CSGHOLDINGCO.,LTD.
Semi-annualFinancialReportfor2025
(Unaudited)
CSGHOLDINGCO.,LTD.Semi-annualFinancialReportfor2025
Pagenumber
PagenumberConsolidatedbalancesheet
| Consolidatedbalancesheet | 1-2 |
Balancesheetoftheparentcompany
| Balancesheetoftheparentcompany | 3-4 |
Consolidatedincomestatement
| Consolidatedincomestatement | 5-6 |
Incomestatementoftheparentcompany
| Incomestatementoftheparentcompany | 7 |
Consolidatedcashflowstatement
| Consolidatedcashflowstatement | 8 |
Cashflowstatementoftheparentcompany
| Cashflowstatementoftheparentcompany | 9 |
Consolidatedstatementofchangesinequity
| Consolidatedstatementofchangesinequity | 10-13 |
Statementofchangesinequityoftheparentcompany
| Statementofchangesinequityoftheparentcompany | 14-15 |
Notestothefinancialstatements
| Notestothefinancialstatements | 16-99 |
AdditionalInformation
| AdditionalInformation | 100 |
I.Financialstatements
AllamountsinthetablesintheNotestotheFinancialStatementsareexpressedinRMB.
1.ConsolidatedbalancesheetPreparedby:CSGHoldingCo.,Ltd.
30June2025
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Currentassets： | ||
| Cashatbankandonhand | 3,115,421,959 | 3,421,527,482 |
| Tradingfinancialassets | 120,000,000 | 96,000,000 |
| Notesreceivable | 1,237,878,013 | 1,140,902,743 |
| Accountsreceivable | 2,026,933,902 | 1,686,627,681 |
| Receivablesfinancing | 788,929,728 | 798,603,111 |
| Prepayments | 66,467,909 | 121,708,264 |
| Otherreceivables | 169,219,254 | 165,872,735 |
| Inventories | 1,938,062,870 | 1,587,828,028 |
| Othercurrentassets | 446,753,359 | 475,617,056 |
| Totalcurrentassets | 9,909,666,994 | 9,494,687,100 |
| Non-currentassets： | ||
| Investmentproperties | 293,712,453 | 293,712,453 |
| Fixedassets | 13,316,035,601 | 13,166,391,449 |
| Constructioninprogress | 5,182,697,395 | 5,350,375,132 |
| Right-of-useassets | 65,673,431 | 64,804,837 |
| Intangibleassets | 2,307,963,253 | 2,361,275,093 |
| Goodwill | 8,593,352 | 8,593,352 |
| Long-termprepaidexpenses | 69,281,607 | 71,254,985 |
| Deferredtaxassets | 340,735,280 | 309,995,066 |
| Othernon-currentassets | 183,139,786 | 99,328,456 |
| Totalnon-currentassets | 21,767,832,158 | 21,725,730,823 |
| Totalassets | 31,677,499,152 | 31,220,417,923 |
| Currentliabilities： | ||
| Short-termborrowings | 1,476,783,801 | 1,163,021,299 |
| Notespayable | 2,399,802,511 | 2,244,413,755 |
| Accountspayable | 3,162,899,038 | 3,092,025,797 |
| Contractliabilities | 333,171,326 | 354,215,784 |
| Payrollpayable | 243,144,993 | 347,769,466 |
| Taxespayable | 80,158,692 | 73,688,362 |
| Otherpayables | 455,838,149 | 312,816,531 |
Item
| Item | 30June2025 | 1January2025 |
| Including:Interestpayable | 13,166,832 | 8,946,479 |
| Dividendspayable | 211,673,022 | |
| Non-currentliabilitiesduewithinoneyear | 2,399,949,742 | 2,168,856,957 |
| Othercurrentliabilities | 241,922,093 | 218,529,333 |
| Totalcurrentliabilities | 10,793,670,345 | 9,975,337,284 |
| Non-currentliabilities： | ||
| Long-termborrowings | 5,990,150,120 | 6,151,608,472 |
| Leaseliabilities | 23,160,299 | 21,650,607 |
| Long-termpayables | 616,410,933 | 464,617,473 |
| Provisions | 12,409,409 | 13,137,220 |
| Deferredincome | 471,726,244 | 487,252,038 |
| Deferredtaxliabilities | 97,866,889 | 104,170,857 |
| Totalnon-currentliabilities | 7,211,723,894 | 7,242,436,667 |
| Totalliabilities | 18,005,394,239 | 17,217,773,951 |
| Equity： | ||
| Sharecapital | 3,070,692,107 | 3,070,692,107 |
| Capitalreserve | 590,739,414 | 590,739,414 |
| Less:Treasurystock | 178,694,083 | |
| Othercomprehensiveincome | 155,201,780 | 159,726,269 |
| Specialreserves | 4,935,529 | 5,079,628 |
| Surplusreserves | 1,485,514,182 | 1,485,514,182 |
| Undistributedprofit | 8,087,056,678 | 8,224,198,195 |
| Totalequityattributabletoparentcompanyshareholders | 13,215,445,607 | 13,535,949,795 |
| Minorityinterests | 456,659,306 | 466,694,177 |
| Totalequity | 13,672,104,913 | 14,002,643,972 |
| Totalliabilitiesandequity | 31,677,499,152 | 31,220,417,923 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
2.Balancesheetoftheparentcompany
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Currentassets： | ||
| Cashatbankandonhand | 910,728,378 | 1,434,524,102 |
| Tradingfinancialassets | 120,000,000 | 96,000,000 |
| Notesreceivable | 162,445,762 | 2,300,715 |
| Accountsreceivable | 297,576,057 | 110,153,840 |
| Receivablesfinancing | 157,160,743 | 82,269,158 |
| Prepayments | 358,339 | 758,454 |
| Otherreceivables | 2,535,004,842 | 2,342,796,700 |
| Othercurrentassets | 3,941,945 | 3,123,645 |
| Totalcurrentassets | 4,187,216,066 | 4,071,926,614 |
| Non-currentassets： | ||
| Long-termequityinvestments | 10,550,321,440 | 10,550,321,440 |
| Fixedassets | 5,981,349 | 6,747,771 |
| Intangibleassets | 12,106,692 | 11,870,899 |
| Long-termprepaidexpenses | 3,913,883 | 3,920,072 |
| Othernon-currentassets | 5,137,195 | 5,383,326 |
| Totalnon-currentassets | 10,577,460,559 | 10,578,243,508 |
| Totalassets | 14,764,676,625 | 14,650,170,122 |
| Currentliabilities： | ||
| Short-termborrowings | 600,000,000 | 335,000,000 |
| Notespayable | 473,375,166 | 336,581,197 |
| Accountspayable | 331,993,776 | 196,674,995 |
| Payrollpayable | 21,870,795 | 41,561,327 |
| Taxespayable | 3,260,365 | 4,552,018 |
| Otherpayables | 2,403,980,791 | 3,050,996,384 |
| Including:Interestpayable | 7,028,263 | 2,298,742 |
| Dividendspayable | 211,673,022 | |
| Non-currentliabilitiesduewithinoneyear | 818,330,000 | 711,705,100 |
| Totalcurrentliabilities | 4,652,810,893 | 4,677,071,021 |
| Non-currentliabilities： | ||
| Long-termborrowings | 1,836,645,000 | 1,500,750,000 |
| Deferredincome | 171,187,500 | 171,375,000 |
| Totalnon-currentliabilities | 2,007,832,500 | 1,672,125,000 |
| Totalliabilities | 6,660,643,393 | 6,349,196,021 |
| Equity： | ||
| Sharecapital | 3,070,692,107 | 3,070,692,107 |
Capitalreserve
| Capitalreserve | 741,824,399 | 741,824,399 |
| Less:Treasurystock | 178,694,083 | |
| Surplusreserves | 1,500,059,542 | 1,500,059,542 |
| Undistributedprofit | 2,970,151,267 | 2,988,398,053 |
| Totalequity | 8,104,033,232 | 8,300,974,101 |
| Totalliabilitiesandequity | 14,764,676,625 | 14,650,170,122 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
3.Consolidatedincomestatement
Unit:RMB
Item
| Item | H12025 | H12024 |
| I.Totalbusinessincome | 6,483,562,120 | 8,078,970,651 |
| Including:Operatingincome | 6,483,562,120 | 8,078,970,651 |
| II.Totaloperatingcosts | 6,446,481,653 | 7,363,291,697 |
| Including:Operatingcosts | 5,542,029,899 | 6,341,251,117 |
| Taxesandsurcharges | 67,161,401 | 67,905,677 |
| Salesexpenses | 139,472,905 | 147,091,089 |
| Generalandadministrativeexpenses | 347,299,806 | 394,521,014 |
| Researchanddevelopmentexpenses | 257,944,614 | 336,673,375 |
| Financialexpenses | 92,573,028 | 75,849,425 |
| Including:Interestexpenses | 117,320,748 | 115,225,970 |
| Interestincome | 20,807,152 | 31,170,207 |
| Plus:Otherincome | 68,565,442 | 116,694,636 |
| Investmentincome(losseslistedwith“-”sign) | -4,451,443 | -4,863,078 |
| Creditimpairmentloss(losseslistedwith“-”sign) | -1,111,386 | 7,380,905 |
| Assetimpairmentloss(losseslistedwith“-”sign) | -56,738,340 | -41,315,915 |
| Assetdisposalgains(losseslistedwith“-”sign) | 2,680,398 | 4,202,074 |
| III.Operatingprofit(losseslistedwith“-”sign) | 46,025,138 | 797,777,576 |
| Plus:Non-operatingincome | 11,749,000 | 4,928,794 |
| Less:Non-operatingexpenses | 2,464,381 | 3,180,495 |
| IV.Totalprofit(losseslistedwith“-”sign) | 55,309,757 | 799,525,875 |
| Less:Incometaxexpenses | -9,186,877 | 78,227,657 |
| V.Netprofit(losseslistedwith“-”sign) | 64,496,634 | 721,298,218 |
| (I)Classifiedbyoperatingcontinuity: | ||
| 1.Netprofit(losseslistedwith“-”sign)fromcontinuingoperations | 64,496,634 | 721,298,218 |
| (II)Classifiedbyownershipattribution: | ||
| 1.Netprofitattributabletoequityshareholdersoftheparentcompany | 74,531,505 | 733,111,562 |
| 2.Minorityinterests | -10,034,871 | -11,813,344 |
| VI.After-taxnetamountofothercomprehensiveincome | -4,524,489 | 1,217,389 |
| After-taxnetamountofothercomprehensiveincomeattributabletoequityshareholdersoftheparentcompany | -4,524,489 | 1,217,389 |
| (I)Othercomprehensiveincomereclassifiedtoprofitorloss | -4,524,489 | 1,217,389 |
| 1.Translationdifferencesonforeigncurrency | -4,524,489 | 1,217,389 |
Item
| Item | H12025 | H12024 |
| financialstatements | ||
| After-taxnetamountofothercomprehensiveincomeattributabletominorityshareholders | ||
| VII.Totalcomprehensiveincome | 59,972,145 | 722,515,607 |
| Totalcomprehensiveincomeattributabletoequityshareholdersoftheparentcompany | 70,007,016 | 734,328,951 |
| Totalcomprehensiveincomeattributabletominorityshareholders | -10,034,871 | -11,813,344 |
| VIII.Earningspershare | ||
| (I)Basicearningspershare | 0.02 | 0.24 |
| (II)Dilutedearningspershare | 0.02 | 0.24 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
4.Incomestatementoftheparentcompany
Unit:RMB
Item
| Item | H12025 | H12024 |
| I.Operatingincome | 156,694,392 | 196,004,063 |
| Less:Operatingcosts | ||
| Taxesandsurcharges | 1,447,393 | 1,569,126 |
| Salesexpenses | 18,655,281 | 20,151,569 |
| Generalandadministrativeexpenses | 123,563,667 | 134,311,842 |
| Financialexpenses | 23,687,121 | 5,210,579 |
| Including:Interestexpenses | 38,426,670 | 31,753,909 |
| Interestincome | 15,223,199 | 25,751,103 |
| Plus:Otherincome | 965,278 | 1,009,464 |
| Investmentincome(losseslistedwith“-”sign) | 203,204,280 | 656,824,755 |
| Creditimpairmentloss(losseslistedwith“-”sign) | -12,852 | 70,299 |
| Assetdisposalgains(losseslistedwith“-”sign) | 28,035 | |
| II.Operatingprofit(losseslistedwith“-”sign) | 193,497,636 | 692,693,500 |
| Plus:Non-operatingincome | 100,000 | 14,664 |
| Less:Non-operatingexpenses | 171,400 | 71,400 |
| III.Totalprofit(losseslistedwith“-”sign) | 193,426,236 | 692,636,764 |
| Less:Incometaxexpenses | ||
| IV.Netprofit(losseslistedwith“-”sign) | 193,426,236 | 692,636,764 |
| (I)Netprofit(losseslistedwith“-”sign)fromcontinuingoperations | 193,426,236 | 692,636,764 |
| (II)Netprofit(losseslistedwith“-”sign)fromdiscontinuedoperations | ||
| V.Totalcomprehensiveincome | 193,426,236 | 692,636,764 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
5.Consolidatedcashflowstatement
Unit:RMB
Item
| Item | H12025 | H12024 |
| I.Cashflowsfromoperatingactivities： | ||
| Cashreceivedfromsalesofgoodsorservices | 6,458,486,900 | 8,467,658,366 |
| Refundsoftaxesreceived | 26,546,457 | 32,599,323 |
| Cashreceivedrelatingtootheroperatingactivities | 58,111,672 | 120,575,427 |
| Totalcashinflowsfromoperatingactivities | 6,543,145,029 | 8,620,833,116 |
| Cashpaidforpurchaseofgoodsorservices | 4,695,126,967 | 5,815,275,525 |
| Cashpaidtoandonbehalfofemployees | 1,026,148,525 | 1,220,487,978 |
| Taxespaid | 231,840,277 | 320,331,418 |
| Cashpaidrelatingtootheroperatingactivities | 205,333,993 | 271,454,050 |
| Totalcashoutflowsfromoperatingactivities | 6,158,449,762 | 7,627,548,971 |
| Netcashflowsfromoperatingactivities | 384,695,267 | 993,284,145 |
| II.Cashflowsfrominvestingactivities： | ||
| Recovercashreceivedfrominvestment | 1,900,454,000 | 140,000,000 |
| Cashreceivedfrominvestmentincome | 2,803,053 | 5,376,333 |
| Netcashreceivedfromthedisposaloffixedassets,intangibleassets,andotherlong-termassets | 5,102,179 | 21,021,307 |
| Totalcashinflowsfrominvestingactivities | 1,908,359,232 | 166,397,640 |
| Cashpaidtopurchasefixedassets,intangibleassets,andotherlong-termasset | 559,400,085 | 1,492,512,738 |
| Cashpaidforinvestments | 1,922,800,000 | 162,800,000 |
| Cashpaidrelatingtootherinvestingactivities | 91,394,917 | 26,244,829 |
| Totalcashoutflowsfrominvestingactivities | 2,573,595,002 | 1,681,557,567 |
| Netcashflowsfrominvestingactivities | -665,235,770 | -1,515,159,927 |
| III.Cashflowsfromfinancingactivities： | ||
| Cashreceivedfromborrowings | 2,870,829,776 | 1,605,003,386 |
| Cashreceivedrelatingtootherfinancingactivities | 458,231,000 | |
| Totalcashinflowsfromfinancingactivities | 2,870,829,776 | 2,063,234,386 |
| Cashpaidtorepayborrowings | 2,571,038,441 | 900,033,363 |
| Cashpaidfordividends,profits,orinterest | 132,969,154 | 139,192,778 |
| Cashpaidrelatingtootherfinancingactivities | 279,585,532 | 86,415,538 |
| Totalcashoutflowsfromfinancingactivities | 2,983,593,127 | 1,125,641,679 |
| Netcashflowsfromfinancingactivities | -112,763,351 | 937,592,707 |
| IV.Effectofexchangeratechangesoncashandcashequivalents | 3,716,565 | 10,660,765 |
| V.Netincreaseincashandcashequivalents | -389,587,289 | 426,377,690 |
| Plus:Beginningbalanceofcashandcashequivalents | 3,367,873,386 | 3,051,261,655 |
| VI.Endingbalanceofcashandcashequivalents | 2,978,286,097 | 3,477,639,345 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
6.Cashflowstatementoftheparentcompany
Unit:RMB
Item
| Item | H12025 | H12024 |
| I.Cashflowsfromoperatingactivities： | ||
| Cashreceivedfromsalesofgoodsorservices | 517,356,144 | 857,809,508 |
| Cashreceivedrelatingtootheroperatingactivities | 16,027,905 | 26,636,779 |
| Totalcashinflowsfromoperatingactivities | 533,384,049 | 884,446,287 |
| Cashpaidforpurchaseofgoodsorservices | 352,080,435 | 667,365,408 |
| Cashpaidtoandonbehalfofemployees | 142,918,587 | 176,610,778 |
| Taxespaid | 11,973,322 | 8,574,661 |
| Cashpaidrelatingtootheroperatingactivities | 53,607,115 | 76,762,407 |
| Totalcashoutflowsfromoperatingactivities | 560,579,459 | 929,313,254 |
| Netcashflowsfromoperatingactivities | -27,195,410 | -44,866,967 |
| II.Cashflowsfrominvestingactivities： | ||
| Recovercashreceivedfrominvestment | 1,894,000,000 | 80,000,000 |
| Cashreceivedfrominvestmentincome | 203,204,280 | 661,015,979 |
| Netcashreceivedfromthedisposaloffixedassets,intangibleassets,andotherlong-termassets | 31,680 | |
| Totalcashinflowsfrominvestingactivities | 2,097,204,280 | 741,047,659 |
| Cashpaidtopurchasefixedassets,intangibleassets,andotherlong-termasset | 3,202,812 | 3,750,531 |
| Cashpaidforinvestments | 1,918,000,000 | 523,000,000 |
| Totalcashoutflowsfrominvestingactivities | 1,921,202,812 | 526,750,531 |
| Netcashflowsfrominvestingactivities | 176,001,468 | 214,297,128 |
| III.Cashflowsfromfinancingactivities： | ||
| Cashreceivedfromborrowings | 2,042,000,000 | 643,490,000 |
| Totalcashinflowsfromfinancingactivities | 2,042,000,000 | 643,490,000 |
| Cashpaidtorepayborrowings | 1,334,480,100 | 423,750,000 |
| Cashpaidfordividends,profits,orinterest | 33,697,149 | 31,497,937 |
| Cashpaidrelatingtootherfinancingactivities | 1,348,388,507 | 880,514,582 |
| Totalcashoutflowsfromfinancingactivities | 2,716,565,756 | 1,335,762,519 |
| Netcashflowsfromfinancingactivities | -674,565,756 | -692,272,519 |
| IV.Effectofexchangeratechangesoncashandcashequivalents | -291,301 | 2,413 |
| V.Netincreaseincashandcashequivalents | -526,050,999 | -522,839,945 |
| Plus:Beginningbalanceofcashandcashequivalents | 1,431,539,421 | 1,827,884,309 |
| VI.Endingbalanceofcashandcashequivalents | 905,488,422 | 1,305,044,364 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
7.ConsolidatedstatementofchangesinequityH12025
Unit:RMB
Item
| Item | H12025 | |||||||||
| Equityattributabletoshareholdersoftheparentcompany | Minorityinterests | Totalshareholders'equity | ||||||||
| Sharecapital | Capitalreserve | Less:treasurystock | Othercomprehensiveincome | Specialreserves | Surplusreserve | Undistributedprofit | Sub-total | |||
| I.Balanceattheendofthepreviousyear | 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 | |
| II.Balanceatthebeginningofthecurrentperiod | 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 | |
| III.Changesinthecurrentperiod(negativeamountsindicatedwith“-”) | 178,694,083 | -4,524,489 | -144,099 | -137,141,517 | -320,504,188 | -10,034,871 | -330,539,059 | |||
| (I)Totalcomprehensiveincome | -4,524,489 | 74,531,505 | 70,007,016 | -10,034,871 | 59,972,145 | |||||
| (II)Shareholders’contributionsandreductionsincapital | 178,694,083 | -178,694,083 | -178,694,083 | |||||||
| 1.Contributionsfromshareholdersincommonstock | ||||||||||
| 2.Others | 178,694,083 | -178,694,083 | -178,694,083 | |||||||
| (III)Profitdistribution | -211,673,022 | -211,673,022 | -211,673,022 | |||||||
| 1.Transfertosurplusreserves | ||||||||||
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
2.Distributiontoshareholders
| 2.Distributiontoshareholders | -211,673,022 | -211,673,022 | -211,673,022 | |||||||
| (IV)Specialreserves | -144,099 | -144,099 | -144,099 | |||||||
| 1.Amountswithdrawninthecurrentperiod | 2,177,153 | 2,177,153 | 2,177,153 | |||||||
| 2.Amountsusedinthecurrentperiod | 2,321,252 | 2,321,252 | 2,321,252 | |||||||
| IV.Balanceattheendofthecurrentperiod | 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 |
H12024
Unit:RMB
Item
| Item | H12024 | ||||||||
| Equityattributabletoshareholdersoftheparentcompany | Minorityinterests | Totalshareholders'equity | |||||||
| Sharecapital | Capitalreserve | Othercomprehensiveincome | Specialreserves | Surplusreserve | Undistributedprofit | Sub-total | |||
| I.Balanceattheendofthepreviousyear | 3,070,692,107 | 590,739,414 | 177,384,471 | 1,411,139 | 1,404,063,298 | 8,806,549,788 | 14,050,840,217 | 485,865,952 | 14,536,706,169 |
| II.Balanceatthebeginningofthecurrentperiod | 3,070,692,107 | 590,739,414 | 177,384,471 | 1,411,139 | 1,404,063,298 | 8,806,549,788 | 14,050,840,217 | 485,865,952 | 14,536,706,169 |
| III.Changesinthecurrentperiod(negativeamountsindicatedwith“-”) | 1,217,389 | 1,952,761 | -34,561,465 | -31,391,315 | -11,813,344 | -43,204,659 | |||
| (I)Totalcomprehensiveincome | 1,217,389 | 733,111,562 | 734,328,951 | -11,813,344 | 722,515,607 | ||||
| (II)Shareholders’contributionsandreductionsincapital | |||||||||
| 1.Contributionsfromshareholdersincommonstock | |||||||||
| 2.Others | |||||||||
| (III)Profitdistribution | -767,673,027 | -767,673,027 | -767,673,027 | ||||||
| 1.Transfertosurplusreserves | |||||||||
Item
| Item | H12024 | ||||||||
| Equityattributabletoshareholdersoftheparentcompany | Minorityinterests | Totalshareholders'equity | |||||||
| Sharecapital | Capitalreserve | Othercomprehensiveincome | Specialreserves | Surplusreserve | Undistributedprofit | Sub-total | |||
| 2.Distributiontoshareholders | -767,673,027 | -767,673,027 | -767,673,027 | ||||||
| (IV)Specialreserves | 1,952,761 | 1,952,761 | 1,952,761 | ||||||
| 1.Amountswithdrawninthecurrentperiod | 3,139,075 | 3,139,075 | 3,139,075 | ||||||
| 2.Amountsusedinthecurrentperiod | 1,186,314 | 1,186,314 | 1,186,314 | ||||||
| IV.Balanceattheendofthecurrentperiod | 3,070,692,107 | 590,739,414 | 178,601,860 | 3,363,900 | 1,404,063,298 | 8,771,988,323 | 14,019,448,902 | 474,052,608 | 14,493,501,510 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
8.Statementofchangesinequityoftheparentcompany
H12025
Unit:RMB
Item
| Item | H12025 | |||||
| Sharecapital | Capitalreserve | Less:Treasurystock | Surplusreserve | Undistributedprofit | Totalshareholders'equity | |
| I.Balanceattheendofthepreviousyear | 3,070,692,107 | 741,824,399 | 1,500,059,542 | 2,988,398,053 | 8,300,974,101 | |
| II.Balanceatthebeginningofthecurrentperiod | 3,070,692,107 | 741,824,399 | 1,500,059,542 | 2,988,398,053 | 8,300,974,101 | |
| III.Changesinthecurrentperiod(negativeamountsindicatedwith“-”) | 178,694,083 | -18,246,786 | -196,940,869 | |||
| (I)Totalcomprehensiveincome | 193,426,236 | 193,426,236 | ||||
| (II)Shareholders’contributionsandreductionsincapital | 178,694,083 | -178,694,083 | ||||
| 1.Contributionsfromshareholdersincommonstock | ||||||
| 2.Others | 178,694,083 | -178,694,083 | ||||
| (III)Profitdistribution | -211,673,022 | -211,673,022 | ||||
| 1.Transfertosurplusreserves | ||||||
| 2.Distributiontoshareholders | -211,673,022 | -211,673,022 | ||||
| (IV)Internaltransferofshareholders'equity | ||||||
| (V)Specialreserves | ||||||
| (VI)Others | ||||||
| IV.Balanceattheendofthecurrentperiod | 3,070,692,107 | 741,824,399 | 178,694,083 | 1,500,059,542 | 2,970,151,267 | 8,104,033,232 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
H12024
Unit:RMB
Item
| Item | H12024 | ||||
| Sharecapital | Capitalreserve | Surplusreserve | Undistributedprofit | Totalshareholders'equity | |
| I.Balanceattheendofthepreviousyear | 3,070,692,107 | 741,824,399 | 1,418,608,658 | 3,023,013,128 | 8,254,138,292 |
| II.Balanceatthebeginningofthecurrentperiod | 3,070,692,107 | 741,824,399 | 1,418,608,658 | 3,023,013,128 | 8,254,138,292 |
| III.Changesinthecurrentperiod(negativeamountsindicatedwith“-”) | -75,036,263 | -75,036,263 | |||
| (I)Totalcomprehensiveincome | 692,636,764 | 692,636,764 | |||
| (II)Shareholders’contributionsandreductionsincapital | |||||
| (III)Profitdistribution | -767,673,027 | -767,673,027 | |||
| 1.Transfertosurplusreserves | |||||
| 2.Distributiontoshareholders | -767,673,027 | -767,673,027 | |||
| (IV)Internaltransferofshareholders'equity | |||||
| (V)Specialreserves | |||||
| (VI)Others | |||||
| IV.Balanceattheendofthecurrentperiod | 3,070,692,107 | 741,824,399 | 1,418,608,658 | 2,947,976,865 | 8,179,102,029 |
Legalrepresentative:ChenLinPrincipalinchargeofaccounting:WangWenxinHeadofaccountingdepartment:WangWenxin
II.GENERALINFORMATIONCSGHoldingCo.,Ltd.(the“Group”)wasincorporatedinSeptember1984,knownasChinaSouthGlassCompany,asajointventureenterprisebyHongKongChinaMerchantsShippingCo.,LTD(香港招商局轮船股份有限公司),ShenzhenBuildingMaterialsIndustryCorporation(深圳建筑材料工业集团公司),ChinaNorthIndustriesCorporation(中国北方工业深圳公司)andGuangdongInternationalTrustandInvestmentCorporation(广东国际信托投资公司).TheGroupwasregisteredinShenzhen,GuangdongProvinceofthePeople'sRepublicofChinaanditsheadquartersislocatedinShenzhen,GuangdongProvinceofthePeople'sRepublicofChina.TheGroupissuedRMB-denominatedordinaryshares(“A-share”)andforeignshares(“B-share”)publiclyinOctober1991andJanuary1992respectively,andwaslistedonShenzhenStockExchangeonFebruary1992.TheGroupanditssubsidiaries(collectivelyreferredtoasthe“Group”)aremainlyengagedinthemanufactureandsalesoffloatglass,photovoltaicglass,specializedglass,engineeringglass,energysavingglass,siliconrelatedmaterials,polycrystallinesiliconandsolarcomponentsandelectronic-gradedisplaydeviceglassandtheconstructionandoperationofphotovoltaicplantetc.Detailsonthemajorsubsidiariesincludedintheconsolidatedscopeinthecurrentperiodwerestatedinthenotestothefinancialstatements.
III.BASISOFPREPARATIONOFFINANCIALSTATEMENTS
1.BasisofpreparationoffinancialstatementsThesefinancialstatementsarepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesandtheirapplicationguidelines,interpretationsandotherrelevantregulationsissuedbytheMinistryofFinance(collectively:
“AccountingStandardsforBusinessEnterprises”).Inaddition,theGroupalsodisclosesrelevantfinancialinformationinaccordancewiththeChinaSecuritiesRegulatoryCommission’sInformationDisclosureandPreparationRulesforCompaniesthatOfferSecuritiestothePublicNo.15-GeneralProvisionsonFinancialReports(Revisedin2023).TheGroup’saccountingisbasedontheaccrualbasis.Exceptforcertainfinancialinstrumentsandinvestmentproperties,thesefinancialstatementsaremeasuredonahistoricalcostbasis.Ifanassetisimpaired,correspondingimpairmentprovisionswillbemadeinaccordancewithrelevantregulations.
2.Goingconcern
Thepresentfinancialreporthasbeenpreparedonthebasisofgoingconcernassumptions.
IV.SIGNIFICANTACCOUNTINGPOLICIESANDACCOUNTINGESTIMATESThedepreciationoffixedassets,amortizationofintangibleassets,capitalizationconditionsforR&Dexpensesandrevenuerecognitionpoliciesbasedonitsownproductionandoperationcharacteristics.Forspecificaccountingpolicies,pleaserefertoNote.
1.StatementofcompliancewiththeAccountingStandardsforBusinessEnterprises
ThisfinancialstatementcomplieswiththerequirementsoftheAccountingStandardsforBusinessEnterprisesandtrulyandcompletelyreflectstheGroup’sconsolidatedandcompanyfinancialstatusasof30June2025,aswellastheconsolidatedandcompanyoperatingresults,consolidatedandcompanycashflowsandotherrelevantinformationfromJanuarytoJune2025.
2.Accountingperiod
TheGroupadoptstheGregoriancalendaryear,thatis,from1Januaryto31Decembereachyear.
3.OperatingcycleTheGroup’soperatingcycleis12months.
4.RecordingcurrencyTheGroupanditsdomesticsubsidiariesuseRMBastheirfunctionalcurrencyforaccounting.TheGroup’soverseassubsidiariesdeterminetheirrecordingcurrencybasedonthecurrencyofthemaineconomicenvironmentinwhichtheyoperate.ThecurrencyusedbytheGroupinpreparingthesefinancialstatementsisRMB.
5.Materialitycriteriadeterminationmethodandselectionbasis
?Applicable□Notapplicable
Item
| Item | Materialitycriterion |
| Significantsingleprovisionforbaddebtsinaccountsreceivable | Theamountofindividualaccountsreceivableprovisionaccountsforover5%ofthecombinedaccountsreceivablebalance |
| Significantsingleprovisionforbaddebtsinotherreceivables | Theamountofindividualotherreceivablesprovisionaccountsforover10%ofthecombinedotherreceivablesbalance |
| Significantwrite-offofaccountsreceivable/otherreceivables | Theimpactonthecompany’scurrentprofitandlossaccountsforover5%ofthenetprofitabsolutevalueforthemostrecentauditedfiscalyear,andexceeds1millionyuaninabsoluteamount |
| Significantconstructioninprogress | Thebudgetedinvestmentamountaccountsforover5%oftherecentauditedattributableequitytotheparentcompany |
| Significantnon-whollyownedsubsidiaries | Thesubsidiary’stotalassetsaccountforover5%oftheconsolidatedtotalassets |
6.Accountingtreatmentofbusinesscombinationsunderthecommoncontrolandundernon-commoncontrol
(1)BusinesscombinationsinvolvingenterprisesundercommoncontrolForbusinessmergersundercommoncontrol,theassetsandliabilitiesofthemergedpartyacquiredbythemergingpartyduringthemergershallbemeasuredbasedonthebookvalueofthemergedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthemergerdate.Thedifferencebetweenthebookvalueofthemergerconsideration(orthetotalfacevalueofthesharesissued)andthebookvalueofthenetassetsobtainedinthemergerisadjustedtothecapitalreserve(sharepremium).Ifthecapitalreserve(sharepremium)isinsufficienttooffsetit,theretainedearningsareadjusted.Themergerofenterprisesunderthesamecontrolisrealizedstepbystepthroughmultipletransactions.Theassetsandliabilitiesofthemergedpartyacquiredbythemergingpartyinthemergershallbemeasuredbasedonthebookvalueintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthedateofmerger;thebookvalueoftheinvestmentsheldbeforethemergerplusthebookvalueofthenewlypaidconsiderationonthedateofmergerThedifferencebetweenthesumandthebookvalueofthenetassetsobtainedinthemergershallbeadjustedtothecapitalreserve(equitypremium).Ifthecapitalreserveisinsufficientforoffset,theretainedearningsshallbeadjusted.Thelong-termequityinvestmentheldbythemergingpartybeforeitobtainedcontrolofthemergedpartyhasbeenconfirmedtoberelevantbetweenthedateofacquiringtheoriginalequityandthedatewhenthemergingpartyandthemergedpartyareunderthefinalcontrolofthesameparty,whicheverislater,tothedateofmerger.Changesinprofitsandlosses,othercomprehensiveincomeandotherowners’equityshouldbeoffsetagainsttheopeningretainedearningsorcurrentprofitsandlossesduringthecomparativestatementperiodrespectively.
(2)Businesscombinationnotundercommoncontrol
Forbusinesscombinationsnotundercommoncontrol,thecombinationcostshallbetheassetspaid,liabilitiesincurredorassumed,andthefairvalueofequitysecuritiesissuedtoobtaincontrolofthepurchasedpartyontheacquisitiondate.Onthepurchasedate,theacquiredassets,liabilitiesandcontingentliabilitiesofthepurchasedpartyarerecognizedatfairvalue.Ifthemergercostisgreaterthanthefairvalueshareoftheacquiree’sidentifiablenetassetsobtainedinthemerger.Thedifferenceisrecognizedasgoodwill,andissubsequentlymeasuredatcostlessaccumulatedimpairmentreserves;ifthemergercostislessthantheacquiree’sidentifiablenetassetsacquiredinthemerger,thedifferenceisrecognizedasgoodwill.Thedifferencebetweenthefairvalueofthenetassetswillbeincludedinthecurrentprofitandlossafterreview.Themergerofenterprisesnotundercommoncontrolisrealizedstepbystepthroughmultipletransactions.Themergercostisthesumoftheconsiderationpaidonthepurchasedateandthefairvalueofthepurchasedparty’sequityheldbeforethepurchasedateonthepurchasedate.Fortheequityofthepurchasedpartythathasbeenheldbeforethepurchasedate,itwillberemeasuredaccordingtothefairvalueoftheequityonthepurchasedate,andthedifferencebetweenthefairvalueanditsbookvaluewillbeincludedintheinvestmentincomeofthecurrentperiod;Thepurchaser’sequityheldbeforethepurchasedateinvolvesothercomprehensiveincome,changesinotherowners’equityareconvertedintocurrentincomeonthepurchasedate,othercomprehensiveincomearisingfromtheinvestee’sremeasurementofthenetliabilitiesorchangesinnetassetsofthedefinedbenefitplan,andothercomprehensiveincomeoriginallydesignatedasfairvalueExceptforothercomprehensiveincomerelatedtoinvestmentsinnon-tradingequityinstrumentsthataremeasuredandwhosechangesareincludedinothercomprehensiveincome.
(3)HandlingofTransactionCostsinBusinessCombinations
Intermediaryfeessuchasauditing,legalservices,evaluationandconsulting,andotherrelatedmanagementfeesincurredforbusinessmergersareincludedinthecurrentprofitandlosswhenincurred.Thetransactioncostsofequitysecuritiesordebtsecuritiesissuedasconsiderationforthemergershallbeincludedintheinitialrecognitionamountoftheequitysecuritiesordebtsecurities.
7.Judgmentstandardsforcontrolandmethodsforpreparingconsolidatedfinancialstatements
(1)ControlcriteriaThescopeofconsolidationinconsolidatedfinancialstatementsisdeterminedbasedoncontrol.ControlmeansthattheGrouphaspowerovertheinvestedunit,enjoysvariablereturnsbyparticipatingintherelevantactivitiesoftheinvestedunit,andhastheabilitytouseitspowerovertheinvestedunittoaffectitsreturnamount.TheGroupwillreassesswhenchangesinrelevantfactsandcircumstancesleadtochangesintherelevantelementsinvolvedinthedefinitionofcontrol.Whenjudgingwhethertoincludestructuredentitiesintothescopeofconsolidation,theGroupcomprehensivelyconsidersallfactsandcircumstances,includingassessingthepurposeanddesignofthestructuredentities,identifyingthetypesofvariablereturns,andwhetheritbearspartorallofthereturnsbyparticipatinginitsrelatedactivities.Evaluatewhetherthestructuredentityiscontrolledbasedonvariability,etc.
(2)HowtoprepareconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsarebasedonthefinancialstatementsoftheGroupanditssubsidiaries,andarepreparedbytheGroupbasedonotherrelevantinformation.Whenpreparingconsolidatedfinancialstatements,theaccountingpoliciesandaccountingperiodrequirementsoftheGroupanditssubsidiariesareconsistent,andsignificantinter-companytransactionsandbalancesareoffset.Subsidiariesandbusinessesthatareaddedduetobusinesscombinationsunderthesamecontrolduringthereporting
periodaredeemedtobeincludedinthescopeofconsolidationoftheGroupfromthedatetheyarebothcontrolledbytheultimatecontrollingparty.Theoperatingresultsandcashflowsfromthedateoftheannouncementareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementrespectively.Forsubsidiariesandbusinessesthatareaddedduetobusinesscombinationsnotundercommoncontrolduringthereportingperiod,theincome,expenses,andprofitsofthesubsidiariesandbusinessesfromthedateofacquisitiontotheendofthereportingperiodareincludedintheconsolidatedincomestatement,andtheircashflowsareincludedintheconsolidatedcashflowstatement.Thepartofthesubsidiary’sshareholders’equitythatisnotownedbytheGroupislistedseparatelyasminorityshareholders’equityintheconsolidatedbalancesheetundershareholders’equity;theshareofthesubsidiary’scurrentnetprofitandlossthatisminorityshareholders’equityislistedintheconsolidatedincomestatement.Thenetprofititemislistedundertheitem“Profitsandlossesofminorityshareholders”.Ifthelossesofasubsidiarysharedbyminorityshareholdersexceedtheminorityshareholders’shareoftheopeningowner’sequityofthesubsidiary,thebalancewillstilloffsettheminorityshareholders’equity.
(3)Purchaseofminorityshareholders’equityinsubsidiaries
Thedifferencebetweenthenewlyacquiredlong-termequityinvestmentcostduetothepurchaseofminoritysharesandtheshareofthesubsidiary’snetassetscalculatedcontinuouslyfromthedateofpurchaseormergerbasedonthenewshareholdingratio,andwithoutlosingcontrolThedifferencebetweenthedisposalpriceobtainedfromthepartialdisposaloftheequityinvestmentinthesubsidiaryandthecorrespondingshareofthesubsidiary’snetassetscalculatedcontinuouslyfromthedateofpurchaseormergerdatecorrespondingtothedisposalofthelong-termequityinvestmentshallbeadjustedintheconsolidatedbalancesheet.Capitalreserve(equitypremium/capitalpremium),ifthecapitalreserveisinsufficienttooffset,theretainedearningswillbeadjusted.
(4)Treatmentoflossofcontrolofsubsidiaries
Ifthecontrolovertheoriginalsubsidiaryislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityshallberemeasuredaccordingtoitsfairvalueonthedateoflossofcontrol;thesumoftheconsiderationobtainedfromthedisposaloftheequityandthefairvalueoftheremainingequityshallbelessCalculatedbasedontheoriginalshareholdingratio,thesumoftheshareofthebookvalueofthenetassetsandgoodwilloftheoriginalsubsidiarycalculatedcontinuouslyfromthedateofpurchaseshallbeincludedintheinvestmentincomeinthecurrentperiodwhencontrolislost.Othercomprehensiveincomerelatedtotheequityinvestmentoftheoriginalsubsidiaryshouldbeaccountedforonthesamebasisastheoriginalsubsidiary’sdirectdisposalofrelevantassetsorliabilitieswhenthecontrolislost.Anyincomerelatedtotheoriginalsubsidiarythatinvolvesaccountingundertheequitymethodotherchangesinowners’equityshouldbetransferredtothecurrentprofitsandlosseswhencontrolislost.
8.Determinationcriteriaforcashandcashequivalents
Cashreferstocashonhandanddepositsthatcanbeusedforpaymentatanytime.CashequivalentsrefertoinvestmentsheldbytheGroupthatareshort-term,highlyliquid,easilyconvertibleintoknownamountsofcash,andhavelittleriskofvaluechanges.
9.Foreigncurrencybusinessandforeigncurrencystatementconversion
(1)Foreigncurrencybusiness
TheGroup’sforeigncurrencybusinessisconvertedintotherecordingcurrencyamountbasedonthespotexchangerateonthedateofthetransaction.Onthebalancesheetdate,foreigncurrencymonetaryitemsareconvertedusingthespotexchangerateonthebalancesheetdate.Theexchangedifferencearisingfromthedifferencebetweenthespotexchangerateonthebalancesheet
dateandthespotexchangerateatthetimeofinitialrecognitionorthepreviousbalancesheetdateisincludedinthecurrentprofitandloss;forforeigncurrencynon-monetaryitemsmeasuredathistoricalcost,thespotexchangerateonthedateofthetransactionisstillusedTheforeigncurrencynon-monetaryitemsmeasuredatfairvalueshallbeconvertedatthespotexchangerateonthedatewhenthefairvalueisdetermined.Thedifferencebetweentheconvertedaccountingfunctionalcurrencyamountandtheoriginalaccountingfunctionalcurrencyamountshallbeconvertedaccordingtothenon-monetaryaccountingcurrencyamount.Thenatureofmonetaryitemsisincludedincurrentprofitsandlossesorothercomprehensiveincome.
(2)TranslationofforeigncurrencyfinancialstatementsOnthebalancesheetdate,whenconvertingtheforeigncurrencyfinancialstatementsofoverseassubsidiaries,theassetandliabilityitemsinthebalancesheetaretranslatedusingthespotexchangerateonthebalancesheetdate.Exceptfor“undistributedprofits”,shareholders’equityitemsincludeotheritems.Convertedusingthespotexchangerateonthedateofoccurrence.Incomeandexpenseitemsintheincomestatementaretranslatedusingthespotexchangerateonthedateoftransaction.Allitemsinthecashflowstatementaretranslatedaccordingtothespotexchangerateonthedatewhenthecashflowoccurs.Theimpactofexchangeratechangesoncashisregardedasanadjustmentitemandisreflectedinthe“Impactofexchangeratechangesoncashandcashequivalents”separatelyinthecashflowstatement.Differencesarisingfromthetranslationoffinancialstatementsarereflectedinthe“othercomprehensiveincome”itemundertheshareholders’equityiteminthebalancesheet.Whenanoverseasoperationisdisposedofandcontrolislost,thetranslationdifferenceoftheforeigncurrencystatementslistedundertheshareholders’equityiteminthebalancesheetandrelatedtotheoverseasoperationshallbetransferredtothecurrentprofitandlossofthedisposalinfullorinproportiontothedisposaloftheoverseasoperation.
10.FinancialinstrumentsAfinancialinstrumentisacontractthatformsafinancialassetofonepartyandafinancialliabilityorequityinstrumentofanotherparty.
(1)Recognitionandderecognitionoffinancialinstruments
TheGrouprecognizesafinancialassetorfinancialliabilitywhenitbecomesapartytoafinancialinstrumentcontract.Financialassetsshallbederecognizediftheymeetoneofthefollowingconditions:
①Thecontractualrighttoreceivecashflowsfromthefinancialassetterminates;
②Thefinancialassethasbeentransferredandmeetsthefollowingconditionsforderecognitionoffinancialassettransfer.Ifthecurrentobligationofafinancialliabilityhasbeendischargedinwholeorinpart,thefinancialliabilityorpartofitshallbederecognised.IftheGroup(debtor)signsanagreementwithitscreditorstoreplaceexistingfinancialliabilitiesbyassumingnewfinancialliabilities,andthecontracttermsofthenewfinancialliabilitiesaresubstantiallydifferentfromtheexistingfinancialliabilities,theexistingfinancialliabilitieswillbederecognizedandthenewfinancialliabilitieswillberecognizedatthesametime.Whenfinancialassetsareboughtandsoldinaregularmanner,accountingrecognitionandderecognitionwillbecarriedoutbasedonthetransactiondate.
(2)Classificationandmeasurementoffinancialassets
Uponinitialrecognition,theGroupclassifiesfinancialassetsintothefollowingthreecategoriesbasedonthebusinessmodelofmanagingfinancialassetsandthecontractualcashflowcharacteristicsoffinancialassets:financialassetsmeasuredatamortizedcost,financialassetsmeasuredatfairvaluethroughothercomprehensiveincomeandfinancialassetsmeasuredatfairvaluethroughprofitsandlosses.Financialassetsaremeasuredatfairvalueuponinitialrecognition.Forfinancialassetsmeasuredatfairvaluethroughprofitandloss,therelevanttransactioncostsaredirectlyincludedinthecurrentprofitandloss;forothertypesoffinancialassets,therelevanttransactioncostsareincludedintheinitialrecognitionamount.Forreceivablesarisingfromthesaleofproductsorprovisionofservicesthatdonotincludeortakeintoaccountsignificantfinancingcomponents,theamountofconsiderationthattheGroupisexpectedtobeentitledtoreceiveshallbedeemedastheinitialrecognitionamount.FinancialassetsmeasuredatamortizedcostTheGroupclassifiesfinancialassetsthatmeetthefollowingconditionsandarenotdesignatedasmeasuredatfairvaluethroughprofitorlossasfinancialassetsmeasuredatamortizedcost:
?TheGroup’sbusinessmodelformanagingthisfinancialassetisaimedatcollectingcontractualcashflows;?Thecontractualtermsofthefinancialassetprovidethatthecashflowsgeneratedonaspecificdatearesolely
paymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestratemethod.Gainsorlossesarisingfromfinancialassetsthataremeasuredatamortizedcostandarenotpartofanyhedgingrelationshipareincludedinthecurrentprofitandlosswhentheyarederecognized,amortizedaccordingtotheeffectiveinterestmethod,orimpairmentisrecognized.FinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeTheGroupclassifiesfinancialassetsthatmeetthefollowingconditionsandarenotdesignatedasmeasuredatfairvaluethroughprofitorlossasfinancialassetsatfairvaluethroughothercomprehensiveincome:
?TheGroup’sbusinessmodelformanagingthefinancialassetsaimsatbothcollectingcontractualcashflowsand
sellingthefinancialassets;?Thecontractualtermsofthefinancialassetprovidethatthecashflowsgeneratedonaspecificdatearesolely
paymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue.Interest,impairmentlossesorgainsandexchangegainsandlossescalculatedusingtheeffectiveinterestratemethodareincludedinthecurrentprofitandloss,andothergainsorlossesareincludedinothercomprehensiveincome.Whenderecognitionisterminated,theaccumulatedgainsorlossespreviouslyincludedinothercomprehensiveincomewillbetransferredoutofothercomprehensiveincomeandincludedinthecurrentprofitandloss.FinancialassetsmeasuredatfairvaluethroughprofitsandlossesExceptfortheabove-mentionedfinancialassetsmeasuredatamortizedcostandatfairvaluethroughothercomprehensiveincome,theGroupclassifiesallremainingfinancialassetsasfinancialassetsatfairvaluethroughprofitorloss.Atthetimeofinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatches,theGroupirrevocablydesignatedsomefinancialassetsthatshouldhavebeenmeasuredatamortizedcostoratfairvaluethroughothercomprehensiveincomeasfinancialassetsmeasuredthroughprofitsandlosses.Afterinitialrecognition,suchfinancialassetsaresubsequentlymeasuredatfairvalue,andtheresultinggainsorlosses(includinginterestanddividendincome)areincludedinthecurrentprofitsandlosses,unlessthefinancialassetsarepartofahedgingrelationship.
ThebusinessmodelformanagingfinancialassetsreferstohowtheGroupmanagesfinancialassetstogeneratecashflow.ThebusinessmodeldetermineswhetherthesourceofcashflowfromthefinancialassetsmanagedbytheGroupiscollectionofcontractualcashflow,saleoffinancialassetsorboth.TheGroupdeterminesthebusinessmodelformanagingfinancialassetsbasedonobjectivefactsandspecificbusinessobjectivesformanagingfinancialassetsdeterminedbykeymanagementpersonnel.TheGroupevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowsgeneratedbytherelevantfinancialassetsonaspecificdateareonlypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Amongthem,principalreferstothefairvalueofthefinancialassetatthetimeofinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,thecreditriskassociatedwiththeoutstandingprincipalamountinaspecificperiod,andotherbasiclendingrisks,costsandprofits.Inaddition,theGroupevaluatescontracttermsthatmaycausechangesinthetimedistributionoramountofcontractualcashflowsoffinancialassetstodeterminewhethertheymeettherequirementsoftheabovecontractualcashflowcharacteristics.OnlywhentheGroupchangesitsbusinessmodelformanagingfinancialassets,allaffectedrelevantfinancialassetswillbereclassifiedonthefirstdayofthefirstreportingperiodafterthechangeinbusinessmodel.Otherwise,financialassetsshallnotbereclassifiedafterinitialrecognition.Financialassetsaremeasuredatfairvalueuponinitialrecognition.Forfinancialassetsmeasuredatfairvaluethroughprofitandloss,therelevanttransactioncostsaredirectlyincludedinthecurrentprofitandloss;forothertypesoffinancialassets,therelevanttransactioncostsareincludedintheinitialrecognitionamount.Foraccountsreceivablearisingfromthesaleofproductsorprovisionofservicesthatdonotincludeortakeintoaccountsignificantfinancingcomponents,theamountofconsiderationthattheGroupisexpectedtobeentitledtoreceiveshallbedeemedastheinitialrecognitionamount.
(3)Classificationandmeasurementoffinancialliabilities
TheGroup’sfinancialliabilitiesareclassifieduponinitialrecognitioninto:financialliabilitiesmeasuredatfairvaluethroughprofitorloss,andfinancialliabilitiesmeasuredatamortizedcost.Forfinancialliabilitiesthatarenotclassifiedasmeasuredatfairvaluethroughprofitandloss,relevanttransactioncostsareincludedintheirinitialrecognitionamount.FinancialliabilitiesmeasuredatfairvaluethroughprofitorlossFinancialliabilitiesatfairvaluethroughprofitorlossincludetradingfinancialliabilitiesandfinancialliabilitiesdesignatedasfairvaluethroughprofitorlossuponinitialrecognition.Suchfinancialliabilitiesaresubsequentlymeasuredatfairvalue,andgainsorlossesarisingfromchangesinfairvalue,aswellasdividendsandinterestexpensesrelatedtosuchfinancialliabilities,areincludedinthecurrentprofitsandlosses.FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesadopttheactualinterestratemethodandaresubsequentlymeasuredatamortizedcost.Gainsorlossesarisingfromderecognitionoramortizationareincludedinthecurrentprofitsandlosses.ThedifferencebetweenfinancialliabilitiesandequityinstrumentsFinancialliabilitiesrefertoliabilitiesthatmeetoneofthefollowingconditions:
①Contractualobligationtodelivercashorotherfinancialassetstootherparties.
②Contractualobligationstoexchangefinancialassetsorfinancialliabilitieswithotherpartiesunderpotentiallyadverseconditions.
③Non-derivativecontractsthatmustorcanbesettledwiththeenterprise’sownequityinstrumentsinthefuture,andtheenterprisewilldeliveravariablenumberofitsownequityinstrumentsaccordingtothecontract.
④Derivativecontractsthatmustorcanbesettledwiththeenterprise’sownequityinstrumentsinthefuture,exceptforderivativecontractsthatexchangeafixednumberofitsownequityinstrumentsforafixedamountofcashorotherfinancialassets.Equityinstrumentsrefertocontractsthatproveownershipoftheremainingequityintheassetsofanenterpriseafterdeductingallliabilities.IftheGroupcannotunconditionallyavoiddeliveringcashorotherfinancialassetstofulfilacontractualobligation,thecontractualobligationmeetsthedefinitionofafinancialliability.IfafinancialinstrumentmustbesettledorcanbesettledwiththeGroup’sownequityinstruments,itisnecessarytoconsiderwhethertheGroup’sownequityinstrumentsusedtosettletheinstrumentareusedasasubstituteforcashorotherfinancialassets,ortoenabletheholdersoftheinstrumenttoholdtheremaininginterestintheissuer’sassetsafterdeductingallliabilities.Ifitistheformer,theinstrumentisafinancialliabilityoftheGroup;ifitisthelatter,theinstrumentisanequityinstrumentoftheGroup.
(4)Fairvalueoffinancialinstruments
Fairvalueisthepricethatamarketparticipantwouldpaytosellanassetortransferaliabilityinanorderlytransactionthatoccurredonthemeasurementdate.TheGroupmeasuresrelatedassetsorliabilitiesatfairvalue,assumingthattheorderlytransactiontosellassetsortransferliabilitiesiscarriedoutintheprincipalmarketforrelatedassetsorliabilities.Ifnoprincipalmarketexists,theGroupassumesthatthetransactioniscarriedoutinthemostadvantageousmarketforrelatedassetsorliabilities.Theprincipalmarket(orthemostadvantageousmarket)isthetransactionmarketwhichtheGroupcanenteronthemeasurementdate.TheGroupadoptstheassumptionsusedbymarketparticipantstomaximizetheireconomicbenefitswhenpricingtheassetsorliabilities.Forfinancialassetsorliabilitieswithanactivemarket,theGroupadoptsthequotedpriceintheactivemarkettodetermineitsfairvalue.Forafinancialinstrumentwithoutanactivemarket,theGroupadoptsvaluationtechniquestodetermineitsfairvalue.Whenmeasuringnon-financialassetsatfairvalue,theCompanyconsiderstheabilityofmarketparticipantstousetheassetsforthebestusetogenerateeconomicbenefits,ortoselltheassetstoothermarketparticipantswhocanusetheassetsforthebestusetogenerateeconomicbenefits.TheGroupadoptsvaluationtechniquesthatareapplicabletothecurrentsituationandwithsufficientdataavailableandotherinformationsupportandgivesprioritytotheuseoftherelatedobservableinputvalue.Itusesunobservableinputvaluesonlyiftheinputvaluecannotbeobservedorisnotfeasible.Theassetsandliabilitiesmeasuredordisclosedatfairvalueinthefinancialstatementsareinlinewiththelowestleveloftheinputvaluesthatisimportanttofairvaluemeasurementasawholetodeterminetheleveloffairvalue.Thefirstleveloftheinputvaluesmeansanunadjustedquotedpriceinanactivemarketforthesameassetsandliabilitiesavailableonthemeasurementdate.Thesecondleveloftheinputvaluesarethedirectlyorindirectlyobservableinputvaluesofrelatedassetsandliabilitiesexceptforthefirstleveloftheinputvalues.Thethirdleveloftheinputvaluesaretheunobservableinputvaluesofrelatedassetsandliabilities.Oneachbalancesheetdate,theGroupre-assessestheassetsandliabilitiesthatarecontinuouslymeasuredatfairvalueinthefinancialstatementssoastodeterminewhethertheconversionoccursatdifferentlevelsofthefairvaluemeasurement.
(5)Impairmentoffinancialassets
Basedonexpectedcreditlosses,theGroupperformsimpairmentaccountingonthefollowingitemsandrecognizeslossprovisions:
?Financialassetsmeasuredatamortizedcost;?Receivablesanddebtinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome;?ContractassetsasdefinedinAccountingStandardsforBusinessEnterprisesNo.14-Revenue;?Leasereceivables;?Financialguaranteecontracts(exceptthosethataremeasuredatfairvalueandwhosechangesareincludedin
currentprofitsandlosses,thetransferoffinancialassetsdoesnotmeettheconditionsforderecognition,orthefinancialassetscontinuetobeinvolvedinthetransferredfinancialassets).MeasurementofexpectedcreditlossesExpectedcreditlossesrefertotheweightedaverageofthecreditlossesoffinancialinstrumentswiththeriskofdefaultastheweight.CreditlossreferstothedifferencebetweenallcontractualcashflowsreceivableunderthecontractandallcashflowsexpectedtobereceivedbytheGroupdiscountedattheoriginaleffectiveinterestrate,thatis,thepresentvalueofallcashshortfalls.TheGroupconsidersreasonableandwell-foundedinformationaboutpastevents,currentconditions,andpredictionsoffutureeconomicconditions,andweightstheriskofdefaulttocalculatethedifferencebetweenthecashflowsreceivableunderthecontractandthecashflowsexpectedtobereceived.Theprobability-weightedamountofthepresentvalueisrecognizedastheexpectedcreditloss.TheGroupmeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstagesrespectively.Ifthecreditriskofafinancialinstrumenthasnotincreasedsignificantlysinceinitialrecognition,itisinthefirststage,andtheGroupwillmeasurelossprovisionsbasedontheexpectedcreditlossesinthenext12months;ifthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognitionbuthasnotyetoccurredIfthefinancialinstrumentiscredit-impaired,itisinthesecondstage,andtheGroupmeasuresthelossprovisionbasedontheexpectedcreditlossesfortheentiredurationoftheinstrument;ifthefinancialinstrumenthasbeencredit-impairedsinceinitialrecognition,itisinthethirdstage,andtheGroupmeasurestheexpectedcreditlossesfortheentiredurationoftheinstrument.Theexpectedcreditlossesduringthedurationaremeasuredaslossprovisions.Forfinancialinstrumentswithlowcreditriskonthebalancesheetdate,theGroupassumesthatitscreditriskhasnotincreasedsignificantlysinceinitialrecognitionandmeasureslossprovisionsbasedonexpectedcreditlosseswithinthenext12months.Lifetimeexpectedcreditlossesrefertotheexpectedcreditlossescausedbyallpossibledefaulteventsthatmayoccurduringtheentireexpectedlifeofafinancialinstrument.Expectedcreditlossesinthenext12monthsrefertothedefaulteventsoffinancialinstrumentsthatmayoccurwithin12monthsafterthebalancesheetdate(iftheexpecteddurationofthefinancialinstrumentislessthan12months,theexpectedduration)Expectedcreditlossesarepartoftheexpectedcreditlossesthroughouttheentireduration.Whenmeasuringexpectedcreditlosses,themaximumperiodthattheGroupneedstoconsideristhelongestcontractperiodforwhichtheenterprisefacescreditrisk(includingconsiderationofrenewaloptions).Forfinancialinstrumentsinthefirstandsecondstagesandwithlowercreditrisk,theGroupcalculatesinterestincomebasedonitsCarryingAmountbeforeimpairmentprovisionsandactualinterestrate.Forfinancialinstrumentsinthethirdstage,interestincomeiscalculatedbasedonitsCarryingAmountminustheamortizedcostandactualinterestrateafterimpairmentprovisionshavebeenmade.Forreceivablessuchasnotesreceivable,accountsreceivable,receivablefinancing,otherreceivables,andcontractassets,ifthecreditriskcharacteristicsofacertaincustomeraresignificantlydifferentfromothercustomersintheportfolio,orthecreditriskofthecustomerIfthecharacteristicsofthereceivableschangesignificantly,theGroupshallmakeaseparateprovisionforbaddebtsforthereceivables.Inadditiontothereceivablesforwhichbaddebtprovisionsaremadeindividually,theGroupdividesthereceivablesintogroupsbasedoncreditriskcharacteristicsandcalculates
baddebtprovisionsonagroupbasis.Notesreceivable,accountsreceivableandcontractassetsFornotesreceivableandaccountsreceivable,regardlessofwhetherthereisasignificantfinancingcomponent,theGroupalwaysmeasuresitslossprovisionsatanamountequivalenttotheexpectedcreditlossesduringtheentireduration.Whentheinformationonexpectedcreditlossescannotbeassessedatareasonablecostforasinglefinancialasset,theGroupdividesnotesreceivableandaccountsreceivableintogroupsbasedoncreditriskcharacteristics,andcalculatesexpectedcreditlossesonthebasisofthegroups.Thebasisfordeterminingthegroupisasfollows:
A.Notesreceivable?NotesReceivablePortfolio1:BankAcceptanceBill?NotesReceivablePortfolio2:CommercialAcceptanceBillB.Accountsreceivable?Accountsreceivableportfolio1:Non-relatedpartycustomers?AccountsReceivablePortfolio2:RelatedPartyCustomersFornotesreceivableandcontractassetsdividedintoportfolios,theGroupreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,andcalculatesexpectedcreditlossesthroughdefaultriskexposureandtheexpectedcreditlossratethroughouttheduration.Foraccountsreceivabledividedintoportfolios,theGroupreferstohistoricalcreditlossexperience,combinedwithcurrentconditionsandpredictionsoffutureeconomicconditions,toprepareacomparisontablebetweentheaging/overduedaysofaccountsreceivableandtheexpectedcreditlossratefortheentireduration.Calculateexpectedcreditlosses.Theagingofaccountsreceivableiscalculatedfromthedateofconfirmation/thenumberofoverduedaysiscalculatedfromthedateofexpirationofthecreditperiod.OtherreceivablesTheGroupdividesotherreceivablesintoseveralcombinationsbasedoncreditriskcharacteristics,andcalculatesexpectedcreditlossesonthebasisofthecombinations.Thebasisfordeterminingthecombinationsisasfollows:
?Otherreceivablesportfolio1:Amountsduefromnon-relatedparties?Otherreceivablesportfolio2:AmountsduefromrelatedpartiesForotherreceivablesclassifiedintoportfolios,theGroupcalculatesexpectedcreditlossesthroughthedefaultriskexposureandtheexpectedcreditlossratewithinthenext12monthsorthroughouttheduration.Forotherreceivablesgroupedbyaging,theagingiscalculatedfromthedateofconfirmation.Debtinvestment,otherdebtinvestmentFordebtinvestmentsandotherdebtinvestments,theGroupcalculatesexpectedcreditbasedonthenatureoftheinvestmentandvarioustypesofcounterpartiesandriskexposuresthroughdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsorthroughouttheduration.
AssessmentofsignificantincreaseincreditriskTheGroupcomparestheriskofdefaultofafinancialinstrumentonthebalancesheetdatewiththeriskofdefaultontheinitialrecognitiondatetodeterminetherelativechangeinthedefaultriskofthefinancialinstrumentduringitsexpecteddurationtoassesswhetherthecreditriskofthefinancialinstrumenthasincreasedsignificantlysinceitsinitialrecognition.Whendeterminingwhetherthecreditriskhasincreasedsignificantlysinceinitialrecognition,theGroupconsidersreasonableandsupportableinformation,includingforward-lookinginformation,thatcanbeobtainedwithoutunnecessaryadditionalcostoreffort.InformationconsideredbytheGroupincludes:
?Thedebtorfailstopaytheprincipalandinterestontheduedateofthecontract;?Anactualorexpectedsignificantdeteriorationintheexternalorinternalcreditrating(ifany)ofthefinancial
instrument;?Theactualorexpectedseriousdeteriorationinthedebtor’soperatingresults;?Existingorexpectedchangesinthetechnological,market,economicorlegalenvironmentwillhaveasignificantadverseimpactonthedebtor’sabilitytorepaytheGroup’sdebt.Dependingonthenatureofthefinancialinstrument,theGroupassesseswhetherthereisasignificantincreaseincreditriskonthebasisofasinglefinancialinstrumentoracombinationoffinancialinstruments.Whenevaluatingbasedonaportfoliooffinancialinstruments,theGroupcanclassifyfinancialinstrumentsbasedoncommoncreditriskcharacteristics,suchasoverdueinformationandcreditriskratings.Ifitisoverdueformorethan30days,theGroupdeterminesthatthecreditriskofthefinancialinstrumenthasincreasedsignificantly.TheGroupbelievesthatfinancialassetsdefaultinthefollowingcircumstances:
?ItisunlikelythattheborrowerwillpayinfullwhatitowestheGroup,anassessmentthatdoesnottakeinto
accountrecourseactionsbytheGroupsuchastherealizationofcollateral(ifheld);?Financialassetsareoverdueformorethan90days.Credit-impairedfinancialassetsTheGroupassesseswhethercreditimpairmenthasoccurredonfinancialassetsmeasuredatamortizedcostanddebtinvestmentsmeasuredatfairvaluethroughothercomprehensiveincomeonthebalancesheetdate.Whenoneormoreeventsoccurthathaveanadverseimpactontheexpectedfuturecashflowsofafinancialasset,thefinancialassetbecomesacredit-impairedfinancialasset.Evidencethatafinancialassethasbeencredit-impairedincludesthefollowingobservableinformation:
?Theissuerordebtorencounterssignificantfinancialdifficulties;?Thedebtorbreachesthecontract,suchasdefaultoroverduepaymentofinterestorprincipal;?TheGroupgrantsthedebtorconcessionsthatitwouldnothavemadeunderanyothercircumstancesdueto
economicorcontractualconsiderationsrelatedtothedebtor’sfinancialdifficulties;?thelikelihoodthatthedebtorwillgobankruptorundergootherfinancialreorganization;?Financialdifficultiesoftheissuerordebtorresultinthedisappearanceofanactivemarketforthefinancialasset.
PresentationofexpectedcreditlossprovisionsInordertoreflectchangesinthecreditriskoffinancialinstrumentssinceinitialrecognition,theGroupre-measuresexpectedcreditlossesoneachbalancesheetdate,andtheresultingincreaseorreversaloflossprovisionsshallbeaccountedforasimpairmentlossesorgainsintocurrentprofitandloss.Forfinancialassetsmeasuredatamortizedcost,thelossprovisionisreducedbythebookvalueofthefinancialassetslistedinthebalancesheet;fordebtinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome,theGroup’sothercomprehensiveincome.Thelossprovisionisrecognizedinincomeanddoesnotdeductthebookvalueofthefinancialasset.WriteoffIftheGroupnolongerreasonablyexpectsthatthecontractualcashflowsofafinancialassetcanbefullyorpartiallyrecovered,itwilldirectlywritedowntheCarryingAmountofthefinancialasset.Suchawrite-downconstitutesthederecognitionoftherelevantfinancialasset.ThissituationusuallyoccurswhentheGroupdeterminesthatthedebtordoesnothavetheassetsorsourcesofincometogeneratesufficientcashflowtorepaytheamountthatwillbewrittendown.However,inaccordancewiththeGroup’sproceduresforrecoveringdueamounts,financialassetsthatarewrittendownmaystillbeaffectedbyexecutionactivities.Ifafinancialassetthathasbeenwrittendownislaterrecovered,thereversaloftheimpairmentlosswillbeincludedintheprofitandlossofthecurrentperiodofrecovery.
(6)FinancialassettransferThetransferoffinancialassetsreferstothetransferordeliveryoffinancialassetstoanotherparty(thetransfer-inparty)otherthantheissuerofthefinancialassets.IftheGrouphastransferredsubstantiallyallrisksandrewardsofownershipofafinancialassettothetransferee,thefinancialassetshallbederecognised;iftheGrouphasretainedsubstantiallyallrisksandrewardsofownershipofthefinancialasset,thefinancialassetshallnotbederecognised.IftheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofafinancialasset,itshallhandlethefollowingsituationsrespectively:ifitgivesupcontrolofthefinancialasset,thefinancialassetshallbederecognisedandtheassetsandliabilitiesincurredshallberecognized;ifithasnotgivenupcontrolofthefinancialasset,Ifthefinancialassetiscontrolled,therelevantfinancialassetsshallberecognizedtotheextentofitscontinuedinvolvementinthetransferredfinancialassets,andtherelevantliabilitiesshallberecognizedaccordingly.
(7)Offsetoffinancialassetsandfinancialliabilities
WhentheGrouphasthelegalrighttooffsettherecognizedfinancialassetsandfinancialliabilitiesandiscurrentlyabletoenforcesuchlegalrights,andtheGroupplanstosettleonanetbasisortorealizethefinancialassetsandpayoffthefinancialliabilitiesatthesametime,thefinancialassetsandfinancialliabilitieswillbepresentedinthebalancesheetattheamountafteroffsettingeachother.Otherwise,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandarenotoffsetagainsteachother.
11.Inventories
(1)InventoryclassificationTheGroup’sinventoriesaredividedintorawmaterials,workinprogress,inventorygoodsandturnovermaterials.
(2)ValuationmethodforissuedinventoryTheGroup’sinventoriesarevaluedatactualcostwhenacquired.Rawmaterials,inventory,etc.arepricedusingtheweightedaveragemethodwhenshipped.
(3)MethodsofaccrualandprovisionforinventoriesOnthebalancesheetdate,inventoriesaremeasuredatthelowerofcostandnetrealizablevalue.Whenthenetrealizablevalueislowerthanthecost,aprovisionforinventorydepreciationismade.Netrealizablevalueistheestimatedsellingpriceoftheinventoryminustheestimatedcoststobeincurreduponcompletion,estimatedsellingexpensesandrelatedtaxes.Whendeterminingthenetrealizablevalueofinventories,itisbasedontheconclusiveevidenceobtainedandthepurposeofholdingtheinventoriesandtheimpactofeventsafterthebalancesheetdatearealsoconsidered.TheGroupusuallyaccruesinventorydepreciationprovisionsbasedonindividualinventoryitems.Forinventorieswithlargequantitiesandlowunitprices,inventorydepreciationprovisionsaremadeaccordingtotheinventorycategory.Onthebalancesheetdate,ifthefactorsthatpreviouslycausedtheinventoryvaluetobewrittendownhavedisappeared,theinventorydepreciationprovisionshallbereversedwithintheamountoriginallyaccrued.
(4)InventorysystemTheGroupadoptstheperpetualinventorysystem.
12.Long-terminvestmentLong-termequityinvestmentsincludeequityinvestmentsinsubsidiaries,jointventuresandassociates.TheassociatesoftheGrouparethosethattheGroupcanexertsignificantinfluenceontheinvestedunits.
(1)InitialmeasurementofinvestmentcostLong-termequityinvestmentsresultingfrombusinesscombinations:Forlong-termequityinvestmentsobtainedfrombusinesscombinationsundercommoncontrol,theshareofthebookvalueoftheowner’sequityofthemergedpartyintheconsolidatedfinancialstatementsoftheultimatecontrollingpartywillbeusedastheinvestmentcostonthedateofmerger;notunderthesamecontrolForlong-termequityinvestmentsobtainedthroughabusinessmerger,theinvestmentcostofthelong-termequityinvestmentshallbebasedonthemergercost.Forlong-termequityinvestmentsobtainedbyothermeans:forlong-termequityinvestmentsobtainedbypayingcash,theactualpurchasepricepaidwillbeusedastheinitialinvestmentcost;forlong-termequityinvestmentsobtainedbyissuingequitysecurities,thefairvalueoftheequitysecuritiesissuedwillbeusedastheinitialinvestmentcost.
(2)SubsequentmeasurementandprofitandlossrecognitionmethodsInvestmentsinsubsidiariesareaccountedforusingthecostmethod,unlesstheinvestmentqualifiesasheldforsale;investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod.Forlong-termequityinvestmentsaccountedforusingthecostmethod,inadditiontotheactualpricepaidwhenacquiringtheinvestmentorthecashdividendsorprofitsthathavebeendeclaredbutnotyetdistributedincludedintheconsideration,thecashdividendsorprofitsdeclaredtobedistributedbytheinvesteeshallberecognizedasinvestmentincomeforcurrentprofitandloss.Forlong-termequityinvestmentsaccountedforusingtheequitymethod,iftheinitialinvestmentcostisgreaterthanthefairvalueshareoftheinvestee’sidentifiablenetassetsthatshouldbeenjoyedatthetimeofinvestment,theinvestmentcostofthelong-termequityinvestmentwillnotbeadjusted;iftheinitialinvestmentcostislessthantheinvestment,theinvestee’sshareoftheidentifiablenetassetsshouldbeenjoyedIfthefairvalueshareofnetassetsisidentified,thebookvalueofthelong-termequityinvestmentwillbeadjusted,andthedifferencewillbeincludedinthecurrentprofitandlossoftheinvestment.Whenaccountingusingtheequitymethod,investmentincomeandothercomprehensiveincomearerecognizedrespectivelyaccordingtotheshareofthenetprofitorlossandothercomprehensiveincomerealizedbytheinvesteethat
shouldbeenjoyedorshared,andthebookvalueofthelong-termequityinvestmentisadjustedatthesametime;inaccordancewiththedeclarationoftheinvesteeTheportionofthedistributedprofitsorcashdividendsthatshouldbecalculatedwillreducethebookvalueofthelong-termequityinvestmentaccordingly;forotherchangesintheowner’sequityoftheinvesteeotherthannetprofitandloss,othercomprehensiveincomeandprofitdistribution,thebookvalueofthelong-termequityinvestmentwillbeadjustedandIncludedincapitalreserves(othercapitalreserves).Whenconfirmingtheshareoftheinvestee’snetprofitsandlosses,thefairvalueoftheinvestee’sidentifiableassetswhentheinvestmentisobtainedisusedasthebasis,andinaccordancewiththeGroup’saccountingpoliciesandaccountingperiods,thenetprofitoftheinvesteeisdetermined.Makeadjustmentsandconfirm.Ifitispossibletoexertsignificantinfluenceontheinvesteeorimplementjointcontrolbutdoesnotconstitutecontrolduetoadditionalinvestmentorotherreasons,ontheconversiondate,thesumofthefairvalueoftheoriginalequityplusthecostofthenewinvestmentwillbeusedastheinitialinvestmentcosttobeaccountedforbytheequitymethod.Iftheoriginalequityisclassifiedasanon-tradingequityinstrumentinvestmentmeasuredatfairvalueanditschangesareincludedinothercomprehensiveincome,therelatedcumulativefairvaluechangesoriginallyincludedinothercomprehensiveincomewillbetransferredtoretainedearningswhenitisaccountedforundertheequitymethod.Ifthejointcontrolorsignificantinfluenceontheinvestedunitislostduetothedisposalofpartoftheequityinvestmentorotherreasons,theremainingequityafterthedisposalshallbechangedtotheAccountingStandardsforBusinessEnterprisesNo.22-FinancialInstrumentRecognitionandSignificantInfluenceonthedateoflossofjointcontrolorsignificantinfluence.Measurementisusedforaccountingtreatment,andthedifferencebetweenthefairvalueandthebookvalueisincludedinthecurrentprofitandloss.Othercomprehensiveincomerecognizedduetotheuseoftheequitymethodforaccountingintheoriginalequityinvestmentwillbeaccountedforonthesamebasisastheinvestee’sdirectdisposalofrelevantassetsorliabilitieswhentheequitymethodisterminated;otherchangesinowner’sequityrelatedtotheoriginalequityinvestmentTransferredtocurrentprofitandloss.Ifthecontrolovertheinvestedunitislostduetothedisposalofpartoftheequityinvestmentorotherreasons,andtheremainingequityafterthedisposalcanjointlycontrolorexertsignificantinfluenceontheinvestedunit,itshallbeaccountedforaccordingtotheequitymethod,andtheremainingequityshallberegardedasowned.Adjustmentswillbemadeusingtheequitymethoduponacquisition;iftheremainingequityafterdisposalcannotjointlycontrolorexertsignificantinfluenceontheinvestedunit,therelevantprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentswillbefollowed.Accountingtreatment,thedifferencebetweenitsfairvalueandbookvalueonthedateoflossofcontrolisincludedinthecurrentprofitandloss.IftheGroup’sshareholdingratiodecreasesduetocapitalincreasebyotherinvestors,therebylosingcontrolbutitcanexercisejointcontrolorexertsignificantinfluenceontheinvestedunit,theGroup’sshareoftheinvestedunitduetothecapitalincreaseshallbeconfirmedbasedonthenewshareholdingratio.Thedifferencebetweentheshareofnetassetsincreasedduetoshareexpansionandtheoriginalbookvalueofthelong-termequityinvestmentcorrespondingtothedecreaseinshareholdingratiothatshouldbecarriedforwardisincludedinthecurrentprofitandloss;then,thenewshareholdingratioisdeemedtohavebeencalculatedsincetheinvestmentwasobtained.Thatis,adjustmentsaremadeusingtheequitymethodofaccounting.UnrealizedgainsandlossesfrominternaltransactionsbetweentheGroupanditsassociatesandjointventuresarecalculatedbasedontheshareholdingratioandareattributabletotheGroup,andinvestmentgainsandlossesarerecognizedonanoffsettingbasis.However,iftheunrealizedinternaltransactionlossesbetweentheGroupandtheinvesteeareimpairmentlossesonthetransferredassets,theywillnotbeoffset.
(3)BasisfordeterminingjointcontrolandsignificantinfluenceontheinvestedunitJointcontrolreferstothesharedcontroloveranarrangementinaccordancewithrelevantagreements,andtherelevantactivitiesofthearrangementmustbedecidedonlywiththeunanimousconsentoftheparticipantssharingcontrolrights.Whenjudgingwhetherthereisjointcontrol,firstjudgewhetherthearrangementiscollectivelycontrolledbyallparticipantsoracombinationofparticipants,andsecondlywhetherdecisionsonactivitiesrelatedtothearrangementmustbeunanimouslyagreeduponbytheparticipantswhocollectivelycontrolthearrangement.Ifallparticipantsoragroupofparticipantsmustactinconcerttodeterminetherelevantactivitiesofanarrangement,allparticipantsoragroupofparticipantsareconsideredtocollectivelycontrolthearrangement;iftherearetwoormorecombinationsofparticipantsthatcancollectivelyControlofanarrangementdoesnotconstitutejointcontrol.Whendeterminingwhetherjointcontrolexists,theprotectiverightsenjoyedarenottakenintoaccount.
Significantinfluencemeansthattheinvestorhasthepowertoparticipateindecision-makingonthefinancialandoperatingpoliciesoftheinvestee,butitisnotabletocontrolorjointlycontroltheformulationofthesepolicieswithotherparties.Whendeterminingwhetheritcanexertasignificantinfluenceontheinvestee,itisconsideredthattheinvestor’sdirectorindirectholdingsofvotingsharesintheinvesteeandthecurrentexecutablepotentialvotingrightsheldbytheinvestorandotherpartiesareassumedtobeconvertedintocontrolovertheinvestee.Theimpactarisingfromtheacquisitionofequityincludestheimpactofcurrentconvertiblewarrants,shareoptionsandconvertiblecorporatebondsissuedbytheinvestee.WhentheGroupdirectlyorindirectlythroughsubsidiariesownsmorethan20%(inclusive)butlessthan50%ofthevotingsharesoftheinvestedunit,itisgenerallyconsideredtohaveasignificantinfluenceontheinvestedunit,unlessthereisclearevidencethatthissituationItisunabletoparticipateintheproductionandoperationdecisionsoftheinvestedunitanddoesnothaveasignificantimpact;whentheGroupownslessthan20%(exclusive)ofthevotingsharesoftheinvestedunit,itisgenerallynotconsideredtohaveasignificantimpactontheinvestedunit,unlessthereisclearevidencethatthisUndersuchcircumstances,wecanparticipateintheproductionandoperationdecisionsoftheinvestedunitandhaveasignificantinfluence.
(4)ImpairmenttestingmethodandimpairmentprovisionaccrualmethodForinvestmentsinsubsidiaries,associatesandjointventures,pleaserefertoNoteforthemethodofcalculatingassetimpairment.
13.Investmentproperties
Investmentpropertiesarepropertiesheldtoearnrentalsorforcapitalappreciation,orboth.TheGroup’sinvestmentpropertiesincludeleasedlanduserights,landuserightsheldandpreparedtobetransferredafterappreciation,andleasedbuildings.ThereisanactiverealestatetradingmarketinthelocationwheretheGroup’sinvestmentpropertiesarelocated,andtheGroupisabletoobtainmarketpricesandotherrelevantinformationofsimilarorsimilarrealestatefromtherealestatetradingmarket,sothatitcanmakeareasonableestimateofthefairvalueoftheinvestmentrealestate.Therefore,theGroupadoptsthefairvaluemodelforsubsequentmeasurementofinvestmentrealestate,andchangesinfairvaluethroughprofitandloss.Whendeterminingthefairvalueofinvestmentproperties,refertothecurrentmarketpriceofthesameorsimilarrealestateintheactivemarket;ifthecurrentmarketpriceofthesameorsimilarrealestatecannotbeobtained,refertothelatesttransactionpriceofthesameorsimilarrealestateintheactivemarket,andConsiderthetransactionsituation,transactiondate,locationandotherfactorstomakeareasonableestimateofthefairvalueoftheinvestmentproperty;ordetermineitsfairvaluebasedontheexpectedfuturerentalincomeandthepresentvalueoftherelevantcashflows.Inrarecases,ifthereisevidencethattheGroupacquiresaninvestmentpropertythatisnotunderconstructionforthefirsttime(oranexistingpropertybecomesaninvestmentpropertyforthefirsttimeaftercompletingconstructionordevelopmentactivitiesorchangingitsuse),theGroupwillIfthefairvalueofinvestmentrealestatecannotbeobtainedcontinuouslyandreliably,theinvestmentrealestatewillbemeasuredusingthecostmodeluntildisposal,anditisassumedthatthereisnoresidualvalue.Thedifferencebetweenthedisposalincomefromthesale,transfer,scrappingordamageofinvestmentpropertiesafterdeductingitsbookvalueandrelevanttaxesisincludedinthecurrentprofitandloss.
14.Fixedassets
(1)FixedassetrecognitionconditionsTheGroup’sfixedassetsrefertotangibleassetsheldfortheproductionofgoods,provisionoflabourservices,leasingoroperationandmanagement,andwithausefullifeofmorethanoneaccountingyear.Afixedassetcanonlyberecognizedwhentheeconomicbenefitsrelatedtothefixedassetarelikelytoflowintothe
enterpriseandthecostofthefixedassetcanbemeasuredreliably.TheGroup’sfixedassetsareinitiallymeasuredbasedontheactualcostwhenacquired.SubsequentexpendituresrelatedtofixedassetsshallbeincludedinthecostoffixedassetswhentheeconomicbenefitsrelatedtothemarelikelytoflowintotheGroupandtheircostscanbereliablymeasured;dailyrepaircostsoffixedassetsthatdonotmeettheconditionsforsubsequentexpendituresforcapitalizationoffixedassetsshallbeincludedinthecostoffixedassetswhentheeconomicbenefitsrelatedtothemarelikelytoflowintotheGroupandtheircostscanbemeasuredreliably.Whenincurred,itshallbeincludedinthecurrentprofitandlossorincludedinthecostofrelatedassetsaccordingtothebeneficiaryobject.Forthereplacedpart,itsbookvalueisderecognized.
(2)DepreciationmethodsDepreciationmethodsforvarioustypesoffixedassetsFixedassetsaredepreciatedusingthestraight-linemethodbasedontheircostslessestimatedresidualvaluesovertheirestimatedusefullivesDepreciationbeginswhenafixedassetreachesitsintendedusablecondition,anddepreciationstopswhenitisderecognizedorclassifiedasanon-currentassetheldforsale.Withoutconsideringimpairmentprovisions,theGroupdeterminestheannualdepreciationratesofvarioustypesoffixedassetsbasedonfixedassetcategory,estimatedservicelifeandestimatedresidualvalueasfollows:
Category
| Category | Depreciationmethods | Usefullives(years) | Residualrate% | Annualdepreciationrate% |
| Buildings | Thelifeaveragemethod | 20-35years | 5% | 4.75%to2.71% |
| Machineryequipment | Thelifeaveragemethod | 8-20years | 5% | 11.88%to4.75% |
| TransportationandOthers | Thelifeaveragemethod | 5-8years | 0 | 20%to12.50% |
Amongthem,forfixedassetsforwhichimpairmentprovisionshavebeenmade,thedepreciationrateshouldalsobecalculatedanddeterminedbydeductingtheaccumulatedamountoffixedassetimpairmentprovisions.
(3)Notefortheimpairmenttestingmethodandimpairmentprovisionaccrualmethodforfixedassets.
(4)Attheendofeachyear,theGroupreviewstheusefullife,estimatednetresidualvalueanddepreciationmethodoffixedassets.Ifthereisadifferencebetweentheestimatedusefullifeandtheoriginalestimate,theusefullifeofthefixedassetswillbeadjusted;ifthereisadifferencebetweentheexpectednetresidualvalueandtheoriginalestimate,theestimatednetresidualvaluewillbeadjusted.
(5)FixedassetdisposalWhenafixedassetisdisposedofornoeconomicbenefitsareexpectedtobegeneratedthroughuseordisposal,thefixedassetisderecognised.Theamountofdisposalincomefromthesale,transfer,scrappingordamageoffixedassetsafterdeductingtheirbookvalueandrelevanttaxesisincludedinthecurrentprofitandloss.
15.ConstructioninprogressThecostoftheGroup’sconstruction-in-progressisdeterminedbasedonactualprojectexpenditures,includingvariousnecessaryprojectexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshouldbecapitalizedbeforetheprojectreachesitsintendedusablestate,andotherrelatedexpenses.Constructioninprogressistransferredtofixedassetswhenitreachestheintendedusablestate.Thecriteriaforjudgingtheintendedusablestatusshouldmeetoneofthefollowingconditions:Thephysicalconstruction(includinginstallation)
ofthefixedassetshasbeencompletedorsubstantiallycompleted,trialproductionortrialoperationhasbeencarriedout,andtheresultsshowthattheassetscanoperatenormally.Oritcanproducestably,orthetrialoperationresultsshowthatitcanoperatenormally.Theamountofexpenditureonthefixedassetsconstructedisverysmalloralmostnolongeroccurs,andthefixedassetspurchasedhavemetthedesignorcontractrequirements,orarebasicallyconsistentwiththedesignorcontractrequirements.Noteforthemethodofaccruingassetimpairmentforconstructioninprogress.TheGroup’sengineeringmaterialsrefertovariousmaterialspreparedforprojectsunderconstruction,includingengineeringmaterials,equipmentthathasnotyetbeeninstalled,andtoolsandequipmentpreparedforproduction.Thepurchasedengineeringmaterialsaremeasuredatcost,theengineeringmaterialsreceivedaretransferredtotheprojectunderconstruction,andtheremainingengineeringmaterialsafterthecompletionoftheprojectaretransferredtoinventory.Notefortheassetimpairmentmethodofconstructionmaterials.Inthebalancesheet,theclosingbalanceofconstructionmaterialsislistedinthe“ConstructioninProgress”item.
16.Borrowingcosts
(1)RecognitionprinciplesforcapitalizationofborrowingcostsIftheborrowingcostsincurredbytheGrouparedirectlyattributabletotheacquisition,constructionorproductionofassetsthatmeetthecapitalizationconditions,theyshallbecapitalizedandincludedinthecostoftherelevantassets;otherborrowingcostsshallberecognizedasexpensesbasedontheamountincurredwhenincurredandshallbeincludedinthecostoftherelevantassetsforcurrentprofitandloss.Borrowingcostswillbegintobecapitalizediftheymeetthefollowingconditionsatthesametime:
①Assetexpenditureshaveoccurred.Assetexpendituresincludeexpendituresintheformofcashpayments,transfersofnon-cashassetsorinterest-bearingdebtsfortheacquisition,constructionorproductionofassetsthatmeetcapitalizationconditions;
②Theborrowingcostshavebeenincurred;
③Thenecessarypurchase,constructionorproductionactivitiestobringtheassettoitsintendedusableorsaleablestatehavebegun.
(2)BorrowingcostcapitalizationperiodWhentheassetspurchased,constructedorproducedbytheGroupthatmeetthecapitalizationconditionsarereadyforintendeduseorsale,thecapitalizationofborrowingcostswillcease.Borrowingcostsincurredaftertheassetsthatmeetthecapitalizationconditionsreachtheintendedusableorsaleablestatearerecognizedasexpensesbasedontheamountincurredwhenincurredandincludedinthecurrentprofitandloss.Ifanassetthatmeetsthecapitalizationconditionsisabnormallyinterruptedduringtheacquisition,constructionorproductionprocess,andtheinterruptionlastsformorethan3months,thecapitalizationofborrowingcostswillbesuspended;theborrowingcostsduringthenormalinterruptionperiodwillcontinuetobecapitalized.
(3)CalculationmethodofcapitalizationrateofborrowingcostsandcapitalizationamountTheinterestexpensesactuallyincurredonspecialborrowingsinthecurrentperiod,minustheinterestincomefromunusedborrowedfundsdepositedinbanksorinvestmentincomefromtemporaryinvestments,arecapitalized;generalborrowingsarecapitalizedbasedontheexcessoftheaccumulatedassetexpendituresoverthespecialborrowings.Thecapitalizationamountisdeterminedbymultiplyingtheweightedaverageofassetexpendituresbythecapitalizationrate
ofthegeneralborrowingsoccupied.Thecapitalizationrateiscalculatedanddeterminedbasedontheweightedaverageinterestrateofgeneralborrowings.Duringthecapitalizationperiod,allexchangedifferencesonspecialforeigncurrencyborrowingsarecapitalized;exchangedifferencesongeneralforeigncurrencyborrowingsareincludedinthecurrentprofitsandlosses.
17.Intangibleassets
(1)Usefullifeanditsdeterminationbasis,estimation,amortizationmethod,orreviewprocedure
TheGroup’sintangibleassetsincludelanduserights,patentrightsandproprietarytechnologies,mineralminingrightsandothers.Intangibleassetsareinitiallymeasuredbasedoncost,andtheirservicelifeisanalysedandjudgedwhentheintangibleassetsareacquired.Iftheservicelifeislimited,fromthetimewhentheintangibleassetbecomesavailableforuse,anamortizationmethodthatcanreflecttheexpectedrealizationmethodoftheeconomicbenefitsrelatedtotheassetshallbeused,andamortizationwillbeamortizedwithintheestimatedusefullife;iftheexpectedrealizationmethodcannotbereliablydetermined,Amortizationiscarriedoutusingthestraight-linemethod;intangibleassetswithindefiniteservicelifearenotamortized.Theamortizationmethodofintangibleassetswithlimitedusefullifeisasfollows:
Category
| Category | Usefullives(years) | Basisfordeterminingservicelife | Amortizationmethod | Notes |
| Landuserights | 30-70years | Warrant | Straight-lineDepreciation | |
| Patentrightsandproprietarytechnologies | 5-20years | Estimatedusefullife | Straight-lineDepreciation | |
| Exploitationrights | 16-20years | Warrants,expectedincomeperiod | Straight-lineDepreciation | |
| Others | 2-10years | Estimatedusefullife | Straight-lineDepreciation |
Attheendofeachyear,theGroupreviewstheusefullifeandamortizationmethodofintangibleassetswithlimitedservicelife.Ifitisdifferentfromthepreviousestimate,theoriginalestimateisadjustedandtreatedasachangeinaccountingestimate.Ifitisexpectedthatanintangibleassetwillnolongerbringfutureeconomicbenefitstotheenterpriseonthebalancesheetdate,theentirebookvalueoftheintangibleassetwillbetransferredtothecurrentprofitandloss.Noteforthemethodofimpairmentforintangibleassets.
(2)ThescopeofR&DexpenditurecollectionandtherelatedaccountingtreatmentTheGroup'sR&Dexpendituresareexpendituresdirectlyrelatedtothecompany'sR&Dactivities,includingR&Dstaffsalaries,directinvestmentcosts,depreciationexpensesandlong-termdeferredexpenses,designexpenses,equipmentcommissioningexpenses,intangibleassetamortizationexpenses,entrustedexternalresearchanddevelopmentexpenses,otherexpensesetc.ThewagesofR&DpersonnelareincludedinR&Dexpendituresbasedonprojectworkinghours.Equipment,productionlines,andsitessharedbetweenR&DactivitiesandotherproductionandoperationactivitiesareincludedinR&Dexpensesaccordingtotheproportionofworkinghoursandtheproportionofarea.
TheGroupdividesexpendituresoninternalresearchanddevelopmentprojectsintoexpendituresintheresearchphaseandexpendituresinthedevelopmentphase.Expendituresintheresearchstageareincludedinthecurrentprofitsandlosseswhenincurred.Expendituresinthedevelopmentstagecanonlybecapitalizediftheymeetthefollowingconditions:itistechnicallyfeasibletocompletetheintangibleassetsothatitcanbeusedorsold;thereistheintentiontocompletetheintangibleassetanduseorsellit;theintangibleassetThewaytogenerateeconomicbenefitsincludesbeingabletoprovethatthereisamarketfortheproductsproducedusingtheintangibleassetsorthattheintangibleassetsthemselveshaveamarket.Iftheintangibleassetswillbeusedinternally,theycanprovetheirusefulness;therearesufficienttechnical,financialandotherresourcesupports,inordertocompletethedevelopmentoftheintangibleassetandhavetheabilitytouseorselltheintangibleasset;theexpendituresattributabletothedevelopmentstageoftheintangibleassetcanbemeasuredreliably.Developmentexpendituresthatdonotmeettheaboveconditionsareincludedinthecurrentprofitandloss.TheGroup’sresearchanddevelopmentprojectswillenterthedevelopmentstageaftermeetingtheaboveconditionsandpassingtechnicalfeasibilityandeconomicfeasibilitystudiestoformaproject.Capitalizedexpendituresinthedevelopmentphasearelistedasdevelopmentexpendituresonthebalancesheetandareconvertedintointangibleassetsfromthedatetheprojectreachesitsintendeduse.CapitalizationconditionsforspecificR&Dprojects:
Expendituresintheresearchstageareincludedinthecurrentprofitsandlosseswhenincurred.Beforelarge-scaleproduction,expendituresrelatedtothedesignandtestingphaseofthefinalapplicationoftheproductionprocessareexpendituresinthedevelopmentphase.Ifthefollowingconditionsaremetatthesametime,theywillbecapitalized:
·Thedevelopmentoftheproductionprocesshasbeenfullydemonstratedbythetechnicalteam;·Managementhasapprovedthebudgetforproductionprocessdevelopment;·Theresearchandanalysisofthepreliminarymarketresearchshowsthattheproductsproducedbytheproductionprocesshavemarketpromotioncapabilities;·Havesufficienttechnicalandfinancialsupporttocarryoutproductionprocessdevelopmentactivitiesandsubsequentlarge-scaleproduction;andtheexpenditureonproductionprocessdevelopmentcanbereliablycollected.Ifitisimpossibletodistinguishbetweenexpendituresintheresearchstageandexpendituresinthedevelopmentstage,allR&Dexpendituresincurredwillbeincludedinthecurrentprofitandloss.
18.Long-termassetsimpairmentForsubsidiaries’long-terminvestments,fixedassets,constructioninprocess,right-of-useassets,intangibleassets,goodwill,etc.(excludinginventories,investmentpropertiesmeasuredaccordingtothefairvaluemodel,deferredtaxassets,andfinancialassets)value,determinedasfollows:
Onthebalancesheetdate,itisjudgedwhetherthereareanysignsofpossibleimpairmentoftheassets.Iftherearesignsofimpairment,theGroupwillestimateitsrecoverableamountandconductanimpairmenttest.Goodwillformedduetobusinesscombinations,intangibleassetswithindefiniteusefullivesandintangibleassetsthathavenotyetreachedausablestatearesubjecttoimpairmenttestingeveryyearregardlessofwhethertherearesignsofimpairment.Therecoverableamountisdeterminedbasedonthehigheroftheasset’sfairvaluelessdisposalcostsandthepresentvalueoftheasset’sexpectedfuturecashflows.TheGroupestimatestherecoverableamountonthebasisofasingleasset;ifitisdifficulttoestimatetherecoverableamountofanindividualasset,theGroupdeterminestherecoverableamountoftheassetgroupbasedontheassetgrouptowhichtheassetbelongs.Theidentificationofanassetgroupisbasedonwhetherthemaincashinflowgeneratedbytheassetgroupisindependentofthecashinflowsofotherassetsorassetgroups.
Whentherecoverableamountofanassetorassetgroupislowerthanitsbookvalue,theGroupwillwritedownitsbookvaluetotherecoverableamount,andtheamountofthewrite-downwillbeincludedinthecurrentprofitandloss,andthecorrespondingassetimpairmentprovisionwillbemade.Asfarastheimpairmenttestofgoodwillisconcerned,thebookvalueofgoodwillformedduetoabusinesscombinationshallbeapportionedtotherelevantassetgroupinareasonablemannerfromthedateofpurchase;ifitisdifficulttoapportionittotherelevantassetgroup,itshallbeapportionedtotherelevantassetgroup.Relatedassetgroupcombinations.Therelevantassetgrouporassetgroupcombinationisanassetgrouporassetgroupcombinationthatcanbenefitfromthesynergyeffectsofthebusinesscombination,andisnolargerthanthereportingsegmentdeterminedbythegroup.Duringimpairmenttesting,iftherearesignsofimpairmentinanassetgrouporcombinationofassetgroupsrelatedtogoodwill,firstconductanimpairmenttestontheassetgrouporcombinationofassetgroupsthatdoesnotincludegoodwill,calculatetherecoverableamount,andconfirmthecorrespondingimpairment.Thenconductanimpairmenttestontheassetgrouporassetgroupcombinationcontaininggoodwill,andcompareitsbookvaluewiththerecoverableamount.Iftherecoverableamountislowerthanthebookvalue,theimpairmentlossofgoodwillisrecognized.Oncetheassetimpairmentlossisrecognized,itwillnotbereversedinsubsequentaccountingperiods.
19.Long-termprepaidexpenses
Thelong-termdeferredexpensesincurredbytheGrouparemeasuredatactualcostandamortizedevenlyovertheexpectedbeneficialperiod.Forlong-termdeferredexpenseitemsthatcannotbenefitfutureaccountingperiods,theiramortizedvalueshallbefullyincludedinthecurrentprofitandloss.
20.Employeebenefits
(1)AccountingforShort-termcompensationDuringtheaccountingperiodwhenemployeesprovideservices,theGrouprecognizestheactualemployeewages,bonuses,socialinsurancepremiumssuchasmedicalinsurancepremiums,work-relatedinjuryinsurancepremiums,maternityinsurancepremiums,andhousingprovidentfundspaidforemployeesbasedonprescribedstandardsandproportionsasliabilitiesandincludedinthecurrentprofitandlossorrelatedassetcosts.
(2)Accountingforpost-employmentbenefitsPost-employmentbenefitplansincludedefinedcontributionplansanddefinedbenefitplans.Amongthem,adefinedcontributionplanreferstoapost-employmentbenefitplaninwhichtheenterprisenolongerbearsfurtherpaymentobligationsafterdepositingafixedfeeintoanindependentfund;adefinedbenefitplanreferstoapost-employmentbenefitplanotherthanadefinedcontributionplan.DefinedcontributionplansDefinedcontributionplansincludebasicpensioninsurance,unemploymentinsurance,etc.Duringtheaccountingperiodwhenemployeesprovideservices,thedepositamountpayablecalculatedaccordingtothedefinedcontributionplanisrecognizedasaliabilityandincludedinthecurrentprofitandlossorrelatedassetcosts.
(3)AccountingforTerminationbenefitsIftheGroupprovidesdismissalbenefitstoemployees,theemployeecompensationliabilitiesarisingfromthedismissalbenefitswillberecognizedattheearliestofthefollowingtwotimesandincludedinthecurrentprofitandloss:WhentheGroupcannotunilaterallywithdrawthedismissalbenefitsprovidedduetotheterminationoflabourrelationsplanorlayoffproposal;WhentheGrouprecognizescostsorexpensesrelatedtorestructuringinvolvingpaymentofterminationbenefits.
(4)AccountingforOtherlong-termbenefitsOtherlong-termemployeebenefitsprovidedbytheGrouptoemployeesthatmeettheconditionsofadefinedcontributionplanwillbehandledinaccordancewiththeabove-mentionedrelevantregulationsondefinedcontributionplans.Ifitisincompliancewiththedefinedbenefitplan,itshallbehandledinaccordancewiththerelevantprovisionsonthedefinedbenefitplanmentionedabove,butthe“changescausedbytheremeasurementofthenetliabilitiesornetassetsofthedefinedbenefitplan”intherelevantemployeecompensationcostsshallbeincludedinthecurrentprofitandlossorrelatedAssetcost.
21.EstimatedliabilitiesIftheobligationsrelatedtocontingenciesmeetthefollowingconditionsatthesametime,theGroupwillrecognizethemasestimatedliabilities:
(1)TheobligationisacurrentobligationbornebytheGroup;
(2)TheperformanceofthisobligationislikelytoresultintheoutflowofeconomicbenefitsfromtheGroup;
(3)Theamountoftheobligationcanbemeasuredreliably.Estimatedliabilitiesareinitiallymeasuredbasedonthebestestimateoftheexpenditurerequiredtofulfiltherelevantcurrentobligations,andfactorssuchasrisks,uncertainties,andtimevalueofmoneyrelatedtocontingenciesarecomprehensivelyconsidered.Ifthetimevalueofmoneyhasasignificantimpact,thebestestimateisdeterminedbydiscountingtherelevantfuturecashoutflows.TheGroupreviewsthebookvalueofestimatedliabilitiesonthebalancesheetdateandadjuststhebookvaluetoreflectthecurrentbestestimate.Ifallorpartoftheexpensesrequiredtosettletherecognizedestimatedliabilitiesareexpectedtobecompensatedbyathirdpartyorotherparties,thecompensationamountcanonlyberecognizedseparatelyasanassetwhenitisbasicallycertainthatitwillbereceived.Theamountofcompensationrecognizedshallnotexceedthebookvalueoftheliabilityrecognized.
22.Revenue
(1)Generalprinciples
TheGrouprecognizesrevenuewhenitfulfilsitsperformanceobligationsinthecontract,thatis,whenthecustomerobtainscontroloftherelevantgoodsorservices.Ifthecontractcontainstwoormoreperformanceobligations,theGroupwillallocatethetransactionpricetoeachindividualperformanceobligationbasedontherelativeproportionofthestand-alonesellingpriceofthegoodsorservicespromisedbyeachindividualperformanceobligationonthecontractcommencementdate.Revenueismeasuredatthetransactionpriceofeachindividualperformanceobligation.Whenoneofthefollowingconditionsismet,theperformanceobligationisperformedwithinacertainperiodoftime;otherwise,theperformanceobligationisperformedatacertainpointintime:
①WhentheGroupperformsthecontract,thecustomerobtainsandconsumestheeconomicbenefitsbroughtbytheGroup’sperformance.
②CustomerscancontrolthegoodsunderconstructionduringtheperformanceofthecontractbytheGroup.
③ThegoodsproducedbytheGroupduringtheperformanceofthecontracthaveirreplaceableuses,andtheGrouphastherighttocollectpaymentforthecumulativeperformancepartcompletedsofarduringtheentirecontractperiod.
Forperformanceobligationsfulfilledwithinacertainperiodoftime,theGrouprecognizesrevenuebasedontheperformanceprogresswithinthatperiodoftime.Whentheprogressofcontractperformancecannotbereasonablydetermined,ifthecostsincurredbytheGroupareexpectedtobecompensated,revenuewillberecognizedbasedontheamountofcostsincurreduntiltheprogressofcontractperformancecanbereasonablydetermined.Forperformanceobligationsfulfilledatacertainpointintime,theGrouprecognizesrevenueatthepointwhenthecustomerobtainscontroloftherelevantgoodsorservices.Whendeterminingwhetheracustomerhasobtainedcontrolofgoodsorservices,theGroupwillconsiderthefollowingsigns:
①TheGrouphasthecurrentrighttoreceivepaymentforthegoodsorservices,thatis,thecustomerhascurrentpaymentobligationsforthegoods.
②TheGrouphastransferredthelegalownershipofthegoodstothecustomer,whichmeansthatthecustomeralreadyownsthelegalownershipofthegoods.
③TheGrouphasphysicallytransferredthegoodstothecustomer,thatis,thecustomerhasphysicallytakenpossessionofthegoods.
④TheGrouphastransferredthemainrisksandrewardsofownershipofthecommoditytothecustomer,thatis,thecustomerhasobtainedthemainrisksandrewardsofownershipofthecommodity.
⑤Thecustomerhasacceptedthegoodsorservices.
⑥Othersignsindicatingthatthecustomerhasobtainedcontroloftheproduct.
(2)Specificmethod
TheGroup’srevenuemainlycomesfromthefollowingbusinesstypes:salesofproducts,externalprovisionofconsultingandprocessingservices.SellinggoodsProductssoldTheGroupproducesandsellsfloatglass,photovoltaicglass,engineeringglass,solarindustryrelatedproducts,electronicglassanddisplaydevice,etc.Fordomesticsales,theGrouptransportstheproductstotheagreeddeliverylocationinaccordancewiththeagreementorpicksitupbythebuyer.Revenueisrecognizedafterthebuyerconfirmsreceiptorpick-up.Forexportsales,theGrouprecognizestherevenuewhenitfinishedclearinggoodsforexportanddeliverthegoodsonboardthevessel,orwhenthegoodsaredeliveredtoacertainplacespecifiedinthecontract.Forsolarenergyandotherindustries’photovoltaicpowergenerationrevenue,theGrouprecognizestheelectricitywhenitissuppliedtotheprovincialpowergridcompanywhereeachelectricfieldislocated,usesthesettledelectricityvolumeconfirmedbybothpartiesastheelectricitysalesforthatmonth,andusestheon-gridelectricitypriceapprovedbytheNationalDevelopmentandReformCommissionortheelectricitypriceagreedinthecontractasthesalesunitprice.ThecreditperiodsgrantedbytheGrouptocustomersinvariousindustriesareconsistentwiththepracticesofvariousindustries,andthereisnosignificantfinancingcomponent.TheGroupprovidesproductqualityassurancefortheproductssoldandrecognizescorrespondingestimatedliabilities.TheGroupdoesnotprovideanyadditionalservicesoradditionalqualityassurance,sotheproductqualityassurancedoesnotconstituteaseparateperformanceobligation.
Glassproductswithsalesreturnclauses,revenuerecognitionislimitedtotheamountofaccumulatedrecognizedrevenuethatisunlikelytoresultinasignificantreversal.TheGrouprecognizesliabilitiesbasedontheexpectedreturnamount,andatthesametime,recognizesthebalanceasanassetbasedonthebookvalueofthegoodsexpectedtobereturnedwhenthegoodsaretransferred,minustheexpectedcostsofrecoveringthegoods(includingtheimpairmentofthevalueofthereturnedgoods).ProvideconsultingandprocessingservicesTheGroupprovidesexternalconsultingandprocessingservicesbecausecustomersobtainandconsumetheeconomicbenefitsbroughtbythecompany’sperformanceofthecontractwhilethecompanyperformsthecontract.TheGrouprecognizesrevenuebasedontheprogressofcontractperformance.Theprogressofcontractperformanceisdeterminedbasedontheproportionofcostsincurredtotheestimatedtotalcosts.Onthebalancesheetdate,theGroupre-estimatestheperformanceprogressofcompletedservicestoreflectchangesinperformance.WhentheGrouprecognizesrevenuebasedontheprogressofcompletedservices,theportionforwhichtheGrouphasobtainedtheunconditionalrighttoreceivepaymentisrecognizedasaccountsreceivable,andtheremainingportionisrecognizedascontractassets.Accountsreceivableandcontractassetsarerecognizedasexpectedcreditlosses.Lossprovisionsarerecognizedasthebasis;ifthecontractpricereceivedorreceivablebytheGroupexceedsthelabourservicescompleted,theexcesswillberecognizedascontractliabilities.TheGroup’scontractassetsandcontractliabilitiesunderthesamecontractarepresentedonanetbasis.
23.Contractcosts
Contractcostsincludeincrementalcostsincurredtoobtainthecontractandcontractperformancecosts.Theincrementalcostsincurredtoobtainthecontractrefertocoststhatthecompanywouldnothaveincurredifithadnotobtainedthecontract(suchassalescommissions,etc.).Ifthecostisexpectedtoberecovered,thecompanywillrecognizeitasthecontractacquisitioncostandasanasset.OtherexpensesincurredbytheCompanytoobtainthecontract,exceptfortheincrementalcostsexpectedtoberecovered,areincludedinthecurrentprofitsandlosseswhenincurred.Ifthecostincurredtofulfilthecontractdoesnotfallwithinthescopeofotheraccountingstandardsforenterprisessuchasinventoryandmeetsthefollowingconditions,thecompanywillrecognizeitasanassetasthecontractperformancecost:
①Thecostisdirectlyrelatedtoacurrentorexpectedcontract,includingdirectlabour,directmaterials,manufacturingoverhead(orsimilarexpenses),costsclearlybornebythecustomer,andothercostsincurredsolelybecauseofthecontract;
②ThiscostincreasestheCompany’sresourcesforfulfillingitsperformanceobligationsinthefuture;
③Thecostisexpectedtoberecovered.Assetsrecognizedforcontractacquisitioncostsandassetsrecognizedforcontractperformancecosts(hereinafterreferredtoas“assetsrelatedtocontractcosts”)areamortizedonthesamebasisastherecognitionofrevenuefromgoodsorservicesrelatedtotheassetsandincludedinthecurrentprofitandloss.Whenthebookvalueofassetsrelatedtocontractcostsishigherthanthedifferencebetweenthefollowingtwoitems,thecompanymakesimpairmentprovisionsfortheexcessandrecognizesitasassetimpairmentlosses:
①Theremainingconsiderationthatthecompanyexpectstoobtainfromthetransferofgoodsorservicesrelatedtotheasset;
②Theestimatedcostthatwillbeincurredtotransfertherelevantgoodsorservices.
24.GovernmentsubsidiesGovernmentsubsidiesarerecognizedwhentheconditionsattachedtothegovernmentsubsidiesaremetandcanbereceived.Governmentsubsidiesformonetaryassetsaremeasuredbasedontheamountreceivedorreceivable.Governmentsubsidiesfornon-monetaryassetsaremeasuredatfairvalue;ifthefairvaluecannotbeobtainedreliably,theyaremeasuredatanominalamountof1yuan.GovernmentsubsidiesrelatedtoassetsrefertogovernmentsubsidiesobtainedbytheGroupforthepurchase,constructionorotherformationoflong-termassets;inaddition,governmentsubsidiesrelatedtoincomeareregardedasgovernmentsubsidies.Forgovernmentdocumentsthatdonotclearlystipulatethesubsidyobjectsandcanformlong-termassets,thepartofthegovernmentsubsidycorrespondingtotheassetvalueshallberegardedasthegovernmentsubsidyrelatedtotheasset,andtheremainingpartshallberegardedasthegovernmentsubsidyrelatedtoincome;ifitisdifficulttodistinguish,thegovernmentsubsidyshallberegardedasthegovernmentsubsidyrelatedtotheasset.Thewholeisregardedasagovernmentsubsidyrelatedtoincome.Governmentsubsidiesrelatedtoassetsarerecognizedasdeferredincomeandareincludedinprofitsandlossesininstalmentsaccordingtoareasonableandsystematicmethodduringtheuseperiodoftherelevantassets.Ifgovernmentsubsidiesrelatedtoincomeareusedtocompensateforrelevantcostsorlossesthathavealreadyoccurred,theywillbeincludedinthecurrentprofitsandlosses;iftheyareusedtocompensateforrelevantcostsorlossesinsubsequentperiods,theywillbeincludedindeferredincomeandwillbeincludedintherelevantcostsorlosses.Thelossisincludedinthecurrentprofitandlossduringtheperiodduringwhichthelossisrecognized.Governmentsubsidiesmeasuredaccordingtothenominalamountaredirectlyincludedinthecurrentprofitandloss.TheGroupadoptsaconsistentapproachtothesameorsimilargovernmentsubsidybusiness.Governmentsubsidiesrelatedtodailyactivitiesshallbeincludedinotherincomeaccordingtotheeconomicbusinessessence.Governmentsubsidiesunrelatedtodailyactivitiesareincludedinnon-operatingincome.Whenaconfirmedgovernmentsubsidyneedstobereturned,ifthebookvalueoftherelevantassetsisoffsetatthetimeofinitialrecognition,thebookvalueoftheassetsisadjusted;ifthereisabalanceofrelevantdeferredincome,theCarryingAmountoftherelevantdeferredincomeisoffset,andtheexcessisincludedinthecurrentprofitandloss;inothercases,itwillbedirectlyincludedinthecurrentprofitandloss.
25.Deferredtaxassetsanddeferredtaxliabilities
Incometaxincludescurrentincometaxanddeferredincometax.Exceptforadjustmentstogoodwillarisingfrombusinesscombinations,ordeferredincometaxesrelatedtotransactionsoreventsdirectlyincludedinowners’equity,whichareincludedinowners’equity,theyareallincludedincurrentprofitsandlossesasincometaxexpenses.TheGroupadoptsthebalancesheetliabilitymethodtorecognizedeferredincometaxbasedonthetemporarydifferencesbetweenthebookvaluesofassetsandliabilitiesonthebalancesheetdateandtheirtaxbasis.Eachtaxabletemporarydifferenceisrecognizedasarelateddeferredincometaxliability,unlessthetaxabletemporarydifferenceisgeneratedinthefollowingtransactions:
(1)Initialrecognitionofgoodwill,ortheinitialrecognitionofassetsorliabilitiesarisingfromatransactionwiththe
followingcharacteristics:thetransactionisnotabusinesscombination,andthetransactionaffectsneitheraccountingprofitsnortaxableincomewhenthetransactionoccursinitialrecognition(Exceptforindividualtransactionsthatresultinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferencesarisingfromtheassetsandliabilities);
(2)Fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventuresandassociates,thetimeofreversalofthetemporarydifferencescanbecontrolledandthetemporarydifferencesarelikelynottobereversedintheforeseeablefuture.Fordeductibletemporarydifferences,deductiblelossesandtaxcreditsthatcanbecarriedforwardtofutureyears,theGroupshalluseittooffsetthedeductibletemporarydifferences,deductiblelossesandtaxcreditstotheextentthatitisprobablethatitwillbeavailable.Thedeferredincometaxassetsgeneratedwillberecognizedtothelimitofthefuturetaxableincome,unlessthedeductibletemporarydifferenceisgeneratedinthefollowingtransactions:
(1)Thetransactionisnotabusinesscombination,andwhenthetransactionoccurs,itaffectsneitheraccountingprofitsnortaxableincome(asingletransactioninwhichtheinitialrecognitionofassetsandliabilitiesresultsinanequalamountoftaxabletemporarydifferencesanddeductibletemporarydifferencesareexcepted);
(2)Fordeductibletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventuresandassociates,andifthe
followingconditionsaremetatthesametime,thecorrespondingdeferredincometaxassetsarerecognized:thetemporarydifferencesarelikelytobereversedintheforeseeablefuture.Anditislikelytoobtaintaxableincomeinthefuturethatcanbeusedtooffsetdeductibletemporarydifferences.Onthebalancesheetdate,theGroup’sdeferredincometaxassetsanddeferredincometaxliabilitiesaremeasuredattheapplicabletaxrateduringtheperiodwhentheassetisexpectedtoberecoveredortheliabilityissettled,andtheincometaximpactoftheexpectedmethodofrecoveringtheassetorsettlingtheliabilityonthebalancesheetdateisreflected.Onthebalancesheetdate,theGroupreviewsthebookvalueofdeferredincometaxassets.Ifitisprobablethatsufficienttaxableincomewillnotbeavailableinfutureperiodstooffsetthebenefitsofdeferredtaxassets,thecarryingamountofthedeferredtaxassetswillbereduced.Theamountofthewrite-downisreversedwhenitisprobablethatsufficienttaxableincomewillbeobtained.Onthebalancesheetdate,deferredincometaxassetsanddeferredincometaxliabilitiesarepresentedasthenetamountafteroffsettingwhenthefollowingconditionsaremetatthesametime:
(1)Thetaxpayerwithinthegrouphasthelegalrighttosettlecurrentincometaxassetsandcurrentincometax
liabilitiesonanetbasis;
(2)Deferredincometaxassetsanddeferredincometaxliabilitiesarerelatedtoincometaxesleviedbythesametax
collectionandadministrationdepartmentonthesametaxpayerwithinthegroup.
26.Leases
Onthecontractinceptiondate,theGroup,asalesseeorlessor,evaluateswhetherthecustomerinthecontracthastherighttoobtainsubstantiallyalltheeconomicbenefitsgeneratedfromtheuseoftheidentifiedassetsduringtheuseperiod,andhastherighttodirecttheuseoftheidentifiedassetsduringtheuseperiod.Ifapartyinacontracttransferstherighttocontroltheuseofoneormoreidentifiedassetswithinacertainperiodinexchangeforconsideration,theGroupdeterminesthatthecontractisaleaseorcontainsalease.
(1)Theaccountingpoliciesforright-of-useassetsareshowninNote.
Leaseliabilitiesareinitiallymeasuredbasedonthepresentvalueoftheunpaidleasepaymentsatthebeginningoftheleasetermusingtheinterestrateimplicitinthelease.Iftheinterestrateimplicitintheleasecannotbedetermined,theincrementalborrowingrateisusedasthediscountrate.Leasepaymentsinclude:fixedpaymentsandsubstantivefixedpayments,ifthereareleaseincentives,theamountrelatedtoleaseincentivesisdeducted;variableleasepaymentsthatdependontheindexorratio;theexercisepriceofthepurchaseoption,providedthatthelesseeisreasonableItiscertainthattheoptionwillbeexercised;theamountrequiredtobepaidtoexercisetheoptiontoterminatethelease,providedthattheleasetermreflectsthatthelesseewillexercisetheoptiontoterminatethelease;andtheamountexpectedtobepaidbasedontheresidualvalueoftheguaranteeprovidedbythelessee.Subsequently,theinterestexpenseoftheleaseliabilityforeachperiodduringthe
leasetermiscalculatedbasedonthefixedperiodicinterestrateandincludedinthecurrentprofitandloss.Variableleasepaymentsthatarenotincludedinthemeasurementofleaseliabilitiesareincludedinthecurrentprofitandlosswhenactuallyincurred.Short-termleaseAshort-termleasereferstoaleasewithaleasetermofnomorethan12monthsonthestartdateoftheleaseperiod,exceptforleasesthatincludeapurchaseoption.TheGroupwillincludetheleasepaymentsofshort-termleasesintotherelevantassetcostsorcurrentprofitsandlossesonastraight-linebasisduringeachperiodoftheleaseterm.Low-valueassetleasingLow-valueassetleasesrefertoleaseswherethevalueofasingleleasedassetislessthan100,000yuanwhenitisabrand-newasset.TheGroupwillincludetheleasepaymentsforlow-valueassetleasesintotherelevantassetcostsorcurrentprofitsandlossesonastraight-linebasisduringeachperiodoftheleaseterm.Forlow-valueassetleases,theGroupchoosestoadopttheabovesimplifiedtreatmentmethodbasedonthespecificcircumstancesofeachlease.LeasechangesIfaleasechangesandthefollowingconditionsaremetatthesametime,theGroupwillaccountfortheleasechangeasaseparatelease:①Theleasechangeexpandsthescopeoftheleasebyaddingtherighttouseoneormoreleasedassets;
②Increasedtheconsiderationisequivalenttotheindividualpriceoftheextendedportionofthelease,adjustedforthecircumstancesofthecontract.Iftheleasechangeisnotaccountedforasaseparatelease,ontheeffectivedateoftheleasechange,theGroupre-allocatestheconsiderationofthecontractafterthechange,re-determinestheleaseterm,andcalculatesitbasedonthechangedleasepaymentandthereviseddiscountrate.Presentvaluere-measurementoftheleaseliability.Ifachangeintheleaseresultsinareductioninthescopeoftheleaseorashorteningoftheleaseperiod,theGroupwillaccordinglyreducethebookvalueoftheright-of-useassets,andincludethegainsorlossesrelatedtothepartialorcompleteterminationoftheleaseintothecurrentprofitsandlosses.Ifotherleasechangesresultinthere-measurementofleaseliabilities,theGroupwilladjustthebookvalueoftheright-of-useassetsaccordingly.
(2)TheaccountingpoliciesfortheGroupactsaslessor
WhentheGroupactsasalessor,leasesthatsubstantiallytransferallrisksandrewardsrelatedtoassetownershiparerecognizedasfinanceleases,andleasesotherthanfinanceleasesarerecognizedasoperatingleases.FinancialleaseInfinancialleases,theGroup’snetleaseinvestmentonthedateoftheleasetermisrecordedastheaccountingvalueoffinanceleasereceivables.Thenetleaseinvestmentistheunguaranteedresidualvalueandtheleasereceivablesthathavenotbeenreceivedonthedateoftheleasetermarecalculatedbasedontheamountincludedinthelease.Thesumofpresentvaluesdiscountedwithinterestrates.Asthelessor,theGroupcalculatesandrecognizesinterestincomeforeachperiodduringtheleasetermbasedonfixedperiodicinterestrates.VariableleasepaymentsobtainedbytheGroupasalessorthatarenotincludedinthemeasurementofthenetleaseinvestmentareincludedinthecurrentprofitandlosswhenactuallyincurred.
ThederecognitionandimpairmentoffinanceleasereceivablesshallbeaccountedforinaccordancewiththeprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsandAccountingStandardsforBusinessEnterprisesNo.23-TransferofFinancialAssets.OperatingleaseForrentsinoperatingleases,theGrouprecognizescurrentprofitsandlossesaccordingtothestraight-linemethodineachperiodduringtheleaseterm.Theinitialdirectexpensesincurredinconnectionwiththeoperatingleaseshallbecapitalized,amortizedduringtheleaseperiodonthesamebasisastherentalincomerecognition,andincludedinthecurrentprofitandlossininstalments.Variableleasepaymentsrelatedtooperatingleasesthatarenotincludedintheleasereceiptsareincludedinthecurrentprofitandlosswhentheyactuallyoccur.LeasechangesIfanoperatingleasechanges,theGroupwillaccountforitasanewleasefromtheeffectivedateofthechange,andtheamountofleasereceiptsreceivedinadvanceorreceivablerelatedtotheleasebeforethechangeisregardedastheamountofreceiptsfromthenewlease.Ifafinancialleasechangesandthefollowingconditionsaremetatthesametime,theGroupwillaccountforthechangeasaseparatelease:①Thechangeexpandsthescopeoftheleasebyaddingtherighttouseoneormoreleasedassets;②Theincreasedconsideration.Theamountisequivalenttotheindividualpriceoftheextendedportionoftheleaseadjustedforthecircumstancesofthecontract.Ifafinancialleaseischangedandisnotaccountedforasaseparatelease,theGroupwilltreatthechangedleaseunderthefollowingcircumstances:①Ifthechangetakeseffectontheleasecommencementdate,theleasewillbeclassifiedasanoperatinglease,andtheGroupwillFromtheeffectivedateoftheleasechange,itwillbeaccountedforasanewlease,andthenetleaseinvestmentbeforetheeffectivedateoftheleasechangewillbeusedasthebookvalueoftheleasedasset;②Ifthechangetakeseffectontheleasecommencementdate,theleasewillbeclassifiedasfinancingForleases,theGroupshallconductaccountingtreatmentinaccordancewiththeprovisionsofAccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstrumentsregardingmodificationorrenegotiationofcontracts.
27.Criticalaccountingpoliciesandaccountingestimates
SafetyproductioncostsAccordingtorelevantregulationsoftheMinistryofFinanceandNationalAdministrationofWorkSafety,asubsidiaryoftheGroupwhichisengagedinproducingandsellingpolysiliconappropriatessafetyproductioncostsonfollowingbasis:
(a)4.5%forrevenuebelowRMB10million(inclusive)oftheyear;(b)2.25%fortherevenuebetweenRMB10milliontoRMB100million(inclusive)oftheyear;(c)0.55%fortherevenuebetweenRMB100milliontoRMB1billion(inclusive)oftheyear;(d)0.2%fortherevenueaboveRMB1billionoftheyear.AccordingtotheAdministrativeMeasuresfortheExtractionandUseofEnterpriseSafetyProductionExpenses(CaiZi[2022]No.136),theGroup'ssubsidiariesengagedinminingandprocessingarebasedonminingvolume.Safetyproductionexpenseextractionstandards:Fornon-metallicmines,open-pitminesatRMB3perton,undergroundminesatRMB8perton.
Thesafetyproductioncostsaremainlyusedfortheoverhaul,renewalandmaintenanceofsafetyfacilities.Thesafetyproductioncostsarechargedtocostsofrelatedproductsorprofitorlosswhenappropriated,andsafetyproductioncostsinequityaccountarecreditedcorrespondingly.Whenusingthespecialreserve,iftheexpendituresareexpensesinnature,theexpensesincurredareoffsetagainstthespecialreservedirectlywhenincurred.Iftheexpendituresarecapitalexpenditures,whenprojectsarecompletedandtransferredtofixedassets,thespecialreserveshouldbeoffsetagainstthecostoffixedassets,andacorrespondingaccumulateddepreciationarerecognized.Thefixedassetsarenolongerbedepreciatedinfuture.SignificantaccountingjudgmentsandestimatesTheGroupcontinuouslyevaluatestheimportantaccountingestimatesandkeyassumptionsadoptedbasedonhistoricalexperienceandotherfactors,includingreasonableexpectationsforfutureevents.Theimportantaccountingestimatesandkeyassumptionsthatarelikelytocauseasignificantadjustmentinthebookvalueofassetsandliabilitiesinthenextfiscalyearareasfollows:
ClassificationoffinancialassetsTheGroup’ssignificantjudgmentsinvolvedindeterminingtheclassificationoffinancialassetsincludeanalysisofbusinessmodelsandcontractualcashflowcharacteristics.Factorsconsideredincludethewaytoevaluateandreporttheperformanceoffinancialassetstokeymanagementpersonnel,therisksthataffecttheperformanceoffinancialassetsandtheirmanagementmethods,andrelevantbusinessmanagers.Howtogetpaid,etc.WhentheGroupevaluateswhetherthecontractualcashflowsoffinancialassetsareconsistentwiththebasiclendingarrangements,itmakesthefollowingmainjudgments:whetherthetimedistributionoramountoftheprincipalmaychangeduringthedurationduetoearlyrepayment;whethertheinterestisonlyIncludestimevalueofmoney,creditrisk,otherfundamentallendingrisksandconsiderationagainstcostsandprofits.Forexample,whethertheamountofearlyrepaymentonlyreflectstheunpaidprincipalandinterestbasedontheunpaidprincipal,aswellasreasonablecompensationpaidforearlyterminationofthecontract.MeasurementofexpectedcreditlossesonaccountsreceivableTheGroupcalculatestheexpectedcreditlossesofaccountsreceivablethroughthedefaultriskexposureofaccountsreceivableandtheexpectedcreditlossrate,anddeterminestheexpectedcreditlossratebasedontheprobabilityofdefaultandthelossgivendefaultrate.Whendeterminingtheexpectedcreditlossrate,theGroupusesinternalhistoricalcreditlossexperienceandotherdata,andadjustshistoricaldatabasedoncurrentconditionsandforward-lookinginformation.Whenconsideringforward-lookinginformation,theGroupusesindicatorsincludingtheriskofeconomicdownturn,changesintheexternalmarketenvironment,technicalenvironmentandcustomerconditions.TheGroupregularlymonitorsandreviewsassumptionsrelatedtothecalculationofexpectedcreditlosses.ImpairmentofFixedAssetsandConstructioninProgressAsofthebalancesheetdate,theCompanyassesseswhetherthereareanyindicationsofimpairmentfornon-currentassetsotherthanfinancialassets.Whenthereareindicationsthatthecarryingamountofanassetcannotberecovered,impairmenttestingisconducted.Impairmentoccurswhenthecarryingamountofanassetorassetgroupexceedsitsrecoverableamount,whichisthehigherofthenetamountafterdeductingdisposalcostsfromfairvalueandthepresentvalueofestimatedfuturecashflows.Thenetamountafterdeductingdisposalcostsfromfairvalueisdeterminedbyreferencingthesalesagreementpricesofsimilarassetsinfairtransactionsorobservablemarketprices,minusincrementalcostsdirectlyattributabletotheasset’sdisposal.Significantjudgmentsaremaderegardingtheexpectedfuturecashflowpresentvalue,includingtheasset’s(orassetgroup’s)output,sellingprice,relevantoperatingcosts,andthediscountrateusedinthepresentvaluecalculation.TheCompanyutilizesallrelevantinformationavailabletoestimatetherecoverableamount,includingforecastsofoutput,sellingprices,andrelatedoperatingcostsbasedonreasonableandsupportableassumptions.Goodwillimpairment
TheGroupassesseswhethergoodwillisimpairedatleastannually.Thisrequiresanestimateofthevalueinuseoftheassetgrouptowhichgoodwillisassigned.Whenestimatingvalueinuse,theGroupneedstoestimatefuturecashflowsfromtheassetgroupandselectanappropriatediscountratetocalculatethepresentvalueoffuturecashflows.R&DexpenditureWhendeterminingtheamounttobecapitalized,managementmustmakeassumptionsregardingtheexpectedfuturecashgenerationoftheasset,thediscountratethatshouldbeapplied,andtheexpectedperiodofbenefit.DeferredtaxassetsDeferredtaxassetsshouldberecognizedforallunusedtaxlossestotheextentthatitisprobablethatsufficienttaxableprofitswillbeavailableagainstwhichthelossescanbeutilized.Thisrequiresmanagementtousealotofjudgmenttoestimatethetimingandamountoffuturetaxableprofits,combinedwithtaxplanningstrategies,todeterminetheamountofdeferredincometaxassetsthatshouldberecognized.
28.Changesinimportantaccountingpoliciesandaccountingestimates
Therewerenochangesinimportantaccountingpoliciesoraccountingestimatesinthecurrentperiod.V.TAXATION
1.Themaincategoriesandratesoftaxes:
Category
| Category | Taxablebasis | Taxrate |
| Enterpriseincometax | Taxableincome | 16.5%.25% |
| Value-addedtax(“VAT”) | Taxablevalue-addedamount(TaxpayableiscalculatedusingthetaxablesalesamountmultipliedbytheapplicabletaxratelessdeductibleVATinputofthecurrentperiod) | 3%-13% |
| Urbanmaintenanceandconstructiontax | Actualamountofturnovertaxpaid | 1%-7% |
| Educationalsurtax | Actualamountofturnovertaxpaid | 5% |
2.Taxincentives
TianjinCSGEnergy-SavingGlassCo.,Ltd.(“TianjinEnergyConservation”)passedreviewonahighandnewtechenterprisein2024andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2024.DongguanCSGArchitecturalGlassCo.,Ltd.(“DongguanCSG”)passedreviewonahighandnewtechenterprisein2022andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2022.Asthecompanyiscurrentlygoingthroughthe2025reviewofitshighandnewtechenterprisecertificate,theincometaxrateof15%wasprovisionallyadoptedforthereportperiod.WujiangCSGEastChinaArchitecturalGlassCo.,Ltd.(“WujiangCSGEngineering”)passedreviewonahighandnewtechenterprisein2023andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2023.DongguanCSGSolarGlassCo.,Ltd.(“DongguanCSGSolar”)passedreviewonahighandnewtechenterprisein2023andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2023.
YichangCSGPolysiliconCo.,Ltd.(“YichangCSGPolysilicon”)passedreviewonahighandnewtechenterprisein2023andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2023.DongguanCSGPV-techCo.,Ltd.(“DongguanCSGPV-tech”)passedreviewonahighandnewtechenterprisein2022andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2022.Asthecompanyiscurrentlygoingthroughthe2025reviewofitshighandnewtechenterprisecertificate,theincometaxrateof15%wasprovisionallyadoptedforthereportperiod.HebeiShichuangGlassCo.,Ltd.(“HebeiShichuang”)passedreviewonahighandnewtechenterprisein2022andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2022.Asthecompanyiscurrentlygoingthroughthe2025reviewofitshighandnewtechenterprisecertificate,theincometaxrateof15%wasprovisionallyadoptedforthereportperiod.WujiangCSGGlassCo.,Ltd.(“WujiangCSG”)passedreviewonahighandnewtechenterprisein2023,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2023.XianningCSGGlassCoLtd.(“XianningCSG”)passedreviewonahighandnewtechenterprisein2023,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2023.XianningCSGEnergy-SavingGlassCo.,Ltd.(“XianningCSGEnergy-Saving”)passedreviewonahighandnewtechenterprisein2024,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2024.YichangCSGPhotoelectricGlassCo.,Ltd.(“YichangCSGPhotoelectric”)passedreviewonahighandnewtechenterprisein2024,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2024.YichangCSGDisplayCo.,Ltd(“YichangCSGDisplay”)passedreviewonahighandnewtechenterprisein2024,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2024.QingyuanCSGNewEnergy-SavingMaterialsCo.,Ltd.(“QingyuanCSGEnergy-Saving”)passedreviewonahighandnewtechenterprisein2022,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2022.Asthecompanyiscurrentlygoingthroughthe2025reviewofitshighandnewtechenterprisecertificate,theincometaxrateof15%wasprovisionallyadoptedforthereportperiod.HebeiCSGGlassCoLtd.(“HebeiCSG”)passedreviewonahighandnewtechenterprisein2024,andobtainedtheCertificateofHighandNewTechEnterprise,andtheperiodofvaliditywasthreeyears.Itappliesto15%taxrateforthreeyearssince2024.XianningCSGPhotoelectricGlassCo.,Ltd.(“XianningPhotoelectric”)passedreviewonahighandnewtechenterprisein2022andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2022.Asthecompanyiscurrentlygoingthroughthe2025reviewofitshighandnewtechenterprisecertificate,theincometaxrateof15%wasprovisionallyadoptedforthereportperiod.ZhaoqingCSGEnergySavingGlassCo.,Ltd.(hereinafterreferredtoas"ZhaoqingEnergySavingCompany")passedreviewonahighandnewtechenterprisein2022andobtainedtheCertificateofHighandNewTechEnterprise,theperiodofvalidityisthreeyears.Itappliesto15%taxrateforthreeyearssince2022.Asthecompanyiscurrentlygoingthroughthe2025reviewofitshighandnewtechenterprisecertificate,theincometaxrateof15%wasprovisionallyadoptedforthereportperiod.SichuanCSGEnergyConservationGlassCo.,Ltd.(“SichuanCSGEnergyConservation”)obtainsenterpriseincometaxpreferentialtreatmentforWesternDevelopment,andtemporarilycalculatesenterpriseincometaxatataxrateof15%forcurrentyear.
ChengduCSGGlassCo.,Ltd.(“ChengduCSG”)obtainsenterpriseincometaxpreferentialtreatmentforWesternDevelopment,andtemporarilycalculatesenterpriseincometaxatataxrateof15%forcurrentyear.Xi'anCSGEnergySavingGlassTechnologyCo.,Ltd.(hereinafterreferredtoas"Xi'anEnergySavingCompany")obtainsenterpriseincometaxpreferentialtreatmentforWesternDevelopment,andtemporarilycalculatesenterpriseincometaxatataxrateof15%forcurrentyear.GuangxiCSGNewEnergyMaterialsTechnologyCo.,Ltd.(hereinafterreferredtoas"GuangxiNewEnergyMaterialsCompany")obtainsenterpriseincometaxpreferentialtreatmentforWesternDevelopment,andtemporarilycalculatesenterpriseincometaxatataxrateof15%forcurrentyear.QinghaiCSGNewEnergyTechnologyCo.,Ltd.(hereinafterreferredtoas"QinghaiNewEnergyCompany")obtainsenterpriseincometaxpreferentialtreatmentforWesternDevelopment,andtemporarilycalculatesenterpriseincometaxatataxrateof15%forcurrentyear.YichangCSGNewEnergyCo.,Ltd.(hereinafterreferredtoas"YichangNewEnergyCompany"),ZhaoqingCSGNewEnergyTechnologyCo.,Ltd.(hereinafterreferredtoas"ZhaoqingNewEnergyCompany"),XianningCSGPVEnergyCo.,Ltd.(“XianningPVEnergy”),AnhuiCSGPhotovoltaicEnergyCo.,Ltd.(“AnhuiPVEnergy”),andSuzhouCSGPhotovoltaicEnergyCo.,Ltd.(“SuzhouPVEnergy”)arepublicinfrastructureprojectspeciallysupportedbythestateinaccordancewiththeArticle87inImplementingRegulationsoftheLawofthePeople'sRepublicofChinaonEnterpriseIncomeTax,andcanenjoythetaxpreferentialpolicyof“three-yearexemptionsandthree-yearhalves”,thatis,startingfromthetaxyearwhenthefirstrevenuefromproductionandoperationoccurs,theenterpriseincometaxisexemptedfromthefirsttothethirdyear,whilehalfoftheenterpriseincometaxiscollectedforthefollowingthreeyears.AnhuiCSGQuartzMaterialCo.,Ltd.(hereinafterreferredtoas"AnhuiQuartzCompany")wasrecognizedasahigh-techenterprisein2023andhasobtainedthe"High-techEnterpriseCertificate".Thecertificateisvalidforthreeyearsanda15%incometaxrateisapplicableforthreeyearsstartingfrom2023.AnhuiCSGNewEnergyMaterialsTechnologyCo.,Ltd.(hereinafterreferredtoas"AnhuiNewEnergyCompany")wasrecognizedasahigh-techenterprisein2023andhasobtainedthe"High-techEnterpriseCertificate".Thecertificateisvalidforthreeyearsanda15%incometaxrateisapplicableforthreeyearsstartingfrom2023.DongguanCSGIntelligentEquipmentCo.,Ltd.(hereinafterreferredtoas"DongguanEquipmentCompany")wasrecognizedasahigh-techenterprisein2024andhasobtainedthe"High-techEnterpriseCertificate".Thecertificateisvalidforthreeyearsanda15%incometaxrateisapplicableforthreeyearsstartingfrom2024.Accordingtothe"AnnouncementontheAdditionalValue-AddedTaxDeductionPolicyforAdvancedManufacturingEnterprises"(AnnouncementNo.43,2023,oftheMinistryofFinanceandtheStateAdministrationofTaxation),regardingtheCompany'shigh-techenterprises,fromJanuary1,2023toDecember31,2027,advancedmanufacturingenterprisesareallowedtodeductanadditional5%ofthedeductibleinputtaxforthecurrentperiodtodeductthevalue-addedtaxpayable.
VI.NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS
1.Cashatbankandonhand
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Cashatbank | 2,879,376,563 | 3,367,873,386 |
| Othercurrencyfunds | 236,045,396 | 53,654,096 |
| Total | 3,115,421,959 | 3,421,527,482 |
| Including:Totaloverseasdeposits | 102,518,954 | 63,275,963 |
| Thetotalamountofcashandcashequivalentsthatare | 137,135,862 | 53,654,096 |
restrictedtouseduetomortgage,pledgeorfreezingetc.
2.Tradingfinancialassets
Unit:RMB
restrictedtouseduetomortgage,pledgeorfreezingetc.Item
| Item | 30June2025 | 1January2025 |
| Financialassetsatfairvaluethroughprofitorloss | 120,000,000 | 96,000,000 |
| Including: | ||
| Structureddeposits | 120,000,000 | 96,000,000 |
| Total | 120,000,000 | 96,000,000 |
3.Notesreceivable
（1）Notesreceivablelistedbycategory
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Bankacceptance | 1,082,195,798 | 1,042,625,567 |
| Tradeacceptance | 155,682,215 | 98,277,176 |
| Total | 1,237,878,013 | 1,140,902,743 |
（2）Classificationbybaddebtaccrualmethod
Unit:RMB
| Category | 30June2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Proportion | ||
| Provisionforbaddebtsonanindividualbasis | |||||
| Provisionforbaddebtsonaportfoliobasis | 1,239,196,821 | 100% | 1,318,808 | 0.11% | 1,237,878,013 |
| Including: | |||||
| Bankacceptance | 1,082,195,798 | 87% | 1,082,195,798 | ||
| Tradeacceptance | 157,001,023 | 13% | 1,318,808 | 0.84% | 155,682,215 |
| Total | 1,239,196,821 | 100% | 1,318,808 | 0.11% | 1,237,878,013 |
Continued
| Category | 1January2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Proportion | ||
| Provisionforbaddebtsonanindividualbasis | |||||
Provisionforbaddebtsonaportfoliobasis
| Provisionforbaddebtsonaportfoliobasis | 1,141,735,264 | 100% | 832,521 | 0.07% | 1,140,902,743 |
| Including: | |||||
| Bankacceptance | 1,042,625,567 | 91% | 1,042,625,567 | ||
| Tradeacceptance | 99,109,697 | 9% | 832,521 | 0.84% | 98,277,176 |
| Total | 1,141,735,264 | 100% | 832,521 | 0.07% | 1,140,902,743 |
Provisionforbaddebtsonabasisoftradeacceptanceportfolio:
Unit:RMB
| Item | 30June2025 | ||
| Carryingamount | Provisionforbaddebts | Provisionproportion | |
| Tradeacceptance | 157,001,023 | 1,318,808 | 0.84% |
| Total | 157,001,023 | 1,318,808 | |
（3）Baddebtprovisionsaccrued,recoveredorreversedinthecurrentperiod
Baddebtprovisionsinthecurrentperiod:
Unit:RMB
| Category | 1January2025 | Changeinthecurrentperiod | 30June2025 | |||
| Accrued | Recoveredorreversed | Writtenoff | Others | |||
| Tradeacceptance | 832,521 | 486,287 | 1,318,808 | |||
| Total | 832,521 | 486,287 | 1,318,808 | |||
（4）NotesreceivablesthattheCompanyhaspledgedattheendoftheperiod
Unit:RMB
| Item | Pledgedamount |
| Bankacceptance | 628,010,976 |
| Total | 628,010,976 |
（5）Endorsedordiscountednotesreceivablehavenotyetmaturedonthebalancesheet
Unit:RMB
| Item | Un-derecognizedamountattheendoftheperiod |
| Bankacceptance | 214,352,539 |
| Total | 214,352,539 |
4.Accountsreceivable
（1）Disclosurebyage
Unit:RMB
Aging
| Aging | Closingcarryingamount | Openingcarryingamount |
| Within1year(including1year) | 1,905,609,469 | 1,570,990,322 |
| 1to2years | 33,323,296 | 34,464,346 |
| 2to3years | 32,134,664 | 36,721,437 |
| Over3years | 232,970,219 | 220,964,507 |
| Total | 2,204,037,648 | 1,863,140,612 |
（2）Classificationbybaddebtaccrualmethod
Unit:RMB
| Category | 30June2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Provisionproportion | ||
| Provisionforbaddebtsonanindividualbasis | 162,672,077 | 7% | 152,678,150 | 94% | 9,993,927 |
| Provisionforbaddebtsonaportfoliobasis | 2,041,365,571 | 93% | 24,425,596 | 1.20% | 2,016,939,975 |
| Including: | |||||
| Receivablesfromunrelatedparties | 2,041,365,571 | 93% | 24,425,596 | 1.20% | 2,016,939,975 |
| Total | 2,204,037,648 | 100% | 177,103,746 | 8% | 2,026,933,902 |
Continued
| Category | 1January2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Provisionproportion | ||
| Provisionforbaddebtsonanindividualbasis | 169,387,012 | 9% | 155,963,004 | 92% | 13,424,008 |
| Provisionforbaddebtsonaportfoliobasis | 1,693,753,600 | 91% | 20,549,927 | 1.21% | 1,673,203,673 |
| Including: | |||||
| Receivablesfromunrelatedparties | 1,693,753,600 | 91% | 20,549,927 | 1.21% | 1,673,203,673 |
| Total | 1,863,140,612 | 100% | 176,512,931 | 9% | 1,686,627,681 |
Provisionforbaddebtsonanindividualbasis:
| Item | 1January2025 | 30June2025 |
Carryingamount
| Carryingamount | Provisionforbaddebts | Carryingamount | Provisionforbaddebts | Provisionproportion | Reasonforprovision | |
| Totalofsingle-itemaccrualcustomers | 169,387,012 | 155,963,004 | 162,672,077 | 152,678,150 | 94% | MainlyduetotheinabilitytohonorcommercialacceptancebillsissuedbyEvergrandeanditssubsidiariesthathavebeenendorsedbycustomers,andthetransferofaccountsreceivablefrombillsreceivable,aswellaspartialorfullprovisionforbaddebtreservesduetobusinessdisputesordeteriorationofcustomeroperations. |
| Total | 169,387,012 | 155,963,004 | 162,672,077 | 152,678,150 | 94% |
Provisionforbaddebtsonaportfoliobasis:
| Item | 30June2025 | ||
| Carryingamount | Provisionforbaddebts | Provisionproportion | |
| Combinedcustomers | 2,041,365,571 | 24,425,596 | 1.20% |
| Total | 2,041,365,571 | 24,425,596 | 1.20% |
（3）Baddebtprovisionsaccrued,recoveredorreversedinthecurrentperiod
Baddebtprovisionsinthecurrentperiod:
Unit:RMB
| Category | 1January2025 | Changeinthecurrentperiod | 30June2025 | |||
| Accrued | Recoveredorreversed | Writtenoff | Others | |||
| Baddebtprovisionsforaccountsreceivable | 176,512,931 | 3,875,668 | 3,284,853 | 177,103,746 | ||
| Total | 176,512,931 | 3,875,668 | 3,284,853 | 177,103,746 | ||
（4）Accountsreceivableandcontractassetsdetailsofthetop5closingbalancesbydebtors
Unit:RMB
| Name | Accountsreceivable | Contractassets | Closingbalancesof | As%ofthetotalclosing | Closingbalanceofbad |
closingbalance
| closingbalance | closingbalance | accountsreceivableandcontractassets | balanceofaccountsreceivableandcontractassets | debtprovisionforaccountsreceivableandprovisionforimpairmentofcontractassets | |
| Totalbalancesforthefivelargestaccountsreceivable | 883,881,548 | 883,881,548 | 40% | 8,701,726 | |
| Total | 883,881,548 | 883,881,548 | 40% | 8,701,726 |
5.Receivablesfinancing
（1）Classificationofreceivablesfinancing
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Notesreceivable | 788,929,728 | 798,603,111 |
| Total | 788,929,728 | 798,603,111 |
6.Otherreceivables
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Otherreceivables | 169,219,254 | 165,872,735 |
| Total | 169,219,254 | 165,872,735 |
（1）Otherreceivables1）Otherreceivablescategorizedbynature
Unit:RMB
| Nature | Closingcarryingamount | Openingcarryingamount |
| Receivablesfromspecialfundfortalent(note) | 171,000,000 | 171,000,000 |
| Paymentsmadeonbehalfofotherparties | 32,122,072 | 31,056,939 |
| Advancestosuppliers | 10,366,164 | 10,366,164 |
| Refundabledeposits | 10,124,399 | 9,026,138 |
| Pettycash | 1,336,477 | 567,991 |
| Others | 7,939,382 | 8,591,213 |
| Total | 232,888,494 | 230,608,445 |
Note:ThisfundisasubsidyfundgiventotheGroupbythegovernment.TheCompanyentrusteditswholly-ownedsubsidiaryYichangCSGSiliconMaterialsCo.,Ltd.tocollectthefund.TheYichangHigh-techZoneManagementCommitteealsopaidthefullamounttoYichangCSGSiliconin2014.Afterreceivingthefunds,YichangCSGSiliconMaterialsCo.,Ltd.transferredthefull
amounttoYichangHongtaiRealEstateCo.,Ltd.withoutappropriateapprovalbythethenCompany'sboardofdirectorsandothercompetentauthorities.YichangCSGSiliconMaterialsCo.,Ltd.receivedtheabovefundsfrom21February2014to28April2014andthentransferredtheentireamounttoYichangHongtaiRealEstateCo.,Ltd.TheCompanyfiledaninfringementcompensationlawsuitagainstZengNanandothersandYichangHongtaiRealEstateCo.,Ltd.on15December2021,andShenzhenIntermediatePeople'sCourtofficiallyacceptedthelawsuiton28January2022.ThefirstinstanceofthecasewascompletedinShenzhenIntermediatePeople'sCourton21June2022.On4June2024,theCompanyreceivedthefirstinstanceCivilJudgmentissuedbyShenzhenIntermediatePeople'sCourt,whichrejectedalloftheCompany'slitigationrequests.InJune2024,theCompanyfiledanappealtoGuangdongHigherPeople'sCourt.Thesecond-instancehearingwasheldon12September2024,andthecaseiscurrentlyundersecond-instanceproceedings.
2）Disclosurebyage
Unit:RMB
Aging
| Aging | Closingcarryingamount | Openingcarryingamount |
| Within1year(including1year) | 16,099,552 | 13,434,205 |
| 1to2years | 3,969,872 | 4,846,886 |
| 2to3years | 803,106 | 1,357,202 |
| Over3years | 212,015,964 | 210,970,152 |
| 3to4years | 15,451,321 | 14,817,275 |
| 4to5years | 1,025,693 | 594,602 |
| Over5years | 195,538,950 | 195,558,275 |
| Total | 232,888,494 | 230,608,445 |
3）Classificationbybaddebtaccrualmethod
Unit:RMB
| Category | 30June2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Provisionproportion | ||
| Provisionforbaddebtsonanindividualbasis | 182,389,269 | 78% | 62,689,269 | 34% | 119,700,000 |
| Provisionforbaddebtsonaportfoliobasis | 50,499,225 | 22% | 979,971 | 2% | 49,519,254 |
| Including: | |||||
| Unrelatedpartycombination | 50,499,225 | 22% | 979,971 | 2% | 49,519,254 |
| Total | 232,888,494 | 100% | 63,669,240 | 27% | 169,219,254 |
Continued
| Category | 1January2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Provisionproportion | ||
Provisionforbaddebtsonanindividualbasis
| Provisionforbaddebtsonanindividualbasis | 183,523,841 | 80% | 63,823,841 | 35% | 119,700,000 |
| Provisionforbaddebtsonaportfoliobasis | 47,084,604 | 20% | 911,869 | 2% | 46,172,735 |
| Including: | |||||
| Unrelatedpartycombination | 47,084,604 | 20% | 911,869 | 2% | 46,172,735 |
| Total | 230,608,445 | 100% | 64,735,710 | 28% | 165,872,735 |
Provisionforbaddebtsaccruedonthebasisofageneralmodelofexpectedcreditlosses:
Unit:RMB
| Provisionforbaddebt | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossinthenext12months | Expectedcreditlossforthewholeperiod(nocreditimpairment) | Expectedcreditlossforthewholeperiod(withcreditimpairment) | ||
| Amounton1January2025 | 911,869 | 63,823,841 | 64,735,710 | |
| Carryingamounton1January2025thatinthisperiod: | ||||
| ——TransfertoStage2 | ||||
| ——TransfertoStage3 | ||||
| ——ReversaltoStage2 | ||||
| ——ReversaltoStage1 | ||||
| Provisionfortheperiod | 68,102 | 68,102 | ||
| Reversefortheperiod | 33,818 | 33,818 | ||
| Charge-offfortheperiod | ||||
| Write-offfortheperiod | 1,100,754 | 1,100,754 | ||
| Otherchanges | ||||
| Amounton30June2025 | 979,971 | 62,689,269 | 63,669,240 |
4）Baddebtprovisionsaccrued,recoveredorreversedinthecurrentperiod
Baddebtprovisionsinthecurrentperiod:
Unit:RMB
| Category | 1January2025 | Changeinthecurrentperiod | 30June2025 | |||
| Accrued | Recoveredorreversed | Chargedofforwrittenoff | Others | |||
| Baddebtprovisionsforotherreceivables | 64,735,710 | 68,102 | 33,818 | 1,100,754 | 63,669,240 | |
| Total | 64,735,710 | 68,102 | 33,818 | 1,100,754 | 63,669,240 | |
5）Actualwrite-offofotherreceivablesinthecurrentperiod
Unit:RMB
Item
| Item | Write-offamount |
| Otherreceivables | 1,100,754 |
6）Otherreceivablesdetailsofthetop5closingbalancesbydebtors
Unit:RMB
| Name | Natureofbusiness | 30June2025 | Ageing | Percentageintotalotherreceivablesbalance | Provisionforbaddebts |
| CompanyA | Talentfundreceivable | 171,000,000 | Over5years | 73% | 51,300,000 |
| GovernmentagencyB | Advancepayment | 14,000,000 | 3-4years | 6% | 280,000 |
| GovernmentagencyC | Advancepayment | 11,556,004 | Over5years | 5% | 231,120 |
| CompanyD | Prepayment | 10,366,164 | Over5years | 4% | 10,366,164 |
| CompanyE | Margin | 1,800,000 | Over5years | 1% | 36,000 |
| Total | 208,722,168 | 89% | 62,213,284 |
7.Advancestosuppliers
（1）Listingbyages
Unit:RMB
| Aging | 30June2025 | 1January2025 | ||
| Amount | Proportion | Amount | Proportion | |
| Within1year | 65,432,333 | 99% | 119,835,994 | 98% |
| 1to2years | 919,421 | 1% | 1,856,074 | 2% |
| 2to3years | 114,189 | 14,430 | ||
| Over3years | 1,966 | 1,766 | ||
| Total | 66,467,909 | 100% | 121,708,264 | 100% |
（2）Advancepaymentofthetop5closingbalancesbyprepaymentobjects
| Item | Advancepaymentclosingbalance | Percentageintotaladvancestosuppliersbalance |
| Totalbalancesforthefivelargestadvancestosuppliers | 36,211,529 | 54% |
8.Inventories
（1）Inventoryclassification
Unit:RMB
Item
| Item | 30June2025 | 1January2025 | ||||
| Carryingamount | Provisionfordeclineinthevalueofinventories | Bookvalue | Carryingamount | Provisionfordeclineinthevalueofinventories | Bookvalue | |
| Rawmaterials | 585,712,268 | 64,595,787 | 521,116,481 | 552,653,727 | 46,114,817 | 506,538,910 |
| Workinprogress | 36,093,170 | 36,093,170 | 36,536,670 | 36,536,670 | ||
| Finishedgoods | 1,348,550,790 | 51,175,737 | 1,297,375,053 | 1,007,594,584 | 51,140,704 | 956,453,880 |
| Turnovermaterials | 83,658,185 | 180,019 | 83,478,166 | 88,481,788 | 183,220 | 88,298,568 |
| Total | 2,054,014,413 | 115,951,543 | 1,938,062,870 | 1,685,266,769 | 97,438,741 | 1,587,828,028 |
（2）Provisionfordeclineinthevalueofinventoriesandcontractperformancecostimpairmentprovision
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 | ||
| Provision | Others | Reversalorwrite-off | Others | |||
| Rawmaterials | 46,114,817 | 19,164,465 | 683,495 | 64,595,787 | ||
| Finishedgoods | 51,140,704 | 37,573,875 | 37,538,842 | 51,175,737 | ||
| Turnovermaterials | 183,220 | 3,201 | 180,019 | |||
| Total | 97,438,741 | 56,738,340 | 38,225,538 | 115,951,543 | ||
9.Othercurrentassets
Unit:RMB
| Item | 30June2025 | 1January2025 |
| VATtobeoffset | 389,749,368 | 391,080,026 |
| Enterpriseincometaxprepaid | 34,554,538 | 57,078,630 |
| VATinputtoberecognized | 22,279,171 | 27,458,400 |
| Othertaxesprepaid | 170,282 | |
| Total | 446,753,359 | 475,617,056 |
10.Investmentproperties
（1）Investmentpropertiesmeasuredinfairvalue
Unit:RMB
Item
| Item | House,buildingandrelatedlanduserights | Total |
| I.1January2025 | 293,712,453 | 293,712,453 |
| II.Movementinthecurrentperiod | ||
| III.30June2025 | 293,712,453 | 293,712,453 |
11.Fixedassets
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Fixedassets | 13,316,035,601 | 13,166,391,449 |
| Total | 13,316,035,601 | 13,166,391,449 |
（1）Listoffixedassets
Unit:RMB
| Item | Buildings | Machineryandequipment | Motorvehiclesandothers | Total |
| I.Originalbookvalue： | ||||
| 1.1January2025 | 7,049,609,664 | 15,871,544,555 | 404,381,198 | 23,325,535,417 |
| 2.Increaseincurrentperiod | 81,130,345 | 733,846,118 | 11,733,360 | 826,709,823 |
| （1）Acquisition | 6,012,580 | 6,896,297 | 12,908,877 | |
| （2）Transfersfromconstructioninprogress | 81,130,345 | 727,468,685 | 4,255,012 | 812,854,042 |
| （3）Otherincreases | 364,853 | 582,051 | 946,904 | |
| 3.Decreaseincurrentperiod | 125,420 | 517,716,480 | 4,036,202 | 521,878,102 |
| （1）Disposalorretirement | 97,859,264 | 2,848,460 | 100,707,724 | |
| （2）Transfertoconstructioninprogress | 419,857,216 | 419,857,216 | ||
| （3）Otherdecreases | 125,420 | 1,187,742 | 1,313,162 | |
| 4.30June2025 | 7,130,614,589 | 16,087,674,193 | 412,078,356 | 23,630,367,138 |
| II.Accumulative |
depreciation
| depreciation | ||||
| 1.1January2025 | 1,628,365,539 | 6,643,333,962 | 308,589,547 | 8,580,289,048 |
| 2.Increaseincurrentperiod | 115,977,323 | 448,961,421 | 22,496,626 | 587,435,370 |
| （1）Accrual | 115,977,323 | 448,959,906 | 22,493,105 | 587,430,334 |
| （2）Otherincreases | 1,515 | 3,521 | 5,036 | |
| 3.Decreaseincurrentperiod | 28,786 | 375,928,963 | 2,839,770 | 378,797,519 |
| （1）Disposalorretirement | 60,148,287 | 2,822,937 | 62,971,224 | |
| （2）Transfertoconstructioninprogress | 315,780,676 | 315,780,676 | ||
| （3）Otherdecreases | 28,786 | 16,833 | 45,619 | |
| 4.30June2025 | 1,744,314,076 | 6,716,366,420 | 328,246,403 | 8,788,926,899 |
| III.Impairmentprovision | ||||
| 1.1January2025 | 151,504,708 | 1,426,428,385 | 921,827 | 1,578,854,920 |
| 2.Increaseincurrentperiod | 2,231 | 2,231 | ||
| （1）Accrual | ||||
| （2）Transfersfromconstructioninprogress | 2,231 | 2,231 | ||
| 3.Decreaseincurrentperiod | 6,954 | 53,431,027 | 14,532 | 53,452,513 |
| （1）Disposalorretirement | 33,574,341 | 1,712 | 33,576,053 | |
| （2）Otherdecreases | 6,954 | 19,856,686 | 12,820 | 19,876,460 |
| 4.30June2025 | 151,497,754 | 1,372,999,589 | 907,295 | 1,525,404,638 |
| IV.Bookvalue | ||||
| 1.30June2025 | 5,234,802,759 | 7,998,308,184 | 82,924,658 | 13,316,035,601 |
| 2.1January2025 | 5,269,739,417 | 7,801,782,208 | 94,869,824 | 13,166,391,449 |
（2）Fixedassetswithoutownershipcertificate
Unit:RMB
| Item | Bookvalue | Reasonsfornotyetobtainingcertificatesoftitle |
| Buildings | 1,293,052,754 | Havesubmittedtherequireddocumentsandareintheprocessofapplication,ortherelatedlanduserightcertificatepending |
12.Constructioninprogress
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Constructioninprogress | 5,182,697,395 | 5,350,375,132 |
| Total | 5,182,697,395 | 5,350,375,132 |
（1）Detailsofconstructioninprogress
Unit:RMB
Item
| Item | 30June2025 | 1January2025 | ||||
| Carryingamount | Provisionforimpairmentloss | Bookvalue | Carryingamount | Provisionforimpairmentloss | Bookvalue | |
| Anewhigh-puritycrystallinesiliconprojectwithanannualoutputof50,000tonsinHaixiPrefecture,QinghaiProvince | 3,797,738,975 | 3,797,738,975 | 3,644,745,822 | 3,644,745,822 | ||
| YichangCSGPolysiliconTechnicalTransformationProject | 669,661,059 | 217,878,698 | 451,782,361 | 644,181,303 | 217,878,698 | 426,302,605 |
| GuangxiBeihaiPhotovoltaicGreenEnergyIndustryPark(PhaseI)Project | 414,860,876 | 414,860,876 | 373,394,252 | 373,394,252 | ||
| WujiangFloat(650TD)PhotovoltaicCalenderingLineTechnicalTransformationProject | 169,371,968 | 169,371,968 | ||||
| ChengduCSG900T/Dlinecoldrepairandtechnicaltransformationproject | 150,255,439 | 150,255,439 | ||||
| QingyuanCSGPhaseIUpgradingTechnicalTransformationProject | 233,701,054 | 126,553,412 | 107,147,642 | 233,127,020 | 126,553,412 | 106,573,608 |
| Xianningenergy-savingproductionlinereconstructionandexpansionconstructionproject | 18,263,230 | 18,263,230 | 4,226,026 | 4,226,026 | ||
| DongguanPhotovoltaicBuildingB450MWPERCbatterytechnologyupgradeproject | 186,866,743 | 184,998,076 | 1,868,667 | 186,866,743 | 184,998,076 | 1,868,667 |
| Otherprojects | 414,735,261 | 23,699,617 | 391,035,644 | 477,462,133 | 3,825,388 | 473,636,745 |
| Total | 5,735,827,198 | 553,129,803 | 5,182,697,395 | 5,883,630,706 | 533,255,574 | 5,350,375,132 |
（2）Movementinthecurrentperiodofsignificantprojectsofconstructioninprogress
Unit:RMB
Projectname
| Projectname | Budget | 1January2025 | Increaseincurrentperiod | Transfertofixedassetsincurrentperiod | 30June2025 | Proportionbetweenengineeringinputandbudget | Engineeringprogress | Amountofborrowingcostscapitalized | Including:Amountofborrowingcostscapitalizedincurrentperiod | Capitalizationrateforcurrentperiod | Sourceoffund |
| Anewhigh-puritycrystallinesiliconprojectwithanannualoutputof50,000tonsinHaixiPrefecture,QinghaiProvince | 4,498,192,210 | 3,644,745,822 | 154,495,358 | 1,502,205 | 3,797,738,975 | 85% | 85% | 79,301,489 | 28,661,122 | 3.67% | Internalfundandbankloan |
| GuangxiBeihaiPhotovoltaicGreenEnergyIndustryPark(PhaseI)Project | 4,942,051,800 | 373,394,252 | 96,239,578 | 54,772,954 | 414,860,876 | 33% | 33% | 18,799,028 | 3,038,906 | 2.42% | Internalfundandbankloan |
| Total | 9,440,244,010 | 4,018,140,074 | 250,734,936 | 56,275,159 | 4,212,599,851 | 98,100,517 | 31,700,028 |
（3）Provisionforimpairmentofconstructioninprogressinthecurrentperiod
Unit:RMB
| Item | 1January2025 | Increaseinthecurrentperiod | Decreaseinthecurrentperiod | 30June2025 | Reasonforprovision |
| QingyuanCSGPhaseIUpgradingTechnicalTransformationProject | 126,553,412 | 126,553,412 |
DongguanPhotovoltaicBuildingB450MWPERCbatterytechnologyupgradeproject
| DongguanPhotovoltaicBuildingB450MWPERCbatterytechnologyupgradeproject | 184,998,076 | 184,998,076 | ||
| YichangCSGPolysiliconTechnicalTransformationProject | 217,878,698 | 217,878,698 | ||
| Otherprojects | 3,825,388 | 19,876,460 | 2,231 | 23,699,617 |
| Total | 533,255,574 | 19,876,460 | 2,231 | 553,129,803 |
13.Right-of-useassets
（1）Detailsofright-of-useassets
Unit:RMB
Item
| Item | Landleases | Buildingleases | Otherleases | Total |
| I.Originalbookvalue: | ||||
| 1.1January2025 | 56,927,645 | 14,012,186 | 1,381,893 | 72,321,724 |
| 2.Increaseincurrentperiod | 544,298 | 697,213 | 3,480,716 | 4,722,227 |
| 3.Decreaseincurrentperiod | ||||
| 4.30June2025 | 57,471,943 | 14,709,399 | 4,862,609 | 77,043,951 |
| II.Accumulativedepreciation | ||||
| 1.1January2025 | 4,929,196 | 1,833,931 | 753,760 | 7,516,887 |
| 2.Increaseincurrentperiod | 1,709,187 | 1,593,530 | 550,916 | 3,853,633 |
| (1)Provision | 1,709,187 | 1,593,530 | 550,916 | 3,853,633 |
| 3.Decreaseincurrentperiod | ||||
| (1)Disposal | ||||
| 4.30June2025 | 6,638,383 | 3,427,461 | 1,304,676 | 11,370,520 |
| III.Impairmentprovisions | ||||
| IV.Bookvalue | ||||
| 1.30June2025 | 50,833,560 | 11,281,938 | 3,557,933 | 65,673,431 |
| 2.1January2025 | 51,998,449 | 12,178,255 | 628,133 | 64,804,837 |
14.Intangibleassets
（1）Detailsofintangibleassets
Unit:RMB
| Item | Landuserights | Patentsandproprietarytechnologies | Exploitationrights | Others | Total |
| I.Originalbookvalue： | |||||
| 1.1January2025 | 1,480,861,000 | 563,753,185 | 1,091,671,546 | 82,211,586 | 3,218,497,317 |
| 2.Increasein | 15,219,908 | 6,483,890 | 21,703,798 |
currentperiod
| currentperiod | |||||
| （1）Acquisition | 2,682,408 | 6,483,890 | 9,166,298 | ||
| （2）Others | 12,537,500 | 12,537,500 | |||
| 3.Decreaseincurrentperiod | |||||
| （1）Others | |||||
| 4.30June2025 | 1,480,861,000 | 563,753,185 | 1,106,891,454 | 88,695,476 | 3,240,201,115 |
| II.Accumulativeamortization | |||||
| 1.1January2025 | 323,924,132 | 297,207,127 | 117,798,289 | 60,979,526 | 799,909,074 |
| 2.Increaseincurrentperiod | 16,557,439 | 16,173,030 | 39,247,039 | 3,038,130 | 75,015,638 |
| （1）Accrual | 16,557,439 | 16,173,030 | 39,247,039 | 3,038,130 | 75,015,638 |
| 3.Decreaseincurrentperiod | |||||
| （1）Disposal | |||||
| 4.30June2025 | 340,481,571 | 313,380,157 | 157,045,328 | 64,017,656 | 874,924,712 |
| III.Provisionforimpairment | |||||
| 1.1January2025 | 57,299,776 | 13,374 | 57,313,150 | ||
| 2.Increaseincurrentperiod | |||||
| 3.Decreaseincurrentperiod | |||||
| 4.30June2025 | 57,299,776 | 13,374 | 57,313,150 | ||
| IV.Bookvalue | |||||
| 1.30June2025 | 1,140,379,429 | 193,073,252 | 949,846,126 | 24,664,446 | 2,307,963,253 |
| 2.1January2025 | 1,156,936,868 | 209,246,282 | 973,873,257 | 21,218,686 | 2,361,275,093 |
（2）Landuserightswithoutownershipcertificate
Unit:RMB
| Item | Bookvalue | Reasonsfornotyetobtainingcertificatesoftitle |
| Landuserights | 3,934,642 | ThemanagementoftheCompanybelievesthatthereisnosubstantivelegalobstacletoobtainingtherelevantlandusecertificate,anditwillnothaveasignificantadverseimpactontheoperationoftheGroup. |
15.Goodwill
（1）Originalbookvalueofgoodwill
Unit:RMB
Nameofinvestedunitoritemsforminggoodwill
| Nameofinvestedunitoritemsforminggoodwill | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| TianjinCSGArchitecturalGlassCo.,Ltd | 3,039,946 | 3,039,946 | ||
| XianningCSGPhotoelectric | 4,857,406 | 4,857,406 | ||
| ShenzhenCSGDisplay | 389,494,804 | 389,494,804 | ||
| GuangdongLichengConstructionEngineeringCo.,Ltd. | 696,000 | 696,000 | ||
| Total | 398,088,156 | 398,088,156 |
（2）Provisionforimpairmentofgoodwill
Unit:RMB
| Nameofinvestedunitormattersforminggoodwill | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| ShenzhenCSGDisplay | 389,494,804 | 389,494,804 | ||
| Total | 389,494,804 | 389,494,804 |
16.Long-termprepaidexpenses
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Amortizedamountsincurrentperiod | Otherdecreases | 30June2025 |
| Variousprepaidexpenses | 71,254,985 | 4,985,982 | 6,959,360 | 69,281,607 | |
| Total | 71,254,985 | 4,985,982 | 6,959,360 | 69,281,607 |
17.Deferredtaxassetsandliabilities
（1）Deferredincometaxassetsbeforeoffsetting
Unit:RMB
| Item | 30June2025 | 1January2025 | ||
| Deductibletemporarydifferences | Deferredtaxassets | Deductibletemporarydifferences | Deferredtaxassets | |
| Provisionforassetimpairments | 891,614,965 | 134,127,172 | 909,339,984 | 136,694,548 |
Deductiblelosses
| Deductiblelosses | 1,251,357,908 | 216,100,433 | 1,040,260,054 | 177,300,541 |
| Governmentgrants | 220,066,214 | 33,382,759 | 230,038,184 | 34,948,104 |
| Accruedexpenses | 5,526,373 | 828,956 | 8,572,883 | 1,285,932 |
| Depreciationoffixedassets,etc. | 130,673,388 | 19,805,073 | 142,759,612 | 22,098,978 |
| Total | 2,499,238,848 | 404,244,393 | 2,330,970,717 | 372,328,103 |
（2）Deferredincometaxliabilitiesbeforeoffsetting
Unit:RMB
| Item | 30June2025 | 1January2025 | ||
| Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | |
| Depreciationoffixedassets | 459,275,667 | 69,189,583 | 493,147,552 | 74,317,475 |
| Investmentproperties | 368,745,675 | 92,186,419 | 368,745,675 | 92,186,419 |
| Total | 828,021,342 | 161,376,002 | 861,893,227 | 166,503,894 |
（3）Deferredincometaxassetsorliabilitiespresentedwithnetamountafteroffsetting
Unit:RMB
| Item | Offsetamountofclosingdeferredtaxassetsandliabilities | Closingdeferredtaxassetsorliabilitiesafteroffsetting | Offsetamountofopeningdeferredtaxassetsandliabilities | Openingdeferredtaxassetsorliabilitiesafteroffsetting |
| Deferredtaxassets | 63,509,113 | 340,735,280 | 62,333,037 | 309,995,066 |
| Deferredtaxliabilities | 63,509,113 | 97,866,889 | 62,333,037 | 104,170,857 |
（4）Detailaboutunrecognizeddeferredincometaxassets
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Deductibletemporarydifferences | 1,068,985,636 | 1,093,221,903 |
| Deductiblelosses | 369,438,317 | 430,583,379 |
| Total | 1,438,423,953 | 1,523,805,282 |
（5）Deductiblelossesofunconfirmeddeferredincometaxassetsshallexpireinthefollowingyears
Unit:RMB
| Year | 30June2025 | 1January2025 | Notes |
| 2025 | 191,372,556 | ||
| 2026 | 88,733,863 | 88,733,863 | |
| 2027 | 58,698,233 | 58,698,233 |
2028
| 2028 | 4,961,547 | 4,961,547 |
| 2029 | 86,817,180 | 86,817,180 |
| 2030 | 130,227,494 | |
| Total | 369,438,317 | 430,583,379 |
18.Othernon-currentassets
Unit:RMB
| Item | 30June2025 | 1January2025 | ||||
| Carryingamount | Impairmentprovision | Bookvalue | Carryingamount | Impairmentprovision | Bookvalue | |
| Prepaymentforequipmentandproject | 176,629,786 | 176,629,786 | 92,818,456 | 92,818,456 | ||
| Prepaymentforleaseoflanduserights | 6,510,000 | 6,510,000 | 6,510,000 | 6,510,000 | ||
| Total | 183,139,786 | 183,139,786 | 99,328,456 | 99,328,456 | ||
19.Theassetswiththeownershiporuserightrestricted
Unit:RMB
| Item | 30June2025 | |||
| Carryingamount | Bookvalue | Restrictedtype | Restrictedsituation | |
| Cashatbankandonhand | 137,135,862 | 137,135,862 | Restrictedcirculationofdeposits,freezes,etc. | Cashatbankandonhand |
| Notereceivable | 628,010,976 | 628,010,976 | Restrictedpledge | Notereceivable |
| Constructioninprogress | 970,373,969 | 970,373,969 | Restrictedfinancinglease | Constructioninprogress |
| Total | 1,735,520,807 | 1,735,520,807 | ||
Continued
| Item | 1January2025 | |||
| Carryingamount | Bookvalue | Restrictedtype | Restrictedsituation | |
| Cashatbankandonhand | 53,654,096 | 53,654,096 | Restrictedcirculationofdeposits,freezes,etc. | Cashatbankandonhand |
| Notereceivable | 871,417,785 | 871,417,785 | Restrictedpledge | Notereceivable |
| Fixedassets | 411,546,518 | 96,468,240 | Restrictedfinancinglease | Fixedassets |
| Constructioninprogress | 618,442,257 | 618,442,257 | Restrictedfinancinglease | Constructioninprogress |
| Total | 1,955,060,656 | 1,639,982,378 | ||
20.Short-termborrowings
（1）Classificationofshort-termborrowings
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Guaranteedloan | 431,300,239 | 510,679,484 |
| Creditloan | 5,000,000 | 39,000,000 |
| Discountedbills | 440,483,562 | 313,341,815 |
| Ultra-short-termfinancingbills | 600,000,000 | 300,000,000 |
| Total | 1,476,783,801 | 1,163,021,299 |
21.Notespayable
Unit:RMB
| Type | 30June2025 | 1January2025 |
| Tradeacceptance | 326,682,502 | 295,136,551 |
| Bankacceptance | 1,941,625,886 | 1,861,933,756 |
| Supplychainfinancialnotes | 131,494,123 | 87,343,448 |
| Total | 2,399,802,511 | 2,244,413,755 |
22.Accountspayable
（1）Accountspayablelisted
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Materialspayable | 1,187,194,602 | 936,163,974 |
| Equipmentpayable | 812,026,729 | 930,083,183 |
| Constructionexpensespayable | 889,960,547 | 995,409,551 |
| Freightpayable | 202,285,313 | 172,397,226 |
| Utilitiespayable | 60,269,024 | 47,104,510 |
| Others | 11,162,823 | 10,867,353 |
| Total | 3,162,899,038 | 3,092,025,797 |
（2）Significantaccountspayableagedmorethanoneyear
Unit:RMB
| Item | 30June2025 | Reasons |
| Engineeringandequipmentpayments,etc. | 632,014,947 | Duetotheunfinishedfinalaccountsofrelatedprojects,theyhavenotbeensettledyet |
| Total | 632,014,947 |
23.Otherpayables
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Interestpayable | 13,166,832 | 8,946,479 |
| Dividendspayable | 211,673,022 | |
| Otherpayables | 230,998,295 | 303,870,052 |
| Total | 455,838,149 | 312,816,531 |
（1）Interestpayable
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Interestoflong-termborrowingswithperiodicpaymentsofinterestandreturnofprincipalatmaturity | 7,194,869 | 7,929,612 |
| Interestofshort-termborrowings | 5,971,963 | 1,016,867 |
| Total | 13,166,832 | 8,946,479 |
（2）Dividendspayable
| Item | 30June2025 | 1January2025 |
| Dividendspayabletoordinaryshareholders | 211,673,022 | |
| Total | 211,673,022 |
（3）Otherpayables1）Disclosureofotherpayablesbynature
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Guaranteedepositsreceivedfromconstructioncontractors | 157,917,096 | 200,015,615 |
| Accruedcostofsales(i) | 41,217,625 | 62,190,968 |
| Payableforcontractedlaborcosts | 7,087,965 | 7,240,931 |
| Temporaryreceiptsforthirdparties | 2,004,726 | 7,913,094 |
| Others | 22,770,883 | 26,509,444 |
| Total | 230,998,295 | 303,870,052 |
（i）Thisitemmainlyincludesexpensesthathavebeenincurredbutforwhichinvoiceshavenotbeenobtainedattheendoftheperiod,comprisingmaintenancecharges,professionalservicefeeandtravellingexpensesetc.
24.Contractliabilities
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Contractliabilities | 333,171,326 | 354,215,784 |
| Total | 333,171,326 | 354,215,784 |
25.Employeebenefitspayable
（1）Presentationofemployeebenefitspayable
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| I.Short-termemployeebenefitspayable | 340,816,562 | 910,131,004 | 1,007,816,689 | 243,130,877 |
| II.Definedcontributionplanspayable | 98,455,695 | 98,455,695 | ||
| III.Terminationbenefits | 6,952,904 | 8,624,891 | 15,563,679 | 14,116 |
| Total | 347,769,466 | 1,017,211,590 | 1,121,836,063 | 243,144,993 |
（2）Presentationofshort-termbenefits
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| 1.Wagesandsalaries,bonus,allowancesandsubsidies | 313,268,258 | 829,709,152 | 928,630,133 | 214,347,277 |
| 2.Socialsecuritycontributions | 42,672,074 | 42,672,074 | ||
| Including:Medicalinsurance | 36,802,938 | 36,802,938 | ||
| Workinjuryinsurance | 5,189,105 | 5,189,105 | ||
| Maternityinsurance | 680,031 | 680,031 | ||
| 3.Housingfunds | 1,181,170 | 27,217,429 | 27,683,082 | 715,517 |
| 4.Laborunionfundsandemployeeeducationfunds | 26,367,134 | 10,532,349 | 8,831,400 | 28,068,083 |
| Total | 340,816,562 | 910,131,004 | 1,007,816,689 | 243,130,877 |
（3）Definedbenefitplans
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| 1.Basicpensions | 94,541,798 | 94,541,798 | ||
| 2.Unemployment | 3,913,897 | 3,913,897 |
insurance
| insurance | |||
| Total | 98,455,695 | 98,455,695 |
26.Taxespayable
Unit:RMB
| Item | 30June2025 | 1January2025 |
| VATpayable | 27,318,067 | 25,325,222 |
| Enterpriseincometaxpayable | 21,497,396 | 24,126,663 |
| Individualincometaxpayable | 4,919,421 | 5,589,497 |
| Urbanmaintenanceandconstructiontaxpayable | 1,576,949 | 1,398,523 |
| Educationalsurtaxpayable | 1,384,185 | 1,150,913 |
| Housingpropertytaxpayable | 13,736,758 | 8,439,364 |
| Environmentaltaxpayable | 1,422,679 | 1,331,521 |
| Others | 8,303,237 | 6,326,659 |
| Total | 80,158,692 | 73,688,362 |
27.Non-currentliabilitiesduewithinoneyear
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Long-termborrowingsduewithinoneyear | 2,215,015,585 | 2,081,081,249 |
| Long-termaccountpayableduewithinoneyear | 181,242,532 | 84,003,271 |
| Leaseliabilitiesduewithinoneyear | 3,691,625 | 3,772,437 |
| Total | 2,399,949,742 | 2,168,856,957 |
28.Othercurrentliabilities
Unit:RMB
| Item | 30June2025 | 1January2025 |
| OutputVATtobetransferred | 33,935,368 | 40,029,672 |
| Notesthatdidnotmeettheconditionsforderecognition | 207,986,725 | 178,499,661 |
| Total | 241,922,093 | 218,529,333 |
29.Long-termborrowings
（1）Typesoflong-termborrowings
Unit:RMB
Item
| Item | 30June2025 | 1January2025 |
| Guaranteedloan | 5,550,190,705 | 6,020,234,621 |
| Creditloan | 2,654,975,000 | 2,212,455,100 |
| Subtotal | 8,205,165,705 | 8,232,689,721 |
| Less:Long-termborrowingsduewithinoneyear | 2,215,015,585 | 2,081,081,249 |
| Total | 5,990,150,120 | 6,151,608,472 |
30.Leaseliabilities
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Leaseliabilities | 26,851,924 | 25,423,044 |
| Less:Leaseliabilitiesduewithinoneyear | 3,691,625 | 3,772,437 |
| Total | 23,160,299 | 21,650,607 |
31.Long-termaccountpayable
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Long-termaccountpayable | 616,410,933 | 464,617,473 |
| Total | 616,410,933 | 464,617,473 |
（1）Long-termpayablelistedbynature
| Item | 30June2025 | 1January2025 |
| Leasepayable | 797,653,465 | 548,620,744 |
| Less:Long-termpayablesduewithinoneyear | 181,242,532 | 84,003,271 |
| Total | 616,410,933 | 464,617,473 |
32.Estimatedliabilities
Unit:RMB
| Item | 30June2025 | 1January2025 | Causes |
| Pendinglitigation | 915,847 | ||
| Retirementobligation | 12,409,409 | 12,221,373 | Estimatedminerehabilitationcosts |
| Total | 12,409,409 | 13,137,220 |
33.Deferredincome
Unit:RMB
Item
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 | Causes |
| Governmentgrants | 487,252,038 | 3,220,800 | 18,746,594 | 471,726,244 | |
| Total | 487,252,038 | 3,220,800 | 18,746,594 | 471,726,244 |
34.Sharecapital
Unit:RMB
| Item | 1January2025 | Movementforcurrentperiod | 30June2025 | ||||
| Newissues | Bonusissue | Transferfromcapitalsurplus | Others | Sub-total | |||
| Totalnumberofordinaryshares | 3,070,692,107 | 3,070,692,107 | |||||
35.Treasurystock
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| Treasurystock | 178,694,083 | 178,694,083 | ||
| Total | 178,694,083 | 178,694,083 |
36.Capitalsurplus
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| Sharepremium | 649,166,589 | 649,166,589 | ||
| Othercapitalsurplus | -58,427,175 | -58,427,175 | ||
| Total | 590,739,414 | 590,739,414 |
37.Othercomprehensiveincome
Unit:RMB
| Item | 1January2025 | Othercomprehensiveincomeforcurrentperiod | 30June2025 | |||
| Actualamountbeforetaxforcurrentperiod | Less:Incometaxexpenses | Attributabletoparentcompanyaftertax | Attributabletominorityshareholdersaftertax | |||
| I.Othercomprehensive | 159,726,269 | -4,524,489 | -4,524,489 | 155,201,780 | ||
incomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss
| incomeitemswhichwillbereclassifiedsubsequentlytoprofitorloss | ||||||
| Differenceontranslationofforeigncurrencyfinancialstatements | 14,983,507 | -4,524,489 | -4,524,489 | 10,459,018 | ||
| Financialrewardsforenergy-savingtechnicalretrofits | 2,550,000 | 2,550,000 | ||||
| Incomegeneratedwhenself-propertyandlanduserightsareconvertedintoinvestmentproperty | 142,192,762 | 142,192,762 | ||||
| Total | 159,726,269 | -4,524,489 | -4,524,489 | 155,201,780 |
38.Specialreserve
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| Safetyproductioncosts | 5,079,628 | 2,177,153 | 2,321,252 | 4,935,529 |
| Total | 5,079,628 | 2,177,153 | 2,321,252 | 4,935,529 |
39.Surplusreserve
Unit:RMB
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 |
| Statutorysurplusreserve | 1,357,661,614 | 1,357,661,614 | ||
| Discretionarysurplusreserve | 127,852,568 | 127,852,568 | ||
| Total | 1,485,514,182 | 1,485,514,182 |
40.Undistributedprofits
Unit:RMB
Item
| Item | H12025 | H12024 |
| Undistributedprofitsattheendofthepreviousperiodbeforeadjustments | 8,224,198,195 | 8,806,549,788 |
| Undistributedprofitsatthebeginningoftheperiodafteradjustments | 8,224,198,195 | 8,806,549,788 |
| Add:Netprofitsattributabletoshareholdersofparentcompanyincurrentperiod | 74,531,505 | 733,111,562 |
| Less:Appropriationforstatutorysurplusreserve | ||
| Ordinarysharedividendspayable | 211,673,022 | 767,673,027 |
| Undistributedprofitsattheendoftheperiod | 8,087,056,678 | 8,771,988,323 |
41.Operatingincomeandoperatingcosts
Unit:RMB
| Item | H12025 | H12024 | ||
| Revenue | Cost | Revenue | Cost | |
| Principaloperation | 6,438,671,393 | 5,535,136,344 | 8,026,214,086 | 6,338,666,066 |
| Otheroperations | 44,890,727 | 6,893,555 | 52,756,565 | 2,585,051 |
| Total | 6,483,562,120 | 5,542,029,899 | 8,078,970,651 | 6,341,251,117 |
42.Taxesandsurcharges
Unit:RMB
| Item | H12025 | H12024 |
| Housingpropertytax | 27,506,645 | 24,262,618 |
| Urbanmaintenanceandconstructiontax | 9,611,276 | 10,630,321 |
| Educationalsurtax | 7,783,307 | 9,140,452 |
| Landuserights | 10,533,523 | 13,293,655 |
| Stamptax | 4,385,218 | 4,953,753 |
| Environmentaltax | 2,549,386 | 2,960,497 |
| Others | 4,792,046 | 2,664,381 |
| Total | 67,161,401 | 67,905,677 |
43.Generalandadministrativeexpenses
Unit:RMB
Item
| Item | H12025 | H12024 |
| Employeebenefits | 194,638,464 | 213,862,214 |
| Depreciationandamortization | 93,064,844 | 106,703,302 |
| Generalofficeexpenses | 11,860,200 | 14,096,760 |
| Laborunionfunds | 10,073,173 | 12,098,064 |
| Entertainmentfees | 6,108,358 | 10,454,102 |
| Consultingadvisers | 5,518,180 | 5,655,089 |
| Canteencosts | 4,763,635 | 4,955,469 |
| Businesstravelexpenses | 4,001,509 | 4,479,971 |
| Waterandelectricityfees | 3,268,017 | 3,475,192 |
| Vehicleusefees | 1,706,319 | 2,277,382 |
| Rentalfees | 161,801 | 659,536 |
| Others | 12,135,306 | 15,803,933 |
| Total | 347,299,806 | 394,521,014 |
44.Sellinganddistributionexpenses
Unit:RMB
| Item | H12025 | H12024 |
| Employeebenefits | 106,353,205 | 110,767,294 |
| Entertainmentfees | 7,429,063 | 9,996,939 |
| Businesstravelexpenses | 5,635,857 | 6,358,650 |
| Rentalfees | 3,852,692 | 5,445,122 |
| Generalofficeexpenses | 978,987 | 1,543,766 |
| Freightexpenses | 784,835 | 1,199,242 |
| Insurancefees | 653,933 | 766,925 |
| Vehicleusefees | 301,848 | 664,626 |
| Others | 13,482,485 | 10,348,525 |
| Total | 139,472,905 | 147,091,089 |
45.Researchanddevelopmentexpenses
Unit:RMB
| Item | H12025 | H12024 |
| Researchanddevelopmentexpenses | 257,944,614 | 336,673,375 |
| Total | 257,944,614 | 336,673,375 |
46.Financialexpenses
Unit:RMB
| Item | H12025 | H12024 |
| Interestexpenses | 117,320,748 | 115,225,970 |
Interestincome
| Interestincome | -20,807,152 | -31,170,207 |
| Exchangegainsandlosses | -7,348,221 | -10,609,069 |
| Others | 3,407,653 | 2,402,731 |
| Total | 92,573,028 | 75,849,425 |
47.Otherincome
Unit:RMB
| Sourcesofotherincome | H12025 | H12024 |
| Governmentsubsidyamortization | 18,746,594 | 27,058,673 |
| Taxbenefitsandrebates | 27,063,934 | 61,735,134 |
| Industrysupportfunds | 335,320 | 11,125,627 |
| Governmentincentivefunds | 17,997,850 | 11,286,068 |
| Researchgrants | 562,000 | 2,882,320 |
| Others | 3,859,744 | 2,606,814 |
| Total | 68,565,442 | 116,694,636 |
48.Investmentincome
Unit:RMB
| Item | H12025 | H12024 |
| Investmentincomeduringtheholdingperiodoftradingfinancialassets | 2,715,821 | |
| Debtrestructuringincome | 2,080,517 | 569,142 |
| Interestonnotediscounting | -9,247,781 | -6,356,329 |
| Incomefromtermdeposits,etc. | 924,109 | |
| Total | -4,451,443 | -4,863,078 |
49.Creditimpairmentloss
Unit:RMB
| Item | H12025 | H12024 |
| Lossesonbaddebtsofnotesreceivable | -486,287 | -238,449 |
| Lossesonbaddebtsofaccountsreceivable | -590,815 | 5,159,904 |
| Lossesonbaddebtsofotherreceivables | -34,284 | 2,459,450 |
| Total | -1,111,386 | 7,380,905 |
50.Assetimpairmentloss
Unit:RMB
Item
| Item | H12025 | H12024 |
| Declineinthevalueofinventoriesandcontractperformancecostimpairmentloss | -56,738,340 | -41,315,915 |
| Total | -56,738,340 | -41,315,915 |
51.Incomeondisposalofassets
Unit:RMB
| Sourceofincomeondisposalofassets | H12025 | H12024 |
| Gainondisposalofnon-currentassets(losslistedwith"-"sign) | 2,680,398 | 4,202,074 |
52.Non-operatingincome
Unit:RMB
| Item | H12025 | H12024 | Amountbookedintocurrentnon-recurringprofitsandlosses |
| Compensationincome | 3,724,269 | 958,059 | 3,724,269 |
| Amountsunabletopay | 3,048,003 | 1,587,975 | 3,048,003 |
| Insuranceclaims | 1,869,798 | 1,869,798 | |
| Gainondisposalofnon-currentassets | 1,579,085 | 280,238 | 1,579,085 |
| Others | 1,527,845 | 2,102,522 | 1,533,675 |
| Total | 11,749,000 | 4,928,794 | 11,754,830 |
53.Non-operatingexpenses
Unit:RMB
| Item | H12025 | H12024 | Amountbookedintocurrentnon-recurringprofitsandlosses |
| Lossondisposalofnon-currentassets | 194,635 | 2,446,816 | 194,635 |
| Compensation | 112,252 | 112,252 | |
| Donation | 271,400 | 171,400 | 271,400 |
| Others | 1,886,094 | 562,279 | 1,886,094 |
| Total | 2,464,381 | 3,180,495 | 2,464,381 |
54.Incometaxexpenses
（1）Incometaxexpensedetails
Unit:RMB
Item
| Item | H12025 | H12024 |
| Currentincometax | 27,857,305 | 144,518,913 |
| Deferredincometax | -37,044,182 | -66,291,256 |
| Total | -9,186,877 | 78,227,657 |
（2）Adjustmentprocessofaccountingprofitandincometaxexpenses
Unit:RMB
| Item | H12025 |
| Totalprofit | 55,309,757 |
| Incometaxexpensescalculatedatapplicabletaxrates | 8,448,147 |
| Costs,expensesandlossesnotdeductiblefortaxpurposes | 851,322 |
| Effectofdeductiblelossonusageofunconfirmeddeferredincometaxassetsinthepriorperiod | -6,191,533 |
| Effectofdeductibletemporarydifferenceordeductiblelossonunconfirmeddeferredincometaxinthecurrentperiod | 20,646,084 |
| Adjustmentstoincometaxesinpriorperiods | 416,655 |
| Effectofobtainingtaxincentives | -33,357,552 |
| Incometaxexpenses | -9,186,877 |
55.Othercomprehensiveincome
SeeNoteshereinfordetails.
56.Notestothecashflowstatement
（1）CashflowsfromoperatingactivitiesCashreceivedrelatingtootheroperatingactivities
Unit:RMB
| Item | H12025 | H12024 |
| Governmentgrants | 28,113,378 | 75,274,086 |
| Interestincome | 20,752,671 | 31,108,379 |
| Others | 9,245,623 | 14,192,962 |
| Total | 58,111,672 | 120,575,427 |
Cashpaidrelatingtootheroperatingactivities
Unit:RMB
| Item | H12025 | H12024 |
| Securitydepositsinoperatingactivities | 35,885,986 | 73,884,621 |
| Generalofficeexpenses | 21,043,810 | 24,410,473 |
| Canteencosts | 21,618,130 | 20,422,983 |
| Entertainmentfees | 15,890,623 | 25,630,075 |
Insurancefees
| Insurancefees | 10,274,599 | 8,138,926 |
| Maintenancefee | 15,751,881 | 19,543,932 |
| Businesstravelexpenses | 14,522,634 | 16,895,349 |
| Rentalexpenses | 8,027,788 | 7,218,739 |
| Vehicleusefee | 2,430,758 | 3,620,924 |
| Consultingadvisers | 7,439,891 | 7,487,681 |
| Bankhandlingcharges | 2,683,202 | 2,030,056 |
| Others | 49,764,691 | 62,170,291 |
| Total | 205,333,993 | 271,454,050 |
（2）Cashflowsfrominvestingactivities
Cashpaidrelatingtootherinvestingactivities
Unit:RMB
| Item | H12025 | H12024 |
| Securitydepositspaid | 91,394,917 | 26,244,829 |
| Total | 91,394,917 | 26,244,829 |
Cashpaidrelatedtosignificantinvestingactivities
Unit:RMB
| Item | H12025 | H12024 |
| Engineeringprojectconstructionexpenditure | 559,400,085 | 1,492,512,738 |
| Financialinvestmentexpenses | 1,922,800,000 | 162,800,000 |
| Total | 2,482,200,085 | 1,655,312,738 |
（3）Cashflowsfromfinancingactivities
Cashreceivedrelatingtootherfinancingactivities
Unit:RMB
| Item | H12025 | H12024 |
| Cashreceivedinleases | 458,231,000 | |
| Total | 458,231,000 |
Cashpaymentsrelatingtootherfinancingactivities
Unit:RMB
| Item | H12025 | H12024 |
| Leaserepayments | 277,985,532 | 84,615,538 |
| Securitydepositsinfinancingactivities | 600,000 | |
| Repaymentsforminorityshareholderborrowings | 1,600,000 | 1,200,000 |
| Total | 279,585,532 | 86,415,538 |
Changesinvariousliabilitiesarisingfromfinancingactivities
Unit:RMB
Item
| Item | 1January2025 | Increaseincurrentperiod | Decreaseincurrentperiod | 30June2025 | ||
| Cashchanges | Non-cashchanges | Cashchanges | Non-cashchanges | |||
| Short-termloan | 1,163,021,299 | 809,658,496 | 871,690 | 482,343,145 | 14,424,539 | 1,476,783,801 |
| Long-termborrowings(includinglong-termborrowingsduewithinoneyear) | 8,232,689,721 | 2,061,171,280 | 2,088,695,296 | 8,205,165,705 | ||
| Total | 9,395,711,020 | 2,870,829,776 | 871,690 | 2,571,038,441 | 14,424,539 | 9,681,949,506 |
57.Supplementaryinformationtothecashflowstatement
（1）Supplementaryinformationtothecashflowstatement
Unit:RMB
| Supplementaryinformation | H12025 | H12024 |
| 1．Reconciliationfromnetprofittocashflowsfromoperatingactivities | ||
| Netprofit | 64,496,634 | 721,298,218 |
| Add:Provisionforassetimpairment | 57,849,726 | 33,935,010 |
| Depreciationoffixedassets,oilandgasassets,andproductivelivingassets | 587,430,334 | 579,893,996 |
| Depreciationofright-of-useassets | 3,853,633 | 968,661 |
| Amortizationofintangibleassets | 75,015,638 | 73,423,420 |
| Amortizationoflong-termprepaidexpenses | 6,959,360 | 4,176,445 |
| Losses(gains)ondisposaloffixedassets,intangibleassetsandotherlong-termasset("-"forgains) | -4,064,848 | -4,202,074 |
| Financialexpenses("-"forgains) | 117,320,748 | 104,616,901 |
| Investmentloss("-"forgains) | 4,451,443 | -1,493,251 |
| Decreaseindeferredtaxassets("-"forincrease) | -30,740,214 | -61,234,259 |
| Increaseindeferredtaxliabilities("-"fordecrease) | -6,303,968 | -5,056,997 |
| Decreaseininventories("-"forincrease) | -406,973,182 | -429,833,376 |
| Decrease/(increase)inoperatingreceivables("-"forincrease) | -345,762,946 | -42,729,653 |
| Increaseinoperatingpayables("-"fordecrease) | 258,985,756 | 16,382,029 |
| Others | 2,177,153 | 3,139,075 |
| Netcashflowsfromoperatingactivities | 384,695,267 | 993,284,145 |
| 2．Netchangesincashandcashequivalents: | ||
| Cashandcashequivalentsatendofperiod | 2,978,286,097 | 3,477,639,345 |
Less:Cashandcashequivalentsatbeginningofperiod
| Less:Cashandcashequivalentsatbeginningofperiod | 3,367,873,386 | 3,051,261,655 |
| Netincreaseincashandcashequivalents | -389,587,289 | 426,377,690 |
（2）Cashandcashequivalentscomposition
Unit:RMB
| Item | 30June2025 | 1January2025 |
| I.Cashandcashequivalents | 2,978,286,097 | 3,367,873,386 |
| Bankdepositsthatcanbereadilydrawnondemand | 2,879,376,563 | 3,367,873,386 |
| Othercashbalancesthatcanbereadilydrawnondemand | 98,909,534 | |
| II.Cashandcashequivalentsatendofperiod | 2,978,286,097 | 3,367,873,386 |
（3）Monetaryfundsotherthancashandcashequivalents
Unit:RMB
| Item | 30June2025 | 1January2025 | Reasonswhyitisnotcashandcashequivalents |
| Othermonetaryfund | 137,135,862 | 53,654,096 | Securitydepositsrestrictedinuse,etc. |
| Total | 137,135,862 | 53,654,096 |
58.Monetaryitemsdenominatedinforeigncurrencies
（1）Monetaryitemsdenominatedinforeigncurrencies
Unit:RMB
| Item | Balancesdenominatedinforeigncurrencies | Exchangerates | BalancesdenominatedinRMB |
| Cashatbankandonhand | 40,209,558 | ||
| Including：USD | 4,252,307 | 7.1586 | 30,440,564 |
| EUR | 50,750 | 8.4024 | 426,423 |
| HKD | 10,115,186 | 0.9120 | 9,225,050 |
| JPY | 2,213,649 | 0.0496 | 109,797 |
| SGD | 710 | 5.6179 | 3,990 |
| AUD | 798 | 4.6817 | 3,734 |
| Accountsreceivable | 96,954,284 | ||
| Including：USD | 12,432,143 | 7.1586 | 88,996,736 |
| EUR | 834,785 | 8.4024 | 7,014,201 |
| HKD | 1,034,372 | 0.9120 | 943,347 |
| Accountspayable | 31,614,237 |
Including：USD
| Including：USD | 4,142,556 | 7.1586 | 29,654,902 |
| EUR | 138,906 | 8.4024 | 1,167,143 |
| GBP | 12,677,379 | 0.0496 | 628,798 |
| JPY | 11,000 | 9.8300 | 108,130 |
| HKD | 60,596 | 0.9120 | 55,264 |
59.Leases
（1）TheCompanyasthelessee
√Applicable□NotapplicableVariableleasepaymentsnotincludedinthemeasurementofleaseliabilities
□Applicable√NotapplicableLeasecostsforshort-termleasesorlow-valueassetsthatadoptasimplifiedaccountingapproach:
√Applicable□NotapplicableForJanuary-June2025,leasecostsfortheGroup’sshort-termleasesorlow-valueassetsthatadoptasimplifiedaccountingapproachwereRMB6,326,374.Sale-leasebacks:
ForJanuary-June2025,thetotalcashoutflowamountinrelationtosale-leasebackswasRMB67,126,582.VII.R&DSPENDING
Unit:RMB
| Item | H12025 | H12024 |
| Material | 130,842,383 | 158,306,519 |
| Laborcosts | 96,403,094 | 137,105,995 |
| Feesandothers | 30,699,137 | 41,260,861 |
| Total | 257,944,614 | 336,673,375 |
| Amongthem:expense | 257,944,614 | 336,673,375 |
VIII.THECHANGESOFCONSOLIDATIONSCOPE
1.ChangesinscopeofconsolidationduetootherreasonsOn31March2025,theGroupestablishedCSGVINACOMPANYLIMITED.Asof30June2025,theGrouphasnotcontributedanycapitalandtheGroupholds100%ofitsequities.On23May2025,theGroupestablishedCSGMIDDLEEASTFORGLASSINDUSTRY-L.L.C-S.P.C.Asof30June2025,theGrouphasnotcontributedanycapitalandtheGroupholds100%ofitsequities.
IX.EQUITYINOTHERENTITIES
1.Interestinsubsidiaries
（1）ConstitutionoftheGroup
Unit:RMB
Nameofsubsidiary
| Nameofsubsidiary | Registeredcapital | Majorbusinesslocation | Placeofregistration | Scopeofbusiness | Shareholding | Methodofacquisition | |
| Direct | Indirect | ||||||
| ChengduCSG | 260,000,000 | Chengdu,PRC | Chengdu,PRC | Development,productionandsalesofspecialglass | 75% | 25% | Establishment |
| SichuanCSGEnergyConservation | 180,000,000 | Chengdu,PRC | Chengdu,PRC | Intensiveprocessingofglass | 75% | 25% | Separation |
| TianjinEnergyConservation | 336,000,000 | Tianjin,PRC | Tianjin,PRC | Intensiveprocessingofglass | 75% | 25% | Establishment |
| DongguanCSGEngineering | 270,000,000 | Dongguan,PRC | Dongguan,PRC | Intensiveprocessingofglass | 77.78% | 22.22% | Establishment |
| DongguanCSGSolar | 480,000,000 | Dongguan,PRC | Dongguan,PRC | Productionandsalesofspecialglassandsolarglass | 75% | 25% | Establishment |
| DongguanCSGPV-tech | 516,000,000 | Dongguan,PRC | Dongguan,PRC | Productionandsalesofhi-techgreenbatteryandcomponents | 100% | Establishment | |
| YichangCSGPolysilicon | 1,467,980,000 | Yichang,PRC | Yichang,PRC | Productionandsalesofhigh-puritysiliconmaterials | 75% | 25% | Establishment |
| WujiangCSGEngineering | 320,000,000 | Wujiang,PRC | Wujiang,PRC | Intensiveprocessingofglass | 75% | 25% | Establishment |
| HebeiCSG(note1) | 48,066,000 | Yongqing,PRC | Yongqing,PRC | Productionandsalesofspecialglass | 75% | 25% | Establishment |
| WujiangCSG | 565,041,798 | Wujiang,PRC | Wujiang,PRC | Productionandsalesofspecialglassandsolarglass | 100% | Establishment | |
| ChinaSouthernGlass(HongKong)Limited(note2) | 86,440,000 | HongKong,PRC | HongKong,PRC | Investmentholding | 100% | Establishment | |
| XianningCSG | 235,000,000 | Xianning,PRC | Xianning,PRC | Productionandsalesofspecialglassandsolarglass | 75% | 25% | Establishment |
| XianningCSGEnergy-Saving | 215,000,000 | Xianning,PRC | Xianning,PRC | Intensiveprocessingofglass | 75% | 25% | Separation |
| QingyuanCSGEnergy-Saving | 1,055,000,000 | Qingyuan,PRC | Qingyuan,PRC | Productionandsalesofultra-thinelectronicglass | 100% | Establishment | |
| ShenzhenCSGFinancialLeasingCo.,Ltd. | 300,000,000 | Shenzhen,PRC | Shenzhen,PRC | Financeleasing,etc. | 75% | 25% | Establishment |
| JiangyouCSGMiningDevelopmentCo.Ltd. | 100,000,000 | Jiangyou,PRC | Jiangyou,PRC | Productionandsalesofsilicaanditsby-products | 100% | Establishment | |
| ShenzhenCSGDisplay: | 143,000,000 | Shenzhen,PRC | Shenzhen,PRC | Productionandsalesofdisplaycomponentproducts | 60.8% | Acquisition | |
| ZhaoqingEnergySavingCompany | 200,000,000 | ZhaoqingPRC | ZhaoqingPRC | Intensiveprocessingofglass | 100% | Establishment | |
ZhaoqingAutomobileCompany
| ZhaoqingAutomobileCompany | 200,000,000 | ZhaoqingPRC | ZhaoqingPRC | Intensiveprocessingofglass | 100% | Establishment | |
| AnhuiEnergyCompany | 1,750,000,000 | Fengyang,PRC | Fengyang,PRC | Productionandsalesofsolarglass | 100% | Establishment | |
| AnhuiQuartzCompany | 75,000,000 | Fengyang,PRC | Fengyang,PRC | Productionandsalesofsolarglassproducts | 100% | Establishment | |
| AnhuiSiliconValleyMingduMiningCompany | 360,000,000 | Fengyang,PRC | Fengyang,PRC | Mineralresourcesexploitation | 60% | Establishment | |
| Xi'anEnergyConservationcompany | 150,000,000 | Xi’an,PRC | Xi’an,PRC | Intensiveprocessingofglass | 55% | 45% | Establishment |
| QinghaiNewEnergy | 1,350,000,000 | Delingha,PRC | Delingha,PRC | Productionandsalesofhighpuritysiliconproducts | 100% | Establishment | |
| GuangxiNewEnergyMaterialsCompany | 800,000,000 | Beihai,PRC | Beihai,PRC | Productionandsalesofsolarglass | 75% | 25% | Establishment |
Note1:TheregisteredcapitalofHebeiCSGisinUSD.Note2:TheregisteredcapitalofChinaSouthernGlass(HongKong)LimitedisinHKD.X.GOVERNMENTGRANTS
1.Liabilitiesinvolvinggovernmentgrants
Unit:RMB
| Accountingitem | 1January2025 | Increaseincurrentperiod | Amountincludedinnon-operatingincomeincurrentperiod | Amounttransferredtootherincomeincurrentperiod | Otherchangesincurrentperiod | 30June2025 | Assetrelated/incomerelated |
| Deferredincome | 487,252,038 | 3,220,800 | 18,746,594 | 471,726,244 | Assetrelated/incomerelated | ||
| Total | 487,252,038 | 3,220,800 | 18,746,594 | 471,726,244 |
2.Governmentgrantsincludedincurrentprofitsandlosses
Unit:RMB
| Accountingitem | H12025 | H12024 |
| Amortizationofgovernmentsubsidies | 18,746,594 | 27,058,673 |
| Othergovernmentsubsidies | 26,063,896 | 31,507,137 |
| Total | 44,810,490 | 58,565,810 |
XI.FINANCIALINSTRUMENTRISKMANAGEMENT
TheGroup'smainfinancialinstrumentsincludemonetaryfunds,notesreceivable,accountsreceivable,receivable
financing,otherreceivables,non-currentassetsduewithinoneyear,othercurrentassets,notespayable,accountspayable,otherpayables,short-termborrowings,tradingfinancialliabilities,non-currentliabilitiesduewithinoneyear,long-termborrowings,bondspayable,leaseliabilitiesandlong-termpayables.Detailsofeachfinancialinstrumenthavebeendisclosedintherelevantnotes.TherisksassociatedwiththesefinancialinstrumentsandtheriskmanagementpoliciesadoptedbytheGrouptomitigatetheserisksaredescribedbelow.ThemanagementoftheGroupmanagesandmonitorstheseriskexposurestoensurethattheaboverisksarecontrolledwithinlimitedlimits.
1.RiskmanagementobjectivesandpoliciesThemainriskscausedbytheGroup'sfinancialinstrumentsarecreditrisk,liquidityrisk,andmarketrisk(includingexchangeraterisk,interestraterisk,andcommoditypricerisk).TheGroup'soverallriskmanagementplanaddressestheunpredictabilityoffinancialmarketsandstrivestoreducepotentialadverseeffectsontheGroup'sfinancialperformance.TheGrouphasformulatedriskmanagementpoliciestoidentifyandanalyzetherisksfacedbytheGroup,setappropriateriskacceptancelevelsanddesigncorrespondinginternalcontrolprocedurestomonitortheGroup'srisklevels.TheGroupwillregularlyreassesstheseriskmanagementpoliciesandrelatedinternalcontrolsystemstoadapttochangesinmarketconditionsortheGroup'soperatingactivities.Theinternalauditdepartmentalsoregularlyandirregularlycheckswhethertheimplementationoftheinternalcontrolsystemcomplieswiththeriskmanagementpolicy.TheBoardofDirectorsisresponsibleforplanningandestablishingtheGroup'sriskmanagementstructure,formulatingtheGroup'sriskmanagementpoliciesandrelevantguidelines,andsupervisingtheimplementationofriskmanagementmeasures.TheGrouphasformulatedriskmanagementpoliciestoidentifyandanalyzetherisksfacedbytheGroup.Theseriskmanagementpoliciesclearlydefinespecificrisksandcovermanyaspectssuchasmarketrisk,creditriskandliquidityriskmanagement.TheGroupregularlyassesseschangesinthemarketenvironmentandtheGroup'soperatingactivitiestodeterminewhethertoupdateriskmanagementpoliciesandsystems.TheGroup'sriskmanagementiscarriedoutbyrelevantdepartmentsinaccordancewithpoliciesapprovedbytheBoardofDirectors.Thesedepartmentsidentify,evaluateandavoidrelevantrisksthroughclosecooperationwithotherbusinessdepartmentsoftheGroup.TheGroupdiversifiesfinancialinstrumentrisksthroughappropriatediversificationofinvestmentsandbusinessportfolios,andreducesrisksconcentratedinasingleindustry,specificregionorspecificcounterpartybyformulatingcorrespondingriskmanagementpolicies.
（1）CreditriskCreditriskreferstotheriskthatthecounterpartyfailstoperformitscontractualobligations,resultinginfinanciallossestotheGroup.TheGroupmanagescreditrisksbyportfolioclassification.Creditriskmainlyarisesfrombankdeposits,billsreceivable,accountsreceivable,otherreceivables,etc.TheGroup'sbankdepositsaremainlydepositedinstate-ownedbanksandotherlargeandmedium-sizedlistedbanks.TheGroupexpectsthattherewillbenosignificantcreditriskinbankdeposits.Fornotesreceivable,accountsreceivable,otherreceivablesandlong-termreceivables,theGroupsetsrelevantpoliciestocontrolcreditriskexposure.TheGroupevaluatesthecustomer'screditqualificationsandsetscorrespondingcreditperiodsbasedonthecustomer'sfinancialstatus,credithistoryandotherfactorssuchascurrentmarketconditions.TheGroupwillregularlymonitorcustomercreditrecords.Forcustomerswithpoorcreditrecords,theGroupwillusewrittenreminders,shortenthecreditperiodorcancelthecreditperiodtoensurethattheGroup'soverallcreditriskiswithinacontrollablerange.ThedebtorsoftheGroup'saccountsreceivablearecustomerslocatedindifferentindustriesandregions.TheGroupcontinuestoconductcreditassessmentsonthefinancialstatusofaccountsreceivableandpurchasescreditguaranteeinsurancewhenappropriate.TheGroup'smaximumexposuretocreditriskisthecarryingamountofeachfinancialassetonthebalancesheet.TheGroupdoesnotprovideanyotherguaranteesthatmayexposetheGrouptocreditrisk.AmongtheGroup'saccountsreceivable,thosefromthetopfivecustomers(mainlyphotovoltaicglasscustomers)accountedfor40%oftheGroup'stotalaccountsreceivable(2024:33%).Thesecustomersareallindustryleaderswithgoodcredit,thusreducingtheriskofaccountsreceivablerecoveryforthisgroup.AmongtheGroup'sotherreceivables,thosefromthetopfivecompaniesintermsofarrears.Otherreceivablesaccountfor89%oftheGroup'stotalotherreceivables(2024:90%).
（2）LiquidityriskLiquidityriskreferstotheriskthattheGroupencountersashortageoffundswhenfulfillingitsobligationstosettleby
deliveringcashorotherfinancialassets.Whenmanagingliquidityrisk,theGroupmaintainsandmonitorscashandcashequivalentsthatmanagementconsiderssufficienttomeettheGroup'soperatingneedsandreducetheimpactofcashflowfluctuations.ThemanagementoftheGroupmonitorstheuseofbankborrowingsandensurescompliancewithborrowingagreements.Atthesametime,obtaincommitmentsfrommajorfinancialinstitutionstoprovidesufficientbackupfundstomeetshort-termandlong-termfundingneeds.Attheendoftheperiod,thefinancialliabilitiesandoff-balancesheetguaranteeitemsheldbytheGroupareanalyzedbasedonthematurityperiodoftheundiscountedremainingcontractcashflowsasfollows(unit:RMB):
Item
| Item | 30June2025 | ||||
| Within1year | 1-2years | 2-5years | Over5years | Total | |
| Financialliabilities: | |||||
| Short-termborrowings | 1,486,113,245 | 1,486,113,245 | |||
| Notespayable | 2,399,802,511 | 2,399,802,511 | |||
| Accountspayable | 3,162,899,038 | 3,162,899,038 | |||
| Otherpayables | 455,838,149 | 455,838,149 | |||
| Non-currentliabilitiesduewithinoneyear | 2,440,327,387 | 2,440,327,387 | |||
| Othercurrentliabilities | 241,922,093 | 241,922,093 | |||
| Long-termborrowings | 172,426,487 | 2,064,239,914 | 3,749,499,922 | 491,045,228 | 6,477,211,551 |
| Leaseliabilities | 2,349,571 | 6,701,273 | 14,109,455 | 23,160,299 | |
| Long-termpayables | 176,848,080 | 439,562,853 | 616,410,933 | ||
| Totalfinancialliabilitiesandcontingentliabilities | 10,359,328,910 | 2,243,437,565 | 4,195,764,048 | 505,154,683 | 17,303,685,206 |
Attheendoflastyear,thefinancialliabilitiesandoff-balancesheetguaranteeitemsheldbytheGroupwereanalyzedbasedonthematurityperiodoftheundiscountedremainingcontractcashflowsasfollows(unit:RMB):
| Item | 1January2025 | ||||
| Within1year | 1-2years | 2-5years | Over5years | Total | |
| Financialliabilities: | |||||
| Short-termborrowings | 1,175,046,211 | 1,175,046,211 | |||
| Notespayable | 2,244,413,755 | 2,244,413,755 | |||
| Accountspayable | 3,092,025,797 | 3,092,025,797 | |||
| Otherpayables | 312,816,531 | 312,816,531 | |||
| Non-currentliabilitiesduewithinoneyear | 2,210,464,448 | 2,210,464,448 | |||
| Othercurrentliabilities | 218,529,333 | 218,529,333 | |||
| Long-termborrowings | 190,373,964 | 2,772,567,174 | 2,866,975,537 | 861,770,244 | 6,691,686,919 |
| Leaseliabilities | 2,947,236 | 5,549,939 | 13,153,432 | 21,650,607 | |
| Long-termpayables | 115,153,592 | 302,856,111 | 46,607,770 | 464,617,473 | |
| Totalfinancialliabilitiesandcontingentliabilities | 9,443,670,039 | 2,890,668,002 | 3,175,381,587 | 921,531,446 | 16,431,251,074 |
Theamountsoffinancialliabilitiesdisclosedinthetableaboverepresentundiscountedcontractualcashflowsandthereforemaydifferfromthecarryingamountsinthebalancesheet.
（3）MarketriskMarketriskoffinancialinstrumentsreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentsfluctuateduetomarketpricechanges,includinginterestraterisk,exchangerateriskandotherpricerisks.InterestRateRiskInterestrateriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuatedueto
changesinmarketinterestrates.Interestrateriskcanarisefrombothrecognizedinterest-bearingfinancialinstrumentsandunrecognizedfinancialinstruments(suchascertainloancommitments).TheGroup'sinterestrateriskmainlyarisesfromlong-terminterest-bearingdebtsuchaslong-termbankborrowingsandbondspayable.FinancialliabilitieswithfloatinginterestratesexposetheGrouptocashflowinterestraterisk,whilefinancialliabilitieswithfixedinterestratesexposetheGrouptofairvalueinterestraterisk.TheGroupdeterminestherelativeproportionsoffixed-rateandfloating-ratecontractsbasedontheprevailingmarketenvironment,andmaintainsanappropriatemixoffixed-rateandfloating-rateinstrumentsthroughregularreviewandmonitoring.TheGrouppayscloseattentiontotheimpactofinterestratechangesontheGroup'sinterestraterisk.TheGroupcurrentlydoesnotadoptaninterestratehedgingpolicy.However,managementisresponsibleformonitoringinterestrateriskandwillconsiderhedgingsignificantinterestrateriskifnecessary.Anincreaseininterestrateswillincreasethecostofnewinterest-bearingdebtandtheinterestexpenseoftheGroup'sunpaidinterest-bearingdebtwithfloatinginterestrates,andwillhaveasignificantadverseimpactontheGroup'sfinancialresults.ThemanagementwillbaseonthelatestmarkettrendsAdjustmentsaremadeinatimelymannertothesituation,andtheseadjustmentsmaybethroughinterestrateswaparrangementstoreduceinterestraterisk.Theinterest-bearingfinancialinstrumentsheldbytheGroupareasfollows(unit:RMB):
Item
| Item | 30June2025 | 1January2025 |
| Contractsatfixedrates | 1,192,964,100 | 1,078,169,155 |
| Contractsatfloatingrates | 4,797,186,020 | 5,073,439,317 |
| Total | 5,990,150,120 | 6,151,608,472 |
ForfinancialinstrumentsheldonthebalancesheetdatethatexposetheGrouptofairvalueinterestraterisk,theimpactonnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactofre-measurementoftheabovefinancialinstrumentsatthenewinterestrate,assumingthattheinterestratechangesonthebalancesheetdate.Forfloatingratenon-derivativeinstrumentsheldonthebalancesheetdatethatexposetheGrouptocashflowinterestraterisk,theimpactonnetprofitandshareholders'equityintheabovesensitivityanalysisistheimpactoftheaboveinterestratechangesontheestimatedinterestexpenseorincomeonanannualbasis.Theanalysisofthepreviousyearwasbasedonthesameassumptionsandmethods.ExchangerateriskExchangerateriskreferstotheriskthatthefairvalueorfuturecashflowsoffinancialinstrumentswillfluctuateduetochangesinforeignexchangerates.Exchangerateriskcanarisefromfinancialinstrumentsdenominatedinforeigncurrenciesotherthanthefunctionalcurrencyofaccounting.ExchangerateriskismainlyduetotheimpactoftheGroup'sfinancialpositionandcashflowsonforeignexchangeratefluctuations.ExceptforthesubsidiariesestablishedinHongKongthatholdassetssettledinHongKongdollars,theproportionofforeigncurrencyassetsandliabilitiesheldbytheGrouptotheoverallassetsandliabilitiesisnotsignificant.Therefore,theGroupbelievesthattheexchangerateriskitfacesisnotsignificant.Attheendoftheperiod,theamountsofforeigncurrencyfinancialassetsandforeigncurrencyfinancialliabilitiesheldbytheGroupconvertedintoRMBarelistedasfollows(unit:RMB):
| Item | Foreigncurrencyliabilities | Foreigncurrencyassets | ||
| 30June2025 | 1January2025 | 30June2025 | 1January2025 | |
| USD | 29,654,902 | 26,836,924 | 119,437,300 | 104,808,255 |
| HKD | 55,264 | 67,954 | 10,168,397 | 13,218,722 |
| Others | 1,904,071 | 1,535,781 | 7,558,145 | 6,949,045 |
| Total | 31,614,237 | 28,440,659 | 137,163,842 | 124,976,022 |
TheGrouppayscloseattentiontotheimpactofexchangeratechangesontheGroup'sexchangeraterisk.Managementisresponsibleformonitoringexchangerateriskandwillconsiderhedgingsignificantexchangerateriskifnecessary.Asof30June2025,fortheGroup'svariousU.S.dollarfinancialassetsandU.S.dollarfinancialliabilities,iftheRMBappreciatesordepreciatesby10%againsttheU.S.dollarandotherfactorsremainunchanged,theGroup'snetprofitwilldecreaseorincreasebyapproximatelyRMB7,631,504(31December2024:decreaseorincreaseofapproximatelyRMB6,627,563).
2.CapitalmanagementThegoaloftheGroup'scapitalmanagementpolicyistoensurethattheGroupcancontinuetooperate,therebyprovidingreturnstoshareholdersandbenefitingotherstakeholders,whilemaintaininganoptimalcapitalstructuretoreducecapitalcosts.Inordertomaintainoradjustthecapitalstructure,theGroupmayadjustfinancingmethods,adjusttheamountofdividendspaidtoshareholders,returncapitaltoshareholders,issuenewsharesandotherequityinstruments,orsellassetstoreducedebt.TheGroupmonitorsthecapitalstructurebasedontheasset-liabilityratio(i.e.,totalliabilitiesdividedbytotalassets).Attheendoftheperiod,theGroup'sasset-liabilityratiowas57%(endofthepreviousyear:55%).XII.DISCLOSUREOFFAIRVALUE
1.Closingbalanceofassetsandliabilitiesmeasuredatfairvalue
Unit:RMB
Item
| Item | Closingfairvalue | |||
| Level1fairvaluemeasurement | Level2fairvaluemeasurement | Level3fairvaluemeasurement | Total | |
| I.Ongoingfairvaluemeasurement | -- | -- | -- | -- |
| Structureddeposits | 120,000,000 | 120,000,000 | ||
| Receivablesfinancing | 788,929,728 | 788,929,728 | ||
| Investmentproperties | 293,712,453 | 293,712,453 | ||
| Total | 413,712,453 | 788,929,728 | 1,202,642,181 | |
XIII.RELATEDPARTIESANDRELATEDPARTYTRANSACTIONS
1.Informationoftheparentcompany
TheCompanyregardsnoentityastheparentcompany.
2.Thesubsidiaries
ThegeneralinformationandotherrelatedinformationofthesubsidiariesaresetoutinNote“IX.EQUITYINOTHERENTITIES”.
3.GeneralinformationoftheGroup’sassociate
TheGrouphasnojointventuresorassociatedcompanies.
4.Otherrelatedpartiesinformation
| NameofOtherRelatedParty | RelationshipwiththeGroup |
| QianhaiLifeInsuranceCo.,Ltd | ThelargestshareholderoftheCompany |
| ShantouChaoshangUrbanComprehensiveManagementCo.,Ltd | RelatedpartyoftheCompany'slargestshareholder |
QianhaiLife(Xi'an)HospitalCo.,Ltd.
| QianhaiLife(Xi'an)HospitalCo.,Ltd. | RelatedpartyoftheCompany'slargestshareholder |
| QianhaiLife(Guangzhou)GeneralHospitalCo.,Ltd. | RelatedpartyoftheCompany'slargestshareholder |
| ShenzhenHongtuConstructionCo.,Ltd. | RelatedpartyoftheCompany'slargestshareholder |
| SuzhouBaoqiLogisticsCo.,Ltd. | RelatedpartyoftheCompany'slargestshareholder |
| ShenzhenBaoyaoConstructionEngineeringCo.,Ltd. | RelatedpartyoftheCompany'slargestshareholder |
| ShenZhenGoldenFlourishSupplyChainLimited | RelatedpartyoftheCompany'slargestshareholder |
5.Relatedpartytransactions
（1）PurchaseandsalesofgoodsandrenderingandreceivingservicesTableonpurchaseofgoods/receivingofservices
Unit:RMB
| Relatedparties | Relatedtransaction | H12025 | H12024 |
| QianhaiLifeInsuranceCo.,Ltd | Receiveservice | 4,069,565 | 3,724,810 |
| QianhaiLife(Guangzhou)GeneralHospitalCo.,Ltd. | Receiveservice | 86,480 | |
| Total | 4,156,045 | 3,724,810 | |
Tableonsalesofgoods/providingofservices
Unit:RMB
| Relatedparties | Relatedtransaction | H12025 | H12024 |
| QianhaiLife(Xi’an)HospitalCo.,Ltd. | Salesofgoods | 1,446,563 | |
| ShenzhenBaoyaoConstructionEngineeringCo.,Ltd. | Salesofgoods | 107,329 | |
| ShantouChaoshangUrbanComprehensiveManagementCo.,Ltd | Salesofgoods | 3,640 | |
| Total | 3,640 | 1,553,892 | |
6.Receivablesfromandpayablestorelatedparties
（1）Receivablesfromrelatedparties
Unit:RMB
| Item | Relatedparties | 30June2025 | 1January2025 | ||
| Carryingamount | Provisionforbaddebts | Carryingamount | Provisionforbaddebts | ||
| Accountsreceivable | ShenzhenHongtuConstructionCo.,Ltd. | 7,890,900 | 6,773,628 | 8,652,356 | 7,382,793 |
| Accountsreceivable | ShenZhenGoldenFlourishSupplyChainLimited | 22,090 | 20,986 | 22,090 | 20,986 |
| Advancestosuppliers | QianhaiLifeInsuranceCo.,Ltd | 773,001 | 602,449 | ||
Total
| Total | 8,685,991 | 6,794,614 | 9,276,895 | 7,403,779 |
（2）Payablestorelatedparties
Unit:RMB
| Item | Relatedparties | Closingcarryingamount | Openingcarryingamount |
| Accountspayable | SuzhouBaoqiLogisticsCo.,Ltd. | 300,000 | 300,000 |
| Otherpayables | QianhaiLifeInsuranceCo.,Ltd | 6,646 | 46,646 |
| Contractliabilities | Otherrelatedparties | 483,657 | 483,657 |
| Total | 790,303 | 830,303 | |
XIV.SHARE-BASEDPAYMENTS
1.Overallshare-basedpayments
□Applicable√Notapplicable
2.Equity-settledshare-basedpayments
□Applicable√Notapplicable
3.Cash-settledshare-basedpayments
□Applicable√Notapplicable
4.Share-basedpaymentsinthecurrentperiod
□Applicable√Notapplicable
XV.COMMITMENTSANDCONTINGENCIES
1.SignificantcommitmentsCapitalexpenditurescontractedforbytheGroupatthebalancesheetdatebutarenotyetnecessarytoberecognizedonthebalancesheetareasfollows:
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Buildings,machineryandequipment | 459,690,086 | 903,669,511 |
2.Contingencies
（1）ImportantcontingenciesexistingonthebalancesheetdateContingentliabilitiesarisingfrompendinglitigationandarbitrationandtheirfinancialimpact
Plaintiff
| Plaintiff | Defendant | Causeofaction | Courtofacceptance | Targetamount | Caseprogress |
| TheCompany(Note1) | ZengNan,LuoYouming,WuGuobin,DingJiuru,LiWeinan,YichangHongtaiRealEstateCo.,Ltd. | Disputesoverliabilityforharmingcompanyinterests | ShenzhenIntermediatePeople'sCourt | 229,200,087 | Undertrial |
| TianjinDonglaiConstructionEngineeringCo.,Ltd.(Note2) | WujiangCSGEastChinaEngineeringGlassCo.,Ltd. | Constructionprojectcontractdisputes | WujiangDistrictPeople'sCourt | 16,905,515 | Undertrial |
Note1:TheCompanyrequestedtheDefendantstojointlycompensatetheplaintifffortheRMB171millionprincipalamountofthesubsidyfundsgrantedbythegovernmenttotheGroupaswellastheinterestlossofRMB58.2million.ThefirstinstanceofthecasewasheardatShenzhenIntermediatePeople'sCourton21June2022.On4June2024,theCompanyreceivedthefirstinstanceCivilJudgmentissuedbyShenzhenIntermediatePeople'sCourt,whichrejectedalloftheCompany'slitigationrequests.InJune2024,theCompanyfiledanappealtoGuangdongHigherPeople'sCourt.ThesecondinstanceofthecasewasheardattheGuangdongHigherPeople'sCourton12September2024,andthecaseiscurrentlyintheprocessofthesecondinstance.Note2:ThereisadisputebetweentheCompanyandthe22ndMetallurgicalConstructionCompanyoverconstructionpayment.The22ndMetallurgicalConstructionCompanytransferreditsclaimtoTianjinDonglaiConstructionEngineeringCo.,Ltd.andthensuedtheCompany.Asoftheannouncementdateofthisreport,thecaseisstillundertrialandtheCompanyhasconfirmedtheaccountspayablefortherelevantpaymentobligations.
XVI.POST-BALANCESHEETEVENTS
None.
XVII.OTHERSIGNIFICANTEVENTS
1.Segmentreporting
（1）Determinationbasisandaccountingpolicyofreportsegment
BasedontheGroup'sinternalorganizationalstructure,managementrequirementsandinternalreportingsystem,theGroup'soperatingbusinessisdividedintofourreportingsegments.Thesereportingsegmentsaredeterminedbasedonthefinancialinformationrequiredbythecompanyfordailyinternalmanagement.TheGroup'smanagementregularlyevaluatestheoperatingresultsofthesereportablesegmentstodeterminetheallocationofresourcestothemandevaluatetheirperformance.TheGroup'sreportablesegmentsinclude:
-TheGlassDivisionisresponsiblefortheproductionandsalesoffloatglass,photovoltaicglassproducts,architecturalglassproducts,andsilicasandrequiredfortheproductionofrelatedglass.-TheElectronicGlassandDisplaydeviceDivisionisresponsiblefortheproductionandsalesofdisplaycomponentsandspecialultra-thinglassproducts.-TheSolarEnergyandOtherssegmentisresponsiblefortheproductionandsalesofpolysiliconandsolarcellmoduleproducts,photovoltaicenergydevelopmentandotherproducts.-Otherunallocateddivisions.Segmentreportinginformationisdisclosedbasedontheaccountingpoliciesandmeasurementstandardsadoptedbyeachsegmentwhenreportingtomanagement.Theseaccountingpoliciesandmeasurementbasisareconsistentwiththoseusedwhenpreparingfinancialstatements.
（2）Financialinformationofreportingsegments
Unit:RMB
Item
| Item | Glassindustry | Electronicglassanddisplaydevice | Solarenergyandotherindustries | Unallocatedamount | Inter-segmentelimination | Total |
| Revenuefromexternalcustomers | 5,821,726,639 | 526,988,056 | 133,236,561 | 1,610,864 | 6,483,562,120 | |
| Inter-segmentrevenue | 44,625,863 | 37,512,867 | 36,142,863 | 155,276,815 | -273,558,408 | |
| Interestexpenses | 72,533,716 | 3,183,375 | 3,176,987 | 38,426,670 | 117,320,748 | |
| Depreciationandamortizationexpenses | 495,826,487 | 110,945,587 | 63,361,578 | 3,125,313 | 673,258,965 | |
| Totalprofit/(loss) | 154,511,185 | -38,507,828 | -55,916,532 | -4,777,068 | 55,309,757 | |
| Totalassets | 19,645,313,658 | 3,035,047,411 | 6,638,412,062 | 2,358,726,021 | 31,677,499,152 | |
| Totalliabilities | 10,454,763,540 | 472,474,501 | 2,947,065,993 | 4,131,090,205 | 18,005,394,239 | |
| Increaseinnon-currentassets | 414,863,437 | 1,142,741 | 184,023,529 | 1,523,223 | 601,552,930 |
XVIII.NOTESTOTHEKEYITEMSINTHECOMPANY'SFINANCIALSTATEMENTS
1.Accountsreceivable
（1）Disclosurebyage
Unit:RMB
| Aging | Closingcarryingamount | Openingcarryingamount |
| Within1year(including1year) | 297,576,057 | 110,153,840 |
| Total | 297,576,057 | 110,153,840 |
（2）Classificationbybaddebtaccrualmethod
Unit:RMB
Category
| Category | 30June2025 | 1January2025 | ||||||||
| Carryingamount | Provisionforbaddebts | Bookvalue | Carryingamount | Provisionforbaddebts | Bookvalue | |||||
| Amount | Proportion | Amount | Provisionproportion | Amount | Proportion | Amount | Provisionproportion | |||
| Provisionforbaddebtsonaportfoliobasis | 297,576,057 | 100% | 297,576,057 | 110,153,840 | 100% | 110,153,840 | ||||
| Total | 297,576,057 | 100% | 297,576,057 | 110,153,840 | 100% | 110,153,840 | ||||
（3）Accountsreceivableandcontractassetsdetailsofthetop5closingbalancesbydebtors
Unit:RMB
| Name | Accountsreceivableclosingbalance | Contractassetsclosingbalance | Closingbalancesofaccountsreceivableandcontractassets | As%ofthetotalclosingbalanceofaccountsreceivableandcontractassets | Closingbalanceofbaddebtprovisionforaccountsreceivableandprovisionforimpairmentofcontractassets |
| Totalbalancesforthefivelargestaccountsreceivable | 297,576,057 | 297,576,057 | 100% | ||
| Total | 297,576,057 | 297,576,057 | 100% |
2.Otherreceivables
Unit:RMB
| Item | 30June2025 | 1January2025 |
| Otherreceivables | 2,535,004,842 | 2,342,796,700 |
| Total | 2,535,004,842 | 2,342,796,700 |
（1）Otherreceivables1）Otherreceivablescategorizedbynature
Unit:RMB
Natureofreceivables
| Natureofreceivables | Closingcarryingamount | Openingcarryingamount |
| Duefromrelatedparties | 2,413,603,392 | 2,222,025,032 |
| Others | 172,736,173 | 172,093,539 |
| Total | 2,586,339,565 | 2,394,118,571 |
2）Disclosurebyage
Unit:RMB
| Aging | Closingcarryingamount | Openingcarryingamount |
| Within1year(including1year) | 2,117,596,664 | 2,036,223,049 |
| Over1year | 468,742,901 | 357,895,522 |
| Total | 2,586,339,565 | 2,394,118,571 |
3）Classificationbybaddebtaccrualmethod
Unit:RMB
| Category | 30June2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Accrualproportion | ||
| Provisionforbaddebtsonanindividualbasis | 171,000,000 | 7% | 51,300,000 | 30% | 119,700,000 |
| Provisionforbaddebtsonaportfoliobasis | 2,415,339,565 | 93% | 34,723 | 2,415,304,842 | |
| Including: | |||||
| Relatedpartycombination | 2,413,603,392 | 93% | 2,413,603,392 | ||
| Unrelatedpartycombination | 1,736,173 | 34,723 | 2% | 1,701,450 | |
| Total | 2,586,339,565 | 100% | 51,334,723 | 2% | 2,535,004,842 |
Continued
| Category | 1January2025 | ||||
| Carryingamount | Provisionforbaddebts | Bookvalue | |||
| Amount | Proportion | Amount | Accrualproportion | ||
| Provisionforbaddebtsonanindividualbasis | 171,000,000 | 7% | 51,300,000 | 30% | 119,700,000 |
| Provisionforbaddebtsonaportfoliobasis | 2,223,118,571 | 93% | 21,871 | 2,223,096,700 | |
| Including: | |||||
| Relatedpartycombination | 2,222,025,032 | 93% | 2,222,025,032 | ||
Unrelatedpartycombination
| Unrelatedpartycombination | 1,093,539 | 21,871 | 2% | 1,071,668 | |
| Total | 2,394,118,571 | 100% | 51,321,871 | 2% | 2,342,796,700 |
Provisionforbaddebtsaccruedonthebasisofageneralmodelofexpectedcreditlosses:
Unit:RMB
| Provisionforbaddebt | Stage1 | Stage2 | Stage3 | Total |
| Expectedcreditlossinthenext12months | Expectedcreditlossforthewholeperiod(nocreditimpairment) | Expectedcreditlossforthewholeperiod(withcreditimpairment) | ||
| Amounton1January2025 | 21,871 | 51,300,000 | 51,321,871 | |
| Carryingamounton1January2025thatinthisperiod: | ||||
| ——TransfertoStage2 | ||||
| ——TransfertoStage3 | ||||
| ——ReversaltoStage2 | ||||
| ——ReversaltoStage1 | ||||
| Provisionfortheperiod | 12,852 | 12,852 | ||
| Reversefortheperiod | ||||
| Write-offfortheperiod | ||||
| Otherchanges | ||||
| Amounton30June2025 | 34,723 | 51,300,000 | 51,334,723 |
4）Baddebtprovisionsaccrued,recoveredorreversedinthecurrentperiod
Baddebtprovisionsinthecurrentperiod:
Unit:RMB
| Category | 1January2025 | Changeinthecurrentperiod | 30June2025 | |||
| Accrued | Recoveredorreversed | Chargedofforwrittenoff | Others | |||
| Baddebtprovisionsforotherreceivables | 51,321,871 | 12,852 | 51,334,723 | |||
| Total | 51,321,871 | 12,852 | 51,334,723 | |||
5）Otherreceivablesdetailsofthetop5closingbalancesbydebtors
Unit:RMB
| Name | Natureof | 30June2025 | Aging | Percentagein | Provisionforbad |
business
| business | totalotherreceivablesbalance | debts | |||
| CompanyA | Advancepaymentforotherparty | 610,034,761 | Within1year | 24% | |
| CompanyB | Advancepaymentforotherparty | 283,701,646 | Within1year | 11% | |
| CompanyC | Advancepaymentforotherparty | 243,976,790 | Within1year | 9% | |
| CompanyD | Advancepaymentforotherparty | 211,790,912 | Within1year | 8% | |
| CompanyE | Advancepaymentforotherparty | 186,845,102 | Within1year | 7% | |
| Total | 1,536,349,211 | 59% |
3.Long-termequityinvestments
Unit:RMB
| Item | 30June2025 | 1January2025 | ||||
| Carryingamount | Impairmentprovision | Bookvalue | Carryingamount | Impairmentprovision | Bookvalue | |
| Investmentinsubsidiaries | 10,565,321,440 | 15,000,000 | 10,550,321,440 | 10,565,321,440 | 15,000,000 | 10,550,321,440 |
| Total | 10,565,321,440 | 15,000,000 | 10,550,321,440 | 10,565,321,440 | 15,000,000 | 10,550,321,440 |
（1）Investmentsinsubsidiaries
Unit:RMB
Investee
| Investee | Openingbookvalue | Openingimpairmentprovision | Movementincurrentperiod | Closingbookvalue | Closingimpairmentprovision | |||
| Increaseininvestment | Decreaseininvestment | Impairmentprovision | Others | |||||
| ChengduCSGCompany | 151,397,763 | 151,397,763 | ||||||
| SichuanEnergySavingCompany | 119,256,949 | 119,256,949 | ||||||
| TianjinEnergySavingCompany | 247,833,327 | 247,833,327 | ||||||
| DongguanEngineeringCompany | 222,276,243 | 222,276,243 | ||||||
| DongguanSolarEnergyCompany | 355,120,247 | 355,120,247 | ||||||
| DongguanPhotovoltaicCompany | 604,099,854 | 604,099,854 | ||||||
| YichangSiliconMaterialCompany | 909,960,170 | 909,960,170 | ||||||
| WujiangEngineeringCompany | 254,401,190 | 254,401,190 | ||||||
| HebeiCSGCompany | 266,189,705 | 266,189,705 | ||||||
| CSG(HongKong)Co.,Ltd. | 87,767,304 | 87,767,304 | ||||||
| WujiangCSGCompany | 567,645,430 | 567,645,430 | ||||||
| JiangyouCSGMiningDevelopmentCo.,Ltd. | 102,415,096 | 102,415,096 | ||||||
| XianningFloatCompany | 181,116,277 | 181,116,277 | ||||||
| XianningEnergySavingCompany | 165,452,035 | 165,452,035 | ||||||
| QingyuanEnergySavingCompany | 885,273,105 | 885,273,105 | ||||||
| ShenzhenCSGFinancialLeasingCo.,Ltd. | 133,500,000 | 133,500,000 | ||||||
| ShenzhenDisplayDeviceCompany | 550,765,474 | 550,765,474 | ||||||
| ZhaoqingEnergySavingCompany | 200,000,000 | 200,000,000 | ||||||
ZhaoqingCSGAutomotiveGlassCo.,Ltd.
| ZhaoqingCSGAutomotiveGlassCo.,Ltd. | 159,959,074 | 159,959,074 | |||
| AnhuiNewEnergyCompany | 1,750,000,000 | 1,750,000,000 | |||
| AnhuiQuartzCompany | 75,000,000 | 75,000,000 | |||
| AnhuiCSGSiliconValleyMingduMiningDevelopmentCo.,Ltd. | 216,000,000 | 216,000,000 | |||
| Xi'anEnergySavingCompany | 82,500,000 | 82,500,000 | |||
| GuangxiNewEnergyMaterialsCompany | 600,000,000 | 600,000,000 | |||
| CSG(Suzhou)CorporateHeadquartersManagementCo.,Ltd. | 30,000,000 | 30,000,000 | |||
| ShenzhenCSGQuartzMaterialsIndustrialCo.,Ltd. | 40,000,000 | 40,000,000 | |||
| ShenzhenCSGNewEnergyIndustryDevelopmentCo.,Ltd. | 1,350,000,000 | 1,350,000,000 | |||
| Others | 242,392,197 | 15,000,000 | 242,392,197 | 15,000,000 | |
| Total | 10,550,321,440 | 15,000,000 | 10,550,321,440 | 15,000,000 |
4.Operatingincomeandoperatingcosts
Unit:RMB
Item
| Item | H12025 | H12024 | ||
| Revenue | Cost | Revenue | Cost | |
| Principaloperation | 1,610,864 | 2,824,451 | ||
| Otheroperations | 155,083,528 | 193,179,612 | ||
| Total | 156,694,392 | 196,004,063 | ||
5.Investmentincome
Unit:RMB
| Item | H12025 | H12024 |
| Investmentincomefromlong-termequityinvestmentundercostmethod | 200,488,459 | 655,900,646 |
| Investmentincomeduringtheholdingperiodoftradingfinancialassets | 2,715,821 | |
| Others | 924,109 | |
| Total | 203,204,280 | 656,824,755 |
XIX.SUPPLEMENTARYINFORMATION
1.Statementofnon-recurringgainsandlosses
√Applicable□Notapplicable
Unit:RMB
Item
| Item | Amount | Notes |
| Gains/lossesfromthedisposalofnon-currentassets | 4,064,848 | |
| Governmentsubsidiesincludedintheprofitandlossofthecurrentperiod(closelyrelatedtothenormaloperationofthecompany,inlinewithnationalpoliciesandprovisions,inaccordancewiththedefinedstandards,exceptgovernmentsubsidiesthathaveacontinuousimpactontheprofitandlossofthecompany) | 43,124,709 | SeeNotestootherearningsfordetails |
| Inadditiontotheeffectivehedgingbusinessrelatedtothenormaloperationofthecompany,theprofitorlossoffairvaluechangesarisingfromtheholdingoffinancialassetsandfinancialliabilitiesbynon-financialenterprisesandthelossorgainarisingfromthedisposaloffinancialassetsandfinancialliabilitiesandavailableforsalefinancialassets | 2,715,821 | |
| Reversalofprovisionforimpairmentofreceivablesthathavebeenindividuallytestedforimpairment | 3,318,671 | |
| Profitandlossfromdebtrestructuring | 214,501 | |
| Othernon-operatingincomeandexpenditureexceptfortheaforementioneditems | 7,905,999 | |
| Less:Impactonincometax | 7,709,799 | |
| Impactonminorityshareholders’equity(post-tax) | 852,040 | |
| Total | 52,782,710 |
2.ROEandearningspershare
| Profitduringthereportingperiod | Weightedaveragereturnonequity% | Earningspershare | |
| Basicearningspershare(RMB/share) | Dilutedearningspershare(RMB/share) | ||
| Netprofitattributabletothecompany’sordinaryshareholders | 0.55% | 0.02 | 0.02 |
| Netprofitattributabletothecompany'sordinaryshareholdersafterdeductingnon-recurringgainsandlosses | 0.16% | 0.01 | 0.01 |