CSG 2025 Annual Report Summary

Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2026-009

CSG HOLDING CO. LTD.Summary of Annual Report 2025

_______________________

Chairman of the Board:

CHEN LIN

April 2026

1CSG 2025 Annual Report Summary

I. Important Notice

This summary of the annual report is extracted from the full text of the annual report. For a comprehensive

understanding of the Company's operating results financial condition and future development plans investors should

read the full text of the annual report carefully on the media designated by the China Securities Regulatory

Commission.All directors attended the board meeting at which this report was reviewed.Indication of Non-standard Audit Opinion

□Applicable □Not applicable

Profit Distribution Plan or Plan for Capitalization of Reserves for the Reporting Period Reviewed by the Board of

Directors

□Applicable □Not applicable

Whether to capitalize reserves into share capital

□Yes□No

The profit distribution proposal approved by the Board of Directors at this meeting is as follows: Based on the

Company's total share capital of 3070692107 shares as at 31 December 2025 less 81061634 shares held in the

Company's repurchase account resulting in a base of 2989630473 shares a cash dividend of RMB 0.2 (pre-tax) per

10 shares will be distributed to all shareholders with no bonus shares (pre-tax) and no capitalization of reserves into

share capital. The final total amount of the actual cash dividend shall be determined based on the Company's total

share capital on the record date for the implementation of the profit distribution plan.Profit Distribution Plan for Preferred Shares for the Reporting Period Approved by the Board of Directors

□Applicable □Not applicable

II. Basic Information of the Company

1. Company Profile

Stock Abbreviation CSG A、CSGB Stock Code 000012、200012

Stock exchange on which the

Company’s shares are listed Shenzhen Stock Exchange

Contact persons and contact

information Secretary of the Board Representative of security affairs

Name Xu Lei Yu Xiaojing

Business Address CSG Technology Building No. 1 Industrial CSG Technology Building No. 1 IndustrialSixth Road Shekou Shenzhen City China Sixth Road Shekou Shenzhen City China

Fax (86)755-26860685 (86)755-26860685

Telephone (86)755-26860666 (86)755-26860666

E-mail securities@csgholding.com securities@csgholding.com

2. Brief Introduction to Principal Business or Products During the Reporting Period

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

2CSG 2025 Annual Report Summary

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 photovoltaic energy

products such as high-purity crystalline silicon silicon wafers 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 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.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 2025 the focus of the Company’s 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.This has helped the Company penetrate the supply chain of leading photovoltaic enterprises and its products gained

high customer recognition upon mass application. A stable and continuous supply capacity has been put in place

precisely aligned with the photovoltaic industry’s trends towards ultra-thin and high-performance products. On the

other hand CSG as an important and even strategic cooperative supplier of global module leading enterprises

designed a sound differentiated competition program based on its operational realities and built a development system

integrating technological innovation intelligent manufacturing and value-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.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 energy industry resolutely responds to the national “dual carbon” strategic goal and

continuously improves and enhances the large-scale layout and business competitiveness of its photovoltaic glass and

the Company’s own strategic development plan. The second kiln and supporting processing lines in Beihai Guangxi

have been put into official operation further improving the scale advantage. As of the end of 2025 the Company has

a total of 9 photovoltaic rolled glass original sheet production kilns and supporting deep processing production lines

in Fengyang Xianning and Beihai.During the global energy transition to seek market breakthroughs and seize opportunities in overseas markets

leading industry enterprises are accelerating the globalization of production capacity layout by building a production

capacity system of “barrier avoidance + local supply” in regions such as Southeast Asia and deeply aligning with the

local energy transition in the Middle East through a “projects + manufacturing” model forming a new development

pattern of going global across the entire industrial chain. In 2025 the Company’s Board of Directors reviewed and

approved the Proposal on Investment in the Construction of a New Photovoltaic Glass Production Line in Egypt and

planned to construct a new 1400T/D photovoltaic glass production line with a planned total investment of

approximately RMB 1755 million.Architectural glass business

3CSG 2025 Annual Report Summary

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 Manufacturing 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 gives CSG 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 positioned intelligent transformation and digital transformation as the strategic

engine and core driving force for the development of its architectural glass business. It continues to deepen the

integrated application of automation informatization and intelligent technologies and systematically advances the

intelligent upgrading of traditional production lines and the independent development of high-end equipment

building a digital management system covering the entire production process. Through technological innovation and

lean process improvements the Company has achieved the goal of significantly optimizing labor materials and

energy consumption in the production process strongly promoting the comprehensive upgrading of the

manufacturing model toward intensification high efficiency and sustainability and injecting strong digital

momentum into its high-quality development.Float glass business

4CSG 2025 Annual Report Summary

In the field of float glass CSG has 10 advanced float glass production lines in Dongguan Chengdu Langfang

Wujiang and Xianning. In 2025 the Group halted one of the production lines of Wujiang Float Company for

technological upgrading; Chengdu Float Glass Line 3 and Wujiang Float Glass Line 2 which were halted for

technological upgrading in 2024 resumed production in February 2025 and May 2025 respectively. As of the end of

2025 the Company had a total of 9 float glass production lines in production. The products cover high-quality float

glass and low-iron float glass with various thicknesses and specifications of 1.6~25 mm with their quality highly

trusted by customers. Regarding CSG’s float glass the proportion of differentiated glass products with special

specifications and special application scenarios such as low-iron ultra-thin and ultra-thick 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 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 data and is

also affected by multiple factors such as current energy and raw material prices product structure and enterprise

management level. Due to specific application scenarios and higher production process difficulties differentiated

glass products have steadily increasing demand relatively proactive pricing by manufacturers and higher added

value. In order to adapt to the developments and changes in the market the Company focuses on improving

management efficiency firmly implementing the differentiated competition strategy carefully cultivating and

developing differentiated product markets and continuously increasing the proportion of low-iron ultra-thick and

ultra-large float glass in sales so as to continuously consolidate and enhance the market competitiveness of the

Company.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

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 high-alumina and lithium-aluminosilicate

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 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.

5CSG 2025 Annual Report Summary

Solar energy business

CSG is a pioneer in China’s photovoltaic manufacturing sector and one of the earliest domestic enterprises to produce

polycrystalline silicon. It is among the first entities selected in the Ministry of Industry and Information Technology’s

compliance list and is also one of the drafting units for the national standard for electronic-grade polycrystalline

silicon. Its business covers high-purity crystalline silicon high-efficiency silicon wafers high-efficiency modules

and investment and operation of photovoltaic power plants. It has three national-level scientific research platformsand seven provincial-level technology platforms including the “National and Local Joint Engineering Laboratory forSemiconductor Silicon Material Preparation Technology” and the “National Enterprise Technology Center” forming

a complete innovation system from technological R&D to industrial application. Amid national efforts to curb

excessive market competition CSG’s photovoltaic subsidiaries actively respond to the call by proactively adjusting

production capacity and upholding compliant operations combating price wars with value-driven strategies and

actively exploring new pathways for high-quality development in a challenging industry environment.

3. Key Accounting Data and Financial Indicators

(1) Key Accounting Data and Financial Indicators for the Past Three Years

Whether the Company is required to retrospectively adjust or restate accounting data of prior years

□Yes□No

Unit: RMB

At 31 Dec 2025 At 31 Dec 2024 Change from endof prior year At 31 Dec 2023

Total assets (RMB) 31305028835 31220417923 0.27% 30362057312

Net assets attributable to

shareholders of the listed company 13145488958 13535949795 -2.88% 14050840217

(RMB)

2025 2024 Year-on-yearchange 2023

Operating Revenue (RMB) 13718969008 15455386401 -11.24% 18194864366

Net profit attributable to

shareholders of the listed company 125668291 266772318 -52.89% 1655614446

(RMB)

Net profit attributable to

shareholders of the listed company

excluding non-recurring gains and -107200916 120793126 -188.75% 1535858783

losses (RMB)

Net cash flows from operating

activities (RMB) 1146547297 1756923649 -34.74% 2759788894

Basic earnings per share

(RMB/share) 0.04 0.09 -55.56% 0.54

Diluted earnings per share

(RMB/share) 0.04 0.09 -55.56% 0.54

Weighted average return on equity

(ROE) 0.92% 1.93% -1.01% 12.30%

（2） Quarterly Key Accounting Data

Unit: RMB

First Quarter Second Third Quarter Fourth Quarter

6CSG 2025 Annual Report Summary

Quarter

Operating Revenue (RMB) 3068825224 3414736896 3940452263 3294954625

Net profit attributable to shareholders of the listed

company (RMB) 15869985 58661520 75864219 -24727433

Net profit attributable to shareholders of the listed

company excluding non-recurring gains and losses -15069846 36818641 29087723 -158037434

(RMB)

Net cash flows from operating activities (RMB) 69245929 315449338 447768241 314083789

Whether the above financial indicators or their aggregated totals differ materially from the relevant financial

indicators disclosed in the Company’s quarterly and semi-annual reports

□Yes□No

4. Particulars about shareholder and actual controller of the Company

(1) Table of Number of Holders of Ordinary Shares and Preferred Shares with Restored Voting Rights

and Shareholding of the Top 10 Shareholders

Unit: Share(s)

Total

Total preference

Total preference shareholders

Total shareholders shareholders with voting

shareholders at the end of with voting rights

at the end of 124957 the month 130522 rights 0 recovered at 0

the report before this recovered at end of the

period annual report end of report month before

disclosed period (if this annual

applicable) reportdisclosed (if

applicable)

Shareholding of the Top 10 Shareholders (excluding shares lent through refinancing)

Number of share

Number of pledged marked or

Name of shareholder Nature of Shareholding Number of shares subject frozenshareholder percentage shares held to lock-up

restrictions Share

status Amount

Foresea Life Insurance Co. Domestic non

Ltd. – HailiNiannian state-owned legal 15.19% 466386874 0person

Shenzhen Sigma C&T Co. Domestic non

Ltd. state-owned legal 3.92% 120385406 0person

Foresea Life Insurance Co. Domestic non

Ltd. – Universal Insurance state-owned legal 3.86% 118425007 0

Products person

Foresea Life Insurance Co. Domestic non

Ltd. – Own Fund state-owned legal 2.11% 64765161 0person

China Galaxy International

Securities (Hong Kong) Co. Foreign legalperson 1.34% 41034578 0Limited

Hong Kong Securities Clearing Foreign legal

Co. Ltd. person 1.01% 30983037 0

Li Xinqiang Domestic naturalperson 0.60% 18468407 0

7CSG 2025 Annual Report Summary

VANGUARD TOTAL

INTERNATIONAL STOCK Foreign legalperson 0.57% 17537213 0INDEX FUND

VANGUARD EMERGING

MARKETS STOCK INDEX Foreign legalperson 0.55% 16874413 0FUND

China Merchants Securities Foreign legal

(Hong Kong) Limited person 0.55% 16802423 0

Explanation on associated As of the end of the report period among shareholders as listed above Foresea Life Insurance

relationship among the Co. Ltd.-HailiNiannian Foresea Life Insurance Co. Ltd.-Universal Insurance Products Foresea

aforesaid shareholders Life Insurance Co. Ltd.-Own Fund are all held by Foresea Life Insurance Co. Ltd.As of the end of the reporting period shareholder Shen ZHEN Sigma C&T Co. Ltd. held 0

shares of the Company through an ordinary securities account and 120385406 shares of the

Explanation of Shareholders

Company through the margin account maintained with Huatai Securities Co. Ltd. holding an

Participating in Margin

aggregate of 120385406 shares of the Company. Shareholder Li Xinqiang held 17112407

Trading and Short Selling

shares of the Company through an ordinary securities account and 1356000 shares through the

Business (if any)

margin account maintained with China Merchants Securities Co. Ltd. holding an aggregate of

18468407 shares of the Company.

Information on Lending of Shares under the Refinancing Business by Shareholders with 5% or More Shareholding

the Top 10 Shareholders and the Top 10 Unrestricted Tradable Shareholders

□Applicable □Not applicable

Changes in the Shareholdings of the Top 10 Shareholders and the Top 10 Unrestricted Tradable Shareholders due to

the Lending and Return of Shares under the Refinancing Business as Compared with the Prior Period

□Applicable □Not applicable

（2） Number of Preferred Shareholders of the Company and Shareholding of the Top 10 Preferred

shareholders

□Applicable □Not applicable

There were no preferred shares held by shareholders during the reporting period.

8CSG 2025 Annual Report Summary

（3） Disclosure of property rights and control relationship between the Company and its largest shareholder

by means of a block diagram.

5. Outstanding Bonds as of the Date of Approval and Issuance of the Annual Report

□Applicable □Not Applicable

There were no outstanding bonds of the Company as of the date of approval and issuance of this report.III. Significant Events

1. 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

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 iscurrently in the process of second trial.On December 3 2025 the Company received the second-instance “CivilJudgment” issued by the Guangdong Higher People’s Court. The judgment rejected the appeal and upheld the

original verdict.

2. Postponed re-election of the Board of Directors

9CSG 2025 Annual Report Summary

The term of office of the ninth Board of Directors of the Company expired on 21 May 2023 and re-election is

progressing steadily as of now. According to Articles 100 of the Articles of Association of CSG Holding Co. Ltd. if

a new director is not re-elected in time upon the expiry of the term of office of a director before the re-elected

director assumes his/her office the former director shall still perform the duties of a director 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 are still performing their duties in a normal manner and the re-election of

the Board of Directors would not have any adverse impact on the Company's operation and governance.Board of Directors of

CSG Holding Co. Ltd.

28 April 2026

10