CSG HOLDING CO., LTD.
ANNUAL REPORT 2022
Chairman of the Board:
CHEN LIN
April 2023
CSG Annual Report 2022
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 individual and joint legal responsibilities for the facticity, accuracy and completeness
of the whole contents.
Ms. Chen Lin, Chairman of the Board, 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 this Annual Report 2022 is true, accurate and
complete.
All directors were present at the meeting of the Board for deliberating the annual report of the
Company in person.
The future plans, development strategies 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 deliberated and approved plan of profit distribution in the Board Meeting is distributing cash
dividend of RMB 1.5 yuan (tax included) for every 10 shares to all shareholders based on
3,070,692,107 shares of the total current share capital, 0 bonus shares (including tax) will be given,
and no capital stock will be converted from provident fund. The actual amount of the cash dividend
distributed will be determined according to the total share capital on the registration date of the
Company's implementation of the profit distribution plan.
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.
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CSG Annual Report 2022
Content
Section I. Important Notice, Content and Paraphrase .......................................................................... 1
Section II. Company Profile& Financial Highlights ............................................................................ 5
Section III. Management Discussion and Analysis ............................................................................ 10
Section IV. Corporate Governance .................................................................................................... 49
Section V. Environment and Social Responsibility............................................................................ 71
Section VI. Important Events ............................................................................................................. 76
Section VII. Changes in Shares and Particulars about Shareholders ................................................. 95
Section VIII. Preferred shares .......................................................................................................... 103
Section IX. Bonds ............................................................................................................................ 104
Section X. Financial Report ............................................................................................................. 105
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CSG Annual Report 2022
Documents Available for Reference
I. Text of the financial report carrying the signatures and seals of the legal representative, responsible person in charge of accounting
and person in charge of financial institution;
II. Original of the Auditors’ Report carrying the seal of accounting firm and the signatures and seals of the certified public
accountants;
III. All texts of the Company’s documents and original public notices disclosed in the website and papers appointed by CSRC in the
report period.
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CSG Annual Report 2022
Paraphrase
Items Refers to Contents
Company, the Company, CSG or the Group Refers to CSG Holding Co., Ltd.
Foresea Life Refers to Foresea Life Insurance Co., Ltd.
Flat glass Refers to Including float glass, photovoltaic glass
The electronic glass with thickness between
Ultra-thin electronic glass Refers to
0.1~1.1mm
AG glass Refers to Anti-glare glass
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CSG Annual Report 2022
Section II. Company Profile& Financial Highlights
I. Company information
Short form for A-share Southern Glass A Short form for B-share Southern Glass B
Code for A-share 000012 Code for B-share 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
南玻集团
Company
Legal English name of the Company CSG Holding Co., Ltd.
Abbr. of legal English name of the
CSG
Company
Legal Representative Chen Lin
Registered Add. CSG Building, No.1, the 6th Industrial Road, Shekou, Shenzhen, P. R.C.
Post Code 518067
Office Add. CSG Building, No.1, the 6th Industrial Road, Shekou, Shenzhen, P. R.C.
Post Code 518067
Internet website www.csgholding.com
E-mail securities@csgholding.com
II. Person/Way to contact
Secretary of the Board Representative of security affairs
Name Chen Chunyan Xu Lei
CSG Building, No.1 of the 6th Industrial CSG Building, No.1 of the 6th Industrial
Contacts add.
Road, Shekou, Shenzhen, P. R.C. Road, 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. Information disclosure and preparation place
The website of the stock exchange where
www.szse.cn
the company discloses the annual report
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CSG Annual Report 2022
The name and website of the media where Securities Times, China Securities Journal, Shanghai Securities News, Securities Daily
the company discloses the annual report and Juchao Website (www.cninfo.com.cn)
The place for preparation of the annual
Office of the Board of Directors of the Company
report
IV. Registration changes of the Company
Unified social credit code: 914403006188385775
Changes of main business since listing (if
No changes
applicable)
Previous changes for controlling
No changes
shareholders (if applicable)
V. Other relevant information
CPA firm engaged by the Company
Name of CPA firm Asia Pacific (Group) CPAs (special general partnership)
Offices add. for CPA firm 2001, 20th Floor, Building 3, No. 16, Lize Road, Fengtai District, Beijing
Signing Accountants Wang Donglan, Wei Jian
Sponsor institute engaged by the Company for performing continuous supervision duties in the report period
□ Applicable √ Not applicable
Financial consultant engaged by the Company for performing continuous supervision duties in the report period
□ Applicable √ Not applicable
VI. Main accounting data and financial indexes
Whether it has retroactive adjustment or restatement on previous accounting data
√Yes □No
Reasons of retroactive adjustment or restatement
changes in accounting policies
Changes
over the
2021 2020
previous
2022 year
After
Before adjustment After adjustment Before adjustment After adjustment
adjustment
Operating income (RMB) 15,198,706,998 13,629,033,650 13,672,372,823 11.16% 10,671,253,445 10,671,253,445
Net profit attributable to
shareholders of the listed 2,037,202,500 1,529,329,304 1,526,392,754 33.47% 779,325,592 779,325,592
company (RMB)
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CSG Annual Report 2022
Net profit attributable to
shareholders of the listed
company after deducting 1,819,429,258 1,439,540,257 1,436,603,707 26.65% 539,976,457 539,976,457
non-recurring gains and
losses (RMB)
Net cash flow arising from
1,957,123,231 3,902,084,385 3,899,648,030 -49.81% 2,730,619,636 2,730,619,636
operating activities (RMB)
Basic earnings per share
0.66 0.50 0.50 32% 0.25 0.25
(RMB/Share)
Diluted earnings per share
0.66 0.50 0.50 32% 0.25 0.25
(RMB/Share)
Weighted average ROE 16.78% 14.13% 14.11% 2.67% 7.91% 7.91%
Changes
over the
As at 31 Dec. 2021 end of the As at 31 Dec. 2020
As at 31 Dec. 2022 previous
year
After
Before adjustment After adjustment Before adjustment After adjustment
adjustment
Total assets (RMB) 25,904,013,306 19,939,364,510 19,935,902,125 29.94% 17,882,914,898 17,882,914,898
Net assets attributable to
shareholders of the listed 12,854,883,706 11,429,661,046 11,426,724,496 12.50% 10,212,989,847 10,212,989,847
company (RMB)
Reasons for changes in accounting policies and correction of accounting errors
The Ministry of Finance issued a notice in December 2021 on the issuance of "Interpretation of Accounting Standards for Business
Enterprises No. 15" (Finance and Accounting [2021] No. 35), which was implemented by the Company from January 1, 2022. For
trial sales that occurred between the beginning of the financial statement presentation period and the date of implementation of this
interpretation for the first time, the Company has made retrospective adjustments in accordance with the provisions of the
interpretation, and retroactively adjusted comparable period information.
The lower of the Company’s net profit before and after the deduction of non-recurring gains and losses in the last three fiscal years is
negative, and the auditor's report of the previous year shows that the Company’s going concern ability is uncertain
□ Yes √ No
The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative
□ Yes √ No
VII. Accounting Data Differences under and Foreign Accounting Standards
1. Net Income and Equity Differences under CAS and IFRS
□ Applicable √ Not applicable
No such differences for the Report Period.
2. Net Income and Equity Differences under CAS and Foreign Accounting Standards
□ Applicable √ Not applicable
No such differences for the Report Period.
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CSG Annual Report 2022
VIII. Main financial indexes by quarter
Unit: RMB
Q1 Q2 Q3 Q4
Operating income 2,785,709,687 3,733,506,989 4,284,558,670 4,394,931,652
Net profit attributable to shareholders of the listed
383,682,831 617,491,567 649,353,658 386,674,444
company
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and 336,240,261 551,354,559 593,590,206 338,244,232
losses
Net cash flow arising from operating activities 102,057,062 800,746,059 715,807,686 338,512,424
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the Company’s quarterly report and semi-annual report or not
□Yes √ No
IX. Items and amounts of non-recurring gains and losses
√Applicable □ Not applicable
Unit: RMB
Item 2022 2021 2020 Note
Gains/losses from the disposal of non-current asset (including the write-
15,213,059 -1,493,248 -1,158,984
off that 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, 188,756,525 104,507,242 99,660,400
which are closely relevant to enterprise’s business)
Profit and loss from debt restructuring -285,025
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
31,567,854 17,132,672 2,654,504
liabilities, as well as the investment income 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
6,389,385 1,429,653
individually tested for impairment
Loss and profit from external entrusted loan 5,546,384
Profits and losses arising from changes in the fair value of investment
179,911,200
real estate that are subsequently measured using the fair value model
Other non-operating income and expenditure except for the
14,743,778 -13,526,210 -6,284,556
aforementioned items
Less: Impact on income tax 34,242,061 14,201,899 38,334,180
Impact on minority shareholders’ equity (post-tax) 4,655,298 3,774,138 2,645,633
Total 217,773,242 89,789,047 239,349,135 --
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 Annual 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.
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CSG Annual Report 2022
Section III. Management Discussion and Analysis
I. Particulars about the industry the Company engages in during the report period
Flat glass industry
Float glass industry: In 2022, the float glass industry saw a decline in production capacity due to a weaker market. According to the
statistics of third-party industry information institutions, by the end of 2022, there were 241 float glass production lines in production
in China, with a total daily melting capacity of about 162,000 tons, a year-on-year decrease of 7.37%.
The traditional application direction of float glass is mainly building materials, and its market demand change is positively related to
infrastructure investment and the prosperity of the real estate industry. According to the data from the National Bureau of Statistics,
in 2022, the new construction area of domestic housing and the completed area declined by 39.4% and 15% year-on-year
respectively. The adjustment of the real estate market resulted in a cyclical adjustment in the float glass market. However, with the
progressive implementation of the national “double carbon policy” over recent years, the proportion of green buildings has been
continuously increasing, and that of energy-saving glass will demonstrate a significant rise. It can be expected that the deep
processing rate of flat glass in the building materials field will further increase during the “14th Five-Year Plan” period, which will
drive the structural demand for deep-processing high-end float products to increase. With the development of the economy and the
promotion of people’s living standards, the need for improvement has been booming, and the demand for high-quality products such
as ultra-white float glass will see a sharp increase. The above-mentioned adjustment of product demand structure and the incremental
demand for high-quality products will benefit the leading enterprises in the industry’s high-end market.
Photovoltaic glass industry: With the booming development of the global new energy industry, the photovoltaic industry is
stepping into a phase of rapid development. In 2022, due to the imbalance between supply and demand, the price of the photovoltaic
industrial chain has kept rising. However, at the end of the year, the release of the production capacity of silicon materials and slack
season of the industry led to a considerable drop in the prices of silicon materials, silicon wafers, and cells. The price fluctuation of
the photovoltaic industrial chain has made a certain influence on the installation demand in the downstream photovoltaic market. In
2022, multiple photovoltaic glass production lines were put into production, seeing a significant increase in the supply of glass,
increasingly fierce competitions in the photovoltaic glass market, and an imbalanced supply-demand relationship in the market in a
short term. In 2022, the domestic price of photovoltaic glass remained at a middle or low level, with little fluctuation in general. In
addition, the rise of natural gas saw a dramatic increase and that of dense soda ash maintained at a high level, leading to a constant
rise in the production costs of photovoltaic glass.
In 2022, the demand in the global photovoltaic industry was still powerful. According to the data from the China Photovoltaic
Industry Association (“CPIA”), the global photovoltaic installed capacity was approximately 230GW in 2022, a year-on-year
increase of 35.3%. With the orderly implementation of the domestic distributed photovoltaic policy of “whole-county promotion”
and a large-scale wind power photovoltaic bases, the photovoltaic installed capacity in China has kept increasing. According to the
statistics of the National Energy Administration, the domestic photovoltaic installed capacity was approximately 87.41GW in 2022, a
year-on-year increase of 59.3%. In particular, the centralized photovoltaic installed capacity was approximately 36.29GW,
accounting for around 41.5% of the installed capacity in China. The distributed photovoltaic installed capacity was approximately
51.11GW, consuming about 58.5% of the installed capacity in China. In 2022, the demand in overseas market has increased as well.
Chinese total export of photovoltaic products (silicon wafers, cells, and modules) saw a year-on-year growth of 80.3%, and European
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CSG Annual Report 2022
market showed the largest increase. The Russia-Ukraine conflict in 2022 resulted in a surge in European electricity prices. Major
European countries have made an increase adjustment in the photovoltaic installation plan. According to the statistics of the Solar
Power Europe, in 2022, the photovoltaic installed capacity of the 27 countries in the EU was 41.4GW, a year-on-year growth of 47%.
With the constant advancement of photovoltaic module technologies, the photovoltaic glass will embrace a new development trend.
The production of photovoltaic rolled glass has demonstrated the development trend of larger kilns, wider plates, thinner thickness,
and larger glass size. Besides, the utilization rate of double-glass modules has seen a constant increase. At present, the kiln scale of
photovoltaic glass has been sharply increased, most of which is 1000t/d and above; each proposed kiln is mainly with at least five
lines; the plate of photovoltaic glass has been widened with a width of 1.3m; the double-glass modules mainly adopt glass with a
thickness of 2.0mm in the cover plates and back panels, and some enterprises have started to use ultra-thin glass with a thickness of
1.6mm; in 2022, the demand for large-size modules of 182mm and 210mm was rapidly increased. According to the statistics of CPIA
（CHINA PHOTOVOLTAIC INDUSTRY ASSOCIATION）, the proportion of silicon wafers with the size of 182mm and 210mm
has reached 82.8% in 2022, and the glass with a plate width of 1,128mm and 1,297mm emerged as the mainstream in the market.
Architectural glass industry
The architectural glass business is to further process the original float glass sheet to manufacture energy-saving building glass
products with both safety and aesthetic effects in order to improve the energy-saving and safety performance of buildings, as well as
the visual aesthetic effects. Building energy-saving glass has made a significant contribution to energy saving in the process of
building use. The penetration rate in developed countries in Europe and the United States has already exceeded 80%, but the overall
penetration rate in China is still low. The total number of buildings in China is huge. In order to cope with the pressure of global
warming, to achieve the goals of “Carbon Peaking in 2030 and Carbon Neutrality in 2060”, and to reduce building energy
consumption and carbon emissions, it is imperative to reduce the energy consumption and carbon emissions of buildings, to
vigorously develop green buildings, and to carry out energy-saving renovation of existing buildings. According to the Action Plan for
Promoting the Establishment of Green Buildings issued by the Ministry of Housing and Urban-Rural Development and the Ministry
of Industry and Information Technology, as well as the national Action Plan for Carbon Peaking Before 2030, Comprehensive Work
Plan for Energy Conservation and Emission Reduction during the 14th Five-Year Plan, and other guidance documents’ requirements,
100% of the newly-built urban building should meet the green building standards in 2025 (about 50% in 2020). It is expected that the
architectural glass business will gain significant development opportunities during the “14th Five-Year Plan” period. In addition,
with the gradual improvement of domestic social consumption level in recent years, building energy conservation, safety standards,
and quality requirements have been continuously improved. In practice, the bad practice of winning the bid by the lowest price for
construction projects has been initially reversed, and the quality and influence of “Made in China” have been increasingly recognized
around the world, which will bring broader development space to advantageous enterprises that attach importance to product quality
and technological innovation, as well as stable industrial chain and supply chain.
Electronic glass and display industry
Electronic glass
Electronic glass, with its unique performance advantages such as high transmittance, high strength in ultra-thin state, reliable and
stable weather resistance, and processing convenience, is an indispensable material for cover glass and touch control plate of
intelligent display interactive application terminals such as smartphones, tablets, and computers. And it is developing rapidly with the
intelligent interactive display industry. With the popularization of information and communication technologies such as 5G and the
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CSG Annual Report 2022
development of the mobile Internet, the production and lifestyle of human society are gradually developing into a new form of high
integration of people, machines, things, and information, in which everything is interconnected, driving the demand for intelligent
equipment to increase rapidly and significantly. In recent years, in addition to the rapid popularization of mobile Internet terminals
such as smartphones, tablets, and computers, the vigorous development of smart homes, new energy vehicles, smart factories, smart
business displays, advanced education, medical care, conferences, self-service, and other industries has brought about the incremental
demand for human-computer interaction equipment, which provides a broader market prospect and market space for the electronic
glass industry, and also provides a market opportunity for leapfrogging development to upstream material manufacturers with leading
technological innovation capability and benign operation.
Display
With the rapid development of new energy vehicles and intelligent vehicles, the demand for vehicle display panels has become
powerful. According to the latest research report from the industrial research data on 8 February 2023, the demand for vehicle display
panels will keep increasing in 2023. The total shipment volume is estimated to exceed 200 million, with an average of over two
vehicle display panels per car. According to the data from Omdia, the shipment volume of vehicle display panels is expected to
achieve 253 million in 2026, with a compound growth rate of 6.7% from 2021 to 2026. The intelligent vehicle industry has a good
development prospect.
Solar energy industry
At present, the new development ideology centred on “Green Development” has gradually become the consensus of all countries in
the world. Major economies in the world have successively proposed “Carbon Neutrality” timetables. China has also made a solemn
commitment of “Carbon Peaking in 2030 and Carbon Neutrality in 2060” to the world. The transformation of the global energy
structure has begun to accelerate, and photovoltaic energy has become an important engine to undertake energy transformation with
its significant advantages such as cleanliness, safety, and economy. Driven by favourable factors such as the continuous decline in
the cost of photovoltaic power generation and the global green recovery, the photovoltaic installed capacity around the world will
continue to grow rapidly, and the solar photovoltaic industry will have huge development potential and industry prospects in the
future.
The photovoltaic new energy industry is a strategic emerging industry in China, acting as an essential guarantee for the country to
realize energy safety and green development. After over twenty years of development, the industrial position has developed from
clean energy to “the most economical” energy today. Driven by the global climate environment requirements of “carbon peaking and
carbon neutrality”, photovoltaic power generation will progressively become the mainstay of the energy structure. With the ever-
changing innovation of photovoltaic industrial technologies, photovoltaic power generation will comprehensively move towards an
era of parity price. Most areas in China have achieved parity or even lower than the coal-fired benchmark electricity price. Under this
circumstance, the market share of the photovoltaic industry will further concentrate on the enterprises with core advantages,
including technologies, scales, and supply chain management. Due to the significant advantages such as cleanliness, safety, and
inexhaustibility, solar energy sees a limitless and promising development prospect. In 2022, according to the statistics of InfoLink
Consulting’s supply and demand database, the global photovoltaic supply volume was 278GW, with an annual growth rate of 56%.
The total demand in 2023 is estimated to be 338-398GW. According to the relevant information from the National Energy
Administration, the domestic photovoltaic industry has made considerable achievements with new breakthroughs. First, the annual
installed capacity of photovoltaic power generation reached 87.41GW, a year-on-year increase of 60%, which hit another record high
and emerged as the type of power source with the largest scale of installation and the fastest growth rate. Second, the annual installed
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CSG Annual Report 2022
capacity of distributed photovoltaics reached 51.11GW, a year-on-year increase of 75%, consuming 60% of the total installation
scale of photovoltaic power generation, emerging as the primary force for new photovoltaic installation, and demonstrating a new
pattern that divided the domain into three, referring to the centralized power stations, commercial and industrial distributed
photovoltaics, and household photovoltaics. Third, the overall installed capacity of photovoltaic power generation surpassed 390GW,
becoming the power with the third largest installation scale after the thermal power and the hydroelectricity. Fourth, the annual
amount of photovoltaic power generation reached 425 billion kWh, having increased by approximately 100 billion kWh, taking up
30% of the total new power generation capacity. The effect of renewable energy substitution has become increasingly obvious, acting
as a strong support for green and low-carbon transformation of energy. Fifth, the export of photovoltaic products exceeded USD50
billion for the first time and the year-on-year increase was over 80%, emerging as a major highlight of China’s foreign trade exports
and playing a significant role in stabilizing investment, growth, employment, and foreign trade. The huge incremental demand in the
market will spur and drive the constant and rapid increase in all respects of the photovoltaic industry.
II. Main business of the Company during the report period
CSG is a leading domestic brand of energy-saving glass and a renowned brand of solar PV products and display devices. Its products
and technologies are well-known at home and abroad. Its main business includes R&D, 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.
Flat glass business
The flat glass business of CSG includes float glass and photovoltaic glass. The production mode, business strategy, technical
requirements and development direction of the two businesses have similarities and considerable differences due to the difference of
industrial chain environment, industry development stage and policy environment.
In the field of float glass, CSG has 10 advanced float glass production lines in Dongguan, Chengdu, Langfang, Wujiang and
Xianning, and has quartz sand raw material processing and production bases in Jiangyou, Sichuan Province, Qingyuan, Guangdong
Province and Fengyang, Anhui Province. Its 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 all high-
end products that can be directly used for 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, mirrors, car windshields, scanners and copiers, 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 new construction and
completion data, and is also affected by multiple factors such as current energy, 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. To cope with the downward pressure of 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
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CSG Annual Report 2022
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 2022, the new construction and completion of the real estate industry dropped significantly compared with the same period in
recent years, the domestic downstream architectural glass market demand slowed down in stages, and the price of float glass declined.
Meanwhile, affected by external environment, Russia Ukraine conflict, inflation and other factors, the prices of raw materials and
fuels rose sharply, and the profit level of float glass dropped significantly compared with the previous year. However, under the
macro background of “Steady Growth” of the national economy and the realization of “dual carbon” goals, the demand for high-
quality differentiated products and energy-saving products remains comparatively stable.
In the field of photovoltaic glass, CSG has taken the lead in entering the field of photovoltaic glass manufacturing in China since
2005. Based on independent research and development, the Company has formed a full closed-loop production capacity from
photovoltaic glass original sheet production to deep processing. As at the end of 2022, the Company has six photovoltaic rolled glass
original sheet production lines and complementary photovoltaic glass deep processing production lines in Dongguan, Wujiang,
Fengyang and Xianning, with an annual output of about 2 million tons of photovoltaic rolled glass original sheets, and its products
cover deep-processing products with a variety of thicknesses of 1.6-4mm. The accumulation of more than ten years of photovoltaic
glass production experience has enabled CSG to accumulate a solid foundation in key equipment and technologies such as kilns,
calendering, and deep processing. These accumulated technologies and experience have been released in this round of the
Company’s photovoltaic glass production capacity enhancement.
The Company is firmly optimistic about the long-term development of the photovoltaic new energy industry, seizes the golden
opportunity of industrial development, aims at the first echelon of the industry, and makes up for the shortcomings of the Group’s
photovoltaic glass business production capacity and large-scale layout. The Company is building four photovoltaic glass production
kilns and complementary processing lines with a daily melting capacity of 1,200 tons in Fengyang and one photovoltaic glass
production line and complementary processing line with a daily melting capacity of 1,200 tons in Xianning. Among them, Fengyang
No. 1 kiln has been ignited in May 2022, Fengyang No. 2 kiln has been ignited in August 2022, Fengyang No. 3 kiln has been ignited
in December 2022, the Xianning kiln has been ignited in October 2022, the Dongguan photovoltaic glass kiln was upgraded as
planned in the first quarter of 2022 and was resumed for ignition in August 2022, and the construction of the remaining production
lines is progressing in an orderly manner as planned. Moreover, the Company plans to ignite Fengyang No.4 kiln and put it into
operation in 2023. As at the end of 2022, the production capacity scale of the Company had successfully ranked among the top three
in the industry. Under the background of carbon peaking and carbon neutrality, the photovoltaic glass business will become the new
champion business of CSG.
The current photovoltaic industry is in rapid development. From the analysis of the current policy environment and market
development trend, photovoltaic power generation has a broad space for development in the future, and the development of the
global market may accelerate. Although the concentrated release of new capacity of photovoltaic glass in recent years may lead to a
phased mismatch of supply and demand in the market and cause market price fluctuations, with the rapid development of the global
market and the optimization and adjustment of the domestic industrial structure, the industry will still return to the track of healthy
development. The Company will make every effort to promote project construction, improve the production capacity of ultra-thin
photovoltaic glass and photovoltaic glazed back glass, and consolidate its competitive advantage in the industry. Besides, the
Company will strengthen long-term strategic cooperation with industry-leading companies to further enhance the market
competitiveness of CSG.
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Architectural glass business
As one of the largest high-end building energy-saving glass suppliers in China, CSG integrates R&D and design, technical consulting,
production and manufacturing, and marketing and service in the architectural glass business. It always aims to “build green energy-
saving products and create quality life” and forms a CSG brand image with quality, service and continuous R&D as its core
competitiveness, which is strongly competitive in foreign markets as well.
The Company has already built six deep processing bases of energy-saving glass in Tianjin, Dongguan, Xianning, Wujiang, Chengdu
and Zhaoqing. Up to now, the Company has formed an annual production capacity of over 20 million square meters for coated
insulating glass and over 60 million square meters for coated glass. As the new bases are completed and put into production step by
step and the expansion capacity of existing bases is gradually released in the future, the product diversification and capacity scale of
coated insulating glass and coated glass will see continuous and steady growth, which will serve as an adequate guarantee for the
comprehensive and steady improvement of product competitiveness, market share and service.
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 domestic
and overseas offices, to meet the personalized needs of domestic and foreign customers and construction projects. 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 2020, which fully proves the leading position of CSG’s architectural glass in the industry. The Company
has the world’s leading glass deep processing equipment and testing equipment, and its products cover all kinds of architectural and
construction glass. The R&D and application level of the Company’s coating technology keeps pace with the world, and its high-end
product technology is internationally leading. Following the double silver coated glass products, the Company has successively
developed multi-silver high-performance energy-saving glass and multi-function energy-saving glass products featuring further
improved sunshade and heat insulation performance and energy-saving contribution. All deep processing bases of the Company are
able to produce and process multi-silver high-performance energy-saving glass. Under the background of the “dual carbon” goals and
the national green and energy-saving building requirements, the market demand for multi-silver has further expanded. After years of
market testing and relying on the Company’s advanced coating technology, its high performance and stability have been well
received by the market, CSG’s multi-silver products have become the benchmark in the domestic multi-silver product market, and
high-quality, energy-saving, environmentally friendly LOW-E insulating glass continues to lead the domestic high-end market share.
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.
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. With safe, energy-saving and high-end quality, CSG
glass is shortlisted for several landmark projects, including some representative projects such as the National Information and
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CSG Annual Report 2022
Finance Building, CZBank Head Office Building, Zhangjiang Gate Of Science, JD.COM Headquarters Phase III, and Linyi Olympic
Sports Centre, as well as some early projects using CSG products (Beijing Capital International Airport, Beijing Daxing International
Airport, China National Convention Centre and the capital CBD area).
Electronic glass and display business
Electronic glass
After more than a decade of hard work, CSG’s electronic glass business has always focused on increasing investment in R&D,
breaking through high-end market barriers with independent intellectual property rights and independent innovation, and firmly
following the development route of product upgrades and iterations to accelerate import substitution. In 2022, the Company’s
electronic glass business continued to develop. Its four subsidiaries, Hebei Panel, Yichang Photoelectric, Qingyuan New Energy-
Saving Materials and Xianning Photoelectric, continued to actively implement product upgrading and market upgrading in the
application fields of intelligent electronic terminals, touch components, vehicle window glass, vehicle-mounted display, industrial
control and commercial display, safeguard facility and smart home. Therefore, the market share and brand influence of the
Company’s medium-alumina and high-alumina electronic glass products were improved greatly. Rich product structure, reliable
delivery guarantee and strong technical innovation help the Company’s electronic glass business maintain its dominant position in
the fierce market competition. In 2022, the Company’s high aluminium second generation (KK6-P) lithium aluminosilicate electronic
glass products continued to expand the market of new customers, and successfully equipped OLED screens to achieve a
breakthrough in high-end screen applications, marking that CSG’s electronic glass business has firmly established the supply chain
system of domestic high-end customers. At the same time, the Company continued to promote product technology upgrading,
developed new products for window glass of new energy vehicles, and successfully passed customer certification. The future market
is worth looking forward to. The Company continued to strengthen the research and development of the third generation of high-
aluminium and glass ceramics, and achieved good results in end-customer verification. In addition, the Qingyuan CSG Phase II “One
Kiln and Two Lines” project is operating well, which has enhanced the overall profitability of electronic glass and further
consolidated and strengthened CSG’s competitive strength in the domestic electronic glass field. The ultra-thin electronic glass
production line with a daily melting capacity of 110 tons invested by Hebei Panel Glass was ignited in October 2022, and the
complementary R&D centre has been put into use. At present, CSG electronic glass has fully covered electronic glass products in
high, medium and low-end application scenarios and formed a more solid market competition foundation. CSG has long been
committed to becoming the industry’s leading electronic glass material solution provider, and it will continue to develop glass-based
protective materials with higher strength and competitiveness in the field of touch display, develop human-computer interaction
interface materials meeting the requirements of material interconnection in the fields of smart home, vehicle display and advanced
medical, and develop revolutionary alternative materials in the fields of new-energy vehicles and security.
Display
In the touch display field, CSG has formed a complete touch industry chain from vacuum magnetron sputtering coating, 3A cover
plate processing and fine pattern lithography processing, to touch display modules. The main business includes optical coating
materials, vehicle-mounted 3A cover plates and vehicle-mounted touch panels. Among them, the optical coating material segment
includes the two business types of ITO conductive glass and ITO conductive film, and the products are positioned at middle and
high-end customers at home and abroad and are concentrated in differentiated high-value-added ones. The Company placed emphasis
on the development of new products in new application fields in 2022. Currently, many products are in the stage of small-batch
production. CSG continues to be optimistic about the development prospect of the intelligent vehicle industry. At present, CSG has
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mastered the production technology of core products such as vehicle-mounted AG glass, vehicle-mounted multi-functional 3A cover
plate and vehicle-mounted touch sensor supporting the vehicle display screen. The Company will continue to increase the investment
layout in the field of automotive electronics in the future. In the second half of 2022, the Company’s vehicle-mounted 3A cover plate
entered the world’s leading customer supply chain of vehicle display panels, and the production and sales volume continued to climb
and hit a record high.
Solar energy and other businesses
CSG is one of the enterprises that firstly enter the field of photovoltaic product manufacturing in China. After more than ten years of
construction, operation, technological transformation and upgrading, CSG has created a complete industrial chain covering the
operation of high-purity crystalline silicon materials, silicon wafers, cells, modules and photovoltaic power stations. The business
structure of the entire industry chain enables the Company to have a certain ability to resist risks, be sensitive to the industry, and be
able to respond quickly to market changes in the industry. After years of technological accumulation in the photovoltaic sector, CSG
has built three national-level scientific research and technology platforms (the “National and Local Joint Engineering Laboratory for
Semiconductor Silicon Material Preparation Technology” recognized by the National Development and Reform Commission,
“National Enterprise Technology Centre” and “CNAS Accredited Laboratory”, seven provincial-level scientific research and
technology platforms (“Hubei Semiconductor Silicon Preparation Technology Project Laboratory” and “Hubei Enterprise
Technology Centre”; “Hubei Silicon Material Engineering Technology Research Centre” recognized by the Provincial Department of
Science and Technology, “Hubei Semiconductor Silicon Material Technology International Cooperation Base”, “Hubei Silicon
Material Enterprise-School Joint Innovation Centre”, “Guangdong Solar Photovoltaic Cell and Component Engineering Technology
Research Centre” and “Guangdong Enterprise Technology Centre”).
In 2022, the global terminal installation demand exceeded expectations, while the upstream production capacity of high-purity
crystalline silicon was limited, and the severe reality of insufficient supply ran through the whole year of 2022. Yichang CSG
Polysilicon Co., Ltd., a subsidiary of the Solar Energy Business Department of CSG, fully implemented the strategic decisions and
arrangements of the Group’s management, unswervingly carried out the technical transformation and resumption of high-purity
crystalline silicon production lines and the transformation and upgrading of the silicon wafer business, and achieved good economic
benefits. To further enhance competitiveness and increase market share, the Company launched the 50,000-ton high-purity crystalline
silicon project in Haixi Prefecture, Qinghai Province on the basis of the development of the existing photovoltaic industry in 2022.
As a public listed company with extensive social influence and sense of social responsibility, CSG has always adhered to the
concepts of energy conservation, environmental protection and people-oriented, and contributed to the construction of an
environment-friendly, resource-saving and sustainable human future.
III. Core competitiveness analysis
CSG, 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 energy, and the new material industry. After nearly 40 years of
development and accumulation, the Company has gradually formed a comprehensive competitive advantage in terms of products and
brands, technological R&D, industrial chains and layout, talent teams, and green development.
1. Product and brand advantages
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CSG Annual Report 2022
“CSG” is a famous domestic brand of energy-saving glass, ultra-thin electronic glass & displays, and solar photovoltaic products.
CSG’s 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 “Top 50 Building Materials Enterprises in China” and the
“Preferred Brand of Architectural Glass” in the door, window and curtain wall industry for many consecutive years. In 2018, "CSG"
brand was recognized by the United Nations Industrial Development Organization as the fourth batch of "International Reputation
Brand". Moreover, CSG’s low-E coated glass and ultra-thin electronic glass were recognized by the Ministry of Industry and
Information Technology as Single Champion Products in the Manufacturing Industry, which made CSG the only manufacturer in the
domestic glass industry having two Single Champion Products at one time. In 2022, the Company was awarded the titles of “Top 10
National Leading Enterprise in the Construction Material Industry with Technological Breakthroughs” and “Shenzhen Top 500
Enterprises for 2022” (ranking No. 96).
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
31 December 2022, the Company has had a total of 19 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, 4 national
enterprises with intellectual property advantages, 6 national-level specialized, sophisticated, distinctive, and innovative enterprises
(“Little Giants”), 1 provincial-level academician workstation, 1 provincial-level doctoral workstation, 12 provincial-level enterprise
technology centres, 5 provincial-level engineering technology research centres, 4 provincial-level demonstration enterprises for
intellectual property construction, 7 provincial-level “Little Giants”, 1 provincial-level government quality award, 9 provincial-level
scientific and technological progress awards and 3 provincial-level patent awards. As of 31 December 2022, the Company has
applied for a total of 2,718 patents, including 1,101 invention patents, 1,607 utility model patents, and 10 design patents. Moreover,
the Company has had a total of 1,972 authorized patents, including 374 invention patents, 1,588 utility model patents, and 10 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 the
Pearl River Delta in South China, Beijing-Tianjin-Hebei region in North China, the Yangtze River Delta in East China, the Chengdu-
Chongqing region in Southwest China, the Hubei region in Central China, and the Shaanxi-Qinghai region in 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
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CSG Annual Report 2022
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 promoted product carbon footprint certification 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. Relevant subsidiaries of the Company have 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. In
2022, the Company was included in the list of enterprises subject to carbon emission control and the overall quota quantity surpassed
the actual emissions. As a pioneer of green development in the industry, the Company has won itself abundant room for development.
IV. Main business business analysis
1. Overview
In 2022, in the face of increasing uncertainties in the global economy, continuous increases of the domestic “triple pressure”, impacts
of multiple factors beyond expectations, and other complicated situations, the Chinese people made concerted effort to enable the
steady progress of the domestic economy, while the 20th National Congress of the Communist Party of China was successfully
convened.
According to the data released by the National Bureau of statistics, in 2022, China’s national economy made steady progress. The
GDP totalled RMB 121.02 trillion, increasing by 3% year-on-year, the investment in fixed assets (excluding farmers) totalled RMB
57.21 trillion, increasing by 5.1% year-on-year, the investment in real estate development totalled RMB 13.29 trillion, decreasing by
10% year-on-year, and the floor space of buildings completed was 862 million square meters, decreasing by 15.0% year-on-year.
Facing the complicated political and economic environments at home and abroad, as well as the increasing pressure of market
competition, CSG, under the correct leadership of the Board of Directors, adopts the goal of becoming a world-class enterprise, and
firmly takes the road of high-quality development. By comprehensively improving its capacity of lean production, actively
promoting project construction, optimizing its industrial layout, consolidating resource reserves, continuously implementing
differentiated operation, and improving the strength in intelligent manufacturing, the Company strengthens its core competitiveness
both internally and externally. In 2022, the Company withstood the test of cyclical fluctuations in the industry, and seized the market
opportunity of high-purity crystalline silicon. As a result, its annual operating results achieved a relatively large year-on-year growth.
In 2022, the Company’s revenue totalled RMB 15.199 billion, increasing by 11 % year-on-year, and its net profit reached RMB
2.043 billion, increasing by 31% year-on-year; meanwhile, the Company’s net profit attributable to shareholders of the listed
company was RMB 2.037 billion, increasing by 33% year-on-year.
I. Operation of each industry of the Group
In recent years, CSG has made a forward-looking layout, firmly promoted the adjustment of its business structure during
development, strengthened its competitive advantage in traditional energy-saving construction materials, further adjusted its product
structure, increased the percentage of differentiated products, and accelerated the development of its new energy and new material
industrial sectors. The Company’s advantage in the diversified industry layout became prominent in 2022, the strong support of its
solar energy business and architectural glass business effectively diluting the impact of cyclical fluctuations in traditional businesses
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such as float business. In 2022, the Company’s revenue and net profit in the glass business (float glass, photovoltaic glass and
architectural glass) totalled RMB 10.057 billion and RMB 1.04 billion, respectively.
Float glass: Facing the severe market situation, the Company has laid out arrangements ahead of schedule and firmly followed the
route of high-end differentiated products. As the sales and the market share of its ultra-white glass have further increased, and the
high-end brand of CSG’s ultra-white “Blue Diamond” series becomes mature, the Company has become a leading enterprise in this
industrial segment; moreover, the proportion of the Company’s high-value-added differentiated products continues to increase, and
the market share of the Company in the segment of high-grade float glass stays among the top. Furthermore, the Company enhanced
the engagement of new suppliers and coordinated and organized strategic reserve procurement of bulk raw materials to effectively
hedge against rising procurement costs; it has established a mineral resource management centre to comprehensively implement the
strategic task of expanding mineral resources reserves; and it strengthened the lean control of the entire production process, as the
yield continued to rise steadily. In 2022, the Company’s revenue and net profit from the business of float glass decreased by 22% and
76% year-on-year, respectively.
Photovoltaic glass: The Company maintained the industry-leading role in terms of production capacity, quality and comprehensive
manufacturing yield of ultra-thin photovoltaic glass products below 2mm. In 2022, the global photovoltaic market was generally
on the up. The growth of domestic and overseas demand for photovoltaic modules stimulated the demand in the photovoltaic glass
market. However, due to the centralized release of the incremental capacity of glass production, signs of supply and demand
mismatches in the short term were spotted, limiting the domestic prices of photovoltaic glass to a middle or low level in 2022.
Currently, policies have been introduced worldwide to encourage the development of the photovoltaic industry. With the release of
the production capacity of silicon materials, the installed photovoltaic capacity is expected to increase continuously in the future.
With the gradual achievement of the supply-demand balance of photovoltaic glass, the prices of photovoltaic glass are expected to
return to a normal and reasonable level. The Company firmly takes an optimistic attitude toward the long-term development of the
photovoltaic new energy industry, and takes multiple measures to increase the market competitiveness of its products. Along with the
progress in the new photovoltaic glass projects in Fengyang of Anhui and Beihai of Guangxi, the market share of the Company’s
photovoltaic glass business is expected to achieve further increases; the Company also tightly follows the latest trends of the market
to facilitate the R&D and promotion of new products.
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 2022, influenced by domestic and international environments, the pressure on sales and delivery of the Company increased year-
on-year, and the pressure on financing and payment collection of domestic real estate companies also increased. These factors, in
combination with the strengthened requirements of the Company for risk control and management, resulted in only a slight year-on-
year increase in revenue of the architectural glass business. However, 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. It
also increased the proportion of high-quality small and medium-sized orders, such as short-flat-fast orders, and enhanced cooperation
in support projects for people’s livelihood. Relying on the continuous strategy to “Reduce Costs and Increase Efficiency”, lean
operation, and the Group’s advantage in industrial chains, the architectural glass business achieved a steady growth in its operating
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CSG Annual Report 2022
profit. In 2022, The revenue of the architectural glass business was at the same level as that of the previous year and its net profit
increased by 408% year-on-year.
Meanwhile, focusing on the future, the Company seizes the historic opportunity of the acceleration of green building construction,
accelerates the completion of the layout of production capacity optimization and production expansion for all bases of architectural
glass, as well as the construction of new bases, and improves the automation and informatization level of its production lines,
continuously improving the efficiency of equipment production. In 2022, the Company’s Dongguan Base successfully completed the
optimization and restructuring of its production lines and achieved the diversification of its product structure. Meanwhile, relying on
the geographical advantage of the Greater Bay Area and the repositioned market goal of high-quality energy-saving glass products, it
focused its business on the Guangdong-Hong Kong-Macao region and overseas markets. As CSG’s first factory of intelligent
production of architectural glass, Zhaoqing Base achieved a steady growth in production capacity in 2022 after two years of
infrastructure construction and human-machine running-in. After the synergistic effect between the base and the Dongguan Base was
formed, the goal of production capacity expansion and product complementation was achieved. Taking the advantage of the market
demand in the Beijing-Tianjin-Hebei region and Northeast China, the Company’s Tianjin Base successfully released the production
capacity of its production expansion projects in 2022, so as to make up for its insufficient production capacity. Additionally, the
project of Xi’an Architectural Glass Base is expected to achieve general completion in 2023. As the projects of new construction and
production expansion are gradually completed and put into operation, CSG’s production capacity for architectural glass will be
further released. This, in combination with the Company’s product diversification to conform with the market demand, can lead to
the continuous improvement of the market competitiveness and service capability of CSG regarding architectural glass, so as to
increase the market share of its architectural glass business.
As the “14th Five-Year Plan” has proposed higher requirements for building energy conservation, CSG actively responded to the
requirements of the policy on building energy conservation and building emission reduction by taking the lead in the R&D of energy-
saving products. A series of energy-saving products that could meet higher standards for energy conservation were developed, such
as the multiple-silver low-E glass series and the thermal insulation products. The Company also actively participated in the
formulation and revision of a series of industry or group standards to promote the advancement of the construction industry toward
the “dual carbon” goals. Furthermore, these products were widely applied to many buildings at home and abroad, such as in the
Middle East, America, Europe, Australia and the Southeast Asia. The applications were seen in venues for Beijing 2022 Winter
Olympics, China National Convention Centre, the venue for Canton Fair, the Hong Kong University of Science and Technology
(Guangzhou), the Galaxy Albemarle Twin Towers (Shenzhen), Taiping Financial Industry Port (Sanya), One Bangkok (Thailand),
New Alamein (Egypt) and Victoria Cross Tower. In the face of the promising development prospects and the current fierce market
competition, CSG implemented multiple measures, such as optimizing customer service, improving product quality, enhancing brand
promotion and expanding sales channels, for its multi-silver low-E glass business and hit a record high in both the quantity of signed
orders and sales in 2022. The development and production of the Company’s multi-silver low-E glass series is an innovative and
world-leading undertaking, which is of great significance to the facilitation of building energy conservation and the achievement of
the “dual carbon” goals. Improving the energy efficiency of buildings is an important route to achieve the “dual carbon” goals. As the
national standard General Code for Energy Conservation and Renewable Energy Application in Buildings (GB55015-2021) released
by the Ministry of Housing and Urban-Rural Development stipulates that the average design level of energy consumption in newly
constructed residential buildings and public buildings shall be further reduced by 30% and 20% respectively, and the requirements
for the heat transfer coefficient of energy-saving glass shall be further enhanced, the applications of low-E coated glass are expected
to draw more attention and broader market demand for CSG’s multi-silver low-E coated glass is expected to be seen. The innovation
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CSG Annual Report 2022
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 reduce
carbon emissions of buildings, CSG has developed a series of energy-saving products, building heat insulation products and BIPV
products with higher energy efficiency. More than 20% of the architectural glass business comes from its new products. In order to
meet the market demand for product innovation, CSG will continue to conduct innovation, so as to provide products with higher
energy efficiency for the market.
Electronic glass and display: CSG always recognizes R&D as the core of its electronic glass business and unremittingly adopts the
development route of product upgrading with the aim of replacing imported products with homemade products. In 2022, four
subsidiaries of the Company, namely, Hebei Panel, Yichang Photoelectric, Qingyuan New Energy-Saving Materials and Xianning
Photoelectric, continued to actively implement product upgrading and market upgrading in various application fields, such as
intelligent electronic terminals, touch control modules, vehicle window glass, vehicle-mounted displays, industrial automatic control
displays & commercial displays, security & protection, and smart home. As a result, the brand influence of the Company’s medium-
and high-alumina electronic glass products greatly improved and their market share continued to increase. In October 2022, Hebei
Panel Glass’s production line of ultra-thin electronic glass with a daily melting capacity of 110 tons was ignited. Moreover, the
synchronously constructed complementary R&D centre is expected to further bring the Company’s strength in the R&D of electronic
glass to a higher level.
Committed to building an industrial chain of electronic components for high-end automobiles, the Company continued to increase
R&D expenses in the display business and maintained the differentiated strategy of “product quality & technology first” for market
competition. In the business field of high-grade AG glass, in 2022, the Company held a leading position in the industry in terms of all
product performance indicators. The Company’s products were mainly used in high-end vehicle-mounted displays and were mass-
produced and supplied to international renowned customers. In the business fields of vehicle-mounted multi-functional 3A cover
plates and vehicle-mounted TP sensors, the Company has indirectly supplied to the terminal manufacturers for domestic and
international renowned automobile brands through downstream customers. In 2022, the Company’s vehicle-mounted cover plate
business saw a rapid growth as the production and sales volume drastically increased. As a result, the business became a new growth
point of the Company.
In 2022, electronic glass and display business achieved a revenue of RMB 1.643 billion, a year-on-year decrease of 14%; and
realized a net profit of RMB 170 million, a year-on-year decrease of 28%.
Solar energy and other businesses
The macroscopic background of the global consensus for “Green Development” and the domestic timetable of the “dual carbon”
goals jointly promote a new high-speed development period of the photovoltaic industry after the affordable Internet access is
comprehensively achieved. On the basis of objective analysis of its own industrial advantages and disadvantages, overall
consideration of the market environment, industrial development trend and the Group’s overall industrial development plan, the
Company plans to implement the project of 50,000 ton high-purity crystalline silicon in Haixi Prefecture, Qinghai Province, to
further expand the solar energy business and enhance the Group’s overall competitiveness.
At present, the Company’s high-purity crystalline silicon adopts two paths of strategic cooperation with downstream cooperators in
the industry chain, signing long-term orders and flexible sales to reduce operating risks and ensure stable and sustainable business
development. With continuous technique optimization, cost reduction and efficiency increase in production, the Company greatly
reduced alkali consumption and waste residue discharge. After a series of technical measure combinations were adopted and
production management was upgraded, the production capacity hit a record high. Specifically, Level 3 electronic-grade crystalline
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CSG Annual Report 2022
silicon meeting the national standard accounted for nearly 95% of the production capacity, while the unit silicon consumption, the
unit comprehensive electricity consumption, and the unit steam consumption all hit a record low. The Company has rapidly
developed into a first-tier manufacturer of high-purity crystalline silicon material with its product quality and market reputation. As
its high-purity crystalline silicon products have met the requirements of customers for the application to N-type batteries, their
market competitiveness became prominent, which brought great confidence to the construction of the Company’s project of Qinghai
50,000-ton high-purity crystalline silicon material. In 2022, the project of Qinghai 50,000-ton high-purity crystalline silicon was
initiated and other tasks were steadily implemented. Also in 2022, the Company unwaveringly conducted technological
transformation of production lines for its high-purity crystalline silicon business in the production recovery. By steadily increasing
production capacity and rapidly grasping market trends and demand, the Company recorded a drastic year-on-year increase in the
performance of its high-purity crystalline silicon business.
As for the silicon wafer business, on the basis of consolidating the customer base of polycrystalline silicon wafer products, the
Company has adopted the strategy of diversified operations to actively switch to the mono-crystalline route and get in line with the
mainstream market, as well as give full play to its own advantages and enhance the ability of asset-based benefit creation. In 2022,
while ensuring the continuous production of traditional polycrystalline silicon wafers, the Company firmly seized the opportunity of
the rapid development of the mono-crystalline industry for its silicon wafer business and rapidly made arrangements to switch to the
production of mono-crystalline wafers, which formed a solid foundation for the transformation of its silicon wafer products.
Benefited from the successful occupation of the Indian market with its polycrystalline silicon wafer products and the effective
preliminary transformation into the production of mono-crystalline wafers and purified mono-crystalline ingots, the Company’s
silicon wafer business was successfully transformed and was in line with the mainstream market, which was an action in conformity
with the Company’s long-term development strategy. In terms of market strategy, the Company was successfully recognized as one
of the TOP 5 battery manufacturers based on its mono-crystalline silicon wafer business. As for the module business, the Company
has completed the construction of a 500MW, high-power, large-size module production line and successfully put it into operation,
which has greatly improved its capability of order acquisition. In 2022, the power station business recorded newly added grid-
connected power of 7.2MW and cumulative power capacity of 139MW of photovoltaic power stations.
In 2022, the revenue of the Company's solar energy and other businesses totalled RMB 3.889 billion, a year-on-year increase of
257%; and realized a net profit of RMB 974 million.
II. Other management work
In 2022, with the focus on the work guideline of “emphasizing operation, enhancing management and seeking development”, the
Company opened up a new path in the uncertain environment, so as to vigorously promote the Group’s development strategies and
ensure the steady implementation of all operation and management tasks. In order to ensure the rapid and healthy development of all
its industrial sectors, the Company spared no effort to ensure production safety, continued to promote differentiated operations and
the capability of intelligent production, and tightly grasped opportunities in the market. The multiple measures it took were listed
below.
1. The Company enhanced efforts to improve management-based benefit creation as the Company’s integral system under the dual
cycle of “Internal Improvement and External Expansion” with solid foundations could effectively support its operation. Furthermore,
the Company continuously conducted cost management in multiple aspects, such as cost reduction and efficiency increase,
centralized procurement and engineering construction, enhanced the coordination and co-development of its teams, improved
efficiency in service, regulation and decision-making, promoted the Group’s informatized management and construction of digital
23
CSG Annual Report 2022
factories, gave play to the leading role of information innovation in the improvement of the capabilities of management and operation,
continued to promote management based on the optimized basic standards, and promoted the construction of the five-star factories.
Moreover, the Company made efforts to improve the performance in safety management. Through the implementation of a series of
programs, methods and means for internal control, the Company facilitated the achievement of the Company’s operation objectives
and the response to and remediation of risk incidents in the business processes. Guided by risk control and efficiency/effect
improvement and focusing on the Group’s strategies of the operation objectives of the current period, the Company promoted the
improvement of its management mechanisms and comprehensively improved its capabilities of risk control and business
management.
2. The ability to conduct R&D and iteration of technologies, techniques and products is always the key guarantee for the sustainable
and healthy development of an enterprise. As the core element of CSG for forming the industrial barrier of high-value-added
business lines, the ability helps the Company maintain its industry-leading position. The Company has made its comprehensive
layout from six perspectives, namely the organizational structure of its R&D system, intellectual property rights, top-level product
design, high-level R&D platforms, senior talent echelons and the demand for the supporting talent resources. Based on the layout, the
Company has formulated the Group’s R&D strategic plan to guide the Company’s technological innovation and its sustainable
development of product R&D. The Company has also made continued efforts to promote R&D and innovation, as it has facilitated
the industrialization of its new products and the cross-industry application of its products. For example, it has applied its low-E glass
and high-alumina silicon electronic glass to automobiles. In 2022, the Company submitted 276 patent applications, including 121 for
inventions, and obtained 346 new authorized patents, including 69 authorized invention patents (with two PCT patents).
3. Energy conservation and environmental protection are the lifeline to the survival and development of a glass company and the
core features of the social responsibilities of an enterprise in an industry with high energy consumption. The Company has always
been at the leading level in the industry in terms of the control of energy consumption and emissions. CSG takes the lead in the
industry to realize comprehensive utilization of energy by means of waste heat power generation and distributed photovoltaic power
generation. Through comprehensive exhaust gas treatment such as desulfurization, denitrification and dust removal, it achieves
ultra-low emission, which is far lower than the national pollutant emission permission value. Under the condition of the same
tonnage and the same kiln age, the control of energy consumption and the control of emission per unit of production capacity have
always been at the leading level in the industry. Six subsidiaries of CSG, including Wujiang CSG Glass Co., Ltd., Tianjin CSG
Energy-Saving Glass Co., Ltd., Xianning CSG Energy-Saving Glass Co., Ltd., Xianning CSG Photovoltaic Glass Co., Ltd.,
Xianning CSG Glass Co., Ltd. and Yichang CSG Photovoltaic Glass Co., Ltd., were successfully included in the list of “Green
Factory” announced by the Ministry of Industry and Information Technology. Meanwhile, Xianning CSG Glass Co., Ltd. was
shortlisted as the “Leader” of energy efficiency in key energy consumption industries in 2022.
4. The Company further improved its organisational structure to safeguard the implementation of its strategic projects. Specifically,
the Company vigorously promoted organisational talent development, optimized the organisational structure and the corresponding
staffing and improved the construction of the human resource system. Moreover, the Company optimized and adjusted the functional
organisation of the headquarters to enhance business support, as it specified the functions, posts, and staffing of the three-level
structure of the Group’s R&D management and continuously promoted the implementation of organisational optimization of R&D at
each level. In doing so, the Company encouraged all subsidiaries of the Group to establish their own R&D department in a gradual
manner, so as to further improve the R&D system of the Group.
5. The Company promoted brand construction and cultural development and used culture to facilitate ideological unification, bring
its teams together and safeguarding CSG’s development. By setting up a special office for brand promotion, the Company made its
24
CSG Annual Report 2022
brand management professional, systematic and continuous. Moreover, the Company established the CSG Group Brand Innovation
Showroom to display CSG’s unique thinking of “Made in China”, the existing industries and its future development with the focus
on the exhibition of its corporate philosophy, achievements, layout and influence.
2. Revenue and cost
(1) Constitution of operation revenue
Unit: RMB
2022 2021
ncrease/decrea
Ratio in operation Ratio in operation se y-o-y
Amount Amount
revenue revenue
Total of operating income 15,198,706,998 100% 13,672,372,823 100% 11.16%
According to industry
Glass industry 10,056,739,256 66.18% 11,100,541,798 81.18% -9.40%
Electronic glass & Display
1,643,083,831 10.81% 1,901,651,626 13.91% -13.60%
industry
Solar energy and other
3,888,582,762 25.58% 1,087,852,336 7.96% 257.46%
industries
Undistributed 374,349,561 2.46% 294,865,012 2.16% 26.96%
Inter-segment offsets -764,048,412 -5.03% -712,537,949 -5.21% 7.23%
According to product
Glass products 10,056,739,256 66.18% 11,100,541,798 81.18% -9.40%
Electronic glass & Display
1,643,083,831 10.81% 1,901,651,626 13.91% -13.60%
products
Solar energy and other
3,888,582,762 25.58% 1,087,852,336 7.96% 257.46%
products
Undistributed 374,349,561 2.46% 294,865,012 2.16% 26.96%
Inter-segment offsets -764,048,412 -5.03% -712,537,949 -5.21% 7.23%
According to region
Mainland China 14,031,154,824 92.32% 12,398,831,195 90.69% 13.17%
Overseas 1,167,552,174 7.68% 1,273,541,628 9.31% -8.32%
According to sales model
Direct sales 15,198,706,998 100% 13,672,372,823 100% 11.16%
(2) List of the industries, products, regions or sales model exceed 10% of the operating income or operating
profits of the Company
√Applicable □ Not applicable
25
CSG Annual Report 2022
Unit: RMB
Increase/dec
Increase/decrea Increase/decrea
Gross rease of
Operating revenue Operating cost se of operating se of operating
profit ratio gross profit
revenue y-o-y cost y-o-y
ratio y-o-y
According to industry
Glass industry 10,056,739,256 7,649,392,465 23.94% -9.40% 7.75% -12.11%
Electronic glass & Display
1,643,083,831 1,245,581,644 24.19% -13.60% 0.74% -10.79%
industry
Solar energy and other
3,888,582,762 2,504,032,458 35.61% 257.46% 155.95% 25.54%
industries
According to product
Glass products 10,056,739,256 7,649,392,465 23.94% -9.40% 7.75% -12.11%
Electronic glass & Display
1,643,083,831 1,245,581,644 24.19% -13.60% 0.74% -10.79%
products
Solar energy and other products 3,888,582,762 2,504,032,458 35.61% 257.46% 155.95% 25.54%
According to region
Mainland China 14,031,154,824 10,079,593,782 28.16% 13.17% 26.63% -7.64%
According to sales model
Direct sales 15,198,706,998 11,006,795,373 27.58% 11.16% 23.73% -7.35%
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
(3) Whether the Company’s goods selling revenue higher than the service revenue
√Yes □ No
Increase/decrease y-o-
Industry Item Unit 2022 2021
y (%)
Sales volume 10,000-ton 291 295 -1.36%
Flat glass Output 10,000-ton 303 299 1.34%
Inventory 10,000-ton 23 11 109.09%
Sales volume 2
10,000-M 3,770 3,950 -4.56%
Architectural glass Output 10,000-M2 3,811 3,946 -3.42%
Inventory 10,000-M2 153 114 34.21%
Sales volume ton 268,874 273,195 -1.58%
Electronic glass Output ton 277,954 271,871 2.24%
Inventory ton 26,538 18,166 46.09%
Sales volume ton 8,454 - -
High-purity
Output ton 8,957 - -
crystalline silicon
Inventory ton 254 - -
26
CSG Annual Report 2022
Sales volume 10,000-piece 23,946 24,712 -3.10%
Silicon wafer Output 10,000-piece 23,020 24,316 -5.33%
Inventory 10,000-piece 372 424 -12.26%
Sales volume MW 540 422 27.96%
Solar cell Output MW 536 457 17.29%
Inventory MW 7 15 -53.33%
Reasons for major changes (over 30% year-on-year) in relevant data
√ Applicable □ Not applicable
1. Flat glass: The increase in inventory was mainly due to the establishment of new production lines in some subsidiaries.
2. Architectural glass: The increase in inventory was mainly because the newly established production lines were put into operation
and the production and sales rhythm of some subsidiaries were adjusted.
3. Electronic glass: The increase in inventory was mainly because the production and sales rhythm of some subsidiaries were
adjusted.
4. High-purity crystalline silicon: The increases in production volume, sales volume and inventory were due to the resumption of the
silicon material business.
5. Solar Cells: The decrease in inventory was mainly because the production and sales rhythm of some subsidiaries were adjusted.
(4) Fulfilment of significant sales contracts and procurement contracts signed by the Company up to the
report period
√ Applicable □ Not applicable
Fulfilment of significant sales contracts signed by the Company up to the report period
√ Applicable □ Not applicable
Unit: RMB 0,000
Description
Amount of the
Total Normally
Total contract performed Amount to be contract not
Subject matter Name of the other party amount performe
amount during the performed being
fulfilled d or not
report period performed
normally
LONGi Solar Technology
Ltd., Zhejiang LONGi Solar
Technology Ltd., Taizhou
LONGi Solar Technology
Ltd., Yinchuan LONGi Solar
Technology Ltd., Chuzhou
LONGi Solar Technology
Ltd., Datong LONGi Solar
Photovoltaic Technology Ltd., LONGi 650,000 Not
66,311 21,222 583,689 Yes
glass (H.K.) Trading Limited, （Including tax） applicable
LONGi (KUCHING) SDN.
BHD., Xianyang LONGi
Solar Technology Ltd.,
Jiangsu LONGi Solar
Technology Ltd., Jiaxing
LONGi Solar Technology
Ltd., Xi’an LONGi Green
Building Technology Ltd.
27
CSG Annual Report 2022
High-purity 2,121,000 Not
Trina Solar Co., Ltd. 2,121,000 Yes
silicon materials （Including tax） applicable
Solar-grade raw
999,900 Not
polycrystalline Customer 1 and Customer 2 999,900 Yes
（Including tax） applicable
silicon materials
Fulfilment of significant procurement contracts signed by the Company up to the report period
□ Applicable Not applicable
(5) Constitution of operation cost
Industry and product classification
Unit: RMB
2022 2021
Increase/decrease
Industry Item Ratio in
Ratio in y-o-y
Amount Amount operating
operating costs
costs
Materials, Labor
Glass industry 7,649,392,465 69.49% 7,099,324,243 79.80% 7.75%
wages, Costs
Electronic glass & Display Materials, Labor
1,245,581,644 11.32% 1,236,483,704 13.90% 0.74%
industry wages, Costs
Materials, Labor
Solar energy and other industries 2,504,032,458 22.75% 978,314,345 11.00% 155.95%
wages, Costs
Materials, Labor
undistributed 371,837,218 3.38% 294,564,451 3.31% 26.23%
wages, Costs
Materials, Labor
Inter-segment offsets -764,048,412 -6.94% -712,537,949 -8.01% 7.23%
wages, Costs
Unit: RMB
2022 2021
Increase/decrease
Product Item Ratio in
Ratio in y-o-y
Amount Amount operating
operating costs
costs
Materials, Labor
Glass products 7,649,392,465 69.49% 7,099,324,243 79.80% 7.75%
wages, Costs
Electronic glass & Display Materials, Labor
1,245,581,644 11.32% 1,236,483,704 13.90% 0.74%
products wages, Costs
Materials, Labor
Solar energy and other products 2,504,032,458 22.75% 978,314,345 11.00% 155.95%
wages, Costs
Materials, Labor
undistributed 371,837,218 3.38% 294,564,451 3.31% 26.23%
wages, Costs
Materials, Labor
Inter-segment offsets -764,048,412 -6.94% -712,537,949 -8.01% 7.23%
wages, Costs
Note: The main components of operating costs include materials, labor, depreciation, etc. In order to avoid the disclosure of business
secrets and damage the interests of the listed company and investors, the operating costs are only separated and disclosed according
to the business sector and product classification of the Company.
(6) Whether the consolidated scope has changed during the report period
√ Yes □ No
28
CSG Annual Report 2022
On 14 February 2022, the Group set up a subsidiary, Yichang CSG New Energy Materials Technology Co., Ltd. (referred to as
“Yichang New Energy Materials Company”). As of 31 December 2022, the Group has invested RMB 1.2 million. The Group owns
100% of its equity.
On 1 July 2022, the Group set up a subsidiary, Dongguan CSG Intelligent Equipment Manufacturing Co., Ltd. (referred to as
“Dongguan Intelligent Equipment Company”). As of 31 December 2022, the Group has invested RMB 2.5 million. The Group owns
100% of its equity.
On 14 July 2022, the Group set up a subsidiary, Anhui CSG Photovoltaic Energy Co., Ltd. (referred to as “Anhui Photovoltaic
Energy Company”). As of 31 December 2022, the Group has not invested yet. The Group owns 100% of its equity.
On 14 July 2022, the Group set up a subsidiary, Shenzhen CSG Quartz Material Industry Co., Ltd. (referred to as “Shenzhen Quartz
Company”). As of 31 December 2022, the Group has invested RMB 3 million. The Group owns 100% of its equity.
On 4 August 2022, the Group set up a subsidiary, Guangxi CSG Quartz Material Co., Ltd. (referred to as “Guangxi Quartz
Company”). As of 31 December 2022, the Group has invested RMB 2.995 million. The Group owns 100% of its equity.
(7) Major changes or adjustment in business, product or service of the Company in the report period
□ Applicable √ Not applicable
(8) Major customers and major suppliers
Major customers of the Company
Total sales to the top five customers (RMB) 2,391,061,740
Proportion in total annual sales volume for top five customers 15.73%
Proportion of related party sales in total annual sales volume for top five customers 0%
Information of the top five customers of the Company
Serial Name of customer Sales volume (RMB) Proportion in total annual sales
1 Customer A 764,668,195 5.03%
2 Customer B 466,423,328 3.07%
3 Customer C 431,898,750 2.84%
4 Customer D 421,862,056 2.78%
5 Customer E 306,209,411 2.01%
Total -- 2,391,061,740 15.73%
Other statement of main customers
□ Applicable √ Not applicable
Major suppliers of the Company
Total purchase amount from the top five suppliers (RMB) 2,666,850,370
Proportion in total annual purchase amount from the top five suppliers 19.41%
Proportion of related party sales in total purchase amount from the top five suppliers 0%
Information of the top five suppliers of the Company
29
CSG Annual Report 2022
Proportion in total annual
Serial Name of supplier Purchase amount (RMB)
purchase
1 Supplier A 820,026,198 5.97%
2 Supplier B 619,819,922 4.51%
3 Supplier C 435,623,605 3.17%
4 Supplier D 410,955,135 2.99%
5 Supplier E 380,425,510 2.77%
Total -- 2,666,850,370 19.41%
Other statement of major suppliers
□ Applicable √ Not applicable
3. Expenses
Unit: RMB
2022 2021 Increase/decrease y-o-y Note of major changes
Sales expense 313,754,976 270,695,433 15.91%
Management expense 718,938,905 752,605,507 -4.47%
Financial expense 148,212,982 151,182,191 -1.96%
R&D expenses 644,146,614 511,738,848 25.87%
4. R&D expenses
Applicable □ Not applicable
Expected impact on the
Name of the major
Purpose Progress Target Company’s future
R&D project
development
In view of the enormous
carbon emissions in the
field of construction,
energy conservation and
The Company aims emission reduction in the
The project is aimed at
to provide products construction industry is
responding to the national A series of the multi-
with higher energy an important approach to
strategic guidelines for the silver-layer low-E
efficiency for the the achievement of the
“dual carbon” goals and products have been
market. After the “dual carbon” goals. In
conducting R&D of high- developed and
R&D of the multi- products are applied terms of the architectural
performance building energy- introduced to the
silver-layer low-E to newly constructed glass business, CSG will
saving materials, so as to meet market. The serial
series buildings and the focus on the development
higher standards for building products can meet
renovation of existing of low-carbon and
energy conservation and higher standards for
buildings, carbon energy-saving glass
building emission reduction as carbon emission
emissions in the products for the operating
well as improving building reduction in buildings.
operating phase can phase of buildings.
energy conservation.
be further reduced. Moreover, it will make
efforts to develop a series
of energy-saving
products and building
heat insulation products
30
CSG Annual Report 2022
with higher energy
efficiency and supply
them to the market.
The interim target
This project is aimed at formula has been Breakthroughs can be
developing a low-cost developed and subject achieved in the field of
The formulated
transparent glass-ceramic to material validation glass-ceramic cover
product not only has
product with no or less lithium by customers in the plates through
a lower cost but also
that can be applied to the field field of mobile independent R&D for
excels in scratch
Development of of cover plates, so as to enrich communication CSG, so as to promote
resistance and impact
transparent glass- CSG’s inventory of electronic terminals. The the upgrading of CSG’s
resistance.
ceramic cover plates glass products, promote CSG’s performance of the electronic glass products
Meanwhile, the
upgrading of glass-ceramic formulated product in and endow CSG with
product can be mass-
products, improve customer scratch resistance, world-leading
produced and applied
stickiness and open up a path to hardness and technological strength in
to the customer side.
the field of high-end transmittance has been high-end glass for cover
applications. recognized by plates.
customers.
The R&D of the AEC- The Company
qualified automobile- expects to obtain With the completion of
grade glass formula has authorized patents of the project, the Company
been completed, the the AEC-qualified is expected to be able to
formulated product has automobile-grade respond to the market
To develop AEC-qualified
passed customer glass product (as a demand by conducting
automobile-grade glass
validation and the demonstration of the product upgrading
products with independent
R&D and applications of the possession of the through independent
intellectual property rights
industrialization of relevant invention relevant intellectual R&D, so as to break the
through the optimization of the
high-alumina patents have been property rights), see technological monopoly
composition of KK3 glass and
electronic glass submitted. Currently, that the formulated of foreign peers in the
achieving product
the formulated product product can pass field of vehicle-mounted
industrialization through the
has been mass- required customer and windshield glass,
float process.
produced with a validation tests and expand the applicable
relative high level of continuously improve scope of high-alumina
comprehensive yield the monthly yield glass, and increase
after the after the product competitiveness.
industrialization. industrialization.
R&D staff of the Company
2022 2021 Ratio of change
Number of R&D staff (person) 216 173 24.86%
The proportion of the number of
1.51% 1.45% 0.06%
R&D staff
Educational structure of R&D staff
Below undergraduate 19 14 35.71%
Undergraduate 146 115 26.96%
Master 44 39 12.82%
Doctor 7 5 40.00%
Age composition of R&D staff
Under 30 years old 52 30 73.33%
31
CSG Annual Report 2022
30~40 years old 110 104 5.77%
Over 40 years old 54 39 38.46%
R&D investment of the Company
2022 2021 Ratio of change
Amount of R&D investment (RMB) 691,969,726 551,196,983 25.54%
Ratio of the R&D investment to the operating income 4.55% 4.03% 0.52%
Amount of the capitalized R&D investment (RMB) 47,823,112 39,458,135 21.20%
Ratio of the capitalized R&D investment to the R&D investment 6.91% 7.16% -0.25%
Reasons and effects of major changes in the composition of the company's R&D staff
□ Applicable √ Not applicable
Reason of remarkable changes over the previous year of the ratio of the total R&D investment amount to the operating income
□ Applicable √ Not applicable
Reason of substantial change of the ratio of the R&D investment capitalization and its reasonable explanation
□ Applicable √ Not applicable
5. Cash flow
Unit: RMB
Item 2022 2021 Increase/decrease y-o-y
Subtotal of cash inflow from operating activities 15,830,876,858 15,500,896,330 2.13%
Subtotal of cash outflow from operating activities 13,873,753,627 11,601,248,300 19.59%
Net cash flow from operating activities (1) 1,957,123,231 3,899,648,030 -49.81%
Subtotal of cash inflow from investment activities 3,808,707,836 4,466,761,504 -14.73%
Subtotal of cash outflow from investment activities 6,115,102,337 7,369,401,243 -17.02%
Net cash flow from investment activity -2,306,394,501 -2,902,639,739 -20.54%
Subtotal of cash inflow from financing activity( (2) 4,401,690,981 1,839,354,868 139.31%
Subtotal of cash outflow from financing activity 2,222,287,291 2,202,107,070 0.92%
Net cash flow from financing activity (3) 2,179,403,690 -362,752,202
Net increased amount of cash and cash equivalent (4) 1,837,540,679 632,449,376 190.54%
Statement on the main factors in the major changes of relevant data
√ Applicable □ Not applicable
(1) It was mainly due to the increase in cash paid for purchasing goods and accepting labour services.
(2) It was mainly due to the increase in cash received from loan acquisition.
(3) It was mainly due to the increase in cash received from loan acquisition.
(4) It was mainly due to the increase in cash inflow from financing activities.
Statement of the reasons for significant differences between the net cash flow from operating activities and the net profit of the year
during the report period
□ Applicable √ Not applicable
32
CSG Annual Report 2022
V. Non-main business analysis
√ Applicable □ Not applicable
Unit: RMB
Percentage to total Whether sustainable or
Amount Explanation of the reason
profits not
Mainly income from structured
Income from investment 31,567,854 1.39% No
deposits and fixed deposits
Impairment of assets 155,563,090 6.83% Mainly impairment loss of goodwill No
Mainly payments that cannot be made,
Non-operating income 22,692,272 1% No
insurance compensation, etc.
Non-operating expenditure 7,067,178 0.31% Mainly compensation expenditure, etc. No
VI. Asset and liability analysis
1. Significant changes in asset composition
Unit: RMB
End of 2022 Beginning of 2022
Increase or
Percentage Percentage decrease in Explanation of significant changes
Amount to total Amount to total proportion
assets assets
Mainly due to the increase in deposits and
Monetary funds 4,604,607,779 17.78% 2,765,925,906 13.87% 3.91%
maturity of structural deposits
Tradable Mainly due to the maturity of structural
999,600,000 5.01% -5.01%
financial assets deposits
Mainly due to the pledge of notes
Notes receivable 156,943,437 0.61% 19,220,984 0.10% 0.51%
receivable
Accounts Mainly due to the increase in sales revenue
1,179,992,784 4.56% 730,525,687 3.66% 0.90%
receivable from photovoltaic glass
Mainly due to the increase in sales revenue
Receivables
1,095,412,643 4.23% 297,046,123 1.49% 2.74% from the silicon material business and
financing from photovoltaic glass
Mainly due to the increase in prepayments
Prepayments 183,629,823 0.71% 76,097,276 0.38% 0.33%
for materials by some subsidiaries
Mainly due to the operation of new
Inventory 1,783,941,982 6.89% 1,093,805,525 5.49% 1.40% production lines and resumption of the
silicon material business
Investment real
290,368,105 1.12% 383,084,500 1.92% -0.80%
estate
Non-current
Mainly due to the maturity of large-
assets due within 20,000,000 0.08% 0.08%
amount certificate of deposit
one year
Mainly due to the increase in the transfer
of projects under construction of some
Fixed assets 11,243,236,175 43.40% 8,566,299,970 42.97% 0.43%
subsidiaries into fixed assets upon
completion
Construction in
2,520,362,291 9.73% 2,457,982,178 12.33% -2.60%
process
Right of use
9,908,413 0.04% 9,911,935 0.05% -0.01%
assets
33
CSG Annual Report 2022
Mainly due to the increase in the carry-
Development
46,755,816 0.18% 72,019,362 0.36% -0.18% over of R&D projects of some subsidiaries
expenditure into intangible assets upon completion
Mainly due to the accrual of provision for
Goodwill 7,897,352 0.03% 130,147,859 0.65% -0.62%
goodwill impairment
Deferred tax Mainly due to the recovery of losses in the
161,489,749 0.62% 255,045,066 1.28% -0.66%
assets prior year by some subsidiaries
Other non- Mainly due to the prepayment for mining
856,620,485 3.31% 584,162,622 2.93% 0.38%
current assets concession for the current period
Mainly due to the increase in borrowings
Short-term loans 345,000,000 1.33% 180,770,000 0.91% 0.42%
of the Company and some subsidiaries
Contract
418,051,975 1.61% 335,188,642 1.68% -0.07%
liabilities
Mainly due to the increase in business
Notes payable 994,557,496 3.84% 400,662,713 2.01% 1.83% entailing self-issued notes of some
subsidiaries
Accounts Mainly due to the increase in engineering
2,033,542,627 7.85% 1,428,851,312 7.17% 0.68%
payable and equipment payables
Mainly due to the increase in deposits
Other payables 537,065,184 2.07% 289,440,477 1.45% 0.62%
collected
Non-current Mainly due to the transfer of bonds
liabilities due 2,481,433,006 9.58% 503,820,548 2.53% 7.05% payable to non-current liabilities due
within one year within one year
Mainly due to the increase in loans for the
Long-term loans 4,353,589,980 16.81% 1,469,059,824 7.37% 9.44%
projects
Mainly due to the transfer of bonds
Bonds payable 1,996,587,330 10.02% -10.02% payable to non-current liabilities due
within one year
Mainly due to the leasing business of
Lease liabilities 3,564,330 0.01% 220,138 0.00% 0.01%
subsidiaries
Mainly due to the change(s) in special
Special reserve 731,580 0.00% 7,296,397 0.04% -0.04%
reserves
The proportion of overseas assets was relatively high
□Applicable √ Not applicable
2. Assets and liabilities measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Profit
Cumula
and loss
tive Impair
from
change ment
changes Purchase
Opening s in fair accrue Amount sold in Closing
Item in fair amount for this Other changes
balance value d in the this period balance
value in period
include current
the
d in period
current
equity
period
financial assets
1. Trading
financial assets
(excluding
999,600,000 2,698,160,000 3,697,760,000
derivative
financial
assets)
34
CSG Annual Report 2022
2. Receivables
297,046,123 798,366,520 1,095,412,643
financing
3. Investment
383,084,500 -92,716,395 290,368,105
real estate
Total of the
1,679,730,623 2,698,160,000 3,697,760,000 705,650,125 1,385,780,748
above
Other changes: nil
During the report period, whether the company’s main asset measurement attributes changed significantly or not
□Yes √No
3. Limited asset rights as of the end of the report period
Unit: RMB
Item Limited amount Limited reason
Monetary funds 10,589,528 Restricted circulation of deposits, freezes, etc
Notes receivable 156,943,437 Restricted pledge
Fix assets 132,370,370 Limited finance lease
Total 299,903,335
VII. Investment
1. Overall situation
√Applicable □ Not applicable
Investment in the report period Investment in the same period of the previous year
Changes
(RMB) ( RMB)
6,115,102,337 7,369,401,243 -17.02%
2. The major equity investment obtained in the report period
□ Applicable √ Not applicable
35
CSG Annual Report 2022
3. The major ongoing non-equity investment in the report period
√ Applicable □ Not applicable
Unit: RMB
Reasons for
Accumulative Accumulative
Fixed not achieving
Amount invested amount actually revenue Date of Index of
Way of asset Industry Source of Expected the planned
Project name during the report invested by the Progress of project achieved by disclosure (if disclosure (if
investment investment involved funds revenue progress and
period end of the report the end of the applicable) applicable)
or not the expected
period report period
revenue
CSG plans to invest in the
construction of energy-
saving glass production
The project
project in Zhaoqing. After
has been
Zhaoqing CSG the project is put into
Own funds completed,
High-grade operation, the Company will
and loans and the 13 Notice
Energy-Saving Manufacturing be able to produce 2.5
Self-built Yes 37,410,296 350,760,329 from 69,880,000 revenue December number:
Glass industry million square meters of
financial thereof has 2019 2019-077
Production energy-saving insulating
institutions been
Line Project glass and 3.5 million square
reflected in
meters of coated energy-
profits.
saving products annually.
The project has been put
into operation.
Zhaoqing CSG CSG plans to invest in the
Own funds No revenue
High-grade construction of high-grade
and loans as the project Notice
Automotive Manufacturing automotive glass production 13 December
Self-built Yes 64,633,762 92,575,690 from 58,000,000 is still in the number:
Glass industry line in Zhaoqing. The plant 2019
financial construction 2019-077
Production of the project is under
institutions period.
Line Project capital construction.
CSG plans to build a new
Part of the
production base of low iron
project has
(ultra-white) quartz sand
been
Own funds with an annual output of
Anhui completed,
and loans 600,000 tons in Fengyang, Notice
Fengyang Manufacturing and the
Self-built Yes 83,482,656 140,139,139 from Anhui Province, and obtain 82,380,000 6 March 2020 number:
Quartz Sand industry revenue
financial the mining concession of the 2020-010
Project thereof has
institutions raw ore of quartz sand. The
been
processing plant of the
reflected in
project has been put into
profits.
operation.
36
CSG Annual Report 2022
Anhui Part of the
Fengyang project has
CSG plans to invest in the
Lightweight & been
Own funds lightweight & high-
High- completed,
and loans permeability panel for solar Notice
permeability Manufacturing and the
Self-built Yes 1,819,630,548 2,584,801,075 from energy equipment 435,660,000 6 March 2020 number:
Panel for Solar industry revenue
financial manufacturing base project 2020-010
Energy thereof has
institutions in Anhui. Part of the project
Equipment been
has been put into operation.
Manufacturing reflected in
Base Project profits.
CSG intends to invest in a
new coating production line
in Tianjin CSG, and at the
same time upgrade and The project
Tianjin transform the existing has been
Energy-saving Own funds coating lines B and C. The completed,
Coating and loans project plans to increase the and the Notice
Manufacturing
Production Self-built Yes 5,636,400 100,861,437 from annual production capacity 16,400,000 revenue 30 April 2020 number:
industry
Line Purchase financial by 2.76 million square thereof has 2020-023
and Upgrade institutions meters through the purchase been
Project of coating lines and the reflected in
upgrading and profits.
transformation of existing
production lines. The project
has been put into operation.
CSG plans to build a full-
process flexible automated
production line covering
cutting, edging, tempering,
insulating and other
Wujiang CSG
processes in Wujiang CSG
Architectural
East China Architectural
New
Own funds Glass Co., Ltd., using the No revenue
Architectural
and loans reserved industrial land in as the project Notice
Glass Manufacturing
Self-built Yes 27,404,705 79,170,687 from the factory area. The new 50,490,000 is still in the 24 June 2020 number:
Intelligent industry
financial factory building area is construction 2020-051
Manufacturing
institutions 31,968 square meters, and period.
Plant
the new intelligent
Construction
manufacturing production
Project
line has an annual output of
1.2 million square meters of
Low-E energy-saving
insulating glass. The project
is under construction.
37
CSG Annual Report 2022
CSG plans to build two
lightweight and high-
efficiency double-glass
processing production lines
in Wujiang Float. After the
production line is
completed, it is expected to
Wujiang Float
increase the monthly The project
Lightweight
double-glass production has been
and High-
Own funds capacity by 2 million square completed,
efficiency
and loans meters, bringing the annual and the Notice
Double-glass Manufacturing 24 August
Self-built Yes 91,603,119 132,005,367 from production capacity to 24 47,850,000 revenue number:2020-
Processing industry 2020
financial million square meters. After thereof has 061
Production
institutions the project is completed, it been
Line
will give full play to reflected in
Construction
Wujiang Float’s technical profits.
Project
advantages of double-glass,
enhance market
competitiveness, and expand
the scale of the Company’s
benefits. The project was put
into commercial operation in
2022 after completion.
CSG plans to invest in
Xi’an, Shanxi Province for
building a high-grade
energy-saving glass
Xi’an CSG Own funds No revenue
production line with an
Energy-saving and loans as the project Notice
Manufacturing annual output of 2.1 million 7 November
Glass Self-built Yes 41,356,682 41,694,021 from 42,220,000 is still in the number:
industry square meters of insulating 2020
Production financial construction 2020-070
energy-saving glass, and 3.5
Line Project institutions period.
million square meters of
coated energy-saving glass.
The project is under
construction.
CSG plans to build an ultra-
Hebei Panel thin electronic glass
Own funds
Glass Ultra- production line with a daily No revenue
and loans Notice
thin Electronic Manufacturing melting capacity of 110 tons as the project
Self-built Yes 232,913,263 257,317,613 from 46,710,000 27 March 2021 number:2021-
Glass Line industry and a complementary R&D is still under
financial 008
Construction centre in Hebei Panel Glass. debugging.
institutions
Project The project is under
debugging.
38
CSG Annual Report 2022
Xianning CSG CSG plans to build a
1200T/D Own funds photovoltaic kiln with a
No revenue
Photovoltaic and loans daily melting capacity of Notice
Manufacturing as the project
Packaging Self-built Yes 660,547,276 726,996,365 from 1,200 tons and supporting 128,350,000 27 March 2021 number:2021-
industry is still under
Material financial deep processing lines in 008
debugging.
Production institutions Xianning CSG. The project
Line Project is under debugging.
CSG plans to carry out cold
repair and technical
transformation of the
650T/D line ultra-white
solar kiln in Dongguan Solar
The project
Dongguan Phase III, and start the
has been
CSG Solar technical transformation and
Own funds completed,
Double-glass upgrade project of double-
and loans and the Notice
Calendering Manufacturing glass calendering line. After
Self-built Yes 155,171,204 157,561,075 from 60,670,000 revenue 8 June 2021 number:
Line Technical industry the project is completed, it
financial thereof has 2021-025
Transformation will ensure that the product
institutions been
and Upgrade quality, output efficiency,
reflected in
Project energy consumption level
profits.
and cost advantage are at the
leading level in China. The
project was put into
commercial operation in
2022 after completion.
CSG plans to invest in the
construction of CSG East
China Headquarters
Building in Wujiang
District, Suzhou City,
Jiangsu Province, as the
Own funds
CSG East R&D, marketing, exhibition, The project is
and loans Notice
China Manufacturing office and cooperation in the 27 August
Self-built Yes 2,736,181 2,736,181 from number:
Headquarters industry centre of upstream and construction 2021
financial 2021-039
Building downstream enterprises in period.
institutions
the industry chain in East
China, so as to meet the
needs of CSG’s expanding
business scale and
increasing personnel in East
China in the future.
39
CSG Annual Report 2022
CSG plans to invest in the
construction of CSG
Guangxi Beihai
Photovoltaic Green Energy
Industrial Park project in
Beihai Tieshan Donggang
Industrial Park, Longgang
New District, Guangxi
Zhuang Autonomous
Region. Phase I of the
project includes two
CSG Guangxi
1,200t/d one-kiln five-line
Beihai Own funds No revenue
photovoltaic rolled glass
Photovoltaic and loans as the project Notice
Manufacturing production lines and 10 September
Green Energy Self-built Yes 32,830,756 33,213,753 from 557,640,000 is still in the number:
industry complementary photovoltaic 2021
Industrial Park financial construction 2021-041
glass processing and
Project (Phase institutions period.
production line, as well as
I)
complementary R&D centre,
2.5GW photovoltaic module
production line, one 700 t/d
one-kiln two-line production
line for electronic glass and
photoelectric glass, and
complementary quartz sand
ore and silica sand
purification processing line.
The project is under
construction.
CSG plans to invest in the
construction of a CSG
energy-saving glass
intelligent manufacturing
industrial base in Hefei City,
Anhui Province, and adopts
Hefei CSG
the new generation of
Energy-saving Own funds No revenue
intelligent manufacturing
Glass and loans as the project Notice
Manufacturing technologies and processes 15 October
Intelligent Self-built Yes 2,008,238 2,008,238 from 46,660,000 is still in the number:
industry to build an energy-saving 2021
Manufacturing financial preparatory 2021-043
glass processing centre, and
Industry Base institutions period.
to further expand the market
Project
layout of CSG in central
China, thus better serving
the market and customers,
and serving the national
“dual carbon” goal. The
project is in the preparatory
40
CSG Annual Report 2022
stage.
CSG plans to use the surplus
land in the park to
implement the production
line reconstruction and
expansion project in
Xianning CSG Energy-
Saving Glass Co., Ltd.,
mainly for purpose of
technical transformation and
Xianning CSG upgrade for existing coating
Energy-saving equipment, expansion of
Glass Co., Ltd. Own funds workshop, supplement of No revenue
Production and loans complementary processing as the project Notice
Manufacturing 3 December
Line Self-built Yes 5,539,915 5,686,498 from equipment, and synchronous 27,130,000 is still in the number:
industry 2021
Reconstruction financial implementation of full construction 2021-051
and Expansion institutions intelligent connection. After period.
Construction the completion of the
Project project, it is expected that
the Company’s annual
production capacity of
insulating glass will increase
by 1.2 million square
meters, and that of coated
glass will increase by 2.42
million square meters. The
project is under
construction.
CSG plans to carry out
technical transformation of
phase I production line of
Qingyuan CSG Qingyuan CSG Energy-
Energy-saving saving New Material Co.,
Own funds No revenue
New Materials Ltd., and achieves furnace
and loans as the project Notice
Co., Ltd. Phase Manufacturing and hardware upgrade 25 December
Self-built Yes 8,683,859 24,294,968 from 60,210,000 is still in the number:
I Upgrading industry through technological 2021
financial construction 2021-053
and Technical innovation, to further
institutions period.
Transformation promote the Group’s
Project technical innovation in the
field of electronic glass. The
project is under
construction.
41
CSG Annual Report 2022
CSG plans to upgrade the
process and equipment of
the two existing glass deep-
processing production lines
(G6/G7 lines) of Dongguan
CSG Solar Glass Co., Ltd.
to meet the production needs
Dongguan
Own funds of large-size glass and No revenue
Solar G6/G7
and loans double-plated products. as the project Notice
Line Process Manufacturing
Self-built Yes 18,765,600 18,765,600 from After the project is 41,560,000 is still in the 29 March 2022 number:
and Equipment industry
financial completed, it will give full construction 2022-006
Upgrading
institutions play to the double glass period.
Project
technical advantages of
Dongguan CSG Solar to
improve the Company’s
market competitiveness and
expand its benefit scale. The
project is under
construction.
CSG plans to build a new
high-purity crystalline
silicon production line with
an annual output of 50,000
tons in Haixi Prefecture,
Qinghai Province. Qinghai
High-purity is not only rich in green
crystalline power resources, but also
silicon project Convertible one of the regions with the
No revenue
with an annual bonds, own greatest development
as the project Notice
output of Manufacturing funds and potential for clean energy,
Self-built Yes 10,319,009 10,319,009 863,280,000 is still in the 23 June 2022 number:
50,000 tons in industry loans from especially photovoltaic
construction 2022-024
Haixi financial power generation in the
period.
Prefecture, institutions future. Therefore, the
Qinghai deployment of high-purity
Province crystalline silicon
production lines in Qinghai
Province is of great strategic
significance to the
development of CSG’s new
energy industry. The project
is under construction.
Xianning Float Own funds CSG plans to upgrade the The project is
Notice
No. 2 Manufacturing and loans No. 2 production line of in the 9 November
Self-built Yes 38,350,000 number:
Production industry from Xianning Float with a preparatory 2022
2022-061
Line (700 financial production capacity of 700 stage.
42
CSG Annual Report 2022
tons/day) institutions tons/day into a professional
Technology and high-quality ultra-white
Upgrade and float glass production line
Transformation that can produce 4 - 22mm
Project thick ultra-white float glass,
so as to increase the
thickness coverage of
products, reduce the
operation cost and energy
consumption, and improve
the product quality, thus
further consolidating the
market position of the
Company’s ultra-white float
glass in central China.
CSG plans to build a new
37.6MW distributed
photovoltaic power
generation project using the
plant roof of Anhui CSG
New Energy Material
Technology Co., Ltd. The
project is sited in Fengyang,
Anhui Province, a place
Anhui with abundant sunlight and
Fengyang an average annual
Own funds
37.6MW irradiation amount of The project is
and loans Notice
Distributed Manufacturing 1,296kWh/m2. Meanwhile, in the 9 November
Self-built Yes from 11,000,000 number:
Photovoltaic industry considering the large annual preparatory 2022
financial 2022-061
Power consumption of new energy stage.
institutions
Generation power in Anhui Province,
Project photovoltaic power
generation for self-use can
bring great economic
benefits. In addition to
providing obvious economic
benefits, the distributed
photovoltaic power
generation also conforms to
the carbon reduction policy
advocated by the state.
Chengdu Float Own funds CSG plans to build three The project is
Notice
Three Sets of Manufacturing and loans sets of standby in the 9 November
Self-built Yes 608,993 608,993 number:
Standby industry from environmental protection construction 2022
2022-061
Environmental financial facilities for flue gas period.
43
CSG Annual Report 2022
Protection institutions treatment in Chengdu CSG
Facilities for Glass Co., Ltd., to further
Flue Gas improve and optimize the
Treatment environmental treatment
Construction performance of the three
Project production lines of Chengdu
Float, and thus improve
treatment efficiency and
reduce operating cost. The
project is under
construction.
Total -- -- -- 3,301,282,462 4,761,516,038 -- -- -- -- -- --
2,684,440,000
44
CSG Annual Report 2022
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.
VIII. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company did not sell major assets during the report period.
2. Sales of major equity
□ Applicable √ Not applicable
IX. Analysis of main holding companies 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 company Type Main business Registered capital Total assets Net Assets Operating revenue Operating profit Net profit
Production and sales of
Yichang CSG
Subsidiary high-purity silicon 1,467.98 million 2,626,557,526 1,061,166,090 3,005,985,683 1,042,010,116 946,379,491
Polysilicon Co., Ltd.
material products
Qingyuan CSG Production and sales of
Energy Saving New Subsidiary various ultra-thin 1,055 million 1,551,310,104 1,063,882,240 687,274,158 192,771,867 180,298,561
Materials Co., Ltd electronic glass
Development,manufact
Chengdu CSG Glass
Subsidiary ure and sales of 260 million 1,041,796,806 575,022,400 1,331,592,907 186,383,612 167,500,971
Co., Ltd.
various special glass
45
CSG Annual Report 2022
Hebei CSG Glass Manufacture and sales USD
Subsidiary 1,211,996,608 993,353,729 1,090,740,721 161,787,654 141,584,355
Co., Ltd. of various special glass 48.06 million
Wujiang CSG Glass Manufacture and sales
Subsidiary 565.04 million 2,344,122,487 1,630,512,073 1,779,767,345 127,145,403 114,572,068
Co., Ltd. of various special glass
Dongguan CSG
Deep processing of
Architectural Glass Subsidiary 240 million 920,805,811 483,890,399 1,155,213,039 115,803,010 102,114,453
glass
Co., Ltd
Particulars about subsidiaries obtained or disposed in report period
□ Applicable √ Not applicable
Description of main holding and shareholding companies:
In 2022, the performance of Yichang CSG Polysilicon Co., Ltd. greatly increased under the driving by the resumption of the
silicon production line; the performance of Qingyuan CSG Energy-Saving New Materials Co., Ltd. increased year on year mainly
due to the accrual of provision for asset impairment in the previous period; the performance Chengdu CSG Glass Co., Ltd., Hebei
CSG Glass Co., Ltd. and Wujiang CSG Glass Co., Ltd. decreased year on year mainly due to the decline of product price and the
rise of raw fuel price; the performance of Dongguan CSG Architectural Glass Co., Ltd. increased greatly year on year thanks to the
improvement of operation management level and the decline of the price of main raw materials.
X. Structured main bodies controlled by the Company
□ Applicable √ Not applicable
XI. Outlook of the Company’s future development
1. Tendency of development of the industries the Company engages
Please refer to the relevant content of "I. Particulars about the industry the Company engages in during the report period".
2. The Company’s development strategy
The Group will formulate strategic development goals and implement strategic development plans under the guidance the national
strategic goals of “dual carbon”, with a focus on “low carbon and energy saving, green and environmental protection, scientific
and technological innovation, and intelligent manufacturing”. The Company plans to form the three industrial clusters of energy-
saving glass, electronic glass and photovoltaic materials, and create the three high-grade products of multi-silver Low-E glass,
high-grade electronic glass and “Blue Diamond” ultra-white glass. The Company will continue to enhance its core competitiveness,
occupy a dominant position in the industry, strengthen the advantage of raw material resources, improve technology and R&D
strength, expand market share and market influence, integrate industrial resources, comprehensively improve the credibility and
influence of the CSG brand, plan the layout of the CSG industry from a global and macro perspective, accelerate the development
of new industries and consolidate the Company’s capability to resist cyclical risks, and build CSG into an internationally
influential enterprise group that is related to both the upstream and downstream portions of the glass industry and the energy
industry.
3. Business plan of the Company in 2023
① Strengthen the capability of group operation and management, improve the level of fine management and professional
management, and promote the implementation of such measures as cost reduction and efficiency increase management, supply
46
CSG Annual Report 2022
chain management and lean management to ensure the completion of the Company’s operation and construction objectives in
2023;
② Build an informatization platform for R&D management, and improve the qualification of the R&D innovation platform of
CSG;
③ Enhance talent management, establish a remuneration incentive system that links remuneration with performance, improve the
Company’s incentive mechanism, strengthen employee training, select and cultivate reserve cadres, introduce high-quality talents,
and intensify the building of talents echelon.
④ Rationally plan the level of asset-liability ratio, and ensure the control over financial risks;
⑤ Comprehensively boost cost management to improve market competitiveness;
⑥ Steadily promote the safe construction and operation of projects under construction, and prepare and reserve new projects
centring around the Group’s core industries and new development opportunities;
⑦ Build a safety, environmental protection and duty performance capability management platform, inspire all employees to
proactively perform their duties, and establish an informatization management platform for safety and environmental protection to
improve the Company’s safety management.
4. Fund demand, use plan and fund source
In 2023, the Company’s capital expenditure is expected to be approximately RMB 7,661 million, which is mainly used for
construction of the project of lightweight & high-permeability panel for solar energy equipment and complementary sand ore
projects, construction of the Qinghai high-purity crystalline silicon project, technical upgrade and transformation in all relevant
industries, capacity expansion, etc. The main sources of funds are own funds and loans from financial institutions.
5. Risk factors and countermeasures
In 2023, in the face of severe international and domestic political and economic development and the task of building a “Century
CSG”, the Company will face the following risks and challenges:
① The international political environment still faces many uncertainties.
Affected by the complicated international political environment, domestic economy still faces many challenges and uncertainties. In
2023, 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.
② The glass industry faces fierce competition among similar products, and pressure from rising price of raw materials and fuels such
as heavy alkali and natural gas and increasingly high labour cost; the float glass industry faces the risk of declining demand in the
downstream architectural glass market; the photovoltaic glass industry faces the risk that the price game between the upstream silicon
materials, silicon wafers and cells of photovoltaic modules may affect the market demand for photovoltaic glass, and the excessively
rapid capacity expansion may lead to phased overcapacity; the electronic glass and display industry faces the risk of accelerated
material technology upgrade due to the continuous rapid iterative upgrade of technology requirements in downstream application
scenarios; the solar energy industry faces the challenge of an imbalance in the supply chain that leads to rapid price increase in some
production processes; with the continuous release of the production capacity of high-purity crystalline silicon, the price of high-
purity crystalline silicon fluctuates downward, which may aggravate the risk of price decline, leading to a sharp decline in the price
of upstream business and a general price reduction in downstream business. To cope with aforesaid risks, the Company will take the
following measures:
A. In the float glass sector, the Company will continue to promote differentiated operation, optimize product structure, and increase
47
CSG Annual Report 2022
the sales proportion of high value-added products to strengthen its competitiveness.
B. In the photovoltaic glass sector, the Company will quickly respond to market changes in combination with industry characteristics;
pay close attention to the trend of raw material price, and timely and strategically prepare materials as demanded to reduce the impact
of the price fluctuation of raw materials on the Company’s business performance; optimize product structure in alignment of market
demand, and continuously promote lean management and differentiated operation to improve profitability and enhance industry
competitiveness.
C. In the architectural glass sector, the Company will accelerate the pace of digital, networked and intelligent transformation of the
manufacturing industry to reduce the consumption of manpower, materials and energy. The Company will strengthen the
development of high-end market and overseas market, actively respond to market changes, continuously deepen market exploitation,
refine market layout, increase the application of new products and new technologies, improve service capability, give full play to
quality, technology and brand advantages, and at the same time, maintain the advantageous position of the Company through market-
oriented extension of industrial chain.
D. In the electronic glass and display sector, the Company will further strengthen the R&D of new technologies, new products and
new applications, constantly narrow the gap from international peers, maintain technical leading advantage in China, and at the same
time, further intensify efforts to explore new market applications, broaden industry development direction and expand market space.
E. In the solar energy sector, the Company will strengthen the integration of resources across the industry chain, pay attention to the
price trend, supply-demand relationship and terminal demands in upstream and downstream procurement and sales, increase R&D
investment, strengthen operation management, and maintain corporate competitiveness in market segments; keep an eye on market
changes, vigorously carry out cost reduction and efficiency increase activities, implement energy saving and consumption reduction
measures, and timely upgrade and replace the equipment to improve production efficiency and ensure the Company’s benefits;
expand industry scale and increase market share by investing in new production lines.
③ Risk of fluctuation of foreign exchange rate: At present, nearly 7.81% of the sales 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.
XII. Reception of research, communication and interview
√Applicable □ Not applicable
The main content of the Index of the basic
Reception Reception Reception
Reception location Reception object discussion and the situation of the
time method object type
information provided survey
The Company For details, please
Shenwan Hongyuan communicated with refer to the
CSG Headquarters Research， investors on the Record of
conference room and Changjiang Company's periodical Investor Relations
Telephone
April 29, other telephone Securities，China reports, the Company's Activities
communicat institution
2022 conference parties are Asset Management, performance and the disclosed on
ion
located in different China Merchants operation and Juchao website
locations Fund and other development of (www.cninfo.com
institutions businesses, etc.; no .cn) on April 29,
material was provided. 2022
48
CSG Annual Report 2022
Section IV. Corporate Governance
1.Basic Situation of Corporate Governance
In strict compliance with the requirements of the relevant laws and regulation including The Company Law, Securities Law and
Rule of Governance for Listed Company, the Company has been putting efforts in improving the corporate governance,
strengthening management of information disclosure, regulating operation activities and establishing a modern corporate system.
At present, the system for corporate governance of the Company is basically sound, operation is regulated, corporate governance is
consummated, which accord with the requirements of relevant documents on corporate governance of listed company issued by
CSRC.
According to the "Company Law" and other relevant laws and regulations and the "Articles of Association", the Company has
established and improved a relatively standardized corporate governance structure, and formed a decision-making and operation
management system with the shareholders' meeting, the board of directors, the board of supervisors and the Company's
management as the main structure. The power organs, decision-making bodies, supervision bodies and managers have clear rights
and responsibilities, perform their respective duties and effectively monitor and balance, and perform various duties stipulated in
the "Company Law" and "Articles of Association" in accordance with the law. According to the "Articles of Association" and other
relevant corporate governance regulations, the Company has formulated the "Procedure Rules for Shareholders' Meeting",
"Procedure Rules for the Board of Directors", "Procedure Rules for the Supervisory Committee", "General Manager's Work Rules"
and other relevant systems, which provides an institutional guarantee for the standardized operation of the corporate governance
structure of the Company.
The Company's "Three Committees" (General Meeting of Shareholders, Board of Directors and Board of Supervisors) operate in a
standardized manner, and the procedures for convening and convening meetings comply with relevant regulations. The current
directors, supervisors, and senior management are able to actively and effectively fulfill relevant responsibilities and obligations.
Independent directors have put forward opinions or suggestions on the company's development decisions. The company respects
and listens to the opinions and suggestions of independent directors, and implements them in accordance with the final resolutions
of the board of directors and the shareholders' meeting, playing a positive role in safeguarding the interests of the company and
small and medium-sized shareholders, At the same time, the company also provides sufficient protection for the performance of
independent directors and supervisors. The Board of Directors has established four special committees, namely, the Strategy
Committee, the Audit Committee, the Nomination Committee, and the Remuneration and Evaluation Committee, to assist the
Board of Directors in performing relevant functions and provide professional suggestions and opinions for the Board of Directors'
decision-making. The Board of Directors and the Board of Supervisors of the Company report to the General Meeting of
Shareholders on the performance of their duties by directors and supervisors, and the independent directors make a debriefing
report to the General Meeting of Shareholders. The senior management personnel have a clear division of labor, clear
responsibilities and authorities, and operate in compliance with laws and regulations.
In strict accordance with the requirements of the Listing Rules of Shenzhen Stock Exchange and other relevant laws and
regulations, the company earnestly performs the obligation of information disclosure to ensure the authenticity, accuracy, integrity
and timeliness of information disclosure. The company earnestly fulfills its information disclosure obligations in strict accordance
with the requirements of the Shenzhen Stock Exchange Listing Rules and other relevant laws and regulations to ensure the
truthfulness, accuracy, completeness and timeliness of information disclosure. Shanghai Securities News, Securities Daily, Hong
Kong Commercial Daily and Juchao Website (www.cninfo.com.cn) are designated media for the Company's information
disclosure to ensure that all shareholders of the Company have equal access to the Company's business information. The Company
49
CSG Annual Report 2022
has established the Information Disclosure Management System and promptly improved it in accordance with newly issued laws
and regulations, clarified the standards of insider information, and established inside information insider registration system and
record management system. In order to further strengthen the Company's internal information disclosure control, enhance the
disclosure consciousness of relevant personnel, and improve the quality of corporate information disclosure, in 2016, the Company
set up information Disclosure Committee, and formulate Rules for the implementation of the information disclosure Committee.
During the report period, the Company disclosed information with facticity, completeness, timeliness and fairness, strictly fulfilled
the responsibilities and obligations of information disclosure of listed companies to ensure that investors are able to keep abreast
of the Company's operation and development strategies. There was no regulatory punishment caused by information disclosure in
the report period. Meanwhile, the Company delivered the Inside Information Insider Table to Shenzhen Stock Exchange when
submitting periodic reports.
The Company has seriously implemented the requirements of the relevant regulatory to cash dividends. The Company formulated
the Return plan for Shareholders of CSG Holding Co., Ltd. in the Next Three Years (2022-2024) according to relevant regulations
of the Notice of Further Implementation of Cash Dividends of the Listed Companies (ZJF No.: [2012] 37) and the Regulatory
Guidelines of Listed Companies No. 3-Cash Dividends of Listed Companies(Revised in 2022) issued by China Securities
Regulatory Commission, further improved the Company’s decision-making and supervision mechanism for distribution of profits,
and protected the interests of investors.
During the report period, it did not exist that the Company provided the undisclosed information to the largest shareholder. And it
did not exist that non-operating fund of listed Company was occupied by the largest shareholder and its affiliated enterprises.
Whether the actual condition of corporate governance is materially different from the laws, administrative regulations and the
provisions on the governance of listed companies issued by the CSRC□Yes √ No
II. Independency of the Company relative to the largest shareholder in aspect of businesses,
personnel, assets, organization and finance
During the report period, the Company has been absolutely independent in business, personnel, assets, organization and finance
from its largest shareholder. The Company has an independent and complete business system and independent management
capability.
1. In terms of business: The Company owns independent purchase and supply system of the raw resources, complete production
systems, independent sale system and customers. The Company is completely independent from the largest shareholder in business.
The largest shareholder and its subsidiaries do not engage any identical business or similar business as the Company.
2. In terms of personnel: The Company established integrated management system of labor, personnel, salaries and the social
security, which were absolutely independent from its holding shareholder’s. Personnel of the managers, person in charge of the
financial and other executive managers are obtained remuneration from the Company since on duty in the Company, and never
received remuneration or take part-time jobs in the largest shareholder’ company and other enterprises controlled by the largest
shareholder. The recruitment and dismissal of Directors are conducted through legal procedure since the Company was listed and
the manager has been appointed or dismissed by Board of Directors. The Board of Directors and the Shareholders’ General
Meeting have not received any interference of decisions on personnel appointment and removal from the largest shareholder.
3. In terms of asset: the Company is able to operate business independently and enjoys full control over the production system,
auxiliary production system and facilities, land use right, industry property and non-patent technology owned or used by the
Company. The investments to the Company from largest shareholder are monetary assets, and the largest shareholder has never
occupied, damaged or intervened to operation on these assets.
4. In terms of organization: The Company possessed sound corporate governance structure, established Shareholders’ General
Meeting, Board of Directors, Supervisory Board, appointed general manager, and fixed related function departments. The
Company had been totally independent from its largest shareholder in organization structure. The Company has its own office and
50
CSG Annual Report 2022
production sites that are different from those of the largest shareholder. The largest shareholder have not in any way affected the
independence of the Company's operations and management.
5. In terms of finance: The Company has set up independent financial department, established independent accounting calculation
system and financial management system (included management system of its subsidiaries). The financial personnel of the
Company didn’t take part-time jobs in units of largest shareholder or its subordinate units. The Company had independent bank
accounts, separated from the largest shareholder. The Company is independent taxpayer, paid taxes independently according the
laws and didn’t pay mixed taxes with the largest shareholder. The financial decision-making of the Company was independent, and
the use and management of funds were independent. The Company never offered guarantee to their largest shareholder and its
subordinate units and other related party. The largest shareholder and its related have never occupied or disguisedly occupied the
capital of the Company.
III. Horizontal competition
□ Applicable √ Not applicable
IV. Information on the annual general meeting and extraordinary general meeting held
during the report period
1. The General Meeting of Shareholders during the report period
Ratio of
investor
Session of meeting Type Meeting date Date of disclosure Meeting resolution
participatio
n
The First Announcement on Resolutions of the
Extraordinary
Extraordinary First Extraordinary General Meeting
General 29.04% 16 February 2022 17 February 2022
General Meeting of of 2022 (Announcement No.: 2022-
Meeting
2022 004)
Annual Announcement on Resolutions of
Annual General
General 27.69% 16 May 2022 17 May 2022 Annual General Meeting of 2021
Meeting of 2021
Meeting (Announcement No.: 2022-020)
The Second Announcement on Resolutions of the
Extraordinary
Extraordinary Second Extraordinary General
General 28.44% 11 July 2022 12 July 2022
General Meeting of Meeting of 2022 (Announcement No.:
Meeting
2022 2022-034)
The Third Announcement on Resolutions of the
Extraordinary
Extraordinary Third Extraordinary General Meeting
General 28.34% 3 August 2022 4 August 2022
General Meeting of of 2022 (Announcement No.: 2022-
Meeting
2022 048)
The Fourth Announcement on Resolutions of the
Extraordinary
Extraordinary Fourth Extraordinary General Meeting
General 25.75% 25 November 2022 26 November 2022
General Meeting of of 2022 (Announcement No.: 2022-
Meeting
2022 065)
2. The preference shareholders whose voting rights have been restored request the convening of an extraordinary
general meeting
□ Applicable √ Not applicable
51
CSG Annual Report 2022
V. Directors, supervisors and senior executives
1. Basic information
Amount Amount
Shares
of shares of shares Reason for
Start dated held at Other Shares held
Working End date of increased decreased increase or
Name Title Sex Age of office period- changes at period-
status office term in this in this decrease
term begin (share) end (Share)
period period of shares
(Share)
(Share) (Share)
Chairman of Currently
Chen Lin Female 51 2016/11/19 2023/05/21 1,623,065 1,623,065
the Board in office
Currently
Shen Chengfang Director Male 57 2022/08/03 2023/05/21
in office
Independent Currently
Zhu Qianyu Female 48 2019/04/10 2023/05/21
Director in office
Independent Currently
Zhang Min Male 46 2022/11/25 2023/05/21
Director in office
Independent Currently
Shen Yunqiao Male 47 2023/03/16 2023/05/21
Director in office
Currently
Cheng Jinggang Director Male 42 2020/05/21 2023/05/21
in office
Currently
Yao Zhuanghe Director Male 64 2020/05/21 2023/05/21
in office
Currently
Cheng Xibao Director Female 41 2016/01/21 2023/05/21
in office
Chairman of
the
Supervisory Currently
Li Jianghua Male 46 2019/03/27 2023/05/21
Board, in office
Employee
Supervisor
Currently
Meng Lili Supervisor Female 45 2020/05/21 2023/05/21
in office
Employee Currently
Dai Pingsheng Male 41 2021/07/08 2023/05/21
Supervisor in office
Secretary of
the Party
Committee,
2022/05/16 2023/05/21
Executive
Currently
He Jin Vice Male 51 897,600 897,600
in office
President
Acting CEO 2022/08/15 2023/05/21
Vice
Currently
Wang Wenxin President, Female 45 2022/05/16 2023/05/21 154,600 154,600
in office
Chief
52
CSG Annual Report 2022
Financial
Officer
Acting
Secretary of Leaving
2022/07/08 2022/09/26
the Board of office
Directors
Secretary of Currently
Chen Chunyan Female 41 2022/09/26 20230/5/21 49,271 49,271
the Board in office
Leaving
Zhang Jinshun Director Male 58 2017/05/02 2022/06/28
office
Leaving
Director 2016/01/21 2022/08/03
office
Wang Jian Male 59 1,012,000 1,012,000
Leaving
CEO 2016/01/21 2022/08/15
office
Independent Leaving
Xu Nianhang Male 45 2020/05/21 2022/11/25
Director office
Independent Leaving
Zhu Guilong Male 59 2017/05/02 2023/03/16
Director office
Secretary of Leaving
Yang Xinyu Male 43 2017/05/02 2022/07/02 1,159,332 1,159,332
the Board office
Total -- -- -- -- -- -- 4,895,868 0 0 0 4,895,868 --
During the report period, whether there was any resignation of directors and supervisors and dismissal of senior executives during
their terms of office
Yes □ No
The Board of Directors of the Company received a written resignation report submitted by Director Mr. Zhang Jinshun on 28 June
2022. Mr. Zhang Jinshun resigned as the Company’s Director due to personal reasons.
The Board of Directors of the Company received a written resignation report submitted by Mr. Yang Xinyu, Secretary of the
Board of Directors, on 2 July 2022. Mr. Yang Xinyu resigned as the Secretary of the Board of Directors due to personal reasons.
The Company convened the Third Extraordinary General Meeting of 2022 on 3 August 2022, at which Proposal to Remove Mr.
Wang Jian from His Office as Director of the Ninth Board of Directors of CSG was deliberated on and approved. Therefore, Mr.
Wang Jian was removed from his office as Director.
The Company convened an interim meeting of the Ninth Board of Directors on 15 August 2022, at which Proposal to Remove Mr.
Wang Jian from His Office as Chief Executive Officer and Authorize Mr. He Jin, Executive Vice President, to Act as Chief
Executive Officer was reviewed and approved. Therefore, Mr. Wang Jian was removed from his office as Chief Executive Officer.
The Board of Directors of the Company received a written resignation report submitted by Independent Director Mr. Xu Nianhang
on 5 September 2022. Mr. Xu Nianhang resigned as the Company’s Independent Director due to relevant regulations of his unit
and personal career reasons. Mr. Xu Nianhang’s resignation report took effect on 25 November 2022.
The Board of Directors of the Company received a written resignation report submitted by Independent Director Mr. Zhu Guilong
on 23 December 2022. Mr. Zhu Guilong resigned as the Company’s Independent Director due to personal career reasons. Mr. Zhu
Guilong’s resignation report took effect on 16 March 2023.
53
CSG Annual Report 2022
Changes in directors, supervisors and senior executives of the company
√Applicable □ Not applicable
Name Position Type Date Reason
Shen Chengfang Director Be elected 2022-08-03 By election of Director
Zhang Min Independent Director Be elected 2022-11-25 By election of Independent Director
Shen Yunqiao Independent Director Be elected 2023-03-16 By election of Independent Director
Executive Vice
Appointment 2022-05-16 Appointment of Executive Vice President
President
The Chief Executive Officer is vacant,
He Jin
and Mr. He Jin, Executive Vice President,
Acting CEO Appointment 2022-08-15
temporarily acts as the Chief Executive
Officer
Vice President and Appointment of Vice President and Chief
Appointment 2022-05-16
Chief Financial Officer Financial Officer
During the vacancy of the Secretary of
the Board of Directors, Ms. Wang
Acting Secretary of the
Appointment 2022-07-08 Wenxin, Vice President and Chief
Wang Wenxin Board of Directors
Financial Officer, temporarily acted as the
Secretary of the Board of Directors
Resignation
Acting Secretary of the Expiration of the term for acting as the
upon expiration 2022-09-26
Board of Directors Secretary of the Board of Directors
of term
Appointment of Secretary of the Board of
Chen Chunyan Secretary of the Board Appointment 2022-09-26
Directors
Zhang Jinshun Director Post leaving 2022-06-28 Resignation voluntarily
Director Post leaving 2022-08-03 Be dismissed
Wang Jian
CEO Dismissed 2022-08-15 Be dismissed
Xu Nianhang Independent Director Post leaving 2022-11-25 Resignation voluntarily
Zhu Guilong Independent Director Post leaving 2023-03-16 Resignation voluntarily
Yang Xinyu Secretary of the Board Dismissed 2022-07-02 Resignation voluntarily
2. Post-holding
Major professional backgrounds and working experience of directors, supervisors and senior executives and their major
responsibilities in the Company at present
Chen Lin: At present, she is Chairman of the Supervisory Committee of Foresea Life Insurance Co., Ltd. and Chairman of the
Board of the Company.
Shen Chengfang: He took the posts of Chief Actuary of Ping An Life Insurance Company of China, Ltd. and Chief Actuary and
Deputy General Manager of Foresea Life Insurance Co., Ltd. He is now General Manager and Executive Director of Foresea Life
Insurance Co., Ltd. Concurrently, he is Director of the Company.
Zhu Qianyu: She is now an associate professor and a supervisor of masters at the Renmin University of China and a researcher at
54
CSG Annual Report 2022
the Institute for Rural Economy and Finance, Institute for National Development and Strategies, and Institute for Carbon Peak and
Neutrality of the Renmin University of China. She has undertaken more than ten research projects funded by the National Natural
Science Foundation of China, the National Social Science Fund of China, the Social Science Fund of Beijing, the National
Development and Reform Commission, the Ministry of Science and Technology of the People’s Republic of China, and the
Ministry of Industry and Information Technology of the People’s Republic of China, and had over 50 papers published by foreign
SSCI and SCI journals and domestic journals. Additionally, her scientific research achievements won the first, second, and third
prizes for social science research achievements from the National Ethnic Affairs Commission of the People’s Republic of China,
the third prize for excellent results from the National Bureau of Statistics, the second prize in the 13th Beijing Outstanding
Achievement Award in Philosophy and Social Science, and the third prize in the Award for Excellent Achievements in Scientific
Research in Institutes of Higher Education of the Ministry of Education (Humanities and Social Science). She is serving as a
project training and evaluation expert at the World Bank, the National Rural Revitalization Administration, and the Head Office of
Agricultural Bank of China, and a reviewer of the National Natural Science Foundation of China. She is also Independent Director
of Kingfa SCI.&TECH. Co., Ltd., Chongqing Brewery Co., Ltd., and the Company.
Zhang Min: He served as a lecturer, an associate professor, a supervisor of doctors, and Deputy Director of the Department of
Accounting of Renmin Business School at the Renmin University of China. He is now a professor, a supervisor of doctors, and
Director of the Department of Accounting of Renmin Business School at the Renmin University of China. Concurrently, he is
Independent Director of SDIC Capital Co., Ltd., Beijing SPC Environment Protection Tech Co., Ltd., BYD Co., Ltd., and the
Company.
Shen Yunqiao: He served as an assistant professor at the Faculty of Law, Macau University of Science and Technology, and a legal
adviser for Guangzhou Nansha New Zone and the China (Guangdong) Pilot Free Trade Zone Nansha Area. He is now an associate
professor and a supervisor of doctors at the Faculty of Law and Director of the Research Centre for Arbitration and Dispute
Resolution, Macau University of Science and Technology. He is also Independent Director of the Company. Concurrently, he is
Independent Director of Guangdong Delian Group Co., Ltd. and Shenzhen Utimes Automation Equipment Company Limited,
Director of the Commercial Law Institute of China Law Society and Legislative Council Institute of China Law Society, an off-
campus supervisor of postgraduates and a researcher of the Asia-Pacific Institute of Law, Renmin University of China, Deputy
Director of the Asia-Pacific Arbitration Research Committee of the Asia-Pacific Institute of Law, Renmin University of China, an
overseas expert of Benchmark Chambers International & Benchmark International Mediation Centre, Deputy Secretary General of
the Law Committee of the Council for the Promotion of Guangdong-Hong Kong-Macao Cooperation, a member of the 100-
Member Group of the Shandong Foreign Arbitration Service of the Department of Justice, Shandong, Executive Director and
Deputy Secretary General of Macau Association for Legal Professionals, an arbitrator of the Consumer Mediation and Arbitration
Centre, Macao SAR Government Consumer Council, and Vice Chairman of Renmin University of China Alumni Association of
Macao. Moreover, he is an arbitrator of more than 20 arbitration institutions, including the China International Economic and
Trade Arbitration Commission, Beijing Arbitration Commission, Shanghai International Arbitration Centre, Shanghai Arbitration
Commission, Shenzhen Court of International Arbitration, Guangzhou Arbitration Commission, Zhuhai Court of International
Arbitration, Foshan Arbitration Commission, Hainan International Arbitration Court, Nanjing Arbitration Commission, Qingdao
Arbitration Commission, and Xi’an Arbitration Commission.
Cheng Jinggang: He took the posts of Senior Credit Analyst of the Fixed Income Department of Funde Sino Life Insurance Co.,
Ltd. and Senior Manager of the Credit Evaluation Department of Sino Life Asset Management Co., Ltd. At present, he is Deputy
Director of the Asset Management Centre of Foresea Life Insurance Co., Ltd. and Director of the Company.
55
CSG Annual Report 2022
Yao Zhuanghe: He took the posts of Deputy Director of the Department of Food Science and Engineering at South China
University of Technology, Deputy General Manager and General Manager of Guangdong United Food Enterprise Centre, Director
of Guangdong Yuehua International Trade Group, Deputy General Manager of Guangdong Guangye Economic Development
Group, Director and General Manager of Guangdong Guangye Investment Consulting Co., Ltd., Director and Deputy Party
Committee Secretary of Guangdong Guangye Environmental Construction Group (former Guangdong Guangye Real Estate
Group). He is now Director of the Company.
Cheng Xibao: She took the posts of Manager, Vice President, and Executive Vice President of the Financial Department and
President Assistant, Vice President, and Senior Vice President of Shenzhen Baoneng Investment Group Co., Ltd., Director of
Foresea Life Insurance Co., Ltd., Supervisor of Guizhou Baoneng Automobile Co., Ltd., and Executive Vice President of Baoneng
City Development and Construction Group Co., Ltd. At present, she is Senior Vice President of Shenzhen Baoneng Investment
Group Co., Ltd., Vice President of Baoneng Motor Group Co., Ltd., Supervisor of Xinjiang Qianhai United Property & Casualty
Insurance Co., Ltd., and Director of Baoneng Motor Group Co., Ltd., Qoros Automobile Co., Ltd., Shenzhen Baoneng Travel Co.,
Ltd., and the Company.
Li Jianghua: He took the posts of Assistant General Manager of the Operation Service Department and Deputy General Manager
of the Public Development Department of the Information Management Centre of Foresea Life Insurance Co., Ltd., Deputy
General Manager of the IT Department of Xinjiang Qianhai United Property & Casualty Insurance Co., Ltd., and General Manager
of the Integrated Financial Development Department of the Information Management Centre of Foresea Life Insurance Co., Ltd.
At present, he is Chairman of the Supervisory Committee and Director of the Information Management Department of the
Company.
Meng Lili: At present, she is Deputy Director of the Human Resources Centre, General Manager of the Office of the Board of
Directors and Employee Supervisor of Foresea Life Insurance Co., Ltd., and Supervisor of the Company.
Dai Pingsheng: He took the posts of Financial Manager of Dongguan CSG Solar Glass Co., Ltd., Deputy Manager, Assistant
Director and Deputy Director of the Financial Management Department of CSG, and Vice President of the Architectural Glass
Division of CSG. At present, he is Assistant President, Director of the Strategic Investment Department, and Employee Supervisor
of the Company.
He Jin: He took the posts of General Manager of Shenzhen CSG Float Glass Co., Ltd., Vice President of Float Glass Division,
General Manager of Dongguan CSG Solar Glass Co., Ltd., General Manager of Chengdu CSG Glass Co., Ltd., General Manager
of Qingyuan CSG Energy Saving New Materials Co., Ltd., Assistant President of the Company and President of Flat Glass
Division, and Vice President of the Company. He is Secretary of the Party Committee, Acting Chief Executive Officer, Executive
Vice President, and Chairman of the Management Committee of the Company.
Wang Wenxin: She took the posts of Assistant President, Director of the Financial Management Department, and Executive Vice
President of CSG. She is Vice President and Chief Financial Officer of the Company.
Chen Chunyan: She took the posts of Director of the Stock Affairs Department, Stock Affairs Manager, and Assistant Director of
the Office of the Board of Directors of CSG. She is Secretary of the Board of Directors and Director of the Office of the Board of
Directors of the Company.
Post-holding in shareholder’s unit
√Applicable □ Not applicable
Received
Name Name of shareholder’s unit Position in shareholder’s unit Start dated of End date of
remuneration from
56
CSG Annual Report 2022
office term office term shareholder’s unit
or not
Chairman of Supervisory
Chen Lin Foresea Life Insurance Co., Ltd. April 2012 Yes
Board
General Manager August 2018
Shen Chengfang Foresea Life Insurance Co., Ltd. Yes
Executive Director July 2019
Deputy Director of the Asset
Cheng Jinggang Foresea Life Insurance Co., Ltd. April 2012 Yes
Management Center
Deputy Director of Human
Resources Center, General
Meng Lili Foresea Life Insurance Co., Ltd. Manager of the Office of the June 2013 Yes
Board of Directors,
Employee Supervisor
Note of post-
holding in N/A
shareholder’s unit
Post-holding in other units
Applicable □ Not applicable
Date of Date of Receive
Name Unit name Positions in other units commencement of termination of remuneration from
office term office term other units or not
Renmin University of China Associate Professor March 2010 Yes
Zhu Qianyu Kingfa SCI.&TECH. Co., Ltd. Independent Director January 2021 Yes
Chongqing Brewery Co., Ltd. Independent Director May 2022 Yes
Renmin University of China Professor June 2010 Yes
BYD Co., Ltd. Independent Director September 2020 Yes
Zhang Min
SDIC Capital Co., Ltd. Independent Director September 2019 Yes
Beijing SPC Environment
Independent Director October 2019 Yes
Protection Tech Co., Ltd.
Macau University of Science and
Associate Professor July 2015 Yes
Technology
Guangdong Delian Group Co.,
Shen Yunqiao Independent Director May 2021 Yes
Ltd.
Shenzhen Utimes Automation
Independent Director January 2022 Yes
Equipment Company Limited
Shenzhen Baoneng Investment
Senior Vice President November 2020 Yes
Group Co., Ltd.
Director March 2017 No
Baoneng Motor Group Co., Ltd.
Vice President September 2022 No
Cheng Xibao Xinjiang Qianhai United
Property & Casualty Insurance Supervisor September 2016 No
Co., Ltd.
Qoros Automobile Co., Ltd. Director December 2017 No
Shenzhen Baoneng Travel Co.,
Director September 2019 No
LTD.
57
CSG Annual Report 2022
Baoneng City Development and
Executive Vice President October 2018 August 2022 No
Construction Group Co., Ltd.
Note of post-
holding in N/A
other units
Punishment of securities regulatory authority in the last three years to the Company’s current and retired directors, supervisors and
senior management during the report period
□ Applicable √ Not applicable
3. Remuneration of directors, supervisors and senior executives
Decision-making procedures, recognition basis and payment for directors, supervisors and senior executives
1. Decision-making procedures: The allowances for independent directors, external directors from non-shareholder’s unit are
planned and proposed by the Remuneration &Assessment Committee of the Board and approved by the Shareholders’ General
Meeting after deliberation of the Board. Remuneration for senior executives is proposed by the Remuneration &Assessment
Committee of the Board and decided by the Board after discussion.
2. Confirmation basis of remuneration: The allowances for independent directors and external directors are confirmed based on
industry standards and real situation of the Company. The remuneration for senior executives implements floating reward mechanism
with reference to basic salary and business performance. Bonus for performance rewards is withdrawal by proportion quarterly
according to return on equity and based on the total net profit after taxation.
3. Actual remuneration payment: The allowances for each of the Company’s independent directors, external director from non-
shareholder’s unit are RMB 0.3 million per year, paid by actual month of service. The total remuneration for directors, supervisor
and senior executives in the report period was RMB 25.7764 million.
Remuneration of directors, supervisors and senior executives of the company during the report period
Unit: RMB 0,000
Received
Total remuneration
remuneration
Post-holding obtained from the
Name Title Sex Age from related
status Company before
party of the
taxation
Company or not
Chen Lin Chairman of the Board Female 51 Currently in office Yes
Shen Chengfang Director Male 57 Currently in office Yes
Zhu Qianyu Independent Director Female 48 Currently in office 30 No
Zhang Min Independent Director Male 46 Currently in office 2.5 No
Shen Yunqiao Independent Director Male 47 Currently in office No
Cheng Jinggang Director Male 42 Currently in office Yes
Yao Zhuanghe Director Male 64 Currently in office 30 No
Cheng Xibao Director Female 41 Currently in office Yes
Chairman of the
Li Jianghua Supervisory Board, Male 46 Currently in office 166.12 No
Employee Supervisor
Meng Lili Supervisor Female 45 Currently in office Yes
Dai Pingsheng Employee Supervisor Male 41 Currently in office 132.44 No
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CSG Annual Report 2022
Secretary of the Party
Committee,Vice
He Jin Male 51 Currently in office 864.82 No
president，executive
vice president
Vice President, Chief
Wang Wenxin Female 45 Currently in office 563.68 No
Financial Officer
Chen Chunyan Secretary of the Board Female 41 Currently in office 44.7 No
Zhang Jinshun Director Male 58 Leaving office
Wang Jian Director, CEO Male 59 Leaving office 419.7 No
Xu Nianhang Independent Director Male 45 Leaving office 27.5 No
Zhu Guilong Independent Director Male 59 Leaving office 30 No
Yang Xinyu Secretary of the Board Male 43 Leaving office 266.18 No
Total -- -- -- -- 2,577.64 --
VI. Directors’ performance of duties during the report period
1. Board of directors in the report period
Session Meeting date Date of disclosure Resolution of the meeting
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
January 28, 2022 January 29, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-001)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
March 28, 2022 March 29, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-006)
For details, please refer to Juchao Website
The Eighth Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of The
April 21, 2022 April 25, 2022
Ninth Board of Directors Eighth Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-008)
For details, please refer to Juchao Website
The Ninth Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of The
April 28, 2022 April 29, 2022
Ninth Board of Directors Ninth Meeting of the Ninth Board of Directors” (Announcement
No.: 2022-016)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
May 16, 2022 May 18, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-021)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
June 22, 2022 June 23, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-024)
The Proposal on Adjusting the Investment Quota of Anhui
The Interim Meeting of the
June 28, 2022 -- Fengyang Low iron (Ultra white) quartz sand Production Base
Ninth Board of Directors
Project was reviewed and passed
For details, please refer to Juchao Website
The Interim Meeting of the
July 8, 2022 July 12, 2022 (www.cninfo.com.cn): “Announcement on Resolution of the
Ninth Board of Directors
Interim Meeting of the Ninth Board of
59
CSG Annual Report 2022
Directors"”(Announcement No.: 2022-033)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
July 16, 2022 July 18, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-038)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
August 15, 2022 August 16, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-049)
For details, please refer to Juchao Website
The tenth Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of The
August 29, 2022 August 31, 2022
Ninth Board of Directors tenth Meeting of the Ninth Board of Directors” (Announcement
No.: 2022-050)
The Interim Meeting of the
September 1, 2022 -- The Proposal on Donation Matters was reviewed and approved
Ninth Board of Directors
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
September 9, 2022 September 14, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-053)
For details, please refer to Juchao Website
The Interim Meeting of the September 26, (www.cninfo.com.cn): “Announcement on Resolution of the
September 27, 2022
Ninth Board of Directors 2022 Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-055)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
October 23, 2022 October 25, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-057)
For details, please refer to Juchao Website
The Interim Meeting of the (www.cninfo.com.cn): “Announcement on Resolution of the
November 8, 2022 November 9, 2022
Ninth Board of Directors Interim Meeting of the Ninth Board of
Directors"”(Announcement No.: 2022-061)
2. Attendance of directors at the board of directors and shareholders’meeting
Attendance of directors at the board of directors and shareholders' meeting
Number of
Failure to
board
Number Number of Number of personally Number of
meetings that
Name of of Spot Meetings attendances of Number attend board attendance
should be
director Attendanc Attended by board meeting of absence meetings of General
attended in
es Communication by proxy successively Meeting
this report
twice
period
Chen Lin 16 1 15 0 0 No 5
Shen Chengfang 7 0 7 0 0 No 1
Zhu Qianyu 16 0 16 0 0 No 5
Zhang Min 0 0 0 0 0 No 1
Zhu Guilong 16 0 16 0 0 No 4
60
CSG Annual Report 2022
Cheng Jinggang 16 1 15 0 0 No 5
Yao Zhuanghe 16 0 16 0 0 No 5
Cheng Xibao 16 0 16 0 0 No 5
Zhang Jinshun 7 0 7 0 0 No 1
Wang Jian 9 1 8 0 0 No 3
Xu Nianhang 16 0 16 0 0 No 5
Note to failure to attend the board meeting successively twice
Not applicable
3. Objections raised by directors on matters related to the Company
Whether directors raised any objection to the relevant matters of the Company
Yes □ No
Name of
Matter to which the director objected Details of the objection
the director
Proposal for the By-election of Director(s) for the Ninth Board
of Directors of the Company, Proposal to Convene the Third A negative vote was cast. For reasons, please refer to
Extraordinary General Meeting of 2022, and Proposal to the Announcement on Resolution of the Interim
Cheng
Authorize Wang Wenxin, Vice President and Financial Meeting of the Ninth Board of Directors
Xibao
Director of the Company, to Act as the Secretary of the Board (Announcement No.: 2022-033) dated 12 July 2022 at
of Directors reviewed at the interim meeting of the Ninth http://www.cninfo.com.cn.
Board of Directors on 8 July 2022.
Proposal for the By-election of Director(s) for the Ninth Board A negative vote was cast. For reasons, please refer to
of Directors of the Company and Proposal to Convene the the Announcement on Resolution of the Interim
Yao
Third Extraordinary General Meeting of 2022 reviewed at the Meeting of the Ninth Board of Directors
Zhuanghe
interim meeting of the Ninth Board of Directors on 8 July (Announcement No.: 2022-033) dated 12 July 2022 at
2022. http://www.cninfo.com.cn.
Proposal for the By-election of Director(s) for the Ninth Board A negative vote was cast. For reasons, please refer to
of Directors of the Company and Proposal to Convene the the Announcement on Resolution of the Interim
Wang Jian Third Extraordinary General Meeting of 2022 reviewed at the Meeting of the Ninth Board of Directors
interim meeting of the Ninth Board of Directors on 8 July (Announcement No.: 2022-033) dated 12 July 2022 at
2022. http://www.cninfo.com.cn.
Proposal for the By-election of Director(s) for the Ninth Board A negative vote was cast. For reasons, please refer to
of Directors of the Company and Proposal to Convene the the Announcement on Resolution of the Interim
Zhu
Third Extraordinary General Meeting of 2022 reviewed at the Meeting of the Ninth Board of Directors
Guilong
interim meeting of the Ninth Board of Directors on 8 July (Announcement No.: 2022-033) dated 12 July 2022 at
2022. http://www.cninfo.com.cn.
A negative vote was cast. For reasons, please refer to
Proposal to Convene the Third Extraordinary General Meeting the Announcement on Resolution of the Interim
Cheng
of 2022 reviewed at the interim meeting of the Ninth Board of Meeting of the Ninth Board of Directors
Xibao
Directors on 16 July 2022. (Announcement No.: 2022-038) dated 18 July 2022 at
http://www.cninfo.com.cn.
A negative vote was cast. For reasons, please refer to
Proposal to Convene the Third Extraordinary General Meeting the Announcement on Resolution of the Interim
Yao
of 2022 reviewed at the interim meeting of the Ninth Board of Meeting of the Ninth Board of Directors
Zhuanghe
Directors on 16 July 2022. (Announcement No.: 2022-038) dated 18 July 2022 at
http://www.cninfo.com.cn.
61
CSG Annual Report 2022
A negative vote was cast. For reasons, please refer to
Proposal to Convene the Third Extraordinary General Meeting the Announcement on Resolution of the Interim
Wang Jian of 2022 reviewed at the interim meeting of the Ninth Board of Meeting of the Ninth Board of Directors
Directors on 16 July 2022. (Announcement No.: 2022-038) dated 18 July 2022 at
http://www.cninfo.com.cn.
A negative vote was cast. For reasons, please refer to
Proposal to Convene the Third Extraordinary General Meeting the Announcement on Resolution of the Interim
Zhu
of 2022 reviewed at the interim meeting of the Ninth Board of Meeting of the Ninth Board of Directors
Guilong
Directors on 16 July 2022. (Announcement No.: 2022-038) dated 18 July 2022 at
http://www.cninfo.com.cn.
Proposal to Remove Mr. Wang Jian from His Office as Chief A negative vote was cast. For reasons, please refer to
Executive Officer and Authorize Mr. He Jin, Executive Vice the Announcement on Resolution of the Interim
Cheng
President, to Act as Chief Executive Officer reviewed at the Meeting of the Ninth Board of Directors
Xibao
interim meeting of the Ninth Board of Directors on 15 August (Announcement No.: 2022-049) dated 16 August 2022
2022. at http://www.cninfo.com.cn.
A negative vote was cast. For reasons, please refer to
Proposal for the By-election of Member(s) of the Special
the Announcement on Resolution of the Interim
Cheng Committees under the Ninth Board of Directors reviewed at
Meeting of the Ninth Board of Directors
Xibao the interim meeting of the Ninth Board of Directors on 9
(Announcement No.: 2022-053) dated 14 September
September 2022.
2022 at http://www.cninfo.com.cn.
Explanatio
ns of the
directors For details, please refer to the announcements disclosed by the Company at http://www.cninfo.com.cn.
for their
objections
4. Other notes to duty performance of directors
Whether the directors’ suggestions on the Company have been adopted
Yes □ No
Notes to the adoption of or a failure to adopt directors’ suggestions on the Company
During the report period, the current directors of the Company strictly followed the Company Law, Securities Law, Shenzhen
Stock Exchange Listing Rules, Guidelines for Self-discipline and Supervision of Listed Companies No. 1-Standardized Operation
of Listed Companies on the Main Board, Rules for the Independent Directors of Listed Companies and other laws and regulations,
as well as the Articles of Association and other relevant systems, to attend the Board of Directors and General Meeting of
Shareholders of the Company, conscientiously perform duties, and provide comments or suggestions on decisions for the
Company’s development. The Company respected and listened to directors’ comments and suggestions and implemented them
according to the final resolutions of the Board of Directors and the General Meeting of Shareholders.
VII. Duty performance of special committees under the Board of Directors in the report
period
Important
Number of Other duty Specific
Name of the About the comments and
meetings Meeting date Meeting content performan objections
Committee members suggestions
held ce (if any)
proposed
Chairman of the The proposal Matters on
Strategy Committee: Chen the Dongguan Solar G6/G7
5 25 March 2022 Approved.
Committee Lin. Line Process and
Committee Equipment Upgrading
62
CSG Annual Report 2022
members: Wang Project was reviewed and
Jian, Cheng approved.
Jinggang, Zhu
Guilong, and Zhu
Qianyu. The proposals Proposal on
Withdrawing Provisions for
Asset Impairment, Proposal
on Profit Distribution for
2021, Proposal on the
11 April 2022 Approved.
Development of Asset Pool
Business in 2022, and
Proposal for the 2022
Guarantee Plan were
reviewed and approved.
The proposal Matters on
Using Self-owned Funds
13 May 2022 for Investment and Wealth Approved.
Management was reviewed
and approved.
The proposal Matters on
Build a New High-purity
Crystalline Silicon Project
with an Annual Output of
19 June 2022 Approved.
50,000 Tons in Haixi
Prefecture, Qinghai
Province was reviewed and
approved.
The proposals Matters on
the Xianning Float No. 2
Production Line (700
tons/day) Technology
Upgrade and
Transformation Project,
Chairman of the
Matters on the Anhui
Committee: Chen
Fengyang 37.6MW
Lin.
Distributed Photovoltaic
Committee
7 November Power Generation Project,
members: Shen Approved.
2022 Matters on the Chengdu
Chengfang,
Float Three Sets of Standby
Cheng Jinggang,
Environmental Protection
Zhu Guilong, and
Facilities for Flue Gas
Zhu Qianyu.
Treatment Construction
Project, and Matters on
Increasing Capital Injected
to Wholly-Owned
Subsidiaries were reviewed
and approved.
The reports Financial Final
Chairman of the
Report 2021 and Internal
committee: Xu
11 April 2022 Control Evaluation Report Approved.
Nianhang.
2021 were reviewed and
Committee
Audit approved.
members: Zhu 4
Committee Matters on the Changes in
Guilong, Zhu
Accounting Policies and
Qianyu, Chen
18 April 2022 Matters on the First Approved.
Lin, and Cheng
Quarter Report 2022 were
Xibao.
reviewed and approved.
63
CSG Annual Report 2022
Matters on the Semi-annual
22 August
Financial Report 2022 was Approved.
2022
reviewed and approved.
Matters on the Third
Quarter Report 2022 and
Matters on the Renewal of
22 October
the Appointment of the Approved.
2022
Audit Institution of 2022
were reviewed and
approved.
The proposal Proposal for
Allowances for External
Chairman of the
25 January Directors (except for Those
committee: Zhu Approved.
2022 Serving in Shareholders’
Guilong.
Units) was reviewed and
Remuneration Committee
approved.
and Assessment members: Xu 2
The Matters on Auditing
Committee Nianhang, Zhu
the Remuneration of
Qianyu, Chen
Directors, Supervisors and
Lin, and Cheng 11 April 2022 Approved.
Senior Executives of CSG
Jinggang.
in 2021 was reviewed and
approved.
Chairman of the Work of Directors in 2021
committee: Zhu 11 April 2022 was reviewed and Approved.
Qianyu approved.
Committee
members: Zhu Matters on the By-election
Guilong, Xu of Director(s) for the Ninth
Nianhang, Chen 5 July 2022 Board of Directors of the Approved.
Li, and Wang Company was reviewed
Nomination Jian and approved.
3
Committee Chairman of the
committee: Zhu
Matters on the By-election
Qianyu
of Independent Director(s)
Committee
7 November for the Ninth Board of
members: Zhu Approved.
2022 Directors of the Company
Guilong, Xu
was reviewed and
Nianhang, Chen
approved.
Lin, and Shen
Chengfang.
VIII. Work Summary of the Supervisory Committee
Did the Supervisory Committee find any risk involved in performing the supervision activities in the report period
□ Yes √ No
The Supervisory Committee had no objection to the supervision matters during the report period.
IX. Employees
1. Number, Professional Composition and Education Background of Employees
（Note）
Number of employees in the parent company (person) 487
Number of employees in major subsidiaries of the Company 13,772
64
CSG Annual Report 2022
(person)
Total number of employees (person) 14,259
Total number of employees received salaries in the period
14,259
(person)
Number of retired employees whose costs borne by the
0
parent company and its main subsidiaries (person)
Professional composition
Category of profession composition Number of profession composition (person)
Production personnel 9,879
Salesman 826
Technician 2,284
Financial personnel 150
Administrative personnel 1,120
Total 14,259
Education background
Category of education background Number (person)
Doctor 8
Master 168
Undergraduate 3,138
Junior college 2,717
Degree below junior college 8,228
Doctor 14,259
Note: Among them, there are 304 employees sent by the headquarters to the subsidiaries.
2. Staff remuneration policy
In 2022, the Company continue to emphasize the principle of “Performance Orientation” in compensation management,
through strengthening the concept of organizational performance and strengthening the application of performance
results, we advocate that salary incentives should be inclined to high-performing organizations and high-performing
individuals, to improve the work enthusiasm of employees, and then improve the overall performance of the
organization, to achieve the business objectives.
3. Staff training plan
The Company has always attached great importance to the talent team construction and staff training and development.
Every year, the Company sets up a special fund for the employees’ skills training, capacity development and quality
improvement. The Company has established a comprehensive training and development system for all kinds of
employees, and developed personalized training and development systems for senior, middle and grass-roots employees,
so as to stimulate the drive of employees, enhance the competitiveness of the enterprise, and provide a strong guarantee
for the development of CSG Group. Based on the strategy of sustainable development of human resources, the
Company will continue to deepen the scientific and systematic operation of training and development, so as to energize,
65
CSG Annual Report 2022
promote management and increase benefits, and achieve a win-win situation for the growth of employees and the
development of the enterprise.
4. Labor outsourcing
□ Applicable √ Not applicable
X. Profit Distribution and Reserve Capitalization
Preparation, implementation or adjustment of the policy for profit distribution, especially the policy for cash dividend
distribution in the report period
√Applicable □ Not applicable
The profit distribution plan for 2021 was approved by Annual General Shareholders’ Meeting of 2021 held on 16 May
2022 which distributed distributing cash dividend of RMB 2 (tax included) for every 10 shares to all shareholders.
Notice of the distribution was published on China Securities Journal, Securities Times, Shanghai Securities News and
Hong Kong Commercial Daily on 16 June 2022, and the profit had been distributed.
Special explanation on cash dividend policy
Satisfy regulations of General Meeting or requirement of Satisfy regulations of General Meeting or requirement of
Article of Association (Yes/No) Article of Association (Yes/No)
Well-defined and clearly dividend standards and proportion Well-defined and clearly dividend standards and proportion
(Yes/No) (Yes/No)
Completed relevant decision-making process and mechanism Completed relevant decision-making process and
(Yes/No) mechanism (Yes/No)
Independent directors perform duties completely and play a Independent directors perform duties completely and play a
proper role (Yes/No) proper role (Yes/No)
Minority shareholders have ample opportunities and their Minority shareholders have ample opportunities and their
legitimate rights and interests are effectively protected legitimate rights and interests are effectively protected
(Yes/No) (Yes/No)
Condition and procedures are compliance and transparent Condition and procedures are compliance and transparent
while the cash bonus policy adjusted or changed (Yes/No) while the cash bonus policy adjusted or changed (Yes/No)
The Company gains profits in the report period and the retained profit of parent company is positive but no plan of
cash dividend proposed
□ Applicable √ Not applicable
Proposal of profit distribution preplan or share conversion from capital public reserve in the report period
√Applicable □ Not applicable
Distributing bonus shares for every 10 shares (share) 0
Distributing cash dividend for every 10 shares (tax included) (RMB) 1.5
Shares added for every 10-share base (Share) 0
Equity base for distribution preplan (share) 3,070,692,107
Total amount distribution in cash (RMB) (tax included) 460,603,816
Cash dividend amount in other ways (such as repurchasing shares) (RMB) 0
Total cash dividends (including other methods) (RMB) 460,603,816
Profit available for distribution (RMB) 1,904,753,271
Cash distributing accounted for the proportion of the total amount of profit
100%
distribution (including other methods)
66
CSG Annual Report 2022
Particular about cash dividend in the period
If the Company’s development stage is not easy to distinguish but there are major capital expenditure arrangements,
when the profit is distributed, the proportion of cash dividends in this profit distribution should be at least 20%.
Details of proposal of profit distribution preplan or share conversion from capital public reserve
According to the financial report audited by Asia Pacific (Group) CPAs (special general partnership), the net
profit attributable to equity holders of the Company in consolidated statement was RMB 2,037,202,500 in 2022, and
the net profit of the parent company’s financial statements was RMB 837,464,913.
Since cash dividend distribution bases on the distributable profit of parent company, the Company took 10% of
the net profit as stationary surplus reserve which was RMB 83,746,491 based on the net profit RMB837,464,913 of
parent company statement 2022. The allocation for Shareholders in 2022was RMB 1,904,753,271.
The deliberated and approved plan of profit distribution in the Board Meeting is distributing cash dividend of
RMB 1.5 yuan (tax included) for every 10 shares to all shareholders based on 3,070,692,107 shares of the total
currently share capital, and the total amount distribution is RMB 460,603,816 (including tax).The actual amount of the
cash dividend distributed will be determined according to the total share capital on the registration date of the
Company’s implementation of the profit distribution plan.
The profit distribution plan complies with the “Company Law”, “Listed Company Supervision Guidelines No. 3-
Cash Dividends for Listed Companies”(Revised in 2022), the “Articles of Association"”and the Company’s
shareholder return plan, and other relevant regulations. It is in line with the Company’s actual situation and future
development plans, as well as taking into account the interests of shareholders.
The above profit distribution proposal must be submitted to the 2022 Annual General Meeting of Shareholders.
XI. Implementation of the Company’s Equity Incentive Plan, Employee Stock Ownership
Plan or Other Employee Incentive Measures
□ Applicable √ Not applicable
During the report period, the Company had no equity incentive plan, employee stock ownership plan or other
employee incentive measures and the implementation.
XII. Construction and Implementation of the Internal Control System during the Reporting
Period
1. Construction and Implementation of the Internal Control System
During the report period, the Company established a sound and complete internal control management system in
accordance with the requirements of the Company Law, the Securities Law, the Basic Norms for Enterprise Internal
Control and other internal control regulatory rules, oriented by risk management, and operated it effectively. It
strengthened and standardized its internal control which ensured the standardized operation of the Company and
improved the management level and efficiency of the Company, promoting the sustainable development of the
Company and protecting the legitimate rights and interests of investors.
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CSG Annual Report 2022
2. Particular case found involving material defects in the internal control during the reporting period
□Yes √No
XIII. Management and Control of the Subsidiaries during the Report Period
During the report period, by establishing an effective internal control mechanism and implementing the internal
control management plan, the internal operation supervision of subsidiaries was strengthened; by establishing a sound
internal control system of subsidiaries, the implementation and continuous improvement was promoted; by carrying
out process monitoring and special evaluation, the process risk management of subsidiaries was strengthened; by
organizing the internal control publicity and training of subsidiaries, a good internal control environment was created;
by supervising the key businesses of subsidiaries, the legal compliance, reliability of financial reports, asset safety
and operation efficiency of subsidiaries was reasonable guaranteed.
XIV. Internal Control Self-assessment Report or Internal Control Audit Report1.
Particulars about significant defects found in the internal control during the report period
1. Self-assessment Report of the Internal Control
Disclosure date of full text of self-
April 26, 2023
appraisal report of internal control
Disclosure index of full text of self- More details found in “Report of Internal Control of CSG for year of 2022”
appraisal report of internal control published on Juchao Website (www.cninfo.com.cn)
The ratio of the total assets of the units
included in the scope of evaluation to the
93%
total assets of the Company’s
consolidated financial statements
The ratio of the operating income of the
units included in the scope of evaluation
to the operating income of the 97%
Company’s consolidated financial
statements
Standards of Defects Evaluation
Category Financial Reports Non-financial Reports
Major defects: Major defects:
A. Fraud of directors, supervisors and A. Major decision-making mistakes
senior management; caused by decision-making process of
B. Ineffective control environment; key business;
C. Invalid internal supervision; B. Serious violation of state laws and
D. Major internal control defects found regulations;
and reported to the management but C. Serious brain drain of senior and
haven’t been corrected after a middle management and or personnel
Qualitative criteria reasonable time; at key technological posts;
E. Material misstatements are found by D. Major or significant defects found
the external audit but haven’t been in the internal control evaluation have
found in the process of internal control; not been rectified and reformed;
F. Financial reports submitted during E. The company’s major negative
the reporting period completely cannot news frequently appears on media;
meet the needs and are severely Significant defects:
punished by regulatory agencies; A. Big deviation of execution caused
G. Other major defects that may affect by executive routine of key business;
68
CSG Annual Report 2022
the report users’ correct judgment. B. Regulatory authorities impose large
Significant defects: amount of fines because the violation
A. Defects or invalidation of important of laws and regulations;
financial control procedures; C. Defects or invalidation of
B. Significant misstatements are found important business’ internal control
by the external audit but haven’t been procedures;
found in the process of internal control; Common defects: Other control
C. Financial reports submitted during defects except for major defects and
the reporting period have mistakes significant defects.
frequently;
D. Other significant defects that may
affect the report users’ correct
judgment.
Common defects: Other control
defects except for major defects and
significant defects.
Major defects:
A. Amount of direct property loss: the
Major defects: direct loss amount is equal to or
A. Amount of net profit affected by greater than 30 million yuan;
misstatements (based on consolidated B. Group’s reputation: major negative
statements): amount affected by news spreads in numerous business
misstatements is equal to or greater areas or is widely reported by national
than 3% of net profit and the absolute media and causes significant damages
amount is no less than 30 million yuan; to the corporate reputation which
B. Amount of assets and liabilities takes more than six months to be
affected by misstatements (based on restored.
consolidated statements): amount Significant defects:
affected by misstatements is equal to or A. Amount of direct property loss: the
greater than 1% of total assets. direct loss amount is equal to or
Significant defects: greater than 20 million yuan but less
A. Amount of net profit affected by than 30 million yuan;
Quantitative standard misstatements (based on consolidated B. Group's reputation: negative news
statements): not belong to major defects spreads inside the industry or is
and amount affected by misstatements reported or focused by local media
is equal to or greater than 2% of net and causes certain damages to the
profit and the absolute amount is no corporate reputation which takes more
less than 20 million yuan; than three months but less than six
B. Amount of assets and liabilities months to be restored.
affected by misstatements (based on Common defects:
consolidated statements): amount A. Amount of direct property loss:
affected by misstatements is equal to or defects except for major and
greater than 0.5% of total assets but significant defects.
less than 1% of total assets. B. Group’s reputation: negative news
Common defects: Defects except for spreads within the group and causes
major and significant defects. minor damages to the corporate
reputation which takes less than three
months to be restored.
Amount of significant defects in
0
financial reports
Amount of significant defects in non-
0
financial reports
Amount of important defects in financial
0
reports
Amount of important defects in non-
0
financial reports
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CSG Annual Report 2022
2. Audit report of internal control
√Applicable □ Not applicable
Deliberations in Internal Control Audit Report
According to Guidelines of Enterprise Internal Control Audit and the relevant requirements of CICPA auditing
standards, Asia Pacific (Group) CPAs (special general partnership) (hereinafter referred to as AP) audited the
effectiveness of internal control over financial statements of the Company up to 31 December 2022, issued AP Ya-
Kuai- A-Zhuan-Zi （2023）01110007 Internal Control Audit Report and made the following opinions: AP thought
that CSG Holding Co., Ltd. maintained effective internal control over financial statements in all major aspects
according to the Fundamental Norms of Enterprise Internal Control and relevant rules on December 31, 2022.
Disclosure of internal control audit report Disclosure
Date of disclosing the internal control audit reports April 26, 2023
More details can be found in 2022 Internal Control Audit
Disclosure index of internal control audit report Report of CSG released on Juchao Website
(www.cninfo.com.cn)
Type of the auditor’s opinion Standard unqualified opinion
Whether there are major flaws in the non-financial report
No
or not
Whether the CPAs firm issued an Audit Report on Internal Control with non-standard opinion or not
□Yes √ No
Whether the Audit Report on Internal Control from the CPAs firm is in consistent with the Self-appraisal Report from
the Board or not
√ Yes □ No
XV. Rectification of the Problems Found in the Self-inspection during the Special Campaign
to Improve the Governance of Listed Companies
Not Applicable
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CSG Annual Report 2022
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
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, the Electronic Glass Working Air
Pollutant Emission Standard, 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 Numbe Emission Excess
Name of pollutants Way of Exhaust
pollutants r of concentration Emission standard of Total Approved ive
company or and emissi vent
and exhaust / pollutants emission total emission emissi
subsidiary characterist on distribution
characteristi vent intensity on
ic
c pollutants
pollutants
Particulates Particulates:
Dust ≤30mg/m
Contin : 20.49t 96.82t/a
Xianning uous/i Production ≤25mg/m Emission Standard of Air Particulates Particulates:
Air Soot 16 N/A
CSG Glass ntermit plant area Pollutants for Flat Glass : 20.49t 96.82t/a
pollutants
Co., Ltd. SO2 tent ≤200mg/m Industry (GB26453-2011) 181.61t 636.5t/a
NOx ≤350mg/m 403.36t 1113.89t/a
Chengdu Air Dust Contin 15 Production ≤20mg/m Emission Standard of Air ParticulatesParticulates: N/A
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CSG Annual Report 2022
CSG Glass pollutants uous/i plant area Pollutants for Flat Glass : 14.69t 142.114t/a
Co., Ltd. ntermit Industry (GB26453-2011)
tent Particulates Particulates:
Soot ≤20mg/m
: 14.69t 142.114t/a
SO2 ≤200mg/m 117.79t 1136.917t/a
NOx ≤350mg/m 464.58t 1989.609t/a
Particulates Particulates:
Dust ≤10mg/m
: 4.23t 19.92t/a
Contin Ultra Low Emission Particulates Particulates:
Hebei CSG
Air Soot uous/i Production ≤10mg/m Standard of Air Pollutants : 4.23t 19.92t/a
Glass Co., 16 N/A
pollutants ntermit plant area for Flat Glass Industry
Ltd. SO2 ≤50mg/m 32.470t 99.63t/a
tent (DB13/2168-2020)
NOx ≤200mg/m 148.671t 398.55t/a
Particulates Particulates:
Dust ≤15mg/m
: 10.15t 76.91t/a
Contin Particulates Particulates:
Wujiang Emission Standard of Air
Air Soot uous/i Production ≤15mg/m
CSG Glass 39 Pollutants for Flat Glass : 10.15t 76.91t/a N/A
pollutants ntermit plant area
Co., Ltd. SO2 ≤50mg/m Industry (GB26453-2011) 30.60t 238.28t/a
tent
NOx ≤150mg/m 296.60t 818.04t/a
Particulates Particulates:
Dust ≤20mg/m
: 3.38t 34.85t/a
Dongguan Contin Emission Standard of Air Particulates Particulates:
CSG Solar Air Soot uous/i Production ≤30mg/m Pollutants for Flat Glass : 3.38t 34.85t/a
22 N/A
Glass Co., pollutants ntermit plant area Industry (DB44-2159-
Ltd. SO2 tent ≤400mg/m 2019) 90.81t 300.99t/a
NOx ≤550mg/m 140.43t 535.67t/a
Particulates Particulates:
Dust ≤30mg/m
: 0.206t 16.4225t/a
Contin Emission Standard of Air Particulates Particulates:
Hebei Panel
Air Soot uous/i Production ≤10mg/m Pollutants for Electronic : 0.206t 16.4225t/a
Glass Co., 5 N/A
pollutants ntermit plant area Glass Industry (GB29495-
Ltd. SO2 ≤50mg/m 1.66t 87.7t/a
tent 2013)
NOx ≤200mg/m 6.53t 105.1t/a
Particulates Particulates:
Dust ≤20mg/m
Xianning : 2.014t 17.656t/a
Contin Emission Standard of Air Particulates Particulates:
CSG
Air Soot uous/i Production ≤15mg/m Pollutants for Electronic : 2.014t 17.656t/a
Photovoltaic 6 N/A
pollutants ntermit plant area Glass Industry (GB29495-
Glass Co., SO2 ≤10mg/m 0.121t 65.6t/a
tent 2013)
Ltd.
NOx ≤330mg/m 55.145t 163.81t/a
Dongguan pH 6~9 / /
CSG Guangdong Province
Water COD Interm Sewage 27mg/L
Architectural 1 Water Pollutant Emission 5.4t 5.4t/a N/A
pollutants ittent vent
Glass Co., Ammonia Limit (DB44/26-2001)
Ltd. 0.244mg/L 0.24t 0.6t/a
nitrogen
Tianjin CSG pH 6~9 Sewage Integrated / /
Energy- Water COD Interm Sewage 24mg/L Emission Standards (Level 1.882t 500t/a
2 N/A
Saving Glass pollutants ittent vent 3 Standard DB12/356-
Co., Ltd. Ammonia 2018)
0.293mg/L 0.023t 45t/a
nitrogen
Wujiang pH 6~9 Sewage Integrated / /
Water Interm Sewage
CSG East 1 Emission Standards N/A
pollutants COD ittent vent ≤500mg/L 23.138t 40.59t/a
China (GB8978-1996)
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CSG Annual Report 2022
Architectural
Ammonia
Glass Co., ≤45mg/L 0.889t 0.1444t/a
nitrogen
Ltd.
Guangdong Province
COD ≤70mg/L Water Pollutant Emission 1.021t 2.44t/a
Water Limit (DB44/26-2001)
pollutants Sewage Pollutant Emission
Dongguan
NOx Interm vent: ≤30mg/m Standard for Battery 4.46t 33.15t/a
CSG PV-tech 20 N/A
ittent Production Industry (GB30484-2013)
Co., Ltd.
plant area VOC Emission Standard
Air VOCs≤30mg for Furniture
VOCs 1.231t 1.93t/a
pollutants /m Manufacturing Industry
(DB44/814-2010)
Water COD ≤70mg/L Sewage Integrated 28.63t 375.17t/a
Yichang pollutants Sewage Emission Standards
CSG pH Interm vent: 6~9 (GB8978-1996), Integrated / /
8 N/A
Polysilicon NOx ittent Production ≤240mg/m Emission Standard of Air 0.813t 38.28t/a
Co., Ltd. Air plant area Pollutants (GB16297-
pollutants Particulates ≤240mg/m 1996) 8.604t 32.724t/a
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 + precipitation,
fluidized bed, and biological oxidation, for which the technologies used were all in line with the requirements of the “Guidelines
for Feasible Technologies for Pollution Prevention and Control in Glass Manufacturing Industry” and other documents. In 2022,
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 2022.
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.
Investment in environmental governance and protection and payment of environmental protection tax
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CSG Annual Report 2022
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.
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 “Carbon Peaking” and “Carbon Neutrality”. The Group’s Operation 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 each production base has built waste heat boilers
and waste heat power stations; CSG has also been actively developing photovoltaic power plants, most of which have photovoltaic
power stations on the roofs of factories. In 2022, CSG Group’s waste heat power generation and photovoltaic power generation
totalled about 390 million kWh, equivalent to reducing carbon dioxide emissions by more than 220,000 tons.
Administrative penalties caused by environmental protection issues during the report period
Nil
Other environmental information that should be disclosed
Nil
Other relevant environmental protection information
Nil
Environmental incidents in the listed company
In 2022, no environmental incidents occurred.
II. Social responsibility
The 2022 Annual Social Responsibilities Report of CSG is the 15th social responsibility report released by the Company
consecutively. Focusing on the year of 2022, the report systemically described the concrete actions of the Company to actively
perform its social responsibilities and its efforts to implement the “Scientific Development Perspective”, build up a harmonious
society, and advance the sustainable development of economy and society. See the full report on www.cninfo.com.cn.
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CSG Annual Report 2022
III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
During the report period, the Company and its subsidiaries actively carried out social welfare and poverty alleviation activities. For
details, see the 2022 Annual Social Responsibilities Report of CSG disclosed on www.cninfo.com.cn.
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CSG Annual Report 2022
Section VI. Important Events
I. Implementation of commitment
1. Commitments completed by the actual controllers, the shareholders, the related parties, the purchasers,
the Company or the other related parties during the report period and those hadn’t been completed
execution by the end of the report period
√Applicable □ Not applicable
Type of Commitment Commitment Implementati
Commitments Promisee Content of commitments
commitments date term on
Commitments for
Not Applicable
Share Merger Reform
Foresea Life Insurance Co.,
Ltd., Shenzhen Jushenghua
Co., Ltd. and Chengtai
Group Co., Ltd. issued
detailed report of equity By the end of
the report
change on 29 June 2015, in
Commitment period, the
Foresea Life which, they undertook to During the above
of horizontal
Insurance Co., keep independent from CSG period when shareholders
competition,
Commitments in report of Ltd, Shenzhen in aspects of personnel, Foresea Life of the
affiliate Company
acquisition or equity Jushenghua assets, finance, organization 2015-6-29 remains the
Transaction had strictly
change Co., Ltd. and set-up and business as long largest
and carried out
Chengtai Group as Foresea Life Insurance shareholder of
capital their
Co., Ltd. remained the largest the Company promises.
occupation
shareholder of CSG.
Meanwhile, they made
commitment on regularizing
related transaction and
avoiding industry
competition.
Commitments in assets
Not Applicable
reorganization
Commitments in initial
public offering or re- Not Applicable
financing
Equity incentive
Not Applicable
commitment
Other commitments for
medium and small Not Applicable
shareholders
Other commitments Not Applicable
Completed on
Yes
time(Yes/No)
If the commitments is not
fulfilled on time, explain
Not applicable
the reasons and the next
work plan
Note : Shenzhen Jushenghua Co., Ltd. transferred its 86,633,447 unrestricted tradable A shares of CSG Group to its wholly-owned
76
CSG Annual Report 2022
sub-subsidiary Zhongshan Runtian Investment Co., Ltd. through agreement transfer on March 16, 2020. Zhongshan Runtian
Investment Co., Ltd. is obliged to continue to fulfill the commitments made by Shenzhen Jushenghua Co., Ltd. As of the end of the
report period, the above-mentioned shareholders had strictly fulfilled the relevant commitments.
2. If there are assets or projects of the Company, which has profit forecast and the report period is still in
forecasting period, the Company should explain reasons why they reach the original profit forecast
□ Applicable √ Not applicable
II. Particulars about non-operating fund of listed company which is occupied by controlling
shareholder and its affiliated enterprises
□ Applicable √ Not applicable
III. Illegal external guarantee
□ Applicable √ Not applicable
The Company had no illegal external guarantee during the report period.
IV. Explanation from the Board of Directors for the latest “Non-standard audit report”
□ Applicable √ Not applicable
V. Explanation from Board of Directors, Supervisory Committee and Independent
Directors (if applicable) for “Non-standard audit report” of the period that issued by CPA
□ Applicable √ Not applicable
VI. Explanation of changes in accounting policies, accounting estimates or correction of
significant accounting errors compared with the financial report of the previous year
Applicable □ Not applicable
The content and reason of accounting policy change Approval procedures
On 31 December 2021, the Ministry of Finance issued the Notice by the Ministry of Finance
of Issuing the Interpretation No. 15 of the Accounting Standards for Business Enterprises
(C.K. [2021] No. 35) (hereinafter referred to as “Standard Interpretation No. 15”), which
clarified the accounting treatment of external sales of products or by-product produced by
On 28 April 2022, the Board of
the enterprise before the fixed assets reach the intended usable state or during the research
Directors of the Company reviewed and
and development process and judgement on loss-making contracts. Contents of “accounting
passed the Proposal on Accounting
treatment of external sales of products or by-product produced by the enterprise before the
Policy Changes.
fixed assets reach the intended usable state or during the research and development process”
and “judgment on loss-making contracts” of Standard Interpretation No. 15 came into force
on 1 January 2022. The change has no material impact on the Company’s financial
condition and operation results during the report period.
77
CSG Annual Report 2022
On 30 November 2022, the Ministry of Finance issued the Notice by the Ministry of Finance
of Issuing the Interpretation No. 16 of Accounting Standards for Business Enterprises (C.K.
[2022] No. 31) (hereinafter referred to as “Standard Interpretation No. 16”). The contents of
“accounting treatment of the income tax effect of financial instrument related dividend
On 24 April 2023, the Board of
whose issuer is classified as equity instrument” and “accounting treatment of share-based
Directors of the Company reviewed and
payment in cash settlement modified into share-based payment in equity settlement by the
passed the Proposal on Accounting
enterprise” were required to came into force on the issuance date. And the regulations of
Policy Changes.
“accounting treatment for deferred income tax relating to assets and liabilities arising from a
single transaction that is not subject to the initial recognition exemption” came into force on
1 January 2023. The change has no material impact on the Company’s financial condition
and operation results during the report period.
VII. Description of changes in consolidation statement’s scope compared with the financial
report of the previous year
Applicable □Not applicable
On 14 February 2022, the Group set up a subsidiary, Yichang CSG New Energy Materials Technology Co., Ltd. (referred to as
“Yichang New Energy Materials Company”). As of 31 December 2022, the Group has invested RMB 1,200,000. The Group owns
100% of its equity.
On 1 July 2022, the Group set up a subsidiary, Dongguan CSG Intelligent Equipment Manufacturing Co., Ltd. (referred to as
“Dongguan Intelligent Equipment Company”). As of 31 December 2022, the Group has invested RMB 2.5 million. The Group
owns 100% of its equity.
On 14 July 2022, the Group set up a subsidiary, Anhui CSG Photovoltaic Energy Co., Ltd. (referred to as “Anhui Photovoltaic
Energy Company”). As of 31 December 2022, the Group has not invested yet. The Group owns 100% of its equity.
On 14 July 2022, the Group set up a subsidiary, Shenzhen CSG Quartz Material Industry Co., Ltd. (referred to as “Shenzhen
Quartz Company”). As of 31 December 2022, the Group has invested RMB 3 million. The Group owns 100% of its equity.
On 4 August 2022, the Group set up a subsidiary, Guangxi CSG Quartz Material Co., Ltd. (referred to as “Guangxi Quartz
Company”). As of 31 December 2022, the Group has invested RMB 2,995,000. The Group owns 100% of its equity.
VIII. Engaging and dismissing of CPA firm
CPA firm engaged
Name of domestic CPA firm Asia Pacific (Group) CPAs (special general partnership)
Remuneration for domestic CPA firm (RMB 0,000) 270
Continuous life of auditing service for domestic CPA firm 5
Name of domestic CPA Wang Donglan, Wei Jian
Continuous life of auditing service for domestic CPA Wang Donglan (1 year), Wei Jian (1 year)
Whether changed accounting firms in this period or not
□ Yes √No
Appointment of internal control auditing accounting firm, financial consultant or sponsor
√Applicable □ Not applicable
Asia Pacific (Group) CPAs (special general partnership) was engaged as audit institute of internal control for the Company in the
report period, and contracted charges was RMB 0.30 million (cost of business trips and accommodation at its own expense).
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CSG Annual Report 2022
IX. Delisting after the disclosure of the annual report
□ Applicable √ Not applicable
X. Issues related to bankruptcy and reorganization
□ Applicable √ Not applicable
There were no bankruptcy or restructuring related matters during the reporting period of the company.
XI. Significant lawsuits and arbitrations
√ Applicable □ Not applicable
Recognised
Amount
as estimated Judgement Date of Index of
Basic information involved Progress Result and impact
liabilities or execution disclosure disclosure
(RMB 0,000)
not
Plaintiff: Zhongshan
Runtian Investment
Co., Ltd.
On 10 February
Defendant: China Announcements
2023, Shenzhen
South Glass Group on Company
Nanshan District
Co., Ltd. Involved
People’s Court had
Case overview: The 1 October Lawsuits on
0 No First instance opened a court Nil
plaintiff filed a 2022 http://www.cnin
session for the case,
lawsuit with the court fo.com.cn
and the Group is
to confirm the (Announcement
waiting for
resolutions of the No.: 2022-056)
judgement.
General Meeting of
Shareholders as
invalid.
XII. Penalty and rectification
□ Applicable √ Not applicable
There were no penalties or rectifications during the report period of the Company.
XIII. 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. and shareholder
Chengtai Group 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
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CSG Annual Report 2022
1. According to the reply of the Company’s largest shareholder, Foresea Life Insurance Co., Ltd.: As of 31 December 2022, 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 31 December 2022, the cases executed by Zhongshan Runtian Investment Co., Ltd. (hereinafter referred to as “Zhongshan
Runtian”) 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 RMB164 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. At present, Great Wall
Guoxing Financial Leasing Co., Ltd. has applied for compulsory execution and has frozen 5.57 million shares of Jonjee High-tech.
(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 29 June 2022, it has disposed of
55,628,900 A shares of CSG, with a total amount of RMB319,999,300.
(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 26,550,000 shares of Jonjee High-tech held by
Zhongshan Runtian Investment Co., Ltd. have been sold on 13 September 2022, and the amount credited into the account was
RMB793,755,369.22, which was approximately RMB90 million different from the debt amount of RMB882,199,570.79 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 RMB1.05 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 16 November 2022, it has disposed of 8,056,410 shares of Jonjee High-tech, with 20.87 million shares
remaining.
(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 RMB541 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 2 February 2023, it has disposed of 21,025,100 shares of Jonjee High-tech, with a total
amount of RMB617,383,579.06.
As of 31 December 2022, the details of Zhongshan Runtian’s comparatively large amount of debt which was overdue are as
follows:
Credit
Serial Financial Loan amount Start date of Maturity
Borrower enhancement
number institution (RMB 0,000) loan date of loan
plan
80
CSG Annual Report 2022
Zhongshan Runtian Essence
1 32,923.86 Guarantee+Pledge 2018/12/27 2021/12/26
Investment Co., Ltd. Securities
Zhongshan Runtian
2 AVIC Trust 91,633.71 Guarantee+Pledge 2019/9/25 2021/10/31
Investment Co., Ltd.
Baotai
Zhongshan Runtian Honghua
3 Investment 90,500 Guarantee 2021/3/15 2021/12/31
Investment Co., Ltd.
Total 215,057.57
As of 31 December 2022, 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 RMB420 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 RMB290 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 RMB1048 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 RMB1.31 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.,
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 RMB600 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 RMB2.16 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 RMB720 million.
(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 RMB2,063 million.
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CSG Annual Report 2022
(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 RMB836 million.
(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 RMB925 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 RMB1,117 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 was jointly and severally liable for the debt of RMB4,207 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 RMB417 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 RMB2,186 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,
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 RMB496 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
RMB2,238 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 RMB984 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
82
CSG Annual Report 2022
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 RMB563 million.
(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
RMB3,433 million.
(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 RMB13,920,800 arising from the loan contract dispute.
(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 RMB5,562 million.
(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 RMB541 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 RMB4,186,700 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
Court of the Tibet Autonomous Region. Mr. Yao Zhenhua, as the guarantor of the loan contract dispute, was jointly and severally
liable for the debt of RMB829 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 RMB2,121 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 31 December 2022, 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.
83
CSG Annual Report 2022
XIV. Major related transaction
1. Related transaction with routine operation concerned
□ Applicable √ Not applicable
There were no related transactions related to daily operations during the report period of the Company.
2. Related transaction with acquisition of assets or equity, sales of assets or equity concerned
□ Applicable √ Not applicable
There were no related party transactions related to asset or equity acquisitions or sales during the report period of the
Company.
3. Related transaction with jointly external investment concerned
□ Applicable √ Not applicable
During the report period, the Company did not engage in any related party transactions related to joint external
investment.
4. Credits and liabilities with related parties
□ Applicable √ Not applicable
There were no related debt or debt transactions during the report period of the Company.
5. Transactions with related financial companies
□ Applicable √ Not applicable
There was no deposit, loan, credit or other financial business between the Company and its affiliated financial
companies and related parties.
6. Transactions between financial companies controlled by the company and related parties
□ Applicable √ Not applicable
There was no deposit, loan, credit or other financial business between the financial company controlled by the
Company and its affiliated parties.
7. Other major related transaction
□ Applicable √ Not applicable
There were no other significant related party transactions during the report period of the Company.
84
CSG Annual Report 2022
XV. Significant contracts and their implementation
1. Trusteeship, contracting and leasing
(1) Trusteeship
□ Applicable √ Not applicable
There was no custody situation during the report period of the Company.
(2) Contract
□ Applicable √ Not applicable
There was no contracting situation during the Company's report period.
(3) Leasing
□ Applicable √ Not applicable
There was no leasing situation during the report period of the Company.
2. Major guarantees
Applicable □ Not applicable
Unit: RMB 0,000
External guarantees of the Company and its subsidiaries (excluding the guarantees for subsidiaries)
Date of
disclosure
Actual Counter Complete
of related Guarantee
Name of guarantee Guarantee Actual date amount Guarantee Collateral guarantee Guaranty impleme
announcem for related
object amount of guarantee of type (if any) circumstance period ntation or
ent on party or not
guarantee (if any) not
guarantee
amount
Total actual amount
Total amount of approved
of external
external guarantees during the 0 0
guarantees during the
report period (A1)
report period (A2)
Total balance of
Total amount of approved actual external
external guarantees at the end of 0guarantees at the end 0
the report period (A3) of the report period
(A4)
Guarantees of the Company for its subsidiaries
Date of
Actual Counter Complete
disclosure Guarantee
Name of guarantee Guarantee Actual date amount Guarantee Collateral guarantee Guaranty impleme
of related for related
object amount of guarantee of type (if any) circumstance period ntation or
announcem party or not
guarantee (if any) not
ent on
85
CSG Annual Report 2022
guarantee
amount
Xianning CSG Joint
25 April
Photovoltaic Glass 6,00026 May 2022 2,946 liability None None 1 year No No
2022
Co., Ltd. guarantee
Xianning CSG Joint
25 April 25 November
Photovoltaic Glass 5,000 0 liability None None 1 year No No
2022 2022
Co., Ltd. guarantee
Xianning CSG Joint
25 April
Energy-Saving Glass 5,00027 May 2022 3,480 liability None None 1 year No No
2022
Co., Ltd. guarantee
Xianning CSG Joint
25 April
Energy-Saving Glass 5,00025 May 2022 0 liability None None 1 year No No
2022
Co., Ltd. guarantee
Yichang CSG 19 Joint
19 March
Photovoltaic Glass February 1,824 1,200 liability None None 1 year Yes No
2021
Co., Ltd. 2021 guarantee
Yichang CSG Joint
25 April
Photovoltaic Glass 6084 July 2022 600 liability None None 1 year No No
2022
Co., Ltd. guarantee
Yichang CSG Joint
10 August 17 December
Photovoltaic Glass 1,824 1,000 liability None None 1 year No No
2021 2021
Co., Ltd. guarantee
Joint
Dongguan CSG PV- 10 August 29 November
3,000 2,957 liability None None 1 year No No
tech Co., Ltd. 2021 2021
guarantee
Joint
Dongguan CSG PV- 10 August 13 August
10,000 923 liability None None 1 year Yes No
tech Co., Ltd. 2021 2021
guarantee
19 Joint
Hebei Panel Glass
February 3,000 0 liability None None 1 year Yes No
Co., Ltd.
2021 guarantee
Joint
Hebei Panel Glass 25 April
5,0008 June 2022 512 liability None None 1 year No No
Co., Ltd. 2022
guarantee
Joint
Hebei Panel Glass 25 April
2,50016 May 2022 0 liability None None 3 years No No
Co., Ltd. 2022
guarantee
Joint
Hebei Panel Glass 30 October 17 December
16,500 11,118 liability None None 5 years No No
Co., Ltd. 2021 2021
guarantee
19 Joint
Hebei CSG Glass
February 5,000 0 liability None None 1 year Yes No
Co., Ltd.
2021 guarantee
Joint
Hebei CSG Glass 25 April
16,0008 June 2022 6,801 liability None None 1 year No No
Co., Ltd. 2022
guarantee
Joint
Hebei CSG Glass 25 April
2,50016 May 2022 0 liability None None 3 years No No
Co., Ltd. 2022
guarantee
Dongguan CSG 13 Joint
29 June
Architectural Glass 5,000September 196 liability None None 2 years No No
2021
Co., Ltd. 2021 guarantee
Dongguan CSG Joint
25 April
Architectural Glass 10,00017 May 2022 1,000 liability None None 1 year No No
2022
Co., Ltd. guarantee
86
CSG Annual Report 2022
Dongguan CSG Joint
30 October
Architectural Glass 10,00018 May 2021 1,631 liability None None 1 year Yes No
2021
Co., Ltd. guarantee
Joint
Xianning CSG Glass 25 April
7,00027 May 2022 4,455 liability None None 1 year No No
Co., Ltd. 2022
guarantee
25 Joint
Xianning CSG Glass 1 March
December 15,000 9,000 liability None None 7 years No No
Co., Ltd. 2022
2021 guarantee
25 Joint
Xianning CSG Glass 9 March
December 50,000 27,476 liability None None 7 years No No
Co., Ltd. 2022
2021 guarantee
Joint
Xianning CSG Glass 29 June
20,0007 July 2021 16,814 liability None None 5 years No No
Co., Ltd. 2021
guarantee
25 Joint
Chengdu CSG Glass 17 February
December 5,000 3,000 liability None None 1 year No No
Co., Ltd. 2022
2021 guarantee
Joint
Chengdu CSG Glass 25 April 16 November
10,000 0 liability None None 1 year No No
Co., Ltd. 2022 2022
guarantee
Joint
Chengdu CSG Glass 25 April 25 November
5,000 3,000 liability None None 1 year No No
Co., Ltd. 2022 2022
guarantee
Joint
Chengdu CSG Glass 25 April 25 November
5,000 0 liability None None 3 years No No
Co., Ltd. 2022 2022
guarantee
19 Joint
Chengdu CSG Glass 8 March
February 5,000 0 liability None None 1 year Yes No
Co., Ltd. 2021
2021 guarantee
Sichuan CSG Energy 25 Joint
15 April
Conservation Glass December 8,000 4,200 liability None None 1 year No No
2022
Co., Ltd. 2021 guarantee
Sichuan CSG Energy Joint
25 April
Conservation Glass 10,0006 June 2022 5,000 liability None None 1 year No No
2022
Co., Ltd. guarantee
Sichuan CSG Energy Joint
8 June 24 August
Conservation Glass 5,000 0 liability None None 1 year Yes No
2021 2021
Co., Ltd. guarantee
19 Joint
Wujiang CSG Glass 12 March
February 10,000 8,634 liability None None 4 years No No
Co., Ltd. 2021
2021 guarantee
Joint
Wujiang CSG Glass 25 April
10,00018 May 2022 8,166 liability None None 1 year No No
Co., Ltd. 2022
guarantee
25 Joint
Wujiang CSG Glass 17 February
December 10,000 747 liability None None 1 year Yes No
Co., Ltd. 2022
2021 guarantee
19 Joint
Wujiang CSG Glass 8 March
February 5,000 0 liability None None 1 year Yes No
Co., Ltd. 2021
2021 guarantee
26 Joint
Wujiang CSG Glass 8 June
5,000September 1,000 liability None None 1 year No No
Co., Ltd. 2021
2021 guarantee
19 Joint
Wujiang CSG Glass 26 March
February 10,000 0 liability None None 1 year Yes No
Co., Ltd. 2021
2021 guarantee
87
CSG Annual Report 2022
Wujiang CSG East 5 Joint
9 December
China Architectural December 10,000 0 liability None None 1 year Yes No
2020
Glass Co., Ltd. 2020 guarantee
Wujiang CSG East Joint
25 April
China Architectural 7,00018 May 2022 807 liability None None 1 year No No
2022
Glass Co., Ltd. guarantee
Wujiang CSG East 19 Joint
China Architectural February 12,40019 May 2021 2,572 liability None None 5 years Yes No
Glass Co., Ltd. 2021 guarantee
Wujiang CSG East Joint
25 April
China Architectural 12,40026 May 2022 3,369 liability None None 5 years No No
2022
Glass Co., Ltd. guarantee
Wujiang CSG East 25 Joint
China Architectural December 3,000 0 liability None None 2 years No No
Glass Co., Ltd. 2021 guarantee
13 Joint
Dongguan CSG 10 August
10,000September 3,460 liability None None 1 year Yes No
Solar Glass Co., Ltd. 2021
2021 guarantee
Joint
Dongguan CSG 25 April
5,00021 July 2022 4,986 liability None None 1 year No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 25 April
4,00021 July 2022 523 liability None None 5 years No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 25 April
10,00017 May 2022 5,000 liability None None 1 year No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 30 October 25 December
20,000 2,000 liability None None 1 year Yes No
Solar Glass Co., Ltd. 2021 2020
guarantee
Joint
Dongguan CSG 25 April
8,0007 June 2022 0 liability None None 1 year No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 25 April
9,00031 May 2022 2,371 liability None None 4 years No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 25 April 11 August
6,000 0 liability None None 1 year No No
Solar Glass Co., Ltd. 2022 2022
guarantee
Qingyuan CSG Joint
25 April 18 October
Energy-Saving New 6,330 230 liability None None 1 year No No
2022 2022
Materials Co., Ltd. guarantee
Qingyuan CSG Joint
10 August 7 September
Energy-Saving New 4,500 0 liability None None 1 year Yes No
2021 2021
Materials Co., Ltd. guarantee
Qingyuan CSG Joint
25 April
Energy-Saving New 10,00017 May 2022 3,000 liability None None 1 year No No
2022
Materials Co., Ltd. guarantee
Qingyuan CSG 25 Joint
2 December
Energy-Saving New December 5,000 0 liability None None 1 year No No
2022
Materials Co., Ltd. 2021 guarantee
Qingyuan CSG Joint
25 April 04 August
Energy-Saving New 37,400 0 liability None None 5 years No No
2022 2022
Materials Co., Ltd. guarantee
Qingyuan CSG 10 Joint
26 April
Energy-Saving New December 5,000 0 liability None None 1 year Yes No
2020
Materials Co., Ltd. 2019 guarantee
88
CSG Annual Report 2022
Qingyuan CSG 14 Joint
25 April
Energy-Saving New 5,000September 4,400 liability None None 1 year No No
2022
Materials Co., Ltd. 2022 guarantee
Qingyuan CSG 10 Joint
26 April
Energy-Saving New December 50,000 10,524 liability None None 5 years Yes No
2020
Materials Co., Ltd. 2019 guarantee
Joint
Yichang CSG 30 October 1 December
3,000 2,943 liability None None 1 year No No
Display Co., Ltd. 2021 2021
guarantee
Joint
Yichang CSG 25 April
3,00024 June 2022 2,750 liability None None 1 year No No
Display Co., Ltd. 2022
guarantee
Tianjin CSG Energy- Joint
25 April
Saving Glass Co., 3,00031 May 2022 2,990 liability None None 1 year No No
2022
Ltd. guarantee
Tianjin CSG Energy- Joint
25 April
Saving Glass Co., 5,00021 June 2022 3,317 liability None None 1 year No No
2022
Ltd. guarantee
Tianjin CSG Energy- 19 Joint
23 March
Saving Glass Co., February 7,000 5,817 liability None None 4 years No No
2021
Ltd. 2021 guarantee
Tianjin CSG Energy- Joint
29 June 26 November
Saving Glass Co., 2,000 1,124 liability None None 1 year No No
2021 2021
Ltd. guarantee
Anhui CSG New Joint
10 August 19 October
Energy Material 70,000 37,822 liability None None 6 years No No
2021 2021
Technology Co., Ltd. guarantee
Anhui CSG New Joint
10 August 28 August
Energy Material 180,000 101,639 liability None None 7 years No No
2021 2021
Technology Co., Ltd. guarantee
Anhui CSG New Joint
25 April
Energy Material 35,00026 July 2022 15,536 liability None None 1 year No No
2022
Technology Co., Ltd. guarantee
Anhui CSG New 25 Joint
30 March
Energy Material December 50,000 23,752 liability None None 9 years No No
2022
Technology Co., Ltd. 2021 guarantee
Anhui CSG Silicon
Joint
Valley Mingdu 25 April
24,00021 July 2022 24,000 liability None None 10 years No No
Mining Development 2022
guarantee
Co., Ltd.
13 Joint
Anhui CSG Quartz 29 June
9,000September 7,196 liability None None 5 years No No
Materials Co., Ltd. 2021
2021 guarantee
Guangxi CSG New Joint
25 April
Energy Materials 30,00011 June 2022 0 liability None None 3 years No No
2022
Tech Co., Ltd. guarantee
Guangxi CSG New Joint
25 April
Energy Materials 80,00026 July 2022 5,748 liability None None 7 years No No
2022
Tech Co., Ltd. guarantee
Zhaoqing CSG Joint
25 April
Energy-Saving Glass 5,00030 May 2022 1,000 liability None None 3 years No No
2022
Co., Ltd. guarantee
Zhaoqing CSG 22 25 Joint
Energy-Saving Glass September 34,000September 24,059 liability None None 5 years No No
Co., Ltd. 2020 2020 guarantee
89
CSG Annual Report 2022
Dongguan CSG Joint
25 April
Architectural Glass 22 June 2022 2,256 liability None None 1 year No No
2022
Co., Ltd. guarantee
Joint
Dongguan CSG 25 April
22 June 2022 2,073 liability None None 1 year No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG PV- 25 April
22 June 2022 1,121 liability None None 1 year No No
tech Co., Ltd. 2022
guarantee
Qingyuan CSG Joint
29 June
Energy-Saving New 1 July 2021 0 liability None None 1 year Yes No
2021
Materials Co., Ltd. guarantee
Anhui CSG New Joint
25 April
Energy Material 22 June 2022 2,595 liability None None 1 year No No
2022
Technology Co., Ltd. guarantee
Joint
Wujiang CSG Glass 25 April
22 June 2022 426 liability None None 1 year No No
Co., Ltd. 2022
guarantee
Joint
Chengdu CSG Glass 25 April
22 June 2022 900 liability None None 1 year No No
Co., Ltd. 2022
guarantee
Sichuan CSG Energy Joint
25 April 48,000
Conservation Glass 22 June 2022 309 liability None None 1 year No No
2022
Co., Ltd. guarantee
Joint
Xianning CSG Glass 25 April
22 June 2022 2,424 liability None None 1 year No No
Co., Ltd. 2022
guarantee
Xianning CSG Joint
25 April
Energy-Saving Glass 22 June 2022 197 liability None None 1 year No No
2022
Co., Ltd. guarantee
Wujiang CSG East Joint
25 April
China Architectural 22 June 2022 1,668 liability None None 1 year No No
2022
Glass Co., Ltd. guarantee
Tianjin CSG Energy- Joint
25 April
Saving Glass Co., 22 June 2022 462 liability None None 1 year No No
2022
Ltd. guarantee
Joint
Hebei Panel Glass 24 June
liability None None 1 year Yes No
Co., Ltd. 2020
guarantee
Dongguan CSG 25 Joint
Jingyu New February liability None None 1 year Yes No
Materials Co., Ltd. 2020 guarantee
Zhaoqing CSG Joint
25 April 22 August
Energy-Saving Glass 305 liability None None 1 year No No
2022 2022
Co., Ltd. guarantee
Total actual amount
Total amount of approved of guarantees for
guarantees for subsidiaries 457,738subsidiaries during 198,151
during the report period (B1) the report period
(B2)
Total balance of
Total amount of approved actual guarantees for
guarantees for subsidiaries at the 960,062subsidiaries at the 420,470
end of the report period (B3) end of the report
period (B4)
90
CSG Annual Report 2022
Guarantees of subsidiaries for their subsidiaries
Date of
disclosure
Actual Counter Complete
of related Guarantee
Name of guarantee Guarantee Actual date amount Guarantee Collateral guarantee Guaranty impleme
announcem for related
object amount of guarantee of type (if any) circumstance period ntation or
ent on party or not
guarantee (if any) not
guarantee
amount
Total actual amount
Total amount of approved of guarantees for
guarantees for subsidiaries 0subsidiaries during 0
during the report period (C1) the report period
(C2)
Total balance of
Total amount of approved actual guarantees for
guarantees for subsidiaries at the 0subsidiaries at the 0
end of the report period (C3) end of the report
period (C4)
Total amount of the Company’s guarantees (i.e., the sum of the first three items)
Total actual amount
Total amount of approved
of guarantees during
guarantees during the report 457,738 198,151
the report period
period (A1+B1+C1)
(A2+B2+C2)
Total actual balance
Total amount of approved
of guarantees at the
guarantees at the end of the 960,062 420,470
end of the report
report period (A3+B3+C3)
period (A4+B4+C4)
The proportion of total actual amount of guarantees ((i.e.,
32.71%
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 29,442
exceeding 70% (E)
The amount of guarantees exceeding 50% of the net assets
0
(F)
Total guarantee amount of the above three items (D+E+F) 29,442
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)
91
CSG Annual Report 2022
Note: The 2021 Annual General Meeting of the Company reviewed and passed the Proposal for the 2022 Guarantee Plan, and
agreed to provide a total amount of not exceeding RMB16,268 million (including the effective and unexpired amount) for the 2022
credit line from financial institutions to subsidiaries at all levels within the scope of consolidated statements (hereinafter referred to
as “all subsidiaries”). Among them, the total amount of guarantee for all subsidiaries with an asset-liability ratio below 70% shall
not exceed the equivalent amount of RMB15,018 million (including the effective and unexpired amount), and the total amount of
guarantee for all subsidiaries with an asset-liability ratio of 70% or above shall not exceed the equivalent amount of RMB1,250
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 31
December 2022, the actual guarantee balance was RMB4,204.70 million (of which the actual guarantee balance with an asset
liability ratio of 70% or above was RMB294.42 million), accounting for 32.71% of the parent company’s net assets of
RMB12,854.88 million at the end of 2022, and 16.23% of the net assets of RMB25,904.01 million. The Company has no overdue
guarantee.
The Company’s 2021 Annual General Meeting reviewed and passed the Proposal on the Development of Asset Pool Business in
2022. 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 RMB800 million.
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 30 December 2022, the actual pledge
amount of the asset pool business was RMB157,569,200, and the financial balance was RMB156,276,000.
Explanation on compound guarantees
Nil
3. Entrust others to manage cash assets
(1)Entrusted Financing
√ Applicable □ Not applicable
Overview of entrusted financing during the report period
Unit: RMB 0,000
Amount of
impairment
Source of funds Amount of Amount not accrued for
Outstanding
Type for entrusted entrusted collected after overdue
balance
financing financing the due date uncollected
entrusted
financing
Structured
Own funds 132,816 0 0 0
deposit
Total 0 0 0
Details of high-risk entrusted financing with significant single amount or low security and poor liquidity
□Applicable √ Not applicable
Entrusted financing expected to be unable to recover the principal or other circumstances that may lead to impairment
□Applicable √ Not applicable
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CSG Annual Report 2022
(2) Entrusted loans
□Applicable √ Not applicable
The Company had no entrusted loans in the report period.
4. Other material contracts
□ Applicable √ Not applicable
There were no other significant contracts during the reporting period of the company.
XVI. Statement on other important matters
√Applicable □ Not applicable
1. Ultra-short-term financing bills
On June 15, 2020, the Third Extraordinary Shareholders’ General Meeting 2020 of CSG deliberated 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 registration of ultra-short-term financing
bills with a total of 1.5 billion yuan and a validity period of two years. 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 1 billion yuan, The Company can issue one or more times
within the validity period of the registration according to the actual capital needs and the capital situation of the inter-
bank market.
2. Medium-term notes
On June 15, 2020, the Third Extraordinary Shareholders’ General Meeting 2020 of CSG deliberated 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 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 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 the 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. 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 2 billion yuan. Actual
capital needs and inter-bank market capital status, can be issued one or more times within the validity period of
registration.
3.Public issuance of corporate bonds
On March 2, 2017, the 2nd Extraordinary General Meeting of Shareholders in 2017 reviewed and approved “the
Proposal on the Public Issuance of Corporate Bonds for Qualified Investors". On February 27, 2019, the First
Extraordinary General Meeting of Shareholders in 2019 The “Proposal on Extending the Validity Period of the
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CSG Annual Report 2022
Shareholders' Meeting for the Public Offering of Corporate Bonds to Qualified Investors” agreed to 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%, and completed the redemption and delisting on March 27, 2023 (the original
redemption date for this bond was March 25, 2023, but due to a statutory rest day, it was postponed to the first trading
day thereafter).
4. Public issuance of A-share convertible corporate bonds
On July 11, 2022, the Company's 2nd Extraordinary General Meeting of Shareholders in 2022 reviewed and approved
relevant proposals on the Company's public issuance of A-share convertible corporate bonds, and agreed to issue A-
share convertible corporate bonds. The total amount of funds raised would not exceed RMB 2,800,000,000 (including
RMB 2,800,000,000), with a term of 6 years from the date of issuance.
5.Passive reduction of Southern Glass A shares held by Zhongshan Runtian Investment Co., Ltd.
On July 12, 2022, the Company received the "Notice Letter" from Chongqing Xinyu Financial Leasing Co., Ltd.
(hereinafter referred to as "Chongqing Xinyu"). According to the "Notice Letter", the Shenzhen Intermediate Court
ruled to sell 67.65 million "Southern Glass A" shares (stock code: 000012) held by Zhongshan Runtian Investment Co.,
Ltd. (hereinafter referred to as "Zhongshan Runtian"). On July 27 and July 28, 2022, Chongqing Xinyu forcibly sold
36.5289 million shares of Southern Glass A held by Zhongshan Runtian through block trade, accounting for 1.19% of
the Company's total share capital. On December 8, 2022, the Company received a letter from shareholder Zhongshan
Runtian regarding the reduction of shares. It was learned that Zhongshan Runtian's "Southern Glass A" shares had
accumulated a reduction of 31.1211 million shares from July 29, 2022 to December 7, 2022, accounting for 1.01% of
the Company's total share capital. After the passive reduction of the aforementioned shares, the number of shares held
by Zhongshan Runtian decreased from 86,633,447 shares to 18,983,447 shares, and the shareholding ratio decreased
from 2.82% to 0.62%.
6. Lawsuits
(1) Regarding the special fund of RMB 171 million for talent introduction, the Company filed an infringement
compensation lawsuit against Zeng Nan and others and Yichang Hongtai Real Estate Co., Ltd. on December 15, 2021,
and Shenzhen Intermediate People's Court officially accepted it on January 28, 2022. The first trial of the case was
completed in Shenzhen Intermediate People's Court on June 21, 2022, and is currently awaiting judgment.
(2) In September 2022, the Company received a civil lawsuit from the Nanshan District People's Court in Shenzhen. Zhongshan
Runtian Investment Co., Ltd. filed a lawsuit with the court regarding the dispute over the effectiveness of the resolution of the
Company's Second Extraordinary Shareholders' Meeting in 2022. For specific details, please refer to the "Announcement on Lawsuit
Involved by the Company" (Announcement No. 2022-056) disclosed by the Company on CNINFO. The first trial of the case was
held on February 10, 2023 in the Nanshan District Court of Shenzhen and is awaiting judgment.
XVII. Significant events of subsidiaries of the Company
□ Applicable √ Not applicable
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CSG Annual Report 2022
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
New Capitalization
Bonus
Amount Proportion shares of public Others Subtotal Amount Proportion
shares
issued reserve
I. Restricted shares 4,736,796 0.15% 101,453 101,453 4,838,249 0.16%
1. State-owned
shares
2. State-owned
legal person’s shares
3. Other domestic
4,736,796 0.15% 101,453 101,453 4,838,249 0.16%
shares
Including:
Domestic legal
person’s shares
Domestic natural
4,736,796 0.15% 101,453 101,453 4,838,249 0.16%
person’s shares
4. Foreign shares
Including:
Foreign legal person’s
shares
Foreign natural
person’s shares
II. Unrestricted shares 3,065,955,311 99.85% -101,453 -101,453 3,065,853,858 99.84%
1. RMB Ordinary
1,956,586,251 63.72% -101,453 -101,453 1,956,484,798 63.71%
shares
2. Domestically
1,109,369,060 36.13% 1,109,369,060 36.13%
listed foreign shares
3. Overseas listed
foreign shares
4. Others
III. Total shares 3,070,692,107 100% 0 0 3,070,692,107 100%
Reason for equity changes
√Applicable □Not applicable
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CSG Annual Report 2022
During the report period, China Securities Depository and Clearing Corporation Limited adjusted the locked-up shares
of senior management in accordance with regulations, and the Company’s restricted shares and unrestricted shares
changed accordingly.
Approval on equity changes
□Applicable √Not applicable
Transfer of ownership of changes in shares
□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
Unit: Share
Number of
Number of Number of
Number of shares shares
Shareholders’ restricted shares restricted shares
increased in the restricted at Reason for restriction Released date
name at the beginning released in the
Period the end of the
of the period Period
Period
Releasing of executive lockup
Executive lockup stocks
Chen Lin 1,217,299 1,217,299 stocks will be implemented
shares
according to relevant policies.
Releasing of executive lockup
Executive lockup stocks
He Jin 673,200 673,200 stocks will be implemented
shares
according to relevant policies.
Releasing of executive lockup
Executive lockup stocks
Wang Wenxin 0 115,950 115,950 stocks will be implemented
shares
according to relevant policies.
Releasing of executive lockup
Executive lockup stocks
Chen Chunyan 0 36,953 36,953 stocks will be implemented
shares
according to relevant policies.
Releasing of director and
Locked in shares after
executive lockup stocks will
Wang Jian 759,000 253,000 1,012,000the departure of
be implemented according to
directors and executives
relevant policies.
Releasing of supervisor
Locked in shares after
lockup stocks will be
Gao Changkun 500 125 375the departure of
implemented according to
supervisors
relevant policies.
Locked in shares after Releasing of executive lockup
Lu Wenhui 1,217,298 304,325 912,973the departure of stocks will be implemented
executives according to relevant policies.
Locked in shares after Releasing of executive lockup
Yang Xinyu 869,499 869,499the departure of stocks will be implemented
executives according to relevant policies.
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CSG Annual Report 2022
total 4,736,796 405,903 304,450 4,838,249 -- --
II. Issuance and listing of Securities
1. Security issued (excluding preferred stock) in the report period
□Applicable √Not applicable
2. Particulars about changes of total shares and shareholder structure as well as changes of assets and
liability structure
□ Applicable √ Not applicable
3. Existing internal staff shares
□ Applicable √ Not applicable
III. Particulars about shareholder and actual controller of the Company
1. Amount of shareholders of the Company and particulars about shares holding
Unit: Share
Total preference
Total preference
shareholders with
Total shareholders at shareholders with
Total shareholders at voting rights recovered
the end of the month voting rights
the end of the report 164,489 164,653 0 at end of the month 0
before this annual recovered at end of
period before this annual
report disclosed report period (if
report disclosed (if
applicable)
applicable)
Shareholder with above 5% shares hold or top 10 shareholders
Full name of Nature of Proportion Total shares held Changes in Amount of Amount of Number of share
Shareholders shareholder of shares at the end of report period restricted unrestricted pledged, marked or
held report period shares held shares held frozen
Share
Amount
status
Foresea Life
Domestic non state-
Insurance Co., Ltd. 15.19% 466,386,874 466,386,874
owned legal person
– HailiNiannian
Foresea Life
Insurance Co., Ltd. Domestic non state-
3.86% 118,425,007 118,425,007
– Universal owned legal person
Insurance Products
Foresea Life
Domestic non state-
Insurance Co., Ltd. 2.11% 64,765,161 64,765,161
owned legal person
– Own Fund
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CSG Annual Report 2022
China Galaxy
International
Securities (Hong Foreign legal person 1.34% 41,209,978 -9,800 41,209,978
Kong) Co.,
Limited
China Merchants
Securities (Hong Foreign legal person 1.21% 37,303,991 -5,064,997 37,303,991
Kong) Limited
China Life
Insurance Co., Ltd.
- Traditional -
Other 1.01% 31,084,559 1,248,291 31,084,559
General Insurance
Products - 005l-
ct001 Shen
Hong Kong
Securities Clearing Foreign legal person 0.70% 21,634,045 -35,042,250 21,634,045
Co., Ltd.
VANGUARD
EMERGING
MARKETS Foreign legal person 0.63% 19,365,573 -1,965,024 19,365,573
STOCK INDEX
FUND
Pledged 18,980,000
Zhongshan
Runtian Domestic non state-
0.62% 18,983,447 -67,650,000 18,983,447 Marked 18,980,000
Investment Co., owned legal person
Ltd.
Frozen 3,447
Domestic natural
#He Xinhai 0.59% 17,971,302 17,971,302 17,971,302
person
Strategic investors or general legal
person becomes top 10 shareholders due N/A
to shares 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 Life Insurance
Explanation on associated relationship
Co., Ltd. Shenzhen Jushenghua Co., Ltd., which holds 51% equity of Foresea Life Insurance
among the aforesaid 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
40,187,904 shares through China Galaxy International Securities (Hong Kong) Co., Limited.
Explanation of the above-mentioned
shareholders involving
N/A
entrusted/entrusted voting rights and
abstention from voting right
Special instructions on the existence of
special repurchase account among the N/A
top 10 shareholders (if any)
Particular about top ten shareholders with unrestricted shares held
Shareholders’ name Amount of unrestricted shares held at Type of shares
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CSG Annual Report 2022
year-end
Type Amount
RMB ordinary
Foresea Life Insurance Co., Ltd. – HailiNiannian 466,386,874 466,386,874
shares
Foresea Life Insurance Co., Ltd. – Universal RMB ordinary
118,425,007 118,425,007
Insurance Products shares
RMB ordinary
Foresea Life Insurance Co., Ltd. – Own Fund 64,765,161 64,765,161
shares
China Galaxy International Securities (Hong Kong) Domestically listed
41,209,978 41,209,978
Co., Limited foreign shares
Domestically listed
China Merchants Securities (Hong Kong) Limited 37,303,991 37,303,991
foreign shares
China Life Insurance Co., Ltd. - Traditional - RMB ordinary
31,084,559 31,084,559
General Insurance Products - 005l-ct001 Shen shares
RMB ordinary
Hong Kong Securities Clearing Co., Ltd. 21,634,045 21,634,045
shares
VANGUARD EMERGING MARKETS STOCK Domestically listed
19,365,573 19,365,573
INDEX FUND foreign shares
RMB ordinary
Zhongshan Runtian Investment Co., Ltd. 18,983,447 18,983,447
shares
RMB ordinary
#He Xinhai 17,971,302 17,971,302
shares
As of the end of the report period, among shareholders as listed above, Foresea
Life Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance Co., Ltd.-
Universal Insurance Products, Foresea Life Insurance Co., Ltd.-Own Fund are all
held by Foresea Life Insurance Co., Ltd. Shenzhen Jushenghua Co., Ltd., which
Statement on associated relationship or consistent
holds 51% equity of Foresea Life Insurance Co., Ltd., holds 100% equity of
action among the above shareholders:
Zhongshan Runtian Investment Co.,Ltd and Chengtai Group Co. Ltd., through
Shenzhen Hualitong Investment Co., Ltd. Chengtai Group Co., Ltd. holds
40,187,904 shares through China Galaxy International Securities (Hong Kong)
Co., Limited.
Shareholder He Xinhai holds 0 shares of the Company through an ordinary
Explanation on shareholders involving margin account, and 17,971,302 shares of the Company through the customer credit
business (if applicable) transaction guarantee securities account of Guangfa Securities Co., Ltd., totaling
17,971,302 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.
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.
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CSG Annual Report 2022
2. Controlling shareholder of the Company
The nature of controlling shareholders: No holding body
The type of controlling shareholder: Not exist
Explanation on the Company without controlling shareholder
Currently the Company has no controlling shareholder. Foresea Life Insurance Co., Ltd.is the Company's largest
shareholder that has totally held 657,577,954shares of the Company via Foresea Life Insurance Co., Ltd.–
HailiNiannian, Foresea Life Insurance Co., Ltd.–universal insurance products, Foresea Life Insurance Co., Ltd.–own
fund, Foresea Life Insurance Co., Ltd.–a combination of its own funds together with Huatai till the end of the report
period, which accounts for 21.41% of the Company’s total shares; its person acting in concert Zhongshan Runtian
Investment Co., Ltd. held 18,983,447 shares, which accounts for 0.62% of the Company’s total shares; its person
acting in concert Chengtai Group Co., Ltd. held 51,709,088 shares of B-share via China Galaxy International
Securities (Hong Kong) Co., Ltd and Guosen Securities (Hong Kong) Brokerage Co., Limited, which accounts for
1.68% of the Company’s total shares. Foresea Life Insurance and its persons acting in concert totally held 23.72% of
the Company’s total shares, which is less than 30%, meanwhile, the number of directors recommended by Foresea
Life Insurance and its persons acting in concert was no more than half of total number of the Company’s Board of
Directors.
Other shareholders of the Company hold less than 5% of the shares.
Changes of controlling shareholders in the report period
□ Applicable √ Not applicable
3. Actual controller of the Company and its concerted actors
The nature of actual controller: no actual controller
The type of actual controller: Not exist
Explanation on the Company without actual controller
Currently the Company has no controlling shareholder. Foresea Life Insurance Co., Ltd. is the Company's largest
shareholder that has totally held 657,577,954shares of the Company via Foresea Life Insurance Co., Ltd.–
HailiNiannian, Foresea Life Insurance Co., Ltd.–universal insurance products, Foresea Life Insurance Co., Ltd.–own
fund, Foresea Life Insurance Co., Ltd.–a combination of its own funds together with Huatai till the end of the report
period, which accounts for 21.41% of the Company’s total shares; its person acting in concert Zhongshan Runtian
Investment Co., Ltd. held 18,983,447 shares, which accounts for 0.62% of the Company’s total shares; its person
acting in concert Chengtai Group Co., Ltd. held 51,709,088 shares of B-share via China Galaxy International
Securities (Hong Kong) Co., Ltd and Guosen Securities (Hong Kong) Brokerage Co., Limited, which accounts for
1.68% of the Company’s total shares. Foresea Life Insurance and its persons acting in concert totally held 23.72% of
the Company’s total shares, which is less than 30%, meanwhile, the number of directors recommended by Foresea
Life Insurance and its persons acting in concert was no more than half of total number of the Company’s Board of
Directors.
Shareholders with over 10% shares held in ultimate controlling level
√Yes □No
□ Legal person √ Natural person
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CSG Annual Report 2022
Shares held in ultimate controlling level
Whether to obtain the right of abode in
Shareholders Nationality
other countries or regions
Yao Zhenhua China No
Major occupations and duties Chairman of Shenzhen Baoneng Investment Group Co., Ltd.
Situation of holding domestic and abroad
N/A
listed companies over the past 10 years
Changes of actual controller in the report period
□ Applicable √ Not applicable
Property right and controlling relationship between the largest shareholder and the Company is as follow:
Actual controller controlling of the Company by entrust or other assets management
□Applicable √Not applicable
4. The company's controlling shareholder or the largest shareholder and its concerted actor’s cumulative
pledged shares account for 80% of the company's shares held by them
□ Applicable √ Not applicable
5. Particulars about other legal person shareholders holding over 10% of the company's shares
□ Applicable √ Not applicable
6. Limitation on share reduction of controlling shareholders, actual controllers, recombination party and
other commitment subjects
□ Applicable √ Not applicable
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CSG Annual Report 2022
IV. Specific implementation of share repurchase in the report period
Implementation progress of share repurchase
□ Applicable √ Not applicable
Implementation progress of reducing share repurchased by centralized bidding
□ Applicable √ Not applicable
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CSG Annual Report 2022
Section VIII. Preferred shares
□Applicable √ Not applicable
There were no preferred shares in the Company during the report period
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CSG Annual Report 2022
Section IX. Bonds
□Applicable √ Not applicable
On the approval date of this report, the Company does not have any existing bonds.
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CSG Annual Report 2022
Section X. Financial Report
I. Report of the Auditors
Type of Auditor’s Opinion Standard and unqualified
Issue date of Report of the Auditors April 24, 2023
Name of Auditor’s organization Asia Pacific (Group) CPAs (special general partnership)
Reference number of Report of the Auditors Ya-Kuai-Shen-Zi（2023）No. 01110174 号
Name of CPA Wang Donglan、Wei Jian
Auditor’s Report
Ya-Kuai- Shen-Zi (2023) No. 01110174
To the shareholders of CSG Holding Co., Ltd.：
I、 OPINION
We have audited the accompanying financial statements of CSG Holding Co., Ltd. (hereinafter“the
Company”), which comprise the Separate/Consolidated Statements of Financial Position as at 31 December
2022, and the Separate/Consolidated Statements of profit or loss, the Separate/Consolidated Statements of
changes in equity and the Separate/Consolidated Statements of cash flows for the year then ended, and the notes
to the financial statements.
In our opinion, the financial statements attached were prepared in line with the regulations of Accounting
Standards for Business Enterprises in all significant aspects which gave a true and fair view of the consolidated
and parent financial position of the Company as at Dec. 31, 2022 and the consolidated and parent business
performance and cash flow of the Company for 2022.
II、 BASIS OF OPINION
We conducted our audit in accordance with Standards on Auditing for Certified Public Accountants. Our
responsibility is to express an opinion on these financial statements based on our audit. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement. we are independent of CSG and fulfill
other responsibilities in professional ethics
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
III、 KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our audit
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CSG Annual Report 2022
of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. We determine the followings are key audit matters in need of communication in our
report
Recognition of Operating income
1、Matter description
As disclosed in the income statements, during 2022, operating income of CSG mainly comes from
providing flat glass, engineering glass, solar energy related products, electronic glass and displays to customers.
Operating income is recognized when control of the related goods is transferred to customers. In the
consolidated financial statements of CSG for the year ended December 31, 2022, sales revenue was RMB
15,198.71 million.
According to the notes to the financial statements, for domestic sales, CSG delivers products to the agreed
delivery location based on the contract and recognizes revenue after confirmation of acceptance by the buyer.
For export sales, revenue is recognized after export customs clearance procedures are completed according to
the terms specified in the sales contract, and the goods are loaded onto the ship or delivered to the designated
delivery location.
As revenue is one of the key performance indicators of CSG, revenue recognition has a significant impact
on the financial statements. Therefore, we have identified the recognition of revenue as a key audit matter.
2、Countermeasures of Audit
①Understand and evaluate the key internal controls related to the recognition of revenue. Assess the
effectiveness of the design of these controls by performing walkthrough and control testing, and determine
whether relevant internal controls are executed and effective.
② Examine significant sales contracts with key customer for sampling, identified contract terms and
conditions related to the control transfer point of the products, and assessed whether the company's revenue
recognition policies comply with the accounting standards for business enterprises.
③Select samples and performed substantive testing on sales revenue for the current year. Reviewe sales
contracts and checked supporting documents (including orders, receipts, customs declarations, invoices, etc.)
related to revenue recognition and confirm the authenticity and accuracy of revenue in conjunction with the
customer's sales receipts.
④Implement substantive analytical procedures on revenue and gross profit margin by month, product,
customer, etc.,and identify significant or abnormal fluctuations, and analyzed the reasons for the fluctuations.
⑤Perform cutoff tests for revenue recognized before and after the balance sheet date, obtain relevant
supporting documents, check the key timing points of revenue recognition, and evaluat whether revenue was
recognized in the appropriate period and whether there was any cross-period recognition.
⑥Select customers for the annual transaction volume and accounts receivable balance through sampling
and performed strict control measures on the confirmation procedures to confirm the authenticity and accuracy
of the transactions.
⑦Check whether CSG's accounting treatment, presentation and disclosure of the matter were appropriate.
We have determined that there are no other key audit matters that require communication in our audit
report.
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CSG Annual Report 2022
IV、 OTHER INFORMATION
The management layer of the Company shall be responsible for other information, but excludes financial
statements and our audit report.
Our audit opinion on financial statements does not include other information; we will not make the
authentication conclusion on other information in any form.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
V、 RESPONSIBILITIES OF MANAGEMENT GOVERNANCE FOR FINANCIAL
STATEMENTS
Management of the Company is responsible for the preparation and fair presentation of these financial
statements in accordance with the requirements of the Accounting Standards for Business Enterprises, and for
such internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing financial statements, the management layer is responsible for assessing the company's
sustained business capability, disclosing matters related to continue operating ， using the going-concern
assumption unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The governance layer is responsible for supervising the financial reporting process of the company.
VI、 AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance as to whether there are no major misstatements due to
fraud or errors in the overall financial statements, and to issue an audit report containing audit opinions.
Reasonable assurance is the high-level assurance, but it can’t assure that a certain major misstatement can be
always found when auditing according to the audit standard. The misstatement may be caused by malpractices
or error. If the misstatements within the rational expectations may affect the economic decision of the financial
statement user according to the financial statement, it shall be deemed that the misstatement is significant.
During the process of conducting the audit work according to audit standards, we apply professional
judgment and keep professional skepticism. Meanwhile, we also perform the following tasks:
（1）Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
（2）Understand the internal control related to audit, so as to design appropriate audit procedures.
（3）Estimate the appropriateness of the accounting policies selected by the management layer, and the
rationality of making accounting estimate and relevant disclosures.
107
CSG Annual Report 2022
（4）Draw a conclusion on the appropriateness of the going concern assumption used by the management
layer. Meanwhile, according to the obtained audit evidence,it may cause to come to the conclusion that there are
substantial doubtable events or major uncertainty for the sustainable operation ability of the Company. In case
that we come to the conclusion that there is a significant uncertainty, the audit standards require us to remind
the users of the statements to pay attention to relevant disclosures in the financial statements in the audit report;
In case of any insufficient disclosure, we shall give modified opinions. Our conclusion is based on the available
information up to the audit report day. However, the future events or circumstances may cause the Company
cannot continue to operate.
（ 5 ） Estimate the overall presentation, structure and content (disclosure included) of the financial
statements, and Estimate whether the financial statements fairly reflect relevant transactions and matters.
（6）Acquire adequate and appropriate audit evidences on the financial information of the entity or
business activities of the Company, and give audit opinions on the consolidated financial statements. We are
responsible for guiding, supervising and executing the audit of the Group, and take all responsibilities for the
audit opinions.
We communicate with the governance layer about the audit scope, schedule, significant audit findings and
other matters within the plan, including the noteworthy internal control defects recognized by us during the
audit.
We also provide statements to the governance layer on the compliance with the professional ethics
requirement related to the independence, and communicate with the governance layer on all relationships and
other matters that may reasonably be considered to affect our independence, as well as relevant preventive
measures.
From the matters that we have communicated with the governance layer, we confirm the most important
matters for the audit of the current financial statements, and thus constitute the key audit matters. We describe
these matters in our audit report, unless laws and regulations prohibit the public disclosure of these matters, or
in rare cases, if it is reasonably expected that the negative consequences of communicating a matter in the audit
report will surpass the benefits in the public interests, we confirm that the matter shall not be communicated in
the audit report.
Asia-Pacific (Group) Certified Certified Public Accountant of
Public Accountants （ special China：
general partnership ） （ Engagement Partner ）
Certified Public Accountant
of China：
Beijing, China 24 April 2023
108
CSG Annual Report 2022
Financial statements
1、Consolidated balance sheet
Prepared by:CSG Holding Co.,LTD
31 December 2022
Unit: Yuan
Items Notes（Ⅴ） 31 December 2022 1 January 2022
Current assets：
Cash at bank and on hand 1 4,604,607,779 2,765,925,906
Financial assets held for trading 2 999,600,000
Notes receivable 3 156,943,437 19,220,984
Accounts receivable 4 1,179,992,784 730,525,687
Receivables Financing 5 1,095,412,643 297,046,123
Advances to suppliers 6 183,629,823 76,097,276
Other receivables 7 193,847,322 183,696,711
Inventories 8 1,783,941,982 1,093,805,525
Non-current assets due within one
9 20,000,000
year
Other current assets 10 108,248,545 140,705,298
Total current assets 9,326,624,315 6,306,623,510
Non-current assets：
Investment properties 11 290,368,105 383,084,500
Fixed assets 12 11,243,236,175 8,566,299,970
Construction in progress 13 2,520,362,291 2,457,982,178
Right-of-use assets 14 9,908,413 9,911,935
Intangible assets 15 1,438,102,666 1,167,611,402
Development expenditure 16 46,755,816 72,019,362
Goodwill 17 7,897,352 130,147,859
Long-term prepaid expenses 18 2,647,939 3,013,721
Deferred tax assets 19 161,489,749 255,045,066
Other non-current assets 20 856,620,485 584,162,622
Total non-current assets 16,577,388,991 13,629,278,615
TOTAL ASSETS 25,904,013,306 19,935,902,125
Current liabilities：
Short-term borrowings 21 345,000,000 180,770,000
Notes payable 22 994,557,496 400,662,713
Accounts payable 23 2,033,542,627 1,428,851,312
Contract liabilities 24 418,051,975 335,188,642
Employee benefits payable 25 473,616,428 426,212,979
Taxes payable 26 161,134,638 184,868,824
Other payables 27 537,065,184 289,440,477
Including: interest payable 27 99,945,325 95,001,362
109
CSG Annual Report 2022
1、Consolidated balance sheet（Continued）
Prepared by:CSG Holding Co.,LTD
31 December 2022
Unit: Yuan
Items Notes（V） 31 December 2022 1 January 2022
Current portion of non-current
28 2,481,433,006 503,820,548
liabilities
Other current liabilities 29 50,407,240 40,099,309
Total current liabilities 7,494,808,594 3,789,914,804
Non-current liabilities：
Long-term borrowings 30 4,353,589,980 1,469,059,824
Debentures payable 31 1,996,587,330
Lease liabilities 32 3,564,330 220,138
Long-term payables 33 129,236,878 168,258,062
Deferred income 34 449,875,380 564,129,128
Deferred tax liabilities 19 97,266,841 84,405,434
Total non-current liabilities 5,033,533,409 4,282,659,916
Total liabilities 12,528,342,003 8,072,574,720
Shareholders’ equity：
Share capital 35 3,070,692,107 3,070,692,107
Capital surplus 36 596,997,085 596,997,085
Other comprehensive income 37 170,860,478 159,200,530
Special reserve 38 731,580 7,296,397
Surplus reserve 39 1,228,634,001 1,144,887,510
Undistributed profits 40 7,786,968,455 6,447,650,867
Total equity attributable to
12,854,883,706 11,426,724,496
shareholders of parent company
Minority interests 520,787,597 436,602,909
Total shareholders' equity 13,375,671,303 11,863,327,405
TOTAL LIABILITIES AND
25,904,013,306 19,935,902,125
SHAREHOLDERS’ EQUITY
Legal representative：Chen Lin Principal in charge of accounting：Wang Wenxin Head of accounting
department：Wang Wenxin
110
CSG Annual Report 2022
2、Balance sheet of the parent company
Prepared by:CSG Holding Co.,LTD
31 December 2022
Unit: Yuan
Items Notes（XV） 31 December 2022 1 January 2022
Current assets：
Cash at bank and on hand 2,598,503,883 1,961,406,035
Financial assets held for trading 999,600,000
Notes receivable 49,194,385
Accounts receivable 1 23,994,936
Receivables Financing 123,469,960
Advances to suppliers 1,571,283 639,164
Other receivables 2 2,369,431,782 2,899,091,405
Including: Dividends receivable 2 375,057,800 250,000,000
Non-current assets due within one year 20,000,000
Total current assets 5,186,166,229 5,860,736,604
Non-current assets：
Long-term equity investments 3 7,838,487,027 6,262,391,694
Fixed assets 7,876,626 11,509,029
Intangible assets 5,946,174 2,102,548
Long-term prepaid expenses 189,806
Other non-current assets 83,297,124 104,109,111
Total non-current assets 7,935,796,757 6,380,112,382
TOTAL ASSETS 13,121,962,986 12,240,848,986
Current liabilities：
Short-term borrowings 200,000,000 100,000,000
Notes payable 19,496,400
Accounts payable 661,058 315,684
Contract liabilities 3,097
Employee benefits payable 63,906,834 68,534,315
Taxes payable 15,374,554 8,316,132
Other payables 2,126,409,980 2,067,472,879
Including: interest payable 95,445,534 93,596,328
Current portion of non-current
2,332,402,522 400,000,000
liabilities
Other current liabilities 403
Total current liabilities 4,758,254,848 2,644,639,010
Non-current liabilities：
Long-term borrowings 1,231,134,000 690,000,000
Debentures payable 1,996,587,330
Deferred income 172,125,000 172,500,000
Total non-current liabilities 1,403,259,000 2,859,087,330
Total liabilities 6,161,513,848 5,503,726,340
111
CSG Annual Report 2022
2、Balance sheet of the parent company（Continued）
Prepared by:CSG Holding Co.,LTD
31 December 2022
Unit: Yuan
Items Notes（XV） 31 December 2022 1 January 2022
Shareholders’ equity：
Share capital 3,070,692,107 3,070,692,107
Capital surplus 741,824,399 741,824,399
Surplus reserve 1,243,179,361 1,159,432,870
Undistributed profits 1,904,753,271 1,765,173,270
Total shareholders' equity 6,960,449,138 6,737,122,646
TOTAL LIABILITIES AND
13,121,962,986 12,240,848,986
SHAREHOLDERS’ EQUITY
112
CSG Annual Report 2022
3、Consolidated income statement
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
Items Notes 2022 2021
I.Total business income （V）
41 15,198,706,998 13,672,372,823
Including: operating income 41 15,198,706,998 13,672,372,823
II.Total operating costs 12,967,322,642 10,731,026,191
Including: operating costs 41 11,006,795,373 8,896,148,794
Taxes and surcharges 42 135,473,792 148,655,418
Selling and distribution expenses 43 313,754,976 270,695,433
General and administrative expenses 44 718,938,905 752,605,507
Research and development expenses 45 644,146,614 511,738,848
Financial expenses 46 148,212,982 151,182,191
Including: interest expenses 46 212,724,263 188,858,163
Interest income 46 71,751,429 42,702,029
Add：Other Income 47 188,367,781 106,465,817
Investment income（Loss is listed with “-”） 48 31,567,854 16,847,647
Credit impairment loss（Loss is listed with “-”） 49 -47,720,107 -153,894,437
Asset impairment loss（Loss is listed with “-”） 50 -155,563,090 -981,665,546
Income on disposal assets（Loss is listed with “-”） 51 15,213,059 -1,493,248
III.Operating profit（Loss is listed with “-”） 2,263,249,853 1,927,606,865
Add: Non-operating revenue 52 22,692,272 12,604,534
Less: Non-operating expenses 53 7,067,178 26,130,744
IV.Total profit（Loss is listed with “-”） 2,278,874,947 1,914,080,655
Less: Income tax expenses 54 235,487,759 355,979,031
V.Net profit (Net loss is listed with “-”) 2,043,387,188 1,558,101,624
（1）Classified by continuous operation:
1. Net income from continuing operations (Net loss is listed with “-
2,043,387,188 1,558,101,624
”)
（2）Classified by equity ownership:
1. Attributable to shareholders of parent company 2,037,202,500 1,526,392,754
2. Minority interests 6,184,688 31,708,870
VI.Other comprehensive income net after tax 37 11,659,948 -2,616,289
Other comprehensive income net after tax attributable to shareholders of
37 11,659,948 -2,616,289
parent company
（1）Other comprehensive income to be reclassified into profit and loss 37 11,659,948 -2,616,289
1. Translation differences arising on translation of foreign currency
37 11,659,948 -2,616,289
financial statement
VII.Total comprehensive income 2,055,047,136 1,555,485,335
Total comprehensive income attributable to shareholders of the parent 2,048,862,448 1,523,776,465
company
shareholders of parentincome attributable to minority shareholders
Total comprehensive company 6,184,688 31,708,870
minority interests
VIII.Earnings per share
（1）Basic earnings per share 0.66 0.50
（2）Diluted earnings per share 0.66 0.50
113
CSG Annual Report 2022
Legal representative：Chen Lin Principal in charge of accounting：Wang Wenxin Head of accounting
department：Wang Wenxin
4、Profit Statement of Parent Company
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
Items Notes（XV） 2022 2021
I.Operating income 4 373,707,646 294,247,989
Less: operating costs
Taxes and surcharges 2,586,831 2,560,152
Selling and distribution expenses 6,568,389
General and administrative expenses 298,654,806 297,252,293
Research and development expenses 519,153 2,631,501
Financial expenses 109,425,364 138,319,862
Including: interest expenses 178,327,937 177,942,376
Interest income 66,711,595 39,200,530
Add：Other Income 8,621,910 3,162,514
Investment income（Loss is listed with “-”） 5 872,638,711 1,279,006,799
Credit impairment loss（Loss is listed with “-”） -530,945 -48,513,009
Income on disposal assets（Loss is listed with “-
2,485,755 6,893,580
”）
II.Operating profit（Loss is listed with “-”） 839,168,534 1,094,034,065
Add: Non-operating revenue 11,000 383,646
Less: Non-operating expenses 1,714,621 15,026,836
III.Total profit（Loss is listed with “-”） 837,464,913 1,079,390,875
Less: Income tax expenses
IV.Net profit (Net loss is listed with “-”) 837,464,913 1,079,390,875
（1）Net income from continuing operations (Net loss
837,464,913 1,079,390,875
is listed with “-”)
（2）Net income from discontinued operations (Net
loss is listed with “-”)
V.Total comprehensive income 837,464,913 1,079,390,875
VI.Earnings per share
114
CSG Annual Report 2022
5、Consolidated statement of cash flows
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
Items Notes（V） 2022 2021
I.Cash flows from operating activities：
Cash received from sales of goods or rendering of services 15,302,707,449 15,186,533,367
Refund of taxes and surcharges 342,195,840 53,331,689
Cash received relating to other operating activities 56（1） 185,973,569 261,031,274
Sub-total of cash inflows 15,830,876,858 15,500,896,330
Cash paid for goods and services 10,747,860,256 8,300,217,465
Cash paid to and on behalf of employees 1,859,857,713 1,645,581,548
Payments of taxes and surcharges 897,972,107 1,214,512,667
Cash paid relating to other operating activities 56（2） 368,063,551 440,936,620
Sub-total of cash outflows 13,873,753,627 11,601,248,300
Net cash flows from/(used in) operating activities 1,957,123,231 3,899,648,030
II.Cash flows from investing activities：
Cash received from returns on investments 3,697,760,000 4,424,000,000
Cash received from returns on invest income 29,929,395 16,163,055
Net cash received from disposal of fixed assets, intangible assets
51,091,120 4,916,078
and other long-term assets
Cash received relating to other investing activities 56（3） 29,927,321 21,682,371
Sub-total of cash inflows 3,808,707,836 4,466,761,504
Cash paid to acquire fixed assets, intangible assets and other
3,416,942,337 1,821,801,243
long-term asset
Cash paid to acquire investments 2,698,160,000 5,523,600,000
Cash paid relating to other investing activities 56（4） 24,000,000
Sub-total of cash outflows 6,115,102,337 7,369,401,243
Net cash flows (used in)/from investing activities -2,306,394,501 -2,902,639,739
III.Cash flows from financing activities：
Cash received from investors 78,000,000 2,000,000
Including: Cash received from absorbing minority shareholders’
78,000,000 2,000,000
investment by subsidiaries
Cash received from borrowings 4,323,690,981 1,637,354,868
Cash received relating to other financing activities 56（5） 200,000,000
Sub-total of cash inflows 4,401,690,981 1,839,354,868
Cash repayments of borrowings 1,297,812,888 1,655,022,054
Cash payments for interest expenses and distribution of
878,428,889 547,085,016
dividends or profits
Cash payments relating to other financing activities 56（6） 46,045,514
Sub-total of cash outflows 2,222,287,291 2,202,107,070
Net cash flows (used in)/from financing activities 2,179,403,690 -362,752,202
IV.Effect of foreign exchange rate changes on cash 7,408,259 -1,806,713
V.Net increase/(decrease) in cash and cash equivalents 1,837,540,679 632,449,376
Add: Cash and cash equivalents at beginning of year 2,756,477,572 2,124,028,196
VI.Cash and cash equivalents at end of year 4,594,018,251 2,756,477,572
Legal representative：Chen Lin Principal in charge of accounting：Wang Wenxin Head of
accounting department：Wang Wenxin
115
CSG Annual Report 2022
6、Statement of cash flows of the parent company
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
Items 2022 2021
I.Cash flows from operating activities：
Cash received from sales of goods or rendering of services 459,100,809 312,321,151
Cash received relating to other operating activities 74,072,939 44,045,856
Sub-total of cash inflows 533,173,748 356,367,007
Cash paid for goods and services 64,147,484
Cash paid to and on behalf of employees 259,934,484 232,793,262
Payments of taxes and surcharges 17,212,621 20,131,229
Cash paid relating to other operating activities 38,421,982 51,990,613
Sub-total of cash outflows 379,716,571 304,915,104
Net cash flows from/(used in) operating activities 153,457,177 51,451,903
II.Cash flows from investing activities：
Cash received from returns on investments 3,697,760,000 4,360,335,176
Cash received from returns on invest income 745,942,452 1,277,124,439
Net cash received from disposal of fixed assets, intangible assets
2,488,521 2,663,907
and other long-term assets
Sub-total of cash inflows 4,446,190,973 5,640,123,522
Cash paid to acquire fixed assets, intangible assets and other
7,649,720 5,406,991
long-term assets
Cash paid to acquire investments 4,274,255,333 5,877,819,000
Sub-total of cash outflows 4,281,905,053 5,883,225,991
Net cash flows (used in)/from investing activities 164,285,920 -243,102,469
III.Cash flows from financing activities：
Cash received from borrowings 1,571,720,000 814,000,000
Cash received relating to other financing activities 528,709,901 1,960,258,923
Sub-total of cash inflows 2,100,429,901 2,774,258,923
Cash repayments of borrowings 997,500,000 1,173,800,000
Cash payments for interest expenses and distribution of
787,887,961 520,361,295
dividends or profits
Sub-total of cash outflows 1,785,387,961 1,694,161,295
Net cash flows (used in)/from financing activities 315,041,940 1,080,097,628
IV.Effect of foreign exchange rate changes on cash 1,823,319 748,101
V.Net increase/(decrease) in cash and cash equivalents 634,608,356 889,195,163
Add: Cash and cash equivalents at beginning of year 1,960,395,527 1,071,200,364
VI.Cash and cash equivalents at end of year 2,595,003,883 1,960,395,527
116
CSG Annual Report 2022
7、Consolidated statement of changes in owner's equity
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
2022
Attributable to shareholders of parent company
Items Total
Share capital Capital Other Special Surplus Undistributed Sub-total Minority
interests shareholders'
surplus comprehensiv reserve reserve profits equity
e income
I.Balance at the end of the
3,070,692,107 596,997,085 159,200,530 7,296,397 1,144,887,510 6,447,650,867 11,426,724,496 436,602,909 11,863,327,405
last year（Restated）
II.Balance at 1 January
3,070,692,107 596,997,085 159,200,530 7,296,397 1,144,887,510 6,447,650,867 11,426,724,496 436,602,909 11,863,327,405
2022
III.Movements for the year
ended 31 December 2022 11,659,948 -6,564,817 83,746,491 1,339,317,588 1,428,159,210 84,184,688 1,512,343,898
(Decrease is listed with “-”)
（1）Total comprehensive
11,659,948 2,037,202,500 2,048,862,448 6,184,688 2,055,047,136
income
（2）Capital increase or
78,000,000 78,000,000
decrease from shareholder
1． Ordinary shares
78,000,000 78,000,000
contributed by the owner
（3）Profit distribution 83,746,491 -697,884,912 -614,138,421 -614,138,421
1、Appropriation to
83,746,491 -83,746,491
surplus reserve
2．Distribution to the
-614,138,421 -614,138,421 -614,138,421
shareholders
（4）Special reserve -6,564,817 -6,564,817 -6,564,817
1．Special reserve
8,605,776 8,605,776 8,605,776
appropriate
117
CSG Annual Report 2022
2．Special reserve used 15,170,593 15,170,593 15,170,593
IV.Balance at 31 December
3,070,692,107 596,997,085 170,860,478 731,580 1,228,634,001 7,786,968,455 12,854,883,706 520,787,597 13,375,671,303
2022
118
CSG Annual Report 2022
7、Consolidated statement of changes in owner's equity（Continued）
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
2021
Attributable to shareholders of parent company
Items Total
Other Minority
Capital Special Undistributed shareholders'
Share capital comprehensive Surplus reserve Sub-total interests
surplus reserve profits equity
income
I.Balance at the end of the
3,070,692,107 596,997,085 161,816,819 10,269,002 1,036,948,422 5,336,266,412 10,212,989,847 402,894,039 10,615,883,886
last year
II.Balance at 1 January 2021 3,070,692,107 596,997,085 161,816,819 10,269,002 1,036,948,422 5,336,266,412 10,212,989,847 402,894,039 10,615,883,886
III.Movements for the year
ended 31 December 2021 -2,616,289 -2,972,605 107,939,088 1,111,384,455 1,213,734,649 33,708,870 1,247,443,519
(Decrease is listed with “-”)
（1）Total comprehensive
-2,616,289 1,526,392,754 1,523,776,465 31,708,870 1,555,485,335
income
（2）Capital increase or
2,000,000 2,000,000
decrease from shareholder
1．Ordinary shares
2,000,000 2,000,000
contributed by the owner
（3）Profit distribution 107,939,088 -415,008,299 -307,069,211 -307,069,211
1．Appropriation to surplus
107,939,088 -107,939,088
reserve
2．Distribution to the
-307,069,211 -307,069,211 -307,069,211
shareholders
（4）Special reserve -2,972,605 -2,972,605 -2,972,605
1．Special reserve used 2,972,605 2,972,605 2,972,605
IV.Balance at 31 December
3,070,692,107 596,997,085 159,200,530 7,296,397 1,144,887,510 6,447,650,867 11,426,724,496 436,602,909 11,863,327,405
2021
Legal representative：Chen Lin Principal in charge of accounting：Wang Wenxin Head of accounting department：Wang Wenxin
119
CSG Annual Report 2022
8、Statement of changes in owners' equity of the parent company
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
2022
Items Total shareholders'
Share capital Capital surplus Surplus reserve Undistributed profits
equity
I.Balance at the end of the last year 3,070,692,107 741,824,399 1,159,432,870 1,765,173,270 6,737,122,646
II.Balance at 1 January 2022 3,070,692,107 741,824,399 1,159,432,870 1,765,173,270 6,737,122,646
III.Movements for the year ended 31 December 2022
83,746,491 139,580,001 223,326,492
(Decrease is listed with “-”)
（1）Total comprehensive income 837,464,913 837,464,913
（2）Capital increase or decrease from shareholder
（3）Profit distribution 83,746,491 -697,884,912 -614,138,421
1．Appropriation to surplus reserve 83,746,491 -83,746,491
2．Distribution to the shareholders -614,138,421 -614,138,421
（4）Internal carry-forward of owners' equity
（5）Special reserve
（6）Others
IV.Balance at 31 December 2022 3,070,692,107 741,824,399 1,243,179,361 1,904,753,271 6,960,449,138
120
CSG Annual Report 2022
8、Statement of changes in owners' equity of the parent company（Continued）
Prepared by:CSG Holding Co.,LTD
Unit: Yuan
2021
Items Total shareholders'
Share capital Capital surplus Surplus reserve Undistributed profits
equity
I、Balance at the end of the last year 3,070,692,107 741,824,399 1,051,493,782 1,100,790,694 5,964,800,982
II、Balance at 1 January 2021 3,070,692,107 741,824,399 1,051,493,782 1,100,790,694 5,964,800,982
III、Movements for the year ended 31 December 2021
107,939,088 664,382,576 772,321,664
(Decrease is listed with “-”)
（1）Total comprehensive income 1,079,390,875 1,079,390,875
（2）Capital increase or decrease from shareholder
（3）Profit distribution 107,939,088 -415,008,299 -307,069,211
1．Appropriation to surplus reserve 107,939,088 -107,939,088
2．Distribution to the shareholders -307,069,211 -307,069,211
（4）Internal carry-forward of owners' equity
（5）Special reserve
（6）Others
IV、Balance at 31 December 2021 3,070,692,107 741,824,399 1,159,432,870 1,765,173,270 6,737,122,646
121
CSG Annual Report 2022
CSG HOLDING CO.,LTD
NOTES TO FINANCIAL STATEMENTS
（Unless otherwise specified, the monetary unit shall be RMB）
I、GENERAL INFORMATION
CSG Holding Co.,LTD (the “Company”) 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 Company 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 Company 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 31 December 2022, the
registered capital was RMB3,070,692,107, with nominal value of RMB1 per share.
The Company and its subsidiaries (collectively referred to as the “Group”) are mainly engaged in the manufacture
and sales of flat 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 were authorised for issue by the Board of Directors on 24 April 2023.
Details on the majors subsidiaries included in the consolidated scope in current year were stated in Note .
II、BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1、Basis of preparation of financial statements
The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises - Basic
Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of Finance on
15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting Standard for
Business Enterprises” or “CAS”), and Information Disclosure Rule No. 15 for Companies with Public Traded
Securities - Financial Reporting General Provision issued by China Security Regulatory Commission.
2、Going concern
The present financial report has been prepared on the basis of going concern assumptions.
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III、SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
The Group determines its specific accounting policies and accounting estimates to manufacturing and operation
feature. It mainly reflected in expected credit impairment losses of receivables was measured, inventory costing
method, Depreciation of fixed assets and amortization of intangible assets, criteria for determining capitalised
development expenditure, and timing for revenue recognition.
Please see the key judgements adopted by the Group in applying important accounting policies.
1、Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company for the year ended 31 December 2022 are in compliance with the
Accounting Standards for Business Enterprises, and truly and completely present the financial position of the
consolidated and the Company as at 31 December 2022 and their financial performance, cash flows for the year then
ended.
2、Accounting year
The Company’s accounting year starts on 1 January and ends on 31 December.
3、Operating cycle
The Company’s operating cycle starts on 1 January and ends on 31 December.
4、Recording currency
The recording currency is Renminbi (RMB).
5、Accounting treatment of business combinations under the common control and under non- common
control
(a) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the absorbing party in a business combination are measured at book
value.If the merged party was acquired by the ultimate controlling party from a third party in the previous year, the
assets and liabilities of the merged party (including the goodwill formed by the ultimate controlling party’s
acquisition of the merged party). The difference between book value of the net assets obtained from the combination
and book value of the consideration paid for the combination is treated as an adjustment to capital surplus (share
premium). If the capital surplus (share premium) is not sufficient to absorb the difference, the remaining balance is
adjusted against retained earnings. Costs directly attributable to the combination are included in profit or loss in the
period in which they are incurred. Transaction costs associated with the issue of equity or debt securities for the
business combination are included in the initially recognised amounts of the equity or debt securities.
(b) Business combinations involving enterprises under non-common control
The cost of combination and identifiable net assets obtained by the acquirer in a business combination are measured
at fair value at the acquisition date. Where the cost of the combination exceeds the acquirer’s interest in the fair value
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of the acquiree’s identifiable net assets, the difference is recognised as goodwill; where the cost of combination is
lower than the acquirer’s interest in the fair value of the acquiree’s identifiable net assets, the difference is recognised
in profit or loss for the current period. Costs directly attributable to the combination are included in profit or loss in
the period in which they are incurred. Transaction costs associated with the issue of equity or debt securities for the
business combination are included in the initially recognised amounts of the equity or debt securities.
6、Methodology for the preparation of consolidated financial statement
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the date
that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises under
common control, it is included in the consolidated financial statements from the date when it, together with the
Company, comes under common control of the ultimate controlling party. The portion of the net profits realised
before the combination date is presented separately in the consolidated income statement.
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the
Company and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance
with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business
combinations involving enterprises not under common control, the individual financial statements of the subsidiaries
are adjusted based on the fair value of the identifiable net assets at the acquisition date.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial
statements. The portion of subsidiaries’ equity and the portion of a subsidiaries’ net profits and losses and
comprehensive incomes for the period not attributable to Company are recognised as minority interests and presented
separately in the consolidated financial statements under equity, net profits and total comprehensive income
respectively. Unrealised profits and losses resulting from the sales of assets by the Company to its subsidiaries are
fully eliminated against net profit attributable to shareholders of the parent company. Unrealised profits and losses
resulting from the sales of assets by a subsidiary to the Company are eliminated and allocated between net profit
attributable to shareholders of the parent company and non-controlling interests in accordance with the allocation
proportion of the parent company in the subsidiary. Unrealised profits and losses resulting from the sales of assets by
one subsidiary to another are eliminated and allocated between net profit attributable to shareholders of the parent
company and non-controlling interests in accordance with the allocation proportion of the parent in the subsidiary.
After the control over the subsidiary has been gained, whole or partial minority equities of the subsidiary owned by
minority shareholders are acquired from the subsidiary’s minority shareholders. In the consolidated financial
statements, the subsidiary's assets and liabilities are reflected with amount based on continuous calculation starting
from the acquisition date or consolidation date. Capital surplus is adjusted according to the difference between newly
increased long-term equity investment arising from acquisition of minority equity and the share of net assets
calculated based on current shareholding ratio that the parent company is entitled to. The share is subject to
continuous calculation starting from the acquisition date or consolidation date. If the capital surplus (capital premium
or share capital premium) is not sufficient to absorb the difference, the remaining balance is adjusted against retained
earnings.
If the accounting treatment of a transaction which considers the Group as an accounting entity is different from that
considers the Company or its subsidiaries as an accounting entity, it is adjusted from the perspective of the Group.
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7、Standards for determining cash and cash equivalents
Cash and cash equivalents refer to cash in hand, deposits that can be used for payment at any time, and investments
with short holding periods, strong liquidity, easy conversion into known amounts of cash, and low risk of value
changes.
8、Foreign currency transactions and translation of foreign currency statement
(a) Foreign currency transaction
Foreign currency transactions are translated into RMB using the exchange rates prevailing at the dates of the
transactions.
On the balance sheet date, monetary items denominated in foreign currencies are translated into RMB using the spot
exchange rates on the balance sheet date. Exchange differences arising from these translations are recognised in profit
or loss or other comprehensive income for the current period, except for those attributable to foreign currency
borrowings that have been taken out specifically for the acquisition or construction of qualifying assets, which are
capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies that are
measured at historical costs are translated at the balance sheet date using the spot exchange rates at the date of the
transactions. The effect of exchange rate changes on cash is presented separately in the cash flow statement.
(b) Translation of foreign currency financial statements
The asset and liability items in the balance sheets for overseas operations are translated at the spot exchange rates on
the balance sheet date. Among the shareholders’ equity items, the items other than “undistributed profits” are
translated at the spot exchange rates of the transaction dates. The income and expense items in the income statements
of overseas operations are translated at the spot exchange rates of the transaction dates. The differences arising from
the above translation are presented separately in other comprehensive income items in the shareholders’ equity. The
cash flows of overseas operations are translated at the spot exchange rates on the dates of the cash flows. The effect
of exchange rate changes on cash is presented separately in the cash flow statement.
9、Financial instrument
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. A financial asset or a financial liability is recognised when
the Group becomes a party to the contractual provisions of the instrument.
(a) Financial assets
(i) Classification and measurement
Based on the business model for managing the financial assets and the contractual cash flow characteristics
of the financial assets, financial assets are classified as: (1) financial assets at amortised cost; (2) financial assets at
fair value through other comprehensive income; (3) financial assets at fair value through profit or loss.
The financial assets are measured at fair value at initial recognition. Related transaction costs that are
attributable to the acquisition of the financial assets are included in the initially recognised amounts, except for the
financial assets at fair value through profit or loss, the related transaction costs of which are recognised directly
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in profit or loss for the current period. Accounts receivable or notes receivable arising from sales of
products or rendering of services (excluding or without regard to significant financing components) are
initially recognised at the consideration that is entitled to be charged by the Group as expected.
Debt instruments
The debt instruments held by the Group refer to the instruments that meet the definition of financial liabilities
from the perspective of the issuer, and are measured in the following ways.
Measured at amortised cost
The objective of the Group's business model is to hold the financial assets to collect the contractual cash
flows, and the contractual cash flow characteristics are consistent with a basic lending arrangement, which
gives rise on specified dates to the contractual cash flows that are solely payments of principal and interest on the
principal amount outstanding. The interest income of such financial assets is recognised using the effective interest
method.Such financial assets mainly include cash at bank and on hand, accounts receivable, other receivables, debt
investments and long-term receivables. The Group presents debt investments and long-term receivables maturing
within one year (inclusive) from the balance sheet date as non-current assets maturing within one year; Debt
investments with a maturity of one year (inclusive) at the time of acquisition are listed as other current assets.
Financial assets at fair value through other comprehensive income:
The objective of the Group's business model is to hold the financial assets to collect the contractual cash flows and
selling as target, and the contractual cash flow characteristics are consistent with a basic lending
arrangement.Such financial assets are measured at fair value and their changes are included in other comprehensive
income, but impairment losses or gains, exchange gains and losses, and interest income calculated by the effective
interest rate method are all included in the current profit and loss.Such financial assets mainly comprise receivable
financing and other financial debt investment.Other financial debt investment that are due within one year (inclusive)
as from the balance sheet date are included in the current portion as other current assets.
Measured at fair value through profit or loss:
Debt instruments held by the Group that are not divided into those at amortised cost, or those measured at fair value
through other comprehensive income, are measured at fair value through profit or loss and included in
financial assets held for trading. At initial recognition, the Group designates a portion of financial assets as
at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. Financial assets
that are due within one year (inclusive) as from the balance sheet date and are expected to be held over one year
are included in other non-current financial assets.
Equity instruments
Investments in equity instruments, over which the Group has no control, joint control or significant influence,
are measured at fair value through profit or loss under financial assets held for trading; investments in equity
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instruments expected to be held over one year as from the balance sheet date are included in other non-
current financial assets.
In addition, a portion of certain investments in equity instruments not held for trading are designated as financial
assets at fair value through other comprehensive income under other investments in equity instruments. The
relevant dividend income of such financial assets is recognised in profit or loss for the current period.
(ii) Impairment
The Group confirms the loss provision based on expected credit losses for financial assets measured at amortised
cost,debt instrument investments at fair value through other comprehensive income, and financial guarantee contracts,
based on expected credit losses (ECL) and recognizes allowances for losses .
Giving consideration to reasonable and supportable information on past events, current conditions and
forecasts of future economic conditions, as well as the default risk weight , the expected credit loss was confirmed.
On each balance sheet date, the expected credit losses of financial instruments at different stages are
measured respectively. 12-month ECL provision is recognised for financial instruments in Stage 1 that have
not had a significant increase in credit risk since initial recognition; lifetime ECL provision is recognised
for financial instruments in Stage 2 that have had a significant increase in credit risk yet without credit
impairment since initial recognition; and lifetime ECL provision is recognised for financial instruments in Stage
3 that have had credit impairment since initial recognition.
For the financial instruments with lower credit risk on the balance sheet date, the Group assumes there is
no significant increase in credit risk since initial recognition and recognises the 12-month ECL provision.
For the financial instruments in Stage 1, Stage 2 and with lower credit risk, the Group calculates the interest income
by applying the effective interest rate to the gross carrying amount (before deduction of the impairment
provision). For the financial instrument in Stage 3, the interest income is calculated by applying the effective
interest rate to the amortised cost (after deduction of the impairment provision from the gross carrying amount).
For notes and accounts receivables and factoring receivables arising from daily business activities such as selling
commodities and providing labor services, the Group recognises the lifetime expected credit loss provision
regardless of whether there exists a significant financing component.
In case the expected credit losses of an individually assessed financial asset cannot be evaluated with reasonable cost,
the Group divides the receivables into certain groupings based on credit risk characteristics, and calculates the
expected credit losses for the groupings. Basis for determined groupings and method for provision are as follows:
Class Item Method
Notes receivables Portfolio 1 Bank acceptance Notes Expected credit loss method
Notes receivables Portfolio 2 Trade acceptance Notes Expected credit loss method
Accounts receivables Portfolio 1 Receivables non-related third party Expected credit loss method
Accounts receivables Portfolio 2 Receivables related party Expected credit loss method
Receivables Financing Portfolio 1 Bank acceptance Notes Expected credit loss method
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Other receivables Portfolio 1 Receivables non-related third party Expected credit loss method
Other receivables Portfolio 2 Receivables related party Expected credit loss method
For notes and accounts receivables and receivable financing arising from daily business activities such as selling
commodities and providing labor services, the Group refers to historical credit loss experience, combined with
current conditions and predictions of future economic conditions . In addition to notes receivable, factoring
receivables and other receivables classified as a combination, the Group refers to historical credit loss experience,
combines current conditions and predictions of future economic conditions, and passes default risk exposure and
future 12 The expected credit loss rate within a month or the entire duration is calculated as the expected credit loss.
The Group recognises the loss provision made or reversed into profit or loss for the current period. For debt
instruments that are held at fair value and whose changes are included in other comprehensive income, the Group
adjusts other comprehensive income while accounting for impairment losses or gains in the current profit or loss.
(iii) Derecognition
A financial asset is derecognised when any of the below criteria is met: (1) the contractual rights to receive the
cash flows from the financial asset expire; (2) the financial asset has been transferred and the Group transfers
substantially all the risks and rewards of ownership of the financial asset to the transferee; or (3) the
financial asset has been transferred and the Group has not retained control of the financial asset, although
the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset.
(b) Financial liabilities
Financial liabilities are classified as financial liabilities at amortised cost and financial liabilities at fair value
through profit or loss at initial recognition.。
The Group's financial liabilities are mainly comprise financial liabilities at amortised cost, including bills payable,
accounts payable, and other payables. This type of financial liability is initially measured at its fair value after
deducting transaction costs, and is subsequently measured using the actual interest rate method. If the maturity is less
than one year (including one year), it is listed as current liabilities; Those with a maturity of less than one year
(including one year) are listed as current liabilities; those with a maturity of more than one year but due within one
year (including one year) from the balance sheet date are listed as non-current liabilities due within one year. The rest
are listed as non-current liabilities.
A financial liability is derecognised or partly derecognised when the underlying present obligation is
discharged or partly discharged. The difference between the carrying amount of the derecognised part of the
financial liability and the consideration paid is recognised in profit or loss for the current period.
(c) Determination of fair value of financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in
the active market. The fair value of a financial instrument that is not traded in an active market is determined
by using a valuation technique. In valuation, the Group adopts valuation techniques applicable in the current
situation and supported by adequate available data and other information, selects inputs with the same
characteristics as those of assets or liabilities considered in relevant transactions of assets or liabilities by
market participants, and gives priority to the use of relevant observable inputs. When relevant observable
inputs are not available or feasible, unobservable inputs are adopted.
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10、Inventories
(a) Classification
Inventories refer to manufacturing sector, including raw materials, work in progress, finished goods and turnover
materials, and are measured at the lower of cost and net realisable value.
(b) Issued Inventory costing method
Cost is determined using the weighted average method. The cost of finished goods and work in progress comprise
raw materials, direct labour and systematically allocated production overhead based on the normal production
capacity.
(c) Amortisation methods of low value consumables and packaging materials
Turnover materials include low value consumables and packaging materials, which are expensed when issued.
(d) The determination of net realisable value and the method of provision for decline in the value of inventories
Provision for decline in the value of inventories is determined at the excess amount of book values of the inventories
over their net realisable value. Net realisable value is determined based on the estimated selling price in the ordinary
course of business, less the estimated costs to completion and estimated costs necessary to make the sale and related
taxes.
(e) The Group adopts the perpetual inventory system.
11、Assets classified as held for sale
A non-current asset or a disposal group is classified as held for sale when all of the following conditions are satisfied:
(1) the non-current asset or the disposal group is available for immediate sale in its present condition subject to terms
that are traditionally and customary for sales; (2) the Group has made a resolution and obtained appropriate approval
for disposal of the non-current asset or the disposal group, and the transfer is to be completed within one year.
Non-current assets (except for financial assets, investment properties at fair value and deferred tax assets) that meet
the recognition criteria for held for sale are recognised at the amount equal to the lower of the fair value less costs to
sell and book value. The difference between fair value less costs to sell and carrying amount, should be presented as
impairment loss.
Such non-current assets and assets included in disposal groups as classified as held for sale are accounted for as
current assets; while liabilities included in disposal groups classified as held for sale are accounted for as current
liabilities, and are presented separately in the balance sheet.
A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale,
and is separately identifiable operationally and for financial reporting purposes, and satisfies one of the following
conditions: (1) represents a separate major line of business or geographical area of operations; (2) is part of a single
coordinated plan to dispose of a separate major line of business or geographical area of operations; and (3) is a
subsidiary acquired exclusively with a view to resale.
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The discontinued operation profits on income statement presentation have included the profits and loss of operation
and disposal.
12、Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries, and the
Group’s long-term equity investments in its associates.
Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees that
the Group has significant influence on their financial and operating policies.
Investments in subsidiaries are measured using the cost method in the Company’s financial statements, and adjusted
by using the equity method when preparing the consolidated financial statements. Investments in associates are
accounted for using the equity method.
(a) Initial recognition of investment cost
For long-term equity investments formed in business combination: when obtained from business combinations
involving entities under common control, the long-term equity investment is stated at carrying amount of equity for
the combined parties at the time of merger; when the long-term equity investment obtained from business
combinations involving entities not under common control, the investment is measured at combination cost.
For long-term equity investments not formed in business combination: the one paid by cash is initially measured at
actual purchase price; the long-term investment obtained by issuing equity securities is stated at fair value of equity
securities as initial investment cost.
(b)Subsequent measurement and recognition of related profit or loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investment
costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost of a long-
term equity investment exceeds the Group’s share of the fair value of the investee’s identifiable net assets at the
acquisition date, the long-term equity investment is measured at the initial investment cost; where the initial
investment cost is less than the Group’s share of the fair value of the investee’s identifiable net assets at the
acquisition date, the difference is included in profit or loss and the cost of the long-term equity investment is adjusted
upwards accordingly.
Under the equity method, the Group recognises the investment income according to its share of net profit or loss of
the investee. The Group discontinues recognising its share of the net losses of an investee after book values of the
long-term equity investment together with any long-term interests that in substance form part of the investor’s net
investment in the investee are reduced to zero. However, if the Group has obligations for additional losses and the
criteria with respect to recognition of provisions under the accounting standards on contingencies are satisfied, the
Group continues recognising the investment losses and the provisions. For changes in owners’ equity of the investee
other than those arising from its net profit or loss, its proportionate share is directly recorded into capital surplus,
provided that the proportion of the shareholding of the Group in the investee remains unchanged. Book value of the
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investment is reduced by the Group’s share of the profit distribution or cash dividends declared by an investee. The
unrealised profits or losses arising from the intra-group transactions amongst the Group and its investees are
eliminated in proportion to the Group’s equity interest in the investees, and then based on which the investment gains
or losses are recognised. Any losses resulting from transactions between the Group and its investees attributable to
asset impairment losses are not eliminated.
(c) Basis for determining existence of control, jointly control or significant influence over investees
The term "control" refers to the power in the investees, to obtain variable returns by participating in the related
business activities of the investees, and the ability to affect the returns by exercising its power over the investees.
The term "significant influence" refers to the power to participate in the formulation of financial and operating
policies of an enterprise, but not the power to control, or jointly control, the formulation of such policies with other
parties.
(d)Impairment of long-term equity investments
Book value of long-term equity investments in subsidiaries and associates is reduced to the recoverable amount when
the recoverable amount is less than book value.
13、Investment property
Investment property includes leased land use rights, land use rights held and provided for to transfer after
appreciation and leased building and construction.
Investment properties are initially measured at acquisition cost. The cost of outsourcing Investment property includes
the purchase price, relevant taxes and other expenditures that can be directly attributable to the asset; the cost of self-
built Investment property is determined by the construction of the asset. The composition of the necessary
expenditures incurred before the usable state.
Investment property adopts the fair value model for subsequent measurement without depreciation or amortization.
On the balance sheet date, the book value of the investment properties are initially measured at acquisition cost is
adjusted based on the fair value of the investment properties are initially measured at acquisition cost. The difference
between the fair value and the original book value will be calculated into the current profit and loss.
When the use of an Investment property is changed to self-use, the investment property is converted into fixed assets
or intangible assets from the date of change, and the book value and fair value of the fixed assets and intangible assets
are determined based on the fair value of the investment property on the conversion date. The difference with the
original book value of the investment property is included in the current profit and loss. When the purpose of self-use
real estate is changed to earning rent or capital appreciation, from the date of change, the fixed assets or intangible
assets are converted into investment properties are initially measured at acquisition cost, and the fair value on the
day of conversion is used as the book value of the investment properties are initially measured at acquisition cost, and
the fair value on the day of conversion If the value is less than the original book value of fixed assets and intangible
assets, the difference is included in the current profit and loss. If the fair value on the day of conversion is greater
than the original book value of fixed assets and intangible assets, the difference is included in other comprehensive
income.
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When an investment property is disposed of or permanently withdrawn from use and it is expected that no economic
benefits can be obtained from its disposal, the confirmation of the investment real estate shall be terminated. The
disposal income from the sale, transfer, scrapping or destruction of investment real estate shall deduct its book value
and relevant taxes and shall be included in the current profits and losses. If there is an amount included in other
comprehensive income on the original conversion date, it will also be carried forward and included in the current
profit and loss.
14、Fixed assets
（1）Recognition and initial measurement
Fixed assets comprise buildings, machinery and equipment, motor vehicles and others.
Fixed assets are recognised when it is probable that the related economic benefits will probably flow to the Group and
the costs can be reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost
at the acquisition date.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable that
the associated economic benefits will flow to the Group and the related cost can be reliably measured. Book value of
the replaced part is derecognised. All the other subsequent expenditures are recognised in profit or loss in the period
in which they are incurred.
（2）Depreciation methods
Fixed assets are depreciated using the life average method to allocate the cost of the assets to their estimated residual
values over their estimated useful lives. For the fixed assets that have been provided for impairment loss, the related
depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining
useful lives.
The estimated useful lives, the estimated net residual values expressed as a percentage of cost and the annual
depreciation rates of fixed assets are as follows:
Estimated net residual Annual depreciation
Type Depreciation methods Estimated useful lives
value rate
Buildings the life average method 20 to 35 years 5% 2.71% to 4.75%
Machinery and
the life average method 8 to 20 years 5% 4.75% to 11.88%
equipment
Transportation and
the life average method 5 to 8 years 0% 12.50% to 20%
others
The estimated useful life, the estimated net residual value of a fixed asset and the depreciation method applied to the
asset are reviewed, and adjusted as appropriate at each year-end.
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（3）Book value of a fixed asset is reduced to the recoverable amount when the recoverable amount is
below book value.
（4）Disposal
A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or disposal.
The amount of proceeds from disposals on sale, transfer, retirement or damage of a fixed asset net of its carrying
amount and related taxes and expenses is recognised in profit or loss for the current period.
15、Construction in progress
Construction in progress is recorded at actual cost. Actual cost comprises construction cost, installation cost,
borrowing costs eligible for capitalised condition and necessary expenditures incurred for its intended use. Actual
cost also includes net of trial production cost and trial production income before construction in progress is put into
production.
Construction in progress is transferred to fixed assets when the assets are ready for their intended use, and
depreciation begins from the following month.
Book value of construction in progress is reduced to the recoverable amount when the recoverable amount is below
book value.
16、Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of an asset that needs a
substantially long period of time for its intended use commence to be capitalised and recorded as part of the cost of
the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the
acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The
capitalisation of borrowing costs ceases when the asset under acquisition or construction becomes ready for its
intended use and the borrowing costs incurred thereafter are recognised in profit or loss for the current period.
Capitalisation of borrowing costs is suspended during periods in which the acquisition or construction of a fixed asset
is interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction is
resumed.
For the specific borrowings obtained for the acquisition or construction of an asset qualifying for capitalisation, the
amount of borrowing costs eligible for capitalisation is determined by deducting any interest income earned from
depositing the unused specific borrowings in the banks or any investment income arising on the temporary
investment of those borrowings during the capitalisation period.
For the general borrowings obtained for the acquisition or construction of an asset qualifying for capitalisation, the
amount of borrowing costs eligible for capitalisation is determined by applying the weighted average effective
interest rate of general borrowings, to the weighted average of the excess amount of cumulative expenditures on the
asset over the amount of specific borrowings. The effective interest rate is the rate at which the estimated future cash
flows during the period of expected duration of the borrowings or applicable shorter period are discounted to the
initial amount of the borrowings.
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17、Intangible assets
（1）Valuation method, service life, impairment test
Intangible assets, mainly including land use rights, patents and proprietary technologies, exploitation rights and others,
are measured at cost.
(a) Land use rights
Land use rights are amortised on the straight-line basis over their approved use period of 30 to 70 years. If the
acquisition costs of the land use rights and the buildings located thereon cannot be reasonably allocated between the
land use rights and the buildings, all of the acquisition costs are recognised as fixed assets.
(b) Patents and proprietary technologies
Patents are amortised on a straight-line basis over the estimated use life.
(c) Exploitation rights
Exploitation rights are amortised on a straight-line basis over permitted exploitation periods on the exploitation
certificate.
(d) Periodical review of useful life and amortisation method
For an intangible asset with a finite useful life, review of its useful life and amortisation method is performed at each
year-end, with adjustment made as appropriate.
(e) Impairment of intangible assets
Book value of intangible assets is reduced to the recoverable amount when the recoverable amount is below book
value.
（2）Internal Research and development expenditure accounting policy
The expenditure on an internal research and development project is classified into expenditure on the research phase
and expenditure on the development phase based on its nature and whether there is material uncertainty that the
research and development activities can form an intangible asset at end of the project.
Expenditure on the research phase related to planned survey, evaluation and selection for research on manufacturing
technique is recognised in profit or loss in the period in which it is incurred. Prior to mass production, expenditure on
the development phase related to the design and testing phase in regards to the final application of manufacturing
technique is capitalised only if all of the following conditions are satisfied:
the development of manufacturing technique has been fully demonstrated by technical team;
management has approved the budget for the development of manufacturing technique;
there are research and analysis of pre-market research explaining that products manufactured with such technique are
capable of marketing;
There is sufficient technique and capital to support the development of manufacturing technology and subsequent
mass production; and the expenditure on manufacturing technology development can be reliably gathered.
Other development expenditures that do not meet the conditions above are recognised in profit or loss in the period in
which they are incurred. Development costs previously recognised as expenses are not recognised as an asset in a
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subsequent period. Capitalised expenditure on the development phase is presented as development costs in the
balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.
18、Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives and long-term equity investments in
joint ventures and associates are tested for impairment if there is any indication that the assets may be impaired on the
balance sheet date; intangible assets not ready for their intended use are tested at least annually for impairment,
irrespective of whether there is any indication that they may be impaired. If the result of the impairment test indicates
that the recoverable amount of an asset is less than its carrying amount, a provision for impairment and an
impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the future cash
flows expected to be derived from the asset. Provision for asset impairment is determined and recognised on the
individual asset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable
amount of a group of assets to which the asset belongs is determined. A group of assets is the smallest group of assets
that is able to generate independent cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment, irrespective
of whether there is any indication that it may be impaired. In conducting the test, book value of goodwill is allocated
to the related asset groups or groups of asset groups which are expected to benefit from the synergies of the business
combination. If the result of the test indicates that the recoverable amount of an asset group or group of asset groups,
including the allocated goodwill, is lower than its book value, the corresponding impairment loss is recognised. The
impairment loss is first deducted from book value of goodwill that is allocated to the asset group or group of asset
groups, and then deducted from book values of other assets within the asset groups or groups of asset groups in
proportion to book values of assets other than goodwill.
Once the above asset impairment loss is recognised, it will not be reversed for the value recovered in the subsequent
periods.
19、Long-term prepaid expenses
Long-term prepaid expenses include the expenditures that have been incurred but should be recognised as expenses
over more than one year in the current and subsequent periods. Long-term prepaid expenses are amortised on the
straight-line basis over the expected beneficial period and are presented at actual expenditure net of accumulated
amortisation.
20、Employee benefits
Employee benefits include short-term employee benefits, post-employment benefits, termination benefits and other
long-term employee benefits provided in various forms of consideration in exchange for service rendered by
employees or compensations for the termination of employment relationship.
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（1）Short-term employee benefits
Short-term employee benefits include wages or salaries, bonuses, allowances and subsidies, staff welfare, medical
care, work injury insurance, maternity insurance, housing funds, labour union funds, employee education funds and
paid short-term leave, etc. The employee benefit liabilities are recognised in the accounting period in which the
service is rendered by the employees, with a corresponding charge to the profit or loss for the current period or the
cost of relevant assets. Employee benefits which are non-monetary benefits shall be measured at fair value.
（2）Post-employment benefits
The Group classifies post-employment benefit plans as either defined contribution plans or defined benefit plans.
Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into a
separate fund and will have no obligation to pay further contributions; and defined benefit plans are post-employment
benefit plans other than defined contribution plans. During the reporting period, the Group's post-employment
benefits mainly include basic pensions and unemployment insurance, both of which belong to the defined
contribution plans.
（3）Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by local authorities of Ministry
of Human Resource and Social Security. Monthly payments of premiums on the basic pensions are calculated
according to prescribed bases and percentage by the relevant local authorities. When employees retire, local labour
and social security institutions have a duty to pay the basic pension insurance to them. The amounts based on the
above calculations are recognised as liabilities in the accounting period in which the service has been rendered by the
employees, with a corresponding charge to the profit or loss for the current period or the cost of relevant assets.
（4）Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of the
employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of the
employment contracts. The Group recognises a liability arising from compensation for termination of the
employment relationship with employees, with a corresponding charge to profit or loss at the earlier of the following
dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an employment
termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to the
restructuring that involves the payment of termination benefits.
The termination benefits expected to be paid within one year since the balance sheet date are classified as current
liabilities.
21、Provisions
Business restructuring, provisions for product warranties, loss contracts etc. are recognised when the Group has a
present obligation, it is probable that an outflow of economic benefits will be required to settle the obligation, and the
amount of the obligation can be measured reliably.
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A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, are taken
into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of money is
material, the best estimate is determined by discounting the related future cash outflows. The increase in the
discounted amount of the provision arising from passage of time is recognised as interest expense.
Book value of provision is reviewed at each balance sheet date and adjusted to reflect the current best estimate.
The provisions expected to be paid within one year since the balance sheet date are classified as current liabilities.
22、Share-based payments
Share-based payments are divided into equity-settled and cash-settled payments. The term "equity-settled share-based
payment" refers to a transaction in which an enterprise grants shares or other equity instruments as a consideration in
return for services.
Equity-settled share-based payment The Group‘s stock optionstock option plan is the equity-settled share-based
payment in exchange of employees' services and is measured at the fair value of the equity instruments at grant date.
The equity instruments are exercisable after services in vesting period are completed or specified performance
conditions are met. In the vesting period, the services obtained in current period are included in relevant cost and
expenses at the fair value of the equity instruments at grant date based on the best estimate of the number of
exercisable equity instruments, and capital surplus is increased accordingly. The Group makes the best estimate of the
number of vesting equity instruments based on the latest obtained changes in the number of vested employees,
whether the required performance conditions are met, and other follow-up information.If the subsequent information
indicates the number of exercisable equity instruments differs from the previous estimate, an adjustment is made and,
on the exercise date, the estimate is revised to equal the number of actual vested equity instruments.
In the period at which performance conditions and term of service are met, the relevant cost and expenses of equity-
settled payment should be recognized, and capital surplus is increased accordingly. Before the exercise date, the
accruing amounts of equity-settled payments on balance sheet date reflect the part of expired waiting period and
optimal estimation for the number of the Company final vested equity instruments.
If the non-market conditions and term of service are not met so that share-based payment fail to exercise, the costs
and expenses on this portion should not be recognized. If the share-based payment agreement sets out the market
conditions and term of non-vesting, as long as performance conditions and term of service are met, it is should be
regard as exercisable right, no matter the market conditions and non-vesting conditions are meet or not.
If the terms of equity-settled payment are modified, at least the service is confirmed in accordance with the
unmodified terms. In addition, the increase of the fair value of the authorized equity instruments, or the beneficial
changes to the employees on the modification date, the increase of service are confirmed. If the equity-settled
payment is cancelled, the cancellation date shall be deemed as an expedited exercise, and the unconfirmed amount
shall be confirmed immediately. If the employee or other party is able to choose to meet the non-vesting conditions
but not satisfied in the waiting period, equity-settled payment should be cancelled. But if a new equity instrument is
granted, and the new equity instrument is confirm to replace the old equity instrument which is canceled in the
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authorization date of the new equity instrument, the new equity instrument should be disposed by using the same
conditions and terms of the old equity instrument for modifications.
23、Revenue
The Group recognises revenue at the consideration that the Group is entitled to charge as expected when the Group
has fulfilled the performance obligations in the contract, that is, the customer obtains control over relevant goods or
services.
a. Sales of goods
The Group mainly sells flat and engineering glass, products related to solar energy, and electronic glass and displays.
For domestic sales, the Group delivers the products to a certain place specified in the contract. When the buyer takes
over the goods, the Group recognises revenue. 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. The credit period granted by the Group to customers is determined based on the customer's
credit risk characteristics, consistent with industry practices, and there is no major financing component. The Group’s
obligation to transfer goods to customers for consideration received or receivable from customers is listed as contract
liabilities.
Revenue is presented as the net amount after deducting sales discounts and sales returns.
b. Rendering of services
The Group provides external consulting, loading, unloading, transportation and processing labor services, and
recognizes revenue within a period of time based on the progress of the completed labor. The progress of the
completed labor is determined according to the proportion of the cost incurred to the estimated total cost. On the
balance sheet date, the Group re-estimates the progress of completed labor services so that it can reflect changes in
contract performance.
When the Group recognizes revenue based on the performance progress of the completed labor services, the portion
for which the Group has obtained the unconditional right to receive payments is recognized as accounts receivable,
and the remaining portion is recognized as contract assets, and the Company measures the loss reserve of accounts
receivable and contract assets. according to the expected credit loss; If the contract price received or receivable by the
Group exceeds the completed progress, the excess is recognized as contract liabilities. The Group presents the
contract assets and contract liabilities under the same contract as a net amount.
24、Government grants
Government grants are transfers of monetary or non-monetary assets from the government to the Group at nil
consideration, including tax refund and financial subsidies, etc.
A government grant is recognised when there is a reasonable assurance that the grants will be received and the Group
will comply with all attached conditions. Monetary government grants are measured at the amounts received or
receivable. Non-monetary government grant are measured at fair value, if the fair value cannot be reliably obtained, it
is measured at nominal amount.
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The government grants related to assets refer to government grant obtained by enterprises and used for purchase and
construction of long-term assets or formation of long-term asset in other ways. The government grants related to
income refer to grants other than those related to assets.
For government grants related to income, where the grant is a compensation for related expenses or losses to be
incurred by the Group in the subsequent periods, the grant is recognised as deferred income, and included in profit or
loss over the periods in which the related costs are recognised; where the grant is a compensation for related expenses
or losses already incurred by the Group, the grant is recognised immediately in profit or loss for the current
period.The company use the same method of presentation for similar government grants.
The ordinary activitiy government grants should be counted into operating profits; the government grants which not belong
ordinary activities should be counted inton non-operationg income.
25、Deferred tax assets and deferred tax liabilities
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising between
the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax asset is
recognised for the deductible losses that can be carried forward to subsequent years for deduction of the taxable profit
in accordance with the tax laws. No deferred tax liability is recognised for a temporary difference arising from the
initial recognition of goodwill. No deferred tax asset or deferred tax liability is recognised for the temporary
differences resulting from the initial recognition of assets or liabilities due to a transaction other than a business
combination, which affects neither accounting profit nor taxable profit (or deductible loss). At the balance sheet date,
deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits to the
extent that it is probable that taxable profit will be available in the future against which the deductible temporary
differences, deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries and
associates, except where the Group is able to control the timing of reversal of the temporary difference, and it is
probable that the temporary difference will not reverse in the foreseeable future. When it is probable that the
temporary differences arising from investments in subsidiaries and associates will be reversed in the foreseeable
future and that the taxable profit will be available in the future against which the temporary differences can be utilised,
the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities that meet the following conditions at the same time are listed as the net amount
after offset:
Deferred income tax assets and deferred income tax liabilities are related to the same tax payer within the Group and
the same taxation authority; and,
That tax entity within the Group has a legally enforceable right to offset current tax assets against current tax
liabilities.
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26、Leases
A leasing is a contract in which the lessor cedes the right to use an asset to the lessee for a certain period of time in
return for consideration.
(a) The Group acts as the lessee
The Company recognizes the right-of-use assets on the commencement date of the lease term and recognizes the
lease liabilities at the present value of the outstanding lease payments. The lease payments include fixed payments, as
well as payments where there is reasonable certainty that a purchase option will be exercised or a lease option will be
terminated. The variable rent determined based on a certain percentage of sales is not included in the lease payment,
and is included in the current profit and loss when it actually occurs. The Group will list the lease liabilities paid
within one year (inclusive) from the balance sheet date as non-current liabilities due within one year
On the commencement date, the Company shall initially measure the right-of-use asset at cost. The cost of the right-
of-use asset shall comprise the amount of the initial measurement of the lease liability and any lease payments made
at or before the commencement date, and any initial direct costs incurred by the lessee etc, less any lease incentives
received, If ownership of the leased asset transfers to the Group at the end of the lease term, depreciation is calculated
using the estimated useful life of the asset. Otherwise, the right-of-use assets are depreciated over the shorter of the
lease term and the estimated useful lives of the assets. Where the carrying amount of an asset or a cash generating
unit exceeds its recoverable amount, the asset or cash generating unit is considered impaired and is written down to
its recoverable amount.
A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less, and has a low-
value asset leases. The Group does not recognize the right-of-use assets and lease liabilities. The Group recognizes
lease payments on short-term leases and leases of low-value assets in the related asset costs or profit or loss on a
straight-line basis over the lease term.
The Group accounts for a lease modification as a separate lease if both:(1) the modification increases the scope of the
lease by adding the right to use one or more underlying assets; (2) the consideration for the lease increases by an
amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that
stand-alone price to reflect the circumstances of the particular contract.
For a lease modification that is not accounted for as a separate lease, at the effective date of the lease modification the
Group remeasures the lease liability by discounting the revised lease payments using a revised discount rate.
Decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease
modifications that decrease the scope of the lease. The Group recognizes in profit or loss any gain or loss relating to
the partial or full termination of the lease. Other lease modifications will remeasure lease liabilities, and the group
will make a corresponding adjustment to the right-of-use asset book value.
(b) The Group acts as the lessor
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A lease that transfers substantially all the risks and rewards associated with the ownership of the leased asset is a
finance lease. Other leases are operating leases.
(i) Operating lease
When the Company operates leased buildings, machinery and equipment, and means of transport, the rental income
from operating leases shall be recognized in accordance with the straight-line method during the lease term. The
Company will include variable rent determined based on a percentage of sales in rental income when it actually
incurs. For any modification to an operating lease, the Group treats it as a new lease from the effective date of the
modification, and the received or receivable lease payments related to the lease prior to the modification are treated as
lease payments of the new lease.
(ii) Finance lease
On the beginning date of the lease term, the Company recognizes the finance lease receivables for finance leases and
derecognizes related assets. The Company presents the finance lease receivables as long-term receivables, and the
finance lease receivables received within one year (including one year) from the balance sheet date are presented as
non-current assets due within one year.
27、Critical accounting policies and accounting estimates
The Group continually Estimates the critical accounting estimates and key assumptions applied based on historical
experience and other factors, including expectations of future events that are believed to be reasonable.
The critical accounting estimates and key assumptions that have a significant risk of possibly causing a material
adjustment to book values of assets and liabilities within the next accounting year are outlined below:
(a)Income tax
The Group is subject to Income tax in numerous jurisdictions. There are some transactions and events for which the
ultimate tax determination is uncertain during the ordinary course of business. Significant judgement is required from
the Group in determining the provision for Income tax in each of these jurisdictions. Where the final identified
outcome of these tax matters is different from the initially-recorded amount, such difference will impact the income
tax expenses and deferred income tax in the period in which such determination is finally made.
(b) Deferred income tax
Estimates on deferred tax assets are based on estimates on amount of taxable income and applicable tax rate for every
year. Realisation of deferred income tax are subject to sufficient taxable income that are possible to be obtained by
the Group in the future. Change of the future tax rate as well as the reversed time of temporary difference might have
effects on tax expense (income) and the balance of deferred tax assets or liabilities. Those estimates may also cause
significant adjustment on deferred tax.
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(c) Impairment of long-term assets (excluding goodwill)
Long-term assets on the balance sheet date should be subject to impairment testing if there are any indications of
impairment. Management determines whether the long-term assets impaired or not by evaluating and analysing
following aspects: (1) whether the event affecting assets impairment occurs; (2) whether the expected obtainable
present value of future cash flows is lower than the asset’s carrying amount by continually using the assets or disposal;
and (3) whether the assumptions used in expected obtainable present value of future cash flows are appropriate.
Various assumptions, including the discount rate and growth rate applied in the method of present value of future
cash flow, are required in evaluating the recoverable amount of assets. If these assumptions cannot be conformed, the
recoverable amount should be modified, and the long-term assets may be impaired accordingly.
(d) The useful life of fixed assets
Management estimates the useful life of fixed assets, based on historical experiences on using fixed assets that have
similar properties and functions. When there are differences between actually useful life and previously estimation,
management will adjust estimation to useful life of fixed assets. The fixed assets would be written off or written
down when fixed assets been disposed or became redundant. Thus, the estimated result based on existing experience
may be different from the actual result of the next accounting period, which may cause major adjustment to book
value of fixed assets on balance sheet.
(e) Goodwill impairment
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances
indicate a potential impairment. For the purpose of impairment testing, goodwill acquired in a business combination
is allocated to each of the cash-generating units (“CGUs”), or groups of CGUs, and future cash flow from each CGU
or CGUs is forcasted and discounted with appropriate discount rate.
28、Significant changes in accounting policies and accounting estimates
（1）Significant changes in accounting policies
Contents and reasons of changes in
Approval procedure Remark
accounting estimates
On December 30, 2021, the Ministry of
Finance issued " Interpretation No. 15 of
the Accounting Standards for Business
Enterprises " (Finance and Accounting
[2021] No. 35) (hereinafter referred to as
"Interpretation No. 15"), which regulates
the accounting treatment for external It was reviewed and approved the
sales of products or by-products "Proposal on Changes in Accounting The adoption of Interpretation No. 15 did
produced by enterprises before their Policies" by the board of directors on not have a significant impact on the
fixed assets reach their intended usable April 28, 2022. financial condition and operating results
state or during the research and
of the company.
development process, and t and
"judgment on loss-making contracts".
Interpretation No. 15 stipulates that if an
enterprise sells products or by-products
produced before the fixed assets reach
their intended usable status or during the
research and development process, as
well as the judgment on loss contracts,
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was adopted from January 1, 2022
On November 30, 2022, the Ministry of
Finance issued issued " Interpretation
No. 16 of the Accounting Standards for
Business Enterprises " (Finance and
Accounting [2021] No. 31) (hereinafter
referred to as "Interpretation No. 16"),
which regulates the accounting treatment
for the income tax impact of dividends
related to financial instruments classified
It was reviewed and approved the The adoption of Interpretation No. 16 did
as equity instruments by the issuer and
"Proposal on Changes in Accounting not have a significant impact on the
the accounting treatment for the
Policies" by the board of directors on financial condition and operating results
modification of cash settled share-based
April 24, 2023. of the company.
payments to equity settled share-based
payments by enterprises shall be
implemented from the date of
promulgation; The accounting treatment
for deferred income tax related to assets
and liabilities arising from individual
transactions that are not exempt from
initial recognition will be implemented
from January 1, 2023.
The impact of Interpretation No. 15 of the Company's Executive Standards on various items of the consolidated
balance sheet, income statement, and cash flow statement is summarized as follows:
Unit: Yuan
31 December 2021 The amounts of 1 January 2022
Consolidated balance sheet items
adjustments
Fixed assets 8,566,515,026 -215,056 8,566,299,970
Construction in progress 2,461,088,650 -3,106,472 2,457,982,178
Deferred tax assets 255,185,923 -140,857 255,045,066
Taxes payable 185,009,681 -140,857 184,868,824
Deferred tax liabilities 84,580,132 -174,698 84,405,434
Undistributed profits 6,450,587,417 -2,936,550 6,447,650,867
Minority interests 436,813,189 -210,280 436,602,909
Unit: Yuan
The amounts of
Consolidated income statement items Before adjustments in 2021 After adjustments in 2021
adjustments
Total business income 13,629,033,650 43,339,173 13,672,372,823
Total operating costs 8,849,488,093 46,660,701 8,896,148,794
Income tax expenses 356,153,729 -174,698 355,979,031
Net profit 1,561,248,454 -3,146,830 1,558,101,624
Attributable to shareholders of parent 1,529,329,304 -2,936,550 1,526,392,754
company
Minority interests 31,919,150 -210,280 31,708,870
Unit: Yuan
The amounts of
Consolidated cash flow statement Items Before adjustments in 2021 After adjustments in 2021
adjustments
Cash received from sales of goods or
15,127,773,082 58,760,285 15,186,533,367
rendering of services
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CSG Annual Report 2022
Cash paid for goods and services 8,246,043,888 54,173,577 8,300,217,465
Cash paid to and on behalf of
1,638,657,553 6,923,995 1,645,581,548
employees
Cash paid relating to other operating
440,837,552 99,068 440,936,620
activities
Cash received relating to other
80,944,683 -59,262,312 21,682,371
investing activities
Cash paid to acquire fixed assets,
intangible assets and other long-term 1,827,187,640 -5,386,397 1,821,801,243
assets
Cash paid relating to other investing
80,312,270 -56,312,270 24,000,000
activities
（2）Significant changes in accounting estimates
None
29、Others
（1）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 is 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 recognised. The fixed assets are no
longer be depreciated in future.
（2）Segment information
The Group identifies operating segments based on the internal organisation structure, management requirements and
internal reporting system, and discloses segment information of reportable segments which is determined on the basis
of operating segments.
An operating segment is a component of the Group that satisfies all of the following conditions: (1) the component is
able to earn revenue and incur expenses from its ordinary activities; (2) whose operating results are regularly
reviewed by the Group’s management to make decisions about resources to be allocated to the segment and to assess
its performance, and (3) for which the information on financial position, operating results and cash flows is available
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to the Group. If two or more operating segments have similar economic characteristics and satisfy certain conditions,
they are aggregated into one single operating segment.
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IV、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 0%-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)
City maintenance and construction tax VAT paid 1%-7%
Educational surcharge VAT paid 5%
2、Tax incentives
The main tax incentives the Group is entitled to are as follows:
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.
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 2020 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 2020.
Dongguan CSG Solar Glass Co., Ltd. (“Dongguan CSG Solar”) passed review on a high and new tech enterprise in
2020 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 2020.
Yichang CSG Polysilicon Co., Ltd. (“Yichang CSG Polysilicon”) passed review on a high and new tech enterprise in
2020 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 2020.
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.
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Wujiang CSG Glass Co., Ltd. (“Wujiang CSG”) passed review on a high and new tech enterprise in 2020, 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 2020.
Xianning CSG Glass Co Ltd. (“Xianning CSG”) passed review on a high and new tech enterprise in 2020, 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 2020.
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.
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.
Yichang CSG Display Co., Ltd (“Yichang CSG Display”) passed review on a high and new tech enterprisein 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.
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.
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.
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.
Dongguan CSG Crystal Yuxin Materials Co., Ltd. ("Dongguan Jing Yu Company") 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.
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.
147
CSG Annual Report 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 Risheng 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 tax at a tax rate of 15% for current year.
Zhaoqing CSG New Energy Technology Co., Ltd. (hereinafter referred to as "Zhaoqing New Energy Company"),
Zhangzhou CSG Kibing PV Energy Co., Ltd. (“Zhangzhou CSG PV Energy”), Heyuang CSG Kibing PV Energy Co.,
Ltd. (“Heyang CSG”), and Shaoxing CSG Kibing New Energy Co., Ltd. (“Shaoxing CSG New Energy”), Xianning
CSG PV Energy Co., Ltd. (“Xianning PV Energy”), Zhanjiang CSG New Energy Co., Ltd. (“Zhanjiang 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 of China on Enterprise Income Tax, and can enjoy the
tax preferential policy of “three-year exemptions and three-year halves”, 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.
3、Others
Some subsidiaries of the Group have used the “exempt, credit, refund” method on goods exported and the refund rate is 0%-13%.
V、NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1、Cash at bank and on hand
Unit: Yuan
Item 31 December 2022 1 January 2022
Cash at bank 3,242,318,251 2,453,477,573
Other Currency Funds 1,362,289,528 312,448,333
Total 4,604,607,779 2,765,925,906
Including: Total overseas deposits 52,079,105 8,906,359
The total amount of cash and cash 10,589,528 9,448,334
148
CSG Annual Report 2022
equivalents that are restricted to use due
to mortgage, pledge or freezing etc.
2、Financial assets held for trading
Unit: Yuan
Item 31 December 2022 1 January 2022
Financial assets at fair value through
999,600,000
profit or loss- Structural deposits
Total 999,600,000
3、Notes receivable
（1）Notes receivable listed by category
Unit: Yuan
Item 31 December 2022 1 January 2022
Bank acceptance 156,943,437
Commercial acceptance 19,220,984
Total 156,943,437 19,220,984
Unit: Yuan
31 December 2022 1 January 2022
Provision
Provision for bad
Carrying amount for bad Carrying amount
debts
Category debts Book
Book value
A Pro Prop value
Propor Propor
Amount mo port Amount Amount ortio
tion tion
unt ion n
Credit loss
provision
28,438,249 71% 20,778,806 73% 7,659,443
accrued by
item
Credit loss
provision
156,943,437 100% 156,943,437 11,561,541 29% 11,561,541
accrued by
portfolio
Total 156,943,437 100% 156,943,437 39,999,790 100% 20,778,806 52% 19,220,984
（2）Bad debt provision made, returned or recovered in the period
Provision for bad debts in current year：
Unit: Yuan
Amount of change this year
1 January Transfer to 31 December
Category Recovery or
2022 Accrual Write-off accounts 2022
reversal
receivable
Credit loss provision
20,778,806 20,778,806
accrued by item
149
CSG Annual Report 2022
Total 20,778,806 20,778,806
（3）Notes receivables that the Company has pledged at the end of the period
Unit: Yuan
Item Pledged amount
Bank acceptance 156,943,437
Total 156,943,437
（4）Endorsed or discounted notes receivable have not yet matured on the balance sheet
None
（5）Notes transferred to accounts receivable due to default of the issue at the end of period
Unit: Yuan
Amount transferred to accounts receivable at the end of the
Item
period
Commercial acceptance 29,811,343
Total 29,811,343
4、Accounts receivable
（1）Details on categories
Unit: Yuan
31 December 2022 1 January 2022
Provision for bad Provision for bad
Carrying amount Carrying amount
debts debts
Category
Provis Provis
Book value Book value
Propor ion Propor ion
Amount Amount Amount Amount
tion Propor tion Propor
tion tion
Separate
provision
196,468,864 14% 157,019,809 80% 39,449,055 159,936,493 19% 103,566,693 65% 56,369,800
for bad
debts
Portfolio
provision
1,163,820,132 86% 23,276,403 2% 1,140,543,729 687,914,171 81% 13,758,284 2% 674,155,887
for bad
debts
Total 1,360,288,996 100% 180,296,212 13% 1,179,992,784 847,850,664 100% 117,324,977 14% 730,525,687
Provision for bad debts made on an individual basis:
Unit: Yuan
31 December 2022
Name
Carrying amount Provision for Provision Reason for provision
150
CSG Annual Report 2022
bad debts Proportion
Mainly due to the inability to honor commercial
acceptance bills issued by Evergrande and its
subsidiaries that have been endorsed by customers, and
Separate provision
196,468,864 157,019,809 80% the transfer of accounts receivable from bills
for bad debts
receivable, as well as partial or full provision for bad
debt reserves due to business disputes or deterioration
of customer operations.
Total 196,468,864 157,019,809 80%
Provision for bad debts made on the basis of portfolio:
Unit: Yuan
31 December 2022
Type(s)
Carrying amount Provision for bad debts Proportion (%)
Portfolio 1 1,163,820,132 23,276,403 2%
Total 1,163,820,132 23,276,403 2%
Disclosure by ages
Unit: Yuan
Aging 31 December 2022
Within 1 year (including 1 year) 1,092,590,056
1 to 2 years 167,876,479
2 to 3 years 51,281,059
Over 3 years 48,541,402
Total 1,360,288,996
（2）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: Yuan
Amount of change this year
1 January 31 December
Type(s) Transfer from Recovery or
2022 Accrual Write-off 2022
notes receivable reversal
Provision for bad
debts for 117,324,977 57,816,645 20,778,806 13,315,052 2,309,164 180,296,212
accounts receivable
Total 117,324,977 57,816,645 20,778,806 13,315,052 2,309,164 180,296,212
（3）Accounts receivable actually written off in current period
Unit: Yuan
Item Written-off amount
Accounts receivable 2,309,164
151
CSG Annual Report 2022
（4）Accounts receivable details of the top 5 closing balances by debtors
Unit: Yuan
Accounts receivable Percentage in total accounts Provision for bad debts closing
Name
closing balance receivable balance balance
Total balances for the five largest
465,461,318 34% 9,309,226
accounts receivable
Total 465,461,318 34% 9,309,226
5、Receivables Financing
Unit: Yuan
Item 31 December 2022 1 January 2022
Bank acceptance measured at fair value 1,095,412,643 297,046,123
Total 1,095,412,643 297,046,123
6、Advances to suppliers
（1）Listing by ages
Unit: Yuan
31 December 2022 1 January 2022
Aging
Amount Proportion Amount Proportion
Within 1 year
182,578,314 100% 74,971,763 98%
(including 1 year)
1 to 2 years 377,211 486,849 1%
2 to 3 years 153,800 520,498 1%
Over 3 years 520,498 118,166
Total 183,629,823 100% 76,097,276 100%
（2）Advance payment of the top 5 closing balances by prepayment objects
Unit: Yuan
Item Advance payment closing Percentage in total advances to suppliers
balance balance
Total balances for the five largest advances to
100,453,656 55%
suppliers
7、Other receivables
Unit: Yuan
Item 31 December 2022 1 January 2022
Other receivables 193,847,322 183,696,711
Total 193,847,322 183,696,711
152
CSG Annual Report 2022
（1）Other receivables
1）Other receivables categorized by nature
Unit: Yuan
Item 31 December 2022 1 January 2022
Receivables from special fund for talent 171,000,000 171,000,000
Payments made on behalf of other parties 49,075,321 47,686,819
Advances to suppliers(i) 10,366,164 10,366,164
Refundable deposits 16,456,690 9,191,412
Petty cash 963,222 497,273
Others 12,091,519 8,110,638
Total 259,952,916 246,852,306
(i) The subsidiaries of Yingde CBM Mining Co., Ltd. mainly prepaid to supplier for materials and the prepayments accounts are
transferred to other receivables.
2）Provision for bad debts
Unit: Yuan
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 1st January 2022 1,166,526 61,989,069 63,155,595
Carrying amount on 1st
January 2022
that in this period:
Provision for the period 666,124 2,785,170 3,451,294
Reverse for the period 232,780 232,780
Write off for the period 268,515 268,515
Amount on 31st December
1,331,355 64,774,239 66,105,594
2022
3）Disclosure by ages
Unit: Yuan
Aging 31 December 2022
Within 1 year (including 1 year) 27,945,528
1 to 2 years 31,332,255
2 to 3 years 1,421,606
Over 3 years 199,253,527
3 to 4 years 563,830
4 to 5 years 2,066,855
153
CSG Annual Report 2022
Over 5 years 196,622,842
Total 259,952,916
4）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: Yuan
Movement in current year
31 December
Type 1 January 2022 Withdrawal or
Accrual Write-off Others 2022
reversal
Bad debt
63,155,595 3,451,294 232,780 268,515 66,105,594
provision
Total 63,155,595 3,451,294 232,780 268,515 66,105,594
5）Other receivable actually written off in current period
Unit: Yuan
Item Write-off amount
Other receivables 268,515
6）Other receivables details of the top 5 closing balances by debtors
Unit: Yuan
Percentage in total
Provision for bad
Name Nature of business 31 December 2022 Ageing other receivables
debts
balance
Independent third
Company A 171,000,000 Over 5 years 66% 51,300,000
party
Governmental Independent third
24,000,000 1 to 2 years 9% 480,000
department B party
Governmental Independent third
11,556,004 Over 5 years 4% 231,120
department C party
Independent third
Company D 10,366,164 Over 5 years 4% 10,366,164
party
Governmental Independent third
10,000,000 Within 1 year 4% 200,000
department E party
Total 226,922,168 87% 62,577,284
8、Inventories
（1）Inventory classification
Unit: Yuan
31 December 2022 1 January 2022
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
154
CSG Annual Report 2022
Raw materials 646,622,778 9,065,792 637,556,986 389,937,319 1,002,085 388,935,234
Work in
31,745,770 31,745,770 22,801,437 22,801,437
progress
Finished goods 1,067,004,894 20,645,880 1,046,359,014 632,814,981 5,829,059 626,985,922
Turnover
68,702,610 422,398 68,280,212 55,480,764 397,832 55,082,932
materials
Total 1,814,076,052 30,134,070 1,783,941,982 1,101,034,501 7,228,976 1,093,805,525
（2）Provision for inventories
Unit: Yuan
Increase in current year Decrease in current year
31 December
Item 1 January 2022 Reversal or
Provision Others Others 2022
write-off
Raw materials 1,002,085 8,114,149 50,442 9,065,792
Finished goods 5,829,059 19,939,274 5,122,453 20,645,880
Turnover
397,832 262,068 237,502 422,398
materials
Total 7,228,976 28,315,491 5,410,397 30,134,070
9、Non-current assets due within one year
Unit: Yuan
Item 31 December 2022 1 January 2022
Fixed-term deposit in bank due within
20,000,000
one year
Total 20,000,000
10、Other current assets
Unit: Yuan
Item 31 December 2022 1 January 2022
VAT to be offset 45,198,116 128,033,622
Enterprise income tax prepaid 30,407,477 3,771,709
VAT input to be recognised 32,642,483 8,888,295
Others 469 11,672
Total 108,248,545 140,705,298
11、Investment properties
（1）Investment properties measured using the Fair value model
Unit: Yuan
Item House, building and related land use rights
I.1 January 2022 383,084,500
155
CSG Annual Report 2022
II.Movemnet in the Current Period -92,716,395
III.31 December 2022 290,368,105
Notes： In 2022, the investment real estate held by the group was transferred out to fixed assets of RMB 49,199,084 yuan and
intangible assets of RMB 43,517,311 yuan, mainly due to the transfer of this part of investment real estate from external leasing to
self use. From the date of change of purpose, the group converted this investment real estate into fixed assets and intangible assets,
and determined the book value of fixed assets and intangible assets based on the fair value of the investment real estate on the date
of conversion.
12、Fixed assets
Unit: Yuan
Item 31 December 2022 1 January 2022
Fixed assets 11,243,236,175 8,566,299,970
Total 11,243,236,175 8,566,299,970
（1）List of fixed assets
Unit: Yuan
Machinery and Motor vehicles
Item Buildings Total
equipment and others
I. Original book value：
1. 31 December 2021 4,175,491,233 12,040,091,415 257,186,014 16,472,768,662
2. Increase in current year 1,345,509,099 3,450,230,394 52,792,356 4,848,531,849
（1）Acquisition 5,066,207 39,448,097 22,342,388 66,856,692
（2）Transfers from
1,290,236,878 3,407,521,111 28,793,157 4,726,551,146
construction in progress
（3）Others 50,206,014 3,261,186 1,656,811 55,124,011
3. Decrease in current year 215,294,604 1,207,222,532 15,953,817 1,438,470,953
（1）Disposal or retirement 27,750,045 693,463,962 15,018,347 736,232,354
（2）Transfer to construction
183,920,987 504,217,090 600,382 688,738,459
in progress
（3）Others 3,623,572 9,541,480 335,088 13,500,140
4. 31 December 2022 5,305,705,728 14,283,099,277 294,024,553 19,882,829,558
II.Accumulative depreciation
1. 31 December 2021 1,129,349,070 5,532,791,435 230,711,343 6,892,851,848
2. Increase in current year 139,437,453 765,058,714 28,661,275 933,157,442
（1）Provision 139,295,939 764,183,928 28,028,195 931,508,062
（2）Others 141,514 874,786 633,080 1,649,380
3. Decrease in current year 54,006,016 312,643,023 14,043,321 380,692,360
（1）Disposal or retirement 5,653,306 26,332,381 13,678,033 45,663,720
（2）Transfer to construction
47,589,170 285,671,695 358,735 333,619,600
in progress
（3）Others 763,540 638,947 6,553 1,409,040
4. 31 December 2022 1,214,780,507 5,985,207,126 245,329,297 7,445,316,930
III.Impairment provision
156
CSG Annual Report 2022
Machinery and Motor vehicles
Item Buildings Total
equipment and others
1. 31 December 2021 59,901,148 953,451,046 264,650 1,013,616,844
2. Increase in current year 113,127,910 758,083,952 528,767 871,740,629
（1）Provision 4,997,092 4,997,092
（2）Transfers from
113,127,910 753,086,860 528,767 866,743,537
construction in progress
3. Decrease in current year 20,189,071 670,890,456 1,493 691,081,020
（1）Disposal or retirement 20,189,071 636,021,100 1,493 656,211,664
（2）Transfer to construction
34,869,356 34,869,356
in progress
4. 31 December 2022 152,839,987 1,040,644,542 791,924 1,194,276,453
IV. Book value
1. 31 December 2022 3,938,085,234 7,257,247,609 47,903,332 11,243,236,175
2. 31 December 2021 2,986,241,015 5,553,848,934 26,210,021 8,566,299,970
（2）Fixed assets without ownership certificate
Unit: Yuan
Reasons for not yet obtaining certificates
Item Carrying amount
of title
Have submitted the required documents
and are in the process of application, or
Buildings 1,375,506,149
the related land use right certificate
pending
13、Construction in progress
Unit: Yuan
Item 31 December 2022 1 January 2022
Construction in progress 2,520,362,291 2,457,982,178
Total 2,520,362,291 2,457,982,178
（1）Details of construction in progress
Unit: Yuan
31 December 2022 1 January 2022
Provision
Item Provision for
Carrying for Carrying
Book value impairment Book value
amount impairment amount
loss
loss
Anhui Fengyang
Solar Equipment
Lightweight High
917,798,737 917,798,737 765,170,527 765,170,527
Tongue Plate
Manufacturing Base
Project
Xianning Nanblass 721,820,302 721,820,302 66,449,089 66,449,089
157
CSG Annual Report 2022
31 December 2022 1 January 2022
Provision
Item Provision for
Carrying for Carrying
Book value impairment Book value
amount impairment amount
loss
loss
1200T / D Ton
Photovoltaic
Packaging Material
Production Line
Project
Hebei window ultra-
thin electronic glass
256,034,845 256,034,845 24,393,421 24,393,421
second line
construction project
Qingyuan South Blass
Technology Reform 225,748,578 94,897,536 130,851,042 297,932,280 174,675,600 123,256,680
Project
450MWPERC Battery
Technology Upgrade 186,866,743 184,998,076 1,868,667 186,866,743 184,998,076 1,868,667
Project
Wujiang Project New
Engineering Glass
Intelligent
72,885,336 72,885,336 51,766,295 51,766,295
Manufacturing
Factory Construction
Project
Xi'an South Glass
Energy Saving Glass
41,694,021 41,694,021 337,339 337,339
Production Line
Project
Zhaoqing CSG high-
end automobile glass
40,439,362 40,439,362 27,941,928 27,941,928
production line
project
Dongguan Solar
G6/G7 Line Process
and Equipment 37,794,114 37,794,114
Upgrading and
Renovation Project
158
CSG Annual Report 2022
（1）Details of construction in progress（Continued）
Unit: Yuan
31 December 2022 1 January 2022
Item Provision Provision for
Carrying Carrying
for Book value impairment Book value
amount amount
impairment loss
Guangxi beihai loss
Photovoltaic Green
33,213,753 33,213,753 382,997 382,997
Energy Industry Park
(Phase I) Project
Zhaoqing CSG high-
end energy-saving
14,799,352 14,799,352 279,138,811 279,138,811
glass production line
project
New 50000 ton/year
high-purity crystalline
silicon project in 10,319,009 10,319,009
Haixi Prefecture,
Qinghai Province
Anhui Fengyang
Shiying Sand 403,753 403,753 56,656,483 56,656,483
Construction Project
Wujiang float light-
quality high-
efficiency double
53,098 53,098 39,032,912 39,032,912
glass processing
production line
construction project
Yichang South Glass
Crystalline Silicon 1,535,368,156 857,890,185 677,477,971
Reform Project
Dongguan Solar
Double Glass
Calendering Line
2,389,871 2,389,871
Technical
Transformation and
Upgrading Project
Others 307,676,667 67,289,767 240,386,900 400,433,199 58,714,012 341,719,187
Total 2,867,547,670 347,185,379 2,520,362,291 3,734,260,051 1,276,277,873 2,457,982,178
159
CSG Annual Report 2022
（2）Movement of significant projects of construction in progress
Unit: Yuan
Proporti
on Including: Capital
between Engin Amount of Amount of isation
Transfer to Other
1 January Increase in 31 December engineer eering borrowing borrowing rate for Source of
Project name Budget fixed assets in decreases in
2022 current year 2022 ing progre costs costs in fund
current year current year
input ss capitalised capitalised current
and in 2022 year
budget
Anhui Fengyang
Solar Energy Internal
Equipment 3,739,020,000 765,170,527 1,819,630,548 1,667,002,338 917,798,737 69% 88% 33,884,513 31,439,015 3.64% fund and
Manufacturing bank loan
Base Project
Xianning
Nanblass 1200T /
D Ton
Internal
Photovoltaic
858,090,000 66,449,089 660,547,276 5,176,063 721,820,302 85% 85% 20,450,743 15,327,576 4.08% fund and
Packaging
bank loan
Material
Production Line
Project
Hebei window
ultra-thin
Internal
electronic glass
284,964,800 24,393,421 232,913,263 1,271,839 256,034,845 90% 90% 2,480,896 2,480,517 4.20% fund and
second line
bank loan
construction
project
Qingyuan CSG
Phase I Internal
Technological 534,870,000 297,932,280 8,683,859 363,834 80,503,727 225,748,578 4% 4% fund and
Transformation bank loan
Project
Dongguan Internal
100,990,000 186,866,743 186,866,743 1% 3%
Photovoltaic fund and
160
CSG Annual Report 2022
Proporti
on Including: Capital
between Engin Amount of Amount of isation
Transfer to Other
1 January Increase in 31 December engineer eering borrowing borrowing rate for Source of
Project name Budget fixed assets in decreases in
2022 current year 2022 ing progre costs costs in fund
current year current year
input ss capitalised capitalised current
and in 2022 year
budget
Building B bank loan
450MWPERC
Battery
Technology
Upgrade Project
Wujiang Project
New Engineering
Glass Intelligent Internal
Manufacturing 179,140,610 51,766,295 27,404,705 6,285,664 72,885,336 44% 57% 1,455,152 1,134,058 3.85% fund and
Factory bank loan
Construction
Project
Xi'an South Glass
Internal
Energy Saving
494,000,000 337,339 41,356,682 41,694,021 8% 8% fund and
Glass Production
bank loan
Line Project
Zhaoqing CSG
High-end Internal
Automobile Glass 609,830,000 27,941,928 64,633,762 52,136,328 40,439,362 15% 15% fund and
Production Line bank loan
Project
Dongguan Solar
G6/G7 Line
Process and Internal
Equipment 61,330,000 37,794,114 37,794,114 32% 32% 59,828 59,828 3.90% fund and
Upgrading and bank loan
Renovation
Project
Guangxi beihai Internal
4,942,051,800 382,997 32,830,756 33,213,753 1% 2% 52,366 52,366 1.98%
Photovoltaic fund and
161
CSG Annual Report 2022
Proporti
on Including: Capital
between Engin Amount of Amount of isation
Transfer to Other
1 January Increase in 31 December engineer eering borrowing borrowing rate for Source of
Project name Budget fixed assets in decreases in
2022 current year 2022 ing progre costs costs in fund
current year current year
input ss capitalised capitalised current
and in 2022 year
budget
Green Energy bank loan
Industry Park
(Phase I) Project
Zhaoqing CSG
high-end energy- Internal
saving glass 500,000,000 279,138,811 37,410,296 301,749,755 14,799,352 86% 100% 5,728,195 1,573,270 3.80% fund and
production line bank loan
project
New 50000 Convertib
ton/year high- le
purity crystalline bonds、
4,490,920,000 10,319,009 10,319,009
silicon project in Internal
Haixi Prefecture, fund and
Qinghai Province bank loan
Anhui
Fengyangnian Internal
Quartz Sand 1,029,300,000 56,656,483 83,482,656 139,735,386 403,753 14% 56% 1,144,949 1,026,584 4.55% fund and
Construction bank loan
Project
Wujiang Float
Internal
Processing
158,850,000 39,032,912 91,603,119 130,582,933 53,098 82% 82% 1,360,214 972,258 4.00% fund and
Production Line
bank loan
Project
Yichang CSG
Polysilicon
Internal
Technical 49,520,000 1,535,368,156 1,511,107,324 24,260,832 100% 100%
fund
Transformation
Project
Dongguan Solar Internal
143,490,000 2,389,871 357,427,025 359,816,896 100% 100% 1,016,458 1,016,458 3.80%
Double Glass fund and
162
CSG Annual Report 2022
Proporti
on Including: Capital
between Engin Amount of Amount of isation
Transfer to Other
1 January Increase in 31 December engineer eering borrowing borrowing rate for Source of
Project name Budget fixed assets in decreases in
2022 current year 2022 ing progre costs costs in fund
current year current year
input ss capitalised capitalised current
and in 2022 year
budget
Calendering Line bank loan
Technical
Transformation
and Upgrading
Project
Others Internal
1,701,362,682 400,433,199 466,819,098 551,322,786 8,252,844 307,676,667 7,648,177 1,428,238 fund and
bank loan
Total 19,877,729,892 3,734,260,051 3,972,856,168 4,726,551,146 113,017,403 2,867,547,670 75,281,491 56,510,168
163
CSG Annual Report 2022
14、Right-use of assets
Unit: Yuan
Item Land Buildings Total
I.Original book value:
1. 1 January 2021 9,770,358 1,897,983 11,668,341
2. Increased in current
2,493,686 2,493,686
year
3. Decreased in current
473,610 1,897,983 2,371,593
year
4. 31 December 2022 11,790,434 11,790,434
II.Accumulative depreciation
1. 1 January 2021 942,985 813,421 1,756,406
2. Increased in current
1,412,646 610,066 2,022,712
year
3. Decreased in current
473,610 1,423,487 1,897,097
year
4. 31 December 2022 1,882,021 1,882,021
III.Impairment Provisions
IV.Carrying amount
1. 31 December 2022 9,908,413 9,908,413
2. 1 January 2021 8,827,373 1,084,562 9,911,935
15、Intangible assets
（1）Details of intangible assets
Unit: Yuan
Patents and
Land use Exploitation
Item proprietary Others Total
rights rights
technologies
I. Original book value：
1. 1 January 2021 1,169,898,169 428,988,220 5,651,751 46,713,240 1,651,251,380
2. Increased in current year 255,533,473 73,086,658 8,125,815 336,745,946
（1）Acquisition in
212,016,162 7,293,468 219,309,630
current year
（2）Transfers from
development expenditure in 73,086,658 73,086,658
current year
（3）Others 43,517,311 832,347 44,349,658
3. Decreased in current
300,000 259,999 559,999
year
（1）Others 300,000 259,999 559,999
4. 31 December 2022 1,425,431,642 502,074,878 5,351,751 54,579,056 1,987,437,327
II.、Accumulative amortization
164
CSG Annual Report 2022
Patents and
Land use Exploitation
Item proprietary Others Total
rights rights
technologies
1. 1 January 2021 230,710,042 194,971,917 4,591,610 40,155,929 470,429,498
2. Increased in current year 27,483,295 32,356,789 183,457 5,762,143 65,785,684
（1）Provision in
27,483,295 32,356,789 183,457 5,762,143 65,785,684
current year
3. Decreased in current
91,001 91,001
year
（1）Others 91,001 91,001
4. 31 December 2022 258,193,337 227,328,706 4,775,067 45,827,071 536,124,181
III.Provision for impairment
1. 1 January 2021 13,201,347 9,133 13,210,480
2. Increased in current year
3. Decreased in current
year
4. 31 December 2022 13,201,347 9,133 13,210,480
IV.Book value
1. 31 December 2022 1,167,238,305 261,544,825 576,684 8,742,852 1,438,102,666
2. 1 January 2021 939,188,127 220,814,956 1,060,141 6,548,178 1,167,611,402
At the end of this period, the proportion of intangible assets formed through internal research and development of the company to
the balance of intangible assets is 20.69%.
（2）Land use rights without ownership certificate
Unit: Yuan
Reasons for not yet obtaining certificates
Item Carrying amount
of title
The management of our company believes
that there is no substantive legal obstacle
Land use to obtaining the relevant land use
4,190,693
rights certificate, and it will not have a significant
adverse impact on the operation of our
group.
16、Development expenditure
Unit: Yuan
Increase in
Decreased in current year
current year
Item 1 January 2022 Internal 31 December 2022
Recognised as Recognised as
development
intangible assets expenses
expenditure
Development
72,019,362 57,620,265 73,086,658 9,797,153 46,755,816
expenditure
Total 72,019,362 57,620,265 73,086,658 9,797,153 46,755,816
165
CSG Annual Report 2022
17、Goodwill
（1）Original carrying amount of goodwil
Unit: Yuan
Name of Invested
Increased in current Decreased in current
Unit or Items 1 January 2022 31 December 2022
year year
Forming Goodwill
Tianjin CSG
Architectural Glass Co., 3,039,946 3,039,946
Ltd
Xianning CSG
4,857,406 4,857,406
Photoelectric
Shenzhen CSG Display 389,494,804 389,494,804
Total 397,392,156 397,392,156
（2）Provision for impairment of goodwill
Unit: Yuan
Name of invested unit
Increased in current Decreased in current
or matters forming 1 January 2022 31 December 2022
year year
goodwill
Shenzhen CSG
267,244,297 122,250,507 389,494,804
Display(i)
Total 267,244,297 122,250,507 389,494,804
(i) The calculation of the impairment used the higher conclusions of the two future measurement methods of the present value of
the expected future cash flow and the fair value minus the disposal expenses. The methods, assumptions, asset groups, etc. of the
goodwill impairment test this year was consistented with the date of purchase and the previous year.
Shenzhen CSG Display adopting the method of discounting future cashflow is with the following main hypothesizes:
Item 2022 2021
Income growth for the predicted period 2%-24% 1%-15%
Income growth for the stabilized period 0% 0%
Gross profit margin 17%-18% 20%-24%
Discount rate 12% 13%
18、Long-term prepaid expenses
Unit: Yuan
Increased
Amortized Other
amounts in
Item 1 January 2022 amounts in the decreased 31 December 2022
the current
current period amounts
Period
Various prepaid
3,013,721 1,470,002 1,835,784 2,647,939
expenses
Total 3,013,721 1,470,002 1,835,784 2,647,939
166
CSG Annual Report 2022
19、Deferred tax assets and liabilities
（1）Deferred income tax assets before offsetting
Unit: Yuan
31 December 2022 1 January 2022
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
740,627,003 112,511,365 1,005,602,209 152,036,386
impairments
Deductible losses 362,029,963 65,461,019 621,359,522 106,718,563
Government grants 160,233,122 25,185,546 165,972,475 25,755,549
Accrued expenses 8,584,847 1,287,727 7,908,397 1,186,260
Depreciation of fixed
100,859,773 15,955,296 115,414,875 21,061,453
assets ,etc
Total 1,372,334,708 220,400,953 1,916,257,478 306,758,211
（2）Deferred income tax liabilities before offsetting
Unit: Yuan
31 December 2022 1 January 2022
Item Taxable temporary Deferred tax Taxable temporary
Deferred tax liabilities
differences liabilities differences
Depreciation of fixed assets 663,136,097 100,893,303 526,051,177 80,581,722
Changes in the fair value of
368,564,944 55,284,742 370,245,713 55,536,857
investment real estate
Total 1,031,701,041 156,178,045 896,296,890 136,118,579
（3）Deferred income tax assets or liabilities presented with net amount after offsetting
Unit: Yuan
offset amount of Carrying amount after
Carrying amount after
Offset amount of deferred tax assets offsetting between
offsetting between
Item deferred tax assets and liabilities at deferred tax assets and
deferred tax assets and
and liabilities the end of last liabilitie at the end of
liabilities
period last period
Deferred tax assets 58,911,204 161,489,749 51,713,145 255,045,066
Deferred tax liabilities 58,911,204 97,266,841 51,713,145 84,405,434
（4）Detail about unrecognized deferred income tax assets
Unit: Yuan
Item 31 December 2022 1 January 2022
Deductible losses etc 1,713,248,298 2,045,391,888
Total 1,713,248,298 2,045,391,888
167
CSG Annual Report 2022
（5）Deductible losses of unconfirmed deferred income tax assets shall expire in the following years
Unit: Yuan
Year 31 December 2022 1 January 2022 Notes
2022 83,303,539
2023 146,238,837 146,238,837
2024 178,208,832 178,208,832
2025 745,942,821 939,085,536
2026 642,332,904 698,555,144
2027 524,904
Total 1,713,248,298 2,045,391,888
20、Other non-current assets
Unit: Yuan
31 December 2022 1 January 2022
Item Impairment Book Impairment Book
Carrying amount Carrying amount
provision value provision value
Prepayment for
equipment and 194,410,485 194,410,485 469,352,622 469,352,622
project
Prepayment for
lease of land use 24,210,000 24,210,000 14,810,000 14,810,000
rights
Fixed deposits 80,000,000 80,000,000 100,000,000 100,000,000
Prepaid mining
558,000,000 558,000,000
rights
Total 856,620,485 856,620,485 584,162,622 584,162,622
21、Short-term borrowings
（1）Classification of short-term borrowings
Unit: Yuan
Item 31 December 2022 1 January 2022
Guaranteed loan 144,000,000 80,770,000
Credit loan 201,000,000 100,000,000
Total 345,000,000 180,770,000
22、Notes payable
Unit: Yuan
Type 31 December 2022 1 January 2022
Trade acceptance 290,779,095 107,571,279
Bank acceptance 703,778,401 293,091,434
Total 994,557,496 400,662,713
168
CSG Annual Report 2022
23、Accounts payable
（1）Accounts Payable Listed
Unit: Yuan
Item 31 December 2022 1 January 2022
Materials payable 813,677,642 665,770,883
Equipment payable 483,253,256 268,623,795
Construction expenses payable 576,821,441 372,802,783
Freight payable 88,104,366 68,894,843
Utilities payable 64,738,721 47,260,003
Others 6,947,201 5,499,005
Total 2,033,542,627 1,428,851,312
（2）Significant accounts payable aged more than one year
Unit: Yuan
Item 31 December 2022 Reasons
Due to the unfinished final accounts of
Engineering and equipment payments, etc 173,226,228 related projects, they have not been settled
yet
Total 173,226,228
24、Contract liabilities
Unit: Yuan
Item 31 December 2022 1 January 2022
Contract liabilities 418,051,975 335,188,642
Total 418,051,975 335,188,642
25、Employee benefits payable
（1）Presentation of employee benefits payable
Unit: Yuan
Increase in Decrease in current
Item 1 January 2022 31 December 2022
current year year
I.Short-term employee benefits
426,027,259 1,963,114,264 1,924,210,584 464,930,939
payable
II.Defined contribution plans
11,722 158,660,060 149,986,293 8,685,489
payable
III.Termination benefits 173,998 3,724,287 3,898,285
Total 426,212,979 2,125,498,611 2,078,095,162 473,616,428
169
CSG Annual Report 2022
（2）Presentation of short-term benefits
Unit: Yuan
Increase in Decrease in current
Item 1 January 2022 31 December 2022
current year year
1、Wages and salaries, bonus,
402,716,350 1,827,308,377 1,791,601,399 438,423,328
allowances and subsidies
2、Social security contributions 5,808 68,176,447 66,598,983 1,583,272
Including: Medical insurance 5,097 59,967,180 59,014,656 957,621
Work injury insurance 291 5,939,525 5,380,386 559,430
Maternity insurance 420 2,269,742 2,203,941 66,221
3、Housing funds 958,798 48,106,589 48,174,108 891,279
4、Labour union funds and
22,346,303 19,522,851 17,836,094 24,033,060
employee education funds
Total 426,027,259 1,963,114,264 1,924,210,584 464,930,939
（3）Defined benefit plans
Unit: Yuan
Increase in Decrease in current
Item 1 January 2022 31 December 2022
current year year
1、Basic pensions 11,644 153,308,409 144,916,151 8,403,902
2、Unemployment insurance 78 5,351,651 5,070,142 281,587
Total 11,722 158,660,060 149,986,293 8,685,489
26、Taxes payable
Unit: Yuan
Item 31 December 2022 1 January 2022
VAT payable 91,809,300 77,539,743
Enterprise income tax payable 38,330,878 81,329,008
Individual income tax payable 7,688,833 4,947,559
City maintenance and construction tax 6,755,889 5,853,393
payable
Educational surcharge payable 4,953,777 4,662,534
Housing property tax payable 4,877,079 4,126,693
Environmental tax payable 1,252,845 1,674,797
Others 5,466,037 4,735,097
Total 161,134,638 184,868,824
27、Other payables
Unit: Yuan
Item 31 December 2022 1 January 2022
Interest payable 99,945,325 95,001,362
170
CSG Annual Report 2022
Other payables 437,119,859 194,439,115
Total 537,065,184 289,440,477
（1）Interest payable
Unit: Yuan
Item 31 December 2022 1 January 2022
Interest of long-term borrowings with
periodic payments of interest and return 5,754,599 2,558,374
of principal at maturity
Interest of corporate bonds 92,258,065 92,258,065
Interest of short-term borrowings 1,932,661 184,923
Total 99,945,325 95,001,362
（2）Other payables
1）Disclosure of other payables by nature
Unit: Yuan
Item 31 December 2022 1 January 2022
Guarantee deposits received from
331,974,002 101,467,608
construction contractors
Accrued cost of sales (i) 62,936,670 51,592,989
Payable for contracted labour costs 28,696,828 21,273,645
Temporary receipts for third parties 2,318,135 6,033,599
Others 11,194,224 14,071,274
Total 437,119,859 194,439,115
（i）It represented the payment made to external third parties arising from undertaking the rights of debtor and creditor,
comprising water and electricity, professional service fee and travelling expenses etc.
28、Current portion of non-current liabilities
Unit: Yuan
Item 31 December 2022 1 January 2022
Current portion of long-term borrowings 443,216,290 466,098,352
Current portion of debentures payable 1,999,316,522
Current portion of long-term account
38,900,194 36,865,104
payable
Leases liabilities due within one year 857,092
Total 2,481,433,006 503,820,548
29、Other current liabilities
Unit: Yuan
Item 31 December 2022 1 January 2022
Output VAT to be transferred 50,107,240 39,799,309
171
CSG Annual Report 2022
Others 300,000 300,000
Total 50,407,240 40,099,309
30、Long-term borrowings
（1）Types of long-term borrowings
Unit: Yuan
Item 31 December 2022 1 January 2022
Guaranteed loan 3,122,455,980 779,059,824
Credit loan 1,231,134,000 690,000,000
Total 4,353,589,980 1,469,059,824
31、Debentures payable
（1）List of Debentures payable
Unit: Yuan
Item 31 December 2022 1 January 2022
Corporate bonds 1,996,587,330
Total 1,996,587,330
（2）Increase/decrease in bonds payable (excluding other financial instruments such as preference
shares and Perpetual Bonds classified as financial liabilities)
Unit: Yuan
Pa
y
Iss 31
m
ue Amortisati De
en Reclassified
in Interest on ce
Debentu t to current
Par Date Ter Issue 1 January cu m
res accrued of in portion of
value of issue m amount 2022 rre be
name at par value premium/ cu non-current
nt r
discount rre liabilities
ye 20
nt
ar 22
ye
ar
2020-3-
3
20 CSG 24 to
100 year 2,000,000,000 1,996,587,330 120,000,000 2,729,192 1,999,316,522
01 2020-3-
s
25
Total —— 2,000,000,000 1,996,587,330 120,000,000 2,729,192 1,999,316,522
In March 2020, after approved by the China Securities Regulatory Commission, the company was approved to publicly issue 2020
corporate bonds (first tranche) to qualified investors, with a face value of RMB 100, an issuance amount of RMB 2 billion, and a
period of 3 years (annual interest payment, principal repayment at maturity), the coupon rate is 6%; the issuance date is March 24,
2020 to March 25, 2020, and the value date is March 25, 2020. As of the issuance date of this report, the bond has been fully
redeemed.
172
CSG Annual Report 2022
32、Lease liabilities
Unit: Yuan
Item 31 December 2022 1 January 2022
Lease liabilities 3,564,330 220,138
Total 3,564,330 220,138
33、Long-term account payable
Unit: Yuan
Item 31 December 2022 1 January 2022
Long-term account payable 129,236,878 168,258,062
Total 129,236,878 168,258,062
（1）Long-term payable listed by nature of the
Unit: Yuan
Item 31 December 2022 1 January 2022
Finance lease payable 129,236,878 168,258,062
34、Deferred income
Unit: Yuan
Item 1 January 2022 Increase in current year Decrease in current year 31 December 2022
Government grants 564,129,128 3,306,000 117,559,748 449,875,380
Total 564,129,128 3,306,000 117,559,748 449,875,380
Details of government:
Unit: Yuan
Other
Increase 31
1 January Other income decrease Assets/Income
Item in current December
2022 in current year in current related
year 2022
year
Tianjin energy saving gold solar project 40,217,551 3,374,891 36,842,660 Assets related
Dongguan project gold solar project 32,324,250 2,751,000 29,573,250 Assets related
Hebei South Bolk Sun Project 33,000,000 2,750,000 30,250,000 Assets related
Xianning South Bolt Solar Engineering
35,860,917 3,030,500 32,830,417 Assets related
Project
Wu Jiangnan infrastructure
23,462,746 4,041,538 19,421,208 Assets related
compensation
Qingyuan energy-saving project 10,909,167 2,470,000 8,439,167 Assets related
Yichang polysilicon project 10,546,875 2,812,500 7,734,375 Assets related
Yichang Nanolate Silicon Molding
19,100,966 2,500,000 2,105,290 19,495,676 Assets related
Project
Sichuan energy-saving glass project 3,859,380 1,654,020 2,205,360 Assets related
Group coating laboratory project 1,500,000 375,000 1,125,000 Assets related
Yichang high-purity silicon material
2,417,619 303,178 2,114,441 Assets related
project
173
CSG Annual Report 2022
Other
Increase 31
1 January Other income decrease Assets/Income
Item in current December
2022 in current year in current related
year 2022
year
Yichang semiconductor silicon material
2,866,666 200,000 2,666,666 Assets related
project
Yichang Display Company Project 40,565,357 2,667,812 37,897,545 Assets related
Xianning Optoelectronics Project 6,240,000 520,000 5,720,000 Assets related
Shenzhen medical equipment subsidy
7,178,000 1,164,000 6,014,000 Assets related
project
Hebei float emission reward 9,355,414 733,758 8,621,656 Assets related
Income
Group Talent Fund Project 171,000,000 171,000,000
related
Zhaoqing energy-saving industry to Income
87,255,711 82,441,384 433,800 4,380,527
build financial support funds related
Others 26,468,509 806,000 3,731,077 23,543,432 Assets related
Total 564,129,128 3,306,000 117,125,948 433,800 449,875,380
35、Share capital
Unit: Yuan
Movement for the year ended 31 December 2022
31 December
Item 1 January 2022 New issues Bonus Transfer fron Sub-
Others 2022
during the year issue capital surplus total
Total number of
3,070,692,107 3,070,692,107
ordinary shares
36、Capital surplus
Unit: Yuan
Increase in Decrease in
Item 1 January 2022 31 December 2022
current year current year
Share premium 655,424,260 655,424,260
Other capital surplus -58,427,175 -58,427,175
Total 596,997,085 596,997,085
37、Other comprehensive income
Unit: Yuan
Other comprehensive income in Income Statement for the year ended 31
December 2022
Attributable to 31 December
Item 1 January 2022 Actual amount Attributable to
Less: Income minority 2022
before tax for parent company
tax expenses shareholders
current year after tax
after tax
I.Other
comprehensive
income items 159,200,530 11,659,948 11,659,948 170,860,478
which will be
reclassified
174
CSG Annual Report 2022
subsequently to
profit or loss
Difference on
translation of
foreign
-4,501,267 11,659,948 11,659,948 7,158,681
currency
financial
statements
Financial
rewards for
energy-saving 2,550,000 2,550,000
technical
retrofits
Income
generated when
self-property
and land use
161,151,797 161,151,797
rights are
converted into
investment
property
Total 159,200,530 11,659,948 11,659,948 170,860,478
38、Special reserve
Unit: Yuan
Item 1 January 2022 Increase in current year Decrease in current year 31 December 2022
Safety production costs 7,296,397 8,605,776 15,170,593 731,580
Total 7,296,397 8,605,776 15,170,593 731,580
39、Surplus reserve
Unit: Yuan
Item 1 January 2022 Increase in current year Decrease in current year 31 December 2022
Statutory surplus
1,017,034,942 83,746,491 1,100,781,433
reserve
Discretionary surplus
127,852,568 127,852,568
reserve
Total 1,144,887,510 83,746,491 1,228,634,001
40、Undistributed profits
Unit: Yuan
Item 2022 2021（recapitulation）
Adjustment on undistributed profit at end of last
6,447,650,867 5,336,266,412
year
Adjusted undistributed profit at beginning of period 6,447,650,867 5,336,266,412
Add: Net profits attributable to shareholders of 2,037,202,500 1,526,392,754
175
CSG Annual Report 2022
parent company
Less: Appropriation for statutory surplus reserve 83,746,491 107,939,088
Ordinary share dividends payable 614,138,421 307,069,211
Undistributed profits at end of year 7,786,968,455 6,447,650,867
Details of undistributed profits at the beginning of the adjustment period:
1)、Due to the retrospective adjustment of the Accounting Standards for Business Enterprises and related new regulations, the
undistributed profit at the beginning of the period was affected by RMB -2,936,550 .
41、Operating income and operating costs
Unit: Yuan
2022 2021
Item
Revenue Cost Revenue Cost
Principal operation 14,944,821,360 10,882,072,965 13,539,130,112 8,874,190,659
Other operations 253,885,638 124,722,408 133,242,711 21,958,135
Total 15,198,706,998 11,006,795,373 13,672,372,823 8,896,148,794
42、Taxes and surcharges
Unit: Yuan
Item 2022 2021
City maintenance and construction tax 38,620,656 40,516,097
Educational surcharge 31,008,119 35,188,375
Housing property tax 31,807,938 32,643,067
Land use rights 17,451,373 23,513,848
Stamp tax 8,844,793 8,559,125
Environmental tax 4,814,077 6,836,101
Others 2,926,836 1,398,805
Total 135,473,792 148,655,418
43、Selling and distribution expenses
Unit: Yuan
Item 2022 2021
Employee benefits 209,351,728 183,925,526
Entertainment fees 19,052,349 20,359,285
Insurance fees 17,698,899 3,509,247
Rental expenses 9,418,713 7,422,419
Vehicle use fees 9,244,459 8,505,855
Business travel expenses 8,234,864 8,791,046
Freight expenses 5,632,947 8,738,363
176
CSG Annual Report 2022
Others 35,121,017 29,443,692
Total 313,754,976 270,695,433
44、General and administrative expenses
Unit: Yuan
Item 2022 2021
Employee benefits 434,953,745 441,265,481
Depreciation and amortization 114,878,297 129,485,655
General office expenses 34,156,691 30,570,337
Entertainment fees 19,657,929 19,772,396
Labour union funds 19,320,629 19,409,807
Consulting advisers 12,931,584 21,279,093
Canteen costs 10,448,596 8,389,711
Vehicle use fees 7,592,501 6,399,995
Water and electricity fees 6,987,706 5,551,260
Business travel expenses 6,123,944 7,657,160
Others 51,887,283 62,824,612
Total 718,938,905 752,605,507
45、Reseach and development expenses
Unit: Yuan
Item 2022 2021
Research and development expenses 644,146,614 511,738,848
Total 644,146,614 511,738,848
46、Financial expenses
Unit: Yuan
Item 2022 2021
Interest on borrowings 269,234,431 202,905,070
Less: Capitalised interest 56,510,168 14,046,907
Interest expenses 212,724,263 188,858,163
Less: Interest income 71,751,429 42,702,029
Exchange losses 3,466,699 2,721,960
Others 3,773,449 2,304,097
Total 148,212,982 151,182,191
47、Other Income
Unit: Yuan
Item 2022 2021
177
CSG Annual Report 2022
Government subsidy amortization 117,125,948 40,387,953
Industry support funds 4,843,800 4,315,700
Government incentive funds 45,036,841 31,591,282
Research grants 6,629,170 11,171,171
Others 14,732,022 18,999,711
Total 188,367,781 106,465,817
48、Investment income
Unit: Yuan
Item 2022 2021
Income from structural deposits 27,665,396 14,685,772
Fixed deposit and others 3,902,458 2,161,875
Total 31,567,854 16,847,647
49、Credit impairment loss
Unit: Yuan
Item 2022 2021
Losses on bad debts of notes receivables -20,778,806
Losses on bad debts of accounts
-44,501,593 -84,095,771
receivable
Losses on bad debts of other receivables -3,218,514 -49,019,860
Total -47,720,107 -153,894,437
50、Asset impairment loss
Unit: Yuan
Item 2022 2021
Decline in the value of inventories -28,315,491 -4,444,583
Impairment loss of fixed assets -4,997,092 -223,891,270
Impairment loss in construction in
-650,101,859
progress
Impairment loss in goodwill -122,250,507 -103,227,834
Total -155,563,090 -981,665,546
51、Income on disposal assets
Unit: Yuan
Item 2022 2021
Gains on disposal of non-current assets 15,213,059 -1,493,248
Total 15,213,059 -1,493,248
52、Non-operating revenue
Unit: Yuan
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CSG Annual Report 2022
Amount of non-recurring
Item 2022 2021 gains and losses included in
2022
Compensation income 305,439 2,945,158 305,439
Insurance claims 9,054,400 532,984 9,054,400
Amounts unable to pay 9,954,737 5,229,842 9,954,737
Others 3,377,696 3,896,550 2,496,380
Total 22,692,272 12,604,534 21,810,956
53、Non-operating expenses
Unit: Yuan
Amount booked into
Item 2022 2021 current non-recurring
profits and losses
Donation 488,577 319,746 488,577
Government subsidy return
77,171 15,028,336 77,171
back
Compensation 655,574 256,750 655,574
Others 5,845,856 10,525,912 5,845,856
Total 7,067,178 26,130,744 7,067,178
54、Income tax expenses
（1）Income tax expense details
Unit: Yuan
Item 2022 2021
Current income tax 129,071,035 434,400,038
Deferred income tax 106,416,724 -78,421,007
Total 235,487,759 355,979,031
（2）Adjustment process of accounting profit and income tax expenses
Unit: Yuan
Item 2022
Total profit 2,278,874,947
Income tax expenses calculated at applicable tax rates by company 391,337,658
Effect in the balance of deferred income tax assets/liabilities at the beginning of the
3,912,386
period due to tax rate adjustments
Adjustment on effect of income tax in the prior period -7,776,520
Costs, expenses and losses not deductible for tax purposes 8,735,749
Effect of deductible loss on usage of unconfirmed deferred income tax assets in the
-69,079,756
prior period
Effect of deductible temporary difference or deductible loss on unconfirmed deferred
131,226
income tax in the current perio
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CSG Annual Report 2022
Effect of obtaining tax incentives -91,772,984
Income tax expenses 235,487,759
55、Other comprehensive income
See Note 37 for details
56、Notes to the cash flow statement
（1）Cash received relating to other operating activities
Unit: Yuan
Item 2022 2021
Government grants 77,146,968 172,538,864
Interest income 71,751,429 42,702,029
Others 37,075,172 45,790,381
Total 185,973,569 261,031,274
（2）Cash paid relating to other operating activities
Unit: Yuan
Item 2022 2021
General office expenses 45,107,807 42,874,346
Canteen costs 40,379,269 38,269,921
Entertainment fees 38,066,795 40,958,494
Insurance fees 28,837,239 14,037,127
Maintenance fee 28,584,497 25,907,924
Business travel expenses 19,865,565 21,292,700
Rental expenses 19,010,554 23,997,442
Vehicle use fee 18,761,308 15,575,367
Consulting advisers 15,645,923 23,166,436
Bank fees 3,773,449 2,304,097
Government subsidy return back 77,171 15,028,336
Others 109,953,974 177,524,430
Total 368,063,551 440,936,620
（3）Cash received relating to other investing activities
Unit: Yuan
Item 2022 2021
Deposit 29,927,321 21,682,371
Total 29,927,321 21,682,371
（4）Cash paid relating to other investing activities
Unit: Yuan
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CSG Annual Report 2022
Item 2022 2021
Advance payment for others 24,000,000
Total 24,000,000
（5）Cash received relating to other financing activities
Unit: Yuan
Item 2022 2021
Income from finance lease 200,000,000
Total 200,000,000
（6）Cash payments relating to other financing activities
Unit: Yuan
Item 2022 2021
Repay financing leases 46,045,514
Total 46,045,514
57、Supplementary information to the cash flow statement
（1）Supplement information to the cash flow statement
Unit: Yuan
Supplement information 2022 2021
1．Reconciliation from net profit to cash flows from operating activities
Net profit 2,043,387,188 1,558,101,624
Add: Provision for asset impairment 155,563,090 981,665,546
Provision for credit impairment 47,720,107 153,894,437
Depreciation of fixed assets 931,508,062 893,319,936
Depreciation of right-of-use assets 2,022,712 1,756,406
Amortisation of intangible assets 65,785,684 60,490,281
Amortisation of long-term prepaid expenses 1,835,784 430,438
Losses (gains) on disposal of fixed assets, intangible assets and other long-
-15,213,059 1,493,248
term asset ("-" for gains)
Financial expenses ("-" for gains) 212,724,263 188,858,163
Investment loss ("-" for gains) -31,567,854 -16,847,647
Decrease in deferred tax assets ("-" for increase) 93,555,317 -60,065,652
Increase in deferred tax liabilities ("-" for decrease) 12,861,407 -18,214,498
Decrease in inventories ("-" for increase) -713,041,551 -273,932,796
Decrease/(increase) in operating receivables ("-" for increase) -1,508,659,625 104,211,540
Increase in operating payables ("-" for decrease) 650,035,930 324,487,004
Others 8,605,776
Net cash flows from operating activities 1,957,123,231 3,899,648,030
2． Net changes in cash and cash equivalents:
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CSG Annual Report 2022
Cash and cash equivalents at end of year 4,594,018,251 2,756,477,572
Less: Cash and cash equivalents at beginning of year 2,756,477,572 2,124,028,196
Net increase in cash and cash equivalents 1,837,540,679 632,449,376
（2）Cash and cash equivalents composition
Unit: Yuan
Item 31 December 2022 1 January 2022
I.Cash and cash equivalents 4,594,018,251 2,756,477,572
Bank deposits that can be readily drawn
3,242,318,251 2,453,477,573
on demand
Other cash balances that can be readily
1,351,700,000 302,999,999
drawn on demand
II.Cash and cash equivalents at end of year 4,594,018,251 2,756,477,572
58、The assets with the ownership or use right restricted
Unit: Yuan
Item Book value at the end of reporting period Cause of restriction
Restricted circulation of deposits,
Monetary funds 10,589,528
freezes, etc
Note receivable 156,943,437 Restricted pledge
Fixed assets 132,370,370 Restricted financing lease
Total 299,903,335
59、Monetary items denominated in foreign currencies
（1）Foreign currency monetary items
Unit: Yuan
Balances denominated in Balances denominated in
Item Exchange rates
foreign currencies RMB
Cash at bank and on hand 38,329,755
Including：USD 4,476,030 6.9646 31,173,757
EUR 27,186 7.4229 201,796
HKD 7,772,276 0.8933 6,942,974
SGD 1,265 5.1831 6,556
AUD 797 4.7138 3,759
JPY 17,424 0.0524 913
Accounts receivable 136,364,845
Including：USD 18,502,593 6.9646 128,863,157
EUR 834,785 7.4229 6,196,529
HKD 1,461,053 0.8933 1,305,159
Accounts payable 32,908,539
Including：USD 4,047,582 6.9646 28,189,789
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CSG Annual Report 2022
EUR 554,741 7.4229 4,117,790
HKD 263,031 0.8933 234,966
JPY 4,661,832 0.0524 244,280
GBP 14,500 8.3941 121,714
60、Government grants
（1）Basic conditions of government grants
Unit: Yuan
Amount included
Type Amount Presentation account in profit or loss
for the year
Amortization of government
117,125,948 Other income 117,125,948
subsidies
Other income、Financial
Other government subsidies 77,667,748 expenses、Construction in 73,367,748
progress
（2）General information of government subsidies return
Unit: Yuan
Item Amount Cause of return
Subsidy for the industrialization research project of
77,171
Shenzhen float high-strength ultra-thin glass
Zhaoqing Energy Conservation Industry Co
433,800
construction Financial Support Fund
VI、THE CHANGES OF CONSOLIDATION SCOPE
1、Changes in scope of consolidation due to other reasons
（1）On February 14, 2022, the Group set up a subsidiary, Yichang Nanbo New Energy Materials Technology Co., Ltd. (referred
to as "Yichang New Energy Materials Company") and the Group has invested RMB 1,200,000.The Group owns 100% of its
equity.
（2）On July 1, 2022,, the Group set up a subsidiary, Dongguan Nanbo Intelligent Equipment Manufacturing Co., Ltd. (referred
to as "Dongguan Intelligent Equipment Company") and the Group has invested RMB 2,500,000.The Group owns 100% of its
equity.
（3）On July 14, 2022, the Group set up a subsidiary, Anhui Nanbo Photovoltaic Energy Co., Ltd. (referred to as "Anhui
Photovoltaic Energy Company")and the Group has not invested . The Group owns 100% of its equity.
（4）On July 14, 2022, the Group set up a subsidiary, Shenzhen Nanbo Quartz Material Industrial Co., Ltd. (referred to as
"Shenzhen Quartz Company") and the Group has invested RMB 3,000,000.The Group owns 100% of its equity.
（5）On August 4, 2022, the Group set up a subsidiary, Guangxi Nanbo Quartz Materials Co., Ltd. (referred to as "Guangxi
Quartz Company") and the Group has invested RMB 2,995,000.The Group owns 100% of its equity.
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VII、EQUIRTY IN OTHER ENTITIES
1、Interest in subsidiaries
（1）Constitution of the Group
Major Shareholding Method of
Name of Place of
business Scope of business acquisitio
Subsidiary registration Direct Indirect
location n
Chengdu, Chengdu, Development, production Establish
Chengdu CSG 75% 25%
PRC PRC and sales of special glass ment
Development, production
Sichuan CSG Energy Chengdu, Chengdu,
and sales of special glass 75% 25% Separation
Conservation PRC PRC
and processing of glass
Tianjin Energy Tianjin, Tianjin, Development, production Establish
75% 25%
Conservation PRC PRC and sales of special glass ment
Dongguan CSG Dongguan, Dongguan, Intensive processing of Establish
75% 25%
Engineering PRC PRC glass ment
中 Production and sales of
Dongguan, Establish
Dongguan CSG Solar Dongguan, solar glass 75% 25%
PRC ment
PRC
Production and sales of hi-
Dongguan, Dongguan, Establish
Dongguan CSG PV-tech tech green battery and 100%
PRC PRC ment
components
Yichang CSG Yichang, Yichang, Production and sales of Establish
75% 25%
PolysSilicon PRC PRC high-purity silicon materials ment
Wujiang, Wujiang, Intensive processing of Establish
WujiangCSG Engineering glass 75% 25%
PRC PRC ment
Yongqing, Yongqing, Production and sales of Establish
Hebei CSG 75% 25%
PRC PRC special glass ment
Wujiang, Wujiang, Production and sales of Establish
Wujiang CSG 100%
PRC PRC special glass ment
China Southern Glass Hong Kong, Hong Kong, Investment holding Establish
100%
(Hong Kong) Limited PRC PRC ment
Xianning, Xianning, Production and sales of Establish
Xianning CSG 75% 25%
PRC PRC special glass ment
Xianning CSG Energy- Xianning, Xianning, Intensive processing of
75% 25% Separation
Saving PRC PRC glass
Qingyuan CSG Energy- Qingyuan, Qingyuan, Production and sales of Establish
100%
Saving PRC PRC ultra-thin electronic glass ment
Shenzhen CSG Financial Shenzhen, Shenzhen, Finance leasing, etc. Establish
75% 25%
Leasing Co., Ltd. PRC PRC ment
Jiangyou CSG Mining Jiangyou, Jiangyou, Production and sales of Establish
100%
Development Co. Ltd. PRC PRC silica and its by-products ment
Shenzhen, Shenzhen, Production and sales of Acquisitio
Shenzhen CSG Display: 60.8%
PRC PRC display component products n
Zhaoqing Energy Saving Zhaoqing Zhaoqing Production and sales of Establish
100%
Company PRC PRC various special glasses ment
Zhaoqing Automobile Zhaoqing Zhaoqing Production and sales of Establish
100%
Company PRC PRC various special glasses ment
Fengyang, Fengyang, Production and sales of Establish
Anhui Energy Company 100%
PRC PRC solar glass products ment
Fengyang, Fengyang, Production and sales of Establish
Anhui Quartz Company 100%
PRC PRC solar glass products ment
Anhui Silicon Valley Fengyang, Fengyang, Mineral resources 60% Establish
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CSG Annual Report 2022
Mingdu Mining Company PRC PRC exploitation ment
Xi'an energy conservation Xi’an, Xi’an, Production and sales of Establish
55% 45%
company , PRC , PRC various special glasses ment
Guangxi New Energy Longgang, Longgang, Production and sales of Establish
75% 25%
Materials Company , PRC , PRC various special glasses ment
（2）Major non-wholly owned subsidiaries
Unit: Yuan
Profit or loss Dividends distributed
attributable to minority to minority
Name of Shareholding of Minority interests as at
shareholders for the shareholders for the
Subsidiary minority shareholders 31 December 2022
year ended 31 year ended 31
December 2022 December 2022
Shenzhen CSG Display 39.20% 6,409,988 410,609,194
（3）Key financial information of major non-wholly owned subsidiaries
Unit: Yuan
31 December 2022
Name of
Subsidiary Non-current
Current assets Non-current assets Total assets Current liabilities Total liabilities
liabilities
200,627,791 1,323,084,986 1,523,712,777 333,428,174 79,596,855 413,025,029
1 January 2022
Shenzhen CSG
Display Non-current
Current assets Non-current assets Total assets Current liabilities Total liabilities
liabilities
210,979,056 1,378,117,087 1,589,096,143 448,244,735 54,477,833 502,722,568
Unit: Yuan
2022 2021
Name of Cash flows Cash flows
Total Total
Subsidiary from from
Revenue Net profit comprehensive Revenue Net profit comprehensi
operating operating
income ve income
activities activities
Shenzhen CSG
542,893,990 24,314,174 24,314,174 131,961,156 750,177,561 88,336,632 88,336,632 196,307,039
Display
VIII、RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS
The Group's activities expose it to a variety of financial risks: market risk (primarily foreign exchange risk and interest rate risk),
credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial market and
seeks to reduce potential adverse effects on the Group's financial performance.
1、Market risk
（1）Foreign exchange risk
The Group’s major operational activities are carried out in Mainland China and a majority of the transactions are denominated in
RMB. Some export business, however, is denominated in foreign currencies. In addition, the Group is exposed to foreign
185
CSG Annual Report 2022
exchange risk arising from the recognized assets and liabilities, and future transactions denominated in foreign currencies,
primarily with respect to US dollars and Hong Kong dollar. The Group monitors the scale of foreign currency transactions, foreign
currency assets and liabilities, and adjust settlement currency of export business, to furthest reduce the currency risk.
On 31 December 2022, book values in RMB equivalent of the Group’s assets and liabilities denominated in foreign currencies are
summarized below:
Unit: Yuan
31 December 2022
USD HKD Others Total
Financial assets
denominated in foreign
currency
Cash at bank and on hand 31,173,757 6,942,974 213,024 38,329,755
Receivables 128,863,157 1,305,159 6,196,529 136,364,845
Total 160,036,914 8,248,133 6,409,553 174,694,600
Financial liabilities
denominated in foreign
currency
Payables 28,189,789 234,966 4,483,784 32,908,539
Total 28,189,789 234,966 4,483,784 32,908,539
（1）Foreign exchange risk（continued）
Unit: Yuan
Item 1 January 2022
USD HKD Others Total
Financial assets
denominated in foreign
currency
Cash at bank and on hand 26,509,188 2,379,817 115,374 29,004,379
Receivables 111,133,429 1,732,573 6,026,900 118,892,902
Total 137,642,617 4,112,390 6,142,274 147,897,281
Financial liabilities
denominated in foreign
currency
Payables 40,306,973 201,921 2,416,770 42,925,664
Total 40,306,973 201,921 2,416,770 42,925,664
On 31 December 2022, if the currency had strengthened/weakened by 10% against the USD while all other variables had been
held constant, the Group’s net profit for the year would have been approximately RMB 11,207,006 lower/higher (31 December
2021: approximately RMB 8,273,530 lower/higher) for various financial assets and liabilities denominated in USD.
Other changes in exchange rate had no significant impact on the Group's operating activities except USD dollar.
（2）Interest rate risk
The Group's interest rate risk arises from long-term interest bearing debts including long-term borrowings and bonds payable.
Financial liabilities issued at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates
expose the Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and floating rate
186
CSG Annual Report 2022
contracts depending on the prevailing market conditions. As at 31 December 2022, the Group’s long-term interest-bearing debts at
and fixed rates and floating rates are illustrated below:
Unit: Yuan
Type 31 December 2022 1 January 2022
Contracts at fixed rates 487,260,925 2,404,372,257
Contracts at floating rates 3,866,329,055 1,061,274,897
Total 4,353,589,980 3,465,647,154
The Group continuously monitors the interest rate position of the Group. Increases in interest rates will increase the cost of new
borrowing and the interest expenses with respect to the Group’s outstanding floating rate borrowings, and therefore could have a
material adverse effect on the Group’s financial position. The Group makes adjustments timely with reference to the latest market
conditions, which includes increasing/decreasing long-term fixed rate debts at the anticipation of increasing/decreasing interest
rate.
2、Credit risk
Credit risk is managed on the grouping basis. Credit risk mainly arises from cash at bank, notes receivable, accounts receivable,
other receivables.
The Group expects that there is no significant credit risk associated with cash at bank since they are mainly deposited at state-
owned banks and other medium or large size listed banks. Management does not expect that there will be any significant losses
from non-performance by these counterparties. Furthermore, as the Group’s bank acceptance notes receivable are generally
accepted by the state-owned banks and other large and medium listed banks, management believes the credit risk should be limited.
In addition, the Group has policies to limit the credit exposure on accounts receivable, other receivables and trade acceptance notes
receivable. The Group assesses the credit quality of and sets credit limits on its customers by taking into account their financial
position, the availability of guarantee from third parties, their credit history and other factors such as current market conditions.
The credit history of the customers is regularly monitored by the Group. In respect of customers with a poor credit history, the
Group will use written payment reminders, or shorten or cancel credit periods, to ensure the overall credit risk of the Group is
limited to a controllable extent.
3、Liquidity risk
Cash flow forecasting is performed by each subsidiary of the Group and aggregated by the Group’s finance department in its
headquarters. The Group’s finance department at its headquarters monitors rolling forecasts of the Group's short-term and long-
term liquidity requirements to ensure it has sufficient cash reserve, while maintaining sufficient headroom on its undrawn
committed borrowing facilities from major financial institutions so that the Group does not breach borrowing limits or covenants
on any of its borrowing facilities to meet the short-term and long-term liquidity requirements.
Management will implement the following measures to ensure the liquidation risk limited to a controllable extent:
(a) The Group will have steady cash inflows from operating activities;
(b) The Group will pay the debts that mature and finance the construction projects through the existing bank facilities;
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CSG Annual Report 2022
(c) The Group will closely monitoring the payment of construction expenditure in terms of payment time and amount.
The financial liabilities of the Group at the balance sheet date are analyzed by their maturity date below at their undiscounted
contractual cash flows:
Unit: Yuan
31 December 2022
Item
Within 1 year 1 to 2 years 2 to 5years Over 5 years Total
Short-term borrowings 350,149,308 350,149,308
Notes payable 994,557,496 994,557,496
Accounts payable 2,033,542,627 2,033,542,627
Other payables 537,065,184 537,065,184
Other current liabilities 50,407,240 50,407,240
Non-current liabilities due within one year 2,493,836,975 2,493,836,975
Long-term payables 40,906,147 88,330,731 129,236,878
Long-term borrowings 159,922,694 1,158,108,565 2,569,845,854 1,040,196,665 4,928,073,778
Total 6,619,481,524 1,199,014,712 2,658,176,585 1,040,196,665 11,516,869,486
Unit: Yuan
1 January 2022
Item
Within 1 year 1 to 2 years 2 to 5years Over 5 years Total
Short-term borrowings 182,299,506 182,299,506
Notes payable 400,662,713 400,662,713
Accounts payable 1,428,851,312 1,428,851,312
Other payables 289,440,477 289,440,477
Other current liabilities 40,099,309 40,099,309
Non-current liabilities due within one year 514,569,537 514,569,537
Long-term payables 38,900,194 129,357,868 168,258,062
Long-term borrowings 60,580,998 374,241,583 889,057,539 363,125,181 1,687,005,301
Bonds payable 120,000,000 2,120,000,000 2,240,000,000
Total 3,036,503,852 2,533,141,777 1,018,415,407 363,125,181 6,951,186,217
IX、DISCLOSURE OF FAIR VALUE
1、Closing balance of assets and liabilities measured at fair value
Unit: Yuan
31 December 2022
Item
Level 1 Level 2 Level 3 Total
Measured at fair value through
-- -- -- --
other comprehensive income
Receivables Financing 1,095,412,643 1,095,412,643
Investment property 290,368,105 290,368,105
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CSG Annual Report 2022
Total 290,368,105 1,095,412,643 1,385,780,748
2、Fair value of financial assets and financial liabilities not measured at fair value
The group’s financial assets and financial liabilities measured at amortized cost mainly include: notes receivable, accounts
receivable, other receivable, short-term borrowings, accounts payable, lease liabilities, ong term borrowings, bonds payable ect.
Except for financial liabilities listed below, book value of the other financial assets and liabilities not measured at fair value is a
reasonable approximation of their fair value.
Unit: Yuan
Item
31 December 2022 1 January 2022
Carrying amount Fair value Carrying amount Fair value
Corporate bonds 1,999,316,522 2,001,520,000 1,996,587,330 2,014,330,000
Total 1,999,316,522 2,001,520,000 1,996,587,330 2,014,330,000
X、RELATED PARTIES AND RELATED PARTY TRANSACTIONS
1、Information of the parent company
The Company regards no entity as the parent company.
2、The subsidiaries
The general information and other related information of the subsidiaries are set out in Note VII(1).
3、General information of the Group’s associate
None
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
Related parties of the company's largest shareholder of taking
Suzhou Baoqi Logistics Co., Ltd.
concerted action
Related parties of the company's largest shareholder of taking
Shenzhen Baoneng Auto Sales & Service Co., Ltd.
concerted action
Xinjiang Qianhai United Property & Casualty Insurance Co., Related parties of the company's largest shareholder of taking
Ltd. concerted action
Shantou Chaoshang Urban Comprehensive Management Co., Related parties of the company's largest shareholder of taking
Ltd concerted action
5、Related party transactions
（1）Purchase and sales of goods and rendering and receiving services
Table on purchase of goods/receiving of services
Unit: Yuan
189
CSG Annual Report 2022
Related parties Related transaction 2022 2021
Qianhai Life Insurance Co., Ltd Receive service 7,272,709 5,541,857
Suzhou Baoqi Logistics Co., Ltd Receive service 6,851,844
Shenzhen Baoneng Automobile Sales and Purchase of
Service Co., Ltd 1,171,470
goods
Xinjiang Qianhai United Property
Receive service 761,693
Insurance Co., Ltd
Purchase of
Other related parties 194,206 620,812
goods、Receive service
Total 7,466,915 14,947,676
Table on sales of goods/providing of services
Unit: Yuan
Related parties Related transaction 2022 2021
Shantou Chaoshang Urban
Sales of goods 1,397,807
Comprehensive Management Co., Ltd
Other related parties Sales of goods 60,280 659,685
Total 1,458,087 659,685
Notes： A large number of companies with scattered amounts are consolidated and presented for other related parties
（2）Related party leases
The Company as lessee:
Unit: Yuan
Variable lease
Rent costs of short-term
payments not
leases and low-value Interest expenses Increase of
Name Type of included in the
asset leases with Rentals on lease liabilities right-of-use
of leased measurement of
simplified treatment (if in the current year assets
lessor asset lease obligation (if
applicable)
applicable)
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Other
related Building 665,196 886,928 25,871 66,174
parties
（3）Remuneration of key management staff
Unit: Yuan
Item 2022 2021
Remuneration 25,776,400 25,749,501
6、Receivables from and payables to related parties
（1）Receivables from related parties
Unit: Yuan
190
CSG Annual Report 2022
31 December 2022 1 January 2022
Related parties Provision for bad Provision for bad
Carrying amount Carrying amount
debts debts
Qianhai Life Insurance Co., Ltd 572,995
Other related parties 36,000 720 242,620 4,819
Total 608,995 720 242,620 4,819
（2）Payables to related parties
Unit: Yuan
Related parties 31 December 2022 1 January 2022
Suzhou Baoqi Logistics Co., Ltd 314,667 2,731,013
Shantou Chaoshang Urban Comprehensive
Management Co., Ltd 200,881
Other related parties 125,408 133,408
Total 640,956 2,864,421
XI、SHARE-BASED PAYMENTS
1、Overall share-based payments
None
2、Equity-settled share-based payments
None
3、Cash-settled share-based payments
None
XII、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: Yuan
Item 31 December 2022 1 January 2022
Buildings, machinery and equipment 3,060,099,197 2,994,615,272
XIII、EVENTS AFTER THE BALANCE SHEET
1、Profit distribution information
Unit: Yuan
Proposed distribution of cash dividends 460,603,816
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CSG Annual Report 2022
According to the resolution of the board of directors on April 24, 2023, the board of directors proposed that the company distribute
a cash dividend of RMB 460,603,816 to all shareholders. This proposal is approving by the general meeting of shareholders. The
cash dividend proposed after the balance sheet date has not been confirmed in this financial statement as a liability.
XIV、OTHER SIGNIFICANT EVENTS
1、Segment reporting
（1）Determination basis and accounting policy of report segment
The Group's business activities are classifcated by product and service as follows:
Glass segment, engaged in production and sales of float glass and engineering glass and the silica for the production thereof, etc.
Solar energy segment, engaged in manufacturing and sales of polycrystalline silicon and solar battery and applications, etc.
Solar and other segment divisions, responsible for the production and sales of polysilicon and solar cell module products,
photovoltaic energy development and other products, etc.
The reportable segments of the Group are the business units that provide different products or service. Different businesses require
different technologies and marketing strategies. The Group, therefore, separately manages the production and operation of each
reportable segment and Estimates their operating results respectively, in order to make decisions about resources to be allocated to
these segments and to assess their performance.
Inter-segment transfer prices are measured by reference to selling prices to third parties.
The assets are allocated based on the operations of the segment and the physical location of the asset. The liabilities are allocated
based on the operations of the segment. Expenses indirectly attributable to each segment are allocated to the segments based on the
proportion of each segment’s revenue.
（2）Financial information of reporting segments
Unit: Yuan
Electronic glass Solar and other
Item Flat glass Unallocated Elimination Total
and displays industries
Revenue from
9,894,002,863 1,470,587,932 3,831,603,860 2,512,343 15,198,706,998
external customers
Inter-segment
162,736,393 172,495,899 56,978,902 371,837,218 -764,048,412
revenue
Interest income 3,862,088 595,151 578,167 66,716,023 71,751,429
Interest expenses 26,741,659 7,271,418 383,249 178,327,937 212,724,263
Asset impairment
17,229,501 16,083,082 122,250,507 155,563,090
losses
Credit impairment
35,368,484 -33,329 11,927,635 457,317 47,720,107
loss
Depreciation and
amortisation 613,677,200 230,804,196 150,003,099 6,667,747 1,001,152,242
expenses
Total profit/(loss) 1,162,517,806 185,946,481 1,072,267,930 -141,857,270 2,278,874,947
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CSG Annual Report 2022
Income tax
122,509,910 16,248,533 98,356,847 -1,627,531 235,487,759
(expenses)/income
Net profit/(loss) 1,040,007,896 169,697,948 973,911,083 -140,229,739 2,043,387,188
Total assets 14,816,107,672 3,657,683,773 3,839,214,143 3,591,007,718 25,904,013,306
Total liabilities 6,870,531,882 700,657,854 554,483,116 4,402,669,151 12,528,342,003
Increase in non-
3,377,508,584 309,339,498 307,531,029 8,374,505 4,002,753,616
current assets
XV、NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
1、Accounts receivable
（1）Details on categories
Unit: Yuan
31 December 2022 1 January 2022
Provision for bad Carrying Provision for
Carrying Amount
debts Amount bad debts
Type Accru Accru
Book
Propor al Book value al
Amou Propor Amou value
Amount tion Amount propor propor
nt tion nt
tion tion
Credit loss
provision
24,484,628 100% 489,692 2% 23,994,936
accrued by
portfolio
Total 24,484,628 100% 489,692 2% 23,994,936
Provision for bad debts made on the basis of portfolio:
Unit: Yuan
31 December 2022
Name
Carrying Amount Provision for bad debts Accrual proportion
Portfolio 1 24,484,628 489,692 2%
Total 24,484,628 489,692 2%
Disclosure by ages
Unit: Yuan
Aging 31 December 2022
Within 1 year (including 1 year) 24,484,628
Total 24,484,628
（2）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: Yuan
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CSG Annual Report 2022
Movement in current year
1 January 31 December
Type Withdrawal or
2022 Accrual Write-off Others 2022
reversal
Provision for bad
debts for 489,692 489,692
accounts receivable
Total 489,692 489,692
（3）Accounts receivable details of the top 5 closing balances by debtors
Unit: Yuan
Accounts receivable closing
Name % of total balance Provision for bad debts
balance
Total balance of the five
24,484,628 100% 489,692
larhest accounts receivables
Total 24,484,628 100% 489,692
2、Other receivables
Unit: Yuan
Item 31 December 2022 1 January 2022
Dividend receivable 375,057,800 250,000,000
Other receivables 1,994,373,982 2,649,091,405
Total 2,369,431,782 2,899,091,405
（1）Dividends receivable
1）Disclosed by categories
Unit: Yuan
Item 31 December 2022 1 January 2022
Dividends receivable from subsidiaries 375,057,800 250,000,000
Total 375,057,800 250,000,000
（2）Other receivables
1）Other receivables categorized by nature
Unit: Yuan
Nature of receivables 31 December 2022 1 January 2022
Due from Related parties 1,870,622,635 2,526,427,812
Others 175,134,028 174,005,021
Total 2,045,756,663 2,700,432,833
2）Provision for bad debts
Unit: Yuan
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CSG Annual Report 2022
Stage 1 Stage 2 Stage 3
Expected credit
Lifetime expected credit Lifetime expected credit
Bad debts losses in the Total
losses losses
following 12
(credit unimpaired) (credit impaired)）
months (grouping)
Amount on 1st January 2022 41,428 51,300,000 51,341,428
Carrying amount on 1st
January 2022
that in this period:
Increase in the current year 41,253 41,253
Amount on 31st December
82,681 51,300,000 51,382,681
2022
3）Disclosure by ages
Unit: Yuan
Ages 31 December 2022
Within 1 year (including 1 year) 1,874,539,007
Over 1year 171,217,656
Total 2,045,756,663
4）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: Yuan
Movement in current year
31 December
Type 1 January 2022 Withdrawal or
Accrual Write-off Others 2022
reversal
Provision for
bad debts of
51,341,428 41,253 51,382,681
other
receivables
Total 51,341,428 41,253 51,382,681
5）Other receivables details of the top 5 closing balances by debtors
Unit: Yuan
Relationship
Provision for
Name of entity with the Amount Ageing % of total balance
bad debts
Group
Company 1 Subsidiary 562,974,714 Within 1 year 28%
Company 2 Subsidiary 291,609,908 Within 1 year 14%
Company 3 Subsidiary 226,938,085 Within 1 year 11%
Company 4 Subsidiary 218,229,101 Within 1 year 11%
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CSG Annual Report 2022
Company 5 Third party 171,000,000 Over 5 years 8% 51,300,000
Total 1,470,751,808 72% 51,300,000
3、Long-term equity investments
Unit: Yuan
31 December 2022 1 January 2022
Item Carrying Provision for Carrying Provision for
Book value Book value
amount impairment amount impairment
Investment in
7,853,487,027 15,000,000 7,838,487,027 6,277,391,694 15,000,000 6,262,391,694
subsidiaries
Total 7,853,487,027 15,000,000 7,838,487,027 6,277,391,694 15,000,000 6,262,391,694
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CSG Annual Report 2022
3、Long-term equity investments（Continued）
（1）Investments in subsidiaries
Unit: Yuan
Movement in current year Closing
Decrease Provision balance of
31 December
Investee 1 January 2022 Increase in in for impairm
Others 2022
investment investme impairmen ent
nt t loss provision
Chengdu CSG 151,397,763 151,397,763
Sichuan Energy
Conservation 119,256,949 119,256,949
Company
Tianjin Energy
Conservation 247,833,327 247,833,327
Company
Dongguan
198,276,242 198,276,242
Engineering Company
Dongguan Solar
355,120,247 355,120,247
Energy Company
Dongguan
Photovoltaic 382,112,183 382,112,183
Company
Yichang Silicon
640,856,170 269,104,000 909,960,170
Material Company
Wujiang Engineering
254,401,190 254,401,190
Company
Hebei CSG 266,189,705 266,189,705
CSG (Hong Kong)
87,767,304 87,767,304
Co., Ltd.
Wujiang CSG 567,645,430 567,645,430
Jiangyou Sands
102,415,096 102,415,096
Company
Xianning Float
181,116,277 181,116,277
Company
Xianning Energy
165,452,035 165,452,035
Saving Company
Qingyuan Energy
885,273,105 885,273,105
Saving Company
Shenzhen CSG
Financial Leasing Co., 133,500,000 133,500,000
Ltd.
Shenzhen Display
550,765,474 550,765,474
Company
Zhaoqing Energy
150,000,000 150,000,000
Saving Company
Zhaoqing CSG
Automotive Glass 58,121,000 57,926,333 116,047,333
Co., Ltd.
Anhui Energy
455,000,000 845,000,000 1,300,000,000
Company
Anhui Quartz
37,000,000 38,000,000 75,000,000
Company
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CSG Annual Report 2022
Anhui Silicon Valley
Mingdu Mining 3,000,000 117,000,000 120,000,000
Company
Shenzhen CSG
20,000,000 20,000,000
Medical Company
Xi'an energy
1,000,000 40,365,000 41,365,000
conservation company
Guangxi New Energy
1,000,000 56,000,000 57,000,000
Materials Company
Nanba (Suzhou)
Corporate
9,000,000 21,000,000 30,000,000
Headquarters
Management Co., Ltd.
Shenzhen South Glass
New Energy Industry 120,000,000 120,000,000
Development Co., Ltd
Others 238,892,197 11,700,000 250,592,197 15,000,000
Total 6,262,391,694 1,576,095,333 7,838,487,027 15,000,000
4、Operating income and operating costs
Unit: Yuan
2022 2021
Item
Income Cost Income Cost
Principal operation 2,232,800
Other operations 371,474,846 294,247,989
Total 373,707,646 294,247,989
5、Investment income
Unit: Yuan
Item 2022 2021
Investment income from long-term equity
841,070,857 1,065,649,376
investment under cost method
Proceeds from long-term equity transfer 196,665,194
Income from structural deposits 27,665,396 14,245,329
Fixed deposit and others 3,902,458 2,446,900
Total 872,638,711 1,279,006,799
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CSG Annual Report 2022
XVI、SUPPLEMENT INFORMATION
1、Statement of non-recurring gains and losses
Unit: Yuan
Item Amount Notes
Gains or losses on disposal of non-current assets 15,213,059
Government grants recognized in profit or loss (except for grants
that are closely related to the Company's business and are in amounts 188,756,525
and quantities fixed in accordance with the national standard)
Losses/gains from changes of fair values occurred in holding trading
financial assets and trading financial liabilities, and investment
income obtaining from the disposal of trading financial assets,
31,567,854
trading financial liability and financial assets available-for-sale,
excluded effective hedging business relevant with normal operations
of the Company
Reversal of provision for accounts receivable that are tested for
6,389,385
credit loss individually
Other non-operating income or expenses other than above 14,743,778
Less :Influenced amount of income tax 34,242,061
Influenced amount of minor shareholders’ equity 4,655,298
Total 217,773,242 --
The specific situation of other profit and loss items that meet the definition of non recurring profit and loss:
The company does not have specific circumstances for other profit and loss items that meet the definition of non recurring profit
and loss.
2、Return on net assets and earnings per share
Weighted average Earnings per share
The profit of reporting period return on net
Basic earnings per share Diluted earnings per share
assets
Net profit attributable to
ordinary shareholders of the 16.78% 0.66 0.66
Company
Net profit attributable to
ordinary shareholders of the
14.99% 0.59 0.59
Company after deducting non-
recurring gains and losses
Board of Directors of
CSG Holding Co., Ltd.
26 April 2023
199
