CSG HOLDING CO., LTD.
THE First QUARTER REPORT 2024
Chairman of the Board:
CHEN LIN
April 2024
CSG HOLDING CO., LTD. The First Quarter Report 2024
Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2024-010
CSG Holding Co., Ltd.
The First Quarter Report 2024
The Company and all the members of the Board of Directors confirm that the information
disclosed is authentic, accurate and complete, and there are no any fictitious statements,
misleading statements or significant omissions carried in this report.
Important Notice:
1. Board of Directors and the Supervisory Committee and its directors, supervisors and senior
executives hereby confirm that the Quarter Report is authentic, accurate and complete and there
are no any fictitious statements, misleading statements, or significant omissions carried in this
report, and shall take individual and joint legal responsibilities.
2. Head of the Company, responsible person in charge of accounting and principal of the financial
department (accounting officer) confirm that the financial information in this Quarter Report is
authentic, accurate and complete.
3. Whether the First Quarter Report has been audited or not
□ Yes √ No
This report is prepared both in Chinese and English. Should there be any inconsistency between
the Chinese and English versions, the Chinese version shall prevail.
I. Main financial data
（I）Major accounting data and financial indicators
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √No
The same period of Year-on-year
The report period
the previous year increase/decrease
Operating income (RMB) 3,947,220,433 4,070,673,784 -3.03%
Net profit attributable to shareholders of the listed
325,377,538 396,406,087 -17.92%
company (RMB)
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and 295,301,846 369,241,752 -20.02%
losses (RMB)
Net cash flow arising from operating activities (RMB) 180,305,094 -284,407,179 163.40%
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CSG HOLDING CO., LTD. The First Quarter Report 2024
Basic earnings per share (RMB/Share) 0.11 0.13 -15.38%
Diluted earnings per share (RMB/Share) 0.11 0.13 -15.38%
Weighted average ROE (%) 2.29% 3.04% -0.75%
Increase/decrease at
End of the report End of the previous the end of the report
period year period over the end of
the previous year
Total assets (RMB) 31,148,754,411 30,362,057,312 2.59%
Net assets attributable to shareholders of the listed
14,373,532,734 14,050,840,217 2.30%
company (RMB)
(II) Item and amount of non-recurring gains and losses
√Applicable □ Not applicable
Unit: RMB
Amount in the report
Item Note
period
Gains/losses from the disposal of non-current asset (including the write-off that
4,177,432
accrued for impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the subsidy
enjoyed in quota or ration according to national standards, which are closely relevant 24,601,228
to enterprise’s business)
In addition to the effective hedging business related to the normal operation of the
company, the profit or loss of fair value changes arising from the holding of
financial assets and financial liabilities by non-financial enterprises and the loss or 392,308
gain arising from the disposal of financial assets and financial liabilities and
available for sale financial assets
Reversal of provision for impairment of receivables that have been individually
4,146,470
tested for impairment
Profit and loss from debt restructuring 676,483
Other non-operating income and expenditure except for the aforementioned items 1,848,922
Less: Impact on income tax 5,498,675
Impact on minority shareholders' equity (post-tax) 268,476
Total 30,075,692 --
Particulars about other gains and losses that meet the definition of non-recurring gains and losses:
□ Applicable √ Not applicable
It did not exist that other profit and loss items met the definition of non-recurring gains and losses.
Explanation of the non-recurring gains and losses listed in the Explanatory Announcement No.1 on Information
Disclosure for Companies Offering their Securities to the Public - Non-recurring Gains and Losses as recurring gains
and losses
□ Applicable √ Not applicable
It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information
Disclosure of Companies Offering Securities to the Public - Non-recurring Profit and Loss" were defined as recurring
profit and loss items in the report period.
2
CSG HOLDING CO., LTD. The First Quarter Report 2024
(III) Statement of change in the major accounting data and financial indicators and the
causes
√Applicable □ Not applicable
Unit: RMB
Percentage of
Item of the Balance Sheet Note March 31, 2024 December 31, 2023
change
Financing of receivables (1) 785,363,122 529,945,623 48%
Non-current assets due within one year (2) 44,497,625 84,191,224 -47%
Employee benefits payable (3) 271,442,639 483,337,796 -44%
Long-term payables (4) 389,166,859 88,204,163 341%
Special reserves (5) 2,238,171 1,411,139 59%
From January to From January to Percentage of
Item of Income Statement Note
March 2024 March 2023 change
Administrative expenses (6) 223,199,011 160,804,139 39%
Other income (7) 43,926,665 24,951,873 76%
Investment income (8) -2,356,215 756,383 -412%
Credit impairment loss (9) 5,456,642 -9,860,184 --
Asset disposal gain (10) 4,177,432 164,780 2435%
Non-operating income (11) 2,166,094 7,959,666 -73%
Minor shareholders' equity (12) -7,444,708 -3,946,731 89%
Notes:
(1) The increase in receivables financing was mainly due to an increase in notes received;
(2) The decrease in non-current assets due within one year was mainly due to the redemption of certificates of deposit
at maturity;
(3) The decrease in employee benefits payable was mainly due to the payment of year-end bonuses of employees
accrued in the previous year during the reporting period;
(4) The increase in long-term payables was mainly due to the increase in the financial leasing business of some
subsidiaries;
(5) The increase in special reserves was mainly due to the increase in the provision of special reserves by some
subsidiaries;
(6) The increase in administrative expenses was mainly due to the increase in depreciation and amortization;
(7).The increase in other income was mainly due to the increase in tax benefits such as the value-added tax deduction;
(8) The decrease in investment income was mainly due to the increase in bill discounting;
(9) The change in credit impairment loss was mainly due to the reversal of special bad debt provisions in the current
period and the increase in receivables for photovoltaic glass in the same period last year;
(10) The increase in asset disposal gain was mainly due to the increase in non-current asset disposal gain of some
subsidiaries in the current period and the relatively small amount in the previous period;
(11) The decrease in non-operating income was mainly due to the larger amount of unpayable payments in the same
period of the previous year and the smaller amount in the current period;
(12) The change in minor shareholders' equity was mainly due to the decrease in the net profit of some non-wholly-
owned subsidiaries.
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CSG HOLDING CO., LTD. The First Quarter Report 2024
II. Information of shareholders
(I) The total number of common shareholders and the number of preference shareholders with voting
rights recovered as well as the top ten shareholders
Unit: Share
Total common shareholders The total number of preference shareholders with voting
150,800 0
at the end of the report period rights recovered at end of report period (if applicable)
Shareholdings of the10 shareholders(Excluding shares lent through refinancing)
Amount Number of share
Proportion
of pledged, marked or
Nature of of shares Amount of
Name of shareholder restricted frozen
shareholder held shares held
shares Share
（%） Amount
held status
Domestic non state-
Foresea Life Insurance Co., Ltd. – HailiNiannian 15.19% 466,386,874
owned legal person
Domestic non state-
# Shenzhen Sigma C&T Co., Ltd. 3.92% 120,385,406
owned legal person
Foresea Life Insurance Co., Ltd. – Universal Domestic non state-
3.86% 118,425,007
Insurance Products owned legal person
Domestic non state-
Foresea Life Insurance Co., Ltd. – Own Fund 2.11% 64,765,161
owned legal person
China Galaxy International Securities (Hong Kong)
Foreign legal person 1.34% 41,034,578
Co., Limited
China Merchants Securities (Hong Kong) Limited Foreign legal person 1.10% 33,867,837
Hong Kong Securities Clearing Co., Ltd. Foreign legal person 0.88% 26,953,472
VANGUARD EMERGING MARKETS STOCK
Foreign legal person 0.64% 19,595,573
INDEX FUND
Pledged 18,980,000
Domestic non state-
Zhongshan Runtian Investment Co., Ltd. 0.62% 18,983,447 Marked 18,980,000
owned legal person
Frozen 3,447
VANGUARD TOTAL INTERNATIONAL STOCK
Foreign legal person 0.57% 17,537,213
INDEX FUND
Particulars about the top ten shareholders with unrestricted shares held
Amount of Type of shares
Full name of Shareholders unrestricted
shares held Type Amount
Foresea Life Insurance Co., Ltd. – HailiNiannian 466,386,874 RMB ordinary shares 466,386,874
# Shenzhen Sigma C&T Co., Ltd. 120,385,406 RMB ordinary shares 120,385,406
Foresea Life Insurance Co., Ltd. – Universal Insurance Products 118,425,007 RMB ordinary shares 118,425,007
Foresea Life Insurance Co., Ltd. – Own Fund 64,765,161 RMB ordinary shares 64,765,161
China Galaxy International Securities (Hong Kong) Co., Limited 41,034,578 Domestically listed foreign shares 41,034,578
China Merchants Securities (Hong Kong) Limited 33,867,837 Domestically listed foreign shares 33,867,837
Hong Kong Securities Clearing Co., Ltd. 26,953,472 RMB ordinary shares 26,953,472
VANGUARD EMERGING MARKETS STOCK INDEX FUND 19,595,573 Domestically listed foreign shares 19,595,573
Zhongshan Runtian Investment Co., Ltd. 18,983,447 RMB ordinary shares 18,983,447
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 17,537,213 Domestically listed foreign shares 17,537,213
4
CSG HOLDING CO., LTD. The First Quarter Report 2024
As of the end of the report period, among shareholders as listed above, Foresea
Life Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance Co., Ltd.-
Universal Insurance Products, Foresea Life Insurance Co., Ltd.-Own Fund are
all held by Foresea Life Insurance Co., Ltd. Shenzhen Jushenghua Co., Ltd.,
Statement on associated relationship or consistent
which holds 51% equity of Foresea Life Insurance Co., Ltd., holds 100% equity
action among the above shareholders:
of Zhongshan Runtian Investment Co.,Ltd and Chengtai Group Co. Ltd.,
through Shenzhen Hualitong Investment Co., Ltd. Chengtai Group Co., Ltd.
holds 40,187,904 shares through China Galaxy International Securities (Hong
Kong) Co., Limited.
As of the end of the report period, shareholder Shenzhen Sigma C&T Co., Ltd.
holds 0 shares of the Company through an ordinary account, and 120,385,406
Explanation on the top ten shareholders which
shares of the Company through the customer credit transaction guarantee
involving margin business (if applicable)
securities account of Huatai Securities Co., Ltd., totaling 120,385,406 shares of
the Company.
Special note: On July 11, 2022, at the Company's Second Extraordinary General Meeting in 2022, Foresea Life
Insurance Co., Ltd. voted in favor of all proposals, and Zhongshan Runtian Investment Co., Ltd. voted against all
proposals, Chengtai Group Co., Ltd. voted against all the proposals with the shares held by China Galaxy
International Securities (Hong Kong) Co., Limited; on August 3, 2022, at the Company's Third Extraordinary General
Meeting in 2022, Foresea Life Insurance Co., Ltd. voted in favor of all proposals, and Zhongshan Runtian Investment
Co., Ltd. voted against all proposals.
Top 10 shareholders involved in refinancing shares lending
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unlimited outstanding shares have changed from the previous
period due to refinancing lending/restitution reasons
□ Applicable √ Not applicable
(II) The total number of preference shareholders of the company and particulars about the top ten
preference shareholders
□ Applicable √ Not applicable
III. Statement on other important matters
√Applicable □ Not applicable
1. Ultra-short-term financing bills
On May 16, 2022, the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Application
for Registration and Issuance of Medium-Term Notes and Ultra-short-term Financing Bills", which agreed that the
Company would register and issue ultra-short-term financing bills with a registered amount of not more than RMB 1
billion, The Company can issue one or more times within the validity period of the registration according to the actual
capital needs and the capital situation of the inter-bank market. On October 30, 2023, the Dealers Association held the
128th registration meeting in 2023 and decided to accept the registration of ultra-short-term financing notes with a total
amount of RMB 1 billion and a validity period of two years.
2. Medium-term notes
On May 16, 2022, the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Application
for Registration and Issuance of Medium-term Notes and Ultra-short-term Financing Bills", which agreed that the
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CSG HOLDING CO., LTD. The First Quarter Report 2024
Company would register and issue medium-term notes with a registered amount of not more than RMB 2 billion. Actual
capital needs and inter-bank market capital status, can be issued one or more times within the validity period of
registration. On October 30, 2023, the Dealers Association held its 128th registration meeting for 2023 and decided to
accept the registration of medium-term notes with a total value of RMB 2 billion and a validity period of two years.
3. Guarantee situation
The 2022 Annual General Meeting of the Company reviewed and passed the Proposal for the 2023 Guarantee Plan,
and approved the Company and its subsidiaries to provide guarantees in a total amount of not exceeding RMB 21,832
million (including the effective and unexpired amount) for the 2023 credit lines from financial institutions to
guaranteed entities within the scope of consolidated statements. Among them, the total amount of guarantees for all
guaranteed entities with asset-liability ratio of 70% or above shall not exceed the equivalent amount of RMB 920
million (including the effective and unexpired amount). The Company's external guarantees are all provided for
subsidiaries within the scope of consolidated statement. As of March 31, 2024, the actual guarantee balance was
RMB 7,462.61 million (of which the actual guarantee balance with asset-liability ratio of 70% or above was RMB
56.31million), accounting for 53.11% of the parent company's net assets of RMB 14,050.84 million at the end of
2023, and 24.58% of the total assets of RMB 30,362.06 million. The Company has no overdue guarantee.
The Company's 2022 Annual General Meeting reviewed and passed the Proposal on the Development of Asset Pool
Business in 2023. In order to achieve the overall management of the Company's assets such as bills and letters of
credit, the General Meeting of Shareholders approved the Company and its subsidiaries to conduct asset pool
business of no more than RMB 1.6 billion. Under the premise of controllable risks, various guarantee methods such
as maximum pledge, general pledge, deposit certificate pledge, bill pledge, and margin pledge can be adopted for
business development. As of March 31, 2024, the actual pledge amount of the asset pool business was RMB 1,376.65
million, and the financing balance was RMB 1,375.29 million.
4. The matter of the special fund of RMB 171 million for talent introduction
Regarding the special fund of RMB 171 million for talent introduction, the Company filed an infringement
compensation lawsuit against Zeng Nan and others and Yichang Hongtai Real Estate Co., Ltd. on December 15, 2021,
and Shenzhen Intermediate People's Court officially accepted it on January 28, 2022. The first trial of the case was
completed in Shenzhen Intermediate People's Court on June 21, 2022, and is currently awaiting judgment.
5. Postponed re-election of the Board of Directors and the Supervisory Committee
The term of office of the ninth Board of Directors and Supervisory Committee of the Company expired on 21 May
2023, and re-election is progressing steadily as of now. According to Articles 96 and 138 of the Articles of
Association of CSG Holding Co., Ltd., if a new director/supervisor is not re-elected in time upon the expiry of the
term of office of a director/supervisor, before the re-elected director/supervisor assumes his/her office, the former
director/supervisor shall still perform the duties of a director/supervisor in accordance with the provisions of laws,
administrative regulations, departmental rules and the Articles of Association. Therefore, the members of the ninth
Board of Directors and Supervisory Committee are still performing their duties in a normal manner, and the re-
election of the Board of Directors and the Supervisory Committee would not have any adverse impact on the
Company's operation and governance.
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CSG HOLDING CO., LTD. The First Quarter Report 2024
IV. Quarterly financial statements
(I) Financial statements
1. Consolidated Balance Sheet
Prepared by CSG Holding Co., Ltd.
March 31, 2024
Unit: RMB
Item Ending balance Opening balance
Current asset:
Monetary Fund 2,949,972,738 3,076,774,218
Notes receivable 1,349,833,610 1,593,520,494
Accounts receivable 1,850,470,430 1,881,796,408
Receivables financing 785,363,122 529,945,623
Prepayments 115,559,981 155,476,645
Other receivables 168,195,599 177,957,033
Inventories 1,955,890,676 1,590,224,795
Non-current assets due within one year 44,497,625 84,191,224
Other current assets 454,429,946 352,066,698
Total current assets 9,674,213,727 9,441,953,138
Non-current assets:
Investment real estate 290,368,105 290,368,105
Fixed assets 12,996,295,096 13,145,568,631
Construction in progress 5,059,048,133 4,325,016,420
Right-of-use asset 21,153,297 21,637,628
Intangible assets 2,458,357,924 2,490,530,224
Goodwill 8,593,352 8,593,352
Long-term prepaid expenses 20,268,842 18,764,429
Deferred tax assets 237,985,797 223,025,031
Other non-current assets 382,470,138 396,600,354
Total non-current assets 21,474,540,684 20,920,104,174
Total assets 31,148,754,411 30,362,057,312
Current liabilities:
Short-term borrowings 389,237,703 436,853,583
Notes payable 2,342,267,723 2,041,353,189
Accounts payable 3,203,048,330 3,341,624,602
Contract liability 372,170,406 362,538,795
Employee benefits payable 271,442,639 483,337,796
Taxes payable 139,603,753 123,407,413
Other payables 443,768,145 484,741,877
Incl.: Interest payable 8,863,134 8,751,408
Non-current liabilities due within one year 1,450,719,100 1,248,891,979
Other current liabilities 369,554,425 454,332,686
Total current liabilities 8,981,812,224 8,977,081,920
Non-current liabilities:
Long-term borrowings 6,377,322,777 6,221,648,676
Lease liabilities 16,007,041 15,134,562
Long-term payables 389,166,859 88,204,163
Projected liabilities 14,739,191 13,050,082
Deferred income 437,455,228 430,143,830
Deferred income tax liabilities 80,297,113 80,087,910
Total non-current liabilities 7,314,988,209 6,848,269,223
Total Liabilities 16,296,800,433 15,825,351,143
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CSG HOLDING CO., LTD. The First Quarter Report 2024
Owners' equity:
Share capital 3,070,692,107 3,070,692,107
Capital reserve 590,739,414 590,739,414
Other comprehensive income 173,872,418 177,384,471
Special reserves 2,238,171 1,411,139
Surplus reserve 1,404,063,298 1,404,063,298
Undistributed profits 9,131,927,326 8,806,549,788
Total owner's equity attributable to the parent company 14,373,532,734 14,050,840,217
Minority shareholders' equity 478,421,244 485,865,952
Total owner's equity 14,851,953,978 14,536,706,169
Total Liabilities and Owner's Equity 31,148,754,411 30,362,057,312
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the
financial department: Wang Wenxin
2. Consolidated Income Statement
Unit: RMB
Amount incurred in the Amount incurred in the
Item
report period previous period
I. Total operating revenue 3,947,220,433 4,070,673,784
Incl. :Business income 3,947,220,433 4,070,673,784
II. Total business cost 3,632,525,478 3,635,165,242
Incl.: Business cost 3,106,051,696 3,165,542,052
Taxes and surcharges 31,904,103 36,882,571
Sales expense 77,280,402 74,847,114
Management costs 223,199,011 160,804,139
Research and development expenses 156,557,338 161,274,469
Financial expenses 37,532,928 35,814,897
Incl. : Interest expense 59,234,320 65,810,690
Interest income 13,359,790 30,647,150
Plus: Other income 43,926,665 24,951,873
Investment income (“-” for loss) -2,356,215 756,383
Credit impairment loss (“-” for loss) 5,456,642 -9,860,184
Asset disposal gain (“-” for loss) 4,177,432 164,780
III. Operational profit (“-” for loss) 365,899,479 451,521,394
Plus: non-operating income 2,166,094 7,959,666
Less: non-operating expenses 317,172 378,246
IV. Gross profit (“-” for loss) 367,748,401 459,102,814
Less: Income tax expenses 49,815,571 66,643,458
V. Net profit (“-” for net loss) 317,932,830 392,459,356
(I) Classification by business continuity
1. Net profit from continuous operation(“-” for net loss) 317,932,830 392,459,356
2. Net profit from discontinued operations (“-” for net loss)
(II) Classification by ownership
1. Net profit attributable to the owner of the parent company 325,377,538 396,406,087
2. Minor shareholders' equity -7,444,708 -3,946,731
VI. Net after-tax amount of other comprehensive income -3,512,053 -3,225,667
Net after-tax amount of other comprehensive income
-3,512,053 -3,225,667
attributable to the owner of the parent company
(I) Other comprehensive income that will be reclassified into
-3,512,053 -3,225,667
profit or loss
1. Foreign-currency financial statement translation -3,512,053 -3,225,667
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CSG HOLDING CO., LTD. The First Quarter Report 2024
difference
VII. Total comprehensive income 314,420,777 389,233,689
Total comprehensive income attributable to owners of the
321,865,485 393,180,420
Company
Total comprehensive income attributable to minority
-7,444,708 -3,946,731
shareholders
VIII. Earnings per share
(I) Basic earnings per share 0.11 0.13
(II) Diluted earnings per share 0.11 0.13
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the
financial department: Wang Wenxin
3. Consolidated Cash Flow Statement
Unit: RMB
Amount incurred in the Amount incurred in the
Item
report period previous period
I. Net cash flow from business operation:
Cash received from sales of products and providing of
4,143,720,335 2,801,852,650
services
Refunds of taxes 7,200,844 34,104,292
Received other cash related to business activities 55,849,230 60,831,544
Subtotal of cash inflow from operating activities 4,206,770,409 2,896,788,486
Cash paid for the purchase of goods and services 3,008,914,465 2,100,360,348
Cash paid to and for employees 731,476,276 702,164,873
Payments of all types of taxes 155,606,959 256,715,266
Payment of other cash related to business activities 130,467,615 121,955,178
Subtotal of cash outflow from operating activities 4,026,465,315 3,181,195,665
Net cash flow from operating activities 180,305,094 -284,407,179
II. Cash flows from investing activities:
Cash received from returns on investment 40,000,000 20,000,000
Cash received from returns on investment income 85,907 399,611
Net cash received from the disposal of fixed assets, intangible
12,545,643 65,450
assets and other long-term assets
Cash received relating to other investing activities 37,892,400
Subtotal of cash inflows from investment activities 52,631,550 58,357,461
Cash paid for the purchase and construction of fixed assets,
867,415,614 1,073,365,254
intangible assets and other long-term assets
Cash paid for investment 42,800,000
Cash paid relating to other investing activities 696,000
Subtotal of cash outflows from investing activities 3,491,466
Net cash flows from investing activities 913,707,080 1,074,061,254
II. Cash flows from investing activities: -861,075,530 -1,015,703,793
III. Cash flow from financing activities:
Cash received from the loan 588,810,756 1,126,732,597
Other financing-related cash received 321,389,000
Subtotal of cash inflows from financing activities 910,199,756 1,126,732,597
Cash paid for debt repayment 273,983,706 2,025,923,666
Cash paid for dividends, profits or interest payments 68,421,107 168,432,518
Payment of other cash related to financing activities 32,456,853 23,054,274
Subtotal of cash outflows from financing activities 374,861,666 2,217,410,458
Net cash flow from financing activities 535,338,090 -1,090,677,861
IV. Influence of exchange rate alternation on cash and cash
5,735,135 -2,330,424
equivalents
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CSG HOLDING CO., LTD. The First Quarter Report 2024
V. Net increase in cash and cash equivalents -139,697,211 -2,393,119,257
Plus: Balance of cash and cash equivalents at the beginning
3,051,261,655 4,594,018,251
of term
VI. Balance of cash and cash equivalents at the end of term 2,911,564,444 2,200,898,994
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the
financial department: Wang Wenxin
(II) The first implementation of the new accounting standards from 2024 to adjust the first
implementation of the financial statements at the beginning of the year related items
□ Applicable √ Not applicable
(III) Report of the Auditors
Whether the First Quarter Report has been audited or not
□ Yes √ No
The First Quarter Report hasn't been audited.
Board of Directors of
CSG Holding Co., Ltd.
29 April 2024
10
