FIRST QUARTER REPORT 2020
April 2020
BOE Technology Group Co., Ltd. First Quarter Report 2020
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.
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BOE Technology Group Co., Ltd. First Quarter Report 2020
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
Item Q1 2020 Q1 2019 Change (%)
Operating revenue (RMB) 25,879,940,117.00 26,454,258,554.00 -2.17%
Net profit attributable to the listed
566,676,460.00 1,051,781,919.00 -46.12%
company’s shareholders (RMB)
Net profit attributable to the listed
company’s shareholders before exceptional -502,352,271.00 352,304,432.00 -242.59%
items (RMB)
Net cash generated from/used in operating
5,223,671,919.00 6,164,241,385.00 -15.26%
activities (RMB)
Basic earnings per share (RMB/share) 0.014 0.030 -53.33%
Diluted earnings per share (RMB/share) 0.014 0.030 -53.33%
Weighted average return on equity (%) 0.50% 1.22% -0.72%
Item 31 March 2020 31 December 2019 Change (%)
Total assets (RMB) 341,414,397,501.00 340,412,203,308.00 0.29%
Equity attributable to the listed company’s 95,058,129,055.00
99,656,561,800.00 4.84%
shareholders (RMB)
Exceptional gains and losses:
√ Applicable □ Not applicable
Unit: RMB
Item Q1 2020 Note
Gain or loss on disposal of non-current assets (inclusive of impairment
1,848,285.00 N/A
allowance write-offs)
Tax rebates, reductions and exemptions with ultra vires approval or in
0.00 N/A
lack of duly approved document
Government subsidies charged to current profit and loss (exclusive of
government subsidies given in the Company’s ordinary course of
1,144,574,383.00 N/A
business at fixed quotas or amounts as per government’s uniform
standards )
Capital occupation charges on non-financial enterprises that are charged
0.00 N/A
to current gains and losses
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Income equal to the amount by which investment costs for the Company
to obtain subsidiaries, associates and joint ventures are lower than the
0.00 N/A
Company’s enjoyable fair value 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
0.00 N/A
other entities
Allowance for asset impairments due to acts of God such as natural
0.00 N/A
disasters
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
0.00 N/A
with distinctly unfair prices
Current gains and losses on subsidiaries acquired through business
0.00 N/A
mergers under same control from period-beginning to merger dates, net
Gains and losses on contingencies that do not arise in the Company’s
0.00 N/A
ordinary course of business
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
20,043,116.00 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
3,428,992.00 N/A
contract assets which are tested 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
0.00 N/A
subsequent measurement is carried out using fair value method
Effects of all adjustments required by taxation, accounting and other
0.00 N/A
applicable laws and regulations on current gains and losses
Income from charges on entrusted management 0.00 N/A
Non-operating income and expense other than above 2,520,384.00 N/A
Other gains and losses that meet definition of nonrecurring gain/loss 0.00 N/A
Less: Income tax effects 33,103,140.00 N/A
Non-controlling interests effects (net of tax) 70,283,289.00 N/A
Total 1,069,028,731.00 --
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
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Items:
□ Applicable √ Not applicable
No such cases for the Reporting Period.
II Total Number of Shareholders and Holdings of Top 10 Shareholders at 31 March 2020
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
1,541,954 (including 1,501,699 A-shareholders and 40,255 B-shareholders)
period-end
Top 10 shareholders
Shareholdi Shares in pledge or
Nature of Restricted
Name of shareholder ng Total shares held frozen
shareholder shares held
percentage Status Shares
Beijing State-owned Capital Operation State-owned legal
11.68% 4,063,333,333 0 N/A 0
and Management Center person
State-owned legal
Hefei Jianxiang Investment Co., Ltd. 7.21% 2,510,142,953 0 N/A 0
person
Chongqing Ezcapital Opto-electronic State-owned legal
5.81% 2,020,734,641 0 N/A 0
Industry Investment Co., Ltd. person
Beijing Yizhuang Investment Holdings State-owned legal
2.64% 919,731,500 0 N/A 0
Co., Ltd person
Beijing BOE Investment & Development State-owned legal
2.36% 822,092,180 0 N/A 0
Co., Ltd. person
Hong Kong Securities Clearing Company
Foreign legal person 2.11% 733,896,129 0 N/A 0
Ltd.
State-owned legal
Beijing Electronics Holdings Co., Ltd. 0.79% 273,735,583 0 N/A 0
person
Domestic
GCAMC-ICBC-Generali China-Selected
non-state-owned 0.72% 249,251,600 0 N/A 0
Stock No.18 Asset Management Product
legal person
Central Huijin Assets Management Co., State-owned legal
0.71% 248,305,300 0 N/A 0
Ltd person
Domestic
GCAMC-ICBC-Generali China-Silk
non-state-owned 0.63% 218,095,100 0 N/A 0
Road No.1 Asset Management Product
legal person
Top 10 unrestricted shareholders
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Shares by type
Name of shareholder Unrestricted shares held
Type Shares
Beijing State-owned Capital Operation RMB ordinary
4,063,333,333 4,063,333,333
and Management Center share
RMB ordinary
Hefei Jianxiang Investment Co., Ltd. 2,510,142,953 2,510,142,953
share
Chongqing Ezcapital Opto-electronic RMB ordinary
2,020,734,641 2,020,734,641
Industry Investment Co., Ltd. share
Beijing Yizhuang Investment Holdings RMB ordinary
919,731,500 919,731,500
Co., Ltd share
Beijing BOE Investment & Development RMB ordinary
822,092,180 822,092,180
Co., Ltd. share
Hong Kong Securities Clearing Company RMB ordinary
733,896,129 733,896,129
Ltd. share
RMB ordinary
Beijing Electronics Holdings Co., Ltd. 273,735,583 273,735,583
share
GCAMC-ICBC-Generali China-Selected RMB ordinary
249,251,600 249,251,600
Stock No.18 Asset Management Product share
Central Huijin Assets Management Co., RMB ordinary
248,305,300 248,305,300
Ltd share
GCAMC-ICBC-Generali China-Silk RMB ordinary
218,095,100 218,095,100
Road No.1 Asset Management Product share
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 &
Related or acting-in-concert parties Development Co., 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.
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Top 10 ordinary shareholders involved in The shares held by Beijing Yizhuang Investment Holdings Co., Ltd. in the Company
securities margin trading (if any) decreased by 7,140,300 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
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable √ Not applicable
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Part III Significant Events
I Changes in Key Financial Statement Line Items and Explanation of why
√ Applicable □ Not applicable
1. Asset impairment loss went up 380% during Q 1 2020 compared to Q1 2019, primarily driven by an increase in the inventory
valuation allowance recorded in Q1 2020 according to the lower of cost and net realizable value.
2. Other income went up 62% during Q 1 2020 compared to Q1 2019, primarily driven by an increase in government subsidies in Q1
2020.
3. Income tax expense went down 56% during Q 1 2020 compared to Q1 2019, primarily driven by a decrease in earnings in Q1
2020.
4. Cash used in investing activities went down 30% during Q 1 2020 compared to Q1 2019, primarily driven by a decrease in
expenses on construction of new projects in Q1 2020.
5. Net cash generated from financing activities went down 57% during Q 1 2020 compared to Q1 2019, primarily driven by
decreases in specific borrowings for new projects and in capital increase by minority shareholders.
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. On 29 October 2019, the Company disclosed the Announcement on the Result of Public Issue
of Renewable Corporate Bonds (to Qualified Investors) (the First Issue) in 2019 (Announcement No. 2019-057), and the period
during which the Company publicly issued renewable corporate bonds (to qualified investors) (the first issue) (“19BOEY1” for short;
Code: 112741) was from 28 October 2019 to 29 October 2019. However, the issuing scale was RMB8 billion, and the bonds’
ultimate nominal interest rate was 4.0%. On 29 February 2020, the Company disclosed the Announcement on the Result of Public
Issue of Renewable Corporate Bonds (to Qualified Investors) (the First Issue) (Epidemic Prevention and Control Bonds) in 2020 (No.
2020-007), and the period during which the Company publicly issued renewable corporate bonds (to qualified investors) (the first
issue) (Epidemic Prevention and Control Bonds) (“20BOEY1” for short; Code: 149046) was from 27 February 2020 to 28 February
2020. However, the issuing scale was RMB2 billion, and the bonds’ ultimate nominal interest rate was 3.64%. On 20 March 2020,
the Company disclosed the Announcement on the Result of Public Issue of Renewable Corporate Bonds (to Qualified Investors) (the
Second Issue) (Epidemic Prevention and Control Bonds) in 2020 (Announcement No. 2020-013), and the period during which the
Company publicly issued renewable corporate bonds (to qualified investors) (the second issue) (Epidemic Prevention and Control
Bonds) (“20BOEY2” for short; Code: 149065) was from 18 March 2020 to 19 March 2020. However, the issuing scale was RMB2
billion, and the bonds’ ultimate nominal interest rate was 3.54%.
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
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BOE Technology Group Co., Ltd. First Quarter Report 2020
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:
I. 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 13 October 2016 to the actual payment day, USD8,488,690 from 10 November 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;
II. 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);
III. 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.;
IV. 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
payment USD2.75 million;
V. 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. Now, the court’s notice is pending. 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.
Progress of any share repurchases:
□ Applicable √ Not applicable
Progress of any reduction of the repurchased shares through centralized bidding:
□ Applicable √ Not applicable
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BOE Technology Group Co., Ltd. First Quarter Report 2020
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
Type of Date of commitment Term of
Commitment Promisor Details of commitment Fulfillment
commitment making commitment
Commitments made in share
- - - - - -
reform
Commitments made in
acquisition documents or
- - - - - -
shareholding alteration
documents
Commitments made in time of
- - - - - -
asset restructuring
Commitment made in IPO or
- - - - - -
refinancing
Commitment made in stock
- - - - - -
ownership incentive
The Company’s directors, supervisors and senior managers, based on
their confidence in the Company’s future development and their During the term as
recognition of the corporate value, promise not to reduce or transfer any director, supervisor
The directors, shares held in BOE (A shares), not to entrust others to manage specific or senior manager,
Other commitments made to supervisors and Other shares, not to authorize others to execute their voting right by means of and in six months
21 February 2020 Ongoing
minority shareholders senior managers commitment any agreement, trust or other arrangements and not to require the after the expiration
of the Company Company to repurchase any specific shares during the terms of office of the term (the term
and within 6 months after their tenures expire so as to promote the determined when
Company’s continuous, stable and healthy development and maintain taking office).
the rights and interests of the Company and all shareholders. For any
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BOE Technology Group Co., Ltd. First Quarter Report 2020
newly-added shares derived from the assignment of rights and interests
including the share donation and the reserved funds converted into
share capital during the period (corresponding to the specific shares),
they shall still keep their promises till the commitment period expires.
Fulfill on time or not Yes
Specific reasons for failing to
fulfill commitments on time and None
plans for next step (if any)
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BOE Technology Group Co., Ltd. First Quarter Report 2020
IV Securities Investments
√ Applicable □ Not applicable
Unit: RMB
Gain/loss
of changes Accumulative Purchased
Accounting Sold in the Gain/loss
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 Period
Reporting into equities Period
Period
Other
Domestic and
Electronic Fair value equity Self-owned
overseas SH600658 90,160,428.00 72,585,692.00 0.00 -31,459,499.00 0.00 0.00 0.00 58,700,929.00
Zone method instruments funds
stock
investment
Other
Domestic and
Bank of Fair value equity Self-owned
overseas HK01963 120,084,375.00 105,407,103.00 0.00 -49,998,062.00 0.00 0.00 0.00 89,549,873.00
Chongqing method instruments funds
stock
investment
Other
Domestic and
China Fair value equity Self-owned
overseas HK06066 70,041,364.00 68,545,920.00 0.00 -4,156,917.00 0.00 30,246,220.00 0.00 37,133,561.00
Securities method instruments funds
stock
investment
Other
Domestic and New
Fair value equity Self-owned
overseas HK01518 Century 140,848,850.00 53,586,259.00 0.00 -115,015,606.00 0.00 0.00 0.00 30,562,642.00
method instruments funds
stock Healthcare
investment
Other securities investments held at the 0.00 -- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -- --
12
BOE Technology Group Co., Ltd. First Quarter Report 2020
period-end
Total 421,135,017.00 -- 300,124,974.00 0.00 -200,630,084.00 0.00 30,246,220.00 0.00 215,947,005.00 -- --
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)
V 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 716,300 473,900 0
Total 716,300 473,900 0
Note: Amount incurred refers to the maximum balance of cash entrusted for wealth management in the single day during the Reporting Period
Particulars of entrusted cash management with single significant amount or low security, bad liquidity, and no capital preservation
□ Applicable √ Not applicable
Whether there is the case where the principal cannot be recovered at maturity or other case which may cause impairment for entrusted asset management
□ Applicable √ Not applicable
VI Investments in Derivative Financial Instruments
√ Applicable □ Not applicable
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Unit: RMB'0,000
Ending
Purchased investment
Relationship Related-party Initial Sold in Impairment
Type of Beginning Beginning in Ending as % of the Actual gain/loss in
Operating party with the transaction investment Ending date Reporting allowance (if
derivative date investment Reporting investment Company’s Reporting Period
Company or not amount Period any)
Period ending net
assets
Foreign exchange 1 January 31 March
Bank Not related Not 78,133.44 78,133.44 33,102.63 28,340.40 - 82,895.67 0.57% 339.68
forwards contract 2020 2020
Total 78,133.44 -- -- 78,133.44 33,102.63 28,340.40 - 82,895.67 0.57% 339.68
Funding source Self-owned funds
Legal matters involved (if applicable) N/A
As of the end of the Reporting Period, the derivative financial instruments held by the Company were forward forex contracts. The
Analysis of risks and control measures associated with derivative
relevant risks are associated with uncertain exchange rates. The Company mainly adopts the following measures to control its investments
investments held in Reporting Period (including but not limited to
in derivative financial instruments. For derivative financial instrument transactions, the Company controls the types of such transactions,
market risk, liquidity risk, credit risk, operational risk, legal risk,
and properly decides the amounts of transactions; and such transactions must be in line with the Company’s planning for production,
etc.)
operation and development, and should be carried out mainly for the purposes of cost lock-in and risk prevention.
Changes in market prices or fair value of derivative investments
The fair value of derivatives investments as at the end of the Reporting Period is determined by reference to the market quotations of
in Reporting Period (fair value analysis should include
external financial institutions.
measurement method and related assumptions and parameters)
Major changes in accounting policies and specific accounting
principles adopted for derivative investments in Reporting Period No major changes
compared to last reporting period
Opinion of independent directors on derivative investments and
N/A
risk control
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BOE Technology Group Co., Ltd. First Quarter Report 2020
VII Communications with the Investment Community such as Researches, Inquiries and
Interviews during the Reporting Period
√ Applicable □ Not applicable
Type of communication Index to main information
Date Way of communication
party communicated
2 January 2020 By phone Institution
Main contents:
8 January 2020 On-site visit Institution
1. The main situations of the industry
9 January 2020 On-site visit Institution 2. Main operating information of the
10 January 2020 On-site visit Institution Company
15 January 2020 By phone Institution 3. Innovations of technology and
products
16 January 2020 On-site visit Institution
For details, see www.cninfo.com.cn
4 February 2020 By phone Institution
VIII Irregularities in the Provision of Guarantees
□ Applicable √ Not applicable
No such cases in the Reporting Period.
IX Occupation of the Company’s Capital by the Controlling Shareholder or Its Related
Parties for Non-Operating Purposes
□ Applicable √ Not applicable
No such cases in the Reporting Period.
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BOE Technology Group Co., Ltd. First Quarter Report 2020
Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
Unit: RMB
Item 31 March 2020 31 December 2019
Current assets:
Monetary assets 56,710,960,210.00 56,972,723,239.00
Settlement reserve 0.00 0.00
Interbank loans granted 0.00 0.00
Trading financial assets 2,775,556,988.00 5,809,184,994.00
Derivative financial assets 0.00 0.00
Notes receivable 192,207,977.00 331,145,492.00
Accounts receivable 17,063,749,215.00 18,135,687,806.00
Accounts receivable financing 0.00 0.00
Prepayments 939,318,040.00 626,985,706.00
Premiums receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Receivable reinsurance contract reserve 0.00 0.00
Other receivables 747,648,214.00 706,171,112.00
Including: Interest receivable 240,341,785.00 215,977,831.00
Dividends receivable 0.00 0.00
Financial assets purchased under resale agreements 0.00 0.00
Inventories 15,565,357,382.00 12,396,194,762.00
Contractual assets 0.00 0.00
Assets classified as held for sale 183,498,294.00 173,910,820.00
Current portion of non-current assets 0.00 0.00
Other current assets 10,197,444,267.00 9,296,637,067.00
Total current assets 104,375,740,587.00 104,448,640,998.00
Non-current assets:
Loans and advances to customers 0.00 0.00
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BOE Technology Group Co., Ltd. First Quarter Report 2020
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 2,829,107,630.00 2,718,037,934.00
Investments in other equity instruments 552,974,054.00 632,076,647.00
Other non-current financial assets 0.00 0.00
Investment property 1,230,898,664.00 1,241,242,850.00
Fixed assets 132,431,848,894.00 125,786,241,938.00
Construction in progress 82,216,852,691.00 87,376,782,527.00
Productive living assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 0.00 0.00
Intangible assets 7,280,668,184.00 7,416,416,829.00
R&D expense 0.00 0.00
Goodwill 707,603,856.00 707,603,856.00
Long-term prepaid expense 319,361,098.00 345,424,409.00
Deferred income tax assets 165,702,865.00 248,153,761.00
Other non-current assets 9,303,638,978.00 9,491,581,559.00
Total non-current assets 237,038,656,914.00 235,963,562,310.00
Total assets 341,414,397,501.00 340,412,203,308.00
Current liabilities:
Short-term borrowings 8,375,500,000.00 6,366,717,121.00
Borrowings from central bank 0.00 0.00
Interbank loans obtained 0.00 0.00
Trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 1,192,953,285.00 2,028,917,980.00
Accounts payable 21,939,778,442.00 21,183,567,553.00
Advances from customers 473,456,032.00 1,260,732,785.00
Contractual liabilities 1,306,427,992.00 0.00
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
17
BOE Technology Group Co., Ltd. First Quarter Report 2020
Payroll payable 1,635,218,841.00 2,373,745,454.00
Taxes payable 756,746,835.00 730,996,129.00
Other payables 21,357,712,327.00 24,570,589,610.00
Including: Interest payable 309,209,601.00 721,325,540.00
Dividends payable 94,193,134.00 14,568,242.00
Handling charges and commissions payable 0.00 0.00
Reinsurance payables 0.00 0.00
Liabilities directly associated with assets classified as held for
0.00 0.00
sale
Current portion of non-current liabilities 20,032,650,109.00 18,849,281,019.00
Other current liabilities 1,290,791,717.00 1,013,738,515.00
Total current liabilities 78,361,235,580.00 78,378,286,166.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00
Long-term borrowings 105,212,342,951.00 107,730,595,615.00
Bonds payable 391,326,125.00 387,878,384.00
Including: Preferred shares 0.00 0.00
Perpetual bonds 0.00 0.00
Lease liabilities 0.00 0.00
Long-term payables 990,561,281.00 984,520,824.00
Long-term payroll payable 0.00 0.00
Provisions 16,457,010.00 16,457,010.00
Deferred income 2,479,736,490.00 2,204,400,566.00
Deferred income tax liabilities 1,392,061,150.00 1,451,825,357.00
Other non-current liabilities 7,679,232,755.00 8,200,542,412.00
Total non-current liabilities 118,161,717,762.00 120,976,220,168.00
Total liabilities 196,522,953,342.00 199,354,506,334.00
Owners’ equity:
Share capital 34,798,398,763.00 34,798,398,763.00
Other equity instruments 12,080,541,237.00 8,013,156,853.00
Including: Preferred shares 0.00 0.00
Perpetual bonds 12,080,541,237.00 8,013,156,853.00
Capital reserves 38,350,193,219.00 38,353,242,364.00
Less: Treasury stock 0.00 0.00
Other comprehensive income 47,448,580.00 -4,566,639.00
18
BOE Technology Group Co., Ltd. First Quarter Report 2020
Special reserves 0.00 0.00
Surplus reserves 2,050,045,823.00 1,516,139,709.00
General reserve 0.00 0
Retained earnings 12,329,934,178.00 12,381,758,005.00
Total equity attributable to owners of the Company as the parent 99,656,561,800.00 95,058,129,055.00
Non-controlling interests 45,234,882,359.00 45,999,567,919.00
Total owners’ equity 144,891,444,159.00 141,057,696,974.00
Total liabilities and owners’ equity 341,414,397,501.00 340,412,203,308.00
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 2020 31 December 2019
Current assets:
Monetary assets 4,255,862,494.00 3,680,770,048.00
Trading financial assets 0.00 0.00
Derivative financial assets 0.00 0.00
Notes receivable 85,915,556.00 84,230,531.00
Accounts receivable 4,270,981,771.00 646,533,115.00
Accounts receivable financing 0.00 0.00
Prepayments 102,909,881.00 77,682,682.00
Other receivables 6,832,467,660.00 4,827,398,094.00
Including: Interest receivable 19,912,286.00 11,884,080.00
Dividends receivable 941,634,611.00 941,634,611.00
Inventories 14,740,695.00 13,935,401.00
Contractual assets 0.00 0.00
Assets classified as held for sale 0.00 0.00
Current portion of non-current assets 0.00 0.00
Other current assets 99,339,081.00 109,497,897.00
Total current assets 15,662,217,138.00 9,440,047,768.00
Non-current assets:
Investments in debt obligations 0.00 0.00
19
BOE Technology Group Co., Ltd. First Quarter Report 2020
Investments in other debt obligations 0.00 0.00
Long-term receivables 0.00 0.00
Long-term equity investments 161,558,265,962.00 159,389,864,760.00
Investments in other equity instruments 65,520,961.00 79,405,724.00
Other non-current financial assets 0.00 0.00
Investment property 278,107,154.00 280,525,802.00
Fixed assets 925,008,132.00 949,104,308.00
Construction in progress 365,890,182.00 358,933,667.00
Productive living assets 0.00 0.00
Oil and gas assets 0.00 0.00
Right-of-use assets 0.00 0.00
Intangible assets 1,453,701,766.00 1,493,632,264.00
R&D expense 0.00 0.00
Goodwill 0.00 0.00
Long-term prepaid expense 107,310,579.00 109,216,398.00
Deferred income tax assets 0.00 360,268,466.00
Other non-current assets 159,097,418.00 162,516,190.00
Total non-current assets 164,912,902,154.00 163,183,467,579.00
Total assets 180,575,119,292.00 172,623,515,347.00
Current liabilities:
Short-term borrowings 1,220,000,000.00 1,220,000,000.00
Trading financial liabilities 0.00 0.00
Derivative financial liabilities 0.00 0.00
Notes payable 0.00 0.00
Accounts payable 46,465,309.00 27,919,341.00
Advances from customers 9,562,822.00 2,117,568,995.00
Contractual liabilities 32,500,000.00 0.00
Payroll payable 101,267,603.00 252,206,075.00
Taxes payable 16,279,960.00 107,287,957.00
Other payables 4,182,366,635.00 5,260,470,974.00
Including: Interest payable 154,201,382.00 95,859,219.00
Dividends payable 6,451,171.00 6,451,171.00
Liabilities directly associated with assets classified as held for
0.00 0.00
sale
Current portion of non-current liabilities 9,110,574,120.00 5,490,440,787.00
20
BOE Technology Group Co., Ltd. First Quarter Report 2020
Other current liabilities 57,426.00 1,423,133.00
Total current liabilities 14,719,073,875.00 14,477,317,262.00
Non-current liabilities:
Long-term borrowings 30,670,568,241.00 33,310,701,574.00
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 payroll payable 0.00 0.00
Provisions 0.00 0.00
Deferred income 4,310,847,755.00 4,627,393,256.00
Deferred income tax liabilities 579,836,080.00 0.00
Other non-current liabilities 34,197,240,828.00 33,297,240,830.00
Total non-current liabilities 69,758,492,904.00 71,235,335,660.00
Total liabilities 84,477,566,779.00 85,712,652,922.00
Owners’ equity:
Share capital 34,798,398,763.00 34,798,398,763.00
Other equity instruments 12,080,541,237.00 8,013,156,853.00
Including: Preferred shares 0.00 0.00
Perpetual bonds 12,080,541,237.00 8,013,156,853.00
Capital reserves 37,608,039,685.00 37,608,039,685.00
Less: Treasury stock 0.00 0.00
Other comprehensive income 181,836,528.00 193,638,576.00
Special reserves 0.00 0.00
Surplus reserves 2,050,045,823.00 1,516,139,709.00
Retained earnings 9,378,690,477.00 4,781,488,839.00
Total owners’ equity 96,097,552,513.00 86,910,862,425.00
Total liabilities and owners’ equity 180,575,119,292.00 172,623,515,347.00
3. Consolidated Income Statement
Unit: RMB
Item Q1 2020 Q1 2019
1. Revenue 25,879,940,117.00 26,454,258,554.00
21
BOE Technology Group Co., Ltd. First Quarter Report 2020
Including: Operating revenue 25,879,940,117.00 26,454,258,554.00
Interest income 0.00 0.00
Premium income 0.00 0.00
Handling charge and commission income 0.00 0.00
2. Costs and expenses 26,366,090,255.00 25,828,685,973.00
Including: Cost of sales 22,174,004,219.00 21,782,563,658.00
Interest expense 0.00 0.00
Handling charge and commission expense 0.00 0.00
Surrenders 0.00 0.00
Net claims paid 0.00 0.00
Net amount provided as policy reserve 0.00 0.00
Expenditure on policy dividends 0.00 0.00
Reinsurance premium expense 0.00 0.00
Taxes and surcharges 251,976,903.00 226,900,931.00
Selling expense 687,405,767.00 692,725,472.00
Administrative expense 1,174,986,767.00 1,088,056,984.00
R&D expense 1,568,083,480.00 1,446,311,254.00
Finance costs 509,633,119.00 592,127,674.00
Including: Interest expense 726,022,773.00 1,045,208,338.00
Interest income 231,913,339.00 212,034,995.00
Add: Other income 1,145,102,546.00 708,917,047.00
Return on investment (“-” for loss) 15,694,811.00 13,643,831.00
Including: Share of profit or loss of joint ventures and
-8,717,548.00 -827,046.00
associates
Income from the derecognition of financial assets at
0.00 0.00
amortized cost (“-” for loss)
Foreign 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) 16,408,377.00 34,134,042.00
Credit impairment loss (“-” for loss) 2,347,999.00 0.00
Asset impairment loss (“-” for loss) -615,496,194.00 -128,159,228.00
Asset disposal income (“-” for loss) 2,846,459.00 148,256.00
3. Operating profit (“-” for loss) 80,753,860.00 1,254,256,529.00
Add: Non-operating income 15,881,412.00 43,268,744.00
Less: Non-operating expense 14,163,570.00 2,745,286.00
22
BOE Technology Group Co., Ltd. First Quarter Report 2020
4. Profit before tax (“-” for loss) 82,471,702.00 1,294,779,987.00
Less: Income tax expense 200,222,357.00 452,920,271.00
5. Net profit (“-” for net loss) -117,750,655.00 841,859,716.00
5.1 By operating continuity
5.1.1 Net profit from continuing operations (“-” for net loss) -117,750,655.00 841,859,716.00
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 the
566,676,460.00 1,051,781,919.00
parent
5.2.1 Net profit attributable to non-controlling interests -684,427,115.00 -209,922,203.00
6. Other comprehensive income, net of tax 50,132,108.00 153,368,686.00
Attributable to owners of the Company as the parent 52,015,219.00 164,858,780.00
6.1 Items that will not be reclassified to profit or loss -11,802,049.00 32,749,507.00
6.1.1 Changes caused by remeasurements on defined
0.00 0.00
benefit pension 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
-11,802,049.00 32,749,507.00
equity instruments
6.1.4 Changes in the fair value of the company’s credit risks 0.00 0.00
6.1.5 Other 0.00 0.00
6.2 Items that will be reclassified to profit or loss 63,817,268.00 132,109,273.00
6.2.1 Other comprehensive income that will be reclassified
0.00
to profit or loss under the equity method
6.2.2 Changes in the fair value of investments in other debt
0.00 0.00
obligations
6.2.3 Other comprehensive income arising from the
0.00 0.00
reclassification of financial assets
6.2.4 Allowance for credit impairments in 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 foreign
63,817,268.00 132,109,273.00
currency-denominated financial statements
6.2.7 Other 0.00 0.00
Attributable to non-controlling interests -1,883,111.00 -11,490,094.00
7. Total comprehensive income -67,618,547.00 995,228,402.00
Attributable to owners of the Company as the parent 618,691,679.00 1,216,640,699.00
Attributable to non-controlling interests -686,310,226.00 -221,412,297.00
23
BOE Technology Group Co., Ltd. First Quarter Report 2020
8. Earnings per share
8.1 Basic earnings per share 0.014 0.030
8.2 Diluted earnings per share 0.014 0.030
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 2020 Q1 2019
1. Operating revenue 458,313,194.00 1,550,181,250.00
Less: Cost of sales 4,593,916.00 5,726,539.00
Taxes and surcharges 8,049,055.00 11,878,427.00
Selling expense 0.00 9,331.00
Administrative expense 146,050,618.00 163,686,723.00
R&D expense 413,372,812.00 412,873,692.00
Finance costs 239,766,061.00 263,332,770.00
Including: Interest expense 253,001,175.00 299,804,031.00
14,200,127.00
Interest income 11,512,552.00
Add: Other income 244,223,994.00 227,895,820.00
Return on investment (“-” for loss) -8,717,548.00 805,532,954.00
Including: Share of profit or loss of joint ventures and
-8,717,548.00 -827,046.00
associates
Income from the derecognition of financial assets at
0.00 0.00
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) -1,514,688.00 0.00
Asset impairment loss (“-” for loss) 0.00 0.00
Asset disposal income (“-” for loss) 0.00 0.00
2. Operating profit (“-” for loss) -119,527,510.00 1,726,102,542.00
Add: Non-operating income 511,266.00 1,416,727.00
24
BOE Technology Group Co., Ltd. First Quarter Report 2020
Less: Non-operating expense 52,759.00 206,858.00
3. Profit before tax (“-” for loss) -119,069,003.00 1,727,312,411.00
Less: Income tax expense 0.00 189,406,330.00
4. Net profit (“-” for net loss) -119,069,003.00 1,537,906,081.00
4.1 Net profit from continuing operations (“-” for net loss) -119,069,003.00 1,537,906,081.00
4.2 Net profit from discontinued operations (“-” for net loss) 0.00 0.00
5. Other comprehensive income, net of tax -11,802,049.00 16,046,756.00
5.1 Items that will not be reclassified to profit or loss -11,802,049.00 16,046,756.00
5.1.1 Changes caused by remeasurements on defined benefit
0.00 0.00
pension 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 equity
-11,802,049.00 16,046,756.00
instruments
5.1.4 Changes in the fair value of the company’s credit risks 0.00 0.00
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 reclassified to
0.00 0.00
profit or loss under the equity method
5.2.2 Changes in the fair value of investments in other debt
0.00 0.00
obligations
5.2.3 Other comprehensive income arising from the
0.00 0.00
reclassification of financial assets
5.2.4 Allowance for credit impairments in 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 -130,871,052.00 1,553,952,837.00
7. Earnings per share
7.1 Basic earnings per share -0.006 0.044
7.2 Diluted earnings per share -0.006 0.044
5. Consolidated Cash Flow Statement
Unit: RMB
Item Q1 2020 Q1 2019
25
BOE Technology Group Co., Ltd. First Quarter Report 2020
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 28,186,187,305.00 28,976,834,648.00
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 2,661,689,752.00 2,355,511,638.00
Cash generated from other operating activities 2,378,278,509.00 2,570,053,908.00
Subtotal of cash generated from operating activities 33,226,155,566.00 33,902,400,194.00
Payments for commodities and services 22,371,364,151.00 20,594,035,550.00
Net increase in loans and advances to customers 0.00 0.00
Net increase in deposits in the central bank and in interbank
0.00 0.00
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 3,275,179,588.00 3,330,366,285.00
Taxes paid 877,551,385.00 1,145,908,172.00
Cash used in other operating activities 1,478,388,523.00 2,667,848,802.00
Subtotal of cash used in operating activities 28,002,483,647.00 27,738,158,809.00
Net cash generated from/used in operating activities 5,223,671,919.00 6,164,241,385.00
2. Cash flows from investing activities:
Proceeds from disinvestment 7,088,558,339.00 9,102,274,502.00
Return on investment 42,462,797.00 103,065,934.00
Net proceeds from the disposal of fixed assets, intangible assets
2,505,929.00 23,832,600.00
and other long-lived assets
Net proceeds from the disposal of subsidiaries and other
0.00 0.00
business units
26
BOE Technology Group Co., Ltd. First Quarter Report 2020
Cash generated from other investing activities 351,693,093.00 404,836,348.00
Subtotal of cash generated from investing activities 7,485,220,158.00 9,634,009,384.00
Payments for the acquisition of fixed assets, intangible assets
10,191,638,257.00 13,135,877,971.00
and other long-lived assets
Payments for investments 4,900,152,790.00 7,598,763,556.00
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 485,596,441.00 1,583,359,747.00
Subtotal of cash used in investing activities 15,577,387,488.00 22,318,001,274.00
Net cash generated from/used in investing activities -8,092,167,330.00 -12,683,991,890.00
3. Cash flows from financing activities:
Capital contributions received 0.00 1,549,510,000.00
Including: Capital contributions by non-controlling interests
0.00 1,549,510,000.00
to subsidiaries
Borrowings obtained 18,555,241,380.00 20,199,473,125.00
Cash generated from other financing activities 15,327,185.00 292,244,720.00
Subtotal of cash generated from financing activities 18,570,568,565.00 22,041,227,845.00
Repayments of borrowings 14,471,417,731.00 14,696,160,916.00
Payments for interest and dividends 1,850,451,609.00 1,916,272,904.00
Including: Dividends paid by subsidiaries to non-controlling
0.00 0.00
interests
Cash used in other financing activities 226,677,401.00 761,344,064.00
Subtotal of cash used in financing activities 16,548,546,741.00 17,373,777,884.00
Net cash generated from/used in financing activities 2,022,021,824.00 4,667,449,961.00
4. Effect of foreign exchange rate changes on cash and cash
234,579,051.00 -265,879,224.00
equivalents
5. Net increase in cash and cash equivalents -611,894,536.00 -2,118,179,768.00
Add: Cash and cash equivalents, beginning of the period 50,270,321,573.00 43,350,696,520.00
6. Cash and cash equivalents, end of the period 49,658,427,037.00 41,232,516,752.00
6. Cash Flow Statement of the Company as the Parent
Unit: RMB
Item Q1 2020 Q1 2019
1. Cash flows from operating activities:
Proceeds from sale of commodities and rendering of services 1,067,949,887.00 2,196,646,203.00
27
BOE Technology Group Co., Ltd. First Quarter Report 2020
Tax rebates 0.00 0.00
Cash generated from other operating activities 91,767,665.00 83,421,848.00
Subtotal of cash generated from operating activities 1,159,717,552.00 2,280,068,051.00
Payments for commodities and services 1,352,312,807.00 121,424,803.00
Cash paid to and for employees 409,617,020.00 365,563,871.00
Taxes paid 147,997,702.00 310,536,542.00
Cash used in other operating activities 146,442,687.00 1,718,497,541.00
Subtotal of cash used in operating activities 2,056,370,216.00 2,516,022,757.00
Net cash generated from/used in operating activities -896,652,664.00 -235,954,706.00
2. Cash flows from investing activities:
Proceeds from disinvestment 0.00 306,360,000.00
Return on investment 0.00 537,081,499.00
Net proceeds from the disposal of fixed assets, intangible assets
0.00 140.00
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 39,485,444.00 61,722,270.00
Subtotal of cash generated from investing activities 39,485,444.00 905,163,909.00
Payments for the acquisition of fixed assets, intangible assets
54,360,642.00 746,350,526.00
and other long-lived assets
Payments for investments 4,147,118,750.00 1,281,730,200.00
Net payments for the acquisition of subsidiaries and other
0.00 0.00
business units
Cash used in other investing activities 15,041,557.00 1,800,155,397.00
Subtotal of cash used in investing activities 4,216,520,949.00 3,828,236,123.00
Net cash generated from/used in investing activities -4,177,035,505.00 -2,923,072,214.00
3. Cash flows from financing activities:
Capital contributions received 0.00 0.00
Borrowings obtained 8,970,000,000.00 11,864,230,556.00
Cash generated from other financing activities 907,024,018.00 759,851,347.00
Subtotal of cash generated from financing activities 9,877,024,018.00 12,624,081,903.00
Repayments of borrowings 3,990,000,000.00 10,160,597,600.00
Payments for interest and dividends 247,128,977.00 441,999,300.00
Cash used in other financing activities 350,000.00 499,280.00
Subtotal of cash used in financing activities 4,237,478,977.00 10,603,096,180.00
Net cash generated from/used in financing activities 5,639,545,041.00 2,020,985,723.00
28
BOE Technology Group Co., Ltd. First Quarter Report 2020
4. Effect of foreign exchange rate changes on cash and cash
9,235,574.00 -23,798,379.00
equivalents
5. Net increase in cash and cash equivalents 575,092,446.00 -1,161,839,576.00
Add: Cash and cash equivalents, beginning of the period 3,680,770,048.00 3,829,814,050.00
6. Cash and cash equivalents, end of the period 4,255,862,494.00 2,667,974,474.00
II Adjustments to the Financial Statements
1. Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New
Standards Governing Financial Instruments, Revenue or Leases in 2020
√ Applicable □ Not applicable
Consolidated Balance Sheet
Unit: RMB
Item 31 December 2019 1 January 2020 Adjusted
Current assets:
Monetary assets 56,972,723,239.00 56,972,723,239.00 0.00
Settlement reserve 0.00 0.00 0.00
Interbank loans granted 0.00 0.00 0.00
Held-for-trading financial assets 5,809,184,994.00 5,809,184,994.00 0.00
Derivative financial assets 0.00 0.00 0.00
Notes receivable 331,145,492.00 331,145,492.00 0.00
Accounts receivable 18,135,687,806.00 18,170,971,650.00 35,283,844.00
Accounts receivable financing 0.00 0.00 0.00
Prepayments 626,985,706.00 626,985,706.00 0.00
Premiums receivable 0.00 0.00 0.00
Reinsurance receivables 0.00 0.00 0.00
Receivable reinsurance contract
0.00 0.00 0.00
reserve
Other receivables 706,171,112.00 706,171,112.00 0.00
Including: Interest receivable 215,977,831.00 215,977,831.00 0.00
Dividends
0.00 0.00 0.00
receivable
Financial assets purchased under
0.00 0.00 0.00
resale agreements
Inventories 12,396,194,762.00 12,396,194,762.00 0.00
Contractual assets 0.00 0.00 0.00
29
BOE Technology Group Co., Ltd. First Quarter Report 2020
Assets classified as held for sale 173,910,820.00 173,910,820.00 0.00
Current portion of non-current
0.00 0.00 0.00
assets
Other current assets 9,296,637,067.00 9,330,892,119.00 34,255,052.00
Total current assets 104,448,640,998.00 104,518,179,894.00 69,538,896.00
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
0.00 0.00 0.00
obligations
Long-term receivables 0.00 0.00 0.00
Long-term equity investments 2,718,037,934.00 2,718,037,934.00 0.00
Investments in other equity
632,076,647.00 632,076,647.00 0.00
instruments
Other non-current financial
0.00 0.00 0.00
assets
Investment property 1,241,242,850.00 1,241,242,850.00 0.00
Fixed assets 125,786,241,938.00 125,786,241,938.00 0.00
Construction in progress 87,376,782,527.00 87,376,782,527.00 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 0.00 0.00
Intangible assets 7,416,416,829.00 7,416,416,829.00 0.00
R&D expense 0.00 0.00 0.00
Goodwill 707,603,856.00 707,603,856.00 0.00
Long-term prepaid expense 345,424,409.00 345,424,409.00 0.00
Deferred income tax assets 248,153,761.00 248,153,761.00 0.00
Other non-current assets 9,491,581,559.00 9,491,581,559.00 0.00
Total non-current assets 235,963,562,310.00 235,963,562,310.00 0.00
Total assets 340,412,203,308.00 340,481,742,204.00 69,538,896.00
Current liabilities:
Short-term borrowings 6,366,717,121.00 6,366,717,121.00 0.00
Borrowings from the central
0.00 0.00 0.00
bank
Interbank loans obtained 0.00 0.00 0.00
Trading financial liabilities 0.00 0.00 0.00
30
BOE Technology Group Co., Ltd. First Quarter Report 2020
Derivative financial liabilities 0.00 0.00 0.00
Notes payable 2,028,917,980.00 2,028,917,980.00 0.00
Accounts payable 21,183,567,553.00 21,217,822,605.00 34,255,052.00
Advances from customers 1,260,732,785.00 297,330,727.00 -963,402,058.00
Contractual liabilities 0.00 963,402,058.00 963,402,058.00
Financial assets sold under
0.00 0.00 0.00
repurchase agreements
Customer deposits and interbank
0.00 0.00 0.00
deposits
Payables for acting trading of
0.00 0.00 0.00
securities
Payables for underwriting of
0.00 0.00 0.00
securities
Payroll payable 2,373,745,454.00 2,373,745,454.00 0.00
Taxes payable 730,996,129.00 730,996,129.00 0.00
Other payables 24,570,589,610.00 24,570,589,610.00 0.00
Including: Interest payable 721,325,540.00 721,325,540.00 0.00
Dividends payable 14,568,242.00 14,568,242.00 0.00
Handling charges and
0.00 0.00 0.00
commissions payable
Reinsurance payables 0.00 0.00 0.00
Liabilities directly associated
with assets classified as held for 0.00 0.00 0.00
sale
Current portion of non-current
18,849,281,019.00 18,849,281,019.00 0.00
liabilities
Other current liabilities 1,013,738,515.00 1,049,022,359.00 35,283,844.00
Total current liabilities 78,378,286,166.00 78,447,825,062.00 69,538,896.00
Non-current liabilities:
Insurance contract reserve 0.00 0.00 0.00
Long-term borrowings 107,730,595,615.00 107,730,595,615.00 0.00
Bonds payable 387,878,384.00 387,878,384.00 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 984,520,824.00 984,520,824.00 0.00
Long-term payroll payable 0.00 0.00 0.00
31
BOE Technology Group Co., Ltd. First Quarter Report 2020
Provisions 16,457,010.00 16,457,010.00 0.00
Deferred income 2,204,400,566.00 2,204,400,566.00 0.00
Deferred income tax liabilities 1,451,825,357.00 1,451,825,357.00 0.00
Other non-current liabilities 8,200,542,412.00 8,200,542,412.00 0.00
Total non-current liabilities 120,976,220,168.00 120,976,220,168.00 0.00
Total liabilities 199,354,506,334.00 199,424,045,230.00 69,538,896.00
Owners’ equity:
Share capital 34,798,398,763.00 34,798,398,763.00 0.00
Other equity instruments 8,013,156,853.00 8,013,156,853.00 0.00
Including: Preferred shares 0.00 0.00 0.00
Perpetual bonds 8,013,156,853.00 8,013,156,853.00 0.00
Capital reserves 38,353,242,364.00 38,353,242,364.00 0.00
Less: Treasury stock 0.00 0.00 0.00
Other comprehensive income -4,566,639.00 -4,566,639.00 0.00
Specific reserve 0.00 0.00 0.00
Surplus reserves 1,516,139,709.00 2,050,045,823.00 533,906,114.00
General reserve 0.00 0.00 0.00
Retained earnings 12,381,758,005.00 11,847,851,891.00 -533,906,114.00
Total equity attributable to owners
95,058,129,055.00 95,058,129,055.00 0.00
of the Company as the parent
Non-controlling interests 45,999,567,919.00 45,999,567,919.00 0.00
Total owners’ equity 141,057,696,974.00 141,057,696,974.00 0.00
Total liabilities and owners’ equity 340,412,203,308.00 340,481,742,204.00 69,538,896.00
Note for adjustment:
The Group began to implement the Accounting Standards for Business Enterprises No. 14 - Revenue revised in 2017 from 1 January
2020. 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
Unit: RMB
Item 31 December 2019 1 January 2020 Adjusted
Current assets:
Monetary assets 3,680,770,048.00 3,680,770,048.00 0.00
Trading financial assets 0.00 0.00 0.00
Derivative financial assets 0.00 0.00 0.00
Notes receivable 84,230,531.00 84,230,531.00 0.00
32
BOE Technology Group Co., Ltd. First Quarter Report 2020
Accounts receivable 646,533,115.00 4,659,505,636.00 4,012,972,521.00
Accounts receivable
0.00 0.00 0.00
financing
Prepayments 77,682,682.00 77,682,682.00 0.00
Other receivables 4,827,398,094.00 4,827,398,094.00 0.00
Including: Interest
11,884,080.00 11,884,080.00 0.00
receivable
Dividends
941,634,611.00 941,634,611.00 0.00
receivable
Inventories 13,935,401.00 13,935,401.00 0.00
Contractual assets 0.00 0.00 0.00
Assets classified as held
0.00 0.00 0.00
for sale
Current portion of
0.00 0.00 0.00
non-current assets
Other current assets 109,497,897.00 109,497,897.00 0.00
Total current assets 9,440,047,768.00 13,453,020,289.00 4,012,972,521.00
Non-current assets:
Investments in debt
0.00 0.00 0.00
obligations
Investments in other debt
0.00 0.00 0.00
obligations
Long-term receivables 0.00 0.00 0.00
Long-term equity
159,389,864,760.00 159,389,864,760.00 0.00
investments
Investments in other equity
79,405,724.00 79,405,724.00 0.00
instruments
Other non-current financial
0.00 0.00 0.00
assets
Investment property 280,525,802.00 280,525,802.00 0.00
Fixed assets 949,104,308.00 949,104,308.00 0.00
Construction in progress 358,933,667.00 358,933,667.00 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 0.00 0.00
Intangible assets 1,493,632,264.00 1,493,632,264.00 0.00
R&D expense 0.00 0.00 0.00
33
BOE Technology Group Co., Ltd. First Quarter Report 2020
Goodwill 0.00 0.00 0.00
Long-term prepaid
109,216,398.00 109,216,398.00 0.00
expense
Deferred income tax assets 360,268,466.00 74,331,206.00 -285,937,260.00
Other non-current assets 162,516,190.00 162,516,190.00 0.00
Total non-current assets 163,183,467,579.00 162,897,530,319.00 -285,937,260.00
Total assets 172,623,515,347.00 176,350,550,608.00 3,727,035,261.00
Current liabilities:
Short-term borrowings 1,220,000,000.00 1,220,000,000.00 0.00
Trading financial liabilities 0.00 0.00 0.00
Derivative financial
0.00 0.00 0.00
liabilities
Notes payable 0.00 0.00 0.00
Accounts payable 27,919,341.00 27,919,341.00 0.00
Advances from customers 2,117,568,995.00 -150,706,885.00 -2,268,275,880.00
Contractual liabilities 0.00 0.00 0.00
Payroll payable 252,206,075.00 252,206,075.00 0.00
Taxes payable 107,287,957.00 107,287,957.00 0.00
Other payables 5,260,470,974.00 5,260,470,974.00 0.00
Including: Interest
95,859,219.00 95,859,219.00 0.00
payable
Dividends
6,451,171.00 6,451,171.00 0.00
payable
Liabilities directly
associated with assets 0.00 0.00 0.00
classified as held for sale
Current portion of
5,490,440,787.00 5,490,440,787.00 0.00
non-current liabilities
Other current liabilities 1,423,133.00 1,423,133.00 0.00
Total current liabilities 14,477,317,262.00 12,209,041,382.00 -2,268,275,880.00
Non-current liabilities:
Long-term borrowings 33,310,701,574.00 33,310,701,574.00 0.00
Bonds payable 0.00 0.00 0.00
Including: Preferred
0.00 0.00 0.00
shares
Perpetual
0.00 0.00 0.00
bonds
34
BOE Technology Group Co., Ltd. First Quarter Report 2020
Lease liabilities 0.00 0.00 0.00
Long-term payables 0.00 0.00 0.00
Long-term payroll payable 0.00 0.00 0.00
Provisions 0.00 0.00 0.00
Deferred income 4,627,393,256.00 4,627,393,256.00 0.00
Deferred income tax
0.00 656,250,000.00 656,250,000.00
liabilities
Other non-current
33,297,240,830.00 33,297,240,830.00 0.00
liabilities
Total non-current liabilities 71,235,335,660.00 71,891,585,660.00 656,250,000.00
Total liabilities 85,712,652,922.00 84,100,627,042.00 -1,612,025,880.00
Owners’ equity:
Share capital 34,798,398,763.00 34,798,398,763.00 0.00
Other equity instruments 8,013,156,853.00 8,013,156,853.00 0.00
Including: Preferred
0.00 0.00 0.00
shares
Perpetual
8,013,156,853.00 8,013,156,853.00 0.00
bonds
Capital reserves 37,608,039,685.00 37,608,039,685.00 0.00
Less: Treasury stock 0.00 0.00 0.00
Other comprehensive
193,638,576.00 193,638,576.00 0.00
income
Specific reserve 0.00 0.00 0.00
Surplus reserves 1,516,139,709.00 2,050,045,823.00 533,906,114.00
Retained earnings 4,781,488,839.00 9,586,643,866.00 4,805,155,027.00
Total owners’ equity 86,910,862,425.00 92,249,923,566.00 5,339,061,141.00
Total liabilities and owners’
172,623,515,347.00 176,350,550,608.00 3,727,035,261.00
equity
Note for adjustment:
The Group began to implement the Accounting Standards for Business Enterprises No. 14 - Revenue revised in 2017 from 1 January
2020. 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 any New
Standards Governing Financial Instruments or Leases in 2020
□ Applicable √ Not applicable
35
BOE Technology Group Co., Ltd. First Quarter Report 2020
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: 27 April 2020
36
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