FIRST QUARTERLY REPORT 2023
April 2023
BOE Technology Group Co., Ltd. First Quarterly Report 2023
Stock Code: 000725 Stock Name: BOE-A Announcement No. 2023-029
Stock Code: 200725 Stock Name: BOE-B Announcement No. 2023-029
BOE TECHNOLOGY GROUP CO., LTD.
FIRST 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 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. 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. First 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
Changes of accounting policies □ Correction of accounting errors □ Business combination under the same control □ Other
reasons
Q1 2022 Change (%)
Item Q1 2023
Before Restated Restated
Operating revenue (RMB) 37,973,495,034.00 50,475,809,458.00 50,475,809,458.00 -24.77%
Net profit attributable to the listed company’s
247,315,140.00 4,388,727,184.00 4,388,727,184.00 -94.36%
shareholders (RMB)
Net profit attributable to the listed company’s
-1,667,931,828.00 3,511,402,963.00 3,511,402,963.00 -147.50%
shareholders before exceptional items (RMB)
Net cash generated from/used in operating
10,122,426,068.00 14,755,368,710.00 14,755,368,710.00 -31.40%
activities (RMB)
Basic earnings per share (RMB/share) 0.003 0.113 0.113 -97.35%
Diluted earnings per share (RMB/share) 0.003 0.113 0.113 -97.35%
Weighted average return on equity (%) 0.09% 3.25% 3.25% -3.16%
31 December 2022 Change (%)
Item 31 March 2023
Before Restated Restated
Total assets (RMB) 412,385,431,844.00 420,562,103,212.00 420,567,865,936.00 -1.95%
Equity attributable to the listed company’s
132,262,117,772.00 136,089,410,395.00 136,079,680,294.00 -2.81%
shareholders (RMB)
Reason for accounting policy change and correction of accounting error:
As required by the Interpretation of Accounting Standards for Business Enterprises No. 16 issued by the Ministry of Finance, the
Group retrospectively adjusted related items of financial statements of the beginning of the year and those of the same period of
last year. The above changes of accounting policies have no significant influence on the Company’s financial status and operating
results.
(II) Exceptional Gains and Losses
Applicable □ Not applicable
Unit: RMB
Item Q1 2023 Note
Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 1,603,787.00 N/A
Tax rebates, reductions and exemptions with ultra vires approval or in lack of duly approved
0.00 N/A
document
Government grants through profit or loss (exclusive of government grants continuously
given in the Company’s ordinary course of business at fixed quotas or amounts as per the 2,294,347,756.00 N/A
government’s policies and standards)
Capital occupation charges on non-financial enterprises that are charged to current gains and
0.00 N/A
losses
Income equal to the amount by which investment costs for the Company to obtain
subsidiaries, associates and joint ventures are lower than the Company’s enjoyable fair value 0.00 N/A
of identifiable net 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
0.00 N/A
prices
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
Current gains and losses on subsidiaries acquired through business mergers under same
0.00 N/A
control from period-beginning to merger dates, net
Gains and losses on contingencies that do not arise in the Company’s ordinary course of
0.00 N/A
business
Gain or loss on fair-value changes in held-for-trading financial assets and liabilities &
investment income from disposal of held-for-trading financial assets and liabilities, and
132,006,604.00 N/A
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 receivable which are tested
8,601,575.00 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
0.00 N/A
measurement is carried out using fair value method
Effects of all adjustments required by taxation, accounting and other applicable laws and
0.00 N/A
regulations on current gains and losses
Income from charges on entrusted management 0.00 N/A
Non-operating income and expense other than above 64,139,167.00 N/A
Other gains and losses that meet definition of nonrecurring gain/loss 0.00 N/A
Less: Income tax effects 64,259,166.00 N/A
Non-controlling interests effects (net of tax) 521,192,755.00 N/A
Total 1,915,246,968.00 --
Other items that meet the definition of exceptional gain/loss:
□Applicable Not applicable
No such cases in the Reporting Period.
Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement
No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable Not applicable
No such cases in the Reporting Period.
(III) Changes in Key Financial Statement Line Items and Explanation of why
Applicable □ Not applicable
Changes in key line items of the income statement and explanation of why:
1. Other income rose 112% year on year, primarily driven by the increased government grants during the Reporting Period.
2. Return on investment rose 129% year on year, primarily driven by the increased returns recognized on investments in associates
during the Reporting Period.
3. Gain on changes in fair value rose 131% year on year, primarily driven by the increased gains on investments in equity
instruments during the Reporting Period.
4. Asset impairment loss declined 53% year on year, primarily driven by the decreased inventory valuation allowances established
according to the lower between the costs and net realizable value 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 31.40% year on year, primarily driven by the decreased sales during the
Reporting Period.
2. Net cash flow generated from investment activities increased 91.51% year on year, primarily driven by the decrease in cash
paid for the purchase and construction of fixed assets, intangible assets and other long-term assets during the reporting period.
3. Net cash flows generated from financing activities declined 726.34% year on year, primarily driven by there were no corporate
bonds issued and net inflows of bank borrowings decreased during the reporting period.
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
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 1,364,365 (including 1,332,076 A-shareholders and 32,289 B-shareholders)
Top 10 shareholders
Shareh Shares in pledge,
Nature of olding Restricted marked or frozen
Name of shareholder Total shares held
shareholder percent shares Share
Status
age s
Beijing State-owned Capital Operation and State-owned legal
10.64% 4,063,333,333.00 0.00 N/A 0.00
Management Company Limited person
Foreign legal
Hong Kong Securities Clearing Company Ltd. 7.88% 3,008,566,636.00 0.00 N/A 0.00
person
Beijing BOE Investment & Development Co., State-owned legal
2.15% 822,092,180.00 0.00 N/A 0.00
Ltd. person
Beijing Jing Guorui Soe Reform and
Other 1.88% 718,132,854.00 0.00 N/A 0.00
Development Fund (L.P.)
State-owned legal
Hefei Jianxiang Investment Co., Ltd. 1.74% 666,195,772.00 0.00 N/A 0.00
person
Domestic non-
Fuqing Huirong Venture Capital Co., Ltd. state-owned legal 1.41% 537,469,040.00 0.00 N/A 0.00
person
Domestic non-
Ningxia Risheng High-tech Industry Co., Ltd. state-owned legal 0.89% 339,025,766.00 0.00 N/A 0.00
person
Sinatay Life Insurance Co., Ltd.-Traditional
Other 0.80% 305,330,128.00 0.00 N/A 0.00
Product
State-owned legal
Beijing Yizhuang Investment Holdings Co., Ltd 0.74% 281,295,832.00 0.00 N/A 0.00
person
State-owned legal
Beijing Electronics Holdings Co., Ltd. 0.72% 273,735,583.00 0.00 N/A 0.00
person
Top 10 unrestricted shareholders
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
Beijing State-owned Capital Operation and
4,063,333,333.00 RMB ordinary share 4,063,333,333.00
Management Company Limited
Hong Kong Securities Clearing Company Ltd. 3,008,566,636.00 RMB ordinary share 3,008,566,636.00
Beijing BOE Investment & Development Co.,
822,092,180.00 RMB ordinary share 822,092,180.00
Ltd.
Beijing Jing Guorui Soe Reform and
718,132,854.00 RMB ordinary share 718,132,854.00
Development Fund (L.P.)
Hefei Jianxiang Investment Co., Ltd. 666,195,772.00 RMB ordinary share 666,195,772.00
Fuqing Huirong Venture Capital Co., Ltd. 537,469,040.00 RMB ordinary share 537,469,040.00
Ningxia Risheng High-tech Industry Co., Ltd. 339,025,766.00 RMB ordinary share 339,025,766.00
Sinatay Life Insurance Co., Ltd.-Traditional
305,330,128.00 RMB ordinary share 305,330,128.00
Product
Beijing Yizhuang Investment Holdings Co., Ltd 281,295,832.00 RMB ordinary share 281,295,832.00
Beijing Electronics Holdings Co., Ltd. 273,735,583.00 RMB ordinary share 273,735,583.00
1. Beijing State-owned Capital Operation and Management Company Limited held 100%
equities of Beijing Electronics Holdings Co., Ltd.
2. Beijing Electronics Holdings Co., Ltd. held 66.25% equities of Beijing BOE Investment
& Development Co., Ltd. and was its controlling shareholder.
Related or acting-in-concert parties among the
3. After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd., by
shareholders above
entering into Implementation Protocol of Voting Right, agreed to maintain all of the shares
held by it unanimous with Beijing BOE Investment & Development Co., Ltd. when
executing the voting rights as a shareholder.
4. After the non-public issuing of the Company in 2014, Beijing State-owned Capital
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
Operation and Management Company Limited 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. During the non-public issuing of the Company in 2021, Beijing Jing Guorui Soe Reform
and Development Fund (L.P.) signed the Acting-in-Concert Agreement with Beijing
Electronics Holdings Co., Ltd.
6. Beijing State-owned Capital Operation and Management Company Limited indirectly
held 100% equities of Beijing Jingguorui Investment Management Co., Ltd. and directly
held 77.5918% shares of Beijing Jing Guorui Soe Reform and Development Fund (L.P.);
Beijing Jingguorui Investment Management Co., Ltd. is the general partner of Beijing Jing
Guorui Soe Reform and Development Fund (L.P.). In addition, among the nine members of
the Investment Decision-Making Committee of Beijing Jing Guorui Soe Reform and
Development Fund (L.P.), three are nominated by Beijing State-owned Capital Operation
and Management Company Limited.
7. Except for the above relationships, the Company does not know any other connected
party or acting-in-concert party among the top 10 shareholders.
1. Shareholder Ningxia Risheng High-tech Industry Co., Ltd. held 296,442,066 shares in
the Company via its credit securities account.
2. The shares held by Shareholder Fuqing Huirong Venture Capital Co., Ltd. in the Company
increased by 3,484,700 shares due to securities refinancing.
3. Shareholders Beijing State-owned Capital Operation and Management Company
Top 10 ordinary shareholders involved in
Limited, Beijing BOE Investment & Development Co., Ltd., Beijing Jing Guorui SOE
securities margin trading
Reform and Development Fund (L.P.), Hefei Jianxiang Investment Co., Ltd., Beijing
Electronics Holdings Co., Ltd. and Sinatay Life Insurance Co., Ltd.-Traditional Product
were not involved in securities refinancing.
4. Except for the aforesaid, the Company does not know any other top-10 ordinary
shareholder who was involved in securities refinancing.
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable Not applicable
III Other Significant Events
Applicable □ Not applicable
1. On 18 October 2019, the Company disclosed the Announcement on the Company’s Application for CSRC’s Approval for its
Public Issue of Renewable Corporate Bonds (Announcement No. 2019-052), and the Company received the No. [2019] 1801
Approval from CSRC. Based on the approval, the Company could publicly issue the renewable corporate bonds with the nominal
value no more than RMB30 billion to qualified investors. Among them, the redeemed and delisted bonds are detailed in the table
below:
Redemption
Bond
Bond name Abbr. Date of issue Maturity and delisting Disclosure index
code
date
2019 Public Offering of
Renewable Corporate Bonds of 28 October 29 October 31 October
19BOEY1 112741
BOE (for qualified investors) 2019 2022 2022
(Phase I) www.cninfo.com.cn
2020 Public Offering of
27 February 28 February 28 February
Renewable Corporate Bonds of 20BOEY1 149046
2020 2023 2023
BOE (for qualified investors)
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
(Phase I) (epidemic prevention
and control bonds)
2020 Public Offering of
Renewable Corporate Bonds of
18 March 19 March 20 March
BOE (for qualified investors) 20BOEY2 149065
2020 2023 2023
(Phase II) (epidemic prevention
and control bonds)
2020 Public Offering of
Renewable Corporate Bonds of
BOE (for qualified investors) 20BOEY3 149108 24 April 2020 27 April 2023 27 April 2023
(Phase III) (epidemic prevention
and control bonds)
The bond outstanding as of the disclosure date of this Report is as follows:
Bond
Bond name Abbr. Date of issue Maturity
code
2022 Public Offering of
Renewable Corporate Bonds of
22BOEY1 149861 24 March 2022 25 March 2025
BOE (for professional investors)
(Digital Economy) (Phase I)
The Company disclosed 2023 "22BOEY1" Interest Payment Announcement (Announcement No. 2023-010) on 23 March 2023.
The interest payment plan was RMB35.00 (including tax) every ten bonds.
2. 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 Exercise Conditions of the First Exercise Schedule for the Stock Option Granted
by the Stock Option 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 8 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.
3. On 16 January 2021, the Company disclosed the Announcement on the Resolution of the 21st Meeting of the 9th Board of
Directors (Announcement No. 2021-001) and the Plan for Non-Public Offering of A-Shares in 2021, and other related
announcements, in which the Company intends to make a non-public offering of A-shares to no more than 35 specific investors
including Jing Guorui Fund. The net fund raised was expected to be no more than RMB20 billion. On 19 August 2021, the
Company disclosed the Report on the Non-public Offering of A-shares by BOE Technology Group Co., Ltd. & the Announcement
on the Listing of these Shares (announcement No. 2021-058), along with other relevant announcements. 3,650,377,019 new shares
were issued in the non-public offering, which were listed on the Shenzhen Stock Exchange on 20 August 2021. The Company
disclosed the Suggestive Announcement on Relieving Restricted Non-publicly Offered A Shares in 2021 (Announcement No.:
2023-004) on 17 February 2023. A total of 718,132,854 restricted shares of the Company's non-publicly offered A shares in 2021
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
were relieved on 20 February 2023 and could be traded on the market thereafter. The number of the relieved restricted shares
accounted for 1.9324% of the Company's non-restricted shares, and 1.8801% of the Company's total share capital.
4. The Company disclosed the Announcement on Resignation of Senior Management (Announcement No.: 2023-006) on 2 March
2023, due to the change of work, Mr. Miao Chuanbin applied for resignation as Senior Vice President and Chief Culture Officer
and will not hold any position in the Company after his resignation. The Company disclosed the Announcement on Resignation of
Senior Management (Announcement No.: 2023-013) on 1 April 2023, due to personal reasons, Mr. Xie Zhongdong applied for
resignation as Senior Vice President, Chief Audit Officer and Chief Risk Control Officer and will not hold any position in the
Company after his resignation. The Company disclosed the Announcement of Resolutions of the 13th Meeting of the 10th Board
of Directors (Announcement No.: 2023-014) on 4 April 2023, at the 13th Meeting of the 10th Board of Directors, the Company
considered and approved the Proposal on the Appointment of Senior Management of the Company and Adjustment of the
Composition of the Executive Committee of the Company, the Board of Directors appointed Mr. Feng Qiang as a member of the
Executive Committee and Executive Vice President, Mr. Guo Huaping as Senior Vice President and Chief Cultural Officer; and
to adjust the current senior management of the Company, Ms. Yang Xiaoping, from Senior Vice President and Chief Financial
Officer to a member of the Executive Committee, Executive Vice President and Chief Financial Officer. The Company disclosed
the Announcement of Resolutions of the 15th Meeting of the 10th Board of Directors (Announcement No.: 2023-028) on 29 April
2023. At the 15th Meeting of the 10th Board of Directors of the Company, the Proposal on the Appointment of Senior Management
of the Company was reviewed and approved, and the Board of Directors appointed Mr. Yue Zhanqiu as Senior Vice President and
Chief Audit Officer of the Company.
IV Quarterly Financial Statements
(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
Unit: RMB
Item 31 March 2023 1 January 2023
Current assets:
Monetary assets 65,980,916,266.00 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 15,626,930,471.00 17,187,993,936.00
Derivative financial assets 0.00 0.00
Notes receivable 194,713,938.00 211,792,061.00
Accounts receivable 24,903,547,413.00 28,203,647,569.00
Receivables financing 0.00 0.00
Prepayments 698,070,046.00 589,764,680.00
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00
Other receivables 840,023,731.00 975,809,236.00
Including: Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale agreements 0.00 0.00
Inventories 23,990,670,110.00 22,787,814,225.00
Contract assets 58,495,238.00 71,636,461.00
Assets held for sale 0.00 0.00
Current portion of non-current assets 8,798,926.00 8,561,307.00
Other current assets 3,484,157,688.00 3,394,036,919.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
Total current assets 135,786,323,827.00 142,231,363,763.00
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 26,110,268.00 28,637,449.00
Long-term equity investments 12,658,042,162.00 12,421,878,851.00
Investments in other equity instruments 497,887,227.00 483,060,306.00
Other non-current financial assets 2,030,001,440.00 2,022,967,681.00
Investment property 1,130,045,287.00 1,122,025,138.00
Fixed assets 200,053,569,671.00 205,987,050,430.00
Construction in progress 44,170,164,057.00 43,386,134,668.00
Productive living assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 723,351,569.00 687,120,946.00
Intangible assets 9,291,071,642.00 8,948,327,143.00
Development costs 0.00 0.00
Goodwill 672,119,284.00 660,823,651.00
Long-term prepaid expense 559,278,664.00 556,941,377.00
Deferred income tax assets 76,037,579.00 76,013,149.00
Other non-current assets 4,711,429,167.00 1,955,521,384.00
Total non-current assets 276,599,108,017.00 278,336,502,173.00
Total assets 412,385,431,844.00 420,567,865,936.00
Current liabilities:
Short-term borrowings 3,015,922,868.00 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 734,773,957.00 870,221,538.00
Accounts payable 30,563,664,825.00 29,834,720,464.00
Advances from customers 99,826,933.00 79,848,977.00
Contract liabilities 3,014,548,809.00 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 2,451,510,940.00 2,818,532,823.00
Taxes and levies payable 1,405,842,189.00 1,331,401,188.00
Other payables 18,658,147,778.00 19,632,223,269.00
Including: Interest payable 157,241.00 151,200.00
Dividends payable 81,332,440.00 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 20,993,720,650.00 22,703,750,744.00
Other current liabilities 3,806,602,834.00 3,613,967,673.00
Total current liabilities 84,744,561,783.00 85,670,323,339.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00
Long-term borrowings 121,276,885,609.00 123,143,479,690.00
Bonds payable 0.00 0.00
Including: Preference shares 0.00 0.00
Perpetual bonds 0.00 0.00
Lease liabilities 576,053,004.00 538,586,010.00
Long-term payables 224,960,255.00 229,587,077.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
Long-term employee benefits payable 0.00 0.00
Provisions 0.00 0.00
Deferred income 4,955,759,530.00 5,156,347,332.00
Deferred income tax liabilities 1,318,414,704.00 1,289,899,658.00
Other non-current liabilities 2,430,163,529.00 2,499,075,805.00
Total non-current liabilities 130,782,236,631.00 132,856,975,572.00
Total liabilities 215,526,798,414.00 218,527,298,911.00
Owners’ equity:
Share capital 38,196,363,421.00 38,196,363,421.00
Other equity instruments 4,047,755,166.00 8,176,366,808.00
Including: Preference shares 0.00 0.00
Perpetual bonds 4,047,755,166.00 8,176,366,808.00
Capital reserves 55,300,985,471.00 55,218,504,392.00
Less: Treasury stock 3,508,201,911.00 3,508,201,911.00
Other comprehensive income -1,063,535,680.00 -1,073,768,030.00
Specific reserve 34,367,400.00 0.00
Surplus reserves 3,241,063,934.00 3,241,063,934.00
General reserve 0.00 0.00
Retained earnings 36,013,319,971.00 35,829,351,680.00
Total equity attributable to owners of the Company as the parent 132,262,117,772.00 136,079,680,294.00
Non-controlling interests 64,596,515,658.00 65,960,886,731.00
Total owners’ equity 196,858,633,430.00 202,040,567,025.00
Total liabilities and owners’ equity 412,385,431,844.00 420,567,865,936.00
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
Unit: RMB
Item Q1 2023 Q1 2022
1. Revenues 37,973,495,034.00 50,475,809,458.00
Including: Operating revenue 37,973,495,034.00 50,475,809,458.00
Interest revenue 0.00 0.00
Insurance premium income 0.00 0.00
Fee and commission income 0.00 0.00
2. Costs and expenses 41,104,993,880.00 46,115,162,970.00
Including: Cost of sales 35,374,272,767.00 39,684,611,253.00
Interest costs 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 263,253,907.00 330,652,660.00
Selling expense 932,265,694.00 1,287,186,541.00
Administrative expense 1,425,783,553.00 1,519,761,605.00
R&D expense 2,660,326,920.00 2,806,213,073.00
Finance costs 449,091,039.00 486,737,838.00
Including: Interest costs 961,729,826.00 867,262,005.00
Interest revenue 479,238,144.00 283,152,157.00
Add: Other income 2,316,043,230.00 1,094,340,931.00
Return on investment (“-” for loss) 269,472,747.00 117,605,433.00
Including: Share of profit or loss of joint ventures and
246,000,059.00 97,835,782.00
associates
Income from the derecognition of financial assets at 0.00 0.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
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) 108,495,867.00 46,893,075.00
Credit impairment loss (“-” for loss) 11,376,959.00 -12,689,672.00
Asset impairment loss (“-” for loss) -631,964,684.00 -1,356,086,452.00
Asset disposal income (“-” for loss) 7,748,007.00 -16,896.00
3. Operating profit (“-” for loss) -1,050,326,720.00 4,250,692,907.00
Add: Non-operating income 68,942,202.00 21,307,453.00
Less: Non-operating expense 10,942,755.00 4,263,055.00
4. Gross profit (“-” for loss) -992,327,273.00 4,267,737,305.00
Less: Income tax expense 242,986,937.00 1,042,650,624.00
5. Net profit (“-” for net loss) -1,235,314,210.00 3,225,086,681.00
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) -1,235,314,210.00 3,225,086,681.00
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 owners of the Company as
247,315,140.00 4,388,727,184.00
the parent
5.2.1 Net profit attributable to non-controlling interests -1,482,629,350.00 -1,163,640,503.00
6. Other comprehensive income, net of tax 7,276,532.00 -27,966,654.00
Attributable to owners of the Company as the parent 10,232,350.00 13,944,304.00
6.1 Items that will not be reclassified to profit or loss 46,400,833.00 17,430,815.00
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
28,175,376.00 0.00
reclassified to profit or loss under the equity method
6.1.3 Changes in the fair value of investments in other
18,225,457.00 17,430,815.00
equity instruments
6.1.4 Changes in the fair value arising from changes in
0.00 0.00
own credit risk
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to profit or loss -36,168,483.00 -3,486,511.00
6.2.1 Other comprehensive income that will be
0.00 0.00
reclassified to profit or loss under the equity method
6.2.2 Changes in the fair value of other debt 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
0.00 0.00
investments
6.2.5 Reserve for cash flow hedges 0.00 0.00
6.2.6 Differences arising from the translation of foreign
-36,168,483.00 -3,486,511.00
currency-denominated financial statements
6.2.7 Other 0.00 0.00
Attributable to non-controlling interests -2,955,818.00 -41,910,958.00
7. Total comprehensive income -1,228,037,678.00 3,197,120,027.00
Attributable to owners of the Company as the parent 257,547,490.00 4,402,671,488.00
Attributable to non-controlling interests -1,485,585,168.00 -1,205,551,461.00
8. Earnings per share
8.1 Basic earnings per share 0.003 0.113
8.2 Diluted earnings per share 0.003 0.113
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
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
3. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2023 Q1 2022
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 42,514,868,173.00 53,193,351,085.00
Net increase in customer deposits and deposits from other banks
0.00 0.00
and financial institutions
Net increase in borrowings from the central bank 0.00 0.00
Net increase in loans from other financial institutions 0.00 0.00
Premiums received on original insurance contracts 0.00 0.00
Net proceeds from reinsurance 0.00 0.00
Net increase in deposits and investments of policy holders 0.00 0.00
Interest, fees and commissions received 0.00 0.00
Net increase in loans from other banks and financial 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 2,313,084,732.00 2,472,173,743.00
Cash generated from other operating activities 2,757,111,561.00 3,471,152,956.00
Subtotal of cash generated from operating activities 47,585,064,466.00 59,136,677,784.00
Payments for commodities and services 30,398,741,266.00 33,048,052,229.00
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 5,009,341,362.00 6,289,071,717.00
Taxes and levies paid 816,646,900.00 3,330,582,091.00
Cash used in other operating activities 1,237,908,870.00 1,713,603,037.00
Subtotal of cash used in operating activities 37,462,638,398.00 44,381,309,074.00
Net cash generated from/used in operating activities 10,122,426,068.00 14,755,368,710.00
2. Cash flows from investing activities:
Proceeds from disinvestment 23,831,855,131.00 13,709,979,844.00
Return on investment 149,214,617.00 49,787,931.00
Net proceeds from the disposal of fixed assets, intangible assets
8,453,288.00 1,961,256.00
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 1,810,581,640.00 483,998,970.00
Subtotal of cash generated from investing activities 25,800,104,676.00 14,245,728,001.00
Payments for the acquisition of fixed assets, intangible assets
4,162,151,317.00 7,192,075,500.00
and other long-lived assets
Payments for investments 22,250,323,389.00 12,725,853,914.00
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 8,643,927.00 1,641,148,452.00
Subtotal of cash used in investing activities 26,421,118,633.00 21,559,077,866.00
Net cash generated from/used in investing activities -621,013,957.00 -7,313,349,865.00
3. Cash flows from financing activities:
Capital contributions received 140,300,202.00 2,550,000,000.00
Including: Capital contributions by non-controlling interests
140,300,202.00 550,000,000.00
to subsidiaries
Borrowings received 10,054,932,380.00 11,149,138,371.00
Cash generated from other financing activities 1,528,590.00 295,482.00
Subtotal of cash generated from financing activities 10,196,761,172.00 13,699,433,853.00
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BOE Technology Group Co., Ltd. First Quarterly Report 2023
Repayment of borrowings 12,032,755,699.00 9,848,275,263.00
Interest and dividends paid 2,096,011,812.00 1,524,112,902.00
Including: Dividends paid by subsidiaries to non-controlling
0.00 0.00
interests
Cash used in other financing activities 6,925,098,464.00 593,623,351.00
Subtotal of cash used in financing activities 21,053,865,975.00 11,966,011,516.00
Net cash generated from/used in financing activities -10,857,104,803.00 1,733,422,337.00
4. Effect of foreign exchange rates changes on cash and cash
-224,798,117.00 122,409,685.00
equivalents
5. Net increase in cash and cash equivalents -1,580,490,809.00 9,297,850,867.00
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 62,801,546,955.00 85,921,336,950.00
(II) 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.
The Board of Directors
BOE Technology Group Co., Ltd.
28 April 2023
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