CSG HOLDING CO., LTD.
THE First QUARTER REPORT 2026
Chairman of the Board:
CHEN LIN
April 2026
CSG HOLDING CO., LTD. The First Quarter Report 2026
Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2026-015
CSG Holding Co., Ltd.
The First Quarter Report 2026
The Company and all members of the Board of Directors guarantee that the contents of the
information disclosed are true, accurate and complete, and that there are no false representations,
misleading statements or material omissions.
Important Notice:
the contents of this quarterly report are true, accurate and complete, and that there are no false
representations, misleading statements or material omissions, and accept individual and joint legal
liabilities for the same.
accounting institution (Chief Financial Officer) hereby declare that they guarantee the financial
information disclosed in this quarterly report to be true, accurate and complete.
□Yes ?No
This report is prepared both in Chinese and English. Should there be any inconsistency between
the Chinese and English versions, the Chinese version shall prevail.
I. Key Financial Data
(I) Key Accounting Data and Financial Indicators
Whether the Company is required to retrospectively adjust or restate accounting data of prior years.
□Yes ?No
The current reporting Same period of the prior Year-on-year change
period year (%)
Operating Revenue (RMB) 2,990,246,615 3,068,825,224 -2.56%
Net profit attributable to shareholders of the
-98,642,973 15,869,985 -721.57%
listed company (RMB)
Net profit attributable to shareholders of the
listed company excluding non-recurring gains -120,943,547 -15,069,846 -702.55%
and losses (RMB)
CSG HOLDING CO., LTD. The First Quarter Report 2026
Net cash flows from operating activities (RMB) 39,071,248 69,245,929 -43.58%
Basic earnings per share (RMB/share) -0.03 0.005 -700%
Diluted earnings per share (RMB/share) -0.03 0.005 -700%
Weighted average return on equity (ROE) -0.75% 0.12% -0.87%
End of the current Change from end of
End of the prior year
reporting period prior year (%)
Total assets (RMB) 31,689,536,306 31,305,028,835 1.23%
Net assets attributable to shareholders of the
listed company (RMB)
(II) Items and Amounts of Non-recurring Gains and Losses
?Applicable □Not applicable
Unit: RMB
Amount in the current
Item Explanation
reporting period
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 those that are closely
related to the Company’s normal business activities, comply with national
policies, are entitled under specified standards, and have a continuing effect on
the Company’s profit or loss)
Gains/losses arising from changes in fair value of financial assets and financial
liabilities held by non-financial 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 1,567,278
Other non-operating income and expenses other than those mentioned above -722,453
Less: Tax effect amount 3,015,291
Effect on non-controlling interests (after tax) 641,621
Total 22,300,574 --
Details of Other Profit/Loss Items That Meet the Definition of Non-recurring Gains and Losses
□Applicable ?Not applicable
The Company has no other profit/loss items that meet the definition of non-recurring gains and losses.
Explanation of Items Listed as Non-recurring Gains and Losses in the “Explanatory Announcement No. 1 on
Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Gains and Losses”
that are Classified as Recurring Gains and Losses
□Applicable ?Not applicable
The Company has no items that are listed as non-recurring gains and losses in the “Explanatory Announcement No. 1
on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Gains and Losses”
that are classified as recurring gains and losses.
(III) Explanation of Changes in Key Accounting Data and Financial Indicators
?Applicable □Not applicable
Unit: RMB
CSG HOLDING CO., LTD. The First Quarter Report 2026
Balance Sheet Items Note 31 March 2026 31 December 2025 Change (%)
Financial assets held for trading (1) 100,000,000 230,000,000 -57%
Inventories (2) 2,556,643,370 1,969,149,555 30%
Other non-current assets (3) 547,315,537 192,896,549 184%
Employee compensation payable (4) 206,626,515 329,941,978 -37%
Income Statement Items Note January–March 2026 January–March 2025 Change (%)
Finance costs (5) 59,805,874 45,714,584 31%
Other income (6) 24,633,396 42,484,302 -42%
Investment income (7) -775,373 -4,756,507 -84%
Credit impairment losses (8) -27,547,996 -1,307,285 2007%
Gain on disposal of assets (9) 239,472 1,111,342 -78%
Non-operating expenses （10） 2,550,936 441,260 478%
Income tax expense （11） -15,718,060 2,568,703 -712%
Net amount of other comprehensive income after tax （12） -13,096,048 -2,976,861 340%
Notes:
（ 1 ） The decrease in financial assets held for trading was mainly due to the redemption of certain structured
deposits during the current reporting period.
（2）The increase in inventories was mainly due to an increase in finished goods during the current reporting period.
（3）The increase in other non-current assets was mainly due to an increase in large-denomination certificates of
deposit with a term of more than one year.
（4）The decrease in employee compensation payable was mainly due to the reduction in accrued compensation
from the prior year and the payment of such accrued compensation during the current reporting period.
（ 5 ） The increase in finance costs was mainly due to an increase in exchange losses and a decrease in interest
income, among others.
（ 6 ） The decrease in other income was mainly due to a decrease in VAT additional deduction and government
grants, among others.
（7 ）The change in investment income was mainly due to an increase in wealth management income during the
current reporting period, among others.
（ 8 ） The increase in credit impairment losses was mainly due to an increase in provision for impairment of
accounts receivable during the current reporting period.
（ 9 ） The decrease in gain on disposal of assets was mainly due to a decrease in disposals of non-current assets
during the current reporting period.
（10）The increase in non-operating expenses was mainly due to an increase in penalty expenses, among others.
（11）The decrease in income tax expense was mainly due to a decrease in profits of certain subsidiaries compared
with the same period of the prior year.
（12）The change in the net amount of other comprehensive income after tax was mainly due to the change in the
exchange difference on translation of foreign currency financial statements.
CSG HOLDING CO., LTD. The First Quarter Report 2026
II. Shareholder Information
(I) Number of Holders of Ordinary Shares and Preferred Shares with Restored Voting Rights, and
Shareholding of the Top 10 Shareholders
Unit: Share
Total number of preferred
Total number of ordinary shareholders at the end of the reporting shareholders with restored voting
period rights at the end of the reporting
period (if any)
Shareholding of the Top 10 Shareholders (excluding shares lent through refinancing)
Number Pledged, marked or
Total shares
of frozen
Nature of held at the Number of
Name restricted
shareholder end of report shares held
shares Share status Number
period (%)
held
Domestic Non-
Foresea Life Insurance Co., Ltd. – HailiNiannian state-owned 15.33% 466,386,874 0 N/A 0
Legal Person
Domestic Non-
Shenzhen Sigma C&T Co., Ltd. state-owned 3.96% 120,385,406 0 N/A 0
Legal Person
Domestic Non-
Foresea Life Insurance Co., Ltd. – Universal
state-owned 3.89% 118,425,007 0 N/A 0
Insurance Products
Legal Person
Domestic Non-
Foresea Life Insurance Co., Ltd. – Own Fund state-owned 2.13% 64,765,161 0 N/A 0
Legal Person
China Galaxy International Securities (Hong Overseas Legal
Kong) Co., Limited Person
Overseas Legal
Hong Kong Securities Clearing Co., Ltd. 1.06% 32,172,772 0 N/A 0
Person
Domestic
Li Xinqiang 0.61% 18,556,000 0 N/A 0
Natural Person
VANGUARD TOTAL INTERNATIONAL Overseas Legal
STOCK INDEX FUND Person
Overseas Legal
China Merchants Securities (Hong Kong) Limited 0.55% 16,753,823 0 N/A 0
Person
Overseas Legal
NORGES BANK 0.52% 15,766,387 0 N/A 0
Person
Particulars about top ten shareholders with unrestricted shares held
(Excluding shares lent through refinancing and executive lock-in shares)
Amount of Type of shares
unrestricted
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 118,425,007 RMB ordinary shares 118,425,007
Foresea Life Insurance Co., Ltd. – Own Fund 64,765,161 RMB ordinary shares 64,765,161
CSG HOLDING CO., LTD. The First Quarter Report 2026
China Galaxy International Securities (Hong Kong) Co., Limited 41,034,578 Domestically listed foreign shares 41,034,578
Hong Kong Securities Clearing Co., Ltd. 32,172,772 RMB ordinary shares 32,172,772
Li Xinqiang 18,556,000 RMB ordinary shares 18,556,000
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 17,537,213 Domestically listed foreign shares 17,537,213
China Merchants Securities (Hong Kong) Limited 16,753,823 Domestically listed foreign shares 16,753,823
NORGES BANK 15,766,387 Domestically listed foreign shares 15,766,387
As of the end of the reporting period, among the above
shareholders, it is known that Foresea Life Insurance Co., Ltd.
Explanation of the Related Party Relationships or Acting in Concert
– HailiNiannian, Foresea Life Insurance Co., Ltd. - Universal
among the Above Shareholders
Insurance Products, and Foresea Life Insurance Co., Ltd. -
Own Funds are all held by Foresea Life Insurance Co., Ltd.
As of the end of the reporting period, shareholder Shenzhen
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 account maintained with Huatai
Explanation of the Participation of the Top 10 Shareholders in Securities Co., Ltd., holding an aggregate of 120,385,406
Margin Trading and Short Selling Business (if any) shares of the Company. Shareholder Li Xinqiang held
securities account, and 1,356,000 shares through the margin
account maintained with China Merchants Securities Co., Ltd.,
holding an aggregate of 18,556,000 shares of the Company.
Special Note: Among the top 10 shareholders, CSG Holding Co., Ltd. has a repurchase special securities account,
which, as required, is not included in the list of top 10 shareholders. As of 31 March 2026, the Company had
repurchased an aggregate of 52,838,338 A shares through the repurchase special securities account by way of
centralized bidding trading, representing 1.74% of the Company's total share capital.
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
(II) Number of Preferred Shareholders of the Company and Shareholding of the Top 10 Preferred
Shareholders
□Applicable ?Not applicable
III. Other Significant Events
?Applicable □Not applicable
CSG HOLDING CO., LTD. The First Quarter Report 2026
On 16 May 2022, the Company’s 2021 Annual General Meeting reviewed and approved the Proposal on the
Application for Registration and Issuance of Medium-Term Notes and Ultra-short-term financing bills, approving the
Company to register and issue Ultra-short-term financing bills with a registered amount not exceeding RMB 1.0
billion. The Company may issue the Ultra-short-term financing bills in one or more tranches within the validity
period of the registration based on its actual funding needs and the funding conditions in the interbank market. On 25
April 2025, the Company issued the first tranche of its 2025 Ultra-short-term financing bills (Sci-Tech Innovation
Notes) with an aggregate amount of RMB 300 million and a term of 270 days at an issue rate of 2.27%, and
completed the redemption on 23 January 2026.
The Company’s 2024 Annual General Meeting reviewed and approved the Proposal on the 2025 Guarantee Plan,
authorizing the Company and its subsidiaries to provide guarantees of up to RMB 25.8 billion (or its equivalent in
foreign currency) (including amounts already effective but not yet due) to each guaranteed entity within the scope of
consolidation with respect to credit facilities granted by financial institutions for 2025. Within the total authorized
amount, guarantees of up to RMB 6.2 billion (or its equivalent in foreign currency) (including amounts already
effective but not yet due) may be provided to guaranteed entities with a gearing ratio of 70% or above. The
Company’s external guarantees are all provided to its subsidiaries within the scope of consolidation. As of 31 March
guarantees provided to entities with a gearing ratio of 70% or above was RMB 2,575.76 million), representing
million, and 27.02% of the total assets of RMB 31,305.03 million. The Company had no overdue guarantees.
The Company’s 2024 Annual General Meeting reviewed and approved the Proposal on Carrying Out Asset Pooling
Arrangements. In order to meet the Company’s needs for the centralized management of notes, letters of credit and
other assets held by it, the General Meeting approved the Company and its subsidiaries to carry out asset pooling
arrangements of no more than RMB 2.0 billion. Under the precondition that risks were controllable, various
guarantee methods, such as maximum amount pledge, general pledge, certificate of deposit pledge, notes pledge and
margin pledge, may be adopted for such arrangements. As of 31 March 2026, the amount actually pledged under the
asset pooling arrangements was RMB 864.66 million, and the outstanding financing balance was RMB 850.36
million.
The term of the Company’s ninth session of the Board of Directors expired on 21 May 2023, and as of the date of this
report, the re-election process is being steadily advanced. Pursuant to Article 100 of the Articles of Association of
CSG Holding Co., Ltd., where the term of a director expires but the re-election has not been carried out in a timely
manner, the original director shall continue to perform his/her duties in accordance with the provisions of laws,
administrative regulations, departmental rules and the Articles of Association until the re-elected director assumes
office. Accordingly, the members of the ninth session of the Board of Directors continue to perform their duties
normally, and the postponement of the re-election of the Board of Directors will not have any adverse effect on the
Company’s operations and management or its corporate governance.
The Company convened an interim meeting of the ninth session of the Board of Directors on 13 February 2025 and
the first interim General Meeting of 2025 on 4 March 2025. The meetings reviewed and approved the Proposal on the
Repurchase of Part of the Company’s RMB Ordinary Shares (A Shares) and Domestically Listed Foreign Shares (B
Shares), authorising the Company to use its own funds and self-raised funds (including commercial bank special
CSG HOLDING CO., LTD. The First Quarter Report 2026
loans for repurchase, etc.) to repurchase part of its A shares and B shares through the trading system of the Shenzhen
Stock Exchange by way of centralized bidding trading. The total amount of funds to be used for the repurchase of A
shares was not less than RMB 24,300,000 and not more than RMB 48,500,000, including transaction handling fees
and other related expenses; the total amount of funds to be used for the repurchase of B shares was not less than
HK$50,000,000 and not more than HK$100,000,000, including foreign exchange purchase costs, transaction
handling fees and other related expenses. The repurchase price for A shares was set at not more than RMB 7.60 per
share, and for B shares at not more than HK$3.13 per share. All A shares repurchased by the Company will be used
for equity incentives or employee stock ownership plans (the implementation of such equity incentives or employee
stock ownership plans is subject to the approval of the Board of Directors and the General Meeting of the Company);
all B shares repurchased will be cancelled. The implementation period of this repurchase is twelve months from the
date of approval of the repurchase plan by the General Meeting of the Company. For details, see the Report on the
Repurchase of Part of the Company’s RMB Ordinary Shares (A Shares) and Domestically Listed Foreign Shares (B
Shares) disclosed by the Company on CNINFO (www.cninfo.com.cn) on 25 March 2025.
Following the completion of the implementation of the Company’s 2024 Annual Equity Distribution, the upper limit
of the repurchase price for A shares was adjusted from not more than RMB 7.60 per share to not more than RMB
more than 76,581,887 shares; the repurchase price for B shares was adjusted from not more than HK$3.13 per share
to not more than HK$3.05 per share, and the estimated repurchase volume after adjustment was not less than
As of 4 March 2026, the implementation period of this share repurchase had expired. The Company repurchased an
aggregate of 52,838,338 A shares and 28,223,296 B shares through the repurchase special securities account by way
of centralized bidding trading, representing 2.6398% of the Company’s total share capital. The highest transaction
price for the repurchased A shares was RMB 5.04 per share (not exceeding the upper limit of RMB 7.53 per share
under the repurchase plan), the lowest transaction price was RMB 4.54 per share, and the total amount of funds paid
was RMB 249,974,737.84 (excluding stamp duty, trading commissions and other transaction fees). The highest
transaction price for the repurchased B shares was HK$1.94 per share (not exceeding the upper limit of HK$3.05 per
share under the repurchase plan), the lowest transaction price was HK$1.65 per share, and the total amount of funds
paid was HK$50,989,016.13. The implementation of this share repurchase by the Company complied with all
applicable laws and regulations and conformed to the approved repurchase plan. The repurchase plan has been fully
implemented.
As of 12 March 2026, the Company had completed the cancellation of the 28,223,296 B shares repurchased with the
Shenzhen Branch of China Securities Depository and Clearing Corporation Limited. Following the completion of the
cancellation of these repurchased shares, the Company’s total share capital decreased from 3,070,692,107 shares to
IV. Quarterly Financial Statements
(I) Financial Statements
Prepared by: CSG Holding Co., Ltd
Unit: RMB
CSG HOLDING CO., LTD. The First Quarter Report 2026
Item Balance at end of period Balance at beginning of period
Current assets:
Cash and cash equivalents 3,182,547,430 3,141,975,147
Financial assets held for trading 100,000,000 230,000,000
Notes receivable 1,113,771,095 1,420,061,226
Accounts receivable 1,834,123,958 1,802,165,051
Receivables financing 427,478,520 533,418,878
Prepayments 147,695,197 134,771,994
Other receivables 70,109,721 54,386,121
Inventories 2,556,643,370 1,969,149,555
Assets held for sale 5,262,859 5,262,859
Other current assets 540,610,776 474,226,753
Total current assets 9,978,242,926 9,765,417,584
Non-current assets:
Investment properties 286,145,387 286,145,387
Fixed assets 13,675,198,136 13,897,777,933
Construction in progress 4,460,748,458 4,420,551,577
Right-of-use assets 68,164,275 64,277,229
Intangible assets 2,202,241,233 2,238,041,467
Goodwill 3,039,946 3,039,946
Long-term prepaid expenses 66,144,888 68,644,513
Deferred tax assets 402,295,520 368,236,650
Other non-current assets 547,315,537 192,896,549
Total non-current assets 21,711,293,380 21,539,611,251
Total assets 31,689,536,306 31,305,028,835
Current liabilities:
Short-term borrowings 831,891,601 1,158,648,329
Notes payable 2,923,935,605 2,557,712,651
Accounts payable 2,743,550,468 2,769,745,963
Contract liabilities 327,368,070 369,377,265
Employee compensation payable 206,626,515 329,941,978
Taxes payable 89,478,470 73,812,602
Other payables 407,556,068 369,513,739
Including: Interest payable 9,817,710 13,362,151
Dividends payable 34,482,724 34,482,724
Non-current liabilities due within one year 2,181,301,567 1,881,828,060
Other current liabilities 244,984,259 320,616,877
Total current liabilities 9,956,692,623 9,831,197,464
Non-current liabilities:
Long-term borrowings 7,225,451,856 6,882,862,147
Lease liabilities 25,179,310 23,057,883
Long-term payables 634,668,156 594,270,580
Provisions 27,509,100 27,378,869
Deferred income 292,078,040 301,071,111
Deferred tax liabilities 89,494,581 90,503,199
Total non-current liabilities 8,294,381,043 7,919,143,789
Total liabilities 18,251,073,666 17,750,341,253
Owners’ equity:
Share capital 3,042,468,811 3,070,692,107
Capital reserve 572,217,440 590,739,414
Less: Treasury shares 250,024,757 296,770,027
Other comprehensive income 137,720,860 150,816,908
Special reserve 6,660,112 6,302,910
Surplus reserve 1,534,714,228 1,534,714,228
Retained earnings 7,990,350,445 8,088,993,418
Total equity attributable to owners of the
parent
CSG HOLDING CO., LTD. The First Quarter Report 2026
Non-controlling interests 404,355,501 409,198,624
Total equity 13,438,462,640 13,554,687,582
Total liabilities and equity 31,689,536,306 31,305,028,835
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the
financial department: Wang Wenxin
Unit: RMB
Amount for the same period
Item Amount for the current period
of the prior year
I. Total operating revenue 2,990,246,615 3,068,825,224
Including: Operating revenue 2,990,246,615 3,068,825,224
II. Total operating costs 3,107,569,095 3,099,435,788
Including: Operating cost 2,660,696,039 2,659,427,953
Taxes and surcharges 35,140,165 33,730,603
Selling expenses 55,502,713 67,077,091
Administrative expenses 182,348,574 176,529,548
Research and development expenses 114,075,730 116,956,009
Finance costs 59,805,874 45,714,584
Including: Interest expenses 61,874,114 60,636,256
Interest income 6,499,958 11,032,075
Add: Other income 24,633,396 42,484,302
Investment income (loss is indicated by “-” sign) -775,373 -4,756,507
Credit impairment losses (loss is indicated by “-” sign) -27,547,996 -1,307,285
Gain on disposal of assets (loss is indicated by “-” sign) 239,472 1,111,342
III. Operating profit (loss is indicated by “-” sign) -120,772,981 6,921,288
Add: Non-operating income 4,119,761 5,272,159
Less: Non-operating expenses 2,550,936 441,260
IV. Total profit (total loss is indicated by “-” sign) -119,204,156 11,752,187
Less: Income tax expense -15,718,060 2,568,703
V. Net profit (net loss is indicated by “-” sign) -103,486,096 9,183,484
(I) By nature of operations
-103,486,096 9,183,484
indicated by “-” sign)
(II) By ownership
VI. Net amount of other comprehensive income after tax -13,096,048 -2,976,861
Net amount of other comprehensive income after tax
-13,096,048 -2,976,861
attributable to owners of the parent
(I) Other comprehensive income that will be reclassified
-13,096,048 -2,976,861
to profit or loss
-13,096,048 -2,976,861
currency financial statements
VII. Total comprehensive income -116,582,144 6,206,623
Total comprehensive income attributable to owners of the
-111,739,021 12,893,124
parent
Total comprehensive income attributable to non-controlling
-4,843,123 -6,686,501
interests
VIII. Earnings per share:
(I) Basic earnings per share -0.03 0.005
(II) Diluted earnings per share -0.03 0.005
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the
financial department: Wang Wenxin
CSG HOLDING CO., LTD. The First Quarter Report 2026
Unit: RMB
Amount for the same period of
Item Amount for the current period
the prior year
I. Cash flows from operating activities:
Cash received from sales of goods and rendering of
services
Refunds of taxes and levies 2,311,064 1,645,898
Other cash received relating to operating activities 65,740,029 37,263,834
Subtotal of cash inflows from operating activities 3,241,904,029 3,079,206,966
Cash paid for goods and services 2,425,842,017 2,177,958,548
Cash paid to and on behalf of employees 582,952,607 591,305,907
Cash paid for taxes and levies 106,318,584 110,616,466
Other cash paid relating to operating activities 87,719,573 130,080,116
Subtotal of cash outflows from operating activities 3,202,832,781 3,009,961,037
Net cash flows from operating activities 39,071,248 69,245,929
II. Cash flows from investing activities:
Cash received from disposal of investments 1,318,243,598 721,454,000
Cash received from investment income 2,361,622 1,320,670
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets
Subtotal of cash inflows from investing activities 1,329,181,494 727,007,674
Cash paid for acquisition and construction of fixed
assets, intangible assets and other long-term assets
Cash paid for investments 1,602,767,199 689,000,000
Other cash paid relating to investing activities 49,115,553 8,504,624
Subtotal of cash outflows from investing activities 1,802,153,525 932,838,849
Net cash flows from investing activities -472,972,031 -205,831,175
III. Cash flows from financing activities:
Cash received from borrowings 1,504,690,102 1,934,022,067
Other cash received relating to financing activities 86,775,000
Subtotal of cash inflows from financing activities 1,591,465,102 1,934,022,067
Cash paid for repayment of borrowings 1,068,743,352 1,617,842,269
Cash paid for distribution of dividends or profits, or for
payment of interest
Other cash paid relating to financing activities 77,361,834 73,757,544
Subtotal of cash outflows from financing activities 1,216,279,505 1,758,659,114
Net cash flows from financing activities 375,185,597 175,362,953
IV. Effect of foreign exchange rate changes on cash and
-5,836,192 2,074,225
cash equivalents
V. Net increase in cash and cash equivalents -64,551,378 40,851,932
Add: Cash and cash equivalents at beginning of period 2,981,170,323 3,367,873,386
VI. Cash and cash equivalents at end of period 2,916,618,945 3,408,725,318
(II) Adjustments to Items in the Financial Statements at the Beginning of the Current Year Arising from the
First-Time Adoption of New Accounting Standards in 2026
□Applicable ?Not applicable
(III) Audit Report
Whether the First Quarterly Financial Report has been audited
□Yes ?No
CSG HOLDING CO., LTD. The First Quarter Report 2026
The First Quarterly Financial Report of the Company has not been audited.
Board of Directors of
CSG Holding Co., Ltd.
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