FIRST QUARTERLY REPORT 2025
April 2025
Stock Code: 000725 Stock Name: BOE-A Announcement No. 2025-035Stock Code: 200725 Stock Name: BOE-B Announcement No. 2025-035
BOE TECHNOLOGY GROUP CO., LTD.FIRST QUARTERLY REPORT 2025
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. Feng Qiang, Chairman of the ExecutiveCommittee, Ms. Yang Xiaoping, Chief Financial Officer, and Ms. Xu Yaxiao, head of the 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
| Item | Q1 2025 | Q1 2024 | Change (%) |
| Operating revenue (RMB) | 50,598,933,939.00 | 45,887,570,444.00 | 10.27% |
| Net profit attributable to the listed company’s shareholders (RMB) | 1,613,999,380.00 | 983,812,692.00 | 64.06% |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 1,351,864,713.00 | 596,689,345.00 | 126.56% |
| Net cash generated from/used in operating activities (RMB) | 13,743,795,736.00 | 16,230,705,070.00 | -15.32% |
| Basic earnings per share (RMB/share) | 0.04 | 0.03 | 33.33% |
| Diluted earnings per share (RMB/share) | 0.04 | 0.03 | 33.33% |
| Weighted average return on equity (%) | 1.21% | 0.76% | 0.45% |
| Item | 31 March 2025 | 31 December 2024 | Change (%) |
| Total assets (RMB) | 420,213,183,470.00 | 429,978,221,541.00 | -2.27% |
| Equity attributable to the listed company’s shareholders (RMB) | 132,544,781,278.00 | 132,937,555,308.00 | -0.30% |
(II) Exceptional Gains and Losses
? Applicable □ Not applicable
Unit: RMB
| Item | Q1 2025 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 24,467,431.00 | N/A |
| Government grants recognized in profit or loss (exclusive of those that are closely related to the Company's normal business operations and given in accordance with defined criteria and in compliance with government policies, and have a continuing impact on the Company's profit or loss) | 161,335,440.00 | N/A |
| Gain or loss on fair-value changes in financial assets and liabilities held by a non-financial enterprise, as well as on disposal of financial assets and liabilities (exclusive of the effective portion of hedges that is related to the Company's normal business operations) | 78,853,785.00 | N/A |
| Capital occupation charges on non-financial enterprises that are charged to current gains and losses | 0.00 | N/A |
| Gains and losses on investment or asset management entrustments to other entities | 0.00 | N/A |
| Gains and losses on loan entrustment | 0.00 | N/A |
| Allowance for asset impairments due to acts of God such as natural disasters | 0.00 | N/A |
| Reversed portion of impairment allowance for accounts receivable which are tested individually for impairment | 73,379.00 | 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 |
| 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 non-monetary asset swap | 0.00 | N/A |
| Gains and losses on debt restructuring | 0.00 | N/A |
| One-off costs incurred by the Company as a result of discontinued operations, such as expenses for employee arrangements | 0.00 | N/A |
| One-time effect on profit or loss due to adjustments in tax, accounting and other laws and regulations | 0.00 | N/A |
| One-time share-based payments recognized due to cancellation and modification of equity incentive plans | 0.00 | N/A |
| Gain or loss on changes in the fair value of employee benefits payable after the vesting date for cash-settled share-based payments | 0.00 | N/A |
| Gain or loss on fair-value changes in investment property of which subsequent measurement is carried out using the fair value method | 0.00 | N/A |
| Income from transactions with distinctly unfair prices | 0.00 | N/A |
| Gain or loss on contingencies that are unrelated to the Company's normal business operations | 0.00 | N/A |
| Income from charges on entrusted management | 0.00 | N/A |
| Non-operating income and expense other than the above | 72,553,305.00 | N/A |
| Other gains and losses that meet the definition of exceptional gain/loss | 0.00 | N/A |
| Less: Income tax effects | 41,595,847.00 | N/A |
| Non-controlling interests effects (net of tax) | 33,552,826.00 | N/A |
| Total | 262,134,667.00 | -- |
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 ExplanatoryAnnouncement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—ExceptionalGain/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 applicableChanges in key line items of the income statement and explanation of why:
1. Finance costs rose 104% year on year, primarily driven by the decreased net exchange gain as a result of comparativelysmaller currency fluctuations during the Reporting Period.
2. Return on investment rose 75% year on year, primarily driven by the increased returns recognized on investments inassociates during the Reporting Period.
3. Gain on changes in fair value rose 234% year on year, primarily driven by the changes in the fair value of investments inequity instruments during the Reporting Period.
4. Income tax expense rose 170% year on year, primarily driven by the increased earnings.
Changes in key line items of the cash flow statement and explanation of why:
Net cash generated from financing activities declined 174% year on year, primarily driven by the increased net cash used inbank loans 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 | 1,081,604 (including 1,051,184 A-shareholders and 30,420 B-shareholders) | |||||
| Top 10 shareholders (exclusive of shares lent in refinancing) | ||||||
| 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 | 10.79% | 4,063,333,333.00 | 0.00 | N/A | 0.00 | |
| Hong Kong Securities Clearing Company Ltd. | Foreign legal person | 8.32% | 3,132,315,686.00 | 0.00 | N/A | 0.00 | |
| Beijing BOE Investment & Development Co., Ltd. | State-owned legal person | 2.18% | 822,092,180.00 | 0.00 | N/A | 0.00 | |
| Beijing Jing Guorui Soe Reform and Development Fund (L.P.) | Other | 1.91% | 718,132,854.00 | 0.00 | N/A | 0.00 | |
| Hefei Jianxiang Investment Co., Ltd. | State-owned legal person | 1.77% | 666,195,772.00 | 0.00 | N/A | 0.00 | |
| Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI 300 Exchange-Traded Fund | Other | 1.61% | 604,718,147.00 | 0.00 | N/A | 0.00 | |
| Fuqing Huirong Venture Capital Co., Ltd. | Domestic non-state-owned legal person | 1.43% | 538,599,640.00 | 0.00 | In pledge | 45,000,000.00 | |
| China Construction Bank Co., Ltd.- E Fund CSI 300 Initiating Exchange-Traded Fund | Other | 1.12% | 422,661,823.00 | 0.00 | N/A | 0.00 | |
| Abu Dhabi Investment Authority | Foreign legal person | 0.97% | 366,917,620.00 | 0.00 | N/A | 0.00 | |
| Perseverance Asset Management- Perseverance Xiaofeng No.2 Zhixin Fund | Other | 0.96% | 361,000,000.00 | 0.00 | N/A | 0.00 | |
| Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives) | |||||||
| Name of shareholder | Unrestricted shares held | Shares by type | |||||
| Type | Shares | ||||||
| Beijing State-owned Capital Operation and Management Company Limited | 4,063,333,333.00 | RMB ordinary share | 4,063,333,333.00 | ||||
| Hong Kong Securities Clearing Company Ltd. | 3,132,315,686.00 | RMB ordinary share | 3,132,315,686.00 | ||||
| Beijing BOE Investment & Development Co., Ltd. | 822,092,180.00 | RMB ordinary share | 822,092,180.00 | ||||
| Beijing Jing Guorui Soe Reform and Development Fund (L.P.) | 718,132,854.00 | RMB ordinary share | 718,132,854.00 | ||||
| Hefei Jianxiang Investment Co., Ltd. | 666,195,772.00 | RMB ordinary share | 666,195,772.00 | ||||
| Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI 300 Exchange-Traded Fund | 604,718,147.00 | RMB ordinary share | 604,718,147.00 | ||||
| Fuqing Huirong Venture Capital Co., Ltd. | 538,599,640.00 | RMB ordinary share | 538,599,640.00 | ||||
| China Construction Bank Co., Ltd.- E Fund CSI 300 Initiating Exchange-Traded Fund | 422,661,823.00 | RMB ordinary share | 422,661,823.00 | ||||
| Abu Dhabi Investment Authority | 366,917,620.00 | RMB ordinary share | 366,917,620.00 | ||||
| Perseverance Asset Management- Perseverance Xiaofeng No.2 Zhixin Fund | 361,000,000.00 | RMB ordinary share | 361,000,000.00 | ||||
| Related or acting-in-concert parties among the shareholders above | 1. 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. 2. 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 shareholders involved in securities margin trading | N/A |
Note: After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd., by entering into ImplementationProtocol of Voting Right, agreed to maintain all of the shares held by it unanimous with Beijing BOE Investment &Development Co., Ltd. when executing the voting rights as a shareholder.
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
□Applicable ? Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared withthe prior period
□Applicable ? Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable ? Not applicable
III Other Significant Events? Applicable □ Not applicable
1. The Company disclosed the Announcement on Not Exercising the Issuer’s Renewal Option for the 2022 Public Offering ofRenewable Corporate Bonds of BOE (for professional investors) (Digital Economy) (Phase I) (Announcement No. 2025-008)on 11 February 2025, and the third anniversary of 22BOEY1 fell on 25 March 2025. According to the relevant provisions ofthe Prospectus and the Listing Declaration, the Company decides not to exercise the renewal option of bond issuer. That is,the current bonds were to be fully redeemed. As the Company disclosed the Announcement on the Redemption of the Principaland Interest of the "22BOEY1" Corporate Bonds and the De-listing of the Bonds (Announcement No. 2025-010) on 21 March2025, it would pay the interest of the bonds generated between 25 March 2024 and 24 March 2025, as well as the principal ofthe bonds, on 25 March 2025, and de-list the bonds.
2. The Company disclosed the Announcement on Resolutions of the 1
st
Extraordinary General Meeting in 2025 (AnnouncementNo. 2025-002), Announcement on Resolutions of the 1
st Meeting of the 11
thBoard of Directors (Announcement No. 2025-005)and Announcement on Resolutions of the 1
st Meeting of the 11
thSupervisory Committee (Announcement No. 2025-006) on 15January 2025, which reviewed and approved proposals related to general election and completed the general election. For moredetails, please refer to relevant announcements.
3. The Company held the 15th Meeting of the 9th Board of Directors and the 2nd Extraordinary General Meeting of 2020 on27 August 2020 and 17 November 2020 respectively and deliberated and approved the 2020 Stock Option and Restricted StockGrant Program, in which the Company intends to implement the Equity Incentive Scheme, including both the Stock OptionIncentive Scheme and the Restricted Stock Incentive Scheme. Following the approval of the Proposal on the First Grant ofStock Options and Restricted Shares to Incentive Objects at the 20th Meeting of the 9th Board of Directors and the 8th Meetingof the 9th Supervisory Committee, the Company disclosed the Announcement on Completion of Registration of the First Grantof the 2020 Stock Option and Restricted Stock Incentive Scheme (Announcement No. 2020-086) on 30 December 2020. TheFourth Meeting of the 11th Board of Directors and the Second Meeting of the 11th Supervisory Committee of the Companyreviewed and approved proposals such as the Proposal on the Satisfaction of the Unlocking Conditions for the Third UnlockingPeriod of the Restricted Shares Granted under the 2020 Stock Option and Restricted Stock Incentive Scheme and theSatisfaction of the Exercise Conditions for the Third Exercise Period of the Stock Options First Granted, the Proposal on the
Repurchase and Cancellation of Part of the Restricted Shares, and the Proposal on the Cancellation of Part of the StockOptions. Lawyers and independent financial advisors expressed their opinions on matters related to stock options and restrictedstock incentives. The Company disclosed the Reminder Announcement on Release and Circulation of Restricted SharesGranted under the 2020 Stock Option and Restricted Stock Incentive Scheme in the Third Release Period (Announcement No.2025-033) on 26 April 2025. The total number of incentive targets who meet the conditions for releasing the restricted sharesis 667, and the number of restricted shares that can be released is 89,096,540 shares, accounting for 0.2367% of the total sharecapital of the Company at present. The restricted shares released this time are listed and traded since 29 April 2025.
4. The Company held the Fourth Meeting of the 11th Board of Directors on 18 April 2025, and reviewed and approved theProposal on Repurchasing Part of the Company's Public Shares. The Company planned to use self-pooled funds to repurchasepart of the public shares for cancellation and reduce its registered capital. By increasing earnings per share, it has conveyedconfidence in growth, protected the company's value, and effectively improved shareholder returns.IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
31 March 2025
Unit: RMB
| Item | 31 March 2025 | 1 January 2025 |
| Current assets: | ||
| Monetary assets | 71,144,045,163.00 | 74,252,625,215.00 |
| Settlement reserve | 0.00 | 0.00 |
| Loans to other banks and financial institutions | 0.00 | 0.00 |
| Held-for-trading financial assets | 3,196,336,209.00 | 3,116,435,963.00 |
| Derivative financial assets | 0.00 | 0.00 |
| Notes receivable | 394,353,474.00 | 338,059,783.00 |
| Accounts receivable | 33,253,355,943.00 | 36,338,199,204.00 |
| Receivables financing | 1,105,610,279.00 | 472,537,400.00 |
| Prepayments | 513,603,869.00 | 634,482,224.00 |
| Premiums receivable | 0.00 | 0.00 |
| Reinsurance receivables | 0.00 | 0.00 |
| Receivable reinsurance contract reserve | 0.00 | 0.00 |
| Other receivables | 678,589,902.00 | 812,871,521.00 |
| Including: Interest receivable | 0.00 | 0.00 |
| Dividends receivable | 24,003,014.00 | 55,028,131.00 |
| Financial assets purchased under resale agreements | 0.00 | 0.00 |
| Inventories | 25,362,130,579.00 | 23,313,464,392.00 |
| Including: Data resource | 0.00 | 0.00 |
| Contract assets | 262,406,128.00 | 150,871,486.00 |
| Assets held for sale | 0.00 | 0.00 |
| Current portion of non-current assets | 3,944,771.00 | 3,900,201.00 |
| Other current assets | 3,892,678,585.00 | 3,954,007,985.00 |
| Total current assets | 139,807,054,902.00 | 143,387,455,374.00 |
| 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 | 495,937.00 | 492,067.00 |
| Long-term equity investments | 13,503,555,525.00 | 13,533,271,302.00 |
| Investments in other equity instruments | 456,044,266.00 | 441,371,815.00 |
| Other non-current financial assets | 2,764,358,792.00 | 2,735,680,042.00 |
| Investment property | 1,731,093,793.00 | 1,751,189,740.00 |
| Fixed assets | 196,787,100,645.00 | 204,904,419,511.00 |
| Construction in progress | 35,065,154,109.00 | 30,159,016,097.00 |
| Productive living assets | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 |
| Right-of-use assets | 743,373,194.00 | 754,408,280.00 |
| Intangible assets | 11,037,091,305.00 | 11,263,463,194.00 |
| Including: Data resource | 0.00 | 0.00 |
| Development costs | 125,639,051.00 | 109,323,354.00 |
| Including: Data resource | 0.00 | 0.00 |
| Goodwill | 653,575,022.00 | 653,575,022.00 |
| Long-term prepaid expense | 576,699,392.00 | 598,444,923.00 |
| Deferred income tax assets | 739,009,081.00 | 694,888,275.00 |
| Other non-current assets | 16,222,938,456.00 | 18,991,222,545.00 |
| Total non-current assets | 280,406,128,568.00 | 286,590,766,167.00 |
| Total assets | 420,213,183,470.00 | 429,978,221,541.00 |
| Current liabilities: | ||
| Short-term borrowings | 1,362,284,584.00 | 1,563,317,166.00 |
| 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 | 1,433,797,464.00 | 1,399,557,969.00 |
| Accounts payable | 37,557,238,085.00 | 36,713,498,406.00 |
| Advances from customers | 95,462,216.00 | 118,971,193.00 |
| Contract liabilities | 1,737,868,517.00 | 2,083,836,158.00 |
| 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 | 3,216,052,778.00 | 4,076,008,388.00 |
| Taxes and levies payable | 1,312,537,323.00 | 1,576,606,596.00 |
| Other payables | 18,136,701,299.00 | 20,827,962,570.00 |
| Including: Interest payable | 237,378.00 | 0.00 |
| Dividends payable | 32,287,134.00 | 42,861,753.00 |
| 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 | 41,220,874,195.00 | 43,506,539,611.00 |
| Other current liabilities | 3,456,632,984.00 | 3,394,971,140.00 |
| Total current liabilities | 109,529,449,445.00 | 115,261,269,197.00 |
| Non-current liabilities: | ||
| Insurance contract reserve | 0.00 | 0.00 |
| Long-term borrowings | 93,592,306,972.00 | 100,932,391,740.00 |
| Bonds payable | 0.00 | 0.00 |
| Including: Preference shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Lease liabilities | 647,321,853.00 | 631,418,986.00 |
| Long-term payables | 121,074,548.00 | 121,077,871.00 |
| Long-term employee benefits payable | 0.00 | 0.00 |
| Provisions | 1,652,566.00 | 1,652,566.00 |
| Deferred income | 5,157,558,026.00 | 4,544,617,931.00 |
| Deferred income tax liabilities | 1,269,975,022.00 | 1,290,798,747.00 |
| Other non-current liabilities | 2,592,839,757.00 | 2,648,822,759.00 |
| Total non-current liabilities | 103,382,728,744.00 | 110,170,780,600.00 |
| Total liabilities | 212,912,178,189.00 | 225,432,049,797.00 |
| Owners’ equity: | ||
| Share capital | 37,645,016,203.00 | 37,645,016,203.00 |
| Other equity instruments | 0.00 | 2,043,402,946.00 |
| Including: Preference shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 2,043,402,946.00 |
| Capital reserves | 52,170,503,071.00 | 52,207,573,706.00 |
| Less: Treasury stock | 1,216,490,683.00 | 1,216,490,683.00 |
| Other comprehensive income | -1,113,156,212.00 | -1,171,823,864.00 |
| Specific reserve | 170,177,992.00 | 139,227,664.00 |
| Surplus reserves | 3,879,754,479.00 | 3,879,754,479.00 |
| General reserve | 0.00 | 0.00 |
| Retained earnings | 41,008,976,428.00 | 39,410,894,857.00 |
| Total equity attributable to owners of the Company as the parent | 132,544,781,278.00 | 132,937,555,308.00 |
| Non-controlling interests | 74,756,224,003.00 | 71,608,616,436.00 |
| Total owners’ equity | 207,301,005,281.00 | 204,546,171,744.00 |
| Total liabilities and owners’ equity | 420,213,183,470.00 | 429,978,221,541.00 |
Legal representative: Chen Yanshun Chairman of the Executive Committee: Feng QiangChief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Xu Yaxiao
2. Consolidated Income Statement
Unit: RMB
| Item | Q1 2025 | Q1 2024 |
| 1. Revenues | 50,598,933,939.00 | 45,887,570,444.00 |
| Including: Operating revenue | 50,598,933,939.00 | 45,887,570,444.00 |
| Interest revenue | 0.00 | 0.00 |
| Insurance premium income | 0.00 | 0.00 |
| Fee and commission income | 0.00 | 0.00 |
| 2. Costs and expenses | 48,191,222,879.00 | 44,896,545,276.00 |
| Including: Cost of sales | 42,616,968,993.00 | 39,802,900,543.00 |
| Interest costs | 0.00 | 0.00 |
| Fee and commission expense | 0.00 | 0.00 |
| Surrenders | 0.00 | 0.00 |
| Net insurance claims paid | 0.00 | 0.00 |
| Net amount provided as insurance contract reserve | 0.00 | 0.00 |
| Expenditure on policy dividends | 0.00 | 0.00 |
| Reinsurance premium expense | 0.00 | 0.00 |
| Taxes and levies | 357,440,761.00 | 286,396,464.00 |
| Selling expense | 431,792,621.00 | 434,304,587.00 |
| Administrative expense | 1,382,404,928.00 | 1,456,643,618.00 |
| R&D expense | 3,014,211,842.00 | 2,725,845,440.00 |
| Finance costs | 388,403,734.00 | 190,454,624.00 |
| Including: Interest costs | 912,545,084.00 | 952,033,531.00 |
| Interest revenue | 503,069,782.00 | 548,748,379.00 |
| Add: Other income | 481,618,568.00 | 617,195,143.00 |
| Return on investment (“-” for loss) | -50,662,722.00 | -205,512,994.00 |
| Including: Share of profit or loss of joint ventures and associates | -63,367,378.00 | -241,469,988.00 |
| 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) | 72,818,914.00 | -54,369,469.00 |
| Credit impairment loss (“-” for loss) | -9,794,782.00 | -20,856,249.00 |
| Asset impairment loss (“-” for loss) | -650,860,075.00 | -748,246,680.00 |
| Asset disposal income (“-” for loss) | 26,091,559.00 | 7,040,622.00 |
| 3. Operating profit (“-” for loss) | 2,276,922,522.00 | 586,275,541.00 |
| Add: Non-operating income | 77,420,401.00 | 53,109,234.00 |
| Less: Non-operating expense | 6,491,224.00 | 4,647,001.00 |
| 4. Gross profit (“-” for loss) | 2,347,851,699.00 | 634,737,774.00 |
| Less: Income tax expense | 410,751,497.00 | 151,905,420.00 |
| 5. Net profit (“-” for net loss) | 1,937,100,202.00 | 482,832,354.00 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 1,937,100,202.00 | 482,832,354.00 |
| 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 | 1,613,999,380.00 | 983,812,692.00 |
| 5.2.2 Net profit attributable to non-controlling interests | 323,100,822.00 | -500,980,338.00 |
| 6. Other comprehensive income, net of tax | 62,631,620.00 | -56,021,404.00 |
| Attributable to owners of the Company as the parent | 58,667,652.00 | -44,866,298.00 |
| 6.1 Items that will not be reclassified to profit or loss | 10,633,137.00 | -2,950,788.00 |
| 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 | -5,248,284.00 | -4,679,148.00 |
| 6.1.3 Changes in the fair value of investments in other equity instruments | 15,881,421.00 | 1,728,360.00 |
| 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 | 48,034,515.00 | -41,915,510.00 |
| 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 | 48,034,515.00 | -41,915,510.00 |
| 6.2.7 Other | 0.00 | 0.00 |
| Attributable to non-controlling interests | 3,963,968.00 | -11,155,106.00 |
| 7. Total comprehensive income | 1,999,731,822.00 | 426,810,950.00 |
| Attributable to owners of the Company as the parent | 1,672,667,032.00 | 938,946,394.00 |
| Attributable to non-controlling interests | 327,064,790.00 | -512,135,444.00 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.04 | 0.03 |
| 8.2 Diluted earnings per share | 0.04 | 0.03 |
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 Chairman of the Executive Committee: Feng QiangChief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Xu Yaxiao
3. Consolidated Cash Flow Statement
Unit: RMB
| Item | Q1 2025 | Q1 2024 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 53,932,028,200.00 | 52,321,850,824.00 |
| 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 | 2,781,921,908.00 | 2,518,507,872.00 |
| Cash generated from other operating activities | 1,514,673,136.00 | 1,320,664,784.00 |
| Subtotal of cash generated from operating activities | 58,228,623,244.00 | 56,161,023,480.00 |
| Payments for commodities and services | 35,125,921,106.00 | 31,470,733,300.00 |
| 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 | 6,015,134,936.00 | 5,417,226,891.00 |
| Taxes and levies paid | 1,567,299,774.00 | 1,333,136,024.00 |
| Cash used in other operating activities | 1,776,471,692.00 | 1,709,222,195.00 |
| Subtotal of cash used in operating activities | 44,484,827,508.00 | 39,930,318,410.00 |
| Net cash generated from/used in operating activities | 13,743,795,736.00 | 16,230,705,070.00 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 12,746,874,980.00 | 8,551,543,161.00 |
| Return on investment | 65,946,661.00 | 109,848,899.00 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 7,164,478.00 | 6,919,339.00 |
| Net proceeds from the disposal of subsidiaries and other business units | 0.00 | 0.00 |
| Cash generated from other investing activities | 390,430,882.00 | 730,329,518.00 |
| Subtotal of cash generated from investing activities | 13,210,417,001.00 | 9,398,640,917.00 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 9,049,134,737.00 | 4,990,971,613.00 |
| Payments for investments | 11,157,764,768.00 | 13,799,650,053.00 |
| 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 | 57,437,634.00 | 10,663,235.00 |
| Subtotal of cash used in investing activities | 20,264,337,139.00 | 18,801,284,901.00 |
| Net cash generated from/used in investing activities | -7,053,920,138.00 | -9,402,643,984.00 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | 2,774,085,800.00 | 333,442,000.00 |
| Including: Capital contributions by non-controlling interests to subsidiaries | 2,774,085,800.00 | 333,442,000.00 |
| Borrowings received | 7,474,047,148.00 | 11,049,663,476.00 |
| Cash generated from other financing activities | 258,473,336.00 | 3,391,076.00 |
| Subtotal of cash generated from financing activities | 10,506,606,284.00 | 11,386,496,552.00 |
| Repayment of borrowings | 18,957,823,638.00 | 13,103,045,886.00 |
| Interest and dividends paid | 1,300,419,841.00 | 1,747,105,196.00 |
| Including: Dividends paid by subsidiaries to non-controlling interests | 0.00 | 0.00 |
| Cash used in other financing activities | 273,638,270.00 | 190,458,308.00 |
| Subtotal of cash used in financing activities | 20,531,881,749.00 | 15,040,609,390.00 |
| Net cash generated from/used in financing activities | -10,025,275,465.00 | -3,654,112,838.00 |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | -44,344,535.00 | 87,086,878.00 |
| 5. Net increase in cash and cash equivalents | -3,379,744,402.00 | 3,261,035,126.00 |
| Add: Cash and cash equivalents, beginning of the period | 62,005,252,511.00 | 52,092,981,748.00 |
| 6. Cash and cash equivalents, end of the period | 58,625,508,109.00 | 55,354,016,874.00 |
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementationof the New Accounting Standards Implemented since 2025
□ Applicable ? Not applicable
(III) Independent Auditor’s Report
Indicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes ? No
These financial statements have not been audited by such an auditor.
The Board of DirectorsBOE Technology Group Co., Ltd.28 April 2025