FIRST QUARTERLY REPORT 2022
April 2022
Stock Code: 000725 Stock Name: BOE-A Announcement No. 2022-039Stock Code: 200725 Stock Name: BOE-B Announcement No. 2022-039
BOE TECHNOLOGY GROUP CO., LTD.FIRST QUARTERLY REPORT 2022
BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) and all themembers of the Company’s Board of Directors hereby guarantee that the contents of thisReport are true, accurate and complete and free of any misrepresentations, misleadingstatements or material omissions.
Important Notes:
The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors andsenior management of BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) herebyguarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shallbe 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 financialdepartment (equivalent to financial manager) hereby guarantee that the Financial Statements carried in thisReport are factual, accurate and complete.This Report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.The financial statements in this Report have not been audited by an independent auditor.
I Key Financial Information(I) Key Accounting Data and Financial IndicatorsIndicate by tick mark whether there is any retrospectively restated datum in the table below.
√ Yes □ No
Reason for any retrospectively adjustment or restatementChanges of accounting policies
| Item | Q1 2022 | Q1 2021 | Change (%) | |
| Before | After | After | ||
| Operating revenue (RMB) | 50,475,809,458.00 | 49,655,379,519.00 | 50,275,246,475.00 | 0.40% |
| Net profit attributable to the listed company’s shareholders (RMB) | 4,388,727,184.00 | 5,182,037,171.00 | 5,260,529,397.00 | -16.57% |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 3,511,402,963.00 | 4,484,934,082.00 | 4,563,426,308.00 | -23.05% |
| Net cash generated from/used in operating activities (RMB) | 14,755,368,710.00 | 14,522,832,708.00 | 14,565,287,236.00 | 1.31% |
| Basic earnings per share (RMB/share) | 0.113 | 0.147 | 0.149 | -24.16% |
| Diluted earnings per share (RMB/share) | 0.113 | 0.147 | 0.149 | -24.16% |
| Weighted average return on equity (%) | 3.25% | 5.51% | 5.59% | -2.34% |
| Item | 31 March 2022 | 31 December 2021 | Change (%) | |
| Before | After | After | ||
| Total assets (RMB) | 457,064,241,891.00 | 449,726,980,355.00 | 450,232,603,405.00 | 1.52% |
| Equity attributable to the listed company’s shareholders (RMB) | 149,310,730,085.00 | 142,925,547,899.00 | 143,086,216,558.00 | 4.35% |
Reason for accounting policy change and correction of accounting error:
As required by the Q&A on the Implementation of Fixed Assets Standards and the Interpretation of Accounting Standards forBusiness Enterprises No. 15 issued by the Ministry of Finance, the Group retrospectively adjusted related items of financialstatements of the beginning of the year and those of the same period of last year. The above changes of accounting policies haveno significant influence on the Company’s financial status and operating results.
(II) Exceptional Gains and Losses
√ Applicable □ Not applicable
Unit: RMB
| Item | Q1 2022 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 231,829.00 | N/A |
| Tax rebates, reductions and exemptions with ultra vires approval or in lack of duly approved document | 0.00 | N/A |
| 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 government’s policies and standards) | 1,078,316,948.00 | N/A |
| Capital occupation charges on non-financial enterprises that are charged to current gains and losses | 0.00 | N/A |
| Income equal to the amount by which investment costs for the Company to obtain subsidiaries, associates and joint ventures are lower than the Company’s enjoyable fair value of identifiable net assets of investees when making investments | 0.00 | N/A |
| Gains and losses on non-monetary asset swap | 0.00 | N/A |
| Gains and losses on investment or asset management entrustments to other entities | 0.00 | N/A |
| Allowance for asset impairments due to acts of God such as natural disasters | 0.00 | N/A |
| Gains and losses on debt restructuring | 0.00 | N/A |
| Restructuring costs in staff arrangement, integration, etc. | 0.00 | N/A |
| Gains and losses on over-fair value amount as a result of transactions with distinctly unfair prices | 0.00 | N/A |
| Current gains and losses on subsidiaries acquired through business mergers under same control from period-beginning to merger dates, net | 0.00 | N/A |
| Gains and losses on contingencies that do not arise in the Company’s ordinary course of business | 0.00 | N/A |
| Gain or loss on fair-value changes in held-for-trading financial assets and liabilities & investment income from disposal of held-for-trading financial assets and liabilities, and available-for-sale financial assets (exclusive of effective portion of hedges that arise in the Company’s ordinary course of business) | 61,783,623.00 | N/A |
| Reversed portion of impairment allowance for accounts receivable which are tested individually for impairment | 16,068,217.00 | N/A |
| Gains and losses on loan entrustment | 0.00 | N/A |
| Gains and losses on fair value changes in investment property of which subsequent measurement is carried out using fair value method | 0.00 | N/A |
| Effects of all adjustments required by taxation, accounting and other applicable laws and regulations on current gains and losses | 0.00 | N/A |
| Income from charges on entrusted management | 0.00 | N/A |
| Non-operating income and expense other than above | 16,795,674.00 | N/A |
| Other gains and losses that meet definition of nonrecurring gain/loss | 0.00 | N/A |
| Less: Income tax effects | 34,329,499.00 | N/A |
| Non-controlling interests effects (net of tax) | 261,542,571.00 | N/A |
| Total | 877,324,221.00 | -- |
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 AnnouncementNo. 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. Selling expenses increased by 31% year-on-year, mainly due to the corresponding increase in the company's marketdevelopment.
2. Finance costs declined 34% during Q1 2022 compared to Q1 2021, primarily driven by the decreased interest expense as aresult of the repayment of some bank loans.
3. Other income rose 73% during Q1 2022 compared to Q1 2021, primarily driven by the increased government grants duringthe Reporting Period.
4. Return on investment rose 2706% during Q1 2022 compared to Q1 2021, primarily driven by the increased returns recognizedon investments in associates during the Reporting Period.
5. Gain on changes in fair value rose 91% during Q1 2022 compared to Q1 2021, primarily driven by the increased gains oninvestments in wealth management products during the Reporting Period.
Changes in key line items of the cash flow statement and explanation of why:
1. Net cash used in investing activities declined 61% during Q1 2022 compared to Q1 2021, primarily driven by the decreasedexpenditures on new project construction, etc. during the Reporting Period.II Shareholder Information(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights aswell as Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders | 1,645,844 (including 1,608,385 A-shareholders and 37,459 B-shareholders) | ||||||
| Top 10 shareholders | |||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares | Shares in pledge, marked or frozen | ||
| Status | Shares | ||||||
| Beijing State-owned Capital Operation and Management Company Limited | State-owned legal person | 10.57% | 4,063,333,333 | 0 | N/A | 0 | |
| Hong Kong Securities Clearing Company Ltd. | Foreign legal person | 4.21% | 1,618,569,408 | 0 | N/A | 0 | |
| Beijing BOE Investment & Development Co., Ltd. | State-owned legal person | 2.14% | 822,092,180 | 0 | N/A | 0 | |
| Beijing Jing Guorui Soe Reform and Development Fund (L.P.) | Other | 1.87% | 718,132,854 | 718,132,854 | N/A | 0 | |
| Hefei Jianxiang Investment Co., Ltd. | State-owned legal person | 1.73% | 666,195,772 | 0 | N/A | 0 | |
| Fuqing Huirong Venture Capital Group Co., Ltd. | Domestic non-state-owned legal person | 1.40% | 538,599,640 | 0 | N/A | 0 | |
| Chongqing Ezcapital Opto-electronic Industry Investment Co., Ltd. | State-owned legal person | 0.85% | 326,229,746 | 0 | N/A | 0 | |
| Sinatay Life Insurance Co., Ltd.-Traditional Product | Other | 0.79% | 305,330,128 | 0 | N/A | 0 | |
| Beijing Yizhuang Investment Holdings Co., Ltd | State-owned legal person | 0.73% | 281,295,832 | 0 | N/A | 0 | |
| Beijing Electronics Holdings Co., Ltd. | State-owned legal person | 0.71% | 273,735,583 | 0 | N/A | 0 | |
| Top 10 unrestricted shareholders | |||||||
| Name of shareholder | Unrestricted shares held | Shares by type | |||||
| Type | Shares | ||||||
| Beijing State-owned Capital Operation and Management Company Limited | 4,063,333,333 | RMB-denominated ordinary share | 4,063,333,333 | ||||
| Hong Kong Securities Clearing Company Ltd. | 1,618,569,408 | RMB-denominated ordinary share | 1,618,569,408 | ||||
| Beijing BOE Investment & Development Co., Ltd. | 822,092,180 | RMB-denominated ordinary share | 822,092,180 | ||||
| Hefei Jianxiang Investment Co., Ltd. | 666,195,772 | RMB-denominated ordinary share | 666,195,772 | ||||
| Fuqing Huirong Venture Capital Group Co., Ltd. | 538,599,640 | RMB-denominated ordinary share | 538,599,640 | ||||
| Chongqing Ezcapital Opto-electronic Industry Investment Co., Ltd. | 326,229,746 | RMB-denominated ordinary share | 326,229,746 | ||||
| Sinatay Life Insurance Co., Ltd.-Traditional Product | 305,330,128 | RMB-denominated ordinary share | 305,330,128 | ||||
| Beijing Yizhuang Investment Holdings Co., Ltd | 281,295,832 | RMB-denominated ordinary share | 281,295,832 | ||||
| Beijing Electronics Holdings Co., Ltd. | 273,735,583 | RMB-denominated ordinary share | 273,735,583 | ||||
| Caitong Fund-PSBC-Caitong Fund-Yuquan Bohai Life Insurance No.1 Asset Management Plan | 179,533,214 | RMB-denominated ordinary share | 179,533,214 | ||||
| Related or acting-in-concert parties among the shareholders above | 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. | ||||||
| and Chongqing Ezcapital Opto-electronic Industry Investment Co., Ltd., by entering into Implementation Protocol of Voting Right respectively, agreed to maintain all of the shares held by them respectively unanimous with Beijing BOE Investment & Development Co., Ltd. when executing the voting rights of the shareholders. 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 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. | |
| Top 10 ordinary shareholders involved in securities margin trading | N/A |
Note: As of the end of the Reporting Period, among the Top 10 shareholders, the special securities account of the Company forrepurchase held 528,186,052 shares, accounting for 1.37%.
(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 itsPublic Issue of Renewable Corporate Bonds (Announcement No. 2019-052), and the Company received the No. [2019] 1801Approval from CSRC. Based on the approval, the Company could publicly issue the renewable corporate bonds with thenominal value no more than RMB30 billion to qualified investors. The Company publicly issued renewable corporate bonds (toqualified investors) (the first issue) (epidemic prevention and control bonds) (“20BOEY1” for short; Code: 149046) in 2020with the issue term from 27 February 2020 to 28 February 2020. The Company publicly issued the renewable corporate bonds(to qualified investors) (the second issue) (epidemic prevention and control bonds) (“20BOEY2” for short; Code: 149065) in2020 with the issue term from 18 March 2020 to 19 March 2020. The Company publicly issued the renewable corporate bonds(to qualified investors) (the third issue) (epidemic prevention and control bonds) (“20BOEY3” for short; Code: 149108) in 2020with the issue term from 24 April 2020 to 27 April 2020. The Company disclosed 2022 "20BOEY1" Interest PaymentAnnouncement (Announcement No. 2022-006) on 24 February 2022. The interest payment plan was RMB36.40 (including tax)every ten bonds. The Company disclosed 2022 "20BOEY2" Interest Payment Announcement (Announcement No. 2022-013) on17 March 2022. The interest payment plan was RMB35.40 (including tax) per ten bonds. The Company publicly issuedrenewable corporate bonds (digital economy) to professional investors (the first issue) (“22BOEY1” for short; Code: 149861) in2022 with the issue term from 24 March 2022 to 25 March 2022, the issuing scale of RMB2 billion and the bonds’ ultimatenominal interest rate of 3.50%. The Company disclosed 2022 "20BOEY3" Interest Payment Announcement (Announcement No.2022-037) on 23 April 2022. The interest payment plan was RMB35.00 (including tax) per ten bonds.
2. On 16 January 2021, the Company disclosed the Announcement on the Resolution of the 21st Meeting of the 9th Board ofDirectors (Announcement No. 2021-001) and the Plan for Non-Public Offering of A-Shares in 2021, and other relatedannouncements, in which the Company intends to make a non-public offering of A-shares to no more than 35 specific investorsincluding Jing Guorui Fund. The net fund raised was expected to be no more than 20 billion. On 19 August 2021, the Companydisclosed the Report on the Non-public Offering of A-shares by BOE Technology Group Co., Ltd. & the Announcement on theListing of these Shares (announcement No. 2021-058), along with other relevant announcements. 3,650,377,019 new shares wereissued in the non-public offering, which were listed on the Shenzhen Stock Exchange on 20 August 2021. On 18 February 2022,the Company disclosed the Suggestive Announcement on Relieving Restricted Non-publicly Offered A Shares in 2021(Announcement No.: 2022-005). On 21 February 2022, 2,932,244,165 restricted shares of non-publicly offered A shares in 2021
were relieved and could be traded in the market. The number of the relieved restricted shares accounted for 8.5058% ofnon-restricted shares of the Company, and 7.6270% of the total share capital of the Company.
3. Following the approval of the Proposal on the Repurchase of Some Public Shares at the 31
st
Meeting of the 9
thBoard ofDirectors, the Company disclosed the Announcement No. 2021-067 on the Repurchase of Some Public Shares on 31 August 2021.The Company carried out the first repurchase on 2 September 2021 and disclosed the Announcement No. 2021-077 on the FirstRepurchase of Some Public Shares on 3 September 2021. On 2 March 2022, the Company disclosed the Announcement on theCompleted Implementation of Share Repurchase Programme and Repurchase Implementation Results (Announcement No.:
2022-007). As at 28 February 2022, the Company has implemented the repurchase of the Company's shares by means ofcentralized bidding through a special securities account for the repurchase, and the cumulative number of A Shares repurchasedwas 499,999,919, accounting for approximately 1.3330% of the Company's A Shares and 1.3005% of the Company's total sharecapital, with the highest transaction price of RMB5.96 per share and the lowest transaction price of RMB4.68 per share. The totalamount paid was RMB2,620,105,418.52 (including other fixed expenses such as commissions). The above repurchase of theCompany was in line with the requirements of relevant laws and regulations, as well as the established repurchase programme ofthe Company. The total fund of this share repurchase didn't exceed the amount proposed to be used in the repurchase programme,and the number of shares repurchased has reached the cap of shares under the repurchase programme. So far, this share repurchasehas been implemented and completed as planned.
4. The Company has disclosed the Indicative Announcement on the General Election of the Board of Directors (AnnouncementNo.: 2022-008) and the Indicative Announcement on the General Election of the Supervisory Committee (Announcement No.:
2022-009) on 2 March 2022 and convened the 39
th
Meeting of the 9
th Board of Directors and the 16
th Meeting of the 9
th
Supervisory Committee on 30 March 2022, reviewing and approving proposals related to the general election. For more details,please refer to related announcements.
| Overview of significant event | Disclosure date | Disclosure website |
Announcement on Related-party Transactions regarding the CapitalIncrease in Tianjin Xianzhilian Investment Centre (Limited Partnership)
| Announcement on Related-party Transactions regarding the Capital Increase in Tianjin Xianzhilian Investment Centre (Limited Partnership) | 15 March 2022 | www.cninfo.com.cn |
IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
Unit: RMB
| Item | 31 March 2022 | 31 December 2021 |
| Current assets: | ||
| Monetary assets | 91,436,348,757.00 | 80,986,835,088.00 |
| Settlement reserve | 0.00 | 0.00 |
| Loans to other banks and financial institutions | 0.00 | 0.00 |
| Held-for-trading financial assets | 8,939,174,385.00 | 10,028,172,853.00 |
| Derivative financial assets | 0.00 | 0.00 |
| Notes receivable | 254,132,199.00 | 217,734,298.00 |
| Accounts receivable | 32,640,867,099.00 | 35,503,414,820.00 |
| Receivables financing | 0.00 | 0.00 |
| Prepayments | 1,227,680,594.00 | 1,112,880,007.00 |
| Premiums receivable | 0.00 | 0.00 |
| Reinsurance receivables | 0.00 | 0.00 |
| Receivable reinsurance contract reserve | 0.00 | 0.00 |
| Other receivables | 1,633,752,335.00 | 1,922,828,378.00 |
| Including: Interest receivable | 373,076.00 | 0.00 |
| Dividends receivable | 0.00 | 2,414,503.00 |
| Financial assets purchased under resale agreements | 0.00 | 0.00 |
| Inventories | 30,513,074,522.00 | 27,805,161,436.00 |
| Contract assets | 79,972,798.00 | 75,698,324.00 |
| Assets held for sale | 0.00 | 0.00 |
| Current portion of non-current assets | 7,977,244.00 | 7,700,735.00 |
| Other current assets | 4,372,823,495.00 | 3,578,919,710.00 |
| Total current assets | 171,105,803,428.00 | 161,239,345,649.00 |
| 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 | 27,469,739.00 | 29,918,542.00 |
| Long-term equity investments | 6,234,927,253.00 | 6,040,948,317.00 |
| Investments in other equity instruments | 538,386,832.00 | 519,088,146.00 |
| Other non-current financial assets | 606,895,447.00 | 606,895,447.00 |
| Investment property | 1,147,892,694.00 | 1,158,365,401.00 |
| Fixed assets | 220,663,509,732.00 | 227,141,366,885.00 |
| Construction in progress | 35,282,157,712.00 | 32,099,711,879.00 |
| Productive living assets | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 |
| Right-of-use assets | 818,555,025.00 | 753,164,237.00 |
| Intangible assets | 10,965,363,725.00 | 11,209,498,406.00 |
| Development costs | 0.00 | 0.00 |
| Goodwill | 1,130,006,987.00 | 1,130,006,987.00 |
| Long-term prepaid expense | 602,853,236.00 | 636,530,502.00 |
| Deferred income tax assets | 186,970,015.00 | 190,335,524.00 |
| Other non-current assets | 7,753,450,066.00 | 7,477,427,483.00 |
| Total non-current assets | 285,958,438,463.00 | 288,993,257,756.00 |
| Total assets | 457,064,241,891.00 | 450,232,603,405.00 |
| Current liabilities: | ||
| Short-term borrowings | 3,251,018,316.00 | 2,072,057,332.00 |
| 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 | 496,011,302.00 | 827,958,031.00 |
| Accounts payable | 35,963,435,756.00 | 32,455,830,694.00 |
| Advances from customers | 131,373,866.00 | 146,140,084.00 |
| Contract liabilities | 3,403,827,561.00 | 3,765,081,554.00 |
| Financial assets sold under repurchase agreements | 0.00 | 0.00 |
| Customer deposits and deposits from other banks and financial institutions | 0.00 | 0.00 |
| Payables for acting trading of securities | 0.00 | 0.00 |
| Payables for underwriting of securities | 0.00 | 0.00 |
| Employee benefits payable | 3,288,826,039.00 | 5,133,155,237.00 |
| Taxes and levies payable | 2,006,965,888.00 | 2,200,249,305.00 |
| Other payables | 22,525,577,032.00 | 23,835,374,942.00 |
| Including: Interest payable | 132,742.00 | 126,701.00 |
| Dividends payable | 47,489,124.00 | 6,561,972.00 |
| 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 | 29,600,021,863.00 | 28,874,958,714.00 |
| Other current liabilities | 4,355,045,910.00 | 4,051,532,509.00 |
| Total current liabilities | 105,022,103,533.00 | 103,362,338,402.00 |
| Non-current liabilities: | ||
| Insurance contract reserve | 0.00 | 0.00 |
| Long-term borrowings | 114,905,035,601.00 | 116,078,666,587.00 |
| Bonds payable | 356,266,922.00 | 359,586,437.00 |
| Including: Preference shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Lease liabilities | 750,713,346.00 | 669,130,264.00 |
| Long-term payables | 838,775,810.00 | 906,592,838.00 |
| Long-term employee benefits payable | 0.00 | 0.00 |
| Provisions | 0.00 | 0.00 |
| Deferred income | 7,562,992,795.00 | 6,416,089,611.00 |
| Deferred income tax liabilities | 1,609,263,577.00 | 1,525,622,873.00 |
| Other non-current liabilities | 3,098,148,335.00 | 3,535,809,876.00 |
| Total non-current liabilities | 129,121,196,386.00 | 129,491,498,486.00 |
| Total liabilities | 234,143,299,919.00 | 232,853,836,888.00 |
| Owners’ equity: | ||
| Share capital | 38,445,746,482.00 | 38,445,746,482.00 |
| Other equity instruments | 16,136,312,495.00 | 14,146,997,427.00 |
| Including: Preference shares | 0.00 | 0.00 |
| Perpetual bonds | 16,136,312,495.00 | 14,146,997,427.00 |
| Capital reserves | 53,961,853,431.00 | 53,804,309,393.00 |
| Less: Treasury stock | 3,607,870,206.00 | 3,415,768,207.00 |
| Other comprehensive income | 127,495,451.00 | 113,551,147.00 |
| Specific reserve | 0.00 | 0.00 |
| Surplus reserves | 2,889,590,205.00 | 2,889,590,205.00 |
| General reserve | 0.00 | 0.00 |
| Retained earnings | 41,357,602,227.00 | 37,101,790,111.00 |
| Total equity attributable to owners of the Company as the parent | 149,310,730,085.00 | 143,086,216,558.00 |
| Non-controlling interests | 73,610,211,887.00 | 74,292,549,959.00 |
| Total owners’ equity | 222,920,941,972.00 | 217,378,766,517.00 |
| Total liabilities and owners’ equity | 457,064,241,891.00 | 450,232,603,405.00 |
Legal representative: Chen Yanshun President of the Company’s Execution Committee: Liu XiaodongChief Financial Officer: Sun Yun Head of the Company’s Financial Department: Yang Xiaoping
2. Consolidated Income Statement
Unit: RMB
| Item | Q1 2022 | Q1 2021 |
| 1. Revenues | 50,475,809,458.00 | 50,275,246,475.00 |
| Including: Operating revenue | 50,475,809,458.00 | 50,275,246,475.00 |
| Interest income | 0.00 | 0.00 |
| Insurance premium income | 0.00 | 0.00 |
| Fee and commission income | 0.00 | 0.00 |
| 2. Costs and expenses | 46,115,162,970.00 | 42,386,221,496.00 |
| Including: Cost of sales | 39,684,611,253.00 | 36,503,164,071.00 |
| Interest expense | 0.00 | 0.00 |
| Fee and commission expense | 0.00 | 0.00 |
| Surrenders | 0.00 | 0.00 |
| Net insurance claims paid | 0.00 | 0.00 |
| Net amount provided as insurance contract reserve | 0.00 | 0.00 |
| Expenditure on policy dividends | 0.00 | 0.00 |
| Reinsurance premium expense | 0.00 | 0.00 |
| Taxes and levies | 330,652,660.00 | 441,746,948.00 |
| Selling expense | 1,287,186,541.00 | 979,913,793.00 |
| Administrative expense | 1,519,761,605.00 | 1,516,010,667.00 |
| R&D expense | 2,806,213,073.00 | 2,212,994,970.00 |
| Finance costs | 486,737,838.00 | 732,391,047.00 |
| Including: Interest expense | 867,262,005.00 | 1,102,678,393.00 |
| Interest income | 283,152,157.00 | 212,662,119.00 |
| Add: Other income | 1,094,340,931.00 | 633,790,180.00 |
| Return on investment (“-” for loss) | 117,605,433.00 | 4,191,862.00 |
| Including: Share of profit or loss of joint ventures and associates | 97,835,782.00 | -1,651,195.00 |
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | 0.00 | 0.00 |
| 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) | 46,893,075.00 | 24,615,626.00 |
| Credit impairment loss (“-” for loss) | -12,689,672.00 | -1,728,887.00 |
| Asset impairment loss (“-” for loss) | -1,356,086,452.00 | -1,259,128,818.00 |
| Asset disposal income (“-” for loss) | -16,896.00 | 150,606,678.00 |
| 3. Operating profit (“-” for loss) | 4,250,692,907.00 | 7,441,371,620.00 |
| Add: Non-operating income | 21,307,453.00 | 20,465,222.00 |
| Less: Non-operating expense | 4,263,055.00 | 1,760,338.00 |
| 4. Gross profit (“-” for loss) | 4,267,737,305.00 | 7,460,076,504.00 |
| Less: Income tax expense | 1,042,650,624.00 | 924,524,817.00 |
| 5. Net profit (“-” for net loss) | 3,225,086,681.00 | 6,535,551,687.00 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 3,225,086,681.00 | 6,535,551,687.00 |
| 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 parent | 4,388,727,184.00 | 5,260,529,397.00 |
| 5.2.1 Net profit attributable to non-controlling interests | -1,163,640,503.00 | 1,275,022,290.00 |
| 6. Other comprehensive income, net of tax | -27,966,654.00 | 81,021,763.00 |
| Attributable to owners of the Company as the parent | 13,944,304.00 | 89,795,839.00 |
| 6.1 Items that will not be reclassified to profit or loss | 17,430,815.00 | -1,357,488.00 |
| 6.1.1 Changes caused by remeasurements on defined benefit schemes | 0.00 | 0.00 |
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 6.1.3 Changes in the fair value of investments in other equity instruments | 17,430,815.00 | -1,357,488.00 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | 0.00 | 0.00 |
| 6.1.5 Other | 0.00 | 0.00 |
| 6.2 Items that will be reclassified to profit or loss | -3,486,511.00 | 91,153,327.00 |
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | 0.00 | 0.00 |
| 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 reclassification of financial assets | 0.00 | 0.00 |
| 6.2.4 Credit impairment allowance for other debt investments | 0.00 | 0.00 |
| 6.2.5 Reserve for cash flow hedges | 0.00 | 0.00 |
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | -3,486,511.00 | 91,153,327.00 |
| 6.2.7 Other | 0.00 | 0.00 |
| Attributable to non-controlling interests | -41,910,958.00 | -8,774,076.00 |
| 7. Total comprehensive income | 3,197,120,027.00 | 6,616,573,450.00 |
| Attributable to owners of the Company as the parent | 4,402,671,488.00 | 5,350,325,236.00 |
| Attributable to non-controlling interests | -1,205,551,461.00 | 1,266,248,214.00 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.113 | 0.149 |
| 8.2 Diluted earnings per share | 0.113 | 0.149 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquireesbefore 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: Liu XiaodongChief Financial Officer: Sun Yun Head of the Company’s Financial Department: Yang Xiaoping
3. Consolidated Cash Flow Statement
Unit: RMB
| Item | Q1 2022 | Q1 2021 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 53,193,351,085.00 | 45,271,895,773.00 |
| Net increase in customer deposits and deposits from other banks and financial institutions | 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, 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 | 2,472,173,743.00 | 3,313,056,369.00 |
| Cash generated from other operating activities | 3,471,152,956.00 | 2,404,235,560.00 |
| Subtotal of cash generated from operating activities | 59,136,677,784.00 | 50,989,187,702.00 |
| Payments for commodities and services | 33,048,052,229.00 | 27,945,824,119.00 |
| Net increase in loans and advances to customers | 0.00 | 0.00 |
| Net increase in deposits in the central bank and other banks and financial institutions | 0.00 | 0.00 |
| 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 | 6,289,071,717.00 | 5,234,398,791.00 |
| Taxes and levies paid | 3,330,582,091.00 | 1,591,889,266.00 |
| Cash used in other operating activities | 1,713,603,037.00 | 1,651,788,290.00 |
| Subtotal of cash used in operating activities | 44,381,309,074.00 | 36,423,900,466.00 |
| Net cash generated from/used in operating activities | 14,755,368,710.00 | 14,565,287,236.00 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 13,709,979,844.00 | 6,945,083,730.00 |
| Return on investment | 49,787,931.00 | 38,345,717.00 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 1,961,256.00 | 28,883,902.00 |
| Net proceeds from the disposal of subsidiaries and other business units | 0.00 | 0.00 |
| Cash generated from other investing activities | 483,998,970.00 | 345,469,057.00 |
| Subtotal of cash generated from investing activities | 14,245,728,001.00 | 7,357,782,406.00 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 7,192,075,500.00 | 12,860,450,056.00 |
| Payments for investments | 12,725,853,914.00 | 13,093,098,515.00 |
| Net increase in pledged loans granted | 0.00 | 0.00 |
| Net payments for the acquisition of subsidiaries and other business units | 0.00 | 0.00 |
| Cash used in other investing activities | 1,641,148,452.00 | 120,044,162.00 |
| Subtotal of cash used in investing activities | 21,559,077,866.00 | 26,073,592,733.00 |
| Net cash generated from/used in investing activities | -7,313,349,865.00 | -18,715,810,327.00 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | 550,000,000.00 | 4,412,784,000.00 |
| Including: Capital contributions by non-controlling interests to subsidiaries | 550,000,000.00 | 4,412,784,000.00 |
| Borrowings received | 13,149,138,371.00 | 11,174,149,007.00 |
| Cash generated from other financing activities | 295,482.00 | 459,334,021.00 |
| Subtotal of cash generated from financing activities | 13,699,433,853.00 | 16,046,267,028.00 |
| Repayment of borrowings | 9,848,275,263.00 | 12,067,500,252.00 |
| Interest and dividends paid | 1,524,112,902.00 | 1,870,277,309.00 |
| Including: Dividends paid by subsidiaries to non-controlling interests | 0.00 | 0.00 |
| Cash used in other financing activities | 593,623,351.00 | 403,063,436.00 |
| Subtotal of cash used in financing activities | 11,966,011,516.00 | 14,340,840,997.00 |
| Net cash generated from/used in financing activities | 1,733,422,337.00 | 1,705,426,031.00 |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | 122,409,685.00 | 171,780,599.00 |
| 5. Net increase in cash and cash equivalents | 9,297,850,867.00 | -2,273,316,461.00 |
| Add: Cash and cash equivalents, beginning of the period | 76,623,486,083.00 | 68,064,736,371.00 |
| 6. Cash and cash equivalents, end of the period | 85,921,336,950.00 | 65,791,419,910.00 |
(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.
BOE Technology Group Co., Ltd.Board of Directors27 April 2022