FIRST QUARTERLY REPORT 2025

April 2025BOE Technology Group Co. Ltd. First Quarterly Report 2025

Stock Code: 000725 Stock Name: BOE-A Announcement No. 2025-035

Stock 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 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. Feng Qiang Chairman of the Executive

Committee Ms. Yang Xiaoping Chief Financial Officer and Ms. Xu Yaxiao head of the 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 2025

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

Item Q1 2025 Q1 2024 Change (%)

Operating revenue (RMB) 50598933939.00 45887570444.00 10.27%

Net profit attributable to the listed company’s

1613999380.00983812692.0064.06%

shareholders (RMB)

Net profit attributable to the listed company’s

1351864713.00596689345.00126.56%

shareholders before exceptional items (RMB)

Net cash generated from/used in operating

13743795736.0016230705070.00-15.32%

activities (RMB)

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) 420213183470.00 429978221541.00 -2.27%

Equity attributable to the listed company’s

132544781278.00132937555308.00-0.30%

shareholders (RMB)

(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

24467431.00 N/A

write-offs)

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

161335440.00 N/A

defined criteria and in compliance with government policies and have a continuing

impact on the Company's profit or loss)

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

78853785.00 N/A

(exclusive of the effective portion of hedges that is related to the Company's normal

business operations)

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

0.00 N/A

gains and losses

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

73379.00 N/A

individually for impairment

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 0.00 N/A

fair value of identifiable net assets of investees when making investments

Current gains and losses on subsidiaries acquired through business mergers under

0.00 N/A

same control from period-beginning to merger dates net

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

0.00 N/A

as expenses for employee arrangements

3BOE Technology Group Co. Ltd. First Quarterly Report 2025

One-time effect on profit or loss due to adjustments in tax accounting and other laws

0.00 N/A

and regulations

One-time share-based payments recognized due to cancellation and modification of

0.00 N/A

equity incentive plans

Gain or loss on changes in the fair value of employee benefits payable after the

0.00 N/A

vesting date for cash-settled share-based payments

Gain or loss on fair-value changes in investment property of which subsequent

0.00 N/A

measurement is carried out using the fair value method

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

0.00 N/A

operations

Income from charges on entrusted management 0.00 N/A

Non-operating income and expense other than the above 72553305.00 N/A

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

Less: Income tax effects 41595847.00 N/A

Non-controlling interests effects (net of tax) 33552826.00 N/A

Total 262134667.00 --

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. Finance costs rose 104% year on year primarily driven by the decreased net exchange gain as a result of comparatively

smaller currency fluctuations during the Reporting Period.

2. Return on investment rose 75% 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 234% year on year primarily driven by the changes in the fair value of investments in

equity 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 in

bank loans during the Reporting Period.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 1081604 (including 1051184 A-shareholders and 30420 B-shareholders)

Top 10 shareholders (exclusive of shares lent in refinancing)

Nature of Shares in pledge marked or

Shareholding Restricted

Name of shareholder sharehold Total shares held frozen

percentage shares

er Status Shares

4BOE Technology Group Co. Ltd. First Quarterly Report 2025

State-

Beijing State-owned Capital Operation owned

10.79% 4063333333.00 0.00 N/A 0.00

and Management Company Limited legal

person

Foreign

Hong Kong Securities Clearing

legal 8.32% 3132315686.00 0.00 N/A 0.00

Company Ltd.person

State-

Beijing BOE Investment & owned

2.18% 822092180.00 0.00 N/A 0.00

Development Co. Ltd. legal

person

Beijing Jing Guorui Soe Reform and

Other 1.91% 718132854.00 0.00 N/A 0.00

Development Fund (L.P.)

State-

owned

Hefei Jianxiang Investment Co. Ltd. 1.77% 666195772.00 0.00 N/A 0.00

legal

person

Industrial and Commercial Bank of

China Co. Ltd.- Huatai-Pinebridge CSI Other 1.61% 604718147.00 0.00 N/A 0.00

300 Exchange-Traded Fund

Domestic

non-state-

Fuqing Huirong Venture Capital Co.owned 1.43% 538599640.00 0.00 In pledge 45000000.00

Ltd.legal

person

China Construction Bank Co. Ltd.- E

Fund CSI 300 Initiating Exchange- Other 1.12% 422661823.00 0.00 N/A 0.00

Traded Fund

Foreign

Abu Dhabi Investment Authority legal 0.97% 366917620.00 0.00 N/A 0.00

person

Perseverance Asset Management-

Perseverance Xiaofeng No.2 Zhixin Other 0.96% 361000000.00 0.00 N/A 0.00

Fund

Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives)

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. 3132315686.00 RMB ordinary share 3132315686.00

Beijing BOE Investment & Development Co. Ltd. 822092180.00 RMB ordinary share 822092180.00

Beijing Jing Guorui Soe Reform and Development

718132854.00 RMB ordinary share 718132854.00

Fund (L.P.)

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

Industrial and Commercial Bank of China Co. Ltd.-

604718147.00 RMB ordinary share 604718147.00

Huatai-Pinebridge CSI 300 Exchange-Traded Fund

Fuqing Huirong Venture Capital Co. Ltd. 538599640.00 RMB ordinary share 538599640.00

China Construction Bank Co. Ltd.- E Fund CSI 300

422661823.00 RMB ordinary share 422661823.00

Initiating Exchange-Traded Fund

Abu Dhabi Investment Authority 366917620.00 RMB ordinary share 366917620.00

Perseverance Asset Management- Perseverance

361000000.00 RMB ordinary share 361000000.00

Xiaofeng No.2 Zhixin Fund

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

indirectly held 100% equities of Beijing Jingguorui Investment Management Co. Ltd.Related or acting-in-concert parties among the and directly held 77.5918% shares of Beijing Jing Guorui Soe Reform and

shareholders above 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

5BOE Technology Group Co. Ltd. First Quarterly Report 2025

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

N/A

trading

Note: After the non-public issuing of BOE in 2014 Hefei Jianxiang Investment Co. Ltd. by entering into Implementation

Protocol of Voting Right agreed to maintain all of the shares held by it unanimous with Beijing BOE Investment &

Development Co. Ltd. when executing the voting rights as a shareholder.

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 with

the 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 of

Renewable 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 of

the 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 Principal

and Interest of the "22BOEY1" Corporate Bonds and the De-listing of the Bonds (Announcement No. 2025-010) on 21 March

2025 it would pay the interest of the bonds generated between 25 March 2024 and 24 March 2025 as well as the principal of

the bonds on 25 March 2025 and de-list the bonds.

2. The Company disclosed the Announcement on Resolutions of the 1st Extraordinary General Meeting in 2025 (Announcement

No. 2025-002) Announcement on Resolutions of the 1st Meeting of the 11th Board of Directors (Announcement No. 2025-005)

and Announcement on Resolutions of the 1st Meeting of the 11th Supervisory Committee (Announcement No. 2025-006) on 15

January 2025 which reviewed and approved proposals related to general election and completed the general election. For more

details 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 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 30 December 2020. The

Fourth Meeting of the 11th Board of Directors and the Second Meeting of the 11th Supervisory Committee of the Company

reviewed and approved proposals such as the Proposal on the Satisfaction of the Unlocking Conditions for the Third Unlocking

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

Satisfaction of the Exercise Conditions for the Third Exercise Period of the Stock Options First Granted the Proposal on the

6BOE Technology Group Co. Ltd. First Quarterly Report 2025

Repurchase and Cancellation of Part of the Restricted Shares and the Proposal on the Cancellation of Part of the Stock

Options. Lawyers and independent financial advisors expressed their 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 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 shares

is 667 and the number of restricted shares that can be released is 89096540 shares accounting for 0.2367% of the total share

capital 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 the

Proposal on Repurchasing Part of the Company's Public Shares. The Company planned to use self-pooled funds to repurchase

part of the public shares for cancellation and reduce its registered capital. By increasing earnings per share it has conveyed

confidence 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 71144045163.00 74252625215.00

Settlement reserve 0.00 0.00

Loans to other banks and financial institutions 0.00 0.00

Held-for-trading financial assets 3196336209.00 3116435963.00

Derivative financial assets 0.00 0.00

Notes receivable 394353474.00 338059783.00

Accounts receivable 33253355943.00 36338199204.00

Receivables financing 1105610279.00 472537400.00

Prepayments 513603869.00 634482224.00

Premiums receivable 0.00 0.00

Reinsurance receivables 0.00 0.00

Receivable reinsurance contract reserve 0.00 0.00

Other receivables 678589902.00 812871521.00

Including: Interest receivable 0.00 0.00

Dividends receivable 24003014.00 55028131.00

Financial assets purchased under resale agreements 0.00 0.00

Inventories 25362130579.00 23313464392.00

Including: Data resource 0.00 0.00

Contract assets 262406128.00 150871486.00

Assets held for sale 0.00 0.00

Current portion of non-current assets 3944771.00 3900201.00

Other current assets 3892678585.00 3954007985.00

Total current assets 139807054902.00 143387455374.00

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 495937.00 492067.00

7BOE Technology Group Co. Ltd. First Quarterly Report 2025

Long-term equity investments 13503555525.00 13533271302.00

Investments in other equity instruments 456044266.00 441371815.00

Other non-current financial assets 2764358792.00 2735680042.00

Investment property 1731093793.00 1751189740.00

Fixed assets 196787100645.00 204904419511.00

Construction in progress 35065154109.00 30159016097.00

Productive living assets 0.00 0.00

Oil and gas assets 0.00 0.00

Right-of-use assets 743373194.00 754408280.00

Intangible assets 11037091305.00 11263463194.00

Including: Data resource 0.00 0.00

Development costs 125639051.00 109323354.00

Including: Data resource 0.00 0.00

Goodwill 653575022.00 653575022.00

Long-term prepaid expense 576699392.00 598444923.00

Deferred income tax assets 739009081.00 694888275.00

Other non-current assets 16222938456.00 18991222545.00

Total non-current assets 280406128568.00 286590766167.00

Total assets 420213183470.00 429978221541.00

Current liabilities:

Short-term borrowings 1362284584.00 1563317166.00

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 1433797464.00 1399557969.00

Accounts payable 37557238085.00 36713498406.00

Advances from customers 95462216.00 118971193.00

Contract liabilities 1737868517.00 2083836158.00

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 3216052778.00 4076008388.00

Taxes and levies payable 1312537323.00 1576606596.00

Other payables 18136701299.00 20827962570.00

Including: Interest payable 237378.00 0.00

Dividends payable 32287134.00 42861753.00

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 41220874195.00 43506539611.00

Other current liabilities 3456632984.00 3394971140.00

Total current liabilities 109529449445.00 115261269197.00

Non-current liabilities:

Insurance contract reserve 0.00 0.00

Long-term borrowings 93592306972.00 100932391740.00

Bonds payable 0.00 0.00

Including: Preference shares 0.00 0.00

Perpetual bonds 0.00 0.00

Lease liabilities 647321853.00 631418986.00

Long-term payables 121074548.00 121077871.00

Long-term employee benefits payable 0.00 0.00

Provisions 1652566.00 1652566.00

Deferred income 5157558026.00 4544617931.00

8BOE Technology Group Co. Ltd. First Quarterly Report 2025

Deferred income tax liabilities 1269975022.00 1290798747.00

Other non-current liabilities 2592839757.00 2648822759.00

Total non-current liabilities 103382728744.00 110170780600.00

Total liabilities 212912178189.00 225432049797.00

Owners’ equity:

Share capital 37645016203.00 37645016203.00

Other equity instruments 0.00 2043402946.00

Including: Preference shares 0.00 0.00

Perpetual bonds 0.00 2043402946.00

Capital reserves 52170503071.00 52207573706.00

Less: Treasury stock 1216490683.00 1216490683.00

Other comprehensive income -1113156212.00 -1171823864.00

Specific reserve 170177992.00 139227664.00

Surplus reserves 3879754479.00 3879754479.00

General reserve 0.00 0.00

Retained earnings 41008976428.00 39410894857.00

Total equity attributable to owners of the Company as the parent 132544781278.00 132937555308.00

Non-controlling interests 74756224003.00 71608616436.00

Total owners’ equity 207301005281.00 204546171744.00

Total liabilities and owners’ equity 420213183470.00 429978221541.00

Legal representative: Chen Yanshun Chairman of the Executive Committee: Feng Qiang

Chief 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 50598933939.00 45887570444.00

Including: Operating revenue 50598933939.00 45887570444.00

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 48191222879.00 44896545276.00

Including: Cost of sales 42616968993.00 39802900543.00

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 357440761.00 286396464.00

Selling expense 431792621.00 434304587.00

Administrative expense 1382404928.00 1456643618.00

R&D expense 3014211842.00 2725845440.00

Finance costs 388403734.00 190454624.00

Including: Interest costs 912545084.00 952033531.00

Interest revenue 503069782.00 548748379.00

Add: Other income 481618568.00 617195143.00

Return on investment (“-” for loss) -50662722.00 -205512994.00

Including: Share of profit or loss of joint ventures and

-63367378.00-241469988.00

associates

Income from the derecognition of financial

0.000.00

assets at amortized cost (“-” for loss)

9BOE Technology Group Co. Ltd. First Quarterly Report 2025

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) 72818914.00 -54369469.00

Credit impairment loss (“-” for loss) -9794782.00 -20856249.00

Asset impairment loss (“-” for loss) -650860075.00 -748246680.00

Asset disposal income (“-” for loss) 26091559.00 7040622.00

3. Operating profit (“-” for loss) 2276922522.00 586275541.00

Add: Non-operating income 77420401.00 53109234.00

Less: Non-operating expense 6491224.00 4647001.00

4. Gross profit (“-” for loss) 2347851699.00 634737774.00

Less: Income tax expense 410751497.00 151905420.00

5. Net profit (“-” for net loss) 1937100202.00 482832354.00

5.1 By operating continuity

5.1.1 Net profit from continuing operations (“-” for net loss) 1937100202.00 482832354.00

5.1.2 Net profit from discontinued operations (“-” for net

0.000.00

loss)

5.2 By ownership

5.2.1 Net profit attributable to owners of the Company as the

1613999380.00983812692.00

parent

5.2.2 Net profit attributable to non-controlling interests 323100822.00 -500980338.00

6. Other comprehensive income net of tax 62631620.00 -56021404.00

Attributable to owners of the Company as the parent 58667652.00 -44866298.00

6.1 Items that will not be reclassified to profit or loss 10633137.00 -2950788.00

6.1.1 Changes caused by remeasurements on defined

0.000.00

benefit schemes

6.1.2 Other comprehensive income that will not be

-5248284.00-4679148.00

reclassified to profit or loss under the equity method

6.1.3 Changes in the fair value of investments in other

15881421.001728360.00

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 48034515.00 -41915510.00

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

48034515.00-41915510.00

currency-denominated financial statements

6.2.7 Other 0.00 0.00

Attributable to non-controlling interests 3963968.00 -11155106.00

7. Total comprehensive income 1999731822.00 426810950.00

Attributable to owners of the Company as the parent 1672667032.00 938946394.00

Attributable to non-controlling interests 327064790.00 -512135444.00

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 acquirees

before 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 Qiang

Chief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Xu Yaxiao

10BOE Technology Group Co. Ltd. First Quarterly Report 2025

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 53932028200.00 52321850824.00

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 2781921908.00 2518507872.00

Cash generated from other operating activities 1514673136.00 1320664784.00

Subtotal of cash generated from operating activities 58228623244.00 56161023480.00

Payments for commodities and services 35125921106.00 31470733300.00

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 6015134936.00 5417226891.00

Taxes and levies paid 1567299774.00 1333136024.00

Cash used in other operating activities 1776471692.00 1709222195.00

Subtotal of cash used in operating activities 44484827508.00 39930318410.00

Net cash generated from/used in operating activities 13743795736.00 16230705070.00

2. Cash flows from investing activities:

Proceeds from disinvestment 12746874980.00 8551543161.00

Return on investment 65946661.00 109848899.00

Net proceeds from the disposal of fixed assets intangible assets

7164478.006919339.00

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 390430882.00 730329518.00

Subtotal of cash generated from investing activities 13210417001.00 9398640917.00

Payments for the acquisition of fixed assets intangible assets

9049134737.004990971613.00

and other long-lived assets

Payments for investments 11157764768.00 13799650053.00

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 57437634.00 10663235.00

Subtotal of cash used in investing activities 20264337139.00 18801284901.00

Net cash generated from/used in investing activities -7053920138.00 -9402643984.00

3. Cash flows from financing activities:

Capital contributions received 2774085800.00 333442000.00

Including: Capital contributions by non-controlling interests

2774085800.00333442000.00

to subsidiaries

Borrowings received 7474047148.00 11049663476.00

Cash generated from other financing activities 258473336.00 3391076.00

Subtotal of cash generated from financing activities 10506606284.00 11386496552.00

11BOE Technology Group Co. Ltd. First Quarterly Report 2025

Repayment of borrowings 18957823638.00 13103045886.00

Interest and dividends paid 1300419841.00 1747105196.00

Including: Dividends paid by subsidiaries to non-controlling

0.000.00

interests

Cash used in other financing activities 273638270.00 190458308.00

Subtotal of cash used in financing activities 20531881749.00 15040609390.00

Net cash generated from/used in financing activities -10025275465.00 -3654112838.00

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

-44344535.0087086878.00

equivalents

5. Net increase in cash and cash equivalents -3379744402.00 3261035126.00

Add: Cash and cash equivalents beginning of the period 62005252511.00 52092981748.00

6. Cash and cash equivalents end of the period 58625508109.00 55354016874.00

(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation

of 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 Directors

BOE Technology Group Co. Ltd.

28 April 2025

12