南玻B：2023年一季度报告(英文版)

CSG HOLDING CO., LTD.

THE First QUARTER REPORT 2023

Chairman of the Board:

CHEN LIN

April 2023

Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2023-020

CSG Holding Co., Ltd.The First Quarter Report 2023The Company and all the members of the Board of Directors confirm that the informationdisclosed is authentic, accurate and complete, and there are no any fictitious statements,misleading statements or significant omissions carried in this report.Important Notice:

1. Board of Directors and the Supervisory Committee and its directors, supervisors and seniorexecutives hereby confirm that the Quarter Report is authentic, accurate and complete and thereare no any fictitious statements, misleading statements, or significant omissions carried in thisreport, and shall take individual and joint legal responsibilities.

2. Head of the Company, responsible person in charge of accounting and principal of the financialdepartment (accounting officer) confirm that the financial information in this Quarter Report isauthentic, accurate and complete.

3. Whether the First Quarter Report has been audited or not

□ Yes √ No

This report is prepared both in Chinese and English. Should there be any inconsistency betweenthe Chinese and English versions, the Chinese version shall prevail.I. Main financial data（I）Major accounting data and financial indicatorsWhether it has retroactive adjustment or re-statement on previous accounting data

□Yes √No

(II) Item and amount of non-recurring gains and losses

√Applicable □ Not applicable

Unit: RMB

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 forCompanies 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 Disclosureof Companies Offering Securities to the Public - Non-recurring Profit and Loss" were defined as recurring profit and loss items inthe report period.

(III) Statement of change in the major accounting data and financial indicators and thecauses

√Applicable □ Not applicable

Unit: RMB

Notes:

1.The decrease in monetary funds was mainly due to the redemption of matured corporate bonds;

2. The increase in notes receivable was mainly due to an increase in pledged invoicing of notes receivable;

3. The increase in accounts receivable was mainly due to the increase in sales revenue of photovoltaic glass;

4. The increase in non-current assets due within one year was due to the fact that some large certificates of deposit wouldexpire within one year;

5. The increase of other current assets was mainly due to the increase of input tax to be deducted by some subsidiaries;

6. The decrease in construction in progress was mainly due to the transfer of completed projects under construction to fixedassets of some subsidiaries;

7. The increase in long-term deferred expenses was mainly due to an increase in amortization items;

8. The increase of other non-current assets was mainly caused by the increase of advance payment for engineering equipmentof subsidiaries;

9. The increase in short-term borrowings was mainly caused by the increase in borrowings of subsidiaries;

10. The decrease in employee compensation payable was mainly due to the payment of year-end bonuses for employeesaccrued in the previous year during the report period;

11. The decrease in non-current liabilities due within one year was mainly due to the redemption of matured corporate bonds;

12. The increase in special reserves was mainly due to the provision of special reserves;

13. The increase in operating income was mainly due to the increase in silicon materials and photovoltaic glass business;

14. The increase in operating costs was mainly due to the increase in silicon materials and photovoltaic glass business;

15. The increase in research and development expenses was mainly due to the increase in research and development;

16. The decrease in other income was mainly due to the decrease in amortization of deferred income of subsidiaries;

17. The decrease in investment returns was mainly due to a decrease in structural deposit returns;

18. The increase in credit impairment losses was mainly due to an increase in accounts receivable for photovoltaic glass;

19. The change in asset impairment loss was mainly due to the fact that it did not occur in the current period and the amountof the previous period was relatively small;

20. The decrease in asset disposal income was mainly due to the relatively small amount of asset disposal in the currentperiod;

21. The increase in non-operating income was mainly due to an increase in insurance claims and payments that cannot be paid;

22. The decrease in non-operating expenses was mainly due to compensation expenses and other decreases;

23. The decrease in minority shareholder gains and losses was mainly due to a decrease in net profit of non wholly-ownedsubsidiaries;

24. The increase in the net amount of other comprehensive income after tax was mainly due to changes in the translationdifferences in foreign currency statements.II. Information of shareholders(I) The total number of common shareholders and the number of preference shareholders with votingrights recovered as well as the top ten shareholders

Unit: Share

Special note: On July 11, 2022, at the Company's Second Extraordinary General Meeting in 2022, Foresea Life Insurance Co., Ltd.voted in favor of all proposals, and Zhongshan Runtian Investment Co., Ltd. voted against all proposals, Chengtai Group Co., Ltd.voted against all the proposals with the shares held by China Galaxy International Securities (Hong Kong) Co., Limited; on August3, 2022, at the Company's Third Extraordinary General Meeting in 2022, Foresea Life Insurance Co., Ltd. voted in favor of allproposals, and Zhongshan Runtian Investment Co., Ltd. voted against all proposals.(II) The total number of preference shareholders of the company and particulars about the top tenpreference shareholders

□ Applicable √ Not applicable

III. Statement on other important matters

√Applicable □ Not applicable

1 .Public issuance of corporate bondsOn March 2, 2017, the 2nd Extraordinary General Meeting of Shareholders in 2017 reviewed and approved “the Proposal on thePublic Issuance of Corporate Bonds for Qualified Investors". On February 27, 2019, the First Extraordinary General Meeting ofShareholders in 2019 The “Proposal on Extending the Validity Period of the Shareholders' Meeting for the Public Offering ofCorporate Bonds to Qualified Investors” agreed to issue corporate bonds with a total issue of no more than RMB 2 billion and aterm of no more than 10 years. On June 26, 2019, the Company received the “Approval of Approving CSG Holding Co., Ltd. toIssue Corporate Bonds to Qualified Investors” issued by China Securities Regulatory Commission (ZJXK [2019] No. 1140). OnMarch 24, 2020 and March 25, 2020, the Company issued the first batch of corporate bonds with total amount of RMB 2 billionand valid term of 3 years at the issuance rate of 6%, and completed the redemption and delisting on March 27, 2023 (the originalredemption date for this bond was March 25, 2023, but due to a statutory rest day, it was postponed to the first trading daythereafter).

2. Guarantee situation

The 2021 Annual General Meeting of the Company reviewed and passed the Proposal for the 2022 Guarantee Plan, and agreed toprovide a total amount of not exceeding RMB16,268 million (including the effective and unexpired amount) for the 2022 creditline from financial institutions to subsidiaries at all levels within the scope of consolidated statements (hereinafter referred to as“all subsidiaries”). Among them, the total amount of guarantee for all subsidiaries with an asset-liability ratio below 70% shall notexceed the equivalent amount of RMB15,018 million (including the effective and unexpired amount), and the total amount ofguarantee for all subsidiaries with an asset-liability ratio of 70% or above shall not exceed the equivalent amount of RMB1,250million (including the effective and unexpired amount).The Company’s external guarantees are all provided for subsidiaries withinthe scope of consolidated statement. As of March 31, 2023, the actual guarantee balance incurred was RMB 4674.94 million(including RMB 291.24 million for companies with an asset liability ratio of 70% or above), accounting for 36.37% of the netassets attributable to the parent company at the end of 2022 of RMB 12854.88 million and 18.05% of the total assets of RMB2590.41 million. The company has no overdue guarantees.The Company’s 2021 Annual General Meeting reviewed and passed the Proposal on the Development of Asset Pool Business in2022. In order to achieve the overall management of the Company’s assets such as bills and letters of credit, the General Meetingof Shareholders approved the Company and its subsidiaries to conduct asset pool business of no more than RMB800 million.

Under the premise of controllable risks, various guarantee methods such as maximum pledge, general pledge, deposit certificatepledge, bill pledge, and margin pledge can be adopted for business development. As of March 31, 2023, the actual pledgedamount of asset pool business was 542.2131 million yuan, and the financing balance was 542.0604 million yuan.

3. Public issuance of A-share convertible corporate bonds

On July 11, 2022, the Company's 2nd Extraordinary General Meeting of Shareholders in 2022 reviewed and approved relevantproposals on the Company's public issuance of A-share convertible corporate bonds, and agreed to issue A-share convertiblecorporate bonds. The total amount of funds raised would not exceed RMB 2,800,000,000 (including RMB 2,800,000,000), with aterm of 6 years from the date of issuance.

4. Passive reduction of Southern Glass A shares held by Zhongshan Runtian Investment Co., Ltd.On July 12, 2022, the Company received the "Notice Letter" from Chongqing Xinyu Financial Leasing Co., Ltd. (hereinafter referredto as "Chongqing Xinyu"). According to the "Notice Letter", the Shenzhen Intermediate Court ruled to sell 67.65 million "SouthernGlass A" shares (stock code: 000012) held by Zhongshan Runtian Investment Co., Ltd. (hereinafter referred to as "ZhongshanRuntian"). On July 27 and July 28, 2022, Chongqing Xinyu forcibly sold 36.5289 million shares of Southern Glass A held byZhongshan Runtian through Block trade, accounting for 1.19% of the Company's total share capital. On December 8, 2022, theCompany received a letter from shareholder Zhongshan Runtian regarding the reduction of shares. It was learned that ZhongshanRuntian's "Southern Glass A" shares had accumulated a reduction of 31.1211 million shares from July 29, 2022 to December 7, 2022,accounting for 1.01% of the Company's total share capital. After the passive reduction of the aforementioned shares, the number ofshares held by Zhongshan Runtian decreased from 86,633,447 shares to 18,983,447 shares, and the shareholding ratio decreasedfrom 2.82% to 0.62%.

5. Lawsuits

(1) Regarding the special fund of RMB 171 million for talent introduction, the Company filed an infringement compensation lawsuitagainst Zeng Nan and others and Yichang Hongtai Real Estate Co., Ltd. on December 15, 2021, and Shenzhen Intermediate People'sCourt officially accepted it on January 28, 2022. The first trial of the case was completed in Shenzhen Intermediate People's Court onJune 21, 2022, and is currently awaiting judgment.

(2) In September 2022, the Company received a civil lawsuit from the Nanshan District People's Court in Shenzhen. ZhongshanRuntian Investment Co., Ltd. filed a lawsuit with the court regarding the dispute over the effectiveness of the resolution of theCompany's Second Extraordinary Shareholders' Meeting in 2022. For specific details, please refer to the "Announcement on LawsuitInvolved by the Company" (Announcement No. 2022-056) disclosed by the Company on CNINFO. The first trial of the case washeld on February 10, 2023 in the Nanshan District Court of Shenzhen and is awaiting judgment.

6. Shenzhen Guanlong Logistics Co., Ltd.'s increases its shareholding in Southern Glass A

The Company received a notification letter from Shenzhen Guanlong Logistics Co., Ltd. (hereinafter referred to as "GuanlongLogistics") from March 19, 2023 to March 21, 2023. It was learned that on March 17, 2023, Guanlong Logistics increased itsholdings of 160,000 shares of the Company through centralized bidding through the securities trading system of Shenzhen StockExchange, accounting for 0.0052% of the total share capital of the Company. At the same time, Guanlong Logistics plans toincrease its holdings of the Company's unrestricted A-shares within six months after three trading days from the disclosure date ofthe increase plan by means of centralized bidding or block trade through the trading system of Shenzhen Stock Exchange, with theproportion of increase not less than 5% of the Company's total capital stock and not more than 6.26% of the Company's totalcapital stock. On the evening of March 22, 2023, the Company disclosed the "Announcement on Shareholders' Increase ofCompany Shares and Subsequent Increase Plan" (Announcement No. 2023-006).

IV. Quarterly financial statements(I) Financial statements

1. Consolidated Balance Sheet

Prepared by CSG Holding Co., Ltd.

March 31, 2023

Unit: RMB

Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the financialdepartment: Wang Wenxin

2. Consolidated Income Statement

Unit: RMB

Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the financialdepartment: Wang Wenxin

3. Consolidated Cash Flow Statement

Unit: RMB

Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of the financialdepartment: Wang Wenxin(II) Report of the Auditors

Whether the First Quarter Report has been audited or not

□ Yes √ No

The First Quarter Report hasn’t been audited.

Board of Directors ofCSG Holding Co., Ltd.26 April 2023