FIRST QUARTERLY REPORT 2023

April 2023BOE Technology Group Co. Ltd. First Quarterly Report 2023

Stock Code: 000725 Stock Name: BOE-A Announcement No. 2023-029

Stock Code: 200725 Stock Name: BOE-B Announcement No. 2023-029

BOE TECHNOLOGY GROUP CO. LTD.FIRST QUARTERLY REPORT 2023

BOE Technology Group Co. Ltd. (hereinafter referred to as the “Company”) and all the

members of the Company’s Board of Directors hereby guarantee that the contents of this

Report are true accurate and complete and free of any misrepresentations misleading

statements or material omissions.Important Notes:

The Board of Directors (or the “Board”) the Supervisory Committee as well as the directors supervisors and

senior management of BOE Technology Group Co. Ltd. (hereinafter referred to as the “Company”) hereby

guarantee the factuality accuracy and completeness of the contents of this Report and its summary and shall be

jointly and severally liable for any misrepresentations misleading statements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Report and its summary.Mr. Chen Yanshun the Company’s legal representative Mr. Gao Wenbao President of the Company Ms. Yang

Xiaoping the Company’s Chief Financial Officer and Mr. Teng Jiao head of the Company’s financial

department (equivalent to financial manager) hereby guarantee that the Financial Statements carried in this

Report are factual accurate and complete.This Report has been prepared in both Chinese and English. Should there be any discrepancies or

misunderstandings between the two versions the Chinese version shall prevail.The financial statements in this Report have not been audited by an independent auditor.

2BOE Technology Group Co. Ltd. First Quarterly Report 2023

I Key Financial Information

(I) Key Accounting Data and Financial Indicators

Indicate by tick mark whether there is any retrospectively restated datum in the table below.□Yes □No

Reason for any retrospectively adjustment or restatement

□ Changes of accounting policies □ Correction of accounting errors □ Business combination under the same control □ Other

reasons

Q1 2022 Change (%)

Item Q1 2023

Before Restated Restated

Operating revenue (RMB) 37973495034.00 50475809458.00 50475809458.00 -24.77%

Net profit attributable to the listed company’s

247315140.004388727184.004388727184.00-94.36%

shareholders (RMB)

Net profit attributable to the listed company’s

-1667931828.003511402963.003511402963.00-147.50%

shareholders before exceptional items (RMB)

Net cash generated from/used in operating

10122426068.0014755368710.0014755368710.00-31.40%

activities (RMB)

Basic earnings per share (RMB/share) 0.003 0.113 0.113 -97.35%

Diluted earnings per share (RMB/share) 0.003 0.113 0.113 -97.35%

Weighted average return on equity (%) 0.09% 3.25% 3.25% -3.16%

31 December 2022 Change (%)

Item 31 March 2023

Before Restated Restated

Total assets (RMB) 412385431844.00 420562103212.00 420567865936.00 -1.95%

Equity attributable to the listed company’s

132262117772.00136089410395.00136079680294.00-2.81%

shareholders (RMB)

Reason for accounting policy change and correction of accounting error:

As required by the Interpretation of Accounting Standards for Business Enterprises No. 16 issued by the Ministry of Finance the

Group retrospectively adjusted related items of financial statements of the beginning of the year and those of the same period of

last year. The above changes of accounting policies have no significant influence on the Company’s financial status and operating

results.(II) Exceptional Gains and Losses

□ Applicable □ Not applicable

Unit: RMB

Item Q1 2023 Note

Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 1603787.00 N/A

Tax rebates reductions and exemptions with ultra vires approval or in lack of duly approved

0.00 N/A

document

Government grants through profit or loss (exclusive of government grants continuously

given in the Company’s ordinary course of business at fixed quotas or amounts as per the 2294347756.00 N/A

government’s policies and standards)

Capital occupation charges on non-financial enterprises that are charged to current gains and

0.00 N/A

losses

Income equal to the amount by which investment costs for the Company to obtain

subsidiaries associates and joint ventures are lower than the Company’s enjoyable fair value 0.00 N/A

of identifiable net assets of investees when making investments

Gains and losses on non-monetary asset swap 0.00 N/A

Gains and losses on investment or asset management entrustments to other entities 0.00 N/A

Allowance for asset impairments due to acts of God such as natural disasters 0.00 N/A

Gains and losses on debt restructuring 0.00 N/A

Restructuring costs in staff arrangement integration etc. 0.00 N/A

Gains and losses on over-fair value amount as a result of transactions with distinctly unfair

0.00 N/A

prices

3BOE Technology Group Co. Ltd. First Quarterly Report 2023

Current gains and losses on subsidiaries acquired through business mergers under same

0.00 N/A

control from period-beginning to merger dates net

Gains and losses on contingencies that do not arise in the Company’s ordinary course of

0.00 N/A

business

Gain or loss on fair-value changes in held-for-trading financial assets and liabilities &

investment income from disposal of held-for-trading financial assets and liabilities and

132006604.00 N/A

available-for-sale financial assets (exclusive of effective portion of hedges that arise in the

Company’s ordinary course of business)

Reversed portion of impairment allowance for accounts receivable which are tested

8601575.00 N/A

individually for impairment

Gains and losses on loan entrustment 0.00 N/A

Gains and losses on fair value changes in investment property of which subsequent

0.00 N/A

measurement is carried out using fair value method

Effects of all adjustments required by taxation accounting and other applicable laws and

0.00 N/A

regulations on current gains and losses

Income from charges on entrusted management 0.00 N/A

Non-operating income and expense other than above 64139167.00 N/A

Other gains and losses that meet definition of nonrecurring gain/loss 0.00 N/A

Less: Income tax effects 64259166.00 N/A

Non-controlling interests effects (net of tax) 521192755.00 N/A

Total 1915246968.00 --

Other items that meet the definition of exceptional gain/loss:

□Applicable □ Not applicable

No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement

No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:

□Applicable □ Not applicable

No such cases in the Reporting Period.(III) Changes in Key Financial Statement Line Items and Explanation of why

□ Applicable □ Not applicable

Changes in key line items of the income statement and explanation of why:

1. Other income rose 112% year on year primarily driven by the increased government grants during the Reporting Period.

2. Return on investment rose 129% year on year primarily driven by the increased returns recognized on investments in associates

during the Reporting Period.

3. Gain on changes in fair value rose 131% year on year primarily driven by the increased gains on investments in equity

instruments during the Reporting Period.

4. Asset impairment loss declined 53% year on year primarily driven by the decreased inventory valuation allowances established

according to the lower between the costs and net realizable value during the Reporting Period.Changes in key line items of the cash flow statement and explanation of why:

1. Net cash generated from operating activities declined 31.40% year on year primarily driven by the decreased sales during the

Reporting Period.

2. Net cash flow generated from investment activities increased 91.51% year on year primarily driven by the decrease in cash

paid for the purchase and construction of fixed assets intangible assets and other long-term assets during the reporting period.

3. Net cash flows generated from financing activities declined 726.34% year on year primarily driven by there were no corporate

bonds issued and net inflows of bank borrowings decreased during the reporting period.

4BOE Technology Group Co. Ltd. First Quarterly Report 2023

II Shareholder Information

(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as well

as Holdings of Top 10 Shareholders

Unit: share

Number of ordinary shareholders 1364365 (including 1332076 A-shareholders and 32289 B-shareholders)

Top 10 shareholders

Shareh Shares in pledge

Nature of olding Restricted marked or frozen

Name of shareholder Total shares held

shareholder percent shares Share

Status

age s

Beijing State-owned Capital Operation and State-owned legal

10.64% 4063333333.00 0.00 N/A 0.00

Management Company Limited person

Foreign legal

Hong Kong Securities Clearing Company Ltd. 7.88% 3008566636.00 0.00 N/A 0.00

person

Beijing BOE Investment & Development Co. State-owned legal

2.15% 822092180.00 0.00 N/A 0.00

Ltd. person

Beijing Jing Guorui Soe Reform and

Other 1.88% 718132854.00 0.00 N/A 0.00

Development Fund (L.P.)

State-owned legal

Hefei Jianxiang Investment Co. Ltd. 1.74% 666195772.00 0.00 N/A 0.00

person

Domestic non-

Fuqing Huirong Venture Capital Co. Ltd. state-owned legal 1.41% 537469040.00 0.00 N/A 0.00

person

Domestic non-

Ningxia Risheng High-tech Industry Co. Ltd. state-owned legal 0.89% 339025766.00 0.00 N/A 0.00

person

Sinatay Life Insurance Co. Ltd.-Traditional

Other 0.80% 305330128.00 0.00 N/A 0.00

Product

State-owned legal

Beijing Yizhuang Investment Holdings Co. Ltd 0.74% 281295832.00 0.00 N/A 0.00

person

State-owned legal

Beijing Electronics Holdings Co. Ltd. 0.72% 273735583.00 0.00 N/A 0.00

person

Top 10 unrestricted shareholders

Shares by type

Name of shareholder Unrestricted shares held

Type Shares

Beijing State-owned Capital Operation and

4063333333.00 RMB ordinary share 4063333333.00

Management Company Limited

Hong Kong Securities Clearing Company Ltd. 3008566636.00 RMB ordinary share 3008566636.00

Beijing BOE Investment & Development Co.

822092180.00 RMB ordinary share 822092180.00

Ltd.Beijing Jing Guorui Soe Reform and

718132854.00 RMB ordinary share 718132854.00

Development Fund (L.P.)

Hefei Jianxiang Investment Co. Ltd. 666195772.00 RMB ordinary share 666195772.00

Fuqing Huirong Venture Capital Co. Ltd. 537469040.00 RMB ordinary share 537469040.00

Ningxia Risheng High-tech Industry Co. Ltd. 339025766.00 RMB ordinary share 339025766.00

Sinatay Life Insurance Co. Ltd.-Traditional

305330128.00 RMB ordinary share 305330128.00

Product

Beijing Yizhuang Investment Holdings Co. Ltd 281295832.00 RMB ordinary share 281295832.00

Beijing Electronics Holdings Co. Ltd. 273735583.00 RMB ordinary share 273735583.00

1. Beijing State-owned Capital Operation and Management Company Limited held 100%

equities of Beijing Electronics Holdings Co. Ltd.

2. Beijing Electronics Holdings Co. Ltd. held 66.25% equities of Beijing BOE Investment

& Development Co. Ltd. and was its controlling shareholder.Related or acting-in-concert parties among the

3. After the non-public issuing of BOE in 2014 Hefei Jianxiang Investment Co. Ltd. by

shareholders above

entering into Implementation Protocol of Voting Right agreed to maintain all of the shares

held by it unanimous with Beijing BOE Investment & Development Co. Ltd. when

executing the voting rights as a shareholder.

4. After the non-public issuing of the Company in 2014 Beijing State-owned Capital

5BOE Technology Group Co. Ltd. First Quarterly Report 2023

Operation and Management Company Limited handed over 70% of the shares directly held

by it to Beijing Electronics Holdings Co. Ltd. for management through Stock Management

Protocol and Beijing Electronics Holdings Co. Ltd. gained the incidental shareholders’

rights except for disposing right and usufruct of the shares of which the rest 30% voting

right maintained unanimous with Beijing Electronics Holdings Co. Ltd. through the

agreement according to Implementation Protocol of Voting Right.

5. During the non-public issuing of the Company in 2021 Beijing Jing Guorui Soe Reform

and Development Fund (L.P.) signed the Acting-in-Concert Agreement with Beijing

Electronics Holdings Co. Ltd.

6. Beijing State-owned Capital Operation and Management Company Limited indirectly

held 100% equities of Beijing Jingguorui Investment Management Co. Ltd. and directly

held 77.5918% shares of Beijing Jing Guorui Soe Reform and Development Fund (L.P.);

Beijing Jingguorui Investment Management Co. Ltd. is the general partner of Beijing Jing

Guorui Soe Reform and Development Fund (L.P.). In addition among the nine members of

the Investment Decision-Making Committee of Beijing Jing Guorui Soe Reform and

Development Fund (L.P.) three are nominated by Beijing State-owned Capital Operation

and Management Company Limited.

7. Except for the above relationships the Company does not know any other connected

party or acting-in-concert party among the top 10 shareholders.

1. Shareholder Ningxia Risheng High-tech Industry Co. Ltd. held 296442066 shares in

the Company via its credit securities account.

2. The shares held by Shareholder Fuqing Huirong Venture Capital Co. Ltd. in the Company

increased by 3484700 shares due to securities refinancing.

3. Shareholders Beijing State-owned Capital Operation and Management Company

Top 10 ordinary shareholders involved in

Limited Beijing BOE Investment & Development Co. Ltd. Beijing Jing Guorui SOE

securities margin trading

Reform and Development Fund (L.P.) Hefei Jianxiang Investment Co. Ltd. Beijing

Electronics Holdings Co. Ltd. and Sinatay Life Insurance Co. Ltd.-Traditional Product

were not involved in securities refinancing.

4. Except for the aforesaid the Company does not know any other top-10 ordinary

shareholder who was involved in securities refinancing.(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them

□Applicable □ Not applicable

III Other Significant Events

□ Applicable □ Not applicable

1. On 18 October 2019 the Company disclosed the Announcement on the Company’s Application for CSRC’s Approval for its

Public Issue of Renewable Corporate Bonds (Announcement No. 2019-052) and the Company received the No. [2019] 1801

Approval from CSRC. Based on the approval the Company could publicly issue the renewable corporate bonds with the nominal

value no more than RMB30 billion to qualified investors. Among them the redeemed and delisted bonds are detailed in the table

below:

Redemption

Bond

Bond name Abbr. Date of issue Maturity and delisting Disclosure index

code

date

2019 Public Offering of

Renewable Corporate Bonds of 28 October 29 October 31 October

19BOEY1 112741

BOE (for qualified investors) 2019 2022 2022

(Phase I) www.cninfo.com.cn

2020 Public Offering of

27 February 28 February 28 February

Renewable Corporate Bonds of 20BOEY1 149046

202020232023

BOE (for qualified investors)

6BOE Technology Group Co. Ltd. First Quarterly Report 2023

(Phase I) (epidemic prevention

and control bonds)

2020 Public Offering of

Renewable Corporate Bonds of

18 March 19 March 20 March

BOE (for qualified investors) 20BOEY2 149065

202020232023

(Phase II) (epidemic prevention

and control bonds)

2020 Public Offering of

Renewable Corporate Bonds of

BOE (for qualified investors) 20BOEY3 149108 24 April 2020 27 April 2023 27 April 2023

(Phase III) (epidemic prevention

and control bonds)

The bond outstanding as of the disclosure date of this Report is as follows:

Bond

Bond name Abbr. Date of issue Maturity

code

2022 Public Offering of

Renewable Corporate Bonds of

22BOEY1 149861 24 March 2022 25 March 2025

BOE (for professional investors)

(Digital Economy) (Phase I)

The Company disclosed 2023 "22BOEY1" Interest Payment Announcement (Announcement No. 2023-010) on 23 March 2023.The interest payment plan was RMB35.00 (including tax) every ten bonds.

2. The Company held the 15th Meeting of the 9th Board of Directors and the 2nd Extraordinary General Meeting of 2020 on 27

August 2020 and 17 November 2020 respectively and deliberated and approved the 2020 Stock Option and Restricted Stock Grant

Program in which the Company intends to implement the Equity Incentive Scheme including both the Stock Option Incentive

Scheme and the Restricted Stock Incentive Scheme. Following the approval of the Proposal on the First Grant of Stock Options

and Restricted Shares to Incentive Objects at the 20th Meeting of the 9th Board of Directors and the 8th Meeting of the 9th

Supervisory Committee the Company disclosed the Announcement on Completion of Registration of the First Grant of the 2020

Stock Option and Restricted Stock Incentive Scheme (Announcement No.: 2020-086) on 31 December 2020. Following the

approval of the Proposal on the Achievement of Exercise Conditions of the First Exercise Schedule for the Stock Option Granted

by the Stock Option Incentive Scheme of 2020 and the Fulfillment of the Exercise Conditions for the Stock Option Granted for the

First Time the Proposal on the Repurchase and Write-off of Certain Restricted Shares and the Proposal for the Write-off of

Certain Stock Options at the 13th Meeting of the 10th Board of Directors and the 4th Meeting of the 10th Supervisory Committee

the Company’s independent directors lawyers and independent financial advisers respectively issued opinions on matters related

to stock options and restricted stock incentives. The Company disclosed the Reminder Announcement on Release and Circulation

of Restricted Shares Granted under the 2020 Stock Option and Restricted Stock Incentive Scheme in the First Release Period

(Announcement No.: 2023-026) on 8 April 2023. The total number of incentive targets who meet the conditions for releasing the

restricted shares is 746 and the number of restricted shares that can be released is 102260780 shares accounting for 0.2677% of

the total share capital of the Company at present.

3. On 16 January 2021 the Company disclosed the Announcement on the Resolution of the 21st Meeting of the 9th Board of

Directors (Announcement No. 2021-001) and the Plan for Non-Public Offering of A-Shares in 2021 and other related

announcements in which the Company intends to make a non-public offering of A-shares to no more than 35 specific investors

including Jing Guorui Fund. The net fund raised was expected to be no more than RMB20 billion. On 19 August 2021 the

Company disclosed the Report on the Non-public Offering of A-shares by BOE Technology Group Co. Ltd. & the Announcement

on the Listing of these Shares (announcement No. 2021-058) along with other relevant announcements. 3650377019 new shares

were issued in the non-public offering which were listed on the Shenzhen Stock Exchange on 20 August 2021. The Company

disclosed the Suggestive Announcement on Relieving Restricted Non-publicly Offered A Shares in 2021 (Announcement No.:

2023-004) on 17 February 2023. A total of 718132854 restricted shares of the Company's non-publicly offered A shares in 2021

7BOE Technology Group Co. Ltd. First Quarterly Report 2023

were relieved on 20 February 2023 and could be traded on the market thereafter. The number of the relieved restricted shares

accounted for 1.9324% of the Company's non-restricted shares and 1.8801% of the Company's total share capital.

4. The Company disclosed the Announcement on Resignation of Senior Management (Announcement No.: 2023-006) on 2 March

2023 due to the change of work Mr. Miao Chuanbin applied for resignation as Senior Vice President and Chief Culture Officer

and will not hold any position in the Company after his resignation. The Company disclosed the Announcement on Resignation of

Senior Management (Announcement No.: 2023-013) on 1 April 2023 due to personal reasons Mr. Xie Zhongdong applied for

resignation as Senior Vice President Chief Audit Officer and Chief Risk Control Officer and will not hold any position in the

Company after his resignation. The Company disclosed the Announcement of Resolutions of the 13th Meeting of the 10th Board

of Directors (Announcement No.: 2023-014) on 4 April 2023 at the 13th Meeting of the 10th Board of Directors the Company

considered and approved the Proposal on the Appointment of Senior Management of the Company and Adjustment of the

Composition of the Executive Committee of the Company the Board of Directors appointed Mr. Feng Qiang as a member of the

Executive Committee and Executive Vice President Mr. Guo Huaping as Senior Vice President and Chief Cultural Officer; and

to adjust the current senior management of the Company Ms. Yang Xiaoping from Senior Vice President and Chief Financial

Officer to a member of the Executive Committee Executive Vice President and Chief Financial Officer. The Company disclosed

the Announcement of Resolutions of the 15th Meeting of the 10th Board of Directors (Announcement No.: 2023-028) on 29 April

2023. At the 15th Meeting of the 10th Board of Directors of the Company the Proposal on the Appointment of Senior Management

of the Company was reviewed and approved and the Board of Directors appointed Mr. Yue Zhanqiu as Senior Vice President and

Chief Audit Officer of the Company.IV Quarterly Financial Statements

(I) Financial Statements

1. Consolidated Balance Sheet

Prepared by BOE Technology Group Co. Ltd.Unit: RMB

Item 31 March 2023 1 January 2023

Current assets:

Monetary assets 65980916266.00 68800307369.00

Settlement reserve 0.00 0.00

Loans to other banks and financial institutions 0.00 0.00

Held-for-trading financial assets 15626930471.00 17187993936.00

Derivative financial assets 0.00 0.00

Notes receivable 194713938.00 211792061.00

Accounts receivable 24903547413.00 28203647569.00

Receivables financing 0.00 0.00

Prepayments 698070046.00 589764680.00

Premiums receivable 0.00 0.00

Reinsurance receivables 0.00 0.00

Receivable reinsurance contract reserve 0.00 0.00

Other receivables 840023731.00 975809236.00

Including: Interest receivable 0.00 0.00

Dividends receivable 0.00 0.00

Financial assets purchased under resale agreements 0.00 0.00

Inventories 23990670110.00 22787814225.00

Contract assets 58495238.00 71636461.00

Assets held for sale 0.00 0.00

Current portion of non-current assets 8798926.00 8561307.00

Other current assets 3484157688.00 3394036919.00

8BOE Technology Group Co. Ltd. First Quarterly Report 2023

Total current assets 135786323827.00 142231363763.00

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 26110268.00 28637449.00

Long-term equity investments 12658042162.00 12421878851.00

Investments in other equity instruments 497887227.00 483060306.00

Other non-current financial assets 2030001440.00 2022967681.00

Investment property 1130045287.00 1122025138.00

Fixed assets 200053569671.00 205987050430.00

Construction in progress 44170164057.00 43386134668.00

Productive living assets 0.00 0.00

Oil and gas assets 0.00 0.00

Right-of-use assets 723351569.00 687120946.00

Intangible assets 9291071642.00 8948327143.00

Development costs 0.00 0.00

Goodwill 672119284.00 660823651.00

Long-term prepaid expense 559278664.00 556941377.00

Deferred income tax assets 76037579.00 76013149.00

Other non-current assets 4711429167.00 1955521384.00

Total non-current assets 276599108017.00 278336502173.00

Total assets 412385431844.00 420567865936.00

Current liabilities:

Short-term borrowings 3015922868.00 2373938871.00

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 734773957.00 870221538.00

Accounts payable 30563664825.00 29834720464.00

Advances from customers 99826933.00 79848977.00

Contract liabilities 3014548809.00 2411717792.00

Financial assets sold under repurchase agreements 0.00 0.00

Customer deposits and deposits from other banks and financial

0.000.00

institutions

Payables for acting trading of securities 0.00 0.00

Payables for underwriting of securities 0.00 0.00

Employee benefits payable 2451510940.00 2818532823.00

Taxes and levies payable 1405842189.00 1331401188.00

Other payables 18658147778.00 19632223269.00

Including: Interest payable 157241.00 151200.00

Dividends payable 81332440.00 6410514.00

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 20993720650.00 22703750744.00

Other current liabilities 3806602834.00 3613967673.00

Total current liabilities 84744561783.00 85670323339.00

Non-current liabilities:

Insurance contract reserve 0.00 0.00

Long-term borrowings 121276885609.00 123143479690.00

Bonds payable 0.00 0.00

Including: Preference shares 0.00 0.00

Perpetual bonds 0.00 0.00

Lease liabilities 576053004.00 538586010.00

Long-term payables 224960255.00 229587077.00

9BOE Technology Group Co. Ltd. First Quarterly Report 2023

Long-term employee benefits payable 0.00 0.00

Provisions 0.00 0.00

Deferred income 4955759530.00 5156347332.00

Deferred income tax liabilities 1318414704.00 1289899658.00

Other non-current liabilities 2430163529.00 2499075805.00

Total non-current liabilities 130782236631.00 132856975572.00

Total liabilities 215526798414.00 218527298911.00

Owners’ equity:

Share capital 38196363421.00 38196363421.00

Other equity instruments 4047755166.00 8176366808.00

Including: Preference shares 0.00 0.00

Perpetual bonds 4047755166.00 8176366808.00

Capital reserves 55300985471.00 55218504392.00

Less: Treasury stock 3508201911.00 3508201911.00

Other comprehensive income -1063535680.00 -1073768030.00

Specific reserve 34367400.00 0.00

Surplus reserves 3241063934.00 3241063934.00

General reserve 0.00 0.00

Retained earnings 36013319971.00 35829351680.00

Total equity attributable to owners of the Company as the parent 132262117772.00 136079680294.00

Non-controlling interests 64596515658.00 65960886731.00

Total owners’ equity 196858633430.00 202040567025.00

Total liabilities and owners’ equity 412385431844.00 420567865936.00

Legal representative: Chen Yanshun President of the Company’s Execution Committee: Gao Wenbao

Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Teng Jiao

2. Consolidated Income Statement

Unit: RMB

Item Q1 2023 Q1 2022

1. Revenues 37973495034.00 50475809458.00

Including: Operating revenue 37973495034.00 50475809458.00

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 41104993880.00 46115162970.00

Including: Cost of sales 35374272767.00 39684611253.00

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 263253907.00 330652660.00

Selling expense 932265694.00 1287186541.00

Administrative expense 1425783553.00 1519761605.00

R&D expense 2660326920.00 2806213073.00

Finance costs 449091039.00 486737838.00

Including: Interest costs 961729826.00 867262005.00

Interest revenue 479238144.00 283152157.00

Add: Other income 2316043230.00 1094340931.00

Return on investment (“-” for loss) 269472747.00 117605433.00

Including: Share of profit or loss of joint ventures and

246000059.0097835782.00

associates

Income from the derecognition of financial assets at 0.00 0.00

10BOE Technology Group Co. Ltd. First Quarterly Report 2023

amortized cost (“-” for loss)

Exchange gain (“-” for loss) 0.00 0.00

Net gain on exposure hedges (“-” for loss) 0.00 0.00

Gain on changes in fair value (“-” for loss) 108495867.00 46893075.00

Credit impairment loss (“-” for loss) 11376959.00 -12689672.00

Asset impairment loss (“-” for loss) -631964684.00 -1356086452.00

Asset disposal income (“-” for loss) 7748007.00 -16896.00

3. Operating profit (“-” for loss) -1050326720.00 4250692907.00

Add: Non-operating income 68942202.00 21307453.00

Less: Non-operating expense 10942755.00 4263055.00

4. Gross profit (“-” for loss) -992327273.00 4267737305.00

Less: Income tax expense 242986937.00 1042650624.00

5. Net profit (“-” for net loss) -1235314210.00 3225086681.00

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) -1235314210.00 3225086681.00

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

247315140.004388727184.00

the parent

5.2.1 Net profit attributable to non-controlling interests -1482629350.00 -1163640503.00

6. Other comprehensive income net of tax 7276532.00 -27966654.00

Attributable to owners of the Company as the parent 10232350.00 13944304.00

6.1 Items that will not be reclassified to profit or loss 46400833.00 17430815.00

6.1.1 Changes caused by remeasurements on defined

0.000.00

benefit schemes

6.1.2 Other comprehensive income that will not be

28175376.000.00

reclassified to profit or loss under the equity method

6.1.3 Changes in the fair value of investments in other

18225457.0017430815.00

equity instruments

6.1.4 Changes in the fair value arising from changes in

0.000.00

own credit risk

6.1.5 Other 0.00 0.00

6.2 Items that will be reclassified to profit or loss -36168483.00 -3486511.00

6.2.1 Other comprehensive income that will be

0.000.00

reclassified to profit or loss under the equity method

6.2.2 Changes in the fair value of other debt investments 0.00 0.00

6.2.3 Other comprehensive income arising from the

0.000.00

reclassification of financial assets

6.2.4 Credit impairment allowance for other debt

0.000.00

investments

6.2.5 Reserve for cash flow hedges 0.00 0.00

6.2.6 Differences arising from the translation of foreign

-36168483.00-3486511.00

currency-denominated financial statements

6.2.7 Other 0.00 0.00

Attributable to non-controlling interests -2955818.00 -41910958.00

7. Total comprehensive income -1228037678.00 3197120027.00

Attributable to owners of the Company as the parent 257547490.00 4402671488.00

Attributable to non-controlling interests -1485585168.00 -1205551461.00

8. Earnings per share

8.1 Basic earnings per share 0.003 0.113

8.2 Diluted earnings per share 0.003 0.113

Where business combinations under common control occurred in the current period the net profit achieved by the acquirees before

the combinations was RMB0.00 with the amount for the same period of last year being RMB0.00.Legal representative: Chen Yanshun President of the Company’s Execution Committee: Gao Wenbao

Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Teng Jiao

11BOE Technology Group Co. Ltd. First Quarterly Report 2023

3. Consolidated Cash Flow Statement

Unit: RMB

Item Q1 2023 Q1 2022

1. Cash flows from operating activities:

Proceeds from sale of commodities and rendering of services 42514868173.00 53193351085.00

Net increase in customer deposits and deposits from other banks

0.000.00

and financial institutions

Net increase in borrowings from the central bank 0.00 0.00

Net increase in loans from other financial institutions 0.00 0.00

Premiums received on original insurance contracts 0.00 0.00

Net proceeds from reinsurance 0.00 0.00

Net increase in deposits and investments of policy holders 0.00 0.00

Interest fees and commissions received 0.00 0.00

Net increase in loans from other banks and financial institutions 0.00 0.00

Net increase in proceeds from repurchase transactions 0.00 0.00

Net proceeds from acting trading of securities 0.00 0.00

Tax and levy rebates 2313084732.00 2472173743.00

Cash generated from other operating activities 2757111561.00 3471152956.00

Subtotal of cash generated from operating activities 47585064466.00 59136677784.00

Payments for commodities and services 30398741266.00 33048052229.00

Net increase in loans and advances to customers 0.00 0.00

Net increase in deposits in the central bank and other banks and

0.000.00

financial institutions

Payments for claims on original insurance contracts 0.00 0.00

Net increase in loans to other banks and financial institutions 0.00 0.00

Interest fees and commissions paid 0.00 0.00

Policy dividends paid 0.00 0.00

Cash paid to and for employees 5009341362.00 6289071717.00

Taxes and levies paid 816646900.00 3330582091.00

Cash used in other operating activities 1237908870.00 1713603037.00

Subtotal of cash used in operating activities 37462638398.00 44381309074.00

Net cash generated from/used in operating activities 10122426068.00 14755368710.00

2. Cash flows from investing activities:

Proceeds from disinvestment 23831855131.00 13709979844.00

Return on investment 149214617.00 49787931.00

Net proceeds from the disposal of fixed assets intangible assets

8453288.001961256.00

and other long-lived assets

Net proceeds from the disposal of subsidiaries and other

0.000.00

business units

Cash generated from other investing activities 1810581640.00 483998970.00

Subtotal of cash generated from investing activities 25800104676.00 14245728001.00

Payments for the acquisition of fixed assets intangible assets

4162151317.007192075500.00

and other long-lived assets

Payments for investments 22250323389.00 12725853914.00

Net increase in pledged loans granted 0.00 0.00

Net payments for the acquisition of subsidiaries and other

0.000.00

business units

Cash used in other investing activities 8643927.00 1641148452.00

Subtotal of cash used in investing activities 26421118633.00 21559077866.00

Net cash generated from/used in investing activities -621013957.00 -7313349865.00

3. Cash flows from financing activities:

Capital contributions received 140300202.00 2550000000.00

Including: Capital contributions by non-controlling interests

140300202.00550000000.00

to subsidiaries

Borrowings received 10054932380.00 11149138371.00

Cash generated from other financing activities 1528590.00 295482.00

Subtotal of cash generated from financing activities 10196761172.00 13699433853.00

12BOE Technology Group Co. Ltd. First Quarterly Report 2023

Repayment of borrowings 12032755699.00 9848275263.00

Interest and dividends paid 2096011812.00 1524112902.00

Including: Dividends paid by subsidiaries to non-controlling

0.000.00

interests

Cash used in other financing activities 6925098464.00 593623351.00

Subtotal of cash used in financing activities 21053865975.00 11966011516.00

Net cash generated from/used in financing activities -10857104803.00 1733422337.00

4. Effect of foreign exchange rates changes on cash and cash

-224798117.00122409685.00

equivalents

5. Net increase in cash and cash equivalents -1580490809.00 9297850867.00

Add: Cash and cash equivalents beginning of the period 64382037764.00 76623486083.00

6. Cash and cash equivalents end of the period 62801546955.00 85921336950.00

(II) Independent Auditor’s Report

Indicate by tick mark whether the financial statements above have been audited by an independent auditor.□Yes □ No

These financial statements have not been audited by such an auditor.The Board of Directors

BOE Technology Group Co. Ltd.

28 April 2023

13