CSG HOLDING CO. LTD.SEMI-ANNUAL REPORT 2024
Chairman of the Board:
CHEN LIN
August 2024CSG Semi-annual Report 2024
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/or 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 (Revised in 2023)".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 2024
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 ................... 26
Section V. Environment and Social Responsibility ... 27
Section VI. Important Events ....................... 34
Section VII. Changes in Shares and Particulars abo.. 56
Section VIII. Preferred Shares ..................... 60
Section IX. Bonds .................................. 60
Section X. Financial Report ........................ 61
2CSG Semi-annual Report 2024
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 2024
Paraphrase
Item Refers to Content
Company the Company CSG Group CSG
Refers to CSG Holding Co. Ltd.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 2024
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 Chen Chunyan Xu Lei
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 2023.
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 2023.
5CSG Semi-annual Report 2024
3. Other relevant information
Whether other relevant information changed in the report period or not
□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 (Jan. to The same period of last Increase/decrease year-on-
Jun.2024) year year
Operating income (RMB) 8078970651 8389340245 -3.70%
Net profit attributable to shareholders of
733111562889478780-17.58%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting non- 672901192 838238768 -19.72%
recurring gains and losses (RMB)
Net cash flow arising from operating
99328414551842718591.60%
activities (RMB)
Basic earnings per share (RMB/Share) 0.24 0.29 -17.24%
Diluted earnings per share (RMB/Share) 0.24 0.29 -17.24%
Weighted average ROE 5.08% 6.69% -1.61%
Increase/decrease in this
End of this period End of last year period-end over that of last
year-end
Total assets (RMB) 32268955506 30362057312 6.28%
Net assets attributable to shareholders of
1401944890214050840217-0.22%
the 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 report period.
6CSG Semi-annual Report 2024
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 asset (including the write-off that
4202074
accrued for impairment of assets)
Government subsidies included in the profit and loss of the current period (except
government subsidies that closely related to the normal operation of the company in
58517357
line with national policies and provisions in accordance with the defined standards
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 financial
assets and financial liabilities by non-financial enterprises and the loss or gain arising 924109
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
6819779
for impairment
Profit and loss from debt restructuring 569142
Other non-operating income and expenditure except for the aforementioned items 1748299
Less: Impact on income tax 11058108
Impact on minority shareholders’ equity (post-tax) 1512282
Total 60210370
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 2024
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 (currently under construction) 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. The ultra-thin photovoltaic glass below 2mm developed and promoted by the Company is a high-quality packaging
material for lightweight double-glass photovoltaic modules and the product capacity quality and comprehensive manufacturing
yield continue to maintain the forefront of the 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 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 2024 the Company
has a total of 9 photovoltaic rolled glass riginal sheet production kilns and supporting deep processing production lines in
Dongguan Wujiang Fengyang Xianning and Beihai of which the first kiln and supporting processing lines in Beihai Guangxi
are in the trial production stage and the second kiln and supporting processing lines and the technical upgrading project of
Wujiang photovoltaic line are under construction in an orderly manner as planned. After the project under construction and
technical transformation project are put into production the Company's photovoltaic glass production capacity will be greatly
increased and the scale advantage will be further improved and consolidated.As the most potential clean energy photovoltaic will have a broader development space in the future the technological
development speed of the industry will be more rapid and the requirements for photovoltaic glass will be more professional and
8CSG Semi-annual Report 2024
personalized. The Company has rich experience and advanced technological R&D advantages in production technology process
concepts product awareness. In the future the Company will continue to improve the level of R&D meet the market demand
through technological innovation optimize the product structure and strive to become a more professional photovoltaic glass
supplier.Architectural glass business
As one of the largest high-end building energy-saving glass suppliers in China CSG integrates R&D and design technicalconsulting production and manufacturing and marketing and service in the architectural glass business. It always aims to “buildgreen 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 national bases 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 vital to 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 products with higher energy efficiency for the market.The Company’s quality management system for engineering and architectural glass has been respectively 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 experience in the research of
production automation intellectualization information technology and equipment and the efficiency improvement of intelligent
upgrading and transformation of traditional equipment. With technological progress and process optimization the Company has
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.
9CSG Semi-annual Report 2024
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 2024 one production line of Chengdu Float Company was shut down for upgrading and renovation
and as of June 2024 there are a total of 9 production lines in production. The products that cover high-quality float glass and ultra-
white float glass with various thicknesses and specifications of 1.6-25 mm are trusted by customers because of their quality. CSG
float glass products are high-end products that can be directly used in downstream deep processing and the proportion of
differentiated glass products with special specifications and special application scenarios such as ultra-white 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 application fields
with high requirements on glass quality. 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
stable demand 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 high-value-added product sales such as ultra-white products so as to continuously
consolidate and enhance the industry competitiveness of the Company’s float glass business.In the first half of 2024 the new construction and completion volume in the real estate industry showed a significant decline
compared with the same period last year the supply and demand relationship in the real estate market changed the domestic
architectural glass market demand continued to slow down the market was declining and 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 such as ultra-white float glass is relatively stable.Electronic glass and display business
For more than a decade 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 more than a decade of continuous cultivation and accumulation CSG
Electronic Glass has completed the comprehensive coverage of electronic glass products in various application scenarios of high
medium and low-end applications. 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 remain stable. CSG has long been committed to becoming an industry-leading
glass material solution provider and it will 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
10CSG Semi-annual Report 2024
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.Solar energy business
CSG Group is a pioneer in the field of photovoltaic product manufacturing in China with a complete industrial chain covering
high-purity crystalline silicon silicon wafers solar cells modules and the investment and operation of photovoltaic power plants.CSG has three national-level scientific research and technology platforms and seven provincial-level scientific research and
technology platforms including the "National and Local Joint Engineering Laboratory for Semiconductor Silicon Material
Preparation Technology" and the "National Enterprise Technology Center".In recent years under the trend of "dual carbon" the photovoltaic track has become hot and the expansion momentum of different
links in the industrial chain is strong. After entering 2024 the supply-demand imbalance has led to a significant decline in market
prices at various links of the industrial chain market competition has intensified in the short run and the elimination of outdated
production capacity has accelerated and the photovoltaic industry has entered a deep water zone of reshuffle. In the long run with
the increasing demand for clean energy and continuous technological progress around the world the photovoltaic industry will
continue to maintain a steady and rising development trend and make greater contributions to the transformation and upgrading of
the energy structure. The subsidiaries of CSG's photovoltaic sector fully implement the strategic decisions and arrangements made
by the Group's management. The low-energy-consuming project of Yichang base is smoothly promoted. The 50000 tons/year
high-purity crystalline silicon project in Qinghai base is under construction as planned which will further expand the scale of the
Group's solar energy business and enhance the overall competitiveness of the Group after it is put into operation. Dongguan base
increases efforts to develop differentiated product markets and enhance market share. Shenzhen base continues to increase the
development of power station projects.(II) Overview of operation during the report period
In the first half of 2024 under the impact of multiple factors such as the complicated and volatile international economic situation
increase in 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 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 2024 the
Company’s operating revenue totalled RMB 8.079 billion decreasing by 4% year-on-year; its net profit reached RMB 0.721
billion decreasing by 18% year-on-year; and the net profit attributable to shareholders of the listed company was RMB 0.733
billion decreasing by 18% year-on-year.
11CSG Semi-annual Report 2024
Glass business segment
Photovoltaic glass: In the first half of 2024 the supply-demand mismatch in the photovoltaic market remained prominent with a
significant decline in industry chain prices and factors such as international trade barriers and the photovoltaic industry was in a
cyclical adjustment phase. The Company was fully dedicated to providing high-quality and high-performance photovoltaic glass
products while perfecting its industrial layout and enhancing its economies of scale. It unswervingly implemented the
differentiated business strategy and continued to promote the lean production management to improve efficiency. In the face of the
industry’s rapid technological upgrading the Company quickly adapted to market needs and strengthened technological innovation
achieving significant results in the research and sales of differentiated products.. The Company independently developed high-
transmittance double-coated photovoltaic glass colourless double-coated photovoltaic glass anti-glare photovoltaic glass dust-
proof photovoltaic glass and so on. These products meet the customers’ regular performance requirements while greatly satisfying
their specific needs in terms of high transmittance aesthetics anti-glare cleaning etc. representing a perfect combination of
industrialisation and humanisation. Facing the price fluctuations in the photovoltaic glass market the Company focused on
improving quality and efficiency and differentiated layout. On the one hand it relied on its own resource endowment and gave full
play to the advantages of underlying technology to empower the enhancement of production efficiency and cost reduction. On the
other hand precisely combining with the downstream customers’ demand for product diversification it matched the characteristics
of different battery technologies to develop and promote differentiated products giving photovoltaic glass various characteristics
such as high efficiency aesthetics and scenarization. By putting various important management initiatives in place the Company’s
photovoltaic glass business achieved steady operation in the volatile market condition and gradually formed a core
competitiveness of sustainable development.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 high-end 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 2024 faced with a complex external economic situation the Company’s architectural glass business adjusted its
business 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 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. 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
12CSG Semi-annual Report 2024
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 2024 the industry went through a cyclical adjustment. Facing the severe business environment the
Company firmly implemented the differentiated product strategy. On the one hand it focused on the domestic high-end ultra-white
glass market created “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 it constantly produced and marketed more high value-added
products such as large-size and ultra-thick products and high-grade products to stay among the top in the segment market of high-
grade float glass and enhance profitability.At the same time the Company continued to reduce costs and increase efficiency effectively reducing the procurement cost by
coordinating and organizing the centralized procurement of bulk raw materials. The production efficiency was steadily improved
by strengthening the lean management of full production process.Electronic glass and display business segment
According to the data released by industry research organizations after a downturn of more than two years the global shipment
volume of smartphones in the first quarter of 2024 amounted to approximately 290 million units up 8.9% year-on-year and this
figure is expected to grow by 4.0% for the year to reach 1.21 billion units. However there is still a wide gap compared with 1405
million units in 2018 and the global smartphone market is still facing certain challenges. In the first half of 2024 with the
domestic electronic glass market being impacted by the continued release of new production capacity 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 in the first half of 2024 the Company deeply ploughed its traditional dominant segment of optical coating
material business. On the other hand it continued to develop its vehicle-mounted cover plate business the newly expanded project
Phase II achieved mass production and the sale volume increased substantially compared with the same period last year. 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 2024 China’s photovoltaic new installation scale and exports of photovoltaic products continued to grow and
the overall demand was improving. However the price of main products in the industrial chain was substantially affected by
intensified market competition due to concentrated rapid growth of the supply and thus declined sharply year-on-year. The solar
photovoltaic industry is facing serious challenges of supply-demand mismatch accelerated elimination of backward production
capacity and persistently depressed product-end price. Under the background of industry reshuffle all processes of the whole
13CSG Semi-annual Report 2024
industrial chain are being operated under pressure. In the first half of 2024 the overall profitability of photovoltaic enterprises fell
dramatically year-on-year losses for almost all types of business from silicon materials to silicon wafers and from solar cells to
modules. The photovoltaic industry is currently in the course of gradually returning to rational development from explosive growth
and the industrial chain has wholly entered a period of adjusting and reshaping market pattern. As the photovoltaic industry
entered a new round of adjustment cycle with the cost pressures and squeezed profit margins as well as under the double
challenges of intensified market competition and slowdown in the growth rate of end demand the solar photovoltaic business
segment of the Company was impacted significantly in the first half of 2024 and the Company took actions promptly to address
this impact. Through the analysis of market trends and industry development and dynamics it responded quickly to market
changes reasonably planned its pace of production and operation. By improving the process it enhanced the product quality
strengthened lean management deeply dug the potential of equipment fully implemented the strategy of cost reduction and
efficiency increase and thus effectively offset some of the market pressures.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
"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 trademarks "南玻" and "SG" held by the Company are both
"Famous Trademark of China". The Company has been listed in the "Preferred Brand of Architectural Glass" in Door and Window
Curtain Wall Industry for many years and the "Top 20 Building Materials Enterprises in China" in 2023. "CSG" brand was
recognized by the United Nations Industrial Development Organization as the fourth batch of "International Reputation Brand" in
2018. CSG’s low-E coated glass and ultra-thin electronic glass were awarded the title of "Single Champion Product" by the
Ministry of Industry and Information Technology and it is the only manufacturer in the domestic glass industry that has two single
champion products at the same time. The Company was awarded the title of "Outstanding Green Manufacturing Enterprise" in thebuilding materials industry of Guangdong Province for the period of 2018-2022 and the title of “Shenzhen Top 500 Enterprisesfor 2023” (ranking No. 94).
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 2024 the Company has had a total of 22 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 6 national-level
specialized sophisticated distinctive and innovative enterprises (“Little Giants”) 2 provincial-level expert workstation 1
provincial-level doctoral workstation 13 provincial-level enterprise technology centres 6 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 7 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 2024 the Company has applied for a total of 3210 patents including 1383 invention patents 1814
14CSG Semi-annual Report 2024
utility model patents and 13 design patents. Moreover the Company has had a total of 2361 authorized patents including 540
invention patents 1808 utility model patents and 13 design patents.
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.
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 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 9 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 8078970651 8389340245 -3.70%
Operating costs 6333338505 6495395931 -2.49%
Sales expenses 155003701 146856141 5.55%
Mainly due to the increase in
Administration expenses 394521014 340252772 15.95% amortization of intangible
assets - mining rights.
15CSG Semi-annual Report 2024
Mainly due to the reduction
of the national deposit interest
Financial expenses 75849425 72764645 4.24%
rate and the decline of the
Company's interest income.Income tax expenses 78227657 74094170 5.58%
R&D investment 336673375 346264501 -2.77%
Mainly due to the increase in
Net cash flow arising
993284145 518427185 91.60% bill discounting for this
from operating activities
period.Net cash flow arising
-1515159927-1682063852-9.92%
from investment activities
Mainly due to the payment of
RMB 2 billion of maturing
Net cash flow arising corporate bonds in the same
937592707-793930485218.10%
from financing activities period of last year while there
was no such item in the
current period.Mainly due to the payment of
RMB 2 billion of maturing
Net increase in cash and corporate bonds in the same
426377690-1954758111121.81%
cash equivalents period of last year while there
was no such item in the
current period.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.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 8078970651 100% 8389340245 100% -3.70%
According to industry
Glass industry 7198705489 89.10% 6335187971 75.51% 13.63%
Electronic glass & Display industry 709839096 8.79% 720405893 8.59% -1.47%
Solar energy and other industries 349633564 4.33% 1585418445 18.90% -77.95%
Undistributed 196342139 2.43% 220156296 2.62% -10.82%
Inter-segment offsets -375549637 -4.65% -471828360 -5.62% -20.41%
According to product
Glass products 7198705489 89.10% 6335187971 75.51% 13.63%
Electronic glass & Display products 709839096 8.79% 720405893 8.59% -1.47%
Solar energy and other products 349633564 4.33% 1585418445 18.90% -77.95%
Undistributed 196342139 2.43% 220156296 2.62% -10.82%
Inter-segment offsets -375549637 -4.65% -471828360 -5.62% -20.41%
According to region
Mainland China 7411866057 91.74% 7695234258 91.73% -3.68%
Overseas 667104594 8.26% 694105987 8.27% -3.89%
16CSG Semi-annual Report 2024
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/decre Increase/dec
Increase/decreas
Gross ase of rease of
Operating income Operating cost e of operating
profit ratio operating gross profit
cost y-o-y
income y-o-y ratio y-o-y
According to industry
Glass industry 7198705489 5559603466 22.77% 13.63% 9.75% 2.73%
Solar energy and
349633564359131958-2.72%-77.95%-66.55%-35%
other industries
According to product
Glass products 7198705489 5559603466 22.77% 13.63% 9.75% 2.73%
Solar energy and
349633564359131958-2.72%-77.95%-66.55%-35%
other products
According to region
Mainland China 7411866057 5808301328 21.64% -3.68% -2.09% -1.27%
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
IV. Non-core business analysis
□ Applicable √ Not applicable
V. Assets and liabilities
1. Significant changes in assets composition
Unit: RMB
End of the report period End of last year Increase
or
Percentag Percentag Explanation of decrease
Amount e to total Amount e to total significant changes in
assets assets proportion
Cash at bank and
361927895511.22%307677421810.13%1.09%
on hand
Accounts
18458816365.72%18817964086.20%-0.48%
receivable
Inventories 1978742256 6.13% 1590224795 5.24% 0.89%
Investment
2927118580.91%2903681050.96%-0.05%
properties
Fixed assets 12785878380 39.62% 13145568631 43.30% -3.68%
Mainly due to the
Construction in
5860245516 18.16% 4325016420 14.24% 3.92% increase in expenditure
progress
on ongoing
17CSG Semi-annual Report 2024
constructions of some
subsidiaries
Right-of-use
206689670.06%216376280.07%-0.01%
assets
Mainly due to the
Short-term repayment of short-term
2883508820.89%4368535831.44%-0.55%
borrowings borrowings that were
due
Contract liabilities 343813781 1.07% 362538795 1.19% -0.12%
Long-term
675062020820.92%622164867620.49%0.43%
borrowings
Lease liabilities 14679278 0.05% 15134562 0.05% 0%
Mainly due to the
Non-current
maturity of previously
assets due within - 0% 84191224 0.28% -0.28%
purchased large-amount
one year
certificate of deposit
Mainly due to the
Other non-current decrease in prepayment
2327928560.72%3966003541.31%-0.59%
assets for engineering and
equipment
Mainly due to the year-
end bonuses for
Employee employees accrued in
3252640341.01%4833377961.59%-0.58%
benefits payable the previous year that
were paid during the
report period
Mainly due to the
increase in corporate
Taxes payable 166777597 0.52% 123407413 0.41% 0.11%
income tax that was
payable
Mainly due to the
increase in dividends
for ordinary
Other payables 1160609297 3.60% 484741877 1.60% 2%
shareholders that had
been declared but were
not yet paid out
Mainly due to the
Other current reclassification of
2968651260.92%4543326861.50%-0.58%
liabilities supply chain financial
notes to notes payable
Mainly due to the
Long-term increase in finance
5109578931.58%882041630.29%1.29%
payables leases of some
subsidiaries
Mainly due to a low
base in the prior period
Special reserve 3363900 0.01% 1411139 0% 0.01%
and the changes in the
current period
2. Main overseas assets
□ Applicable √ Not applicable
18CSG Semi-annual Report 2024
3. Assets and liabilities at fair value
√ Applicable □ Not applicable
Unit: RMB
Profit and
Impairm Purch
loss from Cumulative
ent ase Amou
changes in changes in
Opening accrued amoun nt sold Other Closing
Item fair value fair value
balance in the t for in this changes balance
in the included in
current this period
current equity
period period
period
Financial assets
Investment
2903681052343753292711858
properties Note 1
Receivables
52994562392184622622130245
financing Note 2
Total of the above 820313728 94528375 914842103
Financial
00
liabilities
Other changes:
Note 1: Other changes in investment properties were due to changes in the rental of the house for debt repayment obtained in the
current year.Note 2: Other changes in receivables financing were due to changes in higher credit rating instruments received or endorsed.During the report period whether the company’s main asset measurement attributes changed significantly or not
□ Yes √ No
4. Limited asset rights as of the end of the report period
Unit: RMB
Item Restricted Amount Restricted reason
Monetary funds 141639610 Restricted circulation of deposits freezes etc
Notes receivable 1092137999 Restriction of pledge
Fixed assets / Construction In Progress 627742974 Restricted financial leasing
Total 1861520583
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
16815575671735645765-3.12%
19CSG Semi-annual Report 2024
2. The major equity investment obtained in the report period
□ Applicable √ Not applicable
20CSG Semi-annual Report 2024
3. The major ongoing non-equity investment in the report period
√ Applicable □ Not applicable
Unit: RMB
Way Fixed Accumulative Accumulative
Amount Reasons for not
of asset amount actually revenue Date of Index of
Industry invested Progress of Expected achieving the planned
Project name investm invested by the Source of funds achieved by disclosure (if disclosure (if
invest involved during the project revenue progress and the ent or end of the the end of the applicable) applicable)
ment report period expected revenue not report period report period
Part of the project has
Own funds and
Zhaoqing CSG High-grade Manufact been completed and Announceme
Self- loans from 13 December
Automotive Glass Production Yes uring 2162751 149764077 Partially built the revenue thereof nt number:
built financial 2019
Line Project industry has been reflected in 2019-077
institutions
profits.Own funds and Part of the project has
Wujiang CSG Architectural New
Manufact loans from been completed and Announceme
Architectural Glass Intelligent Self-
Yes uring 480863 88017373 financial Partially built the revenue thereof 24 June 2020 nt number:
Manufacturing Plant built
industry institutions has been reflected in 2020-051
Construction Project
profits.Own funds and Part of the project has
Manufact loans from been completed and Announceme
Xi’an CSG Energy-saving Glass Self- 7 November
Yes uring 17899051 240483044 financial Partially built the revenue thereof nt number:
Production Line Project built 2020
industry institutions has been reflected in 2020-070
profits.Own funds and
Manufact No revenue as the Announceme
CSG East China Headquarters Self- loans from Under 27 August
Yes uring 22248299 29889288 project is still in the nt number:
Building built financial construction 2021
industry construction period. 2021-039
institutions
Own funds and
CSG Guangxi Beihai Manufact No revenue as the Announceme
Self- loans from Under 10 September
Photovoltaic Green Energy Yes uring 541274995 1279635841 project is still in the nt number:
built financial construction 2021
Industrial Park Project (Phase I) industry construction period. 2021-041
institutions
21CSG Semi-annual Report 2024
Own funds and
Hefei CSG Energy-saving Glass Manufact In the preparation Announceme
Self- loans from Preparatory 15 October
Intelligent Manufacturing Yes uring 3204661 stage there is no nt number:
built financial stage 2021
Industry Base Project industry income. 2021-043
institutions
Xianning CSG Energy-saving Own funds and
Manufact No revenue as the Announceme
Glass Co. Ltd. Production Line Self- loans from Under 3 December
Yes uring 7680969 53705579 project is still in the nt number:
Reconstruction and Expansion built financial construction 2021
industry construction period. 2021-051
Construction Project institutions
Phase I Upgrading and Technical Own funds and
Manufact No revenue as the Announceme
Transformation Project of Self- loans from Under 25 December
Yes uring 2247649 28939219 project is still in the nt number:
Qingyuan CSG Energy-Saving built financial construction 2021
industry construction period. 2021-053
New Materials Co. Ltd. institutions
High-purity crystalline silicon Own funds and
Manufact No revenue as the Announceme
project with an annual output of Self- loans from Under
Yes uring 857680692 3504454840 project is still in the 23 June 2022 nt number:
50000 tons in Haixi Prefecture built financial construction
industry construction period. 2022-024
Qinghai Province institutions
Own funds and Production has
Anhui Fengyang 37.6 MW Manufact Announceme
Self- loans from Already put begun and the gains 9 November
Distributed Photovoltaic Power Yes uring 6150317 89504749 nt number:
built financial into operation have been reflected in 2022
Generation Project industry 2022-061
institutions the profits.Total -- -- -- 1457825586 5467598671 -- -- -- -- -- -- --
22CSG Semi-annual Report 2024
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 Registere Operating Operating
Type Main business Total assets Net assets Net profit
company d capital income profit
Anhui CSG
New Energy Production and
1750
Material Subsidiary sales of 5567735959 2417252942 2158906212 324253607 278484247
million
Technology photovoltaic glass
Co. Ltd.Chengdu Subsidiary Development 260 1055035769 657008830 562391011 99634574 87591625
23CSG Semi-annual Report 2024
CSG Glass manufacture and million
Co. Ltd. sales of various
special glass
Manufacture and
Xianning
sales of special 235
CSG Glass Subsidiary 2524342842 973468228 977837202 124502153 104917295
glass and million
Co. Ltd.photovoltaic glass
Particulars about subsidiaries obtained or disposed in report period
□ Applicable √ Not applicable
Description of main holding and shareholding companies
Anhui CSG New Energy Material Technology Co. Ltd. improved the operation of its new production line for photovoltaic glass
and the production and sales volume of photovoltaic glass increased significantly year-on-year; meanwhile benefiting from the
decline in the costs of raw materials and fuels the performance significantly improved year-on-year. Mainly benefiting from the
improved operation and lower costs of raw materials and fuels the net profit of Chengdu CSG Glass Co. Ltd. increased
considerably year-on-year. Due to the resumption of production after the technical reform and upgrade of the second-line of float
glass and the improved operation of the new production line of photovoltaic glass the production and sales volume of the main
products of Xianning CSG Glass Co. Ltd. increased substantially year-on-year; meanwhile benefiting from lower costs of raw
materials and fuels its performance improved significantly year-on-year.IX. Structured main bodies controlled by the Company
□ Applicable √ Not applicable
X. Risks the Company faces and countermeasuresIn 2024 in the face of severe international and domestic political and economic development and the task of building a “CenturyCSG” the Company will face the following risks and challenges:
* The international political environment still faces many uncertainties.Affected by the complicated international political environment domestic economy still faces many challenges and uncertainties.In 2024 the Company will continue to strengthen its attention to the market timely adjust operation strategy according to market
changes and strive to achieve the annual core work objectives through steady operation.* The glass industry is facing fierce competition for similar products fluctuating prices of raw materials and fuels such as heavy
alkali and natural gas and rising labour costs. The photovoltaic glass industry is not only faced with the risk of price game
between all links of the photovoltaic industry chain affecting the market demand of photovoltaic glass but also faces the risk of
temporary oversupply in the photovoltaic glass industry due to the rapid increase in production capacity. Due to the intensifying
competition in the industry market the operational pressure faced by the architectural glass industry and the challenges brought
about by the future market uncertainty are gradually increasing. The float glass industry is facing downward pressure on the
downstream architectural glass market demand and the risk of cyclical adjustment of the industry. The electronic glass industry is
facing the risk of intensified competition among similar products due to increasingly fierce contradiction between supply and
demand in China. The solar energy industry is facing challenges such as temporary oversupply significant price drops in various
links of the industry chain and a period of adjustment. In order to deal with the above risks the Company will take the following
measures:
24CSG Semi-annual Report 2024
A. In the photovoltaic glass sector the Company will take "expanding the market adjusting the structure reducing costs and
controlling risks" as the sales management policy deeply meet the market demand optimize the product structure and continue to
promote lean management and differentiated operation so as to improve its profitability; With the management policy of "ensuring
safety stabilizing production improving quality and controlling costs" it will comprehensively build a solid line of defense for
safe production consolidate the foundation for high-quality development continue to promote cost reduction increase efficiency
and control costs so as to enhance its core competitiveness; At the same time on the basis of quickly responding to market
changes in combination with the characteristics of the industry it will pay close attention to the supply and demand of raw
materials for strategic material preparation so as to reduce the impact of raw material price fluctuations on the Company's
operating performance.B. In the architectural glass sector the Company will accelerate the pace of digital and intelligent transformation of the
manufacturing industry reduce production consumption material consumption and energy consumption and continue to promote
cost reduction and efficiency increase. It will increase the development and layout of high-end markets and overseas markets to
actively respond to market changes. It will continue to deepen the market and refine the market layout to increase market share. It
will further increase R&D investment and increase new product development and application in new fields to expand business
track. Also it will improve service capabilities fully leverage the advantages of quality technology and brand and meanwhile
extend the market-oriented industrial chain to maintain the Company's advantageous position in the industry.C. In the float glass sector the Company will continue to promote lean management and differentiated operation 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 field of electronic glass and display devices in the face of fierce market competition the Company will adhere to a
sustainable and stable business strategy continue to consolidate the brand influence of CSG electronic glass enhance customer
recognition stabilize the mid-to-high-end market share and actively explore new markets and develop new applications and strive
to maintain the leading edge in the industry in the fierce market competition.E. In the solar energy sector the Company will pay close attention to market dynamics and supply-demand relation and
reasonably plan the Company's production and operation rhythm according to market changes and improve production efficiency
by optimizing production processes and upgrading equipment in a timely manner. It will increase R&D investment and
technological innovation to maintain competitiveness in market segments. It will improve operational efficiency by strengthening
resource integration and operation management and ensure benefits through the implementation of cost reduction and efficiency
improvement measures.* Risk of fluctuation of foreign exchange rate: At present nearly 8.26% 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. 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
25CSG Semi-annual Report 2024
Section IV. Corporate Governance
I. Particulars about Annual General Shareholders’ Meeting and Extraordinary General
Shareholders’ Meeting held in the report period
1. Particulars about Shareholders' General Meeting in the report period
Investor
Meeting session Type of meeting Date of the meeting Disclosure date Disclosure index
participation ratio
The FirstExtraordinary 《Announcement on Resolutions ofExtraordinary
General the First Extraordinary General
General 24.29% February 27 2024 February 28 2024Shareholders’ Shareholders’ Meeting of 2024》
Shareholders’
Meeting （Announcement No.: 2024-003）
Meeting of 2024《Announcement on Resolutions ofAnnual General Annual General
Annual General Shareholders’
Shareholders’ Shareholders’ 25.74% June 20 2024 June 21 2024Meeting of 2023》（AnnouncementMeeting of 2023 MeetingNo.: 2024-013）
2. Extraordinary General Shareholders’ Meeting which is requested to convene by the preferred
shareholders who have resumed the voting right
□ Applicable √ Not applicable
II. 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 2023 annual report.III.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.IV. 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.
26CSG Semi-annual Report 2024
Section V. Environment and Social Responsibility
I. Major environmental issues
Whether the listed company and its subsidiaries belong to the key pollutant discharge units announced by the environmental
protection department
√ Yes □ No
The Company needs to comply with the disclosure requirements of non-metal building materials related industries in "Shenzhen
Stock Exchange Listed Companies Self-discipline Supervision Guide No. 3 - Industry Information Disclosure".Environmental protection related policies and industry standards
The Company implemented the Environmental Protection Law of the People’s Republic of China the Law of the People’s
Republic of China on the Prevention and Control of Air Pollution the Law of the People’s Republic of China on the Prevention
and Control of Water Pollution the Law of the People’s Republic of China on the Prevention and Control of Noise Pollution the
Environmental Protection Tax Law of the People’s Republic of China and other relevant environmental protection laws and
regulations and implemented the Emission Standard of Air Pollutants for Flat Glass Industry Emission Standard of Air Pollutants
for Electronic Glass Industry Emission Standard of Air Pollutants for Glass Industry the Integrated Emission Standard of Air
Pollutants the Sewage Integrated Emission Standards the Environmental Noise Emission Standards at the Boundary of Industrial
Enterprises and other national industry and local pollutant discharge standards.Administrative license for environmental protection
The construction projects of each subsidiary carried out environmental impact assessment work and obtain EIA approval in strict
accordance with the requirements of the Environment Impact Assessment Law of the People’s Republic of China and the
Catalogue of Classified Management of Environmental Impact Assessment of Construction Projects. During the construction of
the project the construction of pollution prevention and control facilities shall be carried out in strict accordance with the
requirements of the project “Three Simultaneous” and put into production and use at the same time as the main project. During the
trial production period the inspection and acceptance shall be organized in accordance with the relevant regulations on
environmental protection acceptance of the completion of the construction project in order to ensure that the construction project
completes the inspection and acceptance work before it is officially put into operation.All subsidiaries have obtained the pollutant discharge permit within the validity period and regularly submitted the
implementation report of pollutant discharge permit.Industry emission standards and specific conditions of pollutant emission involved in production and operation activities
Type of Name of
main main
Name of pollutants pollutants Emission Emission
Way of Number of Exhaust vent Approved total Excessive
company or and and concentration/ standard of Total emission
emission exhaust vent distribution emission emission
subsidiary characteris characteris intensity pollutants
tic tic
pollutants pollutants
Emission Particulates: Particulates:
Xianning CSG Dust ≤30mg/m3 Standard of Air
Air Continuous/ Production 9.00t 93.251t/a
Glass Co. 54 Pollutants for N/A
Ltd. pollutants Intermittent plant area Flat Glass Particulates: Particulates:
Soot ≤25mg/m3 Industry 9.00t 93.251t/a
27CSG Semi-annual Report 2024
(GB26453-2011)
SO2 ≤200mg/m3 136.72t 636.51t/a
NOx ≤350mg/m3 211.49t 1113.89t/a
Particulates: Particulates:
Dust ≤20mg/m3
6.192t 142.114t/a
Emission
Standard of Air
Chengdu CSG Particulates: Particulates:
Air Soot Continuous/ Production ≤20mg/m3 Pollutants for
Glass Co. 43 6.192t 142.114t/a N/A
pollutants Intermittent plant area Flat Glass
Ltd.Industry
SO2 ≤200mg/m3 23.096t 1136.917t/a
(GB26453-2011)
NOx ≤350mg/m3 35.571t 1989.609t/a
Particulates: Particulates:
Dust ≤10mg/m3 Ultra Low 7.21556t 19.92t/a
Emission
Standard of Air Particulates: Particulates:
Hebei CSG
Air Soot Continuous/ Production ≤10mg/m3 Pollutants for
Glass Co. 19 7.21556t 19.92t/a N/A
pollutants Intermittent plant area Flat Glass
Ltd.SO2 ≤50mg/m3 Industry 21.6691t 99.63t/a
(DB13/2168-
2020)
NOx ≤200mg/m3 96.2348t 398.55t/a
Emission
Standard of Air
Pollutants for
Dust Intermittent 37 30mg/m3 8.86t 76.91t/a
Flat Glass
Industry
(GB26453-2011)
Wujiang CSG Technical
Air
Glass Co. Soot
Production 15mg/m3 Guidelines for 8.86t 76.91t/a N/A
pollutants plant area
Ltd. Emergency
SO2 50mg/m3 Emission 74.01t 238.28 t/a
Continuous 2 Reduction in Key
Industries in
NOx 200mg/m3 Heavy Pollution 408.15t 818.04 t/a
Weather (2020
Revision)
Particulates: Particulates:
Dust ≤20mg/m3
4.17t 34.85t/a
Emission
Dongguan Standard of Air Particulates: Particulates: Soot ≤30mg/m3
CSG Solar Air Continuous/ Production Pollutants for 4.17t 34.85t/a
23 N/A
Glass Co. pollutants Intermittent plant area Flat Glass
SO2 ≤400mg/m3 92.055t 300.99t/a
Ltd. Industry (DB44-
2159-2019)
NOx ≤550mg/m3 186.7t 535.67t/a
Particulates: Particulates:
Dust ≤30mg/m3
Emission 0.156t 16.4225t/a
Standard of Air Particulates: Particulates:
Hebei Panel Soot ≤10mg/m3
Air Continuous/ Production Pollutants for 0.156t 16.4225t/a
Glass Co. 9 N/A
pollutants Intermittent plant area Electronic Glass
Ltd. SO2 ≤50mg/m3 1.87t 87.7t/a
Industry
(GB29495-2013)
NOx ≤200mg/m3 3.2t 105.1t/a
Particulates: Particulates:
Dust ≤20mg/m3 Emission
Xianning CSG Standard of Air 0.815t 17.656t/a
Photoelectric Air Continuous/ Production Pollutants for Particulates: Particulates: Soot 6 ≤15mg/m3 N/A
Glass Co. pollutants Intermittent plant area Electronic Glass 0.815t 17.656t/a
Ltd. SO2 ≤10mg/m3 Industry SO2: 0.077t/a SO2: 65.6t/a
NOx ≤330mg/m3 (GB29495-2013) NOx: 33.367t/a NOx: 163.81t/a
Dongguan pH 6~9 Guangdong / /
CSG Province Water
Water
Architectural COD Intermittent 1 Sewage vent 27mg/L Pollutant N/A pollutants 0.3t 5.4t/a
Glass Co. Emission Limit
Ltd. Ammonia (DB44/26-2001)
0.244mg/L 0.00228t 0.6t/a
nitrogen
Tianjin CSG Water Sewage
pH Intermittent 2 Sewage vent 6~9 / / N/A
Energy- pollutants Integrated
28CSG Semi-annual Report 2024
Saving Glass Emission
Co. Ltd. COD ≤500mg/L Standards (Level 0.0053t 10.806t/a
3 Standard
Ammonia
≤45mg/L DB12/356-2018) 0.00157t 0.0685t/a
nitrogen
Wujiang CSG pH 6~9 Sewage / /
East China Integrated
Water
Architectural COD Intermittent 1 Sewage vent ≤500mg/L Emission 4.752t 40.592t/a N/A
pollutants
Glass Co. Standards
Ltd. Ammonia ≤45mg/L (GB8978-1996) 0.582t 1.00444t/a
nitrogen
Guangdong
Province Water
COD ≤70mg/L Pollutant 0t 2.44t/a
Emission Limit
Water (DB44/26-2001)
pollutants Pollutant
Emission
Dongguan NOx Sewage vent/ ≤30mg/m3 Standard for 0t 33.15t/a
CSG PV-tech Intermittent 20 production Battery Industry N/A
Co. Ltd. plant area (GB30484-2013)
VOC Emission
Standard for
Furniture
Air
VOCS ≤30mg/m3 Manufacturing 0t 1.93t/a
pollutants
Industry
(DB44/814-
2010)
Emission
COD ≤200mg/L 3.826t 89.2584t/a
Water Standards of
pollutants Pollutants for
pH 6~9 Inorganic / /
Chemical
Yichang CSG NOx Sewage vent/ ≤240mg/m3 Industry 0t 38.28t/a
Polysilicon Intermittent 9 production (GB31573- N/A
Co. Ltd. plant area 2015) and
Air Integrated
pollutants Particulat
≤120mg/m3 Emission 0.358t 32.7423t/a
es Standard of Air
Pollutants
(GB16297-1996)
Treatment of pollutants
All subsidiaries have built pollution prevention and control facilities in accordance with the environmental impact assessment
documents of construction projects and relevant specifications and adopted air pollution control process such as electrostatic
precipitator + SCR denitrification + semi-dry desulfurization + bag dust removal ceramic filter cartridge desulfurization
denitrification and dust removal integration bag dust removal and water treatment process such as neutralization + precipitationfluidized bed and biological oxidation for which the technologies used were all in line with the requirements of the “Guidelinesfor Feasible Technologies for Pollution Prevention and Control in Glass Manufacturing Industry” and other documents. In the first
half of 2024 the pollution control facilities were in good operation and the pollutants were discharged stably up to the standard.The air pollutant emission concentrations of most of the subsidiaries were lower than 50% of the emission standard and enjoyed
the preferential policy of halving environmental tax. The pollutant emissions of many subsidiaries reached and implemented local
ultra-low emission standards.Emergency response plan system of environment incident
In accordance with the national requirements all subsidiaries prepared environmental emergency response plans organized expert
evaluation and filed with the local environmental protection department as required and conducted the emergency drill against
environmental emergency as planned. No major environmental emergency occurred in the first half of 2024.Investment in environmental governance and protection and payment of environmental protection tax
29CSG Semi-annual Report 2024
All subsidiaries have built pollution control facilities in accordance with the requirements of environmental impact assessment
and maintained the stable operation of these facilities to ensure their simultaneous operation with production equipment.Considerable energy and funds are invested in pollution control every year to ensure the stable discharge of pollutants up to the
standard and reduce pollution emission as much as possible. Many subsidiaries have reached ultra-low emission standards. All
subsidiaries have made regular emission declarations and paid environmental taxes to the local tax authorities in full and on time in
accordance with the requirements of the Environmental Protection Tax Law.Environmental self-monitoring scheme
The subsidiaries have built and operated on-line monitoring devices for waste water and exhaust gas in accordance with national
laws and regulations environmental impact assessment documents of construction projects and the requirements of their replies
regularly carried out comparison and review of the effectiveness of on-line monitoring facilities and entrusted a third-party unit to
carry out manual environmental monitoring to comprehensively monitor the pollutant discharge. The monitoring frequency is
implemented in accordance with relevant monitoring technical guidelines or pollutant discharge permits.Administrative penalties caused by environmental protection issues during the report period
Nil
Other environmental information that should be disclosed
Nil
Measures taken to reduce carbon emissions during the report period and their effects
□ Applicable □Not applicable
The Company has continuously strengthened the comprehensive utilization and management of resources and energy actively
fulfilled the corporate social responsibility taken various measures to save energy and reduce carbon emissions making our own
contributions to the national goal of the "dual carbon" goal. The Group Department has specially established an energy
management team which was responsible for supervising the energy consumption management of various subsidiaries and
promoted 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. At the same time CSG has always paid
attention to the utilization of waste heat in flat glass factories and the first waste heat power station was put into operation as early
as 2009 and then all production bases have built waste heat boilers and waste heat power stations; CSG has been actively
developing photovoltaic power plants since 2012 and most factories currently have photovoltaic power plants on their roofs. In the
first half of 2024 CSG Group’s waste heat power generation and photovoltaic power generation totaled about 265 million kWh
equivalent to reducing carbon dioxide emissions by about 151200 tons.Other relevant environmental protection information
Nil
Environmental incidents in the listed company
In the first half of 2024 no environmental incidents occurred.II. Social responsibility
In the first half of 2024 the Company focused on the following tasks in fulfilling its social responsibilities:
30CSG Semi-annual Report 2024
1. Prevent and eliminate occupational hazards and protect employees' health
CSG 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 2024 CSG has obtained safety standardization certificates for 18 subsidiaries of which 5 subsidiaries have
reached the second level of safety production standardization 13 subsidiaries have reached the third level of safety production
standardization and a few other subsidiaries are also actively creating and applying.
2. Protect the environment and promote sustainable development
As of the first half of 2024 9 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. The subsidiaries Wujiang CSG and
Xianning CSG have been successively rated by the Ministry of Industry and Information Technology as "leaders" in 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 time CSG 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 2024 the Group's waste heat power generation
and photovoltaic power generation totaled about 265 million kWh equivalent to reducing carbon dioxide emissions by about
31CSG Semi-annual Report 2024
151200 tons.
The 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 year. In the
first half of 2024 the operation of pollution control facilities was good and the discharge of pollutants was stable and up to
standard. The air pollutant emission concentrations of most of the subsidiaries were lower than 50% of the emission standard and
enjoyed the preferential policy of halving environmental tax. The pollutant emissions of many subsidiaries reached and
implemented local ultra-low emission standards. Meanwhile the subsidiaries built and operated on-line monitoring devices for
waste water and exhaust gas in accordance with national laws and regulations environmental impact assessment documents of
construction projects and the requirements of their replies regularly carried out comparison and review of the effectiveness of on-
line monitoring facilities and entrusted a third-party unit to carry out manual environmental monitoring to comprehensively
monitor the pollutant discharge. The monitoring frequency was implemented in accordance with relevant monitoring technical
guidelines or pollutant discharge permits. 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 2024.
3. Participate in public welfare undertakings and fulfill social responsibilities
The Company actively participates in social welfare activities makes donations organizes employees to voluntarily participate in
unpaid blood donation and fulfills corporate social responsibility. The Subsidiary Wujiang Float won the "Outstanding
Contribution Unit" of unpaid blood donation in 2023. In the first half of 2024 the Company donated about RMB 200000 in funds
and materials to various sectors of society for charitable and public welfare activities such as the Red Cross and the Social Welfare
Institute.
4. Adhere to independent research and development to provide better energy-saving products
The Company has always adhered to the business strategy of independent research and development and innovation leading. In the
first half of 2024 the Company publicly announced 235 patents for the first time including 142 authorized patents and 93 public
invention applications. As of June 30 2024 the Company had applied for a total of 3210 patents including 1383 inventions
1814 utility model patents and 13 designs; a total of 2361 authorized patents including 540 inventions 1808 utility models and
13 designs gathering the wisdom of CSG’s R&D team to improve the industrial science and technology.
5. Protect the rights and interests of shareholders and creditors
The Company maintains stable operation. The Company's equity distribution of 2023 had been completed and the actual cash
dividend amount (including tax) was RMB 767673027 accounting for 46.37% of the net profit attributable to shareholders of
listed company in 2023 with continuing return to shareholders. 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.
6. Strengthen welfare security and protect the legitimate rights and interests of employees
32CSG Semi-annual Report 2024
The Company insists on standardizing the employment behavior strictly implements the national and local social security
mechanism and purchases five insurances and one fund and other comprehensive welfare insurance for employees. It has a fair
and unimpeded post promotion system and broaden the development channels of employees. It establishes and implements a
statutory leave system for employees and 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 need. In the first half of 2024 the
Company provided nearly RMB 300000 in assistance to employees and their families providing collective warmth when
employees encountered personal difficulties.
7. Social honor recognition
While adhering to our original intention and giving back to society the Company and its products have received recognition from
all sectors of society. In 40 years since its establishment the Company's products have been widely used in many major and
important place. Subsidiary Wujiang Float won the title of "2023 Jiangsu Province Intelligent Manufacturing Demonstration
Workshop" and subsidiary Dongguan Photovoltaic BIPV won the TüV North German IEC new standard certification. The
Company was selected as "Top 10 Preferred Brands for Strategic Procurement of Top 100 Real Estate Companies in 2023" "
China Preferred Brand for Low-Carbon Building Energy-Saving Glass Procurement in 2023" and won the honorary titles of
"China Top 50 Building Materials" and "Preferred Brand of Architectural Glass" for many years in a row winning praise from all
walks of life with high-quality products and services.
33CSG Semi-annual Report 2024
Section VI. 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
34CSG Semi-annual Report 2024
VII. Issues related to bankruptcy and reorganization
□ Applicable √ Not applicable
VIII. Lawsuits
Significant lawsuits and arbitrations
√ Applicable □ Not applicable
Recognised
Amount
as estimated Result and Judgement Date of
Basic information involved Progress Index of disclosure
liabilities or impact execution disclosure
(RMB 0000)
not
Announcements on
Company Involved
1 October Lawsuits on
Plaintiff: Zhongshan
2022 http://www.cninfo.com.cn
Runtian Investment
(Announcement No.:
Co. Ltd. The first 2022-056)
instance
Defendant: CSG
The first judgment Announcement on the
Holding Co. Ltd.instance rejected the Not Progress of Companies
Case overview: The judgment had lawsuit request applicable 12 August Involving Litigation on 0 No
plaintiff filed a been passed. of the plaintiff 2023 http://www.cninfo.com.cn
lawsuit with the The plaintiff Zhongshan (Announcement No.:
court to confirm the appealed. Runtian 2023-026)
resolutions of the Investment
Co. Ltd. Announcement on the General Meeting of
Progress of Companies
Shareholders as
25 August Involving Litigation on
invalid.
2023 http://www.cninfo.com.cn
(Announcement No.:
2023-027)
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 Chengtai
35CSG Semi-annual Report 2024
Group Co. Ltd. and Shareholder Shenzhen Guanlong Logistics Co. Ltd. shall disclose the corresponding information. The details
are as follows:
i. Integrity of the Company
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 2024 Semi-annual Report to its largest shareholder Foresea Life Insurance Co. Ltd. shareholder Zhongshan
Runtian Investment Co. Ltd. shareholder Chengtai Group Co. Ltd. and shareholder Shenzhen Guanlong Logistics Co. Ltd. by
email on 2 July 2024. 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. These shareholders were asked to provide as appropriate and the Company later received their respective
replies. To be specific Zhongshan Runtian Chengtai Group and Guanlong Logistics all replied “no change” to the question “theintegrity of your company and the actual controller during the report period”. In order to ensure the accuracy of the relevant
information disclosure the Company sent an email to the shareholders Zhongshan Runtian Chengtai Group and Guanlong
Logistics on 12 July 2024 with the title Confirmation of Receipt of
Zhongshan Runtian Chengtai Group or Guanlong Logistics.Details of the replies from the above-mentioned shareholders in relation to the Letter on Matters Concerning Assistance in
Providing Materials Required for the 2024 Semi-annual Report are set out below:
1. Reply from the Company’s largest shareholder Foresea Life Insurance Co. Ltd.: As of 30 June 2024 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. Reply from shareholder Zhongshan Runtian Investment Co. Ltd. on “the integrity of your company and the actual controllerduring the report period”: no change.
3. Reply from shareholder Chengtai Group Co. Ltd. on “the integrity of your company and the actual controller during the reportperiod”: no change.
4. Reply from shareholder Shenzhen Guanlong Logistics Co. Ltd. on “the integrity of your company and the actual controllerduring the report period”: no change.According to the replies from the shareholders Zhongshan Runtian Chengtai Group and Guanlong Logistics the integrity status ofthese shareholders and their actual controller Mr. Yao Zhenhua can be found in “XIII. Integrity of the Company and itscontrolling shareholders and actual controllers” under “Section VI. Important Events” of the Company’s 2023 Annual Report
which is as set out below:“The Company has no controlling shareholder and actual controller. According to the disclosure requirements the Company’slargest shareholder Foresea Life Insurance Co. Ltd. shareholder Zhongshan Runtian Investment Co. Ltd. shareholder Chengtai
Group Co. Ltd. and Shareholder Shenzhen Guanlong Logistics Co. Ltd. shall disclose the corresponding information. The details
are as follows:
36CSG Semi-annual Report 2024
i. Integrity of the Company
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
1. According to the reply of the Company’s largest shareholder Foresea Life Insurance Co. Ltd.: As of December 31 2023 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. 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 “ZhongshanRuntian”) 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 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.
37CSG Semi-annual Report 2024
(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 of Communications Financial Leasing
Co. Ltd. disposed of the 8329457 shares held by Zhongshan Runtian in “Jonjee High-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 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
38CSG Semi-annual Report 2024
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 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
39CSG Semi-annual Report 2024
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 Financial Loan amount Credit enhancement Start date Maturity date
Borrower
number institution (RMB 0000) plan of loan of loan
Zhongshan Runtian Essence
1 4239.28 Guarantee+Pledge 2018/12/27 2021/12/26
Investment Co. Ltd. Securities
Zhongshan Runtian
2 AVIC Trust 105000.00 Guarantee+Pledge 2019/9/25 2021/10/31
Investment Co. Ltd.Total 109239.28
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.
40CSG Semi-annual Report 2024
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 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
41CSG Semi-annual Report 2024
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 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
42CSG Semi-annual Report 2024
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.
3. According to the reply of the shareholder Chengtai Group Co. Ltd.: As of December 31 2023 Chengtai Group Co. Ltd. has
not received relevant information on share freezing and lawsuit and it had no debt with comparatively large amount that had not
been paid when due.
4. 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 it had no debt withcomparatively 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
43CSG Semi-annual Report 2024
XII. Significant contracts and their implementation
1. Trusteeship contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
(2) Contract
□ Applicable √ Not applicable
(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 Counter
Compl Guaran
disclosure of Actual guarant
Actual date Guarante Guara ete tee for
Name of related Guarantee amount Collateral ee
of e nty implem related
guarantee object announcemen amount of (if any) circums
guarantee type period entatio party or
t on guarantee guarantee tance (if
n or not not
amount any)
Total amount of approved external guarantees Total actual amount of external guarantees during
00
during the report period (A1) the report period (A2)
Total amount of approved external guarantees Total balance of actual external guarantees at the
00
at the end of the report period (A3) end of the report period (A4)
Guarantees of the Company for its subsidiaries
Date of Counter
Compl Guaran
disclosure of Actual guarant
Actual date Guarante Guara ete tee for
Name of related Guarantee amount Collateral ee
of e nty implem related
guarantee object announcemen amount of (if any) circums
guarantee type period entatio party or
t on guarantee guarantee tance (if
n or not not
amount any)
Xianning CSG Joint
April 25 May 26
Photoelectric 6000 2220 liability None None 1 year No No
20222022
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 25 November
Photoelectric 5000 95 liability None None 1 year Yes No
2022252022
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 May 10
Photoelectric 3500 1500 liability None None 1 year No No
20232024
Glass Co. Ltd. guarantee
Xianning CSG April 26 5000 July 10 1971 Joint None None 1 year No No
44CSG Semi-annual Report 2024
Energy-Saving 2023 2023 liability
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 25 March 17
Energy-Saving 8600 1164 liability None None 5 year No No
20222023
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 December
Energy-Saving 8000 5040 liability None None 1 year No No
2023212023
Glass Co. Ltd. guarantee
Xianning CSG Joint
April 26 May 09
Energy-Saving 5000 0 liability None None 1 year Yes No
20232023
Glass Co. Ltd. guarantee
Yichang CSG Joint
April 26 April 03
Photoelectric 1800 525 liability None None 1 year No No
20232024
Glass Co. Ltd. guarantee
Yichang CSG Joint
April 26 October 17
Photoelectric 600 600 liability None None 1 year No No
20232023
Glass Co. Ltd. guarantee
Yichang CSG Joint
April 26 August 14
Photoelectric 1200 516 liability None None 1 year No No
20232023
Glass Co. Ltd. guarantee
Yichang CSG Joint
April 25 April 26
Photoelectric 600 0 liability None None 2 year No No
20222024
Glass Co. Ltd. guarantee
Joint
Hebei Panel April 26 June 05
5000 500 liability None None 1 year Yes No
Glass Co. Ltd. 2023 2023
guarantee
Joint
Hebei Panel April 26 August 9th
5000 837 liability None None 1 year No No
Glass Co. Ltd. 2023 2023
guarantee
Joint
Hebei Panel April 25 May 16
2500 0 liability None None 3 year Yes No
Glass Co. Ltd. 2022 2022
guarantee
Joint
Hebei Panel October 30 December
16500 9684 liability None None 5 year No No
Glass Co. Ltd. 2021 17 2021
guarantee
Joint
Hebei CSG Glass April 26 May 8
3000 2795 liability None None 1 year No No
Co. Ltd. 2023 2023
guarantee
Joint
Hebei CSG Glass 2024 年 04 月 June 25
16000 5811 liability None None 1 year No No
Co. Ltd. 26 日 2024
guarantee
Joint
Hebei CSG Glass April 25 May 16
2500 0 liability None None 3 year No No
Co. Ltd. 2022 2022
guarantee
Dongguan CSG Joint
April 26 September
Architectural 5000 2008 liability None None 1 year No No
2023182023
Glass Co. Ltd. guarantee
Dongguan CSG Joint
April 25 January
Architectural 10000 1000 liability None None 1 year No No
202262024
Glass Co. Ltd. guarantee
Joint
Xianning CSG April 26 July
7000 6323 liability None None 1 year No No
Glass Co. Ltd. 2023 142023
guarantee
Joint
Xianning CSG April 26 August
5000 1422 liability None None 4 year No No
Glass Co. Ltd. 2023 162023
guarantee
Xianning CSG April 26 5000 November 5000 Joint None None 1 year No No
45CSG Semi-annual Report 2024
Glass Co. Ltd. 2023 282023 liability
guarantee
Joint
Xianning CSG April 26 May
20000 4000 liability None None 1 year No No
Glass Co. Ltd. 2023 242024
guarantee
Joint
Xianning CSG December 25 March
15000 10689 liability None None 7 year No No
Glass Co. Ltd. 2021 252022
guarantee
Joint
Xianning CSG April 26
50000 June 22023 33841 liability None None 7 year No No
Glass Co. Ltd. 2023
guarantee
Joint
Xianning CSG April 26 May
20000 15676 liability None None 1 year No No
Glass Co. Ltd. 2023 302024
guarantee
Joint
Xianning CSG April 26
12000 June 92023 6403 liability None None 5 year No No
Glass Co. Ltd. 2023
guarantee
Joint
Xianning CSG
June 29 2021 20000 July 72021 6595 liability None None 5 year No No
Glass Co. Ltd.guarantee
Joint
Chengdu CSG April 26 August
5000 4981 liability None None 1 year No No
Glass Co. Ltd. 2023 92023
guarantee
Joint
Chengdu CSG April 26 October
2000 1800 liability None None 1 year No No
Glass Co. Ltd. 2023 72023
guarantee
Joint
Chengdu CSG April 26 September
3000 1000 liability None None 1 year No No
Glass Co. Ltd. 2023 202023
guarantee
Joint
Chengdu CSG April 25 November
10000 4000 liability None None 1 year No No
Glass Co. Ltd. 2022 162022
guarantee
Joint
Chengdu CSG April 26 February
10000 6213 liability None None 1 year No No
Glass Co. Ltd. 2023 282024
guarantee
Joint
Chengdu CSG April 25 November
5000 1910 liability None None 3 year No No
Glass Co. Ltd. 2022 252022
guarantee
Joint
Chengdu CSG April 26 February
5000 1000 liability None None 1 year No No
Glass Co. Ltd. 2023 12024
guarantee
Joint
Chengdu CSG May
April 262023 16437 750 liability None None 6 year No No
Glass Co. Ltd. 312024
guarantee
Joint
Chengdu CSG January
April 262023 3000 14 liability None None 1 year No No
Glass Co. Ltd. 292024
guarantee
Sichuan CSG
Joint
Energy September
April 262023 3000 2000 liability None None 1 year No No
Conservation 202023
guarantee
Glass Co. Ltd.Sichuan CSG
Joint
Energy October
April 262023 5000 3000 liability None None 1 year No No
Conservation 72023
guarantee
Glass Co. Ltd.Sichuan CSG September Joint
April 262023 10000 0 None None 1 year No No
Energy 192023 liability
46CSG Semi-annual Report 2024
Conservation guarantee
Glass Co. Ltd.Sichuan CSG
Joint
Energy December
April 262023 5000 0 liability None None 1 year No No
Conservation 252023
guarantee
Glass Co. Ltd.Sichuan CSG
Joint
Energy February
April 262023 3000 185 liability None None 1 year No No
Conservation 202024
guarantee
Glass Co. Ltd.Sichuan CSG
Joint
Energy June
April 262024 12000 9990 liability None None 1 year No No
Conservation 172024
guarantee
Glass Co. Ltd.Joint
Wujiang CSG February March
10000 4317 liability None None 4 year No No
Glass Co. Ltd. 192021 122021
guarantee
Joint
Wujiang CSG January
April 262023 10000 6862 liability None None 1 year No No
Glass Co. Ltd. 92024
guarantee
Joint
Wujiang CSG May
April 262023 5000 49 liability None None 1 year No No
Glass Co. Ltd. 212024
guarantee
Joint
Wujiang CSG May
April 262023 6000 0 liability None None 1 year No No
Glass Co. Ltd. 162024
guarantee
Joint
Wujiang CSG August
April 262023 5000 0 liability None None 1 year No No
Glass Co. Ltd. 92023
guarantee
CSG (Suzhou)
Corporate Joint
October
Headquarters April 262023 15700 1070 liability None None 5 year No No
82023
Management Co. guarantee
Ltd.Wujiang CSG
Joint
East China March
April 252022 3000 0 liability None None 1 year Yes No
Architectural 72023
guarantee
Glass Co. Ltd.Wujiang CSG
Joint
East China January
April 262023 10000 5500 liability None None 1 year No No
Architectural 92024
guarantee
Glass Co. Ltd.Wujiang CSG
Joint
East China April
April 262023 5000 0 liability None None 1 year No No
Architectural 12024
guarantee
Glass Co. Ltd.Wujiang CSG
Joint
East China May
April 252022 12400 2671 liability None None 5 year No No
Architectural 262022
guarantee
Glass Co. Ltd.Wujiang CSG
Joint
East China May
April 262023 6000 0 liability None None 1 year No No
Architectural 162024
guarantee
Glass Co. Ltd.Wujiang CSG Joint
March
East China April 262023 5000 1300 liability None None 1 year No No
212024
Architectural guarantee
47CSG Semi-annual Report 2024
Glass Co. Ltd.Wujiang CSG
Joint
East China April
April 262023 5000 1797 liability None None 1 year No No
Architectural 292024
guarantee
Glass Co. Ltd.Dongguan CSG Joint
August
Solar Glass Co. April 262023 5000 4819 liability None None 1 year No No
92023
Ltd. guarantee
Dongguan CSG Joint
July
Solar Glass Co. April 252022 4000 1602 liability None None 5 year No No
212022
Ltd. guarantee
Anhui CSG New
Joint
Energy Material June
April 262024 0 liability None None 1 year No No
Technology Co. 302024
guarantee
Ltd.Guangxi CSG
New Energy Joint
June
Material April 262024 0 liability None None 1 year No No
302024
Technology Co. guarantee
Ltd.Zhaoqing CSG Joint
June
Energy-Saving April 262024 3363 liability None None 1 year No No
302024
Glass Co. Ltd. guarantee
Zhaoqing CSG 33000 Joint
February
Energy-Saving April 262023 0 liability None None 5 year No No
272024
Glass Co. Ltd. guarantee
Dongguan CSG
Joint
Photovoltaic June
April 262024 1092 liability None None 1 year No No
Technology Co. 302024
guarantee
Ltd.Dongguan CSG Joint
June
Architectural April 262024 0 liability None None 1 year No No
302024
Glass Co. Ltd. guarantee
Dongguan CSG Joint
June
Solar Glass Co. April 262024 3137 liability None None 1 year No No
302024
Ltd. guarantee
Dongguan CSG Joint
May
Solar Glass Co. April 252022 9000 4779 liability None None 4 year No No
312022
Ltd. guarantee
Qingyuan CSG
Joint
Energy-Saving December
April 262023 6000 300 liability None None 1 year No No
New Materials 272023
guarantee
Co. Ltd.Qingyuan CSG
Joint
Energy-Saving January
April 262023 10000 431 liability None None 1 year No No
New Materials 52024
guarantee
Co. Ltd.Qingyuan CSG
Joint
Energy-Saving August
April 252022 37400 0 liability None None 5 year Yes No
New Materials 42022
guarantee
Co. Ltd.Qingyuan CSG
Joint
Energy-Saving
April 262023 5000 June 42024 0 liability None None 3 year No No
New Materials
guarantee
Co. Ltd.Qingyuan CSG April Joint
April 252022 10000 6961 None None 1 year No No
Energy-Saving 242023 liability
48CSG Semi-annual Report 2024
New Materials guarantee
Co. Ltd.Joint
Yichang CSG March
April 262023 1800 1047 liability None None 1 year No No
Display Co. Ltd. 62024
guarantee
Joint
Yichang CSG February
April 252022 600 600 liability None None 1 year Yes No
Display Co. Ltd. 242023
guarantee
Joint
Yichang CSG June
April 252022 3000 2600 liability None None 1 year No No
Display Co. Ltd. 242022
guarantee
Yichang CSG Joint
November
Polysilicon Co. April 262023 1000 0 liability None None 1 year No No
282023
Ltd. guarantee
Yichang CSG Joint
January
Polysilicon Co. April 262023 13000 3387 liability None None 4 year No No
162024
Ltd. guarantee
Tianjin CSG Joint
April
Energy-Saving April 262023 3000 538 liability None None 1 year No No
162024
Glass Co. Ltd. guarantee
Tianjin CSG Joint
July
Energy-Saving April 262023 5000 1000 liability None None 1 year No No
102023
Glass Co. Ltd. guarantee
Tianjin CSG Joint
August
Energy-Saving April 262023 3000 500 liability None None 1 year No No
112023
Glass Co. Ltd. guarantee
Tianjin CSG Joint
February March
Energy-Saving 7000 3103 liability None None 4 year No No
192021232021
Glass Co. Ltd. guarantee
Tianjin CSG Joint
August
Energy-Saving April 262023 2000 700 liability None None 1 year No No
102023
Glass Co. Ltd. guarantee
Anhui CSG New
Joint
Energy Material August October
55000 42203 liability None None 6 year No No
Technology Co. 102021 192021
guarantee
Ltd.Anhui CSG New
Joint
Energy Material August August
180000 99828 liability None None 7 year No No
Technology Co. 102021 282021
guarantee
Ltd.Anhui CSG New
Joint
Energy Material
April 252022 35000 July 52022 25850 liability None None 3 year No No
Technology Co.guarantee
Ltd.Anhui CSG New
Joint
Energy Material February
April 252022 20000 7832 liability None None 3 year No No
Technology Co. 62023
guarantee
Ltd.Anhui CSG New
Joint
Energy Material May
April 262023 30000 13146 liability None None 1 year No No
Technology Co. 102023
guarantee
Ltd.Anhui CSG New
Joint
Energy Material December March
50000 28072 liability None None 9 year No No
Technology Co. 252021 302022
guarantee
Ltd.Anhui CSG New April 262024 10000 June 0 Joint None None 1 year No No
49CSG Semi-annual Report 2024
Energy Material 202024 liability
Technology Co. guarantee
Ltd.Anhui CSG New
Joint
Energy Material August
April 262023 10000 2000 liability None None 1 year No No
Technology Co. 302023
guarantee
Ltd.Anhui CSG
Silicon Valley Joint
10
Mingdu Mining April 262023 43379 July 62023 39000 liability None None No No
year
Development guarantee
Co. Ltd.Anhui CSG Joint
September
Quartz Materials June 292021 9000 4696 liability None None 5 year No No
132021
Co. Ltd. guarantee
Anhui CSG Joint
March
Quartz Materials April 262023 5000 4980 liability None None 3 year No No
252024
Co. Ltd. guarantee
Anhui CSG Joint
June
Quartz Materials April 262024 1000 1000 liability None None 1 year No No
272024
Co. Ltd. guarantee
Anhui CSG Joint
July
Quartz Materials April 262023 4000 0 liability None None 1 year No No
192023
Co. Ltd. guarantee
Guangxi CSG Joint
Quartz Materials April 262023 July 62023 7200 liability None None 8 year No No
Co. Ltd. guarantee
27400
Joint
Guangxi CSG
April 262023 July 62023 7800 liability None None 8 year No No
Mining Co. Ltd.guarantee
Joint
Guangxi CSG
April 262023 10000 June 72023 0 liability None None 5 year No No
Mining Co. Ltd.guarantee
Guangxi CSG Joint
Quartz Materials April 262023 10000 June 72023 0 liability None None 5 year No No
Co. Ltd. guarantee
Guangxi CSG Joint
April
Quartz Materials April 252022 30000 3207 liability None None 3 year No No
42023
Co. Ltd. guarantee
Guangxi CSG Joint
June
Quartz Materials April 252022 30000 9900 liability None None 3 year No No
112022
Co. Ltd. guarantee
Guangxi CSG Joint
July
Quartz Materials April 252022 50000 15000 liability None None 8 year No No
262022
Co. Ltd. guarantee
Guangxi CSG Joint
July
Quartz Materials April 252022 80000 54000 liability None None 8 year No No
262022
Co. Ltd. guarantee
Guangxi CSG Joint
May
Quartz Materials April 262023 14500 0 liability None None 1 year No No
312024
Co. Ltd. guarantee
Guangxi CSG Joint
March
Quartz Materials April 262023 12000 500 liability None None 1 year No No
132024
Co. Ltd. guarantee
Xi'an CSG Joint
March
Energy Saving April 252022 34400 16878 liability None None 7 year No No
272023
Glass Technology guarantee
50CSG Semi-annual Report 2024
Co. Ltd.Xi'an CSG
Joint
Energy Saving March
April 262023 3000 0 liability None None 1 year No No
Glass Technology 62024
guarantee
Co. Ltd.Qinghai CSG
Joint
New Energy September
April 262023 150000 30000 liability None None 8 year No No
Technology Co. 262023
guarantee
Ltd.Qinghai CSG
Joint
New Energy January
April 262023 69997 45823 liability None None 6 year No No
Technology Co. 242024
guarantee
Ltd.Qinghai CSG
Joint
New Energy June
April 262023 20000 0 liability None None 1 year No No
Technology Co. 182024
guarantee
Ltd.Qinghai CSG
Joint
New Energy October
April 262023 50000 47129 liability None None 7 year No No
Technology Co. 312023
guarantee
Ltd.Zhaoqing CSG
Joint
New Energy April
April 252022 1530 1138 liability None None 7 year No No
Technology Co. 62023
guarantee
Ltd.Anhui CSG Joint
April
Photovoltaic April 262023 10040 5398 liability None None 7 year No No
272023
Energy Co. Ltd. guarantee
Xianning CSG Joint
April
Photovoltaic April 262023 3000 671 liability None None 9 year No No
82024
Energy Co. Ltd. guarantee
Zhanjiang CSG Joint
March
New Energy Co. April 252022 1000 900 liability None None 5 year No No
282023
Ltd. guarantee
Zhaoqing CSG Joint
May
Energy-Saving April 252022 5000 0 liability None None 3 year No No
302022
Glass Co. Ltd. guarantee
Zhaoqing CSG Joint
September September
Energy-Saving 34000 20995 liability None None 5 year No No
222020252020
Glass Co. Ltd. guarantee
Dongguan CSG Joint
April 26 August
Architectural 587 liability None None 1 year No No
202372023
Glass Co. Ltd. guarantee
Dongguan CSG Joint
April 26 August
Solar Glass Co. 0 liability None None 1 year No No
202372023
Ltd. guarantee
Joint
Dongguan CSG April 26 August
1252 liability None None 1 year No No
PV-tech Co. Ltd. 2023 48000 72023
guarantee
Anhui CSG New
Joint
Energy Material April 26 August
3104 liability None None 1 year No No
Technology Co. 2023 72023
guarantee
Ltd.Joint
Wujiang CSG April 26 August
0 liability None None 1 year No No
Glass Co. Ltd. 2023 72023
guarantee
Chengdu CSG April 26 August 0 Joint None None 1 year No No
51CSG Semi-annual Report 2024
Glass Co. Ltd. 2023 72023 liability
guarantee
Sichuan CSG
Joint
Energy April 26 August
236 liability None None 1 year No No
Conservation 2023 72023
guarantee
Glass Co. Ltd.Yichang CSG Joint
April 26 August
Polysilicon Co. 6161 liability None None 1 year No No
202372023
Ltd. guarantee
Joint
Xianning CSG April 26 August
0 liability None None 1 year No No
Glass Co. Ltd. 2023 72023
guarantee
Joint
Xianning CSG April 26 August
206 liability None None 1 year No No
Glass Co. Ltd. 2023 72023
guarantee
Wujiang CSG
Joint
East China April 26 August
852 liability None None 1 year No No
Architectural 2023 72023
guarantee
Glass Co. Ltd.Tianjin CSG Joint
April 26 August
Energy-Saving 2472 liability None None 1 year No No
202372023
Glass Co. Ltd. guarantee
Zhaoqing CSG Joint
April 26 August
Energy-Saving 0 liability None None 1 year No No
202372023
Glass Co. Ltd. guarantee
Total amount of approved guarantees for Total actual amount of guarantees for subsidiaries
72000128141
subsidiaries during the report period (B1) during the report period (B2)
Total amount of approved guarantees for
Total balance of actual guarantees for subsidiaries
subsidiaries at the end of the report period 1696883 771404
at the end of the report period (B4)
(B3)
Guarantees of subsidiaries for their subsidiaries
Date of Counter
Compl Guaran
disclosure of Actual guarant
Actual date Guarante Guara ete tee for
Name of related Guarantee amount Collateral ee
of e nty implem related
guarantee object announcemen amount of (if any) circums
guarantee period entatio party or
t on guarantee guarantee type tance (if
n or not not
amount any)
Total amount of approved guarantees for Total actual amount of guarantees for subsidiaries
00
subsidiaries during the report period (C1) during the report period (C2)
Total amount of approved guarantees for
Total balance of actual guarantees for subsidiaries
subsidiaries at the end of the report period 0 0
at the end of the report period (C4)
(C3)
Total amount of the Company’s guarantees (i.e. the sum of the first three items)
Total amount of approved guarantees during Total actual amount of guarantees during the report
72000128141
the report period (A1+B1+C1) period (A2+B2+C2)
Total amount of approved guarantees at the Total actual balance of guarantees at the end of the
1696883771404
end of the report period (A3+B3+C3) report period (A4+B4+C4)
The proportion of total actual amount of guarantees ((i.e.
55.02%
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 19222
exceeding 70% (E)
The amount of guarantees exceeding 50% of the net assets
0
(F)
52CSG Semi-annual Report 2024
Total guarantee amount of the above three items (D+E+F) 19222
Explanation on guarantee responsibility incurred in the
report period or evidence showing the description of the
Nil
possible joint and several liabilities for repayment for the
guarantee contracts not yet due (if any)
Explanation on providing external guarantees in violation
Nil
of prescribed procedures (if any)
Note: 1. 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 consolidated statement. As of 30 June
2024 the actual guarantee balance was RMB 7714.04 million (of which the actual guarantee balance with liability/asset ratio of
70% or above was RMB 192.22 million) accounting for 54.90% of the parent company’s audited net assets of RMB 14050.8402
million at the end of 2023 and 25.41% of the audited net assets of RMB 30362.06 million. The Company has no overdue
guarantee.
2. 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 June 30 2024 the actual pledge amount of the
asset pool business was RMB 1284.04 million and the financing balance was RMB 1263.04 million.Explanation on compound guarantees
Nil
3. Entrusted Financing
□Applicable √ Not applicable
In the report period there was no entrusted financing.
4. Other material contracts
√ Applicable □ Not applicable
Name of
Transaction Related- Execution as
signing entity Contract
Subject Pricing amount party Associ of the end of Date of Disclosure
on the Name of counterparty signing
matter principle (RMB transactio ation the report disclosure index
Company’s date
0000) n or not period
side
Wujiang LONGi Solar Technology Ltd. Photovoltaic 31 July Price 3 August Announce
CSG Glass Zhejiang LONGi Solar glass 2020 negotiated on a
_ No Nil In progress
2020 ment No.:
Co. Ltd. Technology Ltd. Taizhou monthly basis
53CSG Semi-annual Report 2024
and LONGi Solar Technology Ltd. according to 2020-060
Dongguan Yinchuan LONGi Solar market
CSG Solar Technology Ltd. Chuzhou conditions
Glass Co. LONGi Solar Technology Ltd.Ltd. Datong LONGi Solar
Technology Ltd. LONGi
(H.K.) Trading Limited
LONGi (KUCHING) SDN.BHD. Xianyang LONGi Solar
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 a
13 14 Announce
CSG Holding High-purity monthly basis
Trina Solar Co. Ltd. September _ No Nil In progress September ment No.:
Co. Ltd. silicon according to
202220222022-054
contractually
agreed pricing
principles
Price
negotiated on a
Solar grade monthly basis Announce
CSG Holding 27 October 29 October
Two certain customers primary according to _ No Nil In progress ment No.:
Co. Ltd. 2022 2022
polysilicon contractually 2022-060
agreed pricing
principles
Price
negotiated on a
Solar grade monthly basis Announce
CSG Holding 17 April Yet to be 19 April
One certain customer primary according to _ No Nil ment No.:
Co. Ltd. 2023 executed 2023
polysilicon contractually 2023-011
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
54CSG Semi-annual Report 2024
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 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 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 Guangdong Higher People's Court and the case is currently in the process of the second instance.
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 2024
Section VII. 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
Capitaliz
New
Bonus ation of Proporti
Amount Proportion shares Others Subtotal Amount
shares public on
issued
reserve
I. Restricted shares 2043402 0.07% 2043402 0.07%
1. State-owned shares
2. State-owned legal person’s
shares
3. Other domestic shares 2043402 0.07% 2043402 0.07%
Including: Domestic legal
person’s shares
Domestic natural person’s
20434020.07%20434020.07%
shares
4. Foreign shares
Including: Foreign legal
person’s shares
Foreign natural person’s
shares
II. Unrestricted shares 3068648705 99.93% 3068648705 99.93%
1. RMB Ordinary shares 1959279645 63.80% 1959279645 63.80%
2. Domestically listed foreign
110936906036.13%110936906036.13%
shares
3. Overseas listed foreign
shares
4. Others
III. Total shares 3070692107 100.00% 0 0 0 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 2024
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 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
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
147717 resumed the voting right at end of report period (if 0
at the end of the report period
applicable)
Shareholder with above 5% shares held or top ten shareholders（Excluding shares lent through refinancing）
Amount Number of share
Proportio Total shares
of Amount of un- pledged/frozen
Nature of n of held at the end Changes in
Full name of Shareholders restricted restricted
shareholder shares of report report period
shares shares held Share
held period Amount
held status
Domestic
Foresea Life Insurance Co. non state-
15.19%46638687400466386874
Ltd. – HailiNiannian owned legal
person
Domestic
# Shenzhen Sigma C&T Co. non state-
3.92%120385406480815710120385406
Ltd. owned legal
person
Domestic
Foresea Life Insurance Co.non state-
Ltd. – Universal Insurance 3.86% 118425007 0 0 118425007
owned legal
Products
person
Domestic
Foresea Life Insurance Co. non state-
2.11%647651610064765161
Ltd. – Own Fund owned legal
person
China Galaxy International
Foreign
Securities (Hong Kong) Co. 1.34% 41034578 0 0 41034578
legal person
Limited
57CSG Semi-annual Report 2024
Hong Kong Securities Foreign
0.73%22421087-3775027022421087
Clearing Co. Ltd. legal person
Pledge
18980000
d
Domestic
Zhongshan Runtian non state- Marke
0.62%18983447001898344718980000
Investment Co. Ltd. owned legal d
person
Froze
3447
n
China Merchants Securities Foreign
0.61%18825211-15284626018825211
(Hong Kong) Limited legal person
VANGUARD EMERGING
Foreign
MARKETS STOCK INDEX 0.57% 17643373 -1952200 0 17643373
legal person
FUND
VANGUARD TOTAL
Foreign
INTERNATIONAL STOCK 0.57% 17537213 0 0 17537213
legal person
INDEX FUND
Strategic investors or general legal person
becomes top 10 shareholders due to shares N/A
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 Products Foresea Life Insurance Co. Ltd.-Own Fund are all held by Foresea
Explanation on associated relationship Life Insurance Co. Ltd. Shenzhen Jushenghua Co. Ltd. which holds 51% equity of
among the aforesaid shareholders Foresea Life Insurance Co. Ltd. holds 100% equity 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.Explanation of the above-mentioned
shareholders involving entrusted/entrusted N/A
voting rights and abstention from voting
right
Special instructions on the existence of
special repurchase account among the top N/A
10 shareholders (if any)
Particulars about top ten shareholders with unrestricted shares held
（Excluding shares lent through refinancing and executive lock-in shares）
Amount of unrestricted Type of shares
Shareholders’ name
shares held at year-end 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
118425007 RMB ordinary shares 118425007
Products
Foresea Life Insurance Co. Ltd. – Own Fund 64765161 RMB ordinary shares 64765161
China Galaxy International Securities (Hong Kong) Co. Domestically listed
4103457841034578
Limited foreign shares
Hong Kong Securities Clearing Co. Ltd. 22421087 RMB ordinary shares 22421087
Zhongshan Runtian Investment Co. Ltd. 18983447 RMB ordinary shares 18983447
Domestically listed
China Merchants Securities (Hong Kong) Limited 18825211 18825211
foreign shares
58CSG Semi-annual Report 2024
VANGUARD EMERGING MARKETS STOCK INDEX Domestically listed
1764337317643373
FUND foreign shares
VANGUARD TOTAL INTERNATIONAL STOCK INDEX Domestically listed
1753721317537213
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 Products Foresea Life Insurance Co. Ltd.-Own Fund are all held by Foresea Life Insurance
or consistent action among the above Co. Ltd. Shenzhen Jushenghua Co. Ltd. which holds 51% equity of Foresea Life Insurance
shareholders: Co. Ltd. holds 100% equity 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
Explanation on shareholders
of the Company through an ordinary account and 120385406 shares of the Company
involving margin business (if
through the customer credit transaction guarantee securities account of Huatai Securities Co.applicable)
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
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
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 2023 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
59CSG Semi-annual Report 2024
Section VIII. Preferred Shares
□Applicable √ Not applicable
There were no preferred shares in the Company during the report period.Section IX. Bonds
□Applicable √ Not applicable
On the approval date of this report the Company does not have any existing bonds.
60CSG Semi-annual Report 2024
Section X. Financial Report
I. Report of the auditors
Whether the Semi-annual Report has been audited or not
□ Yes √ No
The Company's Semi-annual Report has not been audited.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 2024
Unit: RMB
Item 30 June 2024 1 January 2024
Current assets：
Cash at bank and on hand 3619278955 3076774218
Notes receivable 1569125486 1593520494
Accounts receivable 1845881636 1881796408
Receivables Financing 622130245 529945623
Advances to suppliers 120163652 155476645
Other receivables 173913608 177957033
Inventories 1978742256 1590224795
Non-current assets due within one year 84191224
Other current assets 413804979 352066698
Total current assets 10343040817 9441953138
Non-current assets：
Investment properties 292711858 290368105
Fixed assets 12785878380 13145568631
Construction in progress 5860245516 4325016420
Right-of-use assets 20668967 21637628
Intangible assets 2420861237 2490530224
Goodwill 8593352 8593352
Long-term prepaid expenses 19903233 18764429
Deferred tax assets 284259290 223025031
Other non-current assets 232792856 396600354
Total non-current assets 21925914689 20920104174
Total assets 32268955506 30362057312
Current liabilities：
61CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Short-term borrowings 288350882 436853583
Notes payable 2509626956 2041353189
Accounts payable 3338914236 3341624602
Contract liabilities 343813781 362538795
Employee benefits payable 325264034 483337796
Taxes payable 166777597 123407413
Other payables 1160609297 484741877
Including: interest payable 8863897 8751408
Dividends payable 767673027
Current portion of non-current
15404856951248891979
liabilities
Other current liabilities 296865126 454332686
Total current liabilities 9970707604 8977081920
Non-current liabilities：
Long-term borrowings 6750620208 6221648676
Lease liabilities 14679278 15134562
Long-term payables 510957893 88204163
Provisions 12031343 13050082
Deferred income 441426757 430143830
Deferred tax liabilities 75030913 80087910
Total non-current liabilities 7804746392 6848269223
Total liabilities 17775453996 15825351143
Shareholders’ equity：
Share capital 3070692107 3070692107
Capital surplus 590739414 590739414
Other comprehensive income 178601860 177384471
Special reserve 3363900 1411139
Surplus reserve 1404063298 1404063298
Undistributed profits 8771988323 8806549788
Total equity attributable to
1401944890214050840217
shareholders of parent company
Minority interests 474052608 485865952
Total shareholders' equity 14493501510 14536706169
Total liabilities and shareholders' equity 32268955506 30362057312
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
62CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Current assets：
Cash at bank and on hand 1405056729 1827896587
Accounts receivable 237211824 240038959
Receivables Financing 35231635 5234304
Advances to suppliers 2034835 1428810
Other receivables 2537334449 2157102479
Including: Dividends receivable 127775200 126870800
Non-current assets due within one year 84191224
Total current assets 4216869472 4315892363
Non-current assets：
Long-term equity investments 10229533769 9806533769
Fixed assets 7909754 8737647
Intangible assets 9552772 9846993
Long-term prepaid expenses 3484218 3784407
Other non-current assets 3900657 1683913
Total non-current assets 10254381170 9830586729
TOTAL ASSETS 14471250642 14146479092
Current liabilities：
Short-term borrowings 15000000 100000000
Notes payable 227613519 484035958
Accounts payable 244777834 257032871
Employee benefits payable 32376007 70030907
Taxes payable 4925918 2558059
Other payables 3341402835 2857183005
Including: interest payable 2189475 1933504
Dividends
767673027
payable
Current portion of non-current
536069800647500000
liabilities
Total current liabilities 4402165913 4418340800
Non-current liabilities：
Long-term borrowings 1718420200 1302250000
Deferred income 171562500 171750000
Total non-current liabilities 1889982700 1474000000
Total liabilities 6292148613 5892340800
Shareholders’ equity：
Share capital 3070692107 3070692107
Capital surplus 741824399 741824399
Surplus reserve 1418608658 1418608658
Undistributed profits 2947976865 3023013128
63CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Total shareholders' equity 8179102029 8254138292
Total liabilities and shareholders' equity 14471250642 14146479092
3. Consolidated income statement
Unit: RMB
Item H1 2024 H1 2023
I. Total business income 8078970651 8389340245
Including: operating income 8078970651 8389340245
II. Total operating costs 7363291697 7477912994
Including: operating costs 6333338505 6495395931
Taxes and surcharges 67905677 76379004
Selling and distribution expenses 155003701 146856141
General and administrative expenses 394521014 340252772
Research and development expenses 336673375 346264501
Financial expenses 75849425 72764645
Including: interest expenses 115225970 113306203
Interest income 31170207 45500449
Add：Other Income 116694636 47203839
Investment income（Loss is listed with “-”） -4863078 -4083180
Credit impairment loss（Loss is listed with “-”） 7380905 -7601224
Asset impairment loss（Loss is listed with “-”） -41315915 24908
Income on disposal assets（Loss is listed with “-”） 4202074 53451
III. Operating profit（Loss is listed with “-”） 797777576 947025045
Add: Non-operating revenue 4928794 9453333
Less: Non-operating expenses 3180495 486800
IV. Total profit（Loss is listed with “-”） 799525875 955991578
Less: Income tax expenses 78227657 74094170
V. Net profit (Net loss is listed with “-”) 721298218 881897408
（1）Classified by continuous operation:
1. Net income from continuing operations (Net loss is
721298218881897408
listed with “-”)
（2）Classified by equity ownership:
1.Attributable to shareholders of parent company 733111562 889478780
2.Minority interests -11813344 -7581372
VI. Other comprehensive income net after tax 1217389 10030559
Other comprehensive income net after tax attributable to
121738910030559
shareholders of parent company
（1）Other comprehensive income to be reclassified
121738910030559
into profit and loss
1. Translation differences arising on translation of
121738910030559
foreign currency financial statement
VII. Total comprehensive income 722515607 891927967
Total comprehensive income attributable to shareholders
734328951899509339
of the parent company
64CSG Semi-annual Report 2024
Item H1 2024 H1 2023
Total comprehensive income attributable to minority
-11813344-7581372
shareholders
VIII. Earnings per share
（1）Basic earnings per share 0.24 0.29
（2）Diluted earnings per share 0.24 0.29
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 2024 H1 2023
I. Operating income 196004063 219825718
Less: operating costs
Taxes and surcharges 1569126 1405865
Selling and distribution expenses 20151569 10326349
General and administrative expenses 134311842 137413753
Research and development expenses 290120
Financial expenses 5210579 15872574
Including: interest expenses 31753909 61444973
Interest income 25751103 41530076
Add：Other Income 1009464 3002974
Investment income（Loss is listed with “-”） 656824755 1682067333
Credit impairment loss（Loss is listed with “-”） 70299 459771
Income on disposal assets（Loss is listed with “-”） 28035
II. Operating profit（Loss is listed with “-”） 692693500 1740047135
Add: Non-operating revenue 14664 1770
Less: Non-operating expenses 71400 170614
III. Total profit（Loss is listed with “-”） 692636764 1739878291
Less: Income tax expenses
IV. Net profit (Net loss is listed with “-”) 692636764 1739878291
（1）Net income from continuing operations (Net loss is
6926367641739878291
listed with “-”)
（2）Net income from discontinued operations(Net loss is
listed with “-”)
V. Total comprehensive income 692636764 1739878291
VI. Earnings per share
5. Consolidated statement of cash flows
Unit: RMB
65CSG Semi-annual Report 2024
Item H1 2024 H1 2023
I. Cash flows from operating activities：
Cash received from sales of goods or rendering of services 8467658366 8167102471
Refund of taxes and surcharges 32599323 129649279
Cash received relating to other operating activities 120575427 235147053
Sub-total of cash inflows from operating activities 8620833116 8531898803
Cash paid for goods and services 5815275525 6164275159
Cash paid to and on behalf of employees 1220487978 1161324786
Payments of taxes and surcharges 320331418 481706537
Cash paid relating to other operating activities 271454050 206165136
Sub-total of cash outflows from operating activities 7627548971 8013471618
Net cash flows from/(used in) operating activities 993284145 518427185
II. Cash flows from investing activities：
Cash received from returns on investments 140000000 20000000
Cash received from returns on invest income 5376333 775676
Net cash received from disposal of fixed assets intangible assets
21021307176747
and other long-term assets
Cash received relating to other investing activities 32629490
Sub-total of cash inflows from operating activities 166397640 53581913
Cash paid to acquire fixed assets intangible assets and other
14925127381714949765
long-term asset
Cash paid to acquire investments 162800000 20000000
Net cash paid to acquire subsidiaries and other business units 696000
Cash paid relating to other investing activities 26244829
Sub-total of cash outflows from operating activities 1681557567 1735645765
Net cash flows (used in)/from investing activities -1515159927 -1682063852
III. Cash flows from financing activities：
Cash received from investors 4000000
Including: Cash received from absorbing minority shareholders’
4000000
investment by subsidiaries
Cash received from borrowings 1605003386 1792403638
Cash received relating to other financing activities 458231000 12000000
Sub-total of cash inflows from operating activities 2063234386 1808403638
Cash repayments of borrowings 900033363 2351598051
Cash payments for interest expenses and distribution of
139192778227681798
dividends or profits
Cash payments relating to other financing activities 86415538 23054274
Sub-total of cash outflows from operating activities 1125641679 2602334123
Net cash flows (used in)/from financing activities 937592707 -793930485
IV. Effect of foreign exchange rate changes on cash 10660765 2809041
V. Net increase/(decrease) in cash and cash equivalents 426377690 -1954758111
Add: Cash and cash equivalents at beginning of period 3051261655 4594018251
VI. Cash and cash equivalents at end of period 3477639345 2639260140
66CSG Semi-annual Report 2024
6. Statement of cash flows of the parent company
Unit: RMB
Item H1 2024 H1 2023
I. Cash flows from operating activities：
Cash received from sales of goods or rendering of services 857809508 346331261
Cash received relating to other operating activities 26636779 207913289
Sub-total of cash inflows from operating activities 884446287 554244550
Cash paid for goods and services 667365408 59456484
Cash paid to and on behalf of employees 176610778 182805295
Payments of taxes and surcharges 8574661 22354669
Cash paid relating to other operating activities 76762407 17475295
Sub-total of cash outflows 929313254 282091743
Net cash flows from/(used in) operating activities -44866967 272152807
II. Cash flows from investing activities：
Cash received from returns on investments 80000000 20000000
Cash received from returns on invest income 661015979 1931308828
Net cash received from disposal of fixed assets intangible assets
316802000
and other long-term assets
Sub-total of cash inflows 741047659 1951310828
Cash paid to acquire fixed assets intangible assets and other
37505315775984
long-term assets
Cash paid to acquire investments 523000000 999282840
Sub-total of cash outflows 526750531 1005058824
Net cash flows (used in)/from investing activities 214297128 946252004
III. Cash flows from financing activities：
Cash received from borrowings 643490000 610000000
Sub-total of cash inflows 643490000 610000000
Cash repayments of borrowings 423750000 2216543000
Cash payments for interest expenses and distribution of
31497937154494391
dividends or profits
Cash paid relating to other financing activities 880514582 532071876
Sub-total of cash outflows 1335762519 2903109267
Net cash flows (used in)/from financing activities -692272519 -2293109267
IV. Effect of foreign exchange rate changes on cash 2413 18222
V. Net increase/(decrease) in cash and cash equivalents -522839945 -1074686234
Add: Cash and cash equivalents at beginning of period 1827884309 2595003883
VI. Cash and cash equivalents at end of period 1305044364 1520317649
67CSG Semi-annual Report 2024
7. Consolidated statement of changes in owner's equity
H1 2024
Unit: RMB
H1 2024
Equity attributable to shareholders of parent company
Item Total
Other Minority
Capital Special Undistributed shareholders'
Share capital comprehensiv Surplus reserve Sub-total interests
surplus reserve profits equity
e income
I. Balance at the end of the
30706921075907394141773844711411139140406329888065497881405084021748586595214536706169
last year
II. Balance at the beginning
30706921075907394141773844711411139140406329888065497881405084021748586595214536706169
of the period
III. Movements for the
period (Decrease is listed 1217389 1952761 -34561465 -31391315 -11813344 -43204659
with “-”)
（I）Total comprehensive
1217389733111562734328951-11813344722515607
income（II）Capital increase or
decrease from shareholder
1. Ordinary shares
contributed by the owner
2. Others（III）Profit distribution -767673027 -767673027 -767673027
1. Transfer to surplus
reserves
2. Distribution to owners
-767673027-767673027-767673027（or shareholders）（IV）Special reserve 1952761 1952761 1952761
1．Special reserve 3139075 3139075 3139075
68CSG Semi-annual Report 2024
appropriate
2．Special reserve used 1186314 1186314 1186314
IV. Balance at the end of the
30706921075907394141786018603363900140406329887719883231401944890247405260814493501510
period
69CSG Semi-annual Report 2024
H1 2023
Unit: RMB
H1 2023
Equity attributable to shareholders of parent company
Item Total
Other Minority shareholders'
Capital Special Undistributed
Share capital comprehensiv Surplus reserve Sub-total interests
surplus reserve profits equity
e income
I. Balance at the end of the
3070692107596997085170860478731580122863400177869684551285488370652078759713375671303
last year
II. Balance at the beginning
3070692107596997085170860478731580122863400177869684551285488370652078759713375671303
of the period
III. Movements for the
period (Decrease is listed 10030559 -521061 889478780 898988278 -3581372 895406906
with “-”)
（I）Total comprehensive
10030559889478780899509339-7581372891927967
income（II）Capital increase or
40000004000000
decrease from shareholder
1. Contributions from
shareholders in common 4000000 4000000
stock
2. Others（III）Profit distribution
1. Transfer to surplus
reserves
2. Distribution to owners
(or shareholders)（IV）Special reserve -521061 -521061 -521061
1．Special reserve 5038984 5038984 5038984
70CSG Semi-annual Report 2024
H1 2023
Equity attributable to shareholders of parent company
Item Total
Other Minority
Capital Special Undistributed shareholders'
Share capital comprehensiv Surplus reserve Sub-total interests
surplus reserve profits equity
e income
appropriate
2．Special reserve used 5560045 5560045 5560045
IV. Balance at the end of
3070692107596997085180891037210519122863400186764472351375387198451720622514271078209
the period
71CSG Semi-annual Report 2024
8. Statement of changes in owners' equity of the parent company
H1 2024
Unit: RMB
H1 2024
Item Total shareholders'
Share capital Capital surplus Surplus reserve Undistributed profits
equity
I. Balance at the end of the last year 3070692107 741824399 1418608658 3023013128 8254138292
II. Balance at the beginning of the period 3070692107 741824399 1418608658 3023013128 8254138292
III. Movements for the period (Decrease is listed with
-75036263-75036263
“-”)
（I）Total comprehensive income 692636764 692636764（II）Capital increase or decrease from shareholder（III）Profit distribution -767673027 -767673027
1. Transfer to surplus reserves
2. Distribution to shareholders -767673027 -767673027（IV）Internal carry-forward of owners' equity
（V）Special reserve（VI）Others
IV. Balance at the end of the period 3070692107 741824399 1418608658 2947976865 8179102029
72CSG Semi-annual Report 2024
H1 2023
Unit: RMB
H1 2023
Item Total shareholders'
Share capital Capital surplus Surplus reserve Undistributed profits
equity
I. Balance at the end of the last year 3070692107 741824399 1243179361 1904753271 6960449138
II. Balance at the beginning of the period 3070692107 741824399 1243179361 1904753271 6960449138
III. Movements for the period (Decrease is listed with
17398782911739878291
“-”)
（I）Total comprehensive income 1739878291 1739878291（II）Capital increase or decrease from shareholder（III）Profit distribution
1. Transfer to surplus reserves
2. Distribution to owners (or shareholders)（IV）Internal carry-forward of owners' equity
（V）Special reserve（VI）Others
IV. Balance at the end of the period 3070692107 741824399 1243179361 3644631562 8700327429
73CSG Semi-annual Report 2024
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. As at 30 June 2024 the registered
capital of the Group was RMB3070692107 with nominal value of RMB1 per share.The Group and its subsidiaries (collectively referred to as the “Group”) are mainly engaged in the manufacture and
sales of float glass photovoltaic glass specialised 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.The financial statements and the notes thereto were authorised for issue by the Board of Directors of the Group on 22
August 2024.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 2024 as well as the
74CSG Semi-annual Report 2024
consolidated and company operating results consolidated and company cash flows and other relevant information
from January to June 2024.
2. Accounting year
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
The impact on the company’s current profit and loss accounts for over 5% of the
Significant write-off of accounts
net profit absolute value for the most recent audited fiscal year and exceeds 1
receivable/other receivables
million yuan in absolute amount
Significant construction in The budgeted investment amount accounts for over 5% of the recent audited
progress attributable equity to the parent company
Significant non-wholly owned
The subsidiary’s total assets account for over 5% of the consolidated total assets
subsidiaries
6. Accounting treatment of business combinations under the common control and under non- common
control
(1) Business combinations involving enterprises under common control
For business mergers under common control the assets and liabilities of the merged party acquired by the merging
party during the merger shall be measured based on the book value of the merged party in the consolidated financial
statements of the ultimate controlling party on the merger date. The difference between the book value of the merger
consideration (or the total face value of the shares issued) and the book value of the net assets obtained in the merger
is adjusted to the capital reserve (share premium). If the capital reserve (share premium) is insufficient to offset it the
retained earnings are adjusted.The merger of enterprises under the same control is realized step by step through multiple transactions.The assets and liabilities of the merged party acquired by the merging party in the merger shall be measured based on
the book value in the consolidated financial statements of the ultimate controlling party on the date of merger; the
book value of the investments held before the merger plus the book value of the newly paid consideration on the date
of merger The difference between the sum and the book value of the net assets obtained in the merger shall be
adjusted to the capital reserve (equity premium) . If the capital reserve is insufficient for offset the retained earnings
shall be adjusted. The long-term equity investment held by the merging party before it obtained control of the merged
75CSG Semi-annual Report 2024
party has been confirmed to be relevant between the date of acquiring the original equity and the date when the
merging party and the merged party are under the final control of the same party whichever is later to the date of
merger. Changes in profits and losses other comprehensive income and other owners’ equity should be offset against
the opening retained earnings or current profits and losses during the comparative statement period respectively.
(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
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The consolidated financial statements are based on the financial statements of the Group and its subsidiaries and are
prepared by the Group based on other relevant information. When preparing consolidated financial statements the
accounting policies and accounting period requirements of the Group and its subsidiaries are consistent and
significant inter-company transactions and balances are offset.Subsidiaries and businesses that are added due to business combinations under the same control during the reporting
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
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The Group’s foreign currency business is converted into the recording currency amount based on the spot exchange
rate on the date of the transaction.On the balance sheet date foreign currency monetary items are converted using the spot exchange rate on the balance
sheet date. The exchange difference arising from the difference between the spot exchange rate on the balance sheet
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 tool
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:
1) The contractual right to receive cash flows from the financial asset terminates;
2) 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
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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
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.
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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.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:
1) Contractual obligation to deliver cash or other financial assets to other parties.
2) Contractual obligations to exchange financial assets or financial liabilities with other parties under potentially
adverse conditions.
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3) 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.
4) 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
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Based on expected credit losses the Group performs impairment accounting on the following items and recognizes
loss provisions:
* 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 bad debt provisions on a group basis.
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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.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
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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.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.
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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.
(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
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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 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
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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.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
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For investments in subsidiaries associates and joint ventures please refer to Note for the method of calculating asset
impairment.
13. Investment properties
Investment properties is property 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 is 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
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
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rates of various types of fixed assets based on fixed asset category estimated service life and estimated residual value
as follows:
Depreciation Annual depreciation
Category Useful lives (years) Residual rate%
methods rate %
The life average
Buildings 20-35 years 5% 4.75% to 2.71%
method
Machinery The life average
8-20 years 5% 11.88% to 4.75%
equipment method
Transportation and The life average
5-8 years 0 20% to 12.50%
Others method
Among them for fixed assets for which impairment provisions have been made the depreciation rate should also be
calculated and determined by deducting the accumulated amount of fixed asset impairment provisions.
(3) Note for the impairment testing method and impairment provision accrual method for fixed assets.
(4) At the end of each year the Group reviews the useful life estimated net residual value and depreciation method of
fixed assets.If there is a difference between the estimated useful life and the original estimate the useful life of the fixed assets
will be adjusted; if there is a difference between the expected net residual value and the original estimate the
estimated net residual value will be adjusted.
(5) Fixed asset disposal
When a fixed asset is disposed of or no economic benefits are expected to be generated through use or disposal the
fixed asset is derecognised. The amount of disposal income from the sale transfer scrapping or damage of fixed
assets after deducting their book value and relevant taxes is included in the current profit and loss.
15. Construction in progress
The cost of the Group’s construction-in-progress is determined based on actual project expenditures including
various necessary project expenditures incurred during the construction period borrowing costs that should be
capitalized before the project reaches its intended usable state and other related expenses.Construction in progress is transferred to fixed assets when it reaches the intended usable state. The criteria for
judging the intended usable status should meet one of the following conditions: The physical construction (including
installation) of the fixed assets has been completed or substantially completed trial production or trial operation has
been carried out and the results show that the assets can operate normally. Or it can produce stably or the trial
operation results show that it can operate normally. The amount of expenditure on the fixed assets constructed is very
small or almost no longer occurs and the fixed assets purchased have met the design or contract requirements or are
basically consistent with the design or contract requirements.Note for the method of accruing asset impairment for construction in progress.The Group’s engineering materials refer to various materials prepared for projects under construction including
engineering materials equipment that has not yet been installed and tools and equipment prepared for production.The purchased engineering materials are measured at cost the engineering materials received are transferred to the
project under construction and the remaining engineering materials after the completion of the project are transferred
to inventory.Note for the asset impairment method of construction materials.In the balance sheet the closing balance of construction materials is listed in the “Construction in Progress” item.
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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:
1) 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;
2) The borrowing costs have been incurred;
3) 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.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.
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The amortization method of intangible assets with limited useful life is as follows:
Useful lives Amortization
Category Basis for determining service life Notes
(years) method
Straight-line
Land use rights 30-70 years Warrant
Depreciation
Patent rights and
Straight-line
proprietary 5-20 years Estimated useful life
Depreciation
technologies
Straight-line
Exploitation rights 16-20 years Warrants expected income period
Depreciation
Straight-line
Others 2-10 years Estimated useful life
Depreciation
At the end of each year the Group reviews the useful life and amortization method of intangible assets with limited
service life. If it is different from the previous estimate the original estimate is adjusted and treated as a change in
accounting estimate.If it is expected that an intangible asset will no longer bring future economic benefits to the enterprise on the balance
sheet date the entire book value of the intangible asset will be transferred to the current profit and loss.Note for the method of impairment for intangible assets.
(2) The scope of R&D expenditure collection and the related accounting treatment
The Group's R&D expenditures are expenditures directly related to the company's R&D activities including R&D
staff salaries direct investment costs depreciation expenses and long-term deferred expenses design expenses
equipment commissioning expenses intangible asset amortization expenses entrusted external research and
development expenses other expenses etc. The wages of R&D personnel are included in R&D expenditures based on
project working hours. Equipment production lines and sites shared between R&D activities and other production
and operation activities are included in R&D expenses according to the proportion of working hours and the
proportion of area.The Group divides expenditures on internal research and development projects into expenditures in the research phase
and expenditures in the development phase.Expenditures in the research stage are included in the current profits and losses when incurred.Expenditures in the development stage can only be capitalized if they meet the following conditions: it is technically
feasible to complete the intangible asset so that it can be used or sold; there is the intention to complete the intangible
asset and use or sell it; the intangible asset The way to generate economic benefits includes being able to prove that
there is a market for the products produced using the intangible assets or that the intangible assets themselves have a
market. If the intangible assets will be used internally they can prove their usefulness; there are sufficient technical
financial and other resource supports in order to complete the development of the intangible asset and have the
ability to use or sell the intangible asset; the expenditures attributable to the development stage of the intangible asset
can be measured reliably. Development expenditures that do not meet the above conditions are included in the current
profit and loss.The Group’s research and development projects will enter the development stage after meeting the above conditions
and passing technical feasibility and economic feasibility studies to form a project.Capitalized expenditures in the development phase are listed as development expenditures on the balance sheet and
are converted into intangible assets from the date the project reaches its intended use.Capitalization conditions for specific R&D projects:
Expenditures in the research stage are included in the current profits and losses when incurred. Before large-scale
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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
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.
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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 therelevant provisions on the defined benefit plan mentioned above but the “changes caused by the remeasurement ofthe net liabilities or net assets of the defined benefit plan” in the relevant employee compensation costs shall be
included in the current profit and loss or related Asset cost.
21. Estimated liabilities
If the obligations related to contingencies meet the following conditions at the same time the Group will recognize
them as estimated liabilities:
(1) The obligation is a current obligation borne by the Group;
(2) The performance of this obligation is likely to result in the outflow of economic benefits from the Group;
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(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:
1) When the Group performs the contract the customer obtains and consumes the economic benefits brought by the
Group’s performance.
2) Customers can control the goods under construction during the performance of the contract by the Group.
3) 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:
1) 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.
2) 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.
3) The Group has physically transferred the goods to the customer that is the customer has physically taken
possession of the goods.
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4) 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.
5) The customer has accepted the goods or services.
6) 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 recognises 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 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.
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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:
1) 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;
2) This cost increases the Company’s resources for fulfilling its performance obligations in the future;
3) 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:
1) The remaining consideration that the company expects to obtain from the transfer of goods or services related to
the asset;
2) 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.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
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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);
(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
97CSG Semi-annual Report 2024
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
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
98CSG Semi-annual Report 2024
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: 1) The lease change expands the scope of the lease by adding the right to use one or more leased
assets; 2) 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 remeasurement 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 remeasurement 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
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: 1) The change expands the scope of the lease by adding the right to use one or more leased
assets; 2) 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: 1) 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
99CSG Semi-annual Report 2024
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; 2) 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.The safety production costs are mainly used for the overhaul renewal and maintenance of safety facilities. The safety
production costs are charged to costs of related products or profit or loss when appropriated and safety production
costs in equity account are credited correspondingly. When using the special reserve if the expenditures are expenses
in nature the expenses incurred are offset against the special reserve directly when incurred. If the expenditures are
capital expenditures when projects are completed and transferred to fixed assets the special reserve should be offset
against the cost of fixed assets and a corresponding accumulated depreciation are recognized. The fixed assets are no
longer be depreciated in future.Significant accounting judgments and estimates
The Group continuously evaluates the important accounting estimates and key assumptions adopted based on
historical experience and other factors including reasonable expectations for future events. The important accounting
estimates and key assumptions that are likely to cause a significant adjustment in the book value of assets and
liabilities in the next fiscal year are as follows:
Classification of financial assets
The Group’s significant judgments involved in determining the classification of financial assets include analysis of
business models and contractual cash flow characteristics.Factors considered include the way to evaluate and report the performance of financial assets to key management
personnel the risks that affect the performance of financial assets and their management methods and relevant
business managers. How to get paid etc.When the Group evaluates whether the contractual cash flows of financial assets are consistent with the basic lending
arrangements it makes the following main judgments: whether the time distribution or amount of the principal may
change during the duration due to early repayment; whether the interest is only Includes time value of money credit
risk other fundamental lending risks and consideration against costs and profits. For example whether the amount of
early repayment only reflects the unpaid principal and interest based on the unpaid principal as well as reasonable
compensation paid for early termination of the contract.Measurement of expected credit losses on accounts receivable
100CSG Semi-annual Report 2024
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 utilised. This requires management to use a lot of
judgment to estimate the timing and amount of future taxable profits combined with tax planning strategies to
determine the amount of deferred income tax assets that should be recognized.
28. Changes in important accounting policies and accounting estimates
(1) Important changes in accounting policies
Accounting Standards for Business Enterprises Interpretation No. 17
The Ministry of Finance issued the Interpretation No. 17 of Accounting Standards for Business Enterprises (Financial
Accounting [2023] No. 21) in October 2023 (hereinafter referred to as “Interpretation No. 17”). It further
standardized and clarified the classification of current and non-current liabilities disclosure of supplier financing
arrangements and accounting treatments of sale and leaseback transactions which was effective from 1 January 2024.The adoption of Interpretation No. 17 had no significant impact on the financial condition and operating results of the
Group.
101CSG Semi-annual Report 2024
VI. TAXATION
1. The main categories and rates of taxes applicable to the Group are set out below:
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 2021 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 2021. As the company is currently going through the 2024 review of its
high and new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the report period.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.
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.
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.Wujiang CSG Glass Co. Ltd. (“Wujiang CSG”) passed review on a high and new tech enterprise in 2023 and
obtained the Certificate of High and New Tech Enterprise and the period of validity was three years. It applies to
15% tax rate for three years since 2023.
Xianning CSG Glass Co Ltd. (“Xianning CSG”) passed review on a high and new tech enterprise in 2023 and
obtained the Certificate of High and New Tech Enterprise and the period of validity was three years. It applies to
15% tax rate for three years since 2023.
102CSG Semi-annual Report 2024
Xianning CSG Energy-Saving Glass Co. Ltd. (“Xianning CSG Energy-Saving”) passed review on a high and new
tech enterprise in 2021 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 2021. As the company is currently going through the 2024
review of its high and new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the
report period.Yichang CSG Photoelectric Glass Co. Ltd. (“Yichang CSG Photoelectric”) passed review on a high and new tech
enterprise in 2021 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 2021. As the company is currently going through the 2024
review of its high and new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the
report period.Yichang CSG Display Co. Ltd (“Yichang CSG Display”) passed review on a high and new tech enterprise in 2021
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 2021. As the company is currently going through the 2024 review of its high and
new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the report period.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.Hebei CSG Glass Co Ltd. (“Hebei CSG”) passed review on a high and new tech enterprise in 2021 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 2021. As the company is currently going through the 2024 review of its high and new tech enterprise
certificate the income tax rate of 15% was provisionally adopted for the report period.Shenzhen CSG Applied Technology Co Ltd. (“Shenzhen Technology”) passed review on a high and new tech
enterprise in 2021 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 2021. As the company is currently going through the 2024
review of its high and new tech enterprise certificate the income tax rate of 15% was provisionally adopted for the
report period.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.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.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
103CSG Semi-annual Report 2024
tax at a tax rate of 15% for current year.Yichang CSG New Energy Co. Ltd. (hereinafter referred to as "Yichang New Energy Company") Zhaoqing CSG
New Energy Technology Co. Ltd. (hereinafter referred to as "Zhaoqing New Energy Company") Xianning CSG PV
Energy Co. Ltd. (“Xianning PV Energy”) Zhanjiang CSG New Energy Co. Ltd. (“Zhanjiang PV Energy”) and
Anhui CSG Photovoltaic Energy Co. Ltd. (“Anhui 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 ofChina on Enterprise Income Tax and can enjoy the tax preferential policy of “three-year exemptions and three-yearhalves” 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.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.
104CSG Semi-annual Report 2024
VII. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Cash at bank and on hand
Unit: RMB
Item 30 June 2024 1 January 2024
Cash at bank 3477639345 3051261655
Other currency funds 141639610 25512563
Total 3619278955 3076774218
Including: Total overseas deposits 43301497 31005196
The total amount of cash and cash
equivalents that are restricted to use due 141639610 25512563
to mortgage pledge or freezing etc.
2. Notes receivable
（1）Notes receivable listed by category
Unit: RMB
Item 30 June 2024 1 January 2024
Bank acceptance 1474867926 1510946903
Trade acceptance 94257560 82573591
Total 1569125486 1593520494
（2）Classification by bad debt accrual method
Unit: RMB
30 June 2024
Category Carrying amount Provision for bad debts
Book value
Amount Proportion Amount Proportion
Provision for bad debts on an
individual basis
Provision for bad debts on a
1571049110100%19236240.12%1569125486
portfolio basis
Including:
Bank acceptance 1474867926 94% 1474867926
Trade acceptance 96181184 6% 1923624 2% 94257560
Total 1571049110 100% 1923624 0.12% 1569125486
(Continued)
1 January 2024
Category Carrying amount Provision for bad debts
Book value
Amount Proportion Amount Proportion
Provision for bad debts on an
105CSG Semi-annual Report 2024
1 January 2024
Category Carrying amount Provision for bad debts
Book value
Amount Proportion Amount Proportion
individual basis
Provision for bad debts on a
1595205669100%16851750.11%1593520494
portfolio basis
Including:
Bank acceptance 1510946903 95% 1510946903
Trade acceptance 84258766 5% 1685175 2% 82573591
Total 1595205669 100% 1685175 0.11% 1593520494
Provision for bad debts on a basis of trade acceptance portfolio:
Unit: RMB
30 June 2024
Item
Carrying amount Provision for bad debts Provision proportion
Trade acceptance 96181184 1923624 2%
Total 96181184 1923624
（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 2024 Recovered or 30 June 2024
Accrued Written off Others
reversed
Trade
16851756586944202451923624
acceptance
Total 1685175 658694 420245 1923624
（4）Notes receivables that the Company has pledged at the end of the period
Unit: RMB
Item Pledged amount
Bank acceptance 1092137999
Total 1092137999
（5）Endorsed or discounted notes receivable have not yet matured on the balance sheet
Unit: RMB
Derecognized amount at the end of the Un-derecognized amount at the end of
Item
period the period
Bank acceptance 253785857
Trade acceptance 3905265
106CSG Semi-annual Report 2024
Derecognized amount at the end of the Un-derecognized amount at the end of
Item
period the period
Total 257691122
3. Accounts receivable
（1）Disclosure by age
Unit: RMB
Aging 30 June 2024 1 January 2024
Within 1 year (including 1 year) 1748714872 1799401050
1 to 2 years 34569102 42338430
2 to 3 years 63255818 156855077
Over 3 years 192219106 81310642
Total 2038758898 2079905199
（2）Classification by bad debt accrual method
Unit: RMB
30 June 2024
Carrying amount Provision for bad debts
Category
Provision Book value
Amount Proportion Amount
proportion
Provision for bad debts on an
1711653148%15552261291%15642702
individual basis
Provision for bad debts on a
186759358492%373546502%1830238934
portfolio basis
Including:
Receivables from unrelated parties 1867593584 92% 37354650 2% 1830238934
Total 2038758898 100% 192877262 9% 1845881636
(Continued)
1 January 2024
Carrying amount Provision for bad debts
Category
Provision Book value
Amount Proportion Amount
proportion
Provision for bad debts on an
1763570148%16007484091%16282174
individual basis
Provision for bad debts on a
190354818592%380339512%1865514234
portfolio basis
Including:
Receivables from unrelated parties 1903548185 92% 38033951 2% 1865514234
Total 2079905199 100% 198108791 10% 1881796408
Provision for bad debts on an individual basis:
Unit: RMB
107CSG Semi-annual Report 2024
1 January 2024 30 June 2024
Item Carrying Provision for Carrying Provision for Provision
Reason for provision
amount bad debts amount bad debts proportion
Mainly due to the inability to
honor commercial acceptance bills
issued by Evergrande and its
subsidiaries that have been
Total of endorsed by customers and the
single-item
176357014 160074840 171165314 155522612 91% transfer of accounts receivable
accrual from bills receivable as well as
customers partial or full provision for bad
debt reserves due to business
disputes or deterioration of
customer operations.Total 176357014 160074840 171165314 155522612 91%
Provision for bad debts on a portfolio basis:
Unit: RMB
30 June 2024
Item
Carrying amount Provision for bad debts Provision proportion
Combined customers 1867593584 37354650 2%
Total 1867593584 37354650
（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 2024 Recovered or 30 June 2024
Accrued Written off
reversed
Bad debt provisions
for accounts 198108791 9227299 14387203 71625 192877262
receivable
Total 198108791 9227299 14387203 71625 192877262
（4）Actual write-off of accounts receivable in the current period
Unit: RMB
Item Write-off amount
Accounts receivable 71625
（5）Accounts receivable details of the top 5 closing balances by debtors
Unit: RMB
Accounts receivable closing Percentage in total accounts Provision for bad debts closing
Name
balance receivable balance balance
Total balances for the five
largest accounts receivable 611275089 30% 12225502
108CSG Semi-annual Report 2024
Total 611275089 30% 12225502
4. Receivables financing
Unit: RMB
Item 30 June 2024 1 January 2024
Notes receivable 622130245 529945623
Total 622130245 529945623
5. Other receivables
Unit: RMB
Item 30 June 2024 1 January 2024
Other receivables 173913608 177957033
Total 173913608 177957033
（1）Other receivables
1）Other receivables categorized by nature
Unit: RMB
Nature 30 June 2024 1 January 2024
Receivables from special fund for talent
171000000171000000
(note)
Payments made on behalf of other parties 31769484 40125087
Advances to suppliers 10366164 10366164
Refundable deposits 9862520 9033990
Petty cash 1354833 594514
Others 13614899 13797012
Total 237967900 244916767
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 and the case is currently in the
process of the second instance.
109CSG Semi-annual Report 2024
2） Disclosure by age
Unit: RMB
Aging 30 June 2024 1 January 2024
Within 1 year (including 1 year) 22878544 22612560
1 to 2 years 2168217 1819789
2 to 3 years 15777311 20535190
Over 3 years 197143828 199949228
3 to 4 years 836485 1058546
4 to 5 years 676868 450650
Over 5 years 195630475 198440032
Total 237967900 244916767
3） Classification by bad debt accrual method
Unit: RMB
30 June 2024
Carrying amount Provision for bad debts
Category
Provision
Propor Book value
Amount Amount proportio
tion
n
Provision for bad debts on an individual
18282364177%6312364235%119699999
basis
Provision for bad debts on a portfolio basis 55144259 23% 930650 2% 54213609
Including:
Unrelated party combination 55144259 23% 930650 2% 54213609
Total 237967900 100% 64054292 27% 173913608
(Continued)
1 January 2024
Carrying amount Provision for bad debts
Category
Provision
Propor Book value
Amount Amount proportio
tion
n
Provision for bad debts on an individual
18839398177%6590881135%122485170
basis
Provision for bad debts on a portfolio basis 56522786 23% 1050923 2% 55471863
Including:
Unrelated party combination 56522786 23% 1050923 2% 55471863
Total 244916767 100% 66959734 27% 177957033
Provision for bad debts accrued on the basis of a general model of expected credit losses:
Unit: RMB
Provision for bad debt Stage 1 Stage 2 Stage 3 Total
110CSG Semi-annual Report 2024
Expected credit Expected credit
Expected
loss for the loss for the
credit loss in
whole period whole period
the next 12
(no credit (with credit
months
impairment) impairment)
Amount on 1 January 2024 1050923 65908811 66959734
Carrying amount on 1 January
2024
that in this period:
Provision for the period 84702 84702
Reverse for the period 204975 2339177 2544152
Write-off for the period 445992 445992
Amount on 30 June 2024 930650 63123642 64054292
4） Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
Change in the current period
1 January
Category Recovered or 30 June 2024 2024 Accrued Written off Others
reversed
Bad debt provisions
6695973484702254415244599264054292
for other receivables
Total 66959734 84702 2544152 445992 64054292
5） Actual write-off of other receivables in the current period
Unit: RMB
Item Write-off amount
Other receivables 445992
6）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Percentage in total
Provision for bad
Name Nature of business 30 June 2024 Ageing other receivables
debts
balance
Independent third
Company 1 171000000 Over 5 years 72% 51300000
party
Independent third
Company 2 14000000 2-3 years 6% 280000
party
Independent third
Company 3 11556004 Over 5 years 5% 231120
party
Independent third
Company 4 10366164 Over 5 years 4% 10366164
party
Independent third
Company 5 1800000 Over 5 years 1% 36000
party
111CSG Semi-annual Report 2024
Percentage in total
Provision for bad
Name Nature of business 30 June 2024 Ageing other receivables
debts
balance
Total 208722168 88% 62213284
6. Advances to suppliers
（1）Listing by ages
Unit: RMB
30 June 2024 1 January 2024
Aging
Amount Proportion Amount Proportion
Within 1 year
11697540097%155075823100%
(including 1 year)
1 to 2 years 3122473 3% 395256
2 to 3 years 64013 1766
Over 3 years 1766 3800
Total 120163652 155476645
（2）Advance payment of the top 5 closing balances by prepayment objects
Item Advance payment closing balance Percentage in total advances to suppliers balance
Total balances for the five
5680549247%
largest advances to suppliers
7. Inventories
（1）Inventory classification
Unit: RMB
30 June 2024 1 January 2024
Provision for Provision for
Item Carrying decline in the Carrying decline in the
Book value Book value
amount value of amount value of
inventories inventories
Raw
648135092195371746285979185688033351935371566867964
materials
Work in
34111901341119012994104629941046
progress
Finished
123691162332317391120459423292868578128179241900506540
goods
Turnover
1116218731836681114382059309312718388292909245
materials
Total 2030780489 52038233 1978742256 1620523289 30298494 1590224795
112CSG Semi-annual Report 2024
（2） Provision for decline in the value of inventories
Unit: RMB
Increase in current period Decrease in current period
Item 1 January 2024 Reversal or 30 June 2024
Provision Others Others
write-off
Raw materials 1935371 18073648 471845 19537174
Finished goods 28179241 23242267 19104117 32317391
Turnover
183882214183668
materials
Total 30298494 41315915 19576176 52038233
8. Non-current assets due within one year
Unit: RMB
Item 30 June 2024 1 January 2024
Fixed-term deposit in bank due within
84191224
one year
Total 84191224
9. Other current assets
Unit: RMB
Item 30 June 2024 1 January 2024
VAT to be offset 353275416 260361670
Enterprise income tax prepaid 2601848 18127608
VAT input to be recognised 15127715 33577420
Term deposits 42800000 40000000
Total 413804979 352066698
10. Investment properties
（1）Investment properties measured using the fair value model
√ Applicable □ Not applicable
Unit: RMB
Item House building and related land use rights
I. 1 January 2024 290368105
II. Movement in the current period 2343753
III. 30 June 2024 292711858
11. Fixed assets
Unit: RMB
113CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Fixed assets 12785878380 13145568631
Total 12785878380 13145568631
（1）List of fixed assets
Unit: RMB
Machinery and Motor vehicles
Item Buildings Total
equipment and others
I. Original book value：
1. 1 January 2024 6308032051 16145236673 369115738 22822384462
2. Increase in current period 114474348 242020867 13208585 369703800
（1）Acquisition 5322104 15430543 11059842 31812489
（2）Transfers from
105629308226075188331704496
construction in progress
（3）Other increases 3522936 515136 2148743 6186815
3. Decrease in current period 5110586 740029055 5579475 750719116
（1）Disposal or
133527952816468476113558912882
retirement
（2）Transfer to
3775307670065001673840308
construction in progress
（3）Other decreases 17147586 818340 17965926
4. 30 June 2024 6417395813 15647228485 376744848 22441369146
II. Accumulative depreciation
1. 1 January 2024 1411838090 6622522037 273719361 8308079488
2. Increase in current period 106825930 452458689 20853213 580137832
（1）Accrual 106814755 452448127 20631114 579893996
（2）Other increases 11175 10562 222099 243836
3. Decrease in current period 1913617 573342258 4852372 580108247
（1）Disposal or
25409256442759329836849
retirement
（2）Transfer to
1913617547495429549409046
construction in progress
（3）Other decreases 437573 424779 862352
4. 30 June 2024 1516750403 6501638468 289720202 8308109073
III. Impairment provision
1. 1 January 2024 152839987 1215616873 279483 1368736343
2. Increase in current period 2247363 416190 2663553
（1）Transfers from
22473634161902663553
construction in progress
3. Decrease in current period 1335279 22682924 24018203
（1）Disposal or
13352792268292424018203
retirement
114CSG Semi-annual Report 2024
Machinery and Motor vehicles
Item Buildings Total
equipment and others
4. 30 June 2024 151504708 1195181312 695673 1347381693
IV. Book value
1. 30 June 2024 4749140702 7950408705 86328973 12785878380
2. 1 January 2024 4743353974 8307097763 95116894 13145568631
（2）Fixed assets without ownership certificate
Unit: RMB
Reasons for not yet obtaining certificates
Item Book value
of title
Have submitted the required documents
and are in the process of application or
Buildings 926436414
the related land use right certificate
pending
12. Construction in progress
Unit: RMB
Item 30 June 2024 1 January 2024
Construction in progress 5860245516 4325016420
Total 5860245516 4325016420
115CSG Semi-annual Report 2024
（1）Details of construction in progress
Unit: RMB
30 June 2024 1 January 2024
Item Provision for Provision for
Carrying amount Book value Carrying amount Book value
impairment loss impairment loss
A new high-purity crystalline silicon project with an
annual output of 50000 tons in Haixi Prefecture Qinghai 3491475262 3491475262 2646430785 2646430785
Province
Guangxi Beihai Photovoltaic Green Energy Industry Park
12543650911254365091728103811728103811
(Phase I) Project
Yichang CSG Polysilicon Technical Transformation
5391002245688857648221164850781535656888576450926780
Project
Wujiang Float (650TD) Photovoltaic Calendering Line
117914338117914338154717154717
Technical Transformation Project
Qingyuan CSG Phase I Upgrading Technical
230292811116909920113382891228055647116909920111145727
Transformation Project
Xi'an CSG energy-saving glass production line project 50156346 50156346 222583993 222583993
Xianning energy-saving production line reconstruction
30589560305895602558550125585501
and expansion construction project
Wujiang Float Processing Department Production Line
1658582516585825
Technical Upgrading and Transformation
Dongguan Photovoltaic Building B 450MWPERC battery
18686674318499807618686671868667431849980761868667
technology upgrade project
Anhui Fengyang newly built 37.6 MW distributed
8335443283354432
photovoltaic power generation project
Other projects 303227704 1531816 301695888 59057376 4195369 54862007
Total 6220573904 360328388 5860245516 4688008361 362991941 4325016420
116CSG Semi-annual Report 2024
（2）Movement of significant projects of construction in progress
Unit: RMB
Including:
Proportion Amount of Capitali
Other Engine Amount of
Transfer to fixed between borrowing zation
1 January Increase in decreases ering borrowing Source of
Project name Budget assets in current 30 June 2024 engineerin costs rate for
2024 current period in current progres costs fund
period g input capitalized in current
period s capitalized
and budget current period
period
A new high-purity
crystalline silicon
project with an Internal
annual output of 4498192210 2646430785 857680692 12636215 3491475262 78% 78% 24314504 20062535 4.13% fund and
50000 tons in Haixi bank loan
Prefecture Qinghai
Province
Guangxi Beihai Internal
Photovoltaic Green
4942051800 728103811 541274995 15013715 1254365091 33% 33% 9743845 5121348 2.44% fund and
Energy Industry Park
(Phase I) Project bank loan
Qingyuan CSG Phase
I Upgrading Internal
Technical 534870000 228055647 2247649 10485 230292811 5% 5% fund and
Transformation bank loan
Project
Xi'an CSG energy- Internal
saving glass
494000000 222583993 17899051 186903430 3423268 50156346 60% 60% 3688930 1749339 3.54% fund and
production line
project bank loan
Anhui Fengyang
newly built 37.6 MW Internal
distributed 146640000 83354432 6150317 89504749 61% 100% 543559 140754 4.07% fund and
photovoltaic power bank loan
generation project
Total 10615754010 3908528668 1425252704 304068594 3423268 5026289510 38290838 27073976
117CSG Semi-annual Report 2024
（3） Provision for impairment of construction in progress in the current period
Unit: RMB
Increase in the current period
Decrease in
1 January Provision for Reason for Project Other the current 30 June 2024 2024 the current provision
increases period
period
Qingyuan CSG Phase I
Upgrading Technical 116909920 116909920
Transformation Project
Dongguan Photovoltaic
Building B 450MWPERC
184998076184998076
battery technology upgrade
project
Yichang CSG Polysilicon
Technical Transformation 56888576 56888576
Project
Other projects 4195369 2663553 1531816
Total 362991941 2663553 360328388 --
13. Right-of-use assets
Unit: RMB
Item Land leases Building leases Total
I. Original book value:
1. 1 January 2024 21823035 2984415 24807450
2. Increase in current
period
3. Decrease in current
period
4. 30 June 2024 21823035 2984415 24807450
II. Accumulative depreciation
1. 1 January 2024 3020601 149221 3169822
2. Increase in current
819440149221968661
period
(1) Provision 819440 149221 968661
3. Decrease in current
period
4. 30 June 2024 3840041 298442 4138483
III. Impairment provisions
IV. Book value
1. 30 June 2024 17982994 2685973 20668967
2. 1 January 2024 18802434 2835194 21637628
118CSG Semi-annual Report 2024
14. Intangible assets
（1）Details of intangible assets
Unit: RMB
Patents and
Land use Exploitation
Item proprietary Others Total
rights rights
technologies
I. Original book value：
1. 1 January 2024 1469814142 563753185 1091671546 72584426 3197823299
2. Increase in current
37544333754433
period
（1）Acquisition 331165 331165
（2）Others 3423268 3423268
3. Decrease in current
period
4. 30 June 2024 1469814142 563753185 1091671546 76338859 3201577732
II. Accumulative amortization
1. 1 January 2024 293150658 262978745 40776980 56056887 652963270
2. Increase in current
150402471752691938510655234559973423420
period
（1）Accrual 15040247 17526919 38510655 2345599 73423420
3. Decrease in current
period
4. 30 June 2024 308190905 280505664 79287635 58402486 726386690
III. Provision for impairment
1. 1 January 2024 54316431 13374 54329805
2. Increase in current
period
3. Decrease in current
period
4. 30 June 2024 54316431 13374 54329805
IV. Book value
1. 30 June 2024 1161623237 228931090 1012383911 17922999 2420861237
2. 1 January 2024 1176663484 246458009 1050894566 16514165 2490530224
（2）Land use rights without ownership certificate
Unit: RMB
Item Book value Reasons for not yet obtaining certificates of title
The management of the Company believes that there is no
substantive legal obstacle to obtaining the relevant land use
Land use rights 4037062
certificate and it will not have a significant adverse impact on
the operation of the Group.
119CSG Semi-annual Report 2024
15. Goodwill
（1）Original book value of goodwill
Unit: RMB
Name of invested
Increase in current Decrease in current
unit or items 1 January 2024 30 June 2024
period period
forming goodwill
Tianjin CSG Architectural
30399463039946
Glass Co. Ltd
Xianning CSG
48574064857406
Photoelectric
Shenzhen CSG Display 389494804 389494804
Guangdong Licheng
Construction Engineering 696000 696000
Co. Ltd.Total 398088156 398088156
（2）Provision for impairment of goodwill
Unit: RMB
Name of invested unit or Increase in current Decrease in current
1 January 2024 30 June 2024
matters forming goodwill period period
Shenzhen CSG Display 389494804 389494804
Total 389494804 389494804
16. Long-term prepaid expenses
Unit: RMB
Amortized
Increase in current
Item 1 January 2024 amounts in Other decreases 30 June 2024
period
current period
Various prepaid
187644295315249417644519903233
expenses
Total 18764429 5315249 4176445 19903233
17. Deferred tax assets and liabilities
（1）Deferred income tax assets before offsetting
Unit: RMB
30 June 2024 1 January 2024
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
965206298146093254988603433149485849
impairments
Deductible losses 845370792 145081978 500056218 88815735
120CSG Semi-annual Report 2024
30 June 2024 1 January 2024
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Government grants 183168218 27987160 171767926 26346666
Accrued expenses 5378170 806725 6854739 1028211
Depreciation of fixed
1673912352585731012481035319386825
assets etc.Total 2166514713 345826427 1792092669 285063286
（2）Deferred income tax liabilities before offsetting
Unit: RMB
30 June 2024 1 January 2024
Item Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Depreciation of fixed assets 535139952 81313308 571131285 86841423
Investment properties 368564944 55284742 368564944 55284742
Total 903704896 136598050 939696229 142126165
（3）Deferred income tax assets or liabilities presented with net amount after offsetting
Unit: RMB
Offset amount of Offset amount of
Closing deferred tax Opening deferred tax
closing deferred tax opening deferred tax
Item assets or liabilities after assets or liabilities after
assets assets
offsetting offsetting
and liabilities and liabilities
Deferred tax assets 61567137 284259290 62038255 223025031
Deferred tax liabilities 61567137 75030913 62038255 80087910
（4）Detail about unrecognized deferred income tax assets
Unit: RMB
Item 30 June 2024 1 January 2024
Deductible temporary differences and losses 1069961338 1168354313
Total 1069961338 1168354313
（5）Deductible losses of unconfirmed deferred income tax assets shall expire in the following years
Unit: RMB
Year 30 June 2024 1 January 2024 Notes
2024103008917
2025502484452502484452
2026557374493557374493
2027524904524904
121CSG Semi-annual Report 2024
Year 30 June 2024 1 January 2024 Notes
202849615474961547
20294615942
Total 1069961338 1168354313
18. Other non-current assets
Unit: RMB
30 June 2024 1 January 2024
Item Carrying Impairment Carrying Impairment
Book value Book value
amount provision amount provision
Prepayment for
equipment and 219021356 219021356 390090354 390090354
project
Prepayment for
lease of land use 13771500 13771500 6510000 6510000
rights
Total 232792856 232792856 396600354 396600354
19. The assets with the ownership or use right restricted
Unit: RMB
30 June 2024
Item
Carrying amount Book value Restricted type Restricted situation
Cash at bank and on Restricted circulation of
141639610 141639610 Cash at bank and on hand
hand deposits freezes etc
Note receivable 1092137999 1092137999 Restricted pledge Note receivable
Fixed assets/
Fixed assets/ Construction
Construction in 927490640 627742974 Restricted financing lease
in progress
progress
Total 2161268249 1861520583
(Continued)
1 January 2024
Item
Carrying amount Book value Restricted type Restricted situation
Cash at bank and on Restricted circulation of
25512563 25512563 Cash at bank and on hand
hand deposits freezes etc
Note receivable 1157485085 1157485085 Restricted pledge Note receivable
Fixed assets 416947659 106982081 Restricted financing lease Fixed assets
Total 1599945307 1289979729
20. Short-term borrowings
（1）Classification of short-term borrowings
Unit: RMB
122CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Guaranteed loan 264263560 320893730
Credit loan 23426590 108426590
Discounted bills 660732 7533263
Total 288350882 436853583
21. Notes payable
Unit: RMB
Type 30 June 2024 1 January 2024
Trade acceptance 140454268 90836911
Bank acceptance 2157963721 1950516278
Supply chain financial notes 211208967
Total 2509626956 2041353189
22. Accounts payable
（1）Accounts payable listed
Unit: RMB
Item 30 June 2024 1 January 2024
Materials payable 1111343655 938666542
Equipment payable 964492585 994552522
Construction expenses payable 1062144697 1206275761
Freight payable 140025365 143114233
Utilities payable 52138174 50982984
Others 8769760 8032560
Total 3338914236 3341624602
（2）Significant accounts payable aged more than one year
Unit: RMB
Item 30 June 2024 Reasons
Due to the unfinished final accounts of
Engineering and equipment payments
237901234 related projects they have not been
etc
settled yet
Total 237901234
23. Other payables
Unit: RMB
Item 30 June 2024 1 January 2024
Interest payable 8863897 8751408
123CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Dividends payable 767673027
Other payables 384072373 475990469
Total 1160609297 484741877
（1）Interest payable
Unit: RMB
Item 30 June 2024 1 January 2024
Interest of long-term borrowings with
periodic payments of interest and return 8366465 8082760
of principal at maturity
Interest of short-term borrowings 497432 668648
Total 8863897 8751408
（2）Dividends payable
Unit: RMB
Item 30 June 2024 1 January 2024
Dividends payable to ordinary
767673027
shareholders
Total 767673027
（3）Other payables
1）Disclosure of other payables by nature
Unit: RMB
Item 30 June 2024 1 January 2024
Guarantee deposits received from
302056930351439479
construction contractors
Accrued cost of sales (i) 45393923 67861475
Payable for contracted labour costs 6776382 27689963
Temporary receipts for third parties 3310676 7277368
Others 26534462 21722184
Total 384072373 475990469
（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 2024 1 January 2024
Contract liabilities 343813781 362538795
124CSG Semi-annual Report 2024
Total 343813781 362538795
25. Employee benefits payable
（1）Presentation of employee benefits payable
Unit: RMB
Increase in current Decrease in current
Item 1 January 2024 30 June 2024
period period
I. Short-term employee benefits
48017223510549183441209826545325264034
payable
II. Defined contribution plans
9658626696586266
payable
III. Termination benefits 3165561 3530676 6696237
Total 483337796 1155035286 1313109048 325264034
（2）Presentation of short-term benefits
Unit: RMB
Increase in current Decrease in current
Item 1 January 2024 30 June 2024
period period
1. Wages and salaries bonus
4555085519721691261128756917298920760
allowances and subsidies
2. Social security contributions 41777652 41679372 98280
Including: Medical
365316003643332098280
insurance
Work injury
44182884418288
insurance
Maternity insurance 827764 827764
3. Housing funds 880089 28356932 28383625 853396
4. Labour union funds and
23783595126146341100663125391598
employee education funds
Total 480172235 1054918344 1209826545 325264034
（3）Defined benefit plans
Unit: RMB
Increase in current Decrease in current
Item 1 January 2024 30 June 2024
period period
1. Basic pensions 92585461 92585461
2. Unemployment insurance 4000805 4000805
Total 96586266 96586266
26. Taxes payable
Unit: RMB
125CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Enterprise income tax payable 88847010 50021929
VAT payable 46214028 44410002
Housing property tax payable 13309437 8590406
Individual income tax payable 4930376 6633485
Urban maintenance and construction tax
21002042667504
payable
Educational surtax payable 1736347 2209407
Environmental tax payable 1523674 1842557
Others 8116521 7032123
Total 166777597 123407413
27. Non-current liabilities due within one year
Unit: RMB
Item 30 June 2024 1 January 2024
Long-term borrowings due within one
15238408271206872898
year
Long-term account payable due within
1554108340939718
one year
Lease liabilities due within one year 1103785 1079363
Total 1540485695 1248891979
28. Other current liabilities
Unit: RMB
Item 30 June 2024 1 January 2024
Output VAT to be transferred 39834736 44121680
Supply chain financial notes etc. 121676275
Notes that did not meet the conditions for
257030390288534731
derecognition
Total 296865126 454332686
29. Long-term borrowings
（1）Types of long-term borrowings
Unit: RMB
Item 30 June 2024 1 January 2024
Guaranteed loan 6019971035 5478771574
Credit loan 2254490000 1949750000
Subtotal 8274461035 7428521574
Less: Long-term borrowings due within
15238408271206872898
one year
126CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Total 6750620208 6221648676
30. Lease liabilities
Unit: RMB
Item 30 June 2024 1 January 2024
Lease liabilities 15783063 16213925
Less: Lease liabilities due within one
11037851079363
year
Total 14679278 15134562
31. Long-term account payable
Unit: RMB
Item 30 June 2024 1 January 2024
Long-term account payable 510957893 88204163
（1）Long-term payable listed by nature
Unit: RMB
Item 30 June 2024 1 January 2024
Finance lease payable 526498976 129143881
Less: Long-term payables due within one
1554108340939718
year
Total 510957893 88204163
32. Estimated liabilities
Unit: RMB
Item 30 June 2024 1 January 2024 Causes
Estimated mine rehabilitation
Retirement obligation 12031343 11798141
costs
Pending litigation 1251941
Total 12031343 13050082
33. Deferred income
Unit: RMB
Increase in current Decrease in current
Item 1 January 2024 30 June 2024
period period
Government grants 430143830 38341600 27058673 441426757
Total 430143830 38341600 27058673 441426757
127CSG Semi-annual Report 2024
34. Share capital
Unit: RMB
Movement for current period
1 January 2024 New Transfer from 30 June 2024
Bonus issue Others Sub-total
issues capital surplus
Total number
of ordinary 3070692107 3070692107
shares
35. Capital surplus
Unit: RMB
Increase in Decrease in
Item 1 January 2024 30 June 2024
current period current period
Share premium 649166589 649166589
Other capital surplus -58427175 -58427175
Total 590739414 590739414
36. Other comprehensive income
Unit: RMB
Other comprehensive income for current period
Actual
1 January Attributable to
Item amount Attributable to Less: Income minority 30 June 2024 2024 before tax parent company
tax expenses shareholders
for current after tax
after tax
period
I. Other
comprehensive
income items which
1773844711217389178601860
will be reclassified
subsequently to
profit or loss
Difference on
translation of
13682674121738914900063
foreign currency
financial statements
Financial rewards
for energy-saving 2550000 2550000
technical retrofits
Income generated
when self-property
and land use rights 161151797 161151797
are converted into
investment property
Total 177384471 1217389 178601860
128CSG Semi-annual Report 2024
37. Special reserve
Unit: RMB
Increase in current Decrease in current
Item 1 January 2024 30 June 2024
period period
Safety production costs 1411139 3139075 1186314 3363900
Total 1411139 3139075 1186314 3363900
38. Surplus reserve
Unit: RMB
Increase in current Decrease in current
Item 1 January 2024 30 June 2024
period period
Statutory surplus
12762107301276210730
reserve
Discretionary surplus
127852568127852568
reserve
Total 1404063298 1404063298
39. Undistributed profits
Unit: RMB
Item H1 2024 H1 2023
Undistributed profits at the end of the previous
88065497887786968455
period before adjustments
Undistributed profits at the beginning of the period
88065497887786968455
after adjustments
Add: Net profits attributable to shareholders of
733111562889478780
parent company in current period
Less: Appropriation for statutory surplus reserve
Ordinary share dividends payable 767673027
Undistributed profits at the end of the period 8771988323 8676447235
40. Operating income and operating costs
Unit: RMB
H1 2024 H1 2023
Item
Revenue Cost Revenue Cost
Principal operation 8026214086 6330753454 8269985146 6451841635
Other operations 52756565 2585051 119355099 43554296
Total 8078970651 6333338505 8389340245 6495395931
41. Taxes and surcharges
Unit: RMB
129CSG Semi-annual Report 2024
Item H1 2024 H1 2023
Housing property tax 24262618 20987873
Land use rights 13293655 10894279
Urban maintenance and construction tax 10630321 18676773
Educational surtax 9140452 14886892
Stamp tax 4953753 6454506
Environmental tax 2960497 2815691
Others 2664381 1662990
Total 67905677 76379004
42. General and administrative expenses
Unit: RMB
Item H1 2024 H1 2023
Employee benefits 213862214 198481504
Depreciation and amortization 106703302 70577321
General office expenses 14096760 14943321
Labour union funds 12098064 10994483
Entertainment fees 10454102 8997162
Consulting advisers 5655089 3919242
Canteen costs 4955469 5641281
Business travel expenses 4479971 4438258
Water and electricity fees 3475192 3542076
Vehicle use fees 2277382 3500710
Rental fees 659536 1025672
Others 15803933 14191742
Total 394521014 340252772
43. Selling and distribution expenses
Unit: RMB
Item H1 2024 H1 2023
Employee benefits 110767294 99419222
Entertainment fees 9996939 8645368
Business travel expenses 6358650 6194559
Rental fees 5445122 5713495
Office expenses 1543766 1768037
Freight expenses 1199242 3390552
Insurance fees 766925 2528186
Vehicle use fees 664626 4656501
Others 18261137 14540221
130CSG Semi-annual Report 2024
Total 155003701 146856141
44. Research and development expenses
Unit: RMB
Item H1 2024 H1 2023
Research and development expenses 336673375 346264501
Total 336673375 346264501
45. Financial expenses
Unit: RMB
Item H1 2024 H1 2023
Interest expenses 115225970 113306203
Interest income -31170207 -45500449
Exchange gains and losses -10609069 3203357
Others 2402731 1755534
Total 75849425 72764645
46. Other Income
Unit: RMB
Sources of other income H1 2024 H1 2023
Government subsidy amortization 27058673 21916903
Tax benefits and rebates 61735134 2374350
Industry support funds 11125627 800000
Government incentive funds 11286068 18216697
Research grants 2882320 1528784
Others 2606814 2367105
Total 116694636 47203839
47. Investment income
Unit: RMB
Item H1 2024 H1 2023
Debt restructuring income 569142
Interest on note discounting -6356329 -5617361
Income from term deposits etc. 924109 1534181
Total -4863078 -4083180
48. Credit impairment loss
Unit: RMB
131CSG Semi-annual Report 2024
Item H1 2024 H1 2023
Losses on bad debts of accounts
5159904-7621521
receivable
Losses on bad debts of notes receivable -238449
Losses on bad debts of other receivables 2459450 20297
Total 7380905 -7601224
49. Asset impairment loss
Unit: RMB
Item H1 2024 H1 2023
Decline in the value of inventories -41315915 24908
Total -41315915 24908
50. Income on disposal of assets
Unit: RMB
Source of income on disposal of assets H1 2024 H1 2023
Gain/loss on disposal of non-current assets 4202074 53451
Total 4202074 53451
51. Non-operating revenue
Unit: RMB
Amount booked into
Item H1 2024 H1 2023 current non-recurring
profits and losses
Amounts unable to pay 1587975 4901175 1587975
Compensation income 958059 165653 958059
Insurance claims 3212700
Others 2382760 1173805 2382760
Total 4928794 9453333 4928794
52. Non-operating expenses
Unit: RMB
Amount booked into
Item H1 2024 H1 2023 current non-recurring
profits and losses
Donation 171400 300614 171400
Losses due to damage or
24468161336772446816
scrapping of non-current assets
Compensation 30225
Others 562279 22284 562279
132CSG Semi-annual Report 2024
Total 3180495 486800 3180495
53. Income tax expenses
（1）Income tax expense details
Unit: RMB
Item H1 2024 H1 2023
Current income tax 144518913 84300053
Deferred income tax -66291256 -10205883
Total 78227657 74094170
（2）Adjustment process of accounting profit and income tax expenses
Unit: RMB
Item H1 2024
Total profit 799525875
Income tax expenses calculated at applicable tax rates 122777660
Costs expenses and losses not deductible for tax purposes 731434
Effect of deductible loss on usage of unconfirmed deferred income tax assets
-28776991
in the prior period
Effect of deductible temporary difference or deductible loss on unconfirmed
939783
deferred income tax in the current period
The impact of tax rate changes
Adjustments to income taxes in prior periods -8301789
Effect of obtaining tax incentives -9142440
Income tax expenses 78227657
54. Other comprehensive income
See Note Other comprehensive income for details
55. Notes to the cash flow statement
（1）Cash received relating to other operating activities
Unit: RMB
Item H1 2024 H1 2023
Security deposits received for operating
140939522
purposes
Government grants 75274086 41458937
Interest income 31108379 45474892
Others 14192962 7273702
Total 120575427 235147053
133CSG Semi-annual Report 2024
（2）Cash paid relating to other operating activities
Unit: RMB
Item H1 2024 H1 2023
Security deposits 73884621
Entertainment fees 25630075 21343865
General office expenses 24410473 22506207
Canteen costs 20422983 20838907
Maintenance fee 19543932 17742387
Business travel expenses 16895349 14512458
Insurance fees 8138926 21517337
Consulting advisers 7487681 8326998
Rental expenses 7218739 9824468
Vehicle use fee 3620924 10230122
Bank handling charges 2030056 1820613
Others 62170291 57501774
Total 271454050 206165136
（3）Cash received relating to other investing activities
Unit: RMB
Item H1 2024 H1 2023
Security deposits received 22629490
Amounts received that had been
10000000
previously paid on behalf of others
Total 32629490
（4）Cash paid relating to other investing activities
Unit: RMB
Item H1 2024 H1 2023
Security deposits 26244829
Total 26244829
（5）Cash paid related to significant investment activities
Unit: RMB
Item H1 2024 H1 2023
Engineering project construction
14925127381714949765
expenditure
Financial investment expenses 162800000 20000000
Total 1655312738 1734949765
134CSG Semi-annual Report 2024
（6）Cash received relating to other financing activities
Unit: RMB
Item H1 2024 H1 2023
Cash received in finance leases 458231000
Minority shareholder borrowings 12000000
Total 458231000 12000000
（7）Cash payments relating to other financing activities
Unit: RMB
Item H1 2024 H1 2023
Lease repayments 84615538 22948274
Security deposits 600000
Repayments for minority shareholder
1200000
borrowings
Others 106000
Total 86415538 23054274
（8）Changes in various liabilities arising from financing activities
Unit: RMB
Increase in current period Decrease in current period
Item 1 January 2024 Non-cash Non-cash 30 June 2024
Cash changes Cash changes
changes changes
Short-term loan 436853583 189010732 329980170 7533263 288350882
Long-term borrowings
(including long-term
742852157414159926545700531938274461035
borrowings due within
one year)
Bonds payable
(including bonds
payable due within one
year)
Total 7865375157 1605003386 900033363 7533263 8562811917
56. Supplementary information to the cash flow statement
（1）Supplementary information to the cash flow statement
Unit: RMB
Supplementary information H1 2024 H1 2023
1．Reconciliation from net profit to cash flows from operating activities
Net profit 721298218 881897408
Add: Provision for asset impairment 41315915 -24908
135CSG Semi-annual Report 2024
Supplementary information H1 2024 H1 2023
Provision for credit impairment -7380905 7601224
Depreciation of fixed assets oil and gas assets and productive living assets 579893996 550154625
Depreciation of right-of-use assets 968661 319141
Amortization of intangible assets 73423420 43479477
Amortization of long-term prepaid expenses 4176445 1878327
Losses (gains) on disposal of fixed assets intangible assets and other long-term
-4202074-53451
asset ("-" for gains)
Financial expenses ("-" for gains) 104616901 113306203
Investment loss ("-" for gains) -1493251 4083180
Decrease in deferred tax assets ("-" for increase) -61234259 -4999507
Increase in deferred tax liabilities ("-" for decrease) -5056997 -5206376
Decrease in inventories ("-" for increase) -429833376 -306915534
Decrease/(increase) in operating receivables ("-" for increase) -42729653 -825895694
Increase in operating payables ("-" for decrease) 16382029 53764086
Others 3139075 5038984
Net cash flows from operating activities 993284145 518427185
2． Net changes in cash and cash equivalents:
Cash and cash equivalents at end of period 3477639345 2639260140
Less: Cash and cash equivalents at beginning of period 3051261655 4594018251
Net increase in cash and cash equivalents 426377690 -1954758111
（2）Cash and cash equivalents composition
Unit: RMB
Item 30 June 2024 1 January 2024
I. Cash and cash equivalents 3477639345 3051261655
Bank deposits that can be readily
34776393453051261655
drawn on demand
Other cash balances that can be
readily drawn on demand
II. Cash and cash equivalents at end of period 3477639345 3051261655
（3）Monetary funds other than cash and cash equivalents
Unit: RMB
Reasons why it is not cash
Item H1 2024 H1 2023
and cash equivalents
Security deposits frozen
Other monetary fund 141639610 20057007 amounts etc. of which the use
is restricted
Total 141639610 20057007
136CSG Semi-annual Report 2024
57. Monetary items denominated in foreign currencies
（1）Monetary items denominated in foreign currencies
Unit: RMB
Balances denominated in Balances denominated in
Item Exchange rates
foreign currencies RMB
Cash at bank and on hand 73440388
Including：USD 9990360 7.1268 71199296
EUR 6618 7.6617 50704
HKD 2097524 0.9127 1914410
JPY 6005101 0.0447 268428
SGD 710 5.2790 3750
AUD 797 4.7650 3800
Accounts receivable 173160070
Including：USD 22646920 7.1268 161400066
EUR 834785 7.6617 6395875
HKD 5877209 0.9127 5364129
Accounts payable 30732596
Including：USD 4046598 7.1268 28839292
EUR 206887 7.6617 1585103
GBP 11000 9.0430 99473
JPY 4669530 0.0447 208728
58. 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:
For January-June 2024 lease costs for the Group’s short-term leases or low-value assets that adopt a simplified accounting
approach were RMB 6083242.Sale-leasebacks:
For January-June 2024 the total cash outflow amount in relation to sale-leasebacks was RMB 69192468.VIII. R&D SPENDING
Unit: RMB
Item H1 2024 H1 2023
Material 158306519 177053665
Labor costs 137105995 137509742
137CSG Semi-annual Report 2024
Fees and others 41260861 42678805
Total 336673375 357242212
Among them: expense 336673375 346264501
Capitalization 10977711
IX. THE CHANGES OF CONSOLIDATION SCOPE
1. Changes in scope of consolidation due to other reasons
On 10 April 2024 the Group established Chengdu CSG New Energy Co. Ltd. As of 30 June 2024 the Group has not contributed
any capital and the Group holds 100% of its equities.X. EQUIRTY IN OTHER ENTITIES
1. Interest in subsidiaries
（1）Constitution of the Group
Unit: RMB
Major Place of Shareholding Method of
Name of Registered
business registratio Scope of business acquisitio
subsidiary capital
Indir
location 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 Establish
Dongguan CSG Engineering 240000000 Intensive processing of glass 75% 25%
PRC n PRC ment
Dongguan Donggua Production and sales of special Establish
Dongguan CSG Solar 480000000 75% 25%
PRC n PRC glass and photovoltaic 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
Yongqing Yongqing Production and sales of special Establish
Hebei CSG (note 1) 48066000 75% 25%
PRC PRC glass ment
Wujiang Wujiang Production and sales of special Establish
Wujiang CSG 565041798 100%
PRC PRC 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 photovoltaic glass ment
138CSG Semi-annual Report 2024
Major Place of Shareholding Method of
Name of Registered
business registratio Scope of business Indir acquisitio
subsidiary capital
location n Direct ect n
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 Establish
Anhui Energy Company 1750000000 100%
PRC PRC photovoltaic 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 Establish
Qinghai New Energy 1350000000 100%
PRC PRC purity silicon products ment
Guangxi New Energy Beihai Beihai Production and sales of Establish
60000000075%25%
Materials Company PRC PRC photovoltaic 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
√ Applicable □ Not applicable
Unit: RMB
Amount
Amount
included in Asset
Accounting Increase in transferred to
1 January 2024 non-operating 30 June 2024 related/income
item current period other income in
income in related
current period
current period
Asset
Deferred
430143830 38341600 27058673 441426757 related/income
income
related
Total 430143830 38341600 27058673 441426757
139CSG Semi-annual Report 2024
2. Government grants included in current profits and losses
√ Applicable □ Not applicable
Unit: RMB
Accounting item H1 2024 H1 2023
Amortization of government subsidies 27058673 21916903
Other government subsidies 31507137 28608269
Total 58565810 50525172
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. 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
140CSG Semi-annual Report 2024
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 30% of the Group's total accounts receivable (2023:
39%).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
88% of the Group's total other receivables (2023: 87%).
（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 2024
Item
Within 1 year 1-2 years 2-5 years Over 5 years Total
Financial liabilities:
Short-term borrowings 293776684 293776684
Notes payable 2509626956 2509626956
Accounts payable 3338914236 3338914236
Other payables 1160609297 1160609297
Non-current liabilities due
15676814901567681490
within one year
Other current liabilities 296865126 296865126
Long-term borrowings 221738975 2586683966 3521083493 1084806033 7414312467
Lease liabilities 1154300 3789641 9735337 14679278
Long-term payables 78423577 340888116 91646200 510957893
Total financial liabilities and
938921276426662618433865761250118618757017107423427
contingent liabilities
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 2024
Item
Within 1 year 1-2 years 2-5 years Over 5 years Total
Financial liabilities:
Short-term borrowings 442145185 442145185
Notes payable 2041353189 2041353189
Accounts payable 3341624602 3341624602
Other payables 484741877 484741877
Non-current liabilities due
12715010081271501008
within one year
Other current liabilities 454332686 454332686
Long-term borrowings 214670100 1941153526 3246286160 1584820574 6986930360
141CSG Semi-annual Report 2024
1 January 2024
Item
Within 1 year 1-2 years 2-5 years Over 5 years Total
Lease liabilities 1128760 3705792 10300010 15134562
Long-term payables 42003985 46200178 88204163
Total financial liabilities and
825036864719842862713296192130159512058415125967632
contingent liabilities
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 2024 1 January 2024
Contracts at fixed rates 1075553150 1123875582
Contracts at floating rates 5675067058 5097773094
Total 6750620208 6221648676
Exchange rate risk
Exchange rate risk refers to the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in
foreign exchange rates. Exchange rate risk can arise from financial instruments denominated in foreign currencies other than the
functional currency of accounting.Exchange rate risk is mainly due to the impact of the Group's financial position and cash flows on foreign exchange rate
fluctuations. Except for the subsidiaries established in Hong Kong that hold assets settled in Hong Kong dollars the proportion of
foreign currency assets and liabilities held by the Group to the overall assets and liabilities is not significant. Therefore the Group
believes that the exchange rate risk it faces is not significant.At the end of the period the amounts of foreign currency financial assets and foreign currency financial liabilities held by the
Group converted into RMB are listed as follows (unit: RMB ) :
Foreign currency liabilities Foreign currency assets
Item
30 June 2024 1 January 2024 30 June 2024 1 January 2024
USD 28839292 26941200 232599362 297351920
HKD 54917 7278539 15309673
Others 1893304 1642375 6722557 7102354
142CSG Semi-annual Report 2024
Foreign currency liabilities Foreign currency assets
Item
30 June 2024 1 January 2024 30 June 2024 1 January 2024
Total 30732596 28638492 246600458 319763947
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 2024 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 17319606. (31 December 2023: decrease or increase of approximately RMB 22984911).
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 55% (end of the previous year: 52%).XIII. DISCLOSURE OF FAIR VALUE
1. Closing balance of assets and liabilities measured at fair value
Unit: RMB
Closing fair value
Item
Level 1 Level 2 Level 3 Total
Financial assets at fair value
through other comprehensive -- -- -- --
income
Receivables financing 622130245 622130245
Investment properties 292711858 292711858
Total 292711858 622130245 914842103
XIV. RELATED PARTIES AND RELATED PARTY TRANSACTIONS
1. Information of the parent company
The Company regards no entity as the parent company.
2. The subsidiariesThe general information and other related information of the subsidiaries are set out in Note “X. EQUIRTY IN OTHERENTITIES”.
3. General information of the Group’s associate
None
143CSG Semi-annual Report 2024
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.Related party of the Company's largest shareholder
Ltd
Qianhai Life Insurance (Xi'an) Hospital Co. Ltd. Related party of the Company's largest shareholder
Shenzhen Baoyao Construction Engineering 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
Shantou Laihua Industrial 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 Related transaction H1 2024 H1 2023
Qianhai Life Insurance Co.Receive service 3724810 3787542
Ltd
Total 3724810 3787542
Table on sales of goods/providing of services
Unit: RMB
Related parties Related transaction H1 2024 H1 2023
Qianhai Life Insurance (Xi'an)
Sales of goods 1446563
Hospital Co. Ltd.Shenzhen Baoyao Construction
Sales of goods 107329
Engineering Co. Ltd.Shantou Chaoshang Urban
Sales of goods 478927
Comprehensive Management Co. Ltd
Shantou Laihua Industrial Co. Ltd. Sales of goods 71645
Total 1553892 550572
6. Receivables from and payables to related parties
（1）Receivables from related parties
Unit: RMB
30 June 2024 1 January 2024
Item Related parties Carrying Provision for bad Carrying Provision for
amount debts amount bad debts
Accounts Shenzhen Hongtu Construction
8652356738279386523567382793
receivable Co. Ltd.
144CSG Semi-annual Report 2024
30 June 2024 1 January 2024
Item Related parties Carrying Provision for bad Carrying Provision for
amount debts amount bad debts
Accounts Qianhai Life Insurance (Xi'an)
1927163854
receivable Hospital Co. Ltd.Accounts Shen Zhen Golden Flourish Supply
22090209862209020986
receivable Chain Limited
Advances
to Qianhai Life Insurance Co. Ltd 119625 4441
suppliers
Total 8986787 7407633 8678887 7403779
（2）Payables to related parties
Unit: RMB
Item Related parties 30 June 2024 1 January 2024
Accounts
Suzhou Baoqi Logistics Co. Ltd 308667 314667
payable
Other payables Qianhai Life Insurance Co. Ltd 6646 386589
Contract
Other related parties 411875 504538
liabilities
Total 727188 1205794
XV. SHARE-BASED PAYMENTS
1. Overall share-based payments
None
2. Equity-settled share-based payments
None
3. Cash-settled share-based payments
None
4. Share-based payments in the current period
None
XVI. COMMITMENTS AND 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
145CSG Semi-annual Report 2024
Item 30 June 2024 1 January 2024
Buildings machinery and equipment 1673293474 3010778541
2. Contingencies
Contingent liabilities arising from pending litigation and arbitration and their financial impact
Unit: RMB
Cause of Court of Target
Plaintiff Defendant Case progress
action acceptance amount
Disputes over
Zeng Nan Luo Youming Wu
liability for Shenzhen
Guobin Ding Jiuru Li Under second
The Company (note 1) harming Intermediate 229200087
Weinan Yichang Hongtai trial
company People's Court
Real Estate Co. Ltd.interests
Fengyang Wenyang Disputes over
Anhui CSG New Energy Fengyang
Building and creditor's
Materials Technology Co. County 17349467 Under trial
Decoration Materials subrogation
Ltd. People's Court
Co. Ltd. (note 2) rights
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. As of the date of
disclosure of this Report the case is under trial. In relation to the matter of the RMB 171 million special fund for the introduction
of talents the Company filed a lawsuit against Zeng Nan et al. and Yichang Hongtai Real Estate Co. Ltd. on 15 December 2021
for infringement of rights and compensation which was formally accepted on 28 January 2022 by Shenzhen Intermediate People's
Court. 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 and the case is
currently in the process of the second instance.Note 2: The plaintiff sued Anhui New Energy for subrogation to bear the delayed payment and interest on the grounds that the
concrete from Hefei Construction Materials and Equipment Co. Ltd. was used in the civil construction project of the defendant
Anhui New Energy. As of the announcement date of this report the case is under trial. The Company has confirmed all accounts
payable with relevant payment obligations.XVII. POST-BALANCE SHEET EVENTS
None.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:
146CSG Semi-annual Report 2024
-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 and Unallocated Inter-segment
Item Glass industry and Total
other industries amount elimination
display device
Revenue from
713219808263834837230545252029716778078970651
external customers
Inter-segment
665074077149072444181044193370462-375549637
revenue
Interest expenses 76856192 4356994 2258875 31753909 115225970
Depreciation and
amortization 470959748 110198227 68634265 8670282 658462522
expenses
Total profit/(loss) 876285926 -7528915 -93703707 24472571 799525875
Total assets 19645776935 3225766932 6861488006 2535923633 32268955506
Total liabilities 10521288872 563111651 2900262156 3790791317 17775453996
Increase in non-
7742458941799086498466824410540661777959068
current assets
147CSG Semi-annual Report 2024
XIX. NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
1. Accounts receivable
（1）Disclosure by age
Unit: RMB
Aging 30 June 2024 1 January 2024
Within 1 year (including 1 year) 237211824 240038959
Total 237211824 240038959
（2） Classification by bad debt accrual method
Unit: RMB
30 June 2024 1 January 2024
Provision for Provision for
Carrying amount Carrying amount
bad debts bad debts
Category
Provi Book value Provi Book value
Propo Amo sion Propor sion
Amount Amount Amount
rtion unt propo tion propo
rtion rtion
Provision for
bad debts on
237211824100%237211824240038959100%240038959
a portfolio
basis
Total 237211824 100% 237211824 240038959 100% 240038959
（3）Accounts receivable details of the top 5 closing balances by debtors
Unit: RMB
Accounts receivable Percentage in total accounts receivable Provision for bad debts
Name
closing balance balance closing balance
Total balances for the five
largest accounts receivable 195525151 82%
Total 195525151 82%
2. Other receivables
Unit: RMB
Item 30 June 2024 1 January 2024
Dividends receivable 127775200 126870800
Other receivables 2409559249 2030231679
Total 2537334449 2157102479
148CSG Semi-annual Report 2024
（1）Dividends receivable
1）Disclosed by categories
Unit: RMB
Item 30 June 2024 1 January 2024
Dividends receivable from subsidiaries 127775200 126870800
Total 127775200 126870800
（2）Other receivables
1）Other receivables categorized by nature
Unit: RMB
Nature of receivables 30 June 2024 1 January 2024
Due from related parties 2287481057 1908899993
Others 173426727 172750521
Total 2460907784 2081650514
2） Disclosure by age
Unit: RMB
Aging 30 June 2024 1 January 2024
Within 1 year (including 1 year) 2093287353 1753727543
Over 1 year 367620431 327922971
Total 2460907784 2081650514
3） Classification by bad debt accrual method
Unit: RMB
30 June 2024
Carrying amount Provision for bad debts
Category
Accrual Book value
Amount Proportion Amount
proportion
Provision for bad
debts on an individual 171000000 7% 51300000 30% 119700000
basis
Provision for bad
debts on a portfolio 2289907784 93% 48535 2289859249
basis
Including:
Related party
228748105793%2287481057
combination
Unrelated party
2426727485352%2378192
combination
Total 2460907784 100% 51348535 2% 2409559249
149CSG Semi-annual Report 2024
(Continued)
1 January 2024
Carrying amount Provision for bad debts
Category
Accrual Book value
Amount Proportion Amount
proportion
Provision for bad debts
1710000008%5130000030%119700000
on an individual basis
Provision for bad debts
191065051492%1188351910531679
on a portfolio basis
Including:
Related party
190889999392%1908899993
combination
Unrelated party
17505211188357%1631686
combination
Total 2081650514 100% 51418835 2% 2030231679
Provision for bad debts on an individual basis:
Unit: RMB
1 January 2024 30 June 2024
Item Provision for Carrying Provision for Provision Reason for
Carrying amount
bad debts amount bad debts proportion provision
Provision for bad
debts on an
individual basis
171000000 51300000 171000000 51300000 30% Under trial
which is of a
significant single
amount
Total 171000000 51300000 171000000 51300000
Provision for bad debts on a portfolio basis:
Unit: RMB
30 June 2024
Item
Carrying amount Provision for bad debts Provision proportion
Unrelated parties 2426727 48535 2%
Total 2426727 48535
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
loss for the loss for the
Provision for bad debt credit loss in Total
whole period whole period
the next 12
(no credit (with credit
months
impairment) impairment)
Amount on 1 January 2024 118835 51300000 51418835
Carrying amount on 1 January
2024
that in this period:
Provision for the period 5660 5660
150CSG Semi-annual Report 2024
Stage 1 Stage 2 Stage 3
Expected credit Expected credit
Expected
loss for the loss for the
Provision for bad debt credit loss in Total
whole period whole period
the next 12
(no credit (with credit
months
impairment) impairment)
Reverse for the period 75960 75960
Amount on 30 June 2024 48535 51300000 51348535
4） Bad debt provisions accrued recovered or reversed in the current period
Bad debt provisions in the current period:
Unit: RMB
Change in the current period
Category 1 January 2024 Recovered or 30 June 2024
Accrued Written off Others
reversed
Bad debt provisions for
5141883556607596051348535
other receivables
Total 51418835 5660 75960 51348535
5）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Percentage in total
Provision for bad
Name Nature of business 30 June 2024 Ageing other receivables
debts
balance
Advance payment
Company A 542285536 Within 1 year 22%
for other party
Advance payment
Company B 365065100 Within 1 year 15%
for other party
Advance payment
Company C 193858596 Within 1 year 8%
for other party
Advance payment
Company D 171000000 Over 5 years 7% 51300000
for other party
Advance payment
Company E 163405241 Within 1 year 7%
for other party
Total 1435614473 59% 51300000
3. Long-term equity investments
Unit: RMB
30 June 2024 1 January 2024
Item Impairment Carrying Impairment
Carrying amount Book value Book value
provision amount provision
Investment in
1024453376915000000102295337699821533769150000009806533769
subsidiaries
Total 10244533769 15000000 10229533769 9821533769 15000000 9806533769
151CSG Semi-annual Report 2024
（1）Investments in subsidiaries
Unit: RMB
Opening Movement in current period Closing
Opening book Closing book
Investee impairment
value Increase in Decrease in Impairment
impairment
Others value provision investment investment provision provision
Chengdu CSG Company 151397763 151397763
Sichuan Energy Saving Company 119256949 119256949
Tianjin Energy Saving Company 247833327 247833327
Dongguan Engineering Company 222276243 222276243
Dongguan Solar Energy Company 355120247 355120247
Dongguan Photovoltaic Company 432112183 432112183
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
102415096102415096
Co. Ltd.Xianning Float Company 181116277 181116277
Xianning Energy Saving Company 165452035 165452035
Qingyuan Energy Saving Company 885273105 885273105
Shenzhen CSG Financial Leasing Co.
133500000133500000
Ltd.Shenzhen Display Device Company 550765474 550765474
Zhaoqing Energy Saving Company 200000000 200000000
Zhaoqing CSG Automotive Glass Co.
159959074159959074
Ltd.
152CSG Semi-annual Report 2024
Opening Movement in current period Closing
Opening book Closing book
Investee impairment Increase in Decrease in Impairment impairment value Others value provision investment investment provision provision
Anhui New Energy Company 1550000000 200000000 1750000000
Anhui Quartz Company 75000000 75000000
Anhui Silicon Valley Mingdu Company 216000000 216000000
Xi'an Energy Saving Company 82500000 82500000
Guangxi New Energy Materials
227000000223000000450000000
Company
CSG (Suzhou) Corporate Headquarters
3000000030000000
Management Co. Ltd.Shenzhen CSG Quartz Materials
4000000040000000
Industrial Co. Ltd.Shenzhen CSG New Energy Industry
13500000001350000000
Development Co. Ltd.Others 243592197 15000000 243592197 15000000
Total 9806533769 15000000 423000000 10229533769 15000000
153CSG Semi-annual Report 2024
4. Operating income and operating costs
Unit: RMB
H1 2024 H1 2023
Item
Revenue Cost Revenue Cost
Principal operation 2824451 833033
Other operations 193179612 218992685
Total 196004063 219825718
5. Investment income
Unit: RMB
Item H1 2024 H1 2023
Investment income from long-term equity
6559006461680533152
investment under cost method
Others 924109 1534181
Total 656824755 1682067333
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 asset 4202074
Government subsidies included in the profit and loss of the current period (closely
related to the normal operation of the company in line with national policies and
58517357
provisions in accordance with the defined standards except government subsidies that
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 financial
assets and financial liabilities by non-financial enterprises and the loss or gain arising 924109
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
6819779
for impairment
Profit and loss from debt restructuring 569142
Other non-operating income and expenditure except for the aforementioned items 1748299
Less: Impact on income tax 11058108
Impact on minority shareholders’ equity (post-tax) 1512282
Total 60210370 --
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.
154CSG Semi-annual Report 2024
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
2.ROE and earnings per share
Earnings per share
Weighted average return
Profit during the reporting period
on equity % Basic earnings per share Diluted earnings per share
(RMB/share) (RMB/share)
Net profit attributable to the
5.08%0.240.24
company’s ordinary shareholders
Net profit attributable to the
company's ordinary shareholders
4.67%0.220.22
after deducting non-recurring gains
and losses
Board of Directors of
CSG Holding Co. Ltd.
26 August 2024
155
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