FIRST QUARTERLY REPORT 2024
April 2024
BOE Technology Group Co., Ltd. First Quarterly Report 2024
Stock Code: 000725 Stock Name: BOE-A Announcement No. 2024-026
Stock Code: 200725 Stock Name: BOE-B Announcement No. 2024-026
BOE TECHNOLOGY GROUP CO., LTD.
FIRST QUARTERLY REPORT 2024
BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) and all the
members of the Company’s Board of Directors hereby guarantee that the contents of this
Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions.
Important Notes:
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior
management of BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the
factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and
severally liable for any misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report and its summary.
Mr. Chen Yanshun, the Company’s legal representative, Mr. Gao Wenbao, President of the Company, Ms. Yang
Xiaoping, the Company’s Chief Financial Officer, and Mr. Teng Jiao, head of the Company’s financial department
(equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual,
accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings
between the two versions, the Chinese version shall prevail.
The financial statements in this Report have not been audited by an independent auditor.
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
I Key Financial Information
(I) Key Accounting Data and Financial Indicators
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□Yes No
Item Q1 2024 Q1 2023 Change (%)
Operating revenue (RMB) 45,887,570,444.00 37,973,495,034.00 20.84%
Net profit attributable to the listed company’s
983,812,692.00 247,315,140.00 297.80%
shareholders (RMB)
Net profit attributable to the listed company’s
596,689,345.00 -1,667,931,828.00 135.77%
shareholders before exceptional items (RMB)
Net cash generated from/used in operating
16,230,705,070.00 10,122,426,068.00 60.34%
activities (RMB)
Basic earnings per share (RMB/share) 0.026 0.003 766.67%
Diluted earnings per share (RMB/share) 0.026 0.003 766.67%
Weighted average return on equity (%) 0.76% 0.09% 0.67%
Item 31 March 2024 31 December 2023 Change (%)
Total assets (RMB) 417,272,675,457.00 419,187,099,795.00 -0.46%
Equity attributable to the listed company’s
130,359,905,513.00 129,428,307,067.00 0.72%
shareholders (RMB)
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q1 2024 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance
36,581,463.00 N/A
write-offs)
Government grants recognised in profit or loss (exclusive of those that are closely
related to the Company's normal business operations and given in accordance with
449,277,865.00 N/A
defined criteria and in compliance with government policies, and have a continuing
impact on the Company's profit or loss)
Gain or loss on fair-value changes in financial assets and liabilities held by a non-
financial enterprise, as well as on disposal of financial assets and liabilities
-45,784,452.00 N/A
(exclusive of the effective portion of hedges that is related to the Company's normal
business operations)
Capital occupation charges on non-financial enterprises that are charged to current
0.00 N/A
gains and losses
Gains and losses on investment or asset management entrustments to other entities 0.00 N/A
Gains and losses on loan entrustment 0.00 N/A
Allowance for asset impairments due to acts of God such as natural disasters 0.00 N/A
Reversed portion of impairment allowance for accounts receivable which are tested
515,713.00 N/A
individually for impairment
Income equal to the amount by which investment costs for the Company to obtain
subsidiaries, associates and joint ventures are lower than the Company’s enjoyable 0.00 N/A
fair value of identifiable net assets of investees when making investments
Current gains and losses on subsidiaries acquired through business mergers under
0.00 N/A
same control from period-beginning to merger dates, net
Gains and losses on non-monetary asset swap 0.00 N/A
Gains and losses on debt restructuring 0.00 N/A
One-off costs incurred by the Company as a result of discontinued operations, such
0.00 N/A
as expenses for employee arrangements
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
One-time effect on profit or loss due to adjustments in tax, accounting and other laws
0.00 N/A
and regulations
One-time share-based payments recognized due to cancellation and modification of
0.00 N/A
equity incentive plans
Gain or loss on changes in the fair value of employee benefits payable after the
0.00 N/A
vesting date for cash-settled share-based payments
Gain or loss on fair-value changes in investment property of which subsequent
0.00 N/A
measurement is carried out using the fair value method
Income from transactions with distinctly unfair prices 0.00 N/A
Gain or loss on contingencies that are unrelated to the Company's normal business
0.00 N/A
operations
Income from charges on entrusted management 0.00 N/A
Non-operating income and expense other than the above 46,263,531.00 N/A
Other gains and losses that meet the definition of exceptional gain/loss 0.00 N/A
Less: Income tax effects -4,063,176.00 N/A
Non-controlling interests effects (net of tax) 103,793,949.00 N/A
Total 387,123,347.00 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.
1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
Changes in key line items of the income statement and explanation of why:
1. Finance costs declined 58% year on year, primarily driven by the increased net exchange gain during the Reporting Period.
2. Other income declined 73% year on year, primarily driven by the decreased government grants during the Reporting Period.
3. Return on investment declined 176% year on year, primarily driven by the decreased returns recognized on investments in associates
during the Reporting Period.
4. Gain on changes in fair value declined 150% year on year, primarily driven by the decreased gains on investments in equity
instruments during the Reporting Period.
Changes in key line items of the cash flow statement and explanation of why:
1. Net cash generated from operating activities rose 60.34% year on year, primarily driven by the increased sales during the Reporting
Period.
2. Net cash generated from investment activities declined 1,414.08% year on year, primarily driven by the decreased net cash received
from disinvestments during the Reporting Period.
3. Net cash generated from financing activities rose 66.34% year on year, primarily driven by the repayment of perpetual bonds and
the repurchase of equities last year.
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders 1,182,138 (including 1,150,568 A-shareholders and 31,570 B-shareholders)
Top 10 shareholders (exclusive of shares lent in refinancing)
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
Shareholdi Shares in pledge, marked or
Nature of Restricted frozen
Name of shareholder ng Total shares held
shareholder shares
percentage Status Shares
Beijing State-owned Capital Operation State-owned
10.79% 4,063,333,333.00 0.00 N/A 0.00
and Management Company Limited legal person
Hong Kong Securities Clearing Company Foreign
6.97% 2,624,659,006.00 0.00 N/A 0.00
Ltd. legal person
Beijing BOE Investment & Development State-owned
2.18% 822,092,180.00 0.00 N/A 0.00
Co., Ltd. legal person
Beijing Jing Guorui Soe Reform and
Other 1.91% 718,132,854.00 0.00 N/A 0.00
Development Fund (L.P.)
State-owned
Hefei Jianxiang Investment Co., Ltd. 1.77% 666,195,772.00 0.00 N/A 0.00
legal person
Domestic
non-state-
Fuqing Huirong Venture Capital Co., Ltd. 1.43% 538,599,640.00 0.00 In pledge 15,000,000.00
owned legal
person
Industrial and Commercial Bank of China
Co., Ltd.- Huatai-Pinebridge CSI 300 Other 1.07% 404,515,947.00 0.00 N/A 0.00
Exchange-Traded Fund
Perseverance Asset Management-
Other 0.94% 352,999,919.00 0.00 N/A 0.00
Perseverance Xiaofeng No.2 Zhixin Fund
Foreign
Abu Dhabi Investment Authority 0.92% 348,200,231.00 0.00 N/A 0.00
legal person
Foreign
Xu Lili natural 0.90% 337,354,681.00 0.00 N/A 0.00
person
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
Beijing State-owned Capital Operation and Management
4,063,333,333.00 RMB ordinary share 4,063,333,333.00
Company Limited
Hong Kong Securities Clearing Company Ltd. 2,624,659,006.00 RMB ordinary share 2,624,659,006.00
Beijing BOE Investment & Development Co., Ltd. 822,092,180.00 RMB ordinary share 822,092,180.00
Beijing Jing Guorui Soe Reform and Development Fund (L.P.) 718,132,854.00 RMB ordinary share 718,132,854.00
Hefei Jianxiang Investment Co., Ltd. 666,195,772.00 RMB ordinary share 666,195,772.00
Fuqing Huirong Venture Capital Co., Ltd. 538,599,640.00 RMB ordinary share 538,599,640.00
Industrial and Commercial Bank of China Co., Ltd.- Huatai-
404,515,947.00 RMB ordinary share 404,515,947.00
Pinebridge CSI 300 Exchange-Traded Fund
Perseverance Asset Management- Perseverance Xiaofeng
352,999,919.00 RMB ordinary share 352,999,919.00
No.2 Zhixin Fund
Abu Dhabi Investment Authority 348,200,231.00 RMB ordinary share 348,200,231.00
Xu Lili 337,354,681.00 RMB ordinary share 337,354,681.00
1. Beijing State-owned Capital Operation and Management Company Limited indirectly held 100% equities
of Beijing Jingguorui Investment Management Co., Ltd. and directly held 77.5918% shares of Beijing Jing
Guorui Soe Reform and Development Fund (L.P.); Beijing Jingguorui Investment Management Co., Ltd. is
Related or acting-in- the general partner of Beijing Jing Guorui Soe Reform and Development Fund (L.P.). In addition, among the
concert parties among the nine members of the Investment Decision-Making Committee of Beijing Jing Guorui Soe Reform and
shareholders above Development Fund (L.P.), three are nominated by Beijing State-owned Capital Operation and Management
Company Limited.
2. Except for the above relationships, the Company does not know any other connected party or acting-in-
concert party among the top 10 shareholders.
1. Shareholder Xu Lili totally held 337,354,681 shares in the Company, among which, 9,910,000 shares were
held via its general securities account, 248,713,498 shares via its customer credit transactions secured
securities account in GF Securities Co., Ltd. and 78,731,183 shares via its customer credit transactions secured
Top 10 ordinary
securities account in Ping An Securities Co., Ltd.
shareholders involved in
securities margin trading 2. The shares held by Shareholder Fuqing Huirong Venture Capital Co., Ltd. in the Company increased by
3,297,100 shares due to securities refinancing.
3. The shares held by Shareholder Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI
300 Exchange-Traded Fund in the Company increased by 140,700 shares due to securities refinancing.
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
4. Except for the aforesaid, no shareholder among the top-10 ordinary shareholders of the Company was
involved in securities refinancing.
Note: After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd., by entering into Implementation Protocol of
Voting Right, agreed to maintain all of the shares held by it unanimous with Beijing BOE Investment & Development Co., Ltd. when
executing the voting rights as a shareholder.
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
Applicable □ Not applicable
Unit: share
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
Shares lent in
Shares in the common Shares lent in refinancing Shares in the common
refinancing and not
account and credit account and not yet returned at the account and credit account
yet returned at the
Full name of at the period-begin period-begin at the period-end
period-end
shareholder
As % of As % of As % of As % of
Total
Total shares total share Total shares total share Total shares total share total share
shares
capital capital capital capital
Fuqing Huirong
Venture Capital Co., 535,302,540 1.42% 3,297,100 0.01% 538,599,640 1.43% 0 0.00%
Ltd.
Industrial and
Commercial Bank of
China Co., Ltd.-
279,619,047 0.74% 140,700 0.00% 404,515,947 1.07% 0 0.00%
Huatai-Pinebridge
CSI 300 Exchange-
Traded Fund
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the prior
period
□Applicable Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
1. On 18 October 2019, the Company disclosed the Announcement on the Company’s Application for CSRC’s Approval for its Public
Issue of Renewable Corporate Bonds (Announcement No. 2019-052), and the Company received the No. [2019] 1801 Approval from
CSRC. Based on the approval, the Company could publicly issue the renewable corporate bonds with the nominal value no more than
RMB30 billion to qualified investors. The bond outstanding as of the disclosure date of this Report is as follows:
Bond name Abbr. Bond code Date of issue Maturity
2022 Public Offering of Renewable Corporate
Bonds of BOE (for professional investors) 22BOEY1 149861 24 March 2022 25 March 2025
(Digital Economy) (Phase I)
The Company disclosed 2023 "22BOEY1" Interest Payment Announcement (Announcement No. 2024-005) on 21 March 2024. The
interest payment plan was RMB35.00 (including tax) every ten bonds.
2. The Company held the 15th Meeting of the 9th Board of Directors and the 2nd Extraordinary General Meeting of 2020 on 27 August
2020 and 17 November 2020 respectively and deliberated and approved the 2020 Stock Option and Restricted Stock Grant Program,
in which the Company intends to implement the Equity Incentive Scheme, including both the Stock Option Incentive Scheme and the
Restricted Stock Incentive Scheme. Following the approval of the Proposal on the First Grant of Stock Options and Restricted Shares
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
to Incentive Objects at the 20th Meeting of the 9th Board of Directors and the 8th Meeting of the 9th Supervisory Committee, the
Company disclosed the Announcement on Completion of Registration of the First Grant of the 2020 Stock Option and Restricted Stock
Incentive Scheme (Announcement No.2020-086) on 31 December 2020. Following the approval of the Proposal on the Achievement
of Exercise Conditions of the Second Exercise Schedule for the Stock Option Granted by the Stock Option Incentive Scheme of 2020
and the Fulfillment of the Exercise Conditions for the Stock Option Granted for the Second Time, the Proposal on the Repurchase and
Write-off of Certain Restricted Shares and the Proposal for the Write-off of Certain Stock Options at the 28th Meeting of the 10th
Board of Directors and the 4th Meeting of the 10th Supervisory Committee, the Company’s lawyers and independent financial advisers
respectively issued opinions on matters related to stock options and restricted stock incentives. The Company disclosed the Reminder
Announcement on Release and Circulation of Restricted Shares Granted under the 2020 Stock Option and Restricted Stock Incentive
Scheme in the Second Release Period (Announcement No. 2024-021) on 10 April 2024. The total number of incentive targets who
meet the conditions for releasing the restricted shares is 716, and the number of restricted shares that can be released is 95,859,475
shares, accounting for 0.2546% of the total share capital of the Company at present. The restricted shares released this time are listed
and traded since 11 April 2024.
3. The Company disclosed the Announcement on Election of Non-Independent Directors of the 10th Board of Directors (No. 2024-018)
on 2 April 2024. Beijing Electronics Holdings Co., Ltd., the actual controller of the Company, nominated Mr. Feng Qiang, Mr. Zhu
Baocheng and Mr. Wang Xiping as non-independent director candidates of the 10th Board of Directors of the Company. The Company
disclosed the Announcement on Resolutions of the 2023 Annual General Meeting (No. 2024-023) on 27 April 2024 which reviewed
and approved the Proposal on Election of Non-Independent Directors of the 10th Board of Directors, and Mr. Feng Qiang, Mr. Zhu
Baocheng and Mr. Wang Xiping were elected as non-independent directors of the 10th Board of Directors of the Company.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
31 March 2024
Unit: RMB
Item 31 March 2024 1 January 2024
Current assets:
Monetary assets 82,201,886,021.00 72,467,392,718.00
Settlement reserve 0.00 0.00
Loans to other banks and financial institutions 0.00 0.00
Held-for-trading financial assets 6,040,864,879.00 7,755,964,495.00
Derivative financial assets 0.00 0.00
Notes receivable 373,643,131.00 375,577,011.00
Accounts receivable 29,828,289,330.00 33,365,416,490.00
Receivables financing 522,585,937.00 408,534,622.00
Prepayments 591,597,420.00 558,659,780.00
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00
Other receivables 691,105,005.00 726,659,207.00
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale agreements 0.00 0.00
Inventories 24,025,960,685.00 24,119,667,325.00
Including: Data resource 0.00 0.00
Contract assets 94,916,789.00 95,710,742.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
Assets held for sale 0.00 0.00
Current portion of non-current assets 8,770,540.00 8,683,381.00
Other current assets 2,502,024,952.00 3,308,338,931.00
Total current assets 146,881,644,689.00 143,190,604,702.00
Non-current assets:
Loans and advances to customers 0.00 0.00
Debt investments 0.00 0.00
Other debt investments 0.00 0.00
Long-term receivables 3,506,003.00 3,341,844.00
Long-term equity investments 13,469,513,969.00 13,731,696,627.00
Investments in other equity instruments 472,574,251.00 494,629,577.00
Other non-current financial assets 2,285,559,073.00 2,253,778,325.00
Investment property 1,412,286,238.00 1,412,553,446.00
Fixed assets 211,653,135,782.00 210,371,476,524.00
Construction in progress 22,726,473,982.00 29,670,115,546.00
Productive living assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 747,910,131.00 724,344,345.00
Intangible assets 11,361,538,810.00 11,565,585,700.00
Including: Data resource 0.00 0.00
Development costs 157,408,158.00 166,977,531.00
Including: Data resource 0.00 0.00
Goodwill 704,705,586.00 704,705,586.00
Long-term prepaid expense 495,661,605.00 534,494,564.00
Deferred income tax assets 430,479,753.00 396,877,020.00
Other non-current assets 4,470,277,427.00 3,965,918,458.00
Total non-current assets 270,391,030,768.00 275,996,495,093.00
Total assets 417,272,675,457.00 419,187,099,795.00
Current liabilities:
Short-term borrowings 2,511,608,409.00 1,746,184,534.00
Borrowings from the central bank 0.00 0.00
Loans from other banks and financial institutions 0.00 0.00
Held-for-trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 749,778,501.00 919,313,033.00
Accounts payable 34,337,777,410.00 32,977,603,351.00
Advances from customers 79,321,348.00 94,704,981.00
Contract liabilities 3,021,294,530.00 3,000,168,620.00
Financial assets sold under repurchase agreements 0.00 0.00
Customer deposits and deposits from other banks and financial
0.00 0.00
institutions
Payables for acting trading of securities 0.00 0.00
Payables for underwriting of securities 0.00 0.00
Employee benefits payable 2,756,293,611.00 3,100,911,276.00
Taxes and levies payable 1,392,432,808.00 1,317,080,022.00
Other payables 18,425,738,799.00 19,487,760,965.00
Including: Interest payable 181,806.00 175,698.00
Dividends payable 13,555,614.00 39,014,714.00
Fees and commissions payable 0.00 0.00
Reinsurance payables 0.00 0.00
Liabilities directly associated with assets held for sale 0.00 0.00
Current portion of non-current liabilities 20,501,362,198.00 24,437,027,442.00
Other current liabilities 3,051,762,876.00 3,085,773,591.00
Total current liabilities 86,827,370,490.00 90,166,527,815.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00
Long-term borrowings 122,232,501,137.00 121,546,339,022.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
Bonds payable 0.00 0.00
Including: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Lease liabilities 579,208,760.00 542,141,496.00
Long-term payables 170,229,197.00 171,611,393.00
Long-term employee benefits payable 0.00 0.00
Provisions 3,580,000.00 3,580,000.00
Deferred income 5,050,235,432.00 4,763,051,955.00
Deferred income tax liabilities 1,552,738,554.00 1,694,639,729.00
Other non-current liabilities 2,507,872,067.00 2,500,522,066.00
Total non-current liabilities 132,096,365,147.00 131,221,885,661.00
Total liabilities 218,923,735,637.00 221,388,413,476.00
Owners’ equity:
Share capital 37,652,529,195.00 37,652,529,195.00
Other equity instruments 1,990,663,220.00 2,043,402,946.00
Including: Preference shares 0.00 0.00
Perpetual bonds 1,990,663,220.00 2,043,402,946.00
Capital reserves 52,146,549,454.00 52,113,580,746.00
Less: Treasury stock 462,036,240.00 462,036,240.00
Other comprehensive income -1,196,419,518.00 -1,136,997,224.00
Specific reserve 96,155,746.00 66,472,402.00
Surplus reserves 3,571,778,635.00 3,571,778,635.00
General reserve 0.00 0.00
Retained earnings 36,560,685,021.00 35,579,576,607.00
Total equity attributable to owners of the Company as the parent 130,359,905,513.00 129,428,307,067.00
Non-controlling interests 67,989,034,307.00 68,370,379,252.00
Total owners’ equity 198,348,939,820.00 197,798,686,319.00
Total liabilities and owners’ equity 417,272,675,457.00 419,187,099,795.00
Legal representative: Chen Yanshun President of the Company’s Execution Committee: Gao Wenbao
Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Teng Jiao
2. Consolidated Income Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Revenues 45,887,570,444.00 37,973,495,034.00
Including: Operating revenue 45,887,570,444.00 37,973,495,034.00
Interest revenue 0.00 0.00
Insurance premium income 0.00 0.00
Fee and commission income 0.00 0.00
2. Costs and expenses 44,896,545,276.00 41,104,993,880.00
Including: Cost of sales 39,241,468,364.00 35,374,272,767.00
Interest costs 0.00 0.00
Fee and commission expense 0.00 0.00
Surrenders 0.00 0.00
Net insurance claims paid 0.00 0.00
Net amount provided as insurance contract reserve 0.00 0.00
Expenditure on policy dividends 0.00 0.00
Reinsurance premium expense 0.00 0.00
Taxes and levies 286,396,464.00 263,253,907.00
Selling expense 995,736,766.00 932,265,694.00
Administrative expense 1,456,643,618.00 1,425,783,553.00
R&D expense 2,725,845,440.00 2,660,326,920.00
Finance costs 190,454,624.00 449,091,039.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2024
Including: Interest costs 952,033,531.00 961,729,826.00
Interest revenue 548,748,379.00 479,238,144.00
Add: Other income 617,195,143.00 2,316,043,230.00
Return on investment (“-” for loss) -205,512,994.00 269,472,747.00
Including: Share of profit or loss of joint ventures and
-241,469,988.00 246,000,059.00
associates
Income from the derecognition of financial assets at
0.00 0.00
amortized cost (“-” for loss)
Exchange gain (“-” for loss) 0.00 0.00
Net gain on exposure hedges (“-” for loss) 0.00 0.00
Gain on changes in fair value (“-” for loss) -54,369,469.00 108,495,867.00
Credit impairment loss (“-” for loss) -20,856,249.00 11,376,959.00
Asset impairment loss (“-” for loss) -748,246,680.00 -631,964,684.00
Asset disposal income (“-” for loss) 7,040,622.00 7,748,007.00
3. Operating profit (“-” for loss) 586,275,541.00 -1,050,326,720.00
Add: Non-operating income 53,109,234.00 68,942,202.00
Less: Non-operating expense 4,647,001.00 10,942,755.00
4. Gross profit (“-” for loss) 634,737,774.00 -992,327,273.00
Less: Income tax expense 151,905,420.00 242,986,937.00
5. Net profit (“-” for net loss) 482,832,354.00 -1,235,314,210.00
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) 482,832,354.00 -1,235,314,210.00
5.1.2 Net profit from discontinued operations (“-” for net loss) 0.00 0.00
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as
983,812,692.00 247,315,140.00
the parent
5.2.1 Net profit attributable to non-controlling interests -500,980,338.00 -1,482,629,350.00
6. Other comprehensive income, net of tax -56,021,404.00 7,276,532.00
Attributable to owners of the Company as the parent -44,866,298.00 10,232,350.00
6.1 Items that will not be reclassified to profit or loss -2,950,788.00 46,400,833.00
6.1.1 Changes caused by remeasurements on defined
0.00 0.00
benefit schemes
6.1.2 Other comprehensive income that will not be
-4,679,148.00 28,175,376.00
reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other
1,728,360.00 18,225,457.00
equity instruments
6.1.4 Changes in the fair value arising from changes in
0.00 0.00
own credit risk
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to profit or loss -41,915,510.00 -36,168,483.00
6.2.1 Other comprehensive income that will be
0.00 0.00
reclassified to profit or loss under the equity method
6.2.2 Changes in the fair value of other debt investments 0.00 0.00
6.2.3 Other comprehensive income arising from the
0.00 0.00
reclassification of financial assets
6.2.4 Credit impairment allowance for other debt
0.00 0.00
investments
6.2.5 Reserve for cash flow hedges 0.00 0.00
6.2.6 Differences arising from the translation of foreign
-41,915,510.00 -36,168,483.00
currency-denominated financial statements
6.2.7 Other 0.00 0.00
Attributable to non-controlling interests -11,155,106.00 -2,955,818.00
7. Total comprehensive income 426,810,950.00 -1,228,037,678.00
Attributable to owners of the Company as the parent 938,946,394.00 257,547,490.00
Attributable to non-controlling interests -512,135,444.00 -1,485,585,168.00
8. Earnings per share
8.1 Basic earnings per share 0.026 0.003
8.2 Diluted earnings per share 0.026 0.003
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees before the
combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.
10
BOE Technology Group Co., Ltd. First Quarterly Report 2024
Legal representative: Chen Yanshun President of the Company’s Execution Committee: Gao Wenbao
Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Teng Jiao
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2024 Q1 2023
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 52,321,850,824.00 42,514,868,173.00
Net increase in customer deposits and deposits from other banks
0.00 0.00
and financial institutions
Net increase in borrowings from the central bank 0.00 0.00
Net increase in loans from other financial institutions 0.00 0.00
Premiums received on original insurance contracts 0.00 0.00
Net proceeds from reinsurance 0.00 0.00
Net increase in deposits and investments of policy holders 0.00 0.00
Interest, fees and commissions received 0.00 0.00
Net increase in loans from other banks and financial institutions 0.00 0.00
Net increase in proceeds from repurchase transactions 0.00 0.00
Net proceeds from acting trading of securities 0.00 0.00
Tax and levy rebates 2,518,507,872.00 2,313,084,732.00
Cash generated from other operating activities 1,320,664,784.00 2,757,111,561.00
Subtotal of cash generated from operating activities 56,161,023,480.00 47,585,064,466.00
Payments for commodities and services 31,470,733,300.00 30,398,741,266.00
Net increase in loans and advances to customers 0.00 0.00
Net increase in deposits in the central bank and other banks and
0.00 0.00
financial institutions
Payments for claims on original insurance contracts 0.00 0.00
Net increase in loans to other banks and financial institutions 0.00 0.00
Interest, fees and commissions paid 0.00 0.00
Policy dividends paid 0.00 0.00
Cash paid to and for employees 5,417,226,891.00 5,009,341,362.00
Taxes and levies paid 1,333,136,024.00 816,646,900.00
Cash used in other operating activities 1,709,222,195.00 1,237,908,870.00
Subtotal of cash used in operating activities 39,930,318,410.00 37,462,638,398.00
Net cash generated from/used in operating activities 16,230,705,070.00 10,122,426,068.00
2. Cash flows from investing activities:
Proceeds from disinvestment 8,551,543,161.00 23,831,855,131.00
Return on investment 109,848,899.00 149,214,617.00
Net proceeds from the disposal of fixed assets, intangible assets
6,919,339.00 8,453,288.00
and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
0.00 0.00
business units
Cash generated from other investing activities 730,329,518.00 1,810,581,640.00
Subtotal of cash generated from investing activities 9,398,640,917.00 25,800,104,676.00
Payments for the acquisition of fixed assets, intangible assets
4,990,971,613.00 4,162,151,317.00
and other long-lived assets
Payments for investments 13,799,650,053.00 22,250,323,389.00
Net increase in pledged loans granted 0.00 0.00
Net payments for the acquisition of subsidiaries and other
0.00 0.00
business units
Cash used in other investing activities 10,663,235.00 8,643,927.00
Subtotal of cash used in investing activities 18,801,284,901.00 26,421,118,633.00
Net cash generated from/used in investing activities -9,402,643,984.00 -621,013,957.00
3. Cash flows from financing activities:
Capital contributions received 333,442,000.00 140,300,202.00
Including: Capital contributions by non-controlling interests
333,442,000.00 140,300,202.00
to subsidiaries
11
BOE Technology Group Co., Ltd. First Quarterly Report 2024
Borrowings received 11,049,663,476.00 10,054,932,380.00
Cash generated from other financing activities 3,391,076.00 1,528,590.00
Subtotal of cash generated from financing activities 11,386,496,552.00 10,196,761,172.00
Repayment of borrowings 13,103,045,886.00 12,032,755,699.00
Interest and dividends paid 1,747,105,196.00 2,096,011,812.00
Including: Dividends paid by subsidiaries to non-controlling
0.00 0.00
interests
Cash used in other financing activities 190,458,308.00 6,925,098,464.00
Subtotal of cash used in financing activities 15,040,609,390.00 21,053,865,975.00
Net cash generated from/used in financing activities -3,654,112,838.00 -10,857,104,803.00
4. Effect of foreign exchange rates changes on cash and cash
87,086,878.00 -224,798,117.00
equivalents
5. Net increase in cash and cash equivalents 3,261,035,126.00 -1,580,490,809.00
Add: Cash and cash equivalents, beginning of the period 52,092,981,748.00 64,382,037,764.00
6. Cash and cash equivalents, end of the period 55,354,016,874.00 62,801,546,955.00
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2024
□ Applicable Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes No
These financial statements have not been audited by such an auditor.
The Board of Directors
BOE Technology Group Co., Ltd.
29 April 2024
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