FIRST QUARTERLY REPORT 2021 April 2021 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Part I Important Notes The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Mr. Chen Yanshun, the Company’s legal representative, Mr. Liu Xiaodong, President of the Company, 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. 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. 2 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Part II Key Corporate Information I Key Financial Information 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 Q1 2020 Change (%) Item Q1 2021 Before After After Operating revenue (RMB) 49,655,379,519.00 25,879,940,117.00 23,887,380,060.00 107.87% Net profit attributable to the listed 5,182,037,171.00 566,676,460.00 566,676,460.00 814.46% company’s shareholders (RMB) Net profit attributable to the listed company’s shareholders before 4,484,934,082.00 -502,352,271.00 -502,352,271.00 - exceptional items (RMB) Net cash generated from/used in 14,522,832,708.00 5,223,671,919.00 5,223,671,919.00 178.02% operating activities (RMB) Basic earnings per share (RMB/share) 0.147 0.014 0.014 950.00% Diluted earnings per share (RMB/share) 0.147 0.014 0.014 950.00% Weighted average return on equity (%) 5.51% 0.50% 0.50% 5.01% 31 December 2020 Change (%) Item 31 March 2021 Before After After Total assets (RMB) 427,658,157,566.00 424,256,806,331.00 424,256,806,331.00 0.80% Equity attributable to the listed 112,362,224,896.00 103,276,766,835.00 103,276,766,835.00 8.80% company’s shareholders (RMB) Other reasons The operating revenue for Q1 2020 was represented in accordance with reviewed data, which caused no influence on other financial indicators. Exceptional gains and losses: √ Applicable □ Not applicable Unit: RMB Item Q1 2021 Note Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 149,147,539.00 N/A Tax rebates, reductions and exemptions with ultra vires approval or in lack of duly approved document 0.00 N/A Government subsidies charged to current profit and loss (exclusive of government subsidies given in 627,394,493.00 N/A 3 BOE Technology Group Co., Ltd. First Quarterly Report 2021 the Company’s ordinary course of business at fixed quotas or amounts as per government’s uniform standards ) Capital occupation charges on non-financial enterprises that are charged to current gains and losses 0.00 N/A 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 of identifiable net 0.00 N/A assets of investees when making investments Gains and losses on non-monetary asset swap 0.00 N/A Gains and losses on investment or asset management entrustments to other entities 0.00 N/A Allowance for asset impairments due to acts of God such as natural disasters 0.00 N/A Gains and losses on debt restructuring 0.00 N/A Restructuring costs in staff arrangement, integration, etc. 0.00 N/A Gains and losses on over-fair value amount as a result of transactions with distinctly unfair prices 0.00 N/A Current gains and losses on subsidiaries acquired through business mergers under same control from 0.00 N/A period-beginning to merger dates, net Gains and losses on contingencies that do not arise in the Company’s ordinary course of business 0.00 N/A Gain or loss on fair-value changes in trading financial assets and liabilities and derivative financial assets and liabilities & investment income from disposal of trading financial assets and liabilities and 28,421,688.00 N/A derivative financial assets and liabilities, and other creditors’ investment (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business) Reversed portion of impairment allowance for accounts receivable and contract assets which are tested 2,844,705.00 N/A individually for impairment Gains and losses on loan entrustment 0.00 N/A Gains and losses on fair value changes in investment property of which subsequent measurement is 0.00 N/A carried out using fair value method Effects of all adjustments required by taxation, accounting and other applicable laws and regulations 0.00 N/A on current gains and losses Income from charges on entrusted management 0.00 N/A Non-operating income and expense other than above 18,665,471.00 N/A Other gains and losses that meet definition of nonrecurring gain/loss 0.00 N/A Less: Income tax effects 81,244,762.00 N/A Non-controlling interests effects (net of tax) 48,126,045.00 N/A Total 697,103,089.00 -- Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or 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 for the Reporting Period. 4 BOE Technology Group Co., Ltd. First Quarterly Report 2021 II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2021 1. Numbers of Ordinary Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders Unit: share Number of ordinary shareholders at the 1,329,925 (including 1,292,791 A-shareholders and 37,134 B-shareholders) period-end Top 10 shareholders Shares in pledge or Shareholding Restricted Name of shareholder Nature of shareholder Total shares held frozen percentage shares held Status Shares Beijing State-owned Capital Operation State-owned legal 11.68% 4,063,333,333 0 N/A 0 and Management Center person Hong Kong Securities Clearing Foreign legal person 5.90% 2,051,846,141 0 N/A 0 Company Ltd. Beijing BOE Investment & State-owned legal 2.36% 822,092,180 0 N/A 0 Development Co., Ltd. person State-owned legal Hefei Jianxiang Investment Co., Ltd. 1.91% 666,195,772 0 N/A 0 person Chongqing Ezcapital Opto-electronic State-owned legal 1.33% 463,816,446 0 N/A 0 Industry Investment Co., Ltd. person State-owned legal Hefei Jianxin Investment Co., Ltd. 1.30% 452,016,095 0 N/A 0 person Beijing Yizhuang Investment Holdings State-owned legal 1.12% 388,827,757 0 N/A 0 Co., Ltd person China Construction Bank-GF Technology Pioneer Mixed Type Other 0.98% 341,531,677 0 N/A 0 Securities Investment Fund State-owned legal Beijing Electronics Holdings Co., Ltd. 0.79% 273,735,583 0 N/A 0 person Industrial and Commercial Bank of China-GF Double Engines Upgrade Other 0.72% 249,000,000 0 N/A 0 Mixed Type Securities Investment Fund Top 10 unrestricted shareholders Shares by type Name of shareholder Unrestricted shares held Type Shares Beijing State-owned Capital Operation 4,063,333,333 RMB ordinary share 4,063,333,333 and Management Center 5 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Hong Kong Securities Clearing 2,051,846,141 RMB ordinary share 2,051,846,141 Company Ltd. Beijing BOE Investment & 822,092,180 RMB ordinary share 822,092,180 Development Co., Ltd. Hefei Jianxiang Investment Co., Ltd. 666,195,772 RMB ordinary share 666,195,772 Chongqing Ezcapital Opto-electronic 463,816,446 RMB ordinary share 463,816,446 Industry Investment Co., Ltd. Hefei Jianxin Investment Co., Ltd. 452,016,095 RMB ordinary share 452,016,095 Beijing Yizhuang Investment Holdings 388,827,757 RMB ordinary share 388,827,757 Co., Ltd China Construction Bank-GF Technology Pioneer Mixed Type 341,531,677 RMB ordinary share 341,531,677 Securities Investment Fund Beijing Electronics Holdings Co., Ltd. 273,735,583 RMB ordinary share 273,735,583 Industrial and Commercial Bank of China-GF Double Engines Upgrade 249,000,000 RMB ordinary share 249,000,000 Mixed Type Securities Investment Fund 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-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., Related or acting-in-concert parties Ltd. when executing the voting rights of the shareholders. among the 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 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 The shares held by Beijing Yizhuang Investment Holdings Co., Ltd. in the Company in securities margin trading (if any) decreased by 31,709,700 shares due to engaging in securities financing. Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the Company conducted any promissory repo during the Reporting Period. □ Yes √ No 6 BOE Technology Group Co., Ltd. First Quarterly Report 2021 No such cases in the Reporting Period. 2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them □ Applicable √ Not applicable 7 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Part III Significant Events I Changes in Key Financial Statement Line Items and Explanation of why √ Applicable □ Not applicable 1. Operating revenue rose 108% during Q1 2021 compared to Q1 2020, primarily driven by the rising prices of primary products, the release of new production capacity, and changes to the consolidation scope in the Reporting Period. 2. Cost of sales rose 77% during Q1 2021 compared to Q1 2020, primarily driven by the expanding operating revenue. 3. Selling expense rose 43% during Q1 2021 compared to Q1 2020, primarily driven by the expanding operating revenue. 4. Administrative expense rose 59% during Q1 2021 compared to Q1 2020, primarily driven by the expanding operating revenue. 5. R&D expense rose 46% during Q1 2021 compared to Q1 2020, primarily driven by greater R&D investments. 6. Financial expenses rose 44% during Q1 2021 compared to Q1 2020, primarily driven by the new projects were transferred into operation,and changes to the consolidation scope in the Reporting Period. 7. Asset impairment loss declined 105% during Q1 2021 compared to Q1 2020, primarily driven by a decrease in the inventory valuation allowance according to the lower of cost and net realizable value in the Reporting Period. 8. Other income declined 45% during Q1 2021 compared to Q1 2020, primarily driven by a decrease in government grants in the Reporting Period. 9. Income tax expense rose 362% during Q1 2021 compared to Q1 2020, primarily driven by an increase in earnings in the Reporting Period. 10. Accounts receivable as at 31 March 2021 rose 31% compared to 31 December 2020, primarily driven by an increase in amounts due from customers with expanding operating revenue in the Reporting Period. 11. Net cash generated from operating activities rose 178% during Q1 2021 compared to Q1 2020, primarily driven by an increase in operating profit with a larger business size. 12. Cash used in investing activities rose 68% during Q1 2021 compared to Q1 2020, primarily driven by the repurchase of non-controlling interests and an increase in expenses on construction of new projects in the Reporting Period. II Progress, Influence and Solutions with regard to 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 8 BOE Technology Group Co., Ltd. First Quarterly Report 2021 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 "20BOEY1" Interest Payment Announcement (Announcement No. 2021-016) on 23 February 2021. BOE Public Issuance of Renewable Corporate Bonds (to Qualified Investors) (the First Issue) (epidemic prevention and control bonds) in 2020 was one year old until 27 February 2021. According to the regulations, interest will be paid once a year during the interest-bearing period. The interest payment plan is RMB36.40 (including tax) per 10 bonds. The Company disclosed 2021 "20BOEY2" Interest Payment Announcement (Announcement No. 2021-018) on 17 March 2021. BOE Public Issuance of Renewable Corporate Bonds (to Qualified Investors) (the Second Issue) (pandemic prevention and control bonds) in 2020 was one year old until 18 March 2021. According to the regulations, interest will be paid once a year during the interest-bearing period. The interest payment plan is RMB35.40 (including tax) per 10 bonds. The Company disclosed 2020 "20BOEY3" Interest Payment Announcement (Announcement No. 2021-035) on 23 April 2021. BOE Public Issuance of Renewable Corporate Bonds (to Qualified Investors) (the Third Issue) in 2020 was one year old until 27 April 2021. According to the regulations, interest will be paid once a year during the interest-bearing period. The interest payment plan is RMB35.00 (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 by the national inter-bank offer center as the standard; the year shall have 365 days) under the Purchase Order with the goods 9 BOE Technology Group Co., Ltd. First Quarterly Report 2021 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 of Private Placement of A-Shares in 2021. According to the disclosure, the Company intended to privately issue A-shares for no more than 35 special investors including Beijing Jingguorui State-owned Enterprise Reform and Development Fund (Limited Partnership) for raised funds with net amount not exceeding RMB20 billion. The raised funds will be used to acquire 24.06% equity in Wuhan BOE Optoelectronics Technology Co., Ltd., increase the capital in Chongqing BOE Display Technology Co., Ltd. & construct the project of its 6G AMOLED Production Line, increase the capital in Yunnan Chuangshijie Optoelectronics Technology Co., Ltd. & construct the project of 12-inch Si-based OLED, increase the capital in Chengdu BOE Hospital Co., Ltd. & construct the project of Chengdu BOE Hospital, repay the loan of Fuzhou Urban Construction Investment Group Co., Ltd., and supplement the working capital. On 10 February 2021, the Company disclosed the Announcement on Receiving the Reply of SASAC regarding Private Placement of A-Shares in 2021 (Announcement No.: 2021-014). According to the disclosure, the Company received the notice from its actual controller Beijing Electronics Holding Co., Ltd. saying the latter had received the Reply on Private Placement of Shares by BOE Technology Group Co., Ltd. (JGZCQ[2021]No. 5) from State-owned Assets Supervision and Administration Commission of People’s Government of Beijing Municipality who agreed the overall plan of this private placement of shares not exceeding 6,959,679,752 shares in principle. On 1 April 2021, the Company disclosed the Announcement on Applying the Acceptance of China Securities Regulatory Commission (CSRC) regarding the Private Placement of A-Shares in 2021 (Announcement No.: 2021-021). According to the disclosure, CSRC inspected the application materials regarding the private placement of A-Shares by listed company submitted by the Company in conformity with legal provisions and decided to accept the administrative license application. On 12 April 2021, the Company disclosed the Announcement on Receiving the Notice of First Review Feedback on Administrative Licensing Projects from the China Securities Regulatory Commission (CSRC) (Announcement No.: 2021-023). According to the disclosure, the CSRC reviewed the administrative licensing application materials submitted by the Company regarding the Approval of BOE Technology Group Co., Ltd. on the Private Placement of Shares (A-Shares in the Main Board and SME Board, and B-Shares) by Listed Companies, required the Company and related agency to provide written explanations and interpretations on relevant issues and to submit a written reply to the administrative license acceptance department of the CSRC within 30 days. On 27 April 2021, the Company disclosed the Announcement on Delayed Reply 10 BOE Technology Group Co., Ltd. First Quarterly Report 2021 on the Notice of First Review Feedback on Administrative Licensing Projects from the China Securities Regulatory Commission (CSRC) (Announcement No.: 2021-036). According to the disclosure, it is estimated that the Company will be unable to submit a written reply to the CSRC within 30 days. After the prudent communication with related agency, the Company has submitted the delayed reply application. And the Company will submit a written reply and application files with updated financial data before 8 June 2021 with related agency and perform the information disclosure obligation in time. 4. On 23 March 2021, the Company disclosed the Announcement on the Resolution of the 24th Meeting of the 9th Board of Directors (Announcement No.: 2021-019). According to the disclosure, Mr. Zhang Yu was appointed as Vice President, CHRO and Professional Manager by the Board with his tenure from the approval date by the Board to the expiration of the tenure of the 9th Board of Director; and Ms. Su Xuefei was appointed as Securities Affairs Representative with her tenure from the approval date by the Board to the expiration of the tenure of the 9th Board of Directors. 5. On 13 April 2021, the Company disclosed the Announcement on the Resolution of the 25th Meeting of the 9th Board of Directors (Announcement No.: 2021-0xx) and the Announcement on the Departure of an Independent Director at Tenure Expiration and the Selection of a Replacement Independent Director (Announcement No.: 2021-0xx). According to the disclosure, Mr. Wang Huacheng applied for departing from his position as Independent Director of the Company and other positions in related committees under the Board due to the expiration of his tenure as Independent Director. At the 25th Meeting of the 9th Board of Directors, the Company considered and approved the Proposal on Selecting Mr. Zhang Xinmin as an Independent Director of the 9 th Board of Directors, and nominated Mr. Zhang Xinmin as a candidate for Independent Director of the 9th Board of Directors. Index to disclosure Overview of significant events Disclosure date website for interim report Announcement on Being Transferred Some Equity of Mianyang BOE 27 January 2021 www.cninfo.com.cn Optoelectronics Technology Co., Ltd. Announcement on Investing the Production Line Expansion of Advanced 23 March 2021 www.cninfo.com.cn Generation TFT-LCD by Wuhan BOE Optoelectronics Technology Co., Ltd. Progress of any share repurchases: □ Applicable √ Not applicable Progress of any reduction of the repurchased shares through centralized bidding: □ Applicable √ Not applicable 11 BOE Technology Group Co., Ltd. First Quarterly Report 2021 III Commitments that the Company’s Actual Controller, Shareholders, Related Parties, Acquirers, the Company Itself or Other Parties, Failed to Fulfill on Time during the Reporting Period √ Applicable □ Not applicable Date of Type of Commitment Promisor Details of commitment commitment Term of commitment Fulfillment commitment making Commitments made in share - - - - - - reform Commitments made in - - - - - - acquisition documents or shareholding alteration documents Commitments made in time of - - - - - - asset restructuring Commitments made in time of - - - - - - IPO or refinancing Equity incentive commitments - - - - - - The Chairman of the In accordance with the Announcement on the Commitments of Board: Mr. Chen Yanshun not Reducing the Shareholding by Some Directors, Supervisors During the term as Vice Chairman of the and Senior Management (No.: 2020-001) disclosed by the director, supervisor or Board: Mr. Liu Xiaodong Company on 22 February 2020, some of the Company’s senior manager, and in Other commitments made to Other 21 February Director: Ms. Sun Yun directors, supervisors and senior managers, based on their six months after the Ongoing minority interests commitments 2020 and Mr. Gao Wenbao confidence in the Company’s future development and their expiration of the term Supervisor: Mr. Xu recognition of the corporate value, promise not to reduce or (the term determined Yangping, Mr. He transfer any shares held in BOE (A shares), not to entrust others when taking office). Daopin, Mr. Yan Jun and to manage specific shares, not to authorize others to execute their 12 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Mr. Teng Jiao voting right by means of any agreement, trust or other Senior Management: Mr. arrangements and not to require the Company to repurchase any Yao Xiangjun, Mr. Zhang specific shares during the terms of office and within 6 months Zhaohong, Mr. Zhong after their tenures expire so as to promote the Company’s Huifeng, Ms. Feng continuous, stable and healthy development and maintain the Liqiong, Mr. Xie rights and interests of the Company and all shareholders. For any Zhongdong, Mr. Miao newly-added shares derived from the assignment of rights and Chuanbin and Mr. Liu interests including the share donation and the reserved funds Hongfeng converted into share capital during the period (corresponding to the specific shares), they shall still keep their promises till the commitment period expires. Executed on time or not Yes Specific reasons for failing to fulfill commitments on time N/A and plans for next step IV Financial Investments 1. Securities Investments √ Applicable □ Not applicable Unit: RMB Gain/loss of changes Accumulative Purchased Gain/loss Accounting Sold in the Variety of Symbol of Name of Initial Beginning in fair changes in fair in the in Ending Accounting Capital measurement Reporting security security security investment cost carrying value value in the value recorded Reporting Reporting carrying value title source model Period Reporting into equities Period Period Period Domestic and SH600658 Electronic 90,160,428.00 Fair value 74,372,840.00 0.00 -21,011,558.00 0.00 0.00 0.00 69,148,870.00 Other equity Self-owned 13 BOE Technology Group Co., Ltd. First Quarterly Report 2021 overseas stock Zone method instruments funds investment Other equity Domestic and Bank of Fair value Self-owned HK01963 128,514,251.00 102,845,668.00 0.00 -15,012,811.00 0.00 0.00 0.00 113,501,440.00 instruments overseas stock Chongqing method funds investment New Other equity Domestic and Fair value Self-owned HK01518 Century 134,067,764.00 36,995,513.00 0.00 -103,621,474.00 0.00 0.00 0.00 30,446,290.00 instruments overseas stock method funds Healthcare investment Other securities investments held at the 0.00 -- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -- -- period-end Total 352,742,443.00 -- 214,214,021.00 0.00 -139,645,843.00 0.00 0.00 0.00 213,096,600.00 -- -- Disclosure date of the announcement about the board’s consent for the N/A securities investment Disclosure date of the announcement about the general meeting’s consent for N/A the securities investment (if any) 2. Investments in Derivative Financial Instruments √ Applicable □ Not applicable Unit: RMB’0,000 Ending Actual Purchased in investment Relationship Related-party Initial Beginning Sold in the Impairment Ending gain/loss in Type of the amount as % Counterparty with the transaction investment Start date End date investment Reporting allowance investment the derivative Reporting of the Company or not amount amount Period (if any) amount Reporting Period Company’s Period ending net 14 BOE Technology Group Co., Ltd. First Quarterly Report 2021 asset value Foreign Financial Not related exchange 1 January 31 March Not 118,687.93 118,687.93 20,557.92 43,304.87 - 95,940.98 0.54% -282.36 institutions parties forward 2021 2021 contract Total 118,687.93 -- -- 118,687.93 20,557.92 43,304.87 - 95,940.98 0.54% -282.36 Funding source Self-funded Legal matters involved (if applicable) N/A As of the end of the reporting period, the financial derivatives held by the company are foreign exchange forward contracts, and the risks Analysis of risks and control measures associated with faced are related to the uncertainty of the foreign exchange market in the future. The company's control measures for the financial the derivative investments held in the Reporting Period derivatives are as follows: the company controls the types of derivative transactions, reasonably matches the scale of derivative (including but not limited to market, liquidity, credit, transactions, and the transactions must match the company's production, operation and development planning, mainly for the purpose of operational and legal risks, etc.) cost locking and risk prevention. Changes in market prices or fair value of derivative investments in the Reporting Period (fair value The fair value of the invested derivatives at the end of the reporting period shall be determined by reference to the market quotation of analysis should include measurement methods and the external financial institutions. related assumptions and parameters) Significant changes in accounting policies and specific accounting principles adopted for derivative No major changes investments in the Reporting Period compared to the last reporting period Opinion of independent directors on derivative N/A investments and risk control 15 BOE Technology Group Co., Ltd. First Quarterly Report 2021 V Progress of Projects Financed with Raised Funds √ Applicable □ Not applicable Unit: RMB’0,000 Accumulativ Investment Date of Whether Changed Investment Investment Realized Whether Committed e investment schedule as reaching occurred or not Committed amount amount in income in reached investment project amount as of the intended significant (including investment after the the anticipat and super raise the period-end use of changes in partial amount adjustment Reporting Reporting ed fund arrangement period-end (3)= the project changes) (1) Period Period income (2) (2)/(1) project feasibility Committed investment project (19BOEY1) Capital increase to Not 450,000 445,600 - 445,600 100.00% Naught N/A N/A Not subsidiries Repayment of Not 350,000 350,000 350,000 100.00% Naught N/A N/A Not bank loan - Subtotal of committed -- 800,000 795,600 - 795,600 -- -- N/A -- -- investment project Committed investment project (20BOEY1) Capital increase to Not 200,000 198,900 - 198,900 100.00% Naught N/A N/A Not subsidiries Repayment of -- 200,000 198,900 - 198,900 -- -- N/A -- -- bank loan Committed investment project (20BOEY2) Capital increase to Not 200,000 198,878 - 198,878 100.00% Naught N/A N/A Not subsidiries Repayment of -- 200,000 198,878 - 198,878 -- -- N/A -- -- bank loan Committed investment project (20BOEY3) Capital increase in Not 180,000 180,000 - 180,000 100.00% Naught N/A N/A Not subsidiaries Supplement to No 20,000 18,888 - 18,888 100.00% Naught N/A N/A Not working capital Subtotal of committed -- 200,000 198,888 - 198,888 -- -- N/A -- -- investment projects 16 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Total committed investment -- 1,400,000 1,392,266 - 1,392,266 -- -- -- -- projects Condition and reason for not reaching the schedule and No such cases in the Reporting Period. anticipated income (by specific items) Notes of condition of significant changes occurred Naught in project feasibility Advance investments in As of 31 March 2021, the Company swapped, with subsequent raised funds, a total of advance investments of projects financed RMB4,515 million in projects financed with raised funds. To be specific, the funds raised in the first tranche of with raised funds renewable corporate bonds of 2019 were swapped with advance investments of RMB785 million, the funds raised and swaps of such in the first tranche of renewable corporate bonds of 2020 were swapped with advance investments of RMB1,600 advance million, the funds raised in the second tranche of renewable corporate bonds of 2020 were swapped with advance investments with investments of RMB1,200 million, and the funds raised in the third tranche of renewable corporate bonds of 2020 subsequent raised were swapped with advance investments of RMB930 million. funds Idle fund supplementing the N/A current capital temporarily Amount of surplus in project The total amount of raised funds was used up. As of 31 March 2021, the balance in the raised funds account was implementation RMB8.1381 million, which were interest accrued. and the reasons Usage and destination of Naught unused funds Problems incurred in fund using and Naught disclosure or other condition 17 BOE Technology Group Co., Ltd. First Quarterly Report 2021 VI Operating Performance Forecast for January-June 2021 Warning of a forecast loss on or a forecast significant YoY change in accumulative net profit from the beginning of the year to the end of the next reporting period, as well as explanation of why: □ Applicable √ Not applicable VII Significant Contracts Arising from the Company’s Ordinary Course of Business □ Applicable √ Not applicable VIII Cash Entrusted for Wealth Management √ Applicable □ Not applicable Unit: RMB’0,000 Specific type Capital resources Amount incurred Undue balance Overdue amount Bank financial products and structured deposit Self-owned funds 501,500 320,400 0 Total 501,500 320,400 0 Note: The amount incurred of cash entrusted for wealth management refers to the maximum balance of such wealth management on a single day during the Reporting Period. High-risk wealth management transactions with a significant single amount, or with low security, low liquidity or no principal protection: □ Applicable √ Not applicable Wealth management transactions with possible impairments including an expectedly unrecoverable principal: □ Applicable √ Not applicable IX Irregularities in the Provision of Guarantees □ Applicable √ Not applicable No such cases in the Reporting Period. X Occupation of the Company’s Capital by the Controlling Shareholder or any of Its Related Parties for Non-Operating Purposes □ Applicable √ Not applicable No such cases in the Reporting Period. XI Communications with the Investment Community such as Researches, Inquiries and Interviews Received during the Reporting Period √ Applicable □ Not applicable Date Place Way of Type of the Communication party Main discussions and Index to the 18 BOE Technology Group Co., Ltd. First Quarterly Report 2021 communic communicat materials provided by the relevant ation ion party Company information Penghua Fund, China Main content: 11 March 2021 Teleconference By phone Institution International Fund Man 1. Main situation of the agement Co., Ltd. industry; www.cninfo.com.cn 2. Major operating 11 March 2021 Teleconference By phone Institution Xuzhang Investment information of the Company. 19 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Part IV Financial Statements I Financial Statements 1. Consolidated Balance Sheet Prepared by BOE Technology Group Co., Ltd. Unit: RMB Item 31 March 2021 31 December 2020 Current assets: Monetary assets 70,432,014,729.00 73,694,296,095.00 Settlement reserve 0.00 0.00 Interbank loans granted 0.00 0.00 Held-for-trading financial assets 3,476,010,747.00 4,367,201,833.00 Derivative financial assets 0.00 0.00 Notes receivable 133,473,577.00 215,994,373.00 Accounts receivable 30,171,345,908.00 22,969,140,355.00 Accounts receivable financing 0.00 0.00 Prepayments 863,100,142.00 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 667,457,675.00 658,114,833.00 Including: Interest receivable 3,208,499.00 2,037,452.00 Dividends receivable 1,842,137.00 1,842,137.00 Financial assets purchased under resale agreements 0.00 0.00 Inventories 20,535,550,576.00 17,875,454,490.00 Contract assets 54,727,680.00 49,897,395.00 Assets held for sale 0.00 186,892,645.00 Current portion of non-current assets 0.00 0.00 Other current assets 6,934,754,826.00 7,848,869,252.00 Total current assets 133,268,435,860.00 128,985,457,255.00 Non-current assets: Loans and advances to customers 0.00 0.00 20 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Investments in debt obligations 0.00 0.00 Investments in other debt obligations 0.00 0.00 Long-term receivables 0.00 0.00 Long-term equity investments 3,648,545,370.00 3,693,170,224.00 Investments in other equity instruments 1,142,991,935.00 533,645,423.00 Other non-current financial assets 0.00 0.00 Investment property 1,186,328,773.00 1,196,168,511.00 Fixed assets 227,572,866,096.00 224,866,586,069.00 Construction in progress 37,459,522,318.00 42,575,849,952.00 Productive living assets 0.00 0.00 Oil and gas assets 0.00 0.00 Right-of-use assets 1,677,380,461.00 0.00 Intangible assets 11,615,576,368.00 11,875,926,448.00 Development costs 0.00 0.00 Goodwill 1,400,357,242.00 1,400,357,242.00 Long-term prepaid expense 589,884,173.00 299,634,100.00 Deferred income tax assets 198,680,640.00 205,041,088.00 Other non-current assets 7,897,588,330.00 8,624,970,019.00 Total non-current assets 294,389,721,706.00 295,271,349,076.00 Total assets 427,658,157,566.00 424,256,806,331.00 Current liabilities: Short-term borrowings 6,445,944,641.00 8,599,569,471.00 Borrowings from the central bank 0.00 0.00 Interbank loans obtained 0.00 0.00 Held-for-trading financial liabilities 0.00 0.00 Derivative financial liabilities 0.00 0.00 Notes payable 575,550,858.00 1,231,533,895.00 Accounts payable 32,553,579,091.00 27,164,171,682.00 Advances from customers 251,179,298.00 124,040,749.00 Contract liabilities 2,824,782,223.00 3,440,720,535.00 Financial assets sold under repurchase agreements 0.00 0.00 Customer deposits and interbank deposits 0.00 0.00 Payables for acting trading of securities 0.00 0.00 Payables for underwriting of securities 0.00 0.00 21 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Employee benefits payable 2,755,885,011.00 3,758,623,797.00 Taxes payable 1,799,025,693.00 1,077,686,869.00 Other payables 28,297,139,001.00 32,867,709,024.00 Including: Interest payable 2,450,999.00 1,946,267.00 Dividends payable 20,627,507.00 6,451,171.00 Handling charges 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 25,343,848,429.00 24,500,550,121.00 Other current liabilities 2,463,114,477.00 2,194,716,852.00 Total current liabilities 103,310,048,722.00 104,959,322,995.00 Non-current liabilities: Insurance contract reserve 0.00 0.00 Long-term borrowings 132,878,468,971.00 132,452,767,135.00 Bonds payable 386,647,731.00 398,971,739.00 Including: Preferred shares 0.00 0.00 Perpetual bonds 0.00 0.00 Lease liabilities 1,340,841,889.00 0.00 Long-term payables 969,520,614.00 2,114,175,683.00 Long-term employee benefits payable 0.00 0.00 Provisions 0.00 0.00 Deferred income 4,840,251,396.00 4,246,231,468.00 Deferred income tax liabilities 1,471,200,732.00 1,427,601,154.00 Other non-current liabilities 4,602,485,031.00 5,260,001,443.00 Total non-current liabilities 146,489,416,364.00 145,899,748,622.00 Total liabilities 249,799,465,086.00 250,859,071,617.00 Owners’ equity: Share capital 34,798,398,763.00 34,798,398,763.00 Other equity instruments 14,134,970,030.00 14,146,997,427.00 Including: Preferred shares 0.00 0.00 Perpetual bonds 14,134,970,030.00 14,146,997,427.00 Capital reserves 41,392,880,985.00 37,435,655,934.00 Less: Treasury stock 1,036,298,508.00 1,036,298,508.00 Other comprehensive income 67,597,767.00 -22,198,072.00 22 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Specific reserve 0.00 0.00 Surplus reserves 2,444,416,669.00 2,444,416,669.00 General reserve 0.00 0.00 Retained earnings 20,560,259,190.00 15,509,794,622.00 Total equity attributable to owners of the Company as the 112,362,224,896.00 103,276,766,835.00 parent Non-controlling interests 65,496,467,584.00 70,120,967,879.00 Total owners’ equity 177,858,692,480.00 173,397,734,714.00 Total liabilities and owners’ equity 427,658,157,566.00 424,256,806,331.00 Legal representative: ChenYanshun Chief Executive Officer: Liu Xiaodong Chief Financial Officer: Sun Yun Head of the Company’s Financial Department: Yang Xiaoping 2. Balance Sheet of the Company as the Parent Unit: RMB Item 31 March 2021 31 December 2020 Current assets: Monetary assets 2,039,236,421.00 4,375,497,010.00 Held-for-trading financial assets 0.00 0.00 Derivative financial assets 0.00 0.00 Notes receivable 0.00 0.00 Accounts receivable 5,226,617,530.00 3,974,212,308.00 Accounts receivable financing 0.00 0.00 Prepayments 17,649,288.00 12,185,651.00 Other receivables 16,169,424,495.00 16,345,474,583.00 Including: Interest receivable 0.00 0.00 Dividends receivable 460,261,502.00 460,261,502.00 Inventories 18,835,071.00 18,622,283.00 Contract assets 0.00 0.00 Assets held for sale 0.00 0.00 Current portion of non-current assets 0.00 0.00 Other current assets 176,318,048.00 177,761,718.00 Total current assets 23,648,080,853.00 24,903,753,553.00 Non-current assets: Investments in debt obligations 0.00 0.00 23 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Investments in other debt obligations 0.00 0.00 Long-term receivables 0.00 0.00 Long-term equity investments 192,067,532,951.00 182,135,057,208.00 Investments in other equity instruments 75,968,902.00 81,192,872.00 Other non-current financial assets 0.00 0.00 Investment property 268,790,713.00 271,212,241.00 Fixed assets 987,516,745.00 1,009,178,229.00 Construction in progress 459,260,990.00 418,343,961.00 Productive living assets 0.00 0.00 Oil and gas assets 0.00 0.00 Right-of-use assets 6,363,860.00 0.00 Intangible assets 1,341,222,012.00 1,380,069,827.00 Development costs 0.00 0.00 Goodwill 0.00 0.00 Long-term prepaid expense 414,476,843.00 105,439,681.00 Deferred income tax assets 0.00 0.00 Other non-current assets 2,609,663,606.00 2,611,437,988.00 Total non-current assets 198,230,796,622.00 188,011,932,007.00 Total assets 221,878,877,475.00 212,915,685,560.00 Current liabilities: Short-term borrowings 0.00 0.00 Held-for-trading financial liabilities 0.00 0.00 Derivative financial liabilities 0.00 0.00 Notes payable 0.00 0.00 Accounts payable 37,125,323.00 272,241,469.00 Advances from customers 19,383,229.00 18,286,458.00 Contract liabilities 0.00 0.00 Employee benefits payable 148,645,751.00 516,060,153.00 Taxes payable 71,650,239.00 87,179,892.00 Other payables 5,801,619,272.00 6,541,918,681.00 Including: Interest payable 0.00 0.00 Dividends payable 6,451,171.00 6,451,171.00 Liabilities directly associated with assets held for sale 0.00 0.00 Current portion of non-current liabilities 10,845,393,222.00 7,847,210,073.00 24 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Other current liabilities 29,162,636.00 1,977,977.00 Total current liabilities 16,952,979,672.00 15,284,874,703.00 Non-current liabilities: Long-term borrowings 38,714,047,455.00 38,360,714,121.00 Bonds payable 0.00 0.00 Including: Preferred shares 0.00 0.00 Perpetual bonds 0.00 0.00 Lease liabilities 0.00 0.00 Long-term payables 0.00 0.00 Long-term employee benefits payable 0.00 0.00 Provisions 0.00 0.00 Deferred income 3,407,020,280.00 3,633,342,446.00 Deferred income tax liabilities 384,914,008.00 385,697,604.00 Other non-current liabilities 62,576,304,472.00 56,156,661,805.00 Total non-current liabilities 105,082,286,215.00 98,536,415,976.00 Total liabilities 122,035,265,887.00 113,821,290,679.00 Owners’ equity: Share capital 34,798,398,763.00 34,798,398,763.00 Other equity instruments 14,134,970,030.00 14,146,997,427.00 Including: Preferred shares 0.00 0.00 Perpetual bonds 14,134,970,030.00 14,146,997,427.00 Capital reserves 36,850,469,406.00 36,696,079,366.00 Less: Treasury stock 1,036,298,508.00 1,036,298,508.00 Other comprehensive income 86,272,759.00 90,713,133.00 Specific reserve 0.00 0.00 Surplus reserves 2,444,416,669.00 2,444,416,669.00 Retained earnings 12,565,382,469.00 11,954,088,031.00 Total owners’ equity 99,843,611,588.00 99,094,394,881.00 Total liabilities and owners’ equity 221,878,877,475.00 212,915,685,560.00 3. Consolidated Income Statement Unit: RMB Item Q1 2021 Q1 2020 1. Revenue 49,655,379,519.00 23,887,380,060.00 25 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Including: Operating revenue 49,655,379,519.00 23,887,380,060.00 Interest income 0.00 0.00 Insurance premium income 0.00 0.00 Handling charge and commission income 0.00 0.00 2. Costs and expenses 41,999,820,924.00 24,373,530,198.00 Including: Cost of sales 35,687,365,024.00 20,181,444,162.00 Interest expense 0.00 0.00 Handling charge 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 surcharges 441,746,948.00 251,976,903.00 Selling expense 979,886,354.00 687,405,767.00 Administrative expense 1,868,531,804.00 1,174,986,767.00 R&D expense 2,289,899,747.00 1,568,083,480.00 Finance costs 732,391,047.00 509,633,119.00 Including: Interest expense 1,102,678,393.00 726,022,773.00 Interest income 212,662,119.00 231,913,339.00 Add: Other income 633,790,180.00 1,145,102,546.00 Return on investment (“-” for loss) 4,191,862.00 15,694,811.00 Including: Share of profit or loss of joint ventures -1,651,195.00 -8,717,548.00 and associates Income from the derecognition of 0.00 0.00 financial assets at 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) 24,615,626.00 16,408,377.00 Credit impairment loss (“-” for loss) -1,728,887.00 2,347,999.00 Asset impairment loss (“-” for loss) -1,259,128,818.00 -615,496,194.00 Asset disposal income (“-” for loss) 150,606,678.00 2,846,459.00 3. Operating profit (“-” for loss) 7,207,905,236.00 80,753,860.00 Add: Non-operating income 20,465,222.00 15,881,412.00 26 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Less: Non-operating expense 1,760,338.00 14,163,570.00 4. Profit before tax (“-” for loss) 7,226,610,120.00 82,471,702.00 Less: Income tax expense 924,524,817.00 200,222,357.00 5. Net profit (“-” for net loss) 6,302,085,303.00 -117,750,655.00 5.1 By operating continuity 5.1.1 Net profit from continuing operations (“-” for net 6,302,085,303.00 -117,750,655.00 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 shareholders of the 5,182,037,171.00 566,676,460.00 Company as the parent 5.2.2 Net profit attributable to non-controlling interests 1,120,048,132.00 -684,427,115.00 6. Other comprehensive income, net of tax 81,021,763.00 50,132,108.00 Attributable to owners of the Company as the parent 89,795,839.00 52,015,219.00 6.1 Items that will not be reclassified to profit or loss -1,357,488.00 -11,802,049.00 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 0.00 0.00 reclassified to profit or loss under the equity method 6.1.3 Changes in the fair value of investments in other -1,357,488.00 -11,802,049.00 equity instruments 6.1.4 Changes in the fair value arising from changes 0.00 0.00 in own credit risk 6.1.5 Other 0.00 0.00 6.2 Items that will be reclassified to profit or loss 91,153,327.00 63,817,268.00 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 investments in other 0.00 0.00 debt obligations 6.2.3 Other comprehensive income arising from the 0.00 0.00 reclassification of financial assets 6.2.4 Credit impairment allowance for investments in 0.00 0.00 other debt obligations 6.2.5 Reserve for cash flow hedges 0.00 0.00 6.2.6 Differences arising from the translation of 91,153,327.00 63,817,268.00 foreign currency-denominated financial statements 27 BOE Technology Group Co., Ltd. First Quarterly Report 2021 6.2.7 Other 0.00 0.00 Attributable to non-controlling interests -8,774,076.00 -1,883,111.00 7. Total comprehensive income 6,383,107,066.00 -67,618,547.00 Attributable to owners of the Company as the parent 5,271,833,010.00 618,691,679.00 Attributable to non-controlling interests 1,111,274,056.00 -686,310,226.00 8. Earnings per share 8.1 Basic earnings per share 0.147 0.014 8.2 Diluted earnings per share 0.147 0.014 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 Chief Executive Officer: Liu Xiaodong Chief Financial Officer: Sun Yun Head of the Company’s Financial Department: Yang Xiaoping 4. Income Statement of the Company as the Parent Unit: RMB Item Q1 2021 Q1 2020 1. Operating revenue 1,897,160,472.00 458,313,194.00 Less: Cost of sales 4,442,847.00 4,593,916.00 Taxes and surcharges 9,456,667.00 8,049,055.00 Selling expense 0.00 0.00 Administrative expense 157,003,608.00 146,050,618.00 R&D expense 437,217,798.00 413,372,812.00 Finance costs 666,214,035.00 239,766,061.00 Including: Interest expense 678,550,417.00 253,001,175.00 Interest income 12,278,440.00 14,200,127.00 Add: Other income 254,682,521.00 244,223,994.00 Return on investment (“-” for loss) -1,433,731.00 -8,717,548.00 Including: Share of profit or loss of joint ventures -1,433,731.00 -8,717,548.00 and associates Income from the derecognition of 0.00 0.00 financial assets at amortized cost (“-” for loss) Net gain on exposure hedges (“-” for loss) 0.00 0.00 Gain on changes in fair value (“-” for loss) 0.00 0.00 Credit impairment loss (“-” for loss) -793,109.00 -1,514,688.00 28 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Asset impairment loss (“-” for loss) 0.00 0.00 Asset disposal income (“-” for loss) 0.00 0.00 2. Operating profit (“-” for loss) 875,281,198.00 -119,527,510.00 Add: Non-operating income 1,503,722.00 511,266.00 Less: Non-operating expense 633,757.00 52,759.00 3. Profit before tax (“-” for loss) 876,151,163.00 -119,069,003.00 Less: Income tax expense 133,284,122.00 0.00 4. Net profit (“-” for net loss) 742,867,041.00 -119,069,003.00 4.1 Net profit from continuing operations (“-” for net loss) 742,867,041.00 -119,069,003.00 4.2 Net profit from discontinued operations (“-” for net 0.00 0.00 loss) 5. Other comprehensive income, net of tax -4,440,374.00 -11,802,049.00 5.1 Items that will not be reclassified to profit or loss -4,440,374.00 -11,802,049.00 5.1.1 Changes caused by remeasurements on defined 0.00 0.00 benefit schemes 5.1.2 Other comprehensive income that will not be 0.00 0.00 reclassified to profit or loss under the equity method 5.1.3 Changes in the fair value of investments in other -4,440,374.00 -11,802,049.00 equity instruments 5.1.4 Changes in the fair value arising from changes in 0.00 0.00 own credit risk 5.1.5 Other 0.00 0.00 5.2 Items that will be reclassified to profit or loss 0.00 0.00 5.2.1 Other comprehensive income that will be 0.00 0.00 reclassified to profit or loss under the equity method 5.2.2 Changes in the fair value of investments in other 0.00 0.00 debt obligations 5.2.3 Other comprehensive income arising from the 0.00 0.00 reclassification of financial assets 5.2.4 Credit impairment allowance for investments in 0.00 0.00 other debt obligations 5.2.5 Reserve for cash flow hedges 0.00 0.00 5.2.6 Differences arising from the translation of foreign 0.00 0.00 currency-denominated financial statements 5.2.7 Other 0.00 0.00 6. Total comprehensive income 738,426,667.00 -130,871,052.00 29 BOE Technology Group Co., Ltd. First Quarterly Report 2021 7. Earnings per share 7.1 Basic earnings per share 0.018 -0.003 7.2 Diluted earnings per share 0.018 -0.003 5. Consolidated Cash Flow Statement Unit: RMB Item Q1 2021 Q1 2020 1. Cash flows from operating activities: Proceeds from sale of commodities and rendering of 45,134,348,026.00 28,186,187,305.00 services Net increase in customer deposits and interbank deposits 0.00 0.00 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, handling charges and commissions received 0.00 0.00 Net increase in interbank loans obtained 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 rebates 3,313,056,369.00 2,661,689,752.00 Cash generated from other operating activities 2,404,235,560.00 2,378,278,509.00 Subtotal of cash generated from operating activities 50,851,639,955.00 33,226,155,566.00 Payments for commodities and services 27,850,730,900.00 22,371,364,151.00 Net increase in loans and advances to customers 0.00 0.00 Net increase in deposits in the central bank and in 0.00 0.00 interbank loans granted Payments for claims on original insurance contracts 0.00 0.00 Net increase in interbank loans granted 0.00 0.00 Interest, handling charges and commissions paid 0.00 0.00 Policy dividends paid 0.00 0.00 Cash paid to and for employees 5,234,398,791.00 3,275,179,588.00 Taxes paid 1,591,889,266.00 877,551,385.00 Cash used in other operating activities 1,651,788,290.00 1,478,388,523.00 30 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Subtotal of cash used in operating activities 36,328,807,247.00 28,002,483,647.00 Net cash generated from/used in operating activities 14,522,832,708.00 5,223,671,919.00 2. Cash flows from investing activities: Proceeds from disinvestment 6,945,083,730.00 7,088,558,339.00 Return on investment 38,345,717.00 42,462,797.00 Net proceeds from the disposal of fixed assets, intangible 28,883,902.00 2,505,929.00 assets and other long-lived assets Net proceeds from the disposal of subsidiaries and other 0.00 business units Cash generated from other investing activities 483,016,804.00 351,693,093.00 Subtotal of cash generated from investing activities 7,495,330,153.00 7,485,220,158.00 Payments for the acquisition of fixed assets, intangible 12,860,450,056.00 10,191,638,257.00 assets and other long-lived assets Payments for investments 13,093,098,515.00 4,900,152,790.00 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 215,137,381.00 485,596,441.00 Subtotal of cash used in investing activities 26,168,685,952.00 15,577,387,488.00 Net cash generated from/used in investing activities -18,673,355,799.00 -8,092,167,330.00 3. Cash flows from financing activities: Capital contributions received 4,412,784,000.00 0.00 Including: Capital contributions by non-controlling 4,412,784,000.00 0.00 interests to subsidiaries Borrowings raised 11,174,149,007.00 18,555,241,380.00 Cash generated from other financing activities 459,334,021.00 15,327,185.00 Subtotal of cash generated from financing activities 16,046,267,028.00 18,570,568,565.00 Repayment of borrowings 12,067,500,252.00 14,471,417,731.00 Interest and dividends paid 1,870,277,309.00 1,850,451,609.00 Including: Dividends paid by subsidiaries to 0.00 0.00 non-controlling interests Cash used in other financing activities 403,063,436.00 226,677,401.00 Subtotal of cash used in financing activities 14,340,840,997.00 16,548,546,741.00 Net cash generated from/used in financing activities 1,705,426,031.00 2,022,021,824.00 4. Effect of foreign exchange rates changes on cash and cash 234,579,051.00 equivalents 171,780,599.00 31 BOE Technology Group Co., Ltd. First Quarterly Report 2021 5. Net increase in cash and cash equivalents -2,273,316,461.00 -611,894,536.00 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 65,791,419,910.00 49,658,427,037.00 6. Cash Flow Statement of the Company as the Parent Unit: RMB Item Q1 2021 Q1 2020 1. Cash flows from operating activities: Proceeds from sale of commodities and rendering of 687,105,299.00 1,067,949,887.00 services Tax rebates 26,680,026.00 0.00 Cash generated from other operating activities 147,954,213.00 91,767,665.00 Subtotal of cash generated from operating activities 861,739,538.00 1,159,717,552.00 Payments for commodities and services 1,278,781,940.00 1,352,312,807.00 Cash paid to and for employees 516,720,782.00 409,617,020.00 Taxes paid 263,267,463.00 147,997,702.00 Cash used in other operating activities 66,765,651.00 146,442,687.00 Subtotal of cash used in operating activities 2,125,535,836.00 2,056,370,216.00 Net cash generated from/used in operating activities -1,263,796,298.00 -896,652,664.00 2. Cash flows from investing activities: Proceeds from disinvestment 332,797,624.00 0.00 Return on investment 0.00 0.00 Net proceeds from the disposal of fixed assets, intangible 1,320.00 0.00 assets and other long-lived assets Net proceeds from the disposal of subsidiaries and other 0.00 0.00 business units Cash generated from other investing activities 962,263,830.00 39,485,444.00 Subtotal of cash generated from investing activities 1,295,062,774.00 39,485,444.00 Payments for the acquisition of fixed assets, intangible 417,011,188.00 54,360,642.00 assets and other long-lived assets Payments for investments 10,145,686,022.00 4,147,118,750.00 Net payments for the acquisition of subsidiaries and other 0.00 0.00 business units Cash used in other investing activities 25,211,288.00 15,041,557.00 Subtotal of cash used in investing activities 10,587,908,498.00 4,216,520,949.00 32 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Net cash generated from/used in investing activities -9,292,845,724.00 -4,177,035,505.00 3. Cash flows from financing activities: Capital contributions received 0.00 0.00 Borrowings raised 3,800,000,000.00 8,970,000,000.00 Cash generated from other financing activities 5,359,999,995.00 907,024,018.00 Subtotal of cash generated from financing activities 9,159,999,995.00 9,877,024,018.00 Repayment of borrowings 480,000,000.00 3,990,000,000.00 Interest and dividends paid 471,853,983.00 247,128,977.00 Cash used in other financing activities 104,779.00 350,000.00 Subtotal of cash used in financing activities 951,958,762.00 4,237,478,977.00 Net cash generated from/used in financing activities 8,208,041,233.00 5,639,545,041.00 4. Effect of foreign exchange rates changes on cash and cash 17,738,068.00 9,235,574.00 equivalents 5. Net increase in cash and cash equivalents -2,330,862,721.00 575,092,446.00 Add: Cash and cash equivalents, beginning of the period 4,360,065,216.00 3,680,770,048.00 6. Cash and cash equivalents, end of the period 2,029,202,495.00 4,255,862,494.00 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 Interbank loans granted 0.00 0.00 0.00 Held-for-trading financial assets 4,367,201,833.00 4,367,201,833.00 0.00 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 33 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Receivables financing 0.00 0.00 0.00 Prepayments 1,119,595,984.00 1,111,719,928.00 -7,876,056.00 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 128,985,457,255.00 128,977,581,199.00 -7,876,056.00 Non-current assets: Loans and advances to customers 0.00 0.00 0.00 Investments in debt obligations 0.00 0.00 0.00 Investments in other debt obligations 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 224,866,586,069.00 223,677,725,540.00 -1,188,860,529.00 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 1,697,705,801.00 1,697,705,801.00 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 34 BOE Technology Group Co., Ltd. First Quarterly Report 2021 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 295,271,349,076.00 295,766,213,733.00 494,864,657.00 Total assets 424,256,806,331.00 424,743,794,932.00 486,988,601.00 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 Interbank loans obtained 0.00 0.00 0.00 Held-for-trading financial liabilities 0.00 0.00 0.00 Derivative financial liabilities 0.00 0.00 0.00 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 interbank 0.00 0.00 0.00 deposits 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 Handling charges and commissions 0.00 0.00 0.00 payable Reinsurance payables 0.00 0.00 0.00 Liabilities directly associated with 0.00 0.00 0.00 assets classified as held for sale Current portion of non-current 24,500,550,121.00 24,614,807,403.00 114,257,282.00 liabilities Other current liabilities 2,194,716,852.00 2,194,716,852.00 0.00 Total current liabilities 104,959,322,995.00 105,073,580,277.00 114,257,282.00 Non-current liabilities: 35 BOE Technology Group Co., Ltd. First Quarterly Report 2021 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: Preferred shares 0.00 0.00 0.00 Perpetual bonds 0.00 0.00 0.00 Lease liabilities 0.00 1,253,448,652.00 1,253,448,652.00 Long-term payables 2,114,175,683.00 1,233,458,350.00 -880,717,333.00 Long-term payroll 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 145,899,748,622.00 146,272,479,941.00 372,731,319.00 Total liabilities 250,859,071,617.00 251,346,060,218.00 486,988,601.00 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: Preferred 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 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 424,256,806,331.00 424,743,794,932.00 486,988,601.00 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. Balance Sheet of the Company as the Parent 36 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Unit: RMB Item 31 December 2020 1 January 2021 Adjusted Current assets: Monetary assets 4,375,497,010.00 4,375,497,010.00 0.00 Held-for-trading financial assets 0.00 0.00 0.00 Derivative financial assets 0.00 0.00 0.00 Notes receivable 0.00 0.00 0.00 Accounts receivable 3,974,212,308.00 3,974,212,308.00 0.00 Receivables financing 0.00 0.00 0.00 Prepayments 12,185,651.00 12,185,651.00 0.00 Other receivables 16,345,474,583.00 16,345,474,583.00 0.00 Including: Interest receivable 0.00 0.00 0.00 Dividends receivable 460,261,502.00 460,261,502.00 0.00 Inventories 18,622,283.00 18,622,283.00 0.00 Contract assets 0.00 0.00 0.00 Assets held for sale 0.00 0.00 0.00 Current portion of non-current assets 0.00 0.00 0.00 Other current assets 177,761,718.00 177,761,718.00 0.00 Total current assets 24,903,753,553.00 24,903,753,553.00 0.00 Non-current assets: Investments in debt obligations 0.00 0.00 0.00 Investments in other debt obligations 0.00 0.00 0.00 Long-term receivables 0.00 0.00 0.00 Long-term equity investments 182,135,057,208.00 182,135,057,208.00 0.00 Investments in other equity instruments 81,192,872.00 81,192,872.00 0.00 Other non-current financial assets 0.00 0.00 0.00 Investment property 271,212,241.00 271,212,241.00 0.00 Fixed assets 1,009,178,229.00 1,002,750,947.00 -6,427,282.00 Construction in progress 418,343,961.00 418,343,961.00 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 6,427,282.00 6,427,282.00 Intangible assets 1,380,069,827.00 1,380,069,827.00 0.00 Development costs 0.00 0.00 0.00 37 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Goodwill 0.00 0.00 0.00 Long-term prepaid expense 105,439,681.00 105,439,681.00 0.00 Deferred income tax assets 0.00 0.00 0.00 Other non-current assets 2,611,437,988.00 2,611,437,988.00 0.00 Total non-current assets 188,011,932,007.00 188,011,932,007.00 0.00 Total assets 212,915,685,560.00 212,915,685,560.00 0.00 Current liabilities: Short-term borrowings 0.00 0.00 0.00 Held-for-trading financial liabilities 0.00 0.00 0.00 Derivative financial liabilities 0.00 0.00 0.00 Notes payable 0.00 0.00 0.00 Accounts payable 272,241,469.00 272,241,469.00 0.00 Advances from customers 18,286,458.00 18,286,458.00 0.00 Contract liabilities 0.00 0.00 0.00 Employee benefits payable 516,060,153.00 516,060,153.00 0.00 Taxes payable 87,179,892.00 87,179,892.00 0.00 Other payables 6,541,918,681.00 6,541,918,681.00 0.00 Including: Interest payable 0.00 0.00 0.00 Dividends payable 6,451,171.00 6,451,171.00 0.00 Liabilities directly associated with 0.00 0.00 0.00 assets classified as held for sale Current portion of non-current 7,847,210,073.00 7,847,210,073.00 0.00 liabilities Other current liabilities 1,977,977.00 1,977,977.00 0.00 Total current liabilities 15,284,874,703.00 15,284,874,703.00 0.00 Non-current liabilities: Long-term borrowings 38,360,714,121.00 38,360,714,121.00 0.00 Bonds payable 0.00 0.00 0.00 Including: Preferred shares 0.00 0.00 0.00 Perpetual bonds 0.00 0.00 0.00 Lease liabilities 0.00 0.00 0.00 Long-term payables 0.00 0.00 0.00 Long-term employee benefits payable 0.00 0.00 0.00 Provisions 0.00 0.00 0.00 Deferred income 3,633,342,446.00 3,633,342,446.00 0.00 38 BOE Technology Group Co., Ltd. First Quarterly Report 2021 Deferred income tax liabilities 385,697,604.00 385,697,604.00 0.00 Other non-current liabilities 56,156,661,805.00 56,156,661,805.00 0.00 Total non-current liabilities 98,536,415,976.00 98,536,415,976.00 0.00 Total liabilities 113,821,290,679.00 113,821,290,679.00 0.00 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: Preferred shares 0.00 0.00 0.00 Perpetual bonds 14,146,997,427.00 14,146,997,427.00 0.00 Capital reserves 36,696,079,366.00 36,696,079,366.00 0.00 Less: Treasury stock 1,036,298,508.00 1,036,298,508.00 0.00 Other comprehensive income 90,713,133.00 90,713,133.00 0.00 Specific reserve 0.00 0.00 0.00 Surplus reserves 2,444,416,669.00 2,444,416,669.00 0.00 Retained earnings 11,954,088,031.00 11,954,088,031.00 0.00 Total owners’ equity 99,094,394,881.00 99,094,394,881.00 0.00 Total liabilities and owners’ equity 212,915,685,560.00 212,915,685,560.00 0.00 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. Chairman of the Board (signature):Chen Yanshun Date of the Board’s approval of this Report: 29 April 2021 39