CSG HOLDING CO., LTD. The First Quarter Report 2022
Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2022-019
Bond Code: 149079 Short Form of Bond: 20 CSG 01
CSG Holding Co., Ltd.
The First Quarter Report 2022
The Company and all the members of the Board of Directors confirm that the information
disclosed is authentic, accurate and complete, and there are no any fictitious statements, misleading
statements or significant omissions carried in this report.
Important Notice:
1. Board of Directors and the Supervisory Committee and its directors, supervisors and senior
executives hereby confirm that the Quarter Report is authentic, accurate and complete and there are
no any fictitious statements, misleading statements, or significant omissions carried in this report,
and shall take individual and joint legal responsibilities.
2. Head of the Company, responsible person in charge of accounting and principal of the financial
department (accounting officer) confirm that the financial information in this Quarter Report is
authentic, accurate and complete.
3. Whether the First Quarter Report has been audited or not
□ Yes √ No
This report is prepared both in Chinese and English. Should there be any inconsistency between the
Chinese and English versions, the Chinese version shall prevail.
I. Main financial data
（I）Major accounting data and financial indicators
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √No
The same period of the Year-on-year
The report period
previous year increase/decrease
Operating income (RMB) 2,785,709,687 3,006,832,539 -7.35%
Net profit attributable to shareholders of the
383,682,831 573,268,793 -33.07%
listed company (RMB)
Net profit attributable to shareholders of the
336,240,261 572,808,470 -41.30%
listed company after deducting non-recurring
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CSG HOLDING CO., LTD. The First Quarter Report 2022
gains and losses (RMB)
Net cash flow arising from operating activities
102,057,062 341,291,798 -70.10%
(RMB)
Basic earnings per share (RMB/Share) 0.12 0.19 -36.84%
Diluted earnings per share (RMB/Share) 0.12 0.19 -36.84%
Weighted average ROE (%) 3.30% 5.46% -2.16%
Increase/decrease at the end
End of the report period End of the previous year of the report period over the
end of the previous year
Total assets (RMB) 20,699,582,452 19,939,364,510 3.81%
Net assets attributable to shareholders of the
11,805,984,216 11,429,661,046 3.29%
listed company (RMB)
(II) Item and amount of non-recurring gains and losses
√Applicable □ Not applicable
Unit: RMB
Item Amount in the report period Note
Gains/losses from the disposal of non-current asset (including the write-off that
3,068,799
accrued for impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the subsidy
enjoyed in quota or ration according to national standards, which are closely relevant 46,614,460
to enterprise’s business)
In addition to the effective hedging business related to the normal business of the
company, the profit and loss from changes in fair value arising from holding trading
financial assets and trading financial liabilities, as well as the investment income 8,493,186
obtained from the disposal of trading financial assets, trading financial liabilities and
available for sale financial assets
Reversal of provision for impairment of receivables that have been individually
601,289
tested for impairment
Other non-operating income and expenditure except for the aforementioned items -961,899
Less: Impact on income tax 9,039,153
Impact on minority shareholders’ equity (post-tax) 1,334,112
Total 47,442,570 --
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
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Companies Offering their Securities to the Public - Non-recurring Gains and Losses as recurring gains and losses
□ Applicable √ Not applicable
It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information Disclosure of
Companies Offering Securities to the Public - Non-recurring Profit and Loss" were defined as recurring profit and loss items in the
report period.
(III) Statement of change in the major accounting data and financial indicators and the causes
√Applicable □ Not applicable
Unit: RMB
Item of the Balance Sheet Note March 31, 2022 December 31, 2021 Percentage of change
Notes receivable (1) 3,118,469 19,220,984 -84%
Accounts receivable (2) 973,020,406 730,525,687 33%
prepayments (3) 129,634,944 76,097,276 70%
Inventories (4) 1,516,472,480 1,093,805,525 39%
Other current assets (5) 182,463,523 140,705,298 30%
Short-term borrowings (6) 90,770,000 180,770,000 -50%
Employee benefits payable (7) 237,455,537 426,212,979 -44%
Other payables (8) 186,600,761 289,440,477 -36%
Non-current liabilities due within
(9) 2,529,405,242 503,820,548 402%
one year
Long-term borrowings (10) 1,920,374,171 1,469,059,824 31%
Bonds payable (11) - 1,996,587,330 -100%
Lease liabilities (12) - 220,138 -100%
Special reserve (13) 476,574 7,296,397 -93%
Item of Income Statement Note Jan.-Mar.2022 Jan.-Mar.2021 Percentage of change
Financial expenses (14) 30,893,854 46,480,853 -34%
Investment income (15) 8,493,186 1,373,392 518%
Asset impairment loss (16) -1,456 - -
Income on disposal assets (17) 3,067,343 -298,458 -
Other income (18) 48,350,708 14,347,461 237%
Non-operating income (19) 1,658,098 2,976,619 -44%
Non-operating expenses (20) 2,619,997 15,315,650 -83%
Income tax expenses (21) 66,600,517 119,176,328 -44%
Net after-tax amount of other (22) -539,838 885,753 -161%
comprehensive income
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Notes:
(1) The decrease in notes receivable was mainly due to the change of collection method of some subsidiaries and some were
converted to accounts receivable due to non-performance by the drawer.
(2) The increase in accounts receivable was mainly due to the increase in accounts receivable from architectural glass Companies.
(3) The increase in prepayments was mainly due to the increase in prepayments for materials by some subsidiaries.
(4) The increase in inventories was mainly due to the increase in the inventory for the resumption of polysilicon production of the
subsidiary and changes in the pace of production and sales of the companies in the Glass Division.
(5) The increase in other current assets was mainly due to the increase in input tax to be deducted for some subsidiaries.
(6) The decrease in short-term borrowings was mainly due to the repayment of part of the borrowings.
(7) The decrease in employee benefits payable was mainly due to the year-end bonuses accrued in the previous year that were paid
during the report period.
(8) The decrease in other payables was mainly due to the payment of corporate bond interest during the report period.
(9) The increase in non-current liabilities due within one year was mainly due to the reclassification of bonds payable to non-current
liabilities due within one year.
(10) The increase in long-term borrowings was mainly due to the increase in borrowings for the projects.
(11) The decrease in bonds payable was mainly due to the reclassification of bonds payable to non-current liabilities due within one
year.
(12) The decrease in lease liabilities was mainly due to the reclassification of lease liabilities to non-current liabilities due within one
year
(13) The decrease in special reserve was mainly due to the write-off of special reserves by subsidiaries.
(14) The decrease in financial expenses was mainly due to the decrease in interest expenses.
(15) The increase in investment income was mainly due to the increase in income from structured deposits.
(16) The decrease in asset impairment loss was mainly due to the subsidiary's write-off of inventory depreciation reserves.
(17) The increase in income on disposal assets was mainly due to the increase in gains and losses from disposal of assets by some
subsidiaries.
(18) The increase in other income was mainly due to the increase in the amortization of deferred income of some subsidiaries.
(19) The decrease in non-operating income was mainly due to the decrease in claim income and the payments unable to pay, etc.
(20) The decrease in non-operating expenses was mainly due to the return of government subsidies in the previous period.
(21) The decrease in income tax expenses was mainly due to the decrease in total profits.
(22) The decrease in net after-tax amount of other comprehensive income was mainly due to changes in the translation differences in
foreign currency statements.
II. Information of shareholders
(I) The total number of common shareholders and the number of preference shareholders with voting
rights recovered as well as the top ten shareholders
Unit: Share
The total number of common shareholders The total number of preference shareholders with voting
157,188 0
at the end of the report period rights recovered at end of report period (if applicable)
Particulars about the shares held by the top ten shareholders
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Number of share
Proportion Amount of pledged, marked or
Amount of
Name of shareholder Nature of shareholder of shares restricted frozen
shares held
held (%) shares held Share
Amount
status
Foresea Life Insurance Co., Ltd. – Domestic non state-owned
15.19% 466,386,874
HailiNiannian legal person
Foresea Life Insurance Co., Ltd. – Domestic non state-owned
3.86% 118,425,007
Universal Insurance Products legal person
Bank of China Limited - China
Domestic non state-owned
Merchants Ruiwen Hybrid Securities 2.85% 87,416,306
legal person
Investment Fund
Pledged 86,630,000
Domestic non state-owned
Zhongshan Runtian Investment Co., Ltd. 2.82% 86,633,447 Marked 86,630,000
legal person
Frozen 3,447
Foresea Life Insurance Co., Ltd. – Own Domestic non state-owned
2.11% 64,765,161
Fund legal person
China Merchants Securities (HK) Co.,
State-owned legal person 1.42% 43,621,323
Limited
China Galaxy International Securities
Foreign legal person 1.34% 41,219,778
(Hong Kong) Co., Limited
National Social Security Fund 110 Domestic non state-owned
1.13% 34,667,149
Portfolio legal person
Ping An Bank Co., Ltd. - China
Merchants Credit Suisse Steady Domestic non state-owned
0.97% 29,718,363
Allocation Hybrid Securities Investment legal person
Fund
China Life Insurance Company Limited -
Domestic non state-owned
Traditional - General Insurance Products - 0.83% 25,361,164
legal person
005L-CT001 Shen
Particulars about the top ten shareholders with un-restrict shares held
Amount of unrestricted Type of shares
Name of shareholder
shares held Type Amount
Foresea Life Insurance Co., Ltd. – HailiNiannian 466,386,874 RMB ordinary shares 466,386,874
Foresea Life Insurance Co., Ltd. – Universal Insurance Products 118,425,007 RMB ordinary shares 118,425,007
Bank of China Limited - China Merchants Ruiwen Hybrid
87,416,306 RMB ordinary shares 87,416,306
Securities Investment Fund
Zhongshan Runtian Investment Co., Ltd. 86,633,447 RMB ordinary shares 86,633,447
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Foresea Life Insurance Co., Ltd. – Own Fund 64,765,161 RMB ordinary shares 64,765,161
Domestically listed
China Merchants Securities (HK) Co., Limited 43,621,323 43,621,323
foreign shares
Domestically listed
China Galaxy International Securities (Hong Kong) Co., Limited 41,219,778 41,219,778
foreign shares
National Social Security Fund 110 Portfolio 34,667,149 RMB ordinary shares 34,667,149
Ping An Bank Co., Ltd. - China Merchants Credit Suisse Steady
29,718,363 RMB ordinary shares 29,718,363
Allocation Hybrid Securities Investment Fund
China Life Insurance Company Limited - Traditional - General
25,361,164 RMB ordinary shares 25,361,164
Insurance Products - 005L-CT001 Shen
Among shareholders as listed above, Foresea Life Insurance Co., Ltd.-HailiNiannian, Foresea
Life Insurance Co., Ltd.-Universal Insurance Products, Foresea Life Insurance Co., Ltd.-Own
Fund are all held by Foresea Life Insurance Co., Ltd. Zhongshan Runtian Investment Co., Ltd.
Statement on associated relationship is a related legal person of Foresea Life Insurance Co., Ltd. and Chengtai Group Co., Ltd.,
or consistent action among the another related legal person of Foresea Life Insurance Co., Ltd, which held 40,187,904 shares
above shareholders: via China Galaxy International Securities (Hong Kong) Co., Limited.
Except for the above-mentioned shareholders, it is unknown whether other shareholders
belong to related party or have associated relationship regulated by the Management
Regulation of Information Disclosure on Change of Shareholding for Listed Companies.
Explanation on the top ten
shareholders which involving N/A
margin business (if applicable)
(II) The total number of preferred shareholders of the company and particulars about the top ten
preferred shareholders
□ Applicable √ Not applicable
III. Statement on other important matters
√Applicable □ Not applicable
(I) Ultra-short-term financing bills
On June 15, 2020, the Third Extraordinary Shareholders’ General Meeting 2020 of CSG reviewed and approved the proposal on
application for registration and issuance of ultra-short-term financing bills and medium-term notes, which agreed that the Company
should register and issue ultra-short-term financing bills with a registered amount not exceeding 1.5 billion yuan (the limit is not
subject to the limit of 40% of net assets).With the period of validity of the quota not longer than two years, such ultra-short-term
financing bills will be issued by installments in accordance with the actual capital needs of the Company and the situation of
inter-bank market funds. On September 4, 2020, the NAFMII held its 102nd registration meeting in 2020 and decided to accept the
Company's registration of ultra-short-term financing bills with a total of 1.5 billion yuan and a validity period of two years.
(II) Medium-term notes
On June 15, 2020, the Third Extraordinary Shareholders’ General Meeting 2020 of CSG reviewed and approved the proposal on
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CSG HOLDING CO., LTD. The First Quarter Report 2022
application for registration and issuance of ultra-short-term financing bills and medium-term notes, which agreed that the Company
should register and issue medium-term notes with a registered amount not exceeding 1.5 billion yuan. With the period of validity of
the quota not longer than two years, such medium-term notes will be issued by installments in accordance with the actual capital
needs of the Company and the situation of inter-bank market funds. On September 4, 2020, the NAFMII held its 102nd registration
meeting in 2020 and decided to accept the Company's registration of medium-term notes with a total of 1.5 billion yuan and a
validity period of two years.
(III) Public issuance of corporate bonds
On March 2, 2017, the Second Extraordinary Shareholders’ General Meeting 2017 reviewed and approved the “Proposal on the
Public Issuance of Corporate Bonds for Qualified Investors". On February 27, 2019, the First Extraordinary Shareholders’ General
Meeting 2019 reviewed and approved the “Proposal on Extending the Validity Period of the Shareholders' General Meeting for the
Public Offering of Corporate Bonds to Qualified Investors”, which agreed that the Company should issue corporate bonds with a
total issue of no more than RMB 2 billion and a term of no more than 10 years. On June 26, 2019, the Company received the
“Approval of Approving CSG Holding Co., Ltd. to Issue Corporate Bonds to Qualified Investors” issued by China Securities
Regulatory Commission (ZJXK [2019] No. 1140). On March 24, 2020 and March 25, 2020, the Company issued the first batch of
corporate bonds with total amount of RMB 2 billion and valid term of 3 years at the issuance rate of 6%, which will be redeemed on
March 25, 2023.
IV. Quarterly financial statements
(I) Financial statements
1. Consolidated Balance Sheet
Prepared by CSG Holding Co., Ltd.
March 31, 2022
Unit: RMB
Item Ending balance Opening balance
Current asset:
Monetary Fund 2,307,789,914 2,765,925,906
Tradable financial assets 998,160,000 999,600,000
Notes receivable 3,118,469 19,220,984
Accounts receivable 973,020,406 730,525,687
Receivables financing 231,764,980 297,046,123
Prepayments 129,634,944 76,097,276
Other receivables 185,837,560 183,696,711
Inventories 1,516,472,480 1,093,805,525
Other current assets 182,463,523 140,705,298
Total current assets 6,528,262,276 6,306,623,510
Non-current assets:
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Investment real estate 383,084,500 383,084,500
Fixed assets 9,109,757,144 8,566,515,026
Construction in progress 2,327,437,036 2,461,088,650
Right-of-use asset 9,472,983 9,911,935
Intangible assets 1,177,909,939 1,167,611,402
Development expenditure 89,148,220 72,019,362
Goodwill 130,147,859 130,147,859
Long-term prepaid expenses 3,271,426 3,013,721
Deferred tax assets 252,213,065 255,185,923
Other non-current assets 688,878,004 584,162,622
Total non-current assets 14,171,320,176 13,632,741,000
Total assets 20,699,582,452 19,939,364,510
Current liabilities:
Short-term borrowings 90,770,000 180,770,000
Notes payable 442,671,687 400,662,713
Accounts payable 1,720,920,759 1,428,851,312
Contract liability 386,426,568 335,188,642
Employee benefits payable 237,455,537 426,212,979
Taxes payable 131,565,273 185,009,681
Other payables 186,600,761 289,440,477
Incl.: Interest payable 5,616,409 95,001,362
Non-current liabilities due within one year 2,529,405,242 503,820,548
Other current liabilities 45,293,406 40,099,309
Total current liabilities 5,771,109,233 3,790,055,661
Non-current liabilities:
Long-term borrowings 1,920,374,171 1,469,059,824
Bonds payable 1,996,587,330
Lease liabilities 220,138
Long-term accounts payable 147,148,057 168,258,062
Deferred income 529,711,379 564,129,128
Deferred income tax liabilities 84,465,617 84,580,132
Total non-current liabilities 2,681,699,224 4,282,834,614
Total Liabilities 8,452,808,457 8,072,890,275
Owners' equity:
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Share capital 3,070,692,107 3,070,692,107
Capital reserve 596,997,085 596,997,085
Other comprehensive income 158,660,692 159,200,530
Special reserves 476,574 7,296,397
Surplus reserve 1,144,887,510 1,144,887,510
Undistributed profits 6,834,270,248 6,450,587,417
Total owner's equity attributable to the parent
11,805,984,216 11,429,661,046
company
Minority shareholders' equity 440,789,779 436,813,189
Total owner's equity 12,246,773,995 11,866,474,235
Total Liabilities and Owner's Equity 20,699,582,452 19,939,364,510
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Jian, Principal of the financial department:
Wang Wenxin
2. Consolidated Income Statement
Unit: RMB
Item Amount incurred in the report period Amount incurred in the previous period
I. Total operating revenue 2,785,709,687 3,006,832,539
Incl. :Business income 2,785,709,687 3,006,832,539
II. Total business cost 2,385,993,949 2,306,236,702
Incl.: Business cost 1,996,135,271 1,884,970,395
Taxes and surcharges 29,430,897 33,969,707
Sales expense 62,182,177 59,878,963
Management costs 155,690,153 176,841,412
Research and development expenses 111,661,597 104,095,372
Financial expenses 30,893,854 46,480,853
Incl. : Interest expense 43,766,699 56,228,887
Interest income 14,681,526 11,013,336
Plus: Other income 48,350,708 14,347,461
Investment income (“-” for loss) 8,493,186 1,373,392
Credit impairment loss (“-” for loss) -4,406,594 -6,144,938
Asset impairment loss (“-” for loss) 1,456
Income on disposal assets (“-” for loss) 3,067,343 -298,458
III. Operational profit (“-” for loss) 455,221,837 709,873,294
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Plus: non-operating income 1,658,098 2,976,619
Less: non-operating expenses 2,619,997 15,315,650
IV. Gross profit (“-” for loss) 454,259,938 697,534,263
Less: Income tax expenses 66,600,517 119,176,328
V. Net profit (“-” for net loss) 387,659,421 578,357,935
(I) Classification by business continuity
1. Net profit from continuous operation(“-” for
387,659,421 578,357,935
net loss)
2. Discontinued operating net profit(“-” for net
loss)
(II) Classification by ownership
1. Net profit attributable to the owner of the
383,682,831 573,268,793
parent company
2. Minor shareholders’ equity 3,976,590 5,089,142
VI. Net after-tax amount of other comprehensive
-539,838 885,753
income
Net after-tax amount of other comprehensive
income attributable to the owner of the parent -539,838 885,753
company
(I) Other comprehensive income that will be
-539,838 885,753
reclassified into profit or loss
1. Foreign-currency financial statement
-539,838 885,753
translation difference
VII. Total comprehensive income 387,119,583 579,243,688
Total comprehensive income attributable to
383,142,993 574,154,546
owners of the Company
Total comprehensive income attributable to
3,976,590 5,089,142
minority shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.12 0.19
(II) Diluted earnings per share 0.12 0.19
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Jian, Principal of the financial department:
Wang Wenxin
3. Consolidated Cash Flow Statement
Unit: RMB
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Item Amount incurred in the report period Amount incurred in the previous period
I. Net cash flow from business operation:
Cash received from sales of products and
2,975,194,851 2,989,003,056
providing of services
Refunds of taxes 6,174,213 1,578,830
Received other cash related to business
45,200,715 33,650,668
activities
Subtotal of cash inflow from operating activities 3,026,569,779 3,024,232,554
Cash paid for the purchase of goods and
1,997,455,533 1,743,026,747
services
Cash paid to and for employees 592,412,995 527,402,580
Payments of all types of taxes 232,790,434 274,884,499
Payment of other cash related to business
101,853,755 137,626,930
activities
Subtotal of cash outflow from operating activities 2,924,512,717 2,682,940,756
Net cash flow from operating activities 102,057,062 341,291,798
II. Cash flows from investing activities:
Cash received from returns on investment 1,149,600,000 550,000,000
Cash received from returns on investment
8,095,668 1,373,392
income
Net cash received from the disposal of fixed
978,036 356,696
assets, intangible assets and other long-term assets
Cash received relating to other investing
16,753,461
activities
Subtotal of cash inflows from investment activities 1,158,673,704 568,483,549
Cash paid for the purchase and construction of
fixed assets, intangible assets and other long-term 784,088,536 234,168,691
assets
Cash paid for investment 1,148,160,000 640,000,000
Cash paid relating to other investing activities 5,319,802 5,206,030
Subtotal of cash outflows from investing activities 1,937,568,338 879,374,721
Net cash flows from investing activities -778,894,634 -310,891,172
III. Cash flow from financing activities:
Cash received from the loan 489,156,004 143,434,231
Other financing-related cash received 20,000
Subtotal of cash inflows from financing activities 489,156,004 143,454,231
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CSG HOLDING CO., LTD. The First Quarter Report 2022
Cash paid for debt repayment 100,000,000 149,972,571
Cash paid for dividends, profits or interest
144,617,231 132,691,808
payments
Payment of other cash related to financing
23,817,019 316,663
activities
Subtotal of cash outflows from financing activities 268,434,250 282,981,042
Net cash flow from financing activities 220,721,754 -139,526,811
IV. Influence of exchange rate alternation on cash
68,620 202,866
and cash equivalents
V. Net increase in cash and cash equivalents -456,047,198 -108,923,319
Plus: Balance of cash and cash equivalents at
2,756,477,572 2,124,028,196
the beginning of term
VI. Balance of cash and cash equivalents at the end
2,300,430,374 2,015,104,877
of term
(II) Report of the Auditors
Whether the First Quarter Report has been audited or not
□ Yes √ No
The First Quarter Report hasn’t been audited.
Board of Directors of
CSG Holding Co., Ltd.
29 April 2022
12
