CSG 2025 Annual Report Summary
Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2026-009
CSG HOLDING CO., LTD.
Summary of Annual Report 2025
_______________________
Chairman of the Board:
CHEN LIN
April 2026
CSG 2025 Annual Report Summary
I. Important Notice
This summary of the annual report is extracted from the full text of the annual report. For a comprehensive
understanding of the Company's operating results, financial condition and future development plans, investors should
read the full text of the annual report carefully on the media designated by the China Securities Regulatory
Commission.
All directors attended the board meeting at which this report was reviewed.
Indication of Non-standard Audit Opinion
□Applicable ?Not applicable
Profit Distribution Plan or Plan for Capitalization of Reserves for the Reporting Period Reviewed by the Board of
Directors
?Applicable □Not applicable
Whether to capitalize reserves into share capital
□Yes ?No
The profit distribution proposal approved by the Board of Directors at this meeting is as follows: Based on the
Company's total share capital of 3,070,692,107 shares as at 31 December 2025, less 81,061,634 shares held in the
Company's repurchase account, resulting in a base of 2,989,630,473 shares, a cash dividend of RMB 0.2 (pre-tax) per
share capital. The final total amount of the actual cash dividend shall be determined based on the Company's total
share capital on the record date for the implementation of the profit distribution plan.
Profit Distribution Plan for Preferred Shares for the Reporting Period Approved by the Board of Directors
□Applicable ?Not applicable
II. Basic Information of the Company
Stock Abbreviation CSG A、CSGB Stock Code 000012、200012
Stock exchange on which the
Shenzhen Stock Exchange
Company’s shares are listed
Contact persons and contact
Secretary of the Board Representative of security affairs
information
Name Xu Lei Yu Xiaojing
CSG Technology Building, No. 1, Industrial CSG Technology Building, No. 1, Industrial
Business Address
Sixth Road, Shekou, Shenzhen City, China Sixth Road, Shekou, Shenzhen City, China
Fax (86)755-26860685 (86)755-26860685
Telephone (86)755-26860666 (86)755-26860666
E-mail securities@csgholding.com securities@csgholding.com
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,
CSG 2025 Annual Report Summary
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
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
CSG 2025 Annual Report Summary
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,
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
CSG 2025 Annual Report Summary
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
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.
CSG 2025 Annual Report Summary
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.
(1) Key Accounting Data and Financial Indicators for the Past Three Years
Whether the Company is required to retrospectively adjust or restate accounting data of prior years
□Yes ?No
Unit: RMB
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 13,145,488,958 13,535,949,795 -2.88% 14,050,840,217
(RMB)
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 125,668,291 266,772,318 -52.89% 1,655,614,446
(RMB)
Net profit attributable to
shareholders of the listed company
-107,200,916 120,793,126 -188.75% 1,535,858,783
excluding non-recurring gains and
losses (RMB)
Net cash flows from operating
activities (RMB)
Basic earnings per share
(RMB/share)
Diluted earnings per share
(RMB/share)
Weighted average return on equity
(ROE)
（2） Quarterly Key Accounting Data
Unit: RMB
First Quarter Second Third Quarter Fourth Quarter
CSG 2025 Annual Report Summary
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
(1) Table of Number of Holders of Ordinary Shares and Preferred Shares with Restored Voting Rights
and Shareholding of the Top 10 Shareholders
Unit: Share(s)
Total
preference
Total
shareholders
Total preference
with voting
Total shareholders shareholders
rights
shareholders at the end of with voting
recovered at
at the end of 124,957 the month 130,522 rights 0 0
end of the
the report before this recovered at
month before
period annual report end of report
this annual
disclosed period (if
report
applicable)
disclosed (if
applicable)
Shareholding of the Top 10 Shareholders (excluding shares lent through refinancing)
Number of share
Number of pledged, marked or
Nature of Shareholding Number of shares subject frozen
Name of shareholder
shareholder percentage shares held to lock-up
restrictions Share
Amount
status
Domestic non
Foresea Life Insurance Co.,
state-owned legal 15.19% 466,386,874 0
Ltd. – HailiNiannian
person
Domestic non
Shenzhen Sigma C&T Co.,
state-owned legal 3.92% 120,385,406 0
Ltd.
person
Foresea Life Insurance Co., Domestic non
Ltd. – Universal Insurance state-owned legal 3.86% 118,425,007 0
Products person
Domestic non
Foresea Life Insurance Co.,
state-owned legal 2.11% 64,765,161 0
Ltd. – Own Fund
person
China Galaxy International
Foreign legal
Securities (Hong Kong) Co., 1.34% 41,034,578 0
person
Limited
Hong Kong Securities Clearing Foreign legal
Co., Ltd. person
Domestic natural
Li Xinqiang 0.60% 18,468,407 0
person
CSG 2025 Annual Report Summary
VANGUARD TOTAL
Foreign legal
INTERNATIONAL STOCK 0.57% 17,537,213 0
person
INDEX FUND
VANGUARD EMERGING
Foreign legal
MARKETS STOCK INDEX 0.55% 16,874,413 0
person
FUND
China Merchants Securities Foreign legal
(Hong Kong) Limited person
Explanation on associated As of the end of the report period, among shareholders as listed above, Foresea Life Insurance
relationship among the Co., Ltd.-HailiNiannian, Foresea Life Insurance Co., Ltd.-Universal Insurance Products, Foresea
aforesaid shareholders 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
Explanation of Shareholders
Company through the margin account maintained with Huatai Securities Co., Ltd. holding an
Participating in Margin
aggregate of 120,385,406 shares of the Company. Shareholder Li Xinqiang held 17,112,407
Trading and Short Selling
shares of the Company through an ordinary securities account, and 1,356,000 shares through the
Business (if any)
margin account maintained with China Merchants Securities Co., Ltd., holding an aggregate of
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
（2） Number of Preferred Shareholders of the Company and Shareholding of the Top 10 Preferred
shareholders
□Applicable ?Not applicable
There were no preferred shares held by shareholders during the reporting period.
CSG 2025 Annual Report Summary
（3） Disclosure of property rights and control relationship between the Company and its largest shareholder
by means of a block diagram.
□Applicable ?Not Applicable
There were no outstanding bonds of the Company as of the date of approval and issuance of this report.
III. Significant Events
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, and the case is
currently in the process of second trial.On December 3, 2025, the Company received the second-instance “Civil
Judgment” issued by the Guangdong Higher People’s Court. The judgment rejected the appeal and upheld the
original verdict.
CSG 2025 Annual Report Summary
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.
Board of Directors of
CSG Holding Co., Ltd.
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