[中报]南 玻Ｂ(200012):2022年半年度报告（英文版）
原标题:南 玻Ｂ:2022年半年度报告（英文版） CHENLIN August2022 SectionI.ImportantNotice,ContentandParaphrase BoardofDirectorsandtheSupervisoryCommitteeofCSGHoldingCo.,Ltd.(hereinafterreferredtoastheCompany)anditsdirectors,supervisorsandseniorexecutivesherebyconfirmthattherearenoanyfictitiousstatements,misleadingstatements,orimportantomissionscarriedinthisreport,and shall take all responsibilities, individual and/or joint, for the facticity, accuracy andcompletenessofthewholecontents. Ms.ChenLin,personinchargeoftheCompany,Ms.WangWenxin,responsiblepersoninchargeofaccounting and Ms. Wang Wenxin, principal of the financial department (accounting officer)confirmthattheFinancialReportenclosedinthesemi-annualreportoftheCompanyistrue,accurateandcomplete. AlldirectorswerepresentatthemeetingoftheBoardfordeliberatingthesemi-annualreportoftheCompanyinperson. Thefutureplans,developmentstrategiesandotherforward-lookingstatementsmentionedinthisreportdonotconstituteamaterialcommitmentoftheCompanytoinvestors.Investorsandrelevantpartiesshouldpayattentiontoinvestmentrisks,andunderstandthedifferencesbetweenplans,forecastsandcommitments. The Company has described the risk factors and countermeasures of the Company's futuredevelopment indetail inthis report. Pleaserefer toSection III. Management Discussion andAnalysis TheCompanyhasnoplansofcashdividenddistribution,bonussharesbeingsentorconvertingcapitalreserveintosharecapital. ThisreportispreparedbothinChineseandEnglish.ShouldtherebeanyinconsistencybetweentheChineseandEnglishversions,theChineseversionshallprevail. Content SectionI.ImportantNotice,ContentandParaphrase....................................................1SectionII.CompanyProfile&FinancialHighlights.....................................................5SectionIII.BusinessDiscussionandAnalysis...............................................................8 SectionIV.CorporateGovernance...............................................................................33 SectionV.Environmentandsocialresponsibility........................................................35 SectionVI.ImportantEvents........................................................................................43 SectionVII.ChangesinSharesandParticularsaboutShareholders...........................59SectionVIII.Preferredshares.......................................................................................65 SectionIX.Bonds.........................................................................................................66 SectionX.FinancialReport..........................................................................................69 DocumentsavailableforReference . I.TextofthefinancialreportcarryingthesignaturesandsealsofthepersoninchargeoftheCompany, the responsible person in charge of accounting and the principal of the financialdepartment(accountingofficer). II.AlltextsoftheCompany’sdocumentsandoriginalpublicnoticesdisclosedinthepapersappointedbyCSRCinthereportperiod. Paraphrase
I.CompanyProfile
1.Wayofcontact Whetherregisteredaddress,officeaddressandtheirpostalcodes,websiteaddressandemailaddressoftheCompanychangedinthe reportperiodornot □Applicable √Notapplicable Theregisteredaddress,officeaddressandtheirpostalcodes,websiteaddressandemailaddressoftheCompanydidnotchangein thereportperiod.MoredetailscanbefoundinAnnualReport2021. 2.Informationdisclosureandpreparationplace Whetherinformationdisclosureandpreparationplacechangedinthereportperiodornot□Applicable √Notapplicable ThenewspapersdesignatedbytheCompanyforinformationdisclosure,thewebsitedesignatedbyCSRCfordisclosingsemi-annual 2021. 3.Otherrelevantinformation Whetherotherrelevantinformationchangedinthereportperiodornot□Applicable √Notapplicable IV.Mainaccountingdataandfinancialindexes Whetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata□Yes √No
□Applicable √Notapplicable Nosuchdifferencesinthereportperiod. 2.DifferenceofthenetprofitandnetassetsdisclosedinfinancialreportpreparedunderoverseasandChineseaccountingstandards □Applicable √Notapplicable Nosuchdifferencesinthereportperiod. VI.Itemsandamountsofnon-recurringgainsandlosses √Applicable□Notapplicable Unit:RMB
Itdidnotexistthatotherprofitandlossitemsmetthedefinitionofnon-recurringgainsandlosses.Explanationofthenon-recurringgainsandlosseslistedintheExplanatoryAnnouncementNo.1onInformationDisclosurefor CompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesasrecurringgainsandlosses□Applicable √Notapplicable Itdidnotexistthatnon-recurringprofitandlossitemslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureof CompaniesOfferingSecuritiestothePublic-Non-recurringProfitandLossweredefinedasrecurringprofitandlossitemsinthe reportperiod. SectionIII.BusinessDiscussionandAnalysis I.Mainbusinessofthecompanyduringthereportperiod (I)MainbusinessoftheCompany CSGisaleadingdomesticbrandofenergy-savingglassandarenownedbrandofsolarPVproductsanddisplaydevices.Itsproducts andtechnologiesarewell-knownathomeandabroad.ItsmainbusinessincludesR&D,manufacturingandsalesofhigh-qualityfloat glass,architecturalglass,photovoltaicglass,newmaterialsandinformationdisplayproductssuchasultra-thinelectronicglassand displaydevices,aswellasrenewableenergyproductssuchassiliconmaterials,photovoltaiccellsandmodules,anditprovides one-stopservicesforphotovoltaicpowerstationprojectdevelopment,construction,operationandmaintenance,etc. Flatglassbusiness TheflatglassbusinessofCSGincludesfloatglassandphotovoltaicglass.Theproductionmode,businessstrategy,technical requirementsanddevelopmentdirectionofthetwobusinesseshavesimilaritiesandconsiderabledifferencesduetothedifferenceof industrialchainenvironment,industrydevelopmentstageandpolicyenvironment.Inthefieldoffloatglass,CSGhas10advancedfloatglassproductionlinesinDongguan,Chengdu,Langfang,Wujiangand Xianning,andhasquartzsandrawmaterialprocessingandproductionbasesinJiangyou,SichuanProvince,Qingyuan,Guangdong ProvinceandFengyang,AnhuiProvince.Theannualoutputofvarioustypesofhigh-gradefloatglassisabout2.47milliontons, covering high-quality float glass and ultra-white float glass with various thicknesses and specifications of 1.3-25mm. The performanceindicatorsoftheproductshavereachedtheleadingdomesticlevel.CSGfloatglassproductsareallhigh-endproducts that can be directly used for downstream deep processing, and the proportion of differentiated glass products with special specificationsandspecialapplicationscenariossuchasultra-white,ultra-thin,andultra-thickislarge,whicharewidelyusedin high-endbuildingcurtainwalls,decorationandfurniture,mirrors,carwindshields,scannersandcopiers,homeappliancepanels, displayprotectionandotherapplicationfieldswithhighrequirementsonglassquality.CSGhasestablishedlong-termandstable businesscooperationwithmanywell-knownprocessingenterprises. Theprofitlevelofthefloatglassbusinessisgenerallypositivelycorrelatedwiththelevelofrealestatecompletiondata,andisalso affected bymultiplefactors suchascurrentenergy,rawmaterial prices,product structure,andenterprisemanagement level. Differentiatedglassproductshavehigheraddedvalueduetospecificapplicationscenarios,higherproductionprocessdifficulties, stabledemand,andrelativelyproactivepricingbymanufacturers.TheCompanyfocusesonimprovingmanagementefficiency, improvingthelevel ofleanproductionofconventionalproducts,firmlyimplementingthedifferentiatedcompetitionstrategy, carefullycultivatinganddevelopingdifferentiatedproductmarkets,andcontinuouslyincreasingtheproportionofdifferentiated productsales,soastocontinuouslyconsolidateandenhancetheindustrycompetitivenessoftheCompany'sfloatglassbusiness. Inthefirsthalfof2022,thecompletionoftherealestateindustrydroppedsignificantlycomparedwiththesameperiodinrecent years,thedomesticdownstreamarchitecturalglassmarketdemandsloweddowninstages,theproductionandsalesrateoffloatglass manufacturersdeclined,andthepriceoffloatglassdeclined;atthesametime,affectedbyepidemiccontrol,RussiaUkraineconflict, inflationandotherfactors,thepricesofrawmaterialsandfuelshaverosesharply,andtheprofitleveloffloatglassdropped significantlycomparedwiththepreviousyear.However,underthemacrobackgroundof"StableGrowth"ofthenationaleconomy andtherealizationof"DoubleCarbon"goals,thedemandforhigh-qualitydifferentiatedproductsandenergy-savingproducts remainsstable. Inthefieldofphotovoltaicglass,CSGhastakentheleadinenteringthefieldofphotovoltaicglassmanufacturinginChinasince 2005.Basedonindependentresearchanddevelopment,theCompanyhasformedafullclosed-loopproductioncapacityfrom photovoltaicglassoriginalsheetproductiontodeepprocessing.Ithastwophotovoltaicrolledglassoriginalsheetproductionlines 430,000tonsofphotovoltaicrolledglassoriginalsheetsandaphotovoltaicglassdeepprocessingcapacityof72millionsquare metersperyear,anditsproductscoverdeep-processingproductswithavarietyofthicknessesof2-4mm.Inthefirstquarterof2022, Dongguanphotovoltaicglassfurnacewasupgradedasplanned,andwasignitedinAugust2022.TheCompanyisfirmlyoptimisticaboutthelong-termdevelopmentofthephotovoltaicnewenergyindustry,seizesthegolden opportunityofindustrialdevelopment,aimsatthefirstechelonoftheindustry,andmakesupfortheshortcomingsoftheGroup's photovoltaicglassbusinessproductioncapacityandlarge-scalelayout.TheCompanyisbuildingfourphotovoltaicglassproduction kilnsandcomplementaryprocessinglineswithadailymeltingcapacityof1,200tonsinFengyangandonephotovoltaicglass productionlineandcomplementaryprocessinglinewithadailymeltingcapacityof1,200tonsinXianning.Amongthem,Fengyang No.1kilnhasbeenignitedinMay2022,andFengyangNo.2kilnhasbeenignitedinAugust2022,andtheconstructionofother productionlinesisprogressinginanorderlymanner asplanned.Therelease ofproductioncapacitywillgreatlyenhancethe Company'sindustrystatus.Inaddition,withtheapprovaloftheBoardofDirectors,theCompanyplanstobuildtwophotovoltaic glassproductionkilnsandcomplementaryprocessinglineswithadailymeltingcapacityof1,200tonsinBeihaiCity,Guangxi Province.Currently,thepreparatoryworkfortheprojectisbeingcarriedoutinanorderlymanner.Atthesametime,theCompanyis stillactivelyseekingtofurtherexpandtheproductioncapacityofphotovoltaicglassinotherregionswithresourcesupportand industrialchainsupport.Underthebackgroundofcarbonpeakingandcarbonneutrality,thephotovoltaicglassbusinesswillbecome thenewchampionbusinessofCSG. In2022,withthepromotionofdomesticdistributedphotovoltaics,large-scalewindpowerphotovoltaicbasesandphotovoltaic guaranteedgrid-connectedpolicies,aswellasthepromotionofcarbonneutralityplansdisclosedbycountriesaroundtheworld,the globalinstalledcapacitywillmaintainarelativelyhighgrowthrate.AccordingtothestatisticsofChinaPhotovoltaicIndustry Association,fromJanuarytoJune2022,thedomesticmoduleoutputwas123.6GW,ayear-on-yearincreaseof54.1%,thedomestic photovoltaic power generation installed capacity was 30.88GW, a year-on-year increase of 137.4%; the export volume of photovoltaicmoduleswas78.6GW,ayear-on-yearincreaseof74.3%.Fromtheanalysisofthecurrentpolicyenvironmentand marketdevelopmenttrend,photovoltaicpowergenerationhasabroadspacefordevelopmentinthefuture,andthedevelopmentof theglobalmarketmayaccelerate.Althoughtheconcentratedreleaseofnewcapacityofphotovoltaicglassinrecentyearsmayleadto aphasedmismatchofsupplyanddemandinthemarketandcausemarketpricefluctuations,withtherapiddevelopmentoftheglobal marketandtheoptimizationandadjustmentofthedomesticindustrialstructure,theindustrywillstillreturntothetrackofhealthy development. In 2022, the Company will spare no effort to promote the project construction, speed up the technological transformationandupgradingoftheproductionline,focusonimprovingtheproductioncapacityof1.6-2mmultra-thinphotovoltaic glassandphotovoltaicglazedbackplateglassfordoubleglassmodules,followtheproductplanningandrouteadjustmentofmodule technologydevelopment,consolidatethecompetitiveadvantageoftheCompanyinthefieldof ultra-thinphotovoltaicglass, strengthenthelong-termstrategiccooperationwithindustry-leadingenterprises,andfurtherenhancethemarketcompetitivenessof CSG'sphotovoltaicglass. Architecturalglassbusiness CSGisoneofthelargestsuppliersofhigh-gradeengineeringandarchitecturalglassinChinaandithasformedquality,serviceand continuousresearchanddevelopmentcapabilitiesthatmatchthebrand.TheCompanyhasbuiltsixenergy-savingglassprocessing basesinTianjin,Dongguan,Xianning,Wujiang,ChengduandZhaoqing.Uptonow,theCompanyhasformedanannualproduction capacityofover20millionsquaremetersforcoatedinsulatingglassandover45millionsquaremetersforcoatedglass.Inorderto seizethekeyopportunitiesforthedevelopmentofbuildingenergy-savingglassandsatisfythepeople'spursuitofabetterlife,CSG leveragesitsbrandadvantagestotaketheleadinimprovingthebusinesslayoutofarchitecturalglass.Atpresent,theproduction capacityofZhaoqingBaseandTianjinExpansionProjectisgraduallybeingreleased,whichfurtherstrengthenstheabilityofCSG's architecturalglasstomeettheneedsoftheconstructionofworld-classmega-cityclustersintheBeijing-Tianjin-Hebei,YangtzeRiver Delta,andGuangdong-HongKong-MacaoGreaterBayArea.Atthesametime,inlinewiththetrendofurbanconstructionextending furtherinland,theGroup'sBoardofDirectorsapprovedtheconstructionofXi'anArchitecturalGlassBase,HefeiEnergy-saving GlassIntelligentManufacturingIndustryBaseandXianningArchitecturalProductionLineReconstructionandExpansionProjectin 2021.Basedonthelocalmarketconditions,theCompanywillarrangefirst-levelorsecond-levelarchitecturalglassprocessingbases thataresuitablefortheirscaleandneeds,andcontinuouslyimproveandstrengthenthemarketcompetitionandservicecapabilitiesof CSG’sarchitecturalglassbusiness.Atpresent,WujiangArchitecturalGlassSmartFactoryandXianningArchitecturalProduction LineReconstructionandExpansionProjectsarebeingimplementedasplanned,andareexpectedtobebasicallycompletedwithin 2022.ConstructionoftheXi'anBaseandHefeiBaseProjectshasstartedinthefirsthalfof2022andisexpectedtobecompletedin 2023.Asthenewprojectsaregraduallycompletedandputintooperation,theproductioncapacityofCSGarchitecturalglasswillbe graduallyreleased,andthemarketshareoftheproductswillbefurtherincreased.CSG'sarchitecturalglassbusinessadherestothecustomizedbusinessstrategyoftrinityoftechnicalservice,marketing,R&Dand manufacturing,relyingonitsownmanufacturingandR&Dstrength,aswellasthemarketingandservicenetworkformeddomestic andoverseasoffices,tomeetthepersonalizedneedsofdomesticandforeigncustomersandconstructionprojects.In2017,CSG's low-EcoatedglasswasawardedthetitleofSingleChampionProductbytheMinistryofIndustryandInformationTechnology,andit passedthereviewagainin2020,whichfullyprovestheleadingpositionofCSG'sarchitecturalglassintheindustry.TheCompany hastheworld'sleadingglassdeepprocessingequipmentandtestingequipment,anditsproductscoverallkindsofarchitecturaland constructionglass.TheR&DandapplicationleveloftheCompany'scoatingtechnologykeepspacewiththeworld,andthehigh-end producttechnologyisinternationallyleading.Theshadingandheatinsulationperformanceoftheproductisfurtherimproved,and theenergy-savingcontributionhasbeenfurtherenhanced.AlldeepprocessingbasesoftheCompanyhavetheproductionand processingcapabilitiesoftriple-silverhigh-performanceenergy-savingglass.Underthebackgroundofthe"DoubleCarbon"goaland thenationalgreenandenergy-savingbuildingrequirements,themarketdemandfortriple-silverhasfurtherexpanded.Afteryearsof markettestingandrelyingontheCompany'sadvancedcoatingtechnology,itshighperformanceandstabilityhavebeenwell receivedbythemarket,CSG’striple-silverproductshavebecomethebenchmarkinthedomesticthree-silverproductmarket,and high-qualityenergy-savingandenvironmentallyfriendlyLOW-Einsulatingglasscontinuestoleadthedomestichigh-endmarket share.TheCompanyhasalwaysadheredtotheintelligenttransformationanddigitaltransformationasthekeyincrementofthe developmentofarchitecturalglassbusiness.Ithascontinuouslyinvestedandaccumulatedrichexperienceintheresearchof productionautomation,intellectualization,informationtechnologyandequipment,andtheefficiencyimprovementofintelligent upgradingandtransformationoftraditionalequipment.Withtechnologicalprogressandprocessoptimization,theCompanyhas reducedproductionmanpowerconsumption,materialconsumptionandenergyconsumption,activelypromotingtheCompany's transformationandupgradingtoachieveintensivemanufacturingandhigh-qualitydevelopment.TheCompany’squalitymanagementsystemforengineeringandarchitecturalglasshasbeenrespectivelyapprovedbyorganizations ofUKAOQCandAustraliaQAS.TheproductqualitywhichmeetsthenationalstandardsoftheUS,theUKandAustraliaenables CSG has an advantage in the international tendering and bidding. Since 1988, CSG's engineers and technicians have been continuouslyparticipatingintheformulationandcompilationofvariousnationalstandardsandindustrystandards.Allkindsof high-qualityengineeringarchitecturalglassprovidedbytheCompanyarewidelyusedinlandmarkbuildingssuchasmajorcity CBDsandtransportationhubsathomeandabroad,whicharetoonumeroustomention.The2022BeijingWinterOlympics,which attractedworldwideattention,accomplishedsuccessfully.ThekeynoteofthisWinterOlympicsis"GreenWinterOlympics".CSG’s GlassishonoredtobeselectedfortheconstructionofquiteafewrelatedvenuesfortheBeijingWinterOlympicswithitssafety, energysavingandhigh-endquality,includingNationalSpeedSkatingHall,NationalSkiJumpingCenter,ShougangSkiJumping Platform,BeijingOlympicVillageandmanyotherrepresentativeprojects.CSG’sproductsareonceagainstunninglydisplayedin frontoftheworld,withtheprojectsusingCSG’sproductsappearedfrequentlyinthepast,suchasCapitalInternationalAirport, DaxingInternationalAirport,NationalConventionCenter,aswellastheprojectsinCapitalCBDArea,whichcontributedaunique andbeautifullandscapetothewonderfulandextraordinaryOlympicGames.Electronicglassanddisplaybusiness Electronicglass development,breakingthroughhigh-endmarketbarrierswithindependentintellectualpropertyrightsandindependentinnovation, andfirmlyfollowingthedevelopmentrouteofproductupgradesanditerationstoaccelerateimportsubstitution.Electronicglasshas becomeanotherCSGbrand.Atthesametime,theultra-thinelectronicglassisalsorecognizedbytheMinistryofIndustryand InformationTechnologyofthePeople'sRepublicofChinaasthe"IndividualChampionProductofManufacturingIndustry".Inthe first halfof2022,theCompany'selectronicglassbusinesscontinuestodevelop.Itsfoursubsidiaries,HebeiPanel,Yichang Photoelectric, Qingyuan New Energy-Saving Materials and Xianning Photoelectric continued to actively implement product upgradingandmarketupgradingintheapplicationfieldsofintelligentelectronicterminals,touchcomponents,vehiclemounted display,autoglass,industrialcontrolandcommercialdisplay,safe-guardfacilityandsmarthome,sothatthemarketshareandbrand influenceoftheCompany'smedium-aluminaandhigh-aluminaelectronicglassproductscouldimprovegreatly.Richproduct structure,reliabledeliveryguaranteeandstrongtechnicalinnovationhelptheCompany’selectronicglassbusinessmaintainits dominantpositioninthefiercemarketcompetition. InMarch2021,inordertostrengthentheCompany'shigh-endmarketcompetitivenessinthefieldofultra-thinelectronicglassfor touchapplications,theCompany'sBoardofDirectorsapprovedHebeiPaneltoinvestinanewultra-thinelectronicglassproduction lineandcomplementaryR&Dcenterwithadailymeltingcapacityof110tons.Itisexpectedtobecompletedandputintooperation inthesecondhalfof2022.InDecember2021,theCompany'sBoardofDirectorsapprovedtheupgradeandrenovationprojectof QingyuanCSGPhaseI.Atpresent,theprojectisstillunderconstruction.Whenthenewprojectiscompletedandputintooperation, CSGelectronicglasswillfullycoverthefieldofelectronicglassproductsinhigh,mediumandlow-endapplicationscenarios, formingamoresolidmarketcompetitionfoundation.CSGhaslongbeencommittedtobecomingtheindustry'sleadingelectronic glass material solution provider, and it will continue to develop glass-based protective materials with higher strength and competitivenessinthefieldoftouchdisplay,develophuman-computerinteractioninterfacematerialsmeetingtherequirementsof materialinterconnectioninthefieldsofsmarthome,vehicledisplayandadvancedmedical,anddeveloprevolutionaryalternative materialsinthefieldsofnew-energyvehiclesandsecurity. Display Inthefieldoftouchdisplay,CSGhasmasteredthethreeindustry-leadingtechnologiesofvacuummagnetronsputteringcoating,3A (Ag+Ar+AF)productprocessing,andyellowlightfinepatternforming,andhasacompleteindustrialchain.Themainbusiness includes ITO conductive glass, ITO conductive film, high-gradeAg glass, vehicle mountedTPsensor andvehicle mounted multi-functionalcoverplate.InthetraditionaladvantageousbusinessofITOconductiveglassandITOconductivefilm,inthefirst halfof2022,thecompanyactivelyrespondedtotheadverseimpactoftheexternalenvironmentandthepressureofindustry competitionthroughinternaldeepexplorationofpotentialandresearchanddevelopmentofhighvalue-addeddifferentiatedproduct strategiesinnewapplicationfields,andtheoverallproductionandsalesvolumeremainedstable.Inthefieldofhigh-endAgglass business,inthefirsthalfof2022,theperformanceindicatorsoftheCompany'sproductswereleadingintheindustry,andthe productionandsalesvolumereachedarecordhigh.Itismass-producedandsuppliedtointernationallyfamouscustomers,mainly usedinhigh-endvehicledisplayscreens.Inthetwomajorbusinessareasofvehiclemountedmulti-functional3Acoverplateand vehiclemountedTPsensor,theCompanyhasindirectlysuppliedtodomesticandforeignwell-knownautomobilebrandterminal manufacturersthroughdownstreamcustomers.Itisexpectedthatinthesecondhalfof2022,theproductionandsalesvolumewill increase,becominganewgrowthpointoftheCompany. Solarenergyandotherindustries CSGisoneofenterpriseswhichfirstlyenterthefieldofphotovoltaicproductmanufacturinginChina.Aftermorethantenyearsof construction,operationandtechnologicaltransformationandupgrading,CSGhascreatedacompleteindustrialchaincoveringthe operationofhigh-puritycrystallinesiliconmaterials,siliconwafers,cells,modulesandphotovoltaicpowerstations.Thebusiness structureoftheentireindustrychainenablestheCompanytohaveacertainabilitytoresistrisks,besensitivetotheindustry,andbe sectorhasbuiltthreenational-levelscientificresearchandtechnologyplatforms(theNationalDevelopmentandReformCommission recognizedthe"NationalandLocalJointEngineeringLaboratoryforSemiconductorSiliconMaterialPreparationTechnology", "NationalEnterpriseTechnologyCenter"and"CNASAccreditedLaboratory"."),sevenprovincialscientificresearchandtechnology platforms ("Semiconductor Silicon Material Preparation Technology Hubei Engineering Laboratory" and "Hubei Enterprise Technology Center"; the Provincial Department of Science and Technology recognized "Hubei Silicon Material Engineering TechnologyResearchCenter","HubeiProvinceSiliconMaterialEngineeringTechnologyResearchCenter"SemiconductorSilicon Material Technology International Cooperation Base", "Hubei Silicon Material Enterprise-School Joint Innovation Center", "GuangdongSolarPhotovoltaicCellandComponentEngineeringTechnologyResearchCenter","GuangdongEnterpriseTechnology Center"),won7nationalandlocalscienceandtechnologyprogressawards,143patents,including53inventions,21scientificand technologicalachievements,andledorparticipatedintheformulationof23industrialstandards.In2022,theglobalterminalinstallationdemandexceededexpectations,whiletheupstreamhigh-puritycrystallinesiliconmaterial productioncapacitywaslimited,andthesevererealityofinsufficientsupplyranthroughthefirsthalfof2022.YichangCSGsilicon materialsCo.,Ltd.,asubsidiaryofthesolarenergybusinessdepartmentofCSG,fullyimplementedthestrategicdecisionsand deploymentoftheGroup'smanagement,unswervinglyimplementedthetechnicaltransformationandresumptionofhigh-purity crystallinesiliconproductionlinesandthetransformationandupgradingofsiliconwaferbusiness,andachievedgoodeconomic benefits.Atpresent,thesolarenergyindustryreliesonyearsoftechnicalprecipitationandfirst-classindustrialtalentteam.Yichang productionbasehasahigh-puritycrystallinesiliconproductioncapacityof10,000tons/year,siliconwafers2.2GW/year,andingot purificationofmonocrystallinematerials7200tons/year;Dongguanproductionbasehasaproductioncapacityof0.6GW/yearfor cellsand0.6GW/yearformodules;ShenzhenPhotovoltaicowns139MWofphotovoltaicpowerplants.Asapubliclistedcompany withextensivesocialinfluenceandsenseofsocialresponsibility,CSGhasalwaysadheredtotheconceptsofenergyconservation, environmentalprotectionandpeople-oriented,andcontributedtotheconstructionofanenvironment-friendly,resource-savingand sustainablehumanfuture. (II)Overviewofoperationduringthereportperiod Inrecentyears,CSGGrouphasmadeaforward-lookinglayout,firmlypromotedtheadjustmentofbusinessstructureduring development, strengthened the competitive advantage of traditional energy-saving building materials, and accelerated the developmentofnewenergyandnewmaterialindustrysectors.Inthefirsthalfof2022,theCompanyachievedoperatingincomeof RMB6.519billion,ayear-on-yeardecreaseof1.45%;netprofitofRMB1.009billion,ayear-on-yeardecreaseof26.33%;netprofit attributabletoshareholdersofthelistedcompanywasRMB1.001billion,ayear-on-yeardecreaseof25.98%.Glassbusinesssegment: Floatglass:inthefirsthalfof2022,thedomesticdownstreamarchitecturalglassmarketdemandsloweddowninstages,andthe priceoffloatglassfell.Atthesametime,duetofactorssuchasrisingrawandfuelprices,theproductioncostwasincreased,andthe profitabilityoffloatglassfell.Inthefaceofthesevereexternalenvironment,thecompanyfirmlyfollowsthehigh-enddifferentiated productline:expandingtheproductioncapacityofultra-clearglass,furtherincreasingtheproductionandsales,creatingaseriesof high-endbrandsofCSGultra-clear"BlueDiamond",andbecomingaleaderintheindustrysegment;Theproportionofhigh value-addeddifferentiatedproductscontinuedtoincrease,maintainingaleadingpositioninthemarketsegmentofhigh-gradefloat glass.Coordinatingandorganizingtheprocurementofstrategicreservesofbulkrawmaterialstoeffectivelyhedgethepressureof risingprocurementcosts;establishingamineralresourcesmanagementcentertocoordinatetheimplementationofthestrategictask ofexpandingmineralresourcesreserves;strengtheningtheleancontroloftheentireproductionprocess,andcontinuetoreducecosts andincreaseefficiency.Inthefirsthalfof2022,therevenueofthefloatglassbusinessdecreasedby20.66%comparedwiththesame periodofthepreviousyear,andthenetprofitdecreasedby64.34%. Photovoltaicglass:continuetomaintaintheindustry-leadingproductioncapacity,qualityandcomprehensivemanufacturingyieldof growthofdomesticandoverseasdemandforphotovoltaicmodulesformedanincrementaldemandforphotovoltaicglass,andthe priceofphotovoltaicglassrosetoacertainextent.However,duetothecentralizedinvestmentofnewcapacity,thereweresignsof supplyanddemandmismatchintheshortterm.TheCompanyisfirmly optimisticaboutthelong-term developmentof the photovoltaicnewenergyindustry,acceleratingtheconstructionofnewphotovoltaicglassprojectsinFengyangandXianning,andat thesametime,steppinguptheupgradingandtransformationofexistingproductionlinestobettermeettheneedsofcustomersand futuremarketcompetition.Theexpansionofphotovoltaicglassproductioncapacitywillgreatlyenhancethemarketcompetitiveness oftheCompany'sphotovoltaicglass.Inordertoadapttochangesinbusinessscale,theCompanyhasestablishedaphotovoltaicglass marketing center to coordinate the Group's photovoltaic glass marketing business and effectively improve the Company's managementefficiency.Inthefirsthalfof2022,duetotheupgradingandtransformationofthephotovoltaicglassproductionlineof DongguanCompany,thebusinessincomeandprofitlevelofthephotovoltaicglasssegmentdecreasedcomparedwiththesame periodofthepreviousyear,ofwhichtheincomedecreasedby43.66%andthenetprofitdecreasedby101.18%.Architecturalglass:isthegoldenbrandofCSG,andithasformedquality,serviceandcontinuousR&Dcapabilitiesthatmatchthe brand.FocusingontheCountry'simprovementofbuildingenergy-savingstandardsandhigh-risebuildingsafetystandards,it strengthensbrandbuildingandadherestothecustomizedbusinessstrategyoftrinityoftechnicalservice,marketingandR&Dand manufacturing,tomeetthepersonalizedneedsofdomesticandforeigncustomersandconstructionprojects.Themarketshareinthe domestichigh-endconstructionmarketcontinuestorise,andthemarketscaleandprofitabilityinthefieldofdeepprocessinginthe sameindustrymaintainaleadingposition.Affectedbythespreadofthedomesticepidemicinthefirsthalfof2022,thepressureon salesanddeliveryincreasedyear-on-year,andthepressureondomesticrealestatecompaniestocollectfinancingincreased.Inorder toreduceoperationalrisks,theCompanygraduallyincreasedriskmanagementandcontrolrequirements,andtheyear-on-year increaseinoperatingincomewaslimited.However,byrefiningthemarketlayout,theCompanycontinuedtoincreasethesigningof high-qualityprojects,theordercompoundingdegreeandtheproportionoftriple-silverproductsincreasedsignificantlyyear-on-year, whileincreasingtheproportionofhigh-qualitysmallandmedium-sizedorderssuchasshort-flat-fastorders,etc.,andincreased cooperationinlivelihoodsecurityprojects.Continueto"ReduceCostsandIncreaseEfficiency"andrefineoperations,relyingonthe advantagesoftheGroup'sindustrialchain,operatingprofitmaintainsasteadygrowthtrend.Focusingonthefuture,theCompany seizesthehistoricopportunityofspeedingupgreenbuildingconstruction,acceleratestheconstructionofnewbases,improvesthe automationandinformatizationlevelofproductionlines,continuouslyimprovesequipmentproductionefficiency,andtakesthelead infutureindustrycompetition.Atpresent,theproductioncapacityofZhaoqingBaseandTianjinExpansionProjectisgradually beingreleased;WujiangArchitecturalGlassIntelligentFactoryandXianningArchitecturalProductionLineReconstructionand ExpansionProjectarebeingimplementedasplannedandareexpectedtobebasicallycompletedin2022.TheconstructionofHefei energy-savingglassintelligentmanufacturingindustrybaseandXi'anbasehasbeenstartedandisexpectedtobeputintousein2023. Withthegradualcompletionandlaunchofnewproductioncapacity,theproductservicecapabilityandmarketsharewillcontinueto increase,andthegoldensignboardofCSGarchitecturalglasswillbecomebrighterandbrighter.Inthefirsthalfof2022,thebusiness revenueoftheengineeringglasssegmentincreasedby1.11%comparedwiththesameperiodofthepreviousyear,andthenetprofit increasedby216.17%. Electronicglassanddisplaybusinesssegment Focusingonincreasinginvestmentinresearchanddevelopment,breakingthroughhigh-endmarketbarrierswithindependent intellectualpropertyrightsandindependentinnovation,andfirmlyfollowingthedevelopmentrouteofproductupgrades and iterationstoaccelerateimportsubstitution,electronicglasshasbecomeanotherchampionbusinessofCSG.Inthefirsthalfof2022, theCompany'shighaluminumsecondgeneration(KK6-P)lithiumaluminosilicateelectronicglassproductscontinuedtoexpandthe marketofnewcustomers,andsuccessfullyequippedOLEDscreenstoachieveabreakthroughinhigh-endscreenapplications, markingthatCSG'selectronicglassbusinesshasfirmlyestablishedthesupplychainsystemofdomestichigh-endcustomers.Atthe sametime,theCompanycontinuedtopromoteproducttechnologyupgrading,developednewproductsforwindowglassofnew energyvehicles,andsuccessfullypassedcustomercertification.Itisexpectedtoachievemassproductionandshipmentinthesecond thethirdgenerationofhigh-aluminum,andachievedgoodresultsinend-customerverification.Inaddition,QingyuanCSGPhaseII "OneKilnandTwoLines"project,whichwastransferredtocommercialoperationattheendof2020,isoperatingwell,enhancing theoverallprofitabilityofelectronicglass,andfurtherconsolidatingandstrengtheningCSG'scompetitiveadvantageinthedomestic electronicglassfield.Inthefirsthalfof2022,duetotheimpactofthe"Epidemic"andthegeneraleconomicenvironment,the terminalmarketdemandshrank,resultinginadeclineintheperformanceoftheCompany'selectricdisplaysegment.Inthefirsthalf of2022,theElectricDisplaysegmentachievedarevenueofRMB810million,ayear-on-yeardecreaseof8.06%,andanetprofitof RMB112million,ayear-on-yeardecreaseof50.15%. Solarandotherbusinesssegments Themacrobackgroundoftheglobalconsensuson"GreenDevelopment"andthetimetableofthedomesticdouble-carbontarget jointlypromotethephotovoltaicindustrytoenteranewhigh-speeddevelopmentperiodaftercomprehensivelyusheringinthe affordable Internet access. On the basis of objective analysis of its own industrial advantages and disadvantages, overall considerationofthemarketenvironment,industrialdevelopmenttrendandtheGroup'soverallindustrialdevelopmentplan,the Companyplanstoimplementtheprojectof50,000tonhigh-puritycrystallinesiliconinHaixiPrefecture,QinghaiProvince,to furtherexpandthesolarenergybusinessandenhancetheGroup'soverallcompetitiveness.Atpresent,theCompany'shigh-purity crystallinesiliconadoptstwopathsofstrategiccooperationwithdownstreamcooperatorsintheindustrychain,signinglong-term ordersandflexiblesalestoreduceoperatingrisksandensurestableandsustainablebusinessdevelopment.Continuouslyoptimizing theprocessinproductiontocontinuouslyreducecostandincreaseefficiency.Forexample,thedifferentialpressurecoupling technologyoffourdistillationcolumnsreducestheunitconsumptionofsteambymorethan20%;theprocessimprovementand controltechnologyoptimizationofthecomprehensiveutilizationofmaterialshaveincreasedthechlorosilanerecoveryratebymore than38%,andgreatlyreducedthealkaliconsumptionandwasteresiduedischarge.Aftertheresumptionofproduction,witha combinationoftechnicalmeasuresandproductionmanagementupgrades,theproductioncapacitybrokearecordhigh,ofwhichthe thirdlevelofnationalstandardelectronicsaccountedfornearly95%,whilethesiliconunitconsumption,comprehensiveelectricity unitconsumption,andsteamunitconsumptionallhitrecordlows.Aftertheresumptionofproduction,high-puritycrystallinesilicon quickly entered the first-tier manufacturers in the industry, such as Trina, Jinko, Canadian Solar, Gaojing, and Shuangliang ECO-Energy,relyingonproductqualityandmarketreputation.Theelectronicgradehigh-puritycrystallinesiliconcompactmaterial hasmettherequirementsofN-typebatterycustomers,andthemarketcompetitivenessisprominent,whichbringsgreatconfidenceto theconstructionoftheprojectofQinghai50,000-tonhigh-puritycrystallinesilicon.Atpresent,theprojectofQinghai50,000-ton high-purity crystalline silicon has completed site selection analysis, technical plan, organization capacity, schedule planning, investmentestimation,financialevaluation,etc.Afterseveralroundsofdiscussions,thetop-leveldesignhasbeenpreliminarily completed. Inthesiliconwaferbusiness,onthebasisofconsolidatingthecustomerbaseofpolycrystallinesiliconwaferproducts,itadopts diversified operations, actively transforms themainstream market with themonocrystalline route, makes full use ofits own advantages,andenhancestheabilityofassetcreation.Inthefirsthalfof2022,theprofitabilityofthewaferbusinessimproved significantly,whichbenefitedfromthesuccessfulcaptureoftheIndianmarketbypolycrystallinesiliconwaferproducts,the transformationofmonocrystallinewafersandpreliminaryresultsachievedbyingotpurificationsinglecrystalmaterials,among which,inthefirsthalfof2022,atotalof10.82millionmonocrystallinesiliconwafersweresold,and802tonsofingotrefining singlecrystalmaterialswereused.Thetransformationofsiliconwafertosinglecrystalisinlinewiththelong-termdevelopment strategyoftheCompany.Intermsofmarketstrategy,monocrystallinesiliconwafershavesuccessfullyenteredtheTOP5battery manufacturers(Aixu,Jietai,Jinko,etc.).Themodulebusinesshascompletedtheconstructionofa500MWhigh-power,large-size moduleproductionlineandhasbeenputintoproductionsmoothly,greatlyimprovingtheabilitytoobtainorders.Thepowerstation businessadded7.2MWtothegridinthefirsthalfof2022,withatotalof139MWofphotovoltaicpowerstations.Inthefirsthalfof2022,theCompany'ssolarandotherbusinessrevenuetotaledRMB1.434billion,ayear-on-yearincreaseof 225.49%,anditsnetprofitwasRMB282million,asignificantyear-on-yearincrease.II.CoreCompetitivenessAnalysis CSG,oneofthemostcompetitiveandinfluentiallarge-scaleenterprisesinChina'sglassindustryandnewenergyindustry,is committedtothedevelopmentofenergyconservationrenewable,andnewmaterialindustry.Afternearly40yearsofdevelopment andaccumulation,theCompanyhasgraduallyformedacomprehensivecompetitiveadvantageintermsofproductsandbrands, technologyresearchanddevelopment,industrialchainandlayout,talentteam,andgreendevelopment.1.Productandbrandadvantages "CSG"isafamousbrandofdomesticenergy-savingglass,ultra-thinelectronicglass,displayandsolarphotovoltaicproducts.Its productsandtechnologyarewell-knownathomeandabroad.Thetrademarks"南玻"and"SG"heldbytheCompanyareboth"FamousTrademarkofChina".TheCompanyhasbeenlistedinthe"Top50BuildingMaterialsEnterprisesinChina","Top100 IndustryLeadersinShenzhen"and"PreferredBrandofArchitecturalGlass"inDoorandWindowCurtainWallIndustryformany years.In2018,"CSG"brandwasrecognizedbytheUnitedNationsIndustrialDevelopmentOrganizationasthefourthbatchof "International Reputation Brand". CSG’s low-E coated glass and ultra-thin electronicglass were awarded the titleof Single ChampionProductbytheMinistryofIndustryandInformationTechnology,anditistheonlymanufacturerinthedomesticglass industrythathastwosinglechampionproductsatthesametime. 2.Technologyresearchanddevelopmentadvantage TheCompanyhasalwaysattachedimportancetotechnologyresearchanddevelopmentsinceitsestablishment,andhastaken independentR&DasitsfoundationbywhichleadingthedevelopmentofChina'sglassindustry.AsofJune30,2022,theCompany hashadatotalof19nationalhigh-techEnterprises,2national-levelmanufacturingsinglechampionproducts,1national-level engineering laboratory, 1 national-level enterprise technology center, 3 national intellectual property advantage enterprises, 5 national-levelspecializedandsophisticatedenterprises,1NationalScienceandTechnologyProgressAward,2provincial-level academician workstations, 1 provincial-level doctoral workstation, 12 provincial-level enterprise technology centers, 6 provincial-level engineering technology research centers, 4 provincial-level intellectual property demonstration construction enterprises,6provincial-levelspecializedandsophisticatedenterprises,7provincial-levelscienceandtechnologylittlegiants,1 provincial-levelgovernmentqualityaward,9provincial-levelscientificandtechnologicalprogressawards,3provincial-levelpatent awards.AsofJune30,2022,theCompanyhadappliedforatotalof2,470patents,including993inventions,1,468utilitymodel patents,and9designs.TheCompanyhadbeenaccumulativelyauthorized1,811,including337inventions,1,465utilitymodels,and 9designs. 3.Industrialchainandlayoutadvantages TheCompanyhasthreecompleteindustrialchainsofenergy-savingglass,electronicglassanddisplay,andsolarphotovoltaic.With thecontinuousimprovementofthetechnologicallevelofeachlinkoftheindustrialchain,theindustrialadvantageisobvious.Atthe sametime,theCompanypossessesacompleteindustrylayout.ThesixmajorproductionbasesarelocatedinthePearlRiverDeltain SouthChina,theYangtzeRiverDeltainEastChina,theChengdu-ChongqingregioninSouthwestChina,Beijing-Tianjin-Hebei（未完）  |