BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
Stock Code: 000725, 200725 Stock Name: BOE-A, BOE-B Announcement No. 2019-021
BOE TECHNOLOGY GROUP CO., LTD.
ANNUAL REPORT 2018 (SUMMARY)
Part I Important Notes
This Summary is based on the full text of the 2018 Annual Report of BOE Technology Group Co., Ltd. (together with its
consolidated subsidiaries, the “Company”, except where the context otherwise requires). In order for a full understanding of the
Company’s operating results, financial position and future development plans, investors should carefully read the aforesaid full text,
which has been disclosed together with this Summary on the media designated by the China Securities Regulatory Commission (the
“CSRC”).
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. 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.
Mr. Wang Dongsheng, the Company’s legal representative, Mr. Chen Yanshun, president of the Company’s Execution Committee
(Chief Executive Officer), Ms. Sun Yun, the Company’s Chief Financial Officer, and Ms. Yang Xiaoping, 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.
All the Company’s directors have attended the Board meeting for the review of this Report and its summary.
The Board has approved a final dividend plan for the ordinary shareholders for the Reporting Period. A cash dividend of RMB0.30
(tax inclusive) per 10 shares is to be distributed to all the shareholders, with no bonus issue from either profit or capital reserves.
This Report has been prepared as per the Chinese Accounting Standards for Business Enterprises and other relevant regulations.
KPMG Huazhen LLP has issued an independent auditor’s report with unmodified unqualified opinion for the Company.
This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or
misunderstandings between the two versions, the Chinese versions shall prevail.
Part II Key Corporate Information
1. Stock Profile
Stock name BOE-A, BOE-B Stock code 000725, 200725
Stock exchange for stock listing Shenzhen Stock Exchange
Contact information Board Secretary Securities Representative
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
Name Liu Hongfeng --
12 Xihuan Middle Road, Beijing
Office Address Economic-Technological Development Area, --
P.R.China
Fax 010－64366264 --
Tel. 010－64318888 ext. --
E-mail address liuhongfeng@boe.com.cn --
2. Principal Activities or Products in the Reporting Period
Founded in April 1993, BOE Technology Group Co., Ltd. (“BOE”) is an IoT company providing intelligent interface products and
services for information interaction and human health. In order to further promote the IoT transformation, satisfy different IoT
application needs, and sharpen its competitive edges in market segments, BOE has restructured itself in 2018 into three major
business divisions with seven business groups. Meanwhile, to further strengthen core marketing and technology abilities, as well as
stimulate faster growth in the three business divisions of interface devices (D), smart IoT (S) and Smart Medicine and Engineering
(H), specialized organizations have been set up, including the B2B Chief Sales Platform Officer, the OMO Chief Sales Platform
Officer, the Branding and Global Market Center, the Information Technology Development Center, and the IoT AI&Big Data
Center.
1. Interface Devices (D)
Division D consists of the Display and Sensor BG, and the Sensor and Application Solution BG. The Display and Sensor BG designs
and manufactures related devices with a B2B model. The display device business offers TFT-LCD, AMOLED, Microdisplay and
other intelligent interface devices for smartphones, tablet PCs, laptops, monitors, TVs, vehicles, electronic signs, tiled display screens,
industrial control, wearable devices, VR/AR devices, electronic tags, white goods, healthcare, mobile payment, etc. And the sensor
device business provides integrated design and manufacturing services of sensor devices for use in medical detection, household
detection, communication and transportation, smart homes, etc. The Sensor and Application Solution BG provides sensor system
solutions for B2B customers of medical imaging, microfluidics, smart screens, new antennas, home security, Mini LED and the like,
with products including flat panel X-ray detectors (FPXD), digital microfluidic chips, PDLC glass, identification systems, etc.
2. Smart IoT (S)
Division S is divided into the Intelligent Manufacturing Service BG, the IoT Solution BG and the Digital Art IoT Platform BG. The
Intelligent Manufacturing Service BG designs and manufactures, for its global B2B partners, the most competitive whole-widget
smart manufacturing solutions of TVs, monitors, whiteboards, electronic signs, commercial display products, electronic tags, mobile
terminals, among others. The IoT Solution BG offers software-and-hardware integrated solutions like supermarket retail solutions,
marketing solutions, imaging solutions, smart conference solutions, context interaction solutions, handler advertisement solutions,
education signal transmission solutions and smart microgrid solutions for B2B customers in IoT market segments such as smart retail,
smart finance, digital hospitals, smart business offices, smart homes, smart transportation, smart education and smart energy. The
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
Digital Art IoT Platform BG with a B2C IoT platform model is committed to brightening everyday life with the beauty of art and
offering the best user experience. The featured product, BOE iGallery, integrates terminal products with an App, as well as voice
interaction and other information technologies with digital art, providing users with various services including artistic appreciation,
art knowledge, art mall and visual aesthetics. It helps introduce art to everyone and unveils more beauty of art.
3. Smart Medicine and Engineering (H)
Division H includes the Mobile Healthcare IoT Platform BG and the Smart Healthcare Service BG. The Mobile Healthcare IoT
Platform BG with a B2C IoT platform model, integrating smart terminals and apps, as well as based on AI and big data algorithms,
enables users to enjoy personalized healthcare services without leaving home, including vital signs monitoring and analysis, AI-based
disease risk prediction, health courses from experts, online diagnosis and registration for medical examination. The Smart Healthcare
Service BG covers digital hospitals, digital human body, regenerative medicine, healthcare parks, etc. It offers B2C customers
online-and-offline integrated professional healthcare services focused on digital medical care and supplemented by smart nursing
home and healthcare park integrated solutions, as well as by industrial park operations and the like.
3. Key Financial Information
(1) Key Financial Information of the Past Three Years
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
√ Yes □ No
Reason for retrospective restatement: accounting policy changes
2018-over-2017
2017 2016
Item 2018 change (%)
Original Restated Restated Original Restated
Operating revenue
97,108,864,935.00 93,800,479,215.00 93,800,479,215.00 3.53% 68,895,658,963.00 68,895,658,963.00
(RMB)
Net profit
attributable to the
3,435,127,975.00 7,567,682,493.00 7,567,682,493.00 -54.61% 1,882,571,674.00 1,882,571,674.00
listed company’s
shareholders (RMB)
Net profit
attributable to the
listed company’s
1,517,702,353.00 6,679,211,138.00 6,679,211,138.00 -77.28% 12,534,878.00 12,534,878.00
shareholders before
exceptional items
(RMB)
Net cash generated
from/used in
25,684,047,196.00 26,266,986,015.00 26,726,929,655.00 -3.90% 10,073,287,120.00 10,813,865,197.00
operating activities
(RMB)
Basic earnings per
0.10 0.22 0.22 -54.55% 0.05 0.05
share (RMB/share)
Diluted earnings per
0.10 0.22 0.22 -54.55% 0.05 0.05
share (RMB/share)
Weighted average
4.00% 9.25% 9.25% -5.25% 2.40% 2.40%
return on equity (%)
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
Change of 31
December 2018
31 December 2017 over 31 31 December 2016
Item 31 December 2018 December 2017
(%)
Original Restated Restated Original Restated
Total assets (RMB) 304,028,491,385.00 256,108,741,849.00 256,108,741,849.00 18.71% 205,135,011,042.00 205,135,011,042.00
Equity attributable
to the listed
85,856,748,703.00 84,809,816,377.00 84,809,816,377.00 1.23% 78,699,988,493.00 78,699,988,493.00
company’s
shareholders (RMB)
Reason for accounting policy changes and situation for accounting error corrects:
According to relevant interpretations of stipulated in CK [2018] No.15,the Group will adjust the government subsidies received
related to assets from “cash inflows from investing activities” to “cash inflows from operating activities” and present.
(2) Key Financial Information by Quarter
Unit: RMB
Item Q1 Q2 Q3 Q4
Operating revenue 21,566,813,037.00 21,907,091,929.00 25,990,508,323.00 27,644,451,646.00
Net profit attributable to the listed
2,018,692,554.00 956,513,946.00 403,860,235.00 56,061,240.00
company’s shareholders
Net profit attributable to the listed
company’s shareholders before 1,238,599,228.00 264,421,249.00 362,034,925.00 -347,353,049.00
exceptional items
Net cash generated from/used in
7,198,088,816.00 4,241,517,030.00 6,857,996,566.00 7,386,444,784.00
operating activities
Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from what
have been disclosed in the Company’s quarterly or interim reports.
□ Yes √ No
4. Share Capital and Shareholder Information at the Period-End
(1) Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
1,567,375（including
1,437,415（including Number of ordinary shareholders at
1,527,778
Number of ordinary shareholders 1,397,946 A-shareholders and the month-end prior to the disclosure
A-shareholders and
39,469 B-shareholders） of this Report
39,597 B-shareholders）
Top 10 shareholders
Shares in pledge or
Nature of Shareholding Total shares held Restricted frozen
Name of shareholder
shareholder percentage at the period-end shares held
Status Shares
Beijing State-owned Capital State-owned
11.68% 4,063,333,333 0 N/A 0
Operation and Management Center legal person
Chongqing Ezcapital
State-owned
Opto-electronics Industry 7.62% 2,653,000,041 0 N/A 0
legal person
Investment Co., Ltd.
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
Hefei Jianxiang Investment Co., State-owned
7.21% 2,510,142,953 0 N/A 0
Ltd. legal person
Beijing Yizhuang Investment State-owned
3.57% 1,241,423,641 0 N/A 0
Holdings Co., Ltd legal person
Beijing BOE Investment & State-owned
2.36% 822,092,180 0 N/A 0
Development Co., Ltd. legal person
Hong Kong Securities Clearing Foreign legal
1.39% 483,208,365 0 N/A 0
Company Ltd. person
Beijing Electronics Holdings Co., State-owned
0.79% 273,735,583 0 N/A 0
Ltd. legal person
Central Huijin Assets Management State-owned
0.71% 248,305,300 0 N/A 0
Co., Ltd legal person
China Life Insurance Company
State-owned
Ltd.-dividends-individual 0.42% 144,840,427 0 N/A 0
legal person
dividends-005L-FH002 Shen
China Securities Finance State-owned
0.38% 132,480,249 0 N/A 0
Corporation Limited legal person
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 Ezcapital Opto-electronics Industry
Investment Co., Ltd. by entering into Implementation Protocol of Voting
Right respectively, agreed to maintain all of the shares held by them
respectively unanimous with Beijing BOE Investment & Development Co., Ltd.
Related or acting-in-concert parties among the when executing the voting rights of the shareholders.
shareholders above 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 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.
Shareholders involved in securities margin trading
None
(if any)
(2) Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
No preferred shareholders in the Reporting Period.
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
(3) Ownership and Control Relations between the Actual Controller and the Company
Notes: 1. Beijing Intelligent Kechuang Technology Development Co., Ltd. (Intelligent Kechuang) is used as a platform for the
Company to implement equity incentives for its core technical and managerial personnel, who are the 20 nominal shareholders of
Intelligent Kechuang. The ratios of their capital contributions to Intelligent Kechuang do not represent their actual equity percentage.
The equities of Intelligent Kechuang are jointly owned by the awardees of the Company’s equity incentive plans. The capital
contribution ratios of the said 20 people are as follows: Wang Dongsheng 20%, Jiang Yukun 10%, Liang Xinqing 10%, Zhao
Caiyong 6.667%, Shi Dong 6.667%, Chen Yanshun 6.667%, Song Ying 6.667%, Han Guojian 6.667%, Gong Xiaoqing 3.333%,
Wang Yanjun 3.333%, Wang Jiaheng 3.333%, Liu Xiaodong 3.333%, Ren Jianchang 1.667%, Sun Jiping 1.667%, Zhang Peng
1.667%, Wang Aizhen 1.667%, Mu Chengyuan 1.667%, Xu Yan 1.667%, Hua Yulun 1.667% and Zhong Huifeng 1.667%.
2. When the Company completed a private offering of shares in 2014, Beijing State-Owned Capital Operation and Management
Center transferred its 70% stake directly held in the Company to Beijing Electronics Holding Co., Ltd. for managing through a
Shares Management Agreement, and Beijing Electronics Holding Co., Ltd. obtained the shareholder’s rights other than the disposal
and earnings rights attached to the 70% stake; and Beijing State-Owned Capital Operation and Management Center agreed in a
Voting Rights Exercise Agreement to align itself with Beijing Electronics Holding Co., Ltd. when exercising its voting rights of the
remaining 30% stake directly held by it in the Company.
5. Corporate Bonds
Does the Company have any corporate bonds publicly offered on the stock exchange, which were outstanding before the date of this
Report’s approval or were due but could not be redeemed in full?
Yes.
(1) Bond Profile
Bond name Abbr. Bond code Maturity Balance (RMB’0,000) Coupon rate
The 2016 public offering of corporate bonds
by BOE Technology Group Co., Ltd. for 16BOE01 112358 21 March 2021 1,000,000 3.15%
qualified investors (Phase I)
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
On 21 March 2019, the Company completed the 2018 annual interest payout for the
Interest payment during the Reporting Period
qualified investors of its 2016 corporate bonds and put-back.
(2) Latest Rating and Rating Change
On 23 June 2017, United Credit Ratings Co., Ltd. (hereinafter referred to as “United Ratings”) issued the Tracking Rating Report of
the 2017 Corporate Bonds Credit Rating of BOE Technology Group Co., Ltd., with the issuers’ main body credit rating of AAA and
AAA of the credit rating of the current corporate bonds. On 24 June 2017, the tracking rating report of the current bonds by the
United Ratings will be disclosed on www.szse.cn and www.unitedratings.com.cn with the public disclosure date of www.szse.cn not
later than that of other trading places, media or other places.
On 20 June 2018, United Ratings issued the Tracking Rating Report of the 2018 Corporate Bonds Credit Rating of BOE Technology
Group Co., Ltd., with the issuers’ main body credit rating of AAA and AAA of the credit rating of the current corporate bonds. On
22 June 2018, the tracking rating report of the current bonds by the United Ratings will be disclosed on www.szse.cn and
www.unitedratings.com.cn with the public disclosure date of www.szse.cn not later than that of other trading places, media or other
places.
Before 26 May 2019, United Ratings will issue the Tracking Rating Report of the 2019 Corporate Bonds Credit Rating of BOE
Technology Group Co., Ltd. The Company will disclose the tracking rating analysis report on www.szse.cn in time. And please
investors pay attention to it.
(3) Selected Financial Information of the Company for the Past Two Years
Unit: RMB'0,000
Item 2018 2017 Change
Debt/asset ratio 60.41% 59.28% 1.13%
Debt/EBITDA ratio 18.26% 23.73% -5.47%
Interest cover (times) 1.62 3.89 -58.35%
Part III Operating Performance Discussion and Analysis
1. Business Overview of the Reporting Period
Is the Company subject to any industry-specific disclosure requirements?
No.
In 2018, the global economic environment was complicated. China's economic development entered into a new normal featuring a
slower growth speed, structure optimization and driving force shift, transforming from an economy that is based on high-speed
growth to one that relies on high-quality development; the fourth industrial revolution represented by IoT, AI, big data and life
science and technology has come. Cross-field integration trend was obvious, and software-hardware integration and application
integration and other innovative driving forces promoted the industry upgrading. The semi-conductor display industry entered into
the adjustment phase in the second half of last year. Demands were weak in five major markets of the smart phone display screen,
table PCs display screen, laptop display screen, monitors’ display screen and TV display screen. As a result, prices of products of all
sizes, especially TV display screen, were adjusted greatly. The expansion of flexible AMOLED markets was not realized as expected,
and the fast release of production capacity made market competition fiercer.
2018 was a key year of BOE’s innovative transformation towards an IoT company. The Company innovatively put forward the
strategic thought of "Three Aspects of Rebalance" (i.e. realizing rebalance of heavy assets and light assets under the new normal of
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
economy of China; realizing rebalance of market opportunity and capacity rebuilding under the fourth industrial revolution; realizing
rebalance of trade under the global political and economic new pattern) for deep thinking, divided the three major business divisions
of Interface devices, smart IoT and Smart Medicine and Engineering into seven business groups (i.e. Display and Sensor BG, Sensor
and Application Solution BG, Intelligent Manufacturing Service BG, IoT Solution BG, digital artbusiness group, Mobile Healthcare
IoT Platform BG, Smart Healthcare Service BG) to meet demands of subdivided application supermarkets under the IoT context.
Besides, BOE established B2B Chief Sales Platform Officer and OMO Chief Sales Platform Officer, enhanced client exploration and
maintenance, established brand and global market promotion center, strengthened brand and market promotion, subdivided IT
organization into CIO organization and information technology research development center to further improve information
technology capacity. While perfecting the new system, BOE seized market opportunities, deeply explored subdivided markets,
strengthened technical development, adjusted product structure, and enhanced lean management. As a result, for the year under
review, BOE recorded operating revenue of about RMB97.1 billion and a net profit attributable to the listed company’s shareholders
of about RMB3.44 billion. Its operating performance still ranked among the top in the industry.
(I) The three major business divisions of D, S and H maintained fast development.
The shipment of complete display panels was ranking the first place in the world; Five major products of smart phone LCD, table
PCs display screen, laptop display screen, displayer display screen and TV display screen realized the continuous improvement in
market share, ranking the first place in the world. The first TFT-LCD Production Line of the highest generation in the world-- the
10.5th Generation BOE Hefei TFT-LCD Production Line realized fast improvement of the capacity and yield; The first AMOLED
(flexible) production in the Mainland of China - Chengdu 6th generation of AMOLED (flexible) production line realized steady
improvement of yield and supply for first-tire brand manufacturers; Planning and construction of Chongqing 6th generation of
AMOLED (flexible) production, Mianyang 6th AMOLED (flexible) production line proceeded as scheduled; BOE announced to
invest in the 4th AMOLED (flexible) production line - Fuzhou 6th generation of AMOLED (flexible) production line, further
improving the capacity of BOE in supplying interface devices. Shipment quantity of smart service products was improved steadily.
Shipment of complete machine of TV / displayers realized 18 million sets, ranking the 3rd and 4th place in the world respectively.
Layout of the Life Science and Technology Industry Base was made quickly.
(II) Progress was made in innovation subdivision and application market exploration.
A significant growth was made in shipment and revenue of innovative products of Display and Sensor BG; Sensor and Application
Solution BG realized a year-on-year growth of 200% of revenue and annual shipment growth of about 350% of the X-ray flat panel
detector; Digital Art IoT Platform BG realized new users of about 123,000, enjoying a year-on-year growth of 6 times. Its platform
works realized one million pieces, realizing work promotion quantity of more than five million times. What's more, it also
established ITU international standards for digital artwork image display system, promoted AI voice painted screen, enhancing
market influences and establishing its ecology in the industry preliminarily; In terms of commercial display products, many
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
benchmark projects have been finished and realized year-on-year growth of one time of revenue; Its smart retail electronic tag
business occupied 50% of the market share, serving about 17,000 stores in 61 countries and regions. Quantity of stores newly
developed in China increased quickly; Smart sleep instrument, portable ECG monitor and body fat scale and other products have
been launched on the market successively; Mobile healthcare APP 3.0 was launched successfully; The independently planned and
constructed Hefei BOE Hospital was put into use.
(III) Technical innovation ability kept improving.
The number of patent applications kept growing rapidly, and 9,585 new patents were applied for in the whole year, including 38% of
overseas patents applied for. More than 4,000 patents in key fields such as OLED, sensing, AI, big data, etc. were applied for. More
than 4,800 patents were recognized, including over 1,600 patents recognized by America; IFI Claims showed that the quantity of
patents of BOE recognized by America ranked the 17th place in 2018 from the 21st place in 2017.
2. Significant Change to Principal Activities in the Reporting Period
□ Yes √ No
3. Product Category Contributing over 10% of Principal Business Revenue or Profit
√ Applicable □ Not applicable
Unit: RMB
YoY change in YoY change in YoY change
Gross profit
Product category Operating revenue Operating profit operating revenue operating profit in gross profit
margin
(%) (%) margin (%)
Interface devices 86,688,426,362.00 3,610,711,877.00 18.86% 1.81% -63.60% -5.85%
Smart IoT 17,499,500,352.00 101,837,331.00 11.03% 12.03% -200.33% 3.62%
4. Business Seasonality to which Special Attention should Be Paid
□ Yes √ No
5. Significant YoY Changes in Operating Revenue, Cost of Sales and Net Profit Attributable to the Listed
Company’s Ordinary Shareholders or Their Compositions
□ Applicable √ Not applicable
6. Possibility of Listing Suspension or Termination
□ Applicable √ Not applicable
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
7. Matters Related to Financial Reporting
(1) YoY Changes to Accounting Policies, Accounting Estimates or Measurement Methods
√ Applicable □ Not applicable
Changes in accounting policies and reasons:
The Ministry of Finance issued the following interpretations and revisions of Accounting Standards for Business Enterprises
(hereinafter referred to as “ASBE”) in 2017 and 2018:
Notice on Revision and Issuing of Financial Statement Formats for General Enterprises in 2018 (CK [2018] No.15) and relevant
interpretations
The Group begins to implement above-mentioned interpretations and revisions of ASBE from 1 January 2018 and adjusts relevant
contents of accounting policies.
The main effects of adopting above-mentioned interpretations and revisions of ASBE by the Group are as follows:
(a) Interpretation No.9- 12
The Group adjusts relevant accounting policies in accordance with regulations stipulated in Interpretation No.9-12 governing the
accounting treatment of net investment losses under the equity method, depreciation and amortization method for fixed assets and
intangible assets, and identification and disclosure of related parties the key management personnel serves.
The adoption of interpretation No.9-12 makes significant effects on the Company’s financial situation and operating results.
(b) Presentation of Financial Statements
The Group prepares the 2018 Financial Statements in accordance with the financial statement formats stipulated in CK [2018] No.15
and relevant interpretations and adjusts the presentation of comparative financial statements by retrospective adjustment method.
(2) Retrospective Restatements due to Correction of Material Accounting Errors in the Reporting Period
□ Applicable √ Not applicable
No such cases.
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BOE Technology Group Co., Ltd. Annual Report 2018 (Summary)
(3) YoY Changes to the Scope of Consolidated Financial Statements
√ Applicable □ Not applicable
During the Reporting Period, the Group incorporated 6 new subsidiaries, that is, Beijing BOE Sensor Technology Co., Ltd.,
Mianyang BOE Optoelectronics Co., Ltd., SES Imagotag SA, Beijing BOE Yiyun Technology Co., Ltd, Wuhan BOE Optoelectronics
Technology Co., Ltd., and Chongqing BOE Display Technology Co., Ltd, with the Company respectively holding 100%, 81.35%,
73.93%, 95.92%, 14.58% and 38.46% interests in them.
Chairman of the Board (signature): Mr. Wang Dongsheng
Date of the Board’s approval of this Report: 23 March 2019
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