南玻B:2024年第一季度报告（英文版）

CSG HOLDING CO. LTD.THE First QUARTER REPORT 2024

Chairman of the Board:

CHEN LIN

April 2024CSG HOLDING CO. LTD. The First Quarter Report 2024

Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2024-010

CSG Holding Co. Ltd.The First Quarter Report 2024

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

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

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

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

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

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

report and shall take individual and joint legal responsibilities.

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

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

authentic accurate and complete.

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

□ Yes √ No

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

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

（I）Major accounting data and financial indicators

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

□Yes √No

The same period of Year-on-year

The report period

the previous year increase/decrease

Operating income (RMB) 3947220433 4070673784 -3.03%

Net profit attributable to shareholders of the listed

325377538396406087-17.92%

company (RMB)

Net profit attributable to shareholders of the listed

company after deducting non-recurring gains and 295301846 369241752 -20.02%

losses (RMB)

Net cash flow arising from operating activities (RMB) 180305094 -284407179 163.40%

1CSG HOLDING CO. LTD. The First Quarter Report 2024

Basic earnings per share (RMB/Share) 0.11 0.13 -15.38%

Diluted earnings per share (RMB/Share) 0.11 0.13 -15.38%

Weighted average ROE (%) 2.29% 3.04% -0.75%

Increase/decrease at

End of the report End of the previous the end of the report

period year period over the end of

the previous year

Total assets (RMB) 31148754411 30362057312 2.59%

Net assets attributable to shareholders of the listed

14373532734140508402172.30%

company (RMB)

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

√Applicable □ Not applicable

Unit: RMB

Amount in the report

Item Note

period

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

4177432

accrued for impairment of assets)

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

enjoyed in quota or ration according to national standards which are closely relevant 24601228

to enterprise’s business)

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 392308

gain arising 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

4146470

tested for impairment

Profit and loss from debt restructuring 676483

Other non-operating income and expenditure except for the aforementioned items 1848922

Less: Impact on income tax 5498675

Impact on minority shareholders' equity (post-tax) 268476

Total 30075692 --

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.

2CSG HOLDING CO. LTD. The First Quarter Report 2024

(III) Statement of change in the major accounting data and financial indicators and the

causes

√Applicable □ Not applicable

Unit: RMB

Percentage of

Item of the Balance Sheet Note March 31 2024 December 31 2023

change

Financing of receivables (1) 785363122 529945623 48%

Non-current assets due within one year (2) 44497625 84191224 -47%

Employee benefits payable (3) 271442639 483337796 -44%

Long-term payables (4) 389166859 88204163 341%

Special reserves (5) 2238171 1411139 59%

From January to From January to Percentage of

Item of Income Statement Note

March 2024 March 2023 change

Administrative expenses (6) 223199011 160804139 39%

Other income (7) 43926665 24951873 76%

Investment income (8) -2356215 756383 -412%

Credit impairment loss (9) 5456642 -9860184 --

Asset disposal gain (10) 4177432 164780 2435%

Non-operating income (11) 2166094 7959666 -73%

Minor shareholders' equity (12) -7444708 -3946731 89%

Notes:

(1) The increase in receivables financing was mainly due to an increase in notes received;

(2) The decrease in non-current assets due within one year was mainly due to the redemption of certificates of deposit

at maturity;

(3) The decrease in employee benefits payable was mainly due to the payment of year-end bonuses of employees

accrued in the previous year during the reporting period;

(4) The increase in long-term payables was mainly due to the increase in the financial leasing business of some

subsidiaries;

(5) The increase in special reserves was mainly due to the increase in the provision of special reserves by some

subsidiaries;

(6) The increase in administrative expenses was mainly due to the increase in depreciation and amortization;

(7).The increase in other income was mainly due to the increase in tax benefits such as the value-added tax deduction;

(8) The decrease in investment income was mainly due to the increase in bill discounting;

(9) The change in credit impairment loss was mainly due to the reversal of special bad debt provisions in the current

period and the increase in receivables for photovoltaic glass in the same period last year;

(10) The increase in asset disposal gain was mainly due to the increase in non-current asset disposal gain of some

subsidiaries in the current period and the relatively small amount in the previous period;

(11) The decrease in non-operating income was mainly due to the larger amount of unpayable payments in the same

period of the previous year and the smaller amount in the current period;

(12) The change in minor shareholders' equity was mainly due to the decrease in the net profit of some non-wholly-

owned subsidiaries.

3CSG HOLDING CO. LTD. The First Quarter Report 2024

II. Information of shareholders

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

rights recovered as well as the top ten shareholders

Unit: Share

Total common shareholders The total number of preference shareholders with voting

1508000

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

Shareholdings of the10 shareholders(Excluding shares lent through refinancing)

Amount Number of share

Proportion

of pledged marked or

Nature of of shares Amount of

Name of shareholder restricted frozen

shareholder held shares held

shares Share

（%） Amount

held status

Domestic non state-

Foresea Life Insurance Co. Ltd. – HailiNiannian 15.19% 466386874

owned legal person

Domestic non state-

# Shenzhen Sigma C&T Co. Ltd. 3.92% 120385406

owned legal person

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

3.86%118425007

Insurance Products owned legal person

Domestic non state-

Foresea Life Insurance Co. Ltd. – Own Fund 2.11% 64765161

owned legal person

China Galaxy International Securities (Hong Kong)

Foreign legal person 1.34% 41034578

Co. Limited

China Merchants Securities (Hong Kong) Limited Foreign legal person 1.10% 33867837

Hong Kong Securities Clearing Co. Ltd. Foreign legal person 0.88% 26953472

VANGUARD EMERGING MARKETS STOCK

Foreign legal person 0.64% 19595573

INDEX FUND

Pledged 18980000

Domestic non state-

Zhongshan Runtian Investment Co. Ltd. 0.62% 18983447 Marked 18980000

owned legal person

Frozen 3447

VANGUARD TOTAL INTERNATIONAL STOCK

Foreign legal person 0.57% 17537213

INDEX FUND

Particulars about the top ten shareholders with unrestricted shares held

Amount of Type of shares

Full name of Shareholders unrestricted

shares held Type Amount

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

# Shenzhen Sigma C&T Co. Ltd. 120385406 RMB ordinary shares 120385406

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

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

China Galaxy International Securities (Hong Kong) Co. Limited 41034578 Domestically listed foreign shares 41034578

China Merchants Securities (Hong Kong) Limited 33867837 Domestically listed foreign shares 33867837

Hong Kong Securities Clearing Co. Ltd. 26953472 RMB ordinary shares 26953472

VANGUARD EMERGING MARKETS STOCK INDEX FUND 19595573 Domestically listed foreign shares 19595573

Zhongshan Runtian Investment Co. Ltd. 18983447 RMB ordinary shares 18983447

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 17537213 Domestically listed foreign shares 17537213

4CSG HOLDING CO. LTD. The First Quarter Report 2024

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 Products Foresea Life Insurance Co. Ltd.-Own Fund are

all held by Foresea Life Insurance Co. Ltd. Shenzhen Jushenghua Co. Ltd.Statement on associated relationship or consistent

which holds 51% equity of Foresea Life Insurance Co. Ltd. holds 100% equity

action among the above shareholders:

of Zhongshan Runtian Investment Co.Ltd and Chengtai Group Co. Ltd.through Shenzhen Hualitong Investment Co. Ltd. Chengtai Group Co. Ltd.holds 40187904 shares through China Galaxy International Securities (Hong

Kong) Co. Limited.As of the end of the report period shareholder Shenzhen Sigma C&T Co. Ltd.holds 0 shares of the Company through an ordinary account and 120385406

Explanation on the top ten shareholders which

shares of the Company through the customer credit transaction guarantee

involving margin business (if applicable)

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 Chengtai Group Co. Ltd. voted against all the proposals with the shares held by China Galaxy

International Securities (Hong Kong) Co. Limited; 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

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

preference shareholders

□ Applicable √ Not applicable

III. 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.

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

5CSG HOLDING CO. LTD. The First Quarter Report 2024

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. Guarantee situation

The 2022 Annual General Meeting of the Company reviewed and passed the Proposal for the 2023 Guarantee Plan

and approved the Company and its subsidiaries to provide guarantees in a total amount of not exceeding RMB 21832

million (including the effective and unexpired amount) for the 2023 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 920

million (including the effective and unexpired amount). The Company's external guarantees are all provided for

subsidiaries within the scope of consolidated statement. As of March 31 2024 the actual guarantee balance was

RMB 7462.61 million (of which the actual guarantee balance with asset-liability ratio of 70% or above was RMB

56.31million) accounting for 53.11% of the parent company's net assets of RMB 14050.84 million at the end of

2023 and 24.58% of the total assets of RMB 30362.06 million. The Company has no overdue guarantee.

The Company's 2022 Annual General Meeting reviewed and passed the Proposal on the Development of Asset Pool

Business in 2023. 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 1.6 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 March 31 2024 the actual pledge amount of the asset pool business was RMB 1376.65

million and the financing balance was RMB 1375.29 million.

4. 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 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 and is currently awaiting judgment.

5. 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.

6CSG HOLDING CO. LTD. The First Quarter Report 2024

IV. Quarterly financial statements

(I) Financial statements

1. Consolidated Balance Sheet

Prepared by CSG Holding Co. Ltd.March 31 2024

Unit: RMB

Item Ending balance Opening balance

Current asset:

Monetary Fund 2949972738 3076774218

Notes receivable 1349833610 1593520494

Accounts receivable 1850470430 1881796408

Receivables financing 785363122 529945623

Prepayments 115559981 155476645

Other receivables 168195599 177957033

Inventories 1955890676 1590224795

Non-current assets due within one year 44497625 84191224

Other current assets 454429946 352066698

Total current assets 9674213727 9441953138

Non-current assets:

Investment real estate 290368105 290368105

Fixed assets 12996295096 13145568631

Construction in progress 5059048133 4325016420

Right-of-use asset 21153297 21637628

Intangible assets 2458357924 2490530224

Goodwill 8593352 8593352

Long-term prepaid expenses 20268842 18764429

Deferred tax assets 237985797 223025031

Other non-current assets 382470138 396600354

Total non-current assets 21474540684 20920104174

Total assets 31148754411 30362057312

Current liabilities:

Short-term borrowings 389237703 436853583

Notes payable 2342267723 2041353189

Accounts payable 3203048330 3341624602

Contract liability 372170406 362538795

Employee benefits payable 271442639 483337796

Taxes payable 139603753 123407413

Other payables 443768145 484741877

Incl.: Interest payable 8863134 8751408

Non-current liabilities due within one year 1450719100 1248891979

Other current liabilities 369554425 454332686

Total current liabilities 8981812224 8977081920

Non-current liabilities:

Long-term borrowings 6377322777 6221648676

Lease liabilities 16007041 15134562

Long-term payables 389166859 88204163

Projected liabilities 14739191 13050082

Deferred income 437455228 430143830

Deferred income tax liabilities 80297113 80087910

Total non-current liabilities 7314988209 6848269223

Total Liabilities 16296800433 15825351143

7CSG HOLDING CO. LTD. The First Quarter Report 2024

Owners' equity:

Share capital 3070692107 3070692107

Capital reserve 590739414 590739414

Other comprehensive income 173872418 177384471

Special reserves 2238171 1411139

Surplus reserve 1404063298 1404063298

Undistributed profits 9131927326 8806549788

Total owner's equity attributable to the parent company 14373532734 14050840217

Minority shareholders' equity 478421244 485865952

Total owner's equity 14851953978 14536706169

Total Liabilities and Owner's Equity 31148754411 30362057312

Legal Representative: Chen Lin Responsible person in charge of the accounting: Wang Wenxin Principal of the

financial department: Wang Wenxin

2. Consolidated Income Statement

Unit: RMB

Amount incurred in the Amount incurred in the

Item

report period previous period

I. Total operating revenue 3947220433 4070673784

Incl. :Business income 3947220433 4070673784

II. Total business cost 3632525478 3635165242

Incl.: Business cost 3106051696 3165542052

Taxes and surcharges 31904103 36882571

Sales expense 77280402 74847114

Management costs 223199011 160804139

Research and development expenses 156557338 161274469

Financial expenses 37532928 35814897

Incl. : Interest expense 59234320 65810690

Interest income 13359790 30647150

Plus: Other income 43926665 24951873

Investment income (“-” for loss) -2356215 756383

Credit impairment loss (“-” for loss) 5456642 -9860184

Asset disposal gain (“-” for loss) 4177432 164780

III. Operational profit (“-” for loss) 365899479 451521394

Plus: non-operating income 2166094 7959666

Less: non-operating expenses 317172 378246

IV. Gross profit (“-” for loss) 367748401 459102814

Less: Income tax expenses 49815571 66643458

V. Net profit (“-” for net loss) 317932830 392459356

(I) Classification by business continuity

1. Net profit from continuous operation(“-” for net loss) 317932830 392459356

2. Net profit from discontinued operations (“-” for net loss)

(II) Classification by ownership

1. Net profit attributable to the owner of the parent company 325377538 396406087

2. Minor shareholders' equity -7444708 -3946731

VI. Net after-tax amount of other comprehensive income -3512053 -3225667

Net after-tax amount of other comprehensive income

-3512053-3225667

attributable to the owner of the parent company

(I) Other comprehensive income that will be reclassified into

-3512053-3225667

profit or loss

1. Foreign-currency financial statement translation -3512053 -3225667

8CSG HOLDING CO. LTD. The First Quarter Report 2024

difference

VII. Total comprehensive income 314420777 389233689

Total comprehensive income attributable to owners of the

321865485393180420

Company

Total comprehensive income attributable to minority

-7444708-3946731

shareholders

VIII. Earnings per share

(I) Basic earnings per share 0.11 0.13

(II) Diluted earnings per share 0.11 0.13

Legal Representative: Chen Lin Responsible person in charge of the accounting: Wang Wenxin Principal of the

financial department: Wang Wenxin

3. Consolidated Cash Flow Statement

Unit: RMB

Amount incurred in the Amount incurred in the

Item

report period previous period

I. Net cash flow from business operation:

Cash received from sales of products and providing of

41437203352801852650

services

Refunds of taxes 7200844 34104292

Received other cash related to business activities 55849230 60831544

Subtotal of cash inflow from operating activities 4206770409 2896788486

Cash paid for the purchase of goods and services 3008914465 2100360348

Cash paid to and for employees 731476276 702164873

Payments of all types of taxes 155606959 256715266

Payment of other cash related to business activities 130467615 121955178

Subtotal of cash outflow from operating activities 4026465315 3181195665

Net cash flow from operating activities 180305094 -284407179

II. Cash flows from investing activities:

Cash received from returns on investment 40000000 20000000

Cash received from returns on investment income 85907 399611

Net cash received from the disposal of fixed assets intangible

1254564365450

assets and other long-term assets

Cash received relating to other investing activities 37892400

Subtotal of cash inflows from investment activities 52631550 58357461

Cash paid for the purchase and construction of fixed assets

8674156141073365254

intangible assets and other long-term assets

Cash paid for investment 42800000

Cash paid relating to other investing activities 696000

Subtotal of cash outflows from investing activities 3491466

Net cash flows from investing activities 913707080 1074061254

II. Cash flows from investing activities: -861075530 -1015703793

III. Cash flow from financing activities:

Cash received from the loan 588810756 1126732597

Other financing-related cash received 321389000

Subtotal of cash inflows from financing activities 910199756 1126732597

Cash paid for debt repayment 273983706 2025923666

Cash paid for dividends profits or interest payments 68421107 168432518

Payment of other cash related to financing activities 32456853 23054274

Subtotal of cash outflows from financing activities 374861666 2217410458

Net cash flow from financing activities 535338090 -1090677861

IV. Influence of exchange rate alternation on cash and cash

5735135-2330424

equivalents

9CSG HOLDING CO. LTD. The First Quarter Report 2024

V. Net increase in cash and cash equivalents -139697211 -2393119257

Plus: Balance of cash and cash equivalents at the beginning

30512616554594018251

of term

VI. Balance of cash and cash equivalents at the end of term 2911564444 2200898994

Legal Representative: Chen Lin Responsible person in charge of the accounting: Wang Wenxin Principal of the

financial department: Wang Wenxin

(II) The first implementation of the new accounting standards from 2024 to adjust the first

implementation of the financial statements at the beginning of the year related items

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