CSG HOLDING CO., LTD.
ANNUAL REPORT 2025
Chairman of the Board:
CHEN LIN
April 2026
CSG Annual Report 2025
Section I. Important Notice, Content and Paraphrase
The board of directors, directors and senior management of the Company warrant that the annual
report is true, accurate and complete, and that it contains no false records, misleading statements
or material omissions, and they assume individual and joint legal liabilities accordingly.
Ms. Chen Lin, the chairman of the Board, Ms. Wang Wenxin, the person in charge of accounting
work, and Ms. Wang Wenxin, the person in charge of the accounting department (Chief Financial
Officer), hereby declare that they guarantee the financial report contained in this annual report to
be true, accurate, and complete.
All directors have attended the board meeting that considered and approved this report.
Forward-looking statements involving future plans referred to in the Company’s annual report do
not constitute substantive commitments by the Company to investors. Investors and related parties
should maintain sufficient risk awareness with respect to such statements and should understand
the differences between plans, forecasts, and commitments.
The Company has set forth in detail the risk factors and countermeasures relating to its future
development in this report. Please refer to Section III, Management Discussion and Analysis.
The Company is required to comply with the disclosure requirements relating to ‘Non?metallic
Building Materials Related Businesses’ set forth in the Self-Regulatory Guidelines for Listed
Companies of Shenzhen Stock Exchange No.?3 – Industry Information Disclosure.
The profit distribution proposal approved by the Board of Directors at this meeting is as follows:
Based on 2,989,630,473 shares, which is the total share capital of the Company of 3,070,692,107
shares as of December 31, 2025, minus 81,061,634 shares held in the Company’s repurchase
special account, a cash dividend of RMB 0.2 (pre-tax) per 10 shares will be distributed to all
shareholders, with no bonus shares (pre-tax) and no capitalization of reserves into share capital.
The final actual total amount of cash dividend distributed by the Company shall be determined
based on the total share capital on the record date when the profit distribution plan is implemented.
This report is prepared both in Chinese and English. Should there be any inconsistency between
the Chinese and English versions, the Chinese version shall prevail.
CSG Annual Report 2025
Content
CSG Annual Report 2025
Documents Available for Inspection
(1) Financial statements signed and sealed by the chairman of the Board, the person in charge of accounting work,
and the person in charge of the accounting department (Chief Financial Officer).
(2) Original copy of the audit report signed and sealed by the certified public accountants and sealed by the
accounting firm.
(3) The originals of all company documents and the original manuscripts of announcements that were publicly
disclosed on the websites designated by the China Securities Regulatory Commission during the reporting period.
CSG Annual Report 2025
Definitions
Item Means Definition
Company, the Company, CSG Group, CSG or the
Means CSG Holding Co., Ltd.
Group
Reporting Period, the Reporting Period, the Current
Means January 1, 2025 to December 31, 2025
Period
Same period of the prior year Means January 1, 2024 to December 31, 2024
Foresea Life Means Foresea Life Insurance Co., Ltd.
Electronic glass with a thickness ranging from
Ultra-thin Electronic Glass Means
AG Glass Means Anti-Glare Glass
AF Glass Means Anti-Fingerprint Glass
AR Glass Means Anti-Reflective Glass
Brand logo of CSG’s multi-silver high-
Ice Kirin Means
performance energy-saving glass
BIPV products Means Building Integrated Photovoltaic products
CSG Annual Report 2025
Section II. Company Profile and Key Financial Indicators
I. Company Information
Stock Abbreviation Southern Glass A、Southern Glass B Stock Code 000012、200012
Listing stock exchange Shenzhen Stock Exchange
Legal Chinese name of the Company 中国南玻集团股份有限公司
Abbr. of legal Chinese name of the Company 南玻集团
Legal English name of the Company CSG Holding Co., Ltd.
Abbr. of legal English name of the Company CSG
Legal Representative Chen Lin
Registered Add. CSG Building, No.1, the 6th Industrial Road, Shekou, Shenzhen, P. R.C.
Post Code 518067
Historical Changes to Registered Address None
Office Address CSG Building, No.1, the 6th Industrial Road, Shekou, Shenzhen, P. R.C.
Post Code 518067
Internet website www.csgholding.com
E-mail securities@csgholding.com
II. Contact Persons and Contact Information
Secretary to the Board of Directors Securities Affairs Representative
Name Xu Lei Yu Xiaojing
CSG Building, No. 1 Industrial Sixth Road, CSG Building, No. 1 Industrial Sixth Road,
Contact Address
Shekou, Shenzhen, China Shekou, Shenzhen, China
Telephone (86)755-26860666 (86)755-26860666
Fax (86)755-26860685 (86)755-26860685
E-mail securities@csgholding.com securities@csgholding.com
III. Information Disclosure and Document Inspection Location
Stock Exchange Website Where the Company
www.szse.cn
Discloses the Annual Report
Names and Websites of Media Where the Securities Times, China Securities Journal, Shanghai Securities News,
Company Discloses Its Annual Report Securities Daily, CNINFO (www.cninfo.com.cn)
Location where the Company’s annual report is
Board of Directors’ Office of the Company
available for inspection
IV. Changes in Registration
Unified Social Credit Code 914403006188385775
Changes in principal business activities of the
No change
Company since listing (if any)
Changes in controlling shareholder(s) since
No change
listing (if any)
CSG Annual Report 2025
V. Other Relevant Information
Accounting Firm Engaged by the Company
Name of accounting firm Grant Thornton (Special General Partnership)
Office address of accounting firm 5th Floor, Saite Plaza, 22 Jianguomenwai Street, Chaoyang District, Beijing
Signing certified public accountants Yang Hua, Yu Lirong
Sponsor Institution Engaged by the Company to Perform Continuous Supervision Duties During the Reporting Period
□Applicable ?Not applicable
Financial Advisor Engaged by the Company to Perform Continuous Supervision Duties During the Reporting Period
□Applicable ?Not applicable
VI. Key Accounting Data and Financial Indicators
Whether the Company is required to retrospectively adjust or restate accounting data of prior years
□Yes ?No
Year-on-year
change
Operating Revenue (RMB) 13,718,969,008 15,455,386,401 -11.24% 18,194,864,366
Net profit attributable to shareholders of the
listed company (RMB)
Net profit attributable to shareholders of the
listed company excluding non-recurring gains -107,200,916 120,793,126 -188.75% 1,535,858,783
and losses (RMB)
Net cash flows from operating activities (RMB) 1,146,547,297 1,756,923,649 -34.74% 2,759,788,894
Basic earnings per share (RMB/share) 0.04 0.09 -55.56% 0.54
Diluted earnings per share (RMB/share) 0.04 0.09 -55.56% 0.54
Weighted average return on equity (ROE) 0.92% 1.93% -1.01% 12.30%
Change from end
At 31 Dec 2025 At 31 Dec 2024 At 31 Dec 2023
of prior year
Total assets (RMB) 31,305,028,835 31,220,417,923 0.27% 30,362,057,312
Net assets attributable to shareholders of the
listed company (RMB)
The lower of net profit before and after deducting non-recurring gains and losses was negative for each of the
Company’s last three fiscal years, and the audit report for the most recent fiscal year indicates that there is material
uncertainty about the Company’s ability to continue as a going concern.
□Yes ?No
During the reporting period, the lowest of the Company’s audited total profit, net profit, and net profit after deducting
non-recurring gains and losses was negative.
?Yes □No
Item 2025 2024 Remarks
Operating Revenue (RMB) 13,718,969,008 15,455,386,401 -
Business revenue unrelated to
Other income outside normal business operations 11,990,228 9,658,979
the principal business activities
Business revenue unrelated to
Deduction amount from operating revenue (RMB) 11,990,228 9,658,979
the principal business activities
CSG Annual Report 2025
Operating revenue after deduction (RMB) 13,706,978,780 15,445,727,422 -
VII. Differences in Accounting Data Under Domestic and Overseas Accounting Standards
Financial Reporting Standards (IFRS) and those prepared under China Accounting Standards
□Applicable ?Not applicable
There were no differences in net profit and net assets as disclosed in financial reports prepared under IFRS and those
prepared under China Accounting Standards during the reporting period.
standards (other than IFRS) and those prepared under China Accounting Standards
□Applicable ?Not applicable
There were no differences in net profit and net assets as disclosed in financial reports prepared under overseas
accounting standards and those prepared under China Accounting Standards during the reporting period.
VIII. Quarterly Key Financial Indicators
Unit: RMB
First Quarter Second Quarter Third Quarter Fourth Quarter
Operating Revenue (RMB) 3,068,825,224 3,414,736,896 3,940,452,263 3,294,954,625
Net profit attributable to shareholders of the listed
company (RMB)
Net profit attributable to shareholders of the listed
company excluding non-recurring gains and losses -15,069,846 36,818,641 29,087,723 -158,037,434
(RMB)
Net cash flows from operating activities (RMB) 69,245,929 315,449,338 447,768,241 314,083,789
Whether the above financial indicators or their aggregated totals differ materially from the relevant financial
indicators disclosed in the Company’s quarterly and semi-annual reports
□Yes ?No
IX. Non-recurring Gains and Losses Items and Amounts
?Applicable □Not applicable
Unit: RMB
Amount in Amount in Amount in
Item Notes
Gain/loss on disposal of non-current assets (including the
write-off portion of accrued asset impairment provisions)
Government grants recognised in profit or loss (excluding For details,
those that are closely related to the Company’s normal please refer
business activities, comply with national policies, are entitled 127,410,847 128,276,384 118,358,356 to the notes
under specified standards, and have a continuing effect on the to other
Company’s profit or loss) income
Gains/losses arising from changes in fair value of financial 5,838,417 1,340,745 3,106,870
assets and financial liabilities held by non-financial
CSG Annual Report 2025
enterprises, and gains/losses from disposal of financial assets
and financial liabilities, excluding effective hedging activities
related to the Company’s normal business operations
Reversal of provision for impairment of receivables that were
individually tested for impairment
Gain/loss on debt restructuring 214,501 3,595,184 4,908,612
Gain/loss arising from changes in fair value of investment
-9,045,057 -491,578
properties measured subsequently using the fair value model
Other non-operating income and expenses other than those
mentioned above
Less: Tax effect amount 20,746,804 26,424,188 21,244,208
Effect on non-controlling interests (after tax) 1,477,174 2,668,125 3,336,083
Total 232,869,207 145,979,192 119,755,663 --
Details of other profit/loss items that meet the definition of non-recurring gains/losses:
□Applicable ?Not applicable
The Company has no other profit/loss items that meet the definition of non-recurring gains/losses
Explanation of items classified as recurring profit/loss which are listed as non-recurring gains/losses in the Publicly
Listed Company Information Disclosure Interpretation Announcement No. 1 - Non-recurring Gains and Losses.
□Applicable ?Not applicable
The Company has no items that are listed as non-recurring gains/losses in the Publicly Listed Company Information
Disclosure Interpretation Announcement No. 1 - Non-recurring Gains and Losses and classified as recurring
profit/loss.
CSG Annual Report 2025
Section III. Management Discussion and Analysis
I. Main business of the Company during the report period
CSG is a leading domestic brand of energy-saving glass and a renowned brand of solar PV products and display
devices. Its products and technologies are well-known at home and abroad. Its main business includes R&D,
manufacturing and sales of high-quality float glass, architectural glass, photovoltaic glass, new materials and
information display products such as ultra-thin electronic glass and display devices, as well as photovoltaic energy
products such as high-purity crystalline silicon, silicon wafers, and modules, and it provides one-stop services for
photovoltaic power station project development, construction, operation and maintenance, etc. The Company owns
quartz sand raw material processing and production bases in Jiangyou, Sichuan; Qingyuan, Guangdong; Fengyang,
Anhui; and Beihai, Guangxi, which ensure a steady supply of raw materials for the Company’s glass production.
Photovoltaic glass business
CSG entered the photovoltaic glass manufacturing industry in 2005. As one of the earliest enterprises engaged in
manufacturing in this field in China, the Company is based on independent research and development and has formed
a full closed-loop production capacity from photovoltaic glass original sheet production to deep processing, covering
CSG has accumulated a solid foundation in key equipment and technologies such as kiln, calendaring and deep
processing, and its product quality enjoys a high status and reputation in the industry.
Technological iteration in the photovoltaic industry has accelerated. CSG’s photovoltaic glass business has
demonstrated distinct advantages across multiple dimensions including production process innovation, product R&D
philosophy, and market application awareness, thanks to its profound technological expertise, forming unique
technological strength. In 2025, the focus of the Company’s photovoltaic glass business was to build core
competitiveness. On the one hand, CSG achieved breakthroughs in the three flagship products of ultra-high-
transmittance double-coated glass, colorless double-coated glass, and anti-glare glass, and extended their application.
This has helped the Company penetrate the supply chain of leading photovoltaic enterprises, and its products gained
high customer recognition upon mass application. A stable and continuous supply capacity has been put in place,
precisely aligned with the photovoltaic industry’s trends towards ultra-thin and high-performance products. On the
other hand, CSG, as an important and even strategic cooperative supplier of global module leading enterprises,
designed a sound differentiated competition program based on its operational realities and built a development system
integrating technological innovation, intelligent manufacturing, and value-added services in the full implementation
of the program, which further enhanced CSG’s core competitive edge as a technology-leading supplier in the
photovoltaic glass industry.
In the context of the era of carbon peak and carbon neutrality, the Company is firmly optimistic about the long-term
development of the photovoltaic energy industry, resolutely responds to the national “dual carbon” strategic goal, and
continuously improves and enhances the large-scale layout and business competitiveness of its photovoltaic glass and
the Company’s own strategic development plan. The second kiln and supporting processing lines in Beihai, Guangxi
have been put into official operation, further improving the scale advantage. As of the end of 2025, the Company has
a total of 9 photovoltaic rolled glass original sheet production kilns and supporting deep processing production lines
in Fengyang, Xianning and Beihai.
During the global energy transition, to seek market breakthroughs and seize opportunities in overseas markets,
leading industry enterprises are accelerating the globalization of production capacity layout by building a production
CSG Annual Report 2025
capacity system of “barrier avoidance + local supply” in regions such as Southeast Asia, and deeply aligning with the
local energy transition in the Middle East through a “projects + manufacturing” model, forming a new development
pattern of going global across the entire industrial chain. In 2025, the Company’s Board of Directors reviewed and
approved the Proposal on Investment in the Construction of a New Photovoltaic Glass Production Line in Egypt, and
planned to construct a new 1,400T/D photovoltaic glass production line, with a planned total investment of
approximately RMB 1,755 million.
Architectural glass business
As one of the largest high-end building energy-saving glass suppliers in China, CSG integrates R&D and design,
technical consulting, production and manufacturing, and marketing and service in the architectural glass business. It
always aims to “build green energy-saving products and create quality life” and forms a CSG brand image with
quality, service and continuous R&D as its core competitiveness, which is strongly competitive in foreign markets as
well. The Company has the world’s leading glass deep processing equipment and testing instruments, and its products
cover all kinds of engineering and architectural glass. Currently, the Company has seven deep processing bases of
energy-saving glass in Tianjin, Dongguan, Xianning, Wujiang, Chengdu, Zhaoqing and Xi’an, and the layout of bases
across the country is being perfected.
CSG’s architectural glass business adheres to the customized business strategy of trinity of technical service,
marketing, R&D and manufacturing, relying on its own manufacturing and R&D strength, as well as the marketing
and service network formed by domestic and overseas offices, to meet the personalized needs of domestic and foreign
customers and construction projects. The Company’s R&D and application level in coating technology keep pace
with the world, the high-end product technology is internationally leading, and the high-quality energy-saving and
environmentally friendly LOW-E insulating glass continues to lead the domestic high-end market share. In 2017,
CSG’s low-E coated glass was awarded the title of Manufacturing Single Champion Product by the Ministry of
Industry and Information Technology, and it passed the review again in March 2024, which fully proves the leading
position of CSG’s architectural glass in the industry. Under the background of the “dual carbon” goal and the national
green energy-saving building requirements, the Company has taken the lead in independently developing many
energy-saving products, such as innovative and world-leading “Ice Kirin” glass series products, thermal insulation
products, BIPV products, etc., among which the “Ice Kirin” glass series products have received unanimous praise
from the market for their high performance and stability relying on the Company’s advanced coating technology, and
have become the benchmark in the domestic product market. The innovation and R&D of energy-saving products
with higher energy efficiency is important to the energy conservation and emission reduction of newly constructed
buildings and the energy-conservation-oriented transformation of existing buildings. In order to meet the market
demand for product innovation, the Company will continue to conduct innovation, so as to provide quality products
with higher energy efficiency for the market.
The Company’s quality management system for engineering and architectural glass has been approved by
organizations of UK AOQC and Australia QAS. The product quality which meets the national standards of the US,
the UK and Australia gives CSG an advantage in the international tendering and bidding. Since 1988, CSG’s
engineers and technicians have been continuously participating in the formulation and compilation of various national
standards and industry standards. All kinds of high-quality engineering architectural glass provided by the Company
are widely used in landmark buildings such as major city CBDs and transportation hubs at home and abroad, which
are too numerous to mention.
In addition, the Company has always positioned intelligent transformation and digital transformation as the strategic
engine and core driving force for the development of its architectural glass business. It continues to deepen the
integrated application of automation, informatization, and intelligent technologies, and systematically advances the
intelligent upgrading of traditional production lines and the independent development of high-end equipment,
CSG Annual Report 2025
building a digital management system covering the entire production process. Through technological innovation and
lean process improvements, the Company has achieved the goal of significantly optimizing labor, materials, and
energy consumption in the production process, strongly promoting the comprehensive upgrading of the
manufacturing model toward intensification, high efficiency, and sustainability, and injecting strong digital
momentum into its high-quality development.
Float glass business
In the field of float glass, CSG has 10 advanced float glass production lines in Dongguan, Chengdu, Langfang,
Wujiang and Xianning. In 2025, the Group halted one of the production lines of Wujiang Float Company for
technological upgrading; Chengdu Float Glass Line 3 and Wujiang Float Glass Line 2, which were halted for
technological upgrading in 2024, resumed production in February 2025 and May 2025, respectively. As of the end of
glass and low-iron float glass with various thicknesses and specifications of 1.6~25 mm, with their quality highly
trusted by customers. Regarding CSG’s float glass, the proportion of differentiated glass products with special
specifications and special application scenarios such as low-iron, ultra-thin, and ultra-thick is large, which are widely
used in high-end building curtain walls, decoration and furniture, reflectors, automobile windshields, scanners and
photocopiers transmitting plates, home appliance panels, display protection and other fields with high requirements
on glass quality. With high-quality products and stable supply, CSG has established long-term and stable business
cooperation with many well-known processing enterprises.
The profit level of the float glass business is generally positively correlated with the level of real estate data, and is
also affected by multiple factors such as current energy and raw material prices, product structure, and enterprise
management level. Due to specific application scenarios and higher production process difficulties, differentiated
glass products have steadily increasing demand, relatively proactive pricing by manufacturers, and higher added
value. In order to adapt to the developments and changes in the market, the Company focuses on improving
management efficiency, firmly implementing the differentiated competition strategy, carefully cultivating and
developing differentiated product markets, and continuously increasing the proportion of low-iron, ultra-thick and
ultra-large float glass in sales, so as to continuously consolidate and enhance the market competitiveness of the
Company.
Electronic glass and display business
Upon 15 years of development, CSG Electronic Glass has always adhered to technology leadership, attached
importance to R&D and innovation, broken through market barriers with independent intellectual property rights and
independent innovation, and firmly followed the development route of quality priority. After 15 years of continuous
cultivation and accumulation, CSG Electronic Glass has fully covered various application scenarios and the high,
medium and low-end markets of these application scenarios. It actively explores new markets and developed new
applications in intelligent consumer electronics terminals, touch components, automotive window glass, vehicle
displays, medical equipment, industrial control commercial displays, smart homes and other application fields, and
the market share and brand effect of the Company’s medium-alumina, high-alumina, and lithium-aluminosilicate
electronic glass products have been steadily improving. CSG has long been committed to becoming an industry-
leading provider of high-end electronic glass, and it will continue to develop new application materials in the fields of
smart home, vehicle display, advanced medical, new energy vehicles, and smart home appliances in the future.
In the touch display field, CSG has formed a complete touch industry chain from vacuum magnetron sputtering
coating, 3A (AG, AR, and AF) cover plate processing and fine pattern lithography processing, to touch display
modules. The main business includes optical coating materials, vehicle-mounted cover plates and vehicle-mounted
touch panels. Among them, the optical coating material segment includes the two business types of ITO conductive
CSG Annual Report 2025
glass and ITO conductive film, and the products are positioned at middle and high-end customers at home and abroad
and are concentrated in differentiated high-value-added ones. The vehicle-mounted cover plate business segment
comprises a variety of products, including vehicle-mounted AG glass, vehicle-mounted 2A (AR and AF) cover plates,
vehicle-mounted 3A cover plates, and customized cover plates of special functions. These products are supplied
indirectly to renowned domestic and international automotive brands through downstream customers of vehicle-
mounted device manufacturers.
Solar energy business
CSG is a pioneer in China’s photovoltaic manufacturing sector and one of the earliest domestic enterprises to produce
polycrystalline silicon. It is among the first entities selected in the Ministry of Industry and Information Technology’s
compliance list and is also one of the drafting units for the national standard for electronic-grade polycrystalline
silicon. Its business covers high-purity crystalline silicon, high-efficiency silicon wafers, high-efficiency modules,
and investment and operation of photovoltaic power plants. It has three national-level scientific research platforms
and seven provincial-level technology platforms, including the “National and Local Joint Engineering Laboratory for
Semiconductor Silicon Material Preparation Technology” and the “National Enterprise Technology Center”, forming
a complete innovation system from technological R&D to industrial application. Amid national efforts to curb
excessive market competition, CSG’s photovoltaic subsidiaries actively respond to the call by proactively adjusting
production capacity and upholding compliant operations, combating price wars with value-driven strategies, and
actively exploring new pathways for high-quality development in a challenging industry environment.
II. Particulars about the industry the Company engages in during the report period
Photovoltaic glass industry
In 2025, the photovoltaic market exhibited a “growing demand, slowing growth” trend, with the industry gradually
shifting from rapid expansion to steady adjustment. According to the China Photovoltaic Industry Association, newly
installed global capacity in 2025 reached 580 GW, an increase of about 9% compared with 2024, with the growth rate
falling back significantly from previous years. In the domestic market, policy measures emerged as the primary driver
of demand fluctuations throughout the year. In the first half of 2025, new domestic policies on distributed
photovoltaics and the market-oriented reform of new energy on-grid tariffs drove a rush in photovoltaic facility
installations in China. In the second half of the year, expectations surrounding the cancellation of export tax rebates
spurred a surge in Chinese photovoltaic companies competing to expand exports. In overseas markets, trade barriers
have continued to intensify. The U.S. finalized anti-dumping and countervailing duties on Singapore, Malaysia,
Thailand and the Philippines, imposed equivalent tariffs, and launched anti-dumping and countervailing duty
investigations into photovoltaic products from India, Indonesia, and Laos, accelerating shifts in the global
photovoltaic market landscape. In terms of the supply-demand dynamics of the photovoltaic glass industry, despite a
slowdown in new production capacity in 2025 against the backdrop of decelerating global demand growth, the
oversupply situation persisted. Glass prices remained under pressure throughout the year at low levels, and policy-
driven demand preponement contributed to temporary supply-demand imbalances in the market.
Architectural glass industry
The architectural glass business closely follows the national “dual carbon” strategy, focusing on enhancing the energy
efficiency and safety performance of buildings. Leveraging deep-processing technology for the original float glass
sheet, the business produces high-performance architectural glass products with features such as low emissivity, high
thermal insulation, and impact resistance, which align closely with the green building development trend and play a
critical role in energy conservation and consumption reduction throughout the building lifecycle. Although data show
CSG Annual Report 2025
that in developed countries the application rate of energy-saving glass has exceeded 80%, there remains substantial
room for growth in market penetration within China.
Currently, with the further implementation of the Action Plan for the Establishment of Green Buildings issued by the
Ministry of Housing and Urban-Rural Development and other ministries, and in conjunction with the
recommendations in the “15th Five-Year Plan” to accelerate the comprehensive green transformation of economic
and social development, the market for energy-saving building materials is expected to encounter structural growth
opportunities. Taking into account the aforesaid policies and the latest energy efficiency requirements for public
buildings in the national Action Plan for Carbon Peaking Before 2030, it is expected that the architectural glass
business will gain significant development opportunities during the “15th Five-Year Plan” period. In addition, with
the gradual improvement of domestic social consumption level in recent years, building energy conservation, safety
standards, and quality requirements have been continuously improved. In practice, the bad practice of winning the bid
by the lowest price for construction projects has been initially reversed, and the quality and influence of “Made in
China” have been increasingly recognized around the world, which will bring broader development space to
advantageous enterprises that attach importance to product quality and technological innovation, as well as stable
industrial chain and supply chain.
Float glass industry
In 2025, the float glass industry continued to face the challenge of a cyclical downturn. Affected by the continued
downturn in the real estate market, demand in the traditional building materials sector contracted significantly.
According to data from SCI99. COM (Sublime China Information), by the end of 2025, the number of operational
float glass production lines nationwide had decreased to 212, with a total daily melting capacity of approximately
Float glass traditionally finds its main application in building materials, and its demand trends positively correlate
with infrastructure investment intensity and the overall prosperity of the real estate sector. Data from the National
Bureau of Statistics show that in 2025, the total housing completion area in China declined by 18.1% year-on-year,
leading to a marked reduction in total demand for float glass. Meanwhile, real estate investment and new housing
construction area went down by 17.2% and 20.4%, respectively. The continued declines in core indicators reflect a
change in the supply-demand dynamics of the domestic real estate market and increased uncertainty in long-term
market demand. The float glass industry is undergoing cyclical adjustment. Based on an analysis of the market
demand structure, although overall demand is declining, with the continued implementation of the national “dual
carbon” policy and steady development in the green energy-saving and new energy sectors, demand for industrial
glass, represented by automotive glass, has increased significantly. Simultaneously, as economic growth continues
and living standards improve, demand for high-quality products such as low-iron float glass continues to rise steadily.
Electronic glass and display industry
According to preliminary statistics from the Worldwide Quarterly Mobile Phone Tracker released by IDC
(International Data Corporation) at the beginning of 2026, mobile phone shipments in 2025 exceeded 1.26 billion
units, an increase of 1.9% compared with 2024. This growth was mainly driven by rising demand for high-end
models, explosive growth in foldable-screen products, and the market behavior of consumers replacing their phones
early to avoid the risk of price increases. Counterpoint Research’s Global Smartphone Shipment Tracking and
Forecast shows that, due to the sharp rise in memory chip costs, the global smartphone market in 2026 will show a
trend of “declining volume and rising prices”. Global smartphone shipments in 2026 are expected to decline by 2.1%
year-on-year, a downward revision of 2.6 percentage points from the previous forecast in November 2025. Overall,
nearly all major manufacturers are expected to see year-on-year shipment declines in 2026. The tablet market follows
a similar trend, with the global PC market projected to contract by up to 9% in 2026.
CSG Annual Report 2025
The Company’s display business primarily caters to fields such as automotive smart cockpits, industrial control,
smart healthcare, and consumer electronics. In 2025, both global and Chinese automotive production and sales
trended upward. According to data from the China Association of Automobile Manufacturers in January 2026,
China’s automobile production and sales in 2025 reached 34.531 million and 34.4 million units respectively, with
production and sales of new energy vehicles reaching 16.626 million and 16.49 million units respectively,
representing year-on-year increases of 29% and 28.2%. New energy vehicles accounted for 47.9% of total new
vehicle sales.
Solar energy industry
Driven by the global energy transition, the solar energy industry is showing a development trend of simultaneous
demand growth and technological iteration. As a strategic emerging industry in China, the photovoltaic industry has,
over more than two decades of development, achieved a leap from technological catch-up to global leadership and
completed its significant transformation from a supplementary energy source to a main energy source. Leveraging its
abundant resources and policy support, China has rapidly transformed from a processing base reliant on external
suppliers and customers to the world’s largest photovoltaic manufacturer and application market, holding an
absolutely dominant position in key links such as silicon wafers and solar cells. China’s photovoltaic industry is
reshaping the global energy landscape through its competitive advantage across the entire value chain, making an all-
out effort to explore trillion-level markets, and leading humanity toward a clean and low-carbon future.
The year 2025 marks a pivotal point for the global solar photovoltaic industry, undergoing profound adjustment and a
comprehensive transformation of its development logic. The era of multi-year rapid expansion comes to an end, and
the industry’s core challenge shifts from “capacity expansion driven by growing demand” to “thorough restructuring
and rationalization of the industry chain amid global supply-demand imbalances”. The year exhibits three major
characteristics: in the first half, supply-demand mismatches intensified, placing pressure across the entire industry
chain; in the second half, policy guidance and coordinated industry efforts drove marginal market recovery; by year-
end, the cycle hit bottom and began to rebound. According to the China Photovoltaic Industry Association, global
newly installed photovoltaic capacity reached 580 GW in 2025, an increase of about 9% year-on-year compared with
In the domestic market, policy guidance remained the core driver of demand fluctuations throughout the year. In the
first half of 2025, the enforcement of new domestic regulations on distributed photovoltaics and the continued
market-oriented reform for new energy on-grid tariffs drove the centralized grid connection of domestic photovoltaic
projects. In the second half, expectations of adjustments to export tax rebate policies prompt domestic photovoltaic
enterprises to temporarily accelerate exports, resulting in structural fluctuations in shipment volumes across the
industry chain.
In overseas markets, global trade protectionism continued to intensify, with trade barriers steadily increasing. Among
these developments, the U.S. finalized anti-dumping and countervailing duties on photovoltaic products from
Singapore, Malaysia, Thailand and the Philippines, implemented “equivalent tariffs”, and simultaneously initiated
anti-dumping and countervailing duty investigations on photovoltaic products from India, Indonesia, and Laos. This
series of trade measures has significantly reshaped the global photovoltaic market’s supply-demand structure.
Meanwhile, technological iteration in the photovoltaic industry accelerated throughout 2025. N-type cells
(TOPCon/HJT) fully replaced P-type cells as the mainstream technology route; distributed photovoltaics and
“photovoltaic generation-energy storage integration” became key growth drivers, and product prices gradually
stabilized and market concentration continued to rise as the industry chain underwent selection and structural
optimization. The global photovoltaic market landscape exhibited a diversified development trend, with emerging
markets rising rapidly, and the industry has officially entered a new stage of high-quality development driven by both
technological innovation and market expansion.
CSG Annual Report 2025
III. Core Competitiveness Analysis
CSG Group, one of the most competitive and influential large-scale enterprises in China’s glass industry and new
energy industry, is committed to the development of energy conservation, renewable, and new material industry.
After four decades of development and accumulation, the Company has gradually formed a comprehensive
competitive advantage in terms of products and brands, technology research and development, industrial chain and
layout, talent team, and green development.
“CSG” is a famous brand of domestic energy-saving glass, ultra-thin electronic glass, display and solar photovoltaic
products. Its products and technology are well-known at home and abroad. The Company has been listed in the
“Preferred Brand of Architectural Glass” in Door and Window Curtain Wall Industry and the “Top 20 Building
Materials Enterprises” at the Building Materials Enterprise Development Forum for many years. The “CSG” brand
was recognized by the United Nations Industrial Development Organization as the fourth batch of “International
Reputation Brand” in 2018. CSG has been awarded the title of “Manufacturing Single Champion Enterprise” by the
Ministry of Industry and Information Technology for its low-E coated glass and ultra-thin electronic glass.
The Company has always valued technological R&D and adopted independent R&D as its foundation since its
establishment.As of 31 December 2025, the Company has had a total of 23 national high-tech enterprises, 2 national-
level single champion products in the manufacturing industry, 1 national-level engineering laboratory, 1 national-
level enterprise technology centre, 5 national enterprises with intellectual property advantages, 1 national intellectual
property demonstration enterprise, 7 national-level specialized, sophisticated, distinctive, and innovative enterprises
(“Little Giants”), 6 provincial famous & high-quality high-tech products, 1 provincial-level expert workstation, 1
provincial-level doctoral workstation, 3 titles of provincial-level “Manufacturing Single Champion Enterprise”, 12
provincial-level enterprise technology centres, 5 provincial-level engineering technology research centres, 2
provincial-level engineering research centres, 4 provincial-level demonstration enterprises for intellectual property
construction, 2 provincial-level intellectual property demonstration enterprises, 6 provincial-level “Little Giants”, 1
provincial-level government quality award, 10 provincial-level scientific and technological progress awards, and 5
provincial-level patent awards. As of 31 December 2025, the Company has applied for a total of 3,675 patents,
including 1,637 invention patents, 2,025 utility model patents, and 13 design patents. Moreover, the Company has
had a total of 2,728 authorized patents, including 699 invention patents, 2,016 utility model patents, and 13 design
patents; and 4 software copyrights and 2 data intellectual property rights.
The Company has three major business divisions of energy-saving glass, electronic glass and display, and solar
photovoltaic glass. Through continuous technological innovation and process upgrades, the Company has
continuously strengthened its industrial advantages. Meanwhile, the Company possesses production bases located in
South China, North China, East China, Southwest China, Central China, and Northwest China, forming a nationwide,
coordinated and efficient industrial system.
The Company has a stable management team and a professional talent pool. It has established a comprehensive
professional manager succession system, as well as a tiered and classified internal talent development and assessment
mechanism. Through continuous talent review and empowerment, the Company ensures a steady supply of talent to
support business expansion. At present, the Company’s core leadership team has comparative advantages in
educational background, professional competence, knowledge base, management philosophy, and experience. Since
its establishment forty-two years ago, CSG has always upheld the corporate cultural philosophy of “pragmatism,
CSG Annual Report 2025
innovation, unity, openness, responsibility, and efficiency”. By continuously providing development opportunities
and improving the cadre rotation mechanism, the Company has consistently stimulated organizational vitality. At the
same time, the Company promotes multi-track talent development, such as building a high-caliber engineering team.
Through the construction of the core technical team, continuous R&D investment, and abundant technical reserves, it
has constituted an important technology and innovation support for the Company’s strategies, and been consistently
leading innovation within the industry.
With the continuous impetus of the “dual carbon” goals, the Company has taken active actions in various carbon-
related fields. For example, the Company has widely conducted professional training on carbon emission
management to improve the ability of relevant personnel to better cope with carbon-related affairs. Meanwhile, the
Company has actively promoted through-life carbon footprint certification for relevant products, forging a distinctive
corporate identity and securing a global “green passport” for its offerings. Furthermore, Hebei CSG Glass Co., Ltd., a
subsidiary of the Company and an outstanding and benchmark enterprise in the flat glass industry, recognized as a
pilot enterprise for carbon peaking in the construction material industry, has made efforts to explore and implement
the action plans and effective routes of carbon peaking in the industry. The relevant subsidiary of the Company has
continuously gotten involved in the regional pilot market of carbon transactions, and through proactive energy
management and carbon emission management, its total emissions are lower than the quotas. As a pioneer of green
development in the industry, the Company has 11 subsidiaries being honored as national “Green Factories”, winning
itself abundant room for development.
IV. Main business analysis
The year 2025 saw a slow recovery in the global economy due to a combination of factors. According to the data
released by the National Bureau of statistics, China’s national economy forged ahead amid pressure in 2025, striving
for innovation and high-quality development, with the GDP exceeding RMB 140 trillion for the first time. The GDP
totalled RMB 140.19 trillion, increasing by 5.0% year-on-year. The investment in fixed assets (excluding farmers)
totalled RMB 48.52 trillion, decreasing by 3.8% year-on-year; the investment in real estate development totalled
RMB 8.28 trillion, decreasing by 17.2% year-on-year; and the floor space of buildings completed was 634 million
square meters, decreasing by 18.1% year-on-year.
Facing the dynamic changes in the political and economic landscape at home and abroad, as well as the increasing
pressure of market competition, CSG, under the correct leadership of the Board of Directors, adopts the goal of
becoming a world-class enterprise, and firmly takes the road of high-quality development. By continuously
implementing differentiated operation, constantly improving its capacity of lean production and intelligent
manufacturing, actively promoting project construction, optimizing its industrial layout, and consolidating resource
reserves, the Company further strengthens its core competitiveness.
In 2025, the Company’s revenue totalled RMB 13.719 billion, decreasing by 11% year-on-year, and its net profit
reached RMB 105 million, decreasing by 57% year-on-year; meanwhile, the Company’s net profit attributable to
shareholders of the listed company was RMB 126 million, decreasing by 53% year-on-year.
I. Operation of each industry of the Group
In recent years, CSG has continuously promoted business optimisation, strengthened its competitive advantage in
traditional energy-saving construction materials, and accelerated the development of its new energy and new material
industrial sectors. The Company’s advantage in the diversified industry layout became prominent in 2025, the strong
CSG Annual Report 2025
support of its architectural glass business, photovoltaic glass business and electronic glass business effectively
diluting the impact of cyclical fluctuations in a certain industry.
In 2025, the Company’s glass business (float glass, photovoltaic glass, and architectural glass) recorded revenue of
RMB 12.280 billion and a net profit of RMB 346 million.
Glass business segment
Photovoltaic glass: The successive release of the Administrative Measures for the Development and Construction of
Distributed Photovoltaic Power Generation and the Notice on Deepening the Market-oriented Reform of Feed-in
Tariffs for New Energy to Promote High-quality Development of New Energy by the government in January and
February 2025 signals the photovoltaic industry’s transition from a policy-driven to a market-driven structure. In the
second half of 2025, domestic photovoltaic installations declined year-on-year, and shrinking market demand further
intensified the supply-demand imbalance in the photovoltaic glass industry. Coupled with losses in module
manufacturers’ performance, the government implemented a series of macro-level guidelines to curb excessive
market competition, establishing a new system of industry rules. Against this backdrop, the industry entered a
challenging phase of supply-demand structural reshaping.
In the face of profound industry adjustments and landscape reshaping, the Company has remained committed to
organizational optimization, brand building, and technological innovation, increased R&D efforts for its core
products, and continued to build the core competitiveness of its photovoltaic glass business. In terms of
organizational management, the Company adhered to the guiding principles of “optimizing models, refining
processes, strengthening coordination, and improving efficiency”, formulated targeted strategies and implemented a
series of measures to achieve its business objectives. In production, it followed the management policy of “ensuring
safety, stabilizing production, improving quality, and controlling costs”, striving to ensure safety, stabilize production
processes and enhance product quality while continuously promoting cost reduction and efficiency increase to
strengthen profitability. In sales management, the Company took “expanding the market, adjusting the structure,
reducing costs, and controlling risks” as the management policy, increased market development efforts in line with
new capacity releases, optimized product structure to meet market demand, and ensured capital safety while
enhancing competitiveness.
Architectural glass: As the golden brand of CSG, the Company’s architectural glass business has been equipped
with quality, service and continuous R&D capabilities that match the brand. Focusing on the continuous improvement
of the building energy-saving standards and high-rise building safety standards, the Company strengthens brand
building and adheres to the customized business strategy integrating technical service, marketing, and R&D and
manufacturing, to meet the personalized needs of domestic and foreign customers and construction projects. As the
Company’s share in the domestic construction market continues to rise, it also maintains a leading position in market
scale and profitability in the field of deep processing within the same industry.
In 2025, amid continued pressure on the real estate industry, the Company’s architectural glass business proactively
met challenges, adhered to differentiated and diversified development, maintained stable operations throughout the
year, and further enhanced its competitiveness. By deepening market presence and focusing on high-quality projects,
the Company focused on high-potential projects and continued to increase the signing of high-quality projects. By
prioritizing customized and high value-added product businesses, the Company successfully identified new business
growing points and enhanced overall profitability and risk resilience. Moreover, the Company accelerated the
expansion into overseas markets, investing in and building its first overseas intelligent manufacturing factory in Abu
Dhabi, UAE, to accelerate its global expansion and continue to enhance the brand’s international influence. In terms
of internal operations, the Company further advanced its digital transformation to improve the automation and
informatization level of production line, and continuously enhanced production efficiency. Through strengthened
full-chain cost control and refined management, the Company effectively reinforced its operational resilience and
CSG Annual Report 2025
core competitiveness. All these initiatives and consistent strategic execution throughout the year enabled the
Company’s architectural glass business to achieve stable performance in a challenging market, while its diversified
product portfolio has established a strong foundation for sustainable, high-quality growth.
Float glass: In 2025, the glass industry went through a cyclical adjustment and a competition landscape reshuffle.
Against this backdrop, the Company carried on with the differentiated product strategy. On the one hand, it focused
on the domestic high-end market, upheld quality as a top priority, built on “Blue Diamond”, a high-end brand of low-
iron glass series, and continuously increased the market share to become the leader in the industry segment. On the
other hand, the Company optimized its product structure, strengthened market development of high-value-added
products such as industrial glass and automotive glass, expanded new application markets, and continuously
increased the ratio of differentiated products in production and sales, effectively reducing the impact of the downward
trend in the architectural glass market and enhancing the Company’s profitability.
At the same time, the Company continued to reduce costs and increase efficiency internally, effectively reducing the
procurement cost by developing new suppliers and coordinating and organizing the centralized procurement of bulk
raw materials. The production efficiency was improved and production costs were further reduced by strengthening
the lean management and technological innovation of full production process. In 2025, Chengdu Float Glass Line 3
and Wujiang Float Glass Line 2 resumed production, with significant improvements in production efficiency, energy
conservation and consumption reduction, and product quality. This has provided a guarantee for the implementation
of the Company’s differentiated product strategy and has helped improve the profitability of the Company’s float
glass business.
Electronic glass and display business segment
Against the backdrop of the profound evolution of the supply and demand structure on the market, the Company’s
electronic glass business continued to strengthen internal management, deepened R&D innovation, and further
implemented the strategy of cost reduction and efficiency enhancement. For marketing, the Company continued to
actively explore new markets and develop new applications in intelligent electronic terminals, touch control modules,
vehicle-mounted displays, medical equipment, industrial automatic control displays & commercial displays, smart
home and other fields. In 2025, the Company’s overall market share of electronic glass products remained stable. Its
deep double-strengthened electronic glass has been launched on the market, with the market share on a steady upward
trend.
For display devices, in 2025, the Company deeply ploughed its traditional dominant segment of optical coating
material business, developing new products and new application scenarios. Sampling has been successfully
completed and mass production has started in some projects, representing preliminary results. On the other hand, it
continued to develop its vehicle-mounted cover plate business, and the new production capacity project of vehicle-
mounted AG glass and vehicle-mounted multifunctional cover plates achieved a notable year-on-year increase in
production and sales volumes. For the vehicle-mounted touch panel segment, the Company’s production and sales
volumes declined compared with the same period last year due to the shrinking global demand for consumer
electronics and the popularity of in-cell touch technology.
Solar energy business segment
In 2025, driven by policy guidance, technological advancement, and market competition, the photovoltaic industry
accelerated its iterative transformation, overall exhibiting the characteristic of “seeking breakthroughs amid growing
pains”. At the policy level, efforts to curb excessive market competition addressed low-price competition and phased
out inefficient capacity, guiding the industry toward healthy development. Following the reduction of national
subsidies, market-driven competition further pressured companies to improve quality and efficiency. Meanwhile,
supply-demand imbalances in the main industry chain became increasingly apparent, and international trade
CSG Annual Report 2025
protection barriers intensified. As of the end of the report period, the supply-demand imbalance remained unresolved,
product prices continued to trade below cost, and leading companies remained in a loss-making position. In the face
of a challenging industry environment during the report period, the Company took proactive measures, such as
actively supporting industry self-regulation, strictly controlling financial risks, dynamically adjusting its business
strategies, and continuously investing in technological R&D. These efforts have strengthened its core competitive
advantages and laid a solid foundation for navigating the industry cycle.
II. Other management work
In 2025, the Company adhered to the strategic philosophy of “integrity and innovation”, and continued to fully
implement the market policy of “expanding the market, adjusting the structure, and controlling risks” and the cost
control policy of “stabilizing production, improving quality, and controlling costs”. It opened up a new path in the
uncertain environment, vigorously promoted the Group’s development strategies, ensured the steady implementation
of all operation and management tasks, and promoted operational efficiency through management improvement. In
order to ensure the rapid and healthy development of all its industrial sectors, the Company spared no effort to ensure
production safety, continued to promote differentiated operations and the capability of intelligent production, and
deepened market development. The multiple measures it took were listed below.
under the dual cycle of “Internal Improvement and External Expansion” with solid foundations could effectively
support its operation. Furthermore, the Company continuously conducted cost management in multiple aspects, such
as cost reduction and efficiency enhancement, centralized procurement, engineering construction plan optimization,
and lower fuel consumption costs, enhanced the coordination and co-development of its teams, improved efficiency
in service, regulation and decision-making, promoted the Group’s information management and construction of
digital and intelligent factories, gave play to the leading role of information innovation in the improvement of the
capabilities of management and operation, continued to promote management based on the optimized basic standards,
and promoted the construction of the five-star green factories. Moreover, the Company made efforts to improve the
performance in safety management. It redoubled the efforts of hidden danger investigation and rectification,
increased safety and environmental protection training and education, and strengthened the safety foundation for
continuous safe operation. Through the implementation of a series of programs, methods and means for internal
control, the Company facilitated the achievement of the Company’s operation objectives and the response to and
remediation of risk incidents in the business processes. Guided by risk control and efficiency/effect improvement and
focusing on the Group’s strategies of the operation objectives of the current period, the Company promoted the
improvement of its management mechanisms and comprehensively improved its capabilities of risk control and
business management.
the sustainable and healthy development of an enterprise. As the core element of CSG for forming the industrial
barrier of high-value-added business lines, the ability helps the Company maintain its industry-leading position. The
Company has made its comprehensive layout from six perspectives, namely the organizational structure of its R&D
system, intellectual property rights, top-level product design, high-level R&D platforms, senior talent echelons and
the demand for the supporting talent resources. Based on the layout, the Company has formulated the Group’s R&D
strategic plan to guide the Company’s technological innovation and its sustainable development of product R&D. The
Company has also promoted the construction of the R&D system and strengthened R&D and innovation, as it has
facilitated the industrialization of its new products and the cross-industry application of its products. For example, it
has applied its high-alumina electronic glass to automobiles.
company and the core features of the social responsibilities of an enterprise in an industry with high energy
CSG Annual Report 2025
consumption. The Company has always been at the leading level in the industry in terms of the control of energy
consumption and emissions. CSG takes the lead in the industry to realize comprehensive utilization of energy by
means of waste heat power generation and distributed photovoltaic power generation. Adopting an integrated
desulfurization, dust removal and denitrification technology for comprehensive flue gas treatment, it achieves ultra-
low emission, which is far lower than the national pollutant emission permission value. Under the condition of the
same tonnage and the same kiln age, the control of energy consumption and the control of emission per unit of
product have always been at the leading level in the industry. 11 subsidiaries of CSG, including Wujiang CSG Glass
Co., Ltd., Tianjin CSG Energy-Saving Glass Co., Ltd., Xianning CSG Energy-Saving Glass Co., Ltd., Xianning CSG
Photoelectric Glass Co., Ltd., Xianning CSG Glass Co., Ltd. Yichang CSG Photoelectric Glass Co., Ltd., Yichang
CSG Polysilicon Co., Ltd., Hebei Panel Glass Co., Ltd., Hebei CSG Glass Co., Ltd., Yichang CSG Display Co., Ltd.,
and Sichuan CSG Energy-Saving Glass Co., Ltd., were successfully included in the list of “Green Factory”
announced by the Ministry of Industry and Information Technology.
Specifically, the Company vigorously promoted organisational talent development, optimized the organisational
structure and the corresponding staffing and improved the construction of the human resource system. Moreover, the
Company optimized and adjusted the functional organization of the headquarters and business divisions to enhance
business support, as it specified the functions, posts, and staffing of the three-level structure of the Group’s R&D
management and continuously promoted the implementation of organizational optimization of R&D at each level. In
doing so, the Company encouraged all subsidiaries of the Group to establish their own R&D department in a gradual
manner, so as to further improve the R&D system of the Group.
CSG’s brand image. It successfully rolled out the high-quality CSG brand campaign on CCTV and continuously
strengthened the brand presence. It deepened the implementation of the Group’s branding management mechanism,
established a supervision mechanism and management standards based on the branding management measures,
guided the Group’s media relationship maintenance, self-media operation and internal publicity management with the
aforesaid management measures, and further improved the branding management system.
（1） Composition of Operating Revenue
Unit: RMB
Percentage of Percentage of Year-on-year
Amount Operating Amount Operating change
Revenue Revenue
Total Operating Revenue 13,718,969,008 100% 15,455,386,401 100% -11.24%
By Industry
Glass Industry 12,279,595,540 89.51% 13,755,566,623 89% -10.73%
Electronic Glass and Display
Devices Industry
Solar and Other Industries 438,805,482 3.20% 592,199,240 3.83% -25.90%
Unallocated 273,011,502 1.99% 339,265,375 2.20% -19.53%
Inter-segment Elimination -490,432,872 -3.58% -639,613,348 -4.14% -23.32%
By Product
Glass Products 12,279,595,540 89.51% 13,755,566,623 89% -10.73%
Electronic Glass and Display
Device Products
CSG Annual Report 2025
Solar and Other Products 438,805,482 3.20% 592,199,240 3.83% -25.90%
Unallocated 273,011,502 1.99% 339,265,375 2.20% -19.53%
Inter-segment Elimination -490,432,872 -3.58% -639,613,348 -4.14% -23.32%
By Region
Mainland China 12,128,781,752 88.41% 14,255,356,141 92.24% -14.92%
Overseas 1,590,187,256 11.59% 1,200,030,260 7.76% 32.51%
By Sales Model
Direct sales 13,718,969,008 100% 15,455,386,401 100% -11.24%
（2） Industries, products, regions and sales models representing 10% or more of the Company’s operating
revenue or operating profit.
?Applicable □Not applicable
Unit: RMB
Year-on- Year-on-
Year-on-year
Gross year year change
Operating change in
Operating Costs Profit change in in
Revenue Gross Profit
Margin Operating Operating
Margin
Revenue Cost
By Industry
Glass Industry 12,279,595,540 10,505,330,654 14.45% -10.73% -7.44% -3.04%
Electronic Glass and Display
Devices Industry
Solar and Other Industries 438,805,482 398,674,684 9.15% -25.90% -34.58% 12.06%
By Product
Glass Products 12,279,595,540 10,505,330,654 14.45% -10.73% -7.44% -3.04%
Electronic Glass and Display
Device Products
Solar and Other Products 438,805,482 398,674,684 9.15% -25.90% -34.58% 12.06%
By Region
Mainland China 12,128,781,752 10,416,823,308 14.11% -14.92% -12.13% -2.73%
Overseas 1,590,187,256 1,298,056,792 18.37% 32.51% 30.64% 1.17%
By Sales Model
Direct sales 13,718,969,008 11,714,880,100 14.61% -11.24% -8.82% -2.26%
In the event that the statistical scope of the Company’s principal business data is adjusted during the reporting period,
the principal business data for the most recent year adjusted in accordance with the scope at the end of the reporting
period
□Applicable ?Not applicable
（3） Whether the Company’s revenue from sales of physical goods is greater than its revenue from services
?Yes □No
Year-on-year
Industry Item Unit 2025 2024
change
Sales volume 10,000-ton 214 215 -0.47%
Float glass Production volume 10,000-ton 217 221 -1.81%
Inventory volume 10,000-ton 15 12 25%
Sales volume 10,000-M2 48,949 43,864 11.59%
Photovoltaic (PV) glass Production volume 10,000-M2 51,811 45,215 14.59%
Inventory volume 10,000-M 2
CSG Annual Report 2025
Sales volume 10,000-M2 1,438 1,441 -0.21%
Insulating glass Production volume 10,000-M 2
Inventory volume 10,000-M2 35 36 -2.78%
Sales volume 10,000-M 2
Coated glass Production volume 10,000-M 2
Inventory volume 10,000-M2 222 157 41.40%
Sales volume ton 287,775 297,167 -3.16%
Electronic glass Production volume ton 287,786 304,161 -5.38%
Inventory volume ton 28,284 29,151 -2.97%
Sales volume ton 6,035
High-purity crystalline
Production volume ton 7,067
silicon (Polysilicon)
Inventory volume ton 862 74 1,064.86%
Sales volume 10,000-piece 10,765 14,192 -24.15%
Silicon wafer Production volume 10,000-piece 13,380 13,446 -0.49%
Inventory volume 10,000-piece 2,743 128 2,042.97%
Reasons for major changes (over 30% year-on-year) in relevant data
√ Applicable □ Not applicable
and sales rhythms.
crystalline silicon were mainly because the Company’s Qinghai base entered its trial-production phase.
sales rhythms.
（4）Status of performance as of the end of the reporting period of major sales contracts and major
procurement contracts entered into by the Company
?Applicable □Not applicable
Status of performance as of the end of the reporting period of major sales contracts entered into by the Company
?Applicable □Not applicable
Unit: Ten thousand RMB
Amount Whet Explanati Sales
Sales
Total performe Amount her on for revenue Collection
Contract Total revenue
amount d during remaining perfor abnormal recognised status of
subject Counterparty contract recognised
performed the to be med performa during the accounts
matter amount cumulativel
to date reporting performed norma nce (if reporting receivable
y
period lly any) period
LONGi Solar
Technology Co., Ltd.、
LONGi Solar
Technology(Zhejiang)
Photovoltai Not
Co., Ltd.、LONGi Solar
c (PV) 650,000 134,273 7,847 0 Yes Applicabl 6,966 120,982 Normal
Technology (Taizhou)
glass e
Co., Ltd.、Longi Solar
Technology(Yinchuan)
Co., Ltd.、LONGi Solar
Technology (Chuzhou)
CSG Annual Report 2025
Co., Ltd.、LONGi Solar
Technology (Datong)
Co., Ltd.、LONGI
(H.K.) TRADING
LIMITED、LONGi
(Kuching) Sdn Bhd、
LONGi Solar
Technology(Xianyang)
Co., Ltd.、LONGi Solar
Technology (Jiangsu)
Co., Ltd.、LONGi Solar
Technology(Jiaxing)
Co., Ltd.、Xi’an LONGi
Green Energy
Architecture Technology
Co., Ltd.
Not
High-purity
Trina Solar Co., Ltd. 2,121,000 32,963 999 2,088,037 Yes Applicabl 884 29,171 Normal
Polysilicon
e
Solar Grade Not
Primary Customer A, Customer B 999,900 30,832 969,068 Yes Applicabl 27,285 Normal
Polysilicon e
Solar Grade Not
Primary Customer 1,970,000 4,826 4,826 1,965,174 Yes Applicabl 4,271 4,271 Normal
Polysilicon e
Note: The above material contracts are long-term sales contracts signed between the Company and its customers. The
total supply volume is agreed in the contracts, while the prices of specific orders are negotiated monthly. The total
transaction amount under the contracts shall be subject to the final actual transaction amount.
Performance status of material procurement contracts entered into by the Company as of the end of the reporting
period
□Applicable ?Not Applicable
（5） Composition of Operating Cost
Industry and Product Category
Unit：RMB
By Industry Item Percentage of Percentage of year
Amount Amount change
Operating Cost Operating Cost
Materials, labor,
Glass Industry 10,505,330,654 89.68% 11,349,404,254 88.33% -7.44%
depreciation, etc.
Electronic Glass and Materials, labor,
Display Devices Industry depreciation, etc.
Materials, labor,
Solar and Other Industries 398,674,684 3.40% 609,449,353 4.74% -34.58%
depreciation, etc.
Unit：RMB
Year-on-
By Product Item Percentage of year
Percentage of
Amount Amount Operating change
Operating Cost
Cost
Materials, labor,
Glass products 10,505,330,654 89.68% 11,349,404,254 88.33% -7.44%
depreciation, etc.
Electronic glass and display Materials, labor,
device products depreciation, etc.
Solar and other products Materials, labor, 398,674,684 3.40% 609,449,353 4.74% -34.58%
CSG Annual Report 2025
depreciation, etc.
Note: The main components of operating costs include materials, labor, depreciation, etc. To avoid disclosure of trade
secrets that could harm the interests of the listed company and its investors, operating cost is only disaggregated and
disclosed by the Company's business segments and product categories.
（6） Whether the scope of consolidation changed during the reporting period
?Yes □No
For details, see Note IX, Changes in the Scope of Consolidation, in Section VIII, Financial Report.
（7） Information regarding significant changes or adjustments in the Company’s business, products or
services during the reporting period
□Applicable ?Not applicable
（8） Information on major customers and major suppliers
Information on the Company’s major customers
Total sales amount of top five customers (RMB) 2,858,327,701
Percentage of total sales amount of top five customers to total annual sales 20.84%
Percentage of sales to related parties among top five customers to total annual sales 0%
Information on the Company’s top 5 customers
No. Customer name Sales amount (RMB) Percentage of total annual sales
Total -- 2,858,327,701 20.84%
Explanation of other matters concerning major customers
□Applicable ?Not applicable
Information on the Company’s major suppliers
Total purchase amount of the top five suppliers (RMB) 3,459,479,942
Percentage of total purchase amount of the top five suppliers to total annual purchase amount 31.50%
Percentage of purchases from related parties among the top five suppliers to total annual
purchase amount
Information on the Company’s top 5 suppliers
Percentage of total annual
No. Supplier Purchase amount (RMB)
purchase amount
Total -- 3,459,479,942 31.50%
CSG Annual Report 2025
Explanation of other matters concerning major suppliers
□Applicable ?Not applicable
Whether the proportion of the Company’s trading business revenue to operating revenue exceeds 10% during the
reporting period
□Applicable ?Not applicable
Unit: RMB
Year-on-year Explanation of material
change changes
Selling expenses 294,891,682 289,402,862 1.90%
Administrative expenses 740,357,271 791,021,833 -6.40%
Financial expenses 217,209,876 183,964,983 18.07%
Research and development expenses 519,332,680 611,497,261 -15.07%
√ Applicable □ Not applicable
Name of the major Expected impact on the
Purpose Progress Target
R&D project Company’s future development
The energy consumption of
glass kilns decreases
Key technological significantly, and the energy
Optimize glass kiln structures
innovations and consumption per unit product is
and develop energy-saving The project has been
application at an advanced level in the
combustion technologies that successfully The energy
development for industry. The resulting
maximize alignment with kiln completed, with unit consumption of
synergistic energy- reduction in manufacturing
design to reduce energy product energy kilns reaches
saving through costs not only strengthens the
consumption, cut costs, consumption industry leading
combustion efficiency Company’s ability to withstand
improve efficiency, and lower reaching advanced levels.
and structural market competition but also
emissions, thereby enhancing levels.
optimization in large serves as a positive benchmark
corporate competitiveness.
glass kilns for energy conservation and
emissions reduction across the
industry.
Ultra-thin glass products of and
The project has been below 2 mm enhance
Utilize existing high-tonnage successfully differentiated production
melting kilns, tin baths, and completed, Develop ultra-thin capabilities and fill the gap in
Process development
annealing kilns to produce achieving expected glass below 2 mm the Company’s production of
for producing ultra-thin
ultra-thin glass below 2 mm targets and stable that meets the ultra-thin glass with large-
glass below 2 mm in
with controlled quality production, with high-end needs of tonnage kilns, meeting the
high-tonnage kilns
parameters and consistently sustained mass specific fields. high-end needs of specific
high yield. production fields while improving the
capability. market competitiveness of the
Company’s products.
Development of With the conventional low- The project has been Develop The Company’s low-iron
automotive glass iron float glass market successfully automotive glass automotive glass products have
products on a 300-ton reaching saturation, develop completed, products that meet further refined its differentiated
low-iron production automotive glass products on achieving expected the demand of the product portfolio and enhanced
line the 300-ton low-iron glass targets and stable high-end its market competitiveness.
CSG Annual Report 2025
production line by upgrading production, with automotive glass
relevant processes, thereby sustained mass market.
increasing product value and production
strengthening the market capability.
competitiveness of float glass.
The glass
formulation was
successfully
developed and
This product fills the gap in
achieved mass
Successfully CSG’s deep double-
production at
complete the strengthened glass product
Xianning CSG
Develop and mass-produce a R&D of the KK9 portfolio, enhances CSG’s
Photoelectric Glass
Formulation deep double-strengthened glass formulation competitiveness in the mid- to
in August 2025. The
development and mass (KK9) glass to meet market and achieve mass high-end double-strengthened
product is currently
production of deep demand for deep double- production on the cover plate market, and, with
in the market
double-strengthened strengthened glass and production line, KK9’s excellent performance,
promotion stage,
(KK9) glass increase CSG’s market share setting a new consolidates CSG’s position in
having preliminarily
in electronic glass. record for overall the high-end protective film
passed performance
finished product market and further enables the
verification by cover
yield. substitution of imported glass
plate manufacturers
materials.
and several end
customers, as well as
high-end protective
film manufacturers.
The product expands CSG’s
ITO glass for Develop ITO
Introduce CSG’s ITO glass ITO product portfolio into the
perovskite solar cells glass products
products into the perovskite perovskite solar cell industry,
Development of ITO has been developed with specific
solar cell industry to broaden broadens application areas, and
glass products for and passed customer optoelectronic
the application areas and enables cross-industry
perovskite solar cells validation, with properties for
enable the Company to capture utilization, thus enhancing the
mass production and perovskite solar
industry growth benefits. Company’s competitiveness in
delivery achieved. cells.
the ITO glass market.
An ITO high-
transparency
conductive glass
The product expands CSG’s
Introduce CSG’s ITO glass product, which can
ITO product portfolio into the
Development of high- products into the electronic be used as a Develop a high-
electronic paper industry,
transparency paper industry to meet conductive substrate transparency ITO
broadens application areas, and
conductive glass for customers’ customized needs for electronic paper glass for
enables cross-industry
electronic paper and expand the application films, has been electronic paper
utilization, thus enhancing the
applications areas of CSG’s ITO glass developed and applications.
Company’s competitiveness in
products. passed customer
the ITO glass market.
validation, with
small-batch
shipments achieved.
The developed Develop a water-
water-based based defoamer
defoaming agent has for photovoltaic The Company holds proprietary
Develop a water-based
entered mass glass melting defoaming technology for
defoaming agent for
production. kilns to photovoltaic glass kilns,
R&D of defoaming photovoltaic glass kilns to
Validation results effectively breaking existing industry
agents for photovoltaic reduce foam formation during
show excellent improve white monopolies. By fully replacing
glass melting kilns glass batch melting, improve
defoaming foam interface, externally sourced defoaming
glass quality, and lower energy
performance, thereby increasing agents, it achieves significant
consumption.
enabling full the finished reductions in operating costs.
substitution of product yield by
purchased more than 0.3%.
CSG Annual Report 2025
defoaming agents.
The mass pilot
production has been
successfully Complete full-
Build new capabilities for completed and process The technology creates
precision microcrystalline verified, and the technology, significant incremental value
glass processing based on the project is now in secure multiple and profit contributions, and
Development of
core silicon wafer cutting capacity and stable optimizes the Company’s
microcrystalline slicing
technology platform, thus customer resource microcrystalline business structure, thereby
technology
extending the photovoltaic reserve phase, glass customers, building a more resilient and
manufacturing value chain into further expanding and form a growth-oriented sustainable
high-value-added materials. into the strategically sustainable order development model.
emerging supply model.
microcrystalline
glass market.
Core technology
Develop new-generation
R&D and prototype Standardize
crystalline silicon BIPV
validation have been product and
modules to overcome The Company’s technological
completed, with all enable project
challenges in large-size front- and market leadership in the
key indicators delivery, advance
Development of side busbar design and high- BIPV field has been
meeting multiple
crystalline silicon reliability encapsulation established, supporting its
expectations and demonstration
BIPV modules processes, thereby creating transformation and upgrading
mass production projects, and form
differentiated products with toward a green building system
achieved. The a proprietary
proprietary intellectual solutions provider.
project is now in the BIPV module
property and superior
commercial delivery product series.
performance.
phase.
Information on the Company’s R&D personnel
Number of R&D personnel (persons) 1,605 1,744 -7.97%
Percentage of R&D personnel to total headcount 11.42% 11.46% -0.04%
Educational background of R&D personnel
Bachelor’s degree 986 965 2.18%
Master’s degree 53 58 -8.62%
Doctor’s degree 3 3 0%
Below bachelor’s degree 563 718 -21.59%
Age composition of R&D personnel
Under 30 372 392 -5.10%
Over 40 442 499 -11.42%
Information on the Company’s R&D expenditure
R&D expenditure 519,332,680 611,497,261 -15.07%
R&D expenditure as a percentage of operating revenue 3.79% 3.96% -0.17%
Capitalised R&D expenditure (RMB) 0 0 0%
Capitalised R&D expenditure as a percentage of total R&D
expenditure
Reasons for and impact of significant changes in the composition of the Company’s R&D personnel
□Applicable ?Not applicable
Reasons for significant changes in the ratio of total R&D expenditure to operating revenue compared with the prior
CSG Annual Report 2025
year
□Applicable ?Not applicable
Reasons for and rationality of significant changes in the capitalisation rate of R&D expenditure
□Applicable ?Not applicable
Unit: RMB
Year-on-year
Item 2025 2024
change
Subtotal of cash inflows from operating activities 14,101,573,283 17,091,986,231 -17.50%
Subtotal of cash outflows from operating activities 12,955,025,986 15,335,062,582 -15.52%
Net cash flows from operating activities (1) 1,146,547,297 1,756,923,649 -34.74%
Subtotal of cash inflows from investing activities 4,523,304,897 656,732,339 588.76%
Subtotal of cash outflows from investing activities 5,804,789,630 2,940,324,884 97.42%
Net cash flows from investing activities (2) -1,281,484,733 -2,283,592,545 -43.88%
Subtotal of cash inflows from financing activities 5,744,711,861 3,917,109,582 46.66%
Subtotal of cash outflows from financing activities 5,998,260,705 3,082,697,508 94.58%
Net cash flows from financing activities (3) -253,548,844 834,412,074 -130.39%
Net increase (decrease) in cash and cash equivalents (4) -386,703,063 316,611,731 -222.14%
Statement on the main factors in the major changes of year on year relevant data
√ Applicable □ Not applicable
(1) It was mainly due to the decrease in cash received from sales of goods or rendering of services.
(2) It was mainly due to the decrease in cash paid to acquire fixed assets, intangible assets and other long-term assets.
(3) It was mainly due to the decrease in the net amount of cash received from borrowings and cash paid to repay
borrowings.
(4) It was mainly due to the change in net cash flow from investing activity.
Explanation of reasons for significant difference between net cash flows from operating activities and net profit for
the current year during the reporting period
□Applicable ?Not applicable
V. Analysis of Non-Operating Activities
?Applicable □Not applicable
Unit：RMB
Percentage of Whether
Amount Explanation of reasons
total profit sustainable
Mainly consisting of bill discount interest and
Investment revenue -11,090,098 -11.19% No
wealth management income, etc.
Gain/loss from changes Mainly consisting of the change in fair value of
-9,045,057 -9.13% No
in fair value investment properties
Mainly consisting of impairment losses on long-
Asset impairment -256,359,957 -258.75% No
term assets, etc.
CSG Annual Report 2025
Mainly consisting of payables that cannot be
Non-operating revenue 58,384,012 58.93% No
paid, etc.
Mainly consisting of compensation expenses
Non-operating expenses 11,487,439 11.59% No
and losses on disposal of non-current assets, etc.
VI. Analysis of Assets and Liabilities
Unit: RMB
At the end of 2025 At the beginning of 2025
Percentage Percentage Change in Explanation of significant change
Amount Amount proportion
of total of total
(RMB) (RMB)
assets assets
Cash and cash
equivalents
Accounts
receivable
Inventories 1,969,149,555 6.29% 1,587,828,028 5.09% 1.20%
Investment
properties
Fixed Assets 13,897,777,933 44.39% 42.17% 2.22%
Construction in
progress
Right-of-use assets 64,277,229 0.21% 64,804,837 0.21% 0%
Short-term
borrowings
Contract liabilities 369,377,265 1.18% 354,215,784 1.13% 0.05%
Long-term
borrowings
Lease liabilities 23,057,883 0.07% 21,650,607 0.07% 0%
Financial assets Mainly due to the purchase of
held for trading structured deposits
Mainly due to the increase in
Receivables discounting of part of the high
financing credit rating bills received from
sales collection
Mainly due to the reversal of the
Other receivables 54,386,121 0.17% 165,872,735 0.53% -0.36% talent fund as a result of the court
judgment against the Company
Mainly due to the increase in
Assets held for sale 5,262,859 0.02% 0% 0.02% assets held for sale by certain
subsidiaries
Mainly due to the provision for
Goodwill 3,039,946 0.01% 8,593,352 0.03% -0.02%
impairment of goodwill
Mainly due to the increase in
Other non-current large-denomination certificates of
assets deposit with a maturity of more
than one year purchased
Mainly due to the increase in bill
Other current endorsements that do not meet
liabilities derecognition criteria for certain
subsidiaries
Mainly due to the increase in
Provisions 27,378,869 0.09% 13,137,220 0.04% 0.05% pending lawsuits, etc. for certain
subsidiaries
Mainly due to the reversal of the
Deferred income 301,071,111 0.96% 487,252,038 1.56% -0.60%
talent fund as a result of the court
CSG Annual Report 2025
judgment against the Company
Mainly due to the Company’s
Treasury shares 296,770,027 0.95% 0% 0.95%
share repurchase
The proportion of overseas assets is relatively high
□Applicable ?Not Applicable
?Applicable □Not Applicable
Unit: RMB
Gain/loss Cumulativ
Impairment Amount
from changes e change
Balance at recognised purchased Amount sold
in fair value in fair Balance at end
Item beginning of during the during the during the Other changes
during the value of 2025
reporting recognised
period period
period in equity
Financial assets
held for trading
(excluding 96,000,000 4,603,000,000 4,469,000,000 230,000,000
derivative
financial assets)
Subtotal of
financial assets
Investment
properties
Receivables
financing
Total of the above 1,188,315,564 -9,045,057 4,603,000,000 4,469,000,000 -263,706,242 1,049,564,265
Financial
liabilities
Other Changes
or endorsed；
for leasing during the year, and the reclassification of owner-occupied buildings to investment properties.
Whether the measurement attributes of the Company’s major assets have changed significantly during the reporting
period.
□Yes ?No
Unit: RMB
Item Amount of restrictions Reasons for restrictions
Cash and cash equivalents 136,004,824 Liquidity restrictions due to deposits, freezing, etc.
Notes receivable 734,789,756 Restricted due to pledge
CSG Annual Report 2025
Inventories 50,000,000 Restricted due to freeze
Construction in progress 939,958,261 Restricted due to finance lease
Total 1,860,752,841
VII. Analysis of Investment Activities
?Applicable □Not applicable
Amount during the reporting period
Amount during the same period of the prior year (RMB) Change
(RMB)
□Applicable ?Not applicable
?Applicable □Not applicable
CSG Annual Report 2025
Unit: RMB
Accumulativ
Fixed Accumulative Reasons for not
Way of asset Amount e revenue
amount actually achieving the Date of Index of
Industry invested Source of Expected achieved by
Project name investme invest invested by the Progress of project planned progress disclosure (if disclosure (if
involved during the funds revenue the end of
nt ment end of the and the expected applicable) applicable)
report period the report
or not report period revenue
period
Based on a
comprehensive
review of the
As of the current market and
Own funds and disclosure date of
Zhaoqing CSG High-grade economic Announceme
Manufacturing loans from this report, the 13 December
Automotive Glass Self-built Yes 147,601,326 environment, it is nt number:
industry financial unconstructed 2019
Production Line Project portion has been proposed to 2019-077
institutions
terminated. terminate the
unconstructed
portion of the
project.
Wujiang CSG Part of the project
Own funds and
Architectural New has been completed, Announceme
Manufacturing loans from Partially put into
Architectural Glass Self-built Yes 55,189 87,591,699 and the revenue 24 June 2020 nt number:
industry financial production
Intelligent Manufacturing thereof has been 2020-051
institutions
Plant Construction Project reflected in profits.
Own funds and
No revenue as the Announceme
CSG East China Manufacturing loans from 27 August
Self-built Yes 7,538,121 41,528,163 Under construction project is still in the nt number:
Headquarters Building industry financial 2021
construction period. 2021-039
institutions
Part of the project
has been completed
As of the and put into
CSG Guangxi Beihai Own funds and disclosure date of operation, and the
Photovoltaic Green Energy Manufacturing loans from this report, the corresponding
Self-built Yes 177,178,868 1,688,850,624 September nt number:
Industrial Park Project industry financial unconstructed income has been
portion has been 2021 2021-041
(Phase I) institutions recognized in
terminated.
current profits.
Based on a
comprehensive
CSG Annual Report 2025
assessment of the
current economic
situation and
industry
development trends,
it is proposed to
terminate the
unconstructed
portion of the
project.
Upon a
Hefei CSG Energy-saving Own funds and As of the comprehensive
disclosure date of Announceme
Glass Intelligent Manufacturing loans from assessment, it is 15 October
Self-built Yes 3,204,661 this report, the nt number:
Manufacturing Industry industry financial project has been proposed to 2021
Base Project institutions terminated. terminate the
project.
Xianning CSG Energy-
Part of the project
saving Glass Co., Ltd. Own funds and
has been completed, Announceme
Production Line Manufacturing loans from Partially put into 3 December
Self-built Yes 32,254,936 93,575,875 and the revenue nt number:
Reconstruction and industry financial production 2021
thereof has been 2021-051
Expansion Construction institutions
reflected in profits.
Project
Phase I Upgrading and
Own funds and
Technical Transformation No revenue as the Announceme
Manufacturing loans from 25 December
Project of Qingyuan CSG Self-built Yes 2,284,128 34,057,556 Under construction project is still in the nt number:
industry financial 2021
Energy-Saving New construction period. 2021-053
institutions
Materials Co., Ltd.
High-purity crystalline
Own funds and
silicon project with an The project is in The project is in the Announceme
Manufacturing loans from
annual output of 50,000 Self-built Yes 360,538,064 4,043,168,598 the trial production trial production 23 June 2022 nt number:
industry financial phase
tons in Haixi Prefecture, phase 2022-024
institutions
Qinghai Province
CSG Egypt 1400T/D Own funds and
Construction has 27 Announceme
Photovoltaic Glass Manufacturing loans from Construction has
Self-built Yes not yet September nt number:
Production Line industry financial commenced. not yet commenced.
Construction Project institutions
Total -- -- -- 579,849,306 6,139,578,502 -- -- -- -- -- -- --
CSG Annual Report 2025
(1) Information on Securities Investments
□Applicable ?Not applicable
The Company had no securities investments during the reporting period.
(2) Information on Investments in Derivatives
□Applicable ?Not applicable
The Company had no investments in derivatives during the reporting period.
VIII. Disposal of Significant Assets and Equity Interests
□Applicable ?Not applicable
The Company did not dispose of any significant assets during the reporting period.
□Applicable ?Not applicable
IX. Analysis of Major Subsidiaries and Associates
?Applicable □Not applicable
Information on major subsidiaries and associates whose net profit impact on the Company reaches 10% or more
Unit: RMB
Registered Operating Operating
Name of company Type Main business Total assets Net assets Net profit
capital income profit
Production
Wujiang CSG and sales of 565.0418
Subsidiary 1,221,590,470 817,165,105 386,737,214 -87,095,847 -69,536,310
Glass Co., Ltd. special glass million
and solar glass
Anhui CSG
Silicon Valley
Mingdu Mining Subsidiary Mining 360 million 903,595,537 206,754,801 21,230,170 -64,758,338 -48,586,368
Development Co.,
Ltd.
Production
Chengdu CSG and sales of
Subsidiary 260 million 919,133,958 491,080,675 840,273,192 -16,057,771 -14,061,907
Glass Co., Ltd. various
special glass
Production
Hebei CSG Glass $48.066
Subsidiary and sales of 868,258,053 544,508,523 693,371,985 -32,751,156 -20,663,187
Co., Ltd. million
various
CSG Annual Report 2025
special glass
Production
Dongguan CSG
and sales of
Solar Glass Co., Subsidiary 480 million 1,378,559,800 983,087,759 689,675,153 -110,090,091 -91,444,811
special glass
Ltd.
and solar glass
Anhui CSG New
Production
Energy Material
Subsidiary and sales of 1,750 million 5,635,914,748 2,386,514,206 3,053,452,108 24,829,122 33,744,036
Technology Co.,
solar glass
Ltd.
Guangxi CSG
New Energy Production
Material Subsidiary and sales of 850 million 2,828,401,252 906,126,591 1,512,248,068 127,772,482 116,756,501
Technology Co., solar glass
Ltd.
Dongguan CSG Deep
Architectural Subsidiary processing of 270 million 961,491,718 519,776,029 768,151,061 106,379,049 95,948,758
Glass Co., Ltd. glass
Tianjin CSG Deep
Energy-Saving Subsidiary processing of 336 million 1,071,745,271 710,329,999 1,002,438,034 105,478,651 93,276,439
Glass Co., Ltd. glass
Sichuan CSG
Deep
Energy
Subsidiary processing of 180 million 783,085,534 471,421,308 575,589,731 62,129,907 56,175,498
Conservation
glass
Glass Co., Ltd.
Wujiang CSG
Deep
East China
Subsidiary processing of 320 million 992,476,995 660,624,967 781,685,495 49,222,470 44,608,128
Architectural
glass
Glass Co., Ltd.
Xianning CSG Deep
Energy-saving Subsidiary processing of 215 million 750,053,741 368,157,969 668,634,320 59,591,549 56,482,715
Glass Co., Ltd. glass
Zhaoqing CSG Deep
Energy-Saving Subsidiary processing of 200 million 576,461,460 296,632,923 508,117,234 35,100,068 34,478,507
Glass Co., Ltd. glass
Production
and sales of
Yichang CSG
high-purity 1,467.98
Silicon Materials Subsidiary 1,532,844,110 784,993,707 116,266,940 -264,730,434 -246,430,021
silicon million
Co., Ltd.
material
products
Production
and sales of
Dongguan CSG high-tech
Subsidiary 516 million 480,041,376 44,362,957 134,729,492 -18,015,417 -14,173,056
PV-tech Co., Ltd. green battery
products and
components
Research and
development
of emerging
Anhui CSG energy
Photovoltaic Subsidiary technologies, 30 million 113,098,070 57,292,840 20,976,730 12,143,143 12,143,143
Energy Co., Ltd. and power
generation
technical
services
Hebei Panel Glass Development
Subsidiary 243 million 503,455,512 191,868,819 128,572,983 -30,454,289 -23,736,062
Co., Ltd. and
CSG Annual Report 2025
production of
various ultra-
thin electronic
glass
Development
and
Yichang CSG production of
Subsidiary 560 million 782,803,473 468,402,167 338,115,109 12,286,356 13,487,679
Display Co., Ltd. various
display
devices
Shenzhen CSG Production
Display and sale of
Subsidiary 143 million 1,115,554,269 639,073,627 47,561 -21,653,537 -21,560,604
Technology Co., display
Ltd. components
CSG (Hong
Investment HK$264
Kong) Investment Subsidiary 805,593,669 363,573,879 301,067,236 27,844,701 27,698,948
and trade million
Co., Ltd.
Development,
design,
Shenzhen CSG technical
Applied consulting,
Subsidiary 69.12 million 514,881,189 419,215,159 3,479,375 -15,411,815 -12,732,449
Technology Co., technology
Ltd. transfer and
sale of various
glass products
Particulars about subsidiaries obtained or disposed in report period
√ Applicable □ Not applicable
The methods of acquiring and The impact on overall
Name of company disposing of subsidiaries during production and operation as
the reporting period well as performance
CSG VINA COMPANY LIMITED（南玻越南有限公司） New establishments No impact
CSG MIDDLE EAST FOR GLASS INDUSTRY-L.L.C-
New establishments No impact
S.P.C（南玻（中东）玻璃工业有限公司）
Changshu CSG New Energy Co., Ltd. De-registration No impact
Zhuhai CSG Commercial Factoring Co., Ltd. De-registration No impact
Description of main holding and shareholding companies
Co., Ltd., Dongguan CSG Solar Glass Co., Ltd., and Anhui CSG New Energy Material Technology Co., Ltd. were
mainly due to the downturn in the float glass and photovoltaic glass markets.
new second production line was put into operation, resulting in substantial increases in production volume, sales
volume, and exports.
production and sales volumes as well as declining market prices.
production and sales volumes.
were mainly due to the higher amount of asset impairment provisions recognized in the prior year.
lower period expenses, as well as asset impairment provisions in the prior year.
CSG Annual Report 2025
products and reduced period expenses.
financial expenses.
deferred tax liabilities resulting from the adjustment of the income tax rate in the prior year.
X. Information on Structured Entities Controlled by the Company
□Applicable ?Not applicable
XI. Outlook of the Company’s future development
Please refer to the relevant content of “II. Particulars about the industry the Company engages in during the report
period”.
The Group will formulate strategic development goals and implement strategic development plans under the guidance
of the national strategic goals of “dual carbon”, with a focus on “low carbon and energy saving, green and
environmental protection, scientific and technological innovation, and intelligent manufacturing”. The Company
forms the three industrial clusters of energy-saving glass, electronic glass and photovoltaic materials, and create the
three high-grade products of “Ice Kirin” multi-silver low-E glass, “Kirin King” high-grade electronic glass and “Blue
Diamond” low-iron glass. The Company will integrate industrial resources, strengthen the advantage of raw material
resources, improve technology and R&D strength, continue to enhance its core competitiveness, expand market share
and market influence, occupy a dominant position in the industry, and comprehensively improve the credibility and
influence of the CSG brand. Also, it will plan the layout of the CSG industry from a global and macro perspective,
accelerate the development of new industries and consolidate the Company’s capability to resist cyclical risks, and
build CSG into an internationally influential enterprise group spanning both the upstream and downstream portions of
the glass industry and the energy industry.
① Strengthen the capability of group operation and management, improve the level of fine management and
professional management, and promote the implementation of such measures as cost reduction and efficiency
enhancement management, supply chain management, internal control process management, and digital
transformation to ensure the completion of the Company’s operation and construction objectives in 2026.
② Build an information platform for R&D management, improve the qualification of the R&D innovation platform
of CSG, plan the pipeline for the development of the next generation of new products, promote technological
upgrading and product iteration, and promote the R&D and industrialization of high-value products.
③ Enhance talent management, establish a remuneration incentive system that links remuneration with performance,
improve the Company’s incentive mechanism, strengthen employee training, select and cultivate reserve cadres,
introduce high-quality talents, and intensify the building of talents echelon.
CSG Annual Report 2025
④ Continue to deepen marketing, consolidate main business orders, enhance promotion of differentiated products,
and strengthen overseas market development;
⑤ Strengthen the capital planning, control capital risks, expand financing channels, and reduce financing costs.
⑥ Continue to promote lean cost management and reduce production costs by improving yield rate and energy
efficiency to enhance market competitiveness.
⑦ Steadily promote the safe construction of projects under construction, optimize incremental assets while
revitalizing existing ones, and explore the relevant industrial chains for breakthroughs.
⑧ Adhere to the “1+2+5” working approach, improve the safety, environmental protection and duty performance
capability management system, and carry on with the building of the informatization management platform for safety
and environmental protection to comprehensively improve safety and environmental protection management.
In 2026, the Company’s capital expenditure is expected to be approximately RMB 2,600 million, which is mainly
used for overseas projects, industrial technology upgrades and transformation, and remaining payments for projects
under construction and completed. The funds will come from the Company’s own funds, financings from financial
institutions, etc.
In 2026, facing the dynamic changes in the political and economic landscape at home and abroad and the task of
building a “Century CSG”, the Company will face the following risks and challenges:
① The international political environment still faces many uncertainties.
Affected by the complicated international political environment, the domestic economy, while generally moving
toward innovation and high-quality development, still faces many challenges and uncertainties. In 2026, the
Company will continue to work hard on its internal strength, reduce various costs, strengthen its attention to the
market, intensify its analysis of market trends, flexibly adjust its strategies, and strive to achieve the annual core work
objectives through steady operation.
② The glass industry is subject to pricing risks caused by intense market competition in similar products and cost
fluctuations in raw materials and fuel. In the photovoltaic glass industry, substantial production capacity is pending
release, and the mismatch between supply and demand remains prominent. This has placed performance pressure on
the Company’s photovoltaic glass business, led to a lengthened accounts receivable cycle, and posed challenges to
both profitability and cash flow. The architectural glass business is encountering increased operational pressure and
rising uncertainty due to intensified market competition. The float glass business faces the risk of temporarily
decreased demand in the downstream architectural glass market. The supply-demand imbalance in the electronic
glass industry has become increasingly severe, intensifying competition risks from similar domestic products. The
solar energy industry is facing a slowdown in installed capacity demand coupled with a temporary supply-demand
mismatch, resulting in operating pressure on the business division of the Company. To cope with the aforesaid risks,
the Company will take the following measures:
A. In the photovoltaic glass segment, on the product side, the Company will align closely with market demand,
optimise the product structure, continue to promote lean management and differentiated operation, and enhance
profitability. On the cost side, the Company is fully committed to the stability of the production process and the
effective improvement of product quality, and will unswervingly and continuously promote cost reduction and
efficiency enhancement and advance special cost control campaigns, so as to strengthen the core competitiveness. On
the sales side, the Company will keep pace with the development trends of the photovoltaic industry. Amid fierce
CSG Annual Report 2025
homogeneous competition, it will explore emerging demand and develop differentiated product advantages,
strengthen efforts to develop differentiated markets, and improve operating efficiency. In addition, it will advance the
layout of overseas production capacity, expand diversified markets to align with incremental overseas demand, and
enhance the export competitiveness of its products.
B. In the architectural glass segment, the Company will continue to fully advance smart manufacturing and digital
upgrading, steadily optimize energy consumption in production and operating costs, and establish a sustainable
system for cost reduction and efficiency increase. Meanwhile, it will focus on high-end constructions, green
renovation and overseas markets to expand growth space and proactively respond to market changes. The Company
will continuously deepen market development, refine market layout, and increase market share. It will strengthen
product development and differentiated innovation, accelerate the application of new products in new scenarios, and
expand its business scope. In addition, it will enhance its end-to-end service capabilities and brand presence to
consolidate its market position. Meanwhile, the Company will pursue market-oriented extension of the industrial
chain to strengthen its overall competitiveness and risk resistance, and maintain its advantageous position in the
industry.
C. In the float glass segment, the Company will persist in pursuing differentiated operations, refining product
structure, and boosting the share of high-value-added offerings. Additionally, the Company aims to enhance
production efficiency through technological upgrades and innovations, as well as lower manufacturing costs through
energy conservation and consumption reduction, thereby consistently enhancing its competitive edge in the industry.
D. In the electronic glass and display segment, facing fierce market competition, the Company will adhere to a
prudent business strategy. It will continue to strengthen CSG’s brand presence for electronic glass, enhance customer
recognition, and maintain a stable market share in the medium-to-high end segment. Meanwhile, the Company will
also proactively expand into new markets and develop new applications to maintain a leading edge in the fiercely
competitive landscape.
E. In the solar energy segment, the Company will adopt curbing excessive market competition as its core operating
strategy, abandon low-price vicious competition, strengthen resource integration across the entire industrial chain,
and closely track changes in upstream and downstream prices, supply and demand, as well as end-market demand. It
will build a core technology patent pool through enhanced R&D efforts, improve operation and management
capabilities, and consolidate its competitiveness in targeted market segments. Meanwhile, the Company will continue
to promote cost reduction and efficiency increase, deepen energy conservation, consumption reduction and cost
control, develop a flexible production system, and manage inventory in a scientific manner. Leveraging the
technological and cost advantages of its new bases as well as the expertise of its professional team, the Company will
achieve dual leadership in both cost and technology.
③ Risk of fluctuation of foreign exchange rate: At present, nearly 11.59% of the operating revenue of the Company
is from overseas, and in the future, the Company will further develop overseas business. Therefore, the fluctuation of
exchange rate will bring certain risk to the operation of the Company. To cope with such risk, the Company will
settle exchange transactions in a timely manner, and use safe and effective risk hedging instrument and product to
relatively lock exchange rate, thus reducing the risk caused by fluctuation of exchange rate.
XII. Reception of Research, Communication and Interview Activities During the Reporting
Period
?Applicable □Not applicable
Reception Reception Main topics Index to basic
Reception date Type of visitors Visitors
location method discussed and information of
CSG Annual Report 2025
materials provided research
GF Securities Co., Ltd.、
Invesco Great Wall Fund
Management Co., Ltd.、Nuode
Asset Management Co., Ltd.、
Zhuque Fund Management Co.,
Ltd.、China International
Capital Corporation Limited、
Shanghai Visione Asset
Management Company For details, see the
Anhui CSG
Limited、Huachuang Record of Investor CNINFO
New ENERGY
On-site Institutional Securities Co., Ltd.、BNB Relations (http://www.cninf
research investors Wealth Management Co., Activities o.com.cn)
Technology
Ltd.、Founder SECURITIES (Reference No.
Co., Ltd.
Co., Ltd.、Anxin Fund 20250318)
Management Co., Ltd.、
Beijing Longrising Asset
Management Co., Ltd.、
Changjiang Securities
Company Limited、Sinolink
Securities Co., Ltd.、Shenwan
Hongyuan Securities、China
Galaxy Securities Co., Ltd..
XIII. Development and Implementation of Market Value Management System and
Valuation Enhancement Plan
Whether the Company has established a market value management system.
?Yes □No
Whether the Company has disclosed a valuation enhancement plan.
□Yes ?No
To regulate its market value management practices, effectively enhance its investment value, increase investor returns,
and safeguard the legitimate rights and interests of the Company and its investors, the Company held an interim
meeting of the 9th Board of Directors on 10 November 2025, to review and adopt the Market Value Management
Rules. The Company shall focus on its core business, improve operational efficiency and profitability. Meanwhile,
based on its actual conditions, it may comprehensively adopt the following measures to enhance its investment value:
mergers and acquisitions, equity incentives, employee stock ownership plans, cash dividends, investor relations
management, share repurchases, and other lawful and compliant methods. For details, please refer to the Market
Value Management Rules disclosed by the Company on www.cninfo.com.cn dated 12 November 2025.
XIV. Implementation of the “Double Improvement of Quality and Return” Action Plan
Whether the Company has disclosed an announcement on the “Double Improvement of Quality and Return” Action
Plan.
□Yes ?No
CSG Annual Report 2025
Section IV. Corporate Governance, Environment and Society
The Company has always strictly complied with the requirements of the Company Law of the People's Republic of
China, the Securities Law of the People's Republic of China, the Code of Corporate Governance for Listed
Companies and other relevant laws and regulations, continuously improving its corporate governance structure,
strengthening information disclosure management, standardizing its operational practices, and striving to establish a
modern enterprise system. In addition, in accordance with the Company’s Articles of Association and other relevant
corporate governance provisions, the Company has formulated various rules and systems that suit its development. At
present, the Company’s governance systems are generally sound, its operations and management are standardized,
and its corporate governance structure is complete, meeting the requirements of the normative documents on
corporate governance for listed companies issued by the China Securities Regulatory Commission.
The Company has established and maintained a relatively standardized corporate governance structure in accordance
with the Company Law of the People's Republic of China and other relevant laws and regulations, as well as the
Articles of Association of the Company, forming a decision-making and operation management system with the
General Meeting, the Board of Directors, the Audit Committee of the Board of Directors and the Senior Management
as its main bodies. Clear division of responsibilities, effective checks and balances, and full performance of duties are
ensured among the authority, decision-making, supervisory and management bodies, all of which perform their
respective functions as stipulated in the Company Law of the People's Republic of China and the Articles of
Association of the Company. In addition, in accordance with the Articles of Association of the Company and other
relevant corporate governance provisions, the Company has formulated the Rules of Procedure for General Meetings,
the Rules of Procedure for the Board of Directors, the General Manager Working Rules and other relevant systems,
providing a systematic guarantee for the standardized operation of the Company’s corporate governance structure.
During the report period, in accordance with the relevant provisions of laws, administrative regulations, departmental
rules and regulatory documents including the Company Law, the Rule of Governance for Listed Company, the
Guidelines for the Articles of Association of Listed Companies and the Listing Rules of Shenzhen Stock Exchange,
the Company revised its Articles of Association and its appendices. Upon the integration of duties, the Supervisory
Committee was abolished, and the Rules of Procedure for the Supervisory Committee was repealed accordingly. All
statutory functions and powers of the Supervisory Committee were assumed by the Audit Committee of the Board of
Directors. By sorting out the list of functions and powers in advance and optimizing work procedures, the Company
achieved seamless connection and smooth transition of the supervision function. Meanwhile, it successfully
completed the appointment of an additional employee director.
The Company operates with a standardized General Meeting and Board of Directors, with the procedures for
convening and holding meetings complying with relevant regulations. The current directors and senior management
actively and effectively fulfill their respective duties and obligations. Independent directors provide opinions and
suggestions on the Company’s development decisions. The Company respects and listens to the opinions and
suggestions of each independent director, and implements them in accordance with the final resolutions of the Board
of Directors and General Meetings, which plays a positive role in safeguarding the interests of the Company and its
minority shareholders. At the same time, the Company provides full support for the independent directors in the
performance of their duties. The Board of Directors has established four special committees, namely the Strategy
Committee, the Audit Committee, the Nomination Committee, and the Remuneration and Appraisal Committee,
which assist the Board of Directors in exercising its functions and provide professional advice and opinions for the
CSG Annual Report 2025
Board’s decision-making. The Board of Directors reports to the General meeting on the directors’ performance of
duties, and the independent directors present their working reports to the General Meeting. The senior management
has clear roles and responsibilities, and operates in compliance with laws and regulations.
The Company strictly complies with the Stock Listing Rules of the Shenzhen Stock Exchange and other relevant laws
and regulations in fulfilling its information disclosure obligations, ensuring that the information disclosed is true,
accurate, complete and timely. The Company has designated Securities Times, China Securities Journal, Shanghai
Securities News, Securities Daily and CNINFO as official media for information disclosure, thereby ensuring that all
shareholders of the Company have equal access to the Company’s operational information. The Company has
established the Information Disclosure Administration System, which is promptly improved in accordance with the
latest promulgated laws and regulations, defining the criteria for inside information, and establishing an insider
information registration and filing system as well as an archive management system. To further strengthen internal
controls over information disclosure, enhance the disclosure awareness of relevant personnel and improve the quality
of the Company’s information disclosure, the Company established an Information Disclosure Committee in 2016
and formulated the Implementing Rules for the Information Disclosure Committee. During the reporting period, the
Company’s information disclosure work achieved truthfulness, completeness, timeliness and fairness, strictly
fulfilling the responsibilities and obligations of a listed company in information disclosure, ensuring that investors
could timely understand the Company’s operating conditions and development strategies. No disciplinary actions by
regulatory authorities were imposed on the Company for information disclosure during the reporting period. In
addition, when filing each periodic report, the Company submitted the Registration Form for Persons with Access to
Inside Information to the Shenzhen Stock Exchange concurrently.
The Company has earnestly implemented the regulatory requirements regarding cash dividends from supervision
department. In accordance with the Guidelines No. 3 on the Supervision and Administration of Listed Companies –
Distribution of Cash Dividends of Listed Companies issued by the China Securities Regulatory Commission and
other relevant provisions, the Company has formulated the Three-Year (2025-2027) Shareholders’ Dividend Return
Plan of CSG Holding Co., Ltd., thereby improving and refining the Company’s profit distribution decision-making
and supervision mechanisms, and protecting the interests of the general investors.
During the reporting period, there were no instances of non-standard governance practices such as providing
undisclosed information to substantial shareholder, nor were there any cases of non-operating fund occupation of the
listed company by substantial shareholders or their affiliated enterprises.
Whether there are any material differences between the actual corporate governance practices of the Company and
the provisions on corporate governance for listed companies as set forth in laws, administrative regulations and the
rules issued by the China Securities Regulatory Commission
□Yes ?No
There are no material differences between the actual corporate governance practices of the Company and the
provisions on corporate governance for listed companies as set forth in laws, administrative regulations and the rules
issued by the China Securities Regulatory Commission.
II. Independence of the Company from its Controlling Shareholder and Actual Controller
in Respect of Assets, Personnel, Finance, Institutions and Business
During the reporting period, the Company maintained strict separation from its substantial shareholders in terms of
business, personnel, assets, institutions and finance, and the Company had independent and complete business
operations and the ability to operate autonomously.
CSG Annual Report 2025
system, and independent product sales agencies and customers, and is therefore fully independent from its substantial
shareholders in its business operations. Neither the major shareholders nor their subsidiaries or affiliates have
engaged in any business identical or similar to that of the Company.
management systems that are independent from those of its substantial shareholders. All of the Company’s senior
managers, the person in charge of accounting work and other senior management personnel have received their
remuneration from the Company since assuming their positions and have not received any remuneration from or held
any positions in the substantial shareholders or any other entities controlled by them. The appointment and dismissal
of directors have been conducted through legal procedures, and the Company’s managers are appointed or dismissed
by the Board of Directors. There has been no instance of the substantial shareholders interfering with any personnel
appointment or dismissal decisions that have already been made by the Board of Directors or the shareholders’
meeting.
over the assets it owns or uses, including production systems, auxiliary production systems and supporting facilities,
land use rights, industrial property rights and non-patented technologies. There has been no instance of the substantial
shareholders occupying or exercising control over such assets, or interfering with the Company’s operation and
management of such assets.
board of directors and an audit committee, appointed senior management personnel and set up relevant functional
departments. The Company’s organisational structure is completely independent from that of its substantial
shareholders, and there is no situation of mixed operations or sharing the same office premises. The substantial
shareholders have not affected the independence of the Company’s operation and management in any way.
accounting system and a financial management system (including a financial management system for its subsidiaries).
The Company’s financial personnel do not hold concurrent positions in the substantial shareholders or their
subsidiaries. The Company maintains separate bank accounts independent from those of the substantial shareholders.
The Company is an independent taxpayer and pays taxes independently, and there is no situation of consolidated tax
filing with the substantial shareholders. The Company is independent in making financial decisions and managing the
use of funds. The Company has not provided any guarantees for the substantial shareholders, their subsidiaries or
other related parties, and there has never been any direct or indirect occupation of the Company’s funds by the major
shareholders or their related parties.
III. Horizontal Competition
□Applicable ?Not applicable
IV. Directors and Senior Management
Number of Number Other Reasons
Number of Number of
Shares of Changes for
Shares Held Shares Held at
Employme Term Start Term End Increased Shares in Changes
Name Gender Age Position at Beginning End of the
nt Status Date Date During the Decrease Sharehol in
of the Period Period
Period d During dings Sharehol
(Shares) (Shares)
(Shares) the (Shares) dings
CSG Annual Report 2025
Period
(Shares)
Chairman of
Chen Lin Female 54 Current 2016/11/19 1,623,065 0 0 0 1,623,065
the Board
Shen
Male 60 Director Current 2022/8/3 0 0 0 0 0
Chengfang
Independent
Zhu Qianyu Female 51 Current 2019/4/10 0 0 0 0 0
Director
Independent
Zhang Min Male 49 Current 2022/11/25 0 0 0 0 0
Director
Independent
Shen Yunqiao Male 50 Current 2023/3/16 0 0 0 0 0
Director
Cheng Jinggang Male 45 Director Current 2020/5/21 0 0 0 0 0
Dai Shugeng Male 60 Director Current 2025/12/18 0 0 0 0 0
Li Jianghua Male 49 Employee Current 2025/12/1 0 0 0 0 0
Cheng Xibao Female 44 Director Current 2016/1/21 0 0 0 0 0
Secretary of
the Party
Committee, Current 2022/5/16
He Jin Male 54 Vice 897,600 0 0 0 897,600
president
Executive
Current 2022/8/15
vice president
Vice
Current 2022/5/16
President
Wang Wenxin Female 48 Chief 154,600 0 0 0 154,600
Financial Current 2022/5/16
Officer
Secretary to
Xu Lei Male 41 the Board of Current 2024/9/23 0 0 0 0 0
Directors
Yao Zhuanghe Male 67 Director Resigned 2020/5/21 2025/8/19 0 0 0 0 0
Total -- -- -- -- -- -- 2,675,265 0 0 0 2,675,265 --
Whether there were any resignations of directors or senior management during their terms of office in the reporting
period
?Yes □No
The Company’s Board of Directors received a written resignation letter from Mr. Yao Zhuanghe, a director, on 19
August 2025. Mr. Yao Zhuanghe applied to resign from his position as a director of the ninth session of the Board of
Directors due to personal reasons.
Changes in Directors and Senior Management of the Company
?Applicable □Not Applicable
Name Position Held Type Date Reason
Yao Zhuanghe Director Resigned 19 August 2025 Personal reasons
Li Jianghua Employee Director Appointed 1 December 2025 Work relocation
Dai Shugeng Director Appointed 18 December 2025 Personal reasons
Professional backgrounds, principal work experience and primary responsibilities with the Company of the current
directors and senior management
Chen Lin: At present, she is Chairman of the Supervisory Committee of Foresea Life Insurance Co., Ltd. and
Chairman of the Board of the Company.
Shen Chengfang：He took the posts of Chief Actuary of Ping An Life Insurance Company of China, Ltd. and Chief
Actuary and Deputy General Manager of Foresea Life Insurance Co., Ltd. At present, he is General Manager and
Executive Director of Foresea Life Insurance Co., Ltd., and Director of the Company.
CSG Annual Report 2025
Zhu Qianyu：At present, she is an associate professor and a supervisor of masters at the Renmin University of China
and a researcher at the Institute for Rural Economy and Finance, Institute for National Development and Strategies,
and Institute for Carbon Peak and Neutrality of the Renmin University of China. She has undertaken more than ten
research projects funded by the National Natural Science Foundation of China, the National Social Science Fund of
China, the Social Science Fund of Beijing, the National Development and Reform Commission, the Ministry of
Science and Technology of the People’s Republic of China, and the Ministry of Industry and Information Technology
of the People's Republic of China, and had over 50 papers published by foreign SSCI and SCI journals and domestic
journals. Additionally, her scientific research achievements won the first, second, and third prizes for social science
research achievements from the National Ethnic Affairs Commission of the People's Republic of China, the third
prize for excellent results from the National Bureau of Statistics, the second prize in the 13th Beijing Outstanding
Achievement Award in Philosophy and Social Science, and the third prize in the Award for Excellent Achievements
in Scientific Research in Institutes of Higher Education of the Ministry of Education (Humanities and Social Science).
She is serving as a project training and evaluation expert at the World Bank, the National Rural Revitalization
Administration, and the Head Office of Agricultural Bank of China, and a reviewer of the National Natural Science
Foundation of China. She is also Independent Director of Chongqing Brewery Co., Ltd., Bank of Guiyang Co., Ltd.,
and the Company.
Zhang Min: He served as a lecturer, an associate professor and Deputy Director of the Department of Accounting of
Renmin Business School at the Renmin University of China, as well as Independent Director of Beijing SPC
Environment Protection Tech Co., Ltd. and SDIC Capital Co., Ltd., At present, he is a professor, a supervisor of
doctors, and Director of the Department of Accounting of Renmin Business School at the Renmin University of
China. Concurrently, he is Independent Director of BYD Co., Ltd. and the Company.
Shen Yunqiao: He previously served as an assistant professor at the Faculty of Law, Macau University of Science and
Technology, a legal adviser for Guangzhou Nansha New Zone and the China (Guangdong) Pilot Free Trade Zone
Nansha Area, and Independent Director of Guangdong Delian Group Co., Ltd. and Hunan Nucien Pharmaceutical
Co., Ltd. At present, he is an associate professor and a supervisor of doctors at the Faculty of Law and Director of the
Research Centre for Arbitration and Dispute Resolution, Macau University of Science and Technology. He is also
Independent Director of the Company. Concurrently, he is Independent Director of Shenzhen Utimes Intelligent
Equipment Co., Ltd., Director of the Commercial Law Institute of China Law Society and the Legislative Law
Institute of China Law Society, an off-campus supervisor of postgraduates and a researcher of the Asia-Pacific
Institute of Law, Renmin University of China, Deputy Director of the Asia-Pacific Arbitration Research Committee
of the Asia-Pacific Institute of Law, Renmin University of China, Deputy Head of the Legal Group of Shenzhen
Decision-making Consultative Committee, Member of Foshan Arbitration Commission, an expert of the Expert Pool
for Legal Services in Artificial Intelligence and Digital Economy of Pazhou, Haizhu District, Guangzhou, a member
of the “100-Member Group for Foreign-related Arbitration” of the Department of Justice of Shandong Province,
Expert Member of the Expert Committee of Qingdao International Commercial Court, Vice Chairman of Macau
Association for Legal Professionals, Arbitrator of the Macau World Trade Center Arbitration Centre, Arbitrator of the
Macau Consumer Dispute Mediation and Arbitration Centre. In addition, he serves as an arbitrator for over 30
arbitration institutions, including the China International Economic and Trade Arbitration Commission, the China
Sports Arbitration Commission, the Beijing Arbitration Commission, the Shanghai International Arbitration Centre,
the Shanghai Arbitration Commission, the Guangzhou Arbitration Commission, the Shenzhen Court of International
Arbitration, the Zhuhai Court of International Arbitration, the Foshan Arbitration Commission, the Hainan
International Arbitration Court, the Nanjing Arbitration Commission, the Suzhou Arbitration Commission, the
Qingdao Arbitration Commission, the Xi’an Arbitration Commission, the Harbin Arbitration Commission, and others.
CSG Annual Report 2025
Cheng Jinggang: He took the posts of Senior Credit Analyst of the Fixed Income Department of Funde Sino Life
Insurance Co., Ltd. and Senior Manager of the Credit Evaluation Department of Sino Life Asset Management Co.,
Ltd. At present, he is Joint Director of the Asset Management Centre of Foresea Life Insurance Co., Ltd., Director of
the Company and Chairman of the Board of Chongqing Shibati Cultural Development Co., Ltd.
Dai Shugeng: He previously served as Associate Professor and Master's Supervisor in the Department of Finance,
School of Economics, Xiamen University; Deputy Director of the Administrative Committee of Longyan National
Economic and Technological Development Zone; Independent Director (second and third sessions) of Fujian
Longyan Rural Commercial Bank Co., Ltd.; Chairman of the Related Party Transaction Control Committee,
Chairman of the Audit Committee, and Chairman of the Remuneration and Nomination Committee of Fujian
Longyan Rural Commercial Bank Co., Ltd. He currently serves as Director of the Company; Director of the
International Finance Teaching and Research Office, Department of Finance, Xiamen University; Professor, Doctoral
Supervisor, and Postdoctoral Co-supervisor; Deputy Chairman of the Professor Committee of China Energy Policy
Research Institute, Xiamen University; Independent Director (third session) of Fujian Zhangping Rural Commercial
Bank Co., Ltd.; Adjunct Professor and Doctoral Supervisor in Management at the International College of Krirk
University and the International College of Lampang Inter-tech College, Thailand. Concurrently, he serves as Dean
of the New Continent International Industry College of Lampang Inter-tech College, Thailand; Academic Vice Dean
of the School of Economics and Management of Xiamen Nanyang College; Council Member of the China Regional
Finance Annual Conference; Council Member of the China Financial Engineering Annual Conference; Expert
Reviewer of the China Scholarship Council; Expert Reviewer of the Humanities and Social Sciences Research
Project of the Ministry of Education; Expert in the Financial Industry of Fujian Province; Council Member (third
session) of the Xiamen Social Development Research Association; and Intellectual Property Expert of Xiamen. In
higher education institutions. In June 2021, he was awarded as one of the “First Batch of High-level Talents of Fujian
Province”, and in May 2022, he was awarded as one of the “First Batch of High-level Talents of Xiamen in 2022
(Municipal Leading Talents)”.
Li Jianghua: He previously served as Chairman of the Supervisory Committee and Employee Supervisor of the
Company, and currently serves as Employee Director and Director of the Information Management Department of
the Company.
Cheng Xibao: She previously served as Manager, Deputy Director, and Executive Deputy Director of the Financial
Department of Shenzhen Baoneng Investment Group Co., Ltd., as well as Assistant to the President, Vice President,
and Senior Vice President of the same company. She also served as Director of Foresea Life Insurance Co., Ltd.,
Supervisor of Guizhou Baoneng Automobile Co., Ltd., Vice President of Baoneng Motor Group Co., Ltd., and
Executive Vice President of Baoneng City Development and Construction Group Co., Ltd. At present, she is Senior
Vice President of Shenzhen Baoneng Investment Group Co., Ltd., and serves as Director of Baoneng Motor Group
Co., Ltd., Qoros Automobile Co., Ltd., Shenzhen Baoneng Travel Co., Ltd., and the Company.
He Jin: He holds a Master’s degree in Management and is a Senior Economist (Professor-Rank). He joined CSG
Holding in 1996 and used to serve as Division Manager, Department Manager and General Manager of subsidiaries,
Vice President of the Float Glass Business Division of the Group, Assistant President of the Group and President of
the Flat & Electronic Glass Business Division of the Group, as well as Vice President of the Group. At present, he is
Secretary of the Party Committee, Acting Chief Executive Officer, Executive Vice President, and Chairman of the
Management Committee of the Company. Concurrently, he is Vice President of China Building Materials Federation,
Vice President of China Architectural Glass and Industrial Glass Association, President of Guangdong Glass
Association, external doctoral supervisor of South China University of Technology, and external postgraduate
supervisor of Tsinghua Shenzhen International Graduate School. He has received a great number of honors, including
CSG Annual Report 2025
the Second Prize of National Building Materials Science and Technology Progress Award, Second Prize of Hubei
Science and Technology Progress Award, and Third Prize of Guangdong Science and Technology Award. He has
also been awarded titles such as “National Model Worker in Building Materials Industry”, “Guangdong Outstanding
Entrepreneur 2014” and “Meritorious Figure of Guangdong Building Materials Industry in 20 Years”.
Wang Wenxin: She took the posts of Assistant President, Director of the Financial Management Department, and
Executive Vice President of CSG. At present, she is Vice President and Chief Financial Officer of the Company.
Xu Lei: He previously served as Analyst at Dagong GLOBAL CREDIT Rating Co., Ltd., Deputy Director of Risk
Control of the Asset Management Center of Foresea Life Insurance Co., Ltd., and Securities Representative and
Deputy Director of the Board of Directors’ Office of CSG Holding Co., Ltd. He currently serves as Secretary to the
Board of Directors of the Company, Director of the Board of Directors’ Office, and Director of the Legal Affairs
Department.
Circumstances where the controlling shareholder and the actual controller also serve as the Chairman of the Board
and the General Manager of the listed company
□Applicable ?Not applicable
Positions held in shareholders’ entities
?Applicable □Not applicable
Received
Name of Positions held in Start date of End date of remuneration from
Name
shareholder’s entities shareholder entities office term office term shareholder’s
entities or not
Foresea Life Chairman of Supervisory
Chen Lin May 2012 Yes
Insurance Co., Ltd. Board
Foresea Life General Manager August 2018 Yes
Shen Chengfang
Insurance Co., Ltd.
Executive Director July 2019 Yes
Foresea Life Director of the Asset
Cheng Jinggang February 2023 Yes
Insurance Co., Ltd. Management Center
Explanation of
Positions Held in
N/A
Shareholder
Entities
Positions Held in Other Entities
?Applicable □Not applicable
Received
Position Held in remuneration
Name Name of Other Entity Term Start Date Term End Date
Other Entity from other
entities or not
Renmin University of China Associate Professor March 2010 Yes
Zhu Qianyu
Chongqing Brewery Co., Ltd. Independent Director May 2022 Yes
Bank of Guiyang Co., Ltd. Independent Director February 2024 Yes
Renmin University of China Professor June 2010 Yes
Zhang Min
BYD Co., Ltd. Independent Director September 2020 Yes
SDIC Capital Co., Ltd. Independent Director September 2019 October 2025 Yes
Macau University of Science and
Associate Professor July 2015 Yes
Technology
Shen Yunqiao Shenzhen Utimes Intelligent Equipment
Independent Director January 2022 Yes
Co., Ltd.
Hunan Nucien Pharmaceutical Co., Ltd. Independent Director June 2023 February 2026 Yes
Cheng Chongqing Shibati Cultural Chairman of the
September 2025 No
Jinggang Development Co., Ltd. Board
Dai Shugeng Xiamen University Professor, Doctoral November 1995 Yes
CSG Annual Report 2025
Supervisor
Fujian Zhangping Rural Commercial
Independent Director June 2024 Yes
Bank Company Limited
Shenzhen Baoneng Investment Group
Senior Vice President November 2020 Yes
Co., Ltd.
Cheng Xibao Baoneng Motor Group Co., Ltd. Director December 2017 No
Qoros Automobile Co., Ltd. Director December 2017 No
Shenzhen Baoneng Travel Co., LTD. Director September 2019 No
Explanation of Positions Held in other entities N/A
Punishment of securities regulatory authority in the last three years to the Company's current and retired directors,
supervisors and senior management during the report period
□Applicable ?Not applicable
Decision-making procedures, basis for determination, and actual payment of remuneration for directors and senior
management
(1) Decision-making procedures: The remuneration of independent directors and external directors not from
shareholder companies is proposed by the Remuneration and Appraisal Committee of the Board of Directors,
reviewed by the Board of Directors, and then submitted to the general meeting for approval. The remuneration of the
Company’s senior management is proposed by the Remuneration and Appraisal Committee of the Board of Directors
and determined upon deliberation by the Board of Directors.
(2) Basis for determination: The remuneration of independent directors and external directors not from shareholder
companies is determined based on industry benchmarks and the Company’s own circumstances. The remuneration of
the Company’s senior management is structured as an annual salary system, consisting of a fixed annual salary and a
performance bonus. The performance bonus, which constitutes incentive-based income, is calculated by the Company
based on overall operating performance and individual assessments. The specific distribution rules are implemented
in accordance with the Company’s annual assessment plan.
(3) Actual payment: The remuneration of independent directors and external directors not from shareholder
companies is RMB 300,000 per person per year, paid on a pro-rata basis based on the actual months served. During
the reporting period, the total remuneration of directors and senior management amounted to RMB 10,424,800.
Remuneration of the Company’s directors and senior management during the reporting period
Unit: Ten thousand RMB
Whether
Total pre-tax remuneration is
Employment remuneration received from
Name Gender Age Position
Status received from affiliated parties
the Company
of the Company
Chen Lin Female 54 Chairman of the Board Current 0 Yes
Shen
Male 60 Director Current 0 Yes
Chengfang
Zhu Qianyu Female 51 Independent Director Current 30 No
Zhang Min Male 49 Independent Director Current 30 No
Shen Yunqiao Male 50 Independent Director Current 30 No
Cheng
Male 45 Director Current 0 Yes
Jinggang
Dai Shugeng Male 60 Director Current 1.17 No
Li Jianghua Male 49 Employee Director Current 186.57 No
Cheng Xibao Female 44 Director Current 0 Yes
CSG Annual Report 2025
Secretary of the Party Committee,
He Jin Male 54 Vice president, Current 300 No
Executive vice president
Vice President, Chief Financial
Wang Wenxin Female 48 Current 295.4 No
Officer
Xu Lei Male 41 Secretary of the Board Current 150.26 No
Yao Zhuanghe Male 67 Director Resigned 19.08 No
Total -- -- -- -- 1,042.48 --
For the year 2025, performance appraisal is not
applicable to the allowances for independent
directors and outside directors from non-
Performance appraisal basis for the actual remuneration received by all
shareholder entities of the Company. Senior
directors and senior executives at the end of the report period
executives of the Company received
corresponding remuneration in accordance with
the Company’s performance appraisal policies.
The performance appraisal was effectively
Performance appraisal for the actual remuneration received by all directors
implemented and completed in compliance with
and senior executives at the end of the report period
the relevant provisions of the Company.
Deferred payment arrangements for the actual remuneration received by all
Not involved
directors and senior executives at the end of the report period
Payment termination and recovery of the actual remuneration received by all
Not involved
directors and senior executives at the end of the report period
Explanation of Other Matters
□Applicable ?Not applicable
V. Performance of Duties by Directors During the Reporting Period
Attendance of Directors at Board Meetings and the General Meeting
Number
Whether
of board Number of
Number of Number of failed to
meetings board Number of Number of
board board attend two
required meetings board general
Name meetings meetings consecutive
to attend attended by meetings meetings
attended in attended by board
during the electronic absent attended
person proxy meetings in
reporting means
person
period
Chen Lin 9 2 7 0 0 No 5
Shen Chengfang 9 2 7 0 0 No 5
Zhu Qianyu 9 0 9 0 0 No 5
Zhang Min 9 2 7 0 0 No 5
Shen Yunqiao 9 1 8 0 0 No 5
Cheng Jinggang 9 2 7 0 0 No 5
Dai Shugeng 0 0 0 0 0 No 0
Li Jianghua 0 0 0 0 0 No 1
Cheng Xibao 9 0 8 0 1 No 5
Yao Zhuanghe 5 0 5 0 0 No 2
Explanation for not attending the board meeting in person for two consecutive times: None
CSG Annual Report 2025
Whether directors raised any objection to the relevant matters of the Company
√ Yes □ No
Name of the
Matter to which the director objected Details of the objection
director
The Proposal on the Buyback of Certain RMB
Ordinary Shares (A Shares) and Domestically Listed
A negative vote was cast. For reasons, please refer to the
Foreign Shares (B Shares) of the Company and the
Announcement on Resolution of the Interim Meeting of
Cheng Xibao Proposal on Convening the First Interim General
the Ninth Board of Directors (Announcement No.: 2025-
Meeting of Shareholders in 2025 reviewed at the
Interim Meeting of the Ninth Board of Directors on 13
February 2025
The Proposal on Provisions for Asset Impairment and
Asset Disposal, the 2024 Work Report of the Board of
Directors, the 2024 Annual Report and Summary, the
A negative vote was cast. For reasons, please refer to the
Financial Final Report 2024, the Internal Control
Announcement on Resolution of the 15th Meeting of the
Cheng Xibao Evaluation Report 2024, and the Special Report of the
Ninth Board of Directors (Announcement No.: 2025-013)
Board of Directors on Self-Inspection of the
dated 28 April 2025 at http://www.cninfo.com.cn.
Independence of Independent Directors reviewed at
the 15th Meeting of the Ninth Board of Directors on
A negative vote was cast. For reasons, please refer to the
The First Quarter Report 2025 reviewed at the Interim
Announcement on Resolution of the Interim Meeting of
Cheng Xibao Meeting of the Ninth Board of Directors on 24 April
the Ninth Board of Directors (Announcement No.: 2025-
The Work Report of the Board of Directors for the A negative vote was cast. For reasons, please refer to the
First Half of 2025, and the 2025 Semi-annual Report Announcement on Resolution of the 16th Meeting of the
Cheng Xibao
and Summary reviewed at the 16th Meeting of the Ninth Board of Directors (Announcement No.: 2025-024)
Ninth Board of Directors on 17 August 2025 dated 19 August 2025 at http://www.cninfo.com.cn.
A negative vote was cast. For reasons, please refer to the
The Third Quarter Report 2025 reviewed at the
Announcement on Resolution of the Interim Meeting of
Cheng Xibao Interim Meeting of the Ninth Board of Directors on 27
the Ninth Board of Directors (Announcement No.: 2025-
October 2025
Explanations
of the directors
For details, please refer to the announcements disclosed by the Company at http://www.cninfo.com.cn.
for their
objections
Whether directors’ proposals and suggestions to the Company have been adopted
?Yes □No
Explanation of directors’ proposals and suggestions that have been adopted or not adopted by the Company
During the reporting period, the Company’s current directors complied with the Company Law of the People's
Republic of China, the Securities Law of the People’s Republic of China, the Rules Governing the Listing of Stocks,
the Guidelines No. 1 for Self-regulation of Listed Companies—Standardized Operation, the Measures for the
Administration of Independent Directors of Listed Companies, and other relevant laws and regulations, as well as the
Articles of Association of the Company and other relevant corporate governance provisions, by attending Board
Meetings and the General Meeting, performing their duties, and putting forward opinions or suggestions on the
CSG Annual Report 2025
Company’s development decisions. The Company respects and listens to the opinions and suggestions of each
director and implements them in accordance with the final resolutions of the Board of Directors and the General
Meeting.
VI. Duty performance of special committees under the Board of Directors in the report
period
Important
Other
Number of comments Specific
Name of the duty
About the members meetings Meeting date Meeting content and objections
Committee perform
held suggestions (if any)
ance
proposed
The Proposal on the Buyback of
Certain RMB Ordinary Shares (A
Approved.
Company was reviewed and
approved.
The Proposal on Provisions for
Chairman of the
Asset Impairment and Asset
Committee: Chen
Lin. Disposal, the Proposal on Profit
Committee 14 April Distribution for 2024, the Proposal
Approved.
Strategy members: Shen 2025 on Conducting Asset Pool
Committee Chengfang, Cheng Business, and the Proposal for the
Jinggang, Shen 2025 Guarantee Plan were
Yunqiao, and Zhu reviewed and approved.
Qianyu. The Proposal on Provisions for
Asset Impairment was reviewed Approved.
and approved.
The Proposal on Investment in the
September Photovoltaic Glass Production Line Approved.
approved.
The Proposal on the Changes in
Accounting Policies, the Financial
Final Report 2024, the Internal
Control Evaluation Report 2024,
the Report on the Performance
Evaluation of the Accounting Firm Approved.
in 2024, and the Report on the
Chairman of the
Audit Committee’s Performance of
committee: Zhang
Supervisory Responsibilities over
Min.
the Accounting Firm were
Audit Committee
Committee members: Shen
Yunqiao, Zhu Approved.
Qianyu, Chen Lin,
The Semi-annual Financial Report
and Cheng Xibao.
appointment of the Audit Approved.
Institution of 2025 were reviewed
and approved.
Matters on the Third Quarter
Report 2025 was reviewed and Approved.
approved.
CSG Annual Report 2025
Chairman of the
committee: Shen
The Matters on Auditing the
Yunqiao.
Remuneration Remuneration of Directors,
Committee 14 April
and Assessment 1 Supervisors and Senior Executives Approved.
members: Zhang 2025
Committee of CSG in 2024 was reviewed and
Min, Zhu Qianyu,
approved.
Chen Lin, and
Cheng Jinggang.
Chairman of the 14 April The Work of Directors in 2024 was
Approved.
committee: Zhu 2025 reviewed and approved.
Qianyu
The Proposal on the By-Election of
Nomination Committee
Committee members: Shen
November Ninth Board of Directors of the Approved.
Yunqiao, Zhang
Min, Chen Lin, and
approved.
Shen Chengfang.
VII. Work of the Audit Committee
Whether the Audit Committee identified any risks of the Company during its supervisory activities in the reporting
period
□Yes ?No
The Audit Committee has no objection to the matters under its supervision during the reporting period.
VIII. Employee Information of the Company
Number of employees of the parent company at the end of the
reporting period
Number of employees of major subsidiaries at the end of the
reporting period
Total number of employees at the end of the reporting period 14,054
Total number of employees receiving remuneration during the
reporting period
Number of retired employees whose expenses are borne by the
parent company and major subsidiaries
Professional Composition
Category Number (Persons)
Production personnel 9,755
Sales personnel 741
Technical personnel 2,269
Financial personnel 153
Administrative personnel 1,136
Total 14,054
Educational Background
Category Number (Persons)
Doctorate 5
Master’s degree 168
Bachelor’s degree 3,404
Associate degree 2,722
CSG Annual Report 2025
Below associate degree 7,755
Total 14,054
In 2025, the Company continued to emphasize the “performance-oriented” principle in its remuneration management,
strengthening the application of organizational and individual performance results, and advocating that remuneration
incentives be tilted towards high-performance organizations and high-performing individuals.
The Company places great emphasis on talent development. In 2025, we continued to deepen the theme of culture-led
and talent-driven enterprise strengthening, closely aligning training and development with business support and
cultural cohesion, aiming to solidify the organizational foundation for sustainable development.
□ Applicable ? Not applicable
IX. Profit Distribution and Capitalization of Capital Reserves of the Company
Formulation, implementation or adjustment of the profit distribution policy, particularly the cash dividend policy,
during the reporting period
?Applicable □Not applicable
The 2024 Annual General Meeting held on 24 June 2025 reviewed and approved the profit distribution plan for 2024,
which provided for a cash dividend of RMB 0.7 (pre-tax) per 10 shares. The Company published the implementation
announcement regarding the rights and dividends distribution in the China Securities Journal, Securities Times,
Shanghai Securities News, Securities Daily and on CNINFO on 17 July 2025, and has completed the distribution of
the rights and dividends.
Special Explanation on Cash Dividend Policy
Whether it complies with the provisions of the Company's Articles of Association or the
Yes
requirements of the General Meeting resolutions:
Whether the dividend standards and ratios are clear and explicit: Yes
Whether the relevant decision-making procedures and mechanisms are complete: Yes
Whether the independent directors fulfill their duties diligently and play their due role: Yes
If the Company fails to distribute cash dividends, it shall disclose the specific reasons and
N/A
the measures to be taken to enhance investor returns going forward:
Whether minority shareholders have adequate opportunities to express their opinions and
Yes
claims, and whether their legitimate rights and interests are fully protected:
If the cash dividend policy is adjusted or modified, whether the conditions and procedures
N/A
are compliant and transparent:
The Company was profitable during the reporting period and the parent company had positive distributable profits
attributable to shareholders, but no cash dividend distribution plan was proposed.
□ Applicable ? Not applicable
Profit Distribution and Capitalization of Capital Reserves for the Reporting Period
?Applicable □Not applicable
Number of bonus shares per 10 shares (shares) 0
Cash dividend per 10 shares (RMB) (pre-tax) 0.2
CSG Annual Report 2025
Share capital base for the distribution plan (shares) 2,989,630,473
Cash dividend amount (RMB) (pre-tax) 59,792,609
Cash dividend amount from other methods (e.g., share repurchase) (RMB) 0
Total cash dividends (including other methods) (RMB) 59,792,609
Distributable profits (RMB) 3,219,525,442
Ratio of total cash dividends (including other methods) to total profit distribution 100%
Information on the Cash Dividend Distribution
Where the Company is in a development stage that is not easily distinguishable and has significant fund expenditure arrangements,
the minimum proportion of cash dividends in the profit distribution shall be 20%.
Details of proposal of profit distribution or share conversion from capital public reserve
According to the Company Law and the Articles of Association, when distributing the after-tax profit of the year, the Company
shall withdraw 10% of the profit as statutory reserve. If the accumulated amount of the Company’s statutory reserve exceeds 50%
of its registered capital, no further withdrawal is required. The accumulated amount of the parent company’s statutory reserve at
the beginning of the period was RMB 1,364,971,613, which was less than 50% of the Company’s registered capital. Therefore, the
statutory reserve of RMB 49,200,046 was withdrawn this year, and no discretionary reserve was withdrawn.
According to the financial report audited by Grant Thornton Zhitong Certified Public Accountants LLP, the net profit attributable
to equity holders of the Company in the consolidated financial statements was RMB 125,668,291 in 2025. The net profit of the
parent company’s financial statements of RMB 492,000,457, plus the parent company’s undistributed profit of RMB
Company’s withdrawal of statutory surplus reserve of RMB 49,200,046, make the profit available for distribution to shareholders
at the end of 2025 at RMB 3,219,525,442. The undistributed profit in the Company’s consolidated financial statements at the end
of 2025 was RMB 8,088,993,418. Based on the principle of the lower of the profit available for distribution in the consolidated
financial statements and the parent company’s financial statements, the accumulated profit available for distribution to
shareholders for the year was RMB 3,219,525,442.
The 2025 profit distribution plan is as follows: In order to enhance investor confidence, effectively safeguard the interests of
investors, and provide better shareholder return, based on its profit available for distribution, the Company intends to distribute
cash dividend of RMB 0.2 (tax included) for every 10 shares to all shareholders based on 2,989,630,473 shares (the total share
capital of 3,070,692,107 shares minus the 81,061,634 shares in the Company’s account of repurchased shares) as of 31 December
shareholders of the listed company for the year. During the year, the amount of share repurchases implemented via centralized
competitive bidding with cash as consideration totaled RMB 296,770,027. The combined amount of cash dividends and share
repurchases was RMB 356,562,636, accounting for 283.73% of the net profit attributable to shareholders of the listed Company
for the year. Among that, the amount of shares repurchased via centralized competitive bidding with cash as consideration and
subsequently retired (hereinafter referred to as the “Repurchase and Retirement”) during the year was RMB 0. The combined
amount of cash dividends and share repurchases and retirement was RMB 59,792,609, accounting for 47.58% of the net profit
attributable to shareholders of the listed Company for the year. For 2025, no bonus shares will be given, and no capital stock will
be converted from provident fund. Where any change occurs to the Company’s total share capital during the period from the
disclosure date of this profit distribution preplan to the registration date of the implementation of the equity distribution, the
Company intends to maintain the same cash dividend per share and adjust the total distribution amount accordingly. The actual
amount of the cash dividend distributed will be determined according to the total share capital on the registration date of the
Company’s implementation of the profit distribution proposal.
As of now, the Company’s share repurchase plan has been completed, and the Company’s shares held through the special account
of repurchased shares will not be eligible for this profit distribution. When this profit distribution plan is implemented, if the total
number of shares eligible for the profit distribution changes, the total amount of cash distribution will be adjusted accordingly
based on the total number of shares eligible for the profit distribution on the record date when the distribution plan is implemented.
The above profit distribution plan must be reviewed and approved by the 2025 Annual Meeting of Shareholders of the Company
before implementation.
CSG Annual Report 2025
X. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans or Other
Employee Incentive Measures of the Company
□ Applicable ? Not applicable
During the report period, the Company had no equity incentive plan, employee stock ownership plan or other
employee incentive measures and the implementation.
XI. Development and Implementation of the Internal Control System during the Reporting
Period
During the reporting period, in accordance with the requirements of the Company Law of the People’s Republic of
China, the Securities Law of the People’s Republic of China, the Code of Corporate Governance for Listed
Companies, the Basic Internal Control Norms for Enterprises and other internal control regulatory rules, the
Company established a sound and comprehensive internal control management system guided by risk management.
The system has been operating effectively, strengthening and standardizing the Company’s internal controls, ensuring
the Company’s standardized operation, enhancing the Company’s management level and efficiency, promoting the
Company’s sustainable development, and protecting the legitimate rights and interests of investors.
□Yes ?No
XII. Management and Control of Subsidiaries by the Company during the Reporting Period
During the reporting period, the Company strengthened the operational supervision of its subsidiaries by establishing
an effective internal control mechanism and implementing an internal control management plan. It established and
improved the internal control system of its subsidiaries, promoted its implementation and continuous improvement. It
carried out process monitoring and special assessments to strengthen the management of process risks of its
subsidiaries. It organized and conducted internal control promotion and training activities for its subsidiaries to foster
a sound internal control environment. It supervised the key businesses of its subsidiaries, providing reasonable
assurance regarding the compliance, reliability of financial reporting, asset security and operational efficiency of its
subsidiaries.
There were irregularities in the management and control of subsidiaries.
□Yes ?No
XIII. Internal Control Evaluation Report or Internal Control Audit Report
Disclosure date of the Internal Control
April 28, 2026
Evaluation Report
Index of disclosure of the Internal Please refer to the “Internal Control Evaluation Report of Nanbo Group for the Year
CSG Annual Report 2025
Control Evaluation Report 2025” published on the Juchao Information Network.
Proportion of total assets of entities
included in the evaluation scope to total
assets in the Company’s consolidated
financial statements
Proportion of operating revenue of
entities included in the evaluation scope
to operating revenue in the Company’s
consolidated financial statements
Deficiency Identification Criteria
Category Financial Reporting Non-Financial Reporting
Material Deficiency:
A. Fraudulent conduct by directors or senior
Material Deficiency:
management;
A. Major decision-making errors
B. Ineffective control environment;
due to flawed decision-making
C. Ineffective internal supervision;
processes for key businesses;
D. Material internal control deficiencies
B. Serious violations of national
reported to management not rectified within a
laws and regulations;
reasonable period;
C. Severe turnover of mid-to-senior
E. Material misstatement identified by
level management or personnel in
external audit but not detected during internal
key technical positions;
control processes;
D. Material or significant
F. Financial reports submitted during the
deficiencies identified in internal
reporting period materially non-compliant,
control evaluation not rectified;
resulting in severe regulatory penalties;
E. Frequent major negative media
G. Other material deficiencies that may affect
coverage.
Qualitative Criteria users’ proper assessment of the financial
Significant Deficiency:
statements.
A. Significant execution deviations
Significant Deficiency:
due to flawed execution processes
A. Absence or ineffectiveness of key
for key businesses;
financial control procedures;
B. Significant fines imposed by
B. Significant misstatement identified by
regulatory authorities for legal or
external audit but not detected during internal
regulatory violations;
control processes;
C. Absence or ineffectiveness of
C. Frequent errors in financial reports
internal control procedures for key
submitted during the reporting period;
businesses.
D. Other significant deficiencies that may
General Deficiency:
affect users’ proper assessment of the
Control deficiencies other than
financial statements.
material deficiencies and significant
General Deficiency:
deficiencies.
Control deficiencies other than material
deficiencies and significant deficiencies.
Material Deficiency:
A. Direct property loss amount ≥
Material Deficiency:
RMB 30 million;
A. Misstatement affecting net profit
B. Group reputation: major negative
(consolidated basis): misstatement amount ≥
news widely circulated across
numerous business sectors or
than RMB 30 million;
extensively reported by national
B. Misstatement affecting asset amounts
media, causing material damage to
(consolidated basis): misstatement amount ≥
corporate reputation requiring six
months or more for restoration.
Significant Deficiency:
Significant Deficiency:
A. Misstatement affecting net profit
Quantitative Criteria A. Direct property loss amount:
(consolidated basis): not a material deficiency
RMB 20 million ≤ amount < RMB
and misstatement amount ≥ 2% of net profit
and absolute amount not less than RMB 20
B. Group reputation: negative news
million;
circulated within the industry or
B. Misstatement affecting asset amounts
reported by local media, causing
(consolidated basis): 0.5% of total assets ≤
some damage to corporate
misstatement amount < 1% of total assets.
reputation requiring three to six
General Deficiency:
months for restoration.
Deficiencies other than material and
General Deficiency:
significant deficiencies.
A. Direct property loss amount:
other deficiencies;
CSG Annual Report 2025
B. Group reputation: negative news
circulated within the Group, causing
minor damage to corporate
reputation requiring less than three
months for restoration.
Amount of significant defects in
financial reports
Amount of significant defects in non-
financial reports
Amount of important defects in financial
reports
Amount of important defects in non-
financial reports
?Applicable □Not applicable
Audit Opinion Paragraph in the Internal Control Audit Report
In accordance with the requirements of the Guidelines for the Audit of Internal Control and the relevant professional standards for
Chinese Certified Public Accountants, we have audited the effectiveness of internal control over financial reporting of CSG
Holding Co., Ltd as at 31 December 2025, and have issued the Internal Control Audit Report (Grant Thornton Audit Report No.
respects, effective internal control over financial reporting as at 31 December 2025 in accordance with the Basic Standard for
Enterprise Internal Control and relevant regulations.
Disclosure of the Internal Control Audit Report Disclosed
Disclosure date of the Internal Control Audit Report April 28, 2026
Please refer to the Internal Control Audit Report of CSG
Index of full disclosure of the Internal Control Audit Report Holding Co., Ltd for the Year 2025 published on the
Juchao Information Network.
Type of opinion expressed in the Internal Control Audit Report Unqualified Standard Opinion
Whether there are any material weaknesses in non-financial reporting None
Whether the accounting firm has issued a non-standard opinion on the Internal Control Audit Report
□Yes ?No
Whether the opinion expressed in the Internal Control Audit Report issued by the accounting firm is consistent with
the opinion expressed in the Board’s self-evaluation report
?Yes □No
Whether a non-standard internal control audit opinion was issued for the reporting period or the prior year
□Yes ?No
XIV. Rectification of Self-Inspection Findings under the Special Campaign on Corporate
Governance of Listed Companies
Not applicable
XV. Environmental Information Disclosure
Whether the listed company and its major subsidiaries are included in the list of enterprises legally required to
disclose environmental information
?Yes □No
CSG Annual Report 2025
Number of enterprises included in the list of enterprises
legally required to disclose environmental information
No. Name of Enterprise Inquiry Index of the Environmental Information Disclosure Report
http://121.29.48.71:8080/#/fill/detail?enpId=B51E7181-0BC5-4F52-
https://39.145.37.16:8081/zhhb/yfplpub_html/#/companyDetails?nam
e=%E5%AE%89%E5%BE%BD%E5%8D%97%E7%8E%BB%E6%9
Anhui CSG New ENERGY Material
Technology Co., Ltd.
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E5%8F%B8&entpId=20251742866463387
https://103.203.219.138:8082/eps/index/enterprise-
&date=2024&type=true&isSearch=true
http://121.29.48.71:8080/#/fill/detail?enpId=757917D7-04E9-4AE8-
B82E-07D9FBD68229&year=2025
http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpris
Xianning CSG PHOTOELECTRIC Glass
Co., Ltd.
b86fa33d03d1&XH=1677750996633009244672&year=2025
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Tianjin CSG ENERGY Conservation Glass https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/ndpl/qyxq?id=2025-
Co., Ltd. 4C7840E9D6A0405BA915E41B401F94E8
http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-
meNew/index.js
http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpris
f41fbc5ce8b1&XH=1677751006162009244672&year=2025
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https://gdee.gd.gov.cn/gdeepub/front/dal/ent/list/detail?entId=8802348
a-ac4d-4ac8-9629-022a8b26eb4d
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Guangxi CSG New ENERGY Material https://permit.mee.gov.cn/perxxgkinfo/xkgkAction!xkgk.action?xkgk
Technology Co., Ltd. =getxxgkContent&dataid=e2c566ce889c4f8b831135e778e605e9
http://110.167.168.147:8074/idp-province/#/enterprise-
overview?enterName=%E9%9D%92%E6%B5%B7%E5%8D%97%E
Qinghai CSG New ENERGY Technology
Co., Ltd.
%E6%8A%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%
B8&ifYearReport=1&ifTempReport=0
Information on environmental incidents involving the listed company: None
XVI. Social Responsibility
The CSG Group 2025 Annual Social Responsibility Report marks the 18th consecutive year that the Company has
issued a social responsibility report. Focusing on the year 2025, the report systematically elaborates on the
Company’s concrete actions in actively fulfilling its social responsibilities and its efforts to implement the Scientific
Outlook on Development, contribute to a harmonious society, and promote sustainable economic and social
development. The full text of this report is available on CNINFO.
CSG Annual Report 2025
XVII. Efforts to Consolidate and Expand the Achievements in Poverty Alleviation and to
Promote Rural Revitalization
During the reporting period, the Company and its subsidiaries actively carried out social welfare and poverty
alleviation activities. For details, please refer to the CSG Group 2025 Annual Social Responsibility Report disclosed
on CNINFO.
CSG Annual Report 2025
Section V. Important Events
I. Implementation of commitment
the Company or the other related parties during the report period and those that hadn't been completed
by the end of the report period
√ Applicable □ Not applicable
Type of Commitment Commitment Implementati
Commitments Promisee Content of commitments
commitments date term on
Commitments for
Share Merger Not Applicable
Reform
Foresea Life Insurance Co.,
Ltd., Shenzhen Jushenghua
Co., Ltd. issued a detailed
report of equity change on By the end of
Commitment of undertook to keep period, the
During the above
horizontal independent from CSG in
Foresea Life period when shareholders
competition, aspects of personnel, assets,
Commitments in Insurance Co., Foresea Life of the
affiliate finance, organization set-up
report of acquisition Ltd, Shenzhen 2015-6-29 remains the Company
Transaction and business as long as had strictly
or equity change Jushenghua largest
and Foresea Life Insurance carried out
Co., Ltd. shareholder of
capital remained the largest their
the Company promises.
occupation shareholder of CSG.
Meanwhile, they made
commitment on regularizing
related transaction and
avoiding industry
competition.
Commitments in
Not Applicable
assets reorganization
Commitments in
initial public offering Not Applicable
or re-financing
Equity incentive
Not Applicable
commitment
Other commitments
for medium and Not Applicable
small shareholders
Other commitments Not Applicable
Completed on time
Yes
(Yes/No)
If the commitments
is not fulfilled on
time, explain the Not applicable
reasons and the next
work plan.
CSG Annual Report 2025
Note: Shenzhen Jushenghua Co., Ltd. transferred its 86,633,447 unrestricted tradable A shares of CSG Group to its wholly-owned
sub-subsidiary Zhongshan Runtian Investment Co., Ltd. through agreement transfer on March 16, 2020. Zhongshan Runtian
Investment Co., Ltd. is obliged to continue to fulfill the commitments made by Shenzhen Jushenghua Co., Ltd. As of the end of
the report period, the above-mentioned shareholders had strictly fulfilled the relevant commitments.
the forecasting period, the Company should explain the reasons why they reach the original profit
forecast.
□ Applicable √ Not applicable
□ Applicable √ Not applicable
II. Particulars about non-operating fund of listed company which is occupied by controlling
shareholder and its affiliated enterprises
□ Applicable √ Not applicable
III. Illegal external guarantee
□ Applicable √ Not applicable
The Company had no illegal external guarantee during the report period.
IV. Explanation from the Board of Directors for the latest "Non-standard audit report"
□ Applicable √ Not applicable
V. Explanation from Board of Directors, Independent Directors (if applicable) for "Non-
standard audit report" of the period that issued by CPA
□ Applicable √ Not applicable
VI. Explanation of changes in accounting policies, accounting estimates or correction of
significant accounting errors compared with the financial report of the previous year
□ Applicable √ Not applicable
During the reporting period, the company did not have any changes in accounting policies, accounting estimates or
corrections of major accounting errors.
VII. Description of changes in consolidation statement's scope compared with the financial
report of the previous year
√ Applicable □Not applicable
CSG Annual Report 2025
Please refer to Section 8 - Financial Reports, Note 9 - Changes in the Scope of Consolidation for details.
VIII. Engaging and dismissing of CPA firm
CPA firm engaged
Name of domestic CPA firm Grant Thornton Zhitong Certified Public Accountants LLP
Remuneration for domestic CPA firm (RMB 0,000) 270
Continuous life of auditing service for domestic CPA firm 3
Name of domestic CPA Yang Hua, Yu Lirong
Continuous life of auditing service for domestic CPA Yang Hua (3 years)、Yu Lirong（1 year）
Name of overseas CPA firm (if any) N/A
Continuous life of auditing service for overseas CPA firm (if any) 0
Name of overseas CPA (if any) N/A
Continuous life of auditing service for overseas CPA (if any) N/A
Name of domestic CPA firm N/A
Whether changed accounting firms in this period or not
□ Yes √ No
Appointment of internal control auditing accounting firm, financial consultant or sponsor
√ Applicable □ Not applicable
Grant Thornton Zhitong Certified Public Accountants LLP was engaged as audit institute of internal control for the
Company in the report period, and contracted charges was RMB 0.30 million (cost of business trips and
accommodation at its own expense).
IX. Delisting after the disclosure of the annual report
□ Applicable √ Not applicable
X. Issues related to bankruptcy and reorganization
□ Applicable √ Not applicable
There were no bankruptcy or restructuring related matters during the reporting period of the company.
XI. Significant lawsuits and arbitrations
√ Applicable □ Not applicable
Recognised
Amount
as estimated Result and Judgement Date of Index of
Basic information involved Progress
liabilities or impact execution disclosure disclosure
(RMB 0,000)
not
Plaintiff: Zhongshan The first The First- Announcements
Runtian Investment Co., instance has instance on Company
Ltd. already made a Not judgment April Involved
Defendant: CSG Holding judgment. The applicable rejected all the 18,2025 Lawsuits on
Co., Ltd. plaintiff has litigation http://www.cnin
Subject of action:Dispute filed an appeal. requests of the fo.com.cn
CSG Annual Report 2025
over the revocation of a Currently, the plaintiff, (Announcement
company resolution. second instance Zhongshan No.:2025-012)
Brief Introduction: As one is underway. Runtian Announcements
of the shareholders of the Investment Co., on Company
defendant, the plaintiff was Ltd. Involved
dissatisfied with the board December Lawsuits on
resolution made by the 23, 2025 http://www.cnin
defendant and filed a fo.com.cn
lawsuit to request the (Announcement
revocation of the board No.:2025-057)
resolution made by the Lawsuits on
defendant's board on http://www.cnin
December
February 13, 2025. fo.com.cn
(Announcement
No.:2025-058)
Plaintiff: Zhongshan
Runtian Investment Co.,
Ltd.
Defendant: CSG Holding
Co., Ltd.
Subject of action: Dispute
over the revocation of a
Announcements
company resolution.
on Company
Brief Introduction:As one of
Involved
the shareholders of the
In the first Not April Lawsuits on
defendant, the plaintiff was 0 No Not applicable
instance applicable 18,2025 http://www.cnin
dissatisfied with the interim
fo.com.cn
shareholders' meeting
(Announcement
resolution made by the
No.:2025-012)
defendant and filed a
lawsuit to request the
revocation of the interim
shareholders' meeting
resolution issued by the
defendant on March 4,
XII. Penalty and rectification
√ Applicable □ Not applicable
Types of
investigati Disclosure Disclosure
Name Type Reason Conclusion (if any)
on and date Index
penalty
In 2024, the company
violated regulations by
using heavy oil as backup
The company was
Anhui CSG fuel, resulting in an
fined RMB 288,000
New Energy increase in the types of
by the Chuzhou
Material Other pollutants emitted. It also Other - -
Municipal Bureau of
Technology failed to reapply for and
Ecology and
Co., Ltd. obtain a new discharge
Environment.
permit, thus violating the
discharge permit
management rules.
CSG Annual Report 2025
The company was
In December 2025, the
fined RMB 496,000
emission concentrations of
by the Chuzhou
Other particulate matter and Other - -
Municipal Bureau of
ammonia exceeded the
Ecology and
standards.
Environment.
Description of rectification
√ Applicable □ Not applicable
All of the above issues have been rectified, and such incidents have not occurred again.
XIII. Integrity of the Company and its controlling shareholders and actual controllers
√ Applicable □ Not applicable
The Company has no controlling shareholder and actual controller. According to the disclosure requirements, the
Company's largest shareholder Foresea Life Insurance Co., Ltd., shareholder Zhongshan Runtian Investment Co.,
Ltd., and shareholder Shenzhen Guanlong Logistics Co., Ltd. shall disclose the corresponding information. The
details are as follows:
i Integrity of the Company
During the report period, it did not exist that the Company failed to perform the effective judgment of the court or
owed a comparatively large amount of debt which was overdue. The company's integrity was good.
ii. The integrity of the Company's shareholders
The Company, in accordance with relevant regulations, sent the Letter on Matters Concerning Assistance in Providing Materials
Required for the 2025 Annual Report to its largest shareholder Foresea Life Insurance Co., Ltd., shareholder Zhongshan Runtian
Investment Co., Ltd., and shareholder Shenzhen Guanlong Logistics Co., Ltd., by email on January 9, 2026. These shareholders
were asked to provide their own integrity status during the report period, including but not limited to: whether they failed to
perform any effective judgment of the court or owed any comparatively large amount of debt which was overdue, etc. Their replies
are as follows:
Foresea Life Insurance Co., Ltd. failed to perform the effective judgment of the court or owed a comparatively large amount of
debt which was overdue.
Investment Co., Ltd., and Shenzhen Guanlong Logistics Co., Ltd.Therefore, the Company is unable to update the integrity status
of the aforesaid shareholders and their actual controller Mr. Yao Zhenhua. The Company has disclosed the integrity status of
shareholders Zhongshan Runtian and Guanlong Logistics and their actual controller Mr. Yao Zhenhua in "XIII. Integrity of the
Company and its controlling shareholders and actual controllers" under "Section VI. Important Events" of the 2023 Annual Report,
with details as follows:
"ii. The integrity of the Company's shareholders
According to the reply of the shareholder Zhongshan Runtian Investment Co., Ltd., the original content is as follows:
As of December 31, 2023, the cases executed by Zhongshan Runtian Investment Co., Ltd. (hereinafter referred to as
"Zhongshan Runtian") are as follows:
(1) Due to the case of execution of notarising creditor's rights documents between Great Wall Guoxing Financial
Leasing Co., Ltd. and 16 companies including Shenzhen Shum Yip Logistics Group Co., Ltd., Shenzhen Baoneng
Investment Group Co., Ltd., Baoneng Real Estate Co., Ltd. and Zhongshan Runtian Investment Co., Ltd., Great Wall
Guoxing Financial Leasing Co., Ltd. applied to the court for compulsory execution. As the guarantor of the debt of
RMB 164 million, Zhongshan Runtian was jointly and severally liable for the debt, and its 5.57 million shares of
CSG Annual Report 2025
Jonjee High-tech were used as collateral. According to the Announcement on the Results of Judicial Disposal of
Certain Shares of Shareholder Holding More Than 5% of the Shares disclosed by the Board of Directors of Jonjee
High-tech on December 18, 2023, Great Wall Guoxing Financial Leasing Co., Ltd. applied for compulsory execution.
amount of joint and several liability debt fulfilled was RMB 160,422,600.
(2) Due to the case of notarising creditor's rights documents between Chongqing Xinyu Financial Leasing Co., Ltd.
and the defendants Shenzhen Baoneng Investment Group Co., Ltd., Shenzhen Baoneng Automobile Co., Ltd., and
Zhongshan Runtian, Chongqing Xinyu Financial Leasing Co., Ltd. applied to the court for compulsory execution. As
the guarantor of the debt of RMB260 million, Zhongshan Runtian used its 67.65 million A shares of CSG as
collateral. As of June 29, 2022, it has disposed of 55,628,900 A shares of CSG, with a total amount of RMB
guarantee liability has been enforced.
(3) Due to the case of notarising creditor's rights documents between Guangdong Finance Trust Co., Ltd. and
Zhongshan Runtian, Shenzhen Jushenghua Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Baoneng
Holdings (China) Co., Ltd., and Mr. Yao Zhenhua, Finance Trust applied to the court for compulsory execution. The
million different from the debt amount of RMB 882,199,570.79 submitted to the court by the execution applicant. As
a result, the case remained unsettled.
(4) Due to the dispute over the financial loan contract between AVIC Trust Co., Ltd. and Zhongshan Runtian,
Zhongshan Runtian, as the borrower of the debt principal of RMB 1.05 billion, and Hefei Baohui Real Estate Co.,
Ltd., Hefei Baoneng Real Estate Development Co., Ltd., Shenzhen Jushenghua Co., Ltd., Shenzhen Shum Yip
Logistics Group Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Chia Tai (Shenzhen) Development Co.,
Ltd. and Mr. Yao Zhenhua were jointly and severally liable for the debt. As of December 31, 2023, it has disposed a
total of 11,156,871 shares of Jonjee High-tech; among them, the first round of freezing of 2,125,605 shares by AVIC
Trust Co., Ltd. and the judicial mark of 8,056,410 shares.
(5) Due to the case of execution of notarising creditor's rights documents between Chongqing International Trust Co.,
Ltd. and Shenzhen Jushenghua Co., Ltd., Zhongshan Runtian, Shenzhen Baoneng Investment Group Co., Ltd. and Mr.
Yao Zhenhua, the court ruled to seal up and freeze the property of RMB 541 million of Jushenghua, Baoneng Group
and Yao Zhenhua, and to freeze the 22 million shares of Jonjee High-tech pledged by Zhongshan Runtian to
Chongqing Trust. At present, Chongqing Trust has applied for compulsory execution. As of February 2, 2023, it has
disposed of 21,025,100 shares of Jonjee High-tech, with a total amount of RMB 617,383,579.06.
(6) Due to the case of the loan contract dispute between Zhongshan Runtian and Shanghai Pudong Development
Bank Co., Ltd., the People's Court of Futian District, Shenzhen has issued an Execution Ruling, ruling that 12 million
shares held by Zhongshan Runtian in "Jonjee High-tech", the entity subject to enforcement, shall be auctioned off and
realised for the purpose of settling the debt. As the bidder failed to pay the final payment within the prescribed time,
according to the Notification of Sale from the People's Court of Futian District, Shenzhen issued on February 16,
Bank Co., Ltd. disposed of the 12 million shares held by Zhongshan Runtian in "Jonjee High-tech" by way of a
judicial auction. The 12 million shares have been disposed of for RMB 405,684,000.
Notice of auction was received on December 12, 2023: the Futian Court intended to judicially auction 9 million
unrestricted public shares of Jonjee High-tech held by Zhongshan Runtian on the Judicial Auction Online Platform
from 10:00 a.m. on January 16, 2024 to 10:00 a.m. on January 17, 2024 (except for the extension of the time), which
has been suspended due to the supplemental security.
CSG Annual Report 2025
(7) Due to the case of the loan contract dispute between Zhongshan Runtian and Chongqing Trust Inc., Shenzhen
Intermediate People's Court has issued an execution notification demanding the disposal of 22 million shares held by
Zhongshan Runtian in "Jonjee High-tech" at a realised price. On January 17, 2023, Chongqing Trust disposed of a
total of 5.7 million shares held by Zhongshan Runtian by way of block trading.
(8) Due to the case of the loan contract dispute between Zhongshan Runtian and Bank of Communications Financial
Leasing Co., Ltd., the Intermediate People's Court of Zhongshan City, Guangdong Province has issued an execution
ruling to auction off 8,329,457 shares held by Zhongshan Runtian in "Jonjee High-tech". On 11 May 2023, Bank of
Communications Financial Leasing Co., Ltd. disposed of the 8,329,457 shares held by Zhongshan Runtian in "Jonjee
High-tech" by way of a judicial auction. The auction proceeds of RMB 284.27 million, which has been used up to
pay off RMB 202,451,688.15 in this case, RMB 269,851.69 in execution fees, and RMB 50,000 in auxiliary auction
fees.
(9) Due to the case of the loan contract dispute between Zhongshan Runtian and Bohai Trust, the Intermediate
People's Court of Zhongshan City, Guangdong Province has issued an Execution Ruling, ruling the mandatory
realisation of 13.7 million shares held by the entity subject to enforcement, Zhongshan Runtian, in "Jonjee High-tech".
As of June 6, 2023, all 13.7 million shares had been disposed of. The court has disbursed a total of RMB
legal proceedings at the Shenzhen Court of International Arbitration to recover the outstanding balance and realise
the collateral, and the pledge guarantee amounts to RMB 35,504,500. Currently, the case is awaiting a court hearing.
(10) Due to the case of the transfer and buy-back contract dispute between Zhongshan Runtian and Shenzhen Qianhai
Dongfang Venture, the Intermediate People's Court of Shenzhen Municipality has issued an Execution Ruling, ruling
that the property of the entities subject to enforcement, including Shenzhen Hualitong, Zhongshan Runtian, Baoneng
Investment and Jushenghua, should be seized, frozen, sequestered, withheld, withdrawn or allocated to the extent of a
total amount of RMB 623,102,565.76 (including RMB 43,513, 215.76 of Zhongshan Runtian Investment Co., Ltd.),
as well as interest on the debt during the period of delayed performance, costs of enforcement applications, and actual
expenses incurred during the enforcement.
(11) Due to the case of the financial loan contract dispute between Bank of Tibet and Lhasa Baochuang and
Zhongshan Runtian, the total enforcement amount stands at RMB 828,970,067.74, with RMB 821,439,159.19 already
enforced. In August 2023, the court issued a Reinstatement of Execution Ruling, which ruled to withhold and freeze
the bank deposits of the entities subject to enforcement in the sum of RMB 50,943,534.03, a total enforcement fee of
RMB 118,343.53, as well as interest, interest on the debt during the period of delayed performance, and case
acceptance fee.
(12) Due to the case of the loan contract dispute between Shenzhen Baotai Honghua and Zhongshan Runtian,
Hualitong and Shenzhen Jixiang Service, Shenzhen Baotai Honghua applied for enforcement of RMB 1,205,000,000
and interest. In another case, asset disposal resulted in the distribution of disposal proceeds of RMB 356,272,071.65.
(13) Due to the case of the equity pledge dispute between Essence Securities and Zhongshan Runtian, the amount of
the litigation is RMB 352,912,928.76. The Intermediate People's Court of Nanchang City has issued a first-instance
judgement, which ruled to reject the litigation request of Essence Securities. In September 2023, Essence Securities
filed another lawsuit with the Futian court in Shenzhen, seeking payment from Zhongshan Runtian for financing
funds and interest. The claim in this case amounts to RMB 128 million. The case is currently undergoing first-
instance proceedings.
(14) Due to the three cases of claim transaction disputes between Guangdong Huaxing Bank Co., Ltd. and
Jushenghua, Shum Yip Logistics, Baoneng Investment, Hualitong, and Zhongshan Runtian, judgements have been
rendered in the first instance. In Case No. (2022) Y. 0303 M.C. 19249, Zhongshan Runtian is held jointly and
severally liable for settling the principal of RMB 150,000,000 and associated interest. In Case No. (2022) Y. 0303
CSG Annual Report 2025
M.C. 19248, Zhongshan Runtian bears the joint and several liability for settling the principal of RMB 300,000,000
and interest of RMB 22,500,000 on the bonds in question. In Case No. (2022) Y. 0303 M.C. 19250, Zhongshan
Runtian is jointly and severally liable for settling the principal of RMB 200,000,000 and associated interest on the
bonds in question. All these cases are currently in the second instance.
(15) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co., Ltd. and
Kunshan JuTron New Energy Technology Co., Ltd., Baoneng Investment, Jushenghua, Baoneng Urban Development,
Taiyuan Baoju Real Estate, Qianhai Huabao Supply Chain, Zhongshan Runtian, and Ping An Securities, Zhongshan
Runtian acts as a guarantor for the debt of RMB 120 million. The first-instance judgement has yet to be rendered.
(16) Due to the case of the corporate bond trading dispute between Guangdong Huaxing Bank Co., Ltd. and Shum
Yip Logistics, Jushenghua, Baoneng New Energy Automobile, Shenzhen Baoneng Automobile, Yao Zhenhua,
Baoneng Investment, Hualitong, and Zhongshan Runtian, Zhongshan Runtian acts as a guarantor for the debt of RMB
(17) Due to the two cases of finance lease contract disputes between Science City (GZ) Financial Leasing Co., Ltd.
and Qoros Automotive, Baoneng Investment, Jushenghua, Baoneng Urban Development, Yao Zhenhua, Taiyuan
Baoju Real Estate, Chongqing Baoneng Supply Chain, Guangzhou Baoneng Culture Entertainment, Qianhai Huabao
Supply Chain, Zhongshan Runtian, and Ping An Securities, the total claim amount is RMB 186 million, and
Zhongshan Runtian acts as the guarantor in the cases. The cases are currently in the first-instance stage.
(18) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co., Ltd. and
Shenzhen Baoneng Automobile, Baoneng Investment, Jushenghua, Baoneng Urban Development, Yao Zhenhua,
Taiyuan Baoju Real Estate, Guangzhou Baoneng Culture Entertainment, Qianhai Huabao Supply Chain, Zhongshan
Runtian, and Ping An Securities, Zhongshan Runtian acts as a guarantor for the debt of RMB 210 million. The case is
currently in the first-instance stage.
(19) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co., Ltd. and
Shenzhen Hua'ai Industrial Development, Baoneng Investment, Jushenghua, Baoneng Urban Development, Yao
Zhenhua, Taiyuan Baoju Real Estate, Guangzhou Baoneng Culture Entertainment, Qianhai Huabao Supply Chain,
Zhongshan Runtian, and Ping An Securities, Zhongshan Runtian acts as a guarantor for the debt of RMB 20.33
million. The case is currently in the first-instance stage.
(20) Due to the case of the finance lease contract dispute between Science City (GZ) Financial Leasing Co., Ltd. and
Baoneng Automotive Research and Development, Baoneng Investment, Jushenghua, Baoneng Urban Development,
Yao Zhenhua, Taiyuan Baoju Real Estate, Guangzhou Baoneng Culture Entertainment, Qianhai Huabao Supply
Chain, Zhongshan Runtian, and Ping An Securities, Zhongshan Runtian acts as a guarantor for the debt of RMB
(21) Due to the two cases of finance lease contract disputes between Science City (GZ) Financial Leasing Co., Ltd.
and Shenzhen Baoneng Automobile, Qoros Automotive, Baoneng Investment, Jushenghua, Baoneng Urban
Development, Zhongshan Runtian, Yao Zhenhua, Tengchong Beihai Wetland, Guangzhou Baoneng Culture
Entertainment, Qianhai Huabao Supply Chain, and Chuangbang Group, the total claim amount is RMB 142 million,
and Zhongshan Runtian acts as the guarantor. The two cases are currently in the first-instance stage.
(22) Due to the case of the finance lease contract dispute between Shandong Tongda Financial Leasing Co. Ltd. and
Shenzhen Baoneng Automobile, Baoneng Investment, Zhongshan Runtian, Wuhu Baoneng Real Estate, Shenzhen
Xinchang Enterprise Management Co., Ltd., and Chuangbang Group, Zhongshan Runtian acts as a guarantor for the
debt of RMB 260 million. The case is currently in the first-instance stage.
(23) Due to the case of the finance lease contract dispute between Shandong Tongda Financial Leasing Co. Ltd. and
Shum Yip Logistics, Baoneng Investment, Baoneng Real Estate, Zhongshan Runtian, Wuhu Baoneng Real Estate,
and Shenzhen Hualitong, Zhongshan Runtian acts as a guarantor for the debt of RMB 160 million. The case is
CSG Annual Report 2025
currently in the first-instance stage.
(24) Due to the two cases of finance lease contract disputes between Science City (GZ) Financial Leasing Co., Ltd.
and Shenzhen Hua'ai Industrial Development, Yao Zhenhua, Guangzhou Baoneng Culture Entertainment, Qianhai
Huabao Supply Chain, Zhongshan Runtian, and Jushenghua, the total claim amount is RMB 122 million, and
Zhongshan Runtian acts as the guarantor. The two cases are currently in the first-instance stage.
As of December 31, 2023, the details of Zhongshan Runtian's comparatively large amount of debt which was overdue
are as follows:
Serial Financial Loan amount Credit Start date Maturity
Borrower
number institution (RMB 0,000) enhancement plan of loan date of loan
Zhongshan Runtian Essence
Investment Co., Ltd. Securities
Zhongshan Runtian
Investment Co., Ltd.
Total 109,239.28
Note: As of October 31, 2023, related stocks held by Zhongshan Runtian had been liquidated by AVIC Trust through
various channels. However, since it is not the first pledgee, the proceeds from liquidation must be retained for
withdrawal by the first pledgee, Essence Securities. AVIC Trust has withdrawn only part of the funds so far. Due to
the large number of issues and quantities of trust products, the Company is still negotiating with AVIC Trust on the
deduction method for principal and interest, and no solution has been finalised. Therefore, the outstanding loan
cannot be adjusted for now. Once a solution is finalised, further disclosure will be made.
As of December 31, 2023, Mr. Yao Zhenhua's personal execution cases are as follows:
(1) Due to the case of dispute over notarising creditor's rights documents between Ping An Trust Co., Ltd. and
Shaoxing Baorui Real Estate Co., Ltd., Baoneng City Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd.,
Baoneng Real Estate Co., Ltd., Shanghai Kaiyue Investment Co., Ltd. and Mr. Yao Zhenhua, which was applied for
compulsory execution by Ping An Trust, Mr. Yao Zhenhua was jointly and severally liable for the principal and
interest of the debt of RMB 420 million.
(2) Due to the trust loan dispute between the National Trust and Shenzhen Xinao Trading Co., Ltd., Shenzhen
Baoneng Investment Group Co., Ltd., Mr. Yao Zhenhua and others signed relevant guarantee contracts, ordering
Shenzhen Xinao Trading Co., Ltd. to repay the loan principal of RMB 290 million and related interest and lawsuit
costs. Shenzhen Baoneng Investment Group Co., Ltd., Mr. Yao Zhenhua and others were jointly and severally liable
for the debt.
(3) Due to the financial borrowing between Zhongrong International Trust Co., Ltd. and Baoneng Automobile Co.,
Ltd., it applied to the Beijing Third Intermediate People's Court for compulsory execution for notarisation on the
matter. Since Mr. Yao Zhenhua provided a guarantee for this loan business and signed the relevant notarised
documents, he was jointly and severally liable for the debt of RMB 1,048 million.
(4) As Kunlun Trust Co., Ltd. applied to the court for compulsory execution of the notarising creditor's rights
documents with Shum Yip Logistics Group Co., Ltd., Baoneng Century Co., Ltd., Chia Tai (Shenzhen) Development
Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Baoneng Holdings (China) Co., Ltd., and Mr. Yao
Zhenhua, Mr. Yao Zhenhua assumed joint and several guarantee liabilities for the debt of RMB 1.31 billion.
(5) Due to the case of notarising creditor's rights documents between Guangzhou Xinhua City Development Industry
Investment Enterprise (Limited Partnership) and the defendants Shenzhen Baoneng Investment Group Co., Ltd.,
Shenzhen Jushenghua Co., Ltd. and Mr. Yao Zhenhua, Mr. Yao Zhenhua, as the guarantor, signed the relevant
notarial documents and assumed joint and several liabilities for the principal and interest of the creditor's rights of
RMB 600 million.
CSG Annual Report 2025
(6) Due to the dispute over the loan contract between Fuzhou Branch of Xiamen International Bank Co., Ltd. and
Shenzhen Jushenghua Co., Ltd., Fuzhou Branch of Xiamen International Bank Co., Ltd. applied to Shenzhen
Intermediate People's Court for compulsory execution. Mr. Yao Zhenhua, as the guarantor of the loan principal of
RMB 2.16 billion, signed the corresponding Guarantee Contract and assumed joint and several liabilities for the debt.
(7) Due to the financial loan dispute between Guangdong Finance Trust Co., Ltd. and Zhongshan Runtian,
Guangdong Finance Trust Co., Ltd. applied to Shenzhen Intermediate People's Court for compulsory execution. Mr.
Yao Zhenhua, as the guarantor of the loan, signed the corresponding Guarantee Contract and was jointly and
severally liable for the debt of RMB 720 million. The 26,550,000 shares of Jonjee High-tech held by Zhongshan
Runtian Investment Co., Ltd. have been realised on September 13, 2022, with a received amount of RMB
to the court by the applicant for execution. Therefore, the case has not been settled for the time being.
(8) Due to the financial debt dispute between China Railway Trust Co., Ltd. and Baoneng Automobile Group Co.,
Ltd. and Kunming Baojun Real Estate Co., Ltd., it applied to Chengdu Intermediate People's Court of Sichuan
Province for compulsory execution. As the guarantor of the debt, Mr. Yao Zhenhua signed the corresponding
Guarantee Contract and was jointly and severally liable for the debt of RMB 2,095 million. A settlement agreement
has been signed in this case.
(9) Due to the financial debt dispute between China Railway Trust Co., Ltd. and Baoneng Automobile Group Co.,
Ltd. and Kunming Jianpeng Real Estate Development Co., Ltd., it applied to Chengdu Intermediate People's Court of
Sichuan Province for compulsory execution. Mr. Yao Zhenhua, as the guarantor of the debt, signed the corresponding
Guarantee Contract and was jointly and severally liable for the debt of RMB 836 million. A settlement agreement has
been signed in this case and the execution has been terminated.
(10) Due to the case of notarising creditor's rights documents between Changan International Trust Co., Ltd. and
Shenzhen Baoneng Investment Group Co., Ltd., Wuxi Baoneng Real Estate Co., Ltd., Baoneng Holdings (China) Co.,
Ltd., Shenzhen Jushenghua Co., Ltd., and Mr. Yao Zhenhua, Changan Trust applied for compulsory execution. Mr.
Yao Zhenhua, as the guarantor of the debt, was jointly and severally liable for the debt of RMB 925 million.
(11) Due to the case of notarising creditor's rights documents between Changan International Trust Co., Ltd. and
Shenzhen Baoneng Investment Group Co., Ltd., Wuxi Baoneng Real Estate Co., Ltd., Baoneng Holdings (China) Co.,
Ltd., Shenzhen Jushenghua Co., Ltd., and Mr. Yao Zhenhua, Changan Trust applied for compulsory execution. Mr.
Yao Zhenhua, as the guarantor of the debt, was jointly and severally liable for the debt of RMB 1,117 million.
(12) Due to the case of notarising creditor's rights documents between China Minsheng Trust Co., Ltd. and the
defendants Shenzhen Baoneng Investment Group Co., Ltd., Hefei Baohui Real Estate Co., Ltd., Shenzhen Baoneng
Enterprise Management Co., Ltd., Anhui Baoneng Land Co., Ltd., and Mr. Yao Zhenhua, Minsheng Trust applied for
compulsory execution. As the guarantor of the debt, Mr. Yao Zhenhua bore unlimited several and joint liability for
the debt of RMB 4,207 million.
(13) Due to the case of notarising creditor's rights documents between Shanghai Aijian Trust Co., Ltd. and Shenzhen
Shum Yip Logistics Group Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Chia Tai (Shenzhen)
Development Co., Ltd., Hefei Baohui Real Estate Co., Ltd., Hefei Baoneng Real Estate Development Co., Ltd.,
Shenzhen Jushenghua Co., Ltd., and Mr. Yao Zhenhua, Aijian Trust applied to the court for compulsory execution.
As the guarantor of the debt, Mr. Yao Zhenhua was jointly and severally liable for the debt of RMB 416 million.
(14) Due to the dispute over the loan contract with Baoneng Automobile Group Co., Ltd., Chongqing International
Trust applied to the court for compulsory execution, and Mr. Yao Zhenhua, as the guarantor of the debt, was jointly
and severally liable for the debt of RMB 2,186 million.
(15) Due to the case of notarising creditor's rights documents between China Minsheng Trust Co., Ltd. and Shenzhen
Shum Yip Logistics Group Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Shenzhen Jushenghua Co., Ltd.,
CSG Annual Report 2025
and Mr. Yao Zhenhua, Minsheng Trust applied to the court for compulsory execution, and Mr. Yao Zhenhua, as the
guarantor of the debt, was jointly and severally liable for the debt of RMB 496 million.
(16) Due to the case of China Minsheng Trust Co., Ltd., Shenzhen Shum Yip Logistics Group Co., Ltd., Shenzhen
Baoneng Investment Group Co., Ltd., Shenzhen Jushenghua Co., Ltd. and Mr. Yao Zhenhua, Minsheng Trust applied
to the court for compulsory execution, and Mr. Yao Zhenhua, as the guarantor of the debt, was jointly and severally
liable for the debt of RMB 2,238 million.
(17) Due to the financial loan contract dispute between AVIC Trust Co., Ltd. and Shenzhen Lingdao Auto Life
Service Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Shenzhen Jushenghua Co., Ltd., Shenzhen Shum
Yip Logistics Group Co., Ltd., Tengchong Baoneng Real Estate Co., Ltd., Zhejiang Jintian Real Estate Development
Co., Ltd., Tengchong Beihai Wetland Ecotourism Investment Co., Ltd., and Mr. Yao Zhenhua, AVIC Trust applied
to the court for compulsory execution, and Mr. Yao Zhenhua, as the guarantor of the debt, was jointly and severally
liable for the debt of RMB 984 million.
(18) Due to the financial loan contract dispute between AVIC Trust Co., Ltd. and Shenzhen Shum Yip Logistics
Group Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Shenzhen Jushenghua Co., Ltd., Baoneng Real
Estate Co., Ltd., and Wuhu Baoneng Real Estate Co., Ltd., Baoneng City Co., Ltd., Tengchong Beihai Wetland Eco-
Tourism Investment Co., Ltd., and Mr. Yao Zhenhua, AVIC Trust applied to the court for execution. Mr. Yao
Zhenhua, as the guarantor of the debt, was jointly and severally liable for the debt of RMB 549 million (principal,
exclusive of interest, penalty interest, etc.).
(19) Due to the loan contract dispute between Shenzhen Branch of Ping An Bank Co., Ltd. and Shenzhen Shum Yip
Logistics Group Co., Ltd., Shenzhen Jushenghua Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Baoneng
Real Estate Co., Ltd., Shenzhen First Space Operation Management Co., Ltd., Mr. Yao Zhenhua and Baoneng City
Co., Ltd., Shenzhen Branch applied to the court for execution. Mr. Yao Zhenhua, as the guarantor of the debt, was
jointly and severally liable for the debt of RMB 3,433 million. A settlement has been reached in this case and the
execution has been terminated.
(20) Due to the execution of lawsuit costs of the loan contract dispute between Shenzhen Branch of Ping An Bank
Co., Ltd. and Baoneng City Co., Ltd., Baoneng Real Estate Co., Ltd., Baoneng Holdings (China) Co., Ltd., Mr. Yao
Zhenhua and Shenzhen Liujin Investment Co., Ltd., the Higher People's Court of Guangdong Province appointed
Shenzhen Intermediate People's Court of Guangdong Province to execute the case. Mr. Yao Zhenhua, as the
guarantor of the loan contract dispute, was jointly and severally liable for the lawsuit costs of RMB 13,920,800
arising from the loan contract dispute. The said lawsuit costs have been transferred and executed.
(21) Due to the loan contract dispute between Shenzhen Branch of Ping An Bank Co., Ltd. and Baoneng City Co.,
Ltd., Baoneng Real Estate Co., Ltd., Baoneng Holdings (China) Co., Ltd., Mr. Yao Zhenhua and Shenzhen Liujin
Investment Co., Ltd., Shenzhen Branch of Ping An Bank Co., Ltd. applied to the court for execution. Mr. Yao
Zhenhua, as the guarantor of the debt, was jointly and severally liable for the debt of RMB 5,562 million. In this case,
RMB 3,674 million was obtained from the auction of a residential unit, and RMB 2,226 million was repaid to Ping
An Bank for debt repayment after deducting the appropriate taxes and fees.
(22) Due to the case of execution of notarising creditor's rights documents between Chongqing International Trust
Co., Ltd. and Shenzhen Jushenghua Co., Ltd., Zhongshan Runtian, Shenzhen Baoneng Investment Group Co., Ltd.,
and Mr. Yao Zhenhua, Chongqing International Trust Co., Ltd. applied to the court for execution, and Mr. Yao
Zhenhua, as the guarantor of the debt, was jointly and severally liable for the debt of RMB 541 million.
(23) Due to the case that Tibet Bank Co., Ltd. sued Lhasa Baochuang Automobile Sales Co., Ltd., Mr. Yao Zhenhua,
Shenzhen Baoneng Investment Group Co., Ltd., Shenzhen Jushenghua Co., Ltd., and Shenzhen Shum Yip Logistics
Group Co., Ltd. were jointly and severally liable for the lawsuit costs of the loan contract dispute, which was
executed by the Lhasa Intermediate People's Court of the Tibet Autonomous Region. Mr. Yao Zhenhua, as the
CSG Annual Report 2025
guarantor of the loan contract dispute, was jointly and severally liable for the lawsuit costs of RMB 5.11 million
arising from the loan contract dispute.
(24) Due to the case that Tibet Bank Co., Ltd. sued Lhasa Baochuang Automobile Sales Co., Ltd., Mr. Yao Zhenhua,
Shenzhen Baoneng Investment Group Co., Ltd., Shenzhen Jushenghua Co., Ltd. and Shenzhen Shum Yip Logistics
Group Co., Ltd. were jointly and severally liable for the debts arising from the loan contract dispute and were
executed by Lhasa Intermediate People's Court of the Tibet Autonomous Region. Mr. Yao Zhenhua, as the guarantor
of the loan contract dispute, bore joint and several guarantee liability for the debt of RMB 829 million arising from
the loan contract dispute, which has been paid off.
(25) Due to the case that Chongqing International Trust Co., Ltd. sued Baoneng Automobile Group Co., Ltd.,
Nanjing Baoneng Urban Development Co., Ltd., Shenzhen Baoneng Investment Group Co., Ltd., Baoneng Holdings
(China) Co., Ltd. and Yao Zhenhua, as the guarantor of the debt, Mr. Yao Zhenhua was executed by the Chongqing
No. 5 Intermediate People's Court, and he was jointly and severally liable for the debt of RMB 2,186 million.
Mr. Yao Zhenhua had no debt with comparatively large amount that had not been paid when due.
According to the reply of the shareholder Shenzhen Guanlong Logistics Co., Ltd.: As of December 31, 2023,
Shenzhen Guanlong Logistics Co., Ltd. has not received relevant information on share freezing and lawsuit, and it
had no debt with comparatively large amount that had not been paid when due."
XIV. Major related transaction
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
CSG Annual Report 2025
□ Applicable √ Not applicable
□ Applicable √ Not applicable
XV. Significant contracts and their implementation
(1) Trusteeship
□ Applicable √ Not applicable
(2) Contract
□ Applicable √ Not applicable
(3) Leasing
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB 0,000
External guarantees of the Company and its subsidiaries (excluding the guarantees for subsidiaries)
Date of
Guarant
disclosure of Counter
Actual date Actual Complete ee for
Name of guarantee related Guarantee Collateral guarantee Guarant
of amount of Guarantee implement related
object announcement amount (if any) circumstance y period
guarantee guarantee ation or not party or
on guarantee (if any)
not
amount
Total amount of approved external guarantees during the report Total actual amount of external guarantees
period (A1) during the report period (A2)
Total amount of approved external guarantees at the end of the Total balance of actual external guarantees at
report period (A3) the end of the report period (A4)
Guarantees of the Company for its subsidiaries
Date of
Guarant
disclosure of Counter
Actual date Actual Complete ee for
Name of guarantee related Guarantee Collateral guarantee Guarant
of amount of Guarantee implement related
object announcement amount (if any) circumstance y period
guarantee guarantee ation or not party or
on guarantee (if any)
not
amount
Xianning CSG 28 April 2025 4,2008 May 996Joint None None 1 year No No
CSG Annual Report 2025
Photoelectric Glass 2025 liability
Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric Glass 28 April 2025 5,000 3,823 liability None None 1 year No No
Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric Glass 28 April 2025 3,000 1,000 liability None None 1 year No No
Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric Glass 28 April 2025 3,000 1,221 liability None None 1 year No No
Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric Glass 28 April 2025 1,000 1,000 liability None None 1 year No No
Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric Glass 26 April 2024 2,000 1,123 liability None None 1 year Yes No
Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 28 April 2025 8,000 3,853 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 26 April 2024 5,600 1,168 liability None None 5 years No No
Glass Co., Ltd. guarantee
Xianning CSG 29 Joint
Energy-Saving 28 April 2025 7,400 December 3,221 liability None None 1 year No No
Glass Co., Ltd. 2025 guarantee
Xianning CSG 6 Joint
Energy-Saving 26 April 2024 3,000 September 400 liability None None 1 year Yes No
Glass Co., Ltd. 2024 guarantee
Xianning CSG Joint
Energy-Saving 28 April 2025 6,000 1,000 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 26 April 2024 5,000 3,300 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 26 April 2024 2,000 1,720 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG 31 Joint
Energy-Saving 28 April 2025 4,000 December 0 liability None None 1 year No No
Glass Co., Ltd. 2025 guarantee
Xianning CSG Joint
Energy-Saving 26 April 2024 5,000 0 liability None None 1 year Yes No
Glass Co., Ltd. guarantee
Yichang CSG Joint
Photoelectric Glass 26 April 2023 1,800 600 liability None None 1 year Yes No
Co., Ltd. guarantee
Yichang CSG 26 Joint
Photoelectric Glass 26 April 2024 600 November 600 liability None None 1 year Yes No
Co., Ltd. 2024 guarantee
Yichang CSG 2 Joint
Photoelectric Glass 26 April 2024 1,200 December 4 liability None None 1 year Yes No
Co., Ltd. 2024 guarantee
Hebei Panel Glass
Co., Ltd.
Hebei Panel Glass 26 April 2024 3,00018 1,104Joint None None 3 years No No
CSG Annual Report 2025
Co., Ltd. December liability
Hebei Panel Glass
Co., Ltd.
Hebei Panel Glass 30 October
Co., Ltd. 2021
Hebei CSG Glass
Co., Ltd.
Joint
Hebei CSG Glass 4 August
Co., Ltd. 2025
guarantee
Hebei CSG Glass
Co., Ltd.
Joint
Hebei CSG Glass 27 August
Co., Ltd. 2024
guarantee
Hebei CSG Glass
Co., Ltd.
Hebei CSG Glass
Co., Ltd.
Joint
Hebei CSG Glass 25 August
Co., Ltd. 2025
guarantee
Dongguan CSG Joint
Architectural Glass 26 April 2024 5,000 2,952 liability None None 1 year Yes No
Co., Ltd. guarantee
Dongguan CSG Joint
Architectural Glass 28 April 2025 8,000 0 liability None None 1 year No No
Co., Ltd. guarantee
Dongguan CSG Joint
Architectural Glass 26 April 2024 10,000 2,660 liability None None 1 year No No
Co., Ltd. guarantee
Dongguan CSG Joint
Architectural Glass 28 April 2025 9,000 1,020 liability None None 1 year No No
Co., Ltd. guarantee
Dongguan CSG Joint
Architectural Glass 26 April 2024 10,000 2,400 liability None None 1 year No No
Co., Ltd. guarantee
Joint
Xianning CSG 15 October
Glass Co., Ltd. 2025
guarantee
Joint
Xianning CSG 16 August
Glass Co., Ltd. 2023
guarantee
Joint
Xianning CSG 30 October
Glass Co., Ltd. 2025
guarantee
Xianning CSG
Glass Co., Ltd.
Xianning CSG 26 April 2024 10,0008 April 6,885Joint None None 1 year No No
CSG Annual Report 2025
Glass Co., Ltd. 2025 liability
guarantee
Joint
Xianning CSG 25 December 25 March
Glass Co., Ltd. 2021 2022
guarantee
Joint
Xianning CSG 2 June
Glass Co., Ltd. 2023
guarantee
Xianning CSG
Glass Co., Ltd.
Joint
Xianning CSG 9 June
Glass Co., Ltd. 2023
guarantee
Xianning CSG
Glass Co., Ltd.
Joint
Xianning CSG 7 July
Glass Co., Ltd. 2021
guarantee
Chengdu CSG
Glass Co., Ltd.
Joint
Chengdu CSG 10 March
Glass Co., Ltd. 2025
guarantee
Joint
Chengdu CSG 8 April
Glass Co., Ltd. 2025
guarantee
Joint
Chengdu CSG 9 January
Glass Co., Ltd. 2025
guarantee
Chengdu CSG
Glass Co., Ltd.
Joint
Chengdu CSG 1 February
Glass Co., Ltd. 2024
guarantee
Joint
Chengdu CSG 31 May
Glass Co., Ltd. 2024
guarantee
Chengdu CSG
Glass Co., Ltd.
Sichuan CSG
Energy
Conservation Glass
Co., Ltd.
Sichuan CSG
Joint
Energy 24 October
Conservation Glass 2025
guarantee
Co., Ltd.
Sichuan CSG
Joint
Energy 13 August
Conservation Glass 2024
guarantee
Co., Ltd.
Sichuan CSG 28 April 2025 4,00029 May 3,734Joint None None 1 year No No
CSG Annual Report 2025
Energy 2025 liability
Conservation Glass guarantee
Co., Ltd.
Sichuan CSG
Joint
Energy 29 May
Conservation Glass 2025
guarantee
Co., Ltd.
Sichuan CSG
Energy
Conservation Glass
Co., Ltd.
Sichuan CSG
Joint
Energy 17 June
Conservation Glass 2025
guarantee
Co., Ltd.
Joint
Wujiang CSG 6 January
Glass Co., Ltd. 2025
guarantee
Wujiang CSG
Glass Co., Ltd.
Joint
Wujiang CSG 9 May
Glass Co., Ltd. 2025
guarantee
Joint
Wujiang CSG 1 April
Glass Co., Ltd. 2024
guarantee
Wujiang CSG
Glass Co., Ltd.
Wujiang CSG
Glass Co., Ltd.
CSG (Suzhou)
Corporate Joint
Headquarters 26 April 2023 15,700 2,639 liability None None 5 years Yes No
Management Co., guarantee
Ltd.
Wujiang CSG East
China
Architectural Glass
Co., Ltd.
Wujiang CSG East
Joint
China 6 January
Architectural Glass 2025
guarantee
Co., Ltd.
Wujiang CSG East
Joint
China 1 April
Architectural Glass 2024
guarantee
Co., Ltd.
Wujiang CSG East
Joint
China 26 May
Architectural Glass 2022
guarantee
Co., Ltd.
Wujiang CSG East Joint
China 28 April 2025 6,000 992 liability None None 1 year No No
Architectural Glass guarantee
CSG Annual Report 2025
Co., Ltd.
Wujiang CSG East
Joint
China 24 April
Architectural Glass 2025
guarantee
Co., Ltd.
Wujiang CSG East
Joint
China 21 January
Architectural Glass 2025
guarantee
Co., Ltd.
Wujiang CSG East
Joint
China 16 June
Architectural Glass 2025
guarantee
Co., Ltd.
Dongguan CSG 27 Joint
Solar Glass Co., 26 April 2024 5,000 September 1,064 liability None None 6 years No No
Ltd. 2024 guarantee
Dongguan CSG Joint
Solar Glass Co., 26 April 2024 5,000 2,980 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 26 April 2024 5,000 1,567 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 28 April 2025 5,000 1,000 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 26 April 2024 5,000 2,717 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 25 April 2022 4,000 1,375 liability None None 5 years No No
Ltd. guarantee
Anhui CSG New
Joint
Energy Material 30 June
Technology Co., 2025
guarantee
Ltd.
Guangxi CSG New
Joint
Energy Material 30 June
Technology Co., 2024
guarantee
Ltd.
Zhaoqing CSG Joint
Energy-Saving 28 April 2025 3,010 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG 25 Joint
Energy-Saving 26 April 2024 February 1,487 liability None None 5 years No No
Glass Co., Ltd. 2025 guarantee
Wujiang CSG
Glass Co., Ltd.
Wujiang CSG
Glass Co., Ltd.
Joint
Dongguan CSG 30 June
PV-tech Co., Ltd. 2025
guarantee
Dongguan CSG Joint
Architectural Glass 26 April 2024 3,218 liability None None 1 year No No
Co., Ltd. guarantee
CSG Annual Report 2025
Dongguan CSG Joint
Solar Glass Co., 26 April 2024 3,367 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 25 April 2022 9,000 2,515 liability None None 4 years No No
Ltd. guarantee
Qingyuan CSG
Joint
Energy-Saving 17 October
New Materials Co., 2025
guarantee
Ltd.
Qingyuan CSG
Energy-Saving
New Materials Co.,
Ltd.
Qingyuan CSG
Joint
Energy-Saving 4 June
New Materials Co., 2024
guarantee
Ltd.
Qingyuan CSG
Joint
Energy-Saving 6 March
New Materials Co., 2025
guarantee
Ltd.
Joint
Yichang CSG 6 March
Display Co., Ltd. 2024
guarantee
Yichang CSG Joint
Polysilicon Co., 26 April 2024 12,400 5,000 liability None None 5 years No No
Ltd. guarantee
Yichang CSG Joint
Polysilicon Co., 26 April 2023 13,000 3,391 liability None None 4 years No No
Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 28 April 2025 3,000 367 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 28 April 2025 5,500 3,508 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 28 April 2025 6,000 232 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 26 April 2024 3,000 0 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG 10 Joint
Energy-Saving 28 April 2025 5,000 December 0 liability None None 1 year No No
Glass Co., Ltd. 2025 guarantee
Tianjin CSG Joint
Energy-Saving 26 April 2024 5,000 3,509 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 26 April 2024 2,000 1,425 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG 27 Joint
Energy-Saving 28 April 2025 5,000 November 192 liability None None 1 year No No
Glass Co., Ltd. 2025 guarantee
Tianjin CSG 19 February 23 March Joint
Energy-Saving 2021 2021 liability
CSG Annual Report 2025
Glass Co., Ltd. guarantee
Anhui CSG New
Joint
Energy Material 10 August 19 October
Technology Co., 2021 2021
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 10 August 28 August
Technology Co., 2021 2021
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 6 July
Technology Co., 2025
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 1 July
Technology Co., 2025
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 17 April
Technology Co., 2025
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 25 December 30 March
Technology Co., 2021 2022
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 5 March
Technology Co., 2025
guarantee
Ltd.
Anhui CSG New
Energy Material
Technology Co.,
Ltd.
Anhui CSG New
Joint
Energy Material 30 October
Technology Co., 2024
guarantee
Ltd.
Anhui CSG Silicon
Valley Mingdu Joint
Mining 26 April 2023 43,379 36,600 liability None None 10 years No No
Development Co., guarantee
Ltd.
Anhui CSG Quartz
Materials Co., Ltd.
Joint
Anhui CSG Quartz 25 March
Materials Co., Ltd. 2024
guarantee
Joint
Anhui CSG Quartz 27 June
Materials Co., Ltd. 2024
guarantee
Anhui CSG Quartz
Materials Co., Ltd.
Guangxi CSG Joint
Quartz Materials 28 April 2025 5,000 0 liability None None 1 year No No
Co., Ltd. guarantee
CSG Annual Report 2025
Guangxi CSG Joint
Quartz Materials 26 April 2023 6,832 liability None None 8 years No No
Co., Ltd. guarantee
Joint
Guangxi CSG 6 July
Mining Co., Ltd. 2023
guarantee
Guangxi CSG New
Joint
Energy Material 4 April
Technology Co., 2023
guarantee
Ltd.
Guangxi CSG New
Joint
Energy Material 30 October
Technology Co., 2024
guarantee
Ltd.
Guangxi CSG New
Joint
Energy Material 1 August
Technology Co., 2024
guarantee
Ltd.
Guangxi CSG New
Joint
Energy Material 26 July
Technology Co., 2022
guarantee
Ltd.
Guangxi CSG New
Joint
Energy Material 31 October
Technology Co., 2024
guarantee
Ltd.
Guangxi CSG New
Joint
Energy Material 26 July
Technology Co., 2022
guarantee
Ltd.
Guangxi CSG New
Energy Material
Technology Co.,
Ltd.
Guangxi CSG New
Energy Material
Technology Co.,
Ltd.
Guangxi CSG New
Joint
Energy Material 3 July
Technology Co., 2025
guarantee
Ltd.
Xi’an CSG Energy
Joint
Saving Glass 27 March
Technology Co., 2023
guarantee
Ltd.
Xi’an CSG Energy
Joint
Saving Glass 5 August
Technology Co., 2024
guarantee
Ltd.
Xi’an CSG Energy
Joint
Saving Glass 21 March
Technology Co., 2024
guarantee
Ltd.
Qinghai CSG New Joint
Energy 28 April 2025 30,000 28,999 liability None None 8 years No No
Technology Co., guarantee
CSG Annual Report 2025
Ltd.
Qinghai CSG New
Joint
Energy 24 January
Technology Co., 2024
guarantee
Ltd.
Qinghai CSG New
Joint
Energy 20 January
Technology Co., 2025
guarantee
Ltd.
Qinghai CSG New
Energy
Technology Co.,
Ltd.
Qinghai CSG New
Joint
Energy 31 October
Technology Co., 2023
guarantee
Ltd.
Zhaoqing CSG
Joint
New Energy 6 April
Technology Co., 2023
guarantee
Ltd.
Anhui CSG Joint
Photovoltaic 26 April 2023 10,040 5,487 liability None None 7 years No No
Energy Co., Ltd. guarantee
Xianning CSG Joint
Photovoltaic 28 April 2025 3,000 2,007 liability None None 10 years No No
Energy Co., Ltd. guarantee
Zhanjiang CSG Joint
New Energy Co., 25 April 2022 1,000 750 liability None None 5 years No No
Ltd. guarantee
Zhanjiang CSG 26 Joint
New Energy Co., 26 April 2024 3,500 December 3,260 liability None None 9 years No No
Ltd. 2024 guarantee
Zhaoqing CSG Joint
Energy-Saving 26 April 2024 4,000 2,734 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 28 April 2025 5,000 1,800 liability None None 2 years No No
Glass Co., Ltd. guarantee
Zhaoqing CSG 6 Joint
Energy-Saving 28 April 2025 3,500 November 1,679 liability None None 3 years No No
Glass Co., Ltd. 2025 guarantee
Zhaoqing CSG 25 Joint
Energy-Saving 34,000 September 11,526 liability None None 5 years Yes No
Glass Co., Ltd. 2020 guarantee
Dongguan CSG 84,400 Joint
Architectural Glass 28 April 2025 134 liability None None 1 year No No
Co., Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 28 April 2025 0 liability None None 1 year No No
Ltd. guarantee
Joint
Dongguan CSG 2 July
PV-tech Co., Ltd. 2025
guarantee
Anhui CSG New Joint
Energy Material 28 April 2025 0 liability None None 1 year No No
Technology Co., guarantee
CSG Annual Report 2025
Ltd.
Joint
Wujiang CSG 2 July
Glass Co., Ltd. 2025
guarantee
Joint
Wujiang CSG 29 July
Glass Co., Ltd. 2024
guarantee
Xi’an CSG Energy
Joint
Saving Glass 2 July
Technology Co., 2025
guarantee
Ltd.
Joint
Chengdu CSG 2 July
Glass Co., Ltd. 2025
guarantee
Sichuan CSG
Joint
Energy 2 July
Conservation Glass 2025
guarantee
Co., Ltd.
Qinghai CSG New
Joint
Energy 2 July
Technology Co., 2025
guarantee
Ltd.
Yichang CSG Joint
Polysilicon Co., 28 April 2025 217 liability None None 1 year No No
Ltd. guarantee
Joint
Xianning CSG 2 July
Glass Co., Ltd. 2025
guarantee
Xianning CSG Joint
Energy-Saving 28 April 2025 37 liability None None 1 year No No
Glass Co., Ltd. guarantee
Wujiang CSG East
Joint
China 2 July
Architectural Glass 2025
guarantee
Co., Ltd.
Tianjin CSG Joint
Energy-Saving 28 April 2025 264 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 28 April 2025 0 liability None None 1 year No No
Glass Co., Ltd. guarantee
Total actual amount
Total amount of approved
of guarantees for
guarantees for subsidiaries during 472,500 334,148
subsidiaries during
the report period (B1)
the report period (B2)
Total balance of
Total amount of approved actual guarantees for
guarantees for subsidiaries at the 1,608,028 subsidiaries at the end 837,508
end of the report period (B3) of the report period
(B4)
Guarantees of subsidiaries for their subsidiaries
Date of Guarant
Counter
disclosure of Actual date Actual Complete ee for
Name of guarantee Guarantee Collateral guarantee Guarant
related of amount of Guarantee implement related
object amount (if any) circumstance y period
announcement guarantee guarantee ation or not party or
(if any)
on guarantee not
CSG Annual Report 2025
amount
Total actual amount
Total amount of approved
of guarantees for
guarantees for subsidiaries during 0 0
subsidiaries during
the report period (C1)
the report period (C2)
Total balance of
Total amount of approved actual guarantees for
guarantees for subsidiaries at the 0 subsidiaries at the end 0
end of the report period (C3) of the report period
(C4)
Total amount of the Company’s guarantees (i.e., the sum of the first three items)
Total actual amount
Total amount of approved
of guarantees during
guarantees during the report 472,500 334,148
the report period
period (A1+B1+C1)
(A2+B2+C2)
Total actual balance
Total amount of approved
of guarantees at the
guarantees at the end of the report 1,608,028 837,508
end of the report
period (A3+B3+C3)
period (A4+B4+C4)
The proportion of total actual amount of guarantees (i.e.,
A4+B4+C4) in the net assets of the Company
Including:
Balance of guarantees provided for shareholders, actual
controllers and its related parties (D)
Balance of debt guarantees provided directly or
indirectly for guaranteed objects with an asset-liability 212,570
ratio exceeding 70% (E)
The amount of guarantees exceeding 50% of the net
assets (F)
Total guarantee amount of the above three items (D + E
+ F)
Explanation on guarantee responsibility incurred in the
report period or evidence showing the description of the
None
possible joint and several liabilities for repayment for the
guarantee contracts not yet due (if any)
Explanation on providing external guarantees in
None
violation of prescribed procedures (if any)
Note: 1. The 2024 Annual General Meeting of the Company reviewed and passed the Proposal for the 2025 Guarantee Plan, and
approved the Company and its subsidiaries to provide guarantees in a total amount of not exceeding RMB 25,800 million
(including the effective and unexpired amount) for the 2025 credit lines from financial institutions to guaranteed entities within the
scope of consolidated statements. Among them, the total amount of guarantees for all guaranteed entities with asset liability ratio
of 70% or above shall not exceed the equivalent amount of RMB 6,200 million (including the effective and unexpired amount).
The Company's external guarantees are all provided for subsidiaries within the scope of the consolidated statement. As of
December 31, 2025, the actual guarantee balance was RMB 8,375.08 million (of which the actual guarantee balance with
liability/asset ratio of 70% or above was RMB 2,125.70 million), accounting for 63.71% of the parent company's net assets of
RMB 13,145.4890 million at the end of 2025 and 26.75% of the total assets of RMB 31,305.0288 million The Company has no
overdue guarantee.
In order to achieve the overall management of the Company's assets such as bills and letters of credit, the General Meeting of
CSG Annual Report 2025
Shareholders approved the Company and its subsidiaries to conduct asset pool business of no more than RMB 2 billion. Under the
premise of controllable risks, various guarantee methods such as maximum pledge, general pledge, deposit certificate pledge, bill
pledge, and margin pledge can be adopted for business development. As of December 31,2025, the actual pledge amount of the
asset pool business was RMB 621.82 million, and the financing balance was RMB 613.13 million.
Explanation on compound guarantees
Nil
(1) Entrusted Financing
√ Applicable □ Not applicable
Overview of entrusted financing during the report period
Unit: RMB 0,000
The balance of entrusted
Amount not collected after
Product category Risk characteristics wealth management during
the due date
the reporting period
Structured deposit PR1 Level (Low Risk) 55,500 0
Bank financial products PR1 Level (Low Risk) 3,000 0
The company, as the sole client, entrusts financial institutions to carry out asset management or invest in high-risk
entrusted wealth management products with low safety and poor liquidity.
□ Applicable √ Not applicable
(2) Entrusted loans
□Applicable √ Not applicable
□Applicable √ Not applicable
XVI. Use of Raised Funds
□Applicable √ Not applicable
The company had no use of raised funds during the reporting period.
XVII. Statement on other important matters
√ Applicable □ Not applicable
On May 16, 2022, the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on
Application for Registration and Issuance of Medium-Term Notes and Ultra-short-term Financing Bills", which
agreed that the Company would register and issue ultra-short-term financing bills with a registered amount of not
more than RMB 1 billion. The Company can issue one or more times within the validity period of the registration
CSG Annual Report 2025
according to the actual capital needs and the capital situation of the inter-bank market. On October 30, 2023, the
Dealers Association held the 128th registration meeting in 2023 and decided to accept the registration of ultra-short-
term financing notes with a total amount of RMB 1 billion and a validity period of two years.On December 12, 2024,
the Company issued the first phase of 2024 ultra-short-term financing notes (Kechuang Notes) with a total amount of
with a total amount of 300 million yuan and a term of 270 days, the issue interest rate is 2.27%, and it was fully
redeemed on January 23, 2026.
On May 16, 2022, the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Application
for Registration and Issuance of Medium-term Notes and Ultra-short-term Financing Bills", which agreed that the
Company would register and issue medium-term notes with a registered amount of not more than RMB 2 billion. Based
on actual capital needs and inter-bank market capital status, the Company may issue the instruments one or more times
within the validity period of registration. On October 30, 2023, the Dealers Association held its 128th registration
meeting for 2023 and decided to accept the registration of medium-term notes with a total value of RMB 2 billion and a
validity period of two years.
Regarding the special fund of RMB 171 million for talent introduction, the Company filed an infringement
compensation lawsuit against Zeng Nan and others and Yichang Hongtai Real Estate Co., Ltd. on December 15, 2021,
and the Shenzhen Intermediate People's Court officially accepted it on January 28, 2022. The first trial of the case
was completed in Shenzhen Intermediate People's Court on June 21, 2022. On 4 June 2024, the Company received
the Civil Judgment of the first instance issued by Shenzhen Intermediate People's Court, which rejected all of the
Company's litigation requests. In June 2024, the Company filed an appeal to the Guangdong Higher People's Court.
The second trial of the case was held in the Guangdong Higher People's Court on September 12, 2024.On December
Court. The judgment rejected the appeal and upheld the original verdict.
The term of office of the ninth Board of Directors of the Company expired on 21 May 2023, and re-election is
progressing steadily as of now. According to Articles 100 of the Articles of Association of CSG Holding Co., Ltd., if a
new director is not re-elected in time upon the expiry of the term of office of a director, before the re-elected director
assumes his/her office, the former director shall still perform the duties of a director in accordance with the provisions
of laws, administrative regulations, departmental rules and the Articles of Association. Therefore, the members of the
ninth Board of Directors are still performing their duties in a normal manner, and the re-election of the Board of
Directors would not have any adverse impact on the Company's operation and governance.
XVIII. Significant events of subsidiaries of the Company
□ Applicable √ Not applicable
CSG Annual Report 2025
Section VI. Changes in Shares and Particulars about Shareholders
I. Changes in Share Capital
Unit: Share
Before the Change Increase/Decrease in the Change (+, -) After the Change
Capitaliz
New
Bonus ation of
Amount Proportion shares Others Subtotal Amount Proportion
shares public
issued
reserve
I. Restricted shares 2,055,720 0.07% -49,271 -49,271 2,006,449 0.07%
person's shares
shares
Including: Domestic
legal person's shares
Domestic natural
person's shares
Including: Foreign
legal person's shares
Foreign natural
person's shares
II. Unrestricted shares 3,068,636,387 99.93% 49,271 49,271 3,068,685,658 99.93%
shares
foreign shares
foreign shares
III. Total shares 3,070,692,107 100.00% 0 0 3,070,692,107 100.00%
Reason for equity changes
√ Applicable □Not applicable
During the report period, China Securities Depository and Clearing Corporation Limited adjusted the locked-up shares
of senior management in accordance with regulations, and the Company's restricted shares and unrestricted shares
changed accordingly.
Approval on equity changes
□Applicable √ Not applicable
CSG Annual Report 2025
Transfer of ownership of changes in shares
□Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of the Company in the latest year and period
□Applicable √ Not applicable
Other information necessary to be disclosed or need to be disclosed under requirement from security regulators
□Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: Share
Number of Number Number of Number of
restricted of shares restricted shares
Shareholders' Reason for
shares at the increased shares restricted at Released date
name restriction
beginning of in the released in the end of
the period Period the Period the Period
Releasing of executive
Executive lockup lockup stocks will be
Chen Lin 1,217,299 1,217,299
stocks shares implemented according to
relevant policies.
Releasing of executive
Executive lockup lockup stocks will be
He Jin 673,200 673,200
stocks shares implemented according to
relevant policies.
Releasing of executive
Executive lockup lockup stocks will be
Wang Wenxin 115,950 115,950
stocks shares implemented according to
relevant policies.
Releasing of executive
Executive
lockup stocks will be
Chen Chunyan 49,271 49,271 0 departure lockup
implemented according to
stocks shares
relevant policies.
Total 2,055,720 0 49,271 2,006,449 -- --
II. Issuance and listing of Securities
□Applicable √ Not applicable
liability structure
□ Applicable √ Not applicable
CSG Annual Report 2025
□ Applicable √ Not applicable
III. Particulars about shareholder and actual controller of the Company
Unit: Share
Total preference
Total preference
Total shareholders shareholders with
shareholders with
Total shareholders at the end of the voting rights recovered
voting rights
at the end of the 124,957 month before this 130,522 0 at end of the month 0
recovered at end
report period annual report before this annual
of report period (if
disclosed report disclosed (if
applicable)
applicable)
Shareholder with over 5% shares hold or top 10 shareholders (Excluding shares lent through refinancing)
Number of share
Total shares pledged, marked
Proportion Amount of Amount of
Nature of held at the Changes in or frozen
Full name of Shareholders of shares restricted unrestricted
shareholder end of report report period
held shares held shares held Share
period Amount
status
Domestic non
Foresea Life Insurance
state-owned 15.19% 466,386,874 0 0 466,386,874
Co., Ltd. – HailiNiannian
legal person
Domestic non
Shenzhen Sigma C&T
state-owned 3.92% 120,385,406 0 0 120,385,406
Co., Ltd.
legal person
Foresea Life Insurance Domestic non
Co., Ltd. – Universal state-owned 3.86% 118,425,007 0 0 118,425,007
Insurance Products legal person
Domestic non
Foresea Life Insurance
state-owned 2.11% 64,765,161 0 0 64,765,161
Co., Ltd. – Own Fund
legal person
China Galaxy
Foreign legal
International Securities 1.34% 41,034,578 0 0 41,034,578
person
(Hong Kong) Co., Limited
Hong Kong Securities Foreign legal
Clearing Co., Ltd. person
Domestic natural
Li Xinqiang 0.60% 18,468,407 5,640,007 0 18,468,407
person
VANGUARD TOTAL
Foreign legal
INTERNATIONAL 0.57% 17,537,213 0 0 17,537,213
person
STOCK INDEX FUND
VANGUARD
Foreign legal
EMERGING MARKETS 0.55% 16,874,413 -559,682 0 16,874,413
person
STOCK INDEX FUND
China Merchants
Foreign legal
Securities (Hong Kong) 0.55% 16,802,423 -1,295,388 0 16,802,423
person
Limited
Strategic investors or general legal person
becomes top 10 shareholders due to shares N/A
issued (if applicable)
CSG Annual Report 2025
As of the end of the report period, among shareholders as listed above, Foresea Life
Explanation on associated relationship Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance Co., Ltd.-Universal
among the aforesaid shareholders Insurance Products, Foresea Life Insurance Co., Ltd.-Own Fund are all held by Foresea
Life Insurance Co., Ltd. Shenzhen Jushenghua Co., Ltd.
Explanation of the above-mentioned
shareholders involving entrusted/entrusted
N/A
voting rights and abstention from voting
right
Among the top ten shareholders, CSG has a special securities account for repurchases,
which according to regulations is not included in the list of top ten shareholders.As of
Special instructions on the existence of
December 31, 2025,the Company has repurchased a total of 81,061,634 shares through
special repurchase account among the top 10
centralized bidding trading using its dedicated securities account for share
shareholders (if any)
repurchases(52,838,338 A shares and 28,223,296 B shares were repurchased),the total
proportion of the Company's total share capital is 2.64%.
Particulars about top ten shareholders with unrestricted shares held
(Excluding shares lent through refinancing and executive lock-in shares)
Amount of unrestricted Type of shares
Shareholders' name
shares held at year-end Type Amount
Foresea Life Insurance Co., Ltd. – HailiNiannian 466,386,874 RMB ordinary shares 466,386,874
Shenzhen Sigma C&T Co., Ltd. 120,385,406 RMB ordinary shares 120,385,406
Foresea Life Insurance Co., Ltd. – Universal Insurance
Products
Foresea Life Insurance Co., Ltd. – Own Fund 64,765,161 RMB ordinary shares 64,765,161
China Galaxy International Securities (Hong Kong) Co., Domestically listed
Limited foreign shares
Hong Kong Securities Clearing Co., Ltd. 30,983,037 RMB ordinary shares 30,983,037
Li Xinqiang 18,468,407 RMB ordinary shares 18,468,407
VANGUARD TOTAL INTERNATIONAL STOCK Domestically listed
INDEX FUND foreign shares
VANGUARD EMERGING MARKETS STOCK Domestically listed
INDEX FUND foreign shares
Domestically listed
China Merchants Securities (Hong Kong) Limited 16,802,423 16,802,423
foreign shares
As of the end of the report period, among shareholders as listed above,
Statement on associated relationship or consistent action Foresea Life Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance
among the above shareholders: Co., Ltd.-Universal Insurance Products, Foresea Life Insurance Co., Ltd.-
Own Fund are all held by Foresea Life Insurance Co., Ltd..
As of the end of the reporting period, shareholder Shen ZHEN Sigma C&T
Co., Ltd. held 0 shares of the Company through an ordinary securities
account, and 120,385,406 shares of the Company through the margin
Explanation of the Participation of the Top 10 Ordinary account maintained with Huatai Securities Co., Ltd. holding an aggregate
Shareholders in Margin Trading and Short Selling of 120,385,406 shares of the Company. Shareholder Li Xinqiang held
Business (if any) 17,112,407 shares of the Company through an ordinary securities account,
and 1,356,000 shares through the margin account maintained with China
Merchants Securities Co., Ltd., holding an aggregate of 18,468,407 shares
of the Company.
Information on Lending of Shares under the Refinancing Business by Shareholders with 5% or More Shareholding,
the Top 10 Shareholders and the Top 10 Unrestricted Tradable Shareholders
□ Applicable √ Not applicable
Changes in the Shareholdings of the Top 10 Shareholders and the Top 10 Unrestricted Tradable Shareholders due to
the Lending and Return of Shares under the Refinancing Business as Compared with the Prior Period
□ Applicable √ Not applicable
Whether the Company's Top 10 Ordinary Shareholders and Top 10 Unrestricted Conditional Ordinary Shareholders
CSG Annual Report 2025
conducted any agreed repurchase transactions during the reporting period
□Yes √ No
The Company's Top 10 Ordinary Shareholders and Top 10 Unrestricted Conditional Ordinary Shareholders did not
conduct any agreed repurchase transactions during the reporting period.
The nature of controlling shareholders: No holding body
The type of controlling shareholder: Not exist
Explanation on the Company without controlling shareholder
Currently the Company has no controlling shareholder. Foresea Life Insurance Co., Ltd. is the Company's largest
shareholder that has totally held 657,577,954 shares of the Company via Foresea Life Insurance Co., Ltd.–
HailiNiannian, Foresea Life Insurance Co., Ltd.–universal insurance products, Foresea Life Insurance Co., Ltd.–own
fund, Foresea Life Insurance Co., Ltd.–a combination of its own funds together with Huatai till the end of the report
period, which accounts for 21.41% of the Company's total shares. Shenzhen Jushenghua Co., Ltd., with a 51%
interest in the Company's shareholder Foresea Life Insurance Co., Ltd., holds a 51% interest in the Company's
shareholder Shenzhen Guanlong Logistics Co., Ltd. via Shenzhen Hualitong Investment Co., Ltd., in addition to the
holding of 100% equity interests in the Company's shareholders Zhongshan Runtian Investment Co., Ltd.. And,
Zhongshan Runtian Investment Co., Ltd., Shenzhen Guanlong Logistics Co., Ltd., and Foresea Life Insurance Co.,
Ltd. combined hold 657,741,401 shares in the Company, accounting for 21.42% of the Company's total shares, which
is less than 30%. Meanwhile, the number of directors recommended by the aforesaid shareholders was no more than
half of the total number of members of the Company's Board of Directors.
Other shareholders of the Company hold less than 5% of the shares.
Changes of controlling shareholders in the report period
□ Applicable √ Not applicable
The nature of the actual controller: no actual controller
The type of actual controller: Not exist
Explanation on the Company without actual controller
Currently the Company has no actual controller. Foresea Life Insurance Co., Ltd. is the Company's largest
shareholder that has totally held 657,577,954 shares of the Company via Foresea Life Insurance Co., Ltd.–
HailiNiannian, Foresea Life Insurance Co., Ltd.–universal insurance products, Foresea Life Insurance Co., Ltd.–own
fund, Foresea Life Insurance Co., Ltd.–a combination of its own funds together with Huatai till the end of the report
period, which accounts for 21.41% of the Company's total shares. Shenzhen Jushenghua Co., Ltd., with a 51%
interest in the Company's shareholder Foresea Life Insurance Co., Ltd., holds a 51% interest in the Company's
shareholder Shenzhen Guanlong Logistics Co., Ltd. via Shenzhen Hualitong Investment Co., Ltd., in addition to the
holding of 100% equity interests in the Company's shareholders Zhongshan Runtian Investment Co., Ltd. And,
Zhongshan Runtian Investment Co., Ltd., Shenzhen Guanlong Logistics Co., Ltd., and Foresea Life Insurance Co.,
Ltd. combined hold 657,741,401 shares in the Company, accounting for 21.42% of the Company's total shares, which
is less than 30%. Meanwhile, the number of directors recommended by the aforesaid shareholders was no more than
half of the total number of members of the Company's Board of Directors.
CSG Annual Report 2025
Shareholders with over 10% shares held in ultimate controlling level
√ Yes □No
□ Legal person √ Natural person
Shares held in ultimate controlling level
Whether to obtain the right of abode in
Shareholders Nationality
other countries or regions
Yao Zhenhua China No
Major occupations and duties Chairman of Shenzhen Baoneng Investment Group Co., Ltd.
Situation of holding domestic and abroad
N/A
listed companies over the past 10 years
Changes of actual controller in the report period
□ Applicable √ Not applicable
Property right and controlling relationship between the largest shareholder and the Company is as follow:
Actual controller’s controlling of the Company by entrust or other assets management
□Applicable √ Not applicable
pledged shares account for 80% of the company's shares held by them
□ Applicable √ Not applicable
□ Applicable √ Not applicable
CSG Annual Report 2025
other commitment subjects
□ Applicable √ Not applicable
IV. Specific implementation of share repurchase in the report period
Implementation progress of share repurchase
√ Applicable □ Not applicable
Shares
repurchas
ed (if any)
as % of
Amount to be
Date of the Intended period Number of the total
Number of shares to be As % of total used for share Use of repurchased
plan’s for share shares underlyin
repurchased share capital repurchase shares
disclosure repurchase repurchased g shares
(RMB 0,000)
of the
equity
incentive
plan
After the implementation of
the 2024 annual equity The total amount
distribution, the upper limit used for the
of the repurchase price of A repurchase of A-
shares through centralized A-shares shares will be no
competitive bidding has proposed to be less than RMB
been adjusted from no more repurchased in 243 million and
than RMB 7.6 per share to this share no more than All A-shares
no more than RMB 7.53 per repurchase plan RMB 485 repurchased by the
share. The estimated account for million, Company will be
buyback quantity after the approximately including used for equity
adjustment will be no less 1.45% to transaction fees 12 months from incentives or
than 44,443,773 shares and 2.49% of the and other related the date the employee stock
no more than 76,581,887 total share expenses; and repurchase plan ownership plans
adjusted from no more than to be repurchase of B- General Meeting approval from the
HKD 3.13 per share to no repurchased in shares will be no of Shareholders Company’s Board of
more than HKD 3.05 per this share less than HKD in 2025 Directors and
share. The estimated repurchase plan 50 million and shareholders’
buyback quantity after the account for no more than meeting). All B-
adjustment will be no less approximately HKD 100 shares repurchased
than 22,139,398 shares and 0.72% to million, will be retired.
no more than 38,532,841 1.25% of the including foreign
shares. The actual number total share exchange
and amount of shares to be capital. purchases,
repurchased shall be subject transaction fees,
to those repurchased upon and other related
the expiration of the share expenses.
repurchase period.
Note: As of 31 December 2025, the Company had repurchased a total of 52,838,338 A-shares and 28,223,296 B-
shares (81,061,634 shares in total) through a dedicated repurchased securities account through centralized
competitive bidding, together representing 2.6398% of the Company’s total share capital.
Implementation progress of reducing the share repurchased by centralized bidding
CSG Annual Report 2025
□ Applicable √ Not applicable
V. Preferred Shares
□Applicable √ Not applicable
There were no preferred shares in the Company during the report period.
CSG Annual Report 2025
Section VII. Bond-related situation
□Applicable √ Not applicable
This report indicates that the Company had no outstanding bonds as of the date of approval for submission.
CSG Annual Report 2025
Section VIII. Financial Report
I. Report of the Auditors
Type of Auditor’s Opinion Standard and unqualified
Issue date of Report of the Auditors April 24, 2026
Name of Auditor’s organization Grant Thornton Zhitong Certified Public Accountants LLP
Reference number of Report of the Auditors GTCNSZ（2026）NO.441A015902
Name of CPA Yang Hua, Yu Lirong
Audit Report
To All Shareholders of CSG Holding Co., Ltd.:
I. Audit Opinion
We have audited the financial statements of CSG Holding Co., Ltd. (hereinafter referred to as “the Group”),
including the consolidated and company balance sheets as of December 31, 2025; the consolidated and company
income statements, consolidated and company cash flow statements, and consolidated and company statements of
changes in equity for the year ended December 31, 2025; and the related notes to the financial statements.
In our opinion, the accompanying financial statements have been prepared in all material respects in accordance
with the Chinese Accounting Standards for Business Enterprises and present fairly the consolidated and company
financial position of the Group as of December 31, 2025, and the consolidated and company results of operations
and cash flows for the year ended December 31, 2025.
II. Basis for the Audit Opinion
We conducted our audit in accordance with the Chinese Standards on Auditing. The section of the audit
report titled “The Auditor’s Responsibilities for the Audit of Financial Statements” further describes our
responsibilities under these standards. In accordance with the Code of Professional Ethics for Certified
Public Accountants of China and the Independence Requirements for Public Interest Entities under the
Independence Standards for Certified Public Accountants of China, we are independent of the Group and
have fulfilled our other ethical responsibilities.We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
CSG Annual Report 2025
III. Key Audit Matters
Key audit matters are those matters that, based on our professional judgment, we consider it to be of the most
significance to the audit of the current period’s financial statements. The treatment of these matters is in the
context of our audit of the financial statements as a whole and the formation of our audit opinion; we do not
express a separate opinion on these matters.
(I) Revenue Recognition
For related disclosures, please refer to the financial statements.
The Group’s revenue primarily derives from the provision of float glass, photovoltaic glass, architectural
glass, solar industry-related products, electronic glass, and display devices to customers. As revenue is one
of the Group’s key performance indicators and has a significant impact on the financial statements, we have
identified revenue recognition as a key audit matter.
We performed the following audit procedures primarily regarding revenue recognition:
(1) We obtained an understanding of and evaluated the design of internal controls related to revenue
recognition and tested the operating effectiveness of key control processes;
(2) We reviewed a sample of significant sales contracts, identified contract terms and conditions related to
the timing of the transfer of control of the products, and assessed whether the Group’s specific revenue
recognition methods comply with the provisions of Chinese Accounting Standards for Business Enterprises;
(3) We performed substantive analysis procedures on operating revenue and gross profit margin by month,
product, and customer to identify any significant or unusual fluctuations and analyze the causes of such
fluctuations;
(4) Selected a sample to perform detailed testing of revenue recognized during the current period; reviewed
sales contracts; verified supporting documentation related to revenue recognition (including purchase orders,
delivery receipts, customs declarations, and invoices); and, in conjunction with customer payment status,
verified the authenticity and accuracy of the revenue;
(5) Select clients using sampling methods and perform confirmation procedures on their annual transaction
amounts and accounts receivable balances;
CSG Annual Report 2025
(6) Perform cut-off tests on revenue recognized before and after the balance sheet date, obtain relevant
supporting documents, and verify key timing points for revenue recognition to determine whether revenue
was recognized in the appropriate period;
(7) Examine whether information related to revenue has been appropriately presented and disclosed in the
financial statements.
(II) Provision for Impairment of Fixed Assets and Construction in Progress
For related disclosures, please refer to the financial statements.
As of December 31, 2025, the carrying amount of fixed assets in the Group’s consolidated financial
statements was RMB 13,897,777,933, accounting for 44.39% of total assets in the consolidated financial
statements;The carrying amount of construction in progress was RMB 4,420,551,577, representing 14.12%
of total assets in the consolidated financial statements; asset impairment losses recognized for fixed assets
during the reporting period amounted to RMB 58,043,358, while asset impairment losses for construction in
progress totaled RMB 105,283,872.The management of the Group (hereinafter referred to as “management”)
assessed whether there were any indications of impairment for these fixed assets and construction in progress;
for fixed assets and construction in progress where impairment indicators were identified, management
determined the amount of impairment provisions to be recognized by estimating the recoverable amounts of
the fixed assets and construction in progress and comparing those recoverable amounts with their carrying
amounts.Since the identification of impairment indicators for fixed assets and construction in progress and
the measurement of their recoverable amounts involve significant accounting estimates and professional
judgment by management, we have identified the provision for impairment of fixed assets and construction
in progress as a key audit matter.
We performed the following audit procedures primarily regarding the provision for impairment of fixed
assets, construction in progress:
(1) We obtained an understanding of and evaluated the design of internal controls related to the management
of fixed assets, construction in progress, and other related activities, and tested the operating effectiveness of
key control processes;
(2) We reviewed the methods and assumptions used by the Group for impairment testing of fixed assets and
CSG Annual Report 2025
construction in progress, and evaluated whether the asset impairment methods applied by management
comply with the requirements of Chinese Accounting Standards for Business Enterprises;
(3) We conducted physical counts of fixed assets and construction in progress to observe their storage and
usage conditions;
(4) Recalculated the recoverable amounts of fixed assets and construction in progress, and had the valuation
experts of the certified public accountants review the valuation methods and key assumptions used by the
external valuation firm engaged by management;
(5) Evaluate the competence, professional qualifications, and objectivity of the valuation experts engaged by
management and the valuation experts from the certified public accounting firm.
IV. Other Information
The Group’s management is responsible for the other information. The other information includes the
information contained in the Group’s 2025 Annual Report, but excludes the financial statements and our
audit report.
Our audit opinion on the financial statements does not cover the other information, and we do not express
any form of assurance conclusion regarding the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or with our knowledge obtained during the audit, or appears to be subject to a material
misstatement.
Based on the work we have performed, if we determine that the other information contains a material
misstatement, we are required to report that fact. In this regard, we have nothing to report.
V. Responsibilities of Management and Those Charged with Governance for the Financial
Statements
The Group's management is responsible for preparing the financial statements in accordance with the
provisions of the Chinese Accounting Standards for Business Enterprises so that they present a true and fair
view, and for designing, implementing, and maintaining the necessary internal controls to ensure that the
financial statements are free from material misstatement due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Group’s ability to
continue as a going concern, disclosing matters related to going concern, and using the going concern
CSG Annual Report 2025
assumption, unless management plans to liquidate the Group, discontinue operations, or has no other realistic
alternative.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
VI. The Certified Public Accountant’s Responsibilities for the Audit of the Financial
Statements
Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement due to fraud or error, and to issue an audit report that includes an audit
opinion.Reasonable assurance is a high level of assurance, but it does not guarantee that an audit conducted
in accordance with auditing standards will always detect a material misstatement. Misstatements may result
from fraud or error, and are generally considered material if it can be reasonably expected that the
misstatement, individually or in the aggregate, could influence the economic decisions of users of the
financial statements.
In conducting the audit in accordance with auditing standards, we exercise professional judgment and
maintain professional skepticism. We also perform the following procedures:
(1) Identify and assess the risks of material misstatement of the financial statements due to fraud or error;
design and perform audit procedures to address these risks; and obtain sufficient and appropriate audit
evidence as a basis for expressing an audit opinion. Because fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or circumvention of internal controls, the risk of failing to detect a
material misstatement resulting from fraud is higher than the risk of failing to detect a material misstatement
resulting from error.
(2) Obtain an understanding of internal controls relevant to the audit in order to design appropriate audit
procedures.
(3) Evaluate the appropriateness of management’s selection of accounting policies and the reasonableness of
management’s accounting estimates and related disclosures.
(4) Form a conclusion regarding the appropriateness of management’s use of the going concern assumption.
At the same time, based on the audit evidence obtained, form a conclusion regarding whether there is
material uncertainty related to matters or conditions that may cast significant doubt on the Group’s ability to
continue as a going concern. If we conclude that material uncertainty exists, auditing standards require us to
draw users’ attention in the audit report to the related disclosures in the financial statements; if the
disclosures are inadequate, we are required to issue a non-unqualified opinion.Our conclusions are based on
CSG Annual Report 2025
information available as of the date of this audit report. However, future events or conditions may cause the
Group to cease to be a going concern.
(5) Evaluate the overall presentation, structure, and content of the financial statements, and assess whether
the financial statements fairly present the relevant transactions and events.
(6) Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial statements. We are responsible for
directing, overseeing, and performing the Group audit, and we bear full responsibility for the audit opinion.
We communicated with those charged with governance regarding the planned scope and timing of the audit,
as well as significant audit findings, including internal control deficiencies of significance that we identified
during the audit.
We also provided a statement to those charged with governance regarding our compliance with ethical
requirements related to independence and communicated with those charged with governance regarding all
relationships and other matters that could reasonably be considered to affect our independence, as well as the
related safeguards.
From the matters communicated with those charged with governance, we determine which are most
significant to the audit of the current financial statements and thus constitute key audit matters. We describe
these matters in our audit report, unless public disclosure is prohibited by law or regulation, or in rare
circumstances where we reasonably expect that the adverse consequences of communicating a matter in the
audit report would outweigh the benefits to the public interest, in which case we determine that the matter
should not be communicated in the audit report.
Grant Thornton Zhitong Certified Public Accountants Certified Public
LLP Accountant of China
(Engagement Partner)
Beijing, China Certified Public
Accountant of China
April 24, 2026
CSG Annual Report 2025
Consolidated Balance Sheet
Prepared by: CSG Holding Co., Ltd.
December 31, 2025
Unit: Yuan
Item Ending Balance Beginning Balance
Current Assets:
Cash and Cash Equivalents 3,141,975,147 3,421,527,482
Financial assets held for trading 230,000,000 96,000,000
notes receivable 1,420,061,226 1,140,902,743
accounts receivable 1,802,165,051 1,686,627,681
Receivables financing 533,418,878 798,603,111
Prepayments 134,771,994 121,708,264
Other receivables 54,386,121 165,872,735
inventories 1,969,149,555 1,587,828,028
assets held for sale 5,262,859
Other current assets 474,226,753 475,617,056
Total current assets 9,765,417,584 9,494,687,100
Non-current assets:
investment properties 286,145,387 293,712,453
fixed assets 13,897,777,933 13,166,391,449
construction in progress 4,420,551,577 5,350,375,132
right-of-use assets 64,277,229 64,804,837
intangible assets 2,238,041,467 2,361,275,093
goodwill 3,039,946 8,593,352
Deferred expenses 68,644,513 71,254,985
deferred tax assets 368,236,650 309,995,066
Other non-current assets 192,896,549 99,328,456
Total non-current assets 21,539,611,251 21,725,730,823
Total Assets 31,305,028,835 31,220,417,923
Current Liabilities:
short-term borrowings 1,158,648,329 1,163,021,299
Notes Payable 2,557,712,651 2,244,413,755
accounts payable 2,769,745,963 3,092,025,797
contract liabilities 369,377,265 354,215,784
employee compensation payable 329,941,978 347,769,466
taxes payable 73,812,602 73,688,362
Other payables 369,513,739 312,816,531
Of which: Interest payable 13,362,151 8,946,479
Dividends payable 34,482,724
Non-current liabilities due within one year 1,881,828,060 2,168,856,957
CSG Annual Report 2025
Item Ending Balance Beginning Balance
Other current liabilities 320,616,877 218,529,333
Total Current Liabilities 9,831,197,464 9,975,337,284
Non-current liabilities:
long-term borrowings 6,882,862,147 6,151,608,472
Lease liabilities 23,057,883 21,650,607
Long-term payables 594,270,580 464,617,473
provisions 27,378,869 13,137,220
deferred income 301,071,111 487,252,038
deferred tax liabilities 90,503,199 104,170,857
Total non-current liabilities 7,919,143,789 7,242,436,667
Total Liabilities 17,750,341,253 17,217,773,951
Equity:
share capital 3,070,692,107 3,070,692,107
capital surplus 590,739,414 590,739,414
Less: Treasury stock 296,770,027
other comprehensive income 150,816,908 159,726,269
Special reserve 6,302,910 5,079,628
surplus reserve 1,534,714,228 1,485,514,182
retained earnings 8,088,993,418 8,224,198,195
Total equity attributable to the parent company 13,145,488,958 13,535,949,795
non-controlling interests 409,198,624 466,694,177
Total equity 13,554,687,582 14,002,643,972
Total Liabilities and Equity 31,305,028,835 31,220,417,923
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Parent Company Balance Sheet
Unit: Yuan
Item Ending Balance Opening Balance
Current Assets:
Cash and Cash Equivalents 742,484,026 1,434,524,102
Financial assets held for trading 230,000,000 96,000,000
notes receivable 212,074,929 2,300,715
accounts receivable 274,825,872 110,153,840
Receivables financing 675,552 82,269,158
Prepayments 8,411,632 758,454
Other receivables 2,852,499,592 2,342,796,700
Of which: Dividends receivable 27,873,015
Other current assets 397,702 3,123,645
Total current assets 4,321,369,305 4,071,926,614
Non-current assets:
long-term equity investment 10,537,821,440 10,550,321,440
fixed assets 5,042,527 6,747,771
intangible assets 12,221,050 11,870,899
Long-term deferred expenses 4,303,187 3,920,072
Other non-current assets 64,131,973 5,383,326
Total non-current assets 10,623,520,177 10,578,243,508
Total Assets 14,944,889,482 14,650,170,122
Current Liabilities:
short-term borrowings 315,000,000 335,000,000
Notes Payable 238,668,124 336,581,197
accounts payable 351,782,190 196,674,995
employee compensation payable 37,636,173 41,561,327
taxes payable 1,909,891 4,552,018
Other payables 2,457,593,966 3,050,996,384
Of which: Interest payable 6,917,879 2,298,742
Non-current liabilities due within one year 453,730,000 711,705,100
Other current liabilities 183,557,629
Total current liabilities 4,039,877,973 4,677,071,021
Non-current liabilities:
long-term borrowings 2,620,480,000 1,500,750,000
deferred income 171,375,000
Total non-current liabilities 2,620,480,000 1,672,125,000
Total Liabilities 6,660,357,973 6,349,196,021
Equity:
share capital 3,070,692,107 3,070,692,107
CSG Annual Report 2025
Item Ending Balance Opening Balance
capital surplus 741,824,399 741,824,399
Less: Treasury stock 296,770,027
surplus reserve 1,549,259,588 1,500,059,542
retained earnings 3,219,525,442 2,988,398,053
Total Equity 8,284,531,509 8,300,974,101
Total Liabilities and Equity 14,944,889,482 14,650,170,122
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Consolidated Income Statement
Unit: Yuan
Item 2025 2024
I. Total Operating Revenue 13,718,969,008 15,455,386,401
Of which: Operating Revenue 13,718,969,008 15,455,386,401
II. Total Operating Costs 13,633,173,718 14,862,498,173
Of which: Operating cost 11,714,880,100 12,848,639,959
taxes and surcharges 146,502,109 137,971,275
selling expenses 294,891,682 289,402,862
general and administrative expenses 740,357,271 791,021,833
research and development expenses 519,332,680 611,497,261
financial expenses 217,209,876 183,964,983
Of which: Interest expense 247,130,850 240,388,865
Interest income 40,278,639 55,326,006
Plus: Other income 170,024,549 221,848,074
Investment income (losses indicated with a "?") -11,090,098 -1,604,000
Gain (loss) from changes in fair value (enter "-" for a loss) -9,045,057 -491,578
Credit impairment losses (losses are indicated with a "-" sign) 52,872,082 24,154,920
Asset impairment losses (losses are reported with a "-" sign) -256,359,957 -581,082,224
Gain (Loss) on Disposal of Assets (Losses are indicated by a "-") 19,981,685 42,232,656
III. Operating Profit (Losses are indicated with a “-”) 52,178,494 297,946,076
Plus: Non-operating income 58,384,012 19,908,997
Less: Non-operating expenses 11,487,439 26,948,172
IV. Total Profit (Total Loss to be entered with a "?" sign) 99,075,067 290,906,901
Less: Income tax expense -6,259,072 43,306,358
V. Net Profit (Net Loss to be reported with a "-" sign) 105,334,139 247,600,543
(1) Classified by going concern
“?” Sign)
(2) By ownership
VI. Net other comprehensive income, net of tax -8,909,361 -17,658,202
Net other comprehensive income attributable to owners of the parent,
-8,909,361 -17,658,202
net of tax
(a) Other comprehensive income reclassified to profit or loss -8,909,361 -17,658,202
Net amount of other comprehensive income attributable to minority
interest, net of tax
VII. Total Comprehensive Income 96,424,778 229,942,341
CSG Annual Report 2025
Item 2025 2024
Total comprehensive income attributable to owners of the parent 116,758,930 249,114,116
Total comprehensive income attributable to minority interest -20,334,152 -19,171,775
VIII. Earnings Per Share
(1) Basic earnings per share 0.04 0.09
(2) Diluted earnings per share 0.04 0.09
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Parent Company Income Statement
Unit: Yuan
Item 2025 2024
I. Operating Revenue 272,627,090 338,675,178
Less: Operating Cost
taxes and surcharges 2,227,280 3,110,286
selling expenses 22,244,989 36,103,577
general and administrative expenses 224,450,483 236,019,621
financial expenses 42,528,084 27,592,321
Of which: Interest expense 80,193,334 67,179,991
Interest income 39,247,416 44,163,444
Plus: Other income 1,155,778 1,227,264
Investment income (losses indicated with a "?") 458,624,665 777,558,451
Credit impairment losses (losses indicated with a "-") 51,268,965 96,963
Gain (loss) on disposal of assets (enter loss with a "-" sign) 44,956 28,478
II. Operating Profit (Losses are indicated with a “-”) 492,270,618 814,760,529
Add: Non-operating income 101,239 41,107
Less: Non-operating expenses 371,400 292,800
III. Total Profit (Total Loss to be entered with a "?" sign) 492,000,457 814,508,836
Less: Income tax expense
IV. Net Profit (Net Loss to be entered with a “?” sign) 492,000,457 814,508,836
(1) Net Profit from a Going Concern (Net loss is indicated
by a “?”)
(2) Net profit from discontinued operations (net loss
indicated by “?”)
V. Total Comprehensive Income 492,000,457 814,508,836
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Consolidated Statement of Cash Flows
Unit: Yuan
Item 2025 2024
I. Cash Flows from Operating Activities:
Cash received from sales of goods and provision of services 13,859,258,880 16,772,575,368
Tax refunds received 47,741,989 47,831,532
Cash received from other operating activities 194,572,414 271,579,331
Subtotal of cash inflows from operating activities 14,101,573,283 17,091,986,231
Cash paid for purchases of goods and services 10,037,324,214 11,950,326,730
Cash paid to employees and on behalf of employees 1,911,922,057 2,158,941,445
Taxes and fees paid 590,584,111 705,238,646
Cash paid for other operating activities 415,195,604 520,555,761
Subtotal of cash outflows from operating activities 12,955,025,986 15,335,062,582
Net cash flow from operating activities 1,146,547,297 1,756,923,649
II. Cash Flows from Investing Activities:
Cash received from recovery of investments 4,480,254,000 572,800,000
Cash received from investment income 5,797,199 6,336,869
Net cash recovered from the disposal of fixed assets, intangible assets,
and other long-term assets
Subtotal of cash inflows from investing activities 4,523,304,897 656,732,339
Cash paid for the acquisition of fixed assets, plant, and equipment,
intangible assets, and other long-term assets
Cash paid for investments 4,708,224,786 555,254,000
Cash paid for other items related to investing activities 73,284,281 46,621,319
Subtotal of cash outflows from investing activities 5,804,789,630 2,940,324,884
Net cash flow from investing activities -1,281,484,733 -2,283,592,545
III. Cash Flows from Financing Activities:
Cash received from borrowings 5,370,286,999 3,458,878,582
Cash received from other financing activities 374,424,862 458,231,000
Subtotal of cash inflows from financing activities 5,744,711,861 3,917,109,582
Cash paid for repayment of debt 5,028,438,537 1,917,891,123
Cash paid for dividends, profits, or interest 480,764,742 1,050,959,870
Of which: dividends and profits paid by subsidiaries to minority
shareholders
Cash paid for other financing activities 489,057,426 113,846,515
Subtotal of cash outflows from financing activities 5,998,260,705 3,082,697,508
Net cash provided by financing activities -253,548,844 834,412,074
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents 1,783,217 8,868,553
V. Net Increase in Cash and Cash Equivalents -386,703,063 316,611,731
Plus: Beginning balance of cash and cash equivalents 3,367,873,386 3,051,261,655
VI. Cash and cash equivalents at end of period 2,981,170,323 3,367,873,386
CSG Annual Report 2025
Parent Company Cash Flow Statement
Unit: Yuan
Item 2025 2024
I. Cash Flows from Operating Activities:
Cash received from sales of goods and provision of services 945,335,244 1,576,769,823
Cash received from other operating activities 26,227,706 45,079,422
Subtotal of cash inflows from operating activities 971,562,950 1,621,849,245
Cash paid for purchases of goods and services 610,142,805 1,232,373,179
Cash paid to employees and for employee-related expenses 213,448,516 259,676,303
Taxes and other payments 15,812,845 20,843,382
Cash paid for other items related to operating activities 72,339,689 173,275,473
Subtotal of cash outflows from operating activities 911,743,855 1,686,168,337
Net cash flow from operating activities 59,819,095 -64,319,092
II. Cash Flows from Investing Activities:
Cash received from recovery of investments 4,469,000,000 470,000,000
Cash received from investment income 434,875,633 912,151,446
Net cash recovered from the disposal of fixed assets, intangible
assets, and other long-term assets
Subtotal of cash inflows from investing activities 4,903,927,833 1,382,183,626
Cash paid for the acquisition of fixed assets, plant, and
equipment, intangible assets, and other long-term assets
Cash paid for investments 4,700,500,000 1,230,987,671
Subtotal of cash outflows from investing activities 4,706,068,345 1,239,628,674
Net cash flow from investing activities 197,859,488 142,554,952
III. Cash Flows from Financing Activities:
Cash received from borrowings 3,217,000,000 1,366,490,000
Subtotal of cash inflows from financing activities 3,217,000,000 1,366,490,000
Cash paid to repay debt 2,375,245,100 868,784,900
Cash paid for dividends, profits, or interest 287,247,220 834,487,779
Cash paid for other financing activities 1,505,542,147 132,438,661
Subtotal of cash outflows from financing activities 4,168,034,467 1,835,711,340
Net cash provided by financing activities -951,034,467 -469,221,340
IV. Effect of Exchange Rate Changes on Cash and Cash
-535,134 -5,359,408
Equivalents
V. Net Increase in Cash and Cash Equivalents -693,891,018 -396,344,888
Plus: Beginning balance of cash and cash equivalents 1,431,539,421 1,827,884,309
VI. Cash and cash equivalents at end of period 737,648,403 1,431,539,421
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Consolidated Statement of Changes in Equity
Unit: Yuan
Equity attributable to the parent company
Item non-
Less: other controlling Total equity
capital Special retained
share capital Treasury comprehensive surplus reserve Subtotal interests
surplus reserves earnings
stock income
I. Balance at the end of the
previous period
II. Beginning balance for the
current period
III. Changes in the current
period (decreases are indicated 296,770,027 -8,909,361 1,223,282 49,200,046 -135,204,777 -390,460,837 -57,495,553 -447,956,390
with a "?")
(1) Total Comprehensive
-8,909,361 125,668,291 116,758,930 -20,334,152 96,424,778
Income
(2) Capital Contributions and
Reductions by Owners
Owners
(3) Distribution of Profits 49,200,046 -260,873,068 -211,673,022 -37,161,401 -248,834,423
reserve
-211,673,022 -211,673,022 -37,161,401 -248,834,423
shareholders)
(4) Special Reserve 1,223,282 1,223,282 1,223,282
period
IV. Balance at the end of the
current period
CSG Annual Report 2025
Consolidated Statement of Changes in Equity
Unit:Yuan
Equity attributable to the parent company
Item non-
other controlling Total Equity
capital Special surplus retained
share capital comprehensi Subtotal interests
surplus reserves reserve earnings
ve income
I. Balance at the end of the
previous period 14,050,840,217
II. Beginning balance for the
current period 14,050,840,217
III. Changes in the Current
Period (decreases are indicated -17,658,202 3,668,489 81,450,884 -582,351,593 -514,890,422 -19,171,775 -534,062,197
by a "?" sign)
(1) Total comprehensive
-17,658,202 266,772,318 249,114,116 -19,171,775 229,942,341
income
(2) Capital Contributions and
Reductions by Owners
Owners
(3) Profit Distribution 81,450,884 -849,123,911 -767,673,027 -767,673,027
Reserve
-767,673,027 -767,673,027 -767,673,027
shareholders)
(4) Special Reserve 3,668,489 3,668,489 3,668,489
period
IV. Balance at the end of the
current period 13,535,949,795
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Statement of Changes in Equity of the Parent Company
Unit: Yuan
Item Less: Treasury
share capital capital surplus surplus reserve retained earnings Total Equity
Stock
I. Balance at the end of the previous period 3,070,692,107 741,824,399 1,500,059,542 2,988,398,053 8,300,974,101
II. Beginning balance for the current period 3,070,692,107 741,824,399 1,500,059,542 2,988,398,053 8,300,974,101
III. Changes for the Period (decreases indicated by “?”) 296,770,027 49,200,046 231,127,389 -16,442,592
(1) Total Comprehensive Income 492,000,457 492,000,457
(2) Contributions and Drawings by Owners 296,770,027 -296,770,027
(3) Distribution of Profits 49,200,046 -260,873,068 -211,673,022
(4) Internal transfers within equity
(5) Special reserves
(6) Other
IV. Balance at the End of the Current Period 3,070,692,107 741,824,399 296,770,027 1,549,259,588 3,219,525,442 8,284,531,509
CSG Annual Report 2025
Statement of Changes in Equity of the Parent Company
Unit:Yuan
Item
share capital capital surplus surplus reserve retained earnings Total Equity
I. Balance at the end of the previous period 3,070,692,107 741,824,399 1,418,608,658 3,023,013,128 8,254,138,292
II. Beginning balance for the current period 3,070,692,107 741,824,399 1,418,608,658 3,023,013,128 8,254,138,292
III. Changes for the Period (Decreases are indicated with a
"?" sign)
(1) Total Comprehensive Income 814,508,836 814,508,836
(2) Contributions to and reductions in equity
(3) Profit Distribution 81,450,884 -849,123,911 -767,673,027
(4) Internal transfers within owners' equity
(5) Special reserves
(6) Other
IV. Balance at the End of the Current Period 3,070,692,107 741,824,399 1,500,059,542 2,988,398,053 8,300,974,101
Legal Representative: Chen Lin Head of Accounting: Wang Wenxin Head of Accounting Department：Wang Wenxin
CSG Annual Report 2025
Notes to the Financial Statements
I. Company Profile
China Merchants Steam Navigation Company Ltd., Shenzhen Building Materials Industry Group Company,
China North Industries Shenzhen Corp., and Guangdong International Trust and Investment Co. Ltd. jointly
invested in the establishment of CSG Holding Co., Ltd., which was established in September 1984. The company
is registered in Shenzhen, Guangdong Province, People‘s Republic of China, and its headquarters are located in
Shenzhen, Guangdong Province, People‘s Republic of China.The Group publicly issued RMB ordinary shares
(“A-shares”) and foreign investment shares (“B-shares”) in October 1991 and January 1992, respectively, and was
listed on the Shenzhen Stock Exchange (“SZSE”) in February 1992.As of December 31, 2025, the Group’s total
share capital was RMB 3,070,692,107, with a par value of RMB 1 per share.
The principal business operations of the Group and its subsidiaries (hereinafter collectively referred to as the
“Group”) include: the production and sale of float glass, photovoltaic glass, special glass, architectural glass,
energy-saving products, and glass-based energy products; the production and sale of polysilicon and solar
modules; the production and sale of electronic glass and display devices; and the construction and operation of
photovoltaic power plants.
These financial statements and the notes thereto were approved for issuance by the Group’s Board of Directors on
April 24, 2026.
For details on the major subsidiaries included in the scope of consolidation for the current year, please refer to the
notes.
II. Basis of Preparation of the Financial Statements
These financial statements have been prepared in accordance with the Chinese Accounting Standards for Business
Enterprises issued by the Ministry of Finance, along with their application guidelines, interpretations, and other
relevant provisions (collectively referred to as the “Chinese Accounting Standards for Business Enterprises”). In
addition, the Group discloses relevant financial information in accordance with the China Securities Regulatory
Commission’s “Rule No. 15 on Information Disclosure for Companies Issuing Securities—General Provisions for
Financial Reports (Revised in 2023).”
These financial statements are presented on a going concern basis.
The Group’s accounting is based on the accrual basis. Except for certain financial instruments and investment
properties, these financial statements are measured at historical cost. If an asset is impaired, an impairment
allowance is recognized in accordance with relevant regulations.
III. Significant Accounting Policies and Estimates
The Group determines the depreciation of fixed assets, amortization of intangible assets, criteria for capitalizing
research and development expenses, and revenue recognition policies based on the characteristics of its
production and operations. For specific accounting policies, please refer to Notes.
These financial statements comply with the requirements of Chinese Accounting Standards for Business
Enterprises and present a true and fair view of the Group’s consolidated and separate financial position as of
December 31, 2025, as well as the Group’s and the Company’s consolidated and separate results of operations and
cash flows for the year ended December 31, 2025.
The Group’s accounting period follows the calendar year, i.e., from January 1 to December 31 of each year.
CSG Annual Report 2025
The Group’s operating cycle is 12 months.
The Group and its domestic subsidiaries use the Renminbi as their functional currency. The Group’s overseas
subsidiaries determine their functional currency based on the currency of the primary economic environment in
which they operate. The currency used by the Group in preparing these financial statements is the Renminbi.
Item Materiality Threshold
Accounts receivable where the amount of an individual
Significant individual accounts receivable for which an
item represents 5% or more of the consolidated accounts
allowance for doubtful accounts is recognized
receivable balance
Items where the amount of a single other receivable
Significant individual accounts receivable for which an
accounts for 10% or more of the consolidated balance of
allowance for doubtful accounts is recognized
other receivables
Items whose impact on the Company’s current period
profit or loss represents 5% or more of the absolute value
Significant Write-offs of Accounts Receivable/Other
of the Company’s audited net profit for the most recent
Receivables
fiscal year and whose absolute amount exceeds RMB 1
million
Projected investment amount representing 5% or more of
Significant construction in progress the most recent audited equity attributable to the parent
company
Total assets of the subsidiary account for 5% or more of
Significant non-wholly-owned subsidiaries
total consolidated assets
(1) Business Combinations Under Common Control
For business combinations under common control, the assets and liabilities of the acquiree acquired by the
acquirer in the combination are measured at the acquiree’s carrying amount in the ultimate controlling party’s
consolidated financial statements as of the combination date.The difference between the book value of the merger
consideration (or the total par value of the shares issued) and the book value of the net assets acquired in the
merger is recorded in capital surplus (share capital premium). If capital surplus (share capital premium) is
insufficient to absorb the difference, the remaining amount is recorded in retained earnings.
Business Combinations Under Common Control Achieved Through Multiple Transactions
The assets and liabilities of the acquiree acquired by the acquirer in the business combination are measured at
their carrying amounts in the consolidated financial statements of the ultimate controlling party as of the
combination date; the difference between the sum of the carrying amount of the investment held prior to the
combination and the carrying amount of the new consideration paid on the combination date, and the carrying
amount of the net assets acquired in the combination, is recognized in capital surplus (share capital premium). If
capital surplus is insufficient to absorb the difference, the excess is recognized in retained earnings.For long-term
equity investments held by the acquirer prior to obtaining control of the acquiree, any gains or losses, other
comprehensive income, and changes in other equity recognized between the later of the date the original equity
interest was acquired and the date the acquirer and the acquiree came under the same ultimate control, and the
merger date, shall be offset against retained earnings at the beginning of the comparative reporting period or
against net income for the current period, respectively.
(2) Business Combinations Not Under Common Control
For business combinations not under common control, the cost of the combination is the fair value of the assets
given, liabilities incurred or assumed, and equity securities issued to acquire control of the acquiree as of the
acquisition date. As of the acquisition date, the acquiree’s assets, liabilities, and contingent liabilities are
recognized at fair value.
Any excess of the acquisition cost over the acquirer’s share of the fair value of the acquiree’s identifiable net
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assets is recognized as goodwill and subsequently measured at cost less accumulated impairment losses; any
shortfall of the acquisition cost relative to the acquirer’s share of the fair value of the acquiree’s identifiable net
assets is recognized in profit or loss after verification.
Business Combinations Under Non-Common Control Achieved Through Multiple Transactions
The cost of the combination is the sum of the consideration paid at the acquisition date and the fair value at the
acquisition date of the equity interest in the acquiree held prior to the acquisition date. The equity interest in the
acquiree held prior to the acquisition date is remeasured at its fair value at the acquisition date, and the difference
between the fair value and the carrying amount is recognized in investment income for the current period;Equity
interests in the acquiree held prior to the acquisition date that relate to other comprehensive income and changes
in other equity are reclassified to profit or loss for the acquisition date, except for other comprehensive income
arising from changes in the net liability or net asset of a defined benefit plan of the investee due to remeasurement,
and other comprehensive income related to non-trading equity instrument investments originally designated as
measured at fair value with changes recognized in other comprehensive income.
(3) Treatment of Transaction Costs in Business Combinations
Intermediary fees, such as those for audit, legal services, and valuation and advisory services, as well as other
related general and administrative expenses incurred in connection with a business combination, are recognized in
profit or loss in the period in which they are incurred. Transaction costs associated with equity or debt securities
issued as consideration for a business combination are included in the initial recognition amount of the equity or
debt securities.
(1) Criteria for Determining Control
The scope of consolidation for consolidated financial statements is determined on the basis of control. Control
means that the Group has the power over the investee, is entitled to variable returns by participating in the
investee’s activities, and has the ability to use its power over the investee to affect the amount of those returns.
The Group reassesses control whenever changes in relevant facts and circumstances affect the factors involved in
the definition of control.
In determining whether to include a structured entity in the scope of consolidation, the Group assesses whether it
controls the structured entity by considering all relevant facts and circumstances, including evaluating the purpose
and design of the structured entity, identifying the nature of variable returns, and determining whether it bears
some or all of the variability in returns through participation in the entity’s activities.
(2) Methodology for Preparing Consolidated Financial Statements
The consolidated financial statements are prepared by the Group based on the financial statements of the Group
and its subsidiaries, supplemented by other relevant information. In preparing the consolidated financial
statements, the accounting policies and accounting periods of the Group and its subsidiaries are aligned, and
significant intercompany transactions and balances are eliminated.
Subsidiaries and businesses acquired during the reporting period through business combinations under common
control are treated as if they had been included in the Group’s scope of consolidation from the date they came
under the control of the common ultimate controlling party. Their operating results and cash flows from that date
are included in the consolidated statement of comprehensive income and the consolidated statement of cash flows,
respectively.
For subsidiaries and businesses acquired during the reporting period through business combinations not under
common control, the revenue, expenses, and profit of such subsidiaries and businesses from the acquisition date to
the end of the reporting period are included in the consolidated income statement, and their cash flows are
included in the consolidated cash flow statement.
The portion of a subsidiary’s equity not owned by the Group is presented separately as non-controlling interests
under the equity section of the consolidated balance sheet; the share of the subsidiary’s net profit or loss for the
period attributable to non-controlling interests is presented as “Profit or Loss Attributable to Non-Controlling
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Interests” under the net profit item in the consolidated income statement.To the extent that the share of the
subsidiary’s loss borne by minority shareholders exceeds the minority shareholders’ share of the subsidiary’s
opening equity, the excess is still offset against non-controlling interests.
(3) Acquisition of Minority Interests in a Subsidiary
The difference between the cost of a long-term equity investment newly acquired through the purchase of a
minority interest and the share of the subsidiary’s net assets calculated continuously from the acquisition date or
the date of consolidation in accordance with the new ownership percentage, as well as the difference between the
proceeds received from the partial disposal of an equity investment in a subsidiary without losing control and the
share of the subsidiary’s net assets calculated continuously from the acquisition date or the date of consolidation
corresponding to the long-term equity investment being disposed of, shall both be recorded in the consolidated
balance sheet under capital surplus(Share Capital Premium/Capital Surplus); if the capital surplus is insufficient to
offset the difference, retained earnings are adjusted.
(4) Treatment of Loss of Control over a Subsidiary
If control over a subsidiary is lost due to the disposal of a portion of the equity investment or for other reasons, the
remaining equity interest is remeasured at its fair value as of the date control is lost;the sum of the consideration
received from the disposal and the fair value of the remaining equity interest, less the sum of the share of the
former subsidiary’s net assets (calculated from the acquisition date based on the original ownership percentage)
and goodwill, is recognized as investment income in the period in which control is lost.
Other comprehensive income related to the equity investment in the former subsidiary shall be accounted for at
the time of loss of control on the same basis as if the former subsidiary had directly disposed of the relevant assets
or liabilities; all other changes in equity under the equity method related to the former subsidiary shall be
reclassified to profit or loss in the period of loss of control.
Cash refers to cash on hand and deposits available for immediate payment. Cash equivalents refer to investments
held by the Group that are short-term, highly liquid, readily convertible into a known amount of cash, and subject
to an insignificant risk of changes in value.
(1) Foreign Currency Transactions
When the Group engages in foreign currency transactions, they are translated into the functional currency at the
spot exchange rate prevailing on the transaction date.
At the balance sheet date, foreign currency monetary items are translated using the spot exchange rate prevailing
on the balance sheet date. Exchange differences arising from the difference between the spot exchange rate on the
balance sheet date and the spot exchange rate at the time of initial recognition or the previous balance sheet date
are recognized in profit or loss for the current period;For non-monetary foreign currency items measured at
historical cost, the spot exchange rate on the transaction date is still used for translation; for non-monetary foreign
currency items measured at fair value, the spot exchange rate on the date the fair value was determined is used for
translation. The difference between the translated amount in the functional currency and the original amount in the
functional currency is recognized in profit or loss or other comprehensive income for the period, depending on the
nature of the non-monetary item.
(2) Translation of Foreign Currency Financial Statements
At the balance sheet date, when translating the foreign currency financial statements of overseas subsidiaries,
assets and liabilities in the balance sheet are translated using the spot exchange rate on the balance sheet date. For
equity items, all items except “retained earnings” are translated using the spot exchange rate on the transaction
date.
Revenue and expense items in the income statement are translated using the spot exchange rate on the transaction
date.
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All items in the cash flow statement are translated using the spot exchange rate on the date the cash flow occurred.
The effect of exchange rate changes on cash is treated as an adjusting item and is presented separately in the cash
flow statement under the heading “Effect of exchange rate changes on cash and cash equivalents.”
Differences arising from the translation of financial statements are recognized in the “Other Comprehensive
Income” line item under shareholders’ equity in the balance sheet.
Upon the disposal of a foreign operation and the loss of control, all foreign currency translation differences related
to that foreign operation, which are presented under shareholders’ equity in the balance sheet, are transferred to
profit or loss for the period of disposal, either in full or in proportion to the disposal of the foreign operation.
A financial instrument is a contract that gives rise to a financial asset of one party and a financial liability or
equity instrument of another party.
(1) Recognition and Derecognition of Financial Instruments
The Group recognizes a financial asset or financial liability when it becomes a party to a financial instrument
contract.
A financial asset is derecognized when one of the following conditions is met:
①The contractual rights to receive cash flows from the financial asset have terminated;
② The financial asset has been transferred and meets the derecognition criteria for a transfer of a financial asset
described below.
A financial liability is derecognized in whole or in part when the present obligation under the liability is
discharged in whole or in part. If the Group (the debtor) enters into an agreement with a creditor to replace an
existing financial liability with a new financial liability, and the terms of the new financial liability differ
substantially from those of the existing financial liability, the existing financial liability is derecognized and the
new financial liability is recognized simultaneously.
For the purchase or sale of financial assets in the ordinary course of business, recognition and derecognition are
accounted for on the trade date.
(2) Classification and Measurement of Financial Assets
Upon initial recognition, the Group classifies financial assets into the following three categories based on the
business model for managing the financial assets and the contractual cash flow characteristics of the financial
assets: financial assets measured at amortized cost, financial assets measured at fair value with changes
recognized in other comprehensive income, and financial assets measured at fair value with changes recognized in
profit or loss.
Financial assets are measured at fair value upon initial recognition.For financial assets measured at fair value with
changes recognized in profit or loss, related transaction costs are recognized directly in profit or loss; for financial
assets in other categories, related transaction costs are included in the initial recognition amount. For receivables
arising from the sale of products or the provision of services that do not contain or do not take into account a
significant financing component, the Group uses the amount of consideration it expects to be entitled to receive as
the initial recognition amount.
Financial Assets Measured at Amortized Cost
The Group classifies financial assets that meet all of the following criteria and are not designated as financial
assets at fair value through profit or loss as financial assets measured at amortized cost:
? The Group’s business model for managing the financial asset is to collect the contractual cash flows;
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? The contractual terms of the financial asset provide that cash flows arising on specific dates consist solely of
payments of principal and interest based on the outstanding principal amount.
After initial recognition, such financial assets are measured at amortized cost using the effective interest method.
Gains or losses arising from financial assets measured at amortized cost that are not part of any hedging
relationship are recognized in profit or loss upon derecognition, amortization using the effective interest method,
or recognition of an impairment loss.
Financial assets measured at fair value with changes recognized in other comprehensive income
The Group classifies financial assets that meet all of the following criteria and are not designated as financial
assets at fair value through profit or loss as financial assets at fair value through other comprehensive income:
? The Group’s business model for managing the financial asset is aimed at both collecting contractual cash
flows and selling the financial asset;
? The contractual terms of the financial asset provide that cash flows arising on specific dates consist solely of
payments of principal and interest based on the outstanding principal amount.
After initial recognition, such financial assets are subsequently measured at fair value. Interest calculated using
the effective interest method, impairment losses or gains, and foreign exchange gains or losses are recognized in
profit or loss; other gains or losses are recognized in other comprehensive income. Upon derecognition, the
cumulative gains or losses previously recognized in other comprehensive income are reclassified from other
comprehensive income to profit or loss.
Financial Assets Measured at Fair Value with Changes Recognized in Profit or Loss
Except for the financial assets measured at amortized cost and those measured at fair value with changes
recognized in other comprehensive income described above, the Group classifies all other financial assets as
financial assets measured at fair value with changes recognized in profit or loss.Upon initial recognition, to
eliminate or significantly reduce accounting mismatches, the Group irrevocably designates a portion of financial
assets that would otherwise be measured at amortized cost or at fair value with changes recognized in other
comprehensive income as financial assets measured at fair value with changes recognized in profit or loss.
Subsequent to initial recognition, such financial assets are measured at fair value, and any resulting gains or losses
(including interest and dividend income) are recognized in profit or loss, unless the financial asset is part of a
hedging relationship.
The business model for managing financial assets refers to how the Group manages financial assets to generate
cash flows. The business model determines whether the source of cash flows from the financial assets managed by
the Group is the collection of contractual cash flows, the sale of financial assets, or a combination of both. The
Group determines the business model for managing financial assets based on objective evidence and the specific
business objectives for managing financial assets as determined by key management personnel.
The Group assesses the contractual cash flow characteristics of financial assets to determine whether the
contractual cash flows generated by the relevant financial assets on a specific date consist solely of payments of
principal and interest based on the outstanding principal amount. Here, principal refers to the fair value of the
financial asset at initial recognition; interest includes compensation for the time value of money, credit risk
associated with the outstanding principal amount for a specific period, and other fundamental lending risks, costs,
and profits.In addition, the Group assesses the contractual terms that could result in changes to the timing or
amount of the financial asset’s contractual cash flows to determine whether they meet the requirements of the
aforementioned contractual cash flow characteristics.
Financial assets are reclassified only when the Group changes its business model for managing financial assets,
and all affected financial assets are reclassified on the first day of the first reporting period following the change
in business model; otherwise, financial assets shall not be reclassified after initial recognition.
Financial assets are measured at fair value upon initial recognition.For financial assets measured at fair value with
changes recognized in profit or loss, related transaction costs are recognized directly in profit or loss; for other
categories of financial assets, related transaction costs are included in the initial recognition amount. For accounts
CSG Annual Report 2025
receivable arising from the sale of products or the provision of services that do not contain or take into account a
significant financing component, the Group uses the amount of consideration to which it expects to be entitled as
the initial recognition amount.
(3) Classification and Measurement of Financial Liabilities
The Group’s financial liabilities are classified upon initial recognition as: financial liabilities measured at fair
value with changes recognized in profit or loss, and financial liabilities measured at amortized cost. For financial
liabilities not classified as those measured at fair value with changes recognized in profit or loss, related
transaction costs are included in their initial recognition amount.
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities and financial
liabilities designated upon initial recognition as measured at fair value through profit or loss. For such financial
liabilities, subsequent measurement is based on fair value, and gains or losses arising from changes in fair value,
as well as dividends and interest expenses related to these financial liabilities, are recognized in profit or loss.
Financial liabilities measured at amortized cost
Other financial liabilities are measured at amortized cost using the effective interest method, and gains or losses
arising from derecognition or amortization are recognized in profit or loss.
Distinction Between Financial Liabilities and Equity Instruments
A financial liability is a liability that meets one of the following conditions:
① A contractual obligation to deliver cash or other financial assets to another party.
② A contractual obligation to exchange financial assets or financial liabilities with another party under potential
adverse conditions.
③ A non-derivative contract that is required or permitted to be settled in the entity’s own equity instruments, and
under which the entity is to deliver a variable number of its own equity instruments.
④ A derivative contract that is to be settled, or may be settled, in the entity’s own equity instruments, except for
derivative contracts that exchange a fixed number of the entity’s own equity instruments for a fixed amount of
cash or other financial assets.
An equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all of
its liabilities.
If the Group cannot unconditionally avoid fulfilling a contractual obligation by delivering cash or other financial
assets, that contractual obligation meets the definition of a financial liability.
If a financial instrument is required or permitted to be settled in the Group’s own equity instruments, it is
necessary to consider whether the Group’s own equity instruments used to settle the instrument serve as a
substitute for cash or other financial assets, or whether they are intended to give the holder of the instrument a
residual interest in the assets of the issuer after deducting all liabilities. If the former, the instrument is a financial
liability of the Group; if the latter, the instrument is an equity instrument of the Group.
(4) Fair Value of Financial Instruments
The methods for determining the fair value of financial assets and financial liabilities are described in Note .
(5) Impairment of Financial Assets
The Group applies impairment accounting based on expected credit losses and recognizes an allowance for credit
impairment losses for the following items:
? Financial assets measured at amortized cost;
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? Receivables and debt investments measured at fair value with changes recognized in other comprehensive
income;
? Contract assets as defined in Chinese Accounting Standards for Business Enterprises No. 14—Revenue;
? Lease receivables;
? Financial guarantee contracts (excluding those measured at fair value with changes recognized in profit or
loss, or those arising from the transfer of financial assets that do not meet the criteria for derecognition or from
continued involvement in the transferred financial assets).
Measurement of Expected Credit Losses
Expected credit loss refers to the weighted average of credit losses on financial instruments, weighted by the risk
of default. Credit loss refers to the difference between all contractual cash flows due under the contract,
discounted at the original effective interest rate, and all expected cash flows to be received, i.e., the present value
of the total cash shortfall.
The Group recognizes expected credit losses by calculating the probability-weighted present value of the
difference between the contractual cash flows due and the expected cash flows to be received, weighted by the
risk of default, based on reasonable and supportable information regarding past events, current conditions, and
forecasts of future economic conditions.
The Group measures expected credit losses separately for financial instruments in different stages. If the credit
risk of a financial instrument has not increased significantly since initial recognition, it is classified in Stage 1, and
the Group measures the loss allowance based on the expected credit loss over the next 12 months; if the credit risk
of a financial instrument has increased significantly since initial recognition but no credit impairment losses have
yet occurred, it is classified in Stage 2, and the Group measures the loss allowance based on the expected credit
loss over the entire life of the instrument;Financial instruments for which credit impairment losses have occurred
since initial recognition are classified in Stage 3, and the Group measures the loss allowance based on the
expected credit losses over the instrument’s entire remaining life.
For financial instruments with low credit risk as of the balance sheet date, the Group assumes that credit risk has
not increased significantly since initial recognition and measures the credit loss allowance based on expected
credit losses over the next 12 months.
Expected credit losses over the entire life refer to the expected credit losses resulting from all possible default
events that may occur over the entire expected life of the financial instrument. Expected credit losses over the next
the balance sheet date (or within the expected life of the financial instrument if it is less than 12 months), and
constitute a portion of the expected credit losses over the entire life.
When measuring expected credit losses, the Group considers the longest contract term during which the entity is
exposed to credit risk (including renewal options).
For financial instruments in Stage 1 and Stage 2, as well as those with lower credit risk, the Group calculates
interest income based on their carrying amounts before impairment and the effective interest rate. For financial
instruments in Stage 3, the Group calculates interest income based on their amortized cost (carrying amount less
accumulated impairment losses) and the effective interest rate.
For receivables such as notes receivable, accounts receivable, receivables financing, other receivables, and
contract assets, if a customer’s credit risk profile differs significantly from that of other customers in the portfolio,
or if there is a significant change in the customer’s credit risk profile, the Group recognizes an individual
allowance for doubtful accounts for that receivable.Except for receivables for which an individual allowance for
doubtful accounts has been recognized, the Group classifies receivables into groups based on credit risk
characteristics and calculates the allowance for doubtful accounts on a group basis.
Notes receivable, accounts receivable, and contract assets
For notes receivable and accounts receivable, regardless of whether a significant financing component exists, the
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Group always measures its loss allowance based on an amount equivalent to the expected credit losses over the
entire remaining life of the asset.
When information regarding expected credit losses for an individual financial asset cannot be assessed at a
reasonable cost, the Group classifies notes receivable and accounts receivable into groups based on credit risk
characteristics and calculates expected credit losses on a group basis. The basis for determining the groups is as
follows:
A. Notes Receivable
? Notes Receivable Portfolio 1: Banker’s Acceptances
? Notes Receivable Portfolio 2: Commercially Accepted Bills
B. Accounts Receivable
? Accounts Receivable Pool 1: Non-related-party customers
? Accounts Receivable Group 2: Related-Party Customers
For notes receivable and contract assets classified into pools, the Group calculates expected credit losses based on
historical credit loss experience, combined with current conditions and forecasts of future economic conditions,
using default risk exposure and lifetime expected credit loss rates.
For accounts receivable classified into pools, the Group calculates expected credit losses by preparing a cross-
reference table of accounts receivable aging/days past due against the lifetime expected credit loss rate, based on
historical credit loss experience, current conditions, and forecasts of future economic conditions. The aging of
accounts receivable is calculated from the date of recognition, and days past due are calculated from the date the
credit period expires.
Other Receivables
The Group classifies other receivables into several pools based on credit risk characteristics and calculates
expected credit losses on a pool basis. The basis for determining the pools is as follows:
? Other Receivables Portfolio 1: Receivables from Non-Related Parties
? Other Receivables Portfolio 2: Receivables from Related Parties
For other receivables classified into pools, the Group calculates expected credit losses using default risk exposure
and expected credit loss rates over the next 12 months or the entire life of the receivables. For other receivables
classified into pools based on aging, the aging period is calculated from the date of recognition.
Debt Investments and Other Debt Investments
For debt investments and other debt investments, the Group calculates expected credit losses based on the nature
of the investment, the type of counterparty, and the type of exposure, using default risk exposure and expected
credit loss rates over the next 12 months or the entire life of the investment.
Assessment of a Significant Increase in Credit Risk
The Group assesses whether credit risk has increased significantly since initial recognition by comparing the risk
of default of a financial instrument at the balance sheet date with the risk of default at the date of initial
recognition, to determine the relative change in the risk of default over the expected life of the financial
instrument.
In determining whether credit risk has increased significantly since initial recognition, the Group considers
reasonable and supportable information, including forward-looking information, that is available without undue
additional cost or effort. The information considered by the Group includes:
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? instances where the debtor has failed to pay principal and interest by the contractual due date;
? Significant deterioration in the external or internal credit ratings (if any) of the financial instrument, whether
actual or expected;
? a significant deterioration in the debtor’s operating results, whether actual or expected;
? Existing or anticipated changes in the technological, market, economic, or legal environment that would
have a material adverse effect on the debtor’s ability to repay the Group.
Depending on the nature of the financial instrument, the Group assesses whether credit risk has increased
significantly on an individual financial instrument basis or on a portfolio basis. When assessing on a portfolio
basis, the Group may classify financial instruments based on common credit risk characteristics, such as
delinquency information and credit risk ratings.
If a financial instrument is past due by more than 30 days, the Group determines that the credit risk of the
financial instrument has increased significantly.
The Group considers a financial asset to be in default when:
? The borrower is unlikely to pay the full amount owed to the Group, and this assessment does not consider
recourse actions taken by the Group, such as the realization of collateral (if held);
? The financial asset is past due by more than 90 days.
Financial assets that are credit-impaired
At each balance sheet date, the Group assesses whether financial assets measured at amortized cost and debt
investments measured at fair value through other comprehensive income have become credit-impaired. A
financial asset becomes credit-impaired when one or more events occur that have an adverse effect on the
expected future cash flows of the financial asset. Evidence that a financial asset is credit-impaired includes the
following observable information:
? Significant financial difficulties experienced by the issuer or debtor;
? A breach of contract by the debtor, such as a default or delinquency in interest or principal payments;
? The Group grants the debtor concessions that it would not otherwise grant, based on economic or
contractual considerations related to the debtor’s financial difficulties;
? It is highly probable that the debtor will enter bankruptcy or undergo other financial restructuring;
? the disappearance of an active market for the financial asset due to the financial difficulties of the issuer or
debtor.
Presentation of the Allowance for Expected Credit Losses
To reflect changes in the credit risk of financial instruments since initial recognition, the Group remeasures
expected credit losses at each balance sheet date. Any increase or reversal in the loss allowance resulting
therefrom shall be recognized as credit impairment losses or gains in profit or loss for the current period.For
financial assets measured at amortized cost, the loss allowance reduces the carrying amount of the financial asset
as presented in the balance sheet; for debt investments measured at fair value with changes recognized in other
comprehensive income, the Group recognizes the loss allowance in other comprehensive income and does not
reduce the carrying amount of the financial asset.
Write-off
If the Group no longer reasonably expects to recover all or part of the contractual cash flows of a financial asset,
the carrying amount of that financial asset is written down directly. Such a write-down constitutes the
derecognition of the relevant financial asset. This situation typically arises when the Group determines that the
CSG Annual Report 2025
debtor has no assets or sources of income capable of generating sufficient cash flows to repay the amount written
down. However, in accordance with the Group’s procedures for collecting past-due amounts, a written-down
financial asset may still be subject to enforcement actions.
If a written-down financial asset is subsequently recovered, the reversal of the impairment loss is recognized in
profit or loss for the period in which the recovery occurs.
(6) Transfer of Financial Assets
A transfer of a financial asset is the assignment or delivery of a financial asset to a party other than the issuer of
the financial asset (the transferee).
If the Group has transferred substantially all the risks and rewards of ownership of the financial asset to the
transferee, the financial asset is derecognized; if the Group has retained substantially all the risks and rewards of
ownership of the financial asset, the financial asset is not derecognized.
If the Group has neither transferred nor retained substantially all the risks and rewards of ownership of the
financial asset, the following treatments apply: if control over the financial asset has been relinquished, the
financial asset is derecognized and the resulting assets and liabilities are recognized; if control over the financial
asset has not been relinquished, the financial asset is recognized to the extent of the Group’s continuing
involvement in the transferred financial asset, and the related liability is recognized accordingly.
(7) Offsetting of Financial Assets and Financial Liabilities
When the Group has a legal right to offset recognized financial assets and financial liabilities, and is currently able
to exercise that right, and the Group intends to settle on a net basis or to realize the financial asset and settle the
financial liability simultaneously, the financial assets and financial liabilities are presented in the balance sheet at
their net amount after offsetting. Otherwise, financial assets and financial liabilities are presented separately in the
balance sheet and are not offset against each other.
Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an
orderly transaction at the measurement date.
The Group measures relevant assets or liabilities at fair value, assuming that the orderly transaction to sell the
asset or transfer the liability takes place in the principal market for the relevant asset or liability; if no principal
market exists, the Group assumes that the transaction takes place in the most advantageous market for the relevant
asset or liability. The principal market (or most advantageous market) is the trading market to which the Group
has access on the measurement date.The Group uses the assumptions that a market participant would use when
pricing the asset or liability to maximize its economic benefit.
For financial assets or financial liabilities with active markets, the Group determines their fair value using quoted
prices in active markets. For financial instruments without active markets, the Group determines their fair value
using valuation techniques.
When measuring non-financial assets at fair value, the Group considers the ability of market participants to
generate economic benefits by using the asset for its best use, or by selling the asset to other market participants
who can use it for its best use.
The Group uses valuation techniques that are appropriate in the current circumstances and supported by sufficient
available data and other information, giving priority to relevant observable inputs; unobservable inputs are used
only when observable inputs are unavailable or it is impractical to obtain them.
Assets and liabilities measured or disclosed at fair value in the financial statements are classified into fair value
hierarchies based on the lowest level of inputs that is significant to the fair value measurement as a whole: Level 1
inputs are unadjusted quotes for identical assets or liabilities available in active markets on the measurement date;
Level 2 inputs are directly or indirectly observable inputs for the relevant assets or liabilities other than Level 1
inputs;Level 3 inputs are unobservable inputs for the relevant asset or liability.
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At each balance sheet date, the Group reassesses assets and liabilities recognized in the financial statements that
are measured at fair value on a continuing basis to determine whether there have been any transfers between fair
value measurement levels.
(1) Classification of Inventories
The Group’s inventories are classified into raw materials, work in progress, finished goods, and consumables.
(2) Valuation method for issued inventories
The Group’s inventories are measured at actual cost upon acquisition. Raw materials, finished goods, and other
inventories are valued using the weighted average method upon issuance.
(3) Basis for Determining and Method of Accrual of the Provision for Inventory Write-Down
At the balance sheet date, inventories are measured at the lower of cost and net realizable value. When the net
realizable value is lower than cost, a provision for inventory write-down is recognized.
Net realizable value is the estimated selling price of the inventories less the estimated costs to completion,
estimated selling expenses, and related taxes. In determining the net realizable value of inventories, the Group
relies on objective evidence and considers the purpose for which the inventories are held, as well as the effects of
events occurring after the balance sheet date.
The Group generally recognizes provisions for inventory write-down on an item-by-item basis. For inventories
consisting of a large number of items with low unit prices, provisions for inventory write-down are recognized by
inventory category.
At the balance sheet date, if the factors that previously caused the inventories to be written down no longer exist,
the provision for inventory write-down is reversed up to the amount previously recognized.
(4) Inventories Counting System
The Group adopts a perpetual inventory system for inventories.
The Company classifies a non-current asset or disposal group as assets held for sale if it intends to recover its
carrying amount principally through a sale (including a non-monetary asset exchange with commercial substance;
the same applies hereinafter) rather than through continuing use. The specific criteria are that all of the following
conditions are met: A non-current asset or disposal group is available for immediate sale in its present condition,
based on the practice of selling such assets or disposal groups in similar transactions; The Company has made a
resolution regarding the sale plan and has obtained a firm purchase commitment;The sale is expected to be
completed within one year. A disposal group refers to a group of assets to be disposed of together as a whole
through sale or other means in a single transaction, along with liabilities directly associated with those assets that
are transferred in that transaction. If the asset group or combination of asset groups to which the disposal group
belongs has allocated goodwill acquired in a business combination in accordance with Chinese Accounting
Standards for Business Enterprises No. 8—Impairment of Assets, the disposal group shall include the goodwill
allocated to it.
When the Company initially measures or remeasures non-current assets classified as assets held for sale or
disposal groups at the balance sheet date, and their carrying amount exceeds the net amount of fair value less costs
to sell, the carrying amount shall be written down to the net amount of fair value less costs to sell. The amount of
the write-down shall be recognized as asset impairment losses, included in current profit or loss, and an
impairment allowance for assets held for sale shall be provided simultaneously.For a disposal group, the
recognized asset impairment losses are first applied against the carrying amount of goodwill within the disposal
group, and then allocated proportionally to reduce the carrying amounts of the non-current assets within the
disposal group that are subject to the measurement requirements of Chinese Accounting Standards for Business
Enterprises No. 42—Assets Held for Sale, Disposal Groups, and Discontinued Operations (hereinafter referred to
CSG Annual Report 2025
as the “Held-for-Sale Standard”).If the net fair value of a disposal group held for sale, net of selling expenses,
increases at a subsequent balance sheet date,any previously written-down amounts shall be reversed and
reclassified within the asset impairment losses recognized for non-current assets that were measured in
accordance with the Holding for Sale Standard after being classified as assets held for sale. The amount of the
reversal shall be recognized in profit or loss for the current period, and the carrying amounts of such non-current
assets (excluding goodwill) within the disposal group shall be increased proportionately based on their respective
carrying amounts;The carrying amount of goodwill that has been written down, as well as asset impairment losses
on non-current assets measured in accordance with the held-for-sale standard that were recognized prior to
classification as assets held for sale, shall not be reversed.
Non-current assets held for sale or non-current assets in a disposal group are not subject to depreciation or
amortization; interest and other expenses on liabilities in a disposal group held for sale continue to be recognized.
When a non-current asset or disposal group no longer meets the criteria for classification as held for sale, the
Company ceases to classify it as held for sale or removes the non-current asset from the disposal group held for
sale, and measures it at the lower of: (1) the carrying amount prior to classification as held for sale, adjusted for
depreciation, amortization, or impairment that would have been recognized had it not been classified as held for
sale;(2) the recoverable amount.
Long-term equity investments include equity investments in subsidiaries, joint ventures, and associates. An
investee is classified as an associate of the Group if the Group is able to exercise significant influence over the
investee.
(1) Determination of Initial Investment Cost
Long-term equity investments arising from business combinations: For long-term equity investments acquired in a
business combination under common control, the investment cost is the share of the book value of the acquiree’s
equity in the ultimate controlling party’s consolidated financial statements as of the combination date; for long-
term equity investments acquired in a business combination not under common control, the investment cost is the
cost of the combination.
For long-term equity investments acquired by other means: Long-term equity investments acquired for cash are
recognized at the purchase price actually paid as the initial investment cost; long-term equity investments acquired
through the issuance of equity securities are recognized at the fair value of the equity securities issued as the
initial investment cost.
(2) Subsequent Measurement and Profit or Loss Recognition
Investments in subsidiaries are accounted for using the cost method, unless the investment meets the criteria for
held for sale; investments in associates and joint ventures are accounted for using the equity method.
For long-term equity investments accounted for using the cost method, cash dividends or profits declared by the
investee are recognized as investment income and included in current period profit or loss, except for declared but
undistributed cash dividends or profits included in the actual purchase price or consideration paid at the time of
acquisition.
For long-term equity investments accounted for using the equity method, if the initial investment cost exceeds the
investor’s share of the fair value of the investee’s identifiable net assets at the time of investment, the investment
cost is not adjusted; if the initial investment cost is less than the investor’s share of the fair value of the investee’s
identifiable net assets at the time of investment, the carrying amount of the long-term equity investment is
adjusted, and the difference is recognized in profit or loss for the period of the investment.
When accounting under the equity method, investment income and other comprehensive income are recognized
based on the investor’s share of the investee’s net profit or loss and other comprehensive income, respectively,
while simultaneously adjusting the carrying amount of the long-term equity investment; the portion attributable to
the investor is calculated based on the profits or cash dividends declared by the investee, and the carrying amount
of the long-term equity investment is reduced accordingly;For changes in the investee’s equity other than net
profit or loss, other comprehensive income, and profit distributions, the carrying amount of the long-term equity
CSG Annual Report 2025
investment is adjusted and the amount is recognized in capital surplus (other capital surplus). When recognizing
the share of the investee’s net profit or loss, the amount is determined based on the fair value of the investee’s
identifiable assets at the time of acquisition, and is recognized after adjusting the investee’s net profit in
accordance with the Group’s accounting policies and the accounting period.
Where, due to additional investments or other reasons, the Group is able to exert significant influence over the
investee or exercise joint control but does not constitute control, the initial investment cost for the transition to the
equity method is determined as the sum of the fair value of the original equity interest and the cost of the
additional investment.If the original equity interest was classified as a non-trading equity instrument investment
measured at fair value with changes recognized in other comprehensive income, the cumulative fair value changes
previously recognized in other comprehensive income are transferred to retained earnings upon the change to the
equity method.
If joint control or significant influence over the investee is lost due to the disposal of a portion of the equity
investment or other reasons, the remaining equity interest after the disposal shall be accounted for in accordance
with Chinese Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments as of the date joint control or significant influence is lost, and the difference between fair value and
carrying amount shall be recognized in profit or loss for the current period.Other comprehensive income
previously recognized for the equity investment under the equity method shall be accounted for on the same basis
as the direct disposal of assets or liabilities by the investee when the equity method is discontinued; all other
changes in equity related to the original equity investment shall be transferred to profit or loss for the current
period.
If control over the investee is lost due to the disposal of a portion of the equity investment or other reasons, and
the remaining equity interest after the disposal is capable of exercising joint control or significant influence over
the investee, the investment shall be accounted for using the equity method, and the remaining equity interest shall
be adjusted as if it had been accounted for using the equity method from the date of acquisition;If the remaining
equity interest after the disposal cannot exercise joint control over or exert significant influence on the investee,
accounting treatment shall be conducted in accordance with the relevant provisions of Chinese Accounting
Standards for Business Enterprises No. 22—Recognition and Measurement of Financial Instruments, and the
difference between its fair value and carrying amount as of the date of loss of control shall be recognized in profit
or loss for the current period.
Where the Group’s ownership interest decreases due to a capital increase by other investors, resulting in the loss
of control but retaining the ability to exercise joint control or exert significant influence over the investee, the
Group shall recognize its share of the increase in the investee’s net assets arising from the capital increase in
proportion to its new ownership interest; the difference between this amount and the original carrying amount of
the long-term equity investment corresponding to the decreased ownership interest shall be recognized in profit or
loss for the current period;Subsequently, adjustments are made as if the investment had been accounted for using
the equity method from the date of acquisition, based on the new ownership percentage.
Unrealized gains or losses arising from internal transactions between the Group and its associates or joint ventures
are recognized as investment gains or losses on an offsetting basis, calculated in proportion to the Group’s
ownership interest. However, unrealized losses arising from internal transactions between the Group and an
investee that constitute asset impairment losses shall not be offset.
(3) Basis for determining joint control or significant influence over an investee
Joint control refers to the shared control over an arrangement pursuant to relevant agreements, and decisions
regarding the arrangement’s activities must be made with the unanimous consent of the parties sharing control. In
determining whether joint control exists, one must first determine whether all parties or a combination of parties
collectively control the arrangement, and second, whether decisions regarding the arrangement’s activities must
be made with the unanimous consent of the parties collectively controlling the arrangement.If all participants or a
group of participants must act in concert to decide on the activities of an arrangement, then all participants or that
group of participants are deemed to collectively control the arrangement; if there are two or more groups of
participants capable of collectively controlling an arrangement, this does not constitute joint control. Protective
rights are not considered when determining whether joint control exists.
Significant influence refers to the investor’s power to participate in the decision-making regarding the investee’s
CSG Annual Report 2025
financial and operating policies, but without the ability to control or jointly control the formulation of those
policies with other parties.In determining whether significant influence can be exercised over an investee,
consideration is given to the voting shares held directly or indirectly by the investor in the investee, as well as the
impact of current exercisable contingent voting rights held by the investor and other parties, assuming such rights
are converted into equity interests in the investee. This includes the impact of currently convertible warrants,
stock options, and convertible bonds issued by the investee.
When the Group directly or indirectly through subsidiaries holds 20% (inclusive) or more but less than 50% of the
investee’s voting shares, it is generally considered to have significant influence over the investee, unless there is
clear evidence indicating that, under such circumstances, the Group cannot participate in the investee’s production
and operational decision-making and thus does not exert significant influence;When the Group holds 20%
(exclusive) or less of the investee’s voting shares, it is generally not considered to have significant influence over
the investee, unless there is clear evidence indicating that, under such circumstances, the Group is able to
participate in the investee’s production and operational decisions and thus exerts significant influence.
(4) Impairment Testing Methods and Provision for Impairment
For investments in subsidiaries, associates, and joint ventures, the method for recognizing asset impairment is
described in Note.
Investment properties refer to real estate held to earn rental income or for capital appreciation, or for both
purposes. The Group’s investment properties include leased land use rights, land use rights held for appreciation
and subsequent sale, and leased buildings.
There is an active real estate market in the locations where the Group’s investment properties are situated, and the
Group is able to obtain market prices and other relevant information for comparable or similar properties from the
real estate market, thereby enabling a reasonable estimation of the fair value of the investment properties.
Consequently, the Group uses the fair value model for the subsequent measurement of investment properties, and
changes in fair value are recognized in profit or loss for the current period.
When determining the fair value of investment properties, the Group refers to the current market prices of
comparable or similar properties in an active market; if current market prices for comparable or similar properties
are not available, the Group refers to the most recent transaction prices of comparable or similar properties in an
active market and considers factors such as transaction circumstances, transaction dates, and location to make a
reasonable estimate of the fair value of the investment properties; or determines its fair value based on the present
value of expected future rental income and related cash flows.
In rare cases, if there is evidence that the fair value of an investment property cannot be reliably determined on a
continuous basis at the time the Group initially acquires a non-under-construction investment property (or when
an existing property first becomes an investment property following the completion of construction or
development activities or a change in use), the investment property is measured using the cost model until
disposal, and no residual value is assumed.
The gain on the disposal of investment properties through sale, transfer, retirement, or destruction, net of their
carrying amounts and related taxes, is recognized in profit or loss for the period.
(1) Criteria for Recognition of Fixed Assets
The Group’s fixed assets refer to tangible assets held for the production of goods, the provision of services,
leasing, or management and operation, with a useful life exceeding one accounting period.
Fixed assets are recognized only when it is probable that the economic benefits associated with the asset will flow
to the enterprise and the cost of the asset can be measured reliably.
The Group’s fixed assets are initially measured at actual cost at the time of acquisition.
CSG Annual Report 2025
Subsequent expenditures related to fixed assets are included in the cost of the fixed assets when it is probable that
the associated economic benefits will flow to the Group and the cost can be measured reliably; routine repair costs
for fixed assets that do not meet the criteria for capitalizing subsequent expenditures are recognized in profit or
loss for the current period or included in the cost of the relevant asset when incurred, based on the beneficiary. For
the replaced portion, its carrying amount is derecognized.
(2) Depreciation Methods for Various Fixed Assets
The Group uses the straight-line method to calculate depreciation. Depreciation begins when fixed assets are
ready for their intended use and ceases upon derecognition or when they are classified as non-current assets held
for sale. Excluding impairment provisions, the Group determines the annual depreciation rates for various
categories of fixed assets based on asset class, estimated useful life, and estimated residual value as follows:
Annual Depreciation Rate
Category Useful Life (Years) Residual Value Rate (%)
(%)
Buildings and Structures 20–35 5 4.75–2.71
Machinery and equipment 8–20 5 11.88–4.75
Transportation and Other 5–8 - 20–12.50
For fixed assets for which impairment reserves have been recognized, the depreciation rate shall be determined by
deducting the cumulative amount of impairment reserves already recognized.
(3) For the impairment testing methods and the method for recognizing impairment reserves for fixed assets, please
refer to Note.
(4) At the end of each fiscal year, the Group reviews the useful lives, estimated net salvage values, and depreciation
methods of its fixed assets.
If there is a difference between the estimated useful life and the original estimate, the useful life of the fixed assets
is adjusted; if there is a difference between the estimated net salvage value and the original estimate, the estimated
net salvage value is adjusted.
(5) Disposal of Fixed Assets
When a fixed asset is disposed of, or when it is no longer expected to generate economic benefits through use or
disposal, the Group derecognizes the fixed asset. The proceeds from the sale, transfer, scrapping, or destruction of
a fixed asset, net of its carrying amount and related taxes, are recognized in profit or loss for the current period.
The Group’s cost of construction in progress is determined based on actual project expenditures, including all
necessary project expenditures incurred during the construction period, borrowing costs to be capitalized prior to
the asset reaching its intended usable state, and other related expenses.
Construction in progress is transferred to fixed assets when it reaches its intended usable state. The criteria for
determining the intended usable state shall meet one of the following conditions: The physical construction
(including installation) of the fixed asset has been fully completed or is substantially complete; trial production or
trial operation has been conducted, and the results indicate that the asset can operate normally or produce stably;
or the results of trial operation indicate that it can operate normally.Expenditures on the construction of the fixed
assets are minimal or virtually nonexistent; the constructed fixed assets have met design or contractual
requirements, or are substantially in line with such requirements.
For the method of calculating impairment losses on construction in progress, see Note .
The Group’s construction materials refer to various materials prepared for construction in progress, including
construction materials, equipment not yet installed, and tools and equipment prepared for production.
CSG Annual Report 2025
Purchased construction materials are measured at cost; materials issued for use are transferred to construction in
progress, and any remaining construction materials after project completion are reclassified as inventories.
For the method of calculating impairment losses on construction materials, see Note.
In the balance sheet, the ending balance of construction materials is presented under “Construction in Progress.”
(1) Recognition Principles for Capitalization of Borrowing Costs
Borrowing costs incurred by the Group that are directly attributable to the construction or production of assets that
meet the criteria for capitalization are capitalized and included in the cost of the relevant assets; other borrowing
costs are recognized as expenses at the time of occurrence based on their amount and included in current period
profit or loss. Borrowing costs are capitalized when they meet all of the following conditions:
① Asset expenditures have been incurred; such expenditures include payments made in the form of cash, transfers
of non-cash assets, or the assumption of interest-bearing debt for the acquisition, construction, or production of
assets that meet the criteria for capitalization;
② Borrowing costs have been incurred;
③ The construction or production activities necessary to bring the asset to its intended usable or saleable
condition have commenced.
(2) Period of Capitalization of Borrowing Costs
The Group ceases to capitalize borrowing costs when the construction or production of an asset that meets the
criteria for capitalization reaches its intended state of readiness for use or sale. Borrowing costs incurred after the
asset that meets the criteria for capitalization has reached its intended state of readiness for use or sale are
recognized as an expense in the period in which they are incurred and included in current profit or loss.
If there is an abnormal interruption in the construction or production of an asset that meets the capitalization
criteria, and the interruption lasts for more than three consecutive months, the capitalization of borrowing costs is
suspended; borrowing costs incurred during periods of normal interruption continue to be capitalized.
(3) Calculation Method for the Capitalization Rate and Amount of Borrowing Costs
For designated borrowings, the amount capitalized is the actual interest expense incurred during the current period,
less any interest income earned on undrawn funds deposited in a bank or investment income from temporary
investments. For general borrowings, the capitalized amount is determined by multiplying the weighted average
of asset expenditures exceeding those of designated borrowings by the capitalization rate applicable to the general
borrowings. The capitalization rate is calculated based on the weighted average interest rate of the general
borrowings.
During the capitalization period, all exchange differences on foreign currency-denominated special-purpose loans
are fully capitalized; exchange differences on foreign currency-denominated general-purpose loans are recognized
in current period profit or loss.
The Group’s intangible assets include land use rights, patents and proprietary technology, mineral mining rights,
and others.
Intangible assets are initially measured at cost, and their useful lives are analyzed and determined at the time of
acquisition.For intangible assets with a finite useful life, amortization is calculated over the estimated useful life
using a method that reflects the expected pattern of economic benefits associated with the asset, starting from the
date the asset is available for use; if the expected pattern of economic benefits cannot be reliably determined, the
straight-line method is used; intangible assets with an indefinite useful life are not amortized.
CSG Annual Report 2025
The amortization methods for intangible assets with finite useful lives are as follows:
Amortization
Useful Life Basis for Determining Useful Life Remarks
Method
Straight-line
Land use rights 30–70 years Warrant
amortization
Patent Rights and Amortized on a
Proprietary Technology straight-line basis
Amortized over
Mining rights 16–20 years Warrants, expected income period
the useful life
Straight-line
Other 2–10 years Estimated useful life
amortization
At the end of each fiscal year, the Group reviews the useful lives and amortization methods of intangible assets
with finite useful lives. If there are differences from previous estimates, the original estimates are adjusted and
treated as changes in accounting estimates.
If, at the balance sheet date, it is estimated that an intangible asset will no longer generate future economic
benefits for the enterprise, the entire carrying amount of that intangible asset is transferred to current profit or loss.
For the impairment testing method for intangible assets, see Note.
The Group’s research and development (R&D) expenses consist of expenditures directly related to the Company’s
R&D activities, including employee compensation for R&D personnel, direct input costs, depreciation expenses
and deferred expenses, design costs, equipment commissioning costs, amortization of intangible assets, external
R&D outsourcing costs, and other expenses. Among these, the salaries of R&D personnel are allocated to R&D
expenses based on project man-hours.The costs of equipment, production lines, and premises shared by R&D
activities and other production and business operations are allocated to R&D expenses based on the proportion of
working hours and floor space.
The Group classifies expenditures on internal research and development projects into research-phase expenditures
and development-phase expenditures.
Expenditures incurred during the research phase are recognized in current period profit or loss as incurred.
Expenditures in the development stage may be capitalized only if all of the following conditions are met: it is
technically feasible to complete the intangible assets so that they are available for use or sale; there is an intention
to complete the intangible assets and use or sell them;The manner in which the intangible assets will generate
economic benefits includes demonstrating that there is a market for products produced using the intangible assets
or for the intangible assets themselves; if the intangible assets are to be used internally, their usefulness must be
demonstrated; there are sufficient technical, financial, and other resources to complete the development of the
intangible assets, and the Group has the capability to use or sell the intangible assets; and expenditures attributable
to the development phase of the intangible assets can be measured reliably. Development expenditures that do not
meet the above conditions are recognized in profit or loss for the current period.
The Group’s research and development projects enter the development stage after meeting the above conditions
and undergoing technical and economic feasibility studies, resulting in project approval.
Capitalized development-stage expenditures are presented as development expenditures on the balance sheet and
are reclassified as intangible assets on the date the project is ready for its intended use.
Capitalization criteria for specific R&D projects:
Expenditures incurred during the research phase are recognized in profit or loss in the period in which they are
incurred. Expenditures incurred during the design and testing phases prior to mass production, which relate to the
final application of production processes, are classified as development expenditures and are capitalized if they
meet the following conditions:
CSG Annual Report 2025
· The development of the production process has been thoroughly evaluated by the technical team;
·Management has approved the budget for the development of the production process;
· Analysis from preliminary market research indicates that the products manufactured using the production
process have market potential;
· There is sufficient technical and financial support to carry out the development activities and subsequent large-
scale production; and the expenditures related to the development of the production process can be reliably
allocated. If it is not possible to distinguish between expenditures incurred during the research phase and those
incurred during the development phase, all R&D expenditures incurred shall be recognized in current period profit
or loss.
Impairment of assets such as long-term equity investments in subsidiaries, fixed assets, property, plant, and
equipment, construction in progress, right-of-use assets, intangible assets, and goodwill (excluding inventories,
investment properties measured at fair value, deferred tax assets, and financial assets) is determined as follows:
At the balance sheet date, the Group assesses whether there are any indications that an asset may be impaired. If
such indications exist, the Group estimates the asset’s recoverable amount and performs an impairment test.
Goodwill arising from business combinations, intangible assets with indefinite useful lives, and intangible assets
not yet ready for use are tested for impairment annually, regardless of whether there are indications of impairment.
Recoverable amount is determined as the higher of the asset’s fair value less costs to sell and the present value of
the asset’s estimated future cash flows.The Group estimates the recoverable amount on an individual asset basis;
where it is difficult to estimate the recoverable amount of an individual asset, the recoverable amount is
determined on the basis of the asset group to which the asset belongs. The identification of an asset group is based
on whether the primary cash inflows generated by the asset group are independent of the cash inflows from other
assets or asset groups.
When the recoverable amount of an asset or asset group is lower than its carrying amount, the Group writes down
the carrying amount to the recoverable amount, with the write-down amount recognized in profit or loss for the
current period, and a corresponding impairment provision is recognized.
For the purpose of goodwill impairment testing, the carrying amount of goodwill arising from a business
combination is allocated to the relevant asset groups using a reasonable method from the acquisition date; where
allocation to the relevant asset groups is impractical, it is allocated to the relevant group of asset groups. The
relevant asset groups or group of asset groups are those that benefit from the synergies of the business
combination and do not exceed the reporting segments identified by the Group.
During impairment testing, if there are indications of impairment for an asset group or portfolio of asset groups
associated with goodwill, impairment testing is first performed on the asset group or portfolio of asset groups
excluding goodwill to calculate the recoverable amount and recognize the corresponding impairment loss.
Subsequently, impairment testing is performed on the asset group or portfolio of asset groups including goodwill,
comparing its carrying amount with the recoverable amount; if the recoverable amount is lower than the carrying
amount, an impairment loss on goodwill is recognized.
Once asset impairment losses are recognized, they are not reversed in subsequent accounting periods.
Deferred expenses incurred by the Group are measured at historical cost and amortized on a straight-line basis
over the estimated period of benefit. For deferred expense items that do not provide benefits in future accounting
periods, the entire amortized balance is recognized in profit or loss for the current period.
(1) Scope of Employee Benefits
CSG Annual Report 2025
Employee compensation refers to all forms of remuneration or compensation provided by an entity to obtain
services from employees or to terminate employment relationships. Employee compensation includes short-term
compensation, post-employment benefits, termination benefits, and other long-term employee benefits. Benefits
provided by an entity to employees’ spouses, children, dependents, survivors of deceased employees, and other
beneficiaries are also classified as employee compensation.
(2) Short-Term Employee Benefits
During the accounting period in which employees render services, the Group recognizes as liabilities the actual
wages, bonuses, and social insurance premiums (including medical, work-related injury, and maternity insurance
premiums) paid on behalf of employees in accordance with prescribed standards and rates, as well as housing
provident fund contributions. These amounts are charged to current profit or loss or included in the cost of related
assets.
(3) Post-employment Benefits
Post-employment benefit plans include defined contribution plans and defined benefit plans. A defined
contribution plan is a post-employment benefit plan under which the entity makes fixed contributions to an
independent fund and has no further payment obligations; a defined benefit plan is any post-employment benefit
plan other than a defined contribution plan.
Defined Contribution Plans
Defined-contribution plans include basic pension insurance, unemployment insurance, and others.
During the accounting period in which employees render service, the contribution amount calculated under a
defined contribution plan is recognized as a liability and included in current profit or loss or the cost of the related
asset.
(4) Termination Benefits
When the Group provides termination benefits to employees, it recognizes the employee benefit liability arising
from such termination benefits and includes it in current profit or loss on the earlier of the following two dates:
when the Group cannot unilaterally withdraw the termination benefits provided due to a plan to terminate the
employment relationship or a proposed reduction in workforce; or when the Group recognizes costs or expenses
related to a restructuring involving the payment of termination benefits.
(5) Other Long-Term Benefits
Other long-term employee benefits provided by the Group to employees that meet the criteria for a defined
contribution plan shall be accounted for in accordance with the relevant provisions regarding defined contribution
plans set forth above. Those that meet the criteria for a defined benefit plan shall be accounted for in accordance
with the relevant provisions regarding defined benefit plans set forth above; however, the portion of the related
employee benefit cost arising from “changes in the remeasurement of the net liability or net asset of the defined
benefit plan” shall be recognized in profit or loss for the current period or included in the cost of the related asset.
If an obligation arising from a contingent event meets all of the following conditions, the Group recognizes it as a
provision:
(1) The obligation is a present obligation of the Group;
(2) It is highly probable that the settlement of the obligation will result in an outflow of economic benefits from
the Group;
(3) The amount of the obligation can be reliably measured.
Provisions are initially measured at the best estimate of the expenditure required to settle the related present
obligation, taking into account factors such as the risks, uncertainties, and the time value of money associated
CSG Annual Report 2025
with the contingent event. Where the time value of money is material, the best estimate is determined by
discounting the related future cash outflows. The Group reviews the carrying amount of provisions at the balance
sheet date and adjusts the carrying amount to reflect the current best estimate.
If all or part of the expenditure required to settle a recognized provision is expected to be reimbursed by a third
party or another party, the reimbursement amount is recognized as a separate asset only when it is virtually certain
that it will be received. The recognized reimbursement amount does not exceed the carrying amount of the
recognized liability.
(1) General Principles
The Group recognizes revenue when it has satisfied the performance obligations under the contract, that is, when
the customer obtains control of the relevant goods or services.
Where a contract contains two or more performance obligations, the Group allocates the transaction price to each
performance obligation at the contract inception date in proportion to the relative selling prices of the goods or
services promised under each individual performance obligation, and measures revenue based on the transaction
price allocated to each performance obligation.
Performance of a performance obligation is deemed to occur over a period of time if any of the following
conditions are met; otherwise, it is deemed to occur at a point in time:
① The customer obtains and consumes the economic benefits arising from the Group’s performance at the same
time the Group performs its obligations.
② The customer is able to control the goods in progress during the Group’s performance of the contract.
③ The goods produced during the Group’s performance have no alternative use, and the Group has the right to
receive payment for the portion of performance completed to date throughout the contract period.
For performance obligations satisfied over a period of time, the Group recognizes revenue over that period based
on the stage of completion. If the stage of completion cannot be reasonably determined, and the Group expects to
be compensated for costs already incurred, revenue is recognized based on the amount of costs already incurred
until the stage of completion can be reasonably determined.
For performance obligations satisfied at a point in time, the Group recognizes revenue when the customer obtains
control of the relevant goods or services. In determining whether the customer has obtained control of the goods
or services, the Group considers the following indicators:
① The Group has a present right to receive payment for the goods or services, meaning the customer has a present
obligation to pay for them.
② The Group has transferred legal title to the goods to the customer, meaning the customer now holds legal title
to the goods.
③ The Group has transferred physical possession of the goods to the customer, meaning the customer is in
physical possession of the goods.
④ The Group has transferred the significant risks and rewards of ownership of the goods to the customer,
meaning the customer has assumed the significant risks and rewards of ownership of the goods.
⑤ The customer has accepted the goods or services.
⑥ Other indications that the customer has obtained control of the goods.
(2) Specific Methods
CSG Annual Report 2025
The Group’s revenue primarily derives from the following business activities: sales of products, provision of
external consulting services, and processing services.
Sales of Products
The Group manufactures and sells float glass, photovoltaic glass, architectural glass, solar industry-related
products, electronic glass, and display devices.
For domestic sales, the Group ships products to the agreed delivery location in accordance with the contract or has
them picked up by the buyer, and recognizes revenue upon the buyer’s confirmation of receipt or pickup.
For export sales, the Group recognizes revenue after completing export customs clearance procedures and loading
the products onto vessels in accordance with the trade terms specified in the sales contracts, or after transporting
the products to the designated delivery locations.
For revenue from photovoltaic power generation in the solar and other industries, the Group recognizes revenue
when electricity is supplied to the provincial power grid company where each power plant is located, using the
mutually confirmed settlement volume as the monthly sales volume and the feed-in tariff approved by the
National Development and Reform Commission or the contractually agreed-upon electricity price as the sales unit
price.
The credit terms granted by the Group to customers in various industries are consistent with industry practices and
do not contain any significant financing components.
The Group provides product quality warranties for its products and recognizes corresponding provisions. The
Group does not provide any additional services or quality warranties in connection therewith; therefore, such
product quality warranties do not constitute separate performance obligations.
For sales of glass products subject to return clauses, revenue is recognized up to the amount of cumulative
revenue recognized for which it is highly probable that no significant reversal will occur. The Group recognizes a
liability for the expected return amount and, simultaneously, recognizes an asset equal to the carrying amount of
the goods expected to be returned at the time of transfer, less the estimated costs of recovering those goods
(including impairment of the returned goods).
Provision of Consulting and Processing Services
The Group provides consulting and processing services to external parties. Since customers obtain and consume
the economic benefits arising from the Group’s performance simultaneously with the Group’s performance, the
Group recognizes revenue based on the stage of completion. The stage of completion is determined by the ratio of
costs incurred to estimated total costs. At the balance sheet date, the Group re-estimates the stage of completion
for services already performed to reflect changes in the status of performance.
When the Group recognizes revenue based on the stage of completion of services rendered, the portion for which
the Group has obtained an unconditional right to receive payment is recognized as accounts receivable, while the
remaining portion is recognized as a contract asset. The Group recognizes an allowance for expected credit losses
against both accounts receivable and contract assets. If the contract consideration received or receivable by the
Group exceeds the value of services rendered, the excess is recognized as contract liabilities.The Group presents
contract assets and contract liabilities under the same contract on a net basis.
Contract costs include incremental costs incurred to secure the contract and costs to fulfill the contract.
Incremental costs incurred to obtain a contract refer to costs that would not have been incurred had the Company
not obtained the contract (such as sales commissions). If such costs are expected to be recovered, the Company
recognizes them as contract acquisition costs and classifies them as an asset. Other expenditures incurred by the
Company to obtain a contract, other than incremental costs expected to be recovered, are recognized in profit or
loss for the period in which they are incurred.
Costs incurred to fulfill a contract that do not fall within the scope of Chinese Accounting Standards for Business
CSG Annual Report 2025
Enterprises (such as inventories) and simultaneously meet the following conditions are recognized by the
Company as contract fulfillment costs and classified as an asset:
① The costs are directly attributable to a current or anticipated contract, including direct labor, direct materials,
manufacturing overhead (or similar costs), costs explicitly borne by the customer, and other costs incurred solely
for the contract;
② The cost increases the Company’s resources available for future fulfillment of performance obligations;
③ The cost is expected to be recovered.
Assets recognized as contract costs and assets recognized as contract performance costs (hereinafter referred to as
“assets related to contract costs”) are amortized on the same basis as the revenue from the related goods or
services and recognized in profit or loss for the current period.
When the carrying amount of an asset related to contract costs exceeds the sum of the following two items, the
Company recognizes asset impairment losses on the excess amount:
① The remaining consideration expected to be received by the Company from the transfer of the goods or
services related to the asset;
② The estimated costs to be incurred to transfer the related goods or services.
Government grants are recognized when the conditions attached to the grants are met and the grants are expected
to be received.
Government grants for monetary assets are measured at the amount received or receivable. Government grants for
non-monetary assets are measured at fair value; if fair value cannot be reliably determined, they are measured at a
nominal amount of 1 yuan.
Government grants related to assets refer to grants received by the Group that are used to acquire, construct, or
otherwise form long-term assets; all other grants are classified as grants related to income.
Where government documents do not explicitly specify the recipients of the grants, if the grant can result in the
formation of a long-term asset, the portion of the grant corresponding to the value of the asset is treated as an
asset-related grant, and the remaining portion is treated as an income-related grant; if it is difficult to distinguish
between the two, the entire grant is treated as an income-related grant.
Government grants related to assets are recognized as deferred income and recognized in profit or loss over the
useful life of the related asset using a reasonable and systematic method. Government grants related to income
that are intended to compensate for costs, expenses, or losses already incurred are recognized in current profit or
loss; those intended to compensate for costs, expenses, or losses in future periods are recognized as deferred
income and recognized in current profit or loss in the period in which the related costs, expenses, or losses are
recognized.Government grants measured at their nominal amount are recognized directly in profit or loss for the
current period. The Group applies a consistent approach to the accounting for identical or similar government
grant transactions.
Government grants related to ordinary activities are recognized as other income in accordance with the substance
of the economic transaction. Government grants unrelated to ordinary activities are recognized as non-operating
income.
When a recognized government grant is required to be returned, if the grant was initially recognized by reducing
the carrying amount of a related asset, the carrying amount of the asset is adjusted; if there is a related deferred
income balance, the carrying amount of the deferred income is reduced, and any excess is recognized in profit or
loss for the current period; in other cases, the amount is recognized directly in profit or loss for the current period.
CSG Annual Report 2025
Income taxes consist of current income taxes and deferred income taxes. Except for adjustments to goodwill
arising from business combinations, or deferred income taxes related to transactions or events recognized directly
in equity, all income taxes are recognized as income tax expense in current profit or loss.
The Group recognizes deferred income taxes using the balance sheet liability method based on temporary
differences between the carrying amounts of assets and liabilities on the balance sheet date and their tax bases.
A deferred tax liability is recognized for every taxable temporary difference, unless the taxable temporary
difference arises from the following transactions:
(1) the initial recognition of goodwill, or the initial recognition of assets or liabilities arising from transactions
that do not constitute a business combination and that, at the time of the transaction, affect neither accounting
profit nor taxable income (except for individual transactions where the initial recognition of assets and liabilities
results in an equal amount of taxable temporary differences and deductible temporary differences);
(2) Taxable temporary differences related to investments in subsidiaries, joint ventures, and associates, where the
timing of the reversal of the temporary difference is controlled and it is probable that the temporary difference
will not reverse in the foreseeable future.
For deductible temporary differences, deductible losses, and tax credits that can be carried forward to future years,
the Group recognizes the resulting deferred tax assets to the extent that it is probable that future taxable income
will be available against which the deductible temporary differences, deductible losses, and tax credits can be
offset, unless the deductible temporary difference arises from the following transactions:
(1) The transaction is not a business combination and, at the time of the transaction, affects neither accounting
profit nor taxable income (except for individual transactions where the assets and liabilities initially recognized
give rise to equal amounts of taxable temporary differences and deductible temporary differences);
(2) For deductible temporary differences related to investments in subsidiaries, joint ventures, and associates, a
corresponding deferred tax asset is recognized if both of the following conditions are met: the temporary
difference is likely to reverse in the foreseeable future, and it is probable that taxable income will be available in
the future against which the deductible temporary difference can be utilized.
At the balance sheet date, the Group measures deferred tax assets and deferred tax liabilities using the tax rates
expected to apply in the period in which the asset is expected to be recovered or the liability is expected to be
settled, and reflects the income tax consequences of the manner in which the asset is expected to be recovered or
the liability is expected to be settled at the balance sheet date.
At the balance sheet date, the Group reviews the carrying amount of deferred tax assets. If it is probable that
sufficient taxable income will not be available in future periods to utilize the benefits of the deferred tax assets,
the carrying amount of the deferred tax assets is written down. The written-down amount is reversed when it
becomes probable that sufficient taxable income will be available.
At the balance sheet date, deferred tax assets and deferred tax liabilities are presented net of each other when both
of the following conditions are met:
(1) The relevant tax entity within the Group has a legal right to settle current income tax assets and current
income tax liabilities on a net basis;
(2) The deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority on
the same taxable entity within the Group.
(1) Recognition of Leases
At the commencement of the contract, the Group, as lessee or lessor, assesses whether the customer under the
contract has the right to obtain substantially all of the economic benefits arising from the use of the identified
asset(s) during the period of use and has the right to direct the use of the identified asset(s) during that period. If
one party to the contract transfers the right to control the use of one or more identified assets for a certain period
CSG Annual Report 2025
in exchange for consideration, the Group classifies the contract as a lease or as containing a lease.
(2) The Group as a Lessee
At the commencement of the lease term, the Group recognizes right-of-use assets and lease liabilities for all leases,
except for short-term leases and leases of low-value assets that are accounted for using the simplified method.
For the accounting policy for right-of-use assets, see Note.
A lease liability is initially measured at the present value of the lease payments not yet due at the commencement
date of the lease, calculated using the implicit rate of the lease; if the implicit rate of the lease cannot be
determined, the incremental borrowing rate is used as the discount rate.Lease payments include: fixed payments
and payments that are effectively fixed, net of any lease incentives where applicable; variable lease payments that
depend on an index or rate; the exercise price of a purchase option, provided the lessee reasonably expects to
exercise the option;amounts payable upon exercising a termination option, provided that the lease term reflects the
lessee’s intention to exercise such option; and amounts expected to be paid based on the residual value of
guarantees provided by the lessee. Subsequently, interest expense on the lease liability for each period of the lease
term is calculated using a fixed periodic rate and recognized in profit or loss for the current period. Variable lease
payments not included in the measurement of the lease liability are recognized in profit or loss when incurred.
Short-term leases
A short-term lease is a lease with a lease term of 12 months or less at the commencement of the lease, excluding
leases containing a purchase option.
The Group capitalizes lease payments for short-term leases into the cost of the related asset or recognizes them in
profit or loss for the period using the straight-line method over the lease term.
Leases of Low-Value Assets
A lease of low-value assets is a lease where the value of the individual leased asset is less than RMB 100,000
when new.
The Group capitalizes lease payments for low-value asset leases into the cost of the related assets or recognizes
them in profit or loss for the period using the straight-line method over the lease term.
For low-value asset leases, the Group elects to apply the simplified treatment described above based on the
specific circumstances of each lease.
Lease modifications
If a lease modification occurs and meets all of the following conditions, the Group accounts for the lease
modification as a separate lease: (1) the lease modification expands the scope of the lease by adding one or more
right-of-use assets; and (2) the additional consideration is equivalent to the separate price of the expanded portion
of the lease, adjusted for the terms of the contract.
Where a lease modification is not accounted for as a separate lease, on the effective date of the modification, the
Group reallocates the consideration of the modified contract, re-determines the lease term, and remeasures the
lease liability based on the present value of the modified lease payments and the revised discount rate.
If a lease modification results in a reduction in the scope of the lease or a shortening of the lease term, the Group
reduces the carrying amount of the right-of-use assets accordingly and recognizes the related gain or loss from the
partial or complete termination of the lease in profit or loss for the current period.
For other lease modifications that result in the remeasurement of the lease liability, the Group adjusts the carrying
amount of the right-of-use assets accordingly.
(3) The Group as Lessor
When the Group acts as a lessor, leases that substantially transfer all risks and rewards incidental to ownership of
CSG Annual Report 2025
the asset are recognized as finance leases; all other leases are recognized as operating leases.
Finance leases
For finance leases, the Group recognizes the net investment in the lease as the carrying amount of finance lease
receivables at the commencement of the lease term. The net investment in the lease is the sum of the unguaranteed
residual value and the present value of lease payments not yet received at the commencement of the lease term,
discounted at the implicit rate of the lease. The Group, as the lessor, calculates and recognizes interest income for
each period of the lease term using a fixed periodic rate.Variable lease payments received by the Group as the
lessor that are not included in the measurement of the net investment in the lease are recognized in profit or loss
when incurred.
The derecognition and impairment of finance lease receivables are accounted for in accordance with the
provisions of Chinese Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of
Financial Instruments and Chinese Accounting Standards for Business Enterprises No. 23—Transfers of Financial
Assets.
Operating Leases
For operating leases, the Group recognizes rent as income in each period of the lease term using the straight-line
method. Initial direct costs incurred in connection with operating leases shall be capitalized and amortized over
the lease term on the same basis as the recognition of rental income, with the amortization charged to income in
each period. Variable lease payments received in connection with operating leases that are not included in the
lease receivable are recognized in profit or loss when incurred.
Lease Modifications
If an operating lease is modified, the Group accounts for it as a new lease from the effective date of the
modification, and any lease receivables or prepaid lease payments related to the original lease are treated as lease
receivables for the new lease.
If a finance lease is modified and meets both of the following conditions, the Group accounts for the modification
as a separate lease: (1) the modification expands the scope of the lease by granting the right to use one or more
additional right-of-use assets; and (2) the additional consideration is equivalent to the separate price of the
expanded portion of the lease, adjusted for the terms of the contract.
If a modification to a finance lease is not accounted for as a separate lease, the Group accounts for the modified
lease as follows: ① If the modification takes effect on the lease commencement date and the lease would be
classified as an operating lease, the Group accounts for it as a new lease from the effective date of the
modification, using the net investment in the lease prior to the effective date of the modification as the carrying
amount of the leased asset;② If the modification takes effect on the lease commencement date and the lease is
classified as a finance lease, the Group accounts for it in accordance with the provisions regarding contract
modifications or renegotiations in Chinese Accounting Standards for Business Enterprises No. 22—Recognition
and Measurement of Financial Instruments.
(1) Criteria for Recognizing Right-of-Use Assets
Right-of-use assets are assets that the Group, as a lessee, has the right to use during the lease term.
At the commencement of the lease term, right-of-use assets are initially measured at cost. This cost includes: the
initial measurement amount of the lease liability; lease payments made on or before the commencement of the
lease term, net of any lease incentives already received; initial direct costs incurred by the Group as the
lessee;costs expected to be incurred by the Group as the lessee for dismantling and removing the leased asset,
restoring the site where the leased asset is located, or returning the leased asset to the condition specified in the
lease terms. The Group, as the lessee, recognizes and measures such dismantling and restoration costs in
accordance with Chinese Accounting Standards for Business Enterprises No. 13—Contingencies. Subsequent
adjustments are made for any remeasurement of the lease liability.
CSG Annual Report 2025
(2) Depreciation Method for Right-of-Use Assets
The Group uses the straight-line method to calculate depreciation. Where the Group, as the lessee, can reasonably
determine that it will obtain ownership of the leased asset at the end of the lease term, depreciation is calculated
over the remaining useful life of the leased asset. Where the Group cannot reasonably determine that it will obtain
ownership of the leased asset at the end of the lease term, depreciation is calculated over the shorter of the lease
term and the remaining useful life of the leased asset.
(3) For the impairment testing method and the recognition of impairment losses for right-of-use assets, see Note.
In accordance with relevant documents issued by the Ministry of Finance and the State Administration of Work
Safety, the Group’s subsidiaries engaged in the production and sale of polysilicon calculate work safety expenses
on a monthly basis using the actual operating revenue of the previous year as the basis, applying a degressive rate:
(a) For operating revenue of RMB 10 million or less, 4.5% is allocated;
(b) For the portion of operating revenue between RMB 10 million and RMB 100 million (inclusive), 2.25% is
allocated;
(c) For the portion of operating revenue between RMB 100 million and RMB 1 billion (inclusive), 0.55% is
allocated;
(d) For the portion of operating revenue exceeding 1 billion yuan, 0.2% shall be allocated.
In accordance with the "Measures for the Allocation and Use of Enterprise Work Safety Expenses" (Cai Zi [2022]
No. 136), the Group’s subsidiaries engaged in mining and processing shall base their allocation on mining output.
Allocation standards for work safety expenses: For non-metallic mines, 3 yuan per ton for open-pit mines and 8
yuan per ton for underground mines;
Work safety expenses are primarily used for expenditures related to the improvement, renovation, and
maintenance of safety protection equipment and facilities. When accrued, work safety expenses are included in
the cost of relevant products or in current period profit or loss, and are simultaneously recorded in the special
reserve account.Upon utilization, for expense-type expenditures within the prescribed scope of use, the special
reserve is directly reduced when the expenses are incurred; for capital expenditures, the incurred expenses are
aggregated under the "construction in progress" account. Upon project completion and reaching the intended
usable state, the assets are transferred to fixed assets, and the special reserve is reduced by the cost of the fixed
assets, while the corresponding amount of accumulated depreciation is recognized. Depreciation is no longer
accrued for such fixed assets in subsequent periods.
The Group continuously evaluates its significant accounting estimates and key assumptions based on historical
experience and other factors, including reasonable expectations regarding future events. Significant accounting
estimates and key assumptions that pose a risk of causing a material adjustment to the carrying amounts of assets
and liabilities in the next fiscal year are listed below:
Classification of Financial Assets
The Group’s significant judgments in determining the classification of financial assets include the analysis of
business models and the characteristics of contractual cash flows.
The Group determines the business model for managing financial assets at the level of the financial asset portfolio,
taking into account factors such as the manner in which the performance of financial assets is evaluated and
reported to key management personnel, the risks affecting the performance of financial assets and how they are
managed, and the manner in which relevant business managers are compensated.
The Group makes the following key judgments when assessing whether the contractual cash flows of financial
CSG Annual Report 2025
assets are consistent with an underlying lending arrangement: whether the principal is likely to vary in timing or
amount during the term of the financial asset due to prepayments or other reasons; and whether the interest solely
reflects the time value of money, credit risk, other risks inherent in lending, and the consideration for costs and
profits.For example, does the prepayment amount reflect only the principal not yet paid and interest based on the
outstanding principal, as well as reasonable compensation for the early termination of the contract?
Measurement of expected credit losses on accounts receivable
The Group calculates expected credit losses on accounts receivable using the exposure to default risk and the
expected credit loss rate, with the expected credit loss rate determined based on the probability of default and the
loss given default. In determining the expected credit loss rate, the Group uses data such as internal historical
credit loss experience and adjusts historical data based on current conditions and forward-looking
information.When considering forward-looking information, the Group uses indicators such as the risk of an
economic downturn, changes in the external market environment, the technological environment, and customer
conditions. The Group regularly monitors and reviews the assumptions related to the calculation of expected
credit losses.
Impairment of Fixed Assets, Construction in Progress
At the balance sheet date, the Company assesses non-current assets (excluding financial assets) for indications of
possible impairment and performs an impairment test when there are indications that their carrying amount may
not be recoverable.
An impairment occurs when the carrying amount of an asset or asset group exceeds its recoverable amount, which
is the higher of fair value less costs to sell and the present value of estimated future cash flows. Fair value less
costs to sell is determined by reference to the contract price of similar assets in arm’s-length transactions or
observable market prices, less incremental costs directly attributable to the disposal of the asset.In determining the
present value of estimated future cash flows, significant judgments must be made regarding the asset’s (or asset
group’s) production volume, selling price, related operating costs, and the discount rate used to calculate the
present value. When estimating the recoverable amount, the Company utilizes all available relevant information,
including forecasts of production volume, selling price, and related operating costs based on reasonable and
supportable assumptions.
Goodwill Impairment
The Group assesses whether goodwill is impaired at least annually. This requires estimating the value in use of the
asset groups to which goodwill has been allocated. In estimating value in use, the Group must estimate future cash
flows from the asset group and select an appropriate discount rate to calculate the present value of those future
cash flows.
Development Expenditures
In determining the amount to be capitalized, management must make assumptions regarding the asset’s expected
future cash flows, the discount rate to be applied, and the estimated period over which the benefits will be realized.
deferred tax assets
Deferred tax assets should be recognized for all unused tax losses to the extent that it is probable that sufficient
taxable profit will be available against which the losses can be utilized. This requires management to exercise
significant judgment in estimating the timing and amount of future taxable profit, taking into account tax planning
strategies, to determine the amount of deferred tax assets to be recognized.
There were no changes in accounting policies or accounting estimates during the current period.
IV. Taxes
CSG Annual Report 2025
Tax Type Tax Base Tax Rate
Corporate Income Tax Taxable Income 16.5%, 25%
Taxable Value-Added Amount (The
tax payable is calculated as the balance
Value-Added Tax of taxable sales multiplied by the 3%–13%
applicable tax rate, minus input tax
credits allowed for the current period)
Urban Maintenance and Construction
Actual turnover tax paid 1%–7%
Tax
Education Surcharge Actual amount of turnover tax paid 5%
Tianjin CSG Energy-Saving Glass Co. Ltd. (hereinafter referred to as “Tianjin Energy-Saving Company”) passed
the 2024 re-certification review for high-tech enterprise status and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for a
period of three years starting from 2024.
Dongguan CSG Engineering Glass Co. Ltd. (hereinafter referred to as “Dongguan Engineering Company”) passed
the 2025 high-tech enterprise qualification review and has obtained the “High-Tech Enterprise Certificate,” which
is valid for three years. It is eligible for a 15% corporate income tax rate for a period of three years starting from
Wujiang CSG East China Engineering Glass Co. Ltd. (hereinafter referred to as “Wujiang Engineering Company”)
passed the 2023 re-certification review for high-tech enterprise status and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for the
three-year period starting from 2023.
Dongguan CSG Solar Glass Co. Ltd. (hereinafter referred to as “Dongguan Solar Company”) passed the 2023
high-tech enterprise qualification re-examination and has obtained the “High-Tech Enterprise Certificate,” which
is valid for three years. The company is eligible for a 15% corporate income tax rate for the three-year period
starting from 2023.
Yichang CSG Silicon Materials Co. Ltd. (hereinafter referred to as “Yichang Silicon Materials”) passed the 2023
re-certification review for high-tech enterprise status and has obtained the “High-Tech Enterprise Certificate,”
which is valid for three years. The company is eligible for a 15% corporate income tax rate for the three-year
period starting from 2023.
Dongguan CSG Photovoltaic Technology Co. Ltd. (hereinafter referred to as “Dongguan Photovoltaic Company”)
passed the 2025 high-tech enterprise qualification re-examination and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for the
three-year period starting from 2025.
Hebei Vision Glass Co. Ltd. (hereinafter referred to as “Hebei Vision Glass”) passed the 2025 re-certification
review for high-tech enterprise status and has obtained the “High-Tech Enterprise Certificate,” which is valid for
three years. The company is eligible for a 15% corporate income tax rate for the three-year period starting from
Wujiang CSG Glass Co. Ltd. (hereinafter referred to as “Wujiang CSG Glass”) passed the 2023 re-evaluation for
High-Tech Enterprise status and has obtained the “High-Tech Enterprise Certificate,” which is valid for three
years. The company is eligible for a 15% corporate income tax rate for the three-year period starting from 2023.
Xianning CSG Glass Co. Ltd. (hereinafter referred to as “Xianning Float Glass”) passed the 2023 re-evaluation
for High-Tech Enterprise status and has obtained the “High-Tech Enterprise Certificate,” which is valid for three
years. The company is eligible for a 15% corporate income tax rate for the three-year period starting from 2023.
Xianning CSG Energy-Saving Glass Co. Ltd. (hereinafter referred to as “Xianning Energy-Saving Company”)
passed the 2024 high-tech enterprise qualification re-examination and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for a
CSG Annual Report 2025
period of three years starting from 2024.
Yichang CSG Optoelectronic Glass Co. Ltd. (hereinafter referred to as “Yichang Optoelectronic Company”)
passed the 2024 high-tech enterprise qualification re-examination and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for a
period of three years starting from 2024.
Yichang CSG Display Devices Co. Ltd. (hereinafter referred to as “Yichang Display Company”) successfully
passed the 2024 High-Tech Enterprise qualification review and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for the
three-year period starting from 2024.
Qingyuan CSG Energy-Saving New Materials Co. Ltd. (hereinafter referred to as “Qingyuan Energy-Saving
Company”) passed the 2025 High-Tech Enterprise qualification re-evaluation and has obtained the “High-Tech
Enterprise Certificate,” which is valid for three years. The company will be eligible for a 15% corporate income
tax rate for a period of three years starting from 2025.
Hebei CSG Glass Co. Ltd. (hereinafter referred to as “Hebei CSG Glass”) passed the 2024 high-tech enterprise
qualification review and has obtained the “High-Tech Enterprise Certificate,” which is valid for three years. The
company is eligible for a 15% corporate income tax rate for a period of three years starting from 2024.
Xianning CSG Optoelectronic Glass Co. Ltd. (hereinafter referred to as “Xianning Optoelectronic Company”)
passed the 2025 re-evaluation for High-Tech Enterprise status and has obtained the “High-Tech Enterprise
Certificate,” which is valid for three years. The company is eligible for a 15% corporate income tax rate for a
period of three years starting from 2025.
Zhaoqing CSG Energy-Saving Glass Co. Ltd. (hereinafter referred to as “Zhaoqing Energy-Saving Company”)
was recognized as a high-tech enterprise in 2025 and has obtained the “High-Tech Enterprise Certificate,” which
is valid for three years. It will be subject to a 15% corporate income tax rate for the three-year period starting from
Sichuan CSG Energy-Saving Glass Co. Ltd. (hereinafter referred to as “Sichuan Energy-Saving Company”) is
eligible for corporate income tax incentives under the Western Development Strategy and is subject to a 15%
corporate income tax rate for the current fiscal year.
Chengdu CSG Glass Co. Ltd. (hereinafter referred to as “Chengdu CSG Glass”) is eligible for corporate income
tax incentives under the Western Development Strategy and is subject to a 15% corporate income tax rate for the
current fiscal year.
Xian CSG Energy-Saving Glass Technology Co. Ltd. (hereinafter referred to as “Xi’an Energy-Saving Company”)
is eligible for the corporate income tax incentives under the Western Development Strategy and is subject to a
Guangxi CSG New Energy Materials Technology Co. Ltd. (hereinafter referred to as “Guangxi New Energy
Materials Company”) is eligible for corporate income tax incentives under the Western Development Strategy and
is subject to a corporate income tax rate of 15% for the current fiscal year.
Qinghai CSG New Energy Technology Co. Ltd. (hereinafter referred to as “Qinghai New Energy Company”) is
eligible for corporate income tax incentives under the Western Development Initiative and is subject to a
corporate income tax rate of 15% for the current fiscal year.
Yichang CSG New Energy Co. Ltd. (hereinafter referred to as “Yichang CSG New Energy Company”), Zhaoqing
CSG New Energy Technology Co. Ltd. (hereinafter referred to as “Zhaoqing CSG New Energy Company”),
Xianning CSG Photovoltaic New Energy Co. Ltd. (hereinafter referred to as “Xianning CSG Photovoltaic
Company”),Anhui CSG Photovoltaic Energy Co. Ltd. (hereinafter referred to as “Anhui Photovoltaic Company”),
and Suzhou CSG Photovoltaic Energy Co. Ltd. (hereinafter referred to as “Suzhou Photovoltaic Company”) are
classified as national key public infrastructure projects under Article 87 of the Implementation Regulations of the
Enterprise Income Tax Law. They are eligible for the “three-year exemption and three-year 50% reduction” tax
incentive policy, meaning that starting from the tax year in which they first generate operating income, they are
CSG Annual Report 2025
exempt from enterprise income tax for the first three years and subject to a 50% reduction in enterprise income tax
for the fourth through sixth years.
Anhui CSG Quartz Materials Co. Ltd. (hereinafter referred to as “Anhui Quartz Company”) was recognized as a
high-tech enterprise in 2023 and has obtained the “High-Tech Enterprise Certificate.” The certificate is valid for
three years, and a 15% corporate income tax rate applies for a period of three years starting from 2023.
Anhui CSG New Energy Materials Technology Co. Ltd. (hereinafter referred to as “Anhui New Energy
Company”) was recognized as a high-tech enterprise in 2023 and has obtained the “High-Tech Enterprise
Certificate.” The certificate is valid for three years, and a 15% corporate income tax rate applies for the three-year
period starting from 2023.
Dongguan CSG Intelligent Equipment Co. Ltd. (hereinafter referred to as “Dongguan Equipment Company”) was
recognized as a high-tech enterprise in 2024 and has obtained the “High-Tech Enterprise Certificate.” The
certificate is valid for three years, and a 15% corporate income tax rate applies for the three-year period starting
from 2024.
Pursuant to the “Announcement on the Value-Added Tax Additional Deduction Policy for Advanced
Manufacturing Enterprises” (Announcement No. 43 of 2023 by the Ministry of Finance and the State Taxation
Administration), the Company’s high-tech subsidiaries are permitted, from January 1, 2023, to December 31,
V. Notes to the Consolidated Financial Statements
Item Ending Balance Opening Balance
Cash on Hand 151,026
Bank deposits 2,981,011,937 3,367,873,386
Other cash and cash equivalents 160,812,184 53,654,096
Total 3,141,975,147 3,421,527,482
Of which: Total funds held overseas 68,819,786 63,275,963
Total funds subject to restrictions on
use due to mortgages, pledges, or 136,004,824 53,654,096
freezes
Item Balance at end of period Opening Balance
Financial assets measured at fair value
with changes recognized in profit or 230,000,000 96,000,000
loss
Of which:
Structured deposits 230,000,000 96,000,000
Total 230,000,000 96,000,000
(1) Notes Receivable by Category
Item Ending Balance Beginning Balance
Banker’s Acceptances 1,069,651,635 1,042,625,567
CSG Annual Report 2025
Item Ending Balance Beginning Balance
Commercial Acceptances 350,409,591 98,277,176
Total 1,420,061,226 1,140,902,743
(2) Disclosure by bad debt provision method
Ending Balance
Category Carrying Amount allowance for doubtful accounts
Carrying Value
Amount Percentage Amount Allowance Ratio
Notes receivable for
which allowance for
doubtful accounts is
calculated on an
individual basis
Notes receivable for
which allowance for
doubtful accounts is 1,422,318,292 100% 2,257,066 0.16% 1,420,061,226
calculated on a
collective basis
Of which:
Banker's acceptances 1,069,651,635 75.20% 1,069,651,635
Commercial
Acceptances
Total 1,422,318,292 100% 2,257,066 0.16% 1,420,061,226
Continued
Beginning balance
Category Carrying Balance allowance for doubtful accounts
Carrying Value
Amount Ratio Amount Provision ratio
Notes receivable for
which allowance for
doubtful accounts is
calculated on an
individual basis
Notes receivable for
which allowance for
doubtful accounts is 1,141,735,264 100% 832,521 0.07% 1,140,902,743
calculated on a
collective basis
Of which:
Banker's acceptances 1,042,625,567 91% 1,042,625,567
Commercial
Acceptances
Total 1,141,735,264 100% 832,521 0.07% 1,140,902,743
Allowance for doubtful accounts based on commercial acceptance bill portfolio:
Ending Balance
Name allowance for doubtful
Carrying Amount Provision Ratio
accounts
Commercial
Acceptances
CSG Annual Report 2025
Name Ending Balance
Total 352,666,657 2,257,066 0.64%
(3) Details of the Allowance for Doubtful Accounts Accrued, Recovered, or Reversed During the Period
Allowance for doubtful accounts for the current period:
Changes During the Period
Beginning
Category Recovered or Ending Balance
Balance Provision Write-off Other
Reversed
Commercial
Acceptances
Total 832,521 1,424,545 2,257,066
(4) Notes receivable pledged by the Company at the end of the period
Item Amount pledged at the end of the period
Banker’s Acceptances 734,789,756
Total 734,789,756
(5) Notes receivable endorsed or discounted by the Company as of the end of the period and not yet due as of the
balance sheet date
Item Amount not derecognized at the end of the period
Banker’s acceptances 472,820,885
Total 472,820,885
(1) Disclosure by Age
Age Ending Book Balance Opening Balance
Within 1 year (including 1 year) 1,690,799,801 1,570,990,322
Total 1,974,658,557 1,863,140,612
(2) Disclosure by bad debt provision method
Ending Balance
Category Carrying Amount allowance for doubtful accounts
Carrying Value
Amount Percentage Amount Allowance Ratio
Accounts receivable
for which an
allowance for
doubtful accounts is
provided on an
individual basis
Accounts receivable
for which allowance
for doubtful accounts
is calculated by
CSG Annual Report 2025
Category Ending Balance
group
Of which:
Receivables from
non-related parties
Total 1,974,658,557 100% 172,493,506 8.74% 1,802,165,051
Continued
Beginning Balance
Category Carrying Balance allowance for doubtful accounts
Carrying Value
Amount Ratio Amount Allowance Ratio
Accounts receivable
for which an
allowance for
doubtful accounts is
provided on an
individual basis
Accounts receivable
for which allowance
for doubtful 1,693,753,600 90.91% 20,549,927 1.21% 1,673,203,673
accounts is
calculated by group
Of which:
Receivables from
non-related parties
Total 1,863,140,612 100% 176,512,931 9.47% 1,686,627,681
Number of categories for individual allowance for doubtful accounts:
Name Beginning Balance Ending Balance
allowance for allowance
Carrying Accrual
doubtful Book Balance for doubtful Reason for provision
Amount ratio
accounts accounts
This primarily reflects the
transfer of commercial
acceptance bills issued by
Evergrande and its
subsidiaries—which were
endorsed by customers but
could not be honored—
Total for
from notes receivable to
Individual 169,387,012 155,963,004 150,969,997 144,973,834 96.03%
accounts receivable, as well
Allowances
as the partial or full
allowance for doubtful
accounts on certain
accounts receivable due to
factors such as the
deterioration of customers’
business operations.
Total 169,387,012 155,963,004 150,969,997 144,973,834 96.03%
(3) Details of the Allowance for Doubtful Accounts Accrued, Recovered, or Reversed During the Current Period
Allowance for doubtful accounts for the current period:
CSG Annual Report 2025
Category Changes During the Period
Beginning
Recovered or Ending Balance
Balance Provision Write-off Other
Reversed
Allowance
for
doubtful
accounts 176,512,931 13,108,476 16,050,199 1,077,702 172,493,506
for
accounts
receivable
Total 176,512,931 13,108,476 16,050,199 1,077,702 172,493,506
(4) Details of Accounts Receivable Actually Written Off During the Period
Item Amount Written Off
Accounts Receivable Actually Written Off 1,077,702
(5) Top Five Accounts Receivable and Contract Assets by Debtor at the End of the Period
Ending Balance
End-of- Percentage of Total of Allowance for
End-of-Period End-of-Period
period End-of-Period Doubtful
Balance of Balance of Accounts
Company Name balance of Balance of Accounts Accounts and
Accounts Receivable and
contract Receivable and Impairment
Receivable Contract Assets
assets Contract Assets Reserve for
Contract Assets
Total of the top 5
accounts
receivable by
balance
Total 667,302,047 667,302,047 33.79% 5,853,011
(1) Classification of Accounts Receivable Financing
Item Ending Balance Beginning Balance
notes receivable 533,418,878 798,603,111
Total 533,418,878 798,603,111
Item Ending Balance Beginning Balance
Other Receivables 54,386,121 165,872,735
Total 54,386,121 165,872,735
(1) Other receivables
Nature of Receivables Closing Book Balance Opening Balance
Receivables from Talent Fund (Note) 171,000,000
Advances 31,323,273 31,056,939
Prepaid Purchases 10,366,164 10,366,164
Deposits 12,767,829 9,026,138
CSG Annual Report 2025
Nature of Receivables Closing Book Balance Opening Balance
Contingency fund loans 743,145 567,991
Other 11,465,456 8,591,213
Total 66,665,867 230,608,445
Note: These funds constitute government subsidies granted to the Group. The Company entrusted its wholly-
owned subsidiary, Yichang CSG Silicon Materials Co. Ltd., to receive these funds. The Yichang High-Tech Zone
Administrative Committee disbursed the full amount of these funds to Yichang CSG Silicon Materials Co. Ltd. in
Hongtai Real Estate Co. Ltd. without obtaining proper approval from the Company’s Board of Directors or other
competent authorities at the time.Between February 21, 2014, and April 28, 2014, Yichang CSG Silicon Materials
Co. Ltd. received the aforementioned funds and transferred the full amount to Yichang Hongtai Real Estate Co.
Ltd.
On December 15, 2021, the Company filed a tort claim for damages against Zeng Nan and others, as well as
Yichang Hongtai Real Estate Co. Ltd. The Shenzhen Intermediate People’s Court formally accepted the case on
January 28, 2022. The first-instance trial for this case was concluded at the Shenzhen Intermediate Peoples Court
on June 21, 2022.On June 4, 2024, the Company received the first-instance “Civil Judgment” issued by the
Shenzhen Intermediate Peoples Court, which dismissed all of the Company’s claims.In June 2024, the Company
filed an appeal with the Guangdong Higher People’s Court. The second-instance trial was held at the Guangdong
Higher Peoples Court on September 12, 2024. On December 3, 2025, the Company received the second-instance
“Civil Judgment” issued by the Guangdong Higher Peoples Court, which dismissed the appeal and upheld the
original judgment.In accordance with the principle of prudence, the Company has written off the entire carrying
amount of the aforementioned other receivables, RMB 171 million, for the current fiscal year, fully reversed the
corresponding deferred income of RMB 171 million, and simultaneously reversed the allowance for doubtful
accounts of RMB 51.3 million previously recognized on an individual basis.
Age Closing Balance Opening Balance
Within 1 year (including 1 year) 23,652,003 13,434,205
Total 66,665,867 230,608,445
Balance at end of period
Category Carrying amount allowance for doubtful accounts
Carrying amount
Amount Percentage Amount Allowance Ratio
Allowance for doubtful accounts
on an individual basis
Allowance for doubtful accounts
by group
Of which:
Non-affiliated portfolio 55,240,598 83% 854,477 2% 54,386,121
Total 66,665,867 100% 12,279,746 18% 54,386,121
Continued
CSG Annual Report 2025
Beginning balance
Category Carrying Balance allowance for doubtful accounts
Carrying Value
Amount Ratio Amount Allowance Ratio
Allowance for doubtful accounts
on an individual basis
Allowance for doubtful accounts
by portfolio
Of which:
Non-affiliated portfolio 47,084,604 20% 911,869 2% 46,172,735
Total 230,608,445 100% 64,735,710 28% 165,872,735
Allowance for doubtful accounts calculated using the general expected credit loss model:
Stage 1 Stage 2 Stage 3
Expected credit
allowance for doubtful Expected credit losses over
Expected credit losses over the entire
accounts the entire life of the loan
losses over the life of the loan (no Total
(with credit impairment
next 12 months credit impairment
losses recognized)
losses)
Balance as of January 1, 2025 911,869 63,823,841 64,735,710
Balance as of January 1, 2025,
for the current period
——Transferred to Phase 2
——Transferred to Phase 3
——Reversed to Phase 2
——Reversed to Phase 1
Accrual for the current period -57,087 36,000 -21,087
Reversal for the period 51,333,817 51,333,817
Write-offs for the period
Write-offs for the period 305 1,100,755 1,101,060
Other Changes
Balance as of December 31,
Allowance for doubtful accounts for the current period:
Changes During the Period
Beginning
Category Recovered or Write-off or Ending Balance
Balance Provision Other
Reversed cancellation
Allowance for
doubtful
accounts—other
receivables
Total 64,735,710 -21,087 51,333,817 1,101,060 12,279,746
Reversal or recovery of allowance for doubtful accounts during the period
Basis for the
Reversal or
Reason for Original Allowance
Entity Name Method of Recovery Recovery
Reversal for Doubtful
Amount
Accounts
CSG Annual Report 2025
Basis for the
Reversal or
Reason for Original Allowance
Entity Name Method of Recovery Recovery
Reversal for Doubtful
Amount
Accounts
Offset against other
receivables and deferred
Based on the Based on the
Yichang Hongtai Real income to reverse the
outcome of progress of the 51,300,000
Estate Co. Ltd. previously recognized
litigation litigation
allowance for doubtful
accounts
Item Amount Written Off
Other Receivables 1,101,060
Percentage of Ending Balance
Nature of the Total Other of Allowance for
Entity Name Ending Balance Aging
Amount Receivables at Doubtful
End of Period Accounts
Government
Advances Paid 14,000,000 4–5 years 21% 280,000
Agency A
Government Advance
Agency B payments
Company C Prepaid accounts 10,366,164 5 years or more 16% 10,366,164
Company D Margin 1,800,000 5 years or more 3% 36,000
Company E Margin, etc. 1,014,672 1–2 years 2% 20,293
Total 38,436,840 59% 10,927,577
(1) Prepayments by Age
Ending Balance Beginning Balance
Age
Amount Percentage Amount Percentage
Within 1 year 133,269,406 99% 119,835,994 98%
Total 134,771,994 100% 121,708,264 100%
(2) Top Five Prepayments by Payee at the End of the Period
Item Balance Percentage of Total Prepayments
Total of the Top Five Prepayments by
Balance
(1) Classification of Inventories
Ending Balance Beginning Balance
Item
Book Value provision for Carrying Book balance provision for Carrying
CSG Annual Report 2025
Ending Balance Beginning Balance
Item inventory write- amount inventory write- amount
down down
Raw
Materials
Work in
progress
Inventory 1,281,629,525 32,037,860 1,249,591,665 1,007,594,584 51,140,704 956,453,880
Consumables 79,695,549 265,053 79,430,496 88,481,788 183,220 88,298,568
Total 2,074,276,710 105,127,155 1,969,149,555 1,685,266,769 97,438,741 1,587,828,028
(2) Provision for inventory write-downs and impairment of contract costs
Increase for the Period Decrease for the Period
Beginning
Item Reversal or Ending Balance
Balance Accrual Other Other
write-off
Raw
materials
Inventory 51,140,704 55,783,044 74,885,888 32,037,860
Consumables 183,220 607,102 525,269 265,053
Total 97,438,741 86,079,076 78,390,662 105,127,155
Balance at end of period Balance at the end of the previous year
Item Carrying Impairment Carrying Carrying Impairment Carrying
Amount Allowance amount amount allowance amount
(1) Non-current assets
held for sale
Total 5,262,859 5,262,859
As of the end of the period, the status of assets held for sale:
Carrying amount at
Fair Value at End Estimated selling
Item the end of the Timing
of Period costs
period
Certain long-term assets of
the subsidiary to be 5,262,859
disposed of
Total 5,262,859
On December 25, 2025, Yichang Silicon Materials entered into a "Factory Building and Land Sale Contract" with
Ningshi Yichang Material Technology Co. Ltd. (hereinafter referred to as "Yichang Ningshi") and Shenzhen
Ningshi Material Technology Co. Ltd. (hereinafter referred to as "Shenzhen Ningshi"). Under the contract,
Yichang Silicon Materials sold a portion of its factory buildings and land to Yichang Ningshi, with Shenzhen
Ningshi providing a guarantee. As the transfer of ownership is expected to be completed within the next year, the
factory buildings and land intended for sale have been classified as held for sale.
Item Ending Balance Beginning Balance
VAT to be Deducted 414,086,574 391,080,026
Advance Corporate Income Tax 3,481,337 57,078,630
Input tax pending certification 56,658,842 27,458,400
CSG Annual Report 2025
Item Ending Balance Beginning Balance
Total 474,226,753 475,617,056
(1) Investment properties measured at fair value
Buildings, structures, and land use
Item Total
rights
I. Opening Balance 293,712,453 293,712,453
II. Changes During the Period -7,567,066 -7,567,066
Add: Purchases
Transfer from inventories/fixed
assets/construction in progress
Other increases 6,234,198 6,234,198
Less: Disposals
Other Outflows 9,136,007 9,136,007
Change in fair value -9,045,057 -9,045,057
Other
III. Ending Balance 286,145,387 286,145,387
Item Ending Balance Beginning Balance
fixed assets 13,897,777,933 13,166,391,449
Total 13,897,777,933 13,166,391,449
(1) Fixed Assets
Buildings and Machinery and Vehicles and Other
Item Total
Structures Equipment Assets
I. Book Value:
(1) Purchases 22,155,458 9,438,951 31,594,409
(2) Transfer from construction
in progress
(3) Other increases 13,759,161 187,700 13,946,861
(1) Disposal or Scrap 343,533 563,678,365 5,115,221 569,137,119
(2) Transferred to construction
in progress
(3) Other decreases 11,877,300 4,061,897 3,219,516 19,158,713
II. Accumulated Depreciation
(1) Accrued 243,918,881 919,667,675 45,446,129 1,209,032,685
CSG Annual Report 2025
Buildings and Machinery and Vehicles and Other
Item Total
Structures Equipment Assets
(2) Other increases 12,938,167 12,938,167
(1) Disposal or Scrap 143,890 191,871,725 5,009,449 197,025,064
(2) Transferred to construction
in progress
(3) Other decreases 4,818,129 535,794 906,059 6,259,982
III. Allowance for Impairment
(1) Accrued 58,010,882 32,476 58,043,358
(2) Transfer from construction
in progress
(1) Disposal or retirement 357,629,563 80,242 357,709,805
(2) Other decreases 19,876,460 19,876,460
IV. Book Value
(2) Fixed Assets for Which Property Certificates Have Not Been Obtained
Reasons for Not Having Obtained Property
Item Book Value
Certificates
Documents have been submitted but the process has
Buildings and Structures 1,656,787,597 not yet been completed, or the relevant land use rights
certificate has not yet been obtained.
(3) Impairment Testing of Fixed Assets
Recoverable amount is determined as the net amount of fair value less costs to sell
① Dongguan Solar-related assets:
Method of
Carrying recoverable Impairment determining fair Key Basis for determining key
Item
Amount amount Loss value and disposal parameters parameters
costs
Market price: Determined
Fair Value:
based on the buyer’s offer
Determined using the
Market for the asset. Disposal
market price/cost
fixed price, costs: Refer to legal fees,
assets disposal relevant taxes, and direct
Costs: Includes costs
costs costs incurred to bring the
associated with the
asset to a saleable
disposal of the asset
condition.
Total 12,635,514 2,706,170 9,929,344
Recoverable amount is determined based on the present value of estimated future cash flows
CSG Annual Report 2025
① Assets related to Yichang Silicon Materials:
Key
Key parameters parameters Basis for determining
Carrying recoverable Impairment
Item Forecast Period (Years) for the forecast for the key parameters for the
Amount amount Loss
period stable stable period
period
Future cash flows:
Determined based on
management’s annual
business plan and
Asset groups expectations regarding
comprising fixed Future future market
Based on the remaining Future cash
assets, intangible Cash Flows, developments. Discount
assets, and 1,106,805,400 Discount rate: A rate of return
production line equipment. rate
construction in Rate that reflects the time
progress value of money in the
current market and the
specific risks associated
with the relevant asset
group.
Total 1,258,140,300 1,106,805,400 151,334,900
Item Ending Balance Beginning Balance
construction in progress 4,420,551,577 5,350,375,132
Total 4,420,551,577 5,350,375,132
(1) Status of Construction in Progress
Ending Balance Opening Balance
Item Carrying Impairment Carrying Carrying Impairment Carrying
Amount Reserve amount amount allowance value
New 50,000-ton-per-year High-Purity Crystalline Silicon
Project in Haixi Prefecture, Qinghai Province 3,644,745,822
CSG Annual Report 2025
Item Ending Balance Opening Balance
Yichang South Glass Polysilicon Technical Upgrade
Project
Beihai Photovoltaic Green Energy Industrial Park (Phase
I) Project
Qingyuan South Glass Phase I Upgrade and Technical
Renovation Project
Xianning Energy-Saving Production Line Renovation
and Expansion Project
Dongguan Photovoltaic Building B 450 MW PERC Cell
Technology Upgrade Project
Wujiang Float Glass (650TD) Photovoltaic Calendering
Line Technical Upgrade Project
Chengdu South Glass 900T/D Line Cold Repair and
Technical Upgrade Project
Other Projects 413,174,308 20,890,402 392,283,906 477,462,133 3,825,388 473,636,745
Total 4,890,398,278 469,846,701 4,420,551,577 5,883,630,706 533,255,574 5,350,375,132
CSG Annual Report 2025
(2) Changes in Significant Projects in the Stage of Construction in Progress During the Current Period
Percentag
Of which:
e of Interest
Amount Cumulative Interest
Cumulati Capitalizat
Project Budgeted Opening Increase for Transferred to Ending Project Amount of capitalized Source of
ve Project ion Rate
Name Amount Balance the Period Fixed Assets Balance Progress Capitalized for the Funds
Expenditu for the
for the Period Interest current
res Period
period
Relative
to Budget
New 50,000-
ton-per-year
High-Purity
Crystalline
Equity
Silicon
Project in
loans
Haixi
Prefecture,
Qinghai
Province
Beihai
Equity
Photovoltaic
and loans
Green
from
Energy 4,942,051,800 373,394,252 177,178,868 535,610,379 14,962,741 37% 37% 19,546,235 3,786,113 2.52%
financial
Industrial
institution
Park (Phase
s
I) Project
Total 9,440,244,010 4,018,140,074 539,358,798 1,022,363,346 3,535,135,526 125,997,017 59,596,528
CSG Annual Report 2025
(3) Provision for Impairment of Construction in Progress for the Current Period
Beginning Increase for the Decreases for the Reason for
Item Ending Balance
Balance Period Period Accrual
Qingyuan South
Glass Phase I
Upgrade and
Technical
Renovation
Project
Dongguan
Photovoltaic
Building B 450
MW PERC Cell
Technology
Upgrade Project
Yichang South
Glass Polysilicon
Technical
Upgrade Project
Other Projects 3,825,388 20,633,562 3,568,548 20,890,402
Total 533,255,574 125,160,332 188,569,205 469,846,701
(4) Impairment Testing of Construction in Progress
Recoverable amount is determined based on the present value of estimated future cash flows
① For details on the impairment testing of assets related to Yichang Silicon Materials, please refer to Note
“Explanation of Impairment Testing of Fixed Assets”
② Assets related to Qingyuan New Materials:
Key Key
Basis for
Length of parameters parameters
Carrying recoverable Impairment determining key
Item the forecast for the for the
Amount amount Loss parameters for
period forecast stable
the stable period
period period
Future cash
flows:
Determined
based on
management’s
annual business
plan and
Asset Based on
expectations
groups the
Future regarding future
comprising remaining
Future cash Cash market
fixed assets, useful lives
intangible of the main
discount rate Discount Discount rate: A
assets, and production
Rate rate of return
construction line
that reflects the
in progress equipment.
time value of
money in the
current market
and the specific
risks associated
with the relevant
asset group.
CSG Annual Report 2025
Key Key
Basis for
Length of parameters parameters
Carrying recoverable Impairment determining key
Item the forecast for the for the
Amount amount Loss parameters for
period forecast stable
the stable period
period period
Total 204,033,369 200,570,138 3,463,231
(1) Right-of-use assets
Item Leased Land Leased Buildings Other Leases Total
I. Book Value
II. Accumulated Depreciation
(1) Accrued 3,432,565 3,025,457 1,101,696 7,559,718
(1) Other 302,878 1,381,894 1,684,772
III. Allowance for Impairment
IV. Carrying Amount
(1) Intangible Assets
Land Use Patent Rights and
Item Mining Rights Other Total
Rights Proprietary Technology
I. Book Value
Balance
period
(1) Purchases 3,395,711 7,427,003 10,822,714
(2) Other 9,856 18,234,500 18,244,356
period
(1) Disposal 14,957 14,957
(2) Other 997,014 997,014
II. Accumulated
Amortization
CSG Annual Report 2025
Land Use Patent Rights and
Item Mining Rights Other Total
Rights Proprietary Technology
balance
period
(1) Accrued 33,115,034 32,092,821 78,638,733 6,438,835 150,285,423
period
(1) Disposal 14,957 14,957
(2) Other 381,986 381,986
III. Allowance for
Impairment
Balance
Period
(1) Accrued 1,400,245 1,400,245
period
IV. Book Value
Value
value
(2) Status of Land Use Rights for Which Property Certificates Have Not Been Obtained
Item Book Value Reasons for Failure to Obtain Property Certificates
The Company’s management believes that there are no
material legal obstacles to obtaining the relevant land use
Land Use Rights 3,883,432
right certificates, nor will this have a material adverse effect
on the Group’s operations.
(1) Carrying amount of goodwill
Name of investee or
Increases for the Decreases for the
transaction giving rise Opening balance Ending balance
period Period
to goodwill
Tianjin Energy
Conservation 3,039,946 3,039,946
Company
Xianning
Optoelectronics 4,857,406 4,857,406
Company
Shenzhen Display
Company
Guangdong Licheng
Company
Total 398,088,156 398,088,156
(2) Provision for impairment of goodwill
CSG Annual Report 2025
Name of investee or
Increases for the Decreases for the
transaction giving rise Beginning balance Ending Balance
Period Period
to goodwill
Shenzhen Display
Company
Xianning
Optoelectronics 4,857,406 4,857,406
Company
Guangdong Licheng
Company
Total 389,494,804 5,553,406 395,048,210
Beginning Increase for the Amortization for
Item Other Decreases Ending Balance
Balance Period the Period
Prepaid Expenses 71,254,985 11,542,414 14,152,886 68,644,513
Total 71,254,985 11,542,414 14,152,886 68,644,513
(1) Unoffset deferred tax assets
Balance at end of period Beginning Balance
Item Deductible Temporary Deductible temporary
deferred tax assets deferred tax assets
Differences differences
Provision for
impairment of 839,388,016 126,353,744 909,339,984 136,694,548
assets
Tax-deductible
losses
Government grants 195,036,329 31,338,741 230,038,184 34,948,104
Accrued expenses 10,211,362 1,531,704 8,572,883 1,285,932
Depreciation of
fixed assets and 119,021,783 19,050,717 142,759,612 22,098,978
other
Total 2,672,456,166 432,978,783 2,330,970,717 372,328,103
(2) Unoffset deferred tax liabilities
Balance at end of period Opening balance
Item Taxable temporary Taxable temporary
deferred tax liabilities deferred tax liabilities
differences differences
Depreciation of
fixed assets
investment
properties
Total 792,826,533 155,245,332 861,893,227 166,503,894
(3) Deferred tax assets or liabilities presented on a net basis
Net amount of Opening offsetting Opening balance of
Closing balance of
deferred tax assets amount of deferred deferred tax assets or
Item deferred tax assets or
and liabilities at the tax assets and liabilities after
liabilities after offsetting
end of the period liabilities offsetting
deferred tax assets 64,742,133 368,236,650 62,333,037 309,995,066
CSG Annual Report 2025
Net amount of Opening offsetting Opening balance of
Closing balance of
deferred tax assets amount of deferred deferred tax assets or
Item deferred tax assets or
and liabilities at the tax assets and liabilities after
liabilities after offsetting
end of the period liabilities offsetting
deferred tax liabilities 64,742,133 90,503,199 62,333,037 104,170,857
(4) Breakdown of Unrecognized Deferred Tax Assets
Item Ending Balance Beginning Balance
Deductible temporary differences 699,815,573 1,093,221,903
Tax loss carryforwards 889,564,368 430,583,379
Total 1,589,379,941 1,523,805,282
(5) Unrecognized deferred tax assets arising from tax loss carryforwards will expire in the following years
Year Balance at end of period Opening Balance Remarks
Total 889,564,368 430,583,379
Ending Balance Beginning Balance
Item Carrying Impairment Carrying Carrying Impairment
Carrying value
Amount Reserve amount amount allowance
Prepaid
Construction
and 126,386,549 126,386,549 92,818,456 92,818,456
Equipment
Costs
Prepaid land
transfer fees
Large-
Denomination
Certificates of
Deposit
Total 192,896,549 192,896,549 99,328,456 99,328,456
End of Period
Item Type of Restriction
Carrying amount Carrying Amount
Restriction Status
Restricted due to
Cash and Cash margin Cash and cash
Equivalents requirements, equivalents
freezes, etc.
CSG Annual Report 2025
Item End of Period
Restricted due to
notes receivable 734,789,756 734,789,756 notes receivable
pledges
Restricted due to
inventories 50,000,000 50,000,000 inventories
freeze
construction in Restricted finance construction in
progress leases progress
Total 1,860,752,841 1,860,752,841
Continued
Item Beginning
Book Balance Carrying Value Restriction Type Restriction Status
Cash and Cash Restricted due to margin, Cash and cash
Equivalents freezing, etc. equivalents
notes receivable 871,417,785 871,417,785 Restricted due to pledges notes receivable
fixed assets 411,546,518 96,468,240 Restricted finance leases fixed assets
construction in construction in
progress progress
Total 1,955,060,656 1,639,982,378
(1) Classification of Short-Term Borrowings
Item Ending Balance Beginning Balance
Secured Loans 396,418,363 510,679,484
Unsecured loans 24,500,000 39,000,000
Discounted bills 437,729,966 313,341,815
Super-short-term financing notes 300,000,000 300,000,000
Total 1,158,648,329 1,163,021,299
Type Ending Balance Beginning Balance
Commercial acceptances 342,035,440 295,136,551
Banker’s acceptances 2,084,167,324 1,861,933,756
Supply chain finance bills 131,509,887 87,343,448
Total 2,557,712,651 2,244,413,755
(1) Presentation of Accounts Payable
Item Ending Balance Beginning Balance
Accounts Payable for Materials 1,065,072,111 936,163,974
Accounts Payable for Equipment 613,282,161 930,083,183
Accounts Payable for Construction 775,838,641 995,409,551
Freight payable 200,777,789 172,397,226
CSG Annual Report 2025
Item Ending Balance Beginning Balance
Utility expenses payable 91,758,503 47,104,510
Other 23,016,758 10,867,353
Total 2,769,745,963 3,092,025,797
(2) Significant accounts payable that are more than one year past due or overdue
Reason for non-repayment or
Item Balance at end of period
carryover
Not yet settled because the final
Construction and equipment payments,
etc.
has not been completed.
Total 968,012,028
Item Ending balance Beginning Balance
Interest Payable 13,362,151 8,946,479
Dividends Payable 34,482,724
Other payables 321,668,864 303,870,052
Total 369,513,739 312,816,531
(1) Interest payable
Item Ending balance Beginning Balance
Interest on long-term borrowings with
interest paid in installments and 8,022,216 7,929,612
principal repaid at maturity
Interest payable on short-term
borrowings
Total 13,362,151 8,946,479
(2) Dividends Payable
Item Ending Balance Beginning Balance
Dividends Payable to Minority
Shareholders
Total 34,482,724
(3) Other payables
Item Ending Balance Beginning Balance
Deposits and guarantees received 157,634,269 200,015,615
Accrued operating cost (i) 70,850,325 62,190,968
Accrued service fees 7,626,829 7,240,931
Receivables collected on behalf of
others
Amounts Payable to Minority
Shareholders
Other 18,723,739 15,709,444
CSG Annual Report 2025
Item Ending Balance Beginning Balance
Total 321,668,864 303,870,052
(i) This item primarily includes expenses that have been incurred but for which invoices had not yet been
received as of the end of the period, including utility charges, professional service fees, and travel expenses.
Item Balance at End of Period Beginning Balance
contract liabilities 369,377,265 354,215,784
Total 369,377,265 354,215,784
(1) Presentation of Employee Compensation Payable
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
I. Short-Term
Compensation
II. Post-Employment
Benefits—Defined 190,124,935 190,124,935
Contribution Plan
III. Severance
Benefits
Total 347,769,466 2,038,136,615 2,055,964,103 329,941,978
(2) Short-term compensation breakdown
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Allowances, and 313,268,258 1,657,234,003 1,691,895,457 278,606,804
Subsidies
premiums
Of which: Medical
insurance premiums
Workers'
compensation 10,155,623 10,155,623
insurance premiums
Maternity insurance
premiums
Fund
and Employee 26,367,134 20,703,868 16,677,590 30,393,412
Education Funds
Total 340,816,562 1,814,088,711 1,845,188,357 309,716,916
(3) Schedule of Provisions
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Insurance
Insurance
CSG Annual Report 2025
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Total 190,124,935 190,124,935
Item Ending Balance Beginning Balance
Value-Added Tax 32,598,517 25,325,222
Corporate Income Tax 14,251,334 24,126,663
Individual Income Tax 4,952,943 5,589,497
Urban Maintenance and Construction
Tax
Education Surcharge 1,367,782 1,150,913
Property Tax 11,179,665 8,439,364
Environmental Protection Tax 1,183,032 1,331,521
Other 6,677,625 6,326,659
Total 73,812,602 73,688,362
Item Balance at end of period Beginning Balance
Long-term borrowings due within one
year
Long-term payables due within one
year
Lease liabilities due within one year 3,922,656 3,772,437
Total 1,881,828,060 2,168,856,957
Item Ending Balance Beginning Balance
Input VAT to be transferred 40,910,486 40,029,672
Bills not meeting the criteria for
derecognition
Total 320,616,877 218,529,333
(1) Classification of Long-Term Borrowings
Item Ending Balance Beginning Balance
Secured Loans 5,487,134,015 6,020,234,621
Unsecured loans 3,074,210,000 2,212,455,100
Subtotal 8,561,344,015 8,232,689,721
Less: Long-term borrowings due
within one year
Total 6,882,862,147 6,151,608,472
Item Ending Balance Beginning Balance
CSG Annual Report 2025
Item Ending Balance Beginning Balance
Lease Liabilities 26,980,539 25,423,044
Less: Lease liabilities due within one
year
Total 23,057,883 21,650,607
Item Ending Balance Beginning Balance
Long-term payables 594,270,580 464,617,473
Total 594,270,580 464,617,473
(1) Long-term payables disclosed by nature
Item Ending balance Beginning Balance
Lease Payables 793,694,116 548,620,744
Less: Long-term payables due within
one year
Total 594,270,580 464,617,473
Item Ending Balance Opening Balance Reason for Recognition
Pending Litigation 8,615,460 915,847
Estimated mine reclamation
Asset retirement obligations 18,763,409 12,221,373
costs
Total 27,378,869 13,137,220
Beginning Increases for Decreases for Other decreases Ending
Item Source
Balance the Period the Period for the period Balance
Government
grants
Total 487,252,038 26,290,800 39,025,612 173,446,115 301,071,111
For details on other decreases in this period, please refer to Note “Notes to Other Receivables.”
Changes for the Period (Increase/Decrease)
Beginning Conversion
Item Issuance of Bonus Ending Balance
Balance of capital Other Subtotal
New Shares Shares
reserves
into shares
Total Number
of Shares
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Treasury Stock 296,770,027 296,770,027
CSG Annual Report 2025
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Total 296,770,027 296,770,027
Beginning Increases for the Decreases for the
Item Ending Balance
Balance Period Period
Capital Premium (Share
Capital Premium)
Other capital surplus -58,427,175 -58,427,175
Total 590,739,414 590,739,414
Current Period Transactions
Profit (Loss) Net
Beginning Current Period Less: After Tax income
Item Ending Balance
Balance Amount Before Income Tax Attributable to attributable
Income Tax Expense the Parent to minority
Company interest
I. Other
comprehensive
income 159,726,269 -8,895,381 13,980 -8,909,361 150,816,908
reclassified to
profit or loss
Foreign
currency
translation
adjustments
Government
Incentives for
Energy-Saving 2,550,000 2,550,000
Technology
Upgrades
investment
properties
Total other
comprehensive 159,726,269 -8,895,381 13,980 -8,909,361 150,816,908
income
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Workplace Safety
Expenses
Total 5,079,628 7,946,664 6,723,382 6,302,910
Increase for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Legal Surplus
Reserve
Discretionary
surplus reserve
Total 1,485,514,182 49,200,046 1,534,714,228
CSG Annual Report 2025
Item Current Period Previous Period
Retained earnings at the end of the
prior period before adjustments
Retained earnings at the beginning of
the period after adjustment
Plus: Net profit attributable to owners
of the parent for the current period
Less: Transfer to statutory surplus
reserve
Dividends payable on common stock 211,673,022 767,673,027
Retained earnings at end of period 8,088,993,418 8,224,198,195
Current Period Amount Prior Period Amount
Item
Revenue Cost Revenue Cost
Operating
revenue
Other
Operations
Total 13,718,969,008 11,714,880,100 15,455,386,401 12,848,639,959
(1) Operating Revenue and Operating Costs by Industry (or Product Type)
Major Product Type (or Current Period Amount Prior Period Amount
Industry) Revenue Cost Revenue Cost
Main Business:
Glass Industry 12,149,319,116 10,436,726,457 13,671,134,232 11,313,169,916
Electronic Glass and Display
Devices Industry
Solar and Other Industries 406,706,232 378,525,730 548,058,756 572,472,166
Unclassified Industry Types 3,015,511 - 4,519,263
Inter-segment eliminations -187,454,146 -187,454,146 -263,482,370 -263,482,370
Subtotal 13,571,813,382 11,647,730,791 15,351,552,313 12,811,720,914
Other operations:
Sales of raw materials and
other items
Subtotal 147,155,626 67,149,309 103,834,088 36,919,045
Total 13,718,969,008 11,714,880,100 15,455,386,401 12,848,639,959
(2) Operating Revenue and Operating Cost by Region
Major Operating Current Period Amount Amount for the Previous Period
Regions Revenue Cost Revenue Cost
Mainland China 12,128,781,752 10,416,823,308 14,255,356,141 11,855,024,119
Overseas 1,590,187,256 1,298,056,792 1,200,030,260 993,615,840
Subtotal 13,718,969,008 11,714,880,100 15,455,386,401 12,848,639,959
CSG Annual Report 2025
(3) Revenue from core business operations and cost of core business operations by date of goods transfer
Current Period Amount
Electronic Glass and Display Unallocated
Item Glass Industry Solar and Other Industries Inter-segment eliminations
Devices Industry Industry Type
Revenue Cost Revenue Cost Revenue Cost Revenue Cost Revenue Cost
Operating
Of which:
Recognized at a - -
specific point in 187,454,146 187,454,146
time
- -
Total 12,149,319,116 10,436,726,457 1,200,226,669 1,019,932,750 406,706,232 378,525,730 3,015,511 -
CSG Annual Report 2025
Item Current Period Amount Previous Period Amount
Property Tax 54,688,800 50,594,269
Urban Maintenance and Construction
Tax
Education Surcharge 19,427,786 18,446,019
Land Use Tax 20,143,873 24,601,056
Stamp Tax 9,289,575 9,553,533
Environmental Protection Tax 4,782,790 5,673,578
Other 15,268,076 7,321,105
Total 146,502,109 137,971,275
Item Current Period Amount Prior Period Amount
Employee Compensation 410,894,980 413,885,190
Depreciation and Amortization 176,016,765 209,095,206
Office expenses 28,022,520 32,571,052
Union dues 19,718,661 23,248,791
Entertainment and hospitality
expenses
Consulting fees 17,931,720 19,853,200
Cafeteria expenses 9,868,097 11,110,572
Travel expenses 10,013,106 10,625,851
Utilities 6,985,382 8,026,076
Vehicle usage fees 4,052,741 4,879,841
Rental expenses 1,294,118 1,143,636
Other 39,973,838 37,191,654
Total 740,357,271 791,021,833
Item Current Period Amount Prior Period Amount
Employee Compensation 205,866,079 217,698,108
Entertainment and Hospitality
Expenses
Travel expenses 12,871,714 14,159,772
Sample costs 9,525,527 5,569,396
Rental fees 6,914,758 9,854,040
Depreciation 2,970,493 1,614,884
Advertising expenses 2,634,339 2,153,306
Transportation expenses 2,631,270 2,548,728
Office expenses 2,009,017 2,897,472
CSG Annual Report 2025
Item Current Period Amount Prior Period Amount
Insurance premiums 1,443,170 1,588,780
Vehicle usage fees 756,766 967,835
Other 29,590,343 8,395,140
Total 294,891,682 289,402,862
Item Current Period Amount Prior Period Amount
Research and development expenses 519,332,680 611,497,261
Total 519,332,680 611,497,261
Item Current Period Amount Prior Period Amount
Interest Expense 247,130,850 240,388,865
Interest income -40,278,639 -55,326,006
Foreign exchange gains and losses 1,062,479 -8,852,269
Other 9,295,186 7,754,393
Total 217,209,876 183,964,983
Source of Other Income Current Period Amount Prior Period Amount
Amortization of Government Grants 39,025,612 34,615,832
Tax incentives and rewards 52,405,395 96,754,148
Industrial Support Fund 1,498,020 17,051,187
Government Incentive Funds 66,380,707 57,941,749
Research funding grants 4,360,855 7,006,266
Other 6,353,960 8,478,892
Total 170,024,549 221,848,074
Source of gain on changes in fair value Current period amount Prior period amount
Investment properties measured at fair
-9,045,057 -491,578
value
Total -9,045,057 -491,578
Item Current Period Amount Prior Period Amount
Investment income from financial
assets held for trading
Gain on debt restructuring 2,073,495 6,238,075
Interest on discounted notes -19,002,010 -9,182,820
Income from time deposits, etc. 166,431 924,109
CSG Annual Report 2025
Item Current Period Amount Prior Period Amount
Total -11,090,098 -1,604,000
Item Current Period Amount Prior Period Amount
Bad debt loss on notes receivable -1,424,545 852,654
Bad debt loss on accounts receivable 2,941,723 21,524,234
Bad debt loss on other receivables 51,354,904 1,778,032
Total 52,872,082 24,154,920
Item Current Period Amount Prior Period Amount
Loss on inventory write-downs and
-86,079,076 -147,120,976
impairment of contract costs
Asset impairment losses on fixed
-58,043,358 -256,805,904
assets
Impairment loss on construction in
-105,283,872 -174,171,999
progress
Asset impairment losses on intangible
-1,400,245 -2,983,345
assets
Goodwill impairment loss -5,553,406
Total -256,359,957 -581,082,224
Source of Gain on Disposal of Assets Current Period Amount Prior Period Amount
Gain (Loss) on Disposal of Non-Current
Assets (Enter "-" for a loss)
Amount Included in Non-
Amount for the Previous
Item Current Period Amount recurring Income for the
Period
Current Period
Uncollectible Amounts 42,798,021 10,593,402 42,798,021
Claim proceeds 5,257,937 1,938,925 5,257,937
Gain on disposal of non-
current assets
Insurance claims 1,869,798 72,058 1,869,798
Other 5,975,760 5,815,607 2,230,565
Total 58,384,012 19,908,997 54,638,817
Amount Included in Non-
Amount for the Previous
Item Current Period Amount recurring Profit or Loss for
Period
the Current Period
Loss on Disposal of Non-
Current Assets
Penalty expenses 2,366,609 575,828 2,366,609
CSG Annual Report 2025
Amount Included in Non-
Amount for the Previous
Item Current Period Amount recurring Profit or Loss for
Period
the Current Period
Compensation expenses 2,871,301 1,013,847 2,871,301
Donation expenses 459,600 462,800 459,600
Other 4,231,138 2,735,149 4,073,740
Total 11,487,439 26,948,172 11,330,041
(1) Income Tax Expense Statement
Item Current Period Amount Prior Period Amount
Current Period Income Tax Expense 65,664,150 125,152,481
Deferred income tax expense -71,923,222 -81,846,123
Total -6,259,072 43,306,358
(2) Adjustments to Accounting Profit and Income Tax Expense
Item Current Period Amount
Total Profit 99,075,067
Income Tax Expense Calculated at Statutory/Applicable Tax Rate 19,034,404
Impact of non-deductible costs, expenses, and losses 8,383,277
Impact of utilizing prior-period unrecognized deferred tax assets -843,336
Effect of deductible temporary differences or deductible losses for
which deferred tax assets were not recognized in the current period
Adjustment for the impact of prior-period income taxes 3,712,372
Effect of tax incentives -75,981,195
income tax expense -6,259,072
(1) Cash from operating activities
Other cash received from operating activities
Item Current Period Amount Prior Period Amount
Government Grants 116,637,398 189,142,655
Interest income 34,960,054 54,681,500
Other 42,974,962 27,755,176
Total 194,572,414 271,579,331
Cash paid for other operating activities
Item Current Period Amount Prior Period Amount
Operating Deposits and Guarantees 51,398,907 154,507,379
Office expenses 42,547,196 47,234,629
CSG Annual Report 2025
Item Current Period Amount Prior Period Amount
Cafeteria expenses 43,915,225 42,078,234
Entertainment and hospitality
expenses
Insurance premiums 22,486,062 13,196,436
Maintenance expenses 34,375,538 35,860,743
Travel expenses 32,632,784 36,278,144
Rental expenses 16,707,876 11,266,039
Vehicle usage fees 4,955,222 6,562,858
Consulting fees 19,501,104 20,715,630
Bank fees 6,373,373 4,916,361
Other 105,966,189 102,546,498
Total 415,195,604 520,555,761
(2) Cash from investing activities
Other cash outflows from investing activities
Item Current Period Amount Prior Period Amount
Deposits and guarantees paid 73,284,281 46,621,319
Total 73,284,281 46,621,319
Cash paid for significant investing activities
Item Current Period Amount Prior Period Amount
Expenditures on construction projects 1,023,280,563 2,338,449,565
Expenditures on Financial Investments 4,708,224,786 555,254,000
Total 5,731,505,349 2,893,703,565
(3) Cash from financing activities
Other cash received from financing activities
Item Current Period Amount Prior Period Amount
Lease payments received 354,424,862 458,231,000
Loans from minority shareholders 20,000,000
Total 374,424,862 458,231,000
Cash paid for other financing activities
Item Current Period Amount Prior Period Amount
Buyback of treasury stock 296,770,027
Repayment of lease payments 190,398,600 111,060,234
Funding deposits and guarantees 600,000
CSG Annual Report 2025
Item Current Period Amount Prior Period Amount
Financing fees 288,799 986,281
Repayment of minority shareholder
loans
Total 489,057,426 113,846,515
Changes in Liabilities Arising from Financing Activities
Increases during the period Decreases for the Period
Beginning Ending
Item Non-cash Non-cash
balance Cash Flow Cash movements Balance
changes changes
short-term
borrowings
Long-term
borrowings
(including
long-term 8,232,689,721 4,014,996,072 3,686,341,778 8,561,344,015
borrowings
due within
one year)
Total 9,395,711,020 5,370,286,999 6,223,216 5,028,438,537 23,790,354 9,719,992,344
(1) Supplementary Information to the Statement of Cash Flows
Supplementary Information Current Period Amount Prior Period Amount
Flows from Operating Activities
net profit 105,334,139 247,600,543
Add: Provision for asset impairment 203,487,875 556,927,304
Depreciation of fixed assets, depletion
of oil and gas assets, and depreciation 1,209,032,685 1,168,318,243
of productive biological assets
Depreciation of right-of-use assets 7,559,718 4,347,065
Amortization of intangible assets 150,285,423 146,945,804
Amortization of deferred expenses 14,152,886 9,224,629
Loss (gain) on disposal of fixed assets,
intangible assets, and other long-term -20,905,390 -21,561,113
assets (gain shown with a "?" sign)
Loss (gain) from changes in fair value
(enter gain with a “-” sign)
Financial expenses (gains are reported
with a "-" sign)
Investment loss (gains indicated with a
"?")
Decrease (increase shown with a "?"
-58,241,584 -86,970,035
sign) in deferred tax assets
Increase (decrease; enter with a "?"
-13,681,638 5,123,912
sign) in deferred tax liabilities
Decrease in inventories (enter "-" for
-467,400,603 -144,724,209
an increase)
Decrease in operating receivables
-141,905,898 286,095,997
(enter increases with a "?" sign)
CSG Annual Report 2025
Supplementary Information Current Period Amount Prior Period Amount
Increase in operating payables
-116,382,985 -663,594,879
(decreases are indicated with a "?")
Other 7,946,664 6,705,945
Net cash flow from operating activities 1,146,547,297 1,756,923,649
Equivalents:
Cash balance at the end of the period 2,981,170,323 3,367,873,386
Less: Beginning cash balance 3,367,873,386 3,051,261,655
Net increase in cash and cash
-386,703,063 316,611,731
equivalents
(2) Composition of Cash and Cash Equivalents
Item Balance at end of period Beginning Balance
I. Cash 2,981,170,323 3,367,873,386
Of which: Cash on hand 151,026
Bank deposits available for immediate
payment
Other monetary funds available for
immediate payment
II. Cash and Cash Equivalents at the
End of the Period
(3) Monetary funds other than cash and cash equivalents
Reason for exclusion from
Item Current Period Amount Prior Period Amount
cash and cash equivalents
Restricted cash, such as
Other monetary funds 136,004,824 53,654,096
security deposits
Maturity withdrawals from
Other monetary funds 24,800,000
time deposits
Total 160,804,824 53,654,096
(1) Foreign currency monetary items
Foreign Currency Balance
Item Conversion Rate Closing RMB Balance
at End of Period
Cash and cash equivalents 65,572,248
Of which: U.S. dollars 5,568,471 7.0288 39,139,672
Euro 50,750 8.2355 417,955
HKD 6,152,996 0.9032 5,557,386
Japanese Yen 6,422,500 0.0448 287,728
Dirham 10,572,015 1.9071 20,161,890
Singapore dollars 710 5.4606 3,877
Australian dollars 798 4.6867 3,740
accounts receivable 333,252,360
CSG Annual Report 2025
Foreign Currency Balance
Item Conversion Rate Closing RMB Balance
at End of Period
Of which: U.S. dollars 46,138,533 7.0288 324,298,519
Euro 834,785 8.2355 6,874,875
HKD 2,301,778 0.9032 2,078,966
accounts payable 19,447,781
Of which: US dollars 2,512,221 7.0288 17,657,897
Euro 78,982 8.2355 650,459
Japanese yen 22,842,344 0.0448 1,023,337
Pounds 11,000 9.4346 103,781
HKD 13,626 0.9032 12,307
(1) The Company as Lessee
In 2025, the Group’s lease expenses for short-term leases or leases of low-value assets accounted for RMB
Circumstances involving sale-and-leaseback transactions
In 2025, total cash outflows related to sale-and-leaseback transactions amounted to RMB 67,126,582
VI. Research and Development Expenditures
Item Current period amount Prior Period Amount
Materials 267,824,661 295,364,150
Labor 184,223,164 241,042,562
Expenses and other 67,284,855 75,090,549
Total 519,332,680 611,497,261
Of which: Expensed research and
development expenses
VII. Changes in the scope of consolidation
(1) On March 31, 2025, the Group established CSG VINA COMPANY LIMITED (CSG Vietnam Co., Ltd.).
As of December 31, 2025, the Group had not made any capital contributions, and the Group holds 100% of its
shares;
(2) On May 23, 2025, the Group established CSG MIDDLE EAST FOR GLASS INDUSTRY-L.L.C-S.P.C
(CSG (Middle East) Glass Industry Co., Ltd.). As of December 31, 2025, the Group had not made any capital
contributions, and the Group held 100% of its shares;
(3) Changshu South Glass New Energy Co., Ltd. and Zhuhai South Glass Commercial Factoring Co., Ltd. were
deregistered in July 2025 and August 2025, respectively, and are no longer included in the scope of
CSG Annual Report 2025
consolidation.
VIII. Interests in Other Entities
(1) Composition of the Corporate Group
Principal Ownership
Name of Registered Place of Percentage Method of
Place of Nature of Business
Subsidiary Capital Registration Acquisition
Business Direct Indirect
Development,
Chengdu South Chengdu, Chengdu, production, and sales
Glass Company China China of various special
glass products
Sichuan Energy
Chengdu, Chengdu, Continuing
Conservation 180,000,000 Glass Processing 75% 25%
China China Division
Company
Tianjin Energy
Tianjin, Tianjin,
Conservation 336,000,000 Glass Processing 75% 25% Established
China China
Company
Dongguan
Dongguan, Dongguan,
Engineering 270,000,000 Glass Processing 22.22% Established
China China 77.78%
Company
Manufacture and
Dongguan Solar Dongguan, Dongguan,
Company China China
and solar glass
Manufacturing and
Dongguan sales of high-tech
Dongguan, Dongguan,
Photovoltaic 516,000,000 green battery 100% Established
China China
Company products and their
components
Yichang Silicon Manufacture and
Yichang, Yichang,
Materials sale of high-purity 75% 25% Established
Company silicon materials
Wujiang
Wujiang, Wujiang,
Engineering 320,000,000 Glass Processing 75% 25% Established
China China
Company
Hebei South Manufacturing and
Yongqing, Yongqing,
Glass Company 48,066,000 selling various types 75% 25% Established
China China
(Note 1) of special glass
Manufacture and
Wujiang South Wujiang, Wujiang,
Glass Company China China
and solar glass
Hong Hong
CSG Hong Kong
Co. Ltd. (Note 2)
China China
Manufacture and
Xianning Float Xianning, Xianning,
Glass Company China China
and solar glass
Xianning Energy
Xianning, Xianning, Continuing
Conservation 215,000,000 Glass Processing 75% 25%
China China Division
Company
Qingyuan Manufacture and
Energy China Qingyuan, sale of various types
Conservation 1,055,000,000 Qingyuan China of ultra-thin
Company electronic glass
CSG Annual Report 2025
Name of Registered Principal Place of Ownership Method of
Place of Nature of Business
Subsidiary Capital Registration Percentage Acquisition
Business
Shenzhen CSG
Shenzhen, Shenzhen, Financial leasing
Financial 300,000,000 75% 25% Established
China China business, etc.
Leasing Co. Ltd.
Jiangyou Sand Production and sale
Jiangyou, Jiangyou,
Mining 100,000,000 of silica sand and its 100% Established
China China
Company by-products
Shenzhen Manufacturing and
Shenzhen, Shenzhen,
Display 143,000,000 sales of display 60.8% Purchase
China China
Company components
Zhaoqing Energy
Zhaoqing, Zhaoqing,
Conservation 200,000,000 Glass Processing 100% Established
China China
Company
Zhaoqing
Zhaoqing, Zhaoqing,
Automobile 200,000,000 Glass Processing 100% Established
China China
Company
Anhui New Fengyang, Fengyang, Manufacture and
Energy Company 1,750,000,000 China China sale of solar glass
Anhui Quartz Fengyang, Fengyang, Quartzite mining and
Company China China processing
Anhui Silicon
Fengyang, Fengyang,
Valley Mingdu 360,000,000 Mining 60% Established
China China
Mining Co., Ltd.
Xi'an Energy
Xi'an, Xi'an,
Conservation 150,000,000 Glass Processing 55% 45% Established
China China
Company
Manufacture and
Qinghai New Delingha, Delingha,
sale of high-purity 100% Established
Energy Company 1,350,000,000 China China
silicon materials
Guangxi New
Beihai, Beihai, Manufacture and
Energy Materials 850,000,000 75% 25% Established
China China sale of solar glass
Company
Note (1): The registered capital of Hebei South Glass is denominated in U.S. dollars
Note (2): The registered capital of South Glass (Hong Kong) Co., Ltd. is denominated in Hong Kong dollars
IX. Government Grants
Amount
New subsidy Recognized Amount
Other
Accounting Beginning amount for as Non- transferred to Ending Related to
Changes for
Item Balance the current operating other income balance assets/income
the Period
period Income for for the period
the Period
deferred Related to
income assets/income
Total 487,252,038 26,290,800 39,025,612 173,446,115 301,071,111
Account Current Period Amount Prior Period Amount
Amortization of Government Grants 39,025,612 34,615,832
CSG Annual Report 2025
Account Current Period Amount Prior Period Amount
Other government grants 88,014,938 95,443,375
Total 127,040,550 130,059,207
X. Risks Related to Financial Instruments
The Group’s principal financial instruments include cash and cash equivalents, notes receivable, accounts
receivable, receivables financing, other receivables, non-current assets due within one year, other current assets,
notes payable, accounts payable, other payables, short-term borrowings, financial liabilities held for trading,
non-current liabilities due within one year, long-term borrowings, bonds payable, lease liabilities, and long-term
payables.Details of each financial instrument are disclosed in the relevant notes. The risks associated with these
financial instruments, as well as the Group’s risk management policies to mitigate these risks, are described
below. The Group’s management manages and monitors these risk exposures to ensure that the aforementioned
risks are kept within defined limits.
The primary risks arising from the Group’s financial instruments are credit risk, liquidity risk, and market risk
(including foreign exchange risk, interest rate risk, and commodity price risk).
The Group’s overall risk management plan addresses the unpredictability of financial markets and seeks to
minimize potential adverse effects on the Group’s financial performance.
The Group has established risk management policies to identify and analyze the risks it faces, set appropriate
risk tolerance levels, and design corresponding internal control procedures to monitor the Group’s risk levels.
The Group periodically reassesses these risk management policies and related internal control systems to adapt
to changes in market conditions or the Group’s business operations. The internal audit department also conducts
regular and ad hoc reviews to verify whether the implementation of internal control systems complies with risk
management policies.
The Board of Directors is responsible for planning and establishing the Group’s risk management framework,
formulating the Group’s risk management policies and related guidelines, and overseeing the implementation of
risk management measures. The Group has established risk management policies to identify and analyze the
risks it faces; these policies clearly define specific risks and cover various aspects, including market risk, credit
risk, and liquidity risk management. The Group regularly assesses changes in the market environment and its
business operations to determine whether to update its risk management policies and systems.The Group’s risk
management is carried out by relevant departments in accordance with policies approved by the Board of
Directors. These departments identify, evaluate, and mitigate relevant risks through close collaboration with
other business units within the Group.
The Group diversifies financial instrument risks through appropriate diversification of investments and business
portfolios, and reduces risks associated with concentration in a single industry, specific region, or specific
counterparty by establishing corresponding risk management policies.
(1) Credit Risk
CSG Annual Report 2025
Credit risk refers to the risk that the Group will incur financial losses due to a counterparty’s failure to fulfill its
contractual obligations.
The Group manages credit risk by classifying it into portfolios. Credit risk primarily arises from bank deposits,
notes receivable, accounts receivable, and other receivables.
The Group’s bank deposits are primarily held with state-owned banks and other large and medium-sized listed
banks; the Group does not anticipate any significant credit risk associated with these bank deposits.
For notes receivable, accounts receivable, other receivables, and long-term receivables, the Group has
established relevant policies to control credit risk exposure. The Group assesses customers’ creditworthiness
based on their financial condition, credit history, and other factors such as current market conditions, and sets
corresponding credit terms accordingly.The Group regularly monitors customers’ credit records. For customers
with poor credit records, the Group takes measures such as issuing written payment reminders, shortening credit
terms, or revoking credit terms to ensure that the Group’s overall credit risk remains within manageable limits.
The debtors of the Group’s accounts receivable are customers distributed across various industries and regions.
The Group continuously conducts credit assessments of the financial status of accounts receivable and
purchases credit insurance when appropriate.
The Group’s maximum credit risk exposure is the carrying amount of each financial asset on the balance sheet.
The Group has not provided any other guarantees that may expose the Group to credit risk.Among the Group’s
accounts receivable, the top five customers (primarily photovoltaic glass customers) account for 34% of the
Group’s total accounts receivable (2024: 33%). These customers are all industry leaders with good credit
standing, and the Group’s risk of non-collection is relatively low;Among the Group’s other receivables, the five
largest companies by outstanding amount account for 59% of the Group’s total other receivables (2024: 90%).
(2) Liquidity Risk
Liquidity risk refers to the risk that the Group may face a shortage of funds when fulfilling obligations settled
by the delivery of cash or other financial assets.
In managing liquidity risk, the Group maintains and monitors cash and cash equivalents that management
deems sufficient to meet the Group’s operating needs and mitigate the impact of cash flow fluctuations. The
Group’s management monitors the utilization of bank borrowings and ensures compliance with loan agreements.
Additionally, the Group has obtained commitments from major financial institutions to provide sufficient
standby funding to meet both short-term and long-term funding needs.
At the end of the period, the Group’s financial liabilities and off-balance-sheet guarantees were analyzed by
maturity of undiscounted remaining contractual cash flows as follows (in RMB):
Balance at the end of the period
Item Within one Over five
year years
Financial liabilities:
CSG Annual Report 2025
Item Balance at the end of the period
short-term borrowings 1,165,192,348 1,165,192,348
Notes Payable 2,557,712,651 2,557,712,651
accounts payable 2,769,745,963 2,769,745,963
Other payables 369,513,739 369,513,739
Non-current liabilities due within
one year
Other current liabilities 320,616,877 320,616,877
long-term borrowings 190,509,552 2,421,324,285 4,527,652,848 235,668,787 7,375,155,472
Lease liabilities 2,873,893 5,631,404 14,552,586 23,057,883
Long-term payables 176,868,078 417,402,502 594,270,580
Total financial liabilities and
contingent liabilities
As of the end of the previous year, the Group’s financial liabilities and off-balance-sheet guarantees were
analyzed by maturity of undiscounted remaining contractual cash flows as follows (in RMB):
Opening Balance
Item Within one Over five
year years
Financial liabilities:
short-term borrowings 1,175,046,211 1,175,046,211
Notes Payable 2,244,413,755 2,244,413,755
accounts payable 3,092,025,797 3,092,025,797
Other payables 312,816,531 312,816,531
Non-current liabilities due within
one year
Other current liabilities 218,529,333 218,529,333
long-term borrowings 190,373,964 2,772,567,174 2,866,975,537 861,770,244 6,691,686,919
Lease liabilities 2,947,236 5,549,939 13,153,432 21,650,607
Long-term payables 115,153,592 302,856,111 46,607,770 464,617,473
Total Financial Liabilities and
Contingent Liabilities
The amounts of financial liabilities disclosed in the table above represent undiscounted contractual cash flows
and may therefore differ from the carrying amounts in the balance sheet.
(3) Market Risk
Market risk of financial instruments refers to the risk that the fair value or future cash flows of financial
instruments will fluctuate due to changes in market prices, including interest rate risk, foreign exchange risk,
and other price risks.
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to
CSG Annual Report 2025
changes in market interest rates. Interest rate risk may arise from recognized interest-bearing financial
instruments and unrecognized financial instruments (such as certain loan commitments).
The Group’s interest rate risk primarily arises from long-term interest-bearing liabilities such as long-term bank
borrowings and bonds payable. Financial liabilities with floating interest rates expose the Group to cash flow
interest rate risk, while financial liabilities with fixed interest rates expose the Group to fair value interest rate
risk. The Group determines the relative proportion of fixed-rate and floating-rate contracts based on prevailing
market conditions and maintains an appropriate mix of fixed- and floating-rate instruments through regular
review and monitoring.
The Group closely monitors the impact of interest rate fluctuations on its interest rate risk.The Group currently
does not have an interest rate hedging policy. However, management is responsible for monitoring interest rate
risk and will consider hedging significant interest rate risks when necessary. Rising interest rates would increase
the cost of new interest-bearing debt and the interest expense on the Group’s outstanding floating-rate interest-
bearing debt, and could have a material adverse effect on the Group’s financial performance. Management will
make timely adjustments based on the latest market conditions; such adjustments may include arranging interest
rate swaps to mitigate interest rate risk.
The Group holds the following interest-bearing financial instruments (in RMB):
Item Balance at End of Period Opening Balance
Fixed-Rate Contracts 975,348,358 1,078,169,155
Floating-rate contracts 5,907,513,789 5,073,439,317
Total 6,882,862,147 6,151,608,472
For financial instruments held at the balance sheet date that expose the Group to fair value interest rate risk, the
impact on net profit and equity in the above sensitivity analysis reflects the effect of remeasuring these financial
instruments at new interest rates, assuming a change in interest rates at the balance sheet date.For floating-rate
non-derivative instruments held at the balance sheet date that expose the Group to cash flow interest rate risk,
the impact on net profit and equity in the sensitivity analysis above represents the effect of such interest rate
changes on estimated annual interest expense or income. The analysis for the previous year is based on the same
assumptions and methods.
Foreign Exchange Risk
Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate
due to changes in foreign exchange rates. Foreign exchange risk may arise from financial instruments
denominated in currencies other than the functional currency.
Foreign exchange risk primarily arises from the impact of fluctuations in foreign exchange rates on the Group’s
financial position and cash flows. Except for assets denominated in Hong Kong dollars held by the Group’s
subsidiary established in Hong Kong, the proportion of foreign currency assets and liabilities held by the Group
relative to total assets and liabilities is not material. Therefore, the Group considers the foreign exchange risk it
faces to be immaterial.
CSG Annual Report 2025
At the end of the period, the amounts of the Group’s foreign currency financial assets and foreign currency
financial liabilities converted into RMB are as follows (in RMB):
Foreign Currency Liabilities Foreign Currency Assets
Item Balance at the end of
Opening Balance Ending Balance Opening balance
the period
USD 17,657,897 26,836,924 363,438,191 104,808,255
HKD 12,307 67,954 7,636,352 13,218,722
Other 1,777,577 1,535,781 27,750,065 6,949,045
Total 19,447,781 28,440,659 398,824,608 124,976,022
The Group closely monitors the impact of exchange rate fluctuations on its foreign exchange risk. Management
is responsible for monitoring foreign exchange risk and will consider hedging significant foreign exchange risks
when necessary.
As of December 31, 2025, for the Group’s various U.S. dollar-denominated financial assets and liabilities, if the
RMB appreciates or depreciates by 10% against the U.S. dollar, with all other factors remaining constant, the
Group’s net profit would decrease or increase by approximately RMB 29,391,325 (December 31, 2024:
decrease or increase of approximately RMB 6,627,563).
The objective of the Group’s capital management policy is to ensure the Group’s ability to continue as a going
concern, thereby providing returns to shareholders and benefiting other stakeholders, while maintaining an
optimal capital structure to reduce the cost of capital.
To maintain or adjust its capital structure, the Group may adjust its financing methods, adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares and other equity instruments, or
sell assets to reduce debt.
The Group monitors its capital structure based on the debt-to-asset ratio (i.e., total liabilities divided by total
assets). At the end of the period, the Group’s debt-to-asset ratio was 57% (end of the previous year: 55%).
XI. Disclosures on Fair Value
Fair value at the end of the period
Item Level 3
Level 1 Level 2
Fair value Total
Fair Value Measurement Fair value measurement
measurement
I. Fair Value Measurement
-- -- -- --
on an Ongoing Basis
Structured Deposits 230,000,000 230,000,000
Accounts Receivable
Financing
investment properties 286,145,387 286,145,387
CSG Annual Report 2025
Item Fair value at the end of the period
Total 230,000,000 819,564,265 1,049,564,265
During the current year, there were no reclassifications between Level 1 and Level 2 in the fair value
measurement of the Group’s financial assets and financial liabilities, nor were there any transfers into or out of
Level 3.
For financial instruments traded in active markets, the Group determines their fair value based on active market
quotes; for financial instruments not traded in active markets, the Group uses valuation techniques to determine
their fair value. The valuation models used primarily include discounted cash flow models and market comparable
company models. Input values for valuation techniques mainly include risk-free rates, benchmark interest rates,
exchange rates, credit spreads, liquidity premiums, and illiquidity discounts.
(1) Quantitative information regarding significant unobservable inputs used in Level 3 fair value
measurements
Fair value at the Valuation Range (weighted
Unobservable Inputs
end of the period technique average)
Equity Instrument
Investments:
Income Approach
Volatility, counterparty
Receivables Financing 533,418,878 (Option Pricing 0%–2%
credit risk, own credit risk
Model)
Standard Land Gross floor area of
Industrial,
Value properties by use, market
commercial,
residential, and office
Sales Method, use, land price growth rate,
real estate
Income Approach development intensity
XII. Related Parties and Related-Party Transactions
The Company has no parent company
For details regarding the Company’s subsidiaries, please refer to Note “Interests in Subsidiaries.”
The Company has no joint ventures or associates.
Relationship between Other Related Parties and the
Names of Other Related Parties
Company
Qianhai Life Insurance Co. Ltd. The Company’s Largest Shareholder
Qianhai Life Xian Hospital Co. Ltd. An affiliate of the Company’s largest shareholder
Qianhai Life Guangzhou General Hospital Co. Ltd. Affiliate of the Company’s Largest Shareholder
CSG Annual Report 2025
Relationship between Other Related Parties and the
Names of Other Related Parties
Company
Shenzhen Hongtu Construction Co. Ltd. An affiliate of the Company’s largest shareholder
Suzhou Baoqi Logistics Co. Ltd. An affiliate of the Company’s largest shareholder
Shenzhen Jinsheng Supply Chain Co. Ltd. Affiliate of the Company’s Largest Shareholder
(1) Related-party transactions involving the purchase and sale of goods, and the provision and receipt of
services
Table of Purchases of Goods/Receipt of Services
Details of Related- Amount for the Transactions from the
Related Party
Party Transactions Current Period Previous Period
Qianhai Life Insurance Co. Ltd. Services Received 6,968,275 7,291,935
Qianhai Life Guangzhou General
Received Services 222,896 401,585
Hospital Co. Ltd.
Total 7,191,171 7,693,520
Statement of Sales of Goods/Provision of Services
Details of
Related Parties Related-Party Current Period Amount Prior Period Amount
Transactions
Qianhai Life Xian Hospital Co. Ltd. Sales of Goods 1,786,505
Other Related Parties Sales of goods 4,113 109,067
Total 4,113 1,895,572
Compensation for Key Management Personnel
Item Current Period Amount Prior Period Amount
Compensation 10,424,800 14,541,200
(1) Accounts Receivable
Ending Balance Beginning Balance
Item Name Related Party Carrying allowance for allowance for
Carrying amount
Amount doubtful accounts doubtful accounts
accounts Shenzhen Hongtu
receivable Construction Co. Ltd.
accounts Shenzhen Jinsheng Supply
receivable Chain Co. Ltd.
Prepaid Qianhai Life Insurance Co.
Expenses Ltd.
Total 8,476,922 7,517,341 9,276,895 7,403,779
(2) Accounts Payable
CSG Annual Report 2025
Item Name Related Party Ending Book Value Opening Balance
Payables Suzhou Baoqi Logistics Co. Ltd. 300,000 300,000
Other payables Qianhai Life Insurance Co. Ltd. 40,000 46,646
contract liabilities Other related parties 360,758 483,657
Total 700,758 830,303
XIII. Commitments and Contingencies
The following are the Group’s capital expenditure commitments as of the balance sheet date that have been
contracted but do not yet require recognition in the financial statements:
Item Balance at End of Period Opening Balance
Buildings, Structures, and Machinery
and Equipment
(1) Significant contingent liabilities as of the balance sheet date
Contingent liabilities arising from pending litigation and arbitration and their financial impact
Amount in
Plaintiff Defendant Subject Matter Court Case Status
Dispute
CSG Suzhou
Jiangsu Huajian Corporate Wujiang District
Construction
Construction Co., Headquarters People's Court of 20,560,667 Pending
Contract Dispute
Ltd. (Note 1) Management Co. Suzhou City
Ltd.
Hefei Construction Anhui CSG New
Construction Hefei Intermediate
Engineering Group Energy Materials 42,124,294 Pending
Contract Dispute People's Court
Co., Ltd. (Note 2) Technology Co. Ltd.
Sichuan Shuncheng
Anhui CSG New
Construction Construction Fengyang County
Energy Materials 31,972,688 Pending
(Group) Co., Ltd. Contract Dispute People's Court
Technology Co. Ltd.
(Note 3)
Jiangsu Zhongyi Anhui CSG New
Construction Fengyang County
Construction Group Energy Materials 37,539,794 Pending
Contract Dispute People's Court
Co., Ltd. (Note 4) Technology Co. Ltd.
Note 1: There is a dispute regarding construction payments between CSG Suzhou Corporate Headquarters
Management Co. Ltd. and Jiangsu Huajian Construction Co., Ltd. As of the date of this report, the case is
pending.
Note 2: Anhui New Energy and Hefei Construction Group Co., Ltd. are involved in a dispute over construction
payments. As of the date of this report’s announcement, the case is pending.
Note 3: Anhui New Energy and Sichuan Shuncheng Construction (Group) Co., Ltd. are involved in a dispute
over construction payments. As of the date of this report’s announcement, the case is pending.
CSG Annual Report 2025
Note 4: Anhui New Energy and Jiangsu Zhongyi Construction Group Co., Ltd. are involved in a dispute
regarding construction payments. As of the date of this report’s announcement, the case is pending.
XIV. Events Subsequent to the Balance Sheet Date
Profit Distribution After the Balance Sheet Date
Proposed Dividend Per 10 Shares (RMB) 0.2
Profits or dividends declared and approved for distribution 59,792,609
XV. Other Important Matters
(1) Basis for Determining Reportable Segments and Accounting Policies
Based on the Group’s internal organizational structure, management requirements, and internal reporting system,
the Group’s business operations are divided into four reportable segments. These reportable segments are
determined based on financial information required for the Company’s daily internal management. The Group’s
management regularly evaluates the operating results of these reportable segments to determine the allocation of
resources and assess their performance.
The Group’s reportable segments include:
- The Glass Segment, responsible for the production and sale of float glass products, photovoltaic glass products,
architectural glass products, and silica sand required for glass production.
- The Electronic Glass and Display Segment, responsible for the production and sale of display components and
specialty ultra-thin glass products, among others.
- The Solar and Other Segment, which is responsible for the production and sale of polysilicon and solar cell
module products, photovoltaic energy development, and other products.
- Other unallocated segments.
Segment reporting information is disclosed in accordance with the accounting policies and measurement criteria
used by each segment when reporting to management; these accounting policies and measurement bases are
consistent with those used in preparing the financial statements.
(2) Financial Information for Reportable Segments
Electronic
Solar and
Glass and Unallocated Inter-segment
Item Glass Industry Other Total
Display Amount eliminations
Industries
Devices
Revenue from
external 1,138,346,327 379,301,779 3,015,511
transactions
CSG Annual Report 2025
Electronic
Solar and
Glass and Unallocated Inter-segment
Item Glass Industry Other Total
Display Amount eliminations
Industries
Devices
Inter-segment
revenue
Interest
expense
Depreciation
and 1,014,805,801 222,205,483 132,951,559 11,067,869 1,381,030,712
amortization
Total Profit 336,388,128 -26,474,240 -236,222,662 25,383,841 99,075,067
Total Assets 2,846,975,724 6,954,240,410 1,554,053,136
Total
Liabilities 10,606,189,469 17,750,341,253
Increase in
non-current 783,231,721 2,437,089 459,167,066 2,670,327 1,247,506,203
assets
XVI. Notes to Major Items in the Company’s Financial Statements
(1) Disclosure by Age
Age Closing Book Balance Opening Balance
Within 1 year (including 1 year) 274,825,872 110,153,840
Total 274,825,872 110,153,840
(2) Disclosure by bad debt provision method
Ending Balance Beginning Balance
allowance for allowance for
Carrying Amount doubtful Balance on the books doubtful
Category accounts Carrying accounts Carrying
amount amount
Amount RatioAmountProvision Amount RatioAmountProvision
Ratio Ratio
Accounts
receivable
for which
allowance
for 274,825,872 100% 274,825,872 110,153,840 100% 110,153,840
doubtful
accounts is
calculated
by group
Total 274,825,872 100% 274,825,872 110,153,840 100% 110,153,840
(3) Top Five Accounts Receivable and Contract Assets by Debtor at the End of the Period
CSG Annual Report 2025
Ending Balance
Percentage of
End-of-Period of Allowance for
End-of-Period Total End-of-
End-of-Period Balance of Doubtful
Balance of Period Balance of
Company Name Balance of Accounts Accounts and
Accounts Accounts
Contract Assets Receivable and Impairment
Receivable Receivable and
Contract Assets Reserve for
Contract Assets
Contract Assets
Total of the top 5
accounts
receivable by
balance
Total 274,825,872 274,825,872 100%
Item Ending Balance Beginning Balance
Dividends Receivable 27,873,015
Other receivables 2,824,626,577 2,342,796,700
Total 2,852,499,592 2,342,796,700
(1) Dividends receivable
Nature of the item Ending Balance Beginning Balance
Dividends receivable from subsidiaries 27,873,015
Total 27,873,015
(2) Other Receivables
Nature of Receivables Closing Book Balance Opening Balance
Amounts due from related parties 2,819,243,388 2,222,025,032
Other 5,436,095 172,093,539
Total 2,824,679,483 2,394,118,571
Age Ending Book Balance Opening balance
Within 1 year (including 1 year) 2,234,430,826 2,036,223,049
Over 1 year 590,248,657 357,895,522
Total 2,824,679,483 2,394,118,571
Ending balance
allowance for doubtful
Category Carrying amount
accounts Carrying
Allowance amount
Amount Percentage Amount
Ratio
CSG Annual Report 2025
Category Ending balance
Allowance for doubtful accounts on
an individual basis
Allowance for doubtful accounts by
portfolio
Of which:
Related party consolidation 2,819,243,388 100% 2,819,243,388
Non-related party portfolio 5,400,095 16,906 0.31% 5,383,189
Total 2,824,679,483 100% 52,906 2,824,626,577
Continued
Beginning Balance
allowance for doubtful
Category Carrying Balance
accounts Carrying
Allowance Value
Amount Ratio Amount
Ratio
Allowance for doubtful accounts on
an individual basis
Allowance for doubtful accounts by
portfolio
Of which:
Related party portfolio 2,222,025,032 93% 2,222,025,032
Non-related party portfolio 1,093,539 21,871 2% 1,071,668
Total 2,394,118,571 100% 51,321,871 2% 2,342,796,700
Allowance for doubtful accounts calculated using the general expected credit loss model:
Stage 1 Stage 2 Stage 3
Expected credit losses
Expected credit losses
allowance for doubtful accounts Expected credit over the entire life of Total
over the entire life of
losses over the the loan (with credit
the loan (no credit
next 12 months impairment losses
impairment losses)
recognized)
Balance as of January 1, 2025 21,871 51,300,000 51,321,871
Balance as of January 1, 2025,
during the current period
——Transferred to Phase 2
——Transferred to Phase 3
——Transferred back to Phase 2
——Reversed to Phase 1
Accrual for the current period -4,965 36,000 31,035
Reversal for the period 51,300,000 51,300,000
Write-offs for the period
Other changes
Balance as of December 31,
CSG Annual Report 2025
Allowance for doubtful accounts for the current period:
Changes for the Period
Beginning Ending
Category Recovered or Write-off or
Balance Provision Other Balance
Reversed cancellation
Allowance for doubtful
accounts—other accounts 51,321,871 31,035 51,300,000 52,906
receivable
Total 51,321,871 31,035 51,300,000 52,906
Percentage of
Ending balance of
Nature of the Total Other
Company Name Ending Balance Aging allowance for
payment Receivables at
doubtful accounts
End of Period
Entity A Advances 843,509,575 Within 1 year 30%
Entity B Advance payment 321,456,270 Within 1 year 11%
Entity C Advance payment 249,400,642 Within 1 year 9%
Unit D Advance payment 232,307,777 Within 2 years 8%
Unit E Advance payment 228,596,521 Within 2 years 8%
Total 1,875,270,785 66%
Ending Balance Beginning Balance
Item Carrying Impairment Carrying Carrying Impairment
Carrying amount
Amount Allowance amount amount allowance
Investment in
subsidiaries
Total 10,552,821,440 15,000,000 10,537,821,440 10,565,321,440 15,000,000 10,550,321,440
(1) Investments in subsidiaries
Changes during the period
Beginning Opening Closing
Ending balance
balance balance of balance of
Investee (Carrying
(Carrying impairment impairment
Provisio Amount)
amount) allowance Additional Decrease allowance
n for Other
Investments Investment
impairm
ent
Chengdu Glass
Company
Sichuan Energy
Conservation 119,256,949 119,256,949
Company
Tianjin Energy
Conservation 247,833,327 247,833,327
Company
Dongguan
Engineering
CSG Annual Report 2025
Beginning Opening Closing
Ending balance
balance balance of balance of
Investee Changes during the period (Carrying
(Carrying impairment impairment
Amount)
amount) allowance allowance
Company
Dongguan Solar
Company
Dongguan
Photovoltaic 604,099,854 604,099,854
Company
Yichang Silicon
Materials 909,960,170 909,960,170
Company
Wujiang
Engineering 254,401,190 254,401,190
Company
Hebei South
Glass Company
CSG Hong Kong
Co. Ltd.
Wujiang Glass
Company
Jiangyou CSG
Mining
Development
Co. Ltd.
Xianning Float
Glass Company
Xianning Energy
Conservation 165,452,035 165,452,035
Company
Qingyuan
Energy
Conservation
Company
Shenzhen CSG
Financial 133,500,000 133,500,000
Leasing Co. Ltd.
Shenzhen
Display Devices 550,765,474 550,765,474
Co., Ltd.
Zhaoqing
Energy
Conservation
Company
Zhaoqing CSG
Automotive 159,959,074 159,959,074
Glass Co. Ltd.
Anhui New
Energy 1,750,000,000 1,750,000,000
Company
Anhui Quartz
Company
Anhui CSG
Silicon Valley
Mingdu Mining 216,000,000 216,000,000
Development
Co. Ltd.
Xi'an Energy 82,500,000 82,500,000
CSG Annual Report 2025
Beginning Opening Closing
Ending balance
balance balance of balance of
Investee Changes during the period (Carrying
(Carrying impairment impairment
Amount)
amount) allowance allowance
Conservation
Company
Guangxi New
Energy
Materials
Company
CGCC (Suzhou)
Corporate
Headquarters 30,000,000 30,000,000
Management
Co., Ltd.
Shenzhen CSG
Quartz Material 40,000,000 40,000,000
Industry Co. Ltd.
Shenzhen CSG
New Energy
Industry 1,350,000,000 1,350,000,000
Development
Co. Ltd.
Other 242,392,197 15,000,000 50,000,000 192,392,197 15,000,000
Total 10,550,321,440 15,000,000 37,500,000 50,000,000 10,537,821,440 15,000,000
Current Period Amount Prior Period Amount
Item
Revenue Cost Revenue Cost
Operating revenue 3,015,511 4,519,263
Other Operations 269,611,579 334,155,915
Total 272,627,090 338,675,178
Item Current Period Amount Prior Period Amount
Investment income on long-term equity
investments accounted for using the cost 457,149,469 777,322,478
method
Investment income on disposal of long-term
-4,363,221 -1,104,772
equity investments
Investment income from financial assets held
for trading
Income from time deposits, etc. 166,431 924,109
Total 458,624,665 777,558,451
XVII. Supplementary Information
Item Amount Description
Gain (Loss) on Disposal of Non-Current Assets 20,905,390
CSG Annual Report 2025
Item Amount Description
Government grants recognized in current period profit or loss
(excluding government grants closely related to the Company’s normal
business operations, in compliance with national policies, received in 127,410,847
accordance with established criteria, and having a continuing impact on
the Company’s profit or loss)
Gains or losses arising from changes in the fair value of financial assets
and financial liabilities held by non-financial enterprises, and gains or
losses arising from the disposal of financial assets and financial 5,838,417
liabilities, excluding effective hedging transactions related to the
Company’s normal business operations
Reversal of impairment reserves for receivables tested individually 67,384,016
Gains or losses on debt restructuring 214,501
Gains or losses arising from changes in the fair value of investment
-9,045,057
properties measured using the fair value model
Other non-operating income and expenses, other than those listed
above
Less: Income tax effect 20,746,804
Impact on non-controlling interests (after tax) 1,477,174
Total 232,869,207
Earnings per Share
Profit for the Reporting Weighted Average Return
Period on Equity Basic Earnings Per Share Diluted Earnings Per Share
(RMB/share) (RMB/share)
Net profit attributable to
common shareholders
Net profit attributable to
common shareholders of
the Company, excluding -0.79% -0.04 -0.04
non-recurring gains and
losses
Board of Directors of
CSG Holding Co., Ltd.
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