南玻B:2025年第一季度报告（英文版）

CSG HOLDING CO. LTD.THE First QUARTER REPORT 2025

Chairman of the Board:

CHEN LIN

April 2025CSG HOLDING CO. LTD. The First Quarter Report 2025

Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2025-022

CSG Holding Co. Ltd.The First Quarter Report 2025

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) 3068825224 3947220433 -22.25%

Net profit attributable to shareholders of the listed

15869985325377538-95.12%

company (RMB)

Net profit attributable to shareholders of the listed

company after deducting non-recurring gains and losses -15069846 295301846 -105.10%

(RMB)

Net cash flow arising from operating activities (RMB) 69245929 180305094 -61.60%

1CSG HOLDING CO. LTD. The First Quarter Report 2025

Basic earnings per share (RMB/Share) 0.005 0.11 -95.45%

Diluted earnings per share (RMB/Share) 0.005 0.11 -95.45%

Weighted average ROE (%) 0.12% 2.29% -2.17%

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) 31975163228 31220417923 2.42%

Net assets attributable to shareholders of the listed

13549438617135359497950.10%

company (RMB)

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

√ Applicable □ Not applicable

Unit: RMB

Amount in the

Item Note

report period

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

1689187

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 to 27141624

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 gain arising from 1240687

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

2119009

impairment

Profit and loss from debt restructuring 4258883

Other non-operating income and expenditure except for the aforementioned items 5165993

Less: Impact on income tax 343566

Impact on minority shareholders' equity (post-tax) 30939831 --

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

causes

√ Applicable □ Not applicable

Unit: RMB

2CSG HOLDING CO. LTD. The First Quarter Report 2025

Percentage of

Item of the Balance Sheet Note March 31 2025 December 31 2024

change

Other non-current assets (1) 129708998 99328456 31%

Employee benefits payable (2) 215970692 347769466 -38%

Taxes payable (3) 97851482 73688362 33%

Long-term payables (4) 636146111 464617473 37%

From January to From January to Percentage of

Item of Income Statement Note

March 2025 March 2024 change

Investment income (5) -4756507 -2356215 102%

Credit impairment loss (6) -1307285 5456642 -124%

Asset disposal gain (7) 1111342 4177432 -73%

Non-operating income (8) 5272159 2166094 143%

Income tax expenses (9) 2568703 49815571 -95%

Notes:

(1) The increase in other non-current assets is mainly due to the increase in prepayment for construction equipment.

(2) The decrease in employee benefits payable is mainly due to the decrease in compensation accrued in the previous

year and the compensation accrued in the previous year was paid in the current reporting period.

(3) The increase in taxes payable is mainly due to the increase in value-added tax payable by some subsidiaries.

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

subsidiaries.

(5) The change in investment income was mainly due to the increase in bill discounting.

(6) The change in credit impairment loss was mainly due to the increase in photovoltaic glass receivables from the

beginning of the period.

(7) The decrease in asset disposal gain was mainly due to the decrease in the disposal of non-current assets during the

period.

(8) The increase in non-operating income was mainly due to the compensation received during the period.

(9) The decrease in income tax expenses was mainly due to the decrease in the profits of some subsidiaries in the

current period compared with the same period last year.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 at the The total number of preference shareholders with voting rights

1356990

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

Shareholdings of the10 shareholders (Excluding shares lent through refinancing)

Number of share

Proportion of Amount of pledged marked or

Amount of

Name of shareholder Nature of shareholder shares held restricted frozen

shares held

(%) shares held Share

Amount

status

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

15.19%46638687400

HailiNiannian owned legal person

3CSG HOLDING CO. LTD. The First Quarter Report 2025

Domestic non state-

Shenzhen Sigma C&T Co. Ltd. 3.92% 120385406 0 0

owned legal person

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

3.86%11842500700

Universal Insurance Products owned legal person

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

2.11%6476516100

Fund owned legal person

China Galaxy International Securities

Foreign legal person 1.34% 41034578 0 0

(Hong Kong) Co. Limited

Hong Kong Securities Clearing Co. Ltd. Foreign legal person 0.66% 20240080 0 0

China Merchants Securities (Hong Kong)

Foreign legal person 0.62% 19033119 0 0

Limited

Domestic non state- Pledged 18980000

Zhongshan Runtian Investment Co. Ltd. 0.62% 18983447 0

owned legal person Frozen 18983447

VANGUARD TOTAL

INTERNATIONAL STOCK INDEX Foreign legal person 0.57% 17537213 0 0

FUND

VANGUARD EMERGING MARKETS

Foreign legal person 0.57% 17434095 0 0

STOCK INDEX FUND

Particulars about top ten shareholders with unrestricted shares held

(Excluding shares lent through refinancing and executive lock-in shares)

Amount of Type of shares

Full name of Shareholders unrestricted shares

Type Amount

held

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

Domestically listed

China Galaxy International Securities (Hong Kong) Co. Limited 41034578 41034578

foreign shares

Hong Kong Securities Clearing Co. Ltd. 20240080 RMB ordinary shares 20240080

Domestically listed

China Merchants Securities (Hong Kong) Limited 19033119 19033119

foreign shares

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

Domestically listed

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 17537213 17537213

foreign shares

Domestically listed

VANGUARD EMERGING MARKETS STOCK INDEX FUND 17434095 17434095

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 Products Foresea Life Insurance Co. Ltd.-Own

Statement on associated relationship or consistent

Fund are all held by Foresea Life Insurance Co. Ltd. Shenzhen Jushenghua

action among the above shareholders:

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.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

Explanation on the top ten shareholders which

120385406 shares of the Company through the customer credit transaction

involving margin business (if applicable)

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

4CSG HOLDING CO. LTD. The First Quarter Report 2025

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. 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.

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. Guarantee situation

The 2023 Annual General Meeting of the Company reviewed and passed the Proposal for the 2024 Guarantee Plan

and approved the Company and its subsidiaries to provide guarantees in a total amount of not exceeding RMB 24400

million (including the effective and unexpired amount) for the 2024 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 2000

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 March 31 2025 the actual guarantee balance was

RMB 8372.61 million (of which the actual guarantee balance with liability/asset ratio of 70% or above was RMB

648.47 million) accounting for 61.85% of the parent company's net assets of RMB 13535.9498 million at the end of

2024 and 26.82% of the total assets of RMB 31220.4179 million The Company has no overdue guarantee.

5CSG HOLDING CO. LTD. The First Quarter Report 2025

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 2025 the actual pledge amount of the asset pool business was RMB 890.18

million and the financing balance was RMB 889.63 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 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 is

currently in the process of second trial.

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.

6. Share repurchase matters

The Company held the ninth extraordinary meeting of the Board of Directors on February 13 2025 and the first

extraordinary general meeting of shareholders in 2025 on March 4 2025 respectively at which the Proposal on

repurchasing part of the Company's RMB ordinary shares (A shares) and domestically listed foreign Shares (B shares)

was reviewed and approved. It is agreed that the Company shall use its own funds and self-raised funds (including

special loans for repurchase by commercial banks etc.) to repurchase some RMB ordinary shares (A shares) and

domestic listed foreign shares (B shares) through the trading system of Shenzhen Stock Exchange through centralized

bidding and the implementation period shall be 12 months from the date of approval of the repurchase plan by the

shareholders' meeting of the Company. All the A-shares repurchased by the Company will be used for equity

incentive or employee stock ownership plan (the specific implementation of equity incentive or employee stock

ownership plan can only be implemented with the approval of the company's board of directors and the general

meeting of shareholders); All B shares repurchased this time will be cancelled. On April 2 2025 and April 10 2025

respectively the Company has for the first time repurchased the Company's A-shares and B-shares through

centralized bidding transactions through the A-share repurchase special securities account and the B-share repurchase

special securities account.

6CSG HOLDING CO. LTD. The First Quarter Report 2025

IV. Quarterly financial statements

(I) Financial statements

1. Consolidated Balance Sheet

Prepared by CSG Holding Co. Ltd.March 31 2025

Unit: RMB

Item Ending balance Opening balance

Current asset:

Monetary Fund 3488632966 3421527482

Transactional financial assets 70000000 96000000

Notes receivable 1321775027 1140902743

Accounts receivable 2041269166 1686627681

Receivables financing 704323135 798603111

Prepayments 109009257 121708264

Other receivables 166378408 165872735

Inventories 1887234243 1587828028

Other current assets 465673386 475617056

Total current assets 10254295588 9494687100

Non-current assets:

Investment real estate 293712453 293712453

Fixed assets 13098673160 13166391449

Construction in progress 5389595475 5350375132

Right-of-use asset 67217001 64804837

Intangible assets 2339394352 2361275093

Goodwill 8593352 8593352

Long-term prepaid expenses 71458340 71254985

Deferred tax assets 322514509 309995066

Other non-current assets 129708998 99328456

Total non-current assets 21720867640 21725730823

Total assets 31975163228 31220417923

Current liabilities

Short-term borrowings 1367346202 1163021299

Notes payable 2459479546 2244413755

Accounts payable 3283840778 3092025797

Contract liability 347357976 354215784

Employee benefits payable 215970692 347769466

Taxes payable 97851482 73688362

Other payables 270797639 312816531

Incl.: Interest payable 11573570 8946479

Non-current liabilities due within one year 2211320126 2168856957

Other current liabilities 209781081 218529333

Total current liabilities 10463745522 9975337284

Non-current liabilities

Long-term borrowings 6242984537 6151608472

Lease liabilities 25317759 21650607

7CSG HOLDING CO. LTD. The First Quarter Report 2025

Long-term payables 636146111 464617473

Projected liabilities 15003206 13137220

Deferred income 481142577 487252038

Deferred income tax liabilities 101377223 104170857

Total non-current liabilities 7501971413 7242436667

Total Liabilities 17965716935 17217773951

Owners' equity:

Share capital 3070692107 3070692107

Capital reserve 590739414 590739414

Other comprehensive income 156749408 159726269

Special reserves 5675326 5079628

Surplus reserve 1485514182 1485514182

Undistributed profits 8240068180 8224198195

Total owner's equity attributable to the parent company 13549438617 13535949795

Minority shareholders' equity 460007676 466694177

Total owner's equity 14009446293 14002643972

Total Liabilities and Owner's Equity 31975163228 31220417923

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 3068825224 3947220433

Incl.:Business income 3068825224 3947220433

II. Total business cost 3099435788 3632525478

Incl.: Business cost 2659427953 3111507773

Taxes and surcharges 33730603 31904103

Sales expense 67077091 71824325

Management costs 176529548 223199011

Research and development expenses 116956009 156557338

Financial expenses 45714584 37532928

Incl.: Interest expense 60636256 59234320

Interest income 11032075 13359790

Plus: Other income 42484302 43926665

Investment income ("-" for loss) -4756507 -2356215

Credit impairment loss ("-" for loss) -1307285 5456642

Asset disposal gain ("-" for loss) 1111342 4177432

III. Operational profit ("-" for loss) 6921288 365899479

Plus: non-operating income 5272159 2166094

Less: non-operating expenses 441260 317172

IV. Gross profit ("-" for loss) 11752187 367748401

Less: Income tax expenses 2568703 49815571

V. Net profit ("-" for net loss) 9183484 317932830

(I) Classification by business continuity

8CSG HOLDING CO. LTD. The First Quarter Report 2025

1. Net profit from continuous operation ("-" for net loss) 9183484 317932830

(II) Classification by ownership

1. Net profit attributable to the owner of the parent company 15869985 325377538

2. Minor shareholders' equity -6686501 -7444708

VI. Net after-tax amount of other comprehensive income -2976861 -3512053

Net after-tax amount of other comprehensive income attributable to

-2976861-3512053

the owner of the parent company

(I) Other comprehensive income that will be reclassified into

-2976861-3512053

profit or loss

1. Foreign-currency financial statement translation difference -2976861 -3512053

VII. Total comprehensive income 6206623 314420777

Total comprehensive income attributable to owners of the Company 12893124 321865485

Total comprehensive income attributable to minority shareholders -6686501 -7444708

VIII. Earnings per share

(I) Basic earnings per share 0.005 0.11

(II) Diluted earnings per share 0.005 0.11

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 services 3040297234 4143720335

Refunds of taxes 1645898 7200844

Received other cash related to business activities 37263834 55849230

Subtotal of cash inflow from operating activities 3079206966 4206770409

Cash paid for the purchase of goods and services 2177958548 3008914465

Cash paid to and for employees 591305907 731476276

Payments of all types of taxes 110616466 155606959

Payment of other cash related to business activities 130080116 130467615

Subtotal of cash outflow from operating activities 3009961037 4026465315

Net cash flow from operating activities 69245929 180305094

II. Cash flows from investing activities

Cash received from returns on investment 721454000 40000000

Cash received from returns on investment income 1320670 85907

Net cash received from the disposal of fixed assets intangible

423300412545643

assets and other long-term assets

Subtotal of cash inflows from investment activities 727007674 52631550

Cash paid for the purchase and construction of fixed assets

235334225867415614

intangible assets and other long-term assets

Cash paid for investment 689000000 42800000

Cash paid relating to other investing activities 8504624 3491466

Subtotal of cash outflows from investing activities 932838849 913707080

Net cash flows from investing activities -205831175 -861075530

III. Cash flow from financing activities

Cash received from the loan 1934022067 588810756

9CSG HOLDING CO. LTD. The First Quarter Report 2025

Other financing-related cash received 321389000

Subtotal of cash inflows from financing activities 1934022067 910199756

Cash paid for debt repayment 1617842269 273983706

Cash paid for dividends profits or interest payments 67059301 68421107

Payment of other cash related to financing activities 73757544 32456853

Subtotal of cash outflows from financing activities 1758659114 374861666

Net cash flow from financing activities 175362953 535338090

IV. Influence of exchange rate alternation on cash and cash equivalents 2074225 5735135

V. Net increase in cash and cash equivalents 40851932 -139697211

Plus: Balance of cash and cash equivalents at the beginning of

33678733863051261655

term

VI. Balance of cash and cash equivalents at the end of term 3408725318 2911564444

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 2025 to adjust the first

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

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