CSG HOLDING CO., LTD.
SEMI-ANNUAL REPORT 2015
Chairman of the Board:
ZENG NAN
August 2015
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Section I. Important Notice, Contents and Paraphrase
Board of Directors and the Supervisory Committee of CSG Holding Co., Ltd. (hereinafter referred
to as the Company) and its directors, supervisors and senior executives hereby confirm that there
are no any fictitious statements, misleading statements, or important omissions carried in this report,
and shall take all responsibilities, individual and/or joint, for the facticity, accuracy and
completeness of the whole contents.
All directors are present the meeting of the Board for deliberating the semi-annual report of the
Company in person.
The Company has no plans of cash dividend distribution, bonus shares being sent and converting
capital reserve into share capital.
Mr. Zeng Nan, Chairman of the Board, CFO Mr. Luo Youming and principal of the financial
department Mr. Zhang Guoming confirm that the Financial Report enclosed in this Semi-annual
Report is true and complete.
Regarding to the forward-looking statements with future planning involved in the Report, they do
not constitute a substantial commitment for investors. Investors are advised to exercise caution of
investment risks.
This report is prepared both in Chinese and English. Should there be any inconsistency between the
Chinese and English versions, the Chinese version shall prevail.
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Contents
Section I. Important Notice, Contents and Paraphrase ................................................ 1
Section II. Company profile ....................................................................................... 4
Section III. Accounting data and summary of financial indexes ................................. 6
Section IV. Report of the Board of Directors .............................................................. 8
Section V. Important Events ..................................................................................... 19
Section VI. Changes in Shares and Particulars about Shareholders .......................... 27
Section VII. Particulars about Directors, Supervisors and Senior Executives ........... 31
Section VIII. Financial Report .................................................................................. 32
Section IX. Documents available for Reference ..................................................... 110
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Paraphrase
Items Refers to Contents
Company, the Company, CSG or the Group Refers to CSG Holding Co., Ltd.
Ultra-thin electronic glass Refers to The electronic glass with thickness between 0.1~1.1mm
Second-generation energy-saving glass Refers to Double silver coated glass
Third-generation energy-saving glass Refers to Triple Silver coated glass
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Section II. Company profile
I. Company information
Short form of the stock Southern Glass A、Southern Glass B Stock code 000012、200012
Listing stock exchange Shenzhen Stock Exchange
Legal Chinese name of the Company 中国南玻集团股份有限公司
Abbr. of legal Chinese name of the Company 南玻集团
Legal English name of the Company CSG Holding Co., Ltd.
Abbr. of legal English name of the Company CSG
Legal Representative Zeng Nan
II. Person/Way to contact
Secretary of the Board Representative of security affairs
Name Zhou Hong Ma Limei
CSG Building, No.1 of the 6th Industrial Road, CSG Building, No.1 of the 6th Industrial Road,
Contact address
Shekou, Shenzhen, P. R.C. Shekou, Shenzhen, P. R.C.
Tel. (86)755-26860666 (86)755-26860666
Fax. (86)755-26692755 (86)755-26692755
E-mail securities@csgholding.com securities@csgholding.com
III. Other information
1. Way of contact
Whether registered address, office address and their postal codes, website address and email address of the Company changed in the
report period or not
□ Applicable √Not applicable
The registered address, office address and their postal codes, website address and email address of the Company did not change in
the report period. More details can be found in Annual Report 2014.
2. Information disclosure and preparation place
Whether information disclosure and preparation place changed in the report period or not
□ Applicable √ Not applicable
The newspapers designated by the Company for information disclosure, the website designated by CSRC for disclosing semi-annual
report and preparation place of semi-annual report did not change in the report period. More details can be found in Annual Report
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
2014.
3. Registration changes of the Company
Whether registration has changed in the report period or not
□ Applicable √ Not applicable
The registration date and place of the Company, its business license No., taxation registration No. and organizational code did not
change in the report period. More details can be found in Annual Report 2014.
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Section III. Accounting data and summary of financial indexes
I. Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
error correction or not
□Yes √ No
The report period The same period of Increase/decrease in this report
(Jan. to Jun.2015) last year period year-on-year (%)
Operating income (RMB) 3,323,039,502 3,262,681,672 1.85%
Net profit attributable to shareholders of the listed
205,767,344 589,210,439 -65.08%
company(RMB)
Net profit attributable to shareholders of the listed
company after deducting non-recurring gains and 64,267,683 242,934,925 -73.55%
losses(RMB)
Net cash flow arising from operating
352,563,820 580,928,207 -39.31%
activities(RMB)
Basic earnings per share (RMB/Share) 0.10 0.28 -64.29%
Diluted earnings per share (RMB/Share) 0.10 0.28 -64.29%
Weighted average ROE (%) 2.47% 7.38% -4.91%
Increase/decrease in this period-end
End of this period End of last year
over that of last year-end (%)
Total assets (RMB) 15,321,775,324 15,116,808,305 1.36%
Net assets attributable to shareholder of listed
7,517,988,032 8,348,561,765 -9.95%
company (RMB)
Total share capital of the Company in the trade day before the disclosure day of this report
Total share capital of the Company in the trade day before the disclosure day of this report
2,075,335,560
(share)
Whether or not any changes of the total share capital of the Company during the term from the end of last report period to the
disclosure day of this semi-annual report due to issuance of new shares, additional offer, allotment, equity incentive exercise,
repurchanse and the affected amount of shareholders’ equity
□ Yes √ No
II. Items and amounts of extraordinary profit (gains)/loss
√Applicable □ Not applicable
Unit: RMB
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Item Amount Note
Gains/losses from the disposal of non-current asset (including the write-off that
2,656,683
accrued for impairment of assets)
Governmental subsidy reckoned into current gains/losses (not including the
subsidy enjoyed in quota or ration according to national standards, which are 42,944,737
closely relevant to enterprise’s business)
Gains on disposal of available-for-sale financial assets, gains and losses from
change of fair values of held-for-transaction financial assets and financial
liabilities except for the effective hedge business related to normal business of the 56,839,648
Company, and investment income from disposal of transactional financial assets
and liabilities and financial assets available for sale
Other non-operating income and expenditure except for the aforementioned items 30,529,019
Other item that satisfied the definition of non-recurring gains and losses 18,861,324
Less: Impact on income tax 8,940,971
Impact on minority shareholders’ equity (post-tax) 1,390,779
Total 141,499,661 --
Explain reasons for the extraordinary profit (gain)/loss defined by Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, and the items defined as recurring profit (gain)/loss
according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 on Information Disclosure for Companies
Offering Their Securities to the Public --- Extraordinary Profit/loss.
√Applicable □ Not applicable
Amount
Item Reasons
involved (RMB)
Other item that satisfied the 66,812 Mainly because the Company sold 51% equity of CSG (Australia) Limited.
definition of non-recurring gains Mainly because the deferred income tax recognized for the previous period
18,794,512
and losses had been written off by the disposal of financial assets available-for-sale.
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Section IV. Report of the Board of Directors
I. Introduction
Global economic situation has been extremely complicated since the beginning of 2015 due to global economic growth recovery was
too slow, fragile and uneven, and the economic growth of various countries was differentiated obviously. Chinese economy entered a
shift period of economic growth as well, the entity economy was racked by overcapacity and lack of demand, especially the
traditional industries, and the operation of the enterprises were extremely difficult in the economic downturn environment.
Confronted with the complicated and variable market environment, the Company's management team adhered to professional
managers' professional spirit and the management philosophy of loyalty, integrity, diligence, responsibility. Under the right
leadership of the Board, the Company's management team and all the staff were making all efforts out. Through industrial
transformation and upgrade, innovation of institutional system, construction of expertise team, refined management, comprehensive
energy management, cost control and strict control of operating risks, the Company got the hard-earned achievement. In the first half
year of 2015, CSG implemented operating income of RMB 3,323 million and net profit of RMB 206 million (already deducted
minority shareholders profit and loss), a year-on-year decline of 65.08%. After deducting non-recurring gains and losses, CSG gained
net profit of RMB 64 million.
Affected by adjustment of real estate and overcapacity in the first half year of 2015, the operation pressure on float industry became
more and more intensified and the whole industry was in the state of poor performance as the price of float glass kept downside and
the cost retained upside. Solar glass was also facing the situation of overcapacity and price decline.To cope with unfavorable market
environment, flat glass industry of the Company positively found the way of technological transformation for upgrading the lines
which were in cold-repair and continued to reinforce cost control, energy saving and consumption reducing, and vigorously promote
the manufacture and sales of differentiated and high-grade products. In the first half year, flat glass industry achieved revenue of
RMB 1,682.76 million (deducted connected transaction) with a year-on-year decline of 8.12%, and net profit of RMB 32.59 million
with a year-on-year decline of 78.72%.
In the first half year of 2015, downward pressure of market demand of architectural glass was obvious due to adjustment of real
estate market, product prices slid considerably. To cope with downward market pressure, architectural glass industry of the Company
further strengthened management and proactively promoted the sales of differentiated products, such as double-silver and
triple-silver products. In the first half year, architectural glass industry achieved revenue of RMB 1,342.48 million with a
year-on-year decline of 5.47% and net profit of RMB177.61 million with a year-on-year decline of 24.98%.
In the first half year of 2015, PV market was still in its slump and the product price within the industry chain showed a downward
trend. In order to cope with severe market surrounding, PV industry of the Company made great efforts to exploit new market and
expand capacity of profitable products. In the first half year, PV industry realized revenue of RMB 629.67 million with a
year-on-year growth of 55.54%, and net profit of RMB 5.79 million while deficit of approximately RMB 3.00 million at the same
period of last year.
II. Main business analysis
Year-on-year changes of main financial data
Unit: RMB
The same term of Increase /decrease
The current term Reasons of change
last year year-on-year（%）
CSG HOLDING CO., LTD. SEMI-ANNUAL REPORT 2015
Operating revenue 3,323,039,502 3,262,681,672 1.85% --
Operating costs 2,646,020,710 2,438,593,004 8.51% --
Mainly due to the increase of
Selling expenses 136,462,518 114,315,080 19.37%
transportation costs
Administrative expenses 282,368,089 280,194,020 0.78% --
Financial expenses 132,742,464 109,025,628 21.75% Mainly due to the increase of bank loan
Mainly because profits declined in the
report period and the deferred income tax
Income tax expenses 6,526,647 60,997,406 -89.30% recognized previous had been written
back due to the disposal of financial
assets available-for-sale.
Mainly due to more investment in R&D
Investment in R&D 130,265,531 94,805,902 37.40%
in this period.
Net cash flow arising Mainly due to the increase of cash
352,563,820 580,928,207 -39.31%
from operating activities payment for goods and services.
Net cash flow arising
-519,761,302 -487,610,199 6.59% --
from investing activities
Net cash flow arising Mainly due to the increase of cash
194,921,774 -83,633,764 333.07%
from financing activities received by the borrow.
Net increase in cash and Mainly due to the increase of net cash
