Stock Code: 000725 Stock Name: BOE-A Announcement No. 2021-088
Stock Code: 200725 Stock Name: BOE-B Announcement No. 2021-088
BOE TECHNOLOGY GROUP CO., LTD.
THIRD QUARTERLY REPORT 2021
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:
1. The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior
management of the Company hereby guarantee that the contents of this Report are true, accurate and complete
and free of any misrepresentations, misleading statements or material omissions, and collectively and
individually accept legal responsibility for such contents.
2. Mr. Chen Yanshun, the Company’s legal representative, Mr. Liu Xiaodong, 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.
3. 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.
4. Indicate whether the financial statements in this Report have been audited by an independent auditor.
□Yes √ No
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
Reason for any retrospectively adjustment or restatement
Other reasons
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
YoY
YoY change
Q3 2020 change Q1-Q3 2020
Item Q3 2021 Q1-Q3 2021 (%)
(%)
Before After After Before After After
Operating revenue (RMB) 55,993,022,701.00 40,820,898,656.00 38,149,823,526.00 46.77% 163,278,349,727.00 101,687,972,162.00 94,901,152,591.00 72.05%
Net profit attributable to the listed
7,253,390,635.00 1,340,387,777.00 1,340,387,777.00 441.14% 20,015,415,603.00 2,475,838,102.00 2,475,838,102.00 708.43%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 6,937,108,280.00 1,064,128,213.00 1,064,128,213.00 551.91% 18,598,725,052.00 887,799,628.00 887,799,628.00 1,994.92%
exceptional items (RMB)
Net cash generated from/used in
—— —— —— —— 44,751,381,483.00 23,468,514,408.00 23,468,514,408.00 90.69%
operating activities (RMB)
Basic earnings per share (RMB/share) 0.197 0.035 0.035 462.86% 0.560 0.061 0.061 818.03%
Diluted earnings per share (RMB/share) 0.197 0.035 0.035 462.86% 0.559 0.061 0.061 816.39%
Weighted average return on equity (%) 6.56% 1.37% 1.37% 5.19% 19.76% 2.42% 2.42% 17.34%
31 December 2020 YoY change (%)
Item 30 September 2021
Before After After
Total assets (RMB) 453,872,086,509.00 424,256,806,331.00 424,256,806,331.00 6.98%
Equity attributable to the listed
138,926,744,163.00 103,276,766,835.00 103,276,766,835.00 34.52%
company’s shareholders (RMB)
Reason for any retrospectively adjustment or restatement
Last year quarterly operating revenue was restated according to the audited data, which had no impact on other financial indicators.
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
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BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Unit: RMB
Item Q3 2021 Q1-Q3 2021 Note
Gain or loss on disposal of non-current assets (inclusive of
32,198,996.00 179,968,654.00 N/A
impairment allowance write-offs)
Tax rebates, reductions and exemptions with ultra vires
0.00 0.00 N/A
approval or in lack of duly approved document
Government grants through profit or loss (exclusive of
government grants continuously given in the Company’s
400,483,548.00 1,526,234,212.00 N/A
ordinary course of business at fixed quotas or amounts as per
the government’s policies and standards)
Capital occupation charges on non-financial enterprises that
0.00 0.00 N/A
are charged to current gains and losses
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 fair value 0.00 0.00 N/A
of identifiable net assets of investees when making
investments
Gains and losses on non-monetary asset swap 0.00 0.00 N/A
Gains and losses on investment or asset management
0.00 0.00 N/A
entrustments to other entities
Allowance for asset impairments due to acts of God such as
0.00 0.00 N/A
natural disasters
Gains and losses on debt restructuring 0.00 0.00 N/A
Restructuring costs in staff arrangement, integration, etc. 0.00 0.00 N/A
Gains and losses on over-fair value amount as a result of
0.00 0.00 N/A
transactions with distinctly unfair prices
Current gains and losses on subsidiaries acquired through
business mergers under same control from period-beginning 0.00 0.00 N/A
to merger dates, net
Gains and losses on contingencies that do not arise in the
0.00 0.00 N/A
Company’s ordinary course of business
Gain or loss on fair-value changes in held-for-trading
financial assets and liabilities & investment income from
disposal of held-for-trading financial assets and liabilities,
30,040,094.00 76,270,373.00 N/A
and available-for-sale financial assets (exclusive of effective
portion of hedges that arise in the Company’s ordinary
course of business)
Reversed portion of impairment allowance for accounts
1,892,413.00 14,598,869.00 N/A
receivable which are tested individually for impairment
Gains and losses on loan entrustment 0.00 0.00 N/A
Gains and losses on fair value changes in investment
property of which subsequent measurement is carried out 0.00 0.00 N/A
using fair value method
Effects of all adjustments required by taxation, accounting
and other applicable laws and regulations on current gains 0.00 0.00 N/A
and losses
Income from charges on entrusted management 0.00 0.00 N/A
Non-operating income and expense other than above 0.00 0.00 N/A
Other gains and losses that meet definition of nonrecurring
21,962,349.00 50,639,361.00 N/A
gain/loss
Less: Income tax effects 43,915,742.00 168,401,769.00 N/A
Non-controlling interests effects (net of tax) 126,379,303.00 262,619,149.00 N/A
Total 316,282,355.00 1,416,690,551.00 --
Other items that meet the definition of exceptional gain/loss:
□ Applicable √ Not applicable
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BOE Technology Group Co., Ltd. Third Quarterly Report 2021
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
1. Operating revenue rose 72% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by the rising prices of primary
products in the continuously thriving industry, the release of new production capacity, and changes to the consolidation scope in the
current period.
2. Cost of sales rose 43% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by the expanding operating revenue.
3. Selling expense rose 38% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by the expanding operating revenue.
4. Administrative expense rose 37% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by the expanding operating
revenue.
5. R&D expense rose 55% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by greater R&D investments.
6. Finance costs rose 42% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by the new projects were transferred into
operation, and changes to the consolidation scope in the current period.
7. Asset impairment loss rose 87% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by a decrease in the inventory
valuation allowance according to the lower of cost and net realizable value in the current period.
8. Income tax expense rose 325% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by an increase in earnings.
9. Accounts receivable as at 30 September 2021 rose 54% compared to 31 December 2020, primarily driven by an increase in
amounts due from customers with expanding operating revenue in the current period.
10. Inventories as at 30 September 2021 rose 60% compared to 31 December 2020, primarily driven by expanding operating revenue
and the mass production in respect of new project in the current period.
11. Net cash generated from operating activities rose 91% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by an
increase in operating profit with a larger business size.
12. Net cash generated from financing activities declined 142% during Q1-Q3 2021 compared to Q1-Q3 2020, primarily driven by an
increase in expenditures on repurchase of non-controlling interests.
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
1,607,648 (including 1,569,497 A-shareholders and 38,151
Number of ordinary shareholders
B-shareholders)
Top 10 shareholders
Shares in pledge,
Nature of Shareholding Restricted marked or frozen
Name of shareholder Total shares held
shareholder percentage shares
Status Shares
Beijing State-owned Capital Operation State-owned legal
10.57% 4,063,333,333 0 N/A 0
and Management Company Limited person
Hong Kong Securities Clearing Foreign legal
3.47% 1,333,826,535 0 N/A 0
Company Ltd. person
Beijing BOE Investment & State-owned legal
2.14% 822,092,180 0 N/A 0
Development Co., Ltd. person
Beijing Jing Guorui Soe Reform and
Other 1.87% 718,132,854 718,132,854 N/A 0
Development Fund (L.P.)
State-owned legal
Hefei Jianxiang Investment Co., Ltd. 1.73% 666,195,772 0 N/A 0
person
Fuqing Huirong Venture Capital Co.,
Other 1.40% 538,599,640 538,599,640 N/A 0
Ltd.
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BOE Technology Group Co., Ltd. Third Quarterly Report 2021
China Construction Bank-GF
Technology Pioneer Mixed Type Other 0.85% 327,197,639 0 N/A 0
Securities Investment Fund
Chongqing Ezcapital Opto-electronic State-owned legal
0.85% 326,229,746 0 N/A 0
Industry Investment Co., Ltd. person
Sinatay Life Insurance Co.,
Other 0.79% 305,330,128 89,766,606 N/A 0
Ltd.-Traditional Product
State-owned legal
Beijing Electronics Holdings Co., Ltd. 0.71% 273,735,583 0 N/A 0
person
Top 10 unrestricted shareholders
Shares by class
Name of shareholder Unrestricted ordinary shares held
Class Shares
Beijing State-owned Capital Operation RMB-denominated ordinary
4,063,333,333 4,063,333,333
and Management Company Limited share
Hong Kong Securities Clearing RMB-denominated ordinary
1,333,826,535 1,333,826,535
Company Ltd. share
Beijing BOE Investment & RMB-denominated ordinary
822,092,180 822,092,180
Development Co., Ltd. share
RMB-denominated ordinary
Hefei Jianxiang Investment Co., Ltd. 666,195,772 666,195,772
share
China Construction Bank-GF
RMB-denominated ordinary
Technology Pioneer Mixed Type 327,197,639 327,197,639
share
Securities Investment Fund
Chongqing Ezcapital Opto-electronic RMB-denominated ordinary
326,229,746 326,229,746
Industry Investment Co., Ltd. share
RMB-denominated ordinary
Beijing Electronics Holdings Co., Ltd. 273,735,583 273,735,583
share
RMB-denominated ordinary
Noregs Bank-Self-Owned Fund 247,828,253 247,828,253
share
Industrial and Commercial Bank of
RMB-denominated ordinary
China-GF Double Engines Upgrade 215,603,137 215,603,137
share
Mixed Type Securities Investment Fund
Sinatay Life Insurance Co., RMB-denominated ordinary
215,563,522 215,563,522
Ltd.-Traditional Product share
1. Beijing State-owned Capital Operation and Management Company Limited 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-electronic 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. 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 Company Limited handed over 70% of the shares directly
Related or acting-in-concert parties held by it to Beijing Electronics Holdings Co., Ltd. for management through Stock
among the shareholders above 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. During the non-public issuing of the Company in 2021, Beijing Jing Guorui Soe
Reform and Development Fund (L.P.) signed the Acting-in-Concert Agreement with
Beijing Electronics Holdings Co., Ltd.
6. 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 the general partner of Beijing Jing
Guorui Soe Reform and Development Fund (L.P.). In addition, among the nine members
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BOE Technology Group Co., Ltd. Third Quarterly Report 2021
of the Investment Decision-Making Committee of Beijing Jing Guorui Soe Reform and
Development Fund (L.P.), three are nominated by Beijing State-owned Capital Operation
and Management Company Limited.
7. Except for the above relationships, the Company does not know any other connected
party or acting-in-concert party among the top 10 shareholders.
Top 10 ordinary shareholders involved
N/A
in securities margin trading (if any)
Note: Beijing State-owned Capital Operation and Management Center was renamed Beijing State-owned Capital Operation and
Management Company Limited
(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 Company publicly issued renewable corporate bonds (to qualified investors) (the first issue)
(“19BOEY1” for short; Code: 112741) in 2019 with the issue term from 28 October 2019 to 29 October 2019, the issuing scale of
RMB8 billion and the bonds’ ultimate nominal interest rate of 4.0%. The Company publicly issued renewable corporate bonds (to
qualified investors) (the first issue) (epidemic prevention and control bonds) (“20BOEY1” for short; Code: 149046) in 2020 with the
issue term from 27 February 2020 to 28 February 2020, the issuing scale of RMB2 billion and the bonds’ ultimate nominal interest of
3.64%. The Company publicly issued the renewable corporate bonds (to qualified investors) (the second issue) (epidemic prevention
and control bonds) (“20BOEY2” for short; Code: 149065) in 2020 with the issue term from 18 March 2020 to 19 March 2020, the
issuing scale of RMB2 billion and the bonds’ ultimate nominal interest of 3.54%. The Company publicly issued the renewable
corporate bonds (to qualified investors) (the third issue) (epidemic prevention and control bonds) (“20BOEY3” for short; Code:
149108) in 2020 with the issue term from 24 April 2020 to 27 April 2020, the issuing scale of RMB2 billion and the bonds’ ultimate
nominal interest of 3.50%. The Company disclosed 2021 "19BOEY1" Interest Payment Announcement (Announcement No.
2021-085) on 26 October 2021. BOE Public Issuance of Renewable Corporate Bonds (to Qualified Investors) (the First Issue) in
2019, which was issued on 28 October 2019, was two years old until 28 October 2021. According to the regulations, interest will be
paid once a year during the interest-bearing period. The interest payment plan is RMB40.00 (including tax) per 10 bonds.
2. The Company’s wholly-owned subsidiary BOE Technology (HK) Limited filed a lawsuit on the sales contract dispute to the
superior people’s court in Beijing, and the defendants included LETV Mobile Intelligent Information Technology (Beijing) Co., Ltd.
(hereinafter referred to as “LETV Mobile”), LETV Holdings (Beijing) Co., Ltd., Le Sai Mobile Technology (Beijing) Co., Ltd. and
Jia Yueting with the claimed amount of USD41.84 million in total. However, Beijing Municipal Superior People’s Court respectively
issued the Notice of Acceptance and the Civil Ruling Paper on Property Preservation on July 6, 2017 and July 31, 2017. LETV
Mobile ever put forward the jurisdiction objection to Beijing Municipal Superior People’s Court, which was rejected, and then
launched a lawsuit on the judgment of the jurisdiction objection to the Supreme People’s Court. Finally, the Supreme People’s Court
made the final ruling, rejected the appeal of LETV Mobile and affirmed the original judgment. On 8 March 2019, the first hearing
was held in Beijing Municipal Superior People’s Court. On 19 February 2020, Beijing Municipal Superior People’s Court issued the
first instance judgment:
(1) The defendant (LETV Mobile Intelligent Information Technology (Beijing) Co., Ltd.) shall pay the plaintiff (BOE Technology
(HK) Limited) the owed principal USD36,940,476.77 and the resulting interests (regarding the principal USD12,871,274.5 as the
interest basis from 8 September 2016 to 1 March 2017, USD12,144,001.77 from 2 March 2017 to the actual payment day,
USD16,172,935 from October 13, 2016 to the actual payment day, USD8,488,690 from November 10, 2016 to the actual payment
day, and US134,850 from 8 December 2016 to the actual payment day; the annual interest rate shall be 6% (365 days)), as well as the
liquidated damages (regarding the principal USD2,052,248.71 as the basis from 30 April 2017 to 1 July 2017, USD2,052,248.71
from 31 May 2017 to 1 July 2017, USD2,052,248.71 from 30 June 2017 to 1 July 2017, and USD36,940,476.77 from 2 July 2017 to
the actual payment day; the penalty standard was 0.03% per day); under the Installment Payment Agreement within 10 days after the
judgment took effect;
(2) The defendant LETV Holdings (Beijing) Co., Ltd. shall burden the joint and several guarantee for the debt owed by LETV
Mobile Intelligent Information Technology (Beijing) Co., Ltd. Defined in the judgment (Item I);
(3) After the Defendant LETV Holdings (Beijing) Co., Ltd. burdens the joint and several guarantee related to Item II, LETV
Holdings (Beijing) Co., Ltd. shall have the right to claim compensation from LETV Mobile Intelligent Information Technology
(Beijing) Co., Ltd.;
(4) The defendant(LETV Mobile Intelligent Information Technology (Beijing) Co., Ltd.) shall pay the plaintiff (BOE Technology
(HK) Limited) the owed principal USD2,459,090.91 and the resulting interests (regarding the principal USD2,459,090.91 as the
interest basis from 27 May 2017 to 19 August 2019 with the PBC’s benchmark interest rate for loan during the same period as the
standard; USD2,459,090.91 from August 20, 2019 to the actual payment day with the quoted interest rate of the loan market issued
6
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
by the national inter-bank offer center as the standard; the year shall have 365 days) under the Purchase Order with the goods
payment USD2.75 million;
(5) Other claims of the plaintiff (BOE Technology (HK) Limited) shall be rejected.
If the defendant LETV Mobile Intelligent Information Technology (Beijing) Co., Ltd. and LETV Holdings (Beijing) Co., Ltd. fails to
fulfill their payment obligation as scheduled in the judgment, the Defendant shall pay the double debt interests during the delayed
period according to Article 253 of Civil Procedure Law of the People’s Republic of China.
The litigation fee was RMB1,465,371.63, of which, RMB5,371.63 shall be paid by the plaintiff BOE Technology (HK) Limited
(already paid), and RMB1.46 million shall be jointly burdened by LETV Mobile Intelligent Information Technology (Beijing) Co.,
Ltd. and LETV Holdings (Beijing) Co., Ltd. (payment within 7 days after the judgment took effect); the preservation fee was
RMB5000, which shall be jointly burdened by LETV Mobile Intelligent Information Technology (Beijing) Co., Ltd. and LETV
Holdings (Beijing) Co., Ltd. (payment within 7 days after the judgment took effect).
On 17 March 2020, BOE Technology (HK) Limited received the petition for appeal submitted by LETV Holdings (Beijing) Co., Ltd.
to the court. LETV Holdings (Beijing) Co., Ltd. failed to pay the fee for the appeal it had instituted. The Supreme People’s Court
made the judgment that the case was treated as that the appellant LeTV Holdings (Beijing) Co., Ltd. automatically withdrew the
appeal on 8 July 2020. And the judgment of the first instance will take effect since the date when the written order is served. BOE
Technology (HK) Limited has submitted the Application for Execution to Beijing High People’s Court and the court has accepted the
execution application. On 24 December 2020, the Beijing No. 3 Intermediate People's Court made an Application for Execution that
LeTV Mobile Intelligent Information Technology (Beijing) Co., Ltd, and LeTV Holdings (Beijing) Co., Ltd. had been included in the
list of defaulters, and the court ruled to terminate this enforcement because the defaulters had no property available for execution.
The Company has calculated corresponding bad-debt provision for the account receivables equaling the above-mentioned claimed
amount according to the accounting standards, which has uncertain influence on the Company.
3. On 16 January 2021, the Company disclosed the Announcement on the Resolution of the 21st Meeting of the 9th Board of Directors
(Announcement No. 2021-001) and the Plan for Non-Public Offering of A-Shares in 2021, and other related announcements, in which
the Company intends to make a non-public offering of A-shares to no more than 35 specific investors including Jing Guorui Fund. The
net fund raised was expected to be no more than 2 million. The raised funds will be used for "acquisition of 24.06% equity of Wuhan
BOE Optoelectronics Technology Co., Ltd.", "capital increase to Chongqing BOE Display Technology Co., Ltd. and construction of its
Gen-6 AMOLED (flexible) production line project", "capital increase to Yunnan Chuangshijie Optoelectronics Technology Co., Ltd.
and construction of its 12-inch silicon OLED project", "capital increase to Chengdu BOE Hospital and construction of Chengdu BOE
Hospital project", "repayment of Fuzhou Urban Construction Investment Group loan" and supplementation of working capital. On 8
July 2021, the Company disclosed the Announcement on the Approval of the China Securities Regulatory Commission for the
Non-Public Offering of A-Shares (Announcement No. 2021-054), which tells that the Company received the Reply on Approval of the
Non-Public Offering of Shares by BOE Technology Group Co., Ltd. (ZH.J.X.K. [2021] No. 2277) issued by the China Securities
Regulatory Commission on 7 July 2021. On 19 August 2021, the Company disclosed the Report on the Non-public Offering of
A-shares by BOE Technology Group Co., Ltd. & the Announcement on the Listing of these Shares (announcement No. 2021-058),
along with other relevant announcements. 3,650,377,019 new shares were issued in the non-public offering, which were listed on the
Shenzhen Stock Exchange on 20 August 2021.
4. On 31 August 2021, the Company disclosed the Announcement No. 2021-060 on the Resolutions of the 31st Meeting of the 9th
Board of Directors, the Announcement No. 2021-066 on the Grant of Share Options to Awardees of Reserved Share Options under
the 2020 Share Option and Restricted Share Incentive Plan, and other related announcements. According to the 2020 Share Option
and Restricted Share Incentive Plan (Draft) of BOE Technology Group Co., Ltd., 33,000,000 share options would be granted to 110
awardees on 27 August 2021 for the conditions for the grant of the reserved share options under this plan had been met. On 23rd
October 2021, the Company disclosed the Announcement No. 2021-084 on the Transfer of the Ownership of the Reserved Share
Options under the 2020 Share Option and Restricted Share Incentive Plan. The reserved share options (code: 037179, name: 东方
JLC2) were transferred on 22nd October 2021.
5. Following the approval of the Proposal on the Repurchase of Some Public Shares at the 31 st Meeting of the 9th Board of Directors,
the Company disclosed the Announcement No. 2021-067 on the Repurchase of Some Public Shares on 31 August 2021. The
Company carried out the first repurchase on 2 September 2021 and disclosed the Announcement No. 2021-077 on the First
Repurchase of Some Public Shares on 3 September 2021. On 8 October 2021, the Company disclosed the Announcement No.
2021-082 on Progress of the Repurchase of Some Public Shares. As of 30 September 2021, the Company repurchased a total of
90,807,000 A-shares (approximately 0.242% of the Company’s total A-share capital and 0.236% of its total share capital) to the
special securities account for repurchase by way of centralized bidding. With the highest price being RMB5.96/share and the lowest
RMB5.80/share, the total payment for this repurchase amounted to RMB533,572,378.23 (exclusive of commissions and other fixed
costs). The said repurchase was in compliance with applicable laws and regulations, as well as with the Company’s repurchase plan.
Overview of significant event Disclosure date Disclosure website
Announcement on Investing in Beijing YanDong MicroElectronic Co., Ltd. &
31 August 2021 www.cninfo.com.cn
the Related-party Transaction
Announcement on Investing in BOE IOT Mobile Display Port Base 31 August 2021 www.cninfo.com.cn
7
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
Unit: RMB
Item 30 September 2021 31 December 2020
Current assets:
Monetary assets 85,678,588,828.00 73,694,296,095.00
Settlement reserve 0.00 0.00
Loans to other banks and financial institutions 0.00 0.00
Held-for-trading financial assets 6,007,251,971.00 4,367,201,833.00
Derivative financial assets 0.00 0.00
Notes receivable 364,390,139.00 215,994,373.00
Accounts receivable 35,298,481,365.00 22,969,140,355.00
Receivables financing 0.00 0.00
Prepayments 794,142,794.00 1,119,595,984.00
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00
Other receivables 924,344,550.00 658,114,833.00
Including: Interest receivable 0.00 2,037,452.00
Dividends receivable 0.00 1,842,137.00
Financial assets purchased under resale agreements 0.00 0.00
Inventories 28,535,064,272.00 17,875,454,490.00
Contract assets 24,076,766.00 49,897,395.00
Assets held for sale 0.00 186,892,645.00
Current portion of non-current assets 99,547.00 0.00
Other current assets 5,880,445,939.00 7,848,869,252.00
Total current assets 163,506,886,171.00 128,985,457,255.00
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 0.00 0.00
Long-term equity investments 4,747,687,399.00 3,693,170,224.00
Investments in other equity instruments 522,747,633.00 533,645,423.00
Other non-current financial assets 606,895,447.00 0.00
Investment property 1,189,130,334.00 1,196,168,511.00
Fixed assets 225,754,494,704.00 224,866,586,069.00
Construction in progress 37,313,162,937.00 42,575,849,952.00
Productive living assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 681,056,141.00 0.00
Intangible assets 11,113,356,570.00 11,875,926,448.00
8
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Development costs 0.00 0.00
Goodwill 1,400,357,242.00 1,400,357,242.00
Long-term prepaid expense 586,365,753.00 299,634,100.00
Deferred income tax assets 60,032,032.00 205,041,088.00
Other non-current assets 6,389,914,146.00 8,624,970,019.00
Total non-current assets 290,365,200,338.00 295,271,349,076.00
Total assets 453,872,086,509.00 424,256,806,331.00
Current liabilities:
Short-term borrowings 4,519,561,978.00 8,599,569,471.00
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 571,554,573.00 1,231,533,895.00
Accounts payable 30,773,640,671.00 27,164,171,682.00
Advances from customers 224,100,746.00 124,040,749.00
Contract liabilities 3,699,458,480.00 3,440,720,535.00
Financial assets sold under repurchase agreements 0.00 0.00
Customer deposits and deposits from other banks and 0.00 0.00
financial institutions
Payables for acting trading of securities 0.00 0.00
Payables for underwriting of securities 0.00 0.00
Employee benefits payable 5,661,369,757.00 3,758,623,797.00
Taxes and levies payable 2,887,881,376.00 1,077,686,869.00
Other payables 27,075,363,770.00 32,867,709,024.00
Including: Interest payable 120,526.00 1,946,267.00
Dividends payable 6,531,028.00 6,451,171.00
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 24,479,659,580.00 24,500,550,121.00
Other current liabilities 3,055,343,060.00 2,194,716,852.00
Total current liabilities 102,947,933,991.00 104,959,322,995.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00
Long-term borrowings 125,894,080,346.00 132,452,767,135.00
Bonds payable 381,357,070.00 398,971,739.00
Including: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Lease liabilities 642,278,904.00 0.00
Long-term payables 1,047,622,969.00 2,114,175,683.00
Long-term employee benefits payable 0.00 0.00
Provisions 0.00 0.00
Deferred income 5,578,377,578.00 4,246,231,468.00
Deferred income tax liabilities 1,606,978,469.00 1,427,601,154.00
Other non-current liabilities 4,120,058,132.00 5,260,001,443.00
Total non-current liabilities 139,270,753,468.00 145,899,748,622.00
9
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Total liabilities 242,218,687,459.00 250,859,071,617.00
Owners’ equity:
Share capital 38,448,775,782.00 34,798,398,763.00
Other equity instruments 14,332,500,988.00 14,146,997,427.00
Including: Preference shares 0.00 0.00
Perpetual bonds 14,332,500,988.00 14,146,997,427.00
Capital reserves 53,608,022,663.00 37,435,655,934.00
Less: Treasury stock 1,542,279,375.00 1,036,298,508.00
Other comprehensive income -69,303,912.00 -22,198,072.00
Specific reserve 0.00 0.00
Surplus reserves 2,449,510,277.00 2,444,416,669.00
General reserve 0.00 0.00
Retained earnings 31,699,517,740.00 15,509,794,622.00
Total equity attributable to owners of the Company as the 138,926,744,163.00 103,276,766,835.00
parent
Non-controlling interests 72,726,654,887.00 70,120,967,879.00
Total owners’ equity 211,653,399,050.00 173,397,734,714.00
Total liabilities and owners’ equity 453,872,086,509.00 424,256,806,331.00
Legal representative: Chen Yanshun President of the Company’s Execution Committee: Liu Xiaodong
Chief Financial Officer: Sun Yun Head of the Company’s Financial Department: Yang Xiaoping
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2021 Q1~Q3 2020
1. Revenues 163,278,349,727.00 94,901,152,591.00
Including: Operating revenue 163,278,349,727.00 94,901,152,591.00
Interest income 0.00 0.00
Insurance premium income 0.00 0.00
Fee and commission income 0.00 0.00
2. Costs and expenses 132,729,262,597.00 92,761,456,060.00
Including: Cost of sales 110,954,352,788.00 77,707,520,790.00
Interest expense 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 0.00 0.00
reserve
Expenditure on policy dividends 0.00 0.00
Reinsurance premium expense 0.00 0.00
Taxes and levies 1,098,484,767.00 755,063,118.00
Selling expense 3,410,835,828.00 2,469,423,809.00
Administrative expense 6,380,130,093.00 4,651,871,656.00
R&D expense 8,152,445,066.00 5,250,983,185.00
Finance costs 2,733,014,055.00 1,926,593,502.00
Including: Interest expense 3,645,968,371.00 2,416,222,511.00
10
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Interest income 741,952,363.00 644,111,510.00
Add: Other income 1,534,520,440.00 1,862,952,382.00
Return on investment (“-” for loss) 560,152,073.00 151,691,886.00
Including: Share of profit or loss of joint ventures and 487,008,937.00 83,850,206.00
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) 64,613,098.00 22,707,526.00
Credit impairment loss (“-” for loss) -43,202,700.00 2,472,594.00
Asset impairment loss (“-” for loss) -3,332,862,567.00 -1,780,410,418.00
Asset disposal income (“-” for loss) 151,124,296.00 18,082,818.00
3. Operating profit (“-” for loss) 29,483,431,770.00 2,417,193,319.00
Add: Non-operating income 64,533,897.00 91,617,388.00
Less: Non-operating expense 20,810,474.00 55,742,031.00
4. Gross profit (“-” for loss) 29,527,155,193.00 2,453,068,676.00
Less: Income tax expense 4,000,514,020.00 942,107,787.00
5. Net profit (“-” for net loss) 25,526,641,173.00 1,510,960,889.00
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net
25,526,641,173.00 1,510,960,889.00
loss)
5.1.2 Net profit from discontinued operations (“-” for net
0.00 0.00
loss)
5.2 By ownership
5.2.1 Net profit attributable to owners of the Company as
20,015,415,603.00 2,475,838,102.00
the parent
5.2.1 Net profit attributable to non-controlling interests 5,511,225,570.00 -964,877,213.00
6. Other comprehensive income, net of tax -16,990,147.00 232,016,469.00
Attributable to owners of the Company as the parent 3,830,238.00 231,265,568.00
6.1 Items that will not be reclassified to profit or loss -72,663,515.00 142,031,502.00
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
-30,395,334.00 181,319,168.00
reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other
-42,268,181.00 -39,287,666.00
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 76,493,753.00 89,234,066.00
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
0.00 0.00
investments
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
76,493,753.00 89,234,066.00
currency-denominated financial statements
6.2.7 Other 0.00 0.00
Attributable to non-controlling interests -20,820,385.00 750,901.00
11
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
7. Total comprehensive income 25,509,651,026.00 1,742,977,358.00
Attributable to owners of the Company as the parent 20,019,245,841.00 2,707,103,670.00
Attributable to non-controlling interests 5,490,405,185.00 -964,126,312.00
8. Earnings per share
8.1 Basic earnings per share 0.560 0.061
8.2 Diluted earnings per share 0.559 0.061
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 .
Legal representative: Chen Yanshun President of the Company’s Execution Committee: Liu Xiaodong
Chief Financial Officer: Sun Yun Head of the Company’s Financial Department: Yang Xiaoping
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2021 Q1~Q3 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 162,808,942,107.00 106,805,169,135.00
Net increase in customer deposits and deposits from other
0.00 0.00
banks 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
0.00 0.00
institutions
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 8,364,815,287.00 8,233,724,253.00
Cash generated from other operating activities 4,850,018,898.00 4,032,552,930.00
Subtotal of cash generated from operating activities 176,023,776,292.00 119,071,446,318.00
Payments for commodities and services 107,706,213,622.00 80,674,328,209.00
Net increase in loans and advances to customers 0.00 0.00
Net increase in deposits in the central bank and other banks
0.00 0.00
and 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 13,584,382,845.00 8,403,254,858.00
Taxes and levies paid 5,980,745,956.00 2,365,112,815.00
Cash used in other operating activities 4,001,052,386.00 4,160,236,028.00
Subtotal of cash used in operating activities 131,272,394,809.00 95,602,931,910.00
Net cash generated from/used in operating activities 44,751,381,483.00 23,468,514,408.00
2. Cash flows from investing activities:
Proceeds from disinvestment 23,281,402,329.00 17,966,529,908.00
Return on investment 136,429,102.00 104,230,363.00
12
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Net proceeds from the disposal of fixed assets, intangible
16,503,309.00 23,052,445.00
assets and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
88,028,400.00 0.00
business units
Cash generated from other investing activities 2,804,449,647.00 280,538,504.00
Subtotal of cash generated from investing activities 26,326,812,787.00 18,374,351,220.00
Payments for the acquisition of fixed assets, intangible assets
28,809,597,297.00 31,446,427,395.00
and other long-lived assets
Payments for investments 23,351,349,232.00 14,555,472,385.00
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 71,264,210.00 1,842,907,614.00
Subtotal of cash used in investing activities 52,232,210,739.00 47,844,807,394.00
Net cash generated from/used in investing activities -25,905,397,952.00 -29,470,456,174.00
3. Cash flows from financing activities:
Capital contributions received 28,856,737,400.00 7,278,817,913.00
Including: Capital contributions by non-controlling
8,987,230,000.00 7,278,817,913.00
interests to subsidiaries
Borrowings received 23,470,837,385.00 35,951,776,137.00
Cash generated from other financing activities 1,516,720,582.00 1,648,733,929.00
Subtotal of cash generated from financing activities 53,844,295,367.00 44,879,327,979.00
Repayment of borrowings 35,141,044,729.00 25,245,672,400.00
Interest and dividends paid 8,272,971,303.00 4,927,891,915.00
Including: Dividends paid by subsidiaries to
13,580,970.43 86,783,362.00
non-controlling interests
Cash used in other financing activities 15,579,476,970.00 2,470,947,772.00
Subtotal of cash used in financing activities 58,993,493,002.00 32,644,512,087.00
Net cash generated from/used in financing activities -5,149,197,635.00 12,234,815,892.00
4. Effect of foreign exchange rates changes on cash and cash
-465,908,592.00 -706,047,476.00
equivalents
5. Net increase in cash and cash equivalents 13,230,877,304.00 5,526,826,650.00
Add: Cash and cash equivalents, beginning of the period 68,064,736,371.00 50,270,321,573.00
6. Cash and cash equivalents, end of the period 81,295,613,675.00 55,797,148,223.00
(II) Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of the New
Standards Governing Leases since 2021
√ Applicable □ Not applicable
Whether the Company needs to adjust the items in balance sheet at the beginning of the year
√ Yes □ No
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2020 1 January 2021 Adjusted
Current assets:
Monetary assets 73,694,296,095.00 73,694,296,095.00 0.00
Settlement reserve 0.00 0.00 0.00
Loans to other banks and financial
0.00 0.00 0.00
institutions
Held-for-trading financial assets 4,367,201,833.00 4,367,201,833.00 0.00
13
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Derivative financial assets 0.00 0.00 0.00
Notes receivable 215,994,373.00 215,994,373.00 0.00
Accounts receivable 22,969,140,355.00 22,969,140,355.00 0.00
Receivables financing 0.00 0.00 0.00
Prepayments 1,119,595,984.00 1,111,189,292.00 -8,406,692.00
Premiums receivable 0.00 0.00 0.00
Reinsurance receivables 0.00 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00 0.00
Other receivables 658,114,833.00 658,114,833.00 0.00
Including: Interest receivable 2,037,452.00 2,037,452.00 0.00
Dividends receivable 1,842,137.00 1,842,137.00 0.00
Financial assets purchased under resale
0.00 0.00 0.00
agreements
Inventories 17,875,454,490.00 17,875,454,490.00 0.00
Contract assets 49,897,395.00 49,897,395.00 0.00
Assets held for sale 186,892,645.00 186,892,645.00 0.00
Current portion of non-current assets 0.00 0.00 0.00
Other current assets 7,848,869,252.00 7,848,869,252.00 0.00
Total current assets 128,985,457,255.00 128,977,050,563.00 -8,406,692.00
Non-current assets:
Loans and advances to customers 0.00 0.00 0.00
Debt investments 0.00 0.00 0.00
Other debt investments 0.00 0.00 0.00
Long-term receivables 0.00 0.00 0.00
Long-term equity investments 3,693,170,224.00 3,693,170,224.00 0.00
Investments in other equity instruments 533,645,423.00 533,645,423.00 0.00
Other non-current financial assets 0.00 0.00 0.00
Investment property 1,196,168,511.00 1,196,168,511.00 0.00
Fixed assets 224,866,586,069.00 224,770,354,605.00 -96,231,464.00
Construction in progress 42,575,849,952.00 42,575,849,952.00 0.00
Productive living assets 0.00 0.00 0.00
Oil and gas assets 0.00 0.00 0.00
Right-of-use assets 0.00 619,995,119.00 619,995,119.00
Intangible assets 11,875,926,448.00 11,875,926,448.00 0.00
Development costs 0.00 0.00 0.00
Goodwill 1,400,357,242.00 1,400,357,242.00 0.00
Long-term prepaid expense 299,634,100.00 285,653,485.00 -13,980,615.00
Deferred income tax assets 205,041,088.00 205,041,088.00 0.00
Other non-current assets 8,624,970,019.00 8,624,970,019.00 0.00
Total non-current assets 295,271,349,076.00 295,781,132,116.00 509,783,040.00
Total assets 424,256,806,331.00 424,758,182,679.00 501,376,348.00
Current liabilities:
Short-term borrowings 8,599,569,471.00 8,599,569,471.00 0.00
Borrowings from the central bank 0.00 0.00 0.00
Loans from other banks and financial
0.00 0.00 0.00
institutions
Held-for-trading financial liabilities 0.00 0.00 0.00
Derivative financial liabilities 0.00 0.00 0.00
14
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Notes payable 1,231,533,895.00 1,231,533,895.00 0.00
Accounts payable 27,164,171,682.00 27,164,171,682.00 0.00
Advances from customers 124,040,749.00 124,040,749.00 0.00
Contract liabilities 3,440,720,535.00 3,440,720,535.00 0.00
Financial assets sold under repurchase
0.00 0.00 0.00
agreements
Customer deposits and deposits from other
0.00 0.00 0.00
banks and financial institutions
Payables for acting trading of securities 0.00 0.00 0.00
Payables for underwriting of securities 0.00 0.00 0.00
Employee benefits payable 3,758,623,797.00 3,758,623,797.00 0.00
Taxes and levies payable 1,077,686,869.00 1,077,686,869.00 0.00
Other payables 32,867,709,024.00 32,867,709,024.00 0.00
Including: Interest payable 1,946,267.00 1,946,267.00 0.00
Dividends payable 6,451,171.00 6,451,171.00 0.00
Fees and commissions payable 0.00 0.00 0.00
Reinsurance payables 0.00 0.00 0.00
Liabilities directly associated with assets
0.00 0.00 0.00
held for sale
Current portion of non-current liabilities 24,500,550,121.00 24,538,420,167.00 37,870,046.00
Other current liabilities 2,194,716,852.00 2,194,716,852.00 0.00
Total current liabilities 104,959,322,995.00 104,997,193,041.00 37,870,046.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00 0.00
Long-term borrowings 132,452,767,135.00 132,452,767,135.00 0.00
Bonds payable 398,971,739.00 398,971,739.00 0.00
Including: Preference shares 0.00 0.00 0.00
Perpetual bonds 0.00 0.00 0.00
Lease liabilities 0.00 565,344,418.00 565,344,418.00
Long-term payables 2,114,175,683.00 2,012,337,567.00 -101,838,116.00
Long-term employee benefits payable 0.00 0.00 0.00
Provisions 0.00 0.00 0.00
Deferred income 4,246,231,468.00 4,246,231,468.00 0.00
Deferred income tax liabilities 1,427,601,154.00 1,427,601,154.00 0.00
Other non-current liabilities 5,260,001,443.00 5,260,001,443.00 0.00
Total non-current liabilities 145,899,748,622.00 146,363,254,924.00 463,506,302.00
Total liabilities 250,859,071,617.00 251,360,447,965.00 501,376,348.00
Owners’ equity:
Share capital 34,798,398,763.00 34,798,398,763.00 0.00
Other equity instruments 14,146,997,427.00 14,146,997,427.00 0.00
Including: Preference shares 0.00 0.00 0.00
Perpetual bonds 14,146,997,427.00 14,146,997,427.00 0.00
Capital reserves 37,435,655,934.00 37,435,655,934.00 0.00
Less: Treasury stock 1,036,298,508.00 1,036,298,508.00 0.00
Other comprehensive income -22,198,072.00 -22,198,072.00 0.00
Specific reserve 0.00 0.00 0.00
Surplus reserves 2,444,416,669.00 2,444,416,669.00 0.00
General reserve 0.00 0.00 0.00
15
BOE Technology Group Co., Ltd. Third Quarterly Report 2021
Retained earnings 15,509,794,622.00 15,509,794,622.00 0.00
Total equity attributable to owners of the
103,276,766,835.00 103,276,766,835.00 0.00
Company as the parent
Non-controlling interests 70,120,967,879.00 70,120,967,879.00 0.00
Total owners’ equity 173,397,734,714.00 173,397,734,714.00 0.00
Total liabilities and owners’ equity 424,256,806,331.00 424,758,182,679.00 501,376,348.00
Note for adjustment:
The Company began to implement the Accounting Standards for Business Enterprises No. 21 - Leases revised in 2018 from 1
January 2021. The Company adjusted related items of the Financial Statements at the Beginning of the First Execution Year
according to the requirements of the standards.
2. Retrospective Restatement of Previous Comparative Data due to the First Execution of the New
Standards Governing Leases since 2021
□ 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.
BOE Technology Group Co., Ltd.
Board of Directors
28 October 2021
16
