xianning CSG Joint
April 26 August 27
Photoelectric Glass 2000 1123 liability None None 1 year No No
20242024
Co. Ltd. guarantee
Xianning CSG Joint
April 26 August 20
Energy-Saving 8000 3601 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 August 14
Energy-Saving 5600 1365 liability None None 5 years No No
20242024
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 February
Energy-Saving 7400 30 liability None None 1 year No No
2024182025
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 September
Energy-Saving 3000 400 liability None None 1 year No No
202462024
Glass Co. Ltd. guarantee
Xianning CSG April 26 5000 August 8 2000 Joint None None 1 year No No
42CSG Semi-annual Report 2025
Energy-Saving 2024 2024 liability
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 April 22
Energy-Saving 5000 300 liability None None 1 year No No
20242025
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 January
Energy-Saving 2000 400 liability None None 1 year No No
2024132025
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 July 03
Energy-Saving 5000 2500 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Yichang CSG Joint
April 26 April 03
Photoelectric Glass 1800 600 liability None None 1 year No No
20232024
Co. Ltd. guarantee
Yichang CSG Joint
April 26 November
Photoelectric Glass 600 600 liability None None 1 year No No
2024262024
Co. Ltd. guarantee
Yichang CSG Joint
April 26 December
Photoelectric Glass 1200 4 liability None None 1 year No No
2024022024
Co. Ltd. guarantee
Joint
Hebei Panel Glass April 26 September
5000 634 liability None None 6 years No No
Co. Ltd. 2024 27 2024
guarantee
Joint
Hebei Panel Glass April 26 December
3000 730 liability None None 3 years No No
Co. Ltd. 2024 18 2024
guarantee
Joint
Hebei Panel Glass April 26 December
5000 500 liability None None 2 years No No
Co. Ltd. 2024 04 2024
guarantee
Joint
Hebei Panel Glass October 30 December
16500 5696 liability None None 5 years No No
Co. Ltd. 2021 17 2021
guarantee
Joint
Hebei CSG Glass April 26 July 04
3000 2827 liability None None 1 year No No
Co. Ltd. 2024 2024
guarantee
Joint
Hebei CSG Glass April 26 June 25
14000 3925 liability None None 1 year No No
Co. Ltd. 2024 2024
guarantee
Joint
Hebei CSG Glass April 26 November
8000 4145 liability None None 3 years No No
Co. Ltd. 2024 27 2024
guarantee
Joint
Hebei CSG Glass April 26 August 27
4000 2000 liability None None 1 year No No
Co. Ltd. 2024 2024
guarantee
Joint
Hebei CSG Glass April 26 February
5000 1048 liability None None 1 year No No
Co. Ltd. 2024 25 2025
guarantee
Joint
Hebei CSG Glass April 25 May 16
2500 0 liability None None 3 years Yes No
Co. Ltd. 2022 2022
guarantee
Dongguan CSG Joint
April 26 August 09
Architectural Glass 5000 2952 liability None None 1 year No No
20242024
Co. Ltd. guarantee
Dongguan CSG Joint
April 28 May 12
Architectural Glass 8000 0 liability None None 1 year No No
20252025
Co. Ltd. guarantee
Dongguan CSG April 26 10000 March 06 49 Joint None None 1 year No No
43CSG Semi-annual Report 2025
Architectural Glass 2024 2025 liability
Co. Ltd. guarantee
Dongguan CSG Joint
April 26 January
Architectural Glass 10000 2340 liability None None 1 year No No
2024212025
Co. Ltd. guarantee
Joint
Xianning CSG April 26 October
10000 3753 liability None None 1 year No No
Glass Co. Ltd. 2024 16 2024
guarantee
Joint
Xianning CSG April 26 August 16
5000 1532 liability None None 4 years No No
Glass Co. Ltd. 2023 2023
guarantee
Joint
Xianning CSG April 26 August 13
7000 7000 liability None None 1 year No No
Glass Co. Ltd. 2024 2024
guarantee
Joint
Xianning CSG April 26 May 24
20000 0 liability None None 1 year No No
Glass Co. Ltd. 2024 2024
guarantee
Joint
Xianning CSG April 26 April 8
10000 93 liability None None 1 year No No
Glass Co. Ltd. 2024 2025
guarantee
Joint
Xianning CSG December 25 March 25
15000 9851 liability None None 7 years No No
Glass Co. Ltd. 2021 2022
guarantee
Joint
Xianning CSG April 26 June 02
50000 27571 liability None None 7 years No No
Glass Co. Ltd. 2023 2023
guarantee
Joint
Xianning CSG April 26 February
20000 16800 liability None None 1 year No No
Glass Co. Ltd. 2024 18 2025
guarantee
Joint
Xianning CSG April 26 June 09
12000 5603 liability None None 5 years Yes No
Glass Co. Ltd. 2023 2023
guarantee
Joint
Xianning CSG April 26 September
4000 0 liability None None 1 year Yes No
Glass Co. Ltd. 2024 13 2024
guarantee
Joint
Xianning CSG July 07
June 29 2021 20000 6540 liability None None 5 years Yes No
Glass Co. Ltd. 2021
guarantee
Joint
Chengdu CSG April 26 September
5000 3512 liability None None 6 years No No
Glass Co. Ltd. 2024 27 2024
guarantee
Joint
Chengdu CSG April 26 March 10
14350 3000 liability None None 5 years No No
Glass Co. Ltd. 2024 2025
guarantee
Joint
Chengdu CSG April 26 September
3000 1000 liability None None 1 year Yes No
Glass Co. Ltd. 2023 20 2023
guarantee
Joint
Chengdu CSG April 26 April 8
10000 4989 liability None None 1 year No No
Glass Co. Ltd. 2024 2025
guarantee
Joint
Chengdu CSG April 25 November
5000 1861 liability None None 3 years Yes No
Glass Co. Ltd. 2022 25 2022
guarantee
Joint
Chengdu CSG April 26 January
2000 1300 liability None None 1 year No No
Glass Co. Ltd. 2024 09 2025
guarantee
Chengdu CSG April 26 5000 February 950 Joint None None 1 year Yes No
44CSG Semi-annual Report 2025
Glass Co. Ltd. 2023 01 2024 liability
guarantee
Joint
Chengdu CSG April 26 May 31
16437 1131 liability None None 6 years Yes No
Glass Co. Ltd. 2024 2024
guarantee
Joint
Chengdu CSG April 26 February
3000 2562 liability None None 1 year No No
Glass Co. Ltd. 2024 26 2025
guarantee
Sichuan CSG
Joint
Energy April 26 September
3000 2000 liability None None 1 year Yes No
Conservation Glass 2023 20 2023
guarantee
Co. Ltd.Sichuan CSG
Joint
Energy April 26 August 13
4400 1957 liability None None 5 years No No
Conservation Glass 2024 2024
guarantee
Co. Ltd.Sichuan CSG
Joint
Energy April 28 May 29
4000 2496 liability None None 1 year No No
Conservation Glass 2025 2025
guarantee
Co. Ltd.Sichuan CSG
Joint
Energy April 28 May 29
1000 1000 liability None None 1 year No No
Conservation Glass 2025 2025
guarantee
Co. Ltd.Sichuan CSG
Joint
Energy February
April 262024 3000 0 liability None None 1 year No No
Conservation Glass 262025
guarantee
Co. Ltd.Sichuan CSG
Joint
Energy April 28 June 17
12000 7426 liability None None 1 year No No
Conservation Glass 2025 2025
guarantee
Co. Ltd.Joint
Wujiang CSG Glass April 26 January
10000 966 liability None None 1 year No No
Co. Ltd. 2024 06 2025
guarantee
Joint
Wujiang CSG Glass April 26 May 21
5000 1304 liability None None 1 year No No
Co. Ltd. 2024 2024
guarantee
Joint
Wujiang CSG Glass April 28 May 09
6000 500 liability None None 1 year No No
Co. Ltd. 2025 2025
guarantee
Joint
Wujiang CSG Glass April 26 April 1
5000 700 liability None None 1 year No No
Co. Ltd. 2023 2024
guarantee
Joint
Wujiang CSG Glass April 26 December
7000 0 liability None None 1 year No No
Co. Ltd. 2024 18 2024
guarantee
Joint
Wujiang CSG Glass April 26 September
5000 4722 liability None None 6 years No No
Co. Ltd. 2024 27 2024
guarantee
CSG (Suzhou)
Corporate Joint
April 26 October 8
Headquarters 15700 2639 liability None None 5 years No No
20232023
Management Co. guarantee
Ltd.Wujiang CSG East April 26 December Joint
3000 0 None None 1 year No No
China Architectural 2024 18 2024 liability
45CSG Semi-annual Report 2025
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 26 January
China Architectural 10000 3536 liability None None 1 year No No
2024062025
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 26 April 1
China Architectural 5000 1000 liability None None 1 year No No
20232024
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 25 May 26
China Architectural 12400 1833 liability None None 5 years No No
20222022
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 28 May 09
China Architectural 6000 0 liability None None 1 year No No
20252025
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 26 April 24
China Architectural 3000 500 liability None None 2 years No No
20242025
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 26 January
China Architectural 3000 1936 liability None None 1 year No No
2024212025
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 28 June 16
China Architectural 5000 2720 liability None None 1 year No No
20252025
Glass Co. Ltd. guarantee
Dongguan CSG Joint
April 26 September
Solar Glass Co. 5000 4707 liability None None 6 years No No
2024272024
Ltd. guarantee
Dongguan CSG Joint
April 26 March 05
Solar Glass Co. 5000 2000 liability None None 1 year No No
20242025
Ltd. guarantee
Dongguan CSG Joint
April 26 April 27
Solar Glass Co. 5000 270 liability None None 1 year No No
20242025
Ltd. guarantee
Dongguan CSG Joint
April 28 June 19
Solar Glass Co. 5000 0 liability None None 1 year No No
20252025
Ltd. guarantee
Dongguan CSG Joint
April 26 April 15
Solar Glass Co. 5000 178 liability None None 1 year No No
20242025
Ltd. guarantee
Dongguan CSG Joint
April 25 July 21
Solar Glass Co. 4000 1457 liability None None 5 years No No
20222022
Ltd. guarantee
Anhui CSG New
Joint
Energy Material April 26 March 12
2109 liability None None 1 year No No
Technology Co. 2024 2025
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 June 30
0 liability None None 1 year Yes No
Technology Co. 2024 2024
guarantee
Ltd.Zhaoqing CSG 38000 Joint
April 26 February
Energy-Saving 1533 liability None None 1 year No No
2024252025
Glass Co. Ltd. guarantee
Zhaoqing CSG Joint
April 26 February
Energy-Saving 3060 liability None None 5 years No No
2024252025
Glass Co. Ltd. guarantee
Joint
Wujiang CSG Glass April 26 December
3542 liability None None 5 years No No
Co. Ltd. 2024 5 2024
guarantee
46CSG Semi-annual Report 2025
Joint
Dongguan CSG April 26 June 30
3886 liability None None 1 year Yes No
PV-tech Co. Ltd. 2024 2024
guarantee
Dongguan CSG Joint
April 26 June 30
Architectural Glass 3950 liability None None 1 year No No
20242024
Co. Ltd. guarantee
Dongguan CSG Joint
April 26 June 30
Solar Glass Co. 5106 liability None None 1 year No No
20242024
Ltd. guarantee
Dongguan CSG Joint
April 25 May 31
Solar Glass Co. 9000 3522 liability None None 4 years No No
20222022
Ltd. guarantee
Qingyuan CSG Joint
April 26 August 22
Energy-Saving New 6000 1590 liability None None 1 year No No
20242024
Materials Co. Ltd. guarantee
Qingyuan CSG Joint
April 26 February
Energy-Saving New 10000 7017 liability None None 1 year No No
2024132025
Materials Co. Ltd. guarantee
Qingyuan CSG Joint
April 26 June 4
Energy-Saving New 5000 40 liability None None 3 years No No
20242024
Materials Co. Ltd. guarantee
Qingyuan CSG Joint
April 26 March 6
Energy-Saving New 10000 3836 liability None None 5 years No No
20242025
Materials Co. Ltd. guarantee
Joint
Yichang CSG April 26 March 06
1800 800 liability None None 1 year Yes No
Display Co. Ltd. 2023 2024
guarantee
Yichang CSG Joint
April 26 August 6
Polysilicon Co. 12400 5000 liability None None 5 years No No
20242024
Ltd. guarantee
Yichang CSG Joint
April 26 January
Polysilicon Co. 13000 3511 liability None None 4 years No No
2023162024
Ltd. guarantee
Tianjin CSG Joint
April 28 May 19
Energy-Saving 3000 0 liability None None 1 year No No
20252025
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 July 03
Energy-Saving 5500 0 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 August 21
Energy-Saving 6000 2185 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 March 12
Energy-Saving 3000 0 liability None None 1 year No No
20242025
Glass Co. Ltd. guarantee
Tianjin CSG Joint
February 19 March 23
Energy-Saving 7000 1551 liability None None 4 years Yes No
20212021
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 April 15
Energy-Saving 5000 960 liability None None 1 year No No
20242025
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 August 15
Energy-Saving 5000 2519 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 October
Energy-Saving 2000 1924 liability None None 1 year No No
2024162024
Glass Co. Ltd. guarantee
47CSG Semi-annual Report 2025
Anhui CSG New
Joint
Energy Material August 10 October
55000 28994 liability None None 6 years No No
Technology Co. 2021 19 2021
guarantee
Ltd.Anhui CSG New
Joint
Energy Material August 10 August 28
125000 66552 liability None None 7 years No No
Technology Co. 2021 2021
guarantee
Ltd.Anhui CSG New
Joint
Energy Material April 25 July 05
35000 25550 liability None None 3 years No No
Technology Co. 2022 2022
guarantee
Ltd.Anhui CSG New
Joint
Energy Material April 25 February
20000 13203 liability None None 3 years No No
Technology Co. 2022 6 2023
guarantee
Ltd.Anhui CSG New
Joint
Energy Material April 26 April 17
25000 16097 liability None None 1 year No No
Technology Co. 2024 2025
guarantee
Ltd.Anhui CSG New
Joint
Energy Material December 25 March 30
29864 24339 liability None None 9 years No No
Technology Co. 2021 2022
guarantee
Ltd.Anhui CSG New
Joint
Energy Material April 26 March 05
15000 12400 liability None None 1 year No No
Technology Co. 2024 2025
guarantee
Ltd.Anhui CSG New
Joint
Energy Material April 26 February
10000 3191 liability None None 1 year No No
Technology Co. 2024 18 2025
guarantee
Ltd.Anhui CSG New
Joint
Energy Material April 26 October
10000 6700 liability None None 1 year No No
Technology Co. 2024 30 2024
guarantee
Ltd.Anhui CSG Silicon
Valley Mingdu Joint
April 26 July 6
Mining 43379 39000 liability None None 10 years No No
20232023
Development Co. guarantee
Ltd.Joint
Anhui CSG Quartz September
June 29 2021 9000 3196 liability None None 5 years Yes No
Materials Co. Ltd. 13 2021
guarantee
Joint
Anhui CSG Quartz April 26 March 25
5000 4940 liability None None 3 years No No
Materials Co. Ltd. 2023 2024
guarantee
Joint
Anhui CSG Quartz April 26 June 27
1000 1000 liability None None 3 years No No
Materials Co. Ltd. 2024 2024
guarantee
Joint
Anhui CSG Quartz April 26 November
7000 4700 liability None None 1 year No No
Materials Co. Ltd. 2024 12 2024
guarantee
Guangxi CSG Joint
April 26 July 06
Quartz Materials 7016 liability None None 8 years No No
20232023
Co. Ltd. 27400 guarantee
Guangxi CSG April 26 July 06 8601 Joint None None 8 years No No
48CSG Semi-annual Report 2025
Mining Co. Ltd. 2023 2023 liability
guarantee
Guangxi CSG New
Joint
Energy Material April 25 April 4
30000 13212 liability None None 3 years No No
Technology Co. 2022 2023
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 October
20000 0 liability None None 1 year No No
Technology Co. 2024 30 2024
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 August 01
20000 9800 liability None None 8 years No No
Technology Co. 2024 2024
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 25 July 26
50000 30070 liability None None 8 years No No
Technology Co. 2022 2022
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 October
5000 0 liability None None 2 years No No
Technology Co. 2024 31 2024
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 25 July 26
80000 47670 liability None None 8 years No No
Technology Co. 2022 2022
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 May 31
14500 4965 liability None None 1 year No No
Technology Co. 2024 2024
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 December
5000 1727 liability None None 1 year No No
Technology Co. 2024 25 2024
guarantee
Ltd.Guangxi CSG New
Joint
Energy Material April 26 March 13
12000 9500 liability None None 1 year No No
Technology Co. 2023 2024
guarantee
Ltd.Xi'an CSG Energy
Joint
Saving Glass April 25 March 27
34400 16749 liability None None 7 years No No
Technology Co. 2022 2023
guarantee
Ltd.Xi'an CSG Energy
Joint
Saving Glass April 26 August 5
5000 0 liability None None 1 year No No
Technology Co. 2024 2024
guarantee
Ltd.Xi'an CSG Energy
Joint
Saving Glass April 26 March 21
2500 0 liability None None 1 year Yes No
Technology Co. 2023 2024
guarantee
Ltd.Qinghai CSG New Joint
April 26 September
Energy Technology 150000 30000 liability None None 8 years No No
2023262023
Co. Ltd. guarantee
Qinghai CSG New Joint
April 26 January
Energy Technology 69997 45823 liability None None 6 years No No
2023242024
Co. Ltd. guarantee
Qinghai CSG New April 26 39768 January 31400 Joint None None 5 years No No
49CSG Semi-annual Report 2025
Energy Technology 2024 20 2025 liability
Co. Ltd. guarantee
Qinghai CSG New Joint
April 26 September
Energy Technology 20000 396 liability None None 6 years No No
2024272024
Co. Ltd. guarantee
Qinghai CSG New Joint
April 26 October
Energy Technology 50000 47129 liability None None 7 years No No
2023312023
Co. Ltd. guarantee
Zhaoqing CSG New Joint
April 25 April 6
Energy Technology 1530 1008 liability None None 7 years No No
20222023
Co. Ltd. guarantee
Anhui CSG Joint
April 26 April 27
Photovoltaic 10040 5825 liability None None 7 years No No
20232023
Energy Co. Ltd. guarantee
Xianning CSG Joint
April 26 April 8
Photovoltaic 3000 1831 liability None None 9 years No No
20232024
Energy Co. Ltd. guarantee
Zhanjiang CSG Joint
April 25 March 28
New Energy Co. 1000 800 liability None None 5 years No No
20222023
Ltd. guarantee
Zhanjiang CSG Joint
April 26 December
New Energy Co. 3500 3484 liability None None 9 years No No
2024262024
Ltd. guarantee
Zhaoqing CSG Joint
April 26 April 15
Energy-Saving 4000 2763 liability None None 1 year No No
20242025
Glass Co. Ltd. guarantee
Zhaoqing CSG Joint
April 28 May 29
Energy-Saving 5000 0 liability None None 2 years No No
20252025
Glass Co. Ltd. guarantee
Zhaoqing CSG Joint
September September
Energy-Saving 34000 11526 liability None None 5 years No No
222020252020
Glass Co. Ltd. guarantee
Dongguan CSG Joint
April 26 June 30
Architectural Glass 1223 liability None None 1 year No No
20242024
Co. Ltd. guarantee
Dongguan CSG Joint
April 26 June 30
Solar Glass Co. 1000 liability None None 1 year No No
20242024
Ltd. guarantee
Joint
Dongguan CSG April 26 June 30
807 liability None None 1 year No No
PV-tech Co. Ltd. 2024 2024
guarantee
Anhui CSG New
Joint
Energy Material April 26 June 30
3950 liability None None 1 year No No
Technology Co. 2024 2024
guarantee
Ltd. 100000
Joint
Wujiang CSG Glass April 26 June 30
0 liability None None 1 year No No
Co. Ltd. 2024 2024
guarantee
Joint
Wujiang CSG Glass April 26 July 29
1987 liability None None 4 years No No
Co. Ltd. 2024 2024
guarantee
Xi'an CSG Energy
Joint
Saving Glass April 26 August 30
16 liability None None 1 year No No
Technology Co. 2024 2024
guarantee
Ltd.Chengdu CSG April 26 June 30 Joint
0 None None 1 year No No
Glass Co. Ltd. 2024 2024 liability
50CSG Semi-annual Report 2025
guarantee
Sichuan CSG
Joint
Energy April 26 June 30
526 liability None None 1 year No No
Conservation Glass 2024 2024
guarantee
Co. Ltd.Qinghai CSG New Joint
April 26 June 30
Energy Technology 420 liability None None 1 year No No
20242024
Co. Ltd. guarantee
Yichang CSG Joint
April 26 June 30
Polysilicon Co. 798 liability None None 1 year No No
20242024
Ltd. guarantee
Joint
Xianning CSG April 26 June 30
4000 liability None None 1 year No No
Glass Co. Ltd. 2024 2024
guarantee
Xianning CSG Joint
April 26 June 30
Energy-Saving 25 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Wujiang CSG East Joint
April 26 June 30
China Architectural 1223 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Tianjin CSG Joint
April 26 June 30
Energy-Saving 1514 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Zhaoqing CSG Joint
April 26 June 30
Energy-Saving 0 liability None None 1 year No No
20242024
Glass Co. Ltd. guarantee
Total actual amount
Total amount of approved of guarantees for
guarantees for subsidiaries during 59200 subsidiaries during 141558
the report period (B1) the report period
(B2)
Total balance of
Total amount of approved actual guarantees for
guarantees for subsidiaries at the 1790428 subsidiaries at the 813954
end of the report period (B3) end of the report
period (B4)
Guarantees of subsidiaries for their subsidiaries
Date of
disclosure of Actual Counter
Complete Guarantee
related Actual amount guarantee
Name of guarantee Guarantee Collateral Guaranty implement for related
announcemen date of of Guarantee circumsta
object amount (if any) period ation or party or
t on guarantee guarante nce (if
not not
guarantee e any)
amount
Total actual amount
Total amount of approved of guarantees for
guarantees for subsidiaries during 0 subsidiaries during 0
the report period (C1) the report period
(C2)
Total balance of
Total amount of approved actual guarantees for
guarantees for subsidiaries at the 0 subsidiaries at the 0
end of the report period (C3) end of the report
period (C4)
Total amount of the Company's guarantees (i.e. the sum of the first three items)
51CSG Semi-annual Report 2025
Total actual amount
Total amount of approved
of guarantees during
guarantees during the report period 59200 141558
the report period
(A1+B1+C1)
(A2+B2+C2)
Total actual balance
Total amount of approved
of guarantees at the
guarantees at the end of the report 1790428 813954
end of the report
period (A3+B3+C3)
period (A4+B4+C4)
The proportion of total actual amount of guarantees (i.e.
61.59%
A4+B4+C4) in the net assets of the Company
Including:
Balance of guarantees provided for shareholders actual
0
controllers and its related parties (D)
Balance of debt guarantees provided directly or indirectly
for guaranteed objects with an asset-liability ratio 65173
exceeding 70% (E)
The amount of guarantees exceeding 50% of the net assets
0
(F)
Total guarantee amount of the above three items (D + E +
65173
F)
Explanation on guarantee responsibility incurred in the
report period or evidence showing the description of the
None
possible joint and several liabilities for repayment for the
guarantee contracts not yet due (if any)
Explanation on providing external guarantees in violation
None
of prescribed procedures (if any)
Note: 1. The 2024 Annual General Meeting of the Company reviewed and passed the Proposal for the 2025
Guarantee Plan and approved the Company and its subsidiaries to provide guarantees in a total amount of not
exceeding RMB 25800 million (including the effective and unexpired amount) for the 2025 credit lines from
financial institutions to guaranteed entities within the scope of consolidated statements. Among them the total
amount of guarantees for all guaranteed entities with asset liability ratio of 70% or above shall not exceed the
equivalent amount of RMB 6200 million (including the effective and unexpired amount). The Company's external
guarantees are all provided for subsidiaries within the scope of the consolidated statement. As of June 302025 the
actual guarantee balance was RMB 8139.54 million (of which the actual guarantee balance with liability/asset ratio
of 70% or above was RMB 651.73 million) accounting for 60.13% of the parent company's net assets of RMB
13535.9498 million at the end of 2024 and 26.07% of the total assets of RMB 31220.4179 million The Company
has no overdue guarantee.
2. The Company's 2024 Annual General Meeting reviewed and passed the Proposal on the Development of Asset
Pool Business . In order to achieve the overall management of the Company's assets such as bills and letters of credit
the General Meeting of Shareholders approved the Company and its subsidiaries to conduct asset pool business of no
more than RMB 2 billion. Under the premise of controllable risks various guarantee methods such as maximum
pledge general pledge deposit certificate pledge bill pledge and margin pledge can be adopted for business
development. As of June 302025 the actual pledge amount of the asset pool business was RMB 683.01 million and
the financing balance was RMB 682.64 million.Explanation on compound guarantees
Nil
52CSG Semi-annual Report 2025
3. Entrusted Financing
√ Applicable □Not applicable
Unit: RMB 0000
Source of funds Amount of Amount not Amount of impairment
Type for entrusted entrusted Outstandingbalance collected after
accrued for overdue
financing financing the due date uncollected entrustedfinancing
Structured
deposit Own funds 50000 12000 0 0
Total 50000 12000 0 0
Details of high-risk entrusted financing with significant single amount or low security and poor liquidity
□Applicable √ Not applicable
Entrusted financing expected to be unable to recover the principal or other circumstances that may lead to impairment
□Applicable √ Not applicable
4. Other material contracts
√ Applicable □ Not applicable
Name of
Execution
signing Transactio Related-
as of the
entity on Subject Contract Pricing n amount party Associati Date of Disclosure
Name of counterparty end of the
the matter signing date principle (RMB transacti on disclosure index
report
Company’s 0000) on or not
period
side
LONGi Solar Technology
Ltd. Zhejiang LONGi
Solar Technology Ltd.Taizhou LONGi Solar
Technology Ltd.Wujiang Yinchuan LONGi SolarTechnology Ltd. Price
CSG GlassChuzhou LONGi Solar negotiated on
Co. Ltd.Technology Ltd. Datong a monthly Announcem
and LONGi Solar Technology Photovolt 31 July In 3 August
Ltd. LONGi (H.K.) basis _ No Nil ent No.:Dongguan aic glass 2020 progress 2020
CSG SolarTrading Limited LONGi
according to 2020-060
Glass Co.(KUCHING) SDN. BHD.market
Xianyang LONGi Solar conditions
Ltd. Technology Ltd. Jiangsu
LONGi Solar Technology
Ltd. Jiaxing LONGi
Solar Technology Ltd.and Xi’an LONGi Green
Building Technology Ltd.Price of high-
purity silicon
negotiated on
CSG High- 13 a monthly 14 Announcem
In
Holding Trina Solar Co. Ltd. purity September basis _ No Nil September ent No.:
progress
Co. Ltd. silicon 2022 according to 2022 2022-054
contractually
agreed pricing
principles
53CSG Semi-annual Report 2025
Price
negotiated on
Solar
a monthly
CSG grade Announcem
27 October basis In 29 October
Holding Two certain customers primary _ No Nil ent No.:
2022 according to progress 2022
Co. Ltd. polysilico 2022-060
contractually
n
agreed pricing
principles
Price
negotiated on
Solar
a monthly
CSG grade Announcem
17 April basis Yet to be 19 April
Holding One certain customer primary _ No Nil ent No.:
2023 according to executed 2023
Co. Ltd. polysilico 2023-011
contractually
n
agreed pricing
principles
Note: The above material contracts are long-term sales contracts signed between the Company and customers. A total
supply volume is given in such a contract the specific price is negotiated on a monthly basis and the total contract
amount is subject to the final transaction amount.XIII. Statement on other important matters
√Applicable □ Not applicable
1. Ultra-short-term financing bills
On May 16 2022 the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Application
for Registration and Issuance of Medium-Term Notes and Ultra-short-term Financing Bills" which agreed that the
Company would register and issue ultra-short-term financing bills with a registered amount of not more than RMB 1
billion. The Company can issue one or more times within the validity period of the registration according to the actual
capital needs and the capital situation of the inter-bank market. On October 30 2023 the Dealers Association held the
128th registration meeting in 2023 and decided to accept the registration of ultra-short-term financing notes with a total
amount of RMB 1 billion and a validity period of two years.On December 12 2024 the Company issued the first phase
of 2024 ultra-short-term financing notes (Kechuang Notes) with a total amount of 300 million yuan and a term of 270
days with an issue interest rate of 2.4% and payment date of September 9 2025.On April 25 2025 the company issued
the first phase of 2025 super short-term financing bond (Kechuang Note) with a total amount of 300 million yuan and a
term of 270 days the issue interest rate is 2.27% and the redemption date is January 23 2026.
2. Medium-term notes
On May 16 2022 the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Application
for Registration and Issuance of Medium-term Notes and Ultra-short-term Financing Bills" which agreed that the
Company would register and issue medium-term notes with a registered amount of not more than RMB 2 billion.Actual capital needs and inter-bank market capital status can be issued one or more times within the validity period of
registration. On October 30 2023 the Dealers Association held its 128th registration meeting for 2023 and decided to
accept the registration of medium-term notes with a total value of RMB 2 billion and a validity period of two years.
3. The matter of the special fund of RMB 171 million for talent introduction
Regarding the special fund of RMB 171 million for talent introduction the Company filed an infringement
compensation lawsuit against Zeng Nan and others and Yichang Hongtai Real Estate Co. Ltd. on December 15 2021
and the Shenzhen Intermediate People's Court officially accepted it on January 28 2022. The first trial of the case
was completed in Shenzhen Intermediate People's Court on June 21 2022. On 4 June 2024 the Company received
54CSG Semi-annual Report 2025
the Civil Judgment of the first instance 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 the Guangdong Higher People's Court.The second trial of the case was held in the Guangdong Higher People's Court on September 12 2024 and the case is
currently in the process of second trial.
4. Postponed re-election of the Board of Directors and the Supervisory Committee
The term of office of the ninth Board of Directors and Supervisory Committee of the Company expired on 21 May
2023 and re-election is progressing steadily as of now. According to Articles 96 and 138 of the Articles of
Association of CSG Holding Co. Ltd. if a new director/supervisor is not re-elected in time upon the expiry of the
term of office of a director/supervisor before the re-elected director/supervisor assumes his/her office the former
director/supervisor shall still perform the duties of a director/supervisor in accordance with the provisions of laws
administrative regulations departmental rules and the Articles of Association. Therefore the members of the ninth
Board of Directors and Supervisory Committee are still performing their duties in a normal manner and the re-
election of the Board of Directors and the Supervisory Committee would not have any adverse impact on the
Company's operation and governance.XIV. Significant events of subsidiaries of the Company
□ Applicable √ Not applicable
55CSG Semi-annual Report 2025
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Share Capital
1. Changes in Share Capital
Unit: Share
Before the Change Increase/Decrease in the Change (+ -) After the Change
Capitali
New zation
Bonus
Amount Proportion shares of Others Subtotal Amount Proportion
shares
issued public
reserve
I. Restricted shares 2055720 0.07% -49271 -49271 2006449 0.07%
1. State-owned shares
2. State-owned legal
person’s shares
3. Other domestic shares 2055720 0.07% -49271 -49271 2006449 0.07%
Including: Domestic
legal person’s shares
Domestic natural
20557200.07%-49271-4927120064490.07%
person’s shares
4. Foreign shares
Including: Foreign legal
person’s shares
Foreign natural person’s
shares
II. Unrestricted shares 3068636387 99.93% 49271 49271 3068685658 99.93%
1. RMB Ordinary shares 1959267327 63.80% 49271 49271 1959316598 63.80%
2. Domestically listed
110936906036.13%110936906036.13%
foreign shares
3. Overseas listed foreign
shares
4. Others
III. Total shares 3070692107 100.00% 0 0 3070692107 100.00%
Reason for equity changes
□Applicable √Not applicable
Approval on equity changes
□Applicable √Not applicable
Transfer of ownership for equity changes
□Applicable √Not applicable
Implementation progress of share buyback
√Applicable □Not applicable
56CSG Semi-annual Report 2025
The Company held an Interim Meeting of the Ninth Board of Directors and the First Extraordinary General
Shareholders' Meeting of 2025 on 13 February 2025 and 4 March 2025 respectively. The meetings reviewed and
approved the Proposal on the Buyback of Certain RMB Ordinary Shares (A Shares) and Domestically Listed
Foreign Shares (B Shares) of the Company authorizing the Company to use its own funds and self-pooled funds
(including special buyback loan from commercial bank) to buyback certain RMB ordinary shares (A Shares) and
domestically listed foreign shares (B Shares) through the Shenzhen Stock Exchange trading system in a centralized
bidding process. The total amount of funds used for the buyback of A shares will be no less than RMB 243 million
and no more than RMB 485 million including transaction fees and other related expenses; and the total amount of
funds used for the buyback of B shares will be no less than HKD 50 million and no more than HKD 100 million
including foreign exchange purchases transaction fees and other related expenses. The buyback price of A shares
will not exceed RMB 7.60 per share and the buyback price of B shares will not exceed HKD 3.13 per share. All A
shares bought back by the Company will be used for equity incentives or employee stock ownership plans
(implementation of which requires approval from the Company's Board of Directors and general shareholders'
meeting). All B shares bought back will be retired. The buyback period is twelve months from the date the buyback
plan is approved by the Company's general shareholders' meeting. For details please refer to the Report on the
Buyback of Certain RMB Ordinary Shares (A Shares) and Domestically Listed Foreign Shares (B Shares) of the
Company disclosed on 25 March 2025 on www.cninfo.com.cn.After the implementation of the Company's 2024 annual equity distribution the upper limit of the Company's
buyback price of A shares has been adjusted from no more than RMB 7.60 per share to no more than RMB 7.53 per
share. The estimated buyback quantity after the adjustment will be no less than 44443773 shares and no more than
76581887 shares. The buyback price of B shares has been adjusted from no more than HKD 3.13 per share to no
more than HKD 3.05 per share. The estimated buyback quantity after the adjustment will be no less than
22139398 shares and no more than 38532841 shares.
As of 30 June 2025 the Company had bought back a total of 33034797 A shares and 13186096 B shares through
a dedicated buyback securities account through centralized bidding together representing 1.5052% of the
Company's total share capital. The highest transaction price for these repurchased A shares was RMB 5.04 per share
(within the upper limit of RMB 7.60 per share stipulated in the buyback plan) and the lowest transaction price was
RMB 4.54 per share. The total amount paid for the buyback of A shares was RMB 157090412.04 (excluding
transaction fees such as stamp duty and commissions). The highest transaction price for the repurchased B shares
was HKD 1.94 per share (within the upper limit of HKD 3.13 per share stipulated in the buyback plan) and the
lowest transaction price was HKD 1.65 per share. The total amount paid for the buyback of B shares was HKD
23397035.25 (RMB 21336926.30 excluding transaction fees such as stamp duty and commissions based on the
central parity rate of HKD 1 to RMB 0.91195 as of 30 June 2025). This buyback complied with applicable laws and
regulations and was in line with the Company's established buyback plan. For details please refer to the Company's
Announcement on Share Buyback Progress published on 2 July 2025 on www.cninfo.com.cn.Implementation progress of share buyback reduction through centralized bidding
□Applicable √Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
57CSG Semi-annual Report 2025
common shareholders of Company in the latest year and period
□Applicable √Not applicable
Other information necessary to be disclosed or need to be disclosed under requirement from security regulators
□Applicable √ Not applicable
2. Changes of restricted shares
√Applicable □ Not applicable
Unit: Share
Number Number Number
Number
ofrestricted ofrestricteds ofshares
Sharehold ofsharesincr Reason for
sharesat the hares restrictedat the Released date
ers’name eased inthe restriction
beginningof the releasedin end of
Period
period the Period thePeriod
Releasing of executive
Executive lockup lockup stocks will be
Chen Lin 1217299 1217299
stocks shares implemented according
to relevant policies
Releasing of executive
Executive lockup lockup stocks will be
He Jin 673200 673200
stocks shares implemented according
to relevant policies
Releasing of executive
Wang Executive lockup lockup stocks will be
115950115950
Wenxin stocks shares implemented according
to relevant policies
Releasing of executive
Executive
Chen lockup stocks will be
49271 49271 0 departure lockup
Chunyan implemented according
stocks shares
to relevant policies
total 2055720 49271 0 2006449 -- --
II. Issuance and listing of Securities
□ Applicable √ Not applicable
III. Amount of shareholders of the Company and particulars about shares holding
Unit: share
Total amount of the preferred shareholders who have
Total amount of shareholders at
131686 resumed the voting right at end of report period (if 0
the end of the report period
applicable)
Shareholder with above 5% shares held or top ten shareholders（Excluding shares lent through refinancing）
Amount
Proportio Total shares Number of share
Changes in of Amount of un-
Nature of n of held at the end pledged/frozen
Full name of Shareholders report restricte restricted
shareholder shares of report
period d shares shares held Share
held period Amount
held status
58CSG Semi-annual Report 2025
Domestic
Foresea Life Insurance non state-
15.19%46638687400466386874
Co. Ltd. – HailiNiannian owned legal
person
Domestic
Shenzhen Sigma C&T non state-
3.92%12038540600120385406
Co. Ltd. owned legal
person
Domestic
Foresea Life Insurance
non state-
Co. Ltd. – Universal 3.86% 118425007 0 0 118425007
owned legal
Insurance Products
person
Domestic
Foresea Life Insurance non state-
2.11%647651610064765161
Co. Ltd. – Own Fund owned legal
person
China Galaxy
Foreign
International Securities 1.34% 41034578 0 0 41034578
legal person
(Hong Kong) Co. Limited
China Merchants
Foreign
Securities (Hong Kong) 0.62% 18999222 901411 0 18999222
legal person
Limited
Domestic
Zhongshan Runtian non state- Pledged 18980000
0.62%189834470018983447
Investment Co. Ltd. owned legal
person Frozen 18983447
Hong Kong Securities Foreign
0.58%17924429170289017924429
Clearing Co. Ltd. legal person
VANGUARD TOTAL
Foreign
INTERNATIONAL 0.57% 17537213 0 0 17537213
legal person
STOCK INDEX FUND
VANGUARD
Foreign
EMERGING MARKETS 0.57% 17434095 0 0 17434095
legal person
STOCK INDEX FUND
Strategic investors or general legal
person becomes top 10 shareholders due N/A
to shares issued (if applicable)
As of the end of the report period among shareholders as listed above Foresea Life
Insurance Co. Ltd.-HailiNiannian Foresea Life Insurance Co. Ltd.-Universal Insurance
Explanation on associated relationship Products Foresea Life Insurance Co. Ltd.-Own Fund are all held by Foresea Life
among the aforesaid shareholders Insurance Co. Ltd. Shenzhen Jushenghua Co. Ltd. which holds 51% equity of Foresea
Life Insurance Co. Ltd. holds 100% equity of Zhongshan Runtian Investment
Co.Ltd .through Shenzhen Hualitong Investment Co. Ltd.Explanation of the above-mentioned
shareholders involving
N/A
entrusted/entrusted voting rights and
abstention from voting right
Among the top ten shareholders CSG has a special securities account for repurchases
which according to regulations is not included in the list of top ten shareholders.As of June
Special instructions on the existence of
30 2025the Company has repurchased a total of 46220893 shares through centralized
special repurchase account among the
bidding trading using its dedicated securities account for share repurchases(33034797 A
top 10 shareholders (if any)
shares and 13186096 B shares were repurchased)the total proportion of the Company's
total share capital is 1.5052%.Particulars about top ten shareholders with unrestricted shares held
（Excluding shares lent through refinancing and executive lock-in shares）
Shareholders’ name Amount of unrestricted shares held at year- Type of shares
59CSG Semi-annual Report 2025
end Type of shares Amount
Foresea Life Insurance Co. Ltd. –
466386874 RMB ordinary shares 466386874
HailiNiannian
Shenzhen Sigma C&T Co. Ltd. 120385406 RMB ordinary shares 120385406
Foresea Life Insurance Co. Ltd. –
118425007 RMB ordinary shares 118425007
Universal Insurance Products
Foresea Life Insurance Co. Ltd. – Own
64765161 RMB ordinary shares 64765161
Fund
China Galaxy International Securities Domestically listed
4103457841034578
(Hong Kong) Co. Limited foreign shares
China Merchants Securities (Hong Domestically listed
1899922218999222
Kong) Limited foreign shares
Zhongshan Runtian Investment Co.
18983447 RMB ordinary shares 18983447
Ltd.Hong Kong Securities Clearing Co.
17924429 RMB ordinary shares 17924429
Ltd.VANGUARD TOTAL
Domestically listed
INTERNATIONAL STOCK INDEX 17537213 17537213
foreign shares
FUND
VANGUARD EMERGING Domestically listed
1743409517434095
MARKETS STOCK INDEX FUND foreign shares
As of the end of the report period among shareholders as listed above Foresea Life
Insurance Co. Ltd.-HailiNiannian Foresea Life Insurance Co. Ltd.-Universal Insurance
Statement on associated relationship or
Products Foresea Life Insurance Co. Ltd.-Own Fund are all held by Foresea Life
consistent action among the above
Insurance Co. Ltd. Shenzhen Jushenghua Co. Ltd. which holds 51% equity of Foresea
shareholders:
Life Insurance Co. Ltd. holds 100% equity of Zhongshan Runtian Investment
Co.Ltd .through Shenzhen Hualitong Investment Co. Ltd.As of the end of the report period shareholder Shenzhen Sigma C&T Co. Ltd. holds 0
Explanation on shareholders involving shares of the Company through an ordinary account and 120385406 shares of the
margin business (if applicable) Company through the customer credit transaction guarantee securities account of Huatai
Securities Co. Ltd. totaling 120385406 shares of the Company.Special note: On July 11 2022 at the Company's Second Extraordinary General Meeting in 2022 Foresea Life
Insurance Co. Ltd. voted in favor of all proposals and Zhongshan Runtian Investment Co. Ltd. voted against all
proposals on August 3 2022 at the Company's Third Extraordinary General Meeting in 2022 Foresea Life
Insurance Co. Ltd. voted in favor of all proposals and Zhongshan Runtian Investment Co. Ltd. voted against all
proposals.Top 10 shareholders involved in refinancing shares lending
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unlimited outstanding shares have changed from the previous
period due to refinancing lending/restitution reasons
□ Applicable √ Not applicable
Whether the company’ s top 10 common shareholders and the top 10 shareholders of ordinary shares subject to
unlimited sales have agreed to buy back transactions during the report period
□Yes √ No
The top 10 shareholders of ordinary shares and the top 10 shareholders of ordinary shares with unrestricted sales
conditions did not engage in any agreed repurchase transactions during the reporting period.IV. Changes in the shareholding of directors supervisors and senior executives
□ Applicable √ Not applicable
60CSG Semi-annual Report 2025
The shareholding situation of the Company's directors supervisors and senior managers did not change during the
reporting period which can be detailed in the 2024 annual report.V. Changes of controlling shareholder or actual controller
Changes of controlling shareholders in the report period
□Applicable √ Not applicable
Changes of actual controller in the report period
□Applicable √ Not applicable
VI. Preferred Shares
□Applicable √ Not applicable
There were no preferred shares in the Company during the report period.
61CSG Semi-annual Report 2025
Section VII. Bonds
√ Applicable □ Not applicable
I. Enterprise bonds
□Applicable √ Not applicable
The Company had no enterprise bonds during the report period.II. Corporate bonds
□Applicable √ Not applicable
The company had no corporate bonds during the reporting period.III. Debt instruments as a non-financial enterprise
√ Applicable □ Not applicable
1.Basic information about corporate bonds
Unit: RMB 0000
Way of
principal
Date of Outstandin Interest Place of
Bond name Abbr. Bond code Value date Maturity repayment
issuance g balance rate trading
and interest
payment
The First
Super &
Short-term
24 CSG
Commercial Principal
SCP001
Paper and interest Inter-bank
(Technolog December December September
(Technology 012483920 30000 2.4% payable in bond
y 12 2024 13 2024 9 2025
Innovation full upon market
Innovation
Note) in 2024 maturity
Note)
of CSG
Holding Co.Ltd.The First
Super &
Short-term
25 CSG
Commercial Principal
SCP001
Paper and interest Inter-bank
(Technolog April April January
(Technology 012581049 30000 2.27% payable in bond
y 252025 282025 232026
Innovation full upon market
Innovation
Note) in 2025 maturity
Note)
of CSG
Holding Co.Ltd.For institutional investors in the national inter-bank bond market (except those prohibited
Investor eligibility arrangements (if any)
from purchasing by national laws or regulations)
62CSG Semi-annual Report 2025
Trading system applicable Public trading such as inquiry-based trading
Risk of termination of listing and trading
No
(if any) and countermeasures
Overdue bonds
□ Applicable √ Not applicable
2. Triggering and execution of issuer or investor option clauses and investor protection clauses
□ Applicable √ Not applicable
3. Adjustment of credit rating results during the report period
□Applicable √ Not applicable
4. The implementation and changes of guarantees debt repayment plans and other debt repayment
guarantee measures during the reporting period and their impact on the rights and interests of bond
investors
□Applicable √ Not applicable
IV. Convertible corporate bonds
□Applicable √ Not applicable
During the report period the Company did not have convertible corporate bonds.V. The loss within the scope of consolidated statements in the report period exceeded 10%
of the net assets at the end of the previous year
□Applicable √ Not applicable
VI. Key accounting data and financial information of the Company in the past two years
Unit: RMB 0000
Item June 302025 December 31 2024 Change
Current ratio 0.92 0.95 -3.16%
Debt/asset ratio 56.84% 55.15% 1.69%
Quick ratio 0.74 0.79 -6.33%
The report period The same period of
Change
(Jan. to Jun.2025) last year
Net profit after deducting non-recurring gains and losses 1171 66109 -98.23%
EBITDA/debt ratio 6.43% 12.65% -6.22%
Interest cover (times) 1.14 6.42 -82.24%
Cash-to-interest cover (times) 4.35 10.40 -58.17%
EBITDA-to-interest cover (times) 5.60 11.03 -49.23%
Loan repayment ratio (%) 100% 100%
Interest payment ratio (%) 100% 100%
63CSG Semi-annual Report 2025
Section VIII. Financial Report
I. Report of the auditors
Whether the Semi-annual Report has been audited or not
□ Yes √ No
II. 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
64CSG Semi-annual Report 2025
Item 30 June 2025 1 January 2025
Notes payable 2399802511 2244413755
Accounts payable 3162899038 3092025797
Contract liabilities 333171326 354215784
Payroll payable 243144993 347769466
Taxes payable 80158692 73688362
Other payables 455838149 312816531
Including: Interest payable 13166832 8946479
Dividends payable 211673022
Non-current liabilities due within one
year 2399949742 2168856957
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
company shareholders 13215445607 13535949795
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
2. Balance sheet of the parent company
Unit: RMB
Item 30 June 2025 1 January 2025
Current assets：
65CSG Semi-annual Report 2025
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
one year 818330000 711705100
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
Capital reserve 741824399 741824399
Less: Treasury stock 178694083
Surplus reserves 1500059542 1500059542
Undistributed profit 2970151267 2988398053
Total equity 8104033232 8300974101
66CSG Semi-annual Report 2025
Total liabilities and equity 14764676625 14650170122
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 “-”
sign) -1111386 7380905
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
continuing operations 64496634 721298218
(II) Classified by ownership attribution:
1. Net profit attributable to equity shareholders of
the parent company 74531505 733111562
2. Minority interests -10034871 -11813344
VI. After-tax net amount of other comprehensive
income -4524489 1217389
After-tax net amount of other comprehensive
income attributable to equity shareholders of the -4524489 1217389
parent company
(I) Other comprehensive income reclassified to
profit or loss -4524489 1217389
1. Translation differences on foreign currency
financial statements -4524489 1217389
67CSG Semi-annual Report 2025
Item H1 2025 H1 2024
After-tax net amount of other comprehensive
income attributable to minority shareholders
VII. Total comprehensive income 59972145 722515607
Total comprehensive income attributable to equity
shareholders of the parent company 70007016 734328951
Total comprehensive income attributable to
minority shareholders -10034871 -11813344
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
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
continuing operations 193426236 692636764
(II) Net profit (losses listed with “-” sign) from
discontinued operations
V. Total comprehensive income 193426236 692636764
5. Consolidated cash flow statement
Unit: RMB
68CSG Semi-annual Report 2025
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 and other long-term 5102179 21021307
assets
Total cash inflows from investing activities 1908359232 166397640
Cash paid to purchase fixed assets intangible
assets and other long-term asset 559400085 1492512738
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
6. Cash flow statement of the parent company
Unit: RMB
69CSG Semi-annual Report 2025
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 intangible assets and other long-term 31680
assets
Total cash inflows from investing activities 2097204280 741047659
Cash paid to purchase fixed assets intangible
assets and other long-term asset 3202812 3750531
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
cash equivalents -291301 2413
V. Net increase in cash and cash equivalents -526050999 -522839945
Plus: Beginning balance of cash and cash
equivalents 1431539421 1827884309
VI. Ending balance of cash and cash equivalents 905488422 1305044364
70CSG Semi-annual Report 2025
7. Consolidated statement of changes in equity
H1 2025
Unit: RMB
H1 2025
Equity attributable to shareholders of the parent company
Item Other Minority Total
Share Capital Less: shareholders'
capital reserve treasury
comprehe Special Surplus Undistribut interests
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
71CSG Semi-annual Report 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
H1 2024
Unit: RMB
H1 2024
Equity attributable to shareholders of the parent company
Item Minority Total
Capital Other Special Surplus Undistributed interests shareholders'Share capital reserve comprehens Sub-total equityive income reserves reserve profit
I. Balance at the end of
the previous year 3070692107 590739414 177384471 1411139 1404063298 8806549788 14050840217 485865952 14536706169
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
amounts indicated with 1217389 1952761 -34561465 -31391315 -11813344 -43204659
“-”)
(I) Total comprehensive
income 1217389 733111562 734328951 -11813344 722515607
(II) Shareholders’
contributions and
reductions in capital
1. Contributions from
shareholders in common
stock
72CSG Semi-annual Report 2025
H1 2024
Equity attributable to shareholders of the parent company
Item Minority Total
Share capital Capital
Other shareholders'
reserve comprehens
Special Surplus Undistributed interests
ive income reserves reserve profit
Sub-total equity
2. Others
(III) Profit distribution -767673027 -767673027 -767673027
1. Transfer to surplus
reserves
2. Distribution to
shareholders -767673027 -767673027 -767673027
(IV) Special reserves 1952761 1952761 1952761
1. Amounts withdrawn
in the current period 3139075 3139075 3139075
2. Amounts used in the
current period 1186314 1186314 1186314
IV. Balance at the end of
the current period 3070692107 590739414 178601860 3363900 1404063298 8771988323 14019448902 474052608 14493501510
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
73CSG Semi-annual Report 2025
H1 2025
Item
Share capital Capital reserve Less: Treasury Surplus reserve Undistributed
Total
stock profit shareholders'equity
(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
H1 2024
Unit: RMB
H1 2024
Item
Share capital Capital reserve Surplus reserve Undistributed Total shareholders'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
indicated with “-”) -75036263 -75036263
(I) Total comprehensive income 692636764 692636764
(II) Shareholders’ contributions and reductions in
capital
74CSG Semi-annual Report 2025
H1 2024
Item
Share capital Capital reserve Surplus reserve Undistributed Total shareholders'profit equity
(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
75CSG Semi-annual Report 2025
III. 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.IV. 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.V. 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.
76CSG Semi-annual Report 2025
2. Accounting period
The Group adopts the Gregorian calendar year that is from 1 January to 31 December each year.
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
Significant write-off of accounts The impact on the company’s current profit and loss accounts for over 5% of the
receivable/other receivables net profit absolute value for the most recent audited fiscal year and exceeds 1million 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
subsidiaries The subsidiary’s total assets account for over 5% of the consolidated total assets
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
77CSG Semi-annual Report 2025
earnings or current profits and losses during the comparative statement period respectively.
(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.
78CSG Semi-annual Report 2025
Subsidiaries and businesses that are added due to business combinations under the same control during the reporting
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
79CSG Semi-annual Report 2025
sheet date. The exchange difference arising from the difference between the spot exchange rate on the balance sheet
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
80CSG Semi-annual Report 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.
81CSG Semi-annual Report 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.
82CSG Semi-annual Report 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:
83CSG Semi-annual Report 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
84CSG Semi-annual Report 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.
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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.
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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.
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(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
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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.
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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
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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:
Category Depreciationmethods Useful lives (years) Residual rate%
Annual depreciation
rate %
Buildings The life averagemethod 20-35 years 5% 4.75% to 2.71%
Machinery The life average
equipment method 8-20 years 5% 11.88% to 4.75%
Transportation and The life average
Others method 5-8 years 0 20% to 12.50%
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)
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
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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
of the general borrowings occupied. The capitalization rate is calculated and determined based on the weighted average
interest rate of general borrowings.
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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:
Category Useful lives(years) Basis for determining service life
Amortization
method Notes
Land use rights 30-70 years Warrant Straight-lineDepreciation
Patent rights and
proprietary 5-20 years Estimated useful life Straight-line
technologies Depreciation
Exploitation rights 16-20 years Warrants expected income period Straight-lineDepreciation
Others 2-10 years Estimated useful life Straight-lineDepreciation
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.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
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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.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
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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.
(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
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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.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:
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* 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.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
97CSG Semi-annual Report 2025
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.
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.
98CSG Semi-annual Report 2025
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);
(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);
99CSG Semi-annual Report 2025
(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
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
100CSG Semi-annual Report 2025
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.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
101CSG Semi-annual Report 2025
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.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
102CSG Semi-annual Report 2025
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
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.
103CSG Semi-annual Report 2025
28. Changes in important accounting policies and accounting estimates
There were no changes in important accounting policies or accounting estimates in the current period.VI. 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.
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
104CSG Semi-annual Report 2025
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.
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
105CSG Semi-annual Report 2025
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.VII. 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
restricted to use due to mortgage pledge or freezing etc. 137135862 53654096
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
106CSG Semi-annual Report 2025
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
Category Carrying amount Provision for bad debts
Book value
Amount Proportion Amount
Proportio
n
Provision for bad debts on an
individual basis
Provision for bad debts on a portfolio
basis 1239196821 100% 1318808 0.11% 1237878013
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
Category Carrying amount Provision for bad debts
Proporti Book valueAmount on Amount Proportion
Provision for bad debts on an
individual basis
Provision for bad debts on a portfolio
basis 1141735264 100% 832521 0.07% 1140902743
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 bad debts Provision proportion
Trade acceptance 157001023 1318808 0.84%
Total 157001023 1318808
107CSG Semi-annual Report 2025
（3）Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
1 January Change in the current periodCategory 2025 30 June 2025Accrued Recovered orreversed Written off Others
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
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
Category Carrying amount Provision for bad debts
Provision Book valueAmount Proportion Amount proportion
Provision for bad
debts on an 162672077 7% 152678150 94% 9993927
108CSG Semi-annual Report 2025
individual basis
Provision for bad
debts on a portfolio 2041365571 93% 24425596 1.20% 2016939975
basis
Including:
Receivables from
unrelated parties 2041365571 93% 24425596 1.20% 2016939975
Total 2204037648 100% 177103746 8% 2026933902
Continued
1 January 2025
Category Carrying amount Provision for bad debts
Amount Proportion Amount Provision
Book value
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
unrelated parties 1693753600 91% 20549927 1.21% 1673203673
Total 1863140612 100% 176512931 9% 1686627681
Provision for bad debts on an individual basis:
1 January 2025 30 June 2025
Item Carrying Provision for Carrying Provision Provision
amount bad debts amount for bad debts proportion Reason for provision
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
accrual 169387012 155963004 162672077 152678150 94%
customers and the
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
Carrying amount Provision for baddebts Provision proportion
Combined customers 2041365571 24425596 1.20%
Total 2041365571 24425596 1.20%
109CSG Semi-annual Report 2025
（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 30 June 2025
Accrued Recoveredor reversed Written off Others
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
Closing
Closing As % of the balance of badAccounts Contract balances of total closing debt provision
Name receivable assets accounts balance of for accountsclosing closing receivable and accounts receivable andbalance balance contract assets receivable and provision forcontract assets impairment of
contract assets
Total balances for the five
largest accounts receivable 883881548 883881548 40% 8701726
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
110CSG Semi-annual Report 2025
Nature Closing carrying amount Opening carrying amount
Receivables from special fund for
talent (note) 171000000 171000000
Payments made on behalf of other
parties 32122072 31056939
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
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
Category Carrying amount Provision for bad debts
Book value
Amount Proportion Amount Provisionproportion
Provision for bad debts
on an individual basis 182389269 78% 62689269 34% 119700000
111CSG Semi-annual Report 2025
Provision for bad debts
on a portfolio basis 50499225 22% 979971 2% 49519254
Including:
Unrelated party
combination 50499225 22% 979971 2% 49519254
Total 232888494 100% 63669240 27% 169219254
Continued
1 January 2025
Category Carrying amount Provision for bad debts
Book value
Amount Proportion Amount Provisionproportion
Provision for bad debts
on an individual basis 183523841 80% 63823841 35% 119700000
Provision for bad debts
on a portfolio basis 47084604 20% 911869 2% 46172735
Including:
Unrelated party
combination 47084604 20% 911869 2% 46172735
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
112CSG Semi-annual Report 2025
Change in the current period
Category 1 January 30 June2025 Accrued Recovered or Charged off 2025reversed or written off Others
Bad debt provisions for
other receivables 64735710 68102 33818 1100754 63669240
Total 64735710 68102 33818 1100754 63669240
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
Name Nature of 30 June 2025 Ageing total other Provision for badbusiness receivables debts
balance
Company A Talent fundreceivable 171000000 Over 5 years 73% 51300000
Government Advance
agency B payment 14000000 3-4 years 6% 280000
Government Advance
agency C payment 11556004 Over 5 years 5% 231120
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
Item Advance payment closing Percentage in total advancesbalance to suppliers balance
Total balances for the five largest advances to suppliers 36211529 54%
113CSG Semi-annual Report 2025
8. Inventories
（1）Inventory classification
Unit: RMB
30 June 2025 1 January 2025
Provision for Provision for
Item Carrying decline in
amount the value of Book value
Carrying decline in
amount the value of Book value
inventories inventories
Raw materials 585712268 64595787 521116481 552653727 46114817 506538910
Work in
progress 36093170 36093170 36536670 36536670
Finished
goods 1348550790 51175737 1297375053 1007594584 51140704 956453880
Turnover
materials 83658185 180019 83478166 88481788 183220 88298568
Total 2054014413 115951543 1938062870 1685266769 97438741 1587828028（ 2 ） Provision for decline in the value of inventories and contract performance cost impairment
provision
Unit: RMB
1 January Increase in current period Decrease in current periodItem 2025 Provision Others Reversal or
30 June 2025
write-off Others
Raw materials 46114817 19164465 683495 64595787
Finished
goods 51140704 37573875 37538842 51175737
Turnover
materials 183220 3201 180019
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
10. Investment properties
（1）Investment properties measured in fair value
Unit: RMB
Item House building and related land use Total
114CSG Semi-annual Report 2025
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
Item Buildings Machinery and Motor vehicles andequipment others Total
I. Original book
value：
1. 1 January 2025 7049609664 15871544555 404381198 23325535417
2. Increase in current
period 81130345 733846118 11733360 826709823
（1）Acquisition 6012580 6896297 12908877
（2）Transfers from
construction in 81130345 727468685 4255012 812854042
progress
（3）Other increases 364853 582051 946904
3. Decrease in
current period 125420 517716480 4036202 521878102
（1）Disposal or 97859264 2848460 100707724
retirement
（2）Transfer to
construction in 419857216 419857216
progress
（3）Other
decreases 125420 1187742 1313162
4. 30 June 2025 7130614589 16087674193 412078356 23630367138
II. Accumulative
depreciation
1. 1 January 2025 1628365539 6643333962 308589547 8580289048
2. Increase in current
period 115977323 448961421 22496626 587435370
（1）Accrual 115977323 448959906 22493105 587430334
（2）Other increases 1515 3521 5036
3. Decrease in
current period 28786 375928963 2839770 378797519
（1）Disposal or 60148287 2822937 62971224
retirement
（2）Transfer to
construction in 315780676 315780676
115CSG Semi-annual Report 2025
progress
（3）Other
decreases 28786 16833 45619
4. 30 June 2025 1744314076 6716366420 328246403 8788926899
III. Impairment
provision
1. 1 January 2025 151504708 1426428385 921827 1578854920
2. Increase in current
period 2231 2231
（1）Accrual
（2）Transfers from
construction in 2231 2231
progress
3. Decrease in
current period 6954 53431027 14532 53452513
（1）Disposal or 33574341 1712 33576053
retirement
（2）Other
decreases 6954 19856686 12820 19876460
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
12. Construction in progress
Unit: RMB
Item 30 June 2025 1 January 2025
Construction in progress 5182697395 5350375132
Total 5182697395 5350375132
116CSG Semi-annual Report 2025
（1）Details of construction in progress
Unit: RMB
30 June 2025 1 January 2025
Item Provision for
Carrying amount impairment Book value Carrying amount Provision for
loss impairment loss
Book value
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
Transformation Project 669661059 217878698 451782361 644181303 217878698 426302605
Guangxi Beihai Photovoltaic Green Energy
Industry Park (Phase I) Project 414860876 414860876 373394252 373394252
Wujiang Float (650TD) Photovoltaic Calendering
Line Technical Transformation Project 169371968 169371968
Chengdu CSG 900T/D line cold repair and
technical transformation project 150255439 150255439
Qingyuan CSG Phase I Upgrading Technical
Transformation Project 233701054 126553412 107147642 233127020 126553412 106573608
Xianning energy-saving production line
reconstruction and expansion construction project 18263230 18263230 4226026 4226026
Dongguan Photovoltaic Building B 450MWPERC
battery technology upgrade project 186866743 184998076 1868667 186866743 184998076 1868667
Other projects 414735261 23699617 391035644 477462133 3825388 473636745
Total 5735827198 553129803 5182697395 5883630706 533255574 5350375132
117CSG Semi-annual Report 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 Internal
project with an annual
output of 50000 tons 4498192210 3644745822 154495358 1502205 3797738975 85% 85% 79301489 28661122 3.67% fund and
in Haixi Prefecture bank loan
Qinghai Province
Guangxi Beihai Internal
Photovoltaic Green
Energy Industry Park 4942051800 373394252 96239578 54772954 414860876 33% 33% 18799028 3038906 2.42% fund and
(Phase I) Project bank loan
Total 9440244010 4018140074 250734936 56275159 4212599851 98100517 31700028
（3） Provision for impairment of construction in progress in the current period
Unit: RMB
Item 1 January 2025 Increase in the current Decrease in the 30 June 2025 Reason forperiod current period provision
Qingyuan CSG Phase I Upgrading Technical
Transformation Project 126553412 126553412
Dongguan Photovoltaic Building B 450MWPERC
battery technology upgrade project 184998076 184998076
Yichang CSG Polysilicon Technical Transformation
Project 217878698 217878698
Other projects 3825388 19876460 2231 23699617
118CSG Semi-annual Report 2025
Total 533255574 19876460 2231 553129803
119CSG Semi-annual Report 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
period 544298 697213 3480716 4722227
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
period 1709187 1593530 550916 3853633
(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
Item Land use
Patents and
proprietary Exploitation Others Total
rights technologies rights
I. Original book
value：
1. 1 January
202514808610005637531851091671546822115863218497317
2. Increase in
current period 15219908 6483890 21703798
（1）
Acquisition 2682408 6483890 9166298
（2）Others 12537500 12537500
3. Decrease in
current period
（1）Others
120CSG Semi-annual Report 2025
4. 30 June 2025 1480861000 563753185 1106891454 88695476 3240201115
II. Accumulative
amortization
1. 1 January
202532392413229720712711779828960979526799909074
2. Increase in
current period 16557439 16173030 39247039 3038130 75015638
（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
2025572997761337457313150
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
20251156936868209246282973873257212186862361275093
（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
Land use rights 3934642 substantive legal obstacle to obtaining the relevant land usecertificate and it will not have a significant adverse impact
on the operation of the Group.
15. Goodwill
（1）Original book value of goodwill
Unit: RMB
Name of invested
1 January 2025 Increase in Decrease inunit or items current period current period 30 June 2025
forming goodwill
Tianjin CSG Architectural Glass Co.Ltd 3039946 3039946
Xianning CSG Photoelectric 4857406 4857406
Shenzhen CSG Display 389494804 389494804
Guangdong Licheng Construction
Engineering Co. Ltd. 696000 696000
Total 398088156 398088156
121CSG Semi-annual Report 2025
（2）Provision for impairment of goodwill
Unit: RMB
Name of invested unit or matters
forming goodwill 1 January 2025
Increase in Decrease in
current period current period 30 June 2025
Shenzhen CSG Display 389494804 389494804
Total 389494804 389494804
16. Long-term prepaid expenses
Unit: RMB
Amortized
Item 1 January 2025 Increase incurrent period amounts in Other decreases 30 June 2025
current period
Various prepaid
expenses 71254985 4985982 6959360 69281607
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
Item Deductible
temporary Deferred tax assets Deductible temporary Deferred tax assets
differences differences
Provision for asset
impairments 891614965 134127172 909339984 136694548
Deductible losses 1251357908 216100433 1040260054 177300541
Government grants 220066214 33382759 230038184 34948104
Accrued expenses 5526373 828956 8572883 1285932
Depreciation of fixed
assets etc. 130673388 19805073 142759612 22098978
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
assets 459275667 69189583 493147552 74317475
Investment
properties 368745675 92186419 368745675 92186419
Total 828021342 161376002 861893227 166503894
122CSG Semi-annual Report 2025
（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
Item closing deferred tax assets or liabilities opening deferred tax assets or liabilitiesassets 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
202849615474961547
20298681718086817180
2030130227494
Total 369438317 430583379
18. Other non-current assets
Unit: RMB
30 June 2025 1 January 2025
Item Carrying Impairment Carrying Impairment
amount Book valueprovision amount
Book value
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
123CSG Semi-annual Report 2025
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
on hand 137135862 137135862
Restricted circulation of Cash at bank and on
deposits freezes etc. hand
Note receivable 628010976 628010976 Restricted pledge Note receivable
Construction in Construction in
progress 970373969 970373969 Restricted financing lease progress
Total 1735520807 1735520807
Continued
1 January 2025
Item
Carrying amount Book value Restricted type Restricted situation
Cash at bank and
on hand 53654096 53654096
Restricted circulation of Cash at bank and on
deposits freezes etc. hand
Note receivable 871417785 871417785 Restricted pledge Note receivable
Fixed assets 411546518 96468240 Restricted financing lease Fixed assets
Construction in
progress 618442257 618442257 Restricted financing lease
Construction in
progress
Total 1955060656 1639982378
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
124CSG Semi-annual Report 2025
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 632014947 Due to the unfinished final accounts of relatedpayments etc. projects they have not been settled yet
Total 632014947
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
125CSG Semi-annual Report 2025
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
construction contractors 157917096 200015615
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.
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
Item 1 January 2025 Increase in current Decrease inperiod current period 30 June 2025
I. Short-term employee benefits
payable 340816562 910131004 1007816689 243130877
II. Defined contribution plans
payable 98455695 98455695
III. Termination benefits 6952904 8624891 15563679 14116
Total 347769466 1017211590 1121836063 243144993
（2）Presentation of short-term benefits
Unit: RMB
Item 1 January 2025 Increase in current Decrease inperiod current period 30 June 2025
1. Wages and salaries bonus
allowances and subsidies 313268258 829709152 928630133 214347277
126CSG Semi-annual Report 2025
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
employee education funds 26367134 10532349 8831400 28068083
Total 340816562 910131004 1007816689 243130877
（3）Defined benefit plans
Unit: RMB
Item 1 January 2025 Increase in current Decrease in currentperiod period 30 June 2025
1. Basic pensions 94541798 94541798
2. Unemployment
insurance 3913897 3913897
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
construction tax payable 1576949 1398523
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
one year 2215015585 2081081249
Long-term account payable due
within one year 181242532 84003271
Lease liabilities due within one year 3691625 3772437
Total 2399949742 2168856957
127CSG Semi-annual Report 2025
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
conditions for derecognition 207986725 178499661
Total 241922093 218529333
29. Long-term borrowings
（1）Types of long-term borrowings
Unit: RMB
Item 30 June 2025 1 January 2025
Guaranteed loan 5550190705 6020234621
Credit loan 2654975000 2212455100
Subtotal 8205165705 8232689721
Less: Long-term borrowings due
within one year 2215015585 2081081249
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
year 3691625 3772437
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
one year 181242532 84003271
Total 616410933 464617473
128CSG Semi-annual Report 2025
32. Estimated liabilities
Unit: RMB
Item 30 June 2025 1 January 2025 Causes
Pending litigation 915847
Retirement obligation 12409409 12221373 Estimated minerehabilitation costs
Total 12409409 13137220
33. Deferred income
Unit: RMB
Item 1 January 2025 Increase in Decrease incurrent period current period 30 June 2025 Causes
Government
grants 487252038 3220800 18746594 471726244
Total 487252038 3220800 18746594 471726244
34. Share capital
Unit: RMB
Item 1 January
Movement for current period
2025 30 June 2025New issues Bonus Transfer fromissue capital surplus Others Sub-total
Total
number of
ordinary 3070692107 3070692107
shares
35. Treasury stock
Item 1 January 2025 Increase in current Decrease in currentperiod period 30 June 2025
Treasury stock 178694083 178694083
Total 178694083 178694083
36. Capital surplus
Unit: RMB
Item 1 January 2025 Increase in current Decrease in currentperiod period 30 June 2025
Share premium 649166589 649166589
Other capital surplus -58427175 -58427175
Total 590739414 590739414
37. Other comprehensive income
Unit: RMB
Item 1 January Other comprehensive income for current period 30 June 2025
129CSG Semi-annual Report 2025
2025 Actual
amount Less: Attributable Attributable
before tax Income to parent to minority
for current tax company after shareholders
period expenses tax after tax
I. Other
comprehensive
income items which
will be reclassified 159726269 -4524489 -4524489 155201780
subsequently to
profit or loss
Difference on
translation of
foreign currency 14983507 -4524489 -4524489 10459018
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
Item 1 January 2025 Increase in current Decrease in currentperiod period 30 June 2025
Safety production
costs 5079628 2177153 2321252 4935529
Total 5079628 2177153 2321252 4935529
39. Surplus reserve
Unit: RMB
Item 1 January 2025 Increase in current Decrease in currentperiod period 30 June 2025
Statutory surplus
reserve 1357661614 1357661614
Discretionary
surplus reserve 127852568 127852568
Total 1485514182 1485514182
130CSG Semi-annual Report 2025
40. Undistributed profits
Unit: RMB
Item H1 2025 H1 2024
Undistributed profits at the end of the
previous period before adjustments 8224198195 8806549788
Undistributed profits at the beginning of
the period after adjustments 8224198195 8806549788
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
period 8087056678 8771988323
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
tax 9611276 10630321
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
Item H1 2025 H1 2024
Employee benefits 194638464 213862214
Depreciation and amortization 93064844 106703302
131CSG Semi-annual Report 2025
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
Interest income -20807152 -31170207
Exchange gains and losses -7348221 -10609069
Others 3407653 2402731
132CSG Semi-annual Report 2025
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
of trading financial assets 2715821
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
receivable -486287 -238449
Losses on bad debts of accounts
receivable -590815 5159904
Losses on bad debts of other
receivables -34284 2459450
Total -1111386 7380905
50. Asset impairment loss
Unit: RMB
Item H1 2025 H1 2024
Decline in the value of inventories and
contract performance cost impairment loss -56738340 -41315915
Total -56738340 -41315915
133CSG Semi-annual Report 2025
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
listed with "-" sign) 2680398 4202074
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-
current assets 1579085 280238 1579085
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-
current assets 194635 2446816 194635
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
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
134CSG Semi-annual Report 2025
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
income tax assets in the prior period -6191533
Effect of deductible temporary difference or deductible loss
on unconfirmed deferred income tax in the current period 20646084
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
activities 35885986 73884621
General office expenses 21043810 24410473
Canteen costs 21618130 20422983
Entertainment fees 15890623 25630075
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
135CSG Semi-annual Report 2025
（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
expenditure 559400085 1492512738
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
activities 600000
Repayments for minority shareholder
borrowings 1600000 1200000
Total 279585532 86415538
Changes in various liabilities arising from financing activities
Unit: RMB
1 January Increase in current period Decrease in current periodItem 2025 30 June 2025Cash changes Non-cash Cash changes Non-cashchanges changes
Short-term loan 1163021299 809658496 871690 482343145 14424539 1476783801
Long-term
borrowings
(including long-
term borrowings 8232689721 2061171280 2088695296 8205165705
due within one
year)
Total 9395711020 2870829776 871690 2571038441 14424539 9681949506
136CSG Semi-annual Report 2025
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
productive living assets 587430334 579893996
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
and other long-term asset ("-" for gains) -4064848 -4202074
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
increase) -345762946 -42729653
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
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
drawn on demand 2879376563 3367873386
Other cash balances that can be
readily drawn on demand 98909534
II. Cash and cash equivalents at end
of period 2978286097 3367873386
（3）Monetary funds other than cash and cash equivalents
Unit: RMB
137CSG Semi-annual Report 2025
Item 30 June 2025 1 January 2025 Reasons why it is not cashand cash equivalents
Other monetary fund 137135862 53654096 Security deposits restrictedin use etc.Total 137135862 53654096
58. Monetary items denominated in foreign currencies
（1）Monetary items denominated in foreign currencies
Unit: RMB
Item Balances denominated in Balances denominated inforeign currencies Exchange rates 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
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.
138CSG Semi-annual Report 2025
VIII. 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
IX. 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.
X. EQUITY IN OTHER ENTITIES
1. Interest in subsidiaries
（1）Constitution of the Group
Unit: RMB
Major Place of Shareholding Method ofName of Registered
business registratio Scope of business acquisitio
subsidiary capital Indirlocation n Direct ect n
Chengdu Chengdu Development production and Establish
Chengdu CSG 260000000 75% 25%
PRC PRC 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 77.78 22.2 Establish
Dongguan CSG Engineering 270000000 Intensive processing of glass
PRC n PRC % 2% ment
Dongguan Donggua Production and sales of special Establish
Dongguan CSG Solar 480000000 75% 25%
PRC n PRC glass and solar glass ment
Dongguan Donggua Production and sales of hi-tech Establish
Dongguan CSG PV-tech 516000000 100%
PRC n PRC green battery and components ment
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
Hebei CSG (note 1) 48066000 Yongqing Yongqing Production and sales of special 75% 25% Establish
139CSG Semi-annual Report 2025
PRC PRC glass ment
Wujiang Wujiang Production and sales of special Establish
Wujiang CSG 565041798 100%
PRC PRC 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 special Establish
Xianning CSG 235000000 75% 25%
PRC PRC 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 display Acquisitio
Shenzhen CSG Display: 143000000 60.8%
PRC PRC component products n
Zhaoqing Energy Saving Zhaoqing Zhaoqing Establish
200000000 Intensive processing of glass 100%
Company PRC PRC ment
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 Establish
360000000 Mineral resources exploitation 60%
Mining Company PRC PRC 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 100 Establish
Qinghai New Energy 1350000000
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.XI. GOVERNMENT GRANTS
1. Liabilities involving government grants
Unit: RMB
Amount
included in Amount
Increase in non- transferred OtherAccounting 1 January current operating to other changes in 30 June
Asset
item 2025 period income in income in current 2025
related/income
current current period
related
period period
140CSG Semi-annual Report 2025
Deferred Asset
income 487252038 3220800 18746594 471726244 related/incomerelated
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
subsidies 18746594 27058673
Other government subsidies 26063896 31507137
Total 44810490 58565810
XII. FINANCIAL INSTRUMENT RISK MANAGEMENT
The Group's main financial instruments include monetary funds notes receivable accounts receivable receivable
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.
141CSG Semi-annual Report 2025
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
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
142CSG Semi-annual Report 2025
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
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
143CSG Semi-annual Report 2025
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).
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%).XIII. 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
measurement measurement measurement Total
I. Ongoing fair value
measurement -- -- -- --
Structured deposits 120000000 120000000
Receivables financing 788929728 788929728
Investment properties 293712453 293712453
Total 413712453 788929728 1202642181
XIV. RELATED PARTIESAND RELATED PARTYTRANSACTIONS
1. Information of the parent company
The Company regards no entity as the parent company.
144CSG Semi-annual Report 2025
2. The subsidiariesThe general information and other related information of the subsidiaries are set out in Note “X. 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
Co. Ltd Related party of the Company's largest shareholder
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 parties Relatedtransaction H1 2025 H1 2024
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
145CSG Semi-annual Report 2025
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
amount bad debts Carrying amount
Provision for
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
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
XV. 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
146CSG Semi-annual Report 2025
XVI. 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
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
Zeng Nan Luo Youming Wu Disputes over Shenzhen
The Company (Note Guobin Ding Jiuru Li liability for Intermediate
1) Weinan Yichang Hongtai harming People's 229200087 Under trial
Real Estate Co. Ltd. companyinterests Court
Tianjin Donglai Wujiang
Construction Wujiang CSG East China Construction
Engineering Co. Engineering Glass Co. Ltd. project contract
District
People's 16905515 Under trial
Ltd. (Note 2) disputes 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.XVII. POST-BALANCE SHEET EVENTS
None.
147CSG Semi-annual Report 2025
XVIII. 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:
-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 glass Solar energy
Item Glass industry and and other Unallocated
Inter-
display device industries amount
segment Total
elimination
Revenue from
external customers 5821726639 526988056 133236561 1610864 6483562120
Inter-segment
revenue 44625863 37512867 36142863 155276815 -273558408
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-
current assets 414863437 1142741 184023529 1523223 601552930
148CSG Semi-annual Report 2025
XIX. 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
（2） Classification by bad debt accrual method
Unit: RMB
30 June 2025 1 January 2025
Carrying amount Provision for Carrying amount Provision forbad debts bad debts
Category Provis
Propor Am ion Book value
Provis
Proporti Am ion Book valueAmount tion ount propor Amount 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
As % of the total of bad debt
Accounts Closing balances provision for
Name receivable Contract assets of accounts
closing balance
closing balance receivable and of accounts
accounts
closing balance contract assets receivable and
receivable and
contract assets provision forimpairment of
contract assets
Total balances
for the five
largest accounts 297576057 297576057 100%
receivable
Total 297576057 297576057 100%
2. Other receivables
Unit: RMB
Item 30 June 2025 1 January 2025
Other receivables 2535004842 2342796700
Total 2535004842 2342796700
149CSG Semi-annual Report 2025
（1）Other receivables
1）Other receivables categorized by nature
Unit: RMB
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
an individual basis 171000000 7% 51300000 30% 119700000
Provision for bad debts on
a portfolio basis 2415339565 93% 34723 2415304842
Including:
Related party combination 2413603392 93% 2413603392
Unrelated party
combination 1736173 34723 2% 1701450
Total 2586339565 100% 51334723 2% 2535004842
Continued
1 January 2025
Carrying amount Provision for bad debts
Category Accrual Book value
Amount Proportion Amount proportion
Provision for bad debts
on an individual basis 171000000 7% 51300000 30% 119700000
Provision for bad debts
on a portfolio basis 2223118571 93% 21871 2223096700
Including:
Related party
combination 2222025032 93% 2222025032
150CSG Semi-annual Report 2025
Unrelated party
combination 1093539 21871 2% 1071668
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
2025218715130000051321871
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
1 January Change in the current periodCategory 2025 30 June 2025Accrued Recovered or Charged off orreversed written off Others
Bad debt
provisions for
other 51321871 12852 51334723
receivables
Total 51321871 12852 51334723
5）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Percentage in
Name Nature ofbusiness 30 June 2025 Aging
total other Provision for bad
receivables debts
balance
Company A Advancepayment for 610034761 Within 1 year 24%
151CSG Semi-annual Report 2025
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
amount provision Book value amount provision Book value
Investment in
subsidiaries 10565321440 15000000 10550321440 10565321440 15000000 10550321440
Total 10565321440 15000000 10550321440 10565321440 15000000 10550321440
152CSG Semi-annual Report 2025
（1）Investments in subsidiaries
Unit: RMB
Opening book Opening Movement in current periodInvestee impairment Closing book
Closing
value Increase in Decrease in Impairmentprovision Others value
impairment
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.Ltd. 102415096 102415096
Xianning Float Company 181116277 181116277
Xianning Energy Saving Company 165452035 165452035
Qingyuan Energy Saving Company 885273105 885273105
Shenzhen CSG Financial Leasing Co.Ltd. 133500000 133500000
Shenzhen Display Device Company 550765474 550765474
Zhaoqing Energy Saving Company 200000000 200000000
Zhaoqing CSG Automotive Glass Co.Ltd. 159959074 159959074
Anhui New Energy Company 1750000000 1750000000
153CSG Semi-annual Report 2025
Anhui Quartz Company 75000000 75000000
Anhui CSG Silicon Valley Mingdu
Mining Development Co. Ltd. 216000000 216000000
Xi'an Energy Saving Company 82500000 82500000
Guangxi New Energy Materials
Company 600000000 600000000
CSG (Suzhou) Corporate Headquarters
Management Co. Ltd. 30000000 30000000
Shenzhen CSG Quartz Materials
Industrial Co. Ltd. 40000000 40000000
Shenzhen CSG New Energy Industry
Development Co. Ltd. 1350000000 1350000000
Others 242392197 15000000 242392197 15000000
Total 10550321440 15000000 10550321440 15000000
154CSG Semi-annual Report 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
investment under cost method 200488459 655900646
Investment income during the holding
period of trading financial assets 2715821
Others 924109
Total 203204280 656824755
XX. 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
provisions in accordance with the defined standards except government subsidies that 43124709 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
impairment 3318671
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
155CSG Semi-annual Report 2025
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
company’s ordinary shareholders 0.55% 0.02 0.02
Net profit attributable to the
company's ordinary shareholders
after deducting non-recurring gains 0.16% 0.01 0.01
and losses
156CSG Semi-annual Report 2025
Section IX. Other Reported Information
I. Other major social security issues
Indicate whether the listed company and its subsidiaries have other major social security issues.□ Yes □ No √ Not applicable
Indicate whether any administrative penalty was imposed during the report period.□ Yes □ No √ Not applicable
II. Research communication interviews and other activities received during the report
period
√ Applicable □ Not applicable
Main discussion
Way of and materials Index to more
Date Place Type of visitor Visitor
interaction provided by the information
Company
GF Securities Invesco
Great Wall Fund Nuode
Fund Rosefinch Fund
CICC Visione Asset
Huachuang Securities
Anhui CSG
BNB Wealth
New Energy See IR Activities
18 March Field Management Founder http://www.cninf
Material Institution Log Sheet No.
2025 research Securities Essence Fund o.com.cn/
Technology 20250318
Longrising Asset
Co. Ltd.Management
Changjiang Securities
Sinolink Securities
Shenwan Hongyuan
Galaxy Securities etc.III. Financial transactions between the listed company and its controlling shareholder and
other related parties
√ Applicable □ Not applicable
Unit: RMB 0000
Amount Amount
Intere Intere
incurred repaid
Nature of 1 January 30 June st st
Name of transaction party during the during the
transaction 2025 2025 incom expen
report report
e se
period period
Guangxi CSG New Energy Material
Non-operating 2884 97825 100709 0
Technology Co. Ltd.Wujiang CSG Glass Co. Ltd. Non-operating 0 63774 52180 11594
Xianning CSG Energy-saving Glass Co. Ltd. Non-operating 0 18456 18229 227
Hebei Panel Glass Co. Ltd. Non-operating 19719 33747 25096 28370
Qingyuan CSG Energy-Saving New Materials
Non-operating 7805 50338 51277 6866
Co. Ltd.
157CSG Semi-annual Report 2025
Jiangyou CSG Mining Development Co. Ltd. Non-operating 1112 1455 1000 1567
Yingde CSG Mining Co. Ltd. Non-operating 1608 0 0 1608
Qingyuan CSG Quartz Materials Co. Ltd. Non-operating 1948 2552 1822 2678
Hefei CSG Energy-Saving Materials
Non-operating 97 0 0 97
Intelligent Manufacturing Co. Ltd.Yichang CSG Polysilicon Co. Ltd. Non-operating 11560 48245 41120 18685
Yichang CSG New Energy Co. Ltd. Non-operating 366 0 0 366
Dongguan CSG PV-tech Co. Ltd. Non-operating 31026 11033 17661 24398
Shenzhen CSG Photovoltaic Energy Co. Ltd. Non-operating 15499 4080 11361 8218
Qingyuan CSG New Energy Co. Ltd. Non-operating 1244 0 0 1244
Suzhou CSG Photovoltaic Energy Co. Ltd. Non-operating 1284 0 0 1284
Zhanjiang CSG New Energy Co. Ltd. Non-operating 2950 10000 11950 1000
Jiangsu Wujiang CSG New Energy Co. Ltd. Non-operating 535 0 0 535
Shenzhen CSG Technology Co. Ltd. Non-operating 710 2936 2829 817
Zhaoqing CSG Automotive Glass Co. Ltd. Non-operating 2982 195 511 2666
Shenzhen CSG Display Technology Co. Ltd. Non-operating 14607 1 0 14608
Xianning CSG Photoelectric Glass Co. Ltd. Non-operating 8026 43104 39402 11728
Zhuhai Hengqin New Area CSG Glass
Non-operating 501 0 0 501
Industrial Co. Ltd.Qinghai CSG New Energy Technology Co.Non-operating 57938 66215 63150 61003
Ltd.Dongguan CSG Intelligent Equipment Co.Non-operating 1557 1286 1032 1811
Ltd.Guangxi CSG Quartz Materials Co. Ltd. Non-operating 2000 10500 10565 1935
Shenzhen CSG Quartz Materials Industrial
Non-operating 11359 3113 2876 11596
Co. Ltd.Guangxi CSG Mining Co. Ltd. Non-operating 3150 500 500 3150
China Southern Glass (Hong Kong) Limited Non-operating 18184 3005 10 21179
CSG (Suzhou) Corporate Headquarters
Non-operating 1552 4748 4716 1584
Management Co. Ltd.Jiangyou CSG Quartz Sand Co. Ltd. Non-operating 0 1179 1171 8
CSG (Suzhou) New Energy Management Co.Non-operating 0 43 5 38
Ltd.Total -- 222203 478330 459172 241361 0 0
Related decision-making procedures Not applicable
Fund security measures Not applicable
Notes: 1. The Company has no controlling shareholder or actual controller.
2. The above table represents non-operating transactions between the Company and its subsidiaries and
affiliated entities.Board of Directors of
CSG Holding Co. Ltd.
19 August 2025
158
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