BOE Technology Group Co., Ltd. Interim Report 2023 (Summary)
Stock Code: 000725, 200725 Stock Name: BOE-A, BOE-B Announcement No. 2023-049
BOE TECHNOLOGY GROUP CO., LTD.
INTERIM REPORT 2023 (SUMMARY)
Part I Important Notes
This Summary is based on the full Interim Report of BOE Technology Group Co., Ltd. (together with its consolidated subsidiaries, the
“Company”, except where the context otherwise requires). In order for a full understanding of the Company’s operating results,
financial condition and future development plans, investors should carefully read the aforesaid full report, which has been disclosed
together with this Summary on the media designated by the China Securities Regulatory Commission (the “CSRC”).
All the Company’s directors have attended the Board meeting for the review of this Report and its summary.
Independent auditor’s modified opinion:
□ Applicable Not applicable
Board-approved interim cash and/or stock dividend plan for ordinary shareholders:
□ Applicable Not applicable
The Company has no interim dividend plan, either in the form of cash or stock.
Board-approved interim cash and/or stock dividend plan for preferred shareholders:
□ Applicable Not applicable
This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings
between the two versions, the Chinese versions shall prevail.
Part II Key Corporate Information
1. Stock Profile
Stock name BOE-A, BOE-B Stock code 000725, 200725
Stock exchange for stock listing Shenzhen Stock Exchange
Changed stock name (if any) N/A
Contact information Board Secretary Securities Representative
Name Liu Hongfeng Luo Wenjie
12 Xihuan Middle Road, Beijing 12 Xihuan Middle Road, Beijing
Office address Economic-Technological Development Economic-Technological Development
Area, P.R.China Area, P.R.China
Tel. 010-64318888 ext. 010-64318888 ext.
E-mail address liuhongfeng@boe.com.cn luowenjie@boe.com.cn
2. Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
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BOE Technology Group Co., Ltd. Interim Report 2023 (Summary)
Yes □ No
Reason for retrospective restatement:
Change of accounting policy.
Change
H1 2022
Item H1 2023 (%)
Before Restated Restated
Operating revenue (RMB) 80,177,875,220.00 91,610,241,869.00 91,610,241,869.00 -12.48%
Net profit attributable to the listed
735,809,609.00 6,595,661,738.00 6,595,661,738.00 -88.84%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before -1,584,440,291.00 4,239,456,093.00 4,239,456,093.00 -137.37%
exceptional gains and losses (RMB)
Net cash generated from/used in
16,243,669,123.00 28,112,000,665.00 28,112,000,665.00 -42.22%
operating activities (RMB)
Basic earnings per share (RMB/share) 0.02 0.17 0.17 -88.24%
Diluted earnings per share (RMB/share) 0.02 0.17 0.17 -88.24%
Weighted average return on equity (%) 0.50% 4.80% 4.80% -4.30%
Change
31 December 2022
Item 30 June 2023 (%)
Before Restated Restated
Total assets (RMB) 409,414,907,091.00 420,562,103,212.00 420,567,865,936.00 -2.65%
Equity attributable to the listed
129,031,756,302.00 136,089,410,395.00 136,079,680,294.00 -5.18%
company’s shareholders (RMB)
Reason for accounting policy change and correction of accounting error:
As required by Interpretation No. 16 for the Accounting Standards for Business Enterprises issued by the Ministry of Finance, the
Group has retrospectively restated relevant financial statement items at the beginning of the year and in the same period of last year.
The said changes of accounting policies have no significant impact on the Company’s financial condition and operating results.
3. Shareholders and Their Holdings as at the End of the Reporting Period
Unit: share
Number of ordinary shareholders at the period-
1,320,143 (including 1,288,035 A-shareholders and 32,108 B-shareholders)
end
Top 10 shareholders
Shares in pledge,
Nature of Shareholding Restricted
Name of shareholder Number of shares marked or frozen
shareholder percentage shares
Status Shares
Beijing State-owned Capital
State-owned
Operation and Management 10.64% 4,063,333,333 0 N/A 0
legal person
Company Limited
Hong Kong Securities Clearing Foreign
8.66% 3,307,482,377 0 N/A 0
Company Ltd. legal person
Beijing BOE Investment & State-owned
2.15% 822,092,180 0 N/A 0
Development Co., Ltd. legal person
Beijing Jing Guorui Soe Reform
Other 1.88% 718,132,854 0 N/A 0
and Development Fund (L.P.)
Hefei Jianxiang Investment Co., State-owned
1.74% 666,195,772 0 N/A 0
Ltd. legal person
Fuqing Huirong Venture Capital Domestic
1.41% 537,469,040 0 N/A 0
Co., Ltd. non-state-
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BOE Technology Group Co., Ltd. Interim Report 2023 (Summary)
owned legal
person
Domestic
Ningxia Risheng High-tech non-state-
0.89% 339,025,766 0 N/A 0
Industry Co., Ltd. owned legal
person
Sinatay Life Insurance Co., Ltd.-
Other 0.80% 305,330,128 0 N/A 0
Traditional Product
Beijing Electronics Holdings Co., State-owned
0.72% 273,735,583 0 N/A 0
Ltd. legal person
Foreign
Xu Lili natural 0.71% 272,735,592 0 N/A 0
person
1. Beijing State-owned Capital Operation and Management Company Limited held
100% equities of Beijing Electronics Holdings Co., Ltd.
2. Beijing Electronics Holdings Co., Ltd. held 66.25% equities of Beijing BOE
Investment & Development Co., Ltd. and was its controlling shareholder.
3. After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd.,
by 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
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
Related or acting-in-concert parties among the rest 30% voting right maintained unanimous with Beijing Electronics Holdings Co., Ltd.
shareholders above 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, and shareholder Xu Lili held
266,458,492 shares in the Company via her credit securities account.
2. The shares held by Shareholder Fuqing Huirong Venture Capital Co., Ltd. in the
Company increase by 3,484,700 shares due to securities refinancing.
Shareholders involved in securities margin 3. Shareholders Beijing State-owned Capital Operation and Management Company
trading (if any) Limited, Beijing BOE Investment & Development Co., Ltd., Beijing Jing Guorui SOE
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.
4. Change of the Controlling Shareholder or the Actual Controller in the Reporting Period
Change of the controlling shareholder in the Reporting Period:
□ Applicable Not applicable
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BOE Technology Group Co., Ltd. Interim Report 2023 (Summary)
The controlling shareholder remained the same in the Reporting Period.
Change of the actual controller in the Reporting Period:
□ Applicable Not applicable
The actual controller remained the same in the Reporting Period.
5. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable Not applicable
No preferred shareholders in the Reporting Period.
6. Outstanding Bonds at the Date when this Report Was Authorized for Issue
Applicable □ Not applicable
(1) Bond Profile
Balance
Coupon
Bond name Abbr. Bond code Date of issue Maturity (RMB’0,00
rate
0)
2022 Public Offering of
Renewable Corporate
Bonds of BOE (for
22BOEY1 149861 24 March 2022 25 March 2025 200,000 3.50%
professional investors)
(Digital Economy)
(Phase I)
(2) Relevant Financial Information as of the End of the Reporting Period
Unit: RMB'0,000
Item 30 June 2023 31 December 2022
Debt/asset ratio 52.61% 51.96%
Item H1 2023 H1 2022
EBITDA-to-interest cover (times) 8.24 14.19
Part III Significant Events
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. Interim Report 2023 (Summary)
(Phase I) (epidemic prevention and
control bonds)
2020 Public Offering of
Renewable Corporate Bonds of
20 March
BOE (for qualified investors) 20BOEY2 149065 18 March 2020 19 March 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 name Abbr. Bond code Date of issue Maturity
2022 Public Offering of Renewable Corporate
Bonds of BOE (for professional investors) 22BOEY1 149861 24 March 2022 25 March 2025
(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. 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 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.
3. 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.]
4. 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,
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BOE Technology Group Co., Ltd. Interim Report 2023 (Summary)
in which the Company intends to implement the Equity Incentive Scheme, including both the Stock Option Incentive Scheme and the
Restricted Stock Incentive Scheme. Following the approval of the Proposal on the First Grant of Stock Options and Restricted Shares
to Incentive Objects at the 20th Meeting of the 9th Board of Directors and the 8th Meeting of the 9th Supervisory Committee, the
Company disclosed the Announcement on Completion of Registration of the First Grant of the 2020 Stock Option and Restricted Stock
Incentive Scheme (Announcement No.: 2020-086) on 31 December 2020. Following the approval of the Proposal on the Achievement
of Lifting Conditions of the First lifting Restriction Period for the Restricted Stock Granted by the Stock Incentive Scheme of 2020 and
the Fulfillment of the Exercise Conditions for the Stock Option Granted for the First Time, the Proposal on the Repurchase and Write-
off of Certain Restricted Shares and the Proposal for the Write-off of Certain Stock Options at the 13th Meeting of the 10th Board of
Directors and the 4th Meeting of the 10th Supervisory Committee, the Company’s independent directors, lawyers and independent
financial advisers respectively issued opinions on matters related to stock options and restricted stock incentives. The Company
disclosed the Reminder Announcement on Release and Circulation of Restricted Shares Granted under the 2020 Stock Option and
Restricted Stock Incentive Scheme in the First Release Period (Announcement No.: 2023-026) on 7 April 2023. The total number of
incentive targets who meet the conditions for releasing the restricted shares is 746, and the number of restricted shares that can be
released is 102,260,780 shares, accounting for 0.2677% of the total share capital of the Company at present. The Company disclosed
the Announcement on Adjustment of the Exercise Price of the Stock Option and the Restricted Share Repurchase Price in the 2020
Stock Option and Restricted Stock Incentive Scheme of the Company (Announcement No.: 2023-045) on 29 August 2023. Since the
equity distribution of the Company for 2022 has been completed, the restricted stock repurchase price involved in this incentive scheme
is adjusted from RMB2.41/share to RMB2.349/share, the exercise price of the first grant of the stock option is adjusted from
RMB5.12/share to RMB5.059/share, and the exercise price of the reserved and granted stock option is adjusted from RMB5.62/share
to RMB5.559/share.
5. On 31 May 2023, the Company disclosed the Announcement No. 2023-034 on the Distribution of the 2022 Final Dividend. As the
2022 Final Dividend Plan had been approved at the 2022 Annual General Meeting on 5 May 2023, the Company distributed a 2022
final dividend of RMB0.61 per 10 shares (dividend to B-shareholders paid in HKD according to the central parity rate of RMB and
HKD declared by the People’s Bank of China on the first working day immediately after the date of the relevant general meeting
resolution), with no bonus issue from either profit or capital reserves.
Overview of significant event Disclosure date Disclosure website
Announcement on the Signing of Supplemental Agreement (III) to the
Cooperation Agreement for the Life Science and Technology Industrial Base 10 June 2023 www.cninfo.com.cn
Project
Chairman of the Board (signature): Mr. Chen Yanshun
Date of the Board’s approval of this Report: 25 August 2023
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