CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
CSG HOLDING CO., LTD.
Financial Report of Semi-annual Report 2023
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
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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
Total assets 27,266,235,266 25,904,013,306
Current liabilities：
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
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CSG HOLDING CO., LTD. Financial Report of 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：
Share capital 3,070,692,107 3,070,692,107
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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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
VI. Other comprehensive income net after tax 10,030,559 6,167,540
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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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
Less: Income tax expenses
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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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
Cash received from borrowings 1,792,403,638 2,277,155,766
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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 interests shareholders'
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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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
27
CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
(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 HOLDING CO., LTD. Financial Report of 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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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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CSG HOLDING CO., LTD. Financial Report of Semi-annual Report 2023
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
36
CSG HOLDING CO., LTD. Financial Report of 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:
37
CSG HOLDING CO., LTD. Financial Report of 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
38
CSG HOLDING CO., LTD. Financial Report of 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
39
CSG HOLDING CO., LTD. Financial Report of 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
40
CSG HOLDING CO., LTD. Financial Report of 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
41
CSG HOLDING CO., LTD. Financial Report of 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：
42
CSG HOLDING CO., LTD. Financial Report of 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
43
CSG HOLDING CO., LTD. Financial Report of 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
44
CSG HOLDING CO., LTD. Financial Report of 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
45
CSG HOLDING CO., LTD. Financial Report of 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
46
CSG HOLDING CO., LTD. Financial Report of 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
47
CSG HOLDING CO., LTD. Financial Report of 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
48
CSG HOLDING CO., LTD. Financial Report of 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
49
CSG HOLDING CO., LTD. Financial Report of 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
50
CSG HOLDING CO., LTD. Financial Report of 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
51
CSG HOLDING CO., LTD. Financial Report of 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
52
CSG HOLDING CO., LTD. Financial Report of 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
53
CSG HOLDING CO., LTD. Financial Report of 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
54
CSG HOLDING CO., LTD. Financial Report of 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
55
CSG HOLDING CO., LTD. Financial Report of 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.
56
CSG HOLDING CO., LTD. Financial Report of 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
57
CSG HOLDING CO., LTD. Financial Report of 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
58
CSG HOLDING CO., LTD. Financial Report of 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
59
CSG HOLDING CO., LTD. Financial Report of 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
60
CSG HOLDING CO., LTD. Financial Report of 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
61
CSG HOLDING CO., LTD. Financial Report of 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
62
CSG HOLDING CO., LTD. Financial Report of 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
63
CSG HOLDING CO., LTD. Financial Report of 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
64
CSG HOLDING CO., LTD. Financial Report of 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
65
CSG HOLDING CO., LTD. Financial Report of 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
66
CSG HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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
69
CSG HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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
74
CSG HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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
Management Co., Ltd 200,881
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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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 HOLDING CO., LTD. Financial Report of 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）Provisions for 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
80
CSG HOLDING CO., LTD. Financial Report of 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
81
CSG HOLDING CO., LTD. Financial Report of 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
82
CSG HOLDING CO., LTD. Financial Report of 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
83
