中国南玻集团股份有限公司 证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-035 经审核，监事会认为董事会编制和审议中国南玻集团股份有限公司 2025 年 半年度报告的程序符合法律、行政法规及中国证监会的规定，报告及摘要的内容 真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述 或者重大遗漏。 详见同日公布于巨潮资讯网（www.cninfo.com.cn）的南玻集团《2025 年半 年度报告》全文以及公布于巨潮资讯网（www.cninfo.com.cn）、《中国证券报》、 - 1 - 第九届监事会第十六次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 中国南玻集团股份有限公司（以下简称"公司"、"本公司"、"南玻集团"）第 九届监事会第十六次会议于 2025 年 8 月 17 日在深圳市南山区蛇口工业六路一号 南玻集团新办公楼二楼一号会议室以现场和通讯相结合的会议形式召开。会议通 知已于 2025 年 8 月 7 日以电子邮件形式向所有监事发出。会议应出席监事 3 名， 实际出席监事 3 ...

中国南玻集团股份有限公司 第九届董事会第十六次会议决议公告 证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-034 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 中国南玻集团股份有限公司（以下简称"公司"、"本公司"、"南玻集团"） 第九届董事会第十六次会议于 2025 年 8 月 17 日在深圳市南山区蛇口工业六路一 号南玻集团新办公楼二楼一号会议室以现场和通讯相结合的会议形式召开。会议 由董事长陈琳女士主持。会议通知已于 2025 年 8 月 7 日以电子邮件形式向所有 董事发出。会议应出席董事 8 名，实际出席董事 8 名。公司监事、高级管理人员 列席了会议。本次会议符合《公司法》和《公司章程》的有关规定。会议以记名 投票表决方式通过了以下决议： 一、以 8 票同意，0 票反对，0 票弃权表决通过了《关于计提资产减值准备 的议案》； 董事会认为本次计提资产减值准备遵循《企业会计准则》及公司会计政策等 相关规定，计提资产减值准备依据充分、公允地反映了公司资产状况，使公司关 于资产价值的会计信息更加真实可靠，具有合理性 ...

南玻A公告，2025年上半年实现营业收入64.84亿元，同比下降19.75%；归属于上市公司股东的净利润 为7453.15万元，同比下降89.83%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 （文章来源：第一财经） ...

Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The report emphasizes the board's and management's assurance of content accuracy and completeness, while also highlighting risks associated with forward-looking statements - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for its content[4](index=4&type=chunk) - Forward-looking statements regarding future plans in this semi-annual report do not constitute a substantive commitment to investors, who should maintain sufficient awareness of associated risks[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the nine main chapters of the report and their starting page numbers, providing an overview of the report's structure [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including company abbreviations, major shareholder names, and technical acronyms for various glass products - "Company," "the Company," "CSG Group," "CSG," "Group," or "the Group" refers to China CSG Holding Co., Ltd[12](index=12&type=chunk) - Qianhai Life refers to Qianhai Life Insurance Co., Ltd[12](index=12&type=chunk) - The report defines specialized terms such as ultra-thin electronic glass, AG glass, AF glass, AR glass, Ice Kirin, and BIPV products[12](index=12&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the company's stock abbreviations, codes, listing exchange, Chinese and English names, and legal representative information Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | CSG A, CSG B | | Stock Code | 000012, 200012 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 中国南玻集团股份有限公司 | | Company's Chinese Abbreviation | 南玻集团 | | Company's English Name | CSG Holding Co., Ltd. | | Company's English Abbreviation | CSG | | Legal Representative | Chen Lin | [Contact Person and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Xu Lei | Yu Xiaojing | | Contact Address | CSG Building, No. 1 Industrial 6th Road, Shekou, Shenzhen, China | CSG Building, No. 1 Industrial 6th Road, Shekou, Shenzhen, China | | Phone | (86)755-26860666 | (86)755-26860666 | | Fax | (86)755-26860685 | (86)755-26860685 | | Email | securities@csgholding.com | securities@csgholding.com | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's contact details, information disclosure, and document storage locations remained unchanged during the reporting period, referring to the 2024 annual report for specifics - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[16](index=16&type=chunk) - The securities exchange website and media names and URLs for the company's semi-annual report disclosure, as well as the report's storage location, remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses key accounting data and financial indicators for the current reporting period compared to the same period last year, showing significant declines in operating revenue and net profit, slight asset growth, but a decrease in net assets attributable to shareholders Comparison of Key Financial Indicators for the Current Reporting Period and the Same Period Last Year | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,483,562,120 | 8,078,970,651 | -19.75% | | Net Profit Attributable to Shareholders of Listed Company | 74,531,505 | 733,111,562 | -89.83% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 21,748,795 | 672,901,192 | -96.77% | | Net Cash Flow from Operating Activities | 384,695,267 | 993,284,145 | -61.27% | | Basic Earnings Per Share | 0.02 | 0.24 | -91.67% | | Diluted Earnings Per Share | 0.02 | 0.24 | -91.67% | | Weighted Average Return on Net Assets | 0.55% | 5.08% | -4.53% | Comparison of Key Financial Indicators at the End of the Current Reporting Period and the End of the Prior Year | Indicator | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 31,677,499,152 | 31,220,417,923 | 1.46% | | Net Assets Attributable to Shareholders of Listed Company | 13,215,445,607 | 13,535,949,795 | -2.37% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section lists the non-recurring gains and losses and their amounts for the reporting period, totaling **RMB 52,782,710**, primarily including government subsidies and disposal gains/losses from non-current assets Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 4,064,848 | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 43,124,709 | | Gains or losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to the company's normal operations | 2,715,821 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 3,318,671 | | Gains or losses from debt restructuring | 214,501 | | Other non-operating income and expenses apart from the above items | 7,905,999 | | Less: Income tax impact | 7,709,799 | | Impact on minority interests (after tax) | 852,040 | | **Total** | **52,782,710** | - The company does not classify any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[25](index=25&type=chunk) Management Discussion and Analysis [Principal Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) This section details the company's main business segments, including photovoltaic glass, architectural glass, float glass, electronic glass and display devices, and solar energy, outlining operational challenges and strategies - The company's main businesses include R&D, manufacturing, and sales of new materials and information display products such as high-quality float glass, architectural glass, photovoltaic glass, ultra-thin electronic glass, and display devices, as well as renewable energy products like silicon materials, photovoltaic cells, and modules[27](index=27&type=chunk) - The company operates quartz sand raw material processing and production bases in Jiangyou (Sichuan), Qingyuan (Guangdong), Fengyang (Anhui), and Beihai (Guangxi), ensuring raw material supply for its glass production[27](index=27&type=chunk) [Company's Main Businesses](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) This section elaborates on the company's business layout, technological advantages, market position, and development strategies in core areas such as photovoltaic glass, architectural glass, float glass, electronic glass and display devices, and solar energy - Photovoltaic glass business: As of June 2025, the company operates 9 photovoltaic rolled glass raw sheet production kilns and supporting deep processing lines across Dongguan, Wujiang, Fengyang, Xianning, and Beihai, with the Beihai Phase II kiln and processing line currently in trial production[28](index=28&type=chunk) - Photovoltaic glass business: In the first half of 2025, the company focused on developing and promoting three flagship products—ultra-high transparency double-coated, colorless double-coated, and anti-glare glass—establishing a "technology innovation-intelligent manufacturing-value-added services" integrated development system[29](index=29&type=chunk) - Architectural glass business: The company is one of China's largest suppliers of high-end architectural energy-saving glass, with seven deep processing bases in Tianjin, Dongguan, Xianning, Wujiang, Chengdu, Zhaoqing, and Xi'an[30](index=30&type=chunk) - Float glass business: The company operates 10 technologically advanced float glass production lines in Dongguan, Chengdu, Langfang, Wujiang, and Xianning, with 8 lines in operation as of June 2025[35](index=35&type=chunk) - Electronic glass and display device business: Actively exploring new markets and developing new applications in smart consumer electronics, touch components, automotive window glass, in-car displays, medical equipment, industrial control commercial displays, and smart home sectors[37](index=37&type=chunk) - Solar energy business: The company has a full industrial chain layout covering high-purity polysilicon, silicon wafers, cells, modules, and photovoltaic power stations, supported by three national-level and seven provincial-level research platforms[39](index=39&type=chunk) [Overview of Operations During the Reporting Period](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%A6%82%E8%BF%B0) In the first half of 2025, the company faced severe challenges from a complex international economy, trade barriers, real estate adjustments, and falling photovoltaic industry prices, leading to significant declines in operating revenue and net profit, which the company addressed through refined management, cost reduction, and differentiated operations - In the first half of 2025, the company achieved operating revenue of **RMB 6.484 billion**, a **19.75% year-on-year decrease**; net profit was **RMB 64 million**, a **91.06% year-on-year decrease**; and net profit attributable to shareholders of the listed company was **RMB 75 million**, an **89.83% year-on-year decrease**[41](index=41&type=chunk) - Photovoltaic glass business: In the first half of 2025, domestic photovoltaic rush installations led to a short-term surge in glass demand, while changes in overseas policies reshaped the glass export landscape; increased supply of photovoltaic glass caused prices to rise slightly in March-April before rapidly declining below last year's low point as the rush subsided[42](index=42&type=chunk) - Architectural glass business: In the first half of 2025, the company's architectural glass maintained stable overall operations by leveraging forward-looking strategic layouts and flexible operating strategies, actively exploring markets for diversified development, and strengthening differentiated product management[44](index=44&type=chunk) - Float glass business: In the first half of 2025, the company continued to advance differentiated product strategies, focusing on the domestic high-end ultra-clear glass market, optimizing product structure, and strengthening the development of high-value-added product markets such as industrial glass and automotive glass[45](index=45&type=chunk) - Electronic glass and display device business: Due to the continuous release of new capacity in the domestic electronic glass market in the first half of the year, supply-demand imbalances intensified, industry competition increased, electronic glass market prices continued to decline, and industry operating efficiency was somewhat affected[46](index=46&type=chunk) - Solar energy business: In the first half of 2025, the domestic distributed photovoltaic market experienced a rush of installations driven by policy adjustments, with national new photovoltaic installations exceeding **212.21 GW** from January to June, a **107% year-on-year surge**[48](index=48&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) With over forty years of development, the company has built comprehensive competitive advantages in products and brands, technology R&D, industrial chain and layout, talent team, and green development, laying a solid foundation for sustained growth - Product and brand advantages: The company has been consistently ranked as the "Preferred Brand for Architectural Glass" in the doors, windows, and curtain wall industry and among the "TOP 20 Building Material Enterprises" at the Building Material Enterprise Development Forum for many years, with the "CSG" brand recognized as a "Fourth International Reputable Brand" by UNIDO in 2018[50](index=50&type=chunk) - Technology R&D advantages: As of June 30, 2025, the Group possesses **21 national high-tech enterprises**, **2 national manufacturing single champion products**, with **3,513 cumulative patent applications** and **2,596 cumulative patent grants**[51](index=51&type=chunk) - Industrial chain and layout advantages: The company boasts three complete industrial chains—energy-saving glass, electronic glass and display devices, and solar photovoltaic—with production bases strategically located across South China, North China, East China, Southwest China, Central China, and Northwest China[52](index=52&type=chunk) - Talent team advantages: The company has established a strong R&D team and system, alongside a robust talent pipeline development mechanism for professional managers[53](index=53&type=chunk) - Green development advantages: The company actively manages carbon emissions, promotes product carbon footprint certification, has **11 subsidiaries recognized as national "Green Factories,"** and most of its flat glass melting furnaces have achieved advanced energy consumption levels as stipulated by national standards[54](index=54&type=chunk)[55](index=55&type=chunk) [Analysis of Main Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue decreased by **19.75%** year-on-year, primarily due to reduced cash received from sales of goods and services; the glass industry remains the main revenue source, but gross profit margins across all business segments declined, with the solar and other industries experiencing the largest revenue decrease Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,483,562,120 | 8,078,970,651 | -19.75% | | | Operating Cost | 5,542,029,899 | 6,341,251,117 | -12.60% | | | Selling Expenses | 139,472,905 | 147,091,089 | -5.18% | | | Administrative Expenses | 347,299,806 | 394,521,014 | -11.97% | | | Financial Expenses | 92,573,028 | 75,849,425 | 22.05% | | | Income Tax Expense | -9,186,877 | 78,227,657 | -111.74% | Primarily due to lower profits of some subsidiaries compared to the prior period | | R&D Investment | 257,944,614 | 336,673,375 | -23.38% | | | Net Cash Flow from Operating Activities | 384,695,267 | 993,284,145 | -61.27% | Primarily due to decreased cash received from sales of goods and services in the current period | | Net Cash Flow from Investing Activities | -665,235,770 | -1,515,159,927 | -56.09% | Primarily due to decreased cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets in the current period | | Net Cash Flow from Financing Activities | -112,763,351 | 937,592,707 | -112.03% | Primarily due to increased cash paid for debt repayment in the current period | | Net Increase in Cash and Cash Equivalents | -389,587,289 | 426,377,690 | -191.37% | Primarily due to changes in net cash flow from financing activities | Operating Revenue Composition (by Industry) | Industry | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Period Amount (RMB) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Glass Industry | 5,866,352,502 | 90.48% | 7,198,705,489 | 89.10% | -18.51% | | Electronic Glass and Display Device Industry | 564,500,923 | 8.71% | 709,839,096 | 8.79% | -20.47% | | Solar and Other Industries | 169,379,424 | 2.61% | 349,633,564 | 4.33% | -51.56% | Comparison of Gross Profit Margins by Industry | Industry | Current Period Gross Profit Margin | Prior Period Gross Profit Margin | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | | Glass Industry | 14.77% | 22.70% | -7.93% | | Electronic Glass and Display Device Industry | 10.35% | 15.86% | -5.51% | | Solar and Other Industries | 8.95% | -3.50% | 12.45% | [Analysis of Non-Core Businesses](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core businesses impacted the company's total profit, with government subsidies and other income contributing positively, while asset impairment had a negative effect; these non-core gains and losses are generally not sustainable Impact of Non-Core Businesses on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -4,451,443 | -8.05% | No | | Asset Impairment | -56,738,340 | -102.58% | No | | Non-Operating Income | 11,749,000 | 21.24% | No | | Non-Operating Expenses | 2,464,381 | 4.46% | No | | Other Income | 68,565,442 | 123.97% | No | | Credit Impairment Loss | -1,111,386 | -2.01% | No | | Gains from Asset Disposal | 2,680,398 | 4.85% | No | [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets slightly increased, but net assets attributable to shareholders decreased; there were multiple changes in the asset and liability structure, such as increases in accounts receivable and inventory, decreases in prepayments, and increases in short-term borrowings and long-term payables, with some assets subject to restrictions Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at Prior Year-End (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 3,115,421,959 | 9.83% | 3,421,527,482 | 10.96% | -1.13% | | | Accounts Receivable | 2,026,933,902 | 6.40% | 1,686,627,681 | 5.40% | 1% | | | Inventories | 1,938,062,870 | 6.12% | 1,587,828,028 | 5.09% | 1.03% | | | Prepayments | 66,467,909 | 0.21% | 121,708,264 | 0.39% | -0.18% | Primarily due to arrival of prepaid goods | | Other Non-Current Assets | 183,139,786 | 0.58% | 99,328,456 | 0.32% | 0.26% | Primarily due to increased prepayments for factory building purchases | | Short-Term Borrowings | 1,476,783,801 | 4.66% | 1,163,021,299 | 3.73% | 0.93% | | | Employee Benefits Payable | 243,144,993 | 0.77% | 347,769,466 | 1.11% | -0.34% | Primarily due to a decrease in accrued payroll from the prior year and the disbursement of prior year's accrued payroll in the current period | | Other Payables | 455,838,149 | 1.44% | 312,816,531 | 1% | 0.44% | Primarily due to an increase in declared but unpaid ordinary share dividends | | Long-Term Payables | 616,410,933 | 1.95% | 464,617,473 | 1.49% | 0.46% | Primarily due to increased finance lease activities by some subsidiaries | Assets and Liabilities Measured at Fair Value | Item | Period-End Amount (RMB) | Period-Beginning Amount (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 120,000,000 | 96,000,000 | 1,918,000,000 | 1,894,000,000 | | Investment Properties | 293,712,453 | 293,712,453 | | | | Receivables Financing | 788,929,728 | 798,603,111 | | | | **Total Above** | **1,202,642,181** | **1,188,315,564** | **1,918,000,000** | **1,894,000,000** | Asset Rights Restrictions as of the End of the Reporting Period | Item | Restricted Amount (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 137,135,862 | Restricted circulation due to deposits, freezing, etc | | Notes Receivable | 628,010,976 | Pledged as collateral | | Construction in Progress | 970,373,969 | Restricted by finance lease | | **Total** | **1,735,520,807** | | [Analysis of Investment Status](index=16&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment increased by **53.05%** year-on-year, primarily in non-equity manufacturing projects such as high-purity polysilicon and photovoltaic green energy industrial parks, with most projects still under construction and not yet generating returns - The investment amount for the reporting period was **RMB 2,573,595,002**, compared to **RMB 1,681,557,567** in the prior period, representing a **53.05% change**[72](index=72&type=chunk) - The company had no securities investments during the reporting period[76](index=76&type=chunk) - The company had no derivative investments during the reporting period[77](index=77&type=chunk) Significant Non-Equity Investments in Progress During the Reporting Period (Partial) | Project Name | Investment Method | Industry Involved in Investment Project | Amount Invested in Current Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | Reasons for Not Meeting Planned Progress and Expected Returns | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhaoqing CSG High-End Automotive Glass Production Line Project | Self-built | Manufacturing | | 147,601,326 | Under construction | During project construction, no returns yet | | CSG Group Beihai (Guangxi) Photovoltaic Green Energy Industrial Park (Phase I) Project | Self-built | Manufacturing | 96,239,578 | 1,607,911,334 | Partially operational | Some projects completed, returns reflected in profit | | Qinghai Haixi Prefecture New 50,000-ton High-Purity Polysilicon Project | Self-built | Manufacturing | 154,495,358 | 3,837,125,892 | Under construction | During project construction, no returns yet | | **Total** | | | **266,898,757** | **5,826,627,953** | | | [Significant Asset and Equity Disposals](index=18&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of any significant assets during the reporting period[79](index=79&type=chunk) - The company did not dispose of any significant equity during the reporting period[80](index=80&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, the operating performance of the company's major subsidiaries varied, with some, such as Guangxi CSG New Energy Materials, Dongguan CSG Architectural Glass, and Tianjin CSG Energy-Saving Glass, achieving profitability, while others, including Hebei CSG Glass, Wujiang CSG Glass, and Dongguan CSG Solar Glass, incurred losses; the company also established two new overseas subsidiaries Net Profit of Major Subsidiaries (Partial) | Company Name | Net Profit (RMB) | | :--- | :--- | | Hebei CSG Glass Co., Ltd. | -10,274,721 | | Wujiang CSG Glass Co., Ltd. | -38,485,795 | | Dongguan CSG Solar Glass Co., Ltd. | -12,168,067 | | Guangxi CSG New Energy Materials Technology Co., Ltd. | 11,569,033 | | Qingyuan CSG Energy-Saving New Materials Co., Ltd. | 21,340,598 | | Dongguan CSG Architectural Glass Co., Ltd. | 52,907,541 | | Tianjin CSG Energy-Saving Glass Co., Ltd. | 48,313,062 | | Sichuan CSG Energy-Saving Glass Co., Ltd. | 28,150,587 | | Wujiang CSG Huadong Architectural Glass Co., Ltd. | 32,171,344 | | Xianning CSG Energy-Saving Glass Co., Ltd. | 27,674,370 | | CSG (Hong Kong) Investment Co., Ltd. | 11,067,216 | | Zhaoqing CSG Energy-Saving Glass Co., Ltd. | 17,823,588 | | Hebei Window Glass Co., Ltd. | -14,821,011 | | Yichang CSG Optoelectronic Glass Co., Ltd. | -12,831,070 | | Yichang CSG Display Devices Co., Ltd. | 6,988,574 | | Yichang CSG Silicon Materials Co., Ltd. | -63,041,358 | | Dongguan CSG Photovoltaic Technology Co., Ltd. | -8,772,283 | | Qinghai CSG New Energy Technology Co., Ltd. | -6,571,330 | | Anhui CSG Photovoltaic Energy Co., Ltd. | 7,826,853 | - The increase in net profit for Guangxi CSG New Energy Materials Technology Co., Ltd. was primarily due to the commissioning of new production lines and increased production and sales[82](index=82&type=chunk) - The decrease in net profit for Qingyuan CSG Energy-Saving New Materials Co., Ltd. was primarily due to declining product prices[82](index=82&type=chunk) - The increase in net profit for Xianning CSG Energy-Saving Glass Co., Ltd. was primarily due to increased sales and improved product gross profit[82](index=82&type=chunk) - Acquisition and disposal of subsidiaries during the reporting period: New establishments include CSG VINA COMPANY LIMITED (CSG Vietnam Co., Ltd.) and CSG MIDDLE EAST FOR GLASS INDUSTRY-L.L.C-S.P.C (CSG (Middle East) Glass Industry Co., Ltd.), which will not have a significant impact on the company's financial position, operating results, or cash flows for the current period[82](index=82&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[84](index=84&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces uncertainties in the international political environment, price risks from intensified competition in the glass industry, raw material cost fluctuations, and foreign exchange rate volatility, for which it has implemented various countermeasures including internal improvements, operational adjustments, market expansion, technological innovation, and cost reduction - The company continues to face numerous uncertainties in the international political environment and challenges in the domestic economy[84](index=84&type=chunk) - The glass industry faces price risks due to intense competition from similar products and pressure from fluctuating raw material costs; the photovoltaic glass industry is experiencing supply-demand imbalance and rapidly declining market prices[85](index=85&type=chunk) - Countermeasures: In the photovoltaic glass segment, the company is comprehensively increasing market development efforts, optimizing product structure, enhancing the proportion of differentiated sales, establishing connections with overseas markets, strengthening systematic control of production processes, and promoting special cost reduction activities[85](index=85&type=chunk) - Countermeasures: In the architectural glass segment, the company continues to accelerate the digital and intelligent transformation of manufacturing, reduce labor, material, and energy consumption in production, intensify development and layout in high-end and overseas markets, increase R&D investment, and expand its business scope[86](index=86&type=chunk) - Countermeasures: In the float glass segment, the company continues to promote lean management and differentiated operations, optimize product structure, increase the sales proportion of high-value-added products, and improve production efficiency and reduce costs through technological upgrades[86](index=86&type=chunk) - Countermeasures: In the electronic glass and display device segment, the company adheres to a prudent operating strategy, increases R&D efforts, promotes product iteration and quality optimization, enhances the sales proportion of mid-to-high-end products, and explores new markets and applications[86](index=86&type=chunk) - Countermeasures: In the solar energy segment, the company closely monitors market dynamics and supply-demand changes, optimizes production processes, improves production efficiency, increases R&D investment and technological innovation to strengthen competitive advantages in niche areas, deepens resource integration and management improvements to enhance operational efficiency, and implements cost reduction and efficiency improvement measures[87](index=87&type=chunk) - Foreign exchange rate fluctuation risk: Currently, nearly **8.34%** of the company's operating revenue comes from overseas, and the company plans to further expand its overseas business in the future, thus exchange rate fluctuations will pose certain risks to the company's operations[88](index=88&type=chunk) - Countermeasures: To mitigate exchange rate risk, the company will promptly settle foreign exchange and utilize safe and effective hedging tools and products, relatively locking in exchange rates, thereby reducing risks caused by exchange rate fluctuations[88](index=88&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[89](index=89&type=chunk) - The company has not disclosed a valuation enhancement plan[89](index=89&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=21&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[89](index=89&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[91](index=91&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[92](index=92&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[93](index=93&type=chunk) [Environmental Information Disclosure](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its **11** major subsidiaries are included in the list of enterprises required to disclose environmental information, with an index provided for reference; no environmental accidents occurred during the reporting period - The number of listed companies and their major subsidiaries included in the list of enterprises required to disclose environmental information is **11**[94](index=94&type=chunk) - The company experienced no environmental accidents in the first half of 2025[95](index=95&type=chunk) [Social Responsibility](index=23&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities in environmental protection, employee welfare, stable operations, independent R&D, safeguarding employee rights, and participating in charitable activities, demonstrating commitment to green development, employee care, and technological advancement - Environmental protection: As of the first half of 2025, a cumulative total of **11** of the company's subsidiaries have been recognized as national "Green Factories"; in the first half of 2025, the company's waste heat and photovoltaic power generation totaled approximately **307 million kWh**, equivalent to a reduction of approximately **175,200 tons** of carbon dioxide emissions[96](index=96&type=chunk) - Employee protection: The Group has established a three-tier control system for safety, environmental protection, fire safety, and occupational health; as of the end of June 2025, a total of **18** CSG subsidiaries have obtained safety standardization certificates[97](index=97&type=chunk)[98](index=98&type=chunk) - Stable operations: In the first half of 2025, operating revenue reached **RMB 6.484 billion**, net profit was **RMB 64 million**, and net profit attributable to shareholders of the listed company was **RMB 75 million**; the actual cash dividend (tax inclusive) for 2024 was **RMB 211,673,021.98**, accounting for **79.35%** of the audited net profit attributable to shareholders of the listed company for 2024[99](index=99&type=chunk) - Commitment to independent R&D: In the first half of 2025, the company publicly disclosed/announced **208 patents**, including **114 granted patents** and **94 patent applications**; as of June 30, 2025, the company had **3,513 cumulative patent applications** and **2,596 cumulative patent grants**[99](index=99&type=chunk) - Safeguarding employee rights: Providing employees with "five social insurances and one housing fund" and other comprehensive welfare insurance; establishing a care fund, which provided nearly **RMB 260,000** in assistance in the first half of 2025[100](index=100&type=chunk) - Participation in charitable activities: In the first half of 2025, the company donated over **RMB 100,000** in funds and materials to the Red Cross and social welfare institutions[100](index=100&type=chunk) Significant Matters [Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue - During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue as of the end of the reporting period[102](index=102&type=chunk) [Non-Operating Fund Occupation](index=25&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties of the listed company[103](index=103&type=chunk) [Illegal External Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[104](index=104&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was not audited[105](index=105&type=chunk) [Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[106](index=106&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year](index=25&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period[106](index=106&type=chunk) [Bankruptcy and Reorganization Matters](index=25&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[106](index=106&type=chunk) [Litigation Matters](index=25&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in two significant litigation and arbitration cases, both concerning disputes over the revocation of company resolutions, with Zhongshan Runtian Investment Co., Ltd. as the plaintiff; both cases are currently in the first instance and do not constitute a provision for liabilities - The company is involved in two significant litigation and arbitration cases, both with Zhongshan Runtian Investment Co., Ltd. as the plaintiff, concerning disputes over the revocation of company resolutions[108](index=108&type=chunk) - Both lawsuits are in the first instance and do not constitute a provision for liabilities[108](index=108&type=chunk) [Penalties and Rectification](index=26&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[109](index=109&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company maintains good integrity, as does its largest shareholder, Qianhai Life Insurance Co., Ltd.; however, no responses were received from shareholders Zhongshan Runtian Investment Co., Ltd. and Shenzhen Guanlong Logistics Co., Ltd. regarding their integrity status, and Zhongshan Runtian and its related party Mr. Yao Zhenhua had multiple unfulfilled court judgments and overdue debts at the end of 2023 - The company maintains good integrity, with no unfulfilled effective court judgments or significant overdue debts[110](index=110&type=chunk) - The company's largest shareholder, Qianhai Life Insurance Co., Ltd., responded that as of June 30, 2025, it has no unfulfilled effective court judgments or significant overdue debts[110](index=110&type=chunk) - As of the disclosure date of this report, the company has not received responses from shareholders Zhongshan Runtian Investment Co., Ltd. and Shenzhen Guanlong Logistics Co., Ltd. regarding "the integrity status of your company and its actual controller during the reporting period"[111](index=111&type=chunk) Zhongshan Runtian Investment Co., Ltd.'s Significant Overdue Debts as of End of 2023 | No. | Borrower | Financial Institution | Loan Amount (RMB 10,000) | Loan Maturity Date | | :--- | :--- | :--- | :--- | :--- | | 1 | Zhongshan Runtian Investment Co., Ltd. | Essence Securities | 4,239.28 | 2018/12/27 | | 2 | Zhongshan Runtian Investment Co., Ltd. | AVIC Trust | 105,000 | 2021/10/31 | | **Total** | | | **109,239.28** | | - Mr. Yao Zhenhua currently has no significant overdue debts[135](index=135&type=chunk) - Shenzhen Guanlong Logistics Co., Ltd. has no relevant enforcement cases and currently has no significant overdue debts[135](index=135&type=chunk) [Significant Related Party Transactions](index=31&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party receivables/payables, or dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[136](index=136&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[136](index=136&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[136](index=136&type=chunk) - The company had no related party receivables or payables during the reporting period[136](index=136&type=chunk) - The company had no dealings with affiliated financial companies during the reporting period[136](index=136&type=chunk) [Significant Contracts and Their Performance](index=32&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided multiple guarantees for its subsidiaries during the reporting period, with a total outstanding guarantee balance of **RMB 8.13954 billion**, representing **60.13%** of net assets attributable to the parent company at the end of 2024; the company also engaged in asset pool business with an actual pledged amount of **RMB 683.01 million** and signed long-term sales contracts for photovoltaic glass and high-purity silicon materials with several customers - The company's guarantees for subsidiaries: As of the end of the reporting period, the total outstanding external guarantee balance was **RMB 8.13954 billion**, of which **RMB 651.73 million** was for guaranteed entities with an asset-liability ratio of **70%** or higher[144](index=144&type=chunk) - The total actual guarantee amount accounted for **60.13%** of the net assets attributable to the parent company of **RMB 13.5359498 billion** at the end of 2024; the company has no overdue guarantees[144](index=144&type=chunk) - The company and its subsidiaries conduct asset pool business not exceeding **RMB 2 billion**; as of June 30, 2025, the actual pledged amount for asset pool business was **RMB 683.01 million**, with a financing balance of **RMB 682.64 million**[145](index=145&type=chunk) - The company signed long-term sales contracts for photovoltaic glass with LONGi Solar Technology Co., Ltd. and others, with prices negotiated monthly based on market conditions; the contracts are currently being executed[147](index=147&type=chunk) - The company signed a long-term sales contract for high-purity silicon materials with Trina Solar Co., Ltd., with product prices negotiated monthly based on contractually agreed pricing principles; the contract is currently being executed[147](index=147&type=chunk) - The company signed a long-term sales contract for solar-grade virgin polysilicon materials with a certain customer, with product purchase prices negotiated monthly based on contractually agreed pricing principles; the contract has not yet been executed[147](index=147&type=chunk) [Explanation of Other Significant Matters](index=40&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company disclosed the issuance of ultra-short-term financing bonds and medium-term notes, the progress of a **RMB 171 million** talent introduction special fund lawsuit (where the company lost in the first instance and is now in the second instance), and the delayed but normal functioning re-election of the board of directors and supervisory board - Ultra-short-term financing bonds: Approved for registration of **RMB 1 billion** on October 30, 2023; the first tranche of **RMB 300 million** was issued on December 12, 2024 (270-day term, **2.4%** interest rate), and the second tranche of **RMB 300 million** was issued on April 25, 2025 (270-day term, **2.27%** interest rate)[148](index=148&type=chunk)[149](index=149&type=chunk) - Medium-term notes: On October 30, 2023, the National Association of Financial Market Institutional Investors decided to accept the company's registration for **RMB 2 billion** in medium-term notes with a two-year validity period[149](index=149&type=chunk) - **RMB 171 million** talent introduction special fund matter: The company filed an infringement compensation lawsuit against Zeng Nan, Luo Youming, Wu Guobin, Ding Jiuru, Li Weinan, and Yichang Hongtai Real Estate Co., Ltd., lost in the first instance, and has appealed to the Guangdong Provincial High People's Court; the case is currently in the second instance[149](index=149&type=chunk) - Delayed re-election of the board of directors and supervisory board: The term of the company's ninth board of directors and supervisory board expired on May 21, 2023; as of now, the re-election process is steadily advancing, and the original directors/supervisors are still performing their duties normally[150](index=150&type=chunk) [Significant Matters of Company Subsidiaries](index=41&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[151](index=151&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **49,271 shares**, while unrestricted shares increased by **49,271 shares**, with no change in total share capital; the company is implementing A-share and B-share repurchase plans, having cumulatively repurchased **1.5052%** of its total share capital as of June 30, 2025 Share Change Status | Item | Number of Shares Before Change (Shares) | Increase/Decrease in Current Change (+, -) (Shares) | Number of Shares After Change (Shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,055,720 | -49,271 | 2,006,449 | | II. Unrestricted Shares | 3,068,636,387 | 49,271 | 3,068,685,658 | | **III. Total Shares** | **3,070,692,107** | **0** | **3,070,692,107** | - On February 13, 2025, and March 4, 2025, the company approved resolutions for a plan to repurchase a portion of its RMB ordinary shares (A-shares) and domestically listed foreign shares (B-shares)[154](index=154&type=chunk) - The total funds for A-share repurchase will be no less than **RMB 243 million** and no more than **RMB 485 million**; for B-share repurchase, the total funds will be no less than **HKD 50 million** and no more than **HKD 100 million**[154](index=154&type=chunk) - As of June 30, 2025, the company had cumulatively repurchased **33,034,797 A-shares** and **13,186,096 B-shares** through its dedicated repurchase securities account, totaling **1.5052%** of the company's total share capital[156](index=156&type=chunk) [Changes in Restricted Shares](index=43&type=section&id=2%E3%80%81%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, **49,271 restricted shares** held by Chen Chunyan were released due to her departure as a senior executive, leading to a decrease in total restricted shares, while other senior executives' restricted share counts remained unchanged Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Beginning (Shares) | Restricted Shares Released in Current Period (Shares) | Restricted Shares at Period End (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Chen Lin | 1,217,299 | | 1,217,299 | Senior Executive Locked Shares | | He Jin | 673,200 | | 673,200 | Senior Executive Locked Shares | | Wang Wenxin | 115,950 | | 115,950 | Senior Executive Locked Shares | | Chen Chunyan | 49,271 | 49,271 | 0 | Senior Executive Departure Locked Shares | | **Total** | **2,055,720** | **49,271** | **2,006,449** | | [Securities Issuance and Listing](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[159](index=159&type=chunk) [Number of Shareholders and Shareholding Status](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the total number of ordinary shareholders was **131,686**; among the top ten shareholders, Qianhai Life Insurance Co., Ltd. and its related parties held a relatively high proportion of shares, while some shares of Zhongshan Runtian Investment Co., Ltd. were pledged and frozen - The total number of ordinary shareholders at the end of the reporting period was **131,686**[160](index=160&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders (Partial) | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End (Shares) | Pledge, Mark, or Freeze Status (Shares) | | :--- | :--- | :--- | :--- | :--- | | Qianhai Life Insurance Co., Ltd. - Hailiniannian | Domestic Non-State-Owned Legal Person | 15.19% | 466,386,874 | 0 | | Shenzhen Sigma Computer Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.92% | 120,385,406 | 0 | | Qianhai Life Insurance Co., Ltd. - Universal Insurance Product | Domestic Non-State-Owned Legal Person | 3.86% | 118,425,007 | 0 | | Qianhai Life Insurance Co., Ltd. - Proprietary Funds | Domestic Non-State-Owned Legal Person | 2.11% | 64,765,161 | 0 | | Zhongshan Runtian Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 0.62% | 18,983,447 | Pledged **18,980,000 shares**, frozen **18,983,447 shares** | - Qianhai Life Insurance Co., Ltd. - Hailiniannian, Qianhai Life Insurance Co., Ltd. - Universal Insurance Product, and Qianhai Life Insurance Co., Ltd. - Proprietary Funds are all held by Qianhai Life Insurance Co., Ltd[161](index=161&type=chunk) - Shenzhen Jushenghua Co., Ltd., which holds **51%** equity of shareholder Qianhai Life Insurance Co., Ltd., holds **100%** equity of shareholder Zhongshan Runtian Investment Co., Ltd. through Shenzhen Hualitong Investment Co., Ltd[161](index=161&type=chunk) - As of June 30, 2025, the company had cumulatively repurchased **46,220,893 shares** through centralized bidding transactions via its dedicated repurchase securities account, representing **1.5052%** of the company's total share capital[161](index=161&type=chunk) - The company's top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders did not engage in agreed repurchase transactions during the reporting period[163](index=163&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=45&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[164](index=164&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=45&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%

Market Performance - The glass and fiberglass sector increased by 3.3% on August 18, with Zai Sheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Zai Sheng Technology (603601) closed at 5.76, up 9.92% with a trading volume of 759,300 shares and a transaction value of 431 million yuan [1] - International Composites (301526) closed at 7.01, up 9.87% with a trading volume of 4.1387 million shares and a transaction value of 2.758 billion yuan [1] - Honghe Technology (603256) closed at 35.50, up 8.03% with a trading volume of 309,200 shares [1] - China Jushi (600176) closed at 13.37, up 1.06% with a trading volume of 1.0774 million shares and a transaction value of 1.447 billion yuan [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 313 million yuan from institutional investors, while retail investors saw a net inflow of 121 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Zai Sheng Technology had a net inflow of 61.029 million yuan from institutional investors, while it faced a net outflow of 32.6624 million yuan from speculative funds [3] - Longhai Co. (300196) saw a net inflow of 22.6047 million yuan from institutional investors, but also experienced outflows from both speculative and retail investors [3] - North Glass (002613) had a net outflow of 9.816 million yuan from institutional investors, while retail investors contributed a net inflow of 8.8834 million yuan [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601636 | 旗滨集团 | 6.06 | -2.73% | 33.35万 | 2.04亿 | | 600293 | 三峡新材 | 3.06 | -2.24% | 26.98万 | 8355.30万 | | 618009 | 耀皮玻璃 | 6.26 | -2.19% | 16.10万 | 1.03亿 | | 600876 | 凯盛新能 | 10.70 | -2.01% | - 3.98万 | 4290.79万 | | 600586 | 金晶科技 | 4.94 | -1.79% | 27.73万 | 1.39亿 | | 000012 | 南 玻 A | 4.72 | -1.26% | 16.94万 | 8047.05万 | | 002080 | 中材科技 | 29.09 | -0.89% | 61.20万 | 17.93亿 | | 300196 | 长海股份 | 15.38 | -0.32% | 27.59万 | 4.32亿 | | 600176 ...

Market Performance - The glass and fiberglass sector increased by 3.35% on August 13, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed significant price movements, with Honghe Technology rising by 10.01% to a closing price of 27.15, and China National Building Material increasing by 7.55% to 29.35 [1] - Other notable performers included International Composite Materials, which rose by 2.75%, and Jiuding New Materials, which increased by 2.11% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 420 million yuan from institutional investors, while retail investors experienced a net outflow of 495 million yuan [2] - Among individual stocks, China National Building Material had a net inflow of 204 million yuan from institutional investors, while Honghe Technology saw a net outflow of 757 million yuan from retail investors [2]

证券之星消息，8月12日玻璃玻纤板块较上一交易日上涨0.01%，长海股份领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300196 | 长海股份 | 15.95 | 7.62% | 36.63万 | | 5.65亿 | | 601636 | 旗滨集团 | 6.23 | 1.30% | 40.19万 | | 2.50亿 | | 002080 | 中材料技 | 27.29 | 1.00% | 28.96万 | | 7.79亿 | | 600586 | 金晶科技 | 5.06 | -0.20% | - 16.55万 | 8332.84万 | | | 000012 | 南 玻 A | 4.78 | -0.21% | 9.93万 | | 4745.91万 | | 600176 | 中国巨石 | 12.29 | -0.32% | 32.31万 | | 3.9 ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1][8]. Salary Overview - The average salary for CFOs in the glass and fiber industry is 1.26 million yuan, which is 1.64 times higher than the average salary in the construction materials sector, with a year-on-year increase of 18.5% [8]. - The highest-paid CFO is Du Hai from Qibin Group, earning 3.44 million yuan, while the lowest is Liu Zhengqi from Zaiseng Technology, with a salary of 273,100 yuan [9][10]. Demographics - The average age of CFOs in the glass and fiber sector is 49.27 years, with 54.5% being over 50 years old [1]. - Male CFOs dominate the field, comprising 66.7% of the total, with an average age of 48.57 years, while female CFOs account for 33.3% with an average age of 50.50 years [1]. Tenure and Education - Most CFOs in the glass and fiber industry have a short tenure, with 50% serving between 1-3 years, and 33.3% between 3-5 years [3]. - Approximately 66.7% of CFOs hold a bachelor's degree, while 25% have a master's degree and 8.3% have an associate degree [6]. Salary by Gender and Education - Male CFOs earn an average of 1.31 million yuan, which is 1.11 times higher than their female counterparts [9]. - CFOs with a master's degree have the highest average salary at 1.56 million yuan, while those with a bachelor's and associate degrees earn 1.23 million yuan and 602,300 yuan, respectively [9].

证券之星消息，8月6日玻璃玻纤板块较上一交易日上涨0.71%，宏和科技领涨。当日上证指数报收于 3633.99，上涨0.45%。深证成指报收于11177.78，上涨0.64%。玻璃玻纤板块个股涨跌见下表： 从资金流向上来看，当日玻璃玻纤板块主力资金净流出4245.56万元，游资资金净流出1.1亿元，散户资金 净流入1.53亿元。玻璃玻纤板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603256 宏和科技 | | 1.32 Z | 10.47% | -5476.44万 | -4.34% | -7731.53万 | -6.13% | | 300196 | 长海股份 | 975.74万 | 7.35% | 209.69万 | 1.58% | -1185.43万 | -8.93% | | 301526 国际复材 | | 845.57万 | 1.96% | -748.41万 | -1.74% | ...