[年报]南 玻Ｂ(200012):2024年年度报告（英文版）
原标题:南 玻Ｂ:2024年年度报告（英文版） CHENLIN April2025 SectionI.ImportantNotice,ContentandParaphrase TheBoardofDirectorsandtheSupervisoryCommitteeofCSGHoldingCo.,Ltd.(hereinafterreferredtoastheCompany)anditsdirectors,supervisorsandseniorexecutivesherebyconfirmthattherearenoanyfictitiousstatements,misleadingstatements,orimportantomissionscarriedinthisreport, and shall take individual and joint legal responsibility for the facticity, accuracy andcompletenessofthewholecontents. Ms. Chen Lin, Chairman of the Board, Ms. Wang Wenxin responsible person in charge ofaccountingand Ms. WangWenxin,principal ofthefinancial department (accountingofficer)confirm that theFinancial Reportenclosed inthisAnnual Report2024 istrue, accurateandcomplete. AlldirectorswerepresentatthemeetingoftheBoardfordeliberatingtheannualreportoftheCompanyinperson. 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". ThedeliberatedandapprovedplanofprofitdistributionintheBoardMeetingisdistributingcashdividend of RMB 0.7 yuan (tax included) for every 10 shares to all shareholders based on3,070,692,107sharesasat31December2024,0bonusshares(includingtax)willbegiven,andnocapitalstockwillbeconvertedfromprovidentfund.TheactualamountofthecashdividenddistributedwillbedeterminedaccordingtothetotalsharecapitalontheregistrationdateoftheCompany'simplementationoftheprofitdistributionplan. ThisreportispreparedbothinChineseandEnglish.ShouldtherebeanyinconsistencybetweenContent SectionI.ImportantNotice,ContentandParaphrase....................................................1SectionII.CompanyProfile&FinancialHighlights.....................................................5SectionIII.ManagementDiscussionandAnalysis.......................................................9SectionIV.CorporateGovernance.............................................................................39 SectionV.EnvironmentandSocialResponsibility.....................................................57SectionVI.ImportantEvents.......................................................................................62 SectionVII.ChangesinSharesandParticularsaboutShareholders..........................86SectionVIII.Preferredshares......................................................................................93 SectionIX.Bonds.........................................................................................................94 SectionX.FinancialReport.........................................................................................97 DocumentsAvailableforReference I.Textofthefinancialreportcarryingthesignaturesandsealsofthelegalrepresentative,responsiblepersoninchargeofaccountingandpersoninchargeoffinancialinstitution; II.OriginaloftheAuditors'Reportcarryingthesealoftheaccountingfirmandthesignaturesandsealsofthecertified publicaccountants; III.AlltextsoftheCompany'sdocumentsandoriginalpublicnoticesdisclosedonthewebsiteandpapersappointedbyCSRCinthereportperiod. Paraphrase
I.Companyinformation
CPAfirmengagedbytheCompany
FinancialconsultantengagedbytheCompanyforperformingcontinuoussupervisiondutiesinthereportperiod□Applicable √Notapplicable VI.Mainaccountingdataandfinancialindexes Whetherithasretroactiveadjustmentorrestatementonpreviousaccountingdata□Yes √No
□Yes √No Thelowerofthenetprofitbeforeandafterthedeductionofthenon-recurringgainsandlossesisnegative□Yes √No VII.AccountingDataDifferencesunderandForeignAccountingStandards1.NetIncomeandEquityDifferencesunderCASandIFRS □Applicable √Notapplicable NosuchdifferencesfortheReportPeriod. 2.NetIncomeandEquityDifferencesunderCASandForeignAccountingStandards□Applicable √Notapplicable NosuchdifferencesfortheReportPeriod. VIII.Mainfinancialindexesbyquarter Unit:RMB
IX.Itemsandamountsofnon-recurringgainsandlosses √Applicable □Notapplicable Unit:RMB
Itdidnotexistthatotherprofitandlossitemsmetthedefinitionofnon-recurringgainsandlosses.Explanationofthenon-recurringgainsandlosseslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesasrecurringgains andlosses □Applicable √Notapplicable It did not exist that non-recurring profit and loss items listed in the "Explanatory Announcement No. 1 on InformationDisclosureofCompaniesOfferingSecuritiestothePublic-Non-recurringProfitandLoss"weredefined asrecurringprofitandlossitemsinthereportperiod. SectionIII.ManagementDiscussionandAnalysis I.ParticularsabouttheindustrytheCompanyengagesinduringthereportperiodPhotovoltaicglassindustry In2024,thephotovoltaicmarketcontinuedtogrowasawhole.AccordingtoestimatesbytheChinaPhotovoltaicIndustryAssociation,globalphotovoltaicinstalledcapacityincreasedbyapproximately530GW,representingayear- on-yeargrowthofabout35.9%.DatareleasedbytheNationalEnergyAdministrationshowthatChina'sphotovoltaicinstalledcapacitygrewby277GWin2024,ayear-on-yeargrowthofapproximately28.3%,maintainingaleadingpositionintheglobalphotovoltaicmarket.Asbothdemandandproductioncapacityinoverseasphotovoltaicmarkets increasedinparallel,coupledwithrisingtariffsandtradebarriersagainstChinesephotovoltaicproductsinvarious countries,competitionintheglobalphotovoltaicmarketintensified.Intermsofsupply,althoughglobaldemandforphotovoltaicmodulescontinuedtogrowin2024,theimbalancebetweensupplyanddemandinthephotovoltaicglassindustryintensified,leadingtoadownturninend-productpricesandmountingpressuresforphotovoltaicenterprises. Architecturalglassindustry Thearchitecturalglassbusinesscloselyfollowsthenational"dualcarbon"strategy,focusingonenhancingtheenergy efficiencyandsafetyperformanceofbuildings.Leveragingdeep-processingtechnologyfortheoriginalfloatglass sheet,thebusinessproduceshigh-performancearchitecturalglassproductswithfeaturessuchaslowemissivity,high thermalinsulation,andimpactresistance.Thisbusinesssegmentalignscloselywiththegreenbuildingdevelopment trendandplaysacriticalroleinenergyconservationandconsumptionreductionthroughoutthebuildinglifecycle. Althoughdatashowthatindevelopedcountriestheapplicationrateofenergy-savingglasshasexceeded80%,thereremainssubstantialroomforgrowthinmarketpenetrationwithinChina.WiththeimplementationoftheActionPlanfortheEstablishmentofGreenBuildingsjointlyissuedbytheMinistryofHousingandUrban-RuralDevelopmentandotherministries,itisexpectedthatby2025allnewlyconstructedurbanbuildingsinChinawillfullycomplywithgreenbuildingstandards.Combinedwithpolicydocumentssuchasthe14thFive-YearPlanforBuildingEnergyEfficiencyandGreenBuildingDevelopment,themarketforenergy-savingbuildingmaterialsisexpectedtoencounterstructuralgrowthopportunities.Takenintoaccounttheaforesaid policiesandthelatestenergyefficiencyrequirementsforpublicbuildingsinthenationalActionPlanforCarbonPeaking Before 2030, it is expected that the architectural glass business will gain significant development opportunitiesduringthe"14thFive-YearPlan"period.Inaddition,withthegradualimprovementofdomesticsocial consumptionlevelinrecentyears,buildingenergyconservation,safetystandards,andqualityrequirementshavebeen continuouslyimproved.Inpractice,thebadpracticeofwinningthebidbythelowestpriceforconstructionprojects hasbeeninitiallyreversed,andthequalityandinfluenceof"MadeinChina"havebeenincreasinglyrecognizedaroundtheworld,whichwillbringbroaderdevelopmentspacetoadvantageousenterprisesthatattachimportancetoproductqualityandtechnologicalinnovation,aswellasstableindustrialchainandsupplychain.Floatglassindustry In2024,thefloatglassindustryfacedsignificantpressurefordeepstructuraladjustment.Affectedbythecontinued downturnintherealestatemarket,demandinthetraditionalbuildingmaterialssectorcontractedsignificantly.AccordingtodatafromSCI99.COM(SublimeChinaInformation),bytheendof2024,thenumberofoperationalfloatglassproductionlinesnationwidehaddecreasedto225,withatotaldailymeltingcapacityofapproximately158,000tons,down8.84%year-on-year,indicatingashrinkingtrendinproductioncapacity.Floatglasstraditionallyfindsitsmainapplicationinbuildingmaterials,anditsdemandtrendspositivelycorrelate withinfrastructureinvestmentsandtheoverallprosperityoftherealestatesector.In2024,withtheconclusionofthe "guaranteeoftimelydeliveryofhousingprojects"policycycle,datafromtheNationalBureauofStatisticsshowthat thetotalhousingcompletionareainChinadeclinedsharplyby27.7%year-on-year,leadingtoamarkedreductionintotaldemandforfloatglass.This,combinedwithcontinueddeclinesincoreindicatorssuchasrealestateinvestment, newhousingconstructionarea,andsalesarea,hasalteredthesupply-demanddynamicsofthedomesticrealestatemarketandincreaseduncertaintyinlong-termmarketdemand.Thefloatglassindustryisundergoingstructuraladjustment.Basedonananalysisofthemarketdemandstructure,althoughoveralldemandisdeclining,withthecontinuedimplementationofthenational"dualcarbon"policyandsteadydevelopmentinthegreenenergy-savingandnewenergysectors,demandforindustrialglass,representedbyautomotiveglass,hasincreasedsignificantly. Simultaneously,aseconomicgrowthcontinuesandlivingstandardsimprove,demandforhigh-qualityproductssuchasultra-whitefloatglassisexpectedtocontinuerising,drivenbyconsumptionupgrades.Electronicglassanddisplayindustry AccordingtodatafromIDC(InternationalDataCorporation),globalsmartphoneshipmentsreached1.24billionunits in2024,ayear-on-yearincreaseof6.4%,markingarecoveryaftertwoconsecutiveyearsofdeclineandreversingtherecordlowsetin2023overthepastdecade.IDCforecaststhatthemobilephonemarketwillcontinuetogrowin2025,albeitataslowerpace,enteringaphaseofmoderaterecovery.In2024,bothglobalandChineseautomotiveproductionandsalestrendedupward.AccordingtotheChinaAssociationofAutomobileManufacturers,China'sautomobileproductionandsaleseachexceeded31millionunitsin2024,withproductionandsalesofnewenergyvehiclesreaching12.888millionand12.866millionunits,respectively,representingyear-on-yearincreasesof34.4% and35.5%.Newenergyvehiclesaccountedfor40.9%oftotalnewvehiclesales.Althoughdownstreamdemandforconsumerelectronicsandvehicle-mounteddisplayhasbeguntorecover,industrystatisticsshowthatdomesticelectronicglassproductioncapacityremainedatahighlevelin2024,andtheissueofsupply-demandimbalanceshowednosignificantimprovement.Consequently,electronicglasspricescontinuedtodecline,placingpressureontheindustry'sprofitability. Solarenergyindustry AsastrategicemergingindustryinChina,thephotovoltaicindustryhas,overmorethantwodecadesofrapiddevelopment, achieved a historic leap from technological catch-up to global leadership and completed its transformationfromasupplementaryenergysourcetoamainenergysource.Amidtheglobalchallengeofclimatechange,China'sphotovoltaicindustryisreshapingtheglobalenergylandscapethroughitscompetitiveadvantageacrosstheentirevaluechain.Currently,theindustryismakinganall-outefforttoexploretrillion-levelmarketsand leadhumanitytowardacleanandlow-carbonfuture. However,theindustryfacedchallengesin2024,asasurgeinproductioncapacitytriggeredpricewarsthatcausedsignificantdeclinesinproductprices.Inthiscontext,smallandmedium-sizedenterprisesaswellasfinanciallytroubledcompaniesfacedbankruptcyrisks,whilemanycross-sectorplayersexitedtheindustry.Onthetechnologyfront,next-generationtechnologiessuchasTOPCon,HJT,andBCaregraduallyreplacingPERC.Notably,HJTand0BBtechnologiesareleadingtheindustrytrendduetotheiroutstandingadvantagesincostreductionandefficiency enhancement.Intheinternationalmarket,althoughcompaniesareacceleratingglobalexpansionandexploringemergingmarkets,risingtradebarriersinEuropeandtheUnitedStateshaveincreaseduncertaintiesinoverseasmarkets.AccordingtodatafromtheNationalEnergyAdministration,thesolarpowerinstalledcapacitynationwideregulateindustrydevelopmentandpreventtheconstructionofinefficientproductioncapacity.II.MainbusinessoftheCompanyduringthereportperiod CSGisaleadingdomesticbrandofenergy-savingglassandarenownedbrandofsolarPVproductsanddisplaydevices. Itsproducts andtechnologiesarewell-known athome and abroad.Itsmain businessincludesR&D,manufacturing and sales of high-quality float glass, architectural glass, photovoltaic glass, new materials and informationdisplayproductssuchasultra-thinelectronicglassanddisplaydevices,aswellasrenewableenergyproductssuchassiliconmaterials,photovoltaiccellsandmodules,anditprovidesone-stopservicesforphotovoltaic powerstationprojectdevelopment,construction,operationandmaintenance,etc.TheCompanyownsquartzsandrawmaterialprocessingandproductionbasesinJiangyou,Sichuan;Qingyuan,Guangdong;Fengyang,Anhui;andBeihai,Guangxi,whichensureasteadysupplyofrawmaterialsfortheCompany'sglassproduction.Photovoltaicglassbusiness BeingoneofthefirstChinesemanufacturerstoenterthephotovoltaicglassmanufacturingfieldin2005,theCompany has accumulated nearly 20 years of experience in this sector. Based on independent research and development,ithasformedafullclosed-loopproductioncapacityfromphotovoltaicglassoriginalsheetproduction todeepprocessing,withasolidfoundationinkeyequipmentandtechnologiessuchaskiln,calendaringanddeepprocessing.Adheringtothephilosophyoftechnologicalinnovationdrivingindustrialupgrading,theCompanyisfullycommittedtothein-depthresearchandpracticeofphotovoltaicglasscalendaringtechnology,processingtechnologyandequipment.Ithasaccumulatedrichexperienceinproductiontechnology,processphilosophiesandproductcognition,andhasadvancedtechnologyresearchanddevelopmentadvantages.Withhigh-qualityproducts,theCompanyenjoysahighstatusandgoodreputationintheindustry,andhasbecomeanimportantandevenstrategiccooperativesupplierofglobalmoduleleadingenterprises.InthecontextofacceleratingglobalenergytransformationandChina'scarbonpeakandcarbonneutrality,theCompanyisfirmlyoptimisticaboutthelong-termdevelopmentofthephotovoltaicnewenergyindustry.Relyingonthenational"14thFive-YearPlan"anditsownstrategicdevelopmentplan,theCompanyfocusesonrampingupproductioninandscalingupitsphotovoltaicglassbusiness.TheCompanyhasatotalof9photovoltaicrolledglassoriginalsheetproductionkilnsandsupportingphotovoltaicglassdeepprocessingproductionlinesinDongguan,Wujiang,Fengyang,XianningandGuangxi,covering1.6-4mmthicknessdeepprocessingproducts.TheCompany'sfirstkilnofphotovoltaicglassandsupportingprocessinglinesinGuangxiwereputintoproductionandcommercialoperationduring2024,thesecondkilnandsupportingprocessinglineswereignitedinMarch2025,andthetechnicalupgradingprojectofWujiangphotovoltaiclineareunderconstructioninanorderlymannerasplanned.Currently,the Company'sdailymeltingcapacityofphotovoltaicglassisabout9,000tons,whichhasleapttotheforefrontoftheindustryandhasbecomeapillarbusinessoftheCompany. Architecturalglassbusiness Asoneofthelargesthigh-endbuildingenergy-savingglasssuppliersinChina,CSGintegratesR&Danddesign,technicalconsulting,productionandmanufacturing,andmarketingandserviceinthearchitecturalglassbusiness.It alwaysaimsto"buildgreenenergy-savingproductsandcreatequalitylife"andformsaCSGbrandimagewithquality,serviceandcontinuousR&Dasitscorecompetitiveness,whichisstronglycompetitiveinforeignmarketsas well.TheCompanyhastheworld'sleadingglassdeepprocessingequipmentandtestinginstruments,anditsproductscoverallkindsofengineeringandarchitecturalglass.Currently,theCompanyhassevendeepprocessingbasesofenergy-savingglassinTianjin,Dongguan,Xianning,Wujiang,Chengdu,ZhaoqingandXi'an,andthelayoutofbasesacrossthecountryisbeingperfected. CSG's architectural glass business adheres to the customized business strategy of trinity of technical service, marketing,R&Dandmanufacturing,relyingonitsownmanufacturingandR&Dstrength,aswellasthemarketingandservicenetworkformedbydomesticandoverseasoffices,tomeetthepersonalizedneedsofdomesticandforeigncustomersandconstructionprojects.TheCompany'sR&Dandapplicationlevelincoatingtechnologykeeppacewiththeworld,thehigh-endproducttechnologyisinternationallyleading,andthehigh-qualityenergy-savingand environmentallyfriendlyLOW-Einsulatingglasscontinuestoleadthedomestichigh-endmarketshare.In2017,CSG'slow-EcoatedglasswasawardedthetitleofSingleChampionProductbytheMinistryofIndustryandInformationTechnology,anditpassedthereviewagaininMarch2024,whichfullyprovestheleadingpositionofCSG'sarchitecturalglassintheindustry.Underthebackgroundofthe"dualcarbon"goalandthenationalgreenenergy-savingbuildingrequirements,theCompanyhastakentheleadinindependentlydevelopingmanyenergy-savingproducts,suchasinnovativeandworld-leading"IceKirin"glassseriesproducts,thermalinsulationproducts, BIPVproducts,etc.,amongwhichthe"IceKirin"glassseriesproductshavereceivedunanimouspraisefromthemarketfortheirhighperformanceandstabilityrelyingontheCompany'sadvancedcoatingtechnology,andhavebecomethebenchmarkinthedomesticproductmarket.TheinnovationandR&Dofenergy-savingproductswithhigherenergyefficiencyisimportanttotheenergyconservationandemissionreductionofnewlyconstructedbuildingsandtheenergy-conservation-orientedtransformationofexistingbuildings.Inordertomeetthemarketdemandforproductinnovation,theCompanywillcontinuetoconductinnovation,soastoprovidequalityproductswithhigherenergyefficiencyforthemarket. The Company's quality management system for engineering and architectural glass has been approved by organizationsofUKAOQCandAustraliaQAS.TheproductqualitywhichmeetsthenationalstandardsoftheUS,theUKandAustraliaenablesCSGhasanadvantageintheinternationaltenderingandbidding.Since1988,CSG'sengineersandtechnicianshavebeencontinuouslyparticipatingintheformulationandcompilationofvariousnational standardsandindustrystandards.Allkindsofhigh-qualityengineeringarchitecturalglassprovidedbytheCompany arewidelyusedinlandmarkbuildingssuchasmajorcityCBDsandtransportationhubsathomeandabroad,whicharetoonumeroustomention. Inaddition,theCompanyhasalwaysadheredtotheintelligenttransformationanddigitaltransformationasthekeyincrementofthedevelopmentofarchitecturalglassbusiness.Ithascontinuouslyinvestedandaccumulatedrichexperienceintheresearchofproductionautomation,intellectualization,informationtechnologyandequipment,and the efficiency improvement of intelligent upgrading and transformation of traditional equipment. Through technological progress and process optimization, the Company has effectively reduced production manpower consumption,materialconsumptionandenergyconsumption,activelypromotingtheCompany'stransformationandupgradingtoachieveintensivemanufacturingandhigh-qualitydevelopment.Floatglassbusiness Inthefieldoffloatglass,CSGhas10advancedfloatglassproductionlinesinDongguan,Chengdu,Langfang,WujiangandXianning.In2024,twoproductionlines(oneinChengduFloatCompanyandtheotherinWujiangFloatCompany)wereshutdownfortechnicaltransformation,withanaimtofurtherimproveproductionefficiencyandproductquality.AndthetransformedproductionlineinChengduFloatCompanyhasbeenignitedinFebruary2025.Theproductsthatcoverhigh-qualityfloatglassandultra-whitefloatglasswithvariousthicknessesandspecificationsof1.6-25mmaretrustedbycustomersbecauseoftheirquality.TheproportionofdifferentiatedCSGfloatglassproductswithspecialspecificationsandspecialapplicationscenariossuchasultra-white,ultra-thinand ultra-thickislarge,whicharewidelyusedinhigh-endbuildingcurtainwalls,decorationandfurniture,reflectors, automobilewindshields,scannersandphotocopierstransmittingplates,homeappliancepanels,displayprotectionand other fields with high requirements on glass quality. With high-quality products and stable supply, CSG has Theprofitlevelofthefloatglassbusinessisgenerallypositivelycorrelatedwiththelevelofrealestatedata,andis alsoaffectedbymultiplefactorssuchascurrentenergyandrawmaterialprices,productstructure,andenterprisemanagementlevel.Differentiatedglassproductshavehigheraddedvalueduetospecificapplicationscenarios,higher productionprocessdifficulties,steadilyincreasingdemand,andrelativelyproactivepricingbymanufacturers.In responsetomarketchanges,theCompanyfocusesonimprovingmanagementefficiency,firmlyimplementingthedifferentiated competition strategy, carefully cultivating and developing differentiated product markets, and continuously increasing the proportionofultra-white, ultra-thick, and ultra-large float glass in sales, so asto continuouslyconsolidateandenhancemarketcompetitiveness. Electronicglassanddisplaybusiness Uponmorethanadecadeofdevelopment,CSGElectronicGlasshasalwaysadheredtotechnologyleadership,attachedimportancetoR&Dandinnovation,brokenthroughmarketbarrierswithindependentintellectualpropertyrightsandindependentinnovation,andfirmlyfollowedthedevelopmentrouteofqualitypriority.Aftermorethanadecadeofcontinuouscultivationandaccumulation,CSGElectronicGlasshasfullycoveredvariousapplicationscenariosandthehigh,mediumandlow-endmarketsoftheseapplicationscenarios.Itactivelyexploresnewmarketsanddevelopednewapplicationsinintelligentconsumerelectronicsterminals,touchcomponents,automotivewindow glass,vehicledisplays,medicalequipment,industrialcontrolcommercialdisplays,smarthomesandotherapplication fields,andthemarketshareandbrandeffectoftheCompany'smedium-aluminaandhigh-aluminaelectronicglassproductshavebeensteadilyimproving.CSGhaslongbeencommittedtobecominganindustry-leadingproviderofhigh-endelectronicglassmaterialsolutions,anditwillcontinuetodevelopnewapplicationmaterialsinthefieldsof smarthome,vehicledisplay,advancedmedical,newenergyvehicles,andsmarthomeappliancesinthefuture.Inthetouchdisplayfield,CSGhasformedacompletetouchindustrychainfromvacuummagnetronsputteringcoating,3A(AG,AR,andAF)coverplateprocessingandfinepatternlithographyprocessing,totouchdisplaymodules.Themainbusinessincludesopticalcoatingmaterials,vehicle-mountedcoverplatesandvehicle-mountedtouchpanels.Amongthem,theopticalcoatingmaterialsegmentincludesthetwobusinesstypesofITOconductiveglassandITOconductivefilm,andtheproductsarepositionedatmiddleandhigh-endcustomersathomeandabroadandareconcentratedindifferentiatedhigh-value-addedones.Thevehicle-mountedcoverplatebusinesssegmentcomprisesavarietyofproducts,includingvehicle-mountedAGglass,vehicle-mounted2A(ARandAF)coverplates,vehicle-mounted3Acoverplates,andcustomizedcoverplatesofspecialfunctions.Theseproductsaresuppliedindirectlytorenowneddomesticandinternationalautomotivebrandsthroughdownstreamcustomersofvehicle-mounteddevicemanufacturers. Solarenergybusiness AsapioneerinthefieldofphotovoltaicproductmanufacturinginChina,CSGGrouphasbuiltacompleteindustrialchaincoveringhigh-puritycrystallinesilicon,siliconwafers,solarcells,modulesandtheinvestmentandoperationof photovoltaicpowerplants.Ithasthreenational-levelandsevenprovincial-levelscientificresearchandtechnology platforms,includingthe"NationalandLocalJointEngineeringLaboratoryforSemiconductorSiliconMaterialPreparation Technology" and the "National Enterprise Technology Center". In recent years, with the in-depth promotionofthe"dualcarbon"goals,competitioninthephotovoltaicindustryhasbecomeincreasinglyfierce.ThesubsidiariesofCSG'sphotovoltaicsegmentactivelyimplementthestrategicarrangementsoftheGroup,vigorously promotingthelow-energy-consumingprojectofYichangbase,thehigh-puritycrystallinesiliconprojectofQinghai base,themarketexpansionofdifferentiatedproductsofDongguanbase,andthepowerstationprojectofShenzhenbase.Thesemovesareaimedtofurtherexpandbusinessterritoryandenhancemarketcompetitiveness.Facingtheprofoundadjustmentofthephotovoltaicindustrialchainin2024,CSGGrouphascloselyadheredtothecorestrategyof"reducinglossesandcontrollingrisks"andhastakenaseriesoftargetedmeasurestostrivetonavigatethroughadversity,controllosses,andactivelyexplorenewdevelopmentpaths.III.CoreCompetitivenessAnalysis CSGGroup,oneofthemostcompetitiveandinfluentiallarge-scaleenterprisesinChina'sglassindustryandnewenergyindustry,iscommittedtothedevelopmentofenergyconservationrenewable,andnewmaterialindustry.After morethanfourdecadesofdevelopmentandaccumulation,theCompanyhasgraduallyformedacomprehensivecompetitiveadvantageintermsofproductsandbrands,technologyresearchanddevelopment,industrialchainandlayout,talentteam,andgreendevelopment. 1.Productandbrandadvantages "CSG"isafamousbrandofdomesticenergy-savingglass,ultra-thinelectronicglass,displayandsolarphotovoltaic products.Itsproductsandtechnologyarewell-knownathomeandabroad.TheCompanyhasbeenlistedinthe"PreferredBrandofArchitecturalGlass"inDoorandWindowCurtainWallIndustryandthe"Top20BuildingMaterialsEnterprises"attheBuildingMaterialsEnterpriseDevelopmentForumformanyyears.The"CSG"brandwasrecognizedbytheUnitedNationsIndustrialDevelopmentOrganizationasthefourthbatchof"InternationalReputationBrand"in2018.CSGhasbeenawardedthetitleof"ManufacturingSingleChampionEnterprise"bytheMinistryofIndustryandInformationTechnologyforitslow-Ecoatedglassandultra-thinelectronicglass.TheCompanywasawardedthetitlesof"GuangdongBuildingMaterials20-yearMeritoriousEnterprise"and"ShenzhenTop500Enterprisesfor2024"(rankingNo.81). 2.Technologyresearchanddevelopmentadvantages TheCompanyhasalwaysvaluedtechnologicalR&DandadoptedindependentR&Dasitsfoundationsinceitsestablishment.Asof31December2024,theCompanyhashadatotalof22nationalhigh-techenterprises,2national-levelsinglechampionproductsinthemanufacturingindustry,1national-levelengineeringlaboratory,1national- levelenterprisetechnologycentre,5nationalenterpriseswithintellectualpropertyadvantages,1nationalintellectual propertydemonstrationenterprise,7national-levelspecialized,sophisticated,distinctive,andinnovativeenterprises ("LittleGiants"),1provincial-levelexpertworkstation,1provincial-leveldoctoralworkstation,2titlesofprovincial- level"ManufacturingSingleChampionEnterprise",14provincial-levelenterprisetechnologycentres,5provincial- levelengineeringtechnologyresearchcentres,2provincial-levelengineeringresearchcentres,4provincial-level demonstrationenterprisesforintellectualpropertyconstruction,1provincial-levelintellectualpropertydemonstration enterprise, 6 provincial-level "Little Giants", 1 provincial-level government quality award, 10 provincial-level scientificandtechnologicalprogressawards,and4provincial-levelpatentawards.Asof31December2024,theCompanyhasappliedforatotalof3,334patents,including1,455inventionpatents,1,866utilitymodelpatents,and 13designpatents.Moreover,theCompanyhashadatotalof2,480authorizedpatents,including601inventionpatents,1,866utilitymodelpatents,and13designpatents. 3.Industrialchainandlayoutadvantages TheCompanyhasthreecompleteindustrialchainsofenergy-savingglass,electronicglassanddisplay,andsolarphotovoltaicglass.Withthecontinuousimprovementofthetechnologicallevelofeachprocessoftheindustrialchains, the Company's industrial advantage becomes obvious; meanwhile, the Company possesses a complete industrylayout,withproductionbaseslocatedinSouthChina,NorthChina,EastChina,SouthwestChina,CentralChina,andNorthwestChina. 4.Talentteamadvantages TheCompany'sadvantageintalentteamsismainlyreflectedintwoaspects:Ontheonehand,theCompanyhasestablishedastrongR&DteamandapowerfulR&Dsystem.Throughtheconstructionofthecoretechnicalteam,continuous R&D investment, and abundant technical reserves, it has constituted an important technology and innovation support for the Company's strategies. Meanwhile, it has established Industry-University-Research cooperation,activelycooperatingwithdomesticcollegesanduniversitieswhichareinadvantageinsilicatematerials industry,toacceleratethetransformationofscientificresearchresults,andtostrengthenbasicresearch;ontheother hand,anexcellentandstablemanagementteamisoneofthemostfundamentalguaranteesfortheCompany'srapidandstabledevelopment.TheCompanyhasformedagoodechelontrainingmechanismforprofessionalmanagers.Atpresent,theCompany'sseniormanagementteamhascomparativeadvantagesinmultipleaspects,suchasacademicbackground,professionalquality,knowledgebase,managementphilosophyandexperience.5.Greendevelopmentadvantages Withthecontinuousimpetusofthe"dualcarbon"goals,theCompanyhastakenactiveactionsinvariouscarbon-related fields. For example, the Company has widely conducted professional training on carbon emission managementtoimprovetheabilityofrelevantpersonneltobettercopewithcarbon-relatedaffairs.Meanwhile,theCompanyhasactivelypromotedthrough-lifecarbonfootprintcertificationforrelevantproductsasapreparationfor downstreammarketexpansionofgreenandlow-carbonproducts.Furthermore,HebeiCSG GlassCo.,Ltd.,asubsidiaryoftheCompanyandanoutstandingandbenchmarkenterpriseintheflatglassindustry,recognizedasapilotenterpriseforcarbonpeakingintheconstructionmaterialindustry,hasmadeeffortstoexploreandimplement theactionplansandeffectiveroutesofcarbonpeakingintheindustry.TherelevantsubsidiaryoftheCompanyhasactivelygotteninvolvedintheregionalpilotmarketofcarbontransactionstostriveforacalculationmethodofcarbonquotamatchingtherealsituationoftheCompany'sproduction.Withitstotalemissionshighlyconsistentwith thequotas.Asapioneerofgreendevelopmentintheindustry,theCompanyhas11subsidiariesbeinghonoredasnational"GreenFactories",winningitselfabundantroomfordevelopment.IV.Mainbusinessanalysis 1.Overview Theyear2024sawaslowrecoveryintheglobaleconomyduetoacombinationoffactors.AccordingtothedatareleasedbytheNationalBureauofstatistics,China'snationaleconomypickedupin2024,withtheGDPexceedingRMB130trillionforthefirsttime.TheGDPtotalledRMB134.91trillion,increasingby5.0%year-on-year.Theinvestmentinfixedassets(excludingfarmers)totalledRMB51.44trillion,increasingby3.2%year-on-year.TheinvestmentinrealestatedevelopmenttotalledRMB10.03trillion,decreasingby10.6%year-on-year,andthefloorspaceofbuildingscompletedwas737millionsquaremeters,decreasingby27.7%year-on-year.Facingthedynamicchangesinthepoliticalandeconomiclandscapeathomeandabroad,aswellastheincreasingpressureofmarketcompetition,CSG,underthecorrectleadershipoftheBoardofDirectors,adoptsthegoalofbecoming a world-class enterprise, and firmly takes the road of high-quality development. By continuously implementing differentiated operation, constantly improving its capacity of lean production and intelligent manufacturing,activelypromotingprojectconstruction,optimizingitsindustriallayout,andconsolidatingresource reserves,theCompanyfurtherstrengthensitscorecompetitiveness.In2024,theCompany'srevenuetotalledRMB15,455million,decreasingby15%year-on-year,anditsnetprofitreachedRMB248million,decreasingby84%year-on-year;meanwhile,theCompany'snetprofitattributabletoshareholdersofthelistedcompanywasRMB267million,decreasingby84%year-on-year.I.OperationofeachindustryoftheGroup Inrecentyears,CSGhascontinuouslypromotedbusinessoptimisation,strengtheneditscompetitiveadvantageintraditionalenergy-savingconstructionmaterials,andacceleratedthedevelopmentofitsnewenergyandnewmaterial supportofitsarchitecturalglassbusiness,floatglassbusinessandphotovoltaicglassbusinesseffectivelydilutingthe impactofcyclicalfluctuationsinacertainindustry. In2024,theCompany'sglassbusiness(floatglass,photovoltaicglass,andarchitecturalglass)recordedrevenueof RMB13,756millionandanetprofitofRMB857million. Glassbusinesssegment Photovoltaicglass:In2024,thesupply-demandmismatchinthephotovoltaicmarketwasprominent.This,coupledwithfactorssuchasinternationaltradebarriersandsupplychainrisks,ledtoasignificantdeclineinindustrialchain prices.Theindustrywasinacyclicaladjustmentphase.Intheprocessofdeepadjustmentofthemarketstructure,the Companywasfullydedicatedtoprovidinghigh-qualityandhigh-performancephotovoltaicglassproductswhileperfectingitsindustriallayoutandenhancingitseconomiesofscale.Itcontinuedtopromotetheleanproductionmanagementtoimproveefficiencyandunswervinglyimplementedthedifferentiatedbusinessstrategy.Ontheonehand,itreliedonitsownresourceendowmentandgavefullplaytotheadvantagesofunderlyingtechnologytoempowertheenhancementofproductionefficiencyandcostreduction.Ontheotherhand,preciselycombiningwiththedownstreamcustomers'demandforproductdiversification,itmatchedthecharacteristicsofdifferentbattery technologiestodevelopandpromotedifferentiatedproducts.Byputtingvariousimportantmanagementinitiativesin place,theCompany'sphotovoltaicglassbusinessachievedrelativelysoundoperationinthevolatilemarketcondition, andgraduallyformedacorecompetitivenessofsustainabledevelopment.Architecturalglass:AsaleadingbrandinChina'sarchitecturalglassindustry,CSGadherestothedevelopmentphilosophyof"Technology-drivenGrowth,IntelligentManufacturingEmpowerment",deeplyintegratesnewquality productivityandindustrialupgrading,buildsaninnovationsystemcoveringtheentirechainof"R&D-intelligentmanufacturing-service",andformsquality,serviceandcontinuousR&Dcapabilitiesthatmatchthebrand.Focusing onthecontinuousimprovementofthebuildingenergy-savingstandardsandhigh-risebuildingsafetystandards,the Companystrengthensbrandbuildingandadherestothecustomizedbusinessstrategyintegratingtechnicalservice, marketing,andR&Dandmanufacturing,tomeetthepersonalizedneedsofdomesticandforeigncustomersandconstructionprojects.AstheCompany'sshareinthedomestichigh-endconstructionmarketcontinuestorise,italso maintainsaleadingpositioninmarketscaleandprofitabilityinthefieldofdeepprocessingwithinthesameindustry. Inthecontextofintensifiedeconomiccyclefluctuationsin2024,theCompanybuiltanewparadigmofsmartfactoriesbasedontheindustrialInternetplatform,andachieveddynamicoptimizationofproductionlinesthrough digitaltwintechnology,soastoshortenthedeliverycycleofcustomizedproductsandimprovetheyieldrate.Inthegreenandlow-carbonfield,theCompanyappliedbuildingintegratedPV(BIPV)glasstechnologytodeveloppowergenerationglassproductsthatcanrealizepower-generatingbuildings.Relatedsolutionshavebeenappliedtotheconstruction of the Zero-carbonDemonstration Parkofthe Guangdong-Hong Kong-MacaoGreater BayArea.Additionally,byrefiningthemarketlayout,theCompanycontinuedtoincreasethesigningofhigh-qualityprojects,（未完）  |