THIRD QUARTERLY REPORT 2023
October 2023
BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Stock Code: 000725 Stock Name: BOE-A Announcement No. 2023-053
Stock Code: 200725 Stock Name: BOE-B Announcement No. 2023-053
BOE TECHNOLOGY GROUP CO., LTD.
THIRD QUARTERLY REPORT 2023
BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) and all the
members of the Company’s Board of Directors hereby guarantee that the contents of this
Report are true, accurate and complete and free of any misrepresentations, misleading
statements or material omissions.
Important Notes:
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior
management of BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the
factuality, accuracy and completeness of the contents of this Report, and shall be jointly and severally liable for any
misrepresentations, misleading statements or material omissions therein.
All the Company’s directors have attended the Board meeting for the review of this Report.
Mr. Chen Yanshun, the Company’s legal representative, Mr. Gao Wenbao, President of the Company, Ms. Yang
Xiaoping, the Company’s Chief Financial Officer, and Mr. Teng Jiao, head of the Company’s financial department
(equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual,
accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings
between the two versions, the Chinese version shall prevail.
The financial statements in this Report have not been audited by an independent auditor.
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
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
Change of accounting policy
YoY
YoY change
Q3 2022 change Q1-Q3 2022
Item Q3 2023 Q1-Q3 2023 (%)
(%)
Before Restated Restated Before Restated Restated
Operating revenue (RMB) 46,337,198,045.00 41,134,145,106.00 41,134,145,106.00 12.65% 126,515,073,265.00 132,744,386,975.00 132,744,386,975.00 -4.69%
Net profit attributable to the listed
286,347,794.00 -1,304,557,522.00 -1,304,557,522.00 - 1,022,157,403.00 5,291,104,216.00 5,291,104,216.00 -80.68%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before 92,352,417.00 -2,688,031,763.00 -2,688,031,763.00 - -1,492,087,874.00 1,551,424,330.00 1,551,424,330.00 -196.18%
exceptional items (RMB)
Net cash generated from/used in
— — — — 23,059,279,755.00 31,030,436,301.00 31,030,436,301.00 -25.69%
operating activities (RMB)
Basic earnings per share (RMB/share) 0.01 -0.04 -0.04 - 0.02 0.13 0.13 -84.62%
Diluted earnings per share (RMB/share) 0.01 -0.04 -0.04 - 0.02 0.13 0.13 -84.62%
Weighted average return on equity (%) 0.21% -1.15% -1.15% 1.36% 0.71% 3.75% 3.75% -3.04%
31 December 2022 YoY change (%)
Item 30 September 2023
Before Restated Restated
Total assets (RMB) 415,655,512,105.00 420,562,103,212.00 420,567,865,936.00 -1.17%
Equity attributable to the listed
130,627,379,794.00 136,089,410,395.00 136,079,680,294.00 -4.01%
company’s shareholders (RMB)
Reason for accounting policy change and correction of accounting error:
As required by Interpretation No. 16 for the Accounting Standards for Business Enterprises issued by the Ministry of Finance, the Group has retrospectively restated relevant financial statement
items at the beginning of the year and in the same period of last year. The said changes of accounting policies have no significant impact on the Company’s financial condition and operating
results.
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q3 2023 Q1-Q3 2023 Note
Gain or loss on disposal of non-current assets (inclusive
1,089,322.00 -7,774,027.00 N/A
of 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
281,226,899.00 3,001,932,095.00 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
0.00 0.00 N/A
that 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 0.00 0.00 N/A
fair value 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
0.00 0.00 N/A
as 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 0.00 0.00 N/A
period-beginning 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
-29,795,651.00 181,479,776.00 N/A
liabilities, 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
9,654,149.00 24,107,802.00 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 0.00 0.00 N/A
out using fair value method
Effects of all adjustments required by taxation,
accounting and other applicable laws and regulations on 0.00 0.00 N/A
current gains and losses
Income from charges on entrusted management 0.00 0.00 N/A
Non-operating income and expense other than above 55,739,294.00 241,294,974.00 N/A
Other gains and losses that meet definition of
0.00 0.00 N/A
nonrecurring gain/loss
Less: Income tax effects 31,020,290.00 145,212,249.00 N/A
Non-controlling interests effects (net of tax) 92,898,346.00 781,583,094.00 N/A
Total 193,995,377.00 2,514,245,277.00 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.
1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
Changes in key line items of the income statement and explanation of why:
1. Other income declined 35% during Q1-Q3 2023 compared to Q1-Q3 2022, primarily driven by the decreased government grants
during the Reporting Period.
2. Asset impairment loss declined 74% during Q1-Q3 2023 compared to Q1-Q3 2022, primarily driven by the decreased inventory
valuation allowances established according to the lower between the costs and net realizable value.
Changes in key line items of the balance sheet and explanation of why:
1. Construction in progress as at 30 September 2023 declined 38% compared to 1 January 2023, primarily driven by new construction
projects transferred to fixed assets during the Reporting Period.
Changes in key line items of the cash flow statement and explanation of why:
1. Net cash generated from operating activities declined 25.69% during Q1-Q3 2023 compared to Q1-Q3 2022, primarily driven by the
decreased tax and levy rebates during the Reporting Period.
2. Net cash generated from investing activities rose 87.08% during Q1-Q3 2023 compared to Q1-Q3 2022, primarily driven by the
increased net cash inflows from wealth management and investment, as well as the decreased payments for the construction and
acquisition of fixed assets, intangible assets and other long-lived assets during the Reporting Period.
3. Net cash generated from financing activities declined 112.77% during Q1-Q3 2023 compared to Q1-Q3 2022, primarily driven by
the repayment of perpetual bonds and the repurchase of shares during the Reporting Period.
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well as
Holdings of Top 10 Shareholders
Unit: share
Number of ordinary shareholders 1,289,137 (including 1,257,147 A-shareholders and 31,990 B-shareholders)
Top 10 shareholders
Shares in pledge,
Nature of Shareholding Total shares Restricted marked or frozen
Name of shareholder
shareholder percentage held shares
Status Shares
Beijing State-owned Capital
State-owned legal
Operation and Management Company 10.65% 4,063,333,333 0 N/A 0
person
Limited
Hong Kong Securities Clearing Foreign legal
6.05% 2,308,518,791 0 N/A 0
Company Ltd. person
Beijing BOE Investment & State-owned legal
2.15% 822,092,180 0 N/A 0
Development Co., Ltd. person
Beijing Jing Guorui Soe Reform and
Other 1.88% 718,132,854 0 N/A 0
Development Fund (L.P.)
State-owned legal
Hefei Jianxiang Investment Co., Ltd. 1.75% 666,195,772 0 N/A 0
person
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Domestic non-
Fuqing Huirong Venture Capital
state-owned legal 1.41% 538,599,640 0 N/A 0
Group Co., Ltd.
person
Perseverance Asset Management- Domestic non-
Perseverance Xiaofeng No.2 Zhixin state-owned legal 0.92% 349,999,919 0 N/A 0
Fund person
FOTIC-Foreign Trade Trust- Domestic non-
Perseverance Xiaofeng Hongyuan state-owned legal 0.86% 329,988,907 0 N/A 0
Assembled Fund Trust Plan person
Foreign natural
Xu Lili 0.86% 328,394,081 0 N/A 0
person
Domestic non-
Ningxia Risheng High-tech Industry
state-owned legal 0.83% 316,525,766 0 N/A 0
Co., Ltd. person
Top 10 unrestricted shareholders
Shares by class and number
Name of shareholder Unrestricted ordinary shares held
Status Shares
Beijing State-owned Capital RMB-
Operation and Management Company 4,063,333,333 denominated 4,063,333,333
Limited ordinary share
RMB-
Hong Kong Securities Clearing
2,308,518,791 denominated 2,308,518,791
Company Ltd.
ordinary share
RMB-
Beijing BOE Investment &
822,092,180 denominated 822,092,180
Development Co., Ltd.
ordinary share
RMB-
Beijing Jing Guorui Soe Reform and
718,132,854 denominated 718,132,854
Development Fund (L.P.)
ordinary share
RMB-
Hefei Jianxiang Investment Co., Ltd. 666,195,772 denominated 666,195,772
ordinary share
RMB-
Fuqing Huirong Venture Capital
538,599,640 denominated 538,599,640
Group Co., Ltd. ordinary share
Perseverance Asset Management- RMB-
Perseverance Xiaofeng No.2 Zhixin 349,999,919 denominated 349,999,919
Fund ordinary share
FOTIC-Foreign Trade Trust- RMB-
Perseverance Xiaofeng Hongyuan 329,988,907 denominated 329,988,907
Assembled Fund Trust Plan ordinary share
RMB-
Xu Lili 328,394,081 denominated 328,394,081
ordinary share
RMB-
Ningxia Risheng High-tech Industry
316,525,766 denominated 316,525,766
Co., Ltd. ordinary share
1. After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd., by entering
into Implementation Protocol of Voting Right, agreed to maintain all of the shares held by them
respectively unanimous with Beijing BOE Investment & Development Co., Ltd. when executing
the voting rights of the shareholders.
2. Beijing State-owned Capital Operation and Management Company Limited indirectly held
100% equities of Beijing Jingguorui Investment Management Co., Ltd. and directly held
Related or acting-in-concert parties 77.5918% shares of Beijing Jing Guorui Soe Reform and Development Fund (L.P.); Beijing
among the shareholders above 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 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.
3. Except for the above relationships, the Company does not know any other connected party or
acting-in-concert party among the top 10 shareholders.
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
1. Shareholder Ningxia Risheng High-tech Industry Co., Ltd. totally held 316,525,766 shares in
the Company, among which, 42,583,700 shares were held via its general securities account and
273,942,066 shares via its customer credit transactions secured securities account in Ping An
Securities Co., Ltd.
2. Shareholder Xu Lili totally held 328,394,081 shares in the Company, among which, 6,816,100
shares were held via its general securities account, 248,713,498 shares via its customer credit
transactions secured securities account in GF Securities Co., Ltd. and 72,864,483 shares via its
Top 10 ordinary shareholders involved customer credit transactions secured securities account in Ping An Securities Co., Ltd.
in securities margin trading (if any) 3. The shares held by Shareholder Fuqing Huirong Venture Capital Co., Ltd. in the Company
increase by 1,130,600 shares due to securities refinancing.
4. Shareholders Beijing State-owned Capital Operation and Management Company Limited,
Beijing BOE Investment & Development Co., Ltd., Beijing Jing Guorui SOE Reform and
Development Fund (L.P.) and Hefei Jianxiang Investment Co., Ltd. were not involved in securities
refinancing.
5. Except for the aforesaid, the Company does not know any other top-10 ordinary shareholder
who was involved in securities refinancing.
Note: As of the end of the Reporting Period, among the top 10 shareholders, BOE Technology Group Co., Ltd. held 499,999,919 A-
shares of the Company via its special repurchase security account, accounting for 1.31%.
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
1. The Company held the 15th Meeting of the 9th Board of Directors and the 2nd Extraordinary General Meeting of 2020 on 27 August
2020 and 17 November 2020 respectively and deliberated and approved the 2020 Stock Option and Restricted Stock Grant Program,
in which the Company intends to implement the Equity Incentive Scheme, including both the Stock Option Incentive Scheme and the
Restricted Stock Incentive Scheme. Following the approval of the Proposal on the First Grant of Stock Options and Restricted Shares
to Incentive Objects at the 20th Meeting of the 9th Board of Directors and the 8th Meeting of the 9th Supervisory Committee, the Company
disclosed the Announcement on Completion of Registration of the First Grant of the 2020 Stock Option and Restricted Stock Incentive
Scheme (Announcement No.: 2020-086) on 31 December 2020. Following the approval of the Proposal on the Achievement of Lifting
Conditions of the First lifting Restriction Period for the Restricted Stock Granted by the Stock Incentive Scheme of 2020 and the
Fulfillment of the Exercise Conditions for the Stock Option Granted for the First Time, the Proposal on the Repurchase and Write-off
of Certain Restricted Shares and the Proposal for the Write-off of Certain Stock Options at the 13th Meeting of the 10th Board of
Directors and the 4th Meeting of the 10th Supervisory Committee, the Company’s independent directors, lawyers and independent
financial advisers respectively issued opinions on matters related to stock options and restricted stock incentives. The Company
disclosed the Reminder Announcement on Release and Circulation of Restricted Shares Granted under the 2020 Stock Option and
Restricted Stock Incentive Scheme in the First Release Period (Announcement No.: 2023-026) on 7 April 2023. The total number of
incentive targets who meet the conditions for releasing the restricted shares is 746, and the number of restricted shares that can be
released is 102,260,780 shares, accounting for 0.2677% of the total share capital of the Company at present. The Company disclosed
the Announcement on Adjustment of the Exercise Price of the Stock Option and the Restricted Share Repurchase Price in the 2020
Stock Option and Restricted Stock Incentive Scheme of the Company (Announcement No.: 2023-045) on 29 August 2023. Since the
equity distribution of the Company for 2022 has been completed, the restricted stock repurchase price involved in this incentive scheme
is adjusted from RMB2.41/share to RMB2.349/share, the exercise price of the first grant of the stock option is adjusted from
RMB5.12/share to RMB5.059/share, and the exercise price of the reserved and granted stock option is adjusted from RMB5.62/share
to RMB5.559/share. Following the approval of the Proposal on the Repurchase and Write-off of Certain Restricted Shares and the
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Proposal for the Write-off of Certain Stock Options at the 21st Meeting of the 10th Board of Directors and the 7th Meeting of the 10th
Supervisory Committee, the Company’s independent directors, lawyers and independent financial advisers respectively issued opinions
on matters related to stock options and restricted stock incentives.
2. On 25 July 2023, the Company disclosed the Announcement on the Resolutions of the 17th Meeting of the 10th Board of Directors
(Announcement No.: 2023-037) that Mr. Fan Yuanning, a non-independent director of the Company had resigned from the position of
non-independent director and the relevant position in the special committee of the Board of Directors of the Company due to work
adjustment, and that Mr. Wu Lishun was nominated by the Company’s actual controller, Beijing Electronics Holdings Co., Ltd., as a
non-independent director for the 10th Board of Directors of the Company. On 15 August 2023, the Company disclosed the
Announcement on the Resolutions of the 1st Extraordinary General Meeting of 2023 (Announcement No.: 2023-041), at which the
Proposal on the Election of Non-independent Director of the 10th Board of Directors of the Company was deliberated and approved,
and Mr. Wu Lishun was elected as a non-independent director of the 10th Board of Directors of the Company.
3. On 27 August 2020, the Company held the 15th Meeting of the 9th Board of Directors and approved the Proposal on the Repurchase
of Certain Public Shares of the Company, whereby the Company proposed to use its own funds to repurchase a portion of RMB-
denominated ordinary shares (A-Shares) issued by the Company by means of centralized bidding for the purpose of the implementation
of the Company’s Equity Incentive Scheme. The implementation of the share repurchase plan of the Company was completed on 3
September 2020 and 349,999,933 A-Shares were accumulatively repurchased via centralized bidding. For details, please refer to the
Announcement on the Completion of the Implementation of the Share Repurchase Plan and the Results of the Implementation
(Announcement No.: 2020-058) disclosed by the Company on 5 September 2020. On 21 December 2020, the Company granted
321,813,800 restricted shares to 793 incentive targets and details are in the relevant announcement disclosed by the Company on 22
December 2020. On 25 July 2023, the Company disclosed the Announcement on the Resolutions of the 17th meeting of the 10th Board
of Directors (Announcement No.: 2023-037) and the Announcement on the Cancellation of Certain Treasury Shares in the Company’s
Special Securities Account for Repurchase (Announcement No.: 2023-038). In accordance with the Rules for the Repurchase of Shares
by Listed Companies and Shenzhen Stock Exchange Listed Companies Self-Regulatory Guidelines No. 9 - Share Repurchase, the
remaining unutilized 28,186,133 shares in the special securities account for repurchase will expire three years from 5 September 2023,
and the Company shall cancelled them and handle relevant cancellation procedures in accordance with regulations. On 15 August 2023,
the Company disclosed the Announcement on the Resolutions of the 1st Extraordinary General Meeting of 2023 (Announcement No.:
2023-041) that the Proposal on the Cancellation of Certain Treasury Shares in the Company’s Special Securities Account for
Repurchase was deliberated and approved at the meeting. On 31 August 2023, the Company disclosed the Announcement on the
Completion of the Cancellation of Certain Treasury Shares in the Company’s Special Securities Account for Repurchase and Share
Changes (Announcement No.: 2023-050). The aforesaid 28,186,133 treasury shares have been cancelled on 29 August 2023 with the
Shenzhen branch of China Securities Depository and Clearing Co., Ltd., with the cancelled number of shares, date of completion and
term of retirement all in compliance with the applicable laws and regulations.
Overview of significant event Disclosure date Disclosure website
Announcement on the Signing of Supplemental Agreement (III) to the
Cooperation Agreement for the Life Science and Technology Industrial Base 10 June 2023 www.cninfo.com.cn
Project
Announcement on Investment and Construction of BOE Vietnam Project 29 August 2023 www.cninfo.com.cn
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
30 September 2023
Unit: RMB
Item 30 September 2023 1 January 2023
Current assets:
Monetary assets 66,135,392,324.00 68,800,307,369.00
Settlement reserve 0.00 0.00
Loans to other banks and financial institutions 0.00 0.00
Held-for-trading financial assets 8,745,129,728.00 17,187,993,936.00
Derivative financial assets 0.00 0.00
Notes receivable 463,318,295.00 211,792,061.00
Accounts receivable 32,727,497,186.00 28,203,647,569.00
Receivables financing 284,182,132.00 0.00
Prepayments 465,635,945.00 589,764,680.00
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00
Other receivables 625,258,642.00 975,809,236.00
Including: Interest receivable 0.00 0.00
Dividends receivable 2,669,500.00 0.00
Financial assets purchased under resale agreements 0.00 0.00
Inventories 26,567,739,644.00 22,787,814,225.00
Contract assets 153,604,281.00 71,636,461.00
Assets held for sale 0.00 0.00
Current portion of non-current assets 9,278,563.00 8,561,307.00
Other current assets 3,268,833,918.00 3,394,036,919.00
Total current assets 139,445,870,658.00 142,231,363,763.00
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 26,383,073.00 28,637,449.00
Long-term equity investments 13,452,243,146.00 12,421,878,851.00
Investments in other equity instruments 515,979,625.00 483,060,306.00
Other non-current financial assets 2,083,526,411.00 2,022,967,681.00
Investment property 1,363,891,447.00 1,122,025,138.00
Fixed assets 215,729,844,646.00 205,987,050,430.00
Construction in progress 27,022,888,279.00 43,386,134,668.00
Productive living assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 708,009,635.00 687,120,946.00
Intangible assets 10,348,796,298.00 8,948,327,143.00
Development costs 138,982,731.00 0.00
Goodwill 701,013,959.00 660,823,651.00
Long-term prepaid expense 578,200,173.00 556,941,377.00
Deferred income tax assets 382,605,292.00 76,013,149.00
Other non-current assets 3,157,276,732.00 1,955,521,384.00
Total non-current assets 276,209,641,447.00 278,336,502,173.00
Total assets 415,655,512,105.00 420,567,865,936.00
Current liabilities:
Short-term borrowings 1,973,934,685.00 2,373,938,871.00
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 1,115,985,121.00 870,221,538.00
Accounts payable 32,869,772,003.00 29,834,720,464.00
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Advances from customers 88,592,901.00 79,848,977.00
Contract liabilities 2,719,218,659.00 2,411,717,792.00
Financial assets sold under repurchase agreements 0.00 0.00
Customer deposits and deposits from other banks and financial
0.00 0.00
institutions
Payables for acting trading of securities 0.00 0.00
Payables for underwriting of securities 0.00 0.00
Employee benefits payable 3,445,164,602.00 2,818,532,823.00
Taxes and levies payable 1,703,639,735.00 1,331,401,188.00
Other payables 17,687,779,152.00 19,632,223,269.00
Including: Interest payable 169,523.00 151,200.00
Dividends payable 6,451,171.00 6,410,514.00
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 23,845,920,855.00 22,703,750,744.00
Other current liabilities 3,575,870,874.00 3,613,967,673.00
Total current liabilities 89,025,878,587.00 85,670,323,339.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00
Long-term borrowings 122,704,717,482.00 123,143,479,690.00
Bonds payable 0.00 0.00
Including: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Lease liabilities 574,453,072.00 538,586,010.00
Long-term payables 209,647,665.00 229,587,077.00
Long-term employee benefits payable 0.00 0.00
Provisions 3,580,000.00 0.00
Deferred income 4,744,551,869.00 5,156,347,332.00
Deferred income tax liabilities 1,506,571,566.00 1,289,899,658.00
Other non-current liabilities 2,502,779,492.00 2,499,075,805.00
Total non-current liabilities 132,246,301,146.00 132,856,975,572.00
Total liabilities 221,272,179,733.00 218,527,298,911.00
Owners’ equity:
Share capital 38,157,878,678.00 38,196,363,421.00
Other equity instruments 2,025,759,110.00 8,176,366,808.00
Including: Preference shares 0.00 0.00
Perpetual bonds 2,025,759,110.00 8,176,366,808.00
Capital reserves 56,734,629,525.00 55,218,504,392.00
Less: Treasury stock 3,189,463,530.00 3,508,201,911.00
Other comprehensive income -868,805,178.00 -1,073,768,030.00
Specific reserve 70,907,696.00 0.00
Surplus reserves 3,241,181,456.00 3,241,063,934.00
General reserve 0.00 0.00
Retained earnings 34,455,292,037.00 35,829,351,680.00
Total equity attributable to owners of the Company as the parent 130,627,379,794.00 136,079,680,294.00
Non-controlling interests 63,755,952,578.00 65,960,886,731.00
Total owners’ equity 194,383,332,372.00 202,040,567,025.00
Total liabilities and owners’ equity 415,655,512,105.00 420,567,865,936.00
Legal representative: Chen Yanshun President of the Company’s Execution Committee: Gao Wenbao
Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Teng Jiao
2. Consolidated Income Statement for Q1~Q3
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Unit: RMB
Item Q1~Q3 2023 Q1~Q3 2022
1. Revenues 126,515,073,265.00 132,744,386,975.00
Including: Operating revenue 126,515,073,265.00 132,744,386,975.00
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 129,569,938,404.00 132,516,593,803.00
Including: Cost of sales 112,401,485,781.00 114,557,562,318.00
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 reserve 0.00 0.00
Expenditure on policy dividends 0.00 0.00
Reinsurance premium expense 0.00 0.00
Taxes and levies 832,447,130.00 951,347,871.00
Selling expense 2,844,265,710.00 2,656,477,233.00
Administrative expense 4,263,034,730.00 4,654,091,569.00
R&D expense 8,146,625,989.00 8,399,773,016.00
Finance costs 1,082,079,064.00 1,297,341,796.00
Including: Interest expense 3,049,519,745.00 2,278,171,212.00
Interest income 1,490,881,748.00 1,015,483,608.00
Add: Other income 3,028,949,599.00 4,688,391,574.00
Return on investment (“-” for loss) 708,920,094.00 576,119,809.00
Including: Share of profit or loss of joint ventures and
614,405,306.00 400,596,521.00
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) 126,636,801.00 125,006,673.00
Credit impairment loss (“-” for loss) 15,296,112.00 -25,742,411.00
Asset impairment loss (“-” for loss) -1,344,978,071.00 -5,251,448,489.00
Asset disposal income (“-” for loss) 12,242,941.00 7,913,154.00
3. Operating profit (“-” for loss) -507,797,663.00 348,033,482.00
Add: Non-operating income 267,233,438.00 135,467,497.00
Less: Non-operating expense 48,065,446.00 48,767,454.00
4. Gross profit (“-” for loss) -288,629,671.00 434,733,525.00
Less: Income tax expense 1,107,368,073.00 1,769,526,836.00
5. Net profit (“-” for net loss) -1,395,997,744.00 -1,334,793,311.00
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) -1,395,997,744.00 -1,334,793,311.00
5.1.2 Net profit from discontinued operations (“-” for net loss) 0.00 0.00
5.2 By ownership
5.2.1 Net profit attributable to shareholders of the Company as the 1,022,157,403.00 5,291,104,216.00
parent (“-” for net loss)
5.2.1 Net profit attributable to non-controlling interests (“-” for -2,418,155,147.00 -6,625,897,527.00
net loss)
6. Other comprehensive income, net of tax 294,067,594.00 -1,080,248,241.00
Attributable to owners of the Company as the parent 206,138,073.00 -1,074,930,204.00
6.1 Items that will not be reclassified to profit or loss 24,851,001.00 -67,403,720.00
6.1.1 Changes caused by remeasurements on defined benefit
0.00 0.00
schemes
6.1.2 Other comprehensive income that will not be reclassified
11,074,578.00 -51,358,569.00
to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other equity
13,776,423.00 -16,045,151.00
instruments
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
6.1.4 Changes in the fair value arising from changes in own
0.00 0.00
credit risk
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to profit or loss 181,287,072.00 -1,007,526,484.00
6.2.1 Other comprehensive income that will be reclassified to
40,654.00 73,424.00
profit or loss under the equity method
6.2.2 Changes in the fair value of other debt investments 0.00 0.00
6.2.3 Other comprehensive income arising from the
0.00 0.00
reclassification of financial assets
6.2.4 Credit impairment allowance for other debt investments 0.00 0.00
6.2.5 Reserve for cash flow hedges 0.00 0.00
6.2.6 Differences arising from the translation of foreign
181,246,418.00 -1,007,599,908.00
currency-denominated financial statements
6.2.7 Other 0.00 0.00
Attributable to non-controlling interests 87,929,521.00 -5,318,037.00
7. Total comprehensive income -1,101,930,150.00 -2,415,041,552.00
7.1 Attributable to owners of the Company as the parent 1,228,295,476.00 4,216,174,012.00
7.2 Attributable to non-controlling interests -2,330,225,626.00 -6,631,215,564.00
8. Earnings per share
8.1 Basic earnings per share 0.02 0.13
8.2 Diluted earnings per share 0.02 0.13
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: Gao Wenbao
Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Teng Jiao
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
Item Q1~Q3 2023 Q1~Q3 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 128,861,224,373.00 149,238,433,709.00
Net increase in customer deposits and deposits from other banks and
0.00 0.00
financial institutions
Net increase in borrowings from the central bank 0.00 0.00
Net increase in loans from other financial institutions 0.00 0.00
Premiums received on original insurance contracts 0.00 0.00
Net proceeds from reinsurance 0.00 0.00
Net increase in deposits and investments of policy holders 0.00 0.00
Interest, fees and commissions received 0.00 0.00
Net increase in loans from other banks and financial institutions 0.00 0.00
Net increase in proceeds from repurchase transactions 0.00 0.00
Net proceeds from acting trading of securities 0.00 0.00
Tax and levy rebates 7,559,093,705.00 15,073,124,057.00
Cash generated from other operating activities 4,181,752,774.00 6,776,267,125.00
Subtotal of cash generated from operating activities 140,602,070,852.00 171,087,824,891.00
Payments for commodities and services 95,755,057,940.00 116,214,674,571.00
Net increase in loans and advances to customers 0.00 0.00
Net increase in deposits in the central bank and other banks and
0.00 0.00
financial institutions
Payments for claims on original insurance contracts 0.00 0.00
Net increase in loans to other banks and financial institutions 0.00 0.00
Interest, fees and commissions paid 0.00 0.00
Policy dividends paid 0.00 0.00
Cash paid to and for employees 13,385,072,461.00 15,488,498,730.00
Taxes and levies paid 3,088,503,388.00 4,733,280,889.00
Cash used in other operating activities 5,314,157,308.00 3,620,934,400.00
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
Subtotal of cash used in operating activities 117,542,791,097.00 140,057,388,590.00
Net cash generated from/used in operating activities 23,059,279,755.00 31,030,436,301.00
2. Cash flows from investing activities:
Proceeds from disinvestment 58,685,205,131.00 62,428,998,594.00
Return on investment 416,695,592.00 324,649,377.00
Net proceeds from the disposal of fixed assets, intangible assets and
16,546,021.00 5,500,981.00
other long-lived assets
Net proceeds from the disposal of subsidiaries and other business
0.00 0.00
units
Cash generated from other investing activities 3,102,733,058.00 918,167,460.00
Subtotal of cash generated from investing activities 62,221,179,802.00 63,677,316,412.00
Payments for the acquisition of fixed assets, intangible assets and
15,107,704,462.00 21,617,268,503.00
other long-lived assets
Payments for investments 50,370,146,815.00 68,234,624,848.00
Net increase in pledged loans granted 0.00 0.00
Net payments for the acquisition of subsidiaries and other business
165,331,097.00 0.00
units
Cash used in other investing activities 46,233,055.00 664,476,852.00
Subtotal of cash used in investing activities 65,689,415,429.00 90,516,370,203.00
Net cash generated from/used in investing activities -3,468,235,627.00 -26,839,053,791.00
3. Cash flows from financing activities:
Capital contributions received 1,438,770,202.00 4,701,942,329.00
Including: Capital contributions by non-controlling interests to
1,438,770,202.00 2,701,942,329.00
subsidiaries
Borrowings received 22,403,007,817.00 41,532,798,686.00
Cash generated from other financing activities 47,648,917.00 17,184,658.00
Subtotal of cash generated from financing activities 23,889,426,936.00 46,251,925,673.00
Repayment of borrowings 24,579,665,192.00 41,856,013,694.00
Interest and dividends paid 7,302,357,493.00 12,400,683,947.00
Including: Dividends paid by subsidiaries to non-controlling
76,330,524.00 42,013,745.00
interests
Cash used in other financing activities 13,784,654,546.00 2,230,559,147.00
Subtotal of cash used in financing activities 45,666,677,231.00 56,487,256,788.00
Net cash generated from/used in financing activities -21,777,250,295.00 -10,235,331,115.00
4. Effect of foreign exchange rates changes on cash and cash
771,184,697.00 1,842,700,102.00
equivalents
5. Net increase in cash and cash equivalents -1,415,021,470.00 -4,201,248,503.00
Add: Cash and cash equivalents, beginning of the period 64,382,037,764.00 76,623,486,083.00
6. Cash and cash equivalents, end of the period 62,967,016,294.00 72,422,237,580.00
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation of
the New Accounting Standards Implemented since 2023
Applicable □ Not applicable
Note to adjustments
The Company will make corresponding adjustments to relevant accounting policies in accordance with the Notice on Issuing the
Interpretation No. 16 of Accounting Standards for Business Enterprises (C.K. [2022] No. 31) issued by the Ministry of Finance on 30
November 2022 (hereinafter referred to as the "Interpretation No. 16").
According to Interpretation No. 16, for single transactions that are not business combinations, that affect neither accounting profit nor
taxable income (or deductible losses) at the time the transaction occurs, and where the initial recognition of assets and liabilities results
in taxable temporary differences and deductible temporary differences of equal amounts (including lease transactions in which the
lessee recognises the initial lease liability and includes it in the right to use asset at the commencement date of the lease term, as well
as transactions in which estimated liabilities are recognised and included in the costs of related assets due to fixed assets disposal
obligations and other disposal obligations, etc. Hereinafter referred to as single transactions that are applicable to this interpretation),
exemption from initial recognition of deferred income tax liabilities and deferred income tax assets under Article XI (II) and Article
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BOE Technology Group Co., Ltd. Third Quarterly Report 2023
XIII of No. 18 of the Accounting Standards for Business Enterprises -- Income Taxes is not applicable. The Company shall recognise
the corresponding deferred income tax liabilities and deferred income tax assets for the taxable temporary differences and deductible
temporary differences arising from the initial recognition of assets and liabilities in respect of the transaction when the transaction
occurs, in accordance with the relevant provisions of No. 18 of the Accounting Standards for Business Enterprises -- Income Taxes
and other regulations.
According to Interpretation No. 16, the Company started from 1 January 2023 to adjust the retained income brought forward in the
earliest period presented in the financial statement and other relevant items of the financial statement based on the accumulated number
of impacts. Interpretation No. 16 has no significant impact on the parent company's financial statement, consolidated income statement
and consolidated cash flow statement. The impact on the consolidated balance sheet is as follows:
31 December 2022 (Unit: RMB)
Item
Before After Adjusted
Deferred income tax assets 70,250,425.00 76,013,149.00 5,762,724.00
Deferred income tax liabilities 1,274,406,833.00 1,289,899,658.00 15,492,825.00
Retained earnings 35,839,081,781.00 35,829,351,680.00 -9,730,101.00
(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
31 October 2023
14
