[中报]南 玻Ｂ(200012):2023年半年度报告（英文版）
原标题:南 玻Ｂ:2023年半年度报告（英文版） CHENLIN August2023 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. WangWenxin, 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 indetailinthisreport. PleaserefertoSectionIII.ManagementDiscussionandAnalysis. TheCompanyisrequiredtocomplywiththedisclosurerequirementsof"NonmetallicBuildingMaterials Related Business" in the "Self regulatory Guidelines for Listed Companies on theShenzhenStockExchangeNo.3-IndustryInformationDisclosure(Revisedin2023)".TheCompanyhasnoplansofcashdividenddistribution,bonussharesbeingsentorconvertingcapitalreserveintosharecapital. ThisreportispreparedbothinChineseandEnglish.ShouldtherebeanyinconsistencybetweentheChineseandEnglishversions,theChineseversionshallprevail. Content SectionI.ImportantNotice,ContentandParaphrase.........................................................................1 SectionII.CompanyProfile&FinancialHighlights..........................................................................5 SectionIII.ManagementDiscussionandAnalysis.............................................................................8 SectionIV.CorporateGovernance......................................................................................................28 SectionV.EnvironmentandSocialResponsibility.............................................................................30 SectionVI.ImportantEvents..............................................................................................................37 SectionVII.ChangesinSharesandParticularsaboutShareholders..................................................54 SectionVIII.PreferredShares............................................................................................................59 SectionIX.Bonds...............................................................................................................................59 SectionX.FinancialReport................................................................................................................60 DocumentsavailableforReference I.TextofthefinancialreportcarryingthesignaturesandsealsofthepersoninchargeoftheCompany,theresponsiblepersoninchargeofaccountingandtheprincipalofthefinancialdepartment(accountingofficer). II.AlltextsoftheCompany’sdocumentsandoriginalpublicnoticesdisclosedinthepapersappointedbyCSRCinthereportperiod. Paraphrase
I.CompanyProfile
1.Wayofcontact Whetherregisteredaddress,officeaddressandtheirpostalcodes,websiteaddressandemailaddressoftheCompanychangedin thereportperiodornot □Applicable √Notapplicable Theregisteredaddress,officeaddressandtheirpostalcodes,websiteaddressandemailaddressoftheCompanydidnotchangein thereportperiod.MoredetailscanbefoundinAnnualReport2022. 2.Informationdisclosureandpreparationplace Whetherinformationdisclosureandpreparationplacechangedinthereportperiodornot□Applicable √Notapplicable ThenewspapersdesignatedbytheCompanyforinformationdisclosure,thewebsitedesignatedbyCSRCfordisclosingsemi- annualreportandpreparationplaceofsemi-annualreportdidnotchangeinthereportperiod.MoredetailscanbefoundinAnnual Report2022. 3.Otherrelevantinformation □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.ManagementDiscussionandAnalysis I.MainbusinessoftheCompanyduringthereportperiod (I)MainbusinessoftheCompany CSGisaleadingdomesticbrandofenergy-savingglassandarenownedbrandofsolarPVproductsanddisplaydevices.Its productsandtechnologiesarewell-knownathomeandabroad.ItsmainbusinessincludesR&D,manufacturingandsalesofhigh- qualityphotovoltaicglass,architecturalglass,floatglass,newmaterialsandinformationdisplayproductssuchasultra-thin electronicglassanddisplaydevices,aswellasrenewableenergyproductssuchassiliconmaterials,photovoltaiccellsand modules,anditprovidesone-stopservicesforphotovoltaicpowerstationprojectdevelopment,construction,operationand maintenance,etc. Photovoltaicglassbusiness Inthefieldofphotovoltaicglass,CSGhastakentheleadinenteringthefieldofphotovoltaicglassmanufacturinginChinasince 2005.Basedonindependentresearchanddevelopment,theCompanyhasformedafullclosed-loopproductioncapacityfrom photovoltaicglassoriginalsheetproductiontodeepprocessing.AsatJune2023,theCompanyhassevenphotovoltaicrolledglass kilnsandcomplementaryphotovoltaicglassdeepprocessingproductionlinesinDongguan,Wujiang,FengyangandXianning, withanannualoutputofabout2.72milliontonsofphotovoltaicrolledglassoriginalsheets,anditsproductscoverdeep- processingproductswithavarietyofthicknessesof1.6-4mm.Theaccumulationofmorethantenyearsofphotovoltaicglass productionexperiencehasenabledCSGtoaccumulateasolidfoundationinkeyequipmentandtechnologiessuchaskilns, calendering,anddeepprocessing.Theseaccumulatedtechnologiesandexperiencehavebeenreleasedinthisroundofthe Company’sphotovoltaicglassproductioncapacityenhancement. TheCompanyisfirmlyoptimisticaboutthelong-termdevelopmentofthephotovoltaicnewenergyindustry,seizesthegolden opportunityofindustrialdevelopment,aimsatthefirstechelonoftheindustry,andmakesupfortheshortcomingsoftheGroup’s photovoltaicglassbusinessproductioncapacityandlarge-scalelayout.ItsFengyangNo.4kilnhasbeensuccessfullyignitedin May2023;anditisbuilding,inanorderlymannerasplanned,twophotovoltaicglassproductionkilnsandcomplementary processinglinesinBeihai,eachwithadailymeltingcapacityof1,200tons.AsatJune2023,theproductioncapacityscaleofthe Companyhadsuccessfullyrankedamongthetopintheindustry.Underthebackgroundofcarbonpeakingandcarbonneutrality, thephotovoltaicglassbusinesswillbecomethenewchampionbusinessofCSG.Drivenbythedecreasingcostofphotovoltaicpowergenerationandtherecoveryofgreeneconomyacrosstheworld,among others,theglobalnewinstalledphotovoltaiccapacitywillcontinuetogrowrapidly.However,thefastramp-upofphotovoltaic glassproductionisputtingsuppliersundergreatpressure,withstrongdemand,increasedproduction,highproductioncostsand lowsellingpricesinthenearterm.Withtherapiddevelopmentoftheglobalmarketandtheoptimizationandadjustmentofthe domesticindustrialstructure,theindustrywillreturntothetrackofhealthydevelopment.Architecturalglassbusiness Asoneofthelargesthigh-endbuildingenergy-savingglasssuppliersinChina,CSGintegratesR&Danddesign,technical consulting,productionandmanufacturing,andmarketingandserviceinthearchitecturalglassbusiness.Italwaysaimsto“build greenenergy-savingproductsandcreatequalitylife”andformsaCSGbrandimagewithquality,serviceandcontinuousR&Das itscorecompetitiveness,whichisstronglycompetitiveinforeignmarketsaswell.Currently,theCompanyhassixdeepprocessingbasesofenergy-savingglassinTianjin,Dongguan,Xianning,Wujiang,Chengdu andZhaoqing.Uptonow,theCompanyhasformedanannualproductioncapacityofover20millionsquaremetersforcoated insulatingglassandover60millionsquaremetersforcoatedglass.Additionally,anewenergy-savingglassproductionbaseis beingbuiltinXi’an.Asthenewbasesarecompletedandputintoproductionstepbystepandtheexpansioncapacityofexisting basesisgraduallyreleasedinthefuture,theproductdiversificationandcapacityscaleofcoatedinsulatingglassandcoatedglass willseecontinuousandsteadygrowth,whichwillserveasanadequateguaranteeforthecomprehensiveandsteadyimprovement ofproductcompetitiveness,marketshareandservice. CSG’sarchitecturalglassbusinessadherestothecustomizedbusinessstrategyoftrinityoftechnicalservice,marketing,R&Dand manufacturing,relyingonitsownmanufacturingandR&Dstrength,aswellasthemarketingandservicenetworkformedby domesticandoverseasoffices,tomeetthepersonalizedneedsofdomesticandforeigncustomersandconstructionprojects.In 2017,CSG’slow-EcoatedglasswasawardedthetitleofSingleChampionProductbytheMinistryofIndustryandInformation Technology,anditpassedthereviewagainin2020,whichfullyprovestheleadingpositionofCSG’sarchitecturalglassinthe industry.TheCompanyhastheworld’sleadingglassdeepprocessingequipmentandtestingequipment,anditsproductscoverall kindsofarchitecturalandconstructionglass.TheR&DandapplicationleveloftheCompany’scoatingtechnologykeepspace withtheworld,anditshigh-endproducttechnologyisinternationallyleading.Followingthedoublesilvercoatedglassproducts, theCompanyhassuccessivelydeveloped“IceKirin”high-performanceenergy-savingglassandmulti-functionenergy-saving glassproductsfeaturingfurtherimprovedsunshadeandheatinsulationperformanceandenergy-savingcontribution.Alldeep processingbasesoftheCompanyareabletoproduceandprocess“IceKirin”high-performanceenergy-savingglass.Underthe backgroundofthe“dualcarbon”goalsandthenationalgreenandenergy-savingbuildingrequirements,themarketdemandfor “IceKirin”glasshasfurtherexpanded.AfteryearsofmarkettestingandrelyingontheCompany’sadvancedcoatingtechnology, itshighperformanceandstabilityhavebeenwellreceivedbythemarket,CSG’s“IceKirin”productshavebecomeabenchmark inthedomesticmarket,andhigh-quality,energy-saving,environmentallyfriendlyLOW-Einsulatingglasscontinuestoleadthe domestichigh-endmarketshare.TheCompanyhasalwaysadheredtotheintelligenttransformationanddigitaltransformationas thekeyincrementofthedevelopmentofarchitecturalglassbusiness.Ithascontinuouslyinvestedandaccumulatedrichexperience in the research of production automation, intellectualization, information technology and equipment, and the efficiency improvementofintelligentupgradingandtransformationoftraditionalequipment.Withtechnologicalprogressandprocess optimization,theCompanyhasreducedproductionmanpowerconsumption,materialconsumptionandenergyconsumption, actively promoting the Company’s transformation and upgrading to achieve intensive manufacturing and high-quality development. The Company’s quality management system for engineering and architectural glass has been respectively approved by organizationsofUKAOQCandAustraliaQAS.TheproductqualitywhichmeetsthenationalstandardsoftheUS,theUKand AustraliaenablesCSGhasanadvantageintheinternationaltenderingandbidding.Since1988,CSG’sengineersandtechnicians havebeencontinuouslyparticipatingintheformulationandcompilationofvariousnationalstandardsandindustrystandards.All kindsofhigh-qualityengineeringarchitecturalglassprovidedbytheCompanyarewidelyusedinlandmarkbuildingssuchas majorcityCBDsandtransportationhubsathomeandabroad,whicharetoonumeroustomention.Withsafe,energy-savingand high-endquality,CSGglassisshortlistedforseverallandmarkprojects,includingsomerepresentativeprojectssuchasthe Phase III, Diangu Finance Centre, Shenzhen·China Merchants Bank Headquarters Plaza (North Tower), and Guangzhou KnowledgeTownIndustrialAggregationCentre,aswellassomeearlyprojectsusingCSGproducts(BeijingCapitalInternational Airport,BeijingDaxingInternationalAirport,ChinaNationalConventionCentreandthecapitalCBDarea).Asthe“14thFive-YearPlan”hasproposedhigherrequirementsforbuildingenergyconservation,CSGactivelyrespondedtothe requirementsofthepolicyonbuildingenergyconservationandbuildingemissionreductionbytakingtheleadintheR&Dof energy-savingproducts.Aseriesofenergy-savingproductsthatcouldmeethigherstandardsforenergyconservationwere developed,suchasthe“IceKirin”glassseriesandthethermalinsulationproducts.TheCompanyalsoactivelyparticipatedinthe formulationandrevisionofaseriesofindustryorgroupstandardstopromotetheadvancementoftheconstructionindustrytoward the“dualcarbon”goals.ThedevelopmentandproductionoftheCompany’s“IceKirin”glassseriesisaninnovativeandworld- leadingundertaking,whichisofgreatsignificancetothefacilitationofbuildingenergyconservationandtheachievementofthe “dualcarbon”goals.AsthenationalstandardGeneralCodeforEnergyConservationandRenewableEnergyApplicationin Buildings(GB55015-2021)releasedbytheMinistryofHousingandUrban-RuralDevelopmentstipulatesthattheaveragedesign levelofenergyconsumptioninnewlyconstructedresidentialbuildingsandpublicbuildingsshallbefurtherreducedby30%and 20%respectively,andtherequirementsfortheheattransfercoefficientofenergy-savingglassshallbefurtherenhanced,the applicationsoflow-EcoatedglassareexpectedtodrawmoreattentionandbroadermarketdemandforCSG’s“IceKirin”glassis expectedtobeseen.Inordertoreducecarbonemissionsofbuildings,CSGhasdevelopedaseriesofenergy-savingproducts, buildingheatinsulationproductsandBIPVproductswithhigherenergyefficiency.Morethan20%ofthearchitecturalglass businesscomesfromitsnewproductsperyear.Inordertomeetthemarketdemandforproductinnovation,CSGwillcontinueto conductinnovation,soastoprovideproductswithhigherenergyefficiencyforthemarket.Floatglassbusiness Inthefieldoffloatglass,CSGhas10advancedfloatglassproductionlinesinDongguan,Chengdu,Langfang,Wujiangand Xianning.AsonefloatglassproductionlineinXianningwashaltedforupgradingandtransformationinthefirsthalfof2023, therearenineproductionlinesinoperationasatJune2023.Itsproductsthatcoverhigh-qualityfloatglassandultra-whitefloat glasswithvariousthicknessesandspecificationsof1.6-25mmaretrustedbycustomersbecauseoftheirquality.CSGfloatglass productsareallhigh-endproductsthatcanbedirectlyusedfordownstreamdeepprocessing,andtheproportionofdifferentiated glassproductswithspecialspecificationsandspecialapplicationscenariossuchasultra-white,ultra-thin,andultra-thickislarge, whicharewidelyusedinhigh-endbuildingcurtainwalls,decorationandfurniture,mirrors,carwindshields,scannersandcopiers, home appliancepanels, display protectionand other application fields with high requirements onglass quality. CSG has establishedlong-termandstablebusinesscooperationwithmanywell-knownprocessingenterprises.Theprofitlevelofthefloatglassbusinessisgenerallypositivelycorrelatedwiththelevelofrealestatenewconstructionand completiondata,andisalsoaffectedbymultiplefactorssuchascurrentenergyandrawmaterialprices,productstructure,and enterprisemanagementlevel.Differentiatedglassproductshavehigheraddedvalueduetospecificapplicationscenarios,higher productionprocessdifficulties,stabledemand,andrelativelyproactivepricingbymanufacturers.Tocopewiththedownward pressureofthemarket,theCompanyfocusesonimprovingmanagementefficiency,improvingthelevelofleanproductionof conventional products, firmly implementing the differentiated competition strategy, carefully cultivating and developing differentiatedproductmarkets,andcontinuouslyincreasingtheproportionofhigh-value-addedproductsales,suchasultra-white products,soastocontinuouslyconsolidateandenhancetheindustrycompetitivenessoftheCompany’sfloatglassbusiness. Inthefirsthalfof2023,propertyconstructionstartsdroppedsignificantlycomparedwiththesameperiodinlastyear,the domesticarchitecturalglassmarketdemandcontinuedtoslowdown,originalsheetproducerssawadecliningcurrentperiod inventoryratio,andthepricesoffloatglassremainedatlowlevels.Meanwhile,affectedbytheRussia-Ukraineconflict,inflation andotherfactors,thepricesofrawmaterialsandfuelswereathighlevels,andtheprofitleveloffloatglassregisteredadrop comparedwiththesameperiodinthepreviousyear.However,underthemacrobackgroundof“SteadyGrowth”ofthenational economyandtherealizationof“dualcarbon”goals,customersinthedownstreammarketarepursuinghigher-qualityproducts, andthedemandfordifferentiatedproductsandenergy-savingproductsremainsstable.Electronicglassanddisplaybusiness Aftermorethanadecadeofhardwork,CSG’selectronicglassbusinesshasalwaysfocusedonincreasinginvestmentinR&D, breakingthroughhigh-endmarketbarrierswithindependentintellectualpropertyrightsandindependentinnovation,andfirmly followingthedevelopmentrouteofproductupgradesanditerationstoaccelerateimportsubstitution.In2023,theCompany’s electronicglassbusinesscontinuedtodevelopinasteadymanner.Itsfoursubsidiaries,HebeiPanel,YichangPhotoelectric, QingyuanNewEnergy-SavingMaterialsandXianningPhotoelectric,continuedtoactivelyimplementfurthermarketexpansion andproductupgradingintheapplicationfieldsofintelligentelectronicterminals,touchcomponents,vehiclewindowglass, vehicle-mounteddisplay,industrialcontrolandcommercialdisplay,andsmarthome.Therefore,themarketshareandbrand influenceoftheCompany’smedium-aluminaandhigh-aluminaelectronicglassproductswereimprovedsteadily.Richproduct structure,reliabledeliveryguaranteeandstrongtechnicalinnovationhelptheCompany’selectronicglassbusinessmaintainits dominantpositioninthefiercemarketcompetition.Inthefirsthalfof2023,theCompany’shighaluminiumsecondgeneration (KK6-P)lithiumaluminosilicateelectronicglassproductswereputinmassproductionanddeliveredtonewcustomers,marking thatCSG’selectronicglassbusinesshasfirmlyestablishedthesupplychainsystemofdomestichigh-endcustomers.Atthesame time, the Company continued to promote product technology upgrading. Continual efforts were made to strengthen the developmentofnewtechnologiesandproducts,suchasnewhigh-aluminiumglassproducts,soastoenhancecustomers’ recognitionoftheCSGbrand.Inaddition,theQingyuanCSGPhaseII“OneKilnandTwoLines”projectisoperatingwellwith moreandmorenewapplicationmarkets,whichhasenhancedtheoverallprofitabilityofelectronicglassandfurtherconsolidated andstrengthenedCSG’scompetitivestrengthinthedomesticelectronicglassfield.Theultra-thinelectronicglassproductionline withadailymeltingcapacityof110tonsinvestedbyHebeiPanelGlasshasenteredthepre-commercialisationstage,andthe complementaryR&Dcentrehasbeenputintouse.Atpresent,CSGelectronicglasshasfullycoveredelectronicglassproductsin high,mediumandlow-endapplicationscenariosandformedamoresolidmarketcompetitionfoundation.CSGhaslongbeen committedtobecomingtheindustry’sleadingelectronicglassmaterialsolutionprovider,anditwillcontinuetodevelopglass- basedprotectivematerialswithhigherstrengthandcompetitivenessinthefieldoftouchdisplay,develophuman-computer interactioninterfacematerialsmeetingtherequirementsofmaterialinterconnectioninthefieldsofsmarthome,vehicledisplay andadvancedmedical,anddeveloprevolutionaryalternativematerialsinthefieldsofnew-energyvehiclesandsecurity. Inthetouchdisplayfield,CSGhasformedacompletetouchindustrychainfromvacuummagnetronsputteringcoating,3A(AG, AR,andAF)coverplateprocessingandfinepatternlithographyprocessing,totouchdisplaymodules.Themainbusinessincludes opticalcoatingmaterials,vehicle-mounted3Acoverplatesandvehicle-mountedtouchpanels.Amongthem,theopticalcoating materialsegmentincludesthetwobusinesstypesofITOconductiveglassandITOconductivefilm,andtheproductsare positionedatmiddleandhigh-endcustomersathomeandabroadandareconcentratedindifferentiatedhigh-value-addedones. TheCompanycontinuedwiththedevelopmentofnewproductsinnewapplicationfieldsinthefirsthalfof2023.Currently, severalproductsareinthestageofsmall-batchproduction. Solarenergyandotherbusinesses CSGisoneoftheenterprisesthatfirstlyenterthefieldofphotovoltaicproductmanufacturinginChina.Aftermorethantenyears ofconstruction,operation,technologicaltransformationandupgrading,CSGhascreatedacompleteindustrialchaincoveringthe investmentandoperationofhigh-puritycrystallinesiliconmaterials,siliconwafers,cells,modulesandphotovoltaicpowerstations. ThebusinessstructureoftheentireindustrychainenablestheCompanytohaveacertainabilitytoresistrisks,besensitivetothe industry,andbeabletorespondquicklytomarketchangesintheindustry.Afteryearsoftechnologicalaccumulationinthe photovoltaicsector,CSGhasbuiltthreenational-levelscientificresearchandtechnologyplatforms(the“NationalandLocalJoint EngineeringLaboratoryforSemiconductorSiliconMaterialPreparationTechnology”recognizedbytheNationalDevelopment andReformCommission,“NationalEnterpriseTechnologyCentre”and“CNASAccreditedLaboratory”,sevenprovincial-level scientificresearchandtechnologyplatforms(“HubeiSemiconductorSiliconPreparationTechnologyProjectLaboratory”and “HubeiEnterpriseTechnologyCentre”recognizedbytheProvincialDevelopmentandReformCommission;“HubeiSilicon MaterialEngineeringTechnologyResearchCentre”recognizedbytheProvincialDepartmentofScienceandTechnology,“Hubei SemiconductorSiliconMaterialTechnologyInternationalCooperationBase”,“HubeiSiliconMaterialEnterprise-SchoolJoint Innovation Centre”, “Guangdong Solar Photovoltaic Cell and Component Engineering Technology Research Centre” and “GuangdongEnterpriseTechnologyCentre”). Inthefirsthalfof2023,therapidreleaseoftheproductioncapacityoftheupstreamhigh-puritycrystallinesiliconledtoadecline inprices.YichangCSGPolysiliconCo.,Ltd.,asubsidiaryoftheSolarEnergyBusinessDepartmentofCSG,fullyimplemented thestrategicdecisionsandarrangementsoftheGroup’smanagement,unswervinglycarriedout“technicaltransformation,quality improvement,costreductionandefficiencyenhancementforhigh-puritycrystallinesiliconproductionlines;andthesiliconwafer businesswasswiftlyupgradedto182mono-crystallinewaferstocatertothemainstreammarkets,whichhasresultedingood economicbenefits.Asapubliclistedcompanywithextensivesocialinfluenceandsenseofsocialresponsibility,CSGhasalways adheredtotheconceptsofenergyconservation,environmentalprotectionandpeople-oriented,andcontributedtotheconstruction ofanenvironment-friendly,resource-savingandsustainablehumanfuture.(II)Overviewofoperationduringthereportperiod Inrecentyears,CSGhasmadeaforward-lookinglayout,firmlypromotedtheadjustmentofitsbusinessstructureduring development,strengtheneditscompetitiveadvantageintraditionalenergy-savingconstructionmaterials,furtheradjustedits productstructure,increasedthepercentageofdifferentiatedproducts,andacceleratedthedevelopmentofitsnewenergyandnew materialindustrialsectors.Inthefirsthalfof2023,theCompany’soperatingrevenuetotalledRMB8.389billion,increasingby 29%year-on-year;itsnetprofitreachedRMB0.882billion,decreasingby13%year-on-year;andthenetprofitattributableto shareholdersofthelistedcompanywasRMB0.889billion,decreasingby11%year-on-year.Tobespecific,inthefirsthalfof 2023,theCompany’soperatingrevenueandnetprofitintheglassbusiness(photovoltaicglass,architecturalglassandfloatglass) totalledRMB6.335billionandRMB0.48billion,respectively;itsoperatingrevenueandnetprofitintheelectronicglassand displaybusinessstoodatRMB0.72billionandRMB15million,respectively;anditssolarenergyandotherbusinessesrecorded operatingrevenueandanetprofitofRMB1.585billionandRMB0.356billion,respectively.Glassbusinesssegment Photovoltaic glass: Given the rapidly increasing photovoltaic demand, the Company makes plans for photovoltaic glass productionlinesbasedonlocalneedstoprovidehigh-quality,high-performancephotovoltaicglassproducts.Forinstance,the Companyremainsanindustryleaderintermsofproductioncapacity,qualityandcomprehensivemanufacturingyieldofultra-thin photovoltaicglassproductsbelow2mm;andprovidinghigh-qualityencapsulationmaterialsforthepromotionoflightweight double-glassphotovoltaicmodules,ithasbecomeanimportantandevenstrategicsuppliertoleadingglobalmodulecompanies.In the face of the industry’s rapid technological upgrading, the Company quickly adapts to market needs and strengthens technologicalinnovation.Anditseffortsinthedevelopmentofdifferentiatedproductsandmarketinghavebeenfruitful.For example,theCompanyhasindependentlydevelopedhigh-transmittancedouble-coatedphotovoltaicglass,colourlessdouble- coated photovoltaicglass, anti-glarephotovoltaic glass, dust-proof photovoltaicglass and soon. These products meet the customers’regularperformancerequirementswhilegreatlysatisfyingtheirspecificneedsintermsofhightransmittance,aesthetics, anti-glare,cleaning,etc.,representingaperfectcombinationofindustrialisationandhumanisation.Currently,theseproductsare wellreceivedbymajormodulemanufacturers.Movingforward,theCompanywillcontinuetoexplorethephotovoltaicglass industry,keepabreastofcutting-edgetrends,increaseinvestmentininnovation,andcontributetotherealisationofhigh-quality developmentoftheindustry. WiththenewproductionlinesinAnhuiandXianningsuccessivelyputintoproduction,the Company’sphotovoltaicglassproductioncapacityhasbeensignificantlyincreased,resultinginaconsiderablegrowthinthe photovoltaicglassbusiness. Architecturalglass:AsthegoldenbrandofCSG,theCompany’sarchitecturalglassbusinesshasbeenequippedwithquality, serviceandcontinuousR&Dcapabilitiesthatmatchthebrand.Focusingonthecontinuousimprovementofthebuildingenergy- savingstandardsandhigh-risebuildingsafetystandards,theCompanystrengthensbrandbuildingandadherestothecustomized businessstrategyintegratingtechnicalservice,marketing,andR&Dandmanufacturing,tomeetthepersonalizedneedsof domesticandforeigncustomersandconstructionprojects.AstheCompany’sshareinthedomestichigh-endconstructionmarket continuestorise,italsomaintainsaleadingpositioninmarketscaleandprofitabilityinthefieldofdeepprocessingwithinthe sameindustry. TheCompanyfacedgreaterpressureinmarketinginthefirsthalfof2023comparedwiththesameperiodinlastyearduetothe weakmarketrecoveryandthecontinueddeclineinthegrowthrateofpropertydevelopmentinvestment.This,togetherwiththe continualrisksofdomesticrealestatecompanies,theCompany’sliquiditypressureremainedhigh.Moreover,astheCompany strengthenedriskcontrol,operatingrevenueofthearchitecturalglassbusinesswasaffectedtosomedegree,withaslightyear-on- yearincrease.However,byrefiningthemarketlayout,theCompanycontinuedtoincreasethesigningofhigh-qualityprojects, whichresultedinthedrasticyear-on-yearincreaseoftheordercompoundingdegree.Meanwhile,itlaunchedthebandof“Ice Kirin”andgraduallyincreasedtheproportionof“IceKirin”andotherhigh-endproducts.Italsoenhancedcooperationinsupport projectsforpeople’slivelihood,continuedto“ReduceCostsandIncreaseEfficiency”,adoptedleanoperation,andleveragedthe Group’sindustrialchainadvantage.Theseeffortseffectivelyoffsettheimpactsofshrinkingmarketdemandandlowerproduct prices. Meanwhile,focusingonthefuture,theCompanyseizesthehistoricopportunityoftheaccelerationofgreenbuildingconstruction, acceleratesthecompletionofthelayoutofproductioncapacityoptimizationandproductionexpansionforallbasesofarchitectural glass,aswellastheconstructionofnewbases,andimprovestheautomationandinformatizationlevelofitsproductionlines, continuouslyimprovingtheefficiencyofequipmentproduction.AstheDongguanBasehascompletedtheoptimizationand geographicaladvantageoftheGreaterBayAreaandtherepositionedmarketgoalofhigh-qualityenergy-savingglassproducts,it focuseditsbusinessontheGuangdong-HongKong-Macaoregionandoverseasmarkets.AsCSG’sfirstfactoryofintelligent productionof architectural glass, Zhaoqing Base hasachieved a steady growth in productioncapacity after two years of infrastructureconstructionandhuman-machinerunning-in.AfterthesynergisticeffectbetweenthebaseandtheDongguanBase wasformed,thegoalofproductioncapacityexpansionandproductcomplementationwasachieved.Takingtheadvantageofthe marketdemandintheBeijing-Tianjin-HebeiregionandNortheastChina,theCompany’sTianjinBasehassuccessfullyreleased theproductioncapacityofitsproductionexpansionprojects,soastomakeupforitsinsufficientproductioncapacity.Relyingon China’s“BeltandRoad”strategy,especiallytheNewAsia-EuropeContinentalBridge,theChina-KazakhstanRailwayandother criticalprojectsthatpassthroughNorthwestChina,CSGtakesthisopportunitytoacceleratetheconstructionofitsXi’anEnergy- savingGlassBase.Asthenewproductionlineprojectsaregraduallycompletedandputintooperation,CSG’sproductioncapacity forarchitecturalglasswillbefurtherreleased.This,incombinationwiththeCompany’sproductdiversificationtoconformwith themarketdemand,canleadtothecontinuousimprovementofthemarketcompetitivenessandservicecapabilityofCSG regardingarchitecturalglass,soastoincreasethemarketshareofitsarchitecturalglassbusiness.Floatglass:Inthefirsthalfof2023,thedomesticdownstreamdemandforarchitecturalglasscontinuedtoslowdown,andfloat glasspriceswereatlowlevels.Meanwhile,profitabilityoffloatglassdeclinedasaresultofhigherproductioncostscausedbythe risingpricesofrawmaterialsandfuelsandotherfactors.Inthefaceoftheseverebusinessenvironment,theCompanyfirmly implementedthedifferentiatedproductstrategy.Firstly,itproducedandmarketedmorehighvalue-addedproducts,suchasultra- thickandlarge-sizeones.Additionally,itcontinuedtorampuptheproductionofultra-whitefloatglasswithstrongersalesaswell. Also,bycreating“BlueDiamond”,ahigh-endbrandofultra-whiteglassseries,theCompanyhasbecomealeaderinthismarket segment.TheproportionoftheCompany’shigh-value-addeddifferentiatedproductscontinuestoincrease,andtheCompanystays amongthetopinthesegmentofhigh-gradefloatglass.Throughorganizingcentralisedprocurementofbulkrawmaterialsand strategicreserveprocurementduringperiodsoflowprices,pressureofrisingprocurementcostshasbeeneffectivelyoffset. Besides,theCompanystrengthenstheleancontrolofthewholeproductionprocesstoimproveproductionefficiencyand continuestoreducecostsandincreaseefficiency. Electronicglassanddisplaybusinesssegment CSGalwaysrecognizesR&Dasthecoreofitselectronicglassbusinessandunremittinglyadoptsthedevelopmentrouteof productupgradingwiththeaimofreplacingimportedproductswithhomemadeproducts.FoursubsidiariesoftheCompany, namely,HebeiPanel,YichangPhotoelectric,QingyuanNewEnergy-SavingMaterialsandXianningPhotoelectric,continuedto activelyimplementproductandmarketupgradinginvariousapplicationfields,suchasintelligentelectronicterminals,touch controlmodules,vehiclewindowglass,vehicle-mounteddisplays,industrialautomaticcontroldisplays&commercialdisplays, andsmarthome.Inthefirsthalfof2023,productcompetitionintheelectronicglassindustrybecamemoreandmoreintense, domesticfellowmanufacturersexpandedtheirproductioncapacitysignificantly,resultinginanoversupply,andtheoperating resultsoftheCompany’selectronicglassbusinessdeclinedcomparedwiththesameperiodlastyear.Intermsofdisplay,theCompany’sproductionandsalesvolumesdeclinedinthefirsthalfof2023comparedwiththesameperiod lastyearduetotheshrinkingglobaldemandforconsumerelectronicsandthepopularityofin-celltouchtechnology. Solarenergyandotherbusinessessegment Themacroscopicbackgroundoftheglobalconsensusfor“GreenDevelopment”andthedomestictimetableofthedualcarbon goalsjointlypromoteanewhigh-speeddevelopmentperiodofthephotovoltaicindustryaftertheaffordableInternetaccessis comprehensively achieved. On thebasis of objective analysis ofits own industrial advantages and disadvantages, overall considerationofthemarketenvironment,industrialdevelopmenttrendandtheGroup’soverallindustrialdevelopmentplan,the Company plans to launch the project of 50,000 ton high-purity crystallinesilicon in Haixi Prefecture, Qinghai Province, constructionofwhichisaccelerating.Thisproject,uponcompletion,isexpectedtohelpfurtherexpandtheGroup’ssolarenergy businessandenhanceitsoverallcompetitiveness. Withrespecttothemarketingofhigh-puritycrystallinesilicon,theCompanyadoptstwopaths,namely,strategiclong-termorders andflexiblesales,toreduceoperatingrisksandensurestableandsustainablebusinessdevelopment.Intermsoftheproductionof high-puritycrystallinesilicon,theCompanycontinuouslyoptimisestheproductionprocess,aswellasreducecostsandincrease efficiency,resultinginsignificantimprovementinproductquality.Sincethehigh-puritycrystallinesiliconproductionlinewasput intooperationinFebruary2022,alldeviceshavebeenrunningstably,andaccordingtotheoperationandmaintenanceplan,the productionlinehasnowenteredthestageoftechnicalreformandupgrading.Asforthesiliconwaferbusiness,onthebasisofconsolidatingthecustomerbaseofpolycrystallinesiliconwaferproducts,the Companyhasadoptedthestrategyofdiversifiedoperationstoactivelyswitchtothemainstreammono-crystallinemarket.Itgives fullplaytoitsownadvantages,alignswiththemainstreammarket,andenhancestheabilityofasset-basedbenefitcreation.Thisis inlinewiththeCompany’slong-termdevelopmentstrategy.Withregardtothemodulebusiness,theproductioncapacityofhigh- power,large-sizemoduleshasbeenputintouse,withconsiderableimprovementinorderacquisitioncapability.Themono- crystalline182cellupgradingprojecthasachievedmassproductionandsuccessfullyenteredthemainstreamcellmarket.Bythe firsthalfof2023,theCompany’scumulativephotovoltaicpowerstationcapacityreached139MW.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 ReputationBrand". CSG’slow-E coatedglass andultra-thinelectronicglass were awardedthetitleofSingle ChampionProductbytheMinistryofIndustryandInformationTechnology,anditistheonlymanufacturerinthedomesticglass industrythathastwosinglechampionproductsatthesametime.In2022,theCompanywasawardedthetitlesof“Top10National LeadingEnterpriseintheConstructionMaterialIndustrywithTechnologicalBreakthroughs”and“ShenzhenTop500Enterprisesfor 2022”(rankingNo.96).InJune2023,the"IceKirin"glassproductof"CSG"successfullylandedonCCTVheadquarters. 2.Technologyresearchanddevelopmentadvantages TheCompanyhasalwaysvaluedtechnologicalR&DandadoptedindependentR&Dasitsfoundationsinceitsestablishment.As ofJune30,2023,theCompanyhashadatotalof19nationalhigh-techenterprises,2national-levelsinglechampionproductsin themanufacturingindustry,1national-levelengineeringlaboratory,1national-levelenterprisetechnologycentre,4national enterpriseswithintellectualpropertyadvantages,7national-levelspecialized,sophisticated,distinctive,andinnovativeenterprises (“Little Giants”), 1 provincial-level academician workstation, 1 provincial-level doctoral workstation, 13 provincial-level enterprise technology centres, 6 provincial-level engineering technology research centres, 4 provincial-level demonstration enterprisesforintellectualpropertyconstruction,7provincial-level“LittleGiants”,1provincial-levelgovernmentqualityaward,8 provincial-level scientific and technological progress awards , 3 provincial-level patent awards, 1 Shenzhen postdoctoral innovationpracticebaseand1Shenzhenspecialized,refined,andnewsmallandmedium-sizedenterprise.AsofJune30,2023, theCompanyhasappliedforatotalof2,904patents,including1,204inventionpatents,1,687utilitymodelpatents,and13design patents.Moreover,theCompanyhashadatotalof2,116authorizedpatents,including424inventionpatents,1,679utilitymodel patents,and13designpatents. 3.Industrialchainandlayoutadvantages TheCompanyhasthreecompleteindustrialchainsofenergy-savingglass,electronicglassanddisplay,andsolarphotovoltaic glass.Withthecontinuousimprovementofthetechnologicallevelofeachprocessoftheindustrialchains,theCompany’s industrialadvantagebecomesobvious;meanwhile,theCompanypossessesacompleteindustrylayout,withproductionbases locatedinthePearlRiverDeltainSouthChina,Beijing-Tianjin-HebeiregioninNorthChina,theYangtzeRiverDeltainEast China,theChengdu-ChongqingregioninSouthwestChina,theHubeiregioninCentralChina,andtheShaanxi-Qinghairegionin NorthwestChina. 4.Talentteamadvantages TheCompany’sadvantageintalentteamsismainlyreflectedintwoaspects:Ontheonehand,theCompanyhasestablisheda strongR&DteamandapowerfulR&Dsystem.Throughtheconstructionofthecoretechnicalteam,continuousR&Dinvestment, andabundanttechnicalreserves,ithasconstitutedanimportanttechnologyandinnovationsupportfortheCompany’sstrategies. Meanwhile, it has established Industry-University-Research cooperation, actively cooperating with domestic colleges and universitieswhichareinadvantageinsilicatematerialsindustry,toacceleratethetransformationofscientificresearchresults,and tostrengthenbasicresearch;ontheotherhand,anexcellentandstablemanagementteamisoneofthemostfundamental guaranteesfortheCompany’srapidandstabledevelopment.TheCompanyhasformedagoodechelontrainingmechanismfor professionalmanagers.Atpresent,theCompany’sseniormanagementteamhascomparativeadvantagesinmultipleaspects,such asacademicbackground,professionalquality,knowledgebase,managementphilosophyandexperience.5.Greendevelopmentadvantages Withthecontinuousimpetusofthe“dualcarbon”goals,theCompanyhastakenactiveactionsinvariouscarbon-relatedfields.For example,theCompanyhaswidelyconductedprofessionaltrainingoncarbonemissionmanagementtoimprovetheabilityof relevantpersonneltobettercopewithcarbon-relatedaffairs.Meanwhile,theCompanyhaspromotedproductcarbonfootprint certificationasapreparationfordownstreammarketexpansionofgreenandlow-carbonproducts.Furthermore,HebeiCSGGlass Co.,Ltd.,asubsidiaryoftheCompanyandanoutstandingandbenchmarkenterpriseintheflatglassindustry,recognizedasa pilotenterpriseforcarbonpeakingintheconstructionmaterialindustry,hasmadeeffortstoexploreandimplementtheaction plansandeffectiveroutesofcarbonpeakingintheindustry.RelevantsubsidiariesoftheCompanyhaveactivelygotteninvolved（未完）  |