CSG HOLDING CO., LTD.
THE FIRST QUARTER REPORT 2021
Chairman of the Board:
CHEN LIN
April 2021
Section I Important NoticeBoard of Directors and the Supervisory Committee of CSG Holding Co., Ltd. (hereinafter referredto as the Company) and its directors, supervisors and senior executives hereby confirm that thereare no any fictitious statements, misleading statements, or important omissions carried in this report,and shall take individual and joint legal responsibilities for the facticity, accuracy and completenessof the whole contents.All directors were present at the meeting of the Board for deliberating the First Quarter Report ofthe Company in person.Ms. Chen Lin, Chairman of the Board, Mr. Wang Jian, responsible person in charge of theaccounting and Ms. Wang Wenxin, principal of the financial department (accounting officer) declarethat the Financial Report enclosed in the First Quarter Report 2021 is true, accurate and complete.This report is prepared both in Chinese and English. Should there be any inconsistency between theChinese and English versions, the Chinese version shall prevail.
Section II The basic situation of the CompanyI. Main accounting data and financial indicators
Whether the company need to retroactively adjust or restate the previous year's accounting data or not
□Yes √ No
| The 1st quarter of 2021 | The 1st quarter of 2020 | Percentage of change (%) | |
| Operating income (RMB) | 3,006,832,539 | 1,733,965,637 | 73.41% |
| Net profit attributable to shareholders of the listed company(RMB) | 573,268,793 | 111,278,288 | 415.17% |
| Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses(RMB) | 572,808,470 | 101,805,077 | 462.65% |
| Net cash flow arising from operating activities(RMB) | 341,291,798 | -11,126,768 | - |
| Basic earnings per share (RMB/Share) | 0.19 | 0.04 | 375.00% |
| Diluted earnings per share (RMB/Share) | 0.19 | 0.04 | 375.00% |
| Weighted average ROE (%) | 5.46% | 1.16% | 4.30% |
| 31 March 2021 | 31 December 2020 | Percentage of change (%) | |
| Total assets (RMB) | 18,291,918,167 | 17,882,914,898 | 2.29% |
| Net assets attributable to shareholder of listed company(RMB) | 10,786,937,835 | 10,212,989,847 | 5.62% |
| The total share capital of the company as of the previous trading day of disclosure ( share ) | 3,070,692,107 |
| Fully diluted earnings per share calculated with latest equity ( RMB/share ) | 0.19 |
Items and amounts of extraordinary profit (gains)/losses
√Applicable □ Not applicable
Unit: RMB
| Item | Amount from beginning of the year to the end of the report period | Note |
| Gains/losses from the disposal of non-current asset (including the write-off that accrued for impairment of assets) | -298,458 | |
| 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) | 14,347,461 |
| In addition to the normal business of the company effective hedging related business, tradable financial assets, derivative financial assets, tradable financial liabilities, changes in the fair value of the derivative financial liabilities to generate profits and losses, as well as the disposal of tradable financial assets, derivative financial assets, tradable financial liabilities, derivative financial liabilities and other creditor's rights investment returns. | 1,373,392 | |
| Other non-operating income and expenditure except for the aforementioned items | -12,339,031 | |
| Less: Impact on income tax | 2,103,005 | |
| Impact on minority shareholders’ equity (post-tax) | 520,036 | |
| Total | 460,323 | -- |
For the non-recurring profit and loss items defined by the company in accordance with Q&A Announcement No.1 on InformationDisclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss, and the non-recurring profit and lossitems listed in Q&A Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public ---Extraordinary Profit/loss. are defined as recurring profit and loss items, the reasons shall be explained.
□ Applicable √ Not applicable
During the report period, the Company didn’t have the case of extraordinary profit (gains)/loss defined as a regular profit and lossproject, which was defined and enumerated according to the lists of extraordinary profit (gain)/loss in Q&A Announcement No.1 onInformation Disclosure for Companies Offering Their Securities to the Public --- Extraordinary Profit/loss.II. Total of shareholders at the end of the report period and particulars about the shares heldby the top ten shareholders
1. The total number of common shareholders and the number of preference shareholders with voting rightsrecovered as well as the top ten shareholders
Unit: Share
| The total number of common shareholders at the end of the report period | 139,532 | The total number of preference shareholders with voting rights recovered at end of report period (if applicable) | 0 | |||||
| Particulars about the shares held by the top ten shareholders | ||||||||
| Name of shareholder | Nature of shareholder | Proportion of shares held (%) | Amount of shares held | Amount of restricted shares held | Number of share pledged/frozen | |||
| Share status | Amount | |||||||
| Foresea Life Insurance Co., Ltd. – HailiNiannian | Domestic non state-owned legal person | 15.19% | 466,386,874 | |||||
| Foresea Life Insurance Co., Ltd. – Universal Insurance Products | Domestic non state-owned legal person | 3.86% | 118,425,007 | |||||
| Zhongshan Runtian Investment Co., Ltd. | Domestic non state-owned | 2.82% | 86,633,447 | pledged | 86,630,000 | |||
| legal person | ||||||||||
| Hong Kong Securities Clearing Co., Ltd. | Foreign legal person | 2.45% | 75,307,652 | |||||||
| Foresea Life Insurance Co., Ltd. – Own Fund | Domestic non state-owned legal person | 2.11% | 64,765,161 | |||||||
| Central Huijin Asset Management Ltd. | State-owned legal person | 1.89% | 57,915,488 | |||||||
| China Galaxy International Securities (Hong Kong) Co., Limited | Foreign legal person | 1.35% | 41,349,778 | |||||||
| China Merchants Securities (HK) Co., Limited | State-owned legal person | 1.08% | 33,238,643 | |||||||
| Shenzhen International Holdings (SZ) Limited | State-owned legal person | 0.95% | 29,095,000 | |||||||
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | Foreign legal person | 0.68% | 20,972,497 | |||||||
| Particulars about the top ten shareholders with un-restrict shares held | ||||||||||
| Shareholders’ name | Amount of unrestricted shares held at the end of the period | Type of shares | ||||||||
| Type | Amount | |||||||||
| Foresea Life Insurance Co., Ltd. – HailiNiannian | 466,386,874 | RMB ordinary shares | 466,386,874 | |||||||
| Foresea Life Insurance Co., Ltd. – Universal Insurance Products | 118,425,007 | RMB ordinary shares | 118,425,007 | |||||||
| Zhongshan Runtian Investment Co., Ltd. | 86,633,447 | RMB ordinary shares | 86,633,447 | |||||||
| Hong Kong Securities Clearing Co., Ltd. | 75,307,652 | RMB ordinary shares | 75,307,652 | |||||||
| Foresea Life Insurance Co., Ltd. – Own Fund | 64,765,161 | RMB ordinary shares | 64,765,161 | |||||||
| Central Huijin Asset Management Ltd. | 57,915,488 | RMB ordinary shares | 57,915,488 | |||||||
| China Galaxy International Securities (Hong Kong) Co., Limited | 41,349,778 | Domestically listed foreign shares | 41,349,778 | |||||||
| China Merchants Securities (HK) Co., Limited | 33,238,643 | Domestically listed foreign shares | 33,238,643 | |||||||
| Shenzhen International Holdings (SZ) Limited | 29,095,000 | RMB ordinary shares | 29,095,000 | |||||||
| VANGUARD EMERGING MARKETS STOCK INDEX FUND | 20,972,497 | Domestically listed foreign shares | 20,972,497 | |||||||
| Statement on associated relationship or consistent action among the above shareholders: | 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. Zhongshan Runtian Investment Co., Ltd. is a related legal person of Foresea Life Insurance Co., Ltd. and Chengtai Group Co., Ltd., another related legal person of Foresea Life Insurance Co., Ltd, which held 40,187,904 shares via China Galaxy International Securities (Hong Kong) Co., Limited. Except for the above-mentioned shareholders, it is unknown whether other shareholders belong to related party or have associated relationship regulated by the Management | |||||||||
| Regulation of Information Disclosure on Change of Shareholding for Listed Companies. | |
| Explanation on the top ten shareholders with un-restrict shares held which involving margin business (if applicable) | N/A |
Whether the top ten common shareholders or the top ten common shareholders holding unrestricted shares had a buy-back agreementdealing in the report period or not.
□ Yes √ No
The top ten common shareholders or the top ten common shareholders holding unrestricted shares of the Company had no buy-backagreement dealing in the report period.
2. The total number of preferred shareholders of the company and particulars about the top ten preferredshareholders
□ Applicable √ Not applicable
Section III Important eventsI. Particulars and explanations about significant changes in main accounting statements andfinancial indices
√Applicable □Not applicable
Unit: RMB 0,000
| Note | 31 March 2021 | 31 December 2020 | Amount of change | Percentage of change | |
| Tradable financial assets | (1) | 9,000 | - | 9,000 | - |
| Notes receivable | (2) | 12,410 | 20,797 | -8,387 | -40% |
| Accounts receivable | (3) | 101,999 | 68,147 | 33,852 | 50% |
| Right-of-use asset | (4) | 953 | - | 953 | - |
| Long-term prepaid expenses | (5) | 67 | 1,038 | -971 | -94% |
| Prepayments | (6) | 11,995 | 8,593 | 3,402 | 40% |
| Notes payable | (7) | 20,652 | 14,485 | 6,167 | 43% |
| Employee benefits payable | (8) | 21,490 | 34,235 | -12,745 | -37% |
| Note | Jan.-Mar.2021 | Jan.-Mar.2020 | Amount of change | Percentage of change | |
| Operating income | (9) | 300,683 | 173,397 | 127,286 | 73% |
| Operating costs | (10) | 188,497 | 122,313 | 66,184 | 54% |
| Taxes and surcharges | (11) | 3,397 | 2,181 | 1,216 | 56% |
| Credit impairment loss | (12) | 614 | 376 | 238 | 63% |
| Investment income | (13) | 137 | - | 137 | - |
| Asset disposal income | (14) | -30 | -49 | 19 | - |
| Other income | (15) | 1,435 | 2,079 | -644 | -31% |
| Non-operating income | (16) | 298 | 59 | 239 | 405% |
| Income tax expense | (17) | 11,918 | 2,348 | 9,570 | 408% |
| Net profit attributable to shareholders of the parent company | (18) | 57,327 | 11,128 | 46,199 | 415% |
| Minority shareholders' profit and loss | (19) | 509 | 71 | 438 | 617% |
| Net amount of other comprehensive income after tax | (20) | 89 | 149 | -60 | -40% |
Notes:
(1) The increase in tradable financial assets was due to the purchase of structured deposits.
(2) The decrease in notes receivable was mainly due to the decrease in notes of some subsidiaries.
(3) The increase in accounts receivable was mainly due to the increase in accounts receivable of architectural glass subsidiaries.
(4) The increase in right-of-use asset was mainly due to adjustment in accordance with the new lease standard.
(5) The decrease in long-term prepaid expenses was mainly due to the adjustment in accordance with the new lease standard.
(6) The increase in prepayments was mainly due to the increase in prepayments for materials.
(7) The increase in notes payable was mainly due to the increase in new notes issued in the current period and the small base of theprevious year.
(8) The decrease in employee benefits payable was mainly due to the year-end bonuses accrued in the previous year that were paidduring the report period.
(9) The increase in operating income was mainly due to the increase in the price of float glass and photovoltaic glass and thetransition of Line II of Qingyuan into commercial operation.
(10) The increase in operating costs was mainly due to the increase in operating income and the transportation costs included in thecost as contract performance costs.
(11) The increase in taxes and surcharges was mainly due to the increase in operating income.
(12) The increase in credit impairment loss was mainly due to the increase in the provision for bad debts of accounts receivable.
(13) The increase in investment income was due to the increase in income from structured deposits.
(14) The change in asset disposal income was mainly due to the decrease in the disposal of non-current assets in the current period.
(15) The decrease in other income was mainly due to the decrease in government subsidies received in the current period.
(16) The increase in non-operating income was mainly due to the increase in unpaid payments and insurance claims.
(17) The increase in income tax expense was mainly due to the increase in total profits.
(18) The increase in net profit attributable to shareholders of the parent company was mainly due to the increase in the net profit ofsome subsidiaries.
(19) The increase in minority shareholders' profit and loss was mainly due to the increase in the net profit of some subsidiaries withminority shareholders.
(20) The decrease in net amount of other comprehensive income after tax was mainly due to changes in the translation differences inforeign currency statements.
II. The progress and the impact of material events and analysis on the solutions
√Applicable □Not applicable
1. Ultra-short-term financing bills
On June 15, 2020, the Company’s Third Extraordinary General Shareholders’ Meeting of 2020 deliberated and approved “TheProposal on Application for Registration And Issuance of Ultra-short-term Financing Bills And Medium-term Notes”, which agreedthat the Company should register and issue ultra-short-term financing bills with a registered amount not exceeding RMB 1.5 billionand the bills could be issued by stages within period of validity of the registration according to the Company’s actual demands forfunds and the status of inter-bank funds. On September 4, 2020, National Association of Financial Market Institutional Investors(NAFMII) held its 102nd registration meeting in 2020 and decided to accept the registration of ultra-short-term financing bills with atotal of RMB 1.5 billion and a validity period of two years.
2. Medium-term notes
On April 15, 2016, CSG’s Annual General Shareholders’ Meeting of 2015 of deliberated and approved the proposal of application forregistration and issuance of medium-term notes with total amount of RMB 0.8 billion, which could be issued by stages within periodof validity of the registration according to the Company’s actual demands for funds and the status of inter-bank funds. On March 2,2018, National Association of Financial Market Institutional Investors (NAFMII) held the 14th registration meeting of 2018, inwhich NAFMII decided to accept the registration of the Company’s medium-term notes, amounting to RMB 0.8 billion and valid fortwo years. Shanghai Pudong Development Bank Co., Ltd. and China CITIC Bank Corporation Limited were joint lead underwritersof these medium-term notes which could be issued by stages within period of validity of the registration. On May 4, 2018, theCompany issued the first batch of medium-term notes with a total amount of RMB 0.8 billion and a term of three years. The issuerate was 7%, and the redemption date was May 4, 2021.On June 15, 2020, CSG’s Third Extraordinary Shareholders’ General Meeting of 2020 deliberated and approved “The Proposal onApplication for Registration And Issuance of Ultra-short-term Financing Bills And Medium-term Notes”, which agreed that theCompany should register and issue medium-term notes with a registered amount not exceeding RMB 1.5 billion and the notes couldbe issued by stages within period of validity of the registration according to the Company’s actual demands for funds and the statusof inter-bank funds. On September 4, 2020, the NAFMII held the 102nd registration meeting in 2020 and decided to accept theCompany's registration of medium-term notes with a total of RMB 1.5 billion and a validity period of two years.For details, please refer to www.chinabond.com.cn and www.chinamoney.com.cn.
3. Public issuance of corporate bonds
On March 2, 2017, the Second Extraordinary Shareholders’ General Meeting of 2017 deliberated and approved “The Proposal on thePublic Issuance of Corporate Bonds for Qualified Investors". On February 27, 2019, the First Extraordinary Shareholders’ GeneralMeeting of 2019 deliberated and approved “The Proposal on Extending the Validity Period of the Shareholders' Meeting for thePublic Offering of Corporate Bonds to Qualified Investors”, which agreed that the Company should issue corporate bonds with atotal issue of no more than RMB 2 billion and a term of no more than 10 years. On June 26, 2019, the Company received the“Approval of Approving CSG Holding Co., Ltd. to Issue Corporate Bonds to Qualified Investors” issued by China SecuritiesRegulatory Commission (ZJXK [2019] No. 1140). On March 24, 2020 and March 25, 2020, the Company issued the first batch ofcorporate bonds with total amount of RMB 2 billion and valid term of 3 years at the issuance rate of 6%, which will be redeemed onMarch 25, 2023.On March 12, 2020, the First Extraordinary Shareholders’ General Meeting of 2020 deliberated and approved “The Proposal on thePublic Issuance of Corporate Bonds for Qualified Investors", which agreed that the Company should issue corporate bonds with atotal issue of no more than RMB 1.8 billion and a term of no more than 10 years. On April 22, 2020, the Company received the“Approval of Approving CSG Holding Co., Ltd. to Issue Corporate Bonds to Qualified Investors” issued by China SecuritiesRegulatory Commission (ZJXK[2020] No. 784).
4. Non-public issuance of A shares
The interim meeting of the 8th board of directors of the Company held on March 5, 2020 deliberated and approved the relatedproposals of non-public issuance of A shares, and agreed the Company to issue A shares privately. The proposals were deliberatedand approved by the Second Extraordinary Shareholders’ General Meeting of 2020 which held on April 16, 2020. In May 2020, theCompany received “The First Feedback Notice on the Examination of Administrative Licensing Projects of China SecuritiesRegulatory Commission” (No. 200819) issued by the China Securities Regulatory Commission, and published “Announcement onReply to the Feedback of Application Documents For Non-public Issuance of A Shares” and “Announcement on the Revised Replyto the Feedback of Application Documents For Non-public Issuance of A Shares” on June 8, 2020 and June 29, 2020 respectively. OnJune 5, 2020, the Company held an interim meeting of the 9th board of directors, deliberated and approved the relevant proposals onadjusting the Company's non-public issuance of A shares. On July 6, 2020, the Issuance Audit Committee of China SecuritiesRegulatory Commission reviewed the Company's application for non-public issuance of A shares. According to the audit results, theCompany's application for non-public issuance of A shares was approved. On July 22, 2020, the Company received the “Reply on the
Approval of Non-public Issuance of Shares of CSG” (ZJXK [2020] No. 1491) issued by China Securities Regulatory Commission.In view of the validity period of the resolution of the non-public issuance of A shares and the validity period of the relevantauthorization were about to expire, the Company held an interim meeting of the 9th board of directors and an interim meeting of the9th board of supervisors on March 26, 2021, which deliberated and approved " The Proposal on Extending the Validity Period ofResolutions of the General Meeting of Shareholders of Non-public Issuance of A Shares" and "The Proposal on Requesting theGeneral Meeting of Shareholders to Extend the Authorization of the Board of Directors to Fully Manage Matters Related to theNon-public Issuance of A Shares". It was agreed that the Company should extend the validity period of the resolutions of theshareholders’ meeting of this non-public issuance of A shares and the validity period of authorizing the board of directors to handlematters related to the non-public issuance of A shares by 12 months from the date of expiration of the previous period of validity (thatis, to April 15, 2022). The above proposals were deliberated and approved by the Company's Second Extraordinary Shareholders’General Meeting of 2021 held on April 13, 2021.For details, please refer to the relevant contents published on Juchao information network (www.cninfo.com.cn) .Progress of implementation of share repurchase
□Applicable √Not applicable
Progress of implementation of the reduction of the purchased shares by means of centralized price bidding
□Applicable √Not applicable
III. Failure in due fulfillment of commitments of the actual controllers, shareholders, affiliates,and acquirers of listed company as well as the listed company during the report period
□Applicable √Not applicable
It did not exist that commitments of the actual controllers, shareholders, affiliates, and acquirers of listed company as well as thelisted company failed to be fulfilled on time during the report period.IV. Financial assets investment
(1) Securities investment
□ Applicable √ Not applicable
There was no securities investment during the report period.
(2) Derivative investment
□ Applicable √ Not applicable
There was no derivative investment during the report period.
V. Progress of investment projects with raised funds
□ Applicable √ Not applicable
VI. Predict of the business performance from January to June 2021
Warnings and reasons of the predict that the cumulative net profit from the begin of the year to the end of next report period may beloss or have great changes comparing with the same period of last year
□Applicable √Not applicable
VII. Major contracts for daily operation
√Applicable □ Not applicable
| Name of company signing the contract | Name of the other party signing the contract | Subject matter | Total contract amount | Progress of contract performance | Amount of sales revenue recognized in the current period and accumulated | Collection of accounts receivable |
| Wujiang CSG Glass Co., Ltd., Dongguan CSG Solar Glass Co., Ltd. | LONGi Solar Technology Ltd., Zhejiang LONGi Solar Technology Ltd., Taizhou LONGi Solar Technology Ltd., Yinchuan LONGi Solar Technology Ltd., Chuzhou LONGi Solar Technology Ltd., Datong LONGi Solar Technology Ltd., LONGi (H.K.) Trading Limited, LONGi (KUCHING) SDN. BHD., Xianyang LONGi Solar Technology Ltd., Jiangsu LONGi Solar Technology Ltd., Jiaxing LONGi Solar Technology Ltd.,Xi'an LONGi Green Building Technology Ltd. | Photovoltaic glass | RMB 6,500 million (tax included) | In progress | The recognized income was RMB 87.57 million in this period, and the accumulated recognized income was RMB 221.93 million. | RMB 165.51 million |
There is a significant difference between the progress of the major contract and the contract agreement, which affects more than 30%of the contract amount
□ Applicable √ Not applicable
VIII. Entrusted financing
□ Applicable √ Not applicable
There was no entrusted financing during the report periodIX. Particulars about illegal external guarantee
□ Applicable √Not applicable
The Company had no illegal external guarantee during the report period.X. Particulars about non-operating fund of listed company which is occupied by controllingshareholder and its affiliated enterprises
□ Applicable √ Not applicable
There was no non-operating fund of listed company occupied by controlling shareholder and its affiliated enterprises during thereport period.
XI. Registration form for receiving research, communication and interview during the reportperiod
□ Applicable √ Not applicable
The Company did not receive any research, communication or interviews during the report period.
Section IV Financial ReportI. Financial Statements
1. Consolidated balance sheet
Prepared by CSG Holding Co., Ltd.
Unit: RMB
| Item | March 31, 2021 | December 31, 2020 |
| Current asset: | ||
| Monetary Fund | 2,016,865,586 | 2,125,788,903 |
| Tradable financial assets | 90,000,000 | |
| Notes receivable | 124,098,739 | 207,966,892 |
| Accounts receivable | 1,019,990,173 | 681,467,133 |
| Receivables financing | 347,157,199 | 382,527,782 |
| Prepayments | 119,952,561 | 85,928,641 |
| Other receivables | 199,342,999 | 200,969,854 |
| Inventories | 1,048,226,068 | 815,156,318 |
| Other current assets | 136,152,305 | 140,031,544 |
| Total current assets | 5,101,785,630 | 4,639,837,067 |
| Non-current assets: | ||
| Investment real estate | 383,084,500 | 383,084,500 |
| Fixed assets | 8,961,971,150 | 9,145,644,569 |
| Construction in progress | 1,973,479,214 | 1,893,380,611 |
| Right-of-use asset | 9,534,162 | |
| Intangible assets | 1,180,633,322 | 1,139,718,255 |
| Development expenditure | 54,079,023 | 49,153,407 |
| Goodwill | 233,375,693 | 233,375,693 |
| Long-term prepaid expenses | 666,968 | 10,381,937 |
| Deferred tax assets | 194,230,481 | 194,979,414 |
| Other non-current assets | 199,078,024 | 193,359,445 |
| Total non-current assets | 13,190,132,537 | 13,243,077,831 |
| Total assets | 18,291,918,167 | 17,882,914,898 |
| Current liabilities: |
| Short-term loan | 322,688,500 | 352,895,571 |
| Notes payable | 206,524,926 | 144,851,192 |
| Accounts payable | 1,226,598,284 | 1,237,833,051 |
| Contract liability | 266,895,878 | 296,776,624 |
| Payroll pay | 214,904,810 | 342,352,166 |
| Taxes payable | 204,308,326 | 194,921,071 |
| Other payables | 236,233,747 | 287,332,992 |
| Incl.: Interest payable | 56,172,197 | 132,133,902 |
| Non-current liabilities due within one year | 931,301,946 | 927,531,709 |
| Other current liabilities | 29,378,554 | 34,586,292 |
| Total current liabilities | 3,638,834,971 | 3,819,080,668 |
| Non-current liabilities: | ||
| Long-term loan | 873,417,968 | 853,253,983 |
| Bonds payable | 1,994,647,424 | 1,994,020,348 |
| Deferred income | 490,003,419 | 498,056,081 |
| Deferred income tax liabilities | 100,093,369 | 102,619,932 |
| Total non-current liabilities | 3,458,162,180 | 3,447,950,344 |
| Total Liabilities | 7,096,997,151 | 7,267,031,012 |
| Owners' equity: | ||
| Share capital | 3,070,692,107 | 3,070,692,107 |
| Capital reserve | 596,997,085 | 596,997,085 |
| Other comprehensive income | 162,702,572 | 161,816,819 |
| Special reserves | 10,062,444 | 10,269,002 |
| Surplus reserve | 1,036,948,422 | 1,036,948,422 |
| Undistributed profits | 5,909,535,205 | 5,336,266,412 |
| Total owner's equity attributable to the parent company | 10,786,937,835 | 10,212,989,847 |
| Minority shareholders' equity | 407,983,181 | 402,894,039 |
| Total owner's equity | 11,194,921,016 | 10,615,883,886 |
| Total Liabilities and Owner's Equity | 18,291,918,167 | 17,882,914,898 |
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Jian, Principal of the financial department:
Wang Wenxin
2. Balance Sheet of the Parent Company
Unit: RMB
| Item | March 31, 2021 | December 31, 2020 |
| Current asset: | ||
| Monetary Fund | 1,507,758,454 | 1,072,875,571 |
| Tradable financial assets | 90,000,000 | |
| Prepayments | 1,656,513 | 1,650,184 |
| Other receivables | 2,821,116,552 | 3,803,908,369 |
| Other current assets | 66,321 | |
| Total current assets | 4,420,531,519 | 4,878,500,445 |
| Non-current assets: | ||
| Long-term equity investment | 5,922,907,870 | 5,844,507,870 |
| Fixed assets | 18,331,606 | 19,769,193 |
| Intangible assets | 493,001 | 140,836 |
| Other non-current assets | 4,607,615 | 4,546,275 |
| Total non-current assets | 5,946,340,092 | 5,868,964,174 |
| Total assets | 10,366,871,611 | 10,747,464,619 |
| Current liabilities: | ||
| Short-term loan | 100,000,000 | 49,800,000 |
| Accounts payable | 1,379,721 | 249,721 |
| Payroll payable | 29,581,141 | 46,504,458 |
| Taxes payable | 869,926 | 9,457,159 |
| Other payables | 683,416,985 | 1,002,135,702 |
| Incl.: Interest payable | 55,545,295 | 131,513,019 |
| Non-current liabilities due within one year | 800,000,000 | 800,000,000 |
| Total current liabilities | 1,615,247,773 | 1,908,147,040 |
| Non-current liabilities: | ||
| Long term loan | 692,500,000 | 700,000,000 |
| Bonds payable | 1,994,647,424 | 1,994,020,348 |
| Deferred income | 180,113,167 | 180,496,249 |
| Total non-current liabilities | 2,867,260,591 | 2,874,516,597 |
| Total Liabilities | 4,482,508,364 | 4,782,663,637 |
| Owners' equity: | ||
| Share capital | 3,070,692,107 | 3,070,692,107 |
| Capital reserve | 741,824,399 | 741,824,399 |
| Surplus reserve | 1,051,493,782 | 1,051,493,782 |
| Undistributed profits | 1,020,352,959 | 1,100,790,694 |
| Total owner's equity | 5,884,363,247 | 5,964,800,982 |
| Total Liabilities and Owner's Equity | 10,366,871,611 | 10,747,464,619 |
3. Consolidated Income Statement
Unit: RMB
| Item | Balance of this period | Balance of last period |
| I. Total operating revenue | 3,006,832,539 | 1,733,965,637 |
| Incl. :Business income | 3,006,832,539 | 1,733,965,637 |
| II. Total business cost | 2,306,236,702 | 1,598,409,180 |
| Incl. :Business cost | 1,884,970,395 | 1,223,133,015 |
| Taxes and surcharges | 33,969,707 | 21,811,789 |
| Sales expense | 59,878,963 | 68,190,292 |
| Management costs | 176,841,412 | 154,294,998 |
| Research and development expenses | 104,095,372 | 72,997,585 |
| Financial expenses | 46,480,853 | 57,981,501 |
| Incl. : Interest expense | 56,228,887 | 67,258,381 |
| Interest income | 11,013,336 | 11,556,400 |
| Plus: Other income | 14,347,461 | 20,792,152 |
| Investment income (“-” for loss) | 1,373,392 | |
| Credit impairment loss (“-” for loss) | -6,144,938 | -3,756,132 |
| Asset disposal income(“-” for loss) | -298,458 | -494,285 |
| III. Operational profit (“-” for loss) | 709,873,294 | 152,098,192 |
| Plus: non-operational income | 2,976,619 | 585,906 |
| Less: non-operational expenses | 15,315,650 | 17,217,192 |
| IV. Gross profit (“-” for loss) | 697,534,263 | 135,466,906 |
| Less: Income tax expenses | 119,176,328 | 23,478,147 |
| V. Net profit (“-” for net loss) | 578,357,935 | 111,988,759 |
| (I) Classification by business continuity | ||
| 1. Net profit from continuous operation(“-” for net loss) | 578,357,935 | 111,988,759 |
| 2. Discontinued operating net profit(“-” for net loss) | ||
| (II) Classification by ownership | ||
| 1. Net profit attributable to shareholders of the parent company | 573,268,793 | 111,278,288 |
| 2. Minor shareholders’ equity | 5,089,142 | 710,471 |
| VI. Net after-tax amount of other comprehensive income | 885,753 | 1,492,543 |
| Net after-tax amount of other comprehensive income attributable to the owner of the parent company | 885,753 | 1,492,543 |
| (I) Other comprehensive income that will be reclassified into profit or loss | 885,753 | 1,492,543 |
| 1. Foreign-currency financial statement translation difference | 885,753 | 1,492,543 |
| VII. Total comprehensive income | 579,243,688 | 113,481,302 |
| Total comprehensive income attributable to owners of the Company | 574,154,546 | 112,770,831 |
| Total comprehensive income attributable to minority shareholders | 5,089,142 | 710,471 |
| VIII. Earnings per share | ||
| (I) Basic earnings per share | 0.19 | 0.04 |
| (II) Diluted earnings per share | 0.19 | 0.04 |
Legal Representative: Chen Lin, Responsible person in charge of the accounting: Wang Jian, Principal of the financial department:
Wang Wenxin
4. Income Statement of the Parent Company
Unit: RMB
| Item | Balance of this period | Balance of last period |
| I. Operating revenue | 18,975,450 | 19,233,446 |
| Less: Business cost | ||
| Taxes and surcharges | 102,225 | 20,006 |
| Sales expense | ||
| Management costs | 44,838,772 | 19,879,935 |
| Research and development expenses | 204,933 | 4,617 |
| Financial expenses | 42,269,579 | 29,286,644 |
| Incl. : Interest expense | 52,077,819 | 39,873,739 |
| Interest income | 9,744,220 | 10,724,357 |
| Plus: Other income | 1,702,243 | 735,596 |
| Investment income (“-” for loss) | 1,373,392 | |
| Credit impairment loss (“-” for loss) | -5,646 | -123,501 |
| Asset disposal income(“-” for loss) | -70,796 | |
| II. Operational profit (“-” for loss) | -65,440,866 | -29,345,661 |
| Plus: non-operational income | 29,967 | 76,152 |
| Less: non-operational expenses | 15,026,836 | 1,617,750 |
| III.. Gross profit (“-” for loss) | -80,437,735 | -30,887,259 |
| Less: Income tax expenses | ||
| IV. Net profit (“-” for net loss) | -80,437,735 | -30,887,259 |
| (I) Net profit from continuous operation(“-” for net loss) | -80,437,735 | -30,887,259 |
| V.Net amount of other comprehensive income after tax | ||
| VI. Total comprehensive income | -80,437,735 | -30,887,259 |
| VII. Earnings per share | ||
| (I) Basic earnings per share | ||
| (II) Diluted earnings per share |
5. Consolidated Cash Flow Statement
Unit: RMB
| Item | Balance of this period | Balance of last period |
| I. Net cash flow from business operation: | ||
| Cash received from sales of products and providing of services | 2,989,003,056 | 1,783,332,428 |
| Refunds of taxes | 1,578,830 | 1,032,626 |
| Received other cash related to business activities | 33,650,668 | 34,722,910 |
| Subtotal of cash inflow from operating activities | 3,024,232,554 | 1,819,087,964 |
| Cash paid for the purchase of goods and services | 1,743,026,747 | 1,145,407,582 |
| Cash paid to and for employees | 527,402,580 | 424,877,941 |
| Payments of all types of taxes | 274,884,499 | 133,051,857 |
| Payment of other cash related to business activities | 137,626,930 | 126,877,352 |
| Subtotal of cash outflow from operating activities | 2,682,940,756 | 1,830,214,732 |
| Net cash flow from operating activities | 341,291,798 | -11,126,768 |
| II. Cash flows from investing activities: | ||
| Other cash received relating to investing activities | 550,000,000 | |
| Cash received from investment income | 1,373,392 | |
| Net cash received from the disposal of fixed assets, intangible assets and other long-term assets | 356,696 | 520,508 |
| Other cash received relating to investing activities | 16,753,461 | 321,068,423 |
| Subtotal of cash inflows from investment activities | 568,483,549 | 321,588,931 |
| Cash paid for the purchase and construction of fixed assets, | 234,168,691 | 246,551,903 |
| intangible assets and other long-term assets | ||
| Cash paid for investment | 640,000,000 | |
| Other cash paid relating to investing activities | 5,206,030 | 15,432,851 |
| Subtotal of cash outflows from investing activities | 879,374,721 | 261,984,754 |
| Net cash flows from investing activities | -310,891,172 | 59,604,177 |
| III. Cash flow from financing activities: | ||
| Cash received from the loan | 143,434,231 | 1,114,359,186 |
| Cash received from the issuance of bonds | 2,000,000,000 | |
| Other financing-related cash received | 20,000 | 904,849 |
| Subtotal of cash inflows from financing activities | 143,454,231 | 3,115,264,035 |
| Cash paid for debt repayment | 149,972,571 | 917,657,084 |
| Cash paid for dividends, profits or interest payments | 132,691,808 | 40,226,280 |
| Payment of other cash related to financing activities | 316,663 | 197,505,852 |
| Subtotal of cash outflows from financing activities | 282,981,042 | 1,155,389,216 |
| Net cash flow from financing activities | -139,526,811 | 1,959,874,819 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 202,866 | 759,216 |
| V. Net increase in cash and cash equivalents | -108,923,319 | 2,009,111,444 |
| Plus: Balance of cash and cash equivalents at the beginning of term | 2,124,028,196 | 1,831,835,030 |
| VI. Balance of cash and cash equivalents at the end of term | 2,015,104,877 | 3,840,946,474 |
6. Cash Flow Statement of the Parent Company
Unit: RMB
| Item | Balance of this period | Balance of last period |
| I. Net cash flow from business operation: | ||
| Cash received from sales of products and providing of services | ||
| Refunds of taxes | 18,321 | |
| Received other cash related to business activities | 14,626,713 | 17,504,825 |
| Subtotal of cash inflow from operating activities | 14,626,713 | 17,523,146 |
| Cash paid for the purchase of goods and services | ||
| Cash paid to and for employees | 47,388,336 | 65,197,531 |
| Payments of all types of taxes | 10,036,290 | 6,802,435 |
| Payment of other cash related to business activities | 24,525,402 | 5,566,108 |
| Subtotal of cash outflow from operating activities | 81,950,028 | 77,566,074 |
| Net cash flow from operating activities | -67,323,315 | -60,042,928 |
| II. Cash flows from investing activities: | ||
| Other cash received relating to investing activities | 550,000,000 | |
| Cash received from investment income | 250,460,649 | |
| Net cash received from the disposal of fixed assets, intangible assets and other long-term assets | 30,560 | |
| Other cash received relating to investing activities | 300,000,000 | |
| Subtotal of cash inflows from investment activities | 800,491,209 | 300,000,000 |
| Cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets | 556,464 | 9,586,096 |
| Cash paid for investment | 718,400,000 | 81,400,000 |
| Subtotal of cash outflows from investing activities | 718,956,464 | 90,986,096 |
| Net cash flows from investing activities | 81,534,745 | 209,013,904 |
| III. Cash flow from financing activities: | ||
| Cash received from the loan | 100,000,000 | 827,549,801 |
| Cash received from the issuance of bonds | 2,000,000,000 | |
| Other financing-related cash received | 505,384,966 | |
| Subtotal of cash inflows from financing activities | 605,384,966 | 2,827,549,801 |
| Cash paid for debt repayment | 57,300,000 | 631,999,801 |
| Cash paid for dividends, profits or interest payments | 127,418,467 | 22,458,117 |
| Payment of other cash related to financing activities | 290,614,929 | |
| Subtotal of cash outflows from financing activities | 184,718,467 | 945,072,847 |
| Net cash flow from financing activities | 420,666,499 | 1,882,476,954 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 4,955 | 14,917 |
| V. Net increase in cash and cash equivalents | 434,882,884 | 2,031,462,847 |
| Plus: Balance of cash and cash equivalents at the beginning of term | 1,071,200,364 | 1,407,215,863 |
| VI. Balance of cash and cash equivalents at the end of term | 1,506,083,248 | 3,438,678,710 |
II. Note to the Adjustment of Financial Statements
1. Adjustment of financial statements at the beginning of the year according to the implementation of thenew lease standard for the first time from 2021
√Applicable □Not applicable
Whether it is necessary to adjust the balance sheet accounts at the beginning of the year
√Yes □No
According to the "Accounting Standards for Business Enterprises No. 21-Leases" (hereinafter referred to as the New Lease Standards)issued by the Ministry of Finance of the People's Republic of China in December 2018, companies that are listed at the same timeboth domestically and overseas as well as those listed overseas and adopt financial reporting standards or companies that implementthe Accounting Standards for Business Enterprises shall take effect on January 1, 2019; other companies that implement theAccounting Standards for Business Enterprises shall take effect on January 1, 2021.The main impacts of the implementation of the new lease standard on the company's financial statements on January 1, 2021 are asfollows:
| Item | December 31, 2020 | January 1, 2021 | Adjust data |
| Long-term prepaid expenses | 10,381,937 | 741,179 | -9,640,758 |
| Right-of-use asset | 9,640,758 | 9,640,758 | |
| Total | 10,381,937 | 10,381,937 |
2. Explanation of the retrospective adjustment of the previous comparative data of the new lease standardfor the first time from 2021
□ Applicable √Not applicable
III. Report of the AuditorsWhether 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.24 April 2021