FIRST QUARTER REPORT 2017
April 2017
BOE Technology Group Co., Ltd. First Quarter Report 2017
Section I Important Statements
The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as
well as the directors, supervisors and senior executive officers of BOE Technology Group Co.,
Ltd. (the “Company”) hereby guarantee the factuality, accuracy and completeness of the
contents of this Report, and shall be jointly and severally liable for any false representation,
misleading statements or material omissions in this Report.
All directors attended the board meeting for the review of this Report.
Mr. Wang Dongsheng, head of the Company, Mr. Chen Yanshun, president of the Execution
Committee (chief executive officer) of the Company, Ms. Sun Yun, accounting head for this
Report, and Ms. Yang Xiaoping, head of the accounting department (head of accounting),
hereby guarantee that the financial statements carried in this Report are factual, accurate and
complete.
This Report and its abstract have been prepared in both Chinese and English. Should there be
any discrepancies or misunderstandings between the two versions, the Chinese version shall
prevail.
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Section II Company Profile
I Key financial results
Indicate by tick mark whether the Company retroactively restated any of its accounting data due to changes of accounting policies or
correction of accounting errors.
□ Yes √ No
Item January-March 2017 January-March 2016 +/-%
Operating revenues (RMB Yuan) 21,854,974,362.00 12,297,738,830.00 77.72%
Net profit attributable to shareholders of the
2,413,015,650.00 108,325,454.00 2,127.56%
Company (RMB Yuan)
Net profit attributable to shareholders of the
Company before exceptional profit and loss 2,301,442,129.00 -1,356,749,356.00 -269.63%
(RMB Yuan)
Net cash flows from operating activities (RMB
6,216,049,821.00 2,767,654,463.00 124.60%
Yuan)
Basic earnings per share (RMB Yuan /share) 0.069 0.003 2,200.00%
Diluted earnings per share (RMB Yuan /share) 0.069 0.003 2,200.00%
Weighted average return on equity (%) 3.02% 0.14% 2.88%
Item March 31, 2017 December 31, 2016 +/-%
Total assets (RMB Yuan) 213,743,747,227.00 205,135,011,042.00 4.20%
Net assets attributable to shareholders of the
80,974,386,351.00 78,699,988,493.00 2.89%
Company (RMB Yuan)
Exceptional profit/loss
√ Applicable □ Not applicable
Unit: RMB Yuan
Item January-March 2017 Note
Profit/loss on disposal of non-current assets (including offset asset impairment
-16,105,130.00 N/A
provisions)
Tax rebates, reductions and exemptions due to approval beyond authority or the
0.00 N/A
lack of official approval documents
Government subsidies charged to the profit/loss for this Reporting Period
(except for the government grants closely related to the business of the
136,068,201.00 N/A
Company and given at a fixed quota or amount in accordance with the State’s
uniform standards)
Capital occupation charges on non-financial enterprises that are charged to the 0.00 N/A
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BOE Technology Group Co., Ltd. First Quarter Report 2017
profit/loss for this Reporting Period
Profit due to the situation where investment costs for the Company to obtain
subsidiaries, associates and joint ventures are lower than the enjoyable fair 0.00 N/A
value of identifiable net assets of investees when making investments
Profit/loss on non-monetary asset swap 0.00 N/A
Profit/loss on entrusting others with investments or asset management 0.00 N/A
Asset impairment provisions due to acts of God such as natural disasters 0.00 N/A
Profit/loss on debt restructuring 0.00 N/A
Restructuring costs in staff arrangement, integration, etc. 0.00 N/A
Profit/loss on the part over the fair value due to transactions with distinctly
0.00 N/A
unfair prices
Net Reporting Period profit/loss on subsidiaries acquired through business
0.00 N/A
mergers under the same control from the period-beginning to merger dates
Profit/loss on contingencies irrelevant to the Company’s routine business
0.00 N/A
activities
Profit/loss on fair value changes of transactional financial assets and liabilities
& investment income from disposal of transactional financial assets and
3,096,278.00 N/A
liabilities as well as financial assets available for sale, except for effective
hedges related to routine operations of the Company
Impairment provision reversal for accounts receivable on which the impairment
29,398.00 N/A
test is carried out separately
Profit/loss on entrusted loans 0.00 N/A
Profit/loss on fair value changes in investing properties of which the
0.00 N/A
subsequent measurement is carried out adopting the fair value method
Effect on Reporting Period profit/loss when a one-off adjustment is made to
Reporting Period profit/loss according to requirements of taxation, accounting 0.00 N/A
and other relevant laws and regulations
Custody fee income when entrusted with operations 0.00 N/A
Non-operating income and expense other than the above 6,953,716.00 N/A
Other profit/loss that meet the definition of exceptional profit/loss 0.00 N/A
Less: Corporate income tax 16,601,478.00 N/A
Minority interests (after tax) 1,867,464.00 N/A
Total 111,573,521.00 --
Explanation of why the Company classified an item as exceptional profit/loss according to the definition in the Explanatory
Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Profit and Loss,
or reclassified any exceptional profit/loss item given as an example in the said explanatory announcement to recurrent profit/loss
□ Applicable √ Not applicable
No such cases in this Reporting Period.
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BOE Technology Group Co., Ltd. First Quarter Report 2017
II Total number of shareholders at the period-end and their shareholdings
1. Numbers of common shareholders and preference shareholders with resumed voting rights, as well as
shareholdings of top ten shareholders
Unit: share
1,056,889 (including 1,014,828 Total number of preference
Total number of common
A-share holders and 42,061 shareholders with resumed voting 0
shareholders at the period-end
B-share holders） rights at the period-end (if any)
Top ten shareholders
Name of Nature of Shareholding Total shares held Number of restricted Pledged or frozen shares
shareholder shareholder percentage (%) at the period-end shares held Status Number
Beijing State-owned
Capital Operation State-owned
11.56% 4,063,333,333 4,063,333,333
and Management corporation
Center
Chongqing
Ezcapital
State-owned
Opto-electronics 8.53% 3,000,000,000 3,000,000,000
corporation
Industry Investment
Co., Ltd.
Hefei Jianxiang State-owned
8.13% 2,857,142,857 2,857,142,857
Investment Co., Ltd. corporation
Beijing State-owned
Economic-Technolo corporation
3.53% 1,241,423,641
gical Investment &
Development Corp.
Tianan Property
Insurance Co., Ltd. Other 3.45% 1,213,770,804
－Baoying No. 1
China Securities Other
2.49% 876,936,082
Finance Corp.
Beijing BOE State-owned
Investment & Corporation
2.34% 822,092,180
Development Co.,
Ltd.
Hefei Rongke State-owned
Project Investment Corporation 1.92% 675,026,803
Co., Ltd.
National Social Other
1.07% 375,538,914
Security Fund
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Portfolio 108
Beijing Electronics On behalf of the
0.78% 273,735,583
Holdings Co., Ltd. government
Top ten non-restricted shareholders
Number of non-restricted shares held at the Type of shares
Name of shareholder
period-end Type Number
Beijing Economic-Technological
1,241,423,641 RMB common share 1,241,423,641
Investment & Development Corp.
Tianan Property Insurance Co., Ltd. －
1,213,770,804 RMB common share 1,213,770,804
Baoying No. 1
China Securities Finance Corp. 876,936,082 RMB common share 876,936,082
Beijing BOE Investment & Development
822,092,180 RMB common share 822,092,180
Co., Ltd.
Hefei Rongke Project Investment Co.,
675,026,803 RMB common share 675,026,803
Ltd.
National Social Security Fund Portfolio
375,538,914 RMB common share 375,538,914
108
Beijing Electronics Holdings Co., Ltd. 273,735,583 RMB common share 273,735,583
Central Huijin Asset Management Co.,
248,305,300 RMB common share 248,305,300
Ltd.
National Social Security Fund Portfolio
212,381,398 RMB common share 212,381,398
111
Founder BEA Trust Co., Ltd- Founder
BEAHengsheng No.30 Securities 208,652,800 RMB common share 208,652,800
Investment Single Fund Trust
1. Beijing State-owned Capital Operation and Management Center held 100% equities
of Beijing Electronics Holdings Co., Ltd.
2. Beijing Electronics Holdings Co., Ltd. held 66.25% equities of Beijing BOE
Investment & Development Co., Ltd. and was its controlling shareholder.
3. After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd.
and Chongqing Capital Photoelectricity Investment Co., Ltd., by entering into
Implementation Protocol of Voting Right respectively, agreed to maintain all of the
Related or acting-in-concert parties
shares held by them respectively unanimous with Beijing BOE Investment &
among the shareholders above
Development Co., Ltd. when executing the voting rights of the shareholders.
4. After the non-public issuing of the Company in 2014, Beijing State-owned Capital
Operation and Management Center handed over 70% of the shares directly held by it to
Beijing Electronics Holdings Co., Ltd. for management through Stock Management
Protocol, and Beijing Electronics Holdings Co., Ltd. gained the incidental shareholders’
rights except for disposing right and usufruct of the shares, of which the rest 30% voting
right maintained unanimous with Beijing Electronics Holdings Co., Ltd. through the
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BOE Technology Group Co., Ltd. First Quarter Report 2017
agreement according to Implementation Protocol of Voting Right.
5. Except for relationship among the above shareholders, the Company is not aware of
whether the other top ten shareholders exist associated relationship or not, or they are
persons acting in concert or not.
Top ten common shareholders conducting
N/A
securities margin trading (if any)
Indicate by tick mark whether any of the top ten common shareholders or the top ten non-restricted common shareholders of the
Company conducted any promissory repo during this Reporting Period.
□ Yea √ No
No such cases in this Reporting Period.
2. Total number of preference shareholders and shareholdings of the top ten of them
□ Applicable √ Not applicable
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Section III Significant Events
I Changes in the key financial results of this Reporting Period, as well as the reasons for such
changes
√ Applicable □ Not applicable
1. Operating revenues increased 78% from the same period of last year, mainly because of a larger business size and the higher
product prices.
2. Operating costs increased 35% from the same period of last year, mainly because of the increased operating revenues.
3. Selling expenses increased 122% from the same period of last year, mainly because of the increased operating revenues.
4. Non-operating revenues decreased 90% from the same period of last year, mainly because of the decreased governmental
subsidies.
5. Corporate income tax increased 3395% from the same period of last year, mainly because of the considerable growth in earnings.
6. Other current assets increased 73% from the opening amount, mainly because of more investment in wealth management products.
7. Long-term equity investments increased 48% from the opening amount, mainly because of more investment in associates.
8. Construction in progress increased 37% from the opening amount, mainly because the new projects proceeded.
9. Long-term accounts payable increased 78% from the opening amount, mainly because of the increased financial leasing.
10. Net cash inflows from operating activities increased 125% from the same period of last year, mainly because of a larger business
size and better operating profit.
11. Net cash outflows from investing activities increased 1040% from the same period of last year, mainly because of a higher
expenditure on new construction projects.
12. Net cash inflows from financing activities increased 271% from the same period of last year, mainly because more borrowings
were secured.
II Progress of significant events and their influence and solutions
√ Applicable □ Not applicable
1. According to the Notice About the Resolution of the 10th Meeting of the 8th Board of Directors(Notice No.: 2017-005) released on
March 4, 2017 by the Company, the Bill of Investing and Subscribing the Stock of Conga was approved that the Company would
subscribe the stock of Cnoga through its wholly owned subsidiary BOE Optoelectronics Co., Ltd with investment of USD50 million,
carrying out strategic cooperation with Cnoga Company, and developing products, like noninvasive multi-parameters detectors,
combination of glucose meter, and etc. for details, see the Notice of Investing and Subscribing the Stock of Conga (2017-006)
disclosed on that day by the Company.
2. The Company Securities issued publicly for Qualified Investors in 2016 of BOE Technology Group Co., Ltd issued from March 21,
2016 to March 22, 2016 by the Company is about to be issued for one year to March 21, 2017. According to the rules, interests
should be paid once a year within the interest-bearing period. According to the Notice about Payment of Interest in 2017 of
"16BOE01"(Notice No.: 2017-007) disclosed on March 15, 2017, interest should be paid for RMB31.5 Yuan (including tax) per 10
bonds in this payment of interest plan.
3. On July 17, 2016, the Company disclosed the "Proposal on Repurchasing Some Public Shares of the Company", which was
considered and approved at the Third Special Shareholders' General Meeting in 2016. On September 20, 2016, the company
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BOE Technology Group Co., Ltd. First Quarter Report 2017
implemented the program of repurchasing part of the public shares for the first time. Up to March 31, 2017, the Company had
repurchased 88,692,299 A shares and 110,500,528 B shares. For details, please refer to the "Notice on Progress in Repurchase of
Some Public Shares" (Announcement No.: 2017-012) disclosed by the Company on 6 April.
4. On March 31, 2017, the Company disclosed the Announcement on the Agreement on Signing Investment Cooperation Framework
(Announcement No.: 2017-010). The Company and Yunnan North Oreide Optoelectronic Sci-tech Co., Ltd., Gao Ping Sci-tech
(Shenzhen) Co., Ltd. signed the "Investment Cooperation Framework Agreement", intending to cooperate in research and
development, production and sales of OLED micro-display in the field of consumer electronics.
5.The 9th board meeting of the 8th board of Directors was held on 11th January 2017, and the Bill of participating in subscribing New
Century Healthcare Initial Public offering stocks was approved during the meeting. BOE would subscribe 21.55 million stocks of
New Century Healthcare listed on The Stock Exchange of Hong Kong ltd. through its wholly owned subsidiary BOE (Hongkong),
paying 160,206386.05 HKD (Relevant fees included).
Summary of significant event Disclosure date Disclosure website
Announcement on Signing Investment
02/07/2017 www.cninfo.com.cn
Agreement
Announcement on Signing Investment and
03/24/2017 www.cninfo.com.cn
Cooperation Agreement
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BOE Technology Group Co., Ltd. First Quarter Report 2017
III Overdue commitments of the Company’s actual controller, shareholders, related parties and acquirer, as well as the Company and
other commitment makers in this Reporting Period or ongoing at the period-end
√ Applicable □ Not applicable
Type of Date of commitment Period of
Commitment Commitment maker Contents Fulfillment
commitment making commitment
Commitments made in share reform
Commitments made in acquisition documents or
shareholding alteration documents
Commitments made in time of asset restructuring
Beijing State-owned Capital Committed that the shares
Operation and Management acquired from purchasing
Center, Hefei Jianxiang would not be transferred
Restricted shares
Commitments made in time of IPO or refinancing Investment Co., Ltd., from the first date of issuing 04/08/2014 36 months Ongoing
commitments
Chongqing Capital the newly increased shares
Optoelectronics Investment of the issuer within 36
Co., Ltd. months
Commitments concerning stock ownership incentive
Other commitments made to minority interests
Fulfilled on time or not Yes
Specific reasons for failing to fulfill commitments on
N/A
time and plans for next step
IV Operating result forecast for January-June 2017
Warning of a forecast deficit or considerable YoY change in the accumulative net profit made during the period from the beginning of the year to the end of the next reporting period, as well as
explanation of why:
□ Applicable √ Not applicable
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BOE Technology Group Co., Ltd. First Quarter Report 2017
V Securities investments
√ Applicable □ Not applicable
Closing Profit/loss in
Opening Opening Closing
Variety of Code of Initial investment shareholdi Closing book this
Name of securities shareholding shareholding shareholding value (RMB Reporting Accounting title Source
securities securities cost (RMB Yuan) ng Yuan) Period
(share) percentage (share)
percentage (RMB Yuan)
TPV Technology Available-for-sal
Stock HK00903 134,658,158.00 24,360,191 1.04% 24,360,191 1.04% 45,759,912.00 0.00 Subscribed for
e financial asset
Electronic Zone Available-for-sal Obtained in a
Stock SH600658 90,160,428.00 9,819,493 1.69% 9,819,493 1.69% 132,563,156.00 0.00
e financial asset stock swap
Available-for-sal
Stock HK01963 Bank of Chongqing 120,084,375.00 25,195,000 0.93% 25,195,000 0.93% 150,561,178.00 0.00 Subscribed for
e financial asset
Available-for-sal
Stock HK06066 China Securities 70,041,364.00 11,387,500 0.16% 11,387,500 0.16% 72,802,193.00 0.00 Subscribed for
e financial asset
New Century Available-for-sal
Stock HK01518 142,474,623.00 21,550,000 4.49% 21,550,000 4.49% 138,538,161.00 0.00 Subscribed for
Healthcare e financial asset
Black Rock Global
Available-for-sal
Stock BLK Allocation Fund A2 4,004,297.00 16,989 0.06% 16,989 0.06% 6,186,680.00 0.00 Subscribed for
e financial asset
USD
Other securities investments held at the period-end 0.00 0 -- 0 -- 0.00 0.00 -- --
Total 561,423,245.00 92,329,173.00 -- 92,329,173.00 -- 546,411,280.00 0.00 -- --
Disclosure date of the announcement about the
N/A
board’s consent for the securities investment
Disclosure date of the announcement about the
general meeting’s consent for the securities N/A
investment (if any)
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BOE Technology Group Co., Ltd. First Quarter Report 2017
VI Investments in derivative financial instruments
□ Applicable √ Not applicable
No such cases in the Reporting Period.
VII Visits paid to the Company in the Reporting Period for purposes of research,
communication, interview, etc.
√ Applicable □ Not applicable
Date of visit Way of visit Type of visitor Main inquiry information
01/04/2017 Field survey Institution
01/05/2017 Field survey Institution
01/09/2017 Field survey Institution
01/12/2017 Field survey Institution
01/12/2017 Field survey Institution
01/19/2017 Field survey Institution
02/08/2017 Field survey Institution
02/08/2017 Field survey Institution
02/08/2017 Phone talk Institution
02/16/2017 Phone talk Institution
Main discussions:
02/20/2017 Phone talk Institution
1. The status quo and future outlook of
02/21/2017 Field survey Institution the Company;
02/28/2017 Field survey Institution 2. The status quo and development
trends of the industry; and
02/28/2017 Field survey Institution
3. The production lines of the Company.
02/28/2017 Phone talk Institution
02/28/2017 Field survey Institution
02/28/2017 Phone talk Institution
03/07/2017 Field survey Institution
03/14/2017 Field survey Institution
03/14/2017 Field survey Institution
03/20/2017 Field survey Institution
03/22/2017 Phone talk Institution
03/23/2017 Field survey Institution
03/28/2017 Field survey Institution
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BOE Technology Group Co., Ltd. First Quarter Report 2017
VIII Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s funds by the controlling shareholder or its related parties
for non-operating purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Section IV Financial Statements
I Financial statements
1. Consolidated balance sheet
Prepared by BOE Technology Group Co., Ltd.
March 31, 2017
Unit: RMB Yuan
Item Closing balance Opening balance
Current assets:
Monetary funds 51,228,997,839.00 58,152,817,223.00
Settlement reserve 0.00 0.00
Interbank lendings 0.00 0.00
Financial assets at fair value through profit/loss 0.00 0.00
Derivative financial assets 0.00 0.00
Notes receivable 1,084,692,803.00 1,369,836,650.00
Accounts receivable 15,250,839,378.00 16,191,791,617.00
Accounts paid in advance 776,634,073.00 708,511,473.00
Premiums receivable 0.00 0.00
Reinsurance premiums receivable 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00
Interest receivable 101,354,581.00 125,141,573.00
Dividends receivable 0.00 0.00
Other accounts receivable 870,575,850.00 903,069,416.00
Financial assets purchased under agreements to resell 0.00 0.00
Inventories 9,262,441,237.00 7,833,138,532.00
Assets held for sale 0.00 0.00
Non-current assets due within one year 40,113,951.00 66,321,715.00
Other current assets 9,849,679,016.00 5,691,200,226.00
Total current assets 88,465,328,728.00 91,041,828,425.00
Non-current assets:
Loans and advances to customers 0.00 0.00
Available-for-sale financial assets 787,513,973.00 622,502,556.00
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Held-to-maturity investments 0.00 0.00
Long-term accounts receivable 0.00 0.00
Long-term equity investments 2,002,572,698.00 1,356,111,395.00
Investment property 1,190,736,947.00 1,192,932,896.00
Fixed assets 68,410,457,513.00 69,947,586,967.00
Construction in progress 45,237,334,136.00 33,008,248,720.00
Engineering materials 0.00 0.00
Disposal of fixed assets 0.00 0.00
Productive living assets 0.00 0.00
Oil-gas assets 0.00 0.00
Intangible assets 3,086,565,460.00 3,136,873,387.00
R&D expenses 0.00 0.00
Goodwill 197,963,688.00 197,963,688.00
Long-term deferred expenses 309,106,791.00 344,891,227.00
Deferred tax assets 140,527,159.00 146,538,565.00
Other non-current assets 3,915,640,134.00 4,139,533,216.00
Total non-current assets 125,278,418,499.00 114,093,182,617.00
Total assets 213,743,747,227.00 205,135,011,042.00
Current liabilities:
Short-term borrowings 5,084,318,876.00 4,916,965,507.00
Borrowings from the Central Bank 0.00 0.00
Money deposits accepted and inter-bank deposits 0.00 0.00
Interbank borrowings 0.00 0.00
Financial liabilities at fair value through profit/loss 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 293,675,687.00 640,262,461.00
Accounts payable 16,167,653,756.00 13,835,615,665.00
Accounts received in advance 285,512,350.00 548,942,714.00
Financial assets sold for repurchase 0.00 0.00
Fees and commissions payable 0.00 0.00
Payroll payable 1,138,655,358.00 1,542,852,266.00
Taxes payable 824,019,313.00 656,351,894.00
Interest payable 101,756,378.00 676,358,748.00
Dividends payable 17,079,422.00 9,651,170.00
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Other accounts payable 13,520,415,444.00 14,395,525,248.00
Reinsurance premiums payable 0.00 0.00
Insurance contract reserve 0.00 0.00
Payables for acting trading of securities 0.00 0.00
Payables for acting underwriting of securities 0.00 0.00
Liabilities held for sale 0.00 0.00
Non-current liabilities due within one year 3,930,347,096.00 3,684,236,935.00
Other current liabilities 830,836,991.00 532,983,474.00
Total current liabilities 42,194,270,671.00 41,439,746,082.00
Non-current liabilities:
Long-term borrowings 52,615,211,431.00 49,885,166,211.00
Bonds payable 9,959,072,567.00 9,956,719,508.00
Of which: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Long-term accounts payable 2,244,953,243.00 1,261,446,565.00
Long-term payroll payable 0.00 0.00
Special payables 0.00 0.00
Provisions 16,457,010.00 16,457,010.00
Deferred income 2,388,379,721.00 2,494,122,929.00
Deferred tax liabilities 458,229,763.00 448,625,054.00
Other non-current liabilities 7,375,420,113.00 7,616,672,523.00
Total non-current liabilities 75,057,723,848.00 71,679,209,800.00
Total liabilities 117,251,994,519.00 113,118,955,882.00
Owners’ equity:
Share capital 35,153,067,743.00 35,153,067,743.00
Other equity instruments 0.00 0.00
Of which: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Capital reserve 39,010,484,822.00 39,031,357,529.00
Less: Treasury shares 461,876,035.00 314,350,824.00
Other comprehensive income 105,498,829.00 75,718,703.00
Special reserve 0.00 0.00
Surplus reserve 743,139,855.00 743,139,855.00
Provisions for general risks 0.00 0.00
16
BOE Technology Group Co., Ltd. First Quarter Report 2017
Retained earnings 6,424,071,137.00 4,011,055,487.00
Equity attributable to owners of the Company 80,974,386,351.00 78,699,988,493.00
Minority interests 15,517,366,357.00 13,316,066,667.00
Total owners’ equity 96,491,752,708.00 92,016,055,160.00
Total liabilities and owners’ equity 213,743,747,227.00 205,135,011,042.00
Legal representative: Wang Dongsheng Accounting head for this Report: Sun Yun
Head of the accounting department: Yang Xiaoping
2. Balance sheet of the Company
Unit: RMB Yuan
Item Closing balance Opening balance
Current assets:
Monetary funds 4,226,059,494.00 7,649,349,412.00
Financial assets at fair value through profit/loss 0.00 0.00
Derivative financial assets 0.00 0.00
Notes receivable 200,697,354.00 200,197,354.00
Accounts receivable 44,844,806.00 45,853,859.00
Accounts paid in advance 3,824,978.00 7,462,061.00
Interest receivable 6,373,378.00 21,525,261.00
Dividends receivable 729,950,478.00 1,007,950,479.00
Other accounts receivable 1,352,216,199.00 1,629,176,234.00
Inventories 13,007,616.00 12,069,865.00
Assets held for sale 0.00 0.00
Non-current assets due within one year 0.00 0.00
Other current assets 131,092,762.00 25,504,074.00
Total current assets 6,708,067,065.00 10,599,088,599.00
Non-current assets:
Available-for-sale financial assets 197,011,100.00 177,166,908.00
Held-to-maturity investments 0.00 0.00
Long-term accounts receivable 0.00 0.00
Long-term equity investments 104,979,075,557.00 99,918,451,449.00
Investment property 163,244,769.00 164,540,581.00
Fixed assets 852,470,046.00 862,860,227.00
Construction in progress 480,990,133.00 468,494,838.00
Engineering materials 0.00 0.00
17
BOE Technology Group Co., Ltd. First Quarter Report 2017
Disposal of fixed assets 0.00 0.00
Productive living assets 0.00 0.00
Oil-gas assets 0.00 0.00
Intangible assets 603,005,403.00 624,007,700.00
R&D expenses 0.00 0.00
Goodwill 0.00 0.00
Long-term deferred expenses 88,916,139.00 98,745,001.00
Deferred tax assets 47,679,645.00 47,679,645.00
Other non-current assets 4,120,003,991.00 4,010,146,153.00
Total non-current assets 111,532,396,783.00 106,372,092,502.00
Total assets 118,240,463,848.00 116,971,181,101.00
Current liabilities:
Short-term borrowings 0.00 0.00
Financial liabilities at fair value through profit/loss 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 100,000,000.00 0.00
Accounts payable 19,274,418.00 34,015,337.00
Accounts received in advance 951,740,688.00 1,093,593,891.00
Payroll payable 81,862,364.00 169,917,103.00
Taxes payable 58,444,692.00 80,897,741.00
Interest payable 27,313,232.00 281,124,448.00
Dividends payable 6,451,171.00 6,451,170.00
Other accounts payable 8,555,539,739.00 10,791,929,737.00
Liabilities held for sale 0.00 0.00
Non-current liabilities due within one year 100,000,000.00 100,000,000.00
Other current liabilities 0.00 0.00
Total current liabilities 9,900,626,304.00 12,557,929,427.00
Non-current liabilities:
Long-term borrowings 23,064,860,000.00 18,922,400,000.00
Bonds payable 9,959,072,567.00 9,956,719,508.00
Of which: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Long-term payables 0.00 0.00
Long-term payroll payable 0.00 0.00
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Special payables 0.00 0.00
Provisions 0.00 0.00
Deferred income 145,117,993.00 148,987,694.00
Deferred tax liabilities 0.00 0.00
Other non-current liabilities 0.00 0.00
Total non-current liabilities 33,169,050,560.00 29,028,107,202.00
Total liabilities 43,069,676,864.00 41,586,036,629.00
Owners’ equity:
Share capital 35,153,067,743.00 35,153,067,743.00
Other equity instruments 0.00 0.00
Of which: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Capital reserve 38,157,600,408.00 38,157,600,408.00
Less: Treasury shares 461,876,035.00 314,350,824.00
Other comprehensive income 172,167,652.00 152,323,461.00
Special reserve 0.00 0.00
Surplus reserve 743,139,855.00 743,139,855.00
Retained earnings 1,406,687,361.00 1,493,363,829.00
Total owners’ equity 75,170,786,984.00 75,385,144,472.00
Total liabilities and owners’ equity 118,240,463,848.00 116,971,181,101.00
3. Consolidated income statement
Unit: RMB Yuan
Item January-March 2017 January-March 2016
1. Operating revenues 21,854,974,362.00 12,297,738,830.00
Including: Sales income 21,854,974,362.00 12,297,738,830.00
Interest income 0.00 0.00
Premium income 0.00 0.00
Fee and commission income 0.00 0.00
2. Operating costs 18,908,353,214.00 13,650,818,155.00
Including: Cost of sales 15,597,540,474.00 11,522,931,968.00
Interest expenses 0.00 0.00
Fee and commission expenses 0.00 0.00
Surrenders 0.00 0.00
Net claims paid 0.00 0.00
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Net amount provided as insurance contract reserve 0.00 0.00
Expenditure on policy dividends 0.00 0.00
Reinsurance premium 0.00 0.00
Taxes and surtaxes 164,990,714.00 44,346,672.00
Selling expenses 692,246,016.00 311,709,165.00
Administrative expenses 1,502,882,338.00 1,197,906,250.00
Finance costs 478,912,917.00 370,574,464.00
Asset impairment loss 471,780,755.00 203,349,636.00
Add: Profit on fair value changes (“-” means loss) 371,955.00 0.00
Investment income (“-” means loss) 5,451,144.00 27,303,004.00
Including: Share of profit/loss of associates and joint
1,524,106.00 -10,380,596.00
ventures
Exchange gains (“-” means loss) 0.00 0.00
3. Operating profit (“-” means loss) 2,952,444,247.00 -1,325,776,321.00
Add: Non-operating income 145,846,521.00 1,444,402,211.00
Including: Profit on disposal of non-current assets 943,552.00 703,250.00
Less: Non-operating expense 18,929,735.00 2,629,891.00
Including: Loss on disposal of non-current assets 17,048,682.00 881,691.00
4. Total profit (“-” means loss) 3,079,361,033.00 115,995,999.00
Less: Corporate income tax 474,494,165.00 13,575,834.00
5. Net profit (“-” means loss) 2,604,866,868.00 102,420,165.00
Net profit attributable to owners of the Company 2,413,015,650.00 108,325,454.00
Minority interests’ income 191,851,218.00 -5,905,289.00
6. Other comprehensive income net of tax 22,533,903.00 -50,025,753.00
Other comprehensive income net of tax attributable
29,780,126.00 -50,025,753.00
to owners of the Company
6.1 Other comprehensive income that will not be
0.00 0.00
reclassified into profit/loss
6.1.1 Changes in net liabilities or assets with a
0.00 0.00
defined benefit plan upon re-measurement
6.1.2 Share of other comprehensive income of
investees that cannot be reclassified into profit/loss under 0.00 0.00
the equity method
6.2 Other comprehensive income to be
29,780,126.00 -50,025,753.00
subsequently reclassified into profit/loss
6.2.1 Share of other comprehensive income of
investees that will be reclassified into profit/loss under 0.00 0.00
the equity method
20
BOE Technology Group Co., Ltd. First Quarter Report 2017
6.2.2 Profit/loss on fair value changes of
24,733,506.00 -46,260,436.00
available-for-sale financial assets
6.2.3 Profit/loss on reclassifying
held-to-maturity investments into available-for-sale 0.00 0.00
financial assets
6.2.4 Effective profit/loss on cash flow hedges 0.00 0.00
6.2.5 Currency translation differences 5,046,620.00 -3,765,317.00
6.2.6 Other 0.00 0.00
Other comprehensive income net of tax attributable
-7,246,223.00 0.00
to minority interests
7. Total comprehensive income 2,627,400,771.00 52,394,412.00
Attributable to owners of the Company 2,442,795,776.00 58,299,701.00
Attributable to minority interests 184,604,995.00 -5,905,289.00
8. Earnings per share
8.1 Basic earnings per share 0.069 0.003
8.2 Diluted earnings per share 0.069 0.003
Where business mergers under the same control occurred in this Reporting Period, the net profit achieved by the merged parties
before the business mergers was RMB0.00 Yuan, with the corresponding amount for the last period being RMB0.00 Yuan.
Legal representative: Wang Dongsheng Accounting head for this Report: Sun Yun
Head of the accounting department: Yang Xiaoping
4. Income statement of the Company
Unit: RMB Yuan
Item January-March 2017 January-March 2016
1. Operating revenues 347,598,307.00 262,893,282.00
Less: Operating costs 2,883,337.00 35,480,917.00
Taxes and surtaxes 480,962.00 1,759,065.00
Selling expenses 653,041.00 3,909,692.00
Administrative expenses 344,053,640.00 276,576,389.00
Finance costs 92,796,398.00 8,127,014.00
Asset impairment loss 0.00 0.00
Add: profit on fair value changes (“-” means loss) 0.00 0.00
Investment income (“-” means loss) 1,524,106.00 -10,380,596.00
Including: Share of profit/loss of associates and joint
1,524,106.00 -10,380,596.00
ventures
2. Operating profit (“-” means loss) -91,744,965.00 -73,340,391.00
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Add: Non-operating income 5,210,470.00 6,259,917.00
Including: Profit on disposal of non-current assets 76,085.00 83,799.46
Less: Non-operating expense 141,973.00 248,280.00
Including: Loss on disposal of non-current assets 96,766.00 8,690.44
3. Total profit (“-” means loss) -86,676,468.00 -67,328,754.00
Less: Corporate income tax 0.00 0.00
4. Net profit (“-” means loss) -86,676,468.00 -67,328,754.00
5. Other comprehensive income net of tax 19,844,191.00 -25,347,911.00
5.1 Other comprehensive income that will not be
0.00 0.00
reclassified into profit and loss
5.1.1 Changes in net liabilities or assets with a
0.00 0.00
defined benefit plan upon re-measurement
5.1.2 Share of other comprehensive income of
investees that cannot be reclassified into profit/loss under 0.00 0.00
the equity method
5.2 Other comprehensive income to be subsequently
19,844,191.00 -25,347,911.00
reclassified into profit/loss
5.2.1 Share of other comprehensive income of
investees that will be reclassified into profit/loss under 0.00 0.00
the equity method
5.2.2 Profit/loss on fair value changes of
19,844,191.00 -25,347,911.00
available-for-sale financial assets
5.2.3 Profit/loss on reclassifying held-to-maturity
0.00 0.00
investments into available-for-sale financial assets
5.2.4 Effective profit/loss on cash flow hedges 0.00 0.00
5.2.5 Currency translation differences 0.00 0.00
5.2.6 Other 0.00 0.00
6. Total comprehensive income -66,832,277.00 -92,676,665.00
7. Earnings per share
7.1 Basic earnings per share -0.0025 -0.0019
7.2 Diluted earnings per share -0.0025 -0.0019
5. Consolidated cash flow statement
Unit: RMB Yuan
Item January-March 2017 January-March 2016
1. Cash flows from operating activities:
Cash received from sale of commodities and rendering
22,790,725,860.00 14,752,531,095.00
of service
Net increase in money deposits from customers and 0.00 0.00
22
BOE Technology Group Co., Ltd. First Quarter Report 2017
interbank placements
Net increase in loans from the Central Bank 0.00 0.00
Net increase in funds borrowed from other financial
0.00 0.00
institutions
Cash received from premium of original insurance
0.00 0.00
contracts
Net cash received from reinsurance business 0.00 0.00
Net increase in deposits of policy holders and
0.00 0.00
investment fund
Net increase in disposal of financial assets at fair value
0.00 0.00
through profit/loss
Interest, fees and commissions received 0.00 0.00
Net increase in interbank borrowings 0.00 0.00
Net increase in funds in repurchase business 0.00 0.00
Tax refunds received 2,002,200,439.00 918,783,988.00
Cash received from other operating activities 242,538,036.00 1,835,570,896.00
Subtotal of cash inflows from operating activities 25,035,464,335.00 17,506,885,979.00
Cash paid for goods and services 13,472,279,930.00 10,966,517,491.00
Net increase in loans and advances to customers 0.00 0.00
Net increase in funds deposited in the Central Bank and
0.00 0.00
interbank placements
Cash paid for claims of original insurance contracts 0.00 0.00
Interest, fees and commissions paid 0.00 0.00
Cash paid as policy dividends 0.00 0.00
Cash paid to and for employees 2,215,299,698.00 1,700,736,984.00
Taxes paid 925,829,731.00 322,119,905.00
Cash paid for other operating activities 2,206,005,155.00 1,749,857,136.00
Subtotal of cash outflows due to operating activities 18,819,414,514.00 14,739,231,516.00
Net cash flows from operating activities 6,216,049,821.00 2,767,654,463.00
2. Cash flows from investing activities:
Cash received from retraction of investments 1,029,221,840.00 3,375,161,515.00
Cash received as investment income 5,684,907.00 42,798,081.00
Net cash received from disposal of fixed assets,
57,346,613.00 135,071.00
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries or other
0.00 0.00
business units
Cash received from other investing activities 2,470,307,272.00 137,655,360.00
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BOE Technology Group Co., Ltd. First Quarter Report 2017
Subtotal of cash inflows from investing activities 3,562,560,632.00 3,555,750,027.00
Cash paid to acquire fixed assets, intangible assets and
14,048,658,723.00 3,388,778,286.00
other long-term assets
Cash paid for investment 4,742,577,876.00 938,110,831.00
Net increase in pledged loans 0.00 0.00
Net cash paid to acquire subsidiaries and other business
0.00 0.00
units
Cash paid for other investing activities 2,001,547,461.00 740,357,996.00
Subtotal of cash outflows due to investing activities 20,792,784,060.00 5,067,247,113.00
Net cash flows from investing activities -17,230,223,428.00 -1,511,497,086.00
3. Cash flows from financing activities:
Cash received from capital contributions 2,003,250,000.00 0.00
Including: Cash received from minority shareholder
0.00 0.00
investments by subsidiaries
Cash received as borrowings 7,178,610,681.00 2,595,534,651.00
Cash received from issuance of bonds 0.00 0.00
Cash received from other financing activities 1,427,668,220.00 800,000,000.00
Subtotal of cash inflows from financing activities 10,609,528,901.00 3,395,534,651.00
Repayment of borrowings 4,591,781,545.00 5,390,276,492.00
Cash paid for interest expenses and distribution of
876,562,888.00 753,606,797.00
dividends or profit
Including: dividends or profit paid by subsidiaries to
0.00 0.00
minority interests
Cash paid for other financing activities 445,895,738.00 1,116,728.00
Sub-total of cash outflows due to financing activities 5,914,240,171.00 6,145,000,017.00
Net cash flows from financing activities 4,695,288,730.00 -2,749,465,366.00
4. Effect of foreign exchange rate changes on cash and
-153,892,076.00 4,628,616.00
cash equivalents
5. Net increase in cash and cash equivalents -6,472,776,953.00 -1,488,679,373.00
Add: Opening balance of cash and cash equivalents 49,354,810,388.00 36,182,738,217.00
6. Closing balance of cash and cash equivalents 42,882,033,435.00 34,694,058,844.00
6. Cash flow statement of the Company
Unit: RMB Yuan
Item January-March 2017 January-March 2016
1. Cash flows from operating activities:
Cash received from sale of commodities and rendering
77,962,032.00 573,128,227.00
of service
24
BOE Technology Group Co., Ltd. First Quarter Report 2017
Tax refunds received 0.00 0.00
Cash received from other operating activities 180,589,466.00 928,941,523.00
Subtotal of cash inflows from operating activities 258,551,498.00 1,502,069,750.00
Cash paid for goods and services 2,334,829,824.00 69,348,311.00
Cash paid to and for employees 163,954,406.00 160,383,773.00
Taxes paid 101,967,995.00 24,407,533.00
Cash paid for other operating activities 128,385,741.00 261,007,195.00
Subtotal of cash outflows due to operating activities 2,729,137,966.00 515,146,812.00
Net cash flows from operating activities -2,470,586,468.00 986,922,938.00
2. Cash flows from investing activities:
Cash received from retraction of investments 1,005,147,500.00 40,161,515.00
Cash received as investment income 278,000,000.00 0.00
Net cash received from disposal of fixed assets,
0.00 0.00
intangible assets and other long-term assets
Net cash received from disposal of subsidiaries or other
0.00 0.00
business units
Cash received from other investing activities 83,021.00 2,835,529.00
Subtotal of cash inflows from investing activities 1,283,230,521.00 42,997,044.00
Cash paid to acquire fixed assets, intangible assets and
30,102,902.00 142,493,297.00
other long-term assets
Cash paid for investment 5,059,100,000.00 2,554,082,482.00
Net cash paid to acquire subsidiaries and other business
0.00 0.00
units
Cash paid for other investing activities 700,009,544.00 402,181,938.00
Subtotal of cash outflows due to investing activities 5,789,212,446.00 3,098,757,717.00
Net cash flows from investing activities -4,505,981,925.00 -3,055,760,673.00
3. Cash flows from financing activities:
Cash received from capital contributions 0.00 0.00
Cash received as borrowings 4,150,000,000.00 1,948,000,000.00
Cash received from issuance of bonds 0.00 0.00
Cash received from other financing activities 0.00 0.00
Subtotal of cash inflows from financing activities 4,150,000,000.00 1,948,000,000.00
Repayment of borrowings 51,270,607.00 0.00
Cash paid for interest expenses and distribution of
350,573,339.00 33,878,157.00
dividends or profit
Cash paid for other financing activities 147,525,210.00 0.00
25
BOE Technology Group Co., Ltd. First Quarter Report 2017
Sub-total of cash outflows due to financing activities 549,369,156.00 33,878,157.00
Net cash flows from financing activities 3,600,630,844.00 1,914,121,843.00
4. Effect of foreign exchange rate changes on cash and
-519,888.00 -6,592,861.00
cash equivalents
5. Net increase in cash and cash equivalents -3,376,457,437.00 -161,308,753.00
Add: Opening balance of cash and cash equivalents 7,548,700,412.00 3,322,215,443.00
6. Closing balance of cash and cash equivalents 4,172,242,975.00 3,160,906,690.00
II Auditor’s report
Is this Report audited or not
□ Yes √ No
This Report is not audited.
Board Chairman: Mr. Wang Dongsheng (Signature)
Date of the Approval of this Report by the Board: 24 April, 2017
26
