CSG HOLDING CO., LTD.
THE First QUARTER REPORT 2025
Chairman of the Board:
CHEN LIN
April 2025
Stock Code: 000012/200012 Short Form of Stock: Southern Glass A/B Notice No.:2025-022
CSG Holding Co., Ltd.The First Quarter Report 2025The Company and all the members of the Board of Directors confirm that the informationdisclosed is authentic, accurate and complete, and there are no any fictitious statements,misleading statements or significant omissions carried in this report.Important Notice:
1. Board of Directors and the Supervisory Committee and its directors, supervisors and seniorexecutives hereby confirm that the Quarter Report is authentic, accurate and complete and thereare no any fictitious statements, misleading statements, or significant omissions carried in thisreport, and shall take individual and joint legal responsibilities.
2. Head of the Company, responsible person in charge of accounting and principal of the financialdepartment (accounting officer) confirm that the financial information in this Quarter Report isauthentic, accurate and complete.
3. Whether the First Quarter Report has been audited or not
□ Yes √ No
This report is prepared both in Chinese and English. Should there be any inconsistency betweenthe Chinese and English versions, the Chinese version shall prevail.I. Main financial data
(I) Major accounting data and financial indicatorsWhether it has retroactive adjustment or re-statement on previous accounting data
□Yes √No
| The report period | The same period of the previous year | Year-on-year increase/decrease | |
| Operating income (RMB) | 3,068,825,224 | 3,947,220,433 | -22.25% |
| Net profit attributable to shareholders of the listed company (RMB) | 15,869,985 | 325,377,538 | -95.12% |
| Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses (RMB) | -15,069,846 | 295,301,846 | -105.10% |
| Net cash flow arising from operating activities (RMB) | 69,245,929 | 180,305,094 | -61.60% |
Basic earnings per share (RMB/Share)
| Basic earnings per share (RMB/Share) | 0.005 | 0.11 | -95.45% |
| Diluted earnings per share (RMB/Share) | 0.005 | 0.11 | -95.45% |
| Weighted average ROE (%) | 0.12% | 2.29% | -2.17% |
| End of the report period | End of the previous year | Increase/decrease at the end of the report period over the end of the previous year | |
| Total assets (RMB) | 31,975,163,228 | 31,220,417,923 | 2.42% |
| Net assets attributable to shareholders of the listed company (RMB) | 13,549,438,617 | 13,535,949,795 | 0.10% |
(II) Item and amount of non-recurring gains and losses
√ Applicable □ Not applicable
Unit: RMB
| Item | Amount in the report period | Note |
| Gains/losses from the disposal of non-current asset (including the write-off that accrued for impairment of assets) | 1,689,187 | |
| Governmental subsidy reckoned into current gains/losses (not including the subsidy enjoyed in quota or ration according to national standards, which are closely relevant to enterprise's business) | 27,141,624 | |
| In addition to the effective hedging business related to the normal operation of the company, the profit or loss of fair value changes arising from the holding of financial assets and financial liabilities by non-financial enterprises and the loss or gain arising from the disposal of financial assets and financial liabilities and available for sale financial assets | 1,240,687 | |
| Reversal of provision for impairment of receivables that have been individually tested for impairment | 2,119,009 | |
| Profit and loss from debt restructuring | 4,258,883 | |
| Other non-operating income and expenditure except for the aforementioned items | 5,165,993 | |
| Less: Impact on income tax | 343,566 | |
| Impact on minority shareholders' equity (post-tax) | 30,939,831 | -- |
Particulars about other gains and losses that meet the definition of non-recurring gains and losses:
□ Applicable √ Not applicable
It did not exist that other profit and loss items met the definition of non-recurring gains and losses.Explanation of the non-recurring gains and losses listed in the Explanatory Announcement No.1 on InformationDisclosure for Companies Offering their Securities to the Public - Non-recurring Gains and Losses as recurring gainsand losses
□ Applicable √ Not applicable
It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 onInformation Disclosure of Companies Offering Securities to the Public - Non-recurring Profit and Loss" were definedas recurring profit and loss items in the report period.(III) Statement of change in the major accounting data and financial indicators and thecauses
√ Applicable □ Not applicable
Unit: RMB
Item of the Balance Sheet
| Item of the Balance Sheet | Note | March 31, 2025 | December 31, 2024 | Percentage of change |
| Other non-current assets | (1) | 129,708,998 | 99,328,456 | 31% |
| Employee benefits payable | (2) | 215,970,692 | 347,769,466 | -38% |
| Taxes payable | (3) | 97,851,482 | 73,688,362 | 33% |
| Long-term payables | (4) | 636,146,111 | 464,617,473 | 37% |
| Item of Income Statement | Note | From January to March 2025 | From January to March 2024 | Percentage of change |
| Investment income | (5) | -4,756,507 | -2,356,215 | 102% |
| Credit impairment loss | (6) | -1,307,285 | 5,456,642 | -124% |
| Asset disposal gain | (7) | 1,111,342 | 4,177,432 | -73% |
| Non-operating income | (8) | 5,272,159 | 2,166,094 | 143% |
| Income tax expenses | (9) | 2,568,703 | 49,815,571 | -95% |
Notes:
(1) The increase in other non-current assets is mainly due to the increase in prepayment for construction equipment.
(2) The decrease in employee benefits payable is mainly due to the decrease in compensation accrued in the previousyear and the compensation accrued in the previous year was paid in the current reporting period.
(3) The increase in taxes payable is mainly due to the increase in value-added tax payable by some subsidiaries.
(4) The increase in long-term payables was mainly due to the increase in the financial leasing business of somesubsidiaries.
(5) The change in investment income was mainly due to the increase in bill discounting.
(6) The change in credit impairment loss was mainly due to the increase in photovoltaic glass receivables from thebeginning of the period.
(7) The decrease in asset disposal gain was mainly due to the decrease in the disposal of non-current assets during theperiod.
(8) The increase in non-operating income was mainly due to the compensation received during the period.
(9) The decrease in income tax expenses was mainly due to the decrease in the profits of some subsidiaries in thecurrent period compared with the same period last year.II. Information of shareholders(I) The total number of common shareholders and the number of preference shareholders with votingrights recovered as well as the top ten shareholders
Unit: Share
| Total common shareholders at the end of the report period | 135,699 | The total number of preference shareholders with voting rights recovered at end of report period (if applicable) | 0 | |||||
| Shareholdings of the10 shareholders (Excluding shares lent through refinancing) | ||||||||
| Name of shareholder | Nature of shareholder | Proportion of shares held (%) | Amount of shares held | Amount of restricted shares held | Number of share pledged, marked or frozen | |||
| Share status | Amount | |||||||
| Foresea Life Insurance Co., Ltd. – HailiNiannian | Domestic non state-owned legal person | 15.19% | 466,386,874 | 0 | 0 | |||
Shenzhen Sigma C&T Co., Ltd.
| Shenzhen Sigma C&T Co., Ltd. | Domestic non state-owned legal person | 3.92% | 120,385,406 | 0 | 0 | |
| Foresea Life Insurance Co., Ltd. – Universal Insurance Products | Domestic non state-owned legal person | 3.86% | 118,425,007 | 0 | 0 | |
| Foresea Life Insurance Co., Ltd. – Own Fund | Domestic non state-owned legal person | 2.11% | 64,765,161 | 0 | 0 | |
| China Galaxy International Securities (Hong Kong) Co., Limited | Foreign legal person | 1.34% | 41,034,578 | 0 | 0 | |
| Hong Kong Securities Clearing Co., Ltd. | Foreign legal person | 0.66% | 20,240,080 | 0 | 0 | |
| China Merchants Securities (Hong Kong) Limited | Foreign legal person | 0.62% | 19,033,119 | 0 | 0 | |
| Zhongshan Runtian Investment Co., Ltd. | Domestic non state-owned legal person | 0.62% | 18,983,447 | 0 | Pledged | 18,980,000 |
| Frozen | 18,983,447 | |||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Foreign legal person | 0.57% | 17,537,213 | 0 | 0 | |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | Foreign legal person | 0.57% | 17,434,095 | 0 | 0 |
Particulars about top ten shareholders with unrestricted shares held(Excluding shares lent through refinancing and executive lock-in shares)
| Full name of Shareholders | Amount of unrestricted shares held | Type of shares | ||
| Type | Amount | |||
| Foresea Life Insurance Co., Ltd. – HailiNiannian | 466,386,874 | RMB ordinary shares | 466,386,874 | |
| Shenzhen Sigma C&T Co., Ltd. | 120,385,406 | RMB ordinary shares | 120,385,406 | |
| Foresea Life Insurance Co., Ltd. – Universal Insurance Products | 118,425,007 | RMB ordinary shares | 118,425,007 | |
| Foresea Life Insurance Co., Ltd. – Own Fund | 64,765,161 | RMB ordinary shares | 64,765,161 | |
| China Galaxy International Securities (Hong Kong) Co., Limited | 41,034,578 | Domestically listed foreign shares | 41,034,578 | |
| Hong Kong Securities Clearing Co., Ltd. | 20,240,080 | RMB ordinary shares | 20,240,080 | |
| China Merchants Securities (Hong Kong) Limited | 19,033,119 | Domestically listed foreign shares | 19,033,119 | |
| Zhongshan Runtian Investment Co., Ltd. | 18,983,447 | RMB ordinary shares | 18,983,447 | |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 17,537,213 | Domestically listed foreign shares | 17,537,213 | |
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | 17,434,095 | Domestically listed foreign shares | 17,434,095 | |
| Statement on associated relationship or consistent action among the above shareholders: | As of the end of the report period, among shareholders as listed above, Foresea Life Insurance Co., Ltd.-HailiNiannian, Foresea Life Insurance Co., Ltd.-Universal Insurance Products, Foresea Life Insurance Co., Ltd.-Own Fund are all held by Foresea Life Insurance Co., Ltd. Shenzhen Jushenghua Co., Ltd., which holds 51% equity of Foresea Life Insurance Co., Ltd., holds 100% equity of Zhongshan Runtian Investment Co., Ltd, through Shenzhen Hualitong Investment Co., Ltd. | |||
| Explanation on the top ten shareholders which involving margin business (if applicable) | As of the end of the report period, shareholder Shenzhen Sigma C&T Co., Ltd. holds 0 shares of the Company through an ordinary account, and 120,385,406 shares of the Company through the customer credit transaction guarantee securities account of Huatai Securities Co., Ltd., totaling 120,385,406 shares of the Company. | |||
Special note: On July 11, 2022, at the Company's Second Extraordinary General Meeting in 2022, Foresea LifeInsurance Co., Ltd. voted in favor of all proposals, and Zhongshan Runtian Investment Co., Ltd. voted against allproposals. On August 3, 2022, at the Company's Third Extraordinary General Meeting in 2022, Foresea LifeInsurance Co., Ltd. voted in favor of all proposals, and Zhongshan Runtian Investment Co., Ltd. voted against all
proposals.Top 10 shareholders involved in refinancing shares lending
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unlimited outstanding shares have changed from the previousperiod due to refinancing lending/restitution reasons
□ Applicable √ Not applicable
(II) The total number of preference shareholders of the company and particulars about the top tenpreference shareholders
□ Applicable √ Not applicable
III. Statement on other important matters
√ Applicable □ Not applicable
1. Ultra-short-term financing bills
On May 16, 2022, the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Applicationfor Registration and Issuance of Medium-Term Notes and Ultra-short-term Financing Bills", which agreed that theCompany would register and issue ultra-short-term financing bills with a registered amount of not more than RMB 1billion. The Company can issue one or more times within the validity period of the registration according to the actualcapital needs and the capital situation of the inter-bank market. On October 30, 2023, the Dealers Association held the128th registration meeting in 2023 and decided to accept the registration of ultra-short-term financing notes with a totalamount of RMB 1 billion and a validity period of two years. On December 12, 2024, the Company issued the first phaseof 2024 ultra-short-term financing notes (Kechuang Notes) with a total amount of 300 million yuan and a term of 270days, with an issue interest rate of 2.4% and payment date of September 9, 2025.
2. Medium-term notes
On May 16, 2022, the Company's 2021 Annual General Meeting reviewed and approved the "Proposal on Applicationfor Registration and Issuance of Medium-term Notes and Ultra-short-term Financing Bills", which agreed that theCompany would register and issue medium-term notes with a registered amount of not more than RMB 2 billion.Actual capital needs and inter-bank market capital status, can be issued one or more times within the validity period ofregistration. On October 30, 2023, the Dealers Association held its 128th registration meeting for 2023 and decided toaccept the registration of medium-term notes with a total value of RMB 2 billion and a validity period of two years.
3. Guarantee situation
The 2023 Annual General Meeting of the Company reviewed and passed the Proposal for the 2024 Guarantee Plan,and approved the Company and its subsidiaries to provide guarantees in a total amount of not exceeding RMB 24,400million (including the effective and unexpired amount) for the 2024 credit lines from financial institutions toguaranteed entities within the scope of consolidated statements. Among them, the total amount of guarantees for allguaranteed entities with asset liability ratio of 70% or above shall not exceed the equivalent amount of RMB 2,000million (including the effective and unexpired amount). The Company's external guarantees are all provided forsubsidiaries within the scope of the consolidated statement. As of March 31, 2025, the actual guarantee balance wasRMB 8,372.61 million (of which the actual guarantee balance with liability/asset ratio of 70% or above was RMB
648.47 million), accounting for 61.85% of the parent company's net assets of RMB 13,535.9498 million at the end of2024, and 26.82% of the total assets of RMB 31,220.4179 million The Company has no overdue guarantee.
The Company's 2022 Annual General Meeting reviewed and passed the Proposal on the Development of Asset PoolBusiness in 2023. In order to achieve the overall management of the Company's assets such as bills and letters ofcredit, the General Meeting of Shareholders approved the Company and its subsidiaries to conduct asset poolbusiness of no more than RMB 1.6 billion. Under the premise of controllable risks, various guarantee methods suchas maximum pledge, general pledge, deposit certificate pledge, bill pledge, and margin pledge can be adopted forbusiness development. As of March 31, 2025, the actual pledge amount of the asset pool business was RMB 890.18million, and the financing balance was RMB 889.63 million.
4. The matter of the special fund of RMB 171 million for talent introduction
Regarding the special fund of RMB 171 million for talent introduction, the Company filed an infringementcompensation lawsuit against Zeng Nan and others and Yichang Hongtai Real Estate Co., Ltd. on December 15, 2021,and the Shenzhen Intermediate People's Court officially accepted it on January 28, 2022. The first trial of the casewas completed in Shenzhen Intermediate People's Court on June 21, 2022. On 4 June 2024, the Company receivedthe Civil Judgment of the first instance issued by Shenzhen Intermediate People's Court, which rejected all of theCompany's litigation requests. In June 2024, the Company filed an appeal to the Guangdong Higher People's Court.The second trial of the case was held in the Guangdong Higher People's Court on September 12, 2024, and the case iscurrently in the process of second trial.
5. Postponed re-election of the Board of Directors and the Supervisory CommitteeThe term of office of the ninth Board of Directors and Supervisory Committee of the Company expired on 21 May2023, and re-election is progressing steadily as of now. According to Articles 96 and 138 of the Articles ofAssociation of CSG Holding Co., Ltd., if a new director/supervisor is not re-elected in time upon the expiry of theterm of office of a director/supervisor, before the re-elected director/supervisor assumes his/her office, the formerdirector/supervisor shall still perform the duties of a director/supervisor in accordance with the provisions of laws,administrative regulations, departmental rules and the Articles of Association. Therefore, the members of the ninthBoard of Directors and Supervisory Committee are still performing their duties in a normal manner, and the re-election of the Board of Directors and the Supervisory Committee would not have any adverse impact on theCompany's operation and governance.
6. Share repurchase matters
The Company held the ninth extraordinary meeting of the Board of Directors on February 13, 2025, and the firstextraordinary general meeting of shareholders in 2025 on March 4, 2025, respectively, at which the Proposal onrepurchasing part of the Company's RMB ordinary shares (A shares) and domestically listed foreign Shares (B shares)was reviewed and approved. It is agreed that the Company shall use its own funds and self-raised funds (includingspecial loans for repurchase by commercial banks, etc.) to repurchase some RMB ordinary shares (A shares) anddomestic listed foreign shares (B shares) through the trading system of Shenzhen Stock Exchange through centralizedbidding, and the implementation period shall be 12 months from the date of approval of the repurchase plan by theshareholders' meeting of the Company. All the A-shares repurchased by the Company will be used for equityincentive or employee stock ownership plan (the specific implementation of equity incentive or employee stockownership plan can only be implemented with the approval of the company's board of directors and the generalmeeting of shareholders); All B shares repurchased this time will be cancelled. On April 2, 2025 and April 10, 2025,respectively, the Company has for the first time repurchased the Company's A-shares and B-shares throughcentralized bidding transactions through the A-share repurchase special securities account and the B-share repurchasespecial securities account.
IV. Quarterly financial statements(I) Financial statements
1. Consolidated Balance Sheet
Prepared by CSG Holding Co., Ltd.
March 31, 2025
Unit: RMB
| Item | Ending balance | Opening balance |
| Current asset: | ||
| Monetary Fund | 3,488,632,966 | 3,421,527,482 |
| Transactional financial assets | 70,000,000 | 96,000,000 |
| Notes receivable | 1,321,775,027 | 1,140,902,743 |
| Accounts receivable | 2,041,269,166 | 1,686,627,681 |
| Receivables financing | 704,323,135 | 798,603,111 |
| Prepayments | 109,009,257 | 121,708,264 |
| Other receivables | 166,378,408 | 165,872,735 |
| Inventories | 1,887,234,243 | 1,587,828,028 |
| Other current assets | 465,673,386 | 475,617,056 |
| Total current assets | 10,254,295,588 | 9,494,687,100 |
| Non-current assets: | ||
| Investment real estate | 293,712,453 | 293,712,453 |
| Fixed assets | 13,098,673,160 | 13,166,391,449 |
| Construction in progress | 5,389,595,475 | 5,350,375,132 |
| Right-of-use asset | 67,217,001 | 64,804,837 |
| Intangible assets | 2,339,394,352 | 2,361,275,093 |
| Goodwill | 8,593,352 | 8,593,352 |
| Long-term prepaid expenses | 71,458,340 | 71,254,985 |
| Deferred tax assets | 322,514,509 | 309,995,066 |
| Other non-current assets | 129,708,998 | 99,328,456 |
| Total non-current assets | 21,720,867,640 | 21,725,730,823 |
| Total assets | 31,975,163,228 | 31,220,417,923 |
| Current liabilities | ||
| Short-term borrowings | 1,367,346,202 | 1,163,021,299 |
| Notes payable | 2,459,479,546 | 2,244,413,755 |
| Accounts payable | 3,283,840,778 | 3,092,025,797 |
| Contract liability | 347,357,976 | 354,215,784 |
| Employee benefits payable | 215,970,692 | 347,769,466 |
| Taxes payable | 97,851,482 | 73,688,362 |
| Other payables | 270,797,639 | 312,816,531 |
| Incl.: Interest payable | 11,573,570 | 8,946,479 |
| Non-current liabilities due within one year | 2,211,320,126 | 2,168,856,957 |
| Other current liabilities | 209,781,081 | 218,529,333 |
| Total current liabilities | 10,463,745,522 | 9,975,337,284 |
| Non-current liabilities | ||
| Long-term borrowings | 6,242,984,537 | 6,151,608,472 |
| Lease liabilities | 25,317,759 | 21,650,607 |
Long-term payables
| Long-term payables | 636,146,111 | 464,617,473 |
| Projected liabilities | 15,003,206 | 13,137,220 |
| Deferred income | 481,142,577 | 487,252,038 |
| Deferred income tax liabilities | 101,377,223 | 104,170,857 |
| Total non-current liabilities | 7,501,971,413 | 7,242,436,667 |
| Total Liabilities | 17,965,716,935 | 17,217,773,951 |
| Owners' equity: | ||
| Share capital | 3,070,692,107 | 3,070,692,107 |
| Capital reserve | 590,739,414 | 590,739,414 |
| Other comprehensive income | 156,749,408 | 159,726,269 |
| Special reserves | 5,675,326 | 5,079,628 |
| Surplus reserve | 1,485,514,182 | 1,485,514,182 |
| Undistributed profits | 8,240,068,180 | 8,224,198,195 |
| Total owner's equity attributable to the parent company | 13,549,438,617 | 13,535,949,795 |
| Minority shareholders' equity | 460,007,676 | 466,694,177 |
| Total owner's equity | 14,009,446,293 | 14,002,643,972 |
| Total Liabilities and Owner's Equity | 31,975,163,228 | 31,220,417,923 |
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of thefinancial department: Wang Wenxin
2. Consolidated Income Statement
Unit: RMB
| Item | Amount incurred in the report period | Amount incurred in the previous period |
| I. Total operating revenue | 3,068,825,224 | 3,947,220,433 |
| Incl.:Business income | 3,068,825,224 | 3,947,220,433 |
| II. Total business cost | 3,099,435,788 | 3,632,525,478 |
| Incl.: Business cost | 2,659,427,953 | 3,111,507,773 |
| Taxes and surcharges | 33,730,603 | 31,904,103 |
| Sales expense | 67,077,091 | 71,824,325 |
| Management costs | 176,529,548 | 223,199,011 |
| Research and development expenses | 116,956,009 | 156,557,338 |
| Financial expenses | 45,714,584 | 37,532,928 |
| Incl.: Interest expense | 60,636,256 | 59,234,320 |
| Interest income | 11,032,075 | 13,359,790 |
| Plus: Other income | 42,484,302 | 43,926,665 |
| Investment income ("-" for loss) | -4,756,507 | -2,356,215 |
| Credit impairment loss ("-" for loss) | -1,307,285 | 5,456,642 |
| Asset disposal gain ("-" for loss) | 1,111,342 | 4,177,432 |
| III. Operational profit ("-" for loss) | 6,921,288 | 365,899,479 |
| Plus: non-operating income | 5,272,159 | 2,166,094 |
| Less: non-operating expenses | 441,260 | 317,172 |
| IV. Gross profit ("-" for loss) | 11,752,187 | 367,748,401 |
| Less: Income tax expenses | 2,568,703 | 49,815,571 |
| V. Net profit ("-" for net loss) | 9,183,484 | 317,932,830 |
| (I) Classification by business continuity |
1. Net profit from continuous operation ("-" for net loss)
| 1. Net profit from continuous operation ("-" for net loss) | 9,183,484 | 317,932,830 |
| (II) Classification by ownership | ||
| 1. Net profit attributable to the owner of the parent company | 15,869,985 | 325,377,538 |
| 2. Minor shareholders' equity | -6,686,501 | -7,444,708 |
| VI. Net after-tax amount of other comprehensive income | -2,976,861 | -3,512,053 |
| Net after-tax amount of other comprehensive income attributable to the owner of the parent company | -2,976,861 | -3,512,053 |
| (I) Other comprehensive income that will be reclassified into profit or loss | -2,976,861 | -3,512,053 |
| 1. Foreign-currency financial statement translation difference | -2,976,861 | -3,512,053 |
| VII. Total comprehensive income | 6,206,623 | 314,420,777 |
| Total comprehensive income attributable to owners of the Company | 12,893,124 | 321,865,485 |
| Total comprehensive income attributable to minority shareholders | -6,686,501 | -7,444,708 |
| VIII. Earnings per share | ||
| (I) Basic earnings per share | 0.005 | 0.11 |
| (II) Diluted earnings per share | 0.005 | 0.11 |
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of thefinancial department: Wang Wenxin
3. Consolidated Cash Flow Statement
Unit: RMB
| Item | Amount incurred in the report period | Amount incurred in the previous period |
| I. Net cash flow from business operation | ||
| Cash received from sales of products and providing of services | 3,040,297,234 | 4,143,720,335 |
| Refunds of taxes | 1,645,898 | 7,200,844 |
| Received other cash related to business activities | 37,263,834 | 55,849,230 |
| Subtotal of cash inflow from operating activities | 3,079,206,966 | 4,206,770,409 |
| Cash paid for the purchase of goods and services | 2,177,958,548 | 3,008,914,465 |
| Cash paid to and for employees | 591,305,907 | 731,476,276 |
| Payments of all types of taxes | 110,616,466 | 155,606,959 |
| Payment of other cash related to business activities | 130,080,116 | 130,467,615 |
| Subtotal of cash outflow from operating activities | 3,009,961,037 | 4,026,465,315 |
| Net cash flow from operating activities | 69,245,929 | 180,305,094 |
| II. Cash flows from investing activities | ||
| Cash received from returns on investment | 721,454,000 | 40,000,000 |
| Cash received from returns on investment income | 1,320,670 | 85,907 |
| Net cash received from the disposal of fixed assets, intangible assets and other long-term assets | 4,233,004 | 12,545,643 |
| Subtotal of cash inflows from investment activities | 727,007,674 | 52,631,550 |
| Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets | 235,334,225 | 867,415,614 |
| Cash paid for investment | 689,000,000 | 42,800,000 |
| Cash paid relating to other investing activities | 8,504,624 | 3,491,466 |
| Subtotal of cash outflows from investing activities | 932,838,849 | 913,707,080 |
| Net cash flows from investing activities | -205,831,175 | -861,075,530 |
| III. Cash flow from financing activities | ||
| Cash received from the loan | 1,934,022,067 | 588,810,756 |
Other financing-related cash received
| Other financing-related cash received | 321,389,000 | |
| Subtotal of cash inflows from financing activities | 1,934,022,067 | 910,199,756 |
| Cash paid for debt repayment | 1,617,842,269 | 273,983,706 |
| Cash paid for dividends, profits or interest payments | 67,059,301 | 68,421,107 |
| Payment of other cash related to financing activities | 73,757,544 | 32,456,853 |
| Subtotal of cash outflows from financing activities | 1,758,659,114 | 374,861,666 |
| Net cash flow from financing activities | 175,362,953 | 535,338,090 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 2,074,225 | 5,735,135 |
| V. Net increase in cash and cash equivalents | 40,851,932 | -139,697,211 |
| Plus: Balance of cash and cash equivalents at the beginning of term | 3,367,873,386 | 3,051,261,655 |
| VI. Balance of cash and cash equivalents at the end of term | 3,408,725,318 | 2,911,564,444 |
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Wenxin, Principal of thefinancial department: Wang Wenxin(II) The first implementation of the new accounting standards from 2025 to adjust the firstimplementation of the financial statements at the beginning of the year related items
□ Applicable √ Not applicable
(III) Report of the Auditors
Whether the First Quarter Report has been audited or not
□ Yes √ No
The First Quarter Report hasn't been audited.
Board of Directors ofCSG Holding Co., Ltd.28 April 2025