CSG HOLDING CO., LTD.
SEMI-ANNUAL REPORT 2026
Chairman of the Board:
CHEN LIN
August 2026
CSG Semi-annual Report 2026
Section I. Important Notice, Content and Paraphrase
The company’s board of directors, directors, and senior management ensure the truthfulness,
accuracy, and completeness of the semi-annual report, with no false records, misleading
statements, or material omissions, and assume individual and joint legal liabilities.
Ms. Chen Lin, person in charge of the Company, Ms. Wang Wenxin, responsible person in charge
of accounting and Ms. Wang Wenxin, principal of the financial department (accounting officer)
confirm that the Financial Report enclosed in the semi-annual report of the Company is true,
accurate and complete.
All directors were present at the meeting of the Board for deliberating the semi-annual report of
the Company in person.
The future plans and other forward-looking statements mentioned in this report do not constitute a
material commitment of the Company to investors. Investors and relevant parties should pay
attention to investment risks, and understand the differences between plans, forecasts and
commitments.
The Company has described the risk factors and countermeasures of the Company’s future
development in detail in this report. Please refer to Section III. Management Discussion and
Analysis.
The Company is required to comply with the disclosure requirements 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 Company has no plans of cash dividend distribution, bonus shares being sent or converting
capital reserve into share capital.
This report is prepared both in Chinese and English. Should there be any inconsistency between
the Chinese and English versions, the Chinese version shall prevail.
CSG Semi-annual Report 2026
Content
CSG Semi-annual Report 2026
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) 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 Semi-annual Report 2026
Definitions
Item Means Definition
Company, the Company, CSG Group, CSG or the Group Means CSG Holding Co., Ltd.
Reporting Period, the Reporting Period, the Current
Means January 1, 2026 to June 30, 2026
Period
Same period of the prior year Means January 1, 2025 to June 30, 2025
Foresea Life Means Foresea Life Insurance Co., Ltd.
Electronic glass with a thickness ranging
Ultra-thin Electronic Glass Means
from 0.1 mm to 1.1 mm
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 Semi-annual Report 2026
Section II. Company Profile and Key Financial Indicators
I. Company Profile
Short form of the stock Southern Glass A, Southern Glass B Stock code 000012, 200012
Listing stock exchange Shenzhen Stock Exchange
Legal Chinese name of the Company 中国南玻集团股份有限公司
Abbr. of legal Chinese name of the
南玻集团
Company
Legal English name of the Company CSG Holding Co., Ltd.
Abbr. of legal English name of the
CSG
Company
Legal Representative Chen Lin
II. Person/Way to contact
Secretary of the Board Representative of securities affairs
Name 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. Other information
Whether registered address, office address and their postal codes, website address and email address of the Company
changed in the report period or not
□ Applicable √Not applicable
The registered address, office address and their postal codes, website address and email address of the Company did
not change in the report period. More details can be found in Annual Report 2025.
Whether information disclosure and preparation place changed in the report period or not
□Applicable √ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for
disclosing semi-annual report and preparation place of semi-annual report did not change in the report period. More
details can be found in Annual Report 2025.
Whether other relevant information changed in the report period or not
□Applicable √ Not applicable
CSG Semi-annual Report 2026
IV. Key Accounting Data and Financial Indicators
Whether the Company is required to retrospectively adjust or restate accounting data of prior years
□Yes ?No
The report period (Jan. The same period of last Increase/decrease year-
to Jun.2026) year (Jan. to Jun.2025) on-year
Operating Revenue (RMB) 6,118,978,774 6,483,562,120 -5.62%
Net profit attributable to shareholders of the
-421,151,211 74,531,505 -665.06%
listed company (RMB)
Net profit attributable to shareholders of the
listed company excluding non-recurring gains -469,705,829 21,748,795 -2,259.69%
and losses (RMB)
Net cash flows from operating activities (RMB) 205,008,283 384,695,267 -46.71%
Basic earnings per share (RMB/share) -0.14 0.02 -800%
Diluted earnings per share (RMB/share) -0.14 0.02 -800%
Weighted average return on equity (ROE) -3.26% 0.55% -3.81%
Increase/decrease in
End of the period End of last year this period-end over
that of last year-end
Total assets (RMB) 31,283,041,677 31,305,028,835 -0.07%
Net assets attributable to shareholders of the
listed company (RMB)
V. Difference of accounting data under domestic and overseas accounting standards
and Chinese accounting standards
□ Applicable √ Not applicable
No such differences in the report period.
Chinese accounting standards
□ Applicable √ Not applicable
No such differences in the reporting period.
VI. Items and amounts of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
Item Amount Note
Gains/losses from the disposal of non-current assets (including the write-off that
accrued for impairment of assets)
Government subsidies included in the profit and loss of the current period (except
government subsidies that closely related to the normal operation of the company, in
line with national policies and provisions, in accordance with the defined standards,
and have a continuous impact on the profit and loss of the company)
In addition to the effective hedging business related to the normal operation of the
company, the profit or loss of fair value changes arising from the holding of financial
assets and financial liabilities by non-financial enterprises and the loss or gain arising
from the disposal of financial assets and financial liabilities
CSG Semi-annual Report 2026
Reversal of provision for impairment of receivables that have been individually
tested for impairment
Profit and loss from debt restructuring 1,909,664
Other non-operating income and expenditure except for the aforementioned items 2,826,714
Less: Impact on income tax 6,710,060
Impact on minority shareholders’ equity (post-tax) 2,235,968
Total 48,554,618
Particulars about other gains and losses that meet the definition of non-recurring gains and losses:
□ Applicable √ Not applicable
It did not exist that other profit and loss items met the definition of non-recurring gains and losses.
Explanation of the non-recurring gains and losses listed in the Explanatory Announcement No.1 on Information
Disclosure for Companies Offering their Securities to the Public - Non-recurring Gains and Losses as recurring gains
and losses
□ Applicable √ Not applicable
It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on Information
Disclosure of Companies Offering Securities to the Public - Non-recurring Profit and Loss" were defined as recurring
profit and loss items in the report period.
CSG Semi-annual Report 2026
Section III. Management Discussion and Analysis
I. Main business of the Company during the reporting period
(I) Main business of the Company
CSG is a leading domestic brand of energy-saving glass and a renowned brand of solar PV products and display
devices. Its products and technologies are well-known at home and abroad. Its main business covers three industrial
clusters: energy-saving glass, electronic glass and solar PV materials. Its business scope encompasses the research
and development, production and sales of new materials and information display products including float glass,
architectural glass, ultra-thin electronic glass and display devices, as well as solar PV products such as photovoltaic
glass, high-purity crystalline silicon and silicon wafers. The Company also 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
glass, CSG has accumulated a solid foundation in key equipment and technologies such as kiln, rolling 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. 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. As of June 2026, the Company has a total of 9 photovoltaic rolled
glass original sheet production kilns and supporting deep processing production lines in Fengyang, Xianning, Beihai,
etc.
Architectural glass business
CSG Semi-annual Report 2026
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 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 relevant
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 is pushing forward the intelligent upgrading and digital transformation strategy for its
architectural glass business in depth. It has continued to invest resources and built extensive experience in the
research of automated, intelligent and information-based production technologies and equipment, as well as the
efficiency-driven intelligent upgrading of traditional production equipment. Leveraging technological advancement
and process optimization, the Company has effectively cut labor, material and energy consumption in production,
steadily advanced industrial transformation and upgrading, and achieved intensive manufacturing and high-quality
development. In the first half of 2026, alongside improvements in intelligent manufacturing capabilities, the delivery
lead time for customized orders was further shortened and operational efficiency improved markedly, laying solid
momentum to support the Company’s pursuit of high-quality development.
Float glass business
CSG Semi-annual Report 2026
CSG is one of the largest float glass manufacturers in China, with five major float glass production bases in North
China, South China, Central China, East China, and Southwest China, boasting a total of 10 advanced float glass
production lines. In the first half of 2026, one production line of Wujiang Float Company was still undergoing
technological upgrading. As of the end of June 2026, the Company had a total of nine float glass production lines in
operation.
The Company’s float glass products mainly consist of differentiated products such as low-iron, ultra-large, ultra-thick,
and industrial thin glass, covering various thicknesses from 1.6mm to 25mm. The products are widely used in high-
end building curtain walls, display cabinets, 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 steady supply capabilities, the Company has established long-term and stable
cooperative relationships with many well-known deep-processing enterprises.
The traditional demand for float glass is highly dependent on the performance of new real estate starts and
completions, while the cost side is mainly affected by price fluctuations of natural gas, soda ash, and silica sand.
However, differentiated products, due to their specific application scenarios and high requirements for quality and
supply stability, feature strong customer stickiness, granting enterprises strong pricing initiative and effectively
avoiding homogeneous competition. Currently, due to the continuous decline in new real estate starts and
completions in China, the float glass industry is undergoing a cyclical adjustment. To cope with current market
changes, the Company internally focuses on lean management, continuous innovation, significant reduction of energy
consumption, and improvement of production efficiency and process control levels, and externally implements a
differentiated competition strategy unswervingly, develops differentiated market segments vigorously, increases the
proportion of differentiated products in sales continuously, and consolidates and enhances the industry
competitiveness of the Company’s float glass business.
In the first half of 2026, the float glass industry was at the bottom of a cyclical adjustment. However, with the
improvement of residents’ living standards, the demand for high-quality float glass, such as low-iron and high-
transparency glass, maintained steady growth. Meanwhile, the continuous advancement of national capacity
replacement and energy consumption “dual control” policies accelerated the elimination of outdated capacity and the
optimization of industry structure. The float glass market is expected to gradually recover following a period of
bottoming and consolidation, with leading companies featuring premium product portfolios and cost advantages
poised to benefit first.
Electronic glass and display business
During the reporting period, the Company’s electronic glass and display segment was mainly engaged in electronic
glass materials, optical coating materials, vehicle-mounted cover plates, and vehicle-mounted touch panels businesses.
The products are widely applied across various fields, including intelligent consumer electronics, automotive smart
cockpits, industrial control, smart healthcare, and smart homes. Among them, the electronic glass business mainly
includes medium-aluminum, high-aluminum, and lithium-aluminosilicate series products, which can meet the
differentiated requirements of various terminal applications in terms of strength, lightness, transmittance, processing
adaptability, and reliability. Through years of R&D accumulation and market expansion, the Company has formed a
relatively complete product system. Its products are widely applied in intelligent consumer electronics terminals,
touch components, automotive window glass, vehicle displays, medical equipment, industrial control commercial
displays, and smart homes, and continue to extend into new energy vehicle, advanced medical care, and smart home
appliance sectors.
For display devices, the Company has developed comprehensive capabilities across the value chain, including
vacuum magnetron sputtering coating, functional cover plate processing, fine pattern lithography, and full lamination
of touch display modules. The business primarily comprises three segments: optical coating materials, vehicle-
CSG Semi-annual Report 2026
mounted cover plates and vehicle-mounted touch panels. Among them, the optical coating material business takes
ITO conductive glass and ITO conductive film as its main products, focusing on the needs of mid-to-high-end
customers and continuously advancing the development of differentiated products; products of the vehicle-mounted
cover plate business include vehicle-mounted AG glass, vehicle-mounted 2A (AR/AF) cover plates, vehicle-mounted
foreign automobile brands through downstream customers.
Centering on the upgrading trend of downstream applications, the Company continuously advances technology R&D,
product iteration, and market expansion to constantly enhance the comprehensive competitiveness of its electronic
glass and display business.
Solar energy business
Since entering the photovoltaic industry in 2006, CSG has been deeply engaged in the sector. With the mission of
“cherishing natural resources and co-creating a better life”, it is committed to deeply integrating technological
innovation with green development, assisting social sustainable development with clean energy technologies, and
striving to become a world-leading green energy technology enterprise. Being one of the earliest enterprises in China
engaged in polysilicon production, the Company is among the first entities selected in the Ministry of Industry and
Information Technology’s compliance list, and is a contributor to the formulation of national standards for electronic-
grade polysilicon. With extensive technological expertise and accumulated know-how, the Company has established
a strong foundation in the field.
The Company focuses on key segments across the upstream and downstream photovoltaic industry chain, with its
business covering high-purity crystalline silicon, high-efficiency silicon wafers, and the investment and operation of
photovoltaic power plants, spanning from upstream core material production and midstream silicon wafer processing
to downstream terminal power plant operation. It has built an industrial ecosystem from technology R&D to
industrial implementation, developing comprehensive product and service capabilities that support green and low-
carbon development.
(II) Overview of operation during the reporting period
In the first half of 2026, under the impact of multiple factors such as the complicated and volatile international
economic situation, increasing trade barriers, deep adjustment of the domestic real estate sector as well as accelerated
decline in the prices throughout the photovoltaic industry due to periodical supply-demand imbalance, the overall
situation of the industries that the Company engaged in was severe, the pressure on the enterprises’ production and
operation increased, and the operational quality and efficiency of the industry was under stress. With the ups and
downs of the economic environment, the Company maintained its strategic focus and actively responded to the
market changes, analyzed the market and industry dynamics in a timely manner, duly adjusted the business strategies,
and fully implemented lean management and cost reduction and efficiency increase to achieve maximum control of
various costs. Meanwhile, the Company gave full play to its advantage of scale and deepened the differentiated
business strategy to fully hedge against risks arising from market volatility. In the first half of 2026, the Company’s
operating revenue totalled 6,119 million RMB, decreasing by 6% year-on-year; its net profit reached -425million
RMB, decreasing by 759% year-on-year; and the net profit attributable to shareholders of the listed company was -
Glass business segment
Photovoltaic glass: Driven by the continued impact of the policy document Notice on Deepening the Market-
oriented Reform of Feed-in Tariffs for New Energy to Promote High-quality Development of New Energy (F.G.J.G.
[2025] No. 136), the growth of domestic photovoltaic installations was sluggish in the first half of 2026, with the
CSG Semi-annual Report 2026
year-on-year growth rate continuing to decline. According to statistics from the National Energy Administration,
from January to June 2026, newly added domestic photovoltaic installations were 72.07 GW, representing a
significant year-on-year decrease of 66%. In overseas markets, the operating rate of local photovoltaic modules in
India retreated, while geopolitical conflicts in the Middle East pushed up shipping costs, resulting in a short-term
weakening of overseas demand for China’s photovoltaic glass. Meanwhile, the preliminary anti-dumping and
countervailing duty (AD/CVD) determinations by the US on crystalline silicon photovoltaic cells from India,
Indonesia, and Laos have once again restructured the overseas photovoltaic industry landscape. Following the
Announcement on Adjusting the Export Tax Rebate Policy for Photovoltaic and Other Products jointly issued by the
Ministry of Finance and the State Taxation Administration, China canceled the value-added tax (VAT) export rebate
policy for photovoltaic and other products starting from 1 April 2026, driving the strategic upgrade of Chinese
photovoltaic enterprises from “product exports” toward “globalized capacity deployment”. These internal and
external factors led to overall subdued photovoltaic demand in the first half of 2026. Despite supply-side capacity
reductions in the photovoltaic glass sector, previously accumulated high inventories remained difficult to digest in the
short term. As a result of the supply-demand imbalance and persistent inventory pressure, photovoltaic glass prices
continued to weaken, reaching a historical low.
In a tough environment plagued by multiple complex factors, the annual budget-oriented management thought with
cost control at the core to redouble efforts in market expansion and differentiated operation and strictly control
operating risk was implemented through all work processes of the photovoltaic glass business. In terms of production
management, with the management policy of “ensuring safety, stabilizing production, improving quality, and
controlling costs”, the Company continued to promote cost reduction and efficiency increase on the basis of ensuring
safe production in all processes, focusing on the stabilization of production processes and the effective improvement
of product quality, so as to enhance its core competitiveness. As for sales, the Company took “expanding the market,
adjusting the structure, reducing costs, and controlling risks” as the management policy. By increasing transaction
volumes with major customers and maintaining differentiated operation with low inventory, it strengthened
operational resilience to cope effectively with industry fluctuations. The Company will keep close track of market
trends, and dynamically adjust production capacity arrangements in light of kiln operation conditions, market supply
and demand balance as well as capital status, striving to navigate the business through industry cycles in a
challenging market environment.
Architectural glass: As the golden brand of CSG, the architectural glass business continued to consolidate its
product R&D and innovation, quality control, and service capabilities. Closely following the upgraded standards of
new regulations on building energy conservation and safety, the Company adhered to a customized business strategy
integrating technical services, marketing, and R&D and manufacturing, accurately aligning itself to the specific needs
of domestic and overseas landmark buildings and high-end public facility projects. In the first half of 2026, the
Company’s market share in the domestic high-end architectural market climbed steadily. Its revenue and profitability
in the deep processing sector continued to lead the industry, and its core competitive advantages were continuously
strengthened.
In the first half of 2026, amid a complex domestic and international economic landscape, the Company’s architectural
glass business capitalized on its forward-looking strategic initiatives and agile operating strategies to drive deeper
growth across diversified areas, highlighting strong overall business resilience. Meanwhile, the Company enhanced
its differentiated product offerings, ensuring overall operational stability. By refining its market layout and
highlighting high-potential projects, the Company continued to increase its efforts in securing high-quality projects,
with the order portfolio steadily improving year-on-year in terms of scale and quality. It continued to deepen
customized services, and the proportion of high value-added differentiated products in sales continued to rise, driving
the optimization of the overall profitability structure. Meanwhile, it accelerated the expansion of overseas markets in
CSG Semi-annual Report 2026
Southeast Asia and the Middle East, continuously enhancing its global presence. The deepening of digital
transformation achieved remarkable results, with both automation and informatization levels of production lines
improving. Combined with refined cost reduction initiatives, these efforts further strengthened the Company’s core
competitiveness. With adoption of this series of initiatives, the Company’s architectural glass business achieved a
steady operation in current competitive market environment, while the development of product diversification further
enhanced the market competitiveness and service capabilities of architectural glass.
Float glass: In the first half of 2026, the float glass industry cycle entered a critical period of capacity reduction, with
glass prices falling sharply and the industry suffering overall losses. According to SCI99, the average price of glass in
the first half of the year decreased by 12.7% year-on-year, and the industry’s average gross profit fell to RMB -97/ton,
a sharp year-on-year drop of 164%. CSG’s float glass business effectively offset adverse market conditions through
product portfolio optimization, increased differentiation, technological upgrades and innovation, as well as
comprehensive internal cost reduction and efficiency enhancement initiatives. As a result, operating performance was
slightly better than that of the same period in 2025.
The Company has consistently pursued green and high-quality development, maintained a long-term focus on high-
end markets, and adhered to a differentiated product strategy, with continuous enhancement in its operational
resilience. In terms of business layout, the Company has been deeply engaged in the low-iron glass market, focusing
on cultivating its “Blue Diamond” high-end low-iron glass series for over a decade. With a steadily increasing market
share, the Company has grown into a leading enterprise in this specialized segment of the industry. Meanwhile, the
Company continued to optimize its product mix, accelerate the development of high-end markets such as industrial
glass, and actively expand into emerging application scenarios. The increasing contribution of differentiated products
to production and sales effectively mitigated the adverse impact of weakening demand in the architectural glass
market.
In internal management, the Company promoted cost reduction and efficiency enhancement across the board: First, it
improved the supply chain management system, expanded channels for sourcing high-quality suppliers, and
implemented centralized procurement of bulk raw materials, resulting in a significant decrease in procurement costs;
second, it deepened end-to-end lean management, continuously improved production and operation efficiency, and
further reduced unit manufacturing costs; third, through technological upgrading of production lines, it conserved
energy, improved efficiency, and enhanced profitability. In 2025, Chengdu Float Glass Line 3 and Wujiang Float
Glass Line 2 resumed production, with significant improvements in both operational efficiency and energy utilization,
providing strong support for enhancing the Company’s competitiveness in float glass.
Electronic glass and display business segment
In the first half of 2026, the electronic glass and display industry continued to face a complex operating environment,
as affected by the varying pace of demand recovery, intensifying market competition, and price fluctuations in certain
raw materials and upstream components. In the face of external market changes, the Company continued to advance
focused efforts in product upgrades, customer expansion, cost control, and operational efficiency improvement.
For electronic glass, the Company continued to strengthen process optimization, R&D innovation, and internal
management, while advancing market expansion and customer acquisition efforts across application areas including
consumer electronics, vehicle-mounted displays, medical equipment, industrial control commercial displays, and
smart homes. During the reporting period, the overall market share of the Company’s electronic glass products
remained basically stable, and the market introduction process of certain high-performance products was further
advanced.
For displays, the Company continued to consolidate the foundation of its optical coating material business, advanced
the development of new products and the expansion of new application scenarios, and achieved phased progress with
several projects completing sample validation and achieving mass production. Meanwhile, the Company continued to
CSG Semi-annual Report 2026
advance the market expansion and product layout of the vehicle-mounted cover plate business. However, due to
factors such as downstream demand fluctuations, the production and sales volumes of vehicle-mounted AG glass and
vehicle-mounted multi-functional cover plates decreased during the reporting period, compared to the previous year.
In addition, subdued consumer electronics demand and the rising adoption of In-Cell touch technology also drove the
production and sales volumes of vehicle-mounted touch displays to decline compared to the previous year.
All in all, the Company’s electronic glass and display business maintained steady operations during the reporting
period, with continuously optimized business structure and positive progress in expanding into vehicle and mid-to-
high-end application areas.
Solar energy business segment
In the first half of 2026, China’s photovoltaic industry remained in a phase of supply and demand adjustment.
Affected by the high base in the previous period and industry policy adjustments, the newly installed domestic
photovoltaic capacity declined year-on-year, standing at 72.07GW from January to June. The China Photovoltaic
Industry Association (CPIA) expects annual new photovoltaic installations in China to reach 180-240GW and global
new installations to total approximately 500–667GW, indicating a phased correction in the industry’s overall installed
capacity compared to the previous year. Meanwhile, product prices across the industry chain continued to decline,
with the costs of several products exceeding their selling prices. Mainstream enterprises in the industry still faced
pressure from operating losses.
Amid the challenging industry situation, CSG’s photovoltaic subsidiaries closely monitored national policy directions,
proactively adjusted operating strategies, upheld the principles of healthy industry competition, and implemented a
strategy of prioritizing quality and value. They continued to deepen technological R&D, reinforce core competitive
advantages, fully execute the Group’s strategic initiatives, and steadfastly advance high-quality development.
II. 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?saving and renewable energy, 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 layout,
talent team, and green development.
“CSG” is a famous domestic brand of energy-saving gla ss, ultra-thin electronic glass, display devices and solar
photovoltaic products, with its products and technologies renowned at home and abroad. CSG has been awarded the
title of “Single-item Champion in Manufacturing” by the Ministry of Industry and Information Technology for its
low-E coated glass and ultra-thin electronic glass. The Company has been listed among the “Top-ten Preferred
Brands for Architectural Glass” in the door, window and curtain-wall industry for many consecutive years. In 2018,
the “CSG” brand was recognized by the United Nations Industrial Development Organization as an “International
Reputation Brand” in the fourth batch.In 2026, the Company was honoured as one of the “Top-ten Brands in the
Glass Industry” and a “Science and Technology Innovation Brand” by the Quality-Brand Working Committee for
Quality Housing.
The Group has always attached great importance to technological research and?development since its founding, takes
independent research and development as its cornerstone, and has built a multi?level R&D and innovation system and
CSG Semi-annual Report 2026
platforms. As of 30 June 2026, the Group boasts 23 national?level high?tech enterprises, 2 national?level
single?champion manufacturing products, 1 national?level engineering laboratory, 1 national?level enterprise
technology center, 5 national?level intellectual property?advantaged enterprises, 1 national?level intellectual property
demonstration enterprise and 7 national-level specialized, sophisticated, distinctive, and innovative enterprises
(“Little Giants”). It also owns 6 provincial-level famous and high-quality high-tech products, 1 provincial-level
expert workstation, 1 provincial-level doctoral workstation, 4 provincial-level single-champion manufacturing
enterprises, 12 provincial-level enterprise technology centers, 5 provincial-level engineering-technology research
centers, 2 provincial-level engineering research centers, 1 provincial-level intellectual property demonstration
enterprise, 6 provincial-level “Little Giant” enterprises, one Provincial Government Quality Award, 10 Provincial
Science and Technology Progress Awards, 1 Provincial Science and Technology Award and 5 Provincial Patent
Awards. As of 30 June 2026, the Group has filed 3,839 patent applications in total, consisting of 1,739 invention
patents, 2,087 utility-model patents and 13 design patents. The aggregate number of granted patents reaches 2,818,
including 735 invention patents, 2,070 utility-model patents and 13 design patents. Besides, the Group has acquired
aforesaid innovation achievements effectively underpins the Group’s differentiated competitive strengths and lays a
solid technological foundation for withstanding cyclical industry fluctuations and pursuing high-quality development.
The Group runs three major business segments: energy?saving glass, electronic glass and display devices, as well as
solar photovoltaic products. It keeps strengthening its industrial advantages via sustained technological innovation
and process upgrading. Meanwhile, production bases have been set up in South, North, East, Southwest, Central and
Northwest China, constructing a nationwide?covering and highly?coordinated industrial layout 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.
Meanwhile, CSG upholds the corporate cultural philosophy of “pragmatism, 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.
Driven steadily by the “dual- carbon” goals, the Group systematically carries out a full range of carbon- related work.
On the one hand, it delivers extensive professional training on carbon emission management for key- post employees
to enhance the professional competency of relevant staff. Meanwhile, the Company has actively promoted through-
life carbon footprint certification for relevant products, establishing a credible carbon- emission data system and
boosts the green competitiveness of its products. Hebei CSG Glass Co., Ltd., one of the Group’s subsidiaries and an
outstanding benchmark enterprise within the flat- glass sector, has been designated as a carbon- peaking pilot
enterprise for the building- materials industry. It explores implementation schemes and feasible pathways for the
CSG Semi-annual Report 2026
industry’s carbon- peaking drive. Relevant subsidiaries keep participating in regional pilot carbon- trading markets.
Thanks to rigorous energy and carbon- emission management, their overall carbon emissions stay below allocated
quotas. As a forerunner in the industry’s green- driven development, the Group has had 12 subsidiaries accredited as
national- level “Green Factories”, which has secured broad- based scope for its business growth.
III. Main business analysis
Overview
Please refer to the relevant content of “I. Main business of the Company during the reporting period”.
Year-on-year changes of main financial data
Unit: RMB
The corresponding Increase /decrease
The report period Reasons of change
period of last year year-on-year（%）
Operating income 6,118,978,774 6,483,562,120 -5.62%
Operating costs 5,615,812,251 5,542,029,899 1.33%
Sales expenses 115,297,577 139,472,905 -17.33%
Administration expenses 344,028,291 347,299,806 -0.94%
Mainly due to a decrease in
Financial expenses 124,514,495 92,573,028 34.50% interest income and changes in
exchange gains and losses.
This is mainly due to the fact that
the profits of some subsidiaries in
Income tax expenses -74,524,296 -9,186,877 711.20% this period have declined
compared with the same period of
the previous year.
R&D investment 244,397,382 257,944,614 -5.25%
This is mainly due to the
Net cash flow arising from reduction in cash received from
operating activities the sale of goods and provision of
services in this period.
Net cash flow arising from
-696,917,679 -665,235,770 4.76%
investment activities
This is mainly due to the
Net cash flow arising from
financing activities
repayment in the current period.
It is mainly due to the change in
Net increase in cash and
-149,930,579 -389,587,289 -61.52% the net cash flow generated from
cash equivalents
financing activities.
Major changes on profit composition or profit resources in the report period
□ Applicable √ Not applicable
There was no major change in the Company’s profit composition or profit resources during the report period.
Composition of operating income
Unit: RMB
The corresponding period of
The report period
last year Year-on-
Ratio in Ratio in year
Amount operating Amount operating change
income income
Total Operating Revenue 6,118,978,774 100% 6,483,562,120 100% -5.62%
By Industry
Glass Industry 5,401,943,747 88.28% 5,866,352,502 90.48% -7.92%
CSG Semi-annual Report 2026
Electronic Glass and Display Devices Industry 555,014,263 9.07% 564,500,923 8.71% -1.68%
Solar and Other Industries 236,681,617 3.87% 169,379,424 2.61% 39.73%
Unallocated 134,657,292 2.20% 156,887,679 2.42% -14.17%
Inter-segment Elimination -209,318,145 -3.42% -273,558,408 -4.22% -23.48%
By Product
Glass Products 5,401,943,747 88.28% 5,866,352,502 90.48% -7.92%
Electronic Glass and Display Device Products 555,014,263 9.07% 564,500,923 8.71% -1.68%
Solar and Other Products 236,681,617 3.87% 169,379,424 2.61% 39.73%
Unallocated 134,657,292 2.20% 156,887,679 2.42% -14.17%
Inter-segment Elimination -209,318,145 -3.42% -273,558,408 -4.22% -23.48%
By Region
Mainland China 5,162,491,825 84.37% 5,942,796,807 91.66% -13.13%
Overseas 956,486,949 15.63% 540,765,313 8.34% 76.88%
List of the industries, products or regions exceed 10% of the operating income or operating profits of the Company
√ Applicable □ Not applicable
Unit: RMB
Year-on-
Year-on-year Year-on-year
Gross year change
Operating Operating change in change in
Profit in Gross
Revenue Costs Operating Operating
Margin Profit
Revenue Cost
Margin
By Industry
Glass Industry 5,401,943,747 5,021,269,311 7.05% -7.92% 0.43% -7.72%
Electronic Glass and
Display Devices Industry
Solar and Other Industries 236,681,617 218,688,792 7.60% 39.73% 41.81% -1.35%
By Product
Glass Products 5,401,943,747 5,021,269,311 7.05% -7.92% 0.43% -7.72%
Electronic Glass and
Display Device Products
Solar and Other Products 236,681,617 218,688,792 7.60% 39.73% 41.81% -1.35%
By Region
Mainland China 5,162,491,825 4,819,055,902 6.65% -13.13% -5.44% -7.59%
Overseas 956,486,949 796,756,349 16.70% 76.88% 78.83% -0.91%
Under the circumstances that the statistical standards for the Company’s main business data adjusted in the report
period, the Company’s main business data in the recent year is calculated based on adjusted statistical standards at the
end of the report period
□ Applicable √ Not applicable
IV. Non-core business analysis
√ Applicable □ Not applicable
Unit: RMB
Percentage to Whether
Amount Explanation of the reason
total profits sustainable or not
Income from investment 427,626 -0.09% No
The main aspect is to
Impairment of assets -124,812,644 25.00% make provisions for No
inventory write-downs
The main issues are
Non-operating income 11,317,898 -2.27% unpayable payments and No
so on
Non-operating expenditure 5,487,482 -1.10% No
CSG Semi-annual Report 2026
The main ones are
Other income 48,998,371 -9.81% No
government subsidies, etc
Mainly attributable to the
Credit impairment loss -31,517,416 6.31% provision for bad debts No
on accounts receivable
V. Analysis of assets and liabilities
Unit: RMB
End of the report period End of last year
Increase or
Percentage Percentage Explanation of
decrease in
Amount to total Amount to total significant changes
proportion
assets assets
Cash at bank and on
hand
Accounts receivable 1,645,649,849 5.26% 1,802,165,051 5.76% -0.50%
Inventories 2,289,925,866 7.32% 1,969,149,555 6.29% 1.03%
Investment properties 286,145,387 0.91% 286,145,387 0.91% 0%
Fixed assets 17,407,317,522 55.64% 13,897,777,933 44.39% 11.25%
Mainly due to certain
Construction in subsidiaries transferring
progress construction in progress
into fixed assets
Right-of-use assets 71,719,601 0.23% 64,277,229 0.21% 0.02%
Short-term
borrowings
Contract liabilities 316,417,380 1.01% 369,377,265 1.18% -0.17%
Long-term
borrowings
Lease liabilities 23,687,650 0.08% 23,057,883 0.07% 0.01%
Mainly attributable to
Trading financial the redemption upon
assets maturity of structured
deposits.
Mainly caused by the
arrival of goods
Advance payments 74,811,674 0.24% 134,771,994 0.43% -0.19% corresponding to
advance payments and
other factors.
Mainly attributable to
the growth in advance
payments for
Other non-current
assets
and large-denomination
time deposits with a
term over one year.
Mainly because the
wages and salaries
accrued in the previous
year period decreased
Employee benefits
payable
remuneration was
disbursed during the
current reporting
period.
CSG Semi-annual Report 2026
□ Applicable √ Not applicable
√ Applicable □ Not applicable
Unit: RMB
Profit and loss Cumulative
Impairment
from changes changes in Purchase
accrued in Amount sold Other
Item Opening balance in fair value in fair value amount in this Closing balance
the current in this period changes
the current included in period
period
period equity
Financial assets
financial assets
(excluding 230,000,000 1,910,000,000 2,090,000,000 50,000,000
derivative
financial assets)
Total financial
assets
Investment
property
Receivables
financing Note 1
Total of the above 1,049,564,265 1,910,000,000 2,090,000,000133,977,748 1,003,542,013
Financial
liabilities
Other changes:
Note 1: It refers to the increase or decrease amount at the beginning and end of the period for bank acceptance drafts
with higher credit ratings.
During the report period, whether the company’s main asset measurement attributes changed significantly or not
□ Yes √ No
Unit: RMB
Item Restricted Amount Restricted reason
Monetary funds 193,769,977 Assets with restricted circulation such as deposits and frozen funds
Notes receivable 684,153,704 Restricted by pledge
Inventories 50,000,000 Restricted due to fund freezing
Fixed?assets 1,357,670,030 Restricted under finance lease
Intangible assets 760,876,304 Encumbered assets
Total 3,046,470,015
VI. Investment analysis
√ Applicable □ Not applicable
Investment in the report period (RMB) Investment in the same period of last year (RMB) Change range
CSG Semi-annual Report 2026
□ Applicable √ Not applicable
√ Applicable □ Not applicable
CSG Semi-annual Report 2026
Unit: RMB
Accumulative Accumulative Reasons for not
Amount
Way of Fixed asset Industry invested
amount actually
Progress of Expected
revenue achieving the Date of Index of
Project investment invested by the Source of funds achieved by the planned progress disclosure (if disclosure (if
investment involved during the project revenue
or not end of the report end of the report and the expected applicable) applicable)
report period
period period revenue
Xianning CSG Energy- The project has
saving Glass Co., Ltd. Own funds and been completed,
Announceme
Production Line Manufacturing loans from and the revenue 03 December
Self-built Yes 2,555,727 96,131,602 Completed nt number:
Reconstruction and industry financial thereof has been 2021
Expansion institutions reflected in
Construction Project profits.
Phase I Upgrading and Own funds and
Technical loans from No revenue as the
financial Announceme
Transformation Project Manufacturing Under project is still in 25 December
Self-built Yes 792,830 34,850,386institutions nt number:
of Qingyuan CSG industry construction the construction 2021
Energy-Saving New period.
Materials Co., Ltd.
Own funds and
High-purity crystalline
loans from
silicon project with an
financial The project has Announceme
annual output of 50,000 Manufacturing
Self-built Yes 110,108,032 4,153,276,630institutions Completed been transferred 23 June 2022 nt number:
tons in Haixi industry
to fixed? assets. 2022-024
Prefecture, Qinghai
Province
Part of the project
Wujiang CSG
has been
Architectural New Own funds and
completed, and Announceme
Architectural Glass Manufacturing loans from Partially
Self-built Yes 0 87,591,699 the revenue 24 June 2020 nt number:
Intelligent industry financial completed
thereof has been 2020-051
Manufacturing Plant institutions
reflected in
Construction Project
profits.
Own funds and No revenue as the
Announceme
CSG East China Manufacturing loans from Under project is still in 27 August
Self-built Yes 30,425 41,558,588 nt number:
Headquarters Building industry financial construction the construction 2021
institutions period.
Egypt-based Own funds and
Announceme
Photovoltaic Glass Manufacturing loans from Not yet Not yet 27 September
Self-built Yes 0 0 nt number:
Production Line industry financial commenced commenced 2025
Construction Project institutions
Total -- -- -- 113,487,014 4,413,408,905 -- -- -- -- -- -- --
CSG Semi-annual Report 2026
(1) Securities investment
□ Applicable √ Not applicable
There was no securities investment during the report period.
(2) Derivative investment
□ Applicable √ Not applicable
There was no derivative investment during the report period.
□ Applicable √ Not applicable
There was no use of raised fund during the report period.
VII. Sale of major assets and equity
□ Applicable √ Not applicable
The Company did not sell major assets during the reporting period.
□ Applicable √ Not applicable
VIII. 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
Name of Registered Operating Operating
Type Main business Total assets Net assets Net profit
company capital income profit
Production and
Xianning CSG
Subsidi sales of special
Glass Co., 235 million 2,038,913,689 877,294,794 600,592,337 -92,665,703 -76,994,845
ary glass and solar
Ltd.
glass
Dongguan Production and
CSG Solar Subsidi sales of special
Glass Co., ary glass and solar
Ltd. glass
Anhui CSG
New Energy Production and
Subsidi
Material sales of solar 1,750 million 4,946,609,243 1,825,349,182 1,247,172,254 -309,905,199 -261,165,023
ary
Technology glass
Co., Ltd.
Guangxi CSG
New Energy Production and
Subsidi
Material sales of solar 850 million 2,862,040,211 950,870,922 794,163,250 47,270,705 44,744,331
ary
Technology glass
Co., Ltd.
Yichang CSG Subsidi Production and 1,467.98
Polysilicon ary sales of high- million
CSG Semi-annual Report 2026
Co., Ltd. purity silicon
material products
Qinghai CSG Production and
New Energy Subsidi sales of high-
Technology ary purity silicon
Co., Ltd. material products
Particulars about subsidiaries obtained or disposed in reporting period
√ Applicable □ Not applicable
The methods of acquiring and The impact on overall production
Name of company disposing of subsidiaries during the and operation as well as
reporting period performance
Hubei CSG Optical Technology Co., Ltd. New establishments No impact
CHINASOUTHERNGLASS(AUSTRALIA)PTY
New establishments No impact
LTD(中国南玻(澳大利亚)有限公司)
Fogang CSG Mining Development Co., Ltd. De-registration No impact
Yingde CSG Mining Co., Ltd. De-registration No impact
Shenzhen Xinjingquan Technology Co., Ltd. De-registration No impact
Description of main holding and shareholding companies
Co., Ltd. were mainly due to the decline in photovoltaic glass prices, leading to contraction in gross profit from sales,
as well as the recognition of asset impairment losses and credit impairment losses.
photovoltaic glass production lines during the current period, which led to a drop in production and sales volume.
new second production line was put into operation, resulting in increases in production volume, sales volume, and
exports of photovoltaic glass.
Co., Ltd. were mainly due to the recognition of asset impairment losses.
IX. Structured main bodies controlled by the Company
□ Applicable √ Not applicable
X. Risks the Company faces and countermeasures
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 and changeable international political and economic environment, the domestic
economy, while generally moving toward innovation and high-quality development, still faces many challenges and
uncertainties. In 2026, the Company will further deepen cost reduction and efficiency improvement initiatives,
optimize operational management, closely monitor market shifts, strengthen trend analysis and judgment, flexibly
adjust its strategies, and strive to achieve the annual core work objectives through steady operation.
② The glass business is confronted with the risk of downward product prices caused by homogeneous competition,
while bearing the cost pressure brought by the price fluctuations of major raw materials and fuels. In 2026, subdued
demand in the photovoltaic end market results in a significant decline in module production plans, exacerbating the
supply-demand imbalance in the photovoltaic glass sector. Although the glass suppliers have initiated production cuts,
CSG Semi-annual Report 2026
high inventory suppresses the momentum of price increases. Product prices continue to hover at the bottom and hit a
phased low. As a result, the Company’s photovoltaic glass business is under pressure and incurs losses. The
architectural glass business also faces unprecedented challenges due to the intensified competition in the existing
market and rising demand uncertainty, while the float glass business faces the pressure of downward demand in the
downstream architectural glass market and the risk of cyclical adjustment in the industry. Competition in the market
segment of electronic glass and displays continues to intensify, and the prices of several products are under pressure.
Meanwhile, due to the fluctuation of downstream demand in consumer electronics and vehicle-mounted displays,
alongside the risk of market demand changes brought by industry technology iteration, as well as the cost pressure
arising from the fluctuation of raw material and energy prices, the profitability of related businesses may bear phased
pressure. The solar energy business experiences a temporary supply-demand imbalance, with significant price
declines across the value chain amid the challenges of an industry-wide adjustment period. To cope with the aforesaid
risks, the Company will take the following measures:
A. In the photovoltaic glass segment, the Company will adhere to market-oriented principles in production
management, optimize its capacity structure with a focus on economic efficiency, and further enhance production
standardization. It will strengthen systematic process control to ensure consistent product quality while reducing
manufacturing costs. In terms of technology R&D layout, the Company will closely track downstream technological
trends, respond proactively to evolving market requirements for photovoltaic glass specifications, increase investment
in R&D, and accelerate the development and commercialization of new products. Leveraging technological
innovation, it will drive the optimization and upgrading of its product portfolio and strive to enhance profitability.
B. In the architectural glass segment, the Company will continue to deepen digital and intelligent applications, reduce
labor, material and general energy consumption in production, and deeply tap the potential for cost reduction and
efficiency enhancement. On the market side, it will adhere to the “dual circulation” strategy. While deepening and
solidifying the grid-based presence in the domestic high-end market and increasing the proportion of high value-
added products, the Company will accelerate the expansion of overseas incremental markets such as Southeast Asia
and the Middle East. It will further increase R&D investment, step up the development of new products and promote
their application in new fields, and broaden business horizons. The Company will also improve service capabilities
and give full play to its advantages in quality, technology, and brand. Through market-oriented industrial chain
extension, it will further consolidate its industry-leading position.
C. In the float glass segment, the Company will firmly implement a differentiated competition strategy, focus on high
value-added products such as low-iron, ultra-thin, and ultra-thick glass, continue to cultivate high-end brands such as
the “Blue Diamond” series, continuously increase the proportion of differentiated products in production and sales,
and weaken the impact of homogeneous price wars. It will continue to promote lean management, cost reduction, and
efficiency enhancement, strengthen lean control over the entire production process, and reduce costs and enhance
efficiency through centralized procurement of bulk raw materials, expansion of the channels for sourcing high-quality
suppliers, optimization of inventory strategies, and deepening of process improvement and energy consumption
control. Meanwhile, the Company will orderly advance the technological upgrading of production lines, enhance the
energy-saving level and production efficiency of production lines, and further improve the profitability and market
competitiveness of its float glass business.
D. In the electronic glass and display segment, the Company will continue to increase R&D investment, promote
product upgrading and technology reserves around high-performance electronic glass, functional cover plates, and
supporting materials for vehicle-mounted displays, and enhance differentiated competitiveness. It will continue to
optimize its product mix and customer structure, increase the proportion of mid-to-high-end products in sales, and
deepen cooperation with high-quality customers. It will actively expand into application areas such as vehicle-
mounted displays, smart homes, advanced medical applications and new energy vehicles to enhance business
CSG Semi-annual Report 2026
resilience. The Company will also continue to promote lean management, cost reduction, and efficiency enhancement,
strengthen the synergy of procurement, production, and operations, and intensify cost control. It will continue to
strengthen brand building and quality management, enhance customer recognition and market influence, and
consolidate its competitive advantages in relevant segmented fields.
E. In the solar energy segment, the Company will pursue both technology-driven cost reduction and lean management
initiatives, focus on high value-added products to build competitive advantages in specialized market segments, and
avoid homogeneous price competition. Meanwhile, it will flexibly adjust its production and sales strategies, deepen
strategic cooperation with high-quality customers, and enhance resilience against industry cycle fluctuations to
achieve steady growth throughout the industry downturn.
③ Risk of fluctuation of foreign exchange rate: At present, nearly 15.63% 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.
XI. 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.
XII. 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 Semi-annual Report 2026
Section IV. Corporate Governance, Environment and Society
I. Changes in directors and senior management of the company
□ Applicable √ Not applicable
There were no changes in the directors and senior management of the Company during the reporting period, as
detailed in the 2025 annual report.
II.Profit distribution and conversion of capital reserves into equity capital in the report
period
□ Applicable √ Not applicable
The Company had no plans of cash dividend distribution, bonus shares being sent or converting capital reserve into
share capital for the first half of the year.
III. Implementation of the Company’s stock incentive plan, employee stock ownership plan
or other employee incentives
□ Applicable √ Not applicable
During the report period, the Company had no equity incentive plan, employee stock ownership plan or other
employee incentive measures and their implementation.
IV. Environmental Information Disclosure Situation
Whether the listed Company and its major subsidiaries are included in the list of enterprises that disclose
environmental information in accordance with the law.
√Yes □ No
Number of enterprises included in the list of enterprises
for legal disclosure of environmental information
Serial Query index of environmental information disclosure report
Company
number according to law
http://121.29.48.71:8080/#/fill/detail?enpId=B51E7181-0BC5-4F52-
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B82E-07D9FBD68229&year=2025
http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/enterpri
Xianning CSG PHOTOELECTRIC Glass
Co., Ltd.
b86fa33d03d1&XH=1677750996633009244672&year=2025
https://gdee.gd.gov.cn/gdeepub/front/dal/ent/list/detail?entId=d405a3
CSG Semi-annual Report 2026
Tianjin CSG ENERGY Conservation Glass https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/ndpl/qyxq?id=2025-
Co., Ltd. 4C7840E9D6A0405BA915E41B401F94E8
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f41fbc5ce8b1&XH=1677751006162009244672&year=2025
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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
Qinghai CSG New ENERGY Material
Technology Co., Ltd.
Environmental incidents in the listed company: Nil
V. Social responsibility
In the first half of 2026, the Company focused on the following tasks in fulfilling its social responsibilities:
For many years, the Company has firmly adhered to the concept of “Lucid waters and lush mountains are invaluable
assets”. It continuously increases investment and improvement efforts in energy conservation and emission reduction,
carbon emission governance, green manufacturing, and clean energy utilization, and actively builds green, low-
carbon, efficient, and environmentally friendly garden-style factories. As of the first half of 2026, 12 subsidiaries of
the Company have been rated as national-level “Green Factories”. Amongst them, Wujiang CSG and Xianning CSG
have been successively rated by the Ministry of Industry and Information Technology as “leaders” in energy
efficiency in the flat glass industry, and Hebei CSG has been designated as the advanced benchmark “Test Field” of
Carbon Peak. These subsidiaries have demonstrated outstanding performance in highly efficient resource utilization,
clean and low-carbon energy, and environmentally friendly production, becoming benchmark models for green
transformation within the Group.
To comprehensively enhance energy conservation and emission reduction capabilities, the Company has specially
established an energy management team to supervise the energy consumption management of each subsidiary. It also
continuously invests resources in the R&D of low-carbon and energy-saving technologies to optimize production
processes and equipment energy efficiency, ensuring that the energy consumption per unit product of glass melting
kilns of the same tonnage and kiln age consistently remains at the forefront of the industry. The Company also
promotes energy conservation and emission reduction through a multi-dimensional approach, including the
application of energy-saving technologies, the development of institutional systems, and the enhancement of
awareness and training, exerting efforts to encourage full engagement in energy conservation, emission reduction,
cost reduction, and efficiency enhancement. In the first half of 2026, the energy consumption per unit product of the
Company’s main businesses further decreased, and the same for most flat glass melting kilns reached industry-
leading levels.
CSG Semi-annual Report 2026
The Company has always paid attention to the utilization of waste heat in flat glass factories, with all production
bases equipped with waste heat boilers and waste heat power plants. It is also actively developing photovoltaic power
plant projects, with photovoltaic facilities installed on the rooftops of most factories. In the first half of 2026, the
Company added 23.4 MW of newly operational photovoltaic power capacity, and its waste heat power generation and
photovoltaic power generation totaled about 304 million kWh, equivalent to reducing carbon dioxide emissions by
about 161,300 tons. Optimization of green electricity consumption in factory areas through supporting energy storage
systems has further reduced the Company’s reliance on the power grid and fossil fuel-based electricity, while
lowering carbon emissions in the production process.
In addition, subsidiary companies of the Group have all constructed pollution prevention and control facilities in
accordance with relevant requirements, and ensured their synchronous operation with production facilities. They
invest a large amount of energy and funds in pollution prevention and control every year, and pay environmental tax
on time. In the first half of 2026, the operation of pollution control facilities was good, and the discharge of pollutants
was stable. Meanwhile, the subsidiaries have built and operated online monitoring devices for wastewater and
exhaust gas in accordance with relevant regulations, regularly carried out comparison and review of the effectiveness
of online monitoring facilities, and entrusted third-party units to carry out manual environmental monitoring to
comprehensively monitor pollutant discharge. In addition, in accordance with the national requirements, all
subsidiaries have prepared emergency environmental response plans for environment incident, organized and carried
out expert evaluations and filed with the local environmental protection department as required, and conducted
emergency drills against environmental incidents as planned. In the first half of 2026, no major environmental
incidents occurred.
The Company has always regarded production safety as the red line and bottom line for its corporate development.
The Group’s Safety and Environmental Protection Department coordinates safety and environmental protection
management work, establishes the Group’s three-level control system covering safety, environmental protection, fire
protection and occupational health. The Company has a complete safety management structure and safety
management system, strictly implements the safety production responsibility system of all employees, and all
employees have signed the safety production responsibility statement.
In terms of education and training, the Company strictly strengthens the three-level safety education and training of
new employees and the continuing education of old employees, and organizes various special training according to
the characteristics of employees’ posts to improve their safety literacy and safety skills. In respect of on-site operation
control, the management of special equipment and special operations shall be strictly carried out, and special
operators shall work with certificates. Special operations can only be carried out after approval and confirmation of
safety measures. Regularly carry out emergency drills, strengthen the construction of emergency response capabilities,
improve emergency response capabilities, eliminate hidden dangers in the bud, and resolutely defend the last line of
defense. Each subsidiary has established a system for the extraction and use of production safety expenses, which is
strictly in accordance with the requirements of relevant laws and regulations to extract and standardize the use of
production safety expenses. The Company has also carried out various hidden danger investigations, accepted the
supervision and inspection of local emergency management departments, and organized the rectification and
improvement of various hidden dangers. In terms of safety standardization, the Company has continued to promote
certification and dynamic operation of safety management systems. As of the end of June 2026, a total of 13
subsidiaries have obtained safety standardization certificates, among which five have reached the second level of
safety production standardization, and eight have reached the third level of safety production standardization, and
others have been actively advancing safety production standardization initiatives to enhance intrinsic safety
capabilities.
CSG Semi-annual Report 2026
The Company has long focused on the development of its primary glass business, striving to enhance operating
efficiency and endogenous growth capabilities while delivering returns to market trust through solid business
performance. Meanwhile, it highly values investor returns by actively implementing a consistent and stable profit
distribution policy and returning value to shareholders through cash dividends. For the 2025 final profit distribution,
the Company distributed a cash dividend of RMB 0.2 (tax inclusive) per 10 shares, with total cash dividends of RMB
in 2025. It also completed the cancellation of 28,223,296 B shares repurchased through its dedicated securities
repurchase account via centralized competitive bidding transactions on 12 March 2026, with the aim of maximizing
shareholder value. In terms of creditor protection, the Company implemented a prudent financial policy, and all due
loans were repaid on time, which protected the legitimate rights and interests of creditors.
Since its establishment, the Company has remained committed to the development strategy of “technology-driven
growth and independent innovation”, viewing independent R&D as the source of its core competitiveness. As of 30
June 2026, the Company has applied for a total of 3,839 patents, including 1,739 invention patents, 2,087 utility
model patents, and 13 design patents. Moreover, the Company has had a total of 2,818 authorized patents, including
total of 14 computer software copyrights and 2 data intellectual property rights. All these patents have established a
robust technological moat to underpin high-quality development.
The Company protects employees’ rights and interests in all aspects in strict compliance with national and local laws
and regulations. It purchases five insurances and one fund and other comprehensive welfare insurance for employees
to strengthen social security protection, has established a comprehensive occupational health management system and
regularly conducts workplace environment monitoring and health examinations to safeguard employees’ physical and
mental well-being, and has established a fair and equitable post promotion system to motivate employees and support
talent development. In strict compliance with national working hour and leave requirements, it ensures that
employees enjoy statutory holidays, paid annual leave and other legally entitled benefits.
Meanwhile, the Company places great emphasis on enhancing employee well-being and improving quality of life
through initiatives such as operating employee canteens and dormitories, conducting regular health examinations and
providing various subsidies. It also regularly organizes diverse cultural and sports activities to foster a positive,
vibrant and people-centric workplace culture. In supporting employees facing sudden difficulties, the CSG Care Fund
plays a critical role. In the first half of 2026, it granted a total of RMB 253,600 in financial assistance to help
employees and their families overcome difficulties, demonstrating the care and support of the “CSG Family”.
CSG has always viewed fulfilling social responsibilities as an integral part of corporate development. Over the years,
it has actively given back to society through community-focused charitable initiatives, demonstrating its commitment
to corporate citizenship. In the first half of 2026, the Company’s subsidiaries donated RMB 50,000 to the Red Cross,
taking concrete actions to give back to society and create positive impact.
CSG Semi-annual Report 2026
Section V. Important Events
I. Commitments completed by the actual controllers, the shareholders, the related parties,
the purchasers and the Company during the report period, as well as commitments overdue
and unfulfilled as at the end of the reporting period
□Applicable √Not applicable
During the report period, there were no commitments made by the Company's actual controller, shareholders, related
parties, acquirers, the Company and other relevant parties that had been fulfilled within the report period and had not
been fulfilled within the time limit by the end of the report period.
II. Particulars about non-operating fund of listed company occupied by controlling
shareholder and other related parties
□Applicable √Not applicable
During the report period, there was no any non-operating fund of listed company occupied by controlling shareholder
and other related parties.
III. Illegal external guarantee
□Applicable √Not applicable
During the report period, there was no illegal external guarantee.
IV. Engaging and dismissing of accounting firm
Whether the semi-annual report has been audited or not
□ Yes √ No
The semi-annual report of the Company has not been audited.
V. Explanation from Board of Directors and Supervisory Committee for “Non-standard
audit report” of the period that issued by accounting firm
□ Applicable √ Not applicable
VI. Explanation from Board of Directors for “Non-standard audit report” of the previous
year
□ Applicable √ Not applicable
VII. Issues related to bankruptcy and reorganization
□ Applicable √ Not applicable
The Company did not experience any matters related to bankruptcy reorganization during the reporting period.
CSG Semi-annual Report 2026
VIII. Lawsuits
Significant lawsuits and arbitrations
√ Applicable □ Not applicable
Amount Recognised
involved as estimated Judgement Date of Index of
Basic information Progress Result and impact
(RMB liabilities or execution disclosure disclosure
Announcement on
the Company?
April Related Litigation
No. 2025? 012),
CNINFO
Plaintiff: Zhongshan
Progress
Runtian Investment Co.,
Announcement
Ltd.
Concerning the
Defendant: CSG Holding
December Company?
Co., Ltd. The first?instance
Subject of action:Dispute judgment dismissed
(Announcement
over the revocation of a all claims of the
No. 2025? 057),
company resolution. Plaintiff, Zhongshan
CNINFO
Brief Introduction: As one Runtian Investment
Progress
of the shareholders of the 0 No Case closed. Co., Ltd. Not applicable
Announcement
defendant, the plaintiff The second?instance
Concerning the
was dissatisfied with the judgment dismissed
December Company?
board resolution made by the appeal and
the defendant and filed a upheld the original
(Announcement
lawsuit to request the ruling.
No. 2025? 058),
revocation of the board
CNINFO
resolution made by the
Progress
defendant's board on
Announcement
February 13, 2025.
Concerning the
April 29, Company?
(Announcement
No. 2026? 016),
CNINFO
Plaintiff: Zhongshan Announcement on
Runtian Investment Co., the
Ltd. Company?Related
April 18,
Defendant: CSG Holding The Litigation
Co., Ltd. first?instance (Announcement
Subject of action: Dispute judgment has No. 2025?012),
The first?instance
over the revocation of a been CNINFO
judgment dismissed
company resolution. delivered. The Progress
all claims brought
Brief Introduction:As one plaintiff filed Announcement
of the shareholders of the an appeal, and Concerning the
Zhongshan Runtian
defendant, the plaintiff the case is July 28, Company?Related
Investment Co., Ltd.
was dissatisfied with the now pending 2026 Litigation
interim shareholders’ at the (Announcement
meeting resolution made second?instan No. 2026?032),
by the defendant and filed ce stage. CNINFO
a lawsuit to request the Progress
August
revocation of the interim Announcement
shareholders’ meeting Concerning the
CSG Semi-annual Report 2026
resolution issued by the Company?Related
defendant on March 4, Litigation
No. 2026?034),
CNINFO
Other lawsuits
□ Applicable √ Not applicable
IX. Penalty and rectification
□ Applicable √ Not applicable
During the report period, there was no penalty or rectification.
X. Integrity of the Company and its controlling shareholders and actual controllers
√Applicable □ Not applicable
The Company has no controlling shareholder and actual controller. According to the disclosure requirements, the
Company's largest shareholder Foresea Life Insurance Co., Ltd., shareholder Zhongshan Runtian Investment Co.,
Ltd., 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 2026 Semi-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 July 1, 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:
exist that 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.
Runtian 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:
CSG Semi-annual Report 2026
(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
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 July 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 notarised 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
CSG Semi-annual Report 2026
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.
(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 realizable 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 were applied to settle the
amounts due under this case, including RMB 202,451,688.15 of the principal, RMB 269,851.69 of execution fees,
and RMB 50,000 of auxiliary auction fees, and all the debts in this case have been fully settled..
(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-
CSG Semi-annual Report 2026
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
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
CSG Semi-annual Report 2026
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
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.
CSG Semi-annual Report 2026
(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.
(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.
CSG Semi-annual Report 2026
(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.,
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
CSG Semi-annual Report 2026
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
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."
XI. Major related transaction
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
CSG Semi-annual Report 2026
XII. 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
disclosure of Counter Comple Guarant
related Actual guarantee Guaran te ee for
Name of Guarantee Actual date of Collateral
announceme amount of Guarantee circumsta ty implem related
guarantee object amount guarantee (if any)
nt on guarantee nce (if period entatio party or
guarantee any) n or not not
amount
Total amount of approved external guarantees during the Total actual amount of external guarantees during
reporting period (A1) the reporting period (A2)
Total amount of approved external guarantees at the end of Total balance of actual external guarantees at the
the reporting period (A3) end of the reporting period (A4)
Guarantees of the Company for its subsidiaries
Date of
disclosure of Counter Comple Guarant
related Actual guarantee Guaran te ee for
Name of Guarantee Actual date of Collateral
announceme amount of Guarantee circumsta ty implem related
guarantee object amount guarantee (if any)
nt on guarantee nce (if period entatio party or
guarantee any) n or not not
amount
Xianning CSG Joint
Photoelectric 4,200 8 May 2025 3,109 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric 5,000 3,133 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric 3,000 11 July 2025 1,482 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric 3,000 2,596 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Photoelectric 1,000 6 August 2025 950 liability None None 1 year No No
Glass Co., Ltd. guarantee
CSG Semi-annual Report 2026
Xianning CSG Joint
Photoelectric 1,000 9 March 2026 1,000 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 8,000 6 August 2025 797 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 5,600 965 liability None None 5 years No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 7,400 422 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 6,000 21 July 2025 2,000 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 5,000 22 April 2025 400 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 2,000 812 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 4,000 3,935 liability None None 1 year No No
Glass Co., Ltd. guarantee
Xianning CSG Joint
Energy-Saving 6,000 9 June 2026 1,230 liability None None 1 year No No
Glass Co., Ltd. guarantee
Joint
Hebei Panel Glass 26 April 27 September
Co., Ltd. 2024 2024
guarantee
Joint
Hebei Panel Glass 26 April 18 December
Co., Ltd. 2024 2024
guarantee
Joint
Hebei Panel Glass 26 April 4 December
Co., Ltd. 2024 2024
guarantee
Joint
Hebei Panel Glass 30 October 17 December
Co., Ltd. 2021 2021
guarantee
Joint
Hebei CSG Glass 28 April 11 September
Co., Ltd. 2025 2025
guarantee
Joint
Hebei CSG Glass 28 April
Co., Ltd. 2025
guarantee
Joint
Hebei CSG Glass 26 April 27 November
Co., Ltd. 2024 2024
guarantee
Joint
Hebei CSG Glass 28 April
Co., Ltd. 2025
guarantee
Joint
Hebei CSG Glass 28 April 19 December
Co., Ltd. 2025 2025
guarantee
Joint
Hebei CSG Glass 28 April 25 August
Co., Ltd. 2025 2025
guarantee
CSG Semi-annual Report 2026
Dongguan CSG Joint
Architectural 5,000 2,151 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Architectural 8,000 4 March 2026 0 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Architectural 10,000 3,931 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Architectural 9,000 1,154 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Architectural 10,000 4,700 liability None None 1 year No No
Glass Co., Ltd. guarantee
Joint
Dongguan CSG 28 April 27 February
PV-tech Co., Ltd. 2025 2026
guarantee
Joint
Xianning CSG 28 April 15 October
Glass Co., Ltd. 2025 2025
guarantee
Joint
Xianning CSG 26 April 16 August
Glass Co., Ltd. 2023 2023
guarantee
Joint
Xianning CSG 28 April 30 October
Glass Co., Ltd. 2025 2025
guarantee
Joint
Xianning CSG 28 April 27 August
Glass Co., Ltd. 2025 2025
guarantee
Joint
Xianning CSG 28 April 30 October
Glass Co., Ltd. 2025 2025
guarantee
Joint
Xianning CSG 28 April 26 November
Glass Co., Ltd. 2025 2025
guarantee
Joint
Xianning CSG 26 April
Glass Co., Ltd. 2024
guarantee
Xianning CSG 25 March
December 15,000 7,860 liability None None 7 years No No
Glass Co., Ltd. 2022
Joint
Xianning CSG 26 April
Glass Co., Ltd. 2023
guarantee
Joint
Xianning CSG 28 April 29 December
Glass Co., Ltd. 2025 2025
guarantee
Joint
Xianning CSG 28 April 12 March
Glass Co., Ltd. 2025 2026
guarantee
Joint
Chengdu CSG 26 April 27 September
Glass Co., Ltd. 2024 2024
guarantee
Joint
Chengdu CSG 26 April 10 March
Glass Co., Ltd. 2024 2025
guarantee
CSG Semi-annual Report 2026
Joint
Chengdu CSG 28 April
Glass Co., Ltd. 2025
guarantee
Joint
Chengdu CSG 28 April
Glass Co., Ltd. 2025
guarantee
Joint
Chengdu CSG 28 April 5 December
Glass Co., Ltd. 2025 2025
guarantee
Sichuan CSG
Joint
Energy 28 April 24 October
Conservation 2025 2025
guarantee
Glass Co., Ltd.
Sichuan CSG
Joint
Energy 26 April 13 August
Conservation 2024 2024
guarantee
Glass Co., Ltd.
Sichuan CSG
Joint
Energy 28 April
Conservation 2026
guarantee
Glass Co., Ltd.
Sichuan CSG
Joint
Energy 28 April
Conservation 2026
guarantee
Glass Co., Ltd.
Sichuan CSG
Joint
Energy 28 April 5 December
Conservation 2025 2025
guarantee
Glass Co., Ltd.
Sichuan CSG
Joint
Energy 28 April
Conservation 2026
guarantee
Glass Co., Ltd.
Joint
Wujiang CSG 28 April 30 March
Glass Co., Ltd. 2025 2026
guarantee
Joint
Wujiang CSG 28 April 4 November
Glass Co., Ltd. 2025 2025
guarantee
Joint
Wujiang CSG 28 April
Glass Co., Ltd. 2026
guarantee
Joint
Wujiang CSG 28 April 27 January
Glass Co., Ltd. 2025 2026
guarantee
Joint
Wujiang CSG 26 April 27 September
Glass Co., Ltd. 2024 2024
guarantee
Wujiang CSG
Joint
East China 28 April 18 March
Architectural 2025 2026
guarantee
Glass Co., Ltd.
Wujiang CSG
Joint
East China 25 April
Architectural 2022
guarantee
Glass Co., Ltd.
Wujiang CSG 28 April 6,000 15 May 2026 0 Joint None None 1 year No No
CSG Semi-annual Report 2026
East China 2026 liability
Architectural guarantee
Glass Co., Ltd.
Wujiang CSG
Joint
East China 28 April 23 January
Architectural 2025 2026
guarantee
Glass Co., Ltd.
Wujiang CSG
Joint
East China 28 April 6 February
Architectural 2025 2026
guarantee
Glass Co., Ltd.
Wujiang CSG
Joint
East China 28 April
Architectural 2025
guarantee
Glass Co., Ltd.
Wujiang CSG
Joint
East China 28 April
Architectural 2026
guarantee
Glass Co., Ltd.
Dongguan CSG Joint
Solar Glass Co., 5,000 3,891 liability None None 6 years No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 5,000 5 March 2025 4,950 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 5,000 27 April 2025 787 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 5,000 19 June 2025 900 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 5,000 15 April 2025 2,458 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 4,000 4 March 2026 1,000 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 5,000 1,592 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 4,000 21 July 2022 1,292 liability None None 5 years No No
Ltd. guarantee
Anhui CSG New
Joint
Energy Material 28 April
Technology Co., 2026
guarantee
Ltd.
Zhaoqing CSG Joint
Energy-Saving 30 June 2026 3,596 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 1,441 liability None None 5 years No No
Glass Co., Ltd. guarantee
Joint
Wujiang CSG 26 April 5 December
Glass Co., Ltd. 2024 2024
guarantee
Wujiang CSG 28 April 30 June 2026 0 Joint None None 1 year No No
CSG Semi-annual Report 2026
Glass Co., Ltd. 2026 liability
guarantee
Joint
Dongguan CSG 28 April
PV-tech Co., Ltd. 2026
guarantee
Dongguan CSG Joint
Architectural 30 June 2026 4,589 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 30 June 2026 304 liability None None 1 year No No
Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 9,000 31 May 2022 2,515 liability None None 4 years Yes No
Ltd. guarantee
Qingyuan CSG
Joint
Energy-Saving 28 April 17 October
New Materials 2025 2025
guarantee
Co., Ltd.
Qingyuan CSG
Joint
Energy-Saving 28 April 3 February
New Materials 2025 2026
guarantee
Co., Ltd.
Qingyuan CSG
Joint
Energy-Saving 26 April
New Materials 2024
guarantee
Co., Ltd.
Qingyuan CSG
Joint
Energy-Saving 28 April 4 February
New Materials 2025 2026
guarantee
Co., Ltd.
Qingyuan CSG
Joint
Energy-Saving 26 April
New Materials 2024
guarantee
Co., Ltd.
Yichang CSG Joint
Polysilicon Co., 12,400 6 August 2024 4,750 liability None None 5 years No No
Ltd. guarantee
Yichang CSG Joint
Polysilicon Co., 13,000 3,282 liability None None 4 years No No
Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 5,000 20 April 2026 106 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 5,500 9 July 2025 4,496 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 6,000 4,981 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 5,000 3,272 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 5,000 15 April 2025 1,784 liability None None 1 year No No
Glass Co., Ltd. guarantee
Tianjin CSG 28 April 17 March Joint
Energy-Saving 2025 2026 liability
CSG Semi-annual Report 2026
Glass Co., Ltd. guarantee
Tianjin CSG Joint
Energy-Saving 5,000 113 liability None None 1 year No No
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 28 April
Technology Co., 2025
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 28 April
Technology Co., 2025
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 26 April
Technology Co., 2024
guarantee
Ltd.
Anhui CSG New
Energy Material 30 March
December 29,864 20,158 liability None None 9 years No No
Technology Co., 2022
Ltd.
Anhui CSG New
Joint
Energy Material 28 April 3 February
Technology Co., 2025 2026
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 28 April 16 March
Technology Co., 2025 2026
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 28 April
Technology Co., 2026
guarantee
Ltd.
Anhui CSG New
Joint
Energy Material 26 April 30 October
Technology Co., 2024 2024
guarantee
Ltd.
Anhui CSG
Silicon Valley Joint
Mingdu Mining 43,379 6 July 2023 34,200 liability None None No No
Development Co., guarantee
Ltd.
Anhui CSG Joint
Quartz Materials 5,000 3,150 liability None None 3 years No No
Co., Ltd. guarantee
Anhui CSG Joint
Quartz Materials 5,000 4,900 liability None None 3 years No No
Co., Ltd. guarantee
Anhui CSG 26 April Joint
Quartz Materials 2024 liability
CSG Semi-annual Report 2026
Co., Ltd. guarantee
Anhui CSG Joint
Quartz Materials 7,000 5 March 2026 0 liability None None 3 years No No
Co., Ltd. guarantee
Guangxi CSG Joint
Quartz Materials 1,000 29 May 2026 638 liability None None 1 year No No
Co., Ltd. guarantee
Guangxi CSG Joint
Quartz Materials 6 July 2023 6,372 liability None None 8 years No No
Co., Ltd. guarantee
Joint
Guangxi CSG 26 April
Mining Co., Ltd. 2023
guarantee
Guangxi CSG
New Energy Joint
Material 30,000 19 May 2026 12,133 liability None None 3 years No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 20,000 1 August 2024 12,840 liability None None 8 years No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 50,000 26,428 liability None None 8 years No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 5,000 4 March 2026 4,963 liability None None 1 year No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 20,000 8,238 liability None None 2 years No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 65,000 26 July 2022 52,382 liability None None 8 years No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 14,500 7,686 liability None None 1 year No No
Technology Co., guarantee
Ltd.
Guangxi CSG
New Energy Joint
Material 5,000 2 March 2026 4,985 liability None None 1 year No No
Technology Co., guarantee
Ltd.
Guangxi CSG
Joint
New Energy 28 April
Material 2026
guarantee
Technology Co.,
CSG Semi-annual Report 2026
Ltd.
Xi’an CSG
Joint
Energy Saving 25 April 27 March
Glass Technology 2022 2023
guarantee
Co., Ltd.
Xi’an CSG
Joint
Energy Saving 28 April
Glass Technology 2025
guarantee
Co., Ltd.
Xi’an CSG
Joint
Energy Saving 28 April
Glass Technology 2025
guarantee
Co., Ltd.
Xi’an CSG
Joint
Energy Saving 28 April 18 September
Glass Technology 2025 2025
guarantee
Co., Ltd.
Qinghai CSG
Joint
New Energy 28 April 22 August
Technology Co., 2025 2025
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 26 April 24 January
Technology Co., 2023 2024
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 26 April 20 January
Technology Co., 2024 2025
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 26 April 27 September
Technology Co., 2024 2024
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 28 April 25 March
Technology Co., 2025 2026
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 28 April
Technology Co., 2026
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 28 April
Technology Co., 2025
guarantee
Ltd.
Qinghai CSG
Joint
New Energy 26 April 31 October
Technology Co., 2023 2023
guarantee
Ltd.
Zhaoqing CSG
Joint
New Energy 25 April
Technology Co., 2022
guarantee
Ltd.
Anhui CSG Joint
Photovoltaic 10,040 27 April 2023 5,150 liability None None 7 years No No
Energy Co., Ltd. guarantee
Xianning CSG 28 April 3,000 1 July 2025 1,866 Joint None None 10 No No
CSG Semi-annual Report 2026
Photovoltaic 2025 liability years
Energy Co., Ltd. guarantee
Zhanjiang CSG Joint
New Energy Co., 1,000 800 liability None None 5 years No No
Ltd. guarantee
Zhanjiang CSG Joint
New Energy Co., 3,500 2,935 liability None None 9 years No No
Ltd. guarantee
Beihai CSG Joint
Photovoltaic 4,000 3,090 liability None None No No
Energy Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 4,000 15 April 2025 1,607 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 5,000 29 May 2025 1,714 liability None None 2 years No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 3,500 2,770 liability None None 3 years No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 20,000 400 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 3,000 4 March 2026 30 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 6,000 0 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Architectural 2 July 2025 192 liability None None 1 year No No
Glass Co., Ltd. guarantee
Dongguan CSG Joint
Solar Glass Co., 2 July 2025 0 liability None None 1 year No No
Ltd. guarantee
Joint
Dongguan CSG 28 April
PV-tech Co., Ltd. 2025
guarantee
Anhui CSG New
Joint
Energy Material 28 April
Technology Co., 2025
guarantee
Ltd.
Joint
Wujiang CSG 28 April 84,400
Glass Co., Ltd. 2025
guarantee
Joint
Wujiang CSG 26 April
Glass Co., Ltd. 2024
guarantee
Xi’an CSG
Joint
Energy Saving 28 April
Glass Technology 2025
guarantee
Co., Ltd.
Joint
Chengdu CSG 28 April
Glass Co., Ltd. 2025
guarantee
Sichuan CSG 28 April Joint
Energy 2025 liability
CSG Semi-annual Report 2026
Conservation guarantee
Glass Co., Ltd.
Qinghai CSG
Joint
New Energy 28 April
Technology Co., 2025
guarantee
Ltd.
Yichang CSG Joint
Polysilicon Co., 2 July 2025 0 liability None None 1 year No No
Ltd. guarantee
Joint
Xianning CSG 28 April
Glass Co., Ltd. 2025
guarantee
Xianning CSG Joint
Energy-Saving 2 July 2025 0 liability None None 1 year No No
Glass Co., Ltd. guarantee
Wujiang CSG
Joint
East China 28 April
Architectural 2025
guarantee
Glass Co., Ltd.
Tianjin CSG Joint
Energy-Saving 2 July 2025 59 liability None None 1 year No No
Glass Co., Ltd. guarantee
Zhaoqing CSG Joint
Energy-Saving 2 July 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 143,730 subsidiaries during 159,482
during the reporting period (B1) the reporting period
(B2)
Total balance of
Total amount of approved
actual guarantees for
guarantees for subsidiaries at
the end of the reporting period
of the reporting period
(B3)
(B4)
Guarantees of subsidiaries for their subsidiaries
Date of
disclosure of Counter Comple Guarant
related Actual guarantee Guaran te ee for
Name of Guarantee Actual date of Collateral
announceme amount of Guarantee circumsta ty implem related
guarantee object amount guarantee (if any)
nt on guarantee nce (if period entatio party or
guarantee any) n or not not
amount
Total amount of approved
Total actual amount of guarantees for subsidiaries
guarantees for subsidiaries 0 0
during the reporting period (C2)
during the reporting period (C1)
Total amount of approved
guarantees for subsidiaries at Total balance of actual guarantees for subsidiaries at
the end of the reporting period the end of the reporting period (C4)
(C3)
Total amount of the Company’s guarantees (i.e., the sum of the first three items)
Total amount of approved
Total actual amount of guarantees during the
guarantees during the reporting 143,730 159,482
reporting period (A2+B2+C2)
period (A1+B1+C1)
CSG Semi-annual Report 2026
Total amount of approved
Total actual balance of guarantees at the end of the
guarantees at the end of the 1,691,172 867,968
reporting period (A4+B4+C4)
reporting period (A3+B3+C3)
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 ratio exceeding 243,951
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
reporting 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 violation of
None
prescribed procedures (if any)
Notes: 1. The Company’s 2025 Annual General Meeting reviewed and approved the Proposal on the 2026?year
Guarantee Plan. It approved that the Company and its subsidiaries may provide guarantees for the credit lines
granted by financial institutions to guaranteed?enterprises within the consolidated?statements scope in 2026, with an
aggregate ceiling of RMB 26.0 billion (including effective and unexpired credit?line quotas). Amongst the above, the
total guarantee cap for guaranteed enterprises with a debt?to?asset ratio of 70% or above shall not exceed RMB 7.5
billion (including effective and unexpired credit?line quotas). All external guarantees issued by the Company are
furnished to its subsidiaries under the consolidated?reporting scope. As at 30?June?2026, the outstanding balance of
actual guarantees stood at RMB 8,679.68 million (the guarantee balance for investees with a debt-to-asset ratio ≥
to the parent-company (RMB 13,145.49 million) and 27.73% of the total assets (RMB 31,305.03 million). No
overdue guarantees exist for the Company.
To facilitate centralized administration over bills, letters of credit and other held?assets, the general?meeting
authorised the Company and subsidiaries to conduct asset?pool?related business with a maximum scale of RMB 2.0
billion. Multiple security forms including maximum?amount pledge, general pledge, deposit?certificate pledge, bill
pledge and cash?deposit pledge are permitted for business operations on condition that risks remain controllable. As
at 30?June?2026, the actual pledged amount under the asset?pool business was RMB 756.12 million and the
outstanding financing balance was RMB 751.79 million.
Description on particulars of guarantees adopted in combined forms: Nil
√ Applicable □Not applicable
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
CSG Semi-annual Report 2026
Structured deposit PR1 Level (Low Risk) 5,000 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
√ Applicable □ Not applicable
Related- Execution
Transactio
Name of signing party as of the
Subject Contract Pricing n amount Date of Disclosure
entity on the Counterparty transacti Association end of the
matter signing date principle (RMB disclosure index
Company’s side on or report
not period
Price of high-
purity silicon
negotiated on
CSG Holding Co., Trina Solar Co., High-purity In Announcement
September basis _ No Nil September
Ltd. Ltd. silicon progress No.: 2022-054
contractually
agreed pricing
principles
Price
negotiated on
a monthly
Solar grade 29
CSG Holding Co., Two certain 27 October basis In Announcement
primary _ No Nil October
Ltd. customers 2022 according to progress No.: 2022-060
polysilicon 2022
contractually
agreed pricing
principles
Price
negotiated on
a monthly
Solar grade
CSG Holding Co., One certain 17 April basis In 19 April Announcement
primary _ No Nil
Ltd. customer 2023 according to progress 2023 No.: 2023-011
polysilicon
contractually
agreed pricing
principles
Note: The above material contracts are long-term sales contracts signed between the Company and customers. A total
supply volume is given in such a contract, the specific price is negotiated on a monthly basis, and the total contract
amount is subject to the final transaction amount.
XIII. Registration Form for Activities such as Receiving Researches, Communications and
Interviews during the Reporting Period
□ Applicable √ Not applicable
The Company did not conduct any activities including receiving researches, communications or interviews during the
reporting period.
CSG Semi-annual Report 2026
XIV. Description of Other Material Matters
√ Applicable □ Not applicable
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’s registration and issuance of ultra short-term financing bills with a registered amount of no more than
RMB 1.0 billion. The Company may issue the bills in one or multiple tranches within the registration validity period,
based on actual capital demand and the capital conditions of the inter-bank market.On 25 April 2025, the Company
issued the first tranche of 2025 ultra short-term financing bills (sci-tech innovation bills) with a total amount of RMB
for Registration and Issuance of Medium-term Notes and Ultra Short-term Financing Bills, approving the Company’s
registration and issuance of ultra short-term financing bills with a registered amount of no more than RMB 1.0 billion.
The Company may issue the bills in one or multiple tranches within the registration validity period, based on actual
capital demand and the capital conditions of the inter-bank market.
On 26 June 2026, the Company’s 2025 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’s registration and issuance of medium-term notes with a registered amount of no more than RMB 1.0
billion. The Company may issue the notes in one or multiple tranches within the registration validity period, based on
actual capital demand and the capital conditions of the inter-bank market.
In relation to the matters of the RMB 171 million special fund for talent introduction, the Company filed a tort
compensation lawsuit against Zeng Nan and other relevant parties as well as Yichang Hongtai Real Estate Co., Ltd.
on 15 December 2021. The case was officially accepted by the Shenzhen Intermediate People’s Court on 28 January
Court, which dismissed all claims of the Company. In June 2024, the Company filed an appeal with the Guangdong
Higher People’s Court, and the second-instance hearing was held at the Guangdong Higher People’s Court on 12
September 2024. On 3 December 2025, the Company received the second-instance Civil Judgment rendered by the
Guangdong Higher People’s Court, which dismissed the appeal and upheld the original judgment. The Company
holds that the effective judgment contains errors in the determination of basic facts and application of laws. To
safeguard its legitimate rights and interests, the Company applied to the Supreme People’s Court for a retrial in May
The term of office of the Company’s 9th Board of Directors expired on 21 May 2023, and the re-election work is
proceeding steadily as of the date hereof. Pursuant to Article 100 of the Articles of Association of CSG Holding Co.,
Ltd., where directors are not re-elected in a timely manner upon expiry of their term of office, the incumbent directors
shall continue to perform their duties in accordance with laws, administrative regulations, departmental rules and
these Articles of Association until the newly elected directors take office. Accordingly, members of the 9th Board of
CSG Semi-annual Report 2026
Directors continue to perform their duties normally. The re-election of the board will not have any adverse impact on
the Company’s business operations, corporate governance or other aspects.
XV. Material Matters of the Company’s Subsidiaries
□ Applicable √ Not applicable
CSG Semi-annual Report 2026
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
Capitali
New zation
Bonus
Amount Proportion shares of Others Subtotal Amount Proportion
shares
issued public
reserve
I. Restricted shares 2,006,449 0.07% 2,006,449 0.07%
person’s 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 3,068,685,658 99.93% -28,223,296 -28,223,296 3,040,462,362 99.93%
foreign shares
shares
III. Total shares 3,070,692,107 100.00% -28,223,296 -28,223,296 3,042,468,811 100.00%
Reason for equity changes
√ Applicable □Not applicable
The Company held an Interim Meeting of the Ninth Board of Directors and the First Extraordinary General
Shareholders' Meeting of 2025 on 13 February 2025, and 4 March 2025, respectively. The meetings reviewed and
approved the Proposal on the Buyback of Certain RMB Ordinary Shares (A Shares) and Domestically Listed Foreign
Shares (B Shares) of the Company, authorizing the Company to use its own funds and self-pooled funds (including
special buyback loan from commercial bank) to buyback certain RMB ordinary shares (A Shares) and domestically
listed foreign shares (B Shares) through the Shenzhen Stock Exchange trading system in a centralized bidding
process.As of March 4, 2026, the Company's current share repurchase plan has been fully implemented. The
Company used the dedicated securities account for repurchase purposes and conducted centralized competitive
CSG Semi-annual Report 2026
bidding transactions to cumulatively repurchase 52,838,338 shares of the company's A shares and 28,223,296 shares
of the company's B shares. According to the provisions of the "Report on Repurchasing Part of the Company's
Renminbi Ordinary Shares (A Shares) and Domestic-Listed Foreign-Currency Shares (B Shares)", all the B shares
repurchased this time will be completely cancelled. As of March 12, 2026, the Company has completed the
cancellation formalities for the 28,223,296 repurchased B-share shares with China Securities Depository and Clearing
Corporation Limited (Shenzhen Branch). After the completion of this share repurchase and cancellation, the total
share capital of the company decreased from 3,070,692,107 shares to 3,042,468,811 shares.
Approval on equity changes
√ Applicable □Not applicable
Please refer to “Section 6: Share Changes and Shareholders’ Information” of this report, specifically subsections “1.
Share Changes” and “ Reasons for Share Changes.”
Transfer of ownership of changes in shares
□Applicable √ Not applicable
Implementation progress of share buyback
√Applicable □Not applicable
The Company held an Interim Meeting of the Ninth Board of Directors and the First Extraordinary General
Shareholders' Meeting of 2025 on 13 February 2025, and 4 March 2025, respectively. The meetings reviewed and
approved the Proposal on the Buyback of Certain RMB Ordinary Shares (A Shares) and Domestically Listed
Foreign Shares (B Shares) of the Company, authorizing the Company to use its own funds and self-pooled funds
(including special buyback loan from commercial bank) to buyback certain RMB ordinary shares (A Shares) and
domestically listed foreign shares (B Shares) through the Shenzhen Stock Exchange trading system in a centralized
bidding process. The total amount of funds used for the buyback of A shares will be no less than RMB 243 million
and no more than RMB 485 million, including transaction fees and other related expenses; and the total amount of
funds used for the buyback of B shares will be no less than HKD 50 million and no more than HKD 100 million,
including foreign exchange purchases, transaction fees, and other related expenses. The buyback price of A shares
will not exceed RMB 7.60 per share, and the buyback price of B shares will not exceed HKD 3.13 per share. All A
shares bought back by the Company will be used for equity incentives or employee stock ownership plans
(implementation of which requires approval from the Company's Board of Directors and general shareholders'
meeting). All B shares bought back will be retired. The buyback period is twelve months from the date the buyback
plan is approved by the Company's general shareholders' meeting. For details, please refer to the Report on the
Buyback of Certain RMB Ordinary Shares (A Shares) and Domestically Listed Foreign Shares (B Shares) of the
Company disclosed on 25 March 2025 on www.cninfo.com.cn.
After the implementation of the Company's 2024 annual equity distribution, the upper limit of the Company's
buyback price of A shares has been adjusted from no more than RMB 7.60 per share to no more than RMB 7.53 per
share. The estimated buyback quantity after the adjustment will be no less than 44,443,773 shares and no more than
more than HKD 3.05 per share. The estimated buyback quantity after the adjustment will be no less than
As of March 4, 2026, the Company has fully implemented its current share repurchase program. Through its
dedicated securities account for share repurchases, the Company conducted centralized competitive trading to acquire
a total of 52,838,338 A-share shares and 28,223,296 B-share shares, representing an aggregate 2.6398% of the
Company’s total issued share capital. The highest transaction price for repurchasing A-share stocks was 5.04 yuan
CSG Semi-annual Report 2026
per share, the lowest was 4.54 yuan per share, and the average price was 4.73 yuan per share. The total amount of
funds paid was RMB 249,974,737.84 (excluding stamp duty, transaction commissions, etc. for transactions). The
highest transaction price for repurchasing B-share stocks was 1.94 Hong Kong dollars per share, the lowest was 1.65
Hong Kong dollars per share, and the average price was 1.81 Hong Kong dollars per share. The total amount of funds
paid was HKD 50,989,016.13 (excluding stamp duty, transaction commissions, etc. for transactions). For detailed
information, please refer to the "Announcement on the Expiration of the Repurchase Period and the Implementation
Results of the Repurchase" (Announcement No.: 2026-005) disclosed by the company on the Juchao Information
Network (www.cninfo.com.cn) on March 5, 2026.
According to the provisions of the "Report on Repurchasing Part of the Company's Renminbi Ordinary Shares
(A Shares) and Domestic-Listed Foreign-Currency Shares (B Shares)", all the B shares repurchased this time will be
completely cancelled. As of March 12, 2026, the Company has completed the cancellation procedures for the
Clearing Corporation Limited. After the completion of this share repurchase and cancellation, the total share capital
of the Company decreased from 3,070,692,107 shares to 3,042,468,811 shares.
Implementation progress of share buyback reduction through centralized bidding
□Applicable √Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in the latest year and period
√Applicable □Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in the latest year and period, please refer to "Section 2 Company Profile and Key
Financial Indicators" of this report, specifically "4. Key Accounting Data and Financial Indicators".
Other information necessary to be disclosed or need to be disclosed under requirement from security regulators
□Applicable √ Not applicable
□Applicable √ Not applicable
II. Issuance and listing of Securities
□ Applicable √ Not applicable
III. Amount of shareholders of the Company and particulars about shares holding
Unit: share
Total amount of the preferred shareholders who
Total amount of shareholders at the end of the
report period
period (if applicable)
Shareholder with above 5% shares held or top ten shareholders（Excluding shares lent through refinancing）
Nature of Proportion Total shares Changes Amount Amount of un- Number of share
Full name of Shareholders
shareholder of shares held at the in report of restricted pledged/frozen
CSG Semi-annual Report 2026
held end of report period restricted shares held
period shares Share status Amount
held
Foresea Life Insurance Co., Domestic non state-
Ltd. – HailiNiannian owned legal person
Shenzhen Sigma C&T Co., Domestic non state-
Ltd. owned legal person
Foresea Life Insurance Co.,
Domestic non state-
Ltd. – Universal Insurance 3.89% 118,425,007 0 0 118,425,007 N/A
owned legal person
Products
Foresea Life Insurance Co., Domestic non state-
Ltd. – Own Fund owned legal person
China Galaxy International
Securities (Hong Kong) Co., Foreign legal person 1.35% 41,034,578 0 0 41,034,578 N/A
Limited
Hong Kong Securities 1,638,88
Foreign legal person 1.07% 32,621,924 0 32,621,924 N/A
Clearing Co., Ltd. 7
GUOTAI JUNAN
SECURITIES（HONG Foreign legal person 0.91% 27,691,468 0 27,691,468 N/A
KONG） LIMITED
China Merchants Securities
Foreign legal person 0.58% 17,577,098 774,675 0 17,577,098 N/A
(Hong Kong) Limited
VANGUARD TOTAL
INTERNATIONAL Foreign legal person 0.58% 17,537,213 0 0 17,537,213 N/A
STOCK INDEX FUND
NORGES BANK Foreign legal person 0.52% 15,766,387 0 0 15,766,387 N/A
Strategic investors or general legal person becomes top 10
N/A
shareholders due to shares issued (if applicable)
As of the end of the report period, among shareholders as listed above,
Foresea Life Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance
Explanation on associated relationship among the aforesaid
Co., Ltd.-Universal Insurance Products, Foresea Life Insurance Co.,
shareholders
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 voting rights and abstention from voting N/A
right
As of the end of this reporting period, the Company held 52,838,338 of
its A-share stocks in the dedicated securities account for repurchase,
Special instructions on the existence of special repurchase
accounting for 1.74% of the Company's total share capital. According to
account among the top 10 shareholders (if any)
relevant regulations, the repurchase account is not included in the listing
of the top ten shareholders.
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. 32,621,924 RMB ordinary shares 32,621,924
GUOTAI JUNAN SECURITIES （ HONG KONG ） Domestically listed
LIMITED foreign shares
CSG Semi-annual Report 2026
Domestically listed
China Merchants Securities (Hong Kong) Limited 17,577,098 17,577,098
foreign shares
VANGUARD TOTAL INTERNATIONAL STOCK INDEX Domestically listed
FUND foreign shares
Domestically listed
NORGES BANK 15,766,387 15,766,387
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
Explanation of the Participation of the Top 10 Ordinary C&T Co., Ltd. held 0 shares of the Company through an ordinary
Shareholders in Margin Trading and Short Selling Business securities account, and 120,385,406 shares of the Company through the
(if any) margin account maintained with Huatai Securities Co., Ltd. holding an
aggregate of 120,385,406 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
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.
IV. Changes in the shareholding of directors and senior executives
□ Applicable √ Not applicable
The shareholding situation of the Company's directors and senior managers did not change during the reporting
period, which can be detailed in the 2025 annual report.
V. Changes of controlling shareholder or actual controller
The Company has previously disclosed that the actual controller was planning to change the control rights but the
process had not yet been completed. Please provide an update on the progress of the control rights change.
□Applicable √ Not applicable
Changes of controlling shareholders in the report period
□Applicable √ Not applicable
Changes of actual controller in the report period
□Applicable √ Not applicable
CSG Semi-annual Report 2026
VI. Preferred Shares
□Applicable √ Not applicable
There were no preferred shares in the Company during the report period.
CSG Semi-annual Report 2026
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 Semi-annual Report 2026
Section VIII. Financial Report
I. Report of the auditors
Whether the Semi-annual Report has been audited or not
□ Yes √ No
The Company's semi-annual financial report has not been audited.
II. Financial statements
All amounts in the tables in the Notes to the Financial Statements are expressed in RMB.
Prepared by: CSG Holding Co., Ltd.
Unit: RMB
Item 30 June 2026 1 January 2026
Current assets：
Cash at bank and on hand 3,145,809,721 3,141,975,147
Trading financial assets 50,000,000 230,000,000
Notes receivable 1,195,085,873 1,420,061,226
Accounts receivable 1,645,649,849 1,802,165,051
Receivables financing 667,396,626 533,418,878
Prepayments 74,811,674 134,771,994
Other receivables 58,839,121 54,386,121
Inventories 2,289,925,866 1,969,149,555
Assets held for sale 5,262,859 5,262,859
Other current assets 507,526,363 474,226,753
Total current assets 9,640,307,952 9,765,417,584
Non-current assets：
Investment properties 286,145,387 286,145,387
Fixed assets 17,407,317,522 13,897,777,933
Construction in progress 521,893,228 4,420,551,577
Right-of-use assets 71,719,601 64,277,229
Intangible assets 2,165,240,757 2,238,041,467
Goodwill 3,039,946 3,039,946
Long-term prepaid expenses 61,787,763 68,644,513
Deferred tax assets 465,160,896 368,236,650
Other non-current assets 660,428,625 192,896,549
Total non-current assets 21,642,733,725 21,539,611,251
CSG Semi-annual Report 2026
Item 30 June 2026 1 January 2026
Total assets 31,283,041,677 31,305,028,835
Current liabilities：
Short-term borrowings 817,055,049 1,158,648,329
Notes payable 2,866,661,343 2,557,712,651
Accounts payable 2,515,285,246 2,769,745,963
Contract liabilities 316,417,380 369,377,265
Payroll payable 227,214,013 329,941,978
Taxes payable 88,035,863 73,812,602
Other payables 475,135,184 369,513,739
Including: Interest payable 8,400,519 13,362,151
Dividends payable 94,275,333 34,482,724
Non-current liabilities due within one
year
Other current liabilities 319,564,637 320,616,877
Total current liabilities 9,858,263,231 9,831,197,464
Non-current liabilities：
Long-term borrowings 7,242,601,796 6,882,862,147
Lease liabilities 23,687,650 23,057,883
Long-term payables 715,190,006 594,270,580
Provisions 20,019,293 27,378,869
Deferred income 284,271,934 301,071,111
Deferred tax liabilities 87,992,180 90,503,199
Total non-current liabilities 8,373,762,859 7,919,143,789
Total liabilities 18,232,026,090 17,750,341,253
Equity：
Share capital 3,042,468,811 3,070,692,107
Capital reserve 572,217,440 590,739,414
Less: Treasury stock 250,024,757 296,770,027
Other comprehensive income 130,723,132 150,816,908
Special reserves 7,332,582 6,302,910
Surplus reserves 1,534,714,228 1,534,714,228
Undistributed profit 7,608,049,598 8,088,993,418
Total equity attributable to parent
company shareholders
Minority interests 405,534,553 409,198,624
Total equity 13,051,015,587 13,554,687,582
Total liabilities and equity 31,283,041,677 31,305,028,835
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
CSG Semi-annual Report 2026
Unit: RMB
Item 30 June 2026 1 January 2026
Current assets：
Cash at bank and on hand 846,031,965 742,484,026
Trading financial assets 50,000,000 230,000,000
Notes receivable 318,201,924 212,074,929
Accounts receivable 157,677,828 274,825,872
Receivables financing 109,714,992 675,552
Prepayments 763,662 8,411,632
Other receivables 3,308,192,349 2,852,499,592
Of which: Dividends receivable 27,873,015 27,873,015
Other current assets 2,919,400 397,702
Total current assets 4,793,502,120 4,321,369,305
Non-current assets：
Long-term equity investments 10,760,821,440 10,537,821,440
Fixed assets 6,744,251 5,042,527
Intangible assets 11,974,200 12,221,050
Long-term prepaid expenses 2,983,471 4,303,187
Other non-current assets 368,984,310 64,131,973
Total non-current assets 11,151,507,672 10,623,520,177
Total assets 15,945,009,792 14,944,889,482
Current liabilities：
Short-term borrowings 10,000,000 315,000,000
Notes payable 430,561,661 238,668,124
Accounts payable 270,168,724 351,782,190
Payroll payable 26,438,007 37,636,173
Taxes payable 4,319,213 1,909,891
Other payables 2,478,128,271 2,457,593,966
Including: Interest payable 2,405,471 6,917,879
Dividends payable 59,792,609
Non-current liabilities due within
one year
Other current liabilities 187,103,776 183,557,629
Total current liabilities 4,001,069,652 4,039,877,973
Non-current liabilities：
Long-term borrowings 3,039,375,000 2,620,480,000
Deferred income
Total non-current liabilities 3,039,375,000 2,620,480,000
Total liabilities 7,040,444,652 6,660,357,973
CSG Semi-annual Report 2026
Equity：
Share capital 3,042,468,811 3,070,692,107
Capital reserve 723,302,425 741,824,399
Less: Treasury stock 250,024,757 296,770,027
Surplus reserves 1,549,259,588 1,549,259,588
Undistributed profit 3,839,559,073 3,219,525,442
Total equity 8,904,565,140 8,284,531,509
Total liabilities and equity 15,945,009,792 14,944,889,482
Unit: RMB
Item H1 2026 H1 2025
I. Total business income 6,118,978,774 6,483,562,120
Including: Operating income 6,118,978,774 6,483,562,120
II. Total operating costs 6,518,463,457 6,446,481,653
Including: Operating costs 5,615,812,251 5,542,029,899
Taxes and surcharges 74,413,461 67,161,401
Sales expenses 115,297,577 139,472,905
General and administrative expenses 344,028,291 347,299,806
Research and development expenses 244,397,382 257,944,614
Financial expenses 124,514,495 92,573,028
Including: Interest expenses 121,241,138 117,320,748
Interest income 13,598,034 20,807,152
Plus: Other income 48,998,371 68,565,442
Investment income (losses listed with “-” sign) 427,626 -4,451,443
Credit impairment loss (losses listed with “-”
-31,517,416 -1,111,386
sign)
Asset impairment loss (losses listed with “-” sign) -124,812,644 -56,738,340
Asset disposal gains (losses listed with “-” sign) 1,218,752 2,680,398
III. Operating profit (losses listed with “-” sign) -505,169,994 46,025,138
Plus: Non-operating income 11,317,898 11,749,000
Less: Non-operating expenses 5,487,482 2,464,381
IV. Total profit (losses listed with “-” sign) -499,339,578 55,309,757
Less: Income tax expenses -74,524,296 -9,186,877
V. Net profit (losses listed with “-” sign) -424,815,282 64,496,634
(I) Classified by operating continuity:
-424,815,282 64,496,634
continuing operations
(II) Classified by ownership attribution:
-421,151,211 74,531,505
the parent company
CSG Semi-annual Report 2026
Item H1 2026 H1 2025
VI. After-tax net amount of other comprehensive
-20,093,776 -4,524,489
income
After-tax net amount of other comprehensive
income attributable to equity shareholders of the -20,093,776 -4,524,489
parent company
(I) Other comprehensive income reclassified to
-20,093,776 -4,524,489
profit or loss
-20,093,776 -4,524,489
financial statements
After-tax net amount of other comprehensive
income attributable to minority shareholders
VII. Total comprehensive income -444,909,058 59,972,145
Total comprehensive income attributable to
-441,244,987 70,007,016
equity shareholders of the parent company
Total comprehensive income attributable to
-3,664,071 -10,034,871
minority shareholders
VIII. Earnings per share
(I) Basic earnings per share -0.14 0.02
(II) Diluted earnings per share -0.14 0.02
Legal representative: Chen Lin Principal in charge of accounting: Wang Wenxin
Head of accounting department: Wang Wenxin
Unit: RMB
Item H1 2026 H1 2025
I. Operating income 134,472,664 156,694,392
Less: Operating costs
Taxes and surcharges 1,403,231 1,447,393
Sales expenses 735,480 18,655,281
General and administrative expenses 120,102,778 123,563,667
Financial expenses 35,040,580 23,687,121
Including: Interest expenses 43,924,247 38,426,670
Interest income 9,362,460 15,223,199
Plus: Other income 513,366 965,278
Investment income (losses listed with “-” sign) 703,240,669 203,204,280
Credit impairment loss (losses listed with “-” sign) -2,224,585 -12,852
Asset disposal gains (losses listed with “-” sign) 1,106,195
II. Operating profit (losses listed with “-” sign) 679,826,240 193,497,636
Plus: Non-operating income 100,000
Less: Non-operating expenses 171,400
III. Total profit (losses listed with “-” sign) 679,826,240 193,426,236
Less: Income tax expenses
IV. Net profit (losses listed with “-” sign) 679,826,240 193,426,236
(I) Net profit (losses listed with “-” sign) from
continuing operations
CSG Semi-annual Report 2026
(II) Net profit (losses listed with “-” sign) from
discontinued operations
V. Total comprehensive income 679,826,240 193,426,236
Unit: RMB
Item H1 2026 H1 2025
I. Cash flows from operating activities：
Cash received from sales of goods or services 6,347,141,954 6,458,486,900
Refunds of taxes received 25,264,300 26,546,457
Cash received relating to other operating activities 188,407,850 58,111,672
Total cash inflows from operating activities 6,560,814,104 6,543,145,029
Cash paid for purchase of goods or services 4,906,035,450 4,695,126,967
Cash paid to and on behalf of employees 1,036,320,185 1,026,148,525
Taxes paid 243,942,836 231,840,277
Cash paid relating to other operating activities 169,507,350 205,333,993
Total cash outflows from operating activities 6,355,805,821 6,158,449,762
Net cash flows from operating activities 205,008,283 384,695,267
II. Cash flows from investing activities：
Recover cash received from investment 2,127,247,129 1,900,454,000
Cash received from investment income 4,079,008 2,803,053
Net cash received from the disposal of fixed
assets, intangible assets, and other long-term 11,083,070 5,102,179
assets
Total cash inflows from investing activities 2,142,409,207 1,908,359,232
Cash paid to purchase fixed assets, intangible
assets, and other long-term asset
Cash paid for investments 2,460,270,372 1,922,800,000
Cash paid relating to other investing activities 49,937,698 91,394,917
Total cash outflows from investing activities 2,839,326,886 2,573,595,002
Net cash flows from investing activities -696,917,679 -665,235,770
III. Cash flows from financing activities：
Cash received from borrowings 2,198,267,812 2,870,829,776
Cash received relating to other financing activities 106,775,000
Total cash inflows from financing activities 2,305,042,812 2,870,829,776
Cash paid to repay borrowings 1,693,606,237 2,571,038,441
Cash paid for dividends, profits, or interest 137,911,111 132,969,154
Cash paid relating to other financing activities 116,096,397 279,585,532
Total cash outflows from financing activities 1,947,613,745 2,983,593,127
Net cash flows from financing activities 357,429,067 -112,763,351
IV. Effect of exchange rate changes on cash and
-15,450,250 3,716,565
cash equivalents
V. Net increase in cash and cash equivalents -149,930,579 -389,587,289
CSG Semi-annual Report 2026
Item H1 2026 H1 2025
Plus: Beginning balance of cash and cash
equivalents
VI. Ending balance of cash and cash equivalents 2,831,239,744 2,978,286,097
Unit: RMB
Item H1 2026 H1 2025
I. Cash flows from operating activities：
Cash received from sales of goods or services 294,690,746 517,356,144
Cash received relating to other operating
activities
Total cash inflows from operating activities 304,364,269 533,384,049
Cash paid for purchase of goods or services 201,792,820 352,080,435
Cash paid to and on behalf of employees 119,588,297 142,918,587
Taxes paid 8,706,025 11,973,322
Cash paid relating to other operating activities 16,263,367 53,607,115
Total cash outflows from operating activities 346,350,509 560,579,459
Net cash flows from operating activities -41,986,240 -27,195,410
II. Cash flows from investing activities：
Recover cash received from investment 2,090,000,000 1,894,000,000
Cash received from investment income 700,716,442 203,204,280
Total cash inflows from investing activities 2,790,716,442 2,097,204,280
Cash paid to purchase fixed assets, intangible
assets, and other long-term asset
Cash paid for investments 2,438,000,000 1,918,000,000
Total cash outflows from investing activities 2,442,037,991 1,921,202,812
Net cash flows from investing activities 348,678,451 176,001,468
III. Cash flows from financing activities：
Cash received from borrowings 961,900,000 2,042,000,000
Total cash inflows from financing activities 961,900,000 2,042,000,000
Cash paid to repay borrowings 707,385,000 1,334,480,100
Cash paid for dividends, profits, or interest 48,436,655 33,697,149
Cash paid relating to other financing activities 408,466,811 1,348,388,507
Total cash outflows from financing activities 1,164,288,466 2,716,565,756
Net cash flows from financing activities -202,388,466 -674,565,756
IV. Effect of exchange rate changes on cash and
-3,624 -291,301
cash equivalents
V. Net increase in cash and cash equivalents 104,300,121 -526,050,999
Plus: Beginning balance of cash and cash
equivalents
VI. Ending balance of cash and cash equivalents 841,948,524 905,488,422
CSG Semi-annual Report 2026
H1 2026
Unit: RMB
H1 2026
Equity attributable to shareholders of the parent company
Item Other Total
Less: Minority
Share Capital comprehe Special Surplus Undistribut shareholders’
treasury Sub-total interests
capital reserve nsive reserves reserve ed profit equity
stock
income
I. Balance at the
end of the previous 3,070,692,107 590,739,414 296,770,027 150,816,908 6,302,910 1,534,714,228 8,088,993,418 13,145,488,958 409,198,624 13,554,687,582
year
II. Balance at the
beginning of the 3,070,692,107 590,739,414 296,770,027 150,816,908 6,302,910 1,534,714,228 8,088,993,418 13,145,488,958 409,198,624 13,554,687,582
current period
III. Changes in the
current period
-28,223,296 -18,521,974 -46,745,270 -20,093,776 1,029,672 -480,943,820 -500,007,924 -3,664,071 -503,671,995
(negative amounts
indicated with “-”)
(I) Total
comprehensive -20,093,776 -421,151,211 -441,244,987 -3,664,071 -444,909,058
income
(II) Shareholders’
contributions and -28,223,296 -18,521,974 -46,745,270
reductions in capital
from shareholders
in common stock
(III) Profit
-59,792,609 -59,792,609 -59,792,609
distribution
CSG Semi-annual Report 2026
surplus reserves
-59,792,609 -59,792,609 -59,792,609
shareholders
(IV) Special
reserves
withdrawn in the 3,368,530 3,368,530 3,368,530
current period
the current period
IV. Balance at the
end of the current 3,042,468,811 572,217,440 250,024,757 130,723,132 7,332,582 1,534,714,228 7,608,049,598 12,645,481,034 405,534,553 13,051,015,587
period
H1 2025
Unit: RMB
H1 2025
Equity attributable to shareholders of the parent company
Item Other Total
Minority
Share Capital Treasury comprehe Special Surplus Undistribut shareholders
Sub-total interests
capital reserve stock nsive reserves reserve ed profit ’ equity
income
I. Balance at the end
of the previous year
II. Balance at the
beginning of the 3,070,692,107 590,739,414 159,726,269 5,079,628 1,485,514,182 8,224,198,195 13,535,949,795 466,694,177 14,002,643,972
current period
III. Changes in the
current period
(negative amounts
indicated with “-”)
(I) Total
comprehensive -4,524,489 74,531,505 70,007,016 -10,034,871 59,972,145
income
CSG Semi-annual Report 2026
H1 2025
Equity attributable to shareholders of the parent company
Item Other Total
Minority
Share Capital Treasury comprehe Special Surplus Undistribut shareholders
Sub-total interests
capital reserve stock nsive reserves reserve ed profit ’ equity
income
(II) Shareholders’
contributions and 178,694,083 -178,694,083 -178,694,083
reductions in capital
from shareholders in
common stock
(III) Profit
-211,673,022 -211,673,022 -211,673,022
distribution
surplus reserves
-211,673,022 -211,673,022 -211,673,022
shareholders
(IV) Special
-144,099 -144,099 -144,099
reserves
withdrawn in the 2,177,153 2,177,153 2,177,153
current period
the current period
IV. Balance at the
end of the current 3,070,692,107 590,739,414 178,694,083 155,201,780 4,935,529 1,485,514,182 8,087,056,678 13,215,445,607 456,659,306 13,672,104,913
period
H1 2026
Unit: RMB
CSG Semi-annual Report 2026
H1 2026
Item Total
Less: Treasury Undistributed
Share capital Capital reserve Surplus reserve shareholders’
stock profit
equity
I. Balance at the end of the previous year 3,070,692,107 741,824,399 296,770,027 1,549,259,588 3,219,525,442 8,284,531,509
II. Balance at the beginning of the current
period
III. Changes in the current period (negative
-28,223,296 -18,521,974 -46,745,270 620,033,631 620,033,631
amounts indicated with “-”)
(I) Total comprehensive income 679,826,240 679,826,240
(II) Shareholders’ contributions and
-28,223,296 -18,521,974 -46,745,270
reductions in capital
common stock
(III) Profit distribution -59,792,609 -59,792,609
(IV) Internal transfer of shareholders’ equity
(V) Special reserves
(VI) Others
IV. Balance at the end of the current period 3,042,468,811 723,302,425 250,024,757 1,549,259,588 3,839,559,073 8,904,565,140
H1 2025
Unit: RMB
H1 2025
Item Total
Undistributed
Share capital Capital reserve Treasury stock Surplus reserve shareholders’
profit
equity
CSG Semi-annual Report 2026
I. Balance at the end of the previous year 3,070,692,107 741,824,399 1,500,059,542 2,988,398,053 8,300,974,101
II. Balance at the beginning of the current
period
III. Changes in the current period (negative
amounts indicated with “-”)
(I) Total comprehensive income 193,426,236 193,426,236
(II) Shareholders’ contributions and
reductions in capital
common stock
(III) Profit distribution -211,673,022 -211,673,022
(IV) Internal transfer of shareholders’ equity
(V) Special reserves
(VI) Others
IV. Balance at the end of the current period 3,070,692,107 741,824,399 178,694,083 1,500,059,542 2,970,151,267 8,104,033,232
CSG Semi-annual Report 2026
III. Company Profile
CSG Holding Co., Ltd. (the “Group”) was incorporated in September 1984, known as China South Glass Company, as
a joint venture enterprise by Hong Kong China Merchants Shipping Co.,LTD ( 香 港 招 商 局 轮 船 股 份 有 限 公 司 ),
Shenzhen Building Materials Industry Corporation (深圳建筑材料工业集团公司), China North Industries Corporation
(中国北方工业深圳公司) and Guangdong International Trust and Investment Corporation (广东国际信托投资公司).
The Group was registered in Shenzhen, Guangdong Province of the People's Republic of China and its headquarters is
located in Shenzhen, Guangdong Province of the People's Republic of China. The Group issued RMB-denominated
ordinary shares (“A-share”) and foreign shares (“B-share”) publicly in October 1991 and January 1992 respectively,
and was listed on Shenzhen Stock Exchange on February 1992.
The Group and its subsidiaries (collectively referred to as the “Group”) are mainly engaged in the manufacture and
sales of float glass, photovoltaic glass, specialized glass, engineering glass, energy saving glass, silicon related materials,
polycrystalline silicon and solar components and electronic-grade display device glass and the construction and
operation of photovoltaic plant etc.
Details on the major subsidiaries included in the consolidated scope in the current period were stated in the notes to the
financial statements.
IV. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and their
application guidelines, interpretations and other relevant regulations issued by the Ministry of Finance (collectively:
“Accounting Standards for Business Enterprises”). In addition, the Group also discloses relevant financial information
in accordance with the China Securities Regulatory Commission’s Information Disclosure and Preparation Rules for
Companies that Offer Securities to the Public No. 15 - General Provisions on Financial Reports (Revised in 2023).
The Group’s accounting is based on the accrual basis. Except for certain financial instruments and investment properties,
these financial statements are measured on a historical cost basis. If an asset is impaired, corresponding impairment
provisions will be made in accordance with relevant regulations.
The present financial report has been prepared on the basis of going concern assumptions.
V. SIGNIFICANT ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES
The Group determines the depreciation of fixed assets, amortization of intangible assets, capitalization conditions for
R&D expenses and revenue recognition policies based on its own production and operation characteristics. For specific
accounting policies, please refer to Note.
This financial statement complies with the requirements of the Accounting Standards for Business Enterprises and truly
and completely reflects the Group’s consolidated and company financial status as of 30 June 2026, as well as the
consolidated and company operating results, consolidated and company cash flows and other relevant information from
January to June 2026.
The Group adopts the Gregorian calendar year, that is, from 1 January to 31 December each year.
CSG Semi-annual Report 2026
The Group’s operating cycle is 12 months.
The Group and its domestic subsidiaries use RMB as their functional currency for accounting. The Group’s overseas
subsidiaries determine their recording currency based on the currency of the main economic environment in which they
operate. The currency used by the Group in preparing these financial statements is RMB.
Applicable □Not applicable
Item Materiality criterion
Significant single provision for The amount of individual accounts receivable provision accounts for over 5% of
bad debts in accounts receivable the combined accounts receivable balance
Significant single provision for The amount of individual other receivables provision accounts for over 10% of
bad debts in other receivables the combined other receivables balance
The impact on the company’s current profit and loss accounts for over 5% of the
Significant write-off of accounts
net profit absolute value for the most recent audited fiscal year, and exceeds 1
receivable/other receivables
million yuan in absolute amount
Significant construction in The budgeted investment amount accounts for more than 5% of the latest
progress audited equity attributable to owners of the parent company
Significant non-wholly owned
The subsidiary’s total assets account for over 5% of the consolidated total assets
subsidiaries
control
(1) Business combinations involving enterprises under common control
For business mergers under common control, the assets and liabilities of the merged party acquired by the merging
party during the merger shall be measured based on the book value of the merged party in the consolidated financial
statements of the ultimate controlling party on the merger date. The difference between the book value of the merger
consideration (or the total face value of the shares issued) and the book value of the net assets obtained in the merger is
adjusted to the capital reserve (share premium). If the capital reserve (share premium) is insufficient to offset it, the
retained earnings are adjusted.
The merger of enterprises under the same control is realized step by step through multiple transactions.
The assets and liabilities of the merged party acquired by the merging party in the merger shall be measured based on
the book value in the consolidated financial statements of the ultimate controlling party on the date of merger; the book
value of the investments held before the merger plus the book value of the newly paid consideration on the date of
merger The difference between the sum and the book value of the net assets obtained in the merger shall be adjusted to
the capital reserve (equity premium) . If the capital reserve is insufficient for offset, the retained earnings shall be
adjusted. The long-term equity investment held by the merging party before it obtained control of the merged party has
been confirmed to be relevant between the date of acquiring the original equity and the date when the merging party and
the merged party are under the final control of the same party, whichever is later, to the date of merger. Changes in
profits and losses, other comprehensive income and other owners’ equity should be offset against the opening retained
earnings or current profits and losses during the comparative statement period respectively.
(2) Business combination not under common control
For business combinations not under common control, the combination cost shall be the assets paid, liabilities incurred
or assumed, and the fair value of equity securities issued to obtain control of the purchased party on the acquisition date.
On the purchase date, the acquired assets, liabilities and contingent liabilities of the purchased party are recognized at
CSG Semi-annual Report 2026
fair value.
If the consideration transferred is greater than the fair value share of the acquiree’s identifiable net assets obtained in the
business combination, the difference is recognized as goodwill, and is subsequently measured at cost less accumulated
impairment losses; if the consideration transferred is less than the share of the fair value of the acquiree’s identifiable
net assets obtained in the business combination, the difference is recognized in profit or loss for the current period after
review.
The merger of enterprises not under common control is realized step by step through multiple transactions.
The merger cost is the sum of the consideration paid on the purchase date and the fair value of the purchased party’s
equity held before the purchase date on the purchase date. For the equity of the purchased party that has been held
before the purchase date, it will be remeasured according to the fair value of the equity on the purchase date, and the
difference between the fair value and its book value will be included in the investment income of the current period;
The purchaser’s equity held prior to the acquisition date includes other comprehensive income. Changes in other
components of equity are reclassified to profit or loss at the acquisition date, excluding other comprehensive income
arising from the investee’s remeasurements of its net defined-benefit liability or net defined-benefit asset, as well as
other comprehensive income relating to investments in non-trading equity instruments originally designated at fair
value through other comprehensive income.
(3) Handling of Transaction Costs in Business Combinations
Intermediary fees such as auditing, legal services, evaluation and consulting, and other related management fees
incurred for business mergers are included in the current profit and loss when incurred. The transaction costs of equity
securities or debt securities issued as consideration for the merger shall be included in the initial recognition amount of
the equity securities or debt securities.
(1) Control criteria
The scope of consolidation in consolidated financial statements is determined based on control. Control means that the
Group has power over the invested unit, enjoys variable returns by participating in the relevant activities of the invested
unit, and has the ability to use its power over the invested unit to affect its return amount. The Group will reassess when
changes in relevant facts and circumstances lead to changes in the relevant elements involved in the definition of
control.
When judging whether to include structured entities into the scope of consolidation, the Group comprehensively
considers all facts and circumstances, including assessing the purpose and design of the structured entities, identifying
the types of variable returns, and whether it bears part or all of the returns by participating in its related activities.
Evaluate whether the structured entity is controlled based on variability, etc.
(2) How to prepare consolidated financial statements
The consolidated financial statements are based on the financial statements of the Group and its subsidiaries, and are
prepared by the Group based on other relevant information. When preparing consolidated financial statements, the
accounting policies and accounting period requirements of the Group and its subsidiaries are consistent, and significant
inter-company transactions and balances are offset.
Subsidiaries and businesses that are added due to business combinations under the same control during the reporting
period are deemed to be included in the scope of consolidation of the Group from the date they are both controlled by
the ultimate controlling party. The operating results and cash flows from the date of the announcement are included in
the consolidated income statement and consolidated cash flow statement respectively.
For subsidiaries and businesses that are added due to business combinations not under common control during the
reporting period, the income, expenses, and profits of the subsidiaries and businesses from the date of acquisition 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.
CSG Semi-annual Report 2026
The part of the subsidiary’s shareholders’ equity that is not owned by the Group is listed separately as minority
shareholders’ equity in the consolidated balance sheet under shareholders’ equity; the share of the subsidiary’s current
net profit and loss that is minority shareholders’ equity is listed in the consolidated income statement. The net profit
item is listed under the item “Profits and losses of minority shareholders”. If the losses of a subsidiary shared by
minority shareholders exceed the minority shareholders’ share of the opening owner’s equity of the subsidiary, the
balance will still offset the minority shareholders’ equity.
(3) Purchase of minority shareholders’ equity in subsidiaries
The difference between the cost of newly acquired long-term equity investments arising from the purchase of minority
interests and the share of the subsidiary’s net assets measured on a continuous basis since the acquisition date or
business combination date corresponding to the additional ownership percentage, as well as the difference between the
disposal proceeds from partial disposal of equity investments in a subsidiary without loss of control and the share of the
subsidiary’s net assets measured on a continuous basis since the acquisition date or business combination date
corresponding to the disposed portion of the long-term equity investment, shall both be adjusted against the capital
reserve (share premium/capital premium) in the consolidated balance sheet. Where the capital reserve is insufficient to
offset the difference, the remaining balance shall be adjusted against retained earnings.
(4) Treatment of loss of control of subsidiaries
If the control over the original subsidiary is lost due to the disposal of part of the equity investment or other reasons, the
remaining equity shall be remeasured according to its fair value on the date of loss of control; the sum of the
consideration obtained from the disposal of the equity and the fair value of the remaining equity shall be less Calculated
based on the original shareholding ratio, the sum of the share of the book value of the net assets and goodwill of the
original subsidiary calculated continuously from the date of purchase shall be included in the investment income in the
current period when control is lost.
Other comprehensive income related to the equity investment in the former subsidiary shall be accounted for upon loss
of control on the same basis as if the relevant assets or liabilities of the former subsidiary were directly disposed of.
Changes in other owners’ equity under the equity method related to the former subsidiary shall be reclassified to profit
or loss for the current period upon loss of control.
Cash refers to cash on hand and deposits that can be used for payment at any time. Cash equivalents refer to
investments held by the Group that are short-term, highly liquid, easily convertible into known amounts of cash, and
have little risk of value changes.
(1) Foreign currency business
The Group’s foreign currency business is converted into the recording currency amount based on the spot exchange rate
on the date of the transaction.
On the balance sheet date, foreign currency monetary items are converted using the spot exchange rate on the balance
sheet date. The exchange difference 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 is included in the
current profit and loss; for foreign currency non-monetary items measured at historical cost, the spot exchange rate on
the date of the transaction is still used The foreign currency non-monetary items measured at fair value shall be
converted at the spot exchange rate on the date when the fair value is determined. The difference between the converted
accounting functional currency amount and the original accounting functional currency amount shall be converted
according to the non-monetary accounting currency amount. The nature of monetary items is included in current profits
and losses or other comprehensive income.
(2) Translation of foreign currency financial statements
CSG Semi-annual Report 2026
As at the balance sheet date, when translating the foreign currency financial statements of overseas subsidiaries, assets
and liabilities items in the balance sheet shall be translated at the spot exchange rate prevailing as at the balance sheet
date. For owners’ equity items, except for “retained earnings”, other items shall be translated at the spot exchange rate
at the transaction date.
Income and expense items in the income statement are translated using the spot exchange rate on the date of transaction.
All items in the cash flow statement are translated according to the spot exchange rate on the date when the cash flow
occurs. The impact of exchange rate changes on cash is regarded as an adjustment item and is reflected in the “Impact
of exchange rate changes on cash and cash equivalents” separately in the cash flow statement.
Differences arising from the translation of financial statements are reflected in the “other comprehensive income” item
under the shareholders’ equity item in the balance sheet.
When an overseas operation is disposed of and control is lost, the translation difference of the foreign currency
statements listed under the shareholders’ equity item in the balance sheet and related to the overseas operation shall be
transferred to the current profit and loss of the disposal in full or in proportion to the disposal of the overseas operation.
A financial instrument is a contract that forms 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.
Financial assets shall be derecognized if they meet one of the following conditions:
① The contractual right to receive cash flows from the financial asset terminates;
② The financial asset has been transferred and meets the following conditions for derecognition of financial asset
transfer.
If the current obligation of a financial liability has been discharged in whole or in part, the financial liability or part of it
shall be derecognised. If the Group (debtor) signs an agreement with its creditors to replace existing financial liabilities
by assuming new financial liabilities, and the contract terms of the new financial liabilities are substantially different
from the existing financial liabilities, the existing financial liabilities will be derecognized and the new financial
liabilities will be recognized at the same time.
When financial assets are bought and sold in a regular manner, accounting recognition and derecognition will be carried
out based on the transaction 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 of managing financial assets and the contractual cash flow characteristics of financial assets: financial assets
measured at amortized cost, financial assets measured at fair value through other comprehensive income and financial
assets measured at fair value through profits and losses.
Financial assets are measured at fair value upon initial recognition. For financial assets measured at fair value through
profit and loss, the relevant transaction costs are directly included in the current profit and loss; for other types of
financial assets, the relevant transaction costs are included in the initial recognition amount. For receivables arising
from the sale of products or provision of services that do not include or take into account significant financing
components, the amount of consideration that the Group is expected to be entitled to receive shall be deemed as the
initial recognition amount.
CSG Semi-annual Report 2026
Financial assets measured at amortized cost
The Group classifies financial assets that meet the following conditions and are not designated as measured at fair value
through profit or loss as financial assets measured at amortized cost:
? The Group’s business model for managing this financial asset is aimed at collecting contractual cash flows;
? The contractual terms of the financial asset provide that the cash flows generated on a specific date are solely
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 rate method.
Gains or losses arising from financial assets that are measured at amortized cost and are not part of any hedging
relationship are included in the current profit and loss when they are derecognized, amortized according to the effective
interest method, or impairment is recognized.
Financial assets measured at fair value through other comprehensive income
The Group classifies financial assets that meet the following conditions and are not designated as measured 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 assets aims at both collecting contractual cash flows and
selling the financial assets;
? The contractual terms of the financial asset provide that the cash flows generated on a specific date are solely
payments of principal and interest based on the outstanding principal amount.
After initial recognition, such financial assets are subsequently measured at fair value. Interest, impairment losses or
gains and exchange gains and losses calculated using the effective interest rate method are included in the current profit
and loss, and other gains or losses are included in other comprehensive income. When derecognition is terminated, the
accumulated gains or losses previously included in other comprehensive income will be transferred out of other
comprehensive income and included in the current profit and loss.
Financial assets measured at fair value through profits and losses
Except for the above-mentioned financial assets measured at amortized cost and at fair value through other
comprehensive income, the Group classifies all remaining financial assets as financial assets at fair value through profit
or loss. At the time of initial recognition, in order to eliminate or significantly reduce accounting mismatches, the Group
irrevocably designated some financial assets that should have been measured at amortized cost or at fair value through
other comprehensive income as financial assets measured through profits and losses.
After initial recognition, such financial assets are subsequently measured at fair value, and the resulting gains or losses
(including interest and dividend income) are included in the current profits and losses, unless the financial assets are
part of a hedging relationship.
The business model for managing financial assets refers to how the Group manages financial assets to generate cash
flow. The business model determines whether the source of cash flow from the financial assets managed by the Group
is collection of contractual cash flow, sale of financial assets or both. The Group determines the business model for
managing financial assets based on objective facts and specific business objectives for managing financial assets
determined by key management personnel.
The Group evaluates 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 are only payments of principal and interest based
on the outstanding principal amount. Among them, principal refers to the fair value of the financial asset at the time of
initial recognition; interest includes consideration for the time value of money, the credit risk associated with the
outstanding principal amount in a specific period, and other basic lending risks, costs and profits. In addition, the Group
evaluates contract terms that may cause changes in the time distribution or amount of contractual cash flows of financial
assets to determine whether they meet the requirements of the above contractual cash flow characteristics.
Only when the Group changes its business model for managing financial assets, all affected relevant financial assets
will be reclassified on the first day of the first reporting period after the change in business model. Otherwise, financial
CSG Semi-annual Report 2026
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 through
profit and loss, the relevant transaction costs are directly included in the current profit and loss; for other types of
financial assets, the relevant transaction costs are included in the initial recognition amount. For accounts receivable
arising from the sale of products or provision of services that do not include or take into account significant financing
components, the amount of consideration that the Group is expected to be entitled to receive shall be deemed as the
initial recognition amount.
(3) Classification and measurement of financial liabilities
The Group’s financial liabilities are classified upon initial recognition into: financial liabilities measured at fair value
through profit or loss, and financial liabilities measured at amortized cost. For financial liabilities that are not classified
as measured at fair value through profit and loss, relevant transaction costs are included in their initial recognition
amount.
Financial liabilities measured at fair value through profit or loss
Financial liabilities at fair value through profit or loss include trading financial liabilities and financial liabilities
designated as fair value through profit or loss upon initial recognition. Such financial liabilities are subsequently
measured at fair value, and gains or losses arising from changes in fair value, as well as dividends and interest expenses
related to such financial liabilities, are included in the current profits and losses.
Financial liabilities measured at amortized cost
Other financial liabilities adopt the actual interest rate method and are subsequently measured at amortized cost. Gains
or losses arising from derecognition or amortization are included in the current profits and losses.
The difference between financial liabilities and equity instruments
Financial liabilities refer to liabilities that meet one of the following conditions:
① Contractual obligation to deliver cash or other financial assets to other parties.
② Contractual obligations to exchange financial assets or financial liabilities with other parties under potentially
adverse conditions.
③ Non-derivative contracts that must or can be settled with the enterprise’s own equity instruments in the future, and
the enterprise will deliver a variable number of its own equity instruments according to the contract.
④ Derivative contracts that must or can be settled with the enterprise’s own equity instruments in the future, except for
derivative contracts that exchange a fixed number of its own equity instruments for a fixed amount of cash or other
financial assets.
Equity instruments refer to contracts that prove ownership of the remaining equity in the assets of an enterprise after
deducting all liabilities.
If the Group cannot unconditionally avoid delivering cash or other financial assets to fulfil a contractual obligation, the
contractual obligation meets the definition of a financial liability.
If a financial instrument must be settled or can be settled with the Group’s own equity instruments, it is necessary to
consider whether the Group’s own equity instruments used to settle the instrument are used as a substitute for cash or
other financial assets, or to enable the holders of the instrument to hold the remaining interest in the issuer’s assets after
deducting all liabilities. If it is the former, the instrument is a financial liability of the Group; if it is the latter, the
instrument is an equity instrument of the Group.
(4) Fair value of financial instruments
CSG Semi-annual Report 2026
Fair value is the price that a market participant would receive to sell an asset or transfer a liability in an orderly
transaction that occurred at the measurement date.
The Group measures related assets or liabilities at fair value, assuming that the orderly transaction to sell assets or
transfer liabilities is carried out in the principal market for related assets or liabilities. If no principal market exists, the
Group assumes that the transaction is carried out in the most advantageous market for related assets or liabilities. The
principal market (or the most advantageous market) is the transaction market which the Group can enter on the
measurement date. The Group adopts the assumptions used by market participants to maximize their economic benefits
when pricing the assets or liabilities.
For financial assets or liabilities with an active market, the Group adopts the quoted price in the active market to
determine its fair value. For a financial instrument without an active market, the Group adopts valuation techniques to
determine its fair value.
When measuring non-financial assets at fair value, the Company considers the ability of market participants to use the
assets for the best use to generate economic benefits, or to sell the assets to other market participants who can use the
assets for the best use to generate economic benefits.
The Group adopts valuation techniques that are applicable to the current situation and with sufficient data available and
other information support and gives priority to the use of the related observable input value. It uses unobservable input
values only if the input value cannot be observed or is not feasible.
The assets and liabilities measured or disclosed at fair value in the financial statements are in line with the lowest level
of the input values that is important to fair value measurement as a whole to determine the level of fair value. The first
level of the input values means an unadjusted quoted price in an active market for the same assets and liabilities
available on the measurement date. The second level of the input values are the directly or indirectly observable input
values of related assets and liabilities except for the first level of the input values. The third level of the input values are
the unobservable input values of related assets and liabilities.
On each balance sheet date, the Group re-assesses the assets and liabilities that are continuously measured at fair value
in the financial statements so as to determine whether the conversion occurs at different levels of the fair value
measurement.
(5) Impairment of financial assets
Based on expected credit losses, the Group performs impairment accounting on the following items and recognizes loss
provisions:
? Financial assets measured at amortized cost;
? Receivables and debt investments measured at fair value through other comprehensive income;
? Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
? Lease receivables;
? Financial guarantee contracts (except those that are measured at fair value and whose changes are included in
current profits and losses, the transfer of financial assets does not meet the conditions for derecognition, or the
financial assets continue to be involved in the transferred financial assets).
Measurement of expected credit losses
Expected credit losses refer to the weighted average of the credit losses of financial instruments with the risk of default
as the weight. Credit loss refers to the difference between all contractual cash flows receivable under the contract and
all cash flows expected to be received by the Group discounted at the original effective interest rate, that is, the present
value of all cash shortfalls.
The Group considers reasonable and well-founded information about past events, current conditions, and predictions of
future economic conditions, and weights the risk of default to calculate the difference between the cash flows receivable
CSG Semi-annual Report 2026
under the contract and the cash flows expected to be received. The probability-weighted amount of the present value is
recognized as the expected credit loss.
The Group measures the expected credit losses of financial instruments at different stages respectively. If the credit risk
of a financial instrument has not increased significantly since initial recognition, it is in the first stage, and the Group
will measure loss provisions based on the expected credit losses in the next 12 months; if the credit risk of a financial
instrument has increased significantly since initial recognition but the financial instrument is not yet credit-impaired, it
is in the second stage, and the Group measures the loss provision based on lifetime expected credit losses; if the
financial instrument has been credit-impaired since initial recognition, it is in the third stage, and the Group measures
the expected credit losses for the entire duration of the instrument. The expected credit losses during the duration are
measured as loss provisions.
For financial instruments with low credit risk on the balance sheet date, the Group assumes that its credit risk has not
increased significantly since initial recognition and measures loss provisions based on expected credit losses within the
next 12 months.
Lifetime expected credit losses refer to the expected credit losses that result from all possible default events over the
entire expected life of a financial instrument. The 12-month expected credit losses are the expected credit losses
resulting from possible default events of the financial instrument within the 12 months after the balance sheet date (or
over the expected life of the financial instrument if such duration is shorter than 12 months). The 12-month expected
credit losses form part of the lifetime expected credit losses.
When measuring expected credit losses, the maximum period that the Group needs to consider is the longest contract
period for which the enterprise faces credit risk (including consideration of renewal options).
For financial instruments in the first and second stages, as well as those with lower credit risk, the Group calculates
interest income based on the gross carrying amount and the effective interest rate. For financial instruments in the third
stage, interest income is calculated based on its amortized cost (carrying amount less impairment provision) and the
effective interest rate.
For receivables such as notes receivable, accounts receivable, receivable financing, other receivables, and contract
assets, if the credit risk characteristics of a certain customer are significantly different from other customers in the
portfolio, or if the credit risk characteristics of the customer change significantly, the Group shall make a separate
provision for bad debts for the receivables. For receivables other than those individually assessed for impairment, the
Group divides the receivables into groups based on credit risk characteristics and calculates bad debt provisions on a
group basis.
Notes receivable, accounts receivable and contract assets
For notes receivable and accounts receivable, regardless of whether there is a significant financing component, the
Group always measures its loss provisions at an amount equivalent to the expected credit losses during the entire
duration.
When the information on expected credit losses cannot be assessed at a reasonable cost for a single financial asset, the
Group divides notes receivable and accounts receivable into groups based on credit risk characteristics, and calculates
expected credit losses on the basis of the groups. The basis for determining the group is as follows:
A. Notes receivable
? Notes Receivable Portfolio 1: Bank Acceptance Bill
? Notes Receivable Portfolio 2: Commercial Acceptance Bill
B. Accounts receivable
? Accounts receivable portfolio 1: Non-related party customers
? Accounts Receivable Portfolio 2: Related Party Customers
For notes receivable and contract assets divided into portfolios, the Group refers to historical credit loss experience,
CSG Semi-annual Report 2026
combined with current conditions and predictions of future economic conditions, and calculates expected credit losses
through default risk exposure and the expected credit loss rate throughout the duration.
For accounts receivable divided into portfolios, the Group refers to historical credit loss experience, combined with
current conditions and predictions of future economic conditions, to prepare a comparison table between the
aging/overdue days of accounts receivable and the expected credit loss rate for the entire duration. Calculate expected
credit losses. The aging of accounts receivable is calculated from the date of confirmation/the number of overdue days
is calculated from the date of expiration of the credit period.
Other receivables
The Group divides other receivables into several combinations based on credit risk characteristics, and calculates
expected credit losses on the basis of the combinations. The basis for determining the combinations is as follows:
? Other receivables portfolio 1: Amounts due from non-related parties
? Other receivables portfolio 2: Amounts due from related parties
For other receivables classified into portfolios, the Group calculates expected credit losses through the default risk
exposure and the expected credit loss rate within the next 12 months or throughout the duration. For other receivables
grouped by aging, the aging is calculated from the date of confirmation.
Debt investment, other debt investment
For debt investments and other debt investments, the Group calculates expected credit based on the nature of the
investment and various types of counterparties and risk exposures through default risk exposure and expected credit loss
rate within the next 12 months or throughout the duration.
Assessment of significant increase in credit risk
The Group compares the risk of default of a financial instrument on the balance sheet date with the risk of default on the
initial recognition date to determine the relative change in the default risk of the financial instrument during its expected
duration to assess whether the credit risk of the financial instrument has increased significantly since its initial
recognition.
When determining whether the credit risk has increased significantly since initial recognition, the Group considers
reasonable and supportable information, including forward-looking information, that can be obtained without
unnecessary additional cost or effort. Information considered by the Group includes:
? The debtor fails to pay the principal and interest on the due date of the contract;
? An actual or expected significant deterioration in the external or internal credit rating (if any) of the financial
instrument;
? The actual or expected serious deterioration in the debtor’s operating results;
? Existing or expected changes in the technological, market, economic or legal environment will have a significant
adverse impact on the debtor’s ability to repay the Group’s debt.
Depending on the nature of the financial instrument, the Group assesses whether there is a significant increase in credit
risk on the basis of a single financial instrument or a combination of financial instruments. When evaluating based on a
portfolio of financial instruments, the Group can classify financial instruments based on common credit risk
characteristics, such as overdue information and credit risk ratings.
If it is overdue for more than 30 days, the Group determines that the credit risk of the financial instrument has increased
significantly.
The Group believes that financial assets default in the following circumstances:
CSG Semi-annual Report 2026
? It is unlikely that the borrower will pay in full what it owes the Group, an assessment that does not take into
account recourse actions by the Group such as the realization of collateral (if held);
? Financial assets are overdue for more than 90 days.
Credit-impaired financial assets
The Group assesses whether credit impairment has occurred on financial assets measured at amortized cost and debt
investments measured at fair value through other comprehensive income on the balance sheet date. When one or more
events occur that have an adverse impact on the expected future cash flows of a financial asset, the financial asset
becomes a credit-impaired financial asset. Evidence that a financial asset has been credit-impaired includes the
following observable information:
? The issuer or debtor encounters significant financial difficulties;
? The debtor breaches the contract, such as default or overdue payment of interest or principal;
? The Group grants the debtor concessions that it would not have made under any other circumstances due to
economic or contractual considerations related to the debtor’s financial difficulties;
? the likelihood that the debtor will go bankrupt or undergo other financial reorganization;
? Financial difficulties of the issuer or debtor result in the disappearance of an active market for the financial asset.
Presentation of expected credit loss provisions
To reflect changes in the credit risk of financial instruments since initial recognition, the Group remeasures expected
credit losses at each reporting date, and recognizes the resulting increase in, or reversal of, the loss allowance as
impairment losses or gains in profit or loss. For financial assets measured at amortised cost, the loss allowance offsets
the carrying amount presented in the statement of financial position. For debt investments measured at fair value
through other comprehensive income, the Group recognizes the loss allowance in other comprehensive income, without
reducing the carrying amount of the financial asset.
Write off
If the Group no longer reasonably expects that the contractual cash flows of a financial asset can be fully or partially
recovered, it will directly write down the Carrying Amount of the financial asset. Such a write-down constitutes the
derecognition of the relevant financial asset. This situation usually occurs when the Group determines that the debtor
does not have the assets or sources of income to generate sufficient cash flow to repay the amount that will be written
down. However, in accordance with the Group’s procedures for recovering due amounts, financial assets that are
written down may still be affected by execution activities.
If a financial asset that has been written down is later recovered, the reversal of the impairment loss will be included in
the profit and loss of the current period of recovery.
(6) Financial asset transfer
The transfer of financial assets refers to the transfer or delivery of financial assets to another party (the transfer-in party)
other than the issuer of the financial assets.
If the Group has transferred substantially all risks and rewards of ownership of a financial asset to the transferee, the
financial asset shall be derecognised; if the Group has retained substantially all risks and rewards of ownership of the
financial asset, the financial asset shall not be derecognised.
If the Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, it shall
handle the following situations respectively: if it gives up control of the financial asset, the financial asset shall be
derecognised and the assets and liabilities incurred shall be recognized; if it has not given up control of the financial
asset, If the financial asset is controlled, the relevant financial assets shall be recognized to the extent of its continued
involvement in the transferred financial assets, and the relevant liabilities shall be recognized accordingly.
CSG Semi-annual Report 2026
(7) Offset of financial assets and financial liabilities
When the Group has the legal right to offset the recognized financial assets and financial liabilities and is currently able
to enforce such legal rights, and the Group plans to settle on a net basis or to realize the financial assets and pay off the
financial liabilities at the same time, the financial assets and financial liabilities will be presented in the balance sheet at
the amount after offsetting each other. Otherwise, financial assets and financial liabilities are presented separately in the
balance sheet and are not offset against each other.
(1) Inventory classification
The Group’s inventories are divided into raw materials, work in progress, inventory goods and turnover materials.
(2) Valuation method for issued inventory
The Group’s inventories are valued at actual cost when acquired. Raw materials, inventory, etc. are priced using the
weighted average method when shipped.
(3) Methods of accrual and provision for inventories
On the balance sheet date, inventories are measured at the lower of cost and net realizable value. When the net
realizable value is lower than the cost, a provision for inventory depreciation is made.
Net realizable value is the estimated selling price of the inventory minus the estimated costs to be incurred upon
completion, estimated selling expenses and related taxes. When determining the net realizable value of inventories, it is
based on the conclusive evidence obtained and the purpose of holding the inventories and the impact of events after the
balance sheet date are also considered.
The Group usually accrues inventory depreciation provisions based on individual inventory items. For inventories with
large quantities and low unit prices, inventory depreciation provisions are made according to the inventory category.
On the balance sheet date, if the factors that previously caused the inventory value to be written down have disappeared,
the inventory depreciation provision shall be reversed within the amount originally accrued.
(4) Inventory system
The Group adopts the perpetual inventory system.
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
CSG Semi-annual Report 2026
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 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. The associates
of the Group are those that the Group can exert significant influence on the invested units.
(1) Initial measurement of investment cost
Long-term equity investments arising from business combinations: For long-term equity investments acquired from
business combinations under common control, the investment cost on the combination date shall be the share of the
combinee’s owners’ equity at book value in the consolidated financial statements of the ultimate controlling party. For
long-term equity investments acquired from business combinations not under common control, the investment cost of
the long-term equity investment shall be determined based on the combination cost.
For long-term equity investments obtained by other means: for long-term equity investments obtained by paying cash,
the actual purchase price paid will be used as the initial investment cost; for long-term equity investments obtained by
issuing equity securities, the fair value of the equity securities issued will be used as the initial investment cost.
(2) Subsequent measurement and profit and loss recognition methods
Investments in subsidiaries are accounted for using the cost method, unless the investment qualifies as 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, in addition to the actual price paid when
acquiring the investment or the cash dividends or profits that have been declared but not yet distributed included in the
consideration, the cash dividends or profits declared to be distributed by the investee shall be recognized as investment
income for current profit and loss.
For long-term equity investments accounted for using the equity method, if the initial investment cost exceeds the
Group’s share of the fair value of the investee’s identifiable net assets at the investment date, the cost of the long-term
equity investment shall not be adjusted. If the initial investment cost is lower than the Group’s share of the fair value of
the investee’s identifiable net assets at the investment date, the carrying amount of the long-term equity investment shall
be adjusted, and the difference shall be recognised in profit or loss for the current investment period.
When applying the equity method, investment income and other comprehensive income shall be recognised separately
based on the Group’s share of the net profit or loss and other comprehensive income generated by the investee, and the
carrying amount of the long-term equity investment shall be adjusted accordingly. The carrying amount of the long-
term equity investment shall be reduced by the Group’s share of profits or cash dividends declared for distribution by
CSG Semi-annual Report 2026
the investee. For other changes in the investee’s owners’ equity other than those arising from net profit or loss, other
comprehensive income and profit distribution, the carrying amount of the long ? term equity investment shall be
adjusted, with such changes recognised in capital reserve (other capital reserve). In recognising the Group’s share of the
investee’s net profit or loss, recognition shall be made after adjusting the investee’s net profit on the basis of the fair
value of the investee’s identifiable assets at the date when the investment is acquired and in conformity with the
Group’s accounting policies and accounting periods.
If it is possible to exert significant influence on the investee or implement joint control but does not constitute control
due to additional investment or other reasons, on the conversion date, the sum of the fair value of the original equity
plus the cost of the new investment will be used as the initial investment cost to be accounted for by the equity method.
If the original equity is classified as a non-trading equity instrument investment measured at fair value and its changes
are included in other comprehensive income, the related cumulative fair value changes originally included in other
comprehensive income will be transferred to retained earnings when it is accounted for under the equity method.
If the joint control or significant influence on the invested unit is lost due to the disposal of part of the equity investment
or other reasons, the remaining equity after the disposal shall be changed to the Accounting Standards for Business
Enterprises No. 22 - Financial Instrument Recognition and Significant Influence on the date of loss of joint control or
significant influence. Measurement is used for accounting treatment, and the difference between the fair value and the
book value is included in the current profit and loss. Other comprehensive income recognized due to the use of the
equity method for accounting in the original equity investment will be accounted for on the same basis as the investee’s
direct disposal of relevant assets or liabilities when the equity method is terminated; other changes in owner’s equity
related to the original equity investment Transferred to current profit and loss.
If the control over the invested unit is lost due to the disposal of part of the equity investment or other reasons, and the
remaining equity after the disposal can jointly control or exert significant influence on the invested unit, it shall be
accounted for according to the equity method, and the remaining equity shall be regarded as owned. Adjustments will
be made using the equity method upon acquisition; if the remaining equity after disposal cannot jointly control or exert
significant influence on the invested unit, the relevant provisions of Accounting Standards for Business Enterprises No.
between its fair value and book value on the date of loss of control is included in the current profit and loss.
If the Group’s shareholding ratio decreases due to capital increase by other investors, thereby losing control but it can
exercise joint control or exert significant influence on the invested unit, the Group’s share of the invested unit due to the
capital increase shall be confirmed based on the new shareholding ratio. The difference between the share of net assets
increased due to share expansion and the original book value of the long-term equity investment corresponding to the
decrease in shareholding ratio that should be carried forward is included in the current profit and loss; then, the new
shareholding ratio is deemed to have been calculated since the investment was obtained. That is, adjustments are made
using the equity method of accounting.
Unrealized gains and losses from internal transactions between the Group and its associates and joint ventures are
calculated based on the shareholding ratio and are attributable to the Group, and investment gains and losses are
recognized on an offsetting basis. However, if the unrealized internal transaction losses between the Group and the
investee are impairment losses on the transferred assets, they will not be offset.
(3) Basis for determining joint control and significant influence on the invested unit
Joint control refers to the shared control over an arrangement in accordance with relevant agreements, and the relevant
activities of the arrangement must be decided only with the unanimous consent of the participants sharing control rights.
When determining whether there is joint control, first access whether the arrangement is collectively controlled by all
participants or a combination of participants, and secondly whether decisions on activities related to the arrangement
must be unanimously agreed upon by the participants who collectively control the arrangement. If all participants or a
group of participants must act together to determine the relevant activities of an arrangement, all participants or a group
of participants are considered to collectively control the arrangement; if there are two or more combinations of
participants that can collectively Control of an arrangement does not constitute joint control. When determining whether
joint control exists, the protective rights enjoyed are not taken into account.
Significant influence means that the investor has the power to participate in decision-making on the financial and
operating policies of the investee, but it is not able to control or jointly control the formulation of these policies with
other parties. When determining whether it can exert a significant influence on the investee, it is considered that the
investor’s direct or indirect holdings of voting shares in the investee and the current executable potential voting rights
CSG Semi-annual Report 2026
held by the investor and other parties are assumed to be converted into control over the investee. The impact arising
from the acquisition of equity includes the impact of current convertible warrants, share options and convertible
corporate bonds issued by the investee.
When the Group directly or indirectly through subsidiaries owns more than 20% (inclusive) but less than 50% of the
voting shares of the investee, it is generally considered to have a significant influence on the investee, unless there is
clear evidence that the Group is unable to participate in the operating and financial decisions of the investee and does
not have a significant impact; when the Group owns less than 20% (exclusive) of the voting shares of the investee, it is
generally not considered to have a significant impact on the investee, unless there is clear evidence that under such
circumstances, the Group can participate in the production and operation decisions of the investee and have a significant
influence.
(4) Impairment testing method and impairment provision accrual method
For investments in subsidiaries, associates and joint ventures, please refer to Note for the method of calculating asset
impairment.
Investment properties are properties held to earn rentals or for capital appreciation, or both. The Group’s investment
properties include leased land use rights, land use rights held and prepared to be transferred after appreciation, and
leased buildings.
There is an active real estate trading market in the location where the Group’s investment properties are located, and the
Group is able to obtain market prices and other relevant information of similar or similar real estate from the real estate
trading market, so that it can make a reasonable estimate of the fair value of the investment real estate. Therefore, the
Group adopts the fair value model for subsequent measurement of investment real estate, and changes in fair value
through profit and loss.
When determining the fair value of investment properties, refer to the current market price of the same or similar real
estate in the active market; if the current market price of the same or similar real estate cannot be obtained, refer to the
latest transaction price of the same or similar real estate in the active market, and Consider the transaction situation,
transaction date, location and other factors to make a reasonable estimate of the fair value of the investment property; or
determine its fair value based on the expected future rental income and the present value of the relevant cash flows.
In rare cases, where there is evidence that, when the Group first acquires an investment property that is not under
construction (or when an existing property first becomes an investment property after the completion of construction or
development activities, or a change in use), the fair value of the investment property cannot be measured reliably on a
continuing basis, the Group shall measure the investment property using the cost model until its disposal, and shall
assume that the residual value is nil.
The difference between the disposal gain from the sale, transfer, scrapping or damage of investment properties after
deducting its book value and relevant taxes is included in the current profit and loss.
(1) Fixed asset recognition conditions
The Group’s fixed assets refer to tangible assets held for the production of goods, provision of labour services, leasing
or operation and management, and with a useful life of more than one accounting year.
A fixed asset can only be recognized when the economic benefits related to the fixed asset are likely to flow into the
enterprise and the cost of the fixed asset can be measured reliably.
The Group’s fixed assets are initially measured based on the actual cost when acquired.
Subsequent expenditures related to fixed assets shall be included in the cost of fixed assets when the economic benefits
related to them are likely to flow into the Group and their costs can be reliably measured; daily repair costs of fixed
CSG Semi-annual Report 2026
assets that do not meet the conditions for subsequent expenditures for capitalization of fixed assets shall be included in
the cost of fixed assets when the economic benefits related to them are likely to flow into the Group and their costs can
be measured reliably. When incurred, it shall be included in the current profit and loss or included in the cost of related
assets according to the beneficiary object. For the replaced part, its book value is derecognized.
(2) Depreciation methods
Depreciation methods for various types of fixed assets Fixed assets are depreciated using the straight-line method based
on their costs less estimated residual values over their estimated useful lives Depreciation begins when a fixed asset
reaches its intended usable condition, and depreciation stops when it is derecognized or classified as a non-current asset
held for sale. Without considering impairment provisions, the Group determines the annual depreciation rates of various
types of fixed assets based on fixed asset category, estimated service life and estimated residual value as follows:
Depreciation Annual depreciation
Category Useful lives (years) Residual rate%
methods rate %
The life average
Buildings 20-35 years 5% 4.75% to 2.71%
method
Machinery The life average
equipment method
Transportation and The life average
Others method
Among them, for fixed assets for which impairment provisions have been made, the depreciation rate should also be
calculated and determined by deducting the accumulated amount of fixed asset impairment provisions.
(3) Note for the impairment testing method and impairment provision accrual method for fixed assets.
(4) At the end of each year, the Group reviews the useful life, estimated net residual value and depreciation method of
fixed assets.
If there is a difference between the estimated useful life and the original estimate, the useful life of the fixed assets will
be adjusted; if there is a difference between the expected net residual value and the original estimate, the estimated net
residual value will be adjusted.
(5) Fixed asset disposal
When a fixed asset is disposed of or no economic benefits are expected to be generated through use or disposal, the
fixed asset is derecognised. The amount of disposal income from the sale, transfer, scrapping or damage of fixed assets
after deducting their book value and relevant taxes is included in the current profit and loss.
The cost of the Group’s construction-in-progress is determined based on actual project expenditures, including various
necessary project expenditures incurred during the construction period, borrowing costs that should be capitalized
before the project reaches its intended usable state, and other related expenses.
Construction in progress is transferred to fixed assets when it reaches the intended usable state. The criteria for judging
the intended usable status should meet one of the following conditions: The physical construction (including installation)
of the fixed assets has been completed or substantially completed, trial production or trial operation has been carried out,
and the results show that the assets can operate normally. Or it can produce stably, or the trial operation results show
that it can operate normally. The amount of expenditure on the fixed assets constructed is very small or almost no
longer occurs, and the fixed assets purchased have met the design or contract requirements, or are basically consistent
with the design or contract requirements.
Note for the method of accruing asset impairment for construction in progress.
CSG Semi-annual Report 2026
The Group’s engineering materials refer to various materials prepared for projects under construction, including
engineering materials, equipment that has not yet been installed, and tools and equipment prepared for production.
The purchased engineering materials are measured at cost, the engineering materials received are transferred to the
project under construction, and the remaining engineering materials after the completion of the project are transferred to
inventory.
Note for the asset impairment method of construction materials.
In the balance sheet, the closing balance of construction materials is listed in the “Construction in Progress” item.
(1) Recognition principles for capitalization of borrowing costs
If the borrowing costs incurred by the Group are directly attributable to the acquisition, construction or production of
assets that meet the capitalization conditions, they shall be capitalized and included in the cost of the relevant assets;
other borrowing costs shall be recognized as expenses in profit or loss for the current period as incurred. Borrowing
costs will begin to be capitalized if they meet the following conditions at the same time:
① Asset expenditures have occurred. Asset expenditures include expenditures in the form of cash payments, transfers
of non-cash assets or interest-bearing debts for the acquisition, construction or production of assets that meet
capitalization conditions;
② The borrowing costs have been incurred;
③ The necessary purchase, construction or production activities to bring the asset to its intended usable or saleable state
have begun.
(2) Borrowing cost capitalization period
When the assets purchased, constructed or produced by the Group that meet the capitalization conditions are ready for
intended use or sale, the capitalization of borrowing costs will cease. Borrowing costs incurred after the assets that meet
the capitalization conditions reach the intended usable or saleable state are recognized as expenses based on the amount
incurred when incurred and included in the current profit and loss.
If an asset that meets the capitalization conditions is abnormally interrupted during the acquisition, construction or
production process, and the interruption lasts for more than 3 months, the capitalization of borrowing costs will be
suspended; the borrowing costs during the normal interruption period will continue to be capitalized.
(3) Calculation method of capitalization rate of borrowing costs and capitalization amount
The interest expenses actually incurred on special borrowings in the current period, minus the interest income from
unused borrowed funds deposited in banks or investment income from temporary investments, are capitalized; general
borrowings are capitalized based on the excess of the accumulated asset expenditures over the special borrowings. The
capitalization amount is determined by multiplying the weighted average of asset expenditures by the capitalization rate
of the general borrowings occupied. The capitalization rate is calculated and determined based on the weighted average
interest rate of general borrowings.
During the capitalization period, all exchange differences on special foreign currency borrowings are capitalized;
exchange differences on general foreign currency borrowings are included in the current profits and losses.
(1) Useful life and its determination basis, estimation, amortization method, or review procedure
The Group’s intangible assets include land use rights, patent rights and proprietary technologies, mineral mining rights
CSG Semi-annual Report 2026
and others.
Intangible assets are initially measured based on cost, and their service life is analysed and judged when the intangible
assets are acquired. If the service life is limited, from the time when the intangible asset becomes available for use, an
amortization method that can reflect the expected realization method of the economic benefits related to the asset shall
be used, and amortization will be carried out within the estimated useful life; if the expected realization method cannot
be reliably determined, Amortization is carried out using the straight-line method; intangible assets with indefinite
service life are not amortized.
The amortization method of intangible assets with limited useful life is as follows:
Amortization
Category Useful lives (years) Basis for determining service life Notes
method
Straight-line
Land use rights 30-70 years Warrant
Depreciation
Patent rights and proprietary Straight-line
technologies Depreciation
Warrants, expected income Straight-line
Exploitation rights 16-20 years
period Depreciation
Straight-line
Others 2-10 years Estimated useful life
Depreciation
At the end of each year, the Group reviews the useful life and amortization method of intangible assets with limited
service life. If it is different from the previous estimate, the original estimate is adjusted and treated as a change in
accounting estimate.
If it is expected that an intangible asset will no longer bring future economic benefits to the enterprise on the balance
sheet date, the entire book value of the intangible asset will be transferred to the current profit and loss.
Note for the method of impairment for intangible assets.
(2) The scope of R&D expenditure collection and the related accounting treatment
The Group's R&D expenditures are expenditures directly related to the company's R&D activities, including R&D staff
salaries, direct investment costs, depreciation expenses and long-term deferred expenses, design expenses, equipment
commissioning expenses, intangible asset amortization expenses, entrusted external research and development expenses,
other expenses etc. The wages of R&D personnel are included in R&D expenditures based on project working hours.
Equipment, production lines, and sites shared between R&D activities and other production and operation activities are
included in R&D expenses according to the proportion of working hours and the proportion of area.
The Group divides expenditures on internal research and development projects into expenditures in the research phase
and expenditures in the development phase.
Expenditures in the research stage are included in the current profits and losses when incurred.
Expenditures in the development stage can only be capitalized if they meet the following conditions: it is technically
feasible to complete the intangible asset so that it can be used or sold; there is the intention to complete the intangible
asset and use or sell it; the intangible asset, the way to generate economic benefits includes being able to prove that
there is a market for the products produced using the intangible assets or that the intangible assets themselves have a
market. If the intangible assets will be used internally, they can prove their usefulness; there are sufficient technical,
financial and other resource supports, in order to complete the development of the intangible asset and have the ability
to use or sell the intangible asset; the expenditures attributable to the development stage of the intangible asset can be
measured reliably. Development expenditures that do not meet the above conditions are included in the current profit
and loss.
CSG Semi-annual Report 2026
The Group’s research and development projects will enter the development stage after meeting the above conditions
and passing technical feasibility and economic feasibility studies to form a project.
Capitalized expenditures in the development phase are listed as development expenditures on the balance sheet and are
converted into intangible assets from the date the project reaches its intended use.
Capitalization conditions for specific R&D projects:
Expenditures in the research stage are included in the current profits and losses when incurred. Before large-scale
production, expenditures related to the design and testing phase of the final application of the production process are
expenditures in the development phase. If the following conditions are met at the same time, they will be capitalized:
·The development of the production process has been fully demonstrated by the technical team;
· Management has approved the budget for production process development;
·The research and analysis of the preliminary market research shows that the products produced by the production
process have market promotion capabilities;
·Have sufficient technical and financial support to carry out production process development activities and subsequent
large-scale production; and the expenditure on production process development can be reliably collected. If it is
impossible to distinguish between expenditures in the research stage and expenditures in the development stage, all
R&D expenditures incurred will be included in the current profit and loss.
For impairment of long-term equity investments in subsidiaries, fixed assets, construction-in-progress, right-of-use
assets, intangible assets, goodwill, etc. (excluding inventories, investment properties measured at the fair-value model,
deferred tax assets, and financial assets), the impairment amount shall be determined as follows:
On the balance sheet date, it is judged whether there are any signs of possible impairment of the assets. If there are signs
of impairment, the Group will estimate its recoverable amount and conduct an impairment test. Goodwill formed due to
business combinations, intangible assets with indefinite useful lives and intangible assets that have not yet reached a
usable state are subject to impairment testing every year regardless of whether there are signs of impairment.
The recoverable amount is determined based on the higher of the asset’s fair value less disposal costs and the present
value of the asset’s expected future cash flows. The Group estimates the recoverable amount on the basis of a single
asset; if it is difficult to estimate the recoverable amount of an individual asset, the Group determines the recoverable
amount of the asset group based on the asset group to which the asset belongs. The identification of an asset group is
based on whether the main cash inflow generated by the asset group is independent of the cash inflows of other assets or
asset groups.
When the recoverable amount of an asset or asset group is lower than its book value, the Group will write down its book
value to the recoverable amount, and the amount of the write-down will be included in the current profit and loss, and
the corresponding asset impairment provision will be made.
As far as the impairment test of goodwill is concerned, the book value of goodwill formed due to a business
combination shall be apportioned to the relevant asset group in a reasonable manner from the acquisition date; if it is
difficult to apportion it to the relevant asset group, it shall be apportioned to the relevant asset-group combination. The
relevant asset group or asset-group combination is one that can benefit from the synergies of the business combination,
and is no larger than the reporting segment determined by the Group.
During impairment testing, if there are signs of impairment in an asset group or combination of asset groups related to
goodwill, first conduct an impairment test on the asset group or combination of asset groups that does not include
goodwill, calculate the recoverable amount, and confirm the corresponding impairment. Then conduct an impairment
test on the asset group or asset group combination containing goodwill, and compare its book value with the recoverable
amount. If the recoverable amount is lower than the book value, the impairment loss of goodwill is recognized.
Once the asset impairment loss is recognized, it will not be reversed in subsequent accounting periods.
CSG Semi-annual Report 2026
The long-term deferred expenses incurred by the Group are measured at actual cost and amortized evenly over the
expected beneficial period. For long-term deferred expense items that cannot benefit future accounting periods, their
amortized value shall be fully included in the current profit and loss.
(1) Accounting for Short-term compensation
During the accounting period when employees provide services, the Group recognizes the actual employee wages,
bonuses, social insurance premiums such as medical insurance premiums, work-related injury insurance premiums,
maternity insurance premiums, and housing provident funds paid for employees based on prescribed standards and
proportions as liabilities and included in the current profit and loss or related asset costs.
(2) Accounting for post-employment benefits
Post-employment benefit plans include defined contribution plans and defined benefit plans. Among them, a defined
contribution plan refers to a post-employment benefit plan in which the enterprise no longer bears further payment
obligations after depositing a fixed fee into an independent fund; a defined benefit plan refers to a post-employment
benefit plan other than a defined contribution plan.
Defined contribution plans
Defined contribution plans include basic pension insurance, unemployment insurance, etc.
During the accounting period when employees provide services, the deposit amount payable calculated according to the
defined contribution plan is recognized as a liability and included in the current profit and loss or related asset costs.
(3) Accounting for Termination benefits
If the Group provides dismissal benefits to employees, the employee compensation liabilities arising from the dismissal
benefits will be recognized at the earliest of the following two times and included in the current profit and loss: When
the Group cannot unilaterally withdraw the dismissal benefits provided due to the termination of labour relations plan or
layoff proposal; When the Group recognizes costs or expenses related to restructuring involving payment of termination
benefits.
(4) Accounting for Other long-term benefits
Other long-term employee benefits provided by the Group to employees that meet the conditions of a defined
contribution plan will be handled in accordance with the above-mentioned relevant regulations on defined contribution
plans. If it is in compliance with the defined benefit plan, it shall be handled in accordance with the relevant provisions
on the defined benefit plan mentioned above, but the “changes caused by the remeasurement of the net liabilities or net
assets of the defined benefit plan” in the relevant employee compensation costs shall be included in the current profit
and loss or related Asset cost.
If the obligations related to contingencies meet the following conditions at the same time, the Group will recognize
them as estimated liabilities:
(1) The obligation is a current obligation borne by the Group;
(2) The performance of this obligation is likely to result in the outflow of economic benefits from the Group;
(3) The amount of the obligation can be measured reliably.
CSG Semi-annual Report 2026
Estimated liabilities are initially measured based on the best estimate of the expenditure required to fulfil the relevant
current obligations, and factors such as risks, uncertainties, and time value of money related to contingencies are
comprehensively considered. If the time value of money has a significant impact, the best estimate is determined by
discounting the relevant future cash outflows. The Group reviews the book value of estimated liabilities on the balance
sheet date and adjusts the book value to reflect the current best estimate.
If all or part of the expenses required to settle the recognized estimated liabilities are expected to be compensated by a
third party or other parties, the compensation amount can only be recognized separately as an asset when it is basically
certain that it will be received. The amount of compensation recognized shall not exceed the book value of the liability
recognized.
(1) General principles
The Group recognizes revenue when it fulfils its performance obligations in the contract, that is, when the customer
obtains control of the relevant goods or services.
If the contract contains two or more performance obligations, the Group will allocate the transaction price to each
individual performance obligation based on the relative proportion of the stand-alone selling price of the goods or
services promised by each individual performance obligation on the contract commencement date. Revenue is measured
at the transaction price of each individual performance obligation.
When one of the following conditions is met, the performance obligation is performed within a certain period of time;
otherwise, the performance obligation is performed at a certain point in time:
① When the Group performs the contract, the customer obtains and consumes the economic benefits brought by the
Group’s performance.
② Customers can control the goods under construction during the performance of the contract by the Group.
③ The goods produced by the Group during the performance of the contract have irreplaceable uses, and the Group has
the right to collect payment for the cumulative performance part completed so far during the entire contract period.
For performance obligations fulfilled within a certain period of time, the Group recognizes revenue based on the
performance progress within that period of time. When the progress of contract performance cannot be reasonably
determined, if the costs incurred by the Group are expected to be compensated, revenue will be recognized based on the
amount of costs incurred until the progress of contract performance can be reasonably determined.
For performance obligations fulfilled at a certain point in time, the Group recognizes revenue at the point when the
customer obtains control of the relevant goods or services. When determining whether a customer has obtained control
of goods or services, the Group will consider the following signs:
① The Group has the current right to receive payment for the goods or services, that is, the customer has current
payment obligations for the goods.
② The Group has transferred the legal ownership of the goods to the customer, which means that the customer already
owns the legal ownership of the goods.
③ The Group has physically transferred the goods to the customer, that is, the customer has physically taken possession
of the goods.
④ The Group has transferred the main risks and rewards of ownership of the commodity to the customer, that is, the
customer has obtained the main risks and rewards of ownership of the commodity.
⑤ The customer has accepted the goods or services.
CSG Semi-annual Report 2026
⑥ Other signs indicating that the customer has obtained control of the product.
(2) Specific method
The Group’s revenue mainly comes from the following business types: sales of products, external provision of
consulting and processing services.
Selling goods
Products sold The Group produces and sells float glass, photovoltaic glass, engineering glass, solar industry related
products, electronic glass and display device, etc.
For domestic sales, the Group transports the products to the agreed delivery location in accordance with the agreement
or picks them up by the buyer. Revenue is recognized after the buyer confirms receipt or pick-up.
For export sales, the Group recognizes the revenue when it finished clearing goods for export and deliver the goods on
board the vessel, or when the goods are delivered to a certain place specified in the contract.
For solar energy and other industries’ photovoltaic power generation revenue, the Group recognizes the electricity when
it is supplied to the provincial power grid company where each electric field is located, uses the settled electricity
volume confirmed by both parties as the electricity sales for that month, and uses the on-grid electricity price approved
by the National Development and Reform Commission or the electricity price agreed in the contract as the sales unit
price.
The credit periods granted by the Group to customers in various industries are consistent with the practices of various
industries, and there is no significant financing component.
The Group provides product quality assurance for the products sold and recognizes corresponding estimated liabilities.
The Group does not provide any additional services or additional quality assurance, so the product quality assurance
does not constitute a separate performance obligation.
Glass products with sales return clauses, revenue recognition is limited to the amount of accumulated recognized
revenue that is unlikely to result in a significant reversal. The Group recognizes liabilities based on the expected return
amount, and at the same time, recognizes the balance as an asset based on the book value of the goods expected to be
returned when the goods are transferred, minus the expected costs of recovering the goods (including the impairment of
the value of the returned goods).
Provide consulting and processing services
The Group provides external consulting and processing services because customers obtain and consume the economic
benefits brought by the company’s performance of the contract while the company performs the contract. The Group
recognizes revenue based on the progress of contract performance. The progress of contract performance is determined
based on the proportion of costs incurred to the estimated total costs. On the balance sheet date, the Group re-estimates
the performance progress of completed services to reflect changes in performance.
When the Group recognizes revenue based on the progress of completed services, the portion for which the Group has
obtained the unconditional right to receive payment is recognized as accounts receivable, and the remaining portion is
recognized as contract assets. Accounts receivable and contract assets are recognized as expected credit losses. Loss
provisions are recognized as the basis; if the contract price received or receivable by the Group exceeds the labour
services completed, the excess will be recognized as contract liabilities. The Group’s contract assets and contract
liabilities under the same contract are presented on a net basis.
Contract costs include incremental costs incurred to obtain the contract and contract performance costs.
The incremental costs incurred to obtain the contract refer to costs that the company would not have incurred if it had
not obtained the contract (such as sales commissions, etc.). If the cost is expected to be recovered, the company will
CSG Semi-annual Report 2026
recognize it as the contract acquisition cost and as an asset. Other expenses incurred by the Company to obtain the
contract, except for the incremental costs expected to be recovered, are included in the current profits and losses when
incurred.
If the cost incurred to fulfil the contract does not fall within the scope of other accounting standards for enterprises such
as inventory and meets the following conditions, the company will recognize it as an asset as the contract performance
cost:
① The cost is directly related to a current or expected contract, including direct labour, direct materials, manufacturing
overhead (or similar expenses), costs clearly borne by the customer, and other costs incurred solely because of the
contract;
② This cost increases the Company’s resources for fulfilling its performance obligations in the future;
③ The cost is expected to be recovered.
Assets recognized for contract acquisition costs and assets recognized for contract performance costs (hereinafter
referred to as “assets related to contract costs”) are amortized on the same basis as the recognition of revenue from
goods or services related to the assets and included in the current profit and loss.
When the book value of assets related to contract costs is higher than the difference between the following two items,
the company makes impairment provisions for the excess and recognizes it as asset impairment losses:
① The remaining consideration that the company expects to obtain from the transfer of goods or services related to the
asset;
② The estimated cost that will be incurred to transfer the relevant goods or services.
Government subsidies are recognized when the conditions attached to the government subsidies are met and can be
received.
Government subsidies for monetary assets are measured based on the amount received or receivable. Government
subsidies for non-monetary assets are measured at fair value; if the fair value cannot be obtained reliably, they are
measured at a nominal amount of 1 yuan.
Government subsidies related to assets refer to government subsidies obtained by the Group for the purchase,
construction or other formation of long-term assets; in addition, government subsidies related to income are regarded as
government subsidies.
For government documents that do not clearly stipulate the subsidy objects and can form long-term assets, the part of
the government subsidy corresponding to the asset value shall be regarded as the government subsidy related to the
asset, and the remaining part shall be regarded as the government subsidy related to income; if it is difficult to
distinguish, the government subsidy shall be regarded as the government subsidy related to the asset. The whole is
regarded as a government subsidy related to income.
Asset-related government subsidies are recognised as deferred income and amortised to profit or loss by a reasonable
and systematic method over the useful life of the relevant assets. Income-related government subsidies intended to
compensate for already-incurred relevant costs, expenses or losses are recognised in profit or loss for the current period.
Where income-related government subsidies compensate for relevant costs, expenses or losses of future periods, such
subsidies shall be recorded as deferred income and released to profit or loss in the period when the related costs,
expenses or losses are recognised. Government subsidies measured at a nominal amount are directly recognised in profit
or loss for the current period. The Group applies consistent accounting policies to identical or similar government-
subsidy transactions.
Government subsidies related to daily activities shall be included in other income according to the economic business
essence. Government subsidies unrelated to daily activities are included in non-operating income.
CSG Semi-annual Report 2026
When a confirmed government subsidy needs to be returned, if the book value of the relevant assets is offset at the time
of initial recognition, the book value of the assets is adjusted; if there is a balance of relevant deferred income, the
Carrying Amount of the relevant deferred income is offset, and the excess is included in the current profit and loss; in
other cases, it will be directly included in the current profit and loss.
Income tax includes current income tax and deferred income tax. Except for adjustments to goodwill arising from
business combinations, or deferred income taxes related to transactions or events directly included in owners’ equity,
which are included in owners’ equity, they are all included in current profits and losses as income tax expenses.
The Group adopts the balance sheet liability method to recognize deferred income tax based on the temporary
differences between the book values of assets and liabilities on the balance sheet date and their tax basis.
Each taxable temporary difference is recognized as a related deferred income tax liability, unless the taxable temporary
difference is generated in the following transactions:
(1) Initial recognition of goodwill, or the initial recognition of assets or liabilities arising from transactions with the
following characteristics: the transaction is not a business combination, and neither accounting profit nor taxable profit
is affected at the time the transaction occurs (excluding single-item transactions in which the initially-recognised assets
and liabilities give rise to equal taxable temporary differences and deductible temporary differences);
(2) For taxable temporary differences related to investments in subsidiaries, joint ventures and associates, the time of
reversal of the temporary differences can be controlled and the temporary differences are likely not to be reversed in the
foreseeable future.
For deductible temporary differences, deductible losses and tax credits that can be carried forward to future years, the
Group shall use it to offset the deductible temporary differences, deductible losses and tax credits to the extent that it is
probable that it will be available. The deferred income tax assets generated will be recognized to the limit of the future
taxable income, unless the deductible temporary difference is generated in the following transactions:
(1) The transaction is not a business combination, and when the transaction occurs, it affects neither accounting profits
nor taxable income (a single transaction in which the initial recognition of assets and liabilities results in an equal
amount of taxable temporary differences and deductible temporary differences are excepted);
(2) For deductible temporary differences related to investments in subsidiaries, joint ventures and associates, and if the
following conditions are met at the same time, the corresponding deferred income tax assets are recognized: the
temporary differences are likely to be reversed in the foreseeable future. And it is likely to obtain taxable income in the
future that can be used to offset deductible temporary differences.
On the balance sheet date, the Group’s deferred income tax assets and deferred income tax liabilities are measured at
the applicable tax rate during the period when the asset is expected to be recovered or the liability is settled, and the
income tax impact of the expected method of recovering the asset or settling the liability on the balance sheet date is
reflected.
On the balance sheet date, the Group reviews the book value of deferred income tax assets. If it is probable that
sufficient taxable income will not be available in future periods to offset the benefits of deferred tax assets, the carrying
amount of the deferred tax assets will be reduced. The amount of the write-down is reversed when it is probable that
sufficient taxable income will be obtained.
On the balance sheet date, deferred income tax assets and deferred income tax liabilities are presented as the net amount
after offsetting when the following conditions are met at the same time:
(1) The tax payer within the group has the legal right to settle current income tax assets and current income tax
liabilities on a net basis;
(2) Deferred income tax assets and deferred income tax liabilities are related to income taxes levied by the same tax
collection and administration department on the same taxpayer within the group.
CSG Semi-annual Report 2026
On the contract inception date, the Group, as a lessee or lessor, evaluates whether the customer in the contract has the
right to obtain substantially all the economic benefits generated from the use of the identified assets during the use
period, and has the right to direct the use of the identified assets during the use period. If a party in a contract transfers
the right to control the use of one or more identified assets within a certain period in exchange for consideration, the
Group determines that the contract is a lease or contains a lease.
(1) The accounting policies for right-of-use assets are shown in Note.
Lease liabilities are initially measured based on the present value of the unpaid lease payments at the beginning of the
lease term using the interest rate implicit in the lease.
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the incremental
borrowing rate is used as the discount rate. Lease payments include: fixed payments and in-substance fixed payments,
net of any lease incentives; variable lease payments that depend on an index or a rate; the exercise price of a purchase
option, provided that the lessee is reasonably certain to exercise that option; amounts payable for exercising a
termination option, provided that the lease term reflects that the lessee will exercise that option; and amounts expected
to be payable under residual value guarantees provided by the lessee. Subsequently, the interest expense on the lease
liability for each period during the lease term is calculated using a fixed periodic interest rate and recognised in profit or
loss. Variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in
the period in which they are actually incurred.
Short-term lease
A short-term lease refers to a lease with a lease term of no more than 12 months on the start date of the lease period,
except for leases that include a purchase option.
The Group will include the lease payments of short-term leases into the relevant asset costs or current profits and losses
on a straight-line basis during each period of the lease term.
Low-value asset leasing
Low-value asset leases refer to leases where the value of a single leased asset is less than 100,000 yuan when it is a
brand-new asset.
The Group will include the lease payments for low-value asset leases into the relevant asset costs or current profits and
losses on a straight-line basis during each period of the lease term.
For low-value asset leases, the Group chooses to adopt the above simplified treatment method based on the specific
circumstances of each lease.
Lease changes
If a lease changes and the following conditions are met at the same time, the Group will account for the lease change as
a separate lease: ① The lease change expands the scope of the lease by adding the right to use one or more leased assets;
② The increase in consideration is equivalent to the individual price of the extended portion of the lease, adjusted for
the circumstances of the contract.
If the lease change is not accounted for as a separate lease, on the effective date of the lease change, the Group re-
allocates the consideration of the contract after the change, re-determines the lease term, and calculates it based on the
changed lease payment and the revised discount rate. Present value re-measurement of the lease liability.
If a change in the lease results in a reduction in the scope of the lease or a shortening of the lease period, the Group will
accordingly reduce the book value of the right-of-use assets, and include the gains or losses related to the partial or
complete termination of the lease into the current profits and losses.
CSG Semi-annual Report 2026
If other lease changes result in the re-measurement of lease liabilities, the Group will adjust the book value of the right-
of-use assets accordingly.
(2) The accounting policies for the Group when it acts as lessor
When the Group acts as a lessor, leases that substantially transfer all risks and rewards related to asset ownership are
recognized as finance leases, and leases other than finance leases are recognized as operating leases.
Finance lease
In finance leases, the Group’s net lease investment on the date of the lease term is recorded as the accounting value of
finance lease receivables. The net lease investment is the unguaranteed residual value and the lease receivables that
have not been received on the date of the lease term are calculated based on the amount included in the lease. The sum
of present values discounted with interest rates. As the lessor, the Group calculates and recognizes interest income for
each period during the lease term based on fixed periodic interest rates. Variable lease payments obtained by the Group
as a lessor that are not included in the measurement of the net lease investment are included in the current profit and
loss when actually incurred.
The derecognition and impairment of finance lease receivables shall be accounted for in accordance with the provisions
of Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments and
Accounting Standards for Business Enterprises No. 23 - Transfer of Financial Assets.
Operating lease
For rents in operating leases, the Group recognizes current profits and losses according to the straight-line method in
each period during the lease term. The initial direct expenses incurred in connection with the operating lease shall be
capitalized, amortized during the lease period on the same basis as the rental income recognition, and included in the
current profit and loss in instalments. Variable lease payments related to operating leases that are not included in the
lease receipts are included in the current profit and loss when they actually occur.
Lease changes
If an operating lease changes, the Group will account for it as a new lease from the effective date of the change, and the
amount of lease receipts received in advance or receivable related to the lease before the change is regarded as the
amount of receipts from the new lease.
If a finance lease is modified and the following conditions are met simultaneously, the Group will account for the
change as a separate lease: ① The modification expands the scope of the lease by adding the right to use one or more
underlying assets; ② The increase in consideration is equivalent to the standalone price for the increase in scope,
adjusted to the circumstances of the contract.
If a finance lease is modified and the modification is not accounted for as a separate lease, the Group shall account for
the modified lease under the following circumstances: ① If the modification takes effect on the lease commencement
date, and the lease would have been classified as an operating lease, the Group shall account for the modified lease as a
new lease from the effective date of the modification, and use the net investment in the lease before the effective date of
the modification as the carrying amount of the leased asset; ②If the modification had taken effect at the lease
commencement date such that the lease would have been classified as a finance lease, the Group shall apply the
requirements for modified or renegotiated contracts under Accounting Standards for Business Enterprises No. 22 ——
Recognition and Measurement of Financial Instruments..
Safety production costs
According to relevant regulations of the Ministry of Finance and State Administration of Work Safety, the subsidiaries
of the Group which is engaged in producing and selling polysilicon appropriates work-safety expenses on a monthly
basis by adopting an excess-progressive regressive method, with the actual operating income of the previous year as the
accrual base:
CSG Semi-annual Report 2026
(a) 4.5% for revenue below RMB10 million (inclusive) of the year;
(b) 2.25% for the revenue between RMB10 million and RMB100 million (inclusive) of the year;
(c) 0.55% for the revenue between RMB100 million and RMB1 billion (inclusive) of the year;
(d) 0.2% for the revenue above RMB1 billion of the year.
According to the Administrative Measures for the Extraction and Use of Enterprise Safety Production Expenses (Cai Zi
[2022] No. 136), the Group's subsidiaries engaged in mining and processing are based on mining volume.
Safety production expense extraction standards: For non-metallic mines, open-pit mines at RMB3 per ton, underground
mines at RMB8 per ton.
The safety production costs are mainly used for the overhaul, renewal and maintenance of safety facilities. The safety
production costs are charged to costs of related products or profit or loss when appropriated, and safety production costs
in equity account are credited correspondingly. When using the special reserve, if the expenditures are expenses in
nature, the expenses incurred are offset against the special reserve directly when incurred. If the expenditures are capital
expenditures, when projects are completed and transferred to fixed assets, the special reserve should be offset against
the cost of fixed assets, and a corresponding accumulated depreciation is recognized. The fixed assets are no longer be
depreciated in future.
Significant accounting judgments and estimates
The Group continuously evaluates the important accounting estimates and key assumptions adopted based on historical
experience and other factors, including reasonable expectations for future events. The important accounting estimates
and key assumptions that are likely to cause a significant adjustment in the book value of assets and liabilities in the
next fiscal year are as follows:
Classification of financial assets
The Group’s significant judgments involved in determining the classification of financial assets include analysis of
business models and contractual cash flow characteristics.
The Group determines the business model for managing financial assets at the financial-asset-portfolio level. Factors
considered include 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 such risks are managed, and the
manner in which relevant business managers are remunerated.
When the Group assesses whether the contractual cash flows of financial assets are consistent with the basic lending
arrangements, it makes the following main assessments: whether the timing or amount of the principal may change over
its life due to early repayment; whether the interest includes only the time value of money, credit risk, other
fundamental lending risks and consideration for costs and profits. For example, whether the amount of early repayment
reflects only the outstanding principal, interest calculated on the basis of the outstanding principal, as well as reasonable
compensation payable for early termination of the contract.
Measurement of expected credit losses on accounts receivable
The Group calculates the expected credit losses of accounts receivable through the default risk exposure of accounts
receivable and the expected credit loss rate, and determines the expected credit loss rate based on the probability of
default and the loss given default rate. When determining the expected credit loss rate, the Group uses internal historical
credit loss experience and other data, and adjusts historical data based on current conditions and forward-looking
information. When considering forward-looking information, the Group uses indicators including the risk of economic
downturn, changes in the external market environment, technical environment and customer conditions. The Group
regularly monitors and reviews assumptions related to the calculation of expected credit losses.
Impairment of Fixed Assets and Construction in Progress
CSG Semi-annual Report 2026
As of the balance sheet date, the Company assesses whether there are any indications of impairment for non-current
assets other than financial assets. When there are indications that the carrying amount of an asset cannot be recovered,
impairment testing is conducted.
Impairment occurs when the carrying amount of an asset or asset group exceeds its recoverable amount, which is the
higher of the net amount after deducting disposal costs from fair value and the present value of estimated future cash
flows. The net amount after deducting disposal costs from fair value is determined by referencing the sales agreement
prices of similar assets in fair transactions or observable market prices, minus incremental costs directly attributable to
the asset’s disposal. Significant judgments are made regarding the expected future cash flow present value, including
the asset’s (or asset group’s) output, selling price, relevant operating costs, and the discount rate used in the present
value calculation. The Company utilizes all relevant information available to estimate the recoverable amount,
including forecasts of output, selling prices, and related operating costs based on reasonable and supportable
assumptions.
Goodwill impairment
The Group assesses whether goodwill is impaired at least annually. This requires an estimate of the value in use of the
asset group to which goodwill is assigned. When estimating value in use, the Group needs to estimate future cash flows
from the asset group and select an appropriate discount rate to calculate the present value of future cash flows.
R&D expenditure
When determining the amount to be capitalized, management must make assumptions regarding the expected future
cash generation of the asset, the discount rate that should be applied, and the expected period of benefit.
Deferred tax assets
Deferred tax assets should be recognized for all unused tax losses to the extent that it is probable that sufficient taxable
profits will be available against which the losses can be utilized. This requires management to use a lot of judgment to
estimate the timing and amount of future taxable profits, combined with tax planning strategies, to determine the
amount of deferred income tax assets that should be recognized.
There were no changes in important accounting policies or accounting estimates in the current period.
VI. TAXATION
Category Taxable basis Tax rate
Enterprise income tax Taxable income 16.5%, 25%
Taxable value-added amount (Tax payable is
calculated using the taxable sales amount multiplied
Value-added tax (“VAT”) 3%-13%
by the applicable tax rate less deductible VAT input of
the current period)
Urban maintenance and construction tax Actual amount of turnover tax paid 1%-7%
Educational surtax Actual amount of turnover tax paid 5%
Tianjin CSG Energy-Saving Glass Co. Ltd. (hereinafter referred to as “Tianjin Energy-Saving Company”) passed the
CSG Semi-annual Report 2026
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
for three years. It is eligible for a 15% corporate income tax rate for a period of three years starting from 2025.
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. As the company is currently going through the 2026 review of its high and new tech
enterprise certificate, the income tax rate of 15% was provisionally adopted for the report period.
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. As the
company is currently going through the 2026 review of its high and new tech enterprise certificate, the income tax rate
of 15% was provisionally adopted for the report period.
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. As the company is currently going through the 2026 review of its high and new tech enterprise certificate,
the income tax rate of 15% was provisionally adopted for the report period.
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 2025.
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. As the company is
currently going through the 2026 review of its high and new tech enterprise certificate, the income tax rate of 15% was
provisionally adopted for the report period.
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. As the company is
currently going through the 2026 review of its high and new tech enterprise certificate, the income tax rate of 15% was
provisionally adopted for the report period.
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 period of three years
starting from 2024.
Yichang CSG Optoelectronic Glass Co. Ltd. (hereinafter referred to as “Yichang Optoelectronic Company”) passed the
CSG Semi-annual Report 2026
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 2025.
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 15%
corporate income tax rate for the current fiscal year.
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.
Anhui CSG Photovoltaic Energy Co. Ltd. (hereinafter referred to as “Anhui Photovoltaic Company”) is classified as
CSG Semi-annual Report 2026
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 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.
Yichang CSG New Energy Co. Ltd. (hereinafter referred to as “Yichang CSG New Energy Company”), Qingyuan CSG
New Energy Co. Ltd. (hereinafter referred to as “Qingyuan CSG New Energy Company”),Suzhou CSG Photovoltaic
Energy Co. Ltd. (hereinafter referred to as “Suzhou Photovoltaic Company”), Jiangsu Wujiang CSG New Energy Co.
Ltd. (hereinafter referred to as “Jiangsu Wujiang 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”) and Beihai CSG Photovoltaic
New Energy Co. Ltd. (hereinafter referred to as “Beihai CSG Photovoltaic Company”), in compliance with the
“Announcement of the State Taxation Administration on Implementing Tax Policies for Small and Micro Enterprises
and Reducing the Enterprise Income Tax Rate” (State Taxation Administration Announcement No. 6 of 2023) and the
“Announcement of the Ministry of Finance and the State Taxation Administration on Further Supporting the
Development of Small and Micro Enterprises and Individual Businesses by Reducing Certain Taxes and Fees”
(Ministry of Finance and State Taxation Administration Announcement No. 12 of 2023), has implemented the
following preferential tax policy: For small and micro-sized enterprises with an annual taxable income not exceeding 3
million yuan, 25% of such portion shall be taken as taxable income. Then, the enterprise income tax will be paid at a
rate of 20%.
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
income tax rate of 15% was provisionally adopted for the report period.
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, 2027, to deduct an additional
VII. Notes to the Consolidated Financial Statements
Unit: RMB
Item Ending Balance Beginning Balance
Cash on hand 351,171 151,026
Bank deposits 2,830,881,218 2,981,011,937
Other cash and cash equivalents 314,577,332 160,812,184
CSG Semi-annual Report 2026
Item Ending Balance Beginning Balance
Total 3,145,809,721 3,141,975,147
Of which: Total funds held overseas 340,607,660 68,819,786
Total funds subject to restrictions on use due to
mortgages, pledges, or freezes
Unit: RMB
Item Ending Balance Beginning Balance
Financial assets measured at fair value with changes
recognized in profit or loss
Of which:
Structured deposits 50,000,000 230,000,000
Total 50,000,000 230,000,000
(1) Notes Receivable by Category
Unit: RMB
Item Ending Balance Beginning Balance
Banker’s Acceptances 930,177,565 1,069,651,635
Commercial Acceptances 264,908,308 350,409,591
Total 1,195,085,873 1,420,061,226
(2) Disclosure by Bad Debt Provision Method
Unit: RMB
Ending Balance
Allowance for Doubtful
Category Gross Amount
Accounts
Carrying Amount
Allowance
Amount Percentage Amount
Ratio
Notes receivable for
which allowance for
doubtful accounts is
calculated on an
individual basis
Notes receivable for
which allowance for
doubtful accounts is 1,196,804,577 100% 1,718,704 0.14% 1,195,085,873
calculated on a
collective basis
Of which:
Banker’s acceptances 930,177,565 77.72% 930,177,565
Commercial
acceptances
Total 1,196,804,577 100% 1,718,704 0.14% 1,195,085,873
CSG Semi-annual Report 2026
Continued
Beginning Balance
Allowance for Doubtful
Category Gross Amount
Accounts Carrying
Allowance Amount
Amount Percentage Amount
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
Allowance for doubtful accounts based on commercial acceptance bill portfolio:
Unit: RMB
Ending Balance
Name Allowance for Doubtful
Gross Amount Provision Ratio
Accounts
Commercial Acceptances 266,627,012 1,718,704 0.64%
Total 266,627,012 1,718,704
(3) Details of the Allowance for Doubtful Accounts Accrued, Recovered, or Reversed During the Period
Allowance for doubtful accounts for the current period:
Unit: RMB
Changes During the Period
Beginning Ending
Category Recovered or
Balance Provision Write-off Other Balance
Reversed
Commercial
Acceptances
Total 2,257,066 -538,362 1,718,704
(4) Notes Receivable Pledged by the Company at the End of the Period
Unit: RMB
Item Amount pledged at the end of the period
Banker’s Acceptances 536,029,519
Commercial Acceptances 148,124,185
Total 684,153,704
CSG Semi-annual Report 2026
(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
Unit: RMB
Item Amount not derecognized at the end of the period
Banker’s Acceptances 297,696,168
Commercial Acceptances 148,124,185
Total 445,820,353
(1) Disclosure by Age
Unit: RMB
Age Ending Gross Amount Beginning Gross Amount
Within 1 year (including 1 year) 1,493,973,343 1,690,799,801
Total 1,837,769,695 1,974,658,557
(2) Disclosure by Bad Debt Provision Method
Unit: RMB
Ending Balance
Category Gross Amount Allowance for Doubtful Accounts
Carrying
Allowance Amount
Amount Percentage Amount
Ratio
Accounts receivable
for which an
allowance for
doubtful accounts is
provided on an
individual basis
Accounts receivable
for which allowance
for doubtful 1,708,457,400 92.96% 67,752,380 3.97% 1,640,705,020
accounts is
calculated by group
Of which:
Receivables from
non-related parties
Total 1,837,769,695 100% 192,119,846 10.45% 1,645,649,849
Continued
Beginning Balance
Category Gross Amount Allowance for Doubtful Accounts
Carrying
Allowance Amount
Amount Percentage Amount
Ratio
CSG Semi-annual Report 2026
Accounts receivable
for which an
allowance for
doubtful accounts is
provided on an
individual basis
Accounts receivable
for which allowance
for doubtful 1,823,688,560 92.35% 27,519,672 1.51% 1,796,168,888
accounts is
calculated by group
Of which:
Receivables from
non-related parties
Total 1,974,658,557 100% 172,493,506 8.74% 1,802,165,051
Number of categories for individual allowance for doubtful accounts:
Beginning Balance Ending Balance
Name Allowance for Allowance
Gross Gross Allowance
Doubtful for Doubtful Reason for provision
Amount 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
Total for
be honored—from notes
Individual 150,969,997 144,973,834 129,312,295 124,367,466 96.18%
receivable to accounts
Allowances
receivable, as well 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 150,969,997 144,973,834 129,312,295 124,367,466 96.18%
Number of categories for group allowance for doubtful accounts:
Ending Balance
Name Allowance for
Gross Amount Allowance Ratio
Doubtful Accounts
Total for Group Allowance 1,708,457,400 67,752,380 3.97%
Total 1,708,457,400 67,752,380 3.97%
(3) Details of the Allowance for Doubtful Accounts Accrued, Recovered, or Reversed During the Period
Allowance for doubtful accounts for the current period:
Unit: RMB
Category Beginning Changes During the Period Ending
CSG Semi-annual Report 2026
Balance Recovered Balance
Provision Write-off Other
or Reversed
Allowance for
doubtful accounts
for accounts
receivable
Total 172,493,506 39,962,005 7,951,135 12,384,530 192,119,846
(4) Details of Accounts Receivable Actually Written Off During the Period
Item Amount Written Off
Accounts receivable actually written off 12,384,530
(5) Top Five Accounts Receivable and Contract Assets by Debtor at the End of the Period
Unit: RMB
Percentage of Ending Balance
Ending Total Ending of Allowance
Ending Ending
Balance of Balance of for Doubtful
Balance of Balance of
Company Name Accounts Accounts Accounts and
Accounts Contract
Receivable and Receivable and Impairment
Receivable Assets
Contract Assets Contract Reserve for
Assets Contract Assets
Total of the top 5 accounts
receivable by balance
Total 535,391,416 535,391,416 29% 5,128,314
(1) Classification of Accounts Receivable Financing
Unit: RMB
Item Ending Balance Beginning Balance
Notes Receivable 667,396,626 533,418,878
Total 667,396,626 533,418,878
Unit: RMB
Item Ending Balance Beginning Balance
Other Receivables 58,839,121 54,386,121
Total 58,839,121 54,386,121
(1) Other Receivables
Unit: RMB
Nature of Receivables Ending Gross Amount Beginning Gross Amount
CSG Semi-annual Report 2026
Advances 33,686,796 31,323,273
Prepaid Purchases 10,366,164
Deposits 11,212,488 12,767,829
Contingency fund loans 1,405,616 743,145
Other 14,492,711 11,465,456
Total 60,797,611 66,665,867
Unit: RMB
Age Ending Gross Amount Beginning Gross Amount
Within 1 year (including 1 year) 27,022,492 23,652,003
Total 60,797,611 66,665,867
Unit: RMB
Ending Balance
Category Gross Amount Allowance for Doubtful Accounts
Carrying Amount
Amount Percentage Amount Allowance Ratio
Allowance for doubtful
accounts on an 1,059,105 2% 1,059,105 100%
individual basis
Allowance for doubtful
accounts by group
Of which:
Non-affiliated portfolio 59,738,506 98% 899,385 2% 58,839,121
Total 60,797,611 100% 1,958,490 3% 58,839,121
Continued
Beginning Balance
Category Gross Amount Allowance for Doubtful Accounts
Carrying Amount
Amount Percentage Amount Allowance Ratio
Allowance for
doubtful accounts on 11,425,269 17% 11,425,269 100%
an individual basis
Allowance for
doubtful accounts by 55,240,598 83% 854,477 2% 54,386,121
group
Of which:
CSG Semi-annual Report 2026
Non-affiliated
portfolio
Total 66,665,867 100% 12,279,746 18% 54,386,121
Allowance for doubtful accounts calculated using the general expected credit loss model:
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
losses over the
Allowance for Doubtful Accounts Expected credit losses over the Total
entire life of the
losses over the entire life of the
loan (with credit
next 12 months loan (no credit
impairment losses
impairment losses)
recognized)
Balance as of 1 January 2026 854,477 11,425,269 12,279,746
Balance as of 1 January 2026, for
the current period
——Transferred to Phase 2
——Transferred to Phase 3
——Reversed to Phase 2
——Reversed to Phase 1
Accrual for the period 44,908 44,908
Reversal for the period
Charge-offs for the period
Write-offs for the period 10,366,164 10,366,164
Other Changes
Balance as of 30 June 2026 899,385 1,059,105 1,958,490
Allowance for doubtful accounts for the current period:
Unit: RMB
Changes During the Period
Beginning Ending
Category Recovered or Charge-off or
Balance Provision Other Balance
Reversed Write-off
Allowance for doubtful
accounts—other 12,279,746 44,908 10,366,164 1,958,490
receivables
Total 12,279,746 44,908 10,366,164 1,958,490
Unit: RMB
Item Amount Written Off
Other Receivables 10,366,164
CSG Semi-annual Report 2026
Unit: RMB
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 23% 280,000
Agency A
Government
Advances Paid 11,256,004 5 years or more 19% 225,120
Agency B
Company C Margin, etc. 1,028,792 1–3 years 2% 20,576
Company D Advances Paid 902,578 1–2 years 1% 18,052
Company E Margin 900,000 1–2 years 1% 18,000
Total 28,087,374 46% 561,748
(1) Prepayments by Age
Unit: RMB
Ending Balance Beginning Balance
Age
Amount Percentage Amount Percentage
Within 1 year 73,706,735 99% 133,269,406 99%
Total 74,811,674 100% 134,771,994 100%
(2) Top Five Prepayments by Payee at the End of the Period
Percentage of Total
Item Balance
Prepayments
Total of the Top Five Prepayments by Balance 39,295,769 53%
(1) Classification of Inventories
Unit: RMB
Ending Balance Beginning Balance
Item Provision for Provision for
Carrying Carrying
Gross Amount Inventory Gross Amount Inventory
Amount Amount
Write-down Write-down
Raw Materials 674,631,363 83,174,790 591,456,573 680,956,325 72,824,242 608,132,083
Work in
progress
Inventory 1,699,874,332 121,884,203 1,577,990,129 1,281,629,525 32,037,860 1,249,591,665
CSG Semi-annual Report 2026
Ending Balance Beginning Balance
Item Provision for Provision for
Carrying Carrying
Gross Amount Inventory Gross Amount Inventory
Amount Amount
Write-down Write-down
Consumables 82,115,899 264,814 81,851,085 79,695,549 265,053 79,430,496
Total 2,495,249,673 205,323,807 2,289,925,866 2,074,276,710 105,127,155 1,969,149,555
(2) Provision for Inventory Write-downs and Impairment of Contract Costs
Unit: RMB
Increase for the Period Decrease for the Period
Beginning Ending
Item Reversal or
Balance Accrual Other Other Balance
Charge-off
Raw materials 72,824,242 13,791,901 3,441,353 83,174,790
Inventory 32,037,860 111,020,743 21,174,400 121,884,203
Consumables 265,053 239 264,814
Total 105,127,155 124,812,644 24,615,992 205,323,807
Unit: RMB
Impairmen Ending
Ending Gross Estimated
Item t Carrying Fair Value Timing
Amount Selling Costs
Allowance Amount
Certain long-term
assets of the
subsidiary to be
disposed of
Total 5,262,859 5,262,859
Note: On 25 December 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.
Unit: RMB
Item Ending Balance Beginning Balance
VAT to be Deducted 441,350,892 414,086,574
Advance Corporate Income Tax 8,486,572 3,481,337
Input Tax Pending Certification 57,688,899 56,658,842
Total 507,526,363 474,226,753
CSG Semi-annual Report 2026
(1) Investment Properties Measured at Fair Value
Unit: RMB
Buildings, structures, and land use
Item Total
rights
I. Beginning Balance 286,145,387 286,145,387
II. Changes During the Period
Add: Purchases
Transfer from inventories/fixed
assets/construction in progress
Other increases
Less: Disposals
Other Outflows
Change in fair value
Other
III. Ending Balance 286,145,387 286,145,387
Unit: RMB
Item Ending Balance Beginning Balance
Fixed assets 17,407,317,522 13,897,777,933
Total 17,407,317,522 13,897,777,933
(1) Fixed Assets
Unit: RMB
Buildings and Machinery and Vehicles and Other
Item Total
Structures Equipment Assets
I. Gross Amount:
Period
(1) Purchases 11,416,491 5,736,184 17,152,675
(2) Transfer from
construction in 886,273,449 3,512,682,918 14,171,310 4,413,127,677
progress
(3) Other increases 5,567,196 3,781,433 9,348,629
period
(1) Disposal or
Scrap
(2) Transferred to
construction in 5,498,857 5,498,857
progress
(3) Other decreases 2,833,463 20,455 2,853,918
CSG Semi-annual Report 2026
Buildings and Machinery and Vehicles and Other
Item Total
Structures Equipment Assets
II. Accumulated
Depreciation
Period
(1) Accrued 122,956,284 457,228,759 22,653,577 602,838,620
(2) Other increases 80,752 80,752
period
(1) Disposal or
Scrap
(2) Transferred to
construction in 955,986 955,986
progress
(3) Other decreases 105,036 13,381 118,417
III. Allowance for
Impairment
Period
(1) Accrued
(2) Transfer from
construction in 310,860,002 7,472,393 318,332,395
progress
period
(1) Disposal or
retirement
(2) Other decreases
IV. Carrying Amount
Amount
Carrying Amount
(2) Fixed Assets for Which Property Certificates Have Not Been Obtained
Unit: RMB
Reasons for Not Having Obtained Property
Item Carrying Amount
Certificates
Documents have been submitted but the process
Buildings and Structures 1,332,582,260 has not yet been completed, or the relevant land
use rights certificate has not yet been obtained.
Unit: RMB
CSG Semi-annual Report 2026
Item Ending Balance Beginning Balance
Construction in progress 521,893,228 4,420,551,577
Total 521,893,228 4,420,551,577
(1) Status of Construction in Progress
Unit: RMB
Ending Balance
Item Impairment
Gross Amount Carrying Amount
Reserve
New 50,000-ton-per-year High-Purity
Crystalline Silicon Project in Haixi Prefecture, 14,722,488 14,722,488
Qinghai Province
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
CSG Middle East Project 196,567,521 196,567,521
Wujiang Float Glass 600T/D Line Technical
Upgrade Project
Other Projects 113,393,366 815,761 112,577,605
Total 672,596,359 150,703,131 521,893,228
Continued
Beginning Balance
Item
Gross Amount Impairment Reserve Carrying Amount
New 50,000-ton-per-year High-Purity
Crystalline Silicon Project in Haixi Prefecture, 3,520,172,785 3,520,172,785
Qinghai Province
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
CSG Middle East Project 175,092,308 175,092,308
Wujiang Float Glass 600T/D Line Technical
Upgrade Project
Other Projects 133,780,805 1,013,942 132,766,863
Total 4,890,398,278 469,846,701 4,420,551,577
CSG Semi-annual Report 2026
(2) Changes in Significant Projects in the Stage of Construction in Progress During the Current Period
Unit: RMB
Percentag
e of Of which: Interest
Amount Cumulati Projec Cumulative Interest Capital
Budgeted Beginning Increase for Transferred to ve Project t Amount of Capitalized ization Source of
Project Name Ending Balance
Amount Balance the Period Fixed Assets Expendit Progre Capitalized for the Rate Funds
for the Period ures ss Interest Current for the
Relative Period Period
to Budget
New 50,000-ton-per-
year High-Purity
Crystalline Silicon Equity and
Project in Haixi
Prefecture, Qinghai
Province
Beihai Photovoltaic
Green Energy Equity and
Industrial Park
(Phase I) Project
Total 9,440,244,010 3,535,135,526 114,059,180 3,626,039,217 23,155,489 152,825,468 26,828,451
(3) Provision for Impairment of Construction in Progress for the Current Period
Unit: RMB
Increase for the Decreases for the Reason for
Item Beginning Balance Ending Balance
Period Period Accrual
Qingyuan South Glass Phase I Upgrade and
Technical Renovation Project
Wujiang Float Glass 600T/D Line Technical
Upgrade Project
Yichang South Glass Polysilicon Technical Upgrade
Project
CSG Semi-annual Report 2026
Increase for the Decreases for the Reason for
Item Beginning Balance Ending Balance
Period Period Accrual
Other Projects 1,013,942 198,181 815,761
Total 469,846,701 319,143,570 150,703,131
CSG Semi-annual Report 2026
(1) Right-of-use Assets
Unit: RMB
Item Leased Land Leased Buildings Other Leases Total
I. Gross Amount
Period
Period
II. Accumulated
Depreciation
Period
(1) Accrued 1,837,505 1,674,273 550,508 4,062,286
Period
(1) Other 512,421 512,421
III. Allowance for
Impairment
IV. Carrying Amount
Amount
Amount
(1) Intangible Assets
Unit: RMB
Patent Rights
Item Land Use Rights and Proprietary Mining Rights Other Total
Technology
I. Gross Amount
Balance
the Period
(1) Purchases 1,449,091 1,449,091
the Period
(1) Disposal 53,591 53,591
Balance
CSG Semi-annual Report 2026
Patent Rights
Item Land Use Rights and Proprietary Mining Rights Other Total
Technology
II. Accumulated
Amortization
Balance
the Period
(1) Accrued 16,702,442 14,584,788 39,602,137 3,360,434 74,249,801
the Period
(1) Disposal 53,591 53,591
Balance
III. Allowance
for Impairment
Balance
Balance
IV. Carrying
Amount
Carrying 1,106,514,220 161,168,428 877,262,598 20,295,511 2,165,240,757
Amount
Carrying 1,123,216,662 175,753,216 916,864,735 22,206,854 2,238,041,467
Amount
(2) Status of Land Use Rights for Which Property Certificates Have Not Been Obtained
Unit: RMB
Item Carrying Amount 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 3,832,222
right certificates, nor will this have a material adverse effect
on the Group’s operations.
(1) Gross Amount of Goodwill
Unit: RMB
Name of investee or transaction Beginning Increases for the Decreases for
Ending Balance
giving rise to goodwill Balance Period the Period
Tianjin Energy Conservation
Company
Xianning Optoelectronics Company 4,857,406 4,857,406
Shenzhen Display Company 389,494,804 389,494,804
Guangdong Licheng Company 696,000 696,000
Total 398,088,156 398,088,156
CSG Semi-annual Report 2026
(2) Provision for Impairment of Goodwill
Unit: RMB
Name of investee or transaction giving Beginning Increases for Decreases for the
Ending Balance
rise to goodwill Balance the Period Period
Shenzhen Display Company 389,494,804 389,494,804
Xianning Optoelectronics Company 4,857,406 4,857,406
Guangdong Licheng Company 696,000 696,000
Total 395,048,210 395,048,210
Unit: RMB
Beginning Increase for the Amortization Ending
Item Other Decreases
Balance Period for the Period Balance
Prepaid Expenses 68,644,513 1,684,538 8,541,288 61,787,763
Total 68,644,513 1,684,538 8,541,288 61,787,763
(1) Unoffset Deferred Tax Assets
Unit: RMB
Ending Balance Beginning Balance
Item Deductible Deductible
Temporary Deferred Tax Assets Temporary Deferred Tax Assets
Differences Differences
Provision for
impairment of assets
Tax-deductible losses 2,079,144,385 343,953,949 1,508,798,676 254,703,877
Government grants 195,432,462 29,548,595 195,036,329 31,338,741
Accrued expenses 4,778,155 718,925 10,211,362 1,531,704
Depreciation of fixed
assets and other
Total 3,315,185,532 530,185,109 2,672,456,166 432,978,783
(2) Unoffset Deferred Tax Liabilities
Unit: RMB
Ending Balance Beginning Balance
Item Taxable Temporary Deferred Tax Taxable Temporary Deferred Tax
Differences Liabilities Differences Liabilities
Depreciation of fixed
assets
Investment
properties
Total 784,043,942 153,016,393 792,826,533 155,245,332
CSG Semi-annual Report 2026
(3) Deferred Tax Assets or Liabilities Presented on a Net Basis
Unit: RMB
Ending offsetting Ending Balance of Beginning offsetting Beginning Balance
amount of deferred deferred tax assets amount of deferred of deferred tax
Item
tax assets and or liabilities after tax assets and assets or liabilities
liabilities offsetting liabilities after offsetting
Deferred tax assets 65,024,213 465,160,896 64,742,133 368,236,650
Deferred tax liabilities 65,024,213 87,992,180 64,742,133 90,503,199
(4) Breakdown of Unrecognized Deferred Tax Assets
Unit: RMB
Item Ending Balance Beginning Balance
Deductible temporary differences 643,004,652 699,815,573
Tax loss carryforwards 1,034,654,347 889,564,368
Total 1,677,658,999 1,589,379,941
(5) Unrecognized Deferred Tax Assets Arising from Tax Loss Carryforwards will Expire in the Following
Years
Unit: RMB
Year Ending Balance Beginning Balance Remarks
Total 1,034,654,347 889,564,368
Unit: RMB
Ending Balance Beginning Balance
Item Gross Impairment Carrying Impairment Carrying
Gross Amount
Amount Reserve Amount Reserve Amount
Prepaid
Construction and 208,918,625 208,918,625 126,386,549 126,386,549
Equipment Costs
Prepaid Land
Transfer Fees
Large-
Denomination
Certificates of
Deposit
Total 660,428,625 660,428,625 192,896,549 192,896,549
CSG Semi-annual Report 2026
Unit: RMB
End of Period
Item
Gross Amount Carrying Amount Type of Restriction Restriction Status
Cash and Cash Restricted due to margin, Cash and Cash
Equivalents freezing, etc. Equivalents
Notes receivable 684,153,704 684,153,704 Restricted due to pledges Notes receivable
Inventories 50,000,000 50,000,000 Restricted due to freeze Inventories
Fixed assets 1,357,670,030 1,357,670,030 Restricted finance leases Fixed assets
Intangible assets 942,504,841 760,876,304 Encumbered assets Intangible assets
Total 3,228,098,552 3,046,470,015
Continued
Beginning
Item
Gross Amount Carrying Amount Type of Restriction Restriction Status
Cash and Cash Restricted due to margin, Cash and Cash
Equivalents freezing, etc. Equivalents
Notes receivable 734,789,756 734,789,756 Restricted due to pledges Notes receivable
Inventories 50,000,000 50,000,000 Restricted due to freeze Inventories
Construction in Construction in
progress progress
Total 1,860,752,841 1,860,752,841
(1) Classification of Short-Term Borrowings
Unit: RMB
Item Ending Balance Beginning Balance
Secured Loans 444,796,953 396,418,363
Unsecured loans 25,500,000 24,500,000
Discounted bills 346,758,096 437,729,966
Super-short-term financing notes 300,000,000
Total 817,055,049 1,158,648,329
Unit: RMB
Type Ending Balance Beginning Balance
Commercial acceptances 478,077,772 342,035,440
Banker’s acceptances 2,251,706,338 2,084,167,324
Supply chain finance bills 136,877,233 131,509,887
Total 2,866,661,343 2,557,712,651
CSG Semi-annual Report 2026
(1) Presentation of Accounts Payable
Unit: RMB
Item Ending Balance Beginning Balance
Accounts Payable for Materials 1,129,659,648 1,065,072,111
Accounts Payable for Equipment 448,741,170 613,282,161
Accounts Payable for Construction 640,032,806 775,838,641
Freight payable 220,059,308 200,777,789
Utility expenses payable 50,140,336 91,758,503
Other 26,651,978 23,016,758
Total 2,515,285,246 2,769,745,963
(2) Significant Accounts Payable that Are More Than One Year Past Due or Overdue
Unit: RMB
Item Ending Balance Reason for non-repayment or carryover
Construction and equipment Not yet settled because the final accounting for the
payments, etc. relevant projects has not been completed.
Total 940,477,427
Unit: RMB
Item Ending Balance Beginning Balance
Interest Payable 8,400,519 13,362,151
Dividends Payable 94,275,333 34,482,724
Other Payables 372,459,332 321,668,864
Total 475,135,184 369,513,739
(1) Interest Payable
Unit: RMB
Item Ending Balance Beginning Balance
Interest on long-term borrowings with
interest paid in installments and 7,942,447 8,022,216
principal repaid at maturity
Interest payable on short-term
borrowings
Total 8,400,519 13,362,151
(2) Dividends Payable
Item Ending Balance Beginning Balance
CSG Semi-annual Report 2026
Dividends Payable to Minority
Shareholders
Dividends Payable to Ordinary
Shareholders
Total 94,275,333 34,482,724
(3) Other payables
Unit: RMB
Item Ending Balance Beginning Balance
Deposits and guarantees received 152,962,025 157,634,269
Accrued operating cost (i) 40,018,548 70,850,325
Accrued service fees 858,159 7,626,829
Receivables collected on behalf of
others
Amounts payable to minority
shareholders
Other 22,672,325 18,723,739
Total 372,459,332 321,668,864
(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.
Unit: RMB
Item Ending Balance Beginning Balance
Contract liabilities 316,417,380 369,377,265
Total 316,417,380 369,377,265
(1) Presentation of Employee Compensation Payable
Unit: RMB
Beginning Increases for the Decreases for the Ending
Item
Balance Period Period Balance
I. Short-Term Compensation 309,716,916 872,626,636 955,129,539 227,214,013
II. Post-Employment Benefits—
Defined Contribution Plan
III. Severance Benefits 20,225,062 14,495,426 34,720,488
Total 329,941,978 979,836,679 1,082,564,644 227,214,013
(2) Short-term Compensation Breakdown
Unit: RMB
CSG Semi-annual Report 2026
Beginning Increases for the Decreases for the
Item Ending Balance
Balance Period Period
Allowances, and Subsidies
Of which: Medical Insurance
Premiums
Workers’
Compensation Insurance 4,868,596 4,868,596
Premiums
Maternity Insurance
Premiums
Employee Education Funds
Total 309,716,916 872,626,636 955,129,539 227,214,013
(3) Schedule of Provisions
Unit: RMB
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Insurance
Insurance
Total 92,714,617 92,714,617
Unit: RMB
Item Ending Balance Beginning Balance
Value-Added Tax 40,800,862 32,598,517
Corporate Income Tax 13,282,463 14,251,334
Land Use Tax 6,665,944 2,833,696
Individual Income Tax 3,335,581 4,952,943
Urban Maintenance and
Construction Tax
Education Surcharge 1,454,280 1,367,782
Property Tax 15,681,863 11,179,665
Environmental Protection Tax 968,660 1,183,032
Other 4,076,742 3,843,929
Total 88,035,863 73,812,602
Unit: RMB
Item Ending Balance Beginning Balance
Long-term borrowings due within 1,970,132,361 1,678,481,868
CSG Semi-annual Report 2026
one year
Long-term payables due within one
year
Lease liabilities due within one year 4,078,715 3,922,656
Total 2,232,894,516 1,881,828,060
Unit: RMB
Item Ending Balance Beginning Balance
Input VAT to be transferred 37,151,895 40,910,486
Bills not meeting the criteria for
derecognition
Total 319,564,637 320,616,877
(1) Classification of Long-Term Borrowings
Unit: RMB
Item Ending Balance Beginning Balance
Secured Loans 5,009,009,157 5,487,134,015
Unsecured loans 3,633,725,000 3,074,210,000
Mortgage and guarantee loans 570,000,000
Subtotal 9,212,734,157 8,561,344,015
Less: Long-term borrowings due
within one year
Total 7,242,601,796 6,882,862,147
Unit: RMB
Item Ending Balance Beginning Balance
Lease Liabilities 27,766,365 26,980,539
Less: Lease liabilities due within one
year
Total 23,687,650 23,057,883
Unit: RMB
Item Ending Balance Beginning Balance
Long-term payables 715,190,006 594,270,580
Total 715,190,006 594,270,580
CSG Semi-annual Report 2026
(1) Long-term Payables Disclosed by Nature
Item Ending Balance Beginning Balance
Lease payables 973,873,446 793,694,116
Less: Long-term payables due within
one year
Total 715,190,006 594,270,580
Unit: RMB
Item Ending Balance Beginning Balance Reason for Recognition
Pending litigation 8,615,460
Asset retirement Estimated mine reclamation
obligations costs
Warranty provision 997,500
Total 20,019,293 27,378,869
Unit: RMB
Other
Beginning Increases for the Decreases for Ending
Item Decreases for Source
Balance Period the Period Balance
the Period
Government
grants
Total 301,071,111 1,000,000 17,799,177 284,271,934
Unit: RMB
Changes for the Period (Increase/Decrease)
Beginning Conversion Ending
Item Issuance
Balance Bonus of capital Balance
of New Other Subtotal
Shares reserves into
Shares
shares
Total
Number of 3,070,692,107 -28,223,296 -28,223,296 3,042,468,811
Shares
Unit: RMB
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 18,521,974 572,217,440
CSG Semi-annual Report 2026
Unit: RMB
Beginning Increases for the Decreases for the
Item Ending Balance
Balance Period Period
Treasury Stock 296,770,027 46,745,270 250,024,757
Total 296,770,027 46,745,270 250,024,757
Unit: RMB
Current Period Transactions
Current Profit (Loss)
Beginning Less: Net Income Ending
Item Period After Tax
Balance Income Attributable Balance
Amount Attributable
Tax to Minority
Before to the Parent
Expense Interest
Income Tax Company
I. Other
comprehensive
income reclassified
to profit or loss
Foreign currency
translation 5,994,927 -20,093,776 -20,093,776 -14,098,849
adjustments
Government
incentives for
energy-saving 2,550,000 2,550,000
technology
upgrades
Investment
properties
Total other
comprehensive 150,816,908 -20,093,776 -20,093,776 130,723,132
income
Unit: RMB
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Workplace Safety
Expenses
Total 6,302,910 3,368,530 2,338,858 7,332,582
Unit: RMB
Increases for the Decreases for the
Item Beginning Balance Ending Balance
Period Period
Legal Surplus
Reserve
Discretionary
Surplus Reserve
CSG Semi-annual Report 2026
Total 1,534,714,228 1,534,714,228
Unit: RMB
Item Current Period Amount Prior Period Amount
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
-421,151,211 74,531,505
the parent for the current period
Less: Transfer to statutory surplus reserve
Dividends payable on common stock 59,792,609 211,673,022
Retained earnings at end of period 7,608,049,598 8,087,056,678
Unit: RMB
Current Period Amount Prior Period Amount
Item
Revenue Cost Revenue Cost
Operating revenue 6,033,091,826 5,579,388,597 6,438,671,393 5,535,136,344
Other Operations 85,886,948 36,423,654 44,890,727 6,893,555
Total 6,118,978,774 5,615,812,251 6,483,562,120 5,542,029,899
Unit: RMB
Item Current Period Amount Prior Period Amount
Property Tax 29,862,281 27,506,645
Urban Maintenance and Construction
Tax
Education Surcharge 7,683,926 7,783,307
Land Use Tax 14,689,432 10,533,523
Stamp Tax 4,073,917 4,385,218
Environmental Protection Tax 1,983,943 2,549,386
Other 6,892,604 4,792,046
Total 74,413,461 67,161,401
Unit: RMB
Item Current Period Amount Prior Period Amount
Employee compensation 213,443,127 194,638,464
Depreciation and amortization 71,991,772 93,064,844
CSG Semi-annual Report 2026
Item Current Period Amount Prior Period Amount
Office expenses 11,541,854 11,860,200
Union dues 9,262,270 10,073,173
Entertainment and hospitality
expenses
Consulting fees 3,988,087 5,518,180
Cafeteria expenses 4,933,542 4,763,635
Travel expenses 3,953,096 4,001,509
Utilities 2,614,468 3,268,017
Vehicle usage fees 1,595,093 1,706,319
Rental expenses 876,564 161,801
Other 13,041,531 12,135,306
Total 344,028,291 347,299,806
Unit: RMB
Item Current Period Amount Prior Period Amount
Employee compensation 90,751,364 106,353,205
Entertainment and hospitality
expenses
Travel expenses 4,807,726 5,635,857
Sample costs 3,885,477 3,463,137
Rental fees 2,833,165 3,852,692
Depreciation 1,313,169 1,470,806
Advertising expenses 217,228 1,163,424
Transportation expenses 926,221 784,835
Office expenses 805,734 978,987
Insurance premiums 96,533 653,933
Vehicle usage fees 197,790 301,848
Other 3,338,149 7,385,118
Total 115,297,577 139,472,905
Unit: RMB
Item Current Period Amount Prior Period Amount
Research and development expenses 244,397,382 257,944,614
Total 244,397,382 257,944,614
Unit: RMB
CSG Semi-annual Report 2026
Item Current Period Amount Prior Period Amount
Interest expense 121,241,138 117,320,748
Interest income -13,598,034 -20,807,152
Foreign exchange gains and losses 11,046,027 -7,348,221
Other 5,825,364 3,407,653
Total 124,514,495 92,573,028
Unit: RMB
Source of Other Income Current Period Amount Prior Period Amount
Amortization of Government Grants 17,799,177 18,746,594
Tax Incentives and Rewards 16,561,315 27,063,934
Industrial Support Fund 449,200 335,320
Government Incentive Funds 12,591,248 17,997,850
Research Funding Grants 110,000 562,000
Other 1,487,431 3,859,744
Total 48,998,371 68,565,442
Unit: RMB
Item Current Period Amount Prior Period Amount
Investment income from financial assets held
for trading
Gain on debt restructuring 2,028,418 2,080,517
Interest on discounted notes -9,086,511 -9,247,781
Income from time deposits, etc. 3,626,070
Total 427,626 -4,451,443
Unit: RMB
Item Current Period Amount Prior Period Amount
Bad debt loss on notes receivable 538,362 -486,287
Bad debt loss on accounts
-32,010,870 -590,815
receivable
Bad debt loss on other receivables -44,908 -34,284
Total -31,517,416 -1,111,386
Unit: RMB
Item Current Period Amount Prior Period Amount
CSG Semi-annual Report 2026
Loss on inventory write-downs and
-124,812,644 -56,738,340
impairment of contract costs
Total -124,812,644 -56,738,340
Unit: RMB
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)
Unit: RMB
Amount Included in Non-
Item Current Period Amount Prior Period Amount recurring Income for the
Current Period
Gain on disposal of non-
current assets
Uncollectible amounts 2,470,899 3,048,003 2,470,899
Claim proceeds 1,714,597 3,724,269 1,714,597
Insurance claims 1,622,480 1,869,798 1,622,480
Other 1,764,867 1,527,845 1,764,867
Total 11,317,898 11,749,000 11,317,898
Unit: RMB
Amount Included in Non-
Item Current Period Amount Prior Period Amount recurring Income for the
Current Period
Loss on disposal of non-
current assets
Penalty expenses 1,833,012 1,758,508 1,833,012
Compensation expenses 1,746,431 112,252 1,746,431
Other 1,472,686 398,986 1,166,686
Total 5,487,482 2,464,381 5,181,482
(1) Income Tax Expense Statement
Unit: RMB
Item Current Period Amount Prior Period Amount
Current Period Income Tax Expense 24,910,969 27,857,305
Deferred Income Tax Expense -99,435,265 -37,044,182
Total -74,524,296 -9,186,877
CSG Semi-annual Report 2026
(2) Adjustments to Accounting Profit and Income Tax Expense
Unit: RMB
Item Current Period Amount
Total Profit -499,339,578
Income tax expense calculated at statutory/applicable tax rate -77,948,741
Impact of non-deductible costs, expenses, and losses 674,465
Impact of utilizing prior-period unrecognized deferred tax assets -5,360,289
Effect of deductible temporary differences or deductible losses for which
deferred tax assets were not recognized in the current period
Effect of change in tax rate 535,251
Adjustment for the impact of prior-period income taxes 4,550,858
Effect of tax incentives -32,909,047
Income tax expense -74,524,296
See Notes herein for details.
(1) Cash from Operating Activities
Other cash received from operating activities
Unit: RMB
Item Current Period Amount Prior Period Amount
Operating Deposits and Guarantees 20,465,657
Government Grants 16,545,871 28,113,378
Interest Income 13,660,458 20,752,671
Receipts and Payments on Behalf of
Others
Other 8,665,097 9,245,623
Total 188,407,850 58,111,672
Cash paid for other operating activities
Unit: RMB
Item Current Period Amount Prior Period Amount
Operating deposits and guarantees 35,885,986
Office expenses 22,017,324 21,043,810
Cafeteria expenses 21,545,059 21,618,130
Entertainment and hospitality
expenses
Insurance premiums 4,175,786 10,274,599
Maintenance expenses 13,730,983 15,751,881
Travel expenses 13,065,650 14,522,634
CSG Semi-annual Report 2026
Rental expenses 8,336,090 8,027,788
Vehicle usage fees 2,090,314 2,430,758
Consulting fees 6,306,543 7,439,891
Bank fees 4,195,128 2,683,202
Other 58,684,830 49,764,691
Total 169,507,350 205,333,993
(2) Cash from Investing Activities
Other cash outflows from investing activities
Unit: RMB
Item Current Period Amount Prior Period Amount
Deposits and guarantees paid 49,937,698 91,394,917
Total 49,937,698 91,394,917
Cash paid for significant investing activities
Unit: RMB
Item Current Period Amount Prior Period Amount
Expenditures on construction
projects
Expenditures on financial
investments
Total 2,789,389,188 2,482,200,085
(3) Cash from Financing Activities
Other cash received from financing activities
Unit: RMB
Item Current Period Amount Prior Period Amount
Lease payments received 86,775,000
Loans from minority shareholders 20,000,000
Total 106,775,000
Cash paid for other financing activities
Unit: RMB
Item Current Period Amount Prior Period Amount
Repayment of lease payments 110,896,397 277,985,532
Repayment of minority shareholder
loans
Total 116,096,397 279,585,532
Changes in Liabilities Arising from Financing Activities
Unit: RMB
Increases for the Period Decreases for the Period
Beginning
Item Non-cash Non-cash Ending Balance
Balance Cash Flow Cash Flow
Changes Changes
CSG Semi-annual Report 2026
Increases for the Period Decreases for the Period
Beginning
Item Non-cash Non-cash Ending Balance
Balance Cash Flow Cash Flow
Changes Changes
Short-term
borrowings
Long-term
borrowings
(including long-
term borrowings
due within one
year)
Total 9,719,992,344 2,198,267,812 2,363,356 1,693,606,237 197,228,069 10,029,789,206
(1) Supplementary Information to the Statement of Cash Flows
Unit: RMB
Supplementary Information Current Period Amount Prior Period Amount
Operating Activities
net profit -424,815,282 64,496,634
Add: Provision for asset impairment 156,330,060 57,849,726
Depreciation of fixed assets, depletion of oil and gas assets,
and depreciation of productive biological assets
Depreciation of right-of-use assets 4,062,286 3,853,633
Amortization of intangible assets 74,249,801 75,015,638
Amortization of long-term prepaid expenses 8,541,288 6,959,360
Loss (gain) on disposal of fixed assets, intangible assets,
-4,528,454 -4,064,848
and other long-term assets (gain shown with a “?” sign)
Financial expenses (gains are reported with a “-” sign) 121,241,138 117,320,748
Investment loss (gains indicated with a “?”) -427,626 4,451,443
Decrease (increase shown with a “?” sign) in deferred tax
-96,924,246 -30,740,214
assets
Increase (decrease; enter with a “?” sign) in deferred tax
-2,511,019 -6,303,968
liabilities
Decrease in inventories (enter “-” for an increase) -445,588,955 -406,973,182
Decrease in operating receivables (enter increases with a
“?” sign)
Increase in operating payables (decreases are indicated
-39,860,148 258,985,756
with a “?”)
Other 3,368,530 2,177,153
Net cash flow from operating activities 205,008,283 384,695,267
Cash balance at the end of the period 2,831,239,744 2,978,286,097
Less: Beginning cash balance 2,981,170,323 3,367,873,386
Net increase in cash and cash equivalents -149,930,579 -389,587,289
CSG Semi-annual Report 2026
(2) Composition of Cash and Cash Equivalents
Unit: RMB
Item Ending Balance Beginning Balance
I. Cash 2,831,239,744 2,981,170,323
Of which: Cash on hand 351,171 151,026
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
Unit: RMB
Reason for Exclusion
Item Current Period Amount Prior Period Amount from Cash and Cash
Equivalents
Maturity withdrawals from
Other monetary funds 120,800,000 24,800,000
time deposits
Restricted cash, such as
Other monetary funds 193,769,977 136,004,824
security deposits
Total 314,569,977 160,804,824
(1) Foreign Currency Monetary Items
Unit: RMB
Foreign Currency Balance
Item Conversion Rate Ending RMB Balance
at End of Period
Cash and cash equivalents 221,681,191
Of which: U.S. dollars 30,855,838 6.8109 210,156,026
Euro 640,851 7.7671 4,977,551
HKD 5,611,124 0.8686 4,873,822
Japanese Yen 32,844,381 0.0420 1,379,464
Dirham 154,966 1.8511 286,858
Singapore dollars 710 5.2605 3,737
Australian dollars 798 4.6804 3,733
Accounts receivable 259,342,605
Of which: U.S. dollars 37,910,864 6.8109 258,207,105
HKD 1,307,276 0.8686 1,135,500
Accounts payable 13,380,436
Of which: US dollars 1,697,040 6.8109 11,558,370
Euro 47,011 7.7671 365,139
Japanese yen 31,704,238 0.0420 1,331,578
CSG Semi-annual Report 2026
Foreign Currency Balance
Item Conversion Rate Ending RMB Balance
at End of Period
Pounds 11,000 9.0145 99,160
HKD 30,151 0.8686 26,189
(1) The Company as Lessee
√ Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not applicable
Lease costs for short-term leases or low-value assets that adopt a simplified accounting approach
√ Applicable □ Not applicable
For January-June 2026, lease costs for the Group’s short-term leases or low-value assets that adopt a simplified
accounting approach were RMB 8,588,781.
Circumstances involving sale-and-leaseback transactions
For January-June 2026, total cash outflows related to sale-and-leaseback transactions amounted to RMB 0.00.
VIII. Research and Development Expenditures
Unit: RMB
Item Current Period Amount Prior Period Amount
Materials 128,335,452 130,842,383
Labor 82,917,081 96,403,094
Expenses and other 33,144,849 30,699,137
Total 244,397,382 257,944,614
Of which: Expensed research and
development expenses
IX. Changes in the Scope of Consolidation
(1) On 24 April 2026, the Group established Hubei CSG Optical Technology Co., Ltd. As of 30 June 2026, the
Group had made a capital contribution of RMB 1 million, and the Group holds 100% of its shares;
(2) On 10 June 2026, the Group established CHINASOUTHERNGLASS (AUSTRALIA) PTY LTD (CSG Australia
Co., Ltd.). As of 30 June 2026, the Group had not made any capital contributions, and the Group holds 100% of its
shares;
(3) Fogang CSG Mining Development Co., Ltd., Yingde CSG Mining Co., Ltd. and Shenzhen Xinjingquan
Technology Co., Ltd. were deregistered in January 2026, April 2026 and May 2026, respectively, and are no longer
included in the scope of consolidation.
CSG Semi-annual Report 2026
X. Interests in Other Entities
(1) Composition of the Corporate Group
Unit: RMB
Ownership Method
Principal Place of
Name of Registered Nature of Percentage of
Place of Registratio
Subsidiary Capital Business Acquisitio
Business n Direct Indirect
n
Development,
production, and
Chengdu South Chengdu, Chengdu, Establishe
Glass Company China China d
special glass
products
Sichuan Energy
Chengdu, Chengdu, Continuin
Conservation 180,000,000 Glass Processing 75% 25%
China China g Division
Company
Tianjin Energy
Tianjin, Tianjin, Establishe
Conservation 336,000,000 Glass Processing 75% 25%
China China d
Company
Dongguan
Dongguan, Dongguan, Establishe
Engineering 270,000,000 Glass Processing 77.78% 22.22%
China China d
Company
Manufacture and
Dongguan Solar Dongguan, Dongguan, sale of special Establishe
Company China China glass and solar d
glass
Manufacturing
Dongguan and sales of high-
Dongguan, Dongguan, Establishe
Photovoltaic 516,000,000 tech green battery 100%
China China d
Company products and their
components
Manufacture and
Yichang Silicon
Yichang, Yichang, sale of high- Establishe
Materials 1,467,980,000 75% 25%
China China purity silicon d
Company
materials
Wujiang
Wujiang, Wujiang, Establishe
Engineering 320,000,000 Glass Processing 75% 25%
China China d
Company
Manufacturing
Hebei South
Yongqing, Yongqing, and selling Establishe
Glass Company 48,066,000 75% 25%
China China various types of d
(Note 1)
special glass
Manufacture and
Wujiang South Wujiang, Wujiang, sale of special Establishe
Glass Company China China glass and solar d
glass
Hong Hong
CSG Hong Kong Investment Establishe
Co. Ltd. (Note 2) holding d
China China
Manufacture and
Xianning Float Xianning, Xianning, sale of special Establishe
Glass Company China China glass and solar d
glass
Xianning Energy Xianning, Xianning, Continuin
Conservation China China g Division
CSG Semi-annual Report 2026
Ownership Method
Principal Place of
Name of Registered Nature of Percentage of
Place of Registratio
Subsidiary Capital Business Acquisitio
Business n Direct Indirect
n
Company
Manufacture and
Qingyuan Energy
China Qingyuan, sale of various Establishe
Conservation 1,055,000,000 100%
Qingyuan China types of ultra-thin d
Company
electronic glass
Shenzhen CSG
Shenzhen, Shenzhen, Financial leasing Establishe
Financial Leasing 300,000,000 75% 25%
China China business, etc. d
Co. Ltd.
Production and
Jiangyou Sand Jiangyou, Jiangyou, sale of silica sand Establishe
Mining Company China China and its by- d
products
Manufacturing
Shenzhen Display Shenzhen, Shenzhen, and sales of
Company China China display
components
Zhaoqing Energy
Zhaoqing, Zhaoqing, Establishe
Conservation 200,000,000 Glass Processing 100%
China China d
Company
Zhaoqing
Zhaoqing, Zhaoqing, Establishe
Automobile 200,000,000 Glass Processing 100%
China China d
Company
Anhui New Fengyang, Fengyang, Manufacture and Establishe
Energy Company China China sale of solar glass d
Anhui Quartz Fengyang, Fengyang, Quartzite mining Establishe
Company China China and processing d
Anhui Silicon
Fengyang, Fengyang, Establishe
Valley Mingdu 360,000,000 Mining 60%
China China d
Mining Co., Ltd.
Xi’an Energy
Xi’an, Xi’an, Establishe
Conservation 150,000,000 Glass Processing 55% 45%
China China d
Company
Manufacture and
Qinghai New Delingha, Delingha, sale of high- Establishe
Energy Company China China purity silicon d
materials
Guangxi New
Beihai, Beihai, Manufacture and Establishe
Energy Materials 850,000,000 75% 25%
China China sale of solar glass d
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
XI. Government Grants
Unit: RMB
Amount
New Amount
Recognized Other
Subsidy Transferred
Accounting Beginning as Non- Changes Ending Related to
Amount for to Other
Item Balance operating for the Balance Assets/Income
the Current Income for
Income for Period
Period the Period
the Period
CSG Semi-annual Report 2026
Deferred
income
Total 301,071,111 1,000,000 17,799,177 284,271,934
Unit: RMB
Accounting Item Current Period Amount Prior Period Amount
Amortization of Government Grants 17,799,177 18,746,594
Other Government Grants 15,115,532 26,063,896
Total 32,914,709 44,810,490
XII. 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,
CSG Semi-annual Report 2026
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
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 29% of the Group’s total
accounts receivable (2025: 34%). 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 46% of the Group’s total other receivables (2025: 59%).
(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
CSG Semi-annual Report 2026
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):
Ending Balance
Item Within one Over five
year years
Financial liabilities:
Short-term borrowings 822,185,821 822,185,821
Notes payable 2,866,661,343 2,866,661,343
Accounts payable 2,515,285,246 2,515,285,246
Other payables 475,135,184 475,135,184
Non-current liabilities due
within one year
Other current liabilities 319,564,637 319,564,637
Long-term borrowings 195,452,396 3,036,492,809 4,306,523,058 178,434,489 7,716,902,752
Lease liabilities 4,543,923 7,207,583 11,936,144 23,687,650
Long-term payables 230,783,391 484,406,615 715,190,006
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):
Beginning Balance
Item Within one Over five
year years
Financial liabilities:
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
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
CSG Semi-annual Report 2026
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to
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 Ending Balance Beginning Balance
Fixed-rate contracts 759,502,841 975,348,358
Floating-rate contracts 6,483,098,955 5,907,513,789
Total 7,242,601,796 6,882,862,147
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
CSG Semi-annual Report 2026
relative to total assets and liabilities is not material. Therefore, the Group considers the foreign exchange risk it faces
to be immaterial.
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 Beginning Beginning
Ending Balance Ending Balance
Balance Balance
USD 11,558,370 17,657,897 468,363,131 363,438,191
HKD 26,189 12,307 6,009,322 7,636,352
Other 1,795,877 1,777,577 6,651,343 27,750,065
Total 13,380,436 19,447,781 481,023,796 398,824,608
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 30 June 2026, 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 38,828,405 (31 December 2025: decrease or increase of
approximately RMB 29,391,325).
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 58% (end of the previous year: 57%).
XIII. Disclosures on Fair Value
Unit: RMB
Fair value at the end of the period
Item Level 1 Level 2 Level 3
Fair value Fair value Fair value Total
measurement measurement measurement
I. Fair Value Measurement -- -- -- --
CSG Semi-annual Report 2026
Fair value at the end of the period
Item Level 1 Level 2 Level 3
Fair value Fair value Fair value Total
measurement measurement measurement
on an Ongoing Basis
Structured Deposits 50,000,000 50,000,000
Accounts Receivable
Financing
Investment Properties 286,145,387 286,145,387
Total 50,000,000 953,542,013 1,003,542,013
XIV. Related Parties and Related-Party Transactions
The Company has no parent company.
For details regarding the Company’s subsidiaries, please refer to Note “X. 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 Guangzhou General Hospital Co. Ltd. Affiliate of the Company’s Largest Shareholder
Shenzhen Hongtu Construction Co. Ltd. Affiliate of the Company’s Largest Shareholder
Suzhou Baoqi Logistics Co. Ltd. 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
Unit: RMB
Details of
Current Period Prior Period
Related Party Related-Party
Amount Amount
Transactions
Services
Qianhai Life Insurance Co. Ltd. 4,628,842 4,069,565
Received
CSG Semi-annual Report 2026
Details of
Current Period Prior Period
Related Party Related-Party
Amount Amount
Transactions
Services
Qianhai Life Guangzhou General Hospital Co. Ltd. 164,950 86,480
Received
Total 4,793,792 4,156,045
Statement of Sales of Goods/Provision of Services
Unit: RMB
Details of Related- Current Period Prior Period
Related Party
Party Transactions Amount Amount
Other Related Parties Sales of Goods 34,371 3,640
Total 34,371 3,640
(1) Accounts Receivable
Unit: RMB
Ending Balance Beginning Balance
Item Name Related Party Allowance Allowance for
Gross Amount for Doubtful Gross Amount Doubtful
Accounts Accounts
Accounts Shenzhen Hongtu
Receivable Construction Co. Ltd.
Accounts Shenzhen Jinsheng Supply
Receivable Chain Co. Ltd.
Prepaid Qianhai Life Insurance Co.
Expenses Ltd.
Total 7,912,990 7,517,341 8,476,922 7,517,341
(2) Accounts Payable
Unit: RMB
Item Name Related Party Ending Gross Amount Beginning Gross Amount
Other Payables Suzhou Baoqi Logistics Co. Ltd. 300,000 300,000
Other Payables Qianhai Life Insurance Co. Ltd. 40,000
Contract
Other related parties 510,723 360,758
Liabilities
Total 810,723 700,758
XV. Share-based Payments
□ Applicable √ Not applicable
CSG Semi-annual Report 2026
□ Applicable √ Not applicable
□ Applicable √ Not applicable
□ Applicable √ Not applicable
XVI. 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:
Unit: RMB
Item Ending Balance Beginning Balance
Buildings, Structures, and Machinery and Equipment 303,175,909 226,478,660
(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
Wujiang
Jiangsu Huajian CSG Suzhou Corporate District
Construction 20,560,667
Construction Co., Headquarters Management People’s Pending
Contract Dispute
Ltd. (Note 1) Co. Ltd. Court of
Suzhou City
Hefei
Hefei Construction Anhui CSG New Energy
Construction Intermediate 42,124,294
Engineering Group Materials Technology Co. Pending
Contract Dispute People’s
Co., Ltd. (Note 2) Ltd.
Court
Fengyang
Sichuan Shuncheng Anhui CSG New Energy
Construction County 31,972,688
Construction (Group) Materials Technology Co. Pending
Contract Dispute People’s
Co., Ltd. (Note 3) Ltd.
Court
Fengyang
Jiangsu Zhongyi Anhui CSG New Energy
Construction County 37,539,794
Construction Group Materials Technology Co. Pending
Contract Dispute People’s
Co., Ltd. (Note 4) Ltd.
Court
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.
CSG Semi-annual Report 2026
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.
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.
XVII. Events Subsequent to the Balance Sheet Date
None.
XVIII. 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 Energy 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
Unit: RMB
Electronic
Solar Energy Unallocated Inter-segment
Item Glass Glass and Total
and Other Amount Eliminations
Display
Revenue from
external 5,378,082,754 523,639,853 216,727,474 528,693 6,118,978,774
transactions
CSG Semi-annual Report 2026
Inter-segment
revenue
Interest expense 68,711,596 3,194,044 5,411,251 43,924,247 121,241,138
Depreciation and
amortization
Total Profit -352,591,314 10,198,493 -140,233,731 -16,713,026 -499,339,578
Total Assets 19,327,196,135 2,895,289,786 7,231,273,211 1,829,282,545 31,283,041,677
Total Liabilities 11,029,989,506 625,757,142 3,143,052,992 3,433,226,450 18,232,026,090
Increase in non-
current assets
XIX. Notes to Major Items in the Parent Company’s Financial Statements
(1) Disclosure by Age
Unit: RMB
Age Ending Gross Amount Beginning Gross Amount
Within 1 year (including 1 year) 159,892,973 274,825,872
Total 159,892,973 274,825,872
(2) Disclosure by Bad Debt Provision Method
Unit: RMB
Ending Balance
Allowance for Doubtful
Category Gross Amount
Accounts
Carrying Amount
Allowance
Amount Percentage Amount
Ratio
Accounts receivable for
which allowance for
doubtful accounts is
calculated by group
Total 159,892,973 100% 2,215,145 1.39% 157,677,828
Continued
Beginning Balance
Allowance for Doubtful
Category Gross Amount
Accounts
Carrying Amount
Allowance
Amount Percentage Amount
Ratio
Accounts receivable for
which allowance for
doubtful accounts is
calculated by group
Total 274,825,872 100% 274,825,872
CSG Semi-annual Report 2026
(3) Top Five Accounts Receivable and Contract Assets by Debtor at the End of the Period
Unit: RMB
Ending Balance
Percentage of
of Allowance for
Ending Balance Total Ending
Ending Balance Ending Balance Doubtful
of Accounts Balance of
Company Name of Accounts of Contract Accounts and
Receivable and Accounts
Receivable Assets Impairment
Contract Assets Receivable and
Reserve for
Contract Assets
Contract Assets
Total of the top 5
accounts
receivable by
balance
Total 159,872,765 159,872,765 99.99% 2,215,145
Unit: RMB
Item Ending Balance Beginning Balance
Dividends Receivable 27,873,015 27,873,015
Other Receivables 3,280,319,334 2,824,626,577
Total 3,308,192,349 2,852,499,592
(1) Dividends Receivable
Unit: RMB
Nature of the item Ending Balance Beginning Balance
Dividends receivable from
subsidiaries
Total 27,873,015 27,873,015
(2) Other Receivables
Unit: RMB
Nature of Receivables Ending Gross Amount Beginning Gross Amount
Amounts due from related parties 3,272,227,104 2,819,243,388
Other 8,154,576 5,436,095
Total 3,280,381,680 2,824,679,483
Unit: RMB
Age Ending Gross Amount Beginning Gross Amount
Within 1 year (including 1 year) 2,785,184,996 2,234,430,826
Over 1 year 495,196,684 590,248,657
CSG Semi-annual Report 2026
Total 3,280,381,680 2,824,679,483
Unit: RMB
Ending Balance
Allowance for Doubtful
Category Gross Amount
Accounts
Carrying Amount
Allowanc
Amount Percentage Amount
e Ratio
Allowance for doubtful
accounts on an individual 36,000 36,000 100%
basis
Allowance for doubtful
accounts by portfolio
Of which:
Related party
consolidation
Non-related party
portfolio
Total 3,280,381,680 100% 62,346 3,280,319,334
Continued
Beginning Balance
Allowance for Doubtful
Category Gross Amount
Accounts
Carrying Amount
Percentag Allowanc
Amount Amount
e e Ratio
Allowance for doubtful
accounts on an individual 36,000 36,000 100%
basis
Allowance for doubtful
accounts by portfolio
Of which:
Related party
consolidation
Non-related party
portfolio
Total 2,824,679,483 100% 52,906 2,824,626,577
Allowance for doubtful accounts calculated using the general expected credit loss model:
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
Allowance for Doubtful losses over the
Expected credit losses over the Total
Accounts entire life of the
losses over the next entire life of the
loan (with credit
impairment losses
impairment losses)
recognized)
Balance as of 1 January 2026 16,906 36,000 52,906
Balance as of 1 January 2026,
during the current period
——Transferred to Phase 2
CSG Semi-annual Report 2026
Stage 1 Stage 2 Stage 3
Expected credit
Expected credit
Allowance for Doubtful losses over the
Expected credit losses over the Total
Accounts entire life of the
losses over the next entire life of the
loan (with credit
impairment losses
impairment losses)
recognized)
——Transferred to Phase 3
——Transferred back to
Phase 2
——Transferred back to
Phase 1
Accrual for the current period 9,440 9,440
Reversal for the period
Write-offs for the period
Other changes
Balance as of 30 June 2026 26,346 36,000 62,346
Period
Allowance for doubtful accounts for the current period:
Unit: RMB
Changes for the Period
Beginning Ending
Category Recovered or Charge-off or
Balance Provision Other Balance
Reversed Write-off
Allowance for
doubtful
accounts— 52,906 9,440 62,346
other accounts
receivable
Total 52,906 9,440 62,346
Unit: RMB
Percentage of Ending Balance
Nature of the Total Other of Allowance for
Company Name Ending Balance Aging
Payment Receivables at Doubtful
End of Period Accounts
Advance
Entity A 1,126,931,163 Within 1 year 34%
payment
Advance
Entity B 351,752,167 Within 1 year 11%
payment
Advance
Entity C 278,420,952 Within 1 year 8%
payment
Advance
Unit D 255,698,434 Within 2 years 8%
payment
Advance
Unit E 210,070,189 Within 2 years 6%
payment
Total 2,222,872,905 67%
CSG Semi-annual Report 2026
Unit: RMB
Ending Balance Beginning Balance
Item Impairment Carrying Impairment Carrying
Gross Amount Gross Amount
Allowance Amount Allowance Amount
Investment in
subsidiaries
Total 10,775,821,440 15,000,000 10,760,821,440 10,552,821,440 15,000,000 10,537,821,440
CSG Semi-annual Report 2026
(1) Investments in Subsidiaries
Unit: RMB
Beginning Beginning Changes during the Period Ending
Ending Balance
Balance Balance of Balance of
Investee Additional Decrease Provision for (Carrying
(Carrying Impairment Other Impairment
Investments Investment Impairment Amount)
Amount) Allowance Allowance
Chengdu Glass Company 151,397,763 151,397,763
Sichuan Energy Conservation Company 119,256,949 119,256,949
Tianjin Energy Conservation Company 247,833,327 247,833,327
Dongguan Engineering Company 222,276,243 222,276,243
Dongguan Solar Company 355,120,247 355,120,247
Dongguan Photovoltaic Company 604,099,854 604,099,854
Yichang Silicon Materials Company 909,960,170 909,960,170
Wujiang Engineering Company 254,401,190 254,401,190
Hebei South Glass Company 266,189,705 266,189,705
CSG Hong Kong Co. Ltd. 87,767,304 87,767,304
Wujiang Glass Company 567,645,430 567,645,430
Jiangyou CSG Mining Development Co.
Ltd.
Xianning Float Glass Company 181,116,277 181,116,277
Xianning Energy Conservation Company 165,452,035 165,452,035
Qingyuan Energy Conservation
Company
Shenzhen CSG Financial Leasing Co.
Ltd.
Shenzhen Display Devices Co., Ltd. 550,765,474 550,765,474
Zhaoqing Energy Conservation
Company
Zhaoqing CSG Automotive Glass Co.
Ltd.
Anhui New Energy Company 1,750,000,000 1,750,000,000
CSG Semi-annual Report 2026
Anhui Quartz Company 75,000,000 75,000,000
Anhui CSG Silicon Valley Mingdu
Mining Development Co. Ltd.
Xi’an Energy Conservation Company 82,500,000 82,500,000
Guangxi New Energy Materials
Company
CGCC (Suzhou) Corporate Headquarters
Management Co., Ltd.
Shenzhen CSG Quartz Material Industry
Co. Ltd.
Shenzhen CSG New Energy Industry
Development Co. Ltd.
Other 192,392,197 15,000,000 223,000,000 415,392,197 15,000,000
Total 10,537,821,440 15,000,000 223,000,000 10,760,821,440 15,000,000
CSG Semi-annual Report 2026
Unit: RMB
Current Period Amount Prior Period Amount
Item
Revenue Cost Revenue Cost
Operating revenue 528,693 1,610,864
Other Operations 133,943,971 155,083,528
Total 134,472,664 156,694,392
Unit: RMB
Item Current Period Amount Prior Period Amount
Investment income on long-term equity
investments accounted for using the cost 696,826,694 200,488,459
method
Investment income from financial assets
held for trading
Income from time deposits, etc. 2,554,326
Total 703,240,669 203,204,280
XX. Supplementary Information
√Applicable □Not applicable
Unit: RMB
Descriptio
Item Amount
n
Gain (Loss) on Disposal of Non-Current Assets 4,528,454
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 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 liabilities, excluding effective hedging
transactions related to the Company’s normal business operations
Reversal of impairment reserves for receivables tested individually 7,951,135
Gains or losses on debt restructuring 1,909,664
Other non-operating income and expenses, other than those listed above 2,826,714
Less: Income tax effect 6,710,060
Impact on non-controlling interests (after tax) 2,235,968
Total 48,554,618
CSG Semi-annual Report 2026
Earnings Per Share
Weighted Average
Profit for the Reporting Period Basic Earnings Per Diluted Earnings Per Share
Return on Equity
Share (RMB/share) (RMB/share)
Net profit attributable to common
-3.26% -0.14 -0.14
shareholders
Net profit attributable to common
shareholders of the Company,
-3.63% -0.16 -0.16
excluding non-recurring gains and
losses
Board of Directors of
CSG Holding Co., Ltd.
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