CSG HOLDING CO., LTD.
SEMI-ANNUAL REPORT 2023
Chairman of the Board:
CHEN LIN
August 2023
CSG Semi-annual Report 2023
Section I. Important Notice, Content and Paraphrase
Board of Directors and the Supervisory Committee of CSG Holding Co., Ltd. (hereinafter referred
to as the Company) and its directors, supervisors and senior executives hereby confirm that there
are no any fictitious statements, misleading statements, or important omissions carried in this report,
and shall take all responsibilities, individual and/or joint, for the facticity, accuracy and
completeness of the whole contents.
Ms. Chen Lin, person in charge of the Company, Ms. Wang Wenxin, responsible person in charge of
accounting and Ms. Wang Wenxin, principal of the financial department (accounting officer)
confirm that the Financial Report enclosed in the semi-annual report of the Company is true,
accurate and complete.
All directors were present at the meeting of the Board for deliberating the semi-annual report of the
Company in person.
The future plans, 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 Company has no plans of cash dividend distribution, bonus shares being sent or converting
capital reserve into share capital.
This report is prepared both in Chinese and English. Should there be any inconsistency between the
Chinese and English versions, the Chinese version shall prevail.
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CSG Semi-annual Report 2023
Content
Section I. Important Notice, Content and Paraphrase ......................................................................... 1
Section II. Company Profile & Financial Highlights ..........................................................................5
Section III. Management Discussion and Analysis .............................................................................8
Section IV. Corporate Governance ......................................................................................................28
Section V. Environment and Social Responsibility .............................................................................30
Section VI. Important Events .............................................................................................................. 37
Section VII. Changes in Shares and Particulars about Shareholders .................................................. 54
Section VIII. Preferred Shares ............................................................................................................ 59
Section IX. Bonds ............................................................................................................................... 59
Section X. Financial Report ................................................................................................................ 60
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CSG Semi-annual Report 2023
Documents available for Reference
I. Text of the financial report carrying the signatures and seals of the person in charge of the
Company, the responsible person in charge of accounting and the principal of the financial
department (accounting officer).
II. All texts of the Company’s documents and original public notices disclosed in the papers
appointed by CSRC in the report period.
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CSG Semi-annual Report 2023
Paraphrase
Item Refers to Content
Company, the Company, CSG Group 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
Ultra-thin electronic glass Refers to The electronic glass with thickness between 0.1~1.1mm
AG glass Refers to Anti-glare glass
AF glass Refers to Anti-fingerprint glass
AR glass Refers to Anti-reflection glass
CSG’s brand for multi-silver high-performance energy-
Ice Kirin Refers to
saving glass
BIPV Refers to Building Integrated Photovoltaic
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CSG Semi-annual Report 2023
Section II. Company Profile & Financial Highlights
I. Company Profile
Short form of the stock Southern Glass A、Southern Glass B Stock code 000012、200012
Listing stock exchange Shenzhen Stock Exchange
Legal Chinese name of the Company 中国南玻集团股份有限公司
Abbr. of legal Chinese name of the
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
II. Person/Way to contact
Secretary of the Board Representative of securities affairs
Name Chen Chunyan Xu Lei
CSG Building, No.1 of the 6th Industrial CSG Building, No.1 of the 6th Industrial
Contact address
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. Other information
1. Way of contact
Whether registered address, office address and their postal codes, website address and email address of the Company changed in
the report period or not
□ Applicable √Not applicable
The registered address, office address and their postal codes, website address and email address of the Company did not change in
the report period. More details can be found in Annual Report 2022.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in the report period or not
□Applicable √ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for disclosing semi-
annual report and preparation place of semi-annual report did not change in the report period. More details can be found in Annual
Report 2022.
3. Other relevant information
Whether other relevant information changed in the report period or not
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CSG Semi-annual Report 2023
□Applicable √ Not applicable
IV. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √No
The report period (Jan. to The same period of Increase/decrease year-on-
Jun.2023) last year year
Operating income (RMB) 8,389,340,245 6,519,216,676 28.69%
Net profit attributable to shareholders of
889,478,780 1,001,174,398 -11.16%
the listed company (RMB)
Net profit attributable to shareholders of
the listed company after deducting non- 838,238,768 887,594,820 -5.56%
recurring gains and losses (RMB)
Net cash flow arising from operating
518,427,185 902,803,121 -42.58%
activities (RMB)
Basic earnings per share (RMB/Share) 0.29 0.33 -12.12%
Diluted earnings per share (RMB/Share) 0.29 0.33 -12.12%
Weighted average ROE 6.69% 8.61% -1.92%
Increase/decrease in this
End of this period End of last year period-end over that of last
year-end
Total assets (RMB) 27,266,235,266 25,904,013,306 5.26%
Net assets attributable to shareholders of
13,753,871,984 12,854,883,706 6.99%
the listed company (RMB)
V. Difference of accounting data under domestic and overseas accounting standards
1. Differences of the net profit and net assets disclosed in financial report prepared under international
and Chinese accounting standards
□ Applicable √ Not applicable
No such differences in the report period.
2. Difference of the net profit and net assets disclosed in financial report prepared under overseas and
Chinese accounting standards
□ Applicable √ Not applicable
No such differences in the report period.
VI. Items and amounts of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
Item Amount Note
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CSG Semi-annual Report 2023
Gains/losses from the disposal of non-current asset (including the write-off that
53,451
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 48,576,899
closely relevant to enterprise’s business)
In addition to the effective hedging business related to the normal business of the
company, the profit and loss from changes in fair value arising from holding
trading financial assets and trading financial liabilities, as well as the investment 1,534,181
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 individually
2,698,913
tested for impairment
Other non-operating income and expenditure except for the aforementioned items 8,503,373
Less: Impact on income tax 8,958,077
Impact on minority shareholders’ equity (post-tax) 1,168,728
Total 51,240,012
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.
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CSG Semi-annual Report 2023
Section III. Management Discussion and Analysis
I. Main business of the Company during the report period
(I)Main business of the Company
CSG is a leading domestic brand of energy-saving glass and a renowned brand of solar PV products and display devices. Its
products and technologies are well-known at home and abroad. Its main business includes R&D, manufacturing and sales of high-
quality photovoltaic glass, architectural glass, float 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.
Photovoltaic glass business
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 June 2023, the Company has seven photovoltaic rolled glass
kilns and complementary photovoltaic glass deep processing production lines in Dongguan, Wujiang, Fengyang and Xianning,
with an annual output of about 2.72 million tons of photovoltaic rolled glass original sheets, and its products cover deep-
processing products with a variety of thicknesses of 1.6-4 mm. 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. Its Fengyang No. 4 kiln has been successfully ignited in
May 2023; and it is building, in an orderly manner as planned, two photovoltaic glass production kilns and complementary
processing lines in Beihai, each with a daily melting capacity of 1,200 tons. As at June 2023, the production capacity scale of the
Company had successfully ranked among the top in the industry. Under the background of carbon peaking and carbon neutrality,
the photovoltaic glass business will become the new champion business of CSG.
Driven by the decreasing cost of photovoltaic power generation and the recovery of green economy across the world, among
others, the global new installed photovoltaic capacity will continue to grow rapidly. However, the fast ramp-up of photovoltaic
glass production is putting suppliers under great pressure, with strong demand, increased production, high production costs and
low selling prices in the near term. With the rapid development of the global market and the optimization and adjustment of the
domestic industrial structure, the industry will return to the track of healthy development.
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
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CSG Semi-annual Report 2023
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.
Currently, the Company has 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. Additionally, a new energy-saving glass production base is
being built in Xi’an. 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 by
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 “Ice Kirin” 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 “Ice Kirin” 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
“Ice Kirin” glass 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 “Ice Kirin” products have become a benchmark
in the domestic 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 Finance Building, CZBank Head Office Building, Zhangjiang Gate Of Science, JD.COM Headquarters
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CSG Semi-annual Report 2023
Phase III, Diangu Finance Centre, ShenzhenChina Merchants Bank Headquarters Plaza (North Tower), and Guangzhou
Knowledge Town Industrial Aggregation 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).
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 “Ice Kirin” 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. The development and production of the Company’s “Ice Kirin” 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. 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 “Ice Kirin” glass is
expected to be seen. 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 per year. 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.
Float glass business
In the field of float glass, CSG has 10 advanced float glass production lines in Dongguan, Chengdu, Langfang, Wujiang and
Xianning. As one float glass production line in Xianning was halted for upgrading and transformation in the first half of 2023,
there are nine production lines in operation as at June 2023. 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 and raw material prices, product structure, and
enterprise management level. Differentiated glass products have higher added value due to specific application scenarios, higher
production process difficulties, stable demand, and relatively proactive pricing by manufacturers. 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 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.
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CSG Semi-annual Report 2023
In the first half of 2023, property construction starts dropped significantly compared with the same period in last year, the
domestic architectural glass market demand continued to slow down, original sheet producers saw a declining current period
inventory ratio, and the prices of float glass remained at low levels. Meanwhile, affected by the Russia-Ukraine conflict, inflation
and other factors, the prices of raw materials and fuels were at high levels, and the profit level of float glass registered a drop
compared with the same period in the previous year. However, under the macro background of “Steady Growth” of the national
economy and the realization of “dual carbon” goals, customers in the downstream market are pursuing higher-quality products,
and the demand for differentiated products and energy-saving products remains stable.
Electronic glass and display business
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 2023, the Company’s
electronic glass business continued to develop in a steady manner. Its four subsidiaries, Hebei Panel, Yichang Photoelectric,
Qingyuan New Energy-Saving Materials and Xianning Photoelectric, continued to actively implement further market expansion
and product upgrading in the application fields of intelligent electronic terminals, touch components, vehicle window glass,
vehicle-mounted display, industrial control and commercial display, and smart home. Therefore, the market share and brand
influence of the Company’s medium-alumina and high-alumina electronic glass products were improved steadily. 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 the first half of 2023, the Company’s high aluminium second generation
(KK6-P) lithium aluminosilicate electronic glass products were put in mass production and delivered to new customers, 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. Continual efforts were made to strengthen the
development of new technologies and products, such as new high-aluminium glass products, so as to enhance customers’
recognition of the CSG brand. In addition, the Qingyuan CSG Phase II “One Kiln and Two Lines” project is operating well with
more and more new application markets, 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 has entered the pre-commercialisation stage, 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.
In the touch display field, CSG has formed a complete touch industry chain from vacuum magnetron sputtering coating, 3A (AG,
AR, and AF) cover plate processing and fine pattern lithography processing, to touch display modules. The main business includes
optical coating materials, vehicle-mounted 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.
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CSG Semi-annual Report 2023
The Company continued with the development of new products in new application fields in the first half of 2023. Currently,
several products are in the stage of small-batch production.
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
investment and 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” recognized by the Provincial Development and Reform Commission; “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 the first half of 2023, the rapid release of the production capacity of the upstream high-purity crystalline silicon led to a decline
in prices. 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 “technical transformation, quality
improvement, cost reduction and efficiency enhancement for high-purity crystalline silicon production lines; and the silicon wafer
business was swiftly upgraded to 182 mono-crystalline wafers to cater to the mainstream markets, which has resulted in good
economic benefits. 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.
(II) Overview of operation during the report period
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. In the first half of 2023, the Company’s operating revenue totalled RMB 8.389 billion, increasing by
29% year-on-year; its net profit reached RMB 0.882 billion, decreasing by 13% year-on-year; and the net profit attributable to
shareholders of the listed company was RMB 0.889 billion, decreasing by 11% year-on-year. To be specific, in the first half of
2023, the Company’s operating revenue and net profit in the glass business (photovoltaic glass, architectural glass and float glass)
totalled RMB 6.335 billion and RMB 0.48 billion, respectively; its operating revenue and net profit in the electronic glass and
display business stood at RMB 0.72 billion and RMB 15 million, respectively; and its solar energy and other businesses recorded
operating revenue and a net profit of RMB 1.585 billion and RMB 0.356 billion, respectively.
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CSG Semi-annual Report 2023
Glass business segment
Photovoltaic glass: Given the rapidly increasing photovoltaic demand, the Company makes plans for photovoltaic glass
production lines based on local needs to provide high-quality, high-performance photovoltaic glass products. For instance, the
Company remains an industry leader in terms of production capacity, quality and comprehensive manufacturing yield of ultra-thin
photovoltaic glass products below 2mm; and providing high-quality encapsulation materials for the promotion of lightweight
double-glass photovoltaic modules, it has become an important and even strategic supplier to leading global module companies. In
the face of the industry’s rapid technological upgrading, the Company quickly adapts to market needs and strengthens
technological innovation. And its efforts in the development of differentiated products and marketing have been fruitful. For
example, the Company has independently developed high-transmittance double-coated photovoltaic glass, colourless double-
coated photovoltaic glass, anti-glare photovoltaic glass, dust-proof photovoltaic glass and so on. These products meet the
customers’ regular performance requirements while greatly satisfying their specific needs in terms of high transmittance, aesthetics,
anti-glare, cleaning, etc., representing a perfect combination of industrialisation and humanisation. Currently, these products are
well received by major module manufacturers. Moving forward, the Company will continue to explore the photovoltaic glass
industry, keep abreast of cutting-edge trends, increase investment in innovation, and contribute to the realisation of high-quality
development of the industry. With the new production lines in Anhui and Xianning successively put into production, the
Company’s photovoltaic glass production capacity has been significantly increased, resulting in a considerable growth in the
photovoltaic glass business.
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.
The Company faced greater pressure in marketing in the first half of 2023 compared with the same period in last year due to the
weak market recovery and the continued decline in the growth rate of property development investment. This, together with the
continual risks of domestic real estate companies, the Company’s liquidity pressure remained high. Moreover, as the Company
strengthened risk control, operating revenue of the architectural glass business was affected to some degree, with a slight year-on-
year increase. 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. Meanwhile, it launched the band of “Ice
Kirin” and gradually increased the proportion of “Ice Kirin” and other high-end products. It also enhanced cooperation in support
projects for people’s livelihood, continued to “Reduce Costs and Increase Efficiency”, adopted lean operation, and leveraged the
Group’s industrial chain advantage. These efforts effectively offset the impacts of shrinking market demand and lower product
prices.
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. As the Dongguan Base has completed the optimization and
restructuring of its production lines, the Company now has a more diverse product portfolio. Meanwhile, relying on the
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CSG Semi-annual Report 2023
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 has achieved a steady growth in production capacity 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 has successfully released
the production capacity of its production expansion projects, so as to make up for its insufficient production capacity. Relying on
China’s “Belt and Road” strategy, especially the New Asia-Europe Continental Bridge, the China-Kazakhstan Railway and other
critical projects that pass through Northwest China, CSG takes this opportunity to accelerate the construction of its Xi’an Energy-
saving Glass Base. As the new production line projects 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.
Float glass: In the first half of 2023, the domestic downstream demand for architectural glass continued to slow down, and float
glass prices were at low levels. Meanwhile, profitability of float glass declined as a result of higher production costs caused by the
rising prices of raw materials and fuels and other factors. In the face of the severe business environment, the Company firmly
implemented the differentiated product strategy. Firstly, it produced and marketed more high value-added products, such as ultra-
thick and large-size ones. Additionally, it continued to ramp up the production of ultra-white float glass with stronger sales as well.
Also, by creating “Blue Diamond”, a high-end brand of ultra-white glass series, the Company has become a leader in this market
segment. The proportion of the Company’s high-value-added differentiated products continues to increase, and the Company stays
among the top in the segment of high-grade float glass. Through organizing centralised procurement of bulk raw materials and
strategic reserve procurement during periods of low prices, pressure of rising procurement costs has been effectively offset.
Besides, the Company strengthens the lean control of the whole production process to improve production efficiency and
continues to reduce costs and increase efficiency.
Electronic glass and display business segment
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. Four subsidiaries of the Company,
namely, Hebei Panel, Yichang Photoelectric, Qingyuan New Energy-Saving Materials and Xianning Photoelectric, continued to
actively implement product 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,
and smart home. In the first half of 2023, product competition in the electronic glass industry became more and more intense,
domestic fellow manufacturers expanded their production capacity significantly, resulting in an oversupply, and the operating
results of the Company’s electronic glass business declined compared with the same period last year.
In terms of display, the Company’s production and sales volumes declined in the first half of 2023 compared with the same period
last year due to the shrinking global demand for consumer electronics and the popularity of in-cell touch technology.
Solar energy and other businesses segment
14
CSG Semi-annual Report 2023
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 launch the project of 50,000 ton high-purity crystalline silicon in Haixi Prefecture, Qinghai Province,
construction of which is accelerating. This project, upon completion, is expected to help further expand the Group’s solar energy
business and enhance its overall competitiveness.
With respect to the marketing of high-purity crystalline silicon, the Company adopts two paths, namely, strategic long-term orders
and flexible sales, to reduce operating risks and ensure stable and sustainable business development. In terms of the production of
high-purity crystalline silicon, the Company continuously optimises the production process, as well as reduce costs and increase
efficiency, resulting in significant improvement in product quality. Since the high-purity crystalline silicon production line was put
into operation in February 2022, all devices have been running stably, and according to the operation and maintenance plan, the
production line has now entered the stage of technical reform and upgrading.
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 mainstream mono-crystalline market. It gives
full play to its own advantages, aligns with the mainstream market, and enhances the ability of asset-based benefit creation. This is
in line with the Company’s long-term development strategy. With regard to the module business, the production capacity of high-
power, large-size modules has been put into use, with considerable improvement in order acquisition capability. The mono-
crystalline 182 cell upgrading project has achieved mass production and successfully entered the mainstream cell market. By the
first half of 2023, the Company’s cumulative photovoltaic power station capacity reached 139MW.
II. 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, and 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,
technology research and development, industrial chain and layout, talent team, and green development.
1. Product and brand advantages
"CSG" is a famous brand of domestic energy-saving glass, ultra-thin electronic glass, display and solar photovoltaic products. Its
products and technology are well-known at home and abroad. The trademarks " 南 玻 " and "SG" held by the Company are both
"Famous Trademark of China". The Company has been listed in the "Top 50 Building Materials Enterprises in China", "Top 100
Industry Leaders in Shenzhen" and "Preferred Brand of Architectural Glass" in Door and Window Curtain Wall Industry for many
years. In 2018, "CSG" brand was recognized by the United Nations Industrial Development Organization as the fourth batch of
"International Reputation Brand". CSG’s low-E coated glass and ultra-thin electronic glass were awarded the title of Single
Champion Product by the Ministry of Industry and Information Technology, and it is the only manufacturer in the domestic glass
industry that has two single champion products at the same time. 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). In June 2023, the " Ice Kirin " glass product of "CSG" successfully landed on CCTV headquarters.
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 June 30, 2023, the Company has had a total of 19 national high-tech enterprises, 2 national-level single champion products in
15
CSG Semi-annual Report 2023
the manufacturing industry, 1 national-level engineering laboratory, 1 national-level enterprise technology centre, 4 national
enterprises with intellectual property advantages, 7 national-level specialized, sophisticated, distinctive, and innovative enterprises
(“Little Giants”), 1 provincial-level academician workstation, 1 provincial-level doctoral workstation, 13 provincial-level
enterprise technology centres, 6 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, 8
provincial-level scientific and technological progress awards , 3 provincial-level patent awards, 1 Shenzhen postdoctoral
innovation practice base and 1 Shenzhen specialized, refined, and new small and medium-sized enterprise. As of June 30, 2023,
the Company has applied for a total of 2,904 patents, including 1,204 invention patents, 1,687 utility model patents, and 13 design
patents. Moreover, the Company has had a total of 2,116 authorized patents, including 424 invention patents, 1,679 utility model
patents, and 13 design patents.
3. Industrial chain and layout advantages
The Company has three complete industrial chains of energy-saving glass, electronic glass and display, and solar photovoltaic
glass. With the continuous improvement of the technological level of each process of the industrial chains, the Company’s
industrial advantage becomes obvious; meanwhile, the Company possesses a complete industry layout, with production bases
located in 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
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. And prepare for the expansion of participants in the national carbon trading market in the future. As a
pioneer of green development in the industry, the Company has won itself abundant room for development.
16
CSG Semi-annual Report 2023
III. Main business analysis
Overview
Please refer to the relevant content of “I. Main business of the Company in the report period”.
Year-on-year changes of main financial data
Unit: RMB
Increase
The
/decrease
The report period corresponding Reasons of change
year-on-
period of last year
year（%）
Operating income 8,389,340,245 6,519,216,676 28.69%
Mainly due to the increase in
revenue from the production of
Operating costs 6,495,395,931 4,637,645,927 40.06%
photovoltaic glass production lines,
resulting in increased costs
Sales expenses 146,856,141 133,906,652 9.67%
Administration expenses 340,252,772 318,635,812 6.78%
Financial expenses 72,764,645 62,797,352 15.87%
Mainly due to reasons such as a
Income tax expenses 74,094,170 168,925,524 -56.14%
decrease in total profit
Mainly due to increased research
R&D investment 346,264,501 265,877,930 30.23%
and development investment
Mainly due to an increase in cash
Net cash flow arising from
518,427,185 902,803,121 -42.58% payments for purchasing goods and
operating activities
receiving services
Net cash flow arising from
-1,682,063,852 -1,832,143,634 -8.19%
investment activities
Net cash flow arising from Mainly due to an increase in cash
-793,930,485 1,033,633,029 -176.81%
financing activities paid for debt repayment
Net increase in cash and cash Mainly due to a decrease in net cash
-1,954,758,111 107,488,197 -1,918.58%
equivalents flow from financing activities
Major changes on profit composition or profit resources in the report period
□ Applicable √ Not applicable
There was no major change in the Company's profit composition or profit resources during the report period.
Composition of operating income
Unit: RMB
The corresponding period of
The report period
last year
Increase/decrease
Ratio in Ratio in y-o-y
Amount operating Amount operating
income income
Total of operating income 8,389,340,245 100% 6,519,216,676 100% 28.69%
According to industry
Glass industry 6,335,187,971 75.51% 4,428,770,426 67.93% 43.05%
Electronic glass & Display industry 720,405,893 8.59% 809,915,769 12.42% -11.05%
Solar energy and other industries 1,585,418,445 18.90% 1,433,641,147 21.99% 10.59%
Undistributed 220,156,296 2.62% 230,507,530 3.54% -4.49%
Inter-segment offsets -471,828,360 -5.62% -383,618,196 -5.88% 22.99%
According to product
Glass products 6,335,187,971 75.51% 4,428,770,426 67.93% 43.05%
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CSG Semi-annual Report 2023
Electronic glass & Display products 720,405,893 8.59% 809,915,769 12.42% -11.05%
Solar energy and other products 1,585,418,445 18.90% 1,433,641,147 21.99% 10.59%
Undistributed 220,156,296 2.62% 230,507,530 3.54% -4.49%
Inter-segment offsets -471,828,360 -5.62% -383,618,196 -5.88% 22.99%
According to region
Mainland China 7,695,234,258 91.73% 6,019,026,588 92.33% 27.85%
Overseas 694,105,987 8.27% 500,190,088 7.67% 38.77%
List of the industries, products or regions exceed 10% of the operating income or operating profits of the Company
√ Applicable □ Not applicable
Unit: RMB
Increase/dec
Gross Increase/decreas Increase/decreas
rease of
Operating income Operating cost profit e of operating e of operating
gross profit
ratio income y-o-y cost y-o-y
ratio y-o-y
According to industry
Glass industry 6,335,187,971 5,065,507,031 20.04% 43.05% 65.51% -10.85%
Solar energy and
1,585,418,445 1,073,712,225 32.28% 10.59% 12.97% -1.42%
other industries
According to product
Glass products 6,335,187,971 5,065,507,031 20.04% 43.05% 65.51% -10.85%
Solar energy and
1,585,418,445 1,073,712,225 32.28% 10.59% 12.97% -1.42%
other products
According to region
Mainland China 7,695,234,258 5,932,244,234 22.91% 27.85% 40.07% -6.73%
Under the circumstances that the statistical standards for the Company’s main business data adjusted in the report period, the
Company's main business data in the recent year is calculated based on adjusted statistical standards at the end of the report period
□ Applicable √ Not applicable
IV. Non-core business analysis
□ Applicable √ Not applicable
V. Assets and liabilities
1. Significant changes in assets composition
Unit: RMB
End of the report period End of last year
Increase or
Explanation of significant
decrease in
Percentage Percentage changes
proportion
Amount to total Amount to total
assets assets
Cash at bank and on hand
Cash at bank and on decreased mainly due to the
2,659,317,147 9.75% 4,604,607,779 17.78% -8.03%
hand repayment of mature corporate
bonds
Accounts receivable increased
mainly due to the increase in
Accounts receivable 1,618,049,955 5.93% 1,179,992,784 4.56% 1.37%
sales revenue from photovoltaic
glass
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CSG Semi-annual Report 2023
Inventories 2,118,417,593 7.77% 1,783,941,982 6.89% 0.88%
Investment
290,368,105 1.06% 290,368,105 1.12% -0.06%
properties
Fixed assets 11,986,389,945 43.96% 11,243,236,175 43.40% 0.56%
Construction in
2,622,639,485 9.62% 2,520,362,291 9.73% -0.11%
progress
Right-of-use assets 9,589,272 0.04% 9,908,413 0.04% 0%
Short-term
384,776,205 1.41% 345,000,000 1.33% 0.08%
borrowings
Contract liabilities 342,662,579 1.26% 418,051,975 1.61% -0.35%
Long-term
5,228,900,581 19.18% 4,353,589,980 16.81% 2.37%
borrowings
Lease liabilities 3,648,983 0.01% 3,564,330 0.01% 0%
Non-current assets due within one
year increased mainly due to the
Non-current assets
80,000,000 0.29% 20,000,000 0.08% 0.21% maturity within one year of
due within one year
previously purchased large-
amount certificate of deposit
Notes receivable increased
Notes receivable 731,429,485 2.68% 156,943,437 0.61% 2.07% mainly due to the pledge of notes
receivable
Intangible assets increased mainly
due to the transfer of the
prepayment for mining
Intangible assets 2,395,648,014 8.79% 1,438,102,666 5.55% 3.24% concession from other non-
current assets to intangible assets
as the mining concession
certificate was obtained
Long-term prepaid expenses
Long-term prepaid
6,568,159 0.02% 2,647,939 0.01% 0.01% increased mainly due to the
expenses
increase in items to be amortized
Other non-current assets
Other non-current increased mainly due to the
1,125,121,631 4.13% 856,620,485 3.31% 0.82%
assets increase in prepayment for
engineering and equipment
Notes payable increased mainly
Notes payable 1,359,373,689 4.99% 994,557,496 3.84% 1.15%
due to the increase in notes issued
Accounts payable increased
mainly due to the increase in
Accounts payable 3,024,632,655 11.09% 2,033,542,627 7.85% 3.24%
engineering and equipment
payables
Employee benefits payable
decreased mainly due to the year-
Employee benefits
300,681,897 1.10% 473,616,428 1.83% -0.73% end bonuses for employees
payable
accrued in the previous year that
were paid during the report period
Non-current liabilities due within
Non-current one year Current portion of non-
liabilities due 1,008,414,500 3.70% 2,481,433,006 9.58% -5.88% current liabilities decreased
within one year mainly due to the repayment of
mature corporate bonds
Other current Other current liabilities increased
89,468,648 0.33% 50,407,240 0.19% 0.14%
liabilities mainly due to the issuance of
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CSG Semi-annual Report 2023
electronic debt obligation, etc.
Estimated Liabilities increased
Estimated
7,569,501 0.03% 0 0% 0.03% mainly due to the increase in
Liabilities
mine rehabilitation costs
Special reserve decreased mainly
Special reserve 210,519 0% 731,580 0% 0%
due to the use of special reserve
2. Main overseas assets
□ Applicable √ Not applicable
3. Assets and liabilities at fair value
√ Applicable □ Not applicable
Unit: RMB
Profit and
Impairm Purch
loss from Cumulative
ent ase Amou
changes in changes in
Opening accrued amoun nt sold Closing
Item fair value fair value Other changes
balance in the t for in this balance
in the included in
current this period
current equity
period period
period
Financial assets
Investment real
290,368,105 290,368,105
estate
Receivables
1,095,412,643 -264,422,940 830,989,703
financing
Total of the
1,385,780,748 -264,422,940 1,121,357,808
above
Financial
0 0
liabilities
Other changes: nil
During the report period, whether the company’s main asset measurement attributes changed significantly or not
□ Yes √ No
4. Limited asset rights as of the end of the report period
Unit: RMB
Item Closing book value Limited reason
Monetary funds 20,057,007 Restricted circulation of deposits, freezes, etc
Notes receivable 701,846,825 Limitation of pledge
Fixed assets 95,994,423 Limited financial leasing
Construction In Progress 25,571,588 Limited financial leasing
Total 843,469,843
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CSG Semi-annual Report 2023
VI. Investment analysis
1. Overall situation
√ Applicable □ Not applicable
Investment in the report period (RMB) Investment in the same period of last year (RMB) Change range
1,735,645,765 3,850,076,802 -54.92%
2. The major equity investment obtained in the report period
□ Applicable √ Not applicable
21
CSG Semi-annual Report 2023
3. The major ongoing non-equity investment in the report period
√ Applicable □ Not applicable
Unit: RMB
Fixed Accumulative Accumulative Reasons for not
Amount Date of Index of
Way of asset amount actually revenue achieving the
Industry invested during Progress of disclosure disclosure
Project name investm investm invested by the Source of funds Expected revenue achieved by planned progress
involved the report project (if (if
ent ent or end of the the end of the and the expected
period applicable) applicable)
not report period report period revenue
Own funds and
Zhaoqing CSG High-grade Manufact The project is No revenue as the 13 Announcem
Self- loans from
Automotive Glass Yes uring 41,115,387 133,691,077 under 58,000,000 project is still in the December ent number:
built financial construction.
Production Line Project industry construction period. 2019 2019-077
institutions
Part of the project
is under
construction, three
Anhui Fengyang
Own funds and Part of the production lines
Lightweight & High- Manufact Announcem
Self- loans from project has have been put into 6 March
permeability Panel for Solar Yes uring 431,748,265 3,016,549,340 435,660,000 ent number:
built financial been put into commercial 2020
Energy Equipment industry operation. 2020-010
institutions operation, and the
Manufacturing Base Project
revenue thereof has
been reflected in
profits.
Wujiang CSG Architectural Own funds and
Manufact The project is No revenue as the Announcem
New Architectural Glass Self- loans from 24 June
Yes uring 2,111,163 81,281,850 under 50,490,000 project is still in the ent number:
Intelligent Manufacturing built financial 2020
industry construction. construction period. 2020-051
Plant Construction Project institutions
Own funds and
Xi’an CSG Energy-saving Manufact The project is No revenue as the 7 Announcem
Self- loans from
Glass Production Line Yes uring 96,583,390 138,277,411 under 42,220,000 project is still in the November ent number:
Project built financial construction.
industry construction period. 2020 2020-070
institutions
Own funds and
Hebei Panel Glass Ultra-thin Manufact The project is No revenue as the Announcem
Self- loans from 27 March
Electronic Glass Line Yes uring 31,090,053 288,407,666 under 46,710,000 project is still in the ent number:
built financial 2021
Construction Project industry debugging. debugging period. 2021-008
institutions
22
CSG Semi-annual Report 2023
The project has
Xianning CSG 1200T/D Own funds and The project
Manufact been completed, Announcem
Photovoltaic Packaging Self- loans from has been put 27 March
Yes uring 139,002,442 865,998,807 128,350,000 and the revenue ent number:
Material Production Line built financial into 2021
Project industry operation. thereof has been 2021-008
institutions
reflected in profits.
Own funds and
Manufact The project is Announcem
CSG East China Self- loans from The project is in the 27 August
Yes uring 3,051,188 5,787,369 under 0 ent number:
Headquarters Building built financial construction period. 2021
industry construction. 2021-039
institutions
Own funds and
Guangxi Beihai Photovoltaic Manufact The project is No revenue as the 10 Announcem
Self- loans from
Green Energy Industrial Yes uring 165,909,420 199,123,173 under 557,640,000 project is still in the September ent number:
Park Project (Phase I) built financial construction.
industry construction period. 2021 2021-041
institutions
Hefei CSG Energy-saving Own funds and The project is
Manufact No revenue as the Announcem
Glass Intelligent Self- loans from in the 15 October
Yes uring 1,196,423 3,204,661 46,660,000 project is still in the ent number:
Manufacturing Industry built financial preparatory 2021
Base Project industry stage. preparatory period. 2021-043
institutions
Xianning CSG Energy-
saving Glass Co., Ltd. Own funds and
Manufact The project is No revenue as the Announcem
Production Line Self- loans from 3 December
Yes uring 20,142,138 25,828,636 under 27,130,000 project is still in the ent number:
Reconstruction and built financial 2021
industry construction. construction period. 2021-051
Expansion Construction institutions
Project
Own funds and
Qingyuan CSG Phase I Manufact The project is No revenue as the 25 Announcem
Self- loans from
Upgrading and Technical Yes uring 955,796 25,250,764 under 60,210,000 project is still in the December ent number:
Transformation Project built financial construction.
industry construction period. 2021 2021-053
institutions
The project has
Own funds and
Dongguan Solar G6/G7 Line Manufact The project been completed, Announcem
Self- loans from 29 March
Process and Equipment Yes uring 46,161,003 64,926,603 has been 41,560,000 and the revenue ent number:
built financial 2022
Upgrading Project industry completed. thereof has been 2022-006
institutions
reflected in profits.
High-purity crystalline Own funds and
silicon project with an Manufact The project is No revenue as the Announcem
Self- loans from 23 June
annual output of 50,000 tons Yes uring 200,044,097 210,363,106 under 863,280,000 project is still in the ent number:
built financial 2022
in Haixi Prefecture, Qinghai industry construction construction period. 2022-024
Province institutions
Xianning Float No. 2 The project is 9
Self- Manufact Own funds and No revenue as the Announcem
Production Line (700 Yes 33,637,313 33,637,313 under 38,350,000 November
tons/day) Technology built uring loans from construction project is still in the 2022 ent number:
23
CSG Semi-annual Report 2023
Upgrade and Transformation industry financial construction period. 2022-061
Project institutions
Own funds and
Anhui Fengyang 37.6 MW Manufact The project is No revenue as the 9 Announcem
Self- loans from
Distributed Photovoltaic Yes uring 23,365 23,365 under 11,000,000 project is still in the November ent number:
Power Generation Project built financial construction.
industry construction period. 2022 2022-061
institutions
Chengdu Float Three Sets of Own funds and
Standby Environmental Manufact The project is No revenue as the 9 Announcem
Self- loans from
Protection Facilities for Flue Yes uring 13,196,353 13,805,346 under project is still in the November ent number:
built financial construction.
Gas Treatment Construction industry construction period. 2022 2022-061
Project institutions
Total -- -- -- 1,225,967,796 5,106,156,487 -- -- 2,407,260,000 -- -- -- --
24
CSG Semi-annual Report 2023
4. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
There was no securities investment during the report period.
(2) Derivative investment
□ Applicable √ Not applicable
There was no derivative investment during the report period.
5. Use of raised fund
□ Applicable √ Not applicable
There was no use of raised fund during the report period.
VII. Sale of major assets and equity
1. Sale of major assets
□ Applicable √ Not applicable
The Company did not sell major assets during the reporting period.
2. Sale of major equity
□ Applicable √ Not applicable
VIII. Analysis of main subsidiaries and joint-stock companies
√Applicable □ Not applicable
Particular about main subsidiaries and joint -stock companies which have influence on the Company's net profit by over 10%
Unit: RMB
Registered Operating Operating
Name of company Type Main business Total assets Net assets Net profit
capital income profit
Production and sales
Yichang CSG
of high-purity 1,467.98
Polysilicon Co., Subsidiary 2,163,960,606 1,393,388,763 1,106,518,200 343,197,467 332,743,734
silicon material million
Ltd.
products
Anhui CSG New
Production and sales
Energy Material 1,450
Subsidiary of various special 4,717,556,767 1,487,068,609 1,328,780,623 70,649,003 56,617,322
Technology Co., million
glass
Ltd.
Development,
Chengdu CSG manufacture and 260
Subsidiary 883,495,542 468,092,373 622,681,284 71,335,463 60,570,944
Glass Co., Ltd. sales of various million
special glass
25
CSG Semi-annual Report 2023
Manufacture and
Wujiang CSG Glass 565.04
Subsidiary sales of various 1,701,492,950 836,402,267 937,803,854 65,636,263 55,890,194
Co., Ltd. million
special glass
Dongguan CSG
Deep processing of 240
Architectural Glass Subsidiary 1,017,190,441 546,990,813 529,368,852 73,114,325 63,100,414
glass million
Co., Ltd.
Particulars about subsidiaries obtained or disposed in report period
□ Applicable √ Not applicable
Description of main holding and shareholding companies
Yichang CSG Polysilicon Co., Ltd. saw an increase in product sales and a year-on-year increase in performance; Anhui CSG New
Energy Material Technology Co., Ltd.'s new production lines had been put into operation, and its performance increased year-on-
year; Chengdu CSG Glass Co., Ltd.'s performance decreased year-on-year due to the impact of decreased product prices and rising
price of raw materials and fuels ; Wujiang CSG Glass Co., Ltd. saw an increase in product sales and revenue year-on-year but its
profits decreased year-on-year affected by the decrease in product prices and the increase in price of raw materials and fuels;
Dongguan CSG Architectural Glass Co., Ltd. saw a year-on-year increase in performance due to the optimization of product structure
and the improvement of operational level.
IX. Structured main bodies controlled by the Company
□ Applicable √ Not applicable
X. Risks the Company faces 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 business 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 photovoltaic glass business 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 float glass business faces the
pressure of a demand slowdown in the downstream architectural glass market; the electronic glass business faces fierce competition
among domestic similar products, oversupply in the domestic market as a result of fellow manufacturers’ vast production ramp-up,
falling product prices, and increasing inventory, and also, the electronic glass and display business 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 business faces the challenge of overcapacity and a rapid price decline in the industrial chain; with the
continuous release of the production capacity of high-purity crystalline silicon, the prices of high-purity crystalline silicon register a
decline with increasing uncertainties on the market; and a sharp decline is witnessed in the prices of upstream silicon materials and
the downstream business is generally under pressure. To cope with aforesaid risks, the Company will take the following measures:
A. In the photovoltaic glass segment, externally, on top of quickly responding to market changes in combination with industry
characteristics, the Company will pay closer attention to the demand-supply dynamics of raw materials, and timely and strategically
prepare materials to reduce the impact of the price fluctuations of raw materials on the Company’s business performance. Also, it
will optimize its product structure in alignment of market demand, and continuously promote lean management and differentiated
26
CSG Semi-annual Report 2023
operation to further improve profitability. Internally, with “stable production, quality improvement and cost reduction” as the core,
the Company is fully committed to the stability of the production process and the effective improvement of product quality, and will
unswervingly and continuously promote cost reduction and efficiency enhancement, so as to strengthen the core competitiveness.
B. In the architectural glass segment, 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.
C. In the float glass segment, the Company will strengthen its profitability and competitiveness through continuously promoting lean
management and differentiated operation, as well as optimizing the product mix, etc.
D. In the electronic glass and display segment, the Company will continue to strengthen CSG’s brand presence for electronic glass,
build a solid foundation for medium- and high-end products, enhance customer recognition and stabilise the high-end market share.
In addition, it 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 development directions in the industry and explore more applications on the market.
E. In the solar energy segment, 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 8.27% of the operating revenue of the Company is from overseas,
and in the future, the Company will further develop overseas business. Therefore, the fluctuation of exchange rate will bring certain
risk to the operation of the Company. To cope with such risk, the Company will settle exchange in a timely manner, and use safe and
effective risk evading instrument and product to relatively lock exchange rate, thus reducing the risk caused by fluctuation of
exchange rate.
27
CSG Semi-annual Report 2023
Section IV. Corporate Governance
I. Particulars about Annual General Shareholders’ Meeting and Extraordinary General
Shareholders’ Meeting held in the report period
1. Particulars about Shareholders' General Meeting in the report period
Investor
Meeting session Type of meeting participation Date of the meeting Disclosure date Disclosure index
ratio
Announcement on
The First
Extraordinary Resolutions of the First
Extraordinary
General Extraordinary General
General 24.34% March 16, 2023 March 17, 2023
Shareholders’ Shareholders’ Meeting of
Shareholders’
Meeting 2023（Announcement
Meeting of 2023
No.: 2023-005）
Announcement on
Resolutions of Annual
Annual General Annual General
General Shareholders’
Shareholders’ Shareholders’ 24.92% June 28, 2023 June 29, 2023
Meeting of 2022
Meeting of 2022 Meeting
（Announcement No.:
2023-023）
2. Extraordinary General Shareholders’ Meeting which is requested to convene by the preferred
shareholders who have resumed the voting right
□ Applicable √ Not applicable
II. Changes in directors, supervisors and senior management of the company
√Applicable □ Not applicable
Name Position Type Date Reason
By election of
Shen Yunqiao Independent Director Be elected March 16, 2023
independent director
Zhu Guilong Independent Director Leaving office March 16, 2023 Resignation voluntarily
III.Profit distribution and conversion of capital reserves into equity capital in the report
period
□ Applicable √ Not applicable
The Company had no plans of cash dividend distribution, bonus shares being sent or converting capital reserve into share capital for
the first half of the year.
28
CSG Semi-annual Report 2023
IV. Implementation of the Company’s stock incentive plan, employee stock ownership plan or
other employee incentives
□ Applicable √ Not applicable
During the report period, the Company had no equity incentive plan, employee stock ownership plan or other employee incentive
measures and their implementation.
29
CSG Semi-annual Report 2023
Section V. Environment and Social Responsibility
I. Major environmental issues
Whether the listed company and its subsidiaries belong to the key pollutant discharge units announced by the environmental
protection department
√ Yes □ No
The Company needs to comply with the disclosure requirements of non-metal building materials related industries in "Shenzhen
Stock Exchange Listed Companies Self-discipline Supervision Guide No. 3 - Industry Information Disclosure".
Environmental protection related policies and industry standards
The Company implemented the Environmental Protection Law of the People’s Republic of China, the Law of the People’s Republic
of China on the Prevention and Control of Air Pollution, the Law of the People’s Republic of China on the Prevention and Control of
Water Pollution, the Law of the People’s Republic of China on the Prevention and Control of Noise Pollution, the Environmental
Protection Tax Law of the People’s Republic of China and other relevant environmental protection laws and regulations, and
implemented the Emission Standard of Air Pollutants for Flat Glass Industry, Emission Standard of Air Pollutants for Electronic
Glass Industry, Emission Standard of Air Pollutants for Glass Industry, the Integrated Emission Standard of Air Pollutants, the
Sewage Integrated Emission Standards, the Environmental Noise Emission Standards at the Boundary of Industrial Enterprises and
other national, industry and local pollutant discharge standards.
Administrative license for environmental protection
The construction projects of each subsidiary carried out environmental impact assessment work and obtain EIA approval in strict
accordance with the requirements of the Environment Impact Assessment Law of the People’s Republic of China and the Catalogue
of Classified Management of Environmental Impact Assessment of Construction Projects. During the construction of the project, the
construction of pollution prevention and control facilities shall be carried out in strict accordance with the requirements of the project
“Three Simultaneous” and put into production and use at the same time as the main project. During the trial production period, the
inspection and acceptance shall be organized in accordance with the relevant regulations on environmental protection acceptance of
the completion of the construction project in order to ensure that the construction project completes the inspection and acceptance
work before it is officially put into operation.
All subsidiaries have obtained the pollutant discharge permit within the validity period, and regularly submitted the implementation
report of pollutant discharge permit.
Industry emission standards and specific conditions of pollutant emission involved in production and operation activities
Name
Type of of
main main
Name of Way Numb Exhau Exces
pollutants polluta Emission Emission
company of er of st vent Approved sive
and nts and concentration standard of Total emission
or emissi exhau distrib total emission emiss
characteri charact /intensity pollutants
subsidiary on st vent ution ion
stic eristic
pollutants polluta
nts
Xianning Dust Contin Produ ≤30mg/m Emission Particulates： Particulates：
CSG Air uous/i ction Standard of Air 8.84t 130.413t/a
Soot 44 ≤25 mg/m N/A
Glass Co., pollutants ntermi plant Pollutants for
Ltd. SO2 ttent area ≤200 mg/m Flat Glass 99.77t 923.399t/a
30
CSG Semi-annual Report 2023
Industry
NOx ≤350 mg/m (GB26453- 152.53t 1508.643t/a
2011)
Dust ≤20mg/m Emission
Standard of Air Particulates:7. Particulates:1
Chengdu Contin Produ 53t 42.114t/a
Soot ≤20mg/m Pollutants for
CSG Air uous/i ction
18 Flat Glass N/A
Glass Co., pollutants SO2 ntermi plant ≤200mg/m 34.1t 1136.917t/a
Industry
Ltd. ttent area
(GB26453-
NOx ≤350mg/m 153.63t 1989.609t/a
2011)
Dust ≤10mg/m Ultra Low
Emission Particulates:2. Particulates:1
Hebei Soot Contin Produ ≤10mg/m Standard of Air 17459t 9.92t/a
CSG Air uous/i ction Pollutants for
SO2 16 ≤50mg/m 13.8857t 99.63t/a N/A
Glass Co., pollutants ntermi plant Flat Glass
Ltd. ttent area Industry
NOx ≤200mg/m (DB13/2168- 61.3618t 398.55t/a
2020)
Dust ≤15mg/m Emission
Standard of Air Particulates:5. Particulates:7
Wujiang Contin Produ 39t 6.91t/a
Soot ≤15mg/m Pollutants for
CSG Air uous/i ction
39 Flat Glass N/A
Glass Co., pollutants SO2 ntermi plant ≤50 mg/m 35.81t 238.28t/a
Industry
Ltd. ttent area
(GB26453-
NOx ≤150 mg/m 206.28t 818.04t/a
2011)
Dust ≤20mg/m Emission
Standard of Air Particulates:3. Particulates:3
Dongguan Soot Contin Produ ≤30mg/m Pollutants for 35t 4.85t/a
CSG Solar Air uous/i ction Flat Glass
22 N/A
Glass Co., pollutants SO2 ntermi plant ≤400 mg/m Industry 65.64t 300.99t/a
Ltd. ttent area
（DB44-2159-
NOx ≤550 mg/m 162.97t 535.67t/a
2019）
Dust ≤30mg/m Emission
Standard of Air Particulates:0. Particulates:8.
Hebei Contin Produ 219t 2125t/a
Soot ≤10 mg/m Pollutants for
Panel Air uous/i ction
9 Electronic Glass N/A
Glass Co., pollutants SO2 ntermi plant ≤50 mg/m 0.578t 22t/a
Industry
Ltd. ttent area
(GB29495-
NOx ≤200mg/m 8.038t 39.4t/a
2013)
Dust ≤20mg/m Emission
Standard of Air Particulates:1. Particulates:1
Xianning
Soot Contin Produ ≤15 mg/m Pollutants for 05t 7.656t/a
CSG
Air uous/i ction Electronic Glass
Photovolt 6 N/A
pollutants SO2 ntermi plant ≤10 mg/m Industry 0.0868t 65.6t/a
aic Glass
ttent area
Co., Ltd. （GB29495-
NOx ≤330 mg/m 30.211t 163.81t/a
2013）
pH 6~9 Guangdong / /
Dongguan Province Water
CSG COD 5 mg/L 0.648t 5.4t/a
Water Interm Sewag Pollutant
Architectu Ammo 1 Emission Limit N/A
pollutants ittent e vent
ral Glass nia
0.424mg/L （DB44/26- 0.008136t 0.196t/a
Co., Ltd. nitroge 2001）
n
pH 6~9 Sewage / /
Tianjin Integrated
CSG COD 16mg/L Emission 4.87115t 500t/a
Energy- Water Interm Sewag Standards
Ammo 2 N/A
Saving pollutants ittent e vent (Level 3
Glass Co., nia Standard
0.178mg/L 0.696998t 45t/a
Ltd. nitroge DB12/356-
n 2018)
Wujiang pH 6~9 Sewage / /
Water Interm Sewag
CSG East 1 Integrated N/A
pollutants COD ittent e vent ≤500mg/L 3.9t 40.59t/a
China Emission
31
CSG Semi-annual Report 2023
Architectu Ammo Standards
ral Glass nia (GB8978-1996)
≤45mg/L 0.385t 1.0044t/a
Co., Ltd. nitroge
n
Guangdong
Province Water
COD ≤70 mg/L Pollutant 0.72t 2.44t/a
Emission Limit
(DB44/26-2001)
Water
Pollutant
pollutants
Sewag Emission
Dongguan e vent: Standard for
NOx ≤30mg/m3 0.58t 33.15t/a
CSG PV- Interm Produ Battery Industry
20 N/A
tech Co., ittent ction (GB30484-
Ltd. plant 2013)
area VOC Emission
Standard for
Furniture
Air VOCs≤30mg/
VOCs Manufacturing 0.67t 1.93t/a
pollutants m
Industry
(DB44/814-
2010)
COD ≤70 mg/L Sewage 15.467t 375.17t/a
Water Integrated
pollutants pH 6~9 Emission / /
Sewag
Standards
Yichang NOx e vent: ≤240mg/m3 0.655t 38.28t/a
(GB8978-1996),
CSG Interm Produ
18 Integrated N/A
Polysilico ittent ction
Air Emission
n Co., Ltd. plant
pollutants Particu Standard of Air
area ≤240mg/m3 2.697t 32.724t/a
lates Pollutants
(GB16297-
1996)
Treatment of pollutants
All subsidiaries have built pollution prevention and control facilities in accordance with the environmental impact assessment
documents of construction projects and relevant specifications, and adopted air pollution control process such as electrostatic
precipitator + SCR denitrification + semi-dry desulfurization + bag dust removal, ceramic filter cartridge desulfurization,
denitrification and dust removal integration, bag dust removal and water treatment process such as neutralization + 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 the first half
of 2023, 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 emergencies occurred in the first half of 2023.
Investment in environmental governance and protection and payment of environmental protection tax
32
CSG Semi-annual Report 2023
All subsidiaries have built pollution control facilities in accordance with the requirements of environmental impact assessment, and
maintained the stable operation of these facilities to ensure their simultaneous operation with production equipment. Considerable
energy and funds are invested in pollution control every year to ensure the stable discharge of pollutants up to the standard, and
reduce pollution emission as much as possible. Many subsidiaries have reached ultra-low emission standards. All subsidiaries have
made regular emission declarations and paid environmental taxes to the local tax authorities in full and on time in accordance with
the requirements of the Environmental Protection Tax Law.
Environmental self-monitoring scheme
The subsidiaries have built and operated on-line monitoring devices for waste water and exhaust gas in accordance with national laws
and regulations, environmental impact assessment documents of construction projects and the requirements of their replies, regularly
carried out comparison and review of the effectiveness of on-line monitoring facilities, and entrusted a third-party unit to carry out
manual environmental monitoring to comprehensively monitor the pollutant discharge. The monitoring frequency is implemented in
accordance with relevant monitoring technical guidelines or pollutant discharge permits.
Administrative penalties caused by environmental protection issues during the report period
Nil
Other environmental information that should be disclosed
Nil
Measures taken to reduce carbon emissions during the report period and their effects
Applicable □Not applicable
The Company has continuously strengthened the comprehensive utilization and management of resources and energy, actively
fulfilled the corporate social responsibility, taken various measures to save energy and reduce carbon emissions, making our own
contributions to the national goal of “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 the first half of 2023, CSG Group’s waste heat power generation and photovoltaic power generation totalled
about 240 million kWh, equivalent to reducing carbon dioxide emissions by more than 140,000 tons.
Other relevant environmental protection information
Nil
Environmental incidents in the listed company
In the first half of 2023, no environmental incidents occurred.
33
CSG Semi-annual Report 2023
II. Social responsibility
In the first half of 2023, the Company focused on the following tasks in fulfilling its social responsibilities:
1. Prevent and eliminate occupational hazards and protect employees' health
CSG always adheres to the concept of "Safety First, Environmental Protection First and Green Development", The Group's Safety
and Environmental Protection Department coordinates safety and environmental protection management work, establishes the
Group's three-level control system of safety, environment. In the first half of 2022, the Company has a complete safety management
structure and safety management system, strictly implements the safety production responsibility system of all employees, and all
employees have signed the safety production responsibility statement.
The Company attaches great importance to the safety training of employees, strictly strengthens the three-level safety education and
training of new employees and the continuing education of old employees, and organizes various special training according to the
characteristics of employees' posts to improve their safety literacy and safety skills. The management of special equipment and
special operations shall be strictly carried out, and special operators shall work with certificates. Special operations can only be
carried out after approval and confirmation of safety measures.Regularly carry out emergency drills, strengthen the construction of
emergency response capabilities, improve emergency response capabilities, eliminate hidden dangers in the bud, and resolutely
defend the last line of defense. Each subsidiary has established a system for the extraction and use of production safety expenses,
which is strictly in accordance with the requirements of relevant laws and regulations to extract and standardize the use of production
safety expenses. The Company has also carried out various hidden dangers investigation of the headquarters and subsidiaries,
accepted the supervision and inspection of local emergency management departments, and organized the rectification and
improvement of various hidden dangers.
In addition, the Company attaches great importance to the standardization construction and operation of safety management. As of
the end of June 2023, CSG has obtained safety standardization certificates for 18 subsidiaries, of which 6 subsidiaries have reached
the second level of safety production standardization, 12 subsidiaries have reached the third level of safety production standardization,
and a few other subsidiaries are also actively creating and applying.
2. Protect the environment and promote sustainable development
As of the first half of 2023, 6 subsidiaries of CSG have been rated as national-level "Green Factories". The Company continues to
strengthen the comprehensive utilization and management of resources and energy, takes various measures to save energy, reduce
emissions and reduce carbon, and makes contributions to the Country's goal of "Carbon peaking" and "Carbon neutrality".The
Group's Operation Department The Group Operation Department has specially established an energy management team, which is
responsible for supervising the energy consumption management of various subsidiaries, and promotes the energy consumption per
unit product and carbon emission per unit product of the Group's various products to reach the advanced level in the industry. At
present, the energy consumption level of most glass melting furnaces in the flat glass business of CSG has reached the advanced level
stipulated by the national standard. The subsidiaries Wujiang CSG and Xianning CSG have been successively rated by the Ministry
of Industry and Information Technology as "leaders" in energy efficiency in the flat glass industry. Hebei CSG is designated by the
Ministry of Industry and Information Technology as the advanced benchmark "Test Field" of Carbon Peak. At the same time, CSG
has always paid attention to the utilization of waste heat in flat glass factories, and each production base has built waste heat boilers
and waste heat power plants; CSG is also actively developing photovoltaic power plants, most of which have photovoltaic power
plants on the roofs of factories.
In the first half of 2023, the Group's waste heat power generation and photovoltaic power generation totaled about 240 million kWh,
equivalent to reducing carbon dioxide emissions by more than 140,000 tons.
The subsidiary companies of the Group all construct pollution prevention and control facilities in accordance with the environmental
impact assessment documents and relevant specifications of construction projects, ensuring synchronous operation with production
facilities, and investing a large amount of energy and funds in pollution prevention and control every year. In the first half of 2023,
the operation of pollution control facilities was good, and the discharge of pollutants was stable and up to standard. The air pollutant
34
CSG Semi-annual Report 2023
emission concentrations of most of the subsidiaries were lower than 50% of the emission standard and enjoyed the preferential policy
of halving environmental tax. The pollutant emissions of many subsidiaries reached and implemented local ultra-low emission
standards. Meanwhile, the subsidiaries built and operated on-line monitoring devices for waste water and exhaust gas in accordance
with national laws and regulations, environmental impact assessment documents of construction projects and the requirements of
their replies, regularly carried out comparison and review of the effectiveness of on-line monitoring facilities, and entrusted a third-
party unit to carry out manual environmental monitoring to comprehensively monitor the pollutant discharge. The monitoring
frequency was implemented in accordance with relevant monitoring technical guidelines or pollutant discharge permits. In addition,
in accordance with the national requirements, all subsidiaries prepared emergency environmental response plan for environment
incident, organized and carried out expert evaluation and filed with the local environmental protection department as required, and
conducted the emergency drill against environmental incidents as planned. And there were no major environmental incidents
occurred in the first half of 2023.
3. Participate in public welfare undertakings and fulfill social responsibilities
The Company actively participates in social welfare activities, organizes employees to voluntarily participate in voluntary blood
donation, supports community epidemic prevention and anti-epidemic work, etc., and fulfills corporate social responsibility. In the
first half of 2023, the Company donated over RMB 200,000 in funds and materials to various sectors of society for charitable and
public welfare activities such as the Red Cross and the Social Welfare Institute.
4. Adhere to independent research and development to provide better energy-saving products
The Company has always adhered to the business strategy of independent research and development and innovation leading. In the
first half of 2023, the Company publicly announced 238 patents for the first time, including 139 authorized patents and 99 public
invention applications. As of June 30, 2023, the Company had applied for a total of 2,904 patents, including 1,204 inventions, 1,687
utility model patents, and 13 designs; a total of 2,116 authorized patents, including 424 inventions, 1,679 utility models, and 13
designs, gathering the wisdom of CSG’s people to improve the industrial science and technology.
5. Protect the rights and interests of shareholders and creditors
The Company maintains stable operation. In the first half of 2023, the Company achieved a revenue of 8.389 billion yuan, a year-on-
year increase of 29%, and realized a net profit of 0.882 billion yuan, a year-on-year decrease of 13%. The net profit attributable to
shareholders of the listed company was 0.889 billion yuan, a year-on-year decrease of 11%. The Company's equity distribution of
2022 had been completed, and the actual cash dividend amount (including tax) was RMB 460,603,816, accounting for 22.61% of the
net profit attributable to shareholders of listed company in 2022, with continuing return to shareholders. In terms of creditor
protection, the Company implemented a prudent financial policy, and all due loans were repaid on time, which protected the
legitimate rights and interests of creditors.
6. Strengthen welfare security and protect the legitimate rights and interests of employees
The Company insists on standardizing the employment behavior, strictly implements the national and local social security
mechanism, and purchases five insurances and one fund and other comprehensive welfare insurance for employees. It has a fair and
unimpeded post promotion system and broaden the development channels of employees. It establishes and implements a statutory
leave system for employees, and employees enjoy various statutory holidays and other paid holidays stipulated by the state. It
actively organizes various employee cultural and sports activities, and employees also enjoy benefits such as employee canteens,
employee physical examinations, subsidies and other benefits. It strengthens occupational health monitoring and management to
ensure the physical and mental health of employees. It cares for employees in need. In the first half of 2023, the Company provided
nearly RMB 100,000 in assistance to employees and their families, providing collective warmth when employees encountered
personal difficulties.
7. Social honor recognition
While adhering to our original intention and giving back to society, the Company and its products have received recognition from all
sectors of society. In nearly 40 years since its establishment, the Company's products have been widely used in many major and
important place. The Company's Triple silver coated glass (Ice Kirin series) has been awarded the "Green Building Energy-saving
35
CSG Semi-annual Report 2023
Recommended Product Certificate" and "Engineering Construction Recommended Product Certificate" due to its excellent product
quality. It is recommended for use in the field of engineering construction and has been logged into the prime time of CCTV channel.
Meanwhile, the subsidiary Dongguan Solar has obtained the first UL2809 certificate and CE safety certification in the domestic float
glass industry. The Company has also been selected as one of the "Top 10 Preferred Brands for 2022 Real Estate Strategic
Procurement" and "Top 10 Preferred Brands for 2022 China's Low Carbon Building Energy Efficient Glass Procurement", and has
been awarded honorary titles such as "Top 50 Building Materials in China" and "Preferred Brand for Building Glass" for many
consecutive years. It has won praise from all walks of life for its high-quality products and services.
36
CSG Semi-annual Report 2023
Section VI. Important Events
I. Commitments completed by the actual controllers, the shareholders, the related parties, the
purchasers and the Company during the report period and those that hadn’t been completed
execution by the end of the report period
□Applicable √Not applicable
During the report period, there were no commitments made by the Company's actual controller, shareholders, related parties,
acquirers, the Company and other relevant parties that had been fulfilled within the report period and had not been fulfilled within the
time limit by the end of the report period.
II.Particulars about non-operating fund of listed company occupied by controlling
shareholder and other related parties
□Applicable √Not applicable
During the report period, there was no any non-operating fund of listed company occupied by controlling shareholder and other
related parties.
III. Illegal external guarantee
□Applicable √Not applicable
During the report period, there was no illegal external guarantee.
IV. Engaging and dismissing of accounting firm
Whether the semi-annual report has been audited or not
□ Yes √ No
The semi-annual report of the Company has not been audited.
V. Explanation from Board of Directors and Supervisory Committee for “Non-standard audit
report” of the period that issued by accounting firm
□ Applicable √ Not applicable
VI. Explanation from Board of Directors for “Non-standard audit report” of the previous
year
□ Applicable √ Not applicable
VII. Issues related to bankruptcy and reorganization
□ Applicable √ Not applicable
37
CSG Semi-annual Report 2023
VIII. Lawsuits
Significant lawsuits and arbitrations
√ Applicable □ Not applicable
Amount Recognised
involved as estimated Result and Judgement Date of
Basic information Progress Index of disclosure
(RMB liabilities or impact execution disclosure
0,000) not
Announcements on
Company Involved
1 October Lawsuits on
2022 http://www.cninfo.co
m.cn (Announcement
Plaintiff: Zhongshan
The first No.: 2022-056)
Runtian Investment Co.,
instance Announcement on the
Ltd.
The first judgment Progress of
Defendant: CSG Holding
instance rejected the Companies Involving
Co., Ltd. Not 12 August
judgment had lawsuit request Litigation on
Case overview: The 0 No applicable 2023
been passed. of the plaintiff http://www.cninfo.co
plaintiff filed a lawsuit
The plaintiff Zhongshan m.cn (Announcement
with the court to confirm
appealed Note. Runtian No.: 2023-026)
the resolutions of the
Investment Co., Announcement on the
General Meeting of
Ltd. Progress of
Shareholders as invalid.
Companies Involving
25 August
Litigation on
2023
http://www.cninfo.co
m.cn (Announcement
No.: 2023-027)
Note: As of the date of disclosure of this report, the Company has not received the court's acceptance, response, evidence and related
litigation notices.
Other lawsuits
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
X. Integrity of the Company and its controlling shareholders and actual controllers
√Applicable □ Not applicable
The Company has no controlling shareholder and actual controller. According to the disclosure requirements, the Company’s largest
shareholder Foresea Life Insurance Co., Ltd., shareholder Zhongshan Runtian Investment Co., Ltd., shareholder Chengtai Group Co.,
Ltd. and Shareholder Shenzhen Guanlong Logistics Co., Ltd. shall disclose the corresponding information. The details are as follows:
i. Integrity of the Company
During the report period, it did not exist that the Company failed to perform the effective judgment of the court or owed
comparatively large amount of debt which was overdue. The Company’s integrity was good.
ii. The integrity of the Company’s shareholders
38
CSG Semi-annual Report 2023
1. According to the reply of the Company’s largest shareholder, Foresea Life Insurance Co., Ltd.: As of June 30, 2023, it did not exist
that Foresea Life Insurance Co., Ltd. failed to perform the effective judgment of the court or owed comparatively large amount of
debt which was overdue.
2. According to the reply of the shareholder Zhongshan Runtian Investment Co., Ltd., the original content is as follows:
As of June 30, 2023, 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 June 30, 2023, it has disposed a total of 10.182015 million shares of Jonjee High-tech ; among them, the first round
of freezing of 2.125605 million shares by AVIC Trust Co., Ltd. and the judicial mark of 8.05641 million shares.
(5) Due to the case of execution of notarising creditor’s rights documents between Chongqing International Trust Co., Ltd. and
Shenzhen Jushenghua Co., Ltd., Zhongshan Runtian, Shenzhen Baoneng Investment Group Co., Ltd. and Mr. Yao Zhenhua, the
court ruled to seal up and freeze the property of 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.
(6) Due to the case of the loan contract dispute between Zhongshan Runtian and Shanghai Pudong Development Bank Co., Ltd., the
People’s Court of Futian District, Shenzhen has issued an Execution Ruling, ruling that 12 million shares held by Zhongshan Runtian
in “Jonjee High-tech”, the entity subject to enforcement, shall be auctioned off and realised for the purpose of settling the debt. As
the bidder failed to pay the final payment within the prescribed time, according to the Notification of Sale from the People’s Court of
39
CSG Semi-annual Report 2023
Futian District, Shenzhen issued on 16 February 2023, the aforesaid 12 million shares would be re-auctioned. On 22 March 2023,
Shanghai Pudong Development Bank Co., Ltd. disposed of the 12 million shares held by Zhongshan Runtian in “Jonjee High-tech”
by way of a judicial auction.
(7) Due to the case of the loan contract dispute between Zhongshan Runtian and Chongqing Trust Inc., Shenzhen Intermediate
People’s Court has issued an execution notification demanding the disposal of 22 million shares held by Zhongshan Runtian in
“Jonjee High-tech” at a realised price. On 17 January 2023, Chongqing Trust disposed of a total of 5.7 million shares held by
Zhongshan Runtian by way of block trading.
(8) Due to the case of the loan contract dispute between Zhongshan Runtian and Bank of Communications Financial Leasing Co.,
Ltd., the Intermediate People’s Court of Zhongshan City, Guangdong Province has issued an execution ruling to auction off
8,329,457 shares held by Zhongshan Runtian in “Jonjee High-tech”. On 11 May 2023, Bank of Communications Financial Leasing
Co., Ltd. disposed of the 8,329,457 shares held by Zhongshan Runtian in “Jonjee High-tech” by way of a judicial auction.
(9) Due to the case of the loan contract dispute between Zhongshan Runtian and Bohai Trust, the Intermediate People’s Court of
Zhongshan City, Guangdong Province has issued an Execution Ruling, ruling the mandatory realisation of 13.7 million shares held
by the entity subject to enforcement, Zhongshan Runtian, in “Jonjee High-tech”. From 25 to 26 May 2023, Bohai Trust disposed of a
total of 12,444,353 shares held by Zhongshan Runtian in “Jonjee High-tech” by way of block trading.
As of June 30, 2023 , the details of Zhongshan Runtian’s comparatively large amount of debt which was overdue are as follows:
Serial Financial Loan amount Credit Start date Maturity
Borrower
number institution (RMB 0,000) enhancement plan of loan date of loan
Zhongshan Runtian Essence
1 4,239.28 Guarantee+Pledge 2018/12/27 2021/12/26
Investment Co., Ltd. Securities
Zhongshan Runtian
2 AVIC Trust 105,000.00 Guarantee+Pledge 2019/9/25 2021/10/31
Investment Co., Ltd.
Baotai Honghua
Zhongshan Runtian
3 Investment 90,500.00 Guarantee 2021/3/15 2021/12/31
Investment Co., Ltd.
Total 199,739.28
As of June 30, 2023, Mr. Yao Zhenhua’s personal execution cases are as follows:
(1) Due to the case of dispute over notarising creditor’s rights documents between Ping An Trust Co., Ltd. and Shaoxing Baorui Real
Estate Co., Ltd., Baoneng City Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Baoneng Real Estate Co., Ltd., Shanghai
Kaiyue Investment Co., Ltd. and Mr. Yao Zhenhua, which was applied for compulsory execution by Ping An Trust, Mr. Yao
Zhenhua was jointly and severally liable for the principal and interest of the debt of 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
40
CSG Semi-annual Report 2023
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.
(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.
41
CSG Semi-annual Report 2023
(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 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.
42
CSG Semi-annual Report 2023
(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 June 30, 2023, Chengtai Group Co., Ltd. has not
received relevant information on share freezing and lawsuit, and it had no debt with comparatively large amount that had not been
paid when due.
4. According to the reply of the shareholder Shenzhen Guanlong Logistics Co., Ltd. : As of June 30, 2023, Shenzhen Guanlong
Logistics 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.
XI. Major related transaction
1. Related transaction with routine operation concerned
□ Applicable √ Not applicable
2. Related transaction with acquisition of assets or equity, sales of assets or equity concerned
□ Applicable √ Not applicable
3. Related transaction with jointly external investment concerned
□ Applicable √ Not applicable
4. Credits and liabilities with related parties
□ Applicable √ Not applicable
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CSG Semi-annual Report 2023
5. Transactions with related financial companies
□ Applicable √ Not applicable
6. Transactions with financial companies controlled by the company
□ Applicable √ Not applicable
7. Other major related transaction
□ Applicable √ Not applicable
XII. Significant contracts and their implementation
1. Trusteeship, contract and leasing
(1) Trusteeship
□ Applicable √ Not applicable
(2) Contract
□ Applicable √ Not applicable
(3) Leasing
□ Applicable √ Not applicable
2. Major guarantees
√ Applicable □ Not applicable
Unit: RMB 0,000
External guarantees of the Company and its subsidiaries (excluding the guarantees for subsidiaries)
Date of
disclosure of Counter Comple Guaran
related Actual Collater guarantee te tee for
Name of guarantee Guarantee Actual date Guarantee Guaranty
announceme amount of al (if circumsta implem related
object amount of guarantee type period
nt on guarantee any) nce (if entation party
guarantee any) or not or not
amount
Total actual amount of
Total amount of approved external
external guarantees
guarantees during the report 0 0
during the report
period (A1)
period (A2)
44
CSG Semi-annual Report 2023
Total balance of actual
Total amount of approved external
external guarantees at
guarantees at the end of the report 0 0
the end of the report
period (A3)
period (A4)
Guarantees of the Company for its subsidiaries
Date of
disclosure of Counter Complet Guaran
related Actual Collater guarantee e tee for
Name of guarantee Guarantee Actual date Guarantee Guarant
announceme amount of al (if circumsta impleme related
object amount of guarantee type y period
nt on guarantee any) nce (if ntation party
guarantee any) or not or not
amount
Xianning CSG Joint
25 April 26 May
Photovoltaic Glass 6,000 2,374 liability None None 1 year No No
2022 2022
Co., Ltd. guarantee
Xianning CSG 25 Joint
25 April
Photovoltaic Glass 5,000 November 221 liability None None 1 year No No
2022
Co., Ltd. 2022 guarantee
Xianning CSG Joint
25 April 9 March
Photovoltaic Glass 3,500 3,500 liability None None 1 year No No
2022 2023
Co., Ltd. guarantee
Xianning CSG Joint
26 April
Energy-Saving Glass 5,000 10 July 2023 1,990 liability None None 1 year No No
2023
Co., Ltd. guarantee
Xianning CSG Joint
25 April 17 March
Energy-Saving Glass 8,600 736 liability None None 5 years No No
2022 2023
Co., Ltd. guarantee
Xianning CSG Joint
26 April
Energy-Saving Glass 5,000 9 May 2023 2,500 liability None None 1 year No No
2023
Co., Ltd. guarantee
Yichang CSG Joint
25 April 15 March
Photovoltaic Glass 1,800 800 liability None None 1 year No No
2022 2023
Co., Ltd. guarantee
Yichang CSG Joint
25 April
Photovoltaic Glass 608 4 July 2022 600 liability None None 1 year No No
2022
Co., Ltd. guarantee
Yichang CSG Joint
25 April 16 August
Photovoltaic Glass 600 600 liability None None 2 years No No
2022 2022
Co., Ltd. guarantee
Yichang CSG 17 Joint
10 August
Photovoltaic Glass 1,824 December 1,000 liability None None 1 year Yes No
2021
Co., Ltd. 2021 guarantee
29 Joint
Dongguan CSG PV- 10 August
3,000 November 2,957 liability None None 1 year Yes No
tech Co., Ltd. 2021
2021 guarantee
Joint
Hebei Panel Glass 25 April
5,000 8 June 2022 500 liability None None 1 year No No
Co., Ltd. 2022
guarantee
Joint
Hebei Panel Glass 25 April 16 May
2,500 0 liability None None 3 years No No
Co., Ltd. 2022 2022
guarantee
17 Joint
Hebei Panel Glass 30 October
16,500 December 11,358 liability None None 5 years No No
Co., Ltd. 2021
2021 guarantee
45
CSG Semi-annual Report 2023
Joint
Hebei CSG Glass 26 April
3,000 8 May 2023 67 liability None None 1 year No No
Co., Ltd. 2023
guarantee
Joint
Hebei CSG Glass 26 April
16,000 5 June 2023 3,088 liability None None 1 year No No
Co., Ltd. 2023
guarantee
Joint
Hebei CSG Glass 25 April 16 May
2,500 0 liability None None 3 years No No
Co., Ltd. 2022 2022
guarantee
Dongguan CSG 13 Joint
29 June
Architectural Glass 5,000 September 0 liability None None 2 years No No
2021
Co., Ltd. 2021 guarantee
Dongguan CSG Joint
25 April 6 January
Architectural Glass 10,000 4,000 liability None None 1 year No No
2022 2023
Co., Ltd. guarantee
Joint
Xianning CSG Glass 26 April
7,000 14 July 2023 6,410 liability None None 1 year No No
Co., Ltd. 2023
guarantee
25 Joint
Xianning CSG Glass 25 March
December 15,000 10,530 liability None None 7 years No No
Co., Ltd. 2022
2021 guarantee
Joint
Xianning CSG Glass 26 April
50,000 2 June 2023 26,130 liability None None 7 years No No
Co., Ltd. 2023
guarantee
Joint
Xianning CSG Glass 26 April
20,000 2 June 2023 4,721 liability None None 1 year No No
Co., Ltd. 2023
guarantee
Joint
Xianning CSG Glass 26 April
12,000 9 June 2023 745 liability None None 5 years No No
Co., Ltd. 2023
guarantee
Joint
Xianning CSG Glass 29 June
20,000 7 July 2021 14,890 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 Yes No
Co., Ltd. 2022
2021 guarantee
16 Joint
Chengdu CSG Glass 25 April
10,000 November 1,000 liability None None 1 year No No
Co., Ltd. 2022
2022 guarantee
25 Joint
Chengdu CSG Glass 25 April
5,000 November 100 liability None None 1 year No No
Co., Ltd. 2022
2022 guarantee
25 Joint
Chengdu CSG Glass 25 April
5,000 November 0 liability None None 3 years No No
Co., Ltd. 2022
2022 guarantee
Sichuan CSG 25 Joint
15 April
Energy Conservation December 8,000 4,200 liability None None 1 year Yes No
2022
Glass Co., Ltd. 2021 guarantee
Sichuan CSG Joint
26 April 19 June
Energy Conservation 12,000 8,000 liability None None 1 year No No
2023 2023
Glass Co., Ltd. guarantee
Joint
Wujiang CSG Glass 19 February 12 March
10,000 7,770 liability None None 4 years No No
Co., Ltd. 2021 2021
guarantee
Joint
Wujiang CSG Glass 25 April 7 February
10,000 5,780 liability None None 1 year No No
Co., Ltd. 2022 2023
guarantee
46
CSG Semi-annual Report 2023
Joint
Wujiang CSG Glass 25 April 28 February
5,000 2,143 liability None None 1 year No No
Co., Ltd. 2022 2023
guarantee
Joint
Wujiang CSG Glass 25 April 20 April
6,000 0 liability None None 1 year No No
Co., Ltd. 2022 2023
guarantee
Wujiang CSG East Joint
25 April 7 March
China Architectural 3,000 0 liability None None 1 year No No
2022 2023
Glass Co., Ltd. guarantee
Wujiang CSG East Joint
25 April 7 February
China Architectural 10,000 3,000 liability None None 1 year No No
2022 2023
Glass Co., Ltd. guarantee
Wujiang CSG East Joint
25 April 26 May
China Architectural 12,400 3,566 liability None None 5 years No No
2022 2022
Glass Co., Ltd. guarantee
Wujiang CSG East Joint
25 April 20 April
China Architectural 6,000 0 liability None None 1 year No No
2022 2023
Glass Co., Ltd. guarantee
Wujiang CSG East Joint
25 April 23 April
China Architectural 5,000 1,908 liability None None 1 year No No
2022 2023
Glass Co., Ltd. guarantee
Joint
Dongguan CSG 25 April
5,000 21 July 2022 4,999 liability None None 1 year No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 25 April
4,000 21 July 2022 1,379 liability None None 5 years No No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 26 April 30 June
33,000 2,715 liability None None 1 year No No
Solar Glass Co., Ltd. 2023 2023
guarantee
Joint
Dongguan CSG 25 April
8,000 7 June 2022 0 liability None None 1 year Yes No
Solar Glass Co., Ltd. 2022
guarantee
Joint
Dongguan CSG 25 April 31 May
9,000 5,090 liability None None 4 years No No
Solar Glass Co., Ltd. 2022 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
25 April 6 January
Energy-Saving New 10,000 1,000 liability None None 1 year No No
2022 2023
Materials Co., Ltd. guarantee
Qingyuan CSG 25 Joint
2 December
Energy-Saving New December 5,000 100 liability None None 1 year No No
2022
Materials Co., Ltd. 2021 guarantee
Qingyuan CSG Joint
25 April 4 August
Energy-Saving New 37,400 0 liability None None 5 years No No
2022 2022
Materials Co., Ltd. guarantee
Qingyuan CSG Joint
25 April 24 April
Energy-Saving New 10,000 4,230 liability None None 1 year No No
2022 2023
Materials Co., Ltd. guarantee
Joint
Yichang CSG 25 April 15 March
1,800 640 liability None None 1 year No No
Display Co., Ltd. 2022 2023
guarantee
47
CSG Semi-annual Report 2023
Joint
Yichang CSG 25 April 24 February
600 600 liability None None 1 year No No
Display Co., Ltd. 2022 2023
guarantee
Joint
Yichang CSG 25 April 24 June
3,000 2,700 liability None None 1 year No No
Display Co., Ltd. 2022 2022
guarantee
Tianjin CSG Energy- Joint
25 April 9 March
Saving Glass Co., 3,000 2,732 liability None None 1 year No No
2022 2023
Ltd. guarantee
Tianjin CSG Energy- Joint
25 April 21 June
Saving Glass Co., 5,000 3,680 liability None None 1 year No No
2022 2022
Ltd. guarantee
Tianjin CSG Energy- Joint
19 February 23 March
Saving Glass Co., 7,000 5,171 liability None None 4 years No No
2021 2021
Ltd. guarantee
Tianjin CSG Energy- 26 Joint
29 June
Saving Glass Co., 2,000 November 1,124 liability None None 1 year Yes No
2021
Ltd. 2021 guarantee
Anhui CSG New
Joint
Energy Material 10 August 19 October
70,000 45,102 liability None None 6 years No No
Technology Co., 2021 2021
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 10 August 28 August
180,000 117,717 liability None None 7 years No No
Technology Co., 2021 2021
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 25 April
35,000 5 July 2022 26,150 liability None None 3 years No No
Technology Co., 2022
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 25 April 6 February
20,000 7,400 liability None None 3 years No No
Technology Co., 2022 2023
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 26 April 10 May
30,000 4,011 liability None None 1 year No No
Technology Co., 2023 2023
guarantee
Ltd.
Anhui CSG New
25 Joint
Energy Material 30 March
December 50,000 25,795 liability None None 9 years No No
Technology Co., 2022
2021 guarantee
Ltd.
Anhui CSG Silicon
Valley Mingdu Joint
25 April
Mining 24,000 21 July 2022 24,000 liability None None 10 years No No
2022
Development Co., guarantee
Ltd.
13 Joint
Anhui CSG Quartz 29 June
9,000 September 6,696 liability None None 5 years No No
Materials Co., Ltd. 2021
2021 guarantee
Guangxi CSG New Joint
25 April 11 June
Energy Materials 30,000 11,000 liability None None 3 years No No
2022 2022
Tech Co., Ltd. guarantee
Guangxi CSG New Joint
25 April
Energy Materials 50,000 26 July 2022 2,000 liability None None 8 years No No
2022
Tech Co., Ltd. guarantee
25 April
Guangxi CSG New 80,000 26 July 2022 15,021 Joint None None 8 years No No
2022
48
CSG Semi-annual Report 2023
Energy Materials liability
Tech Co., Ltd. guarantee
Xi'an CSG Energy
Joint
Saving Glass 25 April 27 March
34,400 7,770 liability None None 7 years No No
Technology Co., 2022 2023
guarantee
Ltd.
Zhaoqing CSG New Joint
25 April
Energy Technology 1,530 6 April 2023 1,300 liability None None 7 years No No
2022
Co., Ltd. guarantee
Anhui CSG Joint
26 April 27 April
Photovoltaic Energy 10,040 0 liability None None 7 years No No
2023 2023
Co., Ltd. guarantee
Joint
Zhanjiang CSG New 25 April 28 March
1,000 1,000 liability None None 5 years No No
Energy Co., Ltd. 2022 2023
guarantee
Zhaoqing CSG Joint
25 April 30 May
Energy-Saving Glass 5,000 0 liability None None 3 years No No
2022 2022
Co., Ltd. guarantee
Zhaoqing CSG 22 25 Joint
Energy-Saving Glass September 34,000 September 23,475 liability None None 5 years No No
Co., Ltd. 2020 2020 guarantee
Dongguan CSG Joint
25 April 22 June
Architectural Glass 2,276 liability None None 1 year No No
2022 2022
Co., Ltd. guarantee
Joint
Dongguan CSG 25 April 22 June
908 liability None None 1 year No No
Solar Glass Co., Ltd. 2022 2022
guarantee
Joint
Dongguan CSG PV- 25 April 22 June
5,093 liability None None 1 year No No
tech Co., Ltd. 2022 2022
guarantee
Anhui CSG New
Joint
Energy Material 25 April 22 June
1,518 liability None None 1 year No No
Technology Co., 2022 2022
guarantee
Ltd.
Joint
Wujiang CSG Glass 25 April 22 June
0 liability None None 1 year No No
Co., Ltd. 2022 2022
guarantee
Joint
Chengdu CSG Glass 25 April 22 June
48,000 0 liability None None 1 year No No
Co., Ltd. 2022 2022
guarantee
Sichuan CSG Joint
25 April 22 June
Energy Conservation 315 liability None None 1 year No No
2022 2022
Glass Co., Ltd. guarantee
Joint
Yichang CSG 25 April 1 March
5,580 liability None None 1 year No No
Polysilicon Co., Ltd. 2022 2023
guarantee
Joint
Xianning CSG Glass 25 April 22 June
143 liability None None 1 year No No
Co., Ltd. 2022 2022
guarantee
Xianning CSG Joint
25 April 22 June
Energy-Saving Glass 303 liability None None 1 year No No
2022 2022
Co., Ltd. guarantee
Wujiang CSG East Joint
25 April 22 June
China Architectural 2,316 liability None None 1 year No No
2022 2022
Glass Co., Ltd. guarantee
Tianjin CSG Energy- 25 April 22 June Joint
390 None None 1 year No No
Saving Glass Co., 2022 2022 liability
49
CSG Semi-annual Report 2023
Ltd. guarantee
Zhaoqing CSG Joint
25 April 22 August
Energy-Saving Glass 2,603 liability None None 1 year No No
2022 2022
Co., Ltd. guarantee
Total actual amount of
Total amount of approved
guarantees for
guarantees for subsidiaries during 203,040 114,496
subsidiaries during the
the report period (B1)
report period (B2)
Total balance of actual
Total amount of approved guarantees for
guarantees for subsidiaries at the 1,178,108 subsidiaries at the end 504,175
end of the report period (B3) of the report period
(B4)
Guarantees of subsidiaries for their subsidiaries
Date of
disclosure of Counter Complet Guaran
related Actual Collater guarantee e tee for
Name of guarantee Guarantee Actual date Guarantee Guarant
announceme amount of al (if circumsta impleme related
object amount of guarantee type y period
nt on guarantee any) nce (if ntation party
guarantee any) or not or not
amount
Total actual amount of
Total amount of approved
guarantees for
guarantees for subsidiaries during 0 0
subsidiaries during the
the report period (C1)
report period (C2)
Total balance of actual
Total amount of approved guarantees for
guarantees for subsidiaries at the 0 subsidiaries at the end 0
end of the report period (C3) of the report period
(C4)
Total amount of the Company’s guarantees (i.e., the sum of the first three items)
Total actual amount of
Total amount of approved
guarantees during the
guarantees during the report 203,040 114,496
report period
period (A1+B1+C1)
(A2+B2+C2)
Total actual balance of
Total amount of approved
guarantees at the end
guarantees at the end of the report 1,178,108 504,175
of the report period
period (A3+B3+C3)
(A4+B4+C4)
The proportion of total actual amount of guarantees ((i.e.,
36.66%
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 exceeding 55,171
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) 55,171
Explanation on guarantee responsibility incurred in the
Nil
report period or evidence showing the description of the
50
CSG Semi-annual Report 2023
possible joint and several liabilities for repayment for the
guarantee contracts not yet due (if any)
Explanation on providing external guarantees in violation of
Nil
prescribed procedures (if any)
Note: 1. 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 30 June 2023,
the actual guarantee balance was RMB 5,041.75 million (of which the actual guarantee balance with asset liability ratio of 70% or
above was RMB 551.71 million), accounting for 39.22% of the parent company’s net assets of RMB 12,854.88 million at the end of
2022, and 19.46% of the net assets of RMB 25,904.01 million. The Company has no overdue guarantee.
2. 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 RMB 800 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 June 2023, the actual pledge amount of the asset pool
business was RMB 723.13 million, and the financing balance was RMB 722.72 million.
Explanation on compound guarantees: Nil
3. Entrusted Financing
□Applicable √ Not applicable
4. Other material contracts
√ Applicable □ Not applicable
Name of
Transaction Related- Execution as
signing entity Contract
Subject Pricing amount party Associ of the end of Date of Disclosure
on the Name of counterparty signing
matter principle (RMB transactio ation the report disclosure index
Company’s date
0,000) n or not period
side
LONGi Solar Technology Ltd.,
Zhejiang LONGi Solar
Technology Ltd., Taizhou
Wujiang
LONGi Solar Technology Ltd.,
CSG Glass Yinchuan LONGi Solar Price
Co., Ltd., Technology Ltd., Chuzhou negotiated on a
Announce
and LONGi Solar Technology Ltd., Photovoltaic 31 July monthly basis 3 August
_ No Nil In progress ment No.:
Dongguan Datong LONGi Solar glass 2020 according to 2020
Technology Ltd., LONGi 2020-060
CSG Solar market
Glass Co., (H.K.) Trading Limited, conditions
LONGi (KUCHING) SDN.
Ltd. BHD., Xianyang LONGi Solar
Technology Ltd., Jiangsu
LONGi Solar Technology Ltd.,
51
CSG Semi-annual Report 2023
Jiaxing LONGi Solar
Technology Ltd., and Xi’an
LONGi Green Building
Technology Ltd.
Price of high-
purity silicon
negotiated on a
13 14 Announce
CSG Holding High-purity monthly basis
Trina Solar Co., Ltd. September _ No Nil In progress September ment No.:
Co., Ltd. silicon according to
2022 2022 2022-054
contractually
agreed pricing
principles
Price
negotiated on a
Solar grade monthly basis Announce
CSG Holding 27 October 29 October
Two certain customers primary according to _ No Nil In progress ment No.:
Co., Ltd. 2022 2022
polysilicon contractually 2022-060
agreed pricing
principles
Price
negotiated on a
Solar grade monthly basis Announce
CSG Holding 17 April Yet to be 19 April
One certain customer primary according to _ No Nil ment No.:
Co., Ltd. 2023 executed 2023
polysilicon contractually 2023-011
agreed pricing
principles
Note: The above material contracts are long-term sales contracts signed between the Company and customers. A total supply volume
is given in such a contract, the specific price is negotiated on a monthly basis, and the total contract amount is subject to the final
transaction amount.
XIII. Statement on other important matters
√Applicable □ Not applicable
1. Ultra-short-term financing bills
On May 16, 2022, the Company's 2021 annual general meeting reviewed and approved the "Proposal on Application for Registration
and Issuance of Medium-Term Notes and Ultra-short-term Financing Bills", which agreed that the Company would register and issue
ultra-short-term financing bills with a registered amount of not more than 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 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 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,
52
CSG Semi-annual Report 2023
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 offering of A-share convertible corporate bonds
On 11 July 2022, the Company’s 2nd Extraordinary General Meeting of Shareholders in 2022 reviewed and approved relevant
proposals on the Company's public offering of A-share convertible corporate bonds, and agreed to issue A-share convertible
corporate bonds to raise a total amount not exceed RMB 2,800 million (inclusive), with a term of six years from the date of issuance.
Due to factors such as changes in the capital market and the timing of financing, which resulted in immature application and issuance
conditions, the Company did not make any substantial progress on the public offering of A-share convertible corporate bonds during
the valid period as resolved. As of 11 July 2023, the Company’s plan for the public offering of A-share convertible corporate bonds
expired and automatically lapsed. For further information, see the Announcement on the Expiry of the Plan for the Public Offering of
A-share Convertible Corporate Bonds (Announcement number: 2023-025) disclosed by the Company on http://www.cninfo.com.cn
dated 12 July 2023.
5. Shareholding increase by Shenzhen Guanlong Logistics Co., Ltd.
On 17 March 2023, Shenzhen Guanlong Logistics Co., Ltd. (hereinafter referred to as “Guanlong Logistics”) increased its
shareholding in the Company by 160,000 shares (or 0.0052% of the Company’s total share capital) by way of centralized bidding in
the securities trading system of the Shenzhen Stock Exchange. On 23 March 2023, the Company disclosed the Announcement on
Shareholder’s Shareholding Increase & Subsequent Shareholding Increase Plan (Announcement number: 2023-006). According to
the Announcement, Guanlong Logistics intended to increase its holding of unrestricted public A-shares by a percentage of no less
than 5% and no more than 6.26% of the Company’s total share capital by way of centralized bidding or block trading in the trading
system of the Shenzhen Stock Exchange within six months after three trading days from the disclosure date of the announcement on
the shareholding increase plan. As of 30 June 2023, Guanlong Logistics held 160,000 shares in the Company, with no progress on the
shareholding increase plan for the time being.
6. 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.
7. Postponed re-election of the Board of Directors and the Supervisory Committee
The term of office of the ninth Board of Directors and Supervisory Committee of the Company expired on 21 May 2023, and re-
election is progressing steadily as of now. According to Articles 96 and 138 of the Articles of Association of CSG Holding Co., Ltd.,
if a new director/supervisor is not re-elected in time upon the expiry of the term of office of a director/supervisor, before the re-
elected director/supervisor assumes his/her office, the former director/supervisor shall still perform the duties of a director/supervisor
in accordance with the provisions of laws, administrative regulations, departmental rules and the Articles of Association. Therefore,
the members of the ninth Board of Directors and Supervisory Committee are still performing their duties in a normal manner, and the
re-election of the Board of Directors and the Supervisory Committee would not have any adverse impact on the Company’s operation
and governance.
XIV. Significant events of subsidiaries of the Company
□ Applicable √ Not applicable
53
CSG Semi-annual Report 2023
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
Capital
New ization
Bonus
Amount Proportion shares of Others Subtotal Amount Proportion
shares
issued public
reserve
I. Restricted shares 4,838,249 0.16% -481,600 -481,600 4,356,649 0.14%
1. State-owned shares
2. State-owned legal
person’s shares
3. Other domestic shares 4,838,249 0.16% -481,600 -481,600 4,356,649 0.14%
Including: Domestic
legal person’s shares
Domestic natural
4,838,249 0.16% -481,600 -481,600 4,356,649 0.14%
person’s shares
4. Foreign shares
Including: Foreign
legal person’s shares
Foreign natural
person’s shares
II. Unrestricted shares 3,065,853,858 99.84% 481,600 481,600 3,066,335,458 99.86%
1. RMB Ordinary shares 1,956,484,798 63.71% 481,600 481,600 1,956,966,398 63.73%
2. Domestically listed
1,109,369,060 36.13% 1,109,369,060 36.13%
foreign shares
3. Overseas listed
foreign shares
4. Others
III. Total shares 3,070,692,107 100.00% 0 0 3,070,692,107 100.00%
Reason for equity changes
√Applicable □Not applicable
During the report period, China securities registration and clearing Co., Ltd. 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 for equity changes
□Applicable √Not applicable
54
CSG Semi-annual Report 2023
Implementation progress of share buyback
□Applicable √Not applicable
Implementation progress of share buyback reduction through centralized bidding
□Applicable √Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common
shareholders of Company in the latest year and period
□Applicable √Not applicable
Other information necessary to be disclosed or need to be disclosed under requirement from security regulators
□Applicable √ Not applicable
2. Changes of restricted shares
√Applicable □ Not applicable
Unit: Share
Number of Number of Number of
Number of
shares shares shares
Shareholder shares Reason for
restricted at restricted restricted at Released date
s’ name released in restriction
the beginning increased in the end of the
the Period
of the period the Period Period
Releasing of executive
Executive lockup lockup stocks will be
Chen Lin 1,217,299 1,217,299
stocks shares implemented according to
relevant policies.
Releasing of executive
Executive lockup lockup stocks will be
He Jin 673,200 673,200
stocks shares implemented according to
relevant policies.
Releasing of executive
Wang Executive lockup lockup stocks will be
115,950 115,950
Wenxin stocks shares implemented according to
relevant policies.
Releasing of executive
Chen Executive lockup lockup stocks will be
36,953 36,953
Chunyan stocks shares implemented according to
relevant policies.
Releasing of director and
Locked in shares
executive lockup stocks
after the departure
Wang Jian 1,012,000 253,000 759,000 will be implemented
of directors and
according to relevant
executives
policies.
Releasing of supervisor
Locked in shares
Gao lockup stocks will be
375 375 0 after the departure
Changkun implemented according to
of supervisors
relevant policies.
55
CSG Semi-annual Report 2023
Releasing of executive
Locked in shares
lockup stocks will be
Lu Wenhui 912,973 228,225 684,748 after the departure
implemented according to
of executives
relevant policies.
Releasing of executive
Locked in shares
lockup stocks will be
Yang Xinyu 869,499 869,499 after the departure
implemented according to
of executives
relevant policies.
total 4,838,249 481,600 4,356,649 -- --
II. Issuance and listing of Securities
□ Applicable √ Not applicable
III.Amount of shareholders of the Company and particulars about shares holding
Unit: share
Total amount of the preferred shareholders who
Total amount of shareholders at the end of
163,666have resumed the voting right at end of report 0
the report period
period (if applicable)
Shareholder with above 5% shares held or top ten shareholders
Number of share
Proportion Total shares Amount of Amount of pledged/frozen
Full name of Nature of Changes in
of shares held at the end restricted un-restricted
Shareholders shareholder report period Share
held of report period shares held shares held 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 Insurance owned legal person
Products
Foresea Life
Domestic non state-
Insurance Co., Ltd. – 2.11% 64,765,161 64,765,161
owned legal person
Own Fund
China Galaxy
International
Foreign legal person 1.34% 41,034,578 -175,400 41,034,578
Securities (Hong
Kong) Co., Limited
China Merchants
Securities (Hong Foreign legal person 1.12% 34,384,197 -2,919,794 34,384,197
Kong) Limited
Hong Kong
Securities Clearing Foreign legal person 1.08% 33,043,205 11,409,160 33,043,205
Co., Ltd.
China Life Insurance
Co., Ltd. -
Traditional - General Other 0.99% 30,418,859 -665,700 30,418,859
Insurance Products -
005l-ct001 Hu
56
CSG Semi-annual Report 2023
VANGUARD
EMERGING
Foreign legal person 0.64% 19,595,573 230,000 19,595,573
MARKETS STOCK
INDEX FUND
Pledged 18,980,000
Zhongshan Runtian Domestic non state- 0.62% 18,983,447 18,983,447
Marked 18,980,000
Investment Co., Ltd. owned legal person
Frozen 3,447
VANGUARD
TOTAL
INTERNATIONAL Foreign legal person 0.57% 17,537,213 17,537,213
STOCK INDEX
FUND
Strategic investors or general legal person
becomes top 10 shareholders due to shares N/A
issued (if applicable)
As of the end of the report period, among shareholders as listed above, Foresea Life
Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance Co., Ltd.-Universal
Insurance Products, Foresea Life Insurance Co., Ltd.-Own Fund are all held by Foresea
Explanation on associated relationship Life Insurance Co., Ltd. Shenzhen Jushenghua Co., Ltd., which holds 51% equity of
among the aforesaid shareholders Foresea Life Insurance Co., Ltd., holds 100% equity of Zhongshan Runtian Investment
Co.,Ltd and Chengtai Group Co. Ltd., through Shenzhen Hualitong Investment Co.,
Ltd. Chengtai Group Co., Ltd. holds 40,187,904 shares through China Galaxy
International Securities (Hong Kong) Co., Limited.
Explanation of the above-mentioned
shareholders involving entrusted/entrusted
N/A
voting rights and abstention from voting
right
Special instructions on the existence of
special repurchase account among the top N/A
10 shareholders (if any)
Particular about top ten shareholders with unrestricted shares held
Amount of unrestricted Type of shares
Shareholders’ name
shares held at year-end
Type Amount
Foresea Life Insurance Co., Ltd. – HailiNiannian 466,386,874RMB ordinary shares 466,386,874
Foresea Life Insurance Co., Ltd. – Universal Insurance
118,425,007RMB ordinary shares 118,425,007
Products
Foresea Life Insurance Co., Ltd. – Own Fund 64,765,161RMB ordinary shares 64,765,161
China Galaxy International Securities (Hong Kong) Co., Domestically listed
41,034,578 41,034,578
Limited foreign shares
Domestically listed
China Merchants Securities (Hong Kong) Limited 34,384,197 34,384,197
foreign shares
Hong Kong Securities Clearing Co., Ltd. 33,043,205RMB ordinary shares 33,043,205
China Life Insurance Co., Ltd. - Traditional - General
30,418,859RMB ordinary shares 30,418,859
Insurance Products - 005l-ct001 Hu
VANGUARD EMERGING MARKETS STOCK INDEX Domestically listed
19,595,573 19,595,573
FUND foreign shares
Zhongshan Runtian Investment Co., Ltd. 18,983,447RMB ordinary shares 18,983,447
VANGUARD TOTAL INTERNATIONAL STOCK Domestically listed
17,537,213 17,537,213
INDEX FUND foreign shares
As of the end of the report period, among shareholders as listed above,
Foresea Life Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance
Statement on associated relationship or consistent action
Co., Ltd.-Universal Insurance Products, Foresea Life Insurance Co.,
among the above shareholders:
Ltd.-Own Fund are all held by Foresea Life Insurance Co., Ltd.
Shenzhen Jushenghua Co., Ltd., which holds 51% equity of Foresea
57
CSG Semi-annual Report 2023
Life Insurance Co., Ltd., holds 100% equity of Zhongshan Runtian
Investment Co.,Ltd and Chengtai Group Co. Ltd., through Shenzhen
Hualitong Investment Co., Ltd. Chengtai Group Co., Ltd. holds
40,187,904 shares through China Galaxy International Securities (Hong
Kong) Co., Limited.
Description of the top 10 ordinary shareholders
participating in margin trading and securities lending N/A
business shareholders (if applicable)
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 top ten shareholders or top ten shareholders with un-restricted shares carried out buy back deals in the report period
□Yes √ No
The top ten shareholders or top ten shareholders with un-restricted shares did not carry out buy back deals in the report period.
IV. Changes in the shareholding of directors, supervisors and senior executives
√Applicable □ Not applicable
Number of
Number of Number of
Shares Amount of Amount of restricted
Shares restricted restricted
held at shares shares shares
Working held at shares shares
Name Title period- increased in decreased in granted at
status period-end granted in granted at
begin this period this period period-
(Share) this period period-end
(Share) (Share) (Share) begin
(shares) (Share)
(Share)
Independent
Shen Yunqiao Incumbent 0 0 0 0 0 0 0
Director
Total -- -- 0 0 0 0 0 0 0
V. Changes of controlling shareholder or actual controller
Changes of controlling shareholders in the report period
□Applicable √ Not applicable
Changes of actual controller in the report period
□Applicable √ Not applicable
58
CSG Semi-annual Report 2023
Section VIII. Preferred Shares
□Applicable √ Not applicable
Section IX. Bonds
□Applicable √ Not applicable
59
CSG Semi-annual Report 2023
Section X. Financial Report
I. Report of the auditors
Whether the Semi-annual Report has been audited or not
□ Yes √ No
The Company's Semi-annual Report has not been audited.
II. Financial statements
All amounts in the tables in the Notes to the Financial Statements are expressed in RMB.
1. Consolidated balance sheet
Prepared by: CSG Holding Co., Ltd.
30 June 2023
Unit: RMB
Item 30 June 2023 1 January 2023
Current assets：
Cash at bank and on hand 2,659,317,147 4,604,607,779
Notes receivable 731,429,485 156,943,437
Accounts receivable 1,618,049,955 1,179,992,784
Receivables Financing 830,989,703 1,095,412,643
Advances to suppliers 230,228,115 183,629,823
Other receivables 193,416,864 193,847,322
Inventories 2,118,417,593 1,783,941,982
Non-current assets due within one year 80,000,000 20,000,000
Other current assets 138,475,480 108,248,545
Total current assets 8,600,324,342 9,326,624,315
Non-current assets：
Investment properties 290,368,105 290,368,105
Fixed assets 11,986,389,945 11,243,236,175
Construction in progress 2,622,639,485 2,520,362,291
Right-of-use assets 9,589,272 9,908,413
Intangible assets 2,395,648,014 1,438,102,666
Development expenditure 54,503,705 46,755,816
Goodwill 8,593,352 7,897,352
Long-term prepaid expenses 6,568,159 2,647,939
Deferred tax assets 166,489,256 161,489,749
Other non-current assets 1,125,121,631 856,620,485
Total non-current assets 18,665,910,924 16,577,388,991
Total assets 27,266,235,266 25,904,013,306
Current liabilities：
60
CSG Semi-annual Report 2023
Short-term borrowings 384,776,205 345,000,000
Notes payable 1,359,373,689 994,557,496
Accounts payable 3,024,632,655 2,033,542,627
Contract liabilities 342,662,579 418,051,975
Employee benefits payable 300,681,897 473,616,428
Taxes payable 150,987,570 161,134,638
Other payables 463,757,844 537,065,184
Including: interest payable 7,275,176 99,945,325
Current portion of non-current liabilities 1,008,414,500 2,481,433,006
Other current liabilities 89,468,648 50,407,240
Total current liabilities 7,124,755,587 7,494,808,594
Non-current liabilities：
Long-term borrowings 5,228,900,581 4,353,589,980
Lease liabilities 3,648,983 3,564,330
Long-term payables 109,425,563 129,236,878
Provisions 7,569,501
Deferred income 428,796,377 449,875,380
Deferred tax liabilities 92,060,465 97,266,841
Total non-current liabilities 5,870,401,470 5,033,533,409
Total liabilities 12,995,157,057 12,528,342,003
Shareholders’ equity：
Share capital 3,070,692,107 3,070,692,107
Capital surplus 596,997,085 596,997,085
Other comprehensive income 180,891,037 170,860,478
Special reserve 210,519 731,580
Surplus reserve 1,228,634,001 1,228,634,001
Undistributed profits 8,676,447,235 7,786,968,455
Total equity attributable to
13,753,871,984 12,854,883,706
shareholders of parent company
Minority interests 517,206,225 520,787,597
Total shareholders' equity 14,271,078,209 13,375,671,303
Total liabilities and shareholders' equity 27,266,235,266 25,904,013,306
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang
Wenxin
61
CSG Semi-annual Report 2023
2. Balance sheet of the parent company
Prepared by: CSG Holding Co., Ltd.
30 June 2023
Unit: RMB
Item 30 June 2023 1 January 2023
Current assets：
Cash at bank and on hand 1,523,830,141 2,598,503,883
Notes receivable 10,000,000 49,194,385
Accounts receivable 35,178,427 23,994,936
Receivables Financing 10,000,000 123,469,960
Advances to suppliers 1,295,479 1,571,283
Other receivables 2,749,872,404 2,369,431,782
Including: Dividends receivable 129,077,200 375,057,800
Non-current assets due within one year 80,000,000 20,000,000
Total current assets 4,410,176,451 5,186,166,229
Non-current assets：
Long-term equity investments 8,837,769,867 7,838,487,027
Fixed assets 9,000,302 7,876,626
Intangible assets 7,429,274 5,946,174
Long-term prepaid expenses 570,915 189,806
Other non-current assets 4,291,162 83,297,124
Total non-current assets 8,859,061,520 7,935,796,757
TOTAL ASSETS 13,269,237,971 13,121,962,986
Current liabilities：
Short-term borrowings 100,000,000 200,000,000
Notes payable 217,090,273 19,496,400
Accounts payable 816,708 661,058
Contract liabilities 669 3,097
Employee benefits payable 20,410,807 63,906,834
Taxes payable 4,674,019 15,374,554
Other payables 1,996,303,479 2,126,409,980
Including: interest payable 1,712,638 95,445,534
Current portion of non-current
645,586,000 2,332,402,522
liabilities
Other current liabilities 87 403
Total current liabilities 2,984,882,042 4,758,254,848
Non-current liabilities：
Long-term borrowings 1,412,091,000 1,231,134,000
Deferred income 171,937,500 172,125,000
Total non-current liabilities 1,584,028,500 1,403,259,000
Total liabilities 4,568,910,542 6,161,513,848
Shareholders’ equity：
62
CSG Semi-annual Report 2023
Share capital 3,070,692,107 3,070,692,107
Capital surplus 741,824,399 741,824,399
Surplus reserve 1,243,179,361 1,243,179,361
Undistributed profits 3,644,631,562 1,904,753,271
Total shareholders' equity 8,700,327,429 6,960,449,138
Total liabilities and shareholders' equity 13,269,237,971 13,121,962,986
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang
Wenxin
3. Consolidated income statement
Prepared by: CSG Holding Co., Ltd.
Unit: RMB
Item H1 2023 H1 2022
I. Total business income 8,389,340,245 6,519,216,676
Including: operating income 8,389,340,245 6,519,216,676
II. Total operating costs 7,477,912,994 5,480,144,295
Including: operating costs 6,495,395,931 4,637,645,927
Taxes and surcharges 76,379,004 61,280,622
Selling and distribution expenses 146,856,141 133,906,652
General and administrative expenses 340,252,772 318,635,812
Research and development expenses 346,264,501 265,877,930
Financial expenses 72,764,645 62,797,352
Including: interest expenses 113,306,203 91,984,604
Interest income 45,500,449 30,756,704
Add：Other Income 47,203,839 99,302,552
Investment income（Loss is listed with “-”） -4,083,180 16,413,695
Credit impairment loss（Loss is listed with “-”） -7,601,224 -1,492,222
Asset impairment loss（Loss is listed with “-”） 24,908 1,456
Income on disposal assets（Loss is listed with “-”） 53,451 12,745,461
III. Operating profit（Loss is listed with “-”） 947,025,045 1,166,043,323
Add: Non-operating revenue 9,453,333 15,132,978
Less: Non-operating expenses 486,800 3,660,070
IV. Total profit（Loss is listed with “-”） 955,991,578 1,177,516,231
Less: Income tax expenses 74,094,170 168,925,524
V. Net profit (Net loss is listed with “-”) 881,897,408 1,008,590,707
（1）Classified by continuous operation:
1. Net income from continuing operations (Net loss is
881,897,408 1,008,590,707
listed with “-”)
2. Net income from discontinued operations (Net loss
is listed with “-”)
（2）Classified by equity ownership:
1.Attributable to shareholders of parent company 889,478,780 1,001,174,398
2.Minority interests -7,581,372 7,416,309
63
CSG Semi-annual Report 2023
VI. Other comprehensive income net after tax 10,030,559 6,167,540
Other comprehensive income net after tax attributable
10,030,559 6,167,540
to shareholders of parent company
（1）Other comprehensive income not to be
reclassified into profit and loss
（2）Other comprehensive income to be reclassified
10,030,559 6,167,540
into profit and loss
1. Translation differences arising on translation of
10,030,559 6,167,540
foreign currency financial statement
Other comprehensive income net after tax attributable
to minority interests
VII. Total comprehensive income 891,927,967 1,014,758,247
Total comprehensive income attributable to shareholders
of the parent company 899,509,339 1,007,341,938
shareholders of parent company
Total comprehensive income attributable to minority
shareholders -7,581,372 7,416,309
minority interests
VIII. Earnings per share
（1）Basic earnings per share 0.29 0.33
（2）Diluted earnings per share 0.29 0.33
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang
Wenxin
4. Income statement of the parent company
Prepared by: CSG Holding Co., Ltd.
Unit: RMB
Item H1 2023 H1 2022
I. Operating income 219,825,718 230,198,412
Less: operating costs 15,015,892
Taxes and surcharges 1,405,865 1,508,969
Selling and distribution expenses 10,326,349 1,500,585
General and administrative expenses 137,413,753 158,605,939
Research and development expenses 290,120
Financial expenses 15,872,574 54,002,083
Including: interest expenses 61,444,973 84,259,999
Interest income 41,530,076 28,380,771
Add：Other Income 3,002,974 5,677,313
Investment income（Loss is listed with “-”） 1,682,067,333 665,374,823
Credit impairment loss（Loss is listed with “-”） 459,771 -85,084
Asset impairment loss（Loss is listed with “-”）
Income on disposal assets（Loss is listed with “-”） 2,477,876
II. Operating profit（Loss is listed with “-”） 1,740,047,135 673,009,872
Add: Non-operating revenue 1,770
Less: Non-operating expenses 170,614 1,459,583
III. Total profit（Loss is listed with “-”） 1,739,878,291 671,550,289
64
CSG Semi-annual Report 2023
Less: Income tax expenses
IV. Net profit (Net loss is listed with “-”) 1,739,878,291 671,550,289
（1）Net income from continuing operations (Net loss
1,739,878,291 671,550,289
is listed with “-”)
（2）Net income from discontinued operations(Net loss
is listed with “-”)
V. Other comprehensive income net after tax
VI. Total comprehensive income 1,739,878,291 671,550,289
VII. Earnings per share
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang
Wenxin
5. Consolidated statement of cash flows
Prepared by: CSG Holding Co., Ltd.
Unit: RMB
Item H1 2023 H1 2022
I. Cash flows from operating activities：
Cash received from sales of goods or rendering of services 8,167,102,471 6,933,269,669
Refund of taxes and surcharges 129,649,279 209,272,049
Cash received relating to other operating activities 235,147,053 87,236,568
Sub-total of cash inflows from operating activities 8,531,898,803 7,229,778,286
Cash paid for goods and services 6,164,275,159 4,720,858,626
Cash paid to and on behalf of employees 1,161,324,786 967,549,535
Payments of taxes and surcharges 481,706,537 434,697,790
Cash paid relating to other operating activities 206,165,136 203,869,214
Sub-total of cash outflows from operating activities 8,013,471,618 6,326,975,165
Net cash flows from/(used in) operating activities 518,427,185 902,803,121
II. Cash flows from investing activities：
Cash received from returns on investments 20,000,000 1,988,760,000
Cash received from returns on invest income 775,676 15,609,996
Net cash received from disposal of fixed assets, intangible
176,747 13,563,172
assets and other long-term assets
Cash received relating to other investing activities 32,629,490
Sub-total of cash inflows from operating activities 53,581,913 2,017,933,168
Cash paid to acquire fixed assets, intangible assets and other
1,714,949,765 1,632,778,700
long-term asset
Cash paid to acquire investments 20,000,000 2,198,160,000
Net cash paid to acquire subsidiaries and other business units 696,000
Cash paid relating to other investing activities 19,138,102
Sub-total of cash outflows from operating activities 1,735,645,765 3,850,076,802
Net cash flows (used in)/from investing activities -1,682,063,852 -1,832,143,634
III. Cash flows from financing activities：
Cash received from investors 4,000,000
Including: Cash received from absorbing minority
shareholders’ 4,000,000
investment by subsidiaries
65
CSG Semi-annual Report 2023
Cash received from borrowings 1,792,403,638 2,277,155,766
Cash received relating to other financing activities 12,000,000 206,753
Sub-total of cash inflows from operating activities 1,808,403,638 2,277,362,519
Cash repayments of borrowings 2,351,598,051 428,340,521
Cash payments for interest expenses and distribution of
227,681,798 791,223,957
dividends or profits
Cash payments relating to other financing activities 23,054,274 24,165,012
Sub-total of cash outflows from operating activities 2,602,334,123 1,243,729,490
Net cash flows (used in)/from financing activities -793,930,485 1,033,633,029
IV. Effect of foreign exchange rate changes on cash 2,809,041 3,195,681
V. Net increase/(decrease) in cash and cash equivalents -1,954,758,111 107,488,197
Add: Cash and cash equivalents at beginning of period 4,594,018,251 2,756,477,572
VI. Cash and cash equivalents at end of period 2,639,260,140 2,863,965,769
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang
Wenxin
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CSG Semi-annual Report 2023
6. Statement of cash flows of the parent company
Prepared by: CSG Holding Co., Ltd.
Unit: RMB
Item H1 2023 H1 2022
I. Cash flows from operating activities：
Cash received from sales of goods or rendering of services 346,331,261 191,082,575
Cash received relating to other operating activities 207,913,289 39,349,241
Sub-total of cash inflows from operating activities 554,244,550 230,431,816
Cash paid for goods and services 59,456,484
Cash paid to and on behalf of employees 182,805,295 179,110,652
Payments of taxes and surcharges 22,354,669 7,463,566
Cash paid relating to other operating activities 17,475,295 16,953,909
Sub-total of cash outflows 282,091,743 203,528,127
Net cash flows from/(used in) operating activities 272,152,807 26,903,689
II. Cash flows from investing activities：
Cash received from returns on investments 20,000,000 1,988,760,000
Cash received from returns on invest income 1,931,308,828 664,571,124
Net cash received from disposal of fixed assets, intangible
2,000 2,477,876
assets and other long-term assets
Sub-total of cash inflows 1,951,310,828 2,655,809,000
Cash paid to acquire fixed assets, intangible assets and other
5,775,984 3,611,833
long-term assets
Cash paid to acquire investments 999,282,840 2,835,444,015
Sub-total of cash outflows 1,005,058,824 2,839,055,848
Net cash flows (used in)/from investing activities 946,252,004 -183,246,848
III. Cash flows from financing activities：
Cash received from borrowings 610,000,000 900,000,000
Cash received relating to other financing activities 379,666,653
Sub-total of cash inflows 610,000,000 1,279,666,653
Cash repayments of borrowings 2,216,543,000 310,000,000
Cash payments for interest expenses and distribution of
154,494,391 756,638,060
dividends or profits
Cash paid relating to other financing activities 532,071,876 1,017,256
Sub-total of cash outflows 2,903,109,267 1,067,655,316
Net cash flows (used in)/from financing activities -2,293,109,267 212,011,337
IV. Effect of foreign exchange rate changes on cash 18,222 1,808,472
V. Net increase/(decrease) in cash and cash equivalents -1,074,686,234 57,476,650
Add: Cash and cash equivalents at beginning of period 2,595,003,883 1,960,395,527
VI. Cash and cash equivalents at end of period 1,520,317,649 2,017,872,177
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang
Wenxin
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CSG Semi-annual Report 2023
7. Consolidated statement of changes in owner's equity
Prepared by: CSG Holding Co., Ltd.
H1 2023
Unit: RMB
H1 2023
Equity attributable to shareholders of parent company
Item Total
Other Minority
Capital Special Undistributed shareholders'
interests
Share capital comprehensive Surplus reserve Sub-total equity
surplus reserve profits
income
I. Balance at the end of the last year 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
II. Balance at the beginning of the
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
period
III. Movements for the period
10,030,559 -521,061 889,478,780 898,988,278 -3,581,372 895,406,906
(Decrease is listed with “-”)
（1）Total comprehensive income 10,030,559 889,478,780 899,509,339 -7,581,372 891,927,967
（2）Capital increase or decrease
4,000,000 4,000,000
from shareholder
1． Ordinary shares contributed by
4,000,000 4,000,000
the owner
（3）Profit distribution
（4）Internal carry-forward of
owners' equity
（5）Special reserve -521,061 -521,061 -521,061
1．Special reserve appropriate 5,038,984 5,038,984 5,038,984
2．Special reserve used 5,560,045 5,560,045 5,560,045
（6）Others
IV. Balance at the end of the period 3,070,692,107 596,997,085 180,891,037 210,519 1,228,634,001 8,676,447,235 13,753,871,984 517,206,225 14,271,078,209
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CSG Semi-annual Report 2023
7. Consolidated statement of changes in owner's equity（Continued）
Prepared by: CSG Holding Co., Ltd.
H1 2022
Unit: RMB
H1 2022
Equity attributable to shareholders of parent company
Item Total
Other Minority
Capital Special Surplus Undistributed shareholders'
Share capital comprehensive Sub-total interests
surplus reserve reserve profits equity
income
I. Balance at the end of the last year 3,070,692,107 596,997,085 159,200,530 7,296,397 1,144,887,510 6,450,587,417 11,429,661,046 436,813,189 11,866,474,235
II. Balance at the beginning of the
3,070,692,107 596,997,085 159,200,530 7,296,397 1,144,887,510 6,450,587,417 11,429,661,046 436,813,189 11,866,474,235
period
III. Movements for the period
6,167,540 -5,443,694 387,035,977 387,759,823 7,416,309 395,176,132
(Decrease is listed with “-”)
（1）Total comprehensive income 6,167,540 1,001,174,398 1,007,341,938 7,416,309 1,014,758,247
（2）Capital increase or decrease
from shareholder
（3）Profit distribution -614,138,421 -614,138,421 -614,138,421
1．Distributed to owners (or
-614,138,421 -614,138,421 -614,138,421
shareholders)
（4）Internal carry-forward of
owners' equity
（5）Special reserve -5,443,694 -5,443,694 -5,443,694
1．Special reserve appropriate 4,853,948 4,853,948 4,853,948
2．Special reserve used 10,297,642 10,297,642 10,297,642
（5）Others
IV. Balance at the end of the period 3,070,692,107 596,997,085 165,368,070 1,852,703 1,144,887,510 6,837,623,394 11,817,420,869 444,229,498 12,261,650,367
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang Wenxin
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CSG Semi-annual Report 2023
8. Statement of changes in owners' equity of the parent company
Prepared by: CSG Holding Co., Ltd.
H1 2023
Unit: RMB
H1 2023
Item Total shareholders'
Share capital Capital surplus Surplus reserve Undistributed profits
equity
I. Balance at the end of the last year 3,070,692,107 741,824,399 1,243,179,361 1,904,753,271 6,960,449,138
II. Balance at the beginning of the period 3,070,692,107 741,824,399 1,243,179,361 1,904,753,271 6,960,449,138
III. Movements for the period (Decrease is listed with
1,739,878,291 1,739,878,291
“-”)
（1）Total comprehensive income 1,739,878,291 1,739,878,291
（2）Capital increase or decrease from shareholder
（3）Profit distribution
（4）Internal carry-forward of owners' equity
（5）Special reserve
（6）Others
IV. Balance at the end of the period 3,070,692,107 741,824,399 1,243,179,361 3,644,631,562 8,700,327,429
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CSG Semi-annual Report 2023
8. Statement of changes in owners' equity of the parent company（Continued）
Prepared by: CSG Holding Co., Ltd.
H1 2022
Unit: RMB
H1 2022
Item 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 the beginning of the period 3,070,692,107 741,824,399 1,159,432,870 1,765,173,270 6,737,122,646
III. Movements for the period (Decrease is listed with
57,411,868 57,411,868
“-”)
（1）Total comprehensive income 671,550,289 671,550,289
（2）Capital increase or decrease from shareholder
（3）Profit distribution -614,138,421 -614,138,421
1．Distributed to owners (or shareholders) -614,138,421 -614,138,421
（4）Internal carry-forward of owners' equity
（5）Special reserve
（6）Others
IV. Balance at the end of the period 3,070,692,107 741,824,399 1,159,432,870 1,822,585,138 6,794,534,514
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin Head of accounting department: Wang Wenxin
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CSG Semi-annual Report 2023
III、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 30 June 2023, 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 25 August 2023.
Details on the majors subsidiaries included in the consolidated scope in current year were stated in Note.
IV、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.
V、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.
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1、Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company for the six months ended 30 June 2023 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 30
June 2023 and their financial performance, cash flows for the six months 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 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.
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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.
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.
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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 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
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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 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.
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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
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
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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.
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
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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.
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
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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 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.
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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.
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.
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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
The life average
Buildings 20 to 35 years 5% 2.71% to 4.75%
method
Machinery and The life average
8 to 20 years 5% 4.75% to 11.88%
equipment method
Transportation and The life average
5 to 8 years 0% 12.50% to 20%
others method
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.
（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.
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
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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.
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 or the beneficial life 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:
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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 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.
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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.
（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.
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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.
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 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
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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 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 activity government grants should be counted into operating profits; the government grants which not belong
ordinary activities should be counted into non-operating 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.
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.
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(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
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
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CSG Semi-annual Report 2023
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.
(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
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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
√ Applicable □ Not applicable
Contents and reasons of changes in
Approval procedure Remark
accounting estimates
On 30 November 2022, the Ministry of Finance 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
It was reviewed and The adoption of Interpretation
accounting treatment for the income tax impact of dividends related
approved the "Proposal No. 16 did not have a
to financial instruments classified as equity instruments by the
on Changes in Accounting significant impact on the
issuer and the accounting treatment for the modification of cash
Policies" by the board of financial condition and
settled share-based payments to equity settled share-based
directors on 24 April operating results of the
payments by enterprises shall be implemented from the date of
2023. Company.
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 1 January 2023.
（2）Significant changes in accounting estimates
□ Applicable √ Not applicable
（3）Adjustments to the opening financial statement items in 2023 when a new accounting standard is first
adopted
□ Applicable √ Not applicable
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;
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CSG Semi-annual Report 2023
(b) 2.25% for the revenue between RMB10 million to RMB100 million (inclusive) of the year;
(c) 0.55% for the revenue between RMB100 million to RMB1 billion (inclusive) of the year;
(d) 0.2% for the revenue above RMB1 billion of the year.
The safety production costs are mainly used for the overhaul, renewal and maintenance of safety facilities. The safety production
costs are charged to costs of related products or profit or loss when appropriated, and safety production costs in equity account are
credited correspondingly. When using the special reserve, if the expenditures are expenses in nature, the expenses incurred are
offset against the special reserve directly when incurred. If the expenditures are capital expenditures, when projects are completed
and transferred to fixed assets, the special reserve should be offset against the cost of fixed assets, and a corresponding
accumulated depreciation are 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 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.
VI、TAXATION
1、The main categories and rates of taxes applicable to the Group are set out below:
Category Taxable basis Tax rate
Enterprise income tax Taxable income 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.
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CSG Semi-annual Report 2023
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. As the company is currently going through the 2023 review of its high-tech enterprise
certificate, the income tax rate of 15% was provisionally adopted for the report period.
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. As the company is currently going through the 2023 review of its high-tech enterprise certificate, the income tax
rate of 15% was provisionally adopted for the report period.
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. As the company is currently going through the 2023 review of its high-tech enterprise certificate, the income tax
rate of 15% was provisionally adopted for the report period.
Dongguan CSG PV-tech Co., Ltd. (“Dongguan CSG PV-tech”) passed review on a high and new tech enterprise in 2022 and
obtained the Certificate of High and New Tech Enterprise, the period of validity is three years. It applies to 15% tax rate for three
years since 2022.
Hebei Shichuang Glass Co., Ltd. (“Hebei Shichuang”) passed review on a high and new tech enterprise in 2022 and obtained the
Certificate of High and New Tech Enterprise, the period of validity is three years. It applies to 15% tax rate for three years since
2022.
Wujiang CSG Glass Co., Ltd. (“Wujiang CSG”) passed review on a high and new tech enterprise in 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. As the company is currently going through the 2023 review of its high-tech enterprise certificate, the income tax rate
of 15% was provisionally adopted for the report period.
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. As the company is currently going through the 2023 review of its high-tech enterprise certificate, the income tax rate
of 15% was provisionally adopted for the report period.
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.
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CSG Semi-annual Report 2023
Yichang CSG Display Co., Ltd (“Yichang CSG Display”) passed review on a high and new tech enterprise in 2021, and obtained
the Certificate of High and New Tech Enterprise, and the period of validity was three years. It applies to 15% tax rate for three
years since 2021.
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.
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.
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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"), Anhui CSG
Photovoltaic Energy Co., Ltd. (“Anhui PV Energy”), Xianning CSG PV Energy Co., Ltd. (“Xianning PV Energy”), and 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%.
VII、NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1、Cash at bank and on hand
Unit: RMB
Item 30 June 2023 1 January 2023
Cash at bank 2,391,660,140 3,242,318,251
Other currency funds 267,657,007 1,362,289,528
Total 2,659,317,147 4,604,607,779
Including: Total overseas deposits 37,863,509 52,079,105
The total amount of cash and cash
equivalents that are restricted to use due 20,057,007 10,589,528
to mortgage, pledge or freezing etc.
2、Notes receivable
（1）Notes receivable listed by category
Unit: RMB
Item 30 June 2023 1 January 2023
Bank acceptance 722,005,152 156,943,437
Trade acceptance 9,424,333
Total 731,429,485 156,943,437
Unit: RMB
30 June 2023 1 January 2023
Provision for bad Provision for bad
Carrying amount Carrying amount
Category debts debts
Book value Book value
Propo Propo Propo Propo
Amount Amount Amount Amount
rtion rtion rtion rtion
95
CSG Semi-annual Report 2023
Credit loss
provision
accrued by item
Credit loss
provision
731,429,485 100% 731,429,485 156,943,437 100% 156,943,437
accrued by
portfolio
Total 731,429,485 100% 731,429,485 156,943,437 100% 156,943,437
（2）Notes receivables that the Company has pledged at the end of the period
Unit: RMB
Item Pledged amount
Bank acceptance 701,846,825
Total 701,846,825
（3）Endorsed or discounted notes receivable have not yet matured on the balance sheet
None
（4）Notes transferred to accounts receivable due to default of the issue at the end of period
None
3、Accounts receivable
（1）Details on categories
Unit: RMB
30 June 2023 1 January 2023
Provision for bad Provision for bad
Carrying amount Carrying amount
debts debts
Category Provi
Provi
sion Book value Book value
Propo Propo sion
Amount Amount Prop Amount Amount
rtion rtion Prop
ortio
ortion
n
Separate
provision
190,449,756 11% 155,613,729 82% 34,836,027 196,468,864 14% 157,019,809 80% 39,449,055
for bad
debts
Portfolio
provision
1,615,517,932 89% 32,304,004 2% 1,583,213,928 1,163,820,132 86% 23,276,403 2% 1,140,543,729
for bad
debts
Total 1,805,967,688 100% 187,917,733 10% 1,618,049,955 1,360,288,996 100% 180,296,212 13% 1,179,992,784
Provision for bad debts made on an individual basis:
96
CSG Semi-annual Report 2023
Unit: RMB
30 June 2023
Provision
Name Carrying Provision for
Proportio Reason for provision
amount bad debts
n
Mainly due to the inability to honor commercial
acceptance bills issued by Evergrande and its
subsidiaries that have been endorsed by customers,
Separate provision for
190,449,756 155,613,729 82% and the transfer of accounts receivable from bills
bad debts
receivable, as well as partial or full provision for bad
debt reserves due to business disputes or
deterioration of customer operations.
Total 190,449,756 155,613,729 82%
Provision for bad debts made on the basis of portfolio:
Unit: RMB
30 June 2023
Type(s)
Carrying amount Provision for bad debts Proportion (%)
Portfolio 1 1,615,517,932 32,304,004 2%
Total 1,615,517,932 32,304,004 2%
Disclosure by ages
Unit: RMB
Aging 30 June 2023
Within 1 year(including 1 year) 1,519,933,746
1 to 2 years 68,361,980
2 to 3 years 154,358,206
Over 3 years 63,313,756
Total 1,805,967,688
（2）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Amount of change in current period
Type(s) 1 January 2023 Recovery or 30 June 2023
Accrual Write-off Other
reversal
Provision for bad
debts for accounts 180,296,212 21,722,891 14,101,370 187,917,733
receivable
Total 180,296,212 21,722,891 14,101,370 187,917,733
（3）Accounts receivable details of the top 5 closing balances by debtors
Unit: RMB
Accounts receivable Percentage in total accounts Provision for bad debts
Name
closing balance receivable balance closing balance
Total balances for the five largest 610,509,283 34% 12,210,186
97
CSG Semi-annual Report 2023
accounts receivable
Total 610,509,283 34% 12,210,186
4、Receivables Financing
Unit: RMB
Item 30 June 2023 1 January 2023
Bank acceptance 830,989,703 1,095,412,643
Total 830,989,703 1,095,412,643
5、Advances to suppliers
（1）Listing by ages
Unit: RMB
30 June 2023 1 January 2023
Aging
Amount Proportion Amount Proportion
Within 1 year
210,648,897 92% 182,578,314 100%
(including 1 year)
1 to 2 years 19,050,500 8% 377,211
2 to 3 years 8,220 153,800
Over 3 years 520,498 520,498
Total 230,228,115 100% 183,629,823 100%
（2）Advance payment of the top 5 closing balances by prepayment objects
Unit: RMB
Percentage in total advances to
Item Advance payment closing balance
suppliers balance
Total balances for the five largest
122,624,311 53%
advances to suppliers
6、Other receivables
Unit: RMB
Item 30 June 2023 1 January 2023
Other receivables 193,416,864 193,847,322
Total 193,416,864 193,847,322
（1）Other receivables
1）Other receivables categorized by nature
Unit: RMB
Nature 30 June 2023 1 January 2023
Receivables from special fund for talent 171,000,000 171,000,000
Payments made on behalf of other parties 40,075,441 49,075,321
Advances to suppliers 10,366,164 10,366,164
98
CSG Semi-annual Report 2023
Refundable deposits 22,677,268 16,456,690
Petty cash 1,981,083 963,222
Others 13,402,205 12,091,519
Total 259,502,161 259,952,916
2）Provision for bad debts
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit
Expected
loss for the loss for the
Provision for bad debt credit loss in Total
whole period whole period
the next 12
(no credit (with credit
months
impairment) impairment)
Amount on 1 January 2023 1,331,355 64,774,239 66,105,594
Carrying amount on 1 January
2023
that in this period:
Provision for the period 205,339 205,339
Reverse for the period 225,636 225,636
Amount on 30 June 2023 1,311,058 64,774,239 66,085,297
3）Disclosure by ages
Unit: RMB
Aging 30 June 2023
Within 1 year (including 1 year) 24,822,358
1 to 2 years 27,937,872
2 to 3 years 6,852,372
Over 3 years 199,889,559
3 to 4 years 811,012
4 to 5 years 2,369,390
Over 5 years 196,709,157
Total 259,502,161
4）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Movement in current period
Type 1 January 2023 Withdrawal or 30 June 2023
Accrual Write-off Others
reversal
Bad debt
66,105,594 205,339 225,636 66,085,297
provision
Total 66,105,594 205,339 225,636 66,085,297
99
CSG Semi-annual Report 2023
5）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Percentage in total
Provision for bad
Name Nature of business 30 June 2023 Ageing other receivables
debts
balance
Independent third
Company A 171,000,000 Over 5 years 66% 51,300,000
party
Governmental Independent third
14,000,000 1 to 2 years 5% 280,000
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 1 to 2 years 4% 200,000
department E party
Total 216,922,168 83% 62,377,284
7、Inventories
（1）Inventory classification
Unit: RMB
30 June 2023 1 January 2023
Provision for Provision for
decline in the decline in the
value of value of
Item inventories or inventories or
Carrying Carrying
provision for Book value provision for Book value
amount amount
impairment of impairment of
contractual contractual
performance performance
costs costs
Raw materials 578,404,128 957,713 577,446,415 646,622,778 9,065,792 637,556,986
Work in
32,852,655 32,852,655 31,745,770 31,745,770
progress
Finished goods 1,425,442,033 1,456,266 1,423,985,767 1,067,004,894 20,645,880 1,046,359,014
Turnover
84,292,770 160,014 84,132,756 68,702,610 422,398 68,280,212
materials
Total 2,120,991,586 2,573,993 2,118,417,593 1,814,076,052 30,134,070 1,783,941,982
（2）Provision for inventories and provision for impairment of contractual performance costs
Unit: RMB
Increase in current period Decrease in current period
Item 1 January 2023 30 June 2023
Reversal or
Provision Others Others
write-off
Raw materials 9,065,792 8,108,079 957,713
Finished goods 20,645,880 19,189,614 1,456,266
100
CSG Semi-annual Report 2023
Turnover
422,398 262,384 160,014
materials
Total 30,134,070 27,560,077 2,573,993
8、Non-current assets due within one year
Unit: RMB
Item 30 June 2023 1 January 2023
Fixed-term deposit in bank due within
80,000,000 20,000,000
one year
Total 80,000,000 20,000,000
9、Other current assets
Unit: RMB
Item 30 June 2023 1 January 2023
VAT to be offset 72,654,028 45,198,116
Enterprise income tax prepaid 31,825,260 30,407,477
VAT input to be recognised 13,992,098 32,642,483
Term deposits 20,000,000
Others 4,094 469
Total 138,475,480 108,248,545
10、Investment properties
（1）Investment properties measured using the fair value model
√ Applicable □ Not applicable
Unit: RMB
Item House, building and related land use rights
I. 1 January 2023 290,368,105
II. Movement in the current period
III. 30 June 2023 290,368,105
11、Fixed assets
Unit: RMB
Item 30 June 2023 1 January 2023
Fixed assets 11,986,389,945 11,243,236,175
Total 11,986,389,945 11,243,236,175
（1）List of fixed assets
Unit: RMB
Machinery and Motor vehicles
Item Buildings Total
equipment and others
I. Original book value：
101
CSG Semi-annual Report 2023
1. 1 January 2023 5,305,705,728 14,283,099,277 294,024,553 19,882,829,558
2. Increase in current period 593,737,978 1,508,241,039 48,088,269 2,150,067,286
（1）Acquisition 1,317,463 23,933,500 12,350,297 37,601,260
（2）Transfers from
591,204,701 1,478,778,979 30,882,596 2,100,866,276
construction in progress
（3）Others 1,215,814 5,528,560 4,855,376 11,599,750
3. Decrease in current period 43,697,038 1,081,830,604 7,402,047 1,132,929,689
（1）Disposal or retirement 7,692,659 5,339,946 13,032,605
（2）Transfer to construction
42,521,910 1,063,743,559 769,912 1,107,035,381
in progress
（3）Others 1,175,128 10,394,386 1,292,189 12,861,703
4. 30 June 2023 5,855,746,668 14,709,509,712 334,710,775 20,899,967,155
II. Accumulative depreciation
1. 1 January 2023 1,214,780,507 5,985,207,126 245,329,297 7,445,316,930
2. Increase in current period 93,408,343 439,528,151 20,332,786 553,269,280
（1）Provision 93,232,275 439,498,494 17,423,856 550,154,625
（2）Others 176,068 29,657 2,908,930 3,114,655
3. Decrease in current period 241,327,850 5,693,504 247,021,354
（1）Disposal or retirement 6,955,109 5,333,702 12,288,811
（2）Transfer to construction
230,549,231 70,354 230,619,585
in progress
（3）Others 3,823,510 289,448 4,112,958
4. 30 June 2023 1,308,188,850 6,183,407,427 259,968,579 7,751,564,856
III. Impairment provision
1. 1 January 2023 152,839,987 1,040,644,542 791,924 1,194,276,453
2. Increase in current period 67,111,087 178,678 67,289,765
（1）Provision
（2）Transfers from
67,111,087 178,678 67,289,765
construction in progress
3. Decrease in current period 42,521,910 57,031,954 99,553,864
（1）Disposal or retirement 481,306 481,306
（2）Transfer to construction
42,521,910 56,550,648 99,072,558
in progress
4. 30 June 2023 110,318,077 1,050,723,675 970,602 1,162,012,354
IV. Book value
1. 30 June 2023 4,437,239,741 7,475,378,610 73,771,594 11,986,389,945
2. 1 January 2023 3,938,085,234 7,257,247,609 47,903,332 11,243,236,175
（2）Fixed assets without ownership certificate
Unit: RMB
Reasons for not yet obtaining certificates
Item Carrying amount
of title
Have submitted the required documents
Buildings 1,816,139,589
and are in the process of application, or
102
CSG Semi-annual Report 2023
the related land use right certificate
pending
12、Construction in progress
Unit: RMB
Item 30 June 2023 1 January 2023
Construction in progress 2,622,639,485 2,520,362,291
Total 2,622,639,485 2,520,362,291
（1）Details of construction in progress
Unit: RMB
30 June 2023 1 January 2023
Provision
Item Provision for
Carrying Carrying for
impairment Book value Book value
amount amount impairment
loss
loss
Anhui Fengyang Solar
Equipment Lightweight
High Tongue Plate 522,882,011 522,882,011 917,798,737 917,798,737
Manufacturing Base
Project
Xianning Nanblass 1200T
/ D Ton Photovoltaic
1,347,042 1,347,042 721,820,302 721,820,302
Packaging Material
Production Line Project
Hebei window ultra-thin
electronic glass second 263,216,331 263,216,331 256,034,845 256,034,845
line construction project
Qingyuan South Blass
Technology Reform 226,614,841 94,897,536 131,717,305 225,748,578 94,897,536 130,851,042
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 Manufacturing 73,902,384 73,902,384 72,885,336 72,885,336
Factory Construction
Project
Xi'an South Glass Energy
Saving Glass Production 138,277,411 138,277,411 41,694,021 41,694,021
Line Project
Zhaoqing CSG high-end
automobile glass 77,092,563 77,092,563 40,439,362 40,439,362
production line project
Guangxi Beihai
Photovoltaic Green
199,123,173 199,123,173 33,213,753 33,213,753
Energy Industry Park
(Phase I) Project
103
CSG Semi-annual Report 2023
30 June 2023 1 January 2023
Provision
Item Provision for
Carrying Carrying for
impairment Book value Book value
amount amount impairment
loss
loss
Zhaoqing CSG high-end
energy-saving glass 5,110,114 5,110,114 14,799,352 14,799,352
production line project
New 50000 ton/year high-
purity crystalline silicon
project in Haixi 210,126,656 210,126,656 10,319,009 10,319,009
Prefecture, Qinghai
Province
Chengdu Float three sets
of flue gas treatment
backup environmental 13,805,346 13,805,346 608,993 608,993
protection facilities
construction project
Technological upgrading
project of Xianning Float 53,110,650 53,110,650
Line 2 (700t/d)
Yichang Polysilicon
1,200t/month high-purity
833,856,781 94,291,477 739,565,304 152,254 152,254
crystalline silicon
technology reform project
Dongguan Solar G6/G7
Line Process and
37,794,114 37,794,114
Equipment Upgrading and
Renovation Project
Others 196,275,610 4,781,082 191,494,528 307,372,271 67,289,767 240,082,504
Total 3,001,607,656 378,968,171 2,622,639,485 2,867,547,670 347,185,379 2,520,362,291
104
CSG Semi-annual Report 2023
（2）Movement of significant projects of construction in progress
Unit: RMB
Proportio Including: Capita
n Amount of lisatio
Other Engin Amount of
Transfer to between borrowing n rate
1 January Increase in decreases in eering borrowing Source of
Project name Budget fixed assets in 30 June 2023 engineeri costs for
2023 current period current progre costs fund
current period ng input capitalised curren
period ss capitalised
and in current t
budget period period
Anhui Fengyang
Solar Equipment
Internal
Lightweight High
3,739,020,000 917,798,737 431,748,265 826,664,991 522,882,011 77% 100% 43,865,185 9,980,672 3.13% fund and
Tongue Plate
bank loan
Manufacturing
Base Project
Xianning Nanblass
1200T / D Ton
Internal
Photovoltaic
905,571,798 721,820,302 139,002,442 850,743,979 8,731,723 1,347,042 96% 100% 13,945,275 -6,505,468 3.60% fund and
Packaging Material
bank loan
Production Line
Project
Hebei window
Internal
ultra-thin electronic
324,646,330 256,034,845 31,090,053 23,908,567 263,216,331 89% 89% 4,863,391 2,382,495 4.28% fund and
glass second line
bank loan
construction project
Qingyuan South Internal
Blass Technology 534,870,000 225,748,578 955,796 89,533 226,614,841 4% 4% fund and
Reform Project bank loan
450MWPERC
Internal
Battery Technology 100,990,000 186,866,743 186,866,743 1% 3%
fund
Upgrade Project
105
CSG Semi-annual Report 2023
Proportio Including: Capita
n Amount of lisatio
Other Engin Amount of
Transfer to between borrowing n rate
1 January Increase in decreases in eering borrowing Source of
Project name Budget fixed assets in 30 June 2023 engineeri costs for
2023 current period current progre costs fund
current period ng input capitalised curren
period ss capitalised
and in current t
budget period period
Wujiang Project
New Engineering
Glass Intelligent Internal
Manufacturing 179,140,610 72,885,336 2,111,163 1,094,115 73,902,384 45% 58% 2,124,479 669,327 3.80% fund and
Factory bank loan
Construction
Project
Xi'an South Glass
Internal
Energy Saving
494,000,000 41,694,021 96,583,390 138,277,411 28% 28% 287,688 287,688 3.60% fund and
Glass Production
bank loan
Line Project
Zhaoqing CSG
high-end Internal
automobile glass 609,830,000 40,439,362 41,115,387 4,462,186 77,092,563 24% 24% fund and
production line bank loan
project
Guangxi Beihai
Photovoltaic Green Internal
Energy Industry 4,942,051,800 33,213,753 165,909,420 199,123,173 4% 4% 1,364,414 1,312,048 1.76% fund and
Park (Phase I) bank loan
Project
Zhaoqing CSG
high-end energy- Internal
saving glass 500,000,000 14,799,352 5,884,509 2,996,027 12,577,720 5,110,114 87% 100% 5,780,897 52,702 3.80% fund and
production line bank loan
project
106
CSG Semi-annual Report 2023
Proportio Including: Capita
n Amount of lisatio
Other Engin Amount of
Transfer to between borrowing n rate
1 January Increase in decreases in eering borrowing Source of
Project name Budget fixed assets in 30 June 2023 engineeri costs for
2023 current period current progre costs fund
current period ng input capitalised curren
period ss capitalised
and in current t
budget period period
New 50000
ton/year high-purity
Internal
crystalline silicon
4,498,192,210 10,319,009 200,044,097 236,450 210,126,656 5% 5% fund and
project in Haixi
bank loan
Prefecture, Qinghai
Province
Chengdu Float
three sets of flue
gas treatment Internal
backup 59,600,000 608,993 13,196,353 13,805,346 23% 23% fund and
environmental bank loan
protection facilities
construction project
Technological
Internal
upgrading project
190,848,683 59,420,281 6,309,631 53,110,650 21% 21% 14,403 14,403 4.35% fund and
of Xianning Float
bank loan
Line 2 (700t/d)
Yichang Polysilicon
1,200t/month high-
Internal
purity crystalline 35,970,000 152,254 833,709,867 5,340 833,856,781 66% 66%
fund
silicon technology
reform project
Dongguan Solar
G6/G7 Line
Internal
Process and
61,330,000 37,794,114 46,161,003 83,955,117 100% 100% 199,673 139,845 3.90% fund and
Equipment
bank loan
Upgrading and
Renovation Project
107
CSG Semi-annual Report 2023
Proportio Including: Capita
n Amount of lisatio
Other Engin Amount of
Transfer to between borrowing n rate
1 January Increase in decreases in eering borrowing Source of
Project name Budget fixed assets in 30 June 2023 engineeri costs for
2023 current period current progre costs fund
current period ng input capitalised curren
period ss capitalised
and in current t
budget period period
Internal
Others 1,658,144,495 307,372,271 198,268,985 306,709,971 2,655,675 196,275,610 6,183,061 102,636 fund and
bank loan
Total 18,834,205,926 2,867,547,670 2,265,201,011 2,100,866,276 30,274,749 3,001,607,656 78,628,466 8,436,348
108
CSG Semi-annual Report 2023
13、Right-of-use assets
Unit: RMB
Item Land leases Total
I. Original book value:
1. 1 January 2023 11,790,434 11,790,434
2. Increase in current period
3. Decrease in current period
4. 30 June 2023 11,790,434 11,790,434
II. Accumulative depreciation
1. 1 January 2023 1,882,021 1,882,021
2. Increase in current period 319,141 319,141
3. Decrease in current period
4. 30 June 2023 2,201,162 2,201,162
III. Impairment provisions
IV. Carrying amount
1. 30 June 2023 9,589,272 9,589,272
2. 1 January 2023 9,908,413 9,908,413
14、Intangible assets
（1）Details of intangible assets
Unit: RMB
Patents and
Land use Exploitation
Item proprietary Others Total
rights rights
technologies
I. Original book value：
1. 1 January 2023 1,425,431,642 502,074,878 5,351,751 54,579,056 1,987,437,327
2. Increase in current
44,382,500 3,229,822 938,531,942 14,880,561 1,001,024,825
period
（1）
44,382,500 938,531,942 2,302,841 985,217,283
Acquisition
（2）Transfers
from development 3,229,822 3,229,822
expenditure
（3）Others 12,577,720 12,577,720
3. Decrease in current
period
（1）Others
4. 30 June 2023 1,469,814,142 505,304,700 943,883,693 69,459,617 2,988,462,152
II. Accumulative
amortization
1. 1 January 2023 258,193,337 227,328,706 4,775,067 45,827,071 536,124,181
2. Increase in current
17,435,942 18,500,378 4,960,928 2,582,229 43,479,477
period
109
CSG Semi-annual Report 2023
（1）Provision 17,435,942 18,500,378 4,960,928 2,582,229 43,479,477
3. Decrease in current
period
（1）Others
4. 30 June 2023 275,629,279 245,829,084 9,735,995 48,409,300 579,603,658
III. Provision for
impairment
1. 1 January 2023 13,201,347 9,133 13,210,480
2. Increase in current
period
3. Decrease in current
period
4. 30 June 2023 13,201,347 9,133 13,210,480
IV. Book value
1. 30 June 2023 1,194,184,863 246,274,269 934,147,698 21,041,184 2,395,648,014
2. 1 January 2023 1,167,238,305 261,544,825 576,684 8,742,852 1,438,102,666
（2）Land use rights without ownership certificate
Unit: RMB
Item Carrying amount Reasons for not yet obtaining certificates of title
The management of the Company believes that there is no
substantive legal obstacle to obtaining the relevant land use
Land use rights 4,139,483
certificate, and it will not have a significant adverse impact on the
operation of the Group.
15、Development expenditure
Unit: RMB
Increase in current
Decrease in current period
period
Item 1 January 2023 30 June 2023
Internal development Recognised as Recognised as
expenditure intangible assets expenses
Development
46,755,816 10,977,711 3,229,822 54,503,705
expenditure
Total 46,755,816 10,977,711 3,229,822 54,503,705
16、Goodwill
（1）Original carrying amount of goodwill
Unit: RMB
Name of invested
Increase in current Decrease in current
unit or items 1 January 2023 30 June 2023
period period
forming goodwill
Tianjin CSG Architectural
3,039,946 3,039,946
Glass Co., Ltd
Xianning CSG 4,857,406 4,857,406
110
CSG Semi-annual Report 2023
Photoelectric
Shenzhen CSG Display 389,494,804 389,494,804
Guangdong Licheng
Construction Engineering 696,000 696,000
Co., Ltd.
Total 397,392,156 696,000 398,088,156
（2）Provision for impairment of goodwill
Unit: RMB
Name of invested unit or Increase in current Decrease in current
1 January 2023 30 June 2023
matters forming goodwill period period
Shenzhen CSG Display 389,494,804 389,494,804
Total 389,494,804 389,494,804
17、Long-term prepaid expenses
Unit: RMB
Amortized
Increase in current
Item 1 January 2023 amounts in Other decreases 30 June 2023
period
current period
Various prepaid
2,647,939 5,798,547 1,878,327 6,568,159
expenses
Total 2,647,939 5,798,547 1,878,327 6,568,159
18、Deferred tax assets and liabilities
（1）Deferred income tax assets before offsetting
Unit: RMB
30 June 2023 1 January 2023
Item Deductible temporary Deductible temporary
Deferred tax assets Deferred tax assets
differences differences
Provision for asset
738,273,925 113,123,393 740,627,003 112,511,365
impairments
Deductible losses 379,522,985 65,298,553 362,029,963 65,461,019
Government grants 163,371,710 25,941,951 160,233,122 25,185,546
Accrued expenses 4,570,068 685,510 8,584,847 1,287,727
Depreciation of fixed
106,446,120 15,985,249 100,859,773 15,955,296
assets, etc.
Total 1,392,184,808 221,034,656 1,372,334,708 220,400,953
（2）Deferred income tax liabilities before offsetting
Unit: RMB
Item 30 June 2023 1 January 2023
111
CSG Semi-annual Report 2023
Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Depreciation of fixed assets 600,158,758 91,321,123 663,136,097 100,893,303
Changes in the fair value of
368,564,944 55,284,742 368,564,944 55,284,742
investment real estate
Total 968,723,702 146,605,865 1,031,701,041 156,178,045
（3）Deferred income tax assets or liabilities presented with net amount after offsetting
Unit: RMB
Offset amount of Offset amount of
Closing deferred tax Opening deferred tax
closing deferred tax opening deferred tax
Item assets or liabilities after assets or liabilities after
assets assets
offsetting offsetting
and liabilities and liabilities
Deferred tax assets 54,545,400 166,489,256 58,911,204 161,489,749
Deferred tax liabilities 54,545,400 92,060,465 58,911,204 97,266,841
（4）Detail about unrecognized deferred income tax assets
Unit: RMB
Item 30 June 2023 1 January 2023
Deductible losses etc 1,453,735,298 1,713,248,298
Total 1,453,735,298 1,713,248,298
（5）Deductible losses of unconfirmed deferred income tax assets shall expire in the following years
Unit: RMB
Year 30 June 2023 1 January 2023 Notes
2023 86,893,698 146,238,837
2024 178,208,832 178,208,832
2025 657,255,317 745,942,821
2026 524,185,763 642,332,904
2027 524,904 524,904
2028 6,666,784
Total 1,453,735,298 1,713,248,298
19、Other non-current assets
Unit: RMB
30 June 2023 1 January 2023
Item Carrying Impairment Book Carrying Impairment Book
amount provision value amount provision value
Prepayment for
equipment and 1,048,111,631 1,048,111,631 194,410,485 194,410,485
project
Prepayment for 6,510,000 6,510,000 24,210,000 24,210,000
112
CSG Semi-annual Report 2023
lease of land use
rights
Fixed deposits 80,000,000 80,000,000
Prepaid mining
70,500,000 70,500,000 558,000,000 558,000,000
rights
Total 1,125,121,631 1,125,121,631 856,620,485 856,620,485
20、Short-term borrowings
（1）Classification of short-term borrowings
Unit: RMB
Item 30 June 2023 1 January 2023
Guaranteed loan 280,776,205 144,000,000
Credit loan 104,000,000 201,000,000
Total 384,776,205 345,000,000
21、Notes payable
Unit: RMB
Type 30 June 2023 1 January 2023
Trade acceptance 206,528,235 290,779,095
Bank acceptance 1,152,845,454 703,778,401
Total 1,359,373,689 994,557,496
22、Accounts payable
（1）Accounts payable listed
Unit: RMB
Item 30 June 2023 1 January 2023
Materials payable 1,048,261,509 813,677,642
Equipment payable 658,969,024 483,253,256
Construction expenses payable 1,108,347,387 576,821,441
Freight payable 117,036,311 88,104,366
Utilities payable 80,500,474 64,738,721
Others 11,517,950 6,947,201
Total 3,024,632,655 2,033,542,627
（2）Significant accounts payable aged more than one year
Unit: RMB
Item 30 June 2023 Reasons
Due to the unfinished final accounts of
Engineering and equipment payments,
196,983,225 related projects, they have not been
etc
settled yet
Total 196,983,225
113
CSG Semi-annual Report 2023
23、Contract liabilities
Unit: RMB
Item 30 June 2023 1 January 2023
Contract liabilities 342,662,579 418,051,975
Total 342,662,579 418,051,975
24、Employee benefits payable
（1）Presentation of employee benefits payable
Unit: RMB
Increase in current Decrease in
Item 1 January 2023 30 June 2023
period current period
I. Short-term employee benefits payable 464,930,939 991,800,917 1,164,043,450 292,688,406
II. Defined contribution plans payable 8,685,489 88,228,590 88,920,588 7,993,491
III. Termination benefits 1,473,347 1,473,347
Total 473,616,428 1,081,502,854 1,254,437,385 300,681,897
（2）Presentation of short-term benefits
Unit: RMB
Increase in current Decrease in
Item 1 January 2023 30 June 2023
period current period
1. Wages and salaries, bonus, allowances
438,423,328 915,764,507 1,088,074,170 266,113,665
and subsidies
2. Social security contributions 1,583,272 38,936,496 39,956,077 563,691
Including: Medical insurance 957,621 33,522,537 34,431,136 49,022
Work injury insurance 559,430 4,047,416 4,092,177 514,669
Maternity insurance 66,221 1,366,543 1,432,764
3. Housing funds 891,279 26,277,832 24,987,729 2,181,382
4. Labour union funds and employee
24,033,060 10,822,082 11,025,474 23,829,668
education funds
Total 464,930,939 991,800,917 1,164,043,450 292,688,406
（3）Defined benefit plans
Unit: RMB
Increase in current Decrease in
Item 1 January 2023 30 June 2023
period current period
1. Basic pensions 8,403,902 85,097,313 85,755,917 7,745,298
2. Unemployment insurance 281,587 3,131,277 3,164,671 248,193
Total 8,685,489 88,228,590 88,920,588 7,993,491
114
CSG Semi-annual Report 2023
25、Taxes payable
Unit: RMB
Item 30 June 2023 1 January 2023
Enterprise income tax payable 73,092,705 38,330,878
VAT payable 45,427,700 91,809,300
Individual income tax payable 5,259,962 7,688,833
City maintenance and construction tax
3,268,464 6,755,889
payable
Educational surcharge payable 2,661,955 4,953,777
Housing property tax payable 12,146,395 4,877,079
Environmental tax payable 1,377,003 1,252,845
Others 7,753,386 5,466,037
Total 150,987,570 161,134,638
26、Other payables
Unit: RMB
Item 30 June 2023 1 January 2023
Other payables 456,482,668 437,119,859
Interest payable 7,275,176 99,945,325
Total 463,757,844 537,065,184
（1）Interest payable
Unit: RMB
Item 30 June 2023 1 January 2023
Interest of long-term borrowings 6,824,896 5,754,599
Interest of corporate bonds 92,258,065
Interest of short-term borrowings 450,280 1,932,661
Total 7,275,176 99,945,325
（2）Other payables
1）Disclosure of other payables by nature
Unit: RMB
Item 30 June 2023 1 January 2023
Guarantee deposits received from
372,906,587 331,974,002
construction contractors
Accrued cost of sales (i) 53,706,022 62,936,670
Payable for contracted labour costs 11,483,781 28,696,828
Temporary receipts for third parties 2,563,790 2,318,135
Others 15,822,488 11,194,224
Total 456,482,668 437,119,859
（ i ） It represented the payment made to external third parties arising from undertaking the rights of debtor and creditor,
comprising maintenance charges, professional service fee and travelling expenses etc.
115
CSG Semi-annual Report 2023
27、Non-current liabilities due within one year
Unit: RMB
Item 30 June 2023 1 January 2023
Current portion of long-term borrowings 968,935,071 443,216,290
Current portion of debentures payable 1,999,316,522
Current portion of long-term account
39,479,429 38,900,194
payable
Total 1,008,414,500 2,481,433,006
28、Other current liabilities
Unit: RMB
Item 30 June 2023 1 January 2023
Output VAT to be transferred 40,127,791 50,107,240
Supply chain financing 49,040,857
Others 300,000 300,000
Total 89,468,648 50,407,240
29、Long-term borrowings
（1）Types of long-term borrowings
Unit: RMB
Item 30 June 2023 1 January 2023
Guaranteed loan 3,730,316,842 3,122,455,980
Credit loan 1,498,583,739 1,231,134,000
Total 5,228,900,581 4,353,589,980
30、Lease liabilities
Unit: RMB
Item 30 June 2023 1 January 2023
Lease liabilities 3,648,983 3,564,330
Total 3,648,983 3,564,330
31、Long-term account payable
Unit: RMB
Item 30 June 2023 1 January 2023
Long-term account payable 109,425,563 129,236,878
Total 109,425,563 129,236,878
（1）Long-term payable listed by nature
Unit: RMB
116
CSG Semi-annual Report 2023
Item 30 June 2023 1 January 2023
Finance lease payable 109,425,563 129,236,878
32、Provisions
Unit: RMB
Item 30 June 2023 1 January 2023
Mine rehabilitation and other costs 7,569,501
33、Deferred income
Unit: RMB
Increase in current Decrease in current
Item 1 January 2023 30 June 2023
period period
Government grants 449,875,380 837,900 21,916,903 428,796,377
Total 449,875,380 837,900 21,916,903 428,796,377
Government grants:
Unit: RMB
Increase in Recorded in other
1 January Assets/Incom
Item current income in current 30 June 2023
2023 e related
period period
Tianjin energy saving gold solar
36,842,660 1,687,446 35,155,214 Assets related
project
Dongguan project gold solar project 29,573,250 1,375,500 28,197,750 Assets related
Hebei South Bolk Sun Project 30,250,000 1,375,000 28,875,000 Assets related
Xianning South Bolt Solar
32,830,417 1,515,250 31,315,167 Assets related
Engineering Project
Wu Jiangnan infrastructure
19,421,208 2,020,769 17,400,439 Assets related
compensation
Qingyuan energy-saving project 8,439,167 1,235,000 7,204,167 Assets related
Yichang polysilicon project 7,734,375 1,406,250 6,328,125 Assets related
Yichang Nanolate Silicon Molding
19,495,676 837,900 1,510,990 18,822,586 Assets related
Project
Sichuan energy-saving glass project 2,205,360 827,010 1,378,350 Assets related
Group coating laboratory project 1,125,000 187,500 937,500 Assets related
Yichang high-purity silicon material
2,114,441 151,589 1,962,852 Assets related
project
Yichang semiconductor silicon
2,666,666 111,111 2,555,555 Assets related
material project
Yichang Display Company Project 37,897,545 1,333,906 36,563,639 Assets related
Xianning Optoelectronics Project 5,720,000 260,000 5,460,000 Assets related
Shenzhen medical equipment
6,014,000 582,000 5,432,000 Assets related
subsidy project
Hebei float emission reward 8,621,656 366,879 8,254,777 Assets related
Income
Group Talent Fund Project 171,000,000 171,000,000
related
Zhaoqing energy-saving industry to Income
4,380,527 4,380,527
build financial support funds related
Others 23,543,432 1,590,176 21,953,256 Assets related
Total 449,875,380 837,900 21,916,903 428,796,377
117
CSG Semi-annual Report 2023
34、Share capital
Unit: RMB
Movement for current period
1 January 2023 Transfer 30 June 2023
New issues Bonus issue from capital Others Sub-total
surplus
Total number
of ordinary 3,070,692,107 3,070,692,107
shares
35、Capital surplus
Unit: RMB
Increase in Decrease in
Item 1 January 2023 30 June 2023
current period current period
Share premium 655,424,260 655,424,260
Other capital surplus -58,427,175 -58,427,175
Total 596,997,085 596,997,085
36、Other comprehensive income
Unit: RMB
Other comprehensive income for current period
1 January Attributable to Attributable to
Item Actual amount 30 June 2023
2023 Less: Income parent minority
before tax for
tax expenses company after shareholders
current period
tax after tax
I. Other comprehensive
income items which will
be reclassified 170,860,478 10,030,559 10,030,559 180,891,037
subsequently to profit or
loss
1. Difference on
translation of foreign
7,158,681 10,030,559 10,030,559 17,189,240
currency financial
statements
2. Financial rewards for
energy-saving technical 2,550,000 2,550,000
retrofits
3. Income generated
when self-property and
land use rights are 161,151,797 161,151,797
converted into
investment property
Total 170,860,478 10,030,559 10,030,559 180,891,037
37、Special reserve
Unit: RMB
118
CSG Semi-annual Report 2023
Increase in current Decrease in current
Item 1 January 2023 30 June 2023
period period
Safety production costs 731,580 5,038,984 5,560,045 210,519
Total 731,580 5,038,984 5,560,045 210,519
38、Surplus reserve
Unit: RMB
Increase in current Decrease in current
Item 1 January 2023 30 June 2023
period period
Statutory surplus
1,100,781,433 1,100,781,433
reserve
Discretionary surplus
127,852,568 127,852,568
reserve
Total 1,228,634,001 1,228,634,001
39、Undistributed profits
Unit: RMB
Item H1 2023 H1 2022
Adjustment on undistributed profit at end of
7,786,968,455 6,450,587,417
last year
Adjusted undistributed profit at beginning of
7,786,968,455 6,450,587,417
period
Add: Net profits attributable to shareholders
889,478,780 1,001,174,398
of parent company in current period
Less: Appropriation for statutory surplus
reserve
Ordinary share dividends payable 614,138,421
Undistributed profits at end of period 8,676,447,235 6,837,623,394
40、Operating income and operating costs
Unit: RMB
H1 2023 H1 2022
Item
Revenue Cost Revenue Cost
Principal operation 8,269,985,146 6,451,841,635 6,421,792,209 4,599,587,540
Other operations 119,355,099 43,554,296 97,424,467 38,058,387
Total 8,389,340,245 6,495,395,931 6,519,216,676 4,637,645,927
41、Taxes and surcharges
Unit: RMB
Item H1 2023 H1 2022
City maintenance and construction tax 18,676,773 15,694,124
Educational surcharge 14,886,892 13,036,606
119
CSG Semi-annual Report 2023
Housing property tax 20,987,873 17,222,873
Land use rights 10,894,279 8,675,097
Stamp tax 6,454,506 3,840,095
Environmental tax 2,815,691 2,206,638
Others 1,662,990 605,189
Total 76,379,004 61,280,622
42、Selling and distribution expenses
Unit: RMB
Item H1 2023 H1 2022
Employee benefits 99,419,222 92,473,703
Entertainment fees 8,645,368 5,362,131
Business travel expenses 6,194,559 2,856,337
Vehicle use fees 4,656,501 4,488,510
Rental expenses 5,713,495 4,437,109
Freight expenses 3,390,552 2,557,634
Insurance fees 2,528,186 8,951,501
Others 16,308,258 12,779,727
Total 146,856,141 133,906,652
43、General and administrative expenses
Unit: RMB
Item H1 2023 H1 2022
Employee benefits 198,481,504 194,016,411
Depreciation and amortization 70,577,321 60,669,827
General office expenses 14,943,321 13,393,317
Labour union funds 10,994,483 9,792,599
Entertainment fees 8,997,162 8,507,539
Business travel expenses 4,438,258 2,194,600
Water and electricity fees 3,542,076 2,955,260
Canteen costs 5,641,281 4,624,155
Vehicle use fees 3,500,710 3,213,151
Consulting advisers 3,919,242 3,470,195
Others 15,217,414 15,798,758
Total 340,252,772 318,635,812
44、Research and development expenses
Unit: RMB
Item H1 2023 H1 2022
Research and development expenses 346,264,501 265,877,930
Total 346,264,501 265,877,930
45、Financial expenses
Unit: RMB
Item H1 2023 H1 2022
120
CSG Semi-annual Report 2023
Interest on borrowings 121,742,551 118,724,723
Less: Capitalised interest 8,436,348 26,740,119
Interest expenses 113,306,203 91,984,604
Less: Interest income 45,500,449 30,756,704
Exchange losses 3,203,357 -210,284
Others 1,755,534 1,779,736
Total 72,764,645 62,797,352
46、Other Income
Unit: RMB
Item H1 2023 H1 2022
Government subsidy amortization 21,916,903 71,815,510
Industry support funds 800,000 1,500,000
Government incentive funds 18,216,697 17,203,284
Research grants 1,528,784 2,196,600
Others 4,741,455 6,587,158
Total 47,203,839 99,302,552
47、Investment income
Unit: RMB
Item H1 2023 H1 2022
Income from structural deposits 14,478,503
Interest on note discounting -5,617,361
Income from term deposits 1,534,181 1,935,192
Total -4,083,180 16,413,695
48、Credit impairment loss
Unit: RMB
Item H1 2023 H1 2022
Losses on bad debts of other receivables 20,297 -396,253
Losses on bad debts of accounts
-7,621,521 -1,095,969
receivable
Total -7,601,224 -1,492,222
49、Asset impairment loss
Unit: RMB
Item H1 2023 H1 2022
Decline in the value of inventories 24,908 1,456
Total 24,908 1,456
50、Income on disposal of assets
Unit: RMB
Item H1 2023 H1 2022
121
CSG Semi-annual Report 2023
Gain/loss on disposal of non-current
53,451 12,745,461
assets
Total 53,451 12,745,461
51、Non-operating revenue
Unit: RMB
Amount booked into
Item H1 2023 H1 2022 current non-recurring
profits and losses
Compensation income 165,653 45,951 165,653
Amounts unable to pay 4,901,175 3,861,020 4,901,175
Insurance claims 3,212,700 9,040,000 3,212,700
Others 1,173,805 2,186,007 710,645
Total 9,453,333 15,132,978 8,990,173
52、Non-operating expenses
Unit: RMB
Amount booked into
Item H1 2023 H1 2022 current non-recurring
profits and losses
Donation 300,614 1,731,127 300,614
Compensation 30,225 599,074 30,225
Government subsidy return
74,583
back
Others 155,961 1,255,286 155,961
Total 486,800 3,660,070 486,800
53、Income tax expenses
（1）Income tax expense details
Unit: RMB
Item H1 2023 H1 2022
Current income tax 84,300,053 103,724,527
Deferred income tax -10,205,883 65,200,997
Total 74,094,170 168,925,524
（2）Adjustment process of accounting profit and income tax expenses
Unit: RMB
Item H1 2023
Total profit 955,991,578
Income tax expenses calculated at applicable tax rates by company 158,703,893
Adjustment on effect of income tax in the prior period -28,368,714
Costs, expenses and losses not deductible for tax purposes 741,785
122
CSG Semi-annual Report 2023
Effect of deductible loss on usage of unconfirmed deferred income tax assets in the
-46,970,548
prior period
Effect of deductible temporary difference or deductible loss on unconfirmed deferred
1,417,560
income tax in the current period
Effect of obtaining tax incentives -11,429,806
Income tax expenses 74,094,170
54、Other comprehensive income
See Note Other comprehensive income for details
55、Notes to the cash flow statement
（1）Cash received relating to other operating activities
Unit: RMB
Item H1 2023 H1 2022
Security deposits received for operating
140,939,522 11,256,308
purposes
Interest income 45,474,892 30,756,704
Government grants 41,458,937 30,487,042
Others 7,273,702 14,736,514
Total 235,147,053 87,236,568
（2）Cash paid relating to other operating activities
Unit: RMB
Item H1 2023 H1 2022
General office expenses 22,506,207 19,162,389
Insurance fees 21,517,337 22,824,587
Entertainment fees 21,343,865 16,277,475
Canteen costs 20,838,907 19,549,842
Maintenance fee 17,742,387 13,668,199
Business travel expenses 14,512,458 7,379,731
Vehicle use fee 10,230,122 8,129,592
Rental expenses 9,824,468 10,391,291
Consulting advisers 8,326,998 6,193,327
Freight costs 4,833,629 3,928,266
Handling charges 1,820,613 1,610,434
Others 52,668,145 74,754,081
Total 206,165,136 203,869,214
（3）Cash received relating to other investing activities
Unit: RMB
Item H1 2023 H1 2022
Security deposits received 22,629,490
Amounts received that had been
10,000,000
previously paid on behalf of others
123
CSG Semi-annual Report 2023
Total 32,629,490
（4）Cash paid relating to other investing activities
Unit: RMB
Item H1 2023 H1 2022
Security deposits paid for investment
19,138,102
purposes
Total 19,138,102
（5）Cash received relating to other financing activities
Unit: RMB
Item H1 2023 H1 2022
Current amounts received 12,000,000
Others 206,753
Total 12,000,000 206,753
（6）Cash payments relating to other financing activities
Unit: RMB
Item H1 2023 H1 2022
Repay financing leases 22,948,274 23,022,757
Others 106,000 1,142,255
Total 23,054,274 24,165,012
56、Supplementary information to the cash flow statement
（1）Supplementary information to the cash flow statement
Unit: RMB
Supplementary information H1 2023 H1 2022
1．Reconciliation from net profit to cash flows from operating activities
Net profit 881,897,408 1,008,590,707
Add: Provision for asset impairment -24,908 -1,456
Provision for credit impairment 7,601,224 1,492,222
Depreciation of fixed assets, oil and gas assets, and productive living assets 550,154,625 435,495,584
Depreciation of right-of-use assets 319,141 877,303
Amortisation of intangible assets 43,479,477 31,408,498
Amortisation of long-term prepaid expenses 1,878,327 289,845
Losses (gains) on disposal of fixed assets, intangible assets and other long-term
-53,451 -12,745,461
asset ("-" for gains)
Financial expenses ("-" for gains) 113,306,203 91,984,604
Investment loss ("-" for gains) 4,083,180 -16,413,695
Decrease in deferred tax assets ("-" for increase) -4,999,507 58,524,476
124
CSG Semi-annual Report 2023
Increase in deferred tax liabilities ("-" for decrease) -5,206,376 6,676,521
Decrease in inventories ("-" for increase) -306,915,534 -668,865,872
Decrease/(increase) in operating receivables ("-" for increase) -825,895,694 -544,965,419
Increase in operating payables ("-" for decrease) 53,764,086 505,601,316
Others 5,038,984 4,853,948
Net cash flows from operating activities 518,427,185 902,803,121
2． Net changes in cash and cash equivalents:
Cash and cash equivalents at end of period 2,639,260,140 2,863,965,769
Less: Cash and cash equivalents at beginning of period 4,594,018,251 2,756,477,572
Net increase in cash and cash equivalents -1,954,758,111 107,488,197
（2）Net cash payments for the acquisition of subsidiaries in the current period
Unit: RMB
Amount
Cash or cash equivalents paid in the current period for business combinations incurred in
696,000
the current period
Less: Cash and cash equivalents held by subsidiary at the acquisition date
Add: Cash or cash equivalents paid in the current period for business combinations
incurred in prior periods
Net cash payments for the acquisition of subsidiaries 696,000
（3）Cash and cash equivalents composition
Unit: RMB
Item 30 June 2023 1 January 2023
I. Cash and cash equivalents 2,639,260,140 4,594,018,251
Bank deposits that can be readily
2,391,660,140 3,242,318,251
drawn on demand
Other cash balances that can be readily
247,600,000 1,351,700,000
drawn on demand
II. Cash and cash equivalents at end of period 2,639,260,140 4,594,018,251
57、The assets with the ownership or use right restricted
Unit: RMB
Item Book value at the end of reporting period Cause of restriction
Restricted circulation of deposits,
Cash at bank and on hand 20,057,007
freezes, etc
Note receivable 701,846,825 Restricted pledge
Fixed assets 95,994,423 Restricted financing lease
Construction in progress 25,571,588 Restricted financing lease
Total 843,469,843
125
CSG Semi-annual Report 2023
58、Monetary items denominated in foreign currencies
（1）Monetary items denominated in foreign currencies
Unit: RMB
Balances denominated in Balances denominated in
Item Exchange rates
foreign currencies RMB
Cash at bank and on hand 103,492,166
Including：USD 12,744,010 7.2258 92,085,669
EUR 12,642 7.8771 99,586
HKD 11,925,040 0.9220 10,994,887
SGD 1,265 5.3442 6,760
AUD 797 4.7992 3,827
JPY 6,016,707 0.0501 301,437
Accounts receivable 145,856,443
Including：USD 19,045,323 7.2258 137,617,694
EUR 834,785 7.8771 6,575,688
HKD 1,803,754 0.9220 1,663,061
Accounts payable 30,828,637
Including：USD 4,031,344 7.2258 29,129,682
EUR 166,156 7.8771 1,308,827
HKD 60,560 0.9220 55,836
JPY 4,665,010 0.0501 233,717
GBP 11,000 9.1432 100,575
59、Government grants
（1）Basic conditions of government grants
Unit: RMB
Amount included
Type Amount Presentation account in profit or loss
for the year
Amortization of government
21,916,903 Other income 21,916,903
subsidies
Other government subsidies 25,286,936 Other income 25,286,936
Government subsidies for Construction in
17,116,333 3,321,333
loan interest progress/financial expenses
（2）General information of government subsidies return
√ Applicable □ Not applicable
Unit: RMB
Item Amount Cause of return
Return of the third batch of special funds for dual-creation
1,047,210
representative carriers
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CSG Semi-annual Report 2023
Return of the first batch of project funds for the provincial
750,000
manufacturing high-quality development special programme
VIII、THE CHANGES OF CONSOLIDATION SCOPE
1、Business combinations not involving entities under common control
（1）Business combinations not involving entities under common control in the current period
Unit: RMB
Revenue of Net profit
the of the
Way of Basis for the
Time of Equity- acquiree acquiree
obtaining determinatio
obtaining the holding Date of from the from the
Acquiree Cost the n of the
equity percenta acquisition date of date of
equity acquisition
interests ge acquisition acquisition
interests date
to the to the
period-end period-end
Guangdong
Licheng
Constructio Acquisiti 21 March Obtaining
March 2023 696,000 100% 0 -177,262
n on 2023 control
Engineerin
g Co., Ltd.
（2）Cost of acquisition and goodwill
Unit: RMB
Cost of acquisition Guangdong Licheng Construction Engineering Co., Ltd.
--Cash 696,000
Total cost of acquisition 696,000
Less: Share of fair value of net identifiable assets acquired 0
Goodwill/amount by which the cost of acquisition is lower than
696,000
the share of fair value of net identifiable assets acquired
Fair value measurement, contingent consideration and changes of cost of acquisition: None
Main reason for large-amount goodwill: Not applicable
Other information: None
2、Changes in scope of consolidation due to other reasons
（1）On 24 April 2023, the Group set up Guangxi CSG Mining Co., Ltd. (referred to as "Guangxi Mining"). As of 30 June 2023,
the Group has invested RMB 50 million in cash. The Group owns 100% of its equity.
（2）On 19 May 2023, the Group set up Wuxuan Nanxin Mining Co., Ltd. (referred to as "Wuxuan Mining"). As of 30 June 2023,
the Group has invested RMB 6 million in cash. The Group owns 60% of its equity.
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CSG Semi-annual Report 2023
IX、EQUIRTY IN OTHER ENTITIES
1、Interest in subsidiaries
（1）Constitution of the Group
Shareholding Method
Major
Name of Place of of
business Scope of business
Subsidiary registration Direct Indirect acquisitio
location
n
Chengdu, Chengdu, Development, production and Establish
Chengdu CSG 75% 25%
PRC PRC sales of special glass ment
Development, production and
Sichuan CSG Energy Chengdu, Chengdu, Separatio
sales of special glass and 75% 25%
Conservation PRC PRC n
processing of glass
Tianjin Energy Tianjin, Tianjin, Development, production and Establish
75% 25%
Conservation PRC PRC sales of special glass ment
Dongguan CSG Dongguan, Dongguan, Establish
Intensive processing of glass 75% 25%
Engineering PRC PRC ment
Dongguan, Dongguan, Production and sales of solar Establish
Dongguan CSG Solar 75% 25%
PRC PRC glass ment
Dongguan, Dongguan, Production and sales of hi-tech Establish
Dongguan CSG PV-tech 100%
PRC PRC green battery and components ment
Yichang CSG Yichang, Yichang, Production and sales of high- Establish
75% 25%
Polysilicon PRC PRC purity silicon materials ment
Wujiang CSG Wujiang, Wujiang, Establish
Intensive processing of glass 75% 25%
Engineering PRC PRC ment
Yongqing, Yongqing, Production and sales of special Establish
Hebei CSG 75% 25%
PRC PRC glass ment
Wujiang, Wujiang, Production and sales of special Establish
Wujiang CSG 100%
PRC PRC glass ment
China Southern Glass Hong Kong, Hong Establish
Investment holding 100%
(Hong Kong) Limited PRC Kong, PRC ment
Xianning, Xianning, Production and sales of special Establish
Xianning CSG 75% 25%
PRC PRC glass ment
Xianning CSG Energy- Xianning, Xianning, Separatio
Intensive processing of glass 75% 25%
Saving PRC PRC n
Qingyuan CSG Energy- Qingyuan, Qingyuan, Production and sales of ultra- Establish
100%
Saving PRC PRC thin electronic glass ment
Shenzhen CSG Financial Shenzhen, Shenzhen, Establish
Finance leasing, etc. 75% 25%
Leasing Co., Ltd. PRC PRC ment
Jiangyou CSG Mining Jiangyou, Jiangyou, Production and sales of silica Establish
100%
Development Co. Ltd. PRC PRC and its by-products ment
Shenzhen, Shenzhen, Production and sales of display Acquisiti
Shenzhen CSG Display: 60.8%
PRC PRC component products on
Zhaoqing Energy Saving Zhaoqing Zhaoqing Production and sales of various Establish
100%
Company PRC PRC special glasses ment
Zhaoqing Automobile Zhaoqing Zhaoqing Production and sales of various Establish
100%
Company PRC PRC special glasses ment
Fengyang, Fengyang, Production and sales of solar Establish
Anhui Energy Company 100%
PRC PRC glass products ment
Fengyang, Fengyang, Production and sales of solar Establish
Anhui Quartz Company 100%
PRC PRC glass products ment
Anhui Silicon Valley Fengyang, Fengyang, Establish
Mineral resources exploitation 60%
Mingdu Mining PRC PRC ment
128
CSG Semi-annual Report 2023
Shareholding Method
Major
Name of Place of of
business Scope of business
Subsidiary registration Direct Indirect acquisitio
location
n
Company
Xi'an energy Production and sales of various Establish
Xi’an, PRC Xi’an, PRC 55% 45%
conservation company special glasses ment
Guangxi New Energy Longgang, Longgang, Production and sales of various Establish
75% 25%
Materials Company PRC PRC special glasses ment
（2）Major non-wholly owned subsidiaries
Unit: RMB
Profit or loss Dividends distributed
Name of Shareholding of attributable to minority to minority Minority interests as at
Subsidiary minority shareholders shareholders for the shareholders for the the period-end
current period current period
Shenzhen CSG Display 39.20% -5,431,242 405,177,951
（3）Key financial information of major non-wholly owned subsidiaries
Unit: RMB
30 June 2023
Name of
Subsidiary Non-current
Current assets Non-current assets Total assets Current liabilities Total liabilities
liabilities
212,740,693 1,294,237,190 1,506,977,883 329,231,993 77,328,171 406,560,164
1 January 2023
Shenzhen CSG
Display 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
Unit: RMB
H1 2023 H1 2022
Name of Cash flows Cash flows
Total Total
Subsidiary from from
Revenue Net profit comprehens Revenue Net profit comprehens
operating operating
ive income ive income
activities activities
Shenzhen CSG
242,490,594 -10,166,567 -10,166,567 5,701,630 276,320,544 21,191,648 21,191,648 20,948,584
Display
X、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.
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CSG Semi-annual Report 2023
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
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 adjusts settlement currency of export business, to furthest reduce the currency risk.
On 30 June 2023, book values in RMB equivalent of the Group’s assets and liabilities denominated in foreign currencies are
summarized below:
Unit: RMB
30 June 2023
USD HKD Others Total
Financial assets
denominated in foreign
currency
Cash at bank and on hand 92,085,669 10,994,887 411,610 103,492,166
Receivables 137,617,694 1,663,061 6,575,688 145,856,443
Total 229,703,363 12,657,948 6,987,298 249,348,609
Financial liabilities
denominated in foreign
currency
Payables 29,129,682 55,836 1,643,119 30,828,637
Total 29,129,682 55,836 1,643,119 30,828,637
Unit: RMB
1 January 2023
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
On 30 June 2023, 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 17,048,763 lower/higher (31 December 2022:
approximately RMB 11,207,006 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.
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CSG Semi-annual Report 2023
（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
contracts depending on the prevailing market conditions. As at 30 June 2023, the Group’s long-term interest-bearing debts at and
fixed rates and floating rates are illustrated below:
Unit: RMB
Type 30 June 2023 1 January 2023
Contracts at fixed rates 763,027,404 487,260,925
Contracts at floating rates 4,465,873,177 3,866,329,055
Total 5,228,900,581 4,353,589,980
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:
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CSG Semi-annual Report 2023
(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;
(c) The Group will closely monitor 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: RMB
30 June 2023
Item
Within 1 year 1 to 2 years 2 to 5years Over 5 years Total
Short-term borrowings 393,996,838 393,996,838
Notes payable 1,359,373,689 1,359,373,689
Accounts payable 3,024,632,655 3,024,632,655
Other payables 463,757,844 463,757,844
Other current liabilities 89,468,648 89,468,648
Non-current liabilities due within 1,029,820,120 1,029,820,120
one year
Long-term payables 42,357,197 67,068,366 109,425,563
Long-term borrowings 184,899,213 1,451,148,970 3,266,108,860 916,249,339 5,818,406,382
Total 6,545,949,007 1,493,506,167 3,333,177,226 916,249,339 12,288,881,739
Unit: RMB
1 January 2023
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 2,493,836,975 2,493,836,975
one year
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
XI、DISCLOSURE OF FAIR VALUE
1、Closing balance of assets and liabilities measured at fair value
Unit: RMB
Item Closing fair value
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CSG Semi-annual Report 2023
Level 1 Level 2 Level 3 Total
Financial assets at fair value through
-- -- -- --
profit or loss
Structured deposits
Financial assets at fair value through
-- -- -- --
other comprehensive income
Receivables financing 830,989,703 830,989,703
Investment property 290,368,105 290,368,105
Total 290,368,105 830,989,703 1,121,357,808
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, long term borrowings, bonds payable, etc.
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: RMB
30 June 2023 1 January 2023
Item
Carrying amount Fair value Carrying amount Fair value
Corporate bonds 1,999,316,522 2,001,520,000
Total 1,999,316,522 2,001,520,000
XII、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 party of the Company's largest shareholder of taking
Suzhou Baoqi Logistics Co., Ltd.
concerted action
Shantou Chaoshang Urban Comprehensive Management Co., Related party of the Company's largest shareholder of taking
Ltd concerted action
Shantou Laihua Industrial Co., Ltd. Related party of the Company's largest shareholder of taking
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CSG Semi-annual Report 2023
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: RMB
Related parties Related transaction H1 2023 H1 2022
Qianhai Life Insurance Co.,
Purchase of life insurance 3,787,542 3,323,544
Ltd
Other related parties Purchase of goods, etc. 245,339
Total 3,787,542 3,568,883
Table on sales of goods/providing of services
Unit: RMB
Related parties Related transaction H1 2023 H1 2022
Shantou Chaoshang Urban
Comprehensive Management Co., Sales of goods 478,927
Ltd
Other related parties Sales of goods 71,645 208,935
Total 550,572 208,935
（2）Related party leases
The Company as lessee:
Unit: RMB
Rent costs of short-
term Variable lease
leases and low- payments not
value Interest expenses
included in the Increase of right-
Name Type of Rentals on lease liabilities
asset leases with measurement of of-use assets
of leased in the current year
simplified lease obligation (if
lessor asset
treatment (if applicable)
applicable)
H1 H1 H1 H1 H1 H1 H1 H1 H1
H1 2022
2023 2022 2023 2022 2023 2023 2022 2023 2022
Other
Buildin
related 442,325 19,559
g
parties
6、Receivables from and payables to related parties
（1）Receivables from related parties
Unit: RMB
Related parties 30 June 2023 1 January 2023
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CSG Semi-annual Report 2023
Provision for bad Provision for bad
Carrying amount Carrying amount
debts debts
Qianhai Life Insurance Co., Ltd 572,995
Total 572,995
（2）Payables to related parties
Unit: RMB
Related parties 30 June 2023 1 January 2023
Suzhou Baoqi Logistics Co., Ltd 314,667 314,667
Shantou Laihua Industrial Co., Ltd. 20,211
Shantou Chaoshang Urban Comprehensive
200,881
Management Co., Ltd
Other related parties 118,762 125,408
Total 453,640 640,956
7、Commitments made by related parties
8、Other information
XIII、SHARE-BASED PAYMENTS
1、Overall share-based payments
None
2、Equity-settled share-based payments
None
3、Cash-settled share-based payments
None
XIV、COMMITMENTS AND CONTINGENCIES
1、Significant commitments
Capital expenditures contracted for by the Group at the balance sheet date but are not yet necessary to be recognized on the
balance sheet are as follows:
Unit: RMB
Item 30 June 2023 1 January 2023
Buildings, machinery and equipment 5,259,068,982 3,060,099,197
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CSG Semi-annual Report 2023
XV、OTHER SIGNIFICANT EVENTS
1、Segment reporting
（1）Determination basis and accounting policy of report segment
The Group's business activities are classified by product and service as follows:
-Glass segment, responsible for production and sale of flat glass and architectural glass, as well as production of the silica for the
production of flat glass, etc.
-Electronic glass and display segment, responsible for production and sale of display modules, specialised ultra-thin glass, etc.
-Solar energy and other businesses segment, responsible for production and sale of polycrystalline silicon and solar cell modules,
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: RMB
Electronic Solar and
Item Flat glass glass other Unallocated Elimination Total
and displays industries
Revenue from
6,171,504,092 668,993,159 1,547,866,000 976,994 8,389,340,245
external customers
Inter-segment
163,683,879 51,412,734 37,552,445 219,179,302 -471,828,360
revenue
Interest income 2,651,076 255,643 1,062,614 41,531,116 45,500,449
Interest expenses 48,827,708 2,236,857 796,665 61,444,973 113,306,203
Depreciation and
amortisation 395,153,159 115,017,819 74,291,609 11,368,983 595,831,570
expenses
Total profit/(loss) 539,000,083 14,131,929 371,745,816 31,113,750 955,991,578
Income tax
58,762,548 -573,614 15,856,729 48,507 74,094,170
(expenses)/income
Net profit/(loss) 480,237,535 14,705,543 355,889,087 31,065,243 881,897,408
Total assets 17,035,436,395 3,589,063,058 4,394,783,457 2,246,952,356 27,266,235,266
Total liabilities 8,826,523,585 638,358,176 794,819,916 2,735,455,380 12,995,157,057
Increase in non-
2,053,163,413 57,306,824 301,156,437 5,749,089 2,417,375,763
current assets
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CSG Semi-annual Report 2023
XVI、NOTES TO THE KEY ITEMS IN THE COMPANY'S FINANCIAL STATEMENTS
1、Accounts receivable
（1）Details on categories
Unit: RMB
30 June 2023 1 January 2023
Provision for Provision for bad
Carrying Amount Carrying Amount
bad debts debts
Type Accr
Accr
ual Book value Book value
Propo Amoun Propo ual
Amount prop Amount Amount
rtion t rtion propo
ortio
rtion
n
Credit loss
provision
35,178,427 100% 35,178,427 24,484,628 100% 489,692 2% 23,994,936
accrued by
portfolio
Total 35,178,427 100% 35,178,427 24,484,628 100% 489,692 2% 23,994,936
Disclosure by ages
Unit: RMB
Aging 30 June 2023
Within 1 year (including 1 year) 35,178,427
Total 35,178,427
（2）Provisions made, collected or reversed in current period
Provision for bad debts made in current period:
Unit: RMB
Movement in current period
Type 1 January 2023 Withdrawal or 30 June 2023
Accrual Write-off Others
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: RMB
Accounts receivable closing
Name % of total balance Provision for bad debts
balance
Total balance of the five
35,178,427 100%
largest accounts receivables
Total 35,178,427 100%
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CSG Semi-annual Report 2023
2、Other receivables
Unit: RMB
Item 30 June 2023 1 January 2023
Dividend receivable 129,077,200 375,057,800
Other receivables 2,620,795,204 1,994,373,982
Total 2,749,872,404 2,369,431,782
（1）Dividends receivable
1）Disclosed by categories
Unit: RMB
Item 30 June 2023 1 January 2023
Dividends receivable from subsidiaries 129,077,200 375,057,800
Total 129,077,200 375,057,800
（2）Other receivables
1）Other receivables categorized by nature
Unit: RMB
Nature of receivables 30 June 2023 1 January 2023
Due from related parties 2,495,577,727 1,870,622,635
Others 176,630,079 175,134,028
Total 2,672,207,806 2,045,756,663
2）Provision for bad debts
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit
losses in the Lifetime expected credit Lifetime expected credit
Bad debts Total
following 12 losses losses
months (credit unimpaired) (credit impaired)）
(grouping)
Amount on 1 January 2023 82,681 51,300,000 51,382,681
Carrying amount on 1 January
2023
that in this period:
Increase in current period 29,921 29,921
Amount on 30 June 2023 112,602 51,300,000 51,412,602
3）Disclosure by ages
Unit: RMB
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CSG Semi-annual Report 2023
Ages 30 June 2023
Within 1 year (including 1 year) 2,016,721,888
Over 1year 655,485,918
Total 2,672,207,806
4）Provisionsfor bad debts accrued, collected or reversed in current period
Provision for bad debts accrued in current period:
Unit: RMB
Movement in current period
Type 1 January 2023 Withdrawal or 30 June 2023
Accrual Write-off Others
reversal
Provision for bad debts of
51,382,681 29,921 51,412,602
other receivables
Total 51,382,681 29,921 51,412,602
5）Other receivables details of the top 5 closing balances by debtors
Unit: RMB
Relationship with Provision for
Name of entity Amount Ageing % of total balance
the Group bad debts
Company 1 Subsidiary 530,568,458 Within 1 year 20%
Company 2 Subsidiary 263,946,590 Within 1 year 10%
Company 3 Subsidiary 246,143,413 Within 1 year 9%
Company 4 Subsidiary 203,072,111 Over 1 year 8%
Company 5 Subsidiary 188,301,048 Within 1 year 7%
Total 1,432,031,620 54%
3、Long-term equity investments
Unit: RMB
30 June 2023 1 January 2023
Item Carrying Provision for Carrying Provision for
Book value Book value
amount impairment amount impairment
Investment in
8,852,769,867 15,000,000 8,837,769,867 7,853,487,027 15,000,000 7,838,487,027
subsidiaries
Total 8,852,769,867 15,000,000 8,837,769,867 7,853,487,027 15,000,000 7,838,487,027
（1）Investments in subsidiaries
Unit: RMB
Movement in current period Closing
Decrease Provisio balance of
Investee 1 January 2023 Increase in 30 June 2023
in n for Others impairment
investment
investmen impairm provision
139
CSG Semi-annual Report 2023
t ent loss
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
909,960,170 909,960,170
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 133,500,000 133,500,000
Co., Ltd.
Shenzhen Display
550,765,474 550,765,474
Company
Zhaoqing Energy
150,000,000 150,000,000
Saving Company
Zhaoqing CSG
Automotive Glass 116,047,333 27,254,920 143,302,253
Co., Ltd.
Anhui Energy
1,300,000,000 133,427,920 1,433,427,920
Company
Anhui Quartz
75,000,000 75,000,000
Company
Anhui Silicon Valley
Mingdu Mining 120,000,000 120,000,000
Company
Shenzhen CSG
20,000,000 20,000,000
Medical Company
Xi'an energy
41,365,000 31,600,000 72,965,000
conservation company
Guangxi New Energy
57,000,000 50,000,000 107,000,000
Materials Company
Nanbo (Suzhou)
30,000,000 30,000,000
Corporate
140
CSG Semi-annual Report 2023
Headquarters
Management Co., Ltd.
Shenzhen South Glass
New Energy Industry 120,000,000 720,000,000 840,000,000
Development Co., Ltd
Others 250,592,197 37,000,000 287,592,197 15,000,000
Total 7,838,487,027 999,282,840 8,837,769,867 15,000,000
4、Operating income and operating costs
Unit: RMB
H1 2023 H1 2022
Item
Income Cost Income Cost
Principal operation 833,033 15,479,200 15,015,892
Other operations 218,992,685 214,719,212
Total 219,825,718 230,198,412 15,015,892
5、Investment income
Unit: RMB
Item H1 2023 H1 2022
Investment income from long-term equity
1,680,533,152 648,961,128
investment under cost method
Investment income from financial assets held
14,478,503
for trading during the holding period
Income from term deposits 1,534,181 1,935,192
Total 1,682,067,333 665,374,823
XVII、SUPPLEMENTARY INFORMATION
1、Statement of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
Item Amount Notes
Gains or losses on disposal of non-current assets 53,451
Government grants recognized in profit or loss (except for
grants that are closely related to the Company's business and
48,576,899
are in amounts 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
1,534,181
financial assets, 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
2,698,913
for credit loss individually
141
CSG Semi-annual Report 2023
Other non-operating income or expenses other than above 8,503,373
Less :Influenced amount of income tax 8,958,077
Influenced amount of minor shareholders’ equity 1,168,728
Total 51,240,012 --
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
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 (RMB/share) (RMB/share)
Net profit attributable to ordinary
6.69% 0.29 0.29
shareholders of the Company
Net profit attributable to ordinary
shareholders of the Company after
6.30% 0.27 0.27
deducting non-recurring gains and
losses
Board of Directors of
CSG Holding Co., Ltd.
29 August 2023
142
