ANNUALREPORT 2025

April 2026

1BOE Technology Group Co. Ltd. Annual Report 2025

Message to Our Shareholders

With another year behind us we have delivered strong results and made meaningful strides.Looking back on 2025 the global industrial landscape underwent profound changes with opportunities and

challenges closely intertwined. With the steadfast trust and backing of our shareholders the entire BOE team

has risen to challenges by gaining strength amid transformation and advancing through innovation driving

the Company forward on a stable and sustainable path. On behalf of BOE I would like to extend our

sincerest gratitude to all shareholders and partners.During the Reporting Period our core strengths grew even stronger breakthroughs in emerging fields

accelerated and our strategic industry footprint continued to take solid shape. Specifically BOE has

maintained the world’s No. 1 shipment volume across five major LCD mainstream applications and

automotive displays while shipments of flexible OLED devices have also achieved steady growth. The

innovation-driven businesses gained strong momentum. Multiple entities including BOE Varitronix BOE

Energy and UPTC have earned top-tier industry qualifications and accolades further reinforcing their

benchmark presence in their respective niche segments. New project deployment has advanced smoothly.The sixth-generation new display production line in Beijing and Phase II of the smart terminal project in

Vietnam have successfully entered mass production while the first product on the 8.6-generation AMOLED

production line in Chengdu was lit up ahead of schedule. At the same time strategic initiatives such as

Zhuhai BOE MLED Beijing BOE Hospital and Yantai Materials Research Institute have delivered tangible

results laying a solid foundation for the Company’s long-term high-quality growth. These achievements are

the result of BOE’s continuous exploration and deep commitment to high-quality industrial development.Over the past year we remained committed to strategic guidance and planned the Company’s future from

a long-term perspective. Throughout our business journey we have continuously refined a strategic

development system that is uniquely BOE. This system has gradually become scientific and well-groundedwith the strategy of "Empower IoT with Display" as the guiding principle for our development the “NthCurve” theory as the framework for strategic evolution the “1+4+N+Ecosystem” architecture as our

business development pathway the “Three Horizontals and Three Verticals” and “Rigorous Backbone withDelegated Branches” mechanisms as operational and management support and the “Three Minds and FiveSpirits” as the cultural foundation. We anchored our direction with a clear strategy and supported business

breakthroughs with a well-established system steadily delivering sustainable growth in the Company’s value.Over the past year we remained committed to innovation-driven development led industrial upgrading

through global technology debuts and continuously strengthened our core competitiveness. In the display

business the world’s first high-PPI under-display camera OLED gaming smartphone display won the

"Display of the Year" award at Display Week. UB Cell 4.0 TV products achieved ultra-high color gamut and

full viewing angles without color distortion delivering an exceptional visual experience comparable to

OLED quality. In innovative businesses the MLED business in collaboration with BOE HC SemiTek

developed the MPD P0.6 double-sided poster display which won the "Best of Show Awards" at InfoComm

2025 in the United States. The spine surgery expert team at Chengdu BOE Hospital completed the world’s

first reverse-folding deformity correction surgery. The R&D and pilot production line for glass-based

packaging substrates achieved full process integration. Perovskite photovoltaic module efficiency set four

new world records.

2BOE Technology Group Co. Ltd. Annual Report 2025

We firmly advanced the “AI+” strategy. In AI+ manufacturing we pioneered the industry’s first BOE AI

factory leveraging our self-developed Blue Whale display large model to continuously enhancemanufacturing efficiency. In AI+ products we established a full-chain innovation model spanning “devices–complete products–systems–scenarios". In AI+ operations we focused on key areas such as market insights

production planning and integrated supply continuously driving quality improvement and efficiency

enhancement. BOE is dedicated to building robust product and technology moats through comprehensive

innovation practices continuously strengthening the Company’s sustainable profitability.Over the past year we remained committed to sustainable development conveying corporate

responsibility and human-centric care through "green + technology". We firmly believe that a great enterprise

should not only lead in technology and market scale but also leverage innovative technologies to safeguard a

better life and create sustainable social value. We collaborated with industry chain partners through joint

innovation to drive green low-carbon and decarbonization efforts throughout the entire lifecycle of the

display industry. To date all 18 of our display manufacturing production lines have been recognized as

"National Green Factories" with the benchmark effect of green manufacturing continuing to expand. In April

2025 we launched the display industry’s first sustainability brand "ONE" embodying "Open Next and

Earth" and elevating sustainable development from corporate practice to an industry standard. Looking

ahead we will further deepen our sustainable development strategy guided by the value proposition of

"Creating Value for the Future" transforming our innovation-driven DNA into sustained momentum for

development and comprehensively promoting the synergy between corporate growth environmental

benefits and social value.Over the past year we remained committed to rewarding shareholders and placed strong emphasis on

investor interests. We introduced the Shareholder Return Plan for the Next Three Years (2025–2027)

delivering returns through multiple approaches. During the Reporting Period we distributed total cash

dividends of RMB1.87 billion for 2024 representing 35% of net profit attributable to shareholders of the

parent company. We also completed A-share repurchases exceeding RMB1.5 billion and cancelled

approximately RMB1 billion of treasury A-shares originally intended for equity incentives. Through a multi-

layered and integrated approach we effectively enhanced shareholder returns and conveyed confidence in

the Company’s growth. BOE’s long-term development would not be possible without the strong support and

partnership of our shareholders. Looking ahead we will continue to refine our long-term return mechanism

enhancing shareholder returns in a consistent stable and predictable manner and increasing the Company’s

long-term investment value. We sincerely look forward to continuing to move forward alongside our

shareholders and sharing the achievements of the Company’s high-quality development.Past achievements mark only the prologue and the journey ahead calls for even greater endeavor. In 2026

BOE will hold fast to its purpose and rise to its mission. Driven by "Empower IoT with Display" and

propelled by the "Nth Curve" we will press forward on technology innovation ecosystem building green

development and global footprint expansion with determination and resolve. With stronger conviction more

pragmatic actions and a more open mindset we will forge ahead toward our goal of "To Be the Most

Respected Company on Earth".

3Part I Important Notes Table of Contents and Definitions

The Board of Directors (or the “Board”) as well as the directors 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.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.All the Company’s directors have attended the Board meeting for the review of this Report

and its summary.Any plans for the future and other forward-looking statements mentioned in this Report

shall NOT be considered as absolute promises of the Company to investors. Investors

among others shall be sufficiently aware of the risk and shall differentiate between plans

and forecasts and promises.The Board has approved a final dividend plan for the Reporting Period. Based on

37044328064 shares a cash dividend of RMB0.56 (tax inclusive) per 10 shares is to be

distributed to all the shareholders with no bonus issue from either profit or capital reserves.This Report and its summary have been prepared in Chinese and translated into English.Should there be any discrepancies or misunderstandings between the two versions the

Chinese versions shall prevail.

4BOE Technology Group Co. Ltd. Annual Report 2025

Table of Contents

Message to Our Shareholders...........................2

Part I Important Notes Table of Contents and Defin... 5

Part II Corporate Information and Key Financial In... 9

Part III Management Discussion and Analysis..........14

Part IV Environmental Social and Governance Inform.. 44

Part V Significant Events............................78

Part VI Share Changes and Shareholder Information.. 102

Part VII Bonds..................................... 115

Part VIII Financial Statements..................... 124

5BOE Technology Group Co. Ltd. Annual Report 2025

Documents Available for Reference

(I) The financial statements signed and sealed by the Company’s legal representative Chairman of the Executive Committee Chief

Financial Officer and head of the financial department (equivalent to financial manager); and

(II) The originals of all the documents and announcements that the Company disclosed on www.cninfo.com.cn during the Reporting

Period.All the above mentioned documents are available at the Board Secretary’s Office of the Company.Chairman of the Board (signature): Mr. Chen Yanshun

Date of the Board’s approval of this Report: 30 March 2026

6BOE Technology Group Co. Ltd. Annual Report 2025

Definitions

Term Definition

BOE Technology Group Co. Ltd. and its consolidated subsidiaries except where

“BOE” the “Company” the “Group” or “we”

the context otherwise requires

BOE HC BOE HC Semitek Corporation

BOE Varitronix Varitronix BOE Varitronix Limited

BOE Energy Energy Technology BOE Energy Technology Co. Ltd.Suzhou Sensor Suzhou BOE Sensor Technology Co. Ltd.UPTC UPTC (Beijing) Technology Co. Ltd.Zhongxiangying Beijing Zhongxiangying Technology Co. Ltd.Ewin Technology Ewin Technology Co. Ltd.The cninfo website http://www.cninfo.com.cn/

CSRC The China Securities Regulatory Commission

SZSE the Stock Exchange The Shenzhen Stock Exchange

The Company Law The Company Law of the People’s Republic of China

The Securities Law The Securities Law of the People’s Republic of China

Guideline No. 1 of the Shenzhen Stock Exchange Regarding Self-disciplinary

The Compliance in Operation of Main Board

Activities and Regulation of Listed Companies—Compliance in Operation of Main

Listed Companies

Board Listed Companies

The Stock Listing Rules The Stock Listing Rules of the Shenzhen Stock Exchange

The Articles of Association The Articles of Association of BOE Technology Group Co. Ltd.The Rules of Procedure for the Board of The Rules of Procedure for the Board of Directors of BOE Technology Group Co.Directors Ltd.The Rules for Independent Directors The Rules for Independent Directors of BOE Technology Group Co. Ltd.The Rules of Procedure for the Supervisory The Rules of Procedure for the Supervisory Committee of BOE Technology Group

Committee Co. Ltd.The Methods for the Administration of The Methods for the Administration of Information Disclosure of BOE Technology

Information Disclosure Group Co. Ltd.InfoComm USA A professional audiovisual show

2.8K 2.8K resolution (2880 × 1800 pixels)

2D Two Dimensions

2D/3D Switching between 2D and 3D display modes

3060 dual-carbon China’s carbon peaking target before 2030 and carbon neutrality target before 2060

3D Three Dimensions

4K 4K resolution (3840 × 2160 pixels)

5A 5A certificate

8K 8K resolution (7680 × 4320 pixels)

AI Artificial Intelligence

AMOLED Active-matrix Organic Light Emitting Diode

BD Cell BOE Dual Cell technology

BES BOE Smart Energy Operation System

Best of ShowAwards Awards granted by InfoComm USA

BIPV Building Integrated Photovoltaics

BOE-α A super cinema project jointly developed by BOE and Shanghai Film Group

BT2020 ITU-R BT.2020 standardized methods for image parameters of television systems

BYH Ultra/V1 Two series of splicable display screens launched by BOE

Car-NK Chimeric Antigen Receptor-Natural Killer

CCF China Computer Federation

CES International Consumer Electronics Show

CHPI Clock-embedded High-speed Point-to-point Interface

COB Chip (Mini LED) On PCB

COG Chip (Mini LED) On Glass

DLR Dynamic Local Refresh

Dual Gate A dual-gate circuit design scheme that reduces the number of source driver chips

ESG Environmental Social and Governance

7BOE Technology Group Co. Ltd. Annual Report 2025

FPXD Flat Panel X-Ray Detector

FOB Flexible Printed Circuit on Board

GaN Gallium Nitride

GOA Gate onArray

HDR High Dynamic Range Imaging

Smart cockpit innovation scenarios covering Healthiness Entertainment

HERO

Relaxation and Office

Hertz (the core unit of monitor refresh rate referring to the number of times the

Hz

screen refreshes its image per second)

IFI IFI Claims

IGZTO Indium Gallium Zinc Tin Oxide

Innovation Awards Awards granted by CES

IoT Internet of Things

IP Intellectual Property

IT Information Technology

LCD Liquid Crystal Display

LED Light-emitting Diode

LTPS Low Temperature Poly-Silicon

Amodular digital immersive exhibition jointly created by Hunan Museum and

M-BOX

Ewin Technology

MEMS Micro-Electro-Mechanical System

Mini LED Sub-millimeter LED

Mini/Micro LED Sub-millimeter/Micro LED

MLED Mini/Micro LED

MLED (Mini/Micro LED) Sub-millimeter/Micro LED

MNT Monitor

MoonHalo Ambient backlight (moon halo)

MPD Micro-Pixel Device

NB Notebook

nit (the core physical unit for measuring the brightness of display devices defined

nit

by standard as 1 candela per square meter)

NK Natural Killer

OC Open Cell

OLED Organic Light Emitting Diode

Oxide Oxide thin film transistor technology

P0.6 Pitch of 0.6mm

PC Personal Computer

PCB Printed Circuit Board

PCT Patent Cooperation Treaty

PFAS Free Per-and Polyfluoroalkyl Substances Free

PLC Programmable LogicnController

Proximity Sensor A type of sensor

RGB Sensor A type of sensor

SMD Surface Mount Technology

TADF Thermally Activated Delayed Fluorescence

Tandem Tandem technology

TFT-LCD Thin Film Transistor Liquid Crystal Display

TPC Tablet Personal Computer

TüV Rheinland Reflection-Free A certificate

TV Television

UB Cell Natural and realistic display as Ultra Black Ultra Bright Ultra Brilliant

UBP Universal Business Park

Ultra A high-end small-pitch direct-view product

X-ray A type of radiation

8BOE Technology Group Co. Ltd. Annual Report 2025

Part II Corporate Information and Key Financial Information

I Corporate Information

Stock name BOE-A BOE-B Stock code 000725 200725

Previous stock name (if any) N/A

Stock exchange for stock listing Shenzhen Stock Exchange

Company name in Chinese 京东方科技集团股份有限公司

Abbr. 京东方

Company name in English (if

any) BOE TECHNOLOGY GROUP CO. LTD.Abbr. (if any) BOE

Legal representative Chen Yanshun

Registered address 10 Jiuxianqiao Road Chaoyang District Beijing P.R.China

Zip code 100015

Past changes of registered address N/A

Office address 12 Xihuan Middle Road Beijing Economic-Technological Development Area P.R.China

Zip code 100176

Company website www.boe.com

Email address ir@boe.com.cn

II Contact Information

Item Board Secretary Securities Representative

Name Guo Hong Luo Wenjie

12 Xihuan Middle Road Beijing 12 Xihuan Middle Road Beijing

Office Address Economic-Technological Development Economic-Technological Development

Area P.R.China Area P.R.China

Tel. 010-60965555 010-60965555

Fax 010-64366264 010-64366264

E-mail address guohong@boe.com.cn luowenjie@boe.com.cn

III Media for Information Disclosure and Place where this Report Is Lodged

Stock exchange website where this

Report is disclosed http://www.szse.cn

Media and website where this Report is China Securities Journal Shanghai Securities News Securities Times

disclosed http://www.cninfo.com.cn/

Place where this Report is lodged Board Secretary’s Office

IV Changes to Company Registered Information

Unified social credit code 911100001011016602

Change to principal activity of the Company since going public (if any) No change

Every change of controlling shareholder since incorporation (if any) No change

9BOE Technology Group Co. Ltd. Annual Report 2025

V Other Information

The independent audit firm hired by the Company:

Name Ernst & Young Hua Ming LLP

Office address 16/F Ernst & Young Building Tower E3 Oriental Plaza 1 East Chang’an Avenue DongchengDistrict Beijing China

Accountants writing signatures Xie Feng and Wang Jing

The independent sponsor hired by the Company to exercise constant supervision over the Company in the Reporting Period:

□ Applicable□ Not applicable

The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting

Period:

□ Applicable□ Not applicable

VI Key Financial Information

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

2025-on-

Item 2025 2024 2024 change 2023

(%)

Operating revenue (RMB) 204590222888.00 198380605661.00 3.13% 174543445895.00

Net profit attributable to the listed

5856966754.005323248974.0010.03%2547435360.00

company’s shareholders (RMB)

Net profit attributable to the listed

company’s shareholders before 4230339525.00 3837124867.00 10.25% -632561344.00

exceptional gains and losses (RMB)

Net cash generated from/used in 48824555674.00 47737577379.00 2.28% 38301826884.00

operating activities (RMB)

Basic earnings per share (RMB/share) 0.16 0.14 14.29% 0.06

Diluted earnings per share (RMB/share) 0.16 0.14 14.29% 0.06

Weighted average return on equity (%) 4.39% 4.05% 0.34% 1.89%

Change of

31

Item December31 December 2025 31 December 2024 31 December 2023

2025 on 31

December

2024(%)

Total assets (RMB) 436378322803.00 429978221541.00 1.49% 419187099795.00

Equity attributable to the listed

134478628806.00132937555308.001.16%129428307067.00

company’s shareholders (RMB)

Indicate by tick mark whether the lower of the net profit attributable to the listed company’s shareholders before and after

exceptional gains and losses was negative for the last three accounting years and the latest independent auditor’s report indicated

that there was uncertainty about the Company’s ability to continue as a going concern.

10BOE Technology Group Co. Ltd. Annual Report 2025

□ Yes□ No

Indicate by tick mark whether the lowest of the Company’s audited gross profit net profit and net profit before exceptional gains

and losses for the Reporting Period is negative.□ Yes□ No

VII Accounting Data Differences under China’s Accounting Standards for Business

Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign

Accounting Standards

1. Net Profit and Equity under CAS and IFRS

□Applicable□ Not applicable

No difference for the Reporting Period.

2. Net Profit and Equity under CAS and Foreign Accounting Standards

□Applicable□ Not applicable

No difference for the Reporting Period.VIII Key Financial Information by Quarter

Unit: RMB

Item Q1 Q2 Q3 Q4

Operating revenue 50598933939.00 50679248196.00 53269817390.00 50042223363.00

Net profit attributable to the listed

1613999380.001632886399.001354611315.001255469660.00

company’s shareholders

Net profit attributable to the listed

company’s shareholders before 1351864713.00 930371818.00 896919685.00 1051183309.00

exceptional gains and losses

Net cash generated from/used in

13743795736.008992511350.0014038311177.0012049937411.00

operating activities

Indicate by tick mark whether any of the quarterly financial data in the table above or their summations differs materially from

what have been disclosed in the Company’s quarterly or interim reports.□ Yes□ No

IX Exceptional Gains and Losses

□Applicable □ Not applicable

Unit: RMB

Item 2025 2024 2023 Note

11BOE Technology Group Co. Ltd. Annual Report 2025

Gain or loss on disposal of non-current assets

467024249.00 150314680.00 -18043310.00 N/A

(inclusive of impairment allowance write-offs)

Government grants recognized in current 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 1156541377.00 1220722012.00 3793619228.00 N/A

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

490447697.00 571124492.00 360708461.00 N/A

assets and liabilities (exclusive of the effective

portion of hedges that arise in the Company’s

ordinary course of business)

Capital occupation charges on a non-financial

0.00 0.00 0.00 N/A

enterprise that are charged to current profit or loss

Gain or loss on assets entrusted to other entities

0.00 0.00 0.00 N/A

for investment or management

Gain or loss on loan entrustments 0.00 0.00 0.00 N/A

Asset losses due to acts of God such as natural

0.00 0.00 0.00 N/A

disasters

Reversed portions of impairment allowances for

receivables which are tested individually for 6137798.00 6099046.00 43996519.00 N/A

impairment

Gain equal to the amount by which investment

costs for the Company to obtain subsidiaries

associates and joint ventures are lower than the 242086567.00 0.00 0.00 N/A

Company’s enjoyable fair value of identifiable

net assets of investees when making investments

Current profit or loss on subsidiaries obtained in

business combinations involving enterprises

0.00 0.00 0.00 N/A

under common control from the period-beginning

to combination dates net

Gain or loss on non-monetary asset swaps 0.00 0.00 0.00 N/A

Gain or loss on debt restructuring 0.00 0.00 0.00 N/A

One-off costs incurred by the Company as a

result of discontinued operations such as 0.00 0.00 0.00 N/A

expenses for employee arrangements

One-time effect on current profit or loss due to

adjustments in tax accounting and other laws and 0.00 0.00 0.00 N/A

regulations

One-time share-based payments recognized due

to cancellation and modification of equity 0.00 0.00 0.00 N/A

incentive plans

Gain or loss on changes in the fair value of

employee benefits payable after the vesting date 0.00 0.00 0.00 N/A

for cash-settled share-based payments

Gain or loss on fair-value changes in investment

property of which subsequent measurement is 0.00 0.00 0.00 N/A

carried out using the fair value method

12BOE Technology Group Co. Ltd. Annual Report 2025

Income from transactions with distinctly unfair

0.00 0.00 0.00 N/A

prices

Gain or loss on contingencies that are unrelated to

0.00 0.00 0.00 N/A

the Company's normal business operations

Income from charges on entrusted management 0.00 0.00 0.00 N/A

Non-operating income and expense other than the

28513604.00 153063492.00 333923695.00 N/A

above

Other gains and losses that meet the definition of

0.00 0.00 0.00 N/A

exceptional gain/loss

Less: Income tax effects 450136684.00 208616605.00 227580473.00 N/A

Non-controlling interests effects (net of tax) 313987379.00 406583010.00 1106627416.00 N/A

Total 1626627229.00 1486124107.00 3179996704.00 --

Particulars about other gains and losses that meet the definition of exceptional gain/loss:

□ Applicable□ Not applicable

No such cases for 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 for the Reporting Period.

13BOE Technology Group Co. Ltd. Annual Report 2025

Part III Management Discussion and Analysis

I Principal Operations of the Company in the Reporting Period

(I) About the Company

In constant pursuit of excellence BOE Technology Group Co. Ltd. is an innovative IoT company dedicated to providing

intelligent interface products and professional services for information interaction and human health.With “To Be the Most Respected Company on Earth” as its vision and BOE always keeps in mind the mission of “Change Lifewith BOE Display Everywhere” upholds the core values of “Integrity & Reliability Dedication to Customers Being People-oriented Openness and Innovation” as well as adheres to the business philosophy of “Doing the Right Thing Innovation andProgress Seeking”. It has been continuously strengthening the construction of its industrial ecosystem and enhancing its value

creation capabilities. Upon decades of relentless efforts BOE has grown into a world leader in the display industry and a global

innovative company in the IoT sector. Adhering to a “market-oriented international and professional” development approach it

has built a significant number of intelligent manufacturing bases in Beijing Hefei Chengdu Chongqing Fuzhou Mianyang

Wuhan Kunming Ordos Nanjing etc. with subsidiaries across many countries and regions including the United States Germany

Japan South Korea Singapore India Brazil and the United Arab Emirates as well as a business network that covers major

regions of the world such as Europe Americas Asia and Africa. BOE aims to provide customers with better products and more

thoughtful service experience with its well-established global network and a diverse product and service system.To adapt to an IoT era BOE has put forward the development strategy of “Empower IoT with Display” in its IoT transformation.Taking into account market conditions and business characteristics BOE has put in place a business development architecture of

“1+4+N+Ecosystem” to ensure the execution and implementation of its strategies. Specifically:

“1” represents display which is the core capacity and quality resources accumulated by BOE as well as the source and origin of

the development strategy of “Empower IoT with Display”.“4” refers to IoT Innovation Sensor MLED and Smart Engineering Medicine. These are the high-potential tracks chosen by BOE

based on its core strengths and value chain extension representing the development directions of the development strategy of

“Empower IoT with Display”.“N” refers to the subdivided application scenarios of IoT that are continuously explored and cultivated by BOE as well as the

specific focus of the development strategy of “Empower IoT with Display”.“Ecosystem” is an enabling platform for the collaborative development of BOE’s innovative ecosystem and an important

guarantee for the development strategy of “Empower IoT with Display”.(II) About the Company’s principal operations

1. The Display Devices business

The Display Devices business offers integrated design and manufacturing services for devices and is committed to providing

interface devices applying TFT-LCD AMOLED and other technologies focusing on providing customers with high-quality display

devices for smartphones tablet PCs laptops monitors TVs vehicles etc.

2. The IoT Innovation business

The IoT Innovation business offers integrated design and manufacturing services for system solutions and provides customers with

competitive smart terminal products for tablets laptops monitors TVs low-power devices IoT 3D display etc. By integrating AI

and big data capabilities BOE provides innovative IoT products and services that combine software and hardware.

3. The Sensor business

The Sensor business offers integrated design and manufacturing solutions focuses on FPXD smart display windows industrial

14BOE Technology Group Co. Ltd. Annual Report 2025

sensors MEMS and glass packaging substrates and provides customers with products and services including back plates for flat

panel X-ray detectors (FPXD) intelligent PDLC windows and PDLC system solutions consumer electronics and industrial

application solutions and advanced packaging substrates among others.

4. The MLED business

The MLED business provides LED solutions with integrated R&D manufacturing and marketing services. Focused on devices and

solutions this business renders LED backlight products with high quality and reliability for TVs monitors notebooks vehicles etc.as well as Mini/Micro-LED display products with high brightness high reliability and high contrast for segment markets of outdoor

commercial transparent specialized and other displays.

5. The Smart Engineering Medicine business

The Smart Engineering Medicine business adopts a professional service model to provide products services and solutions in relation

to medical care smart nursing medical-engineering integration etc. Meanwhile this business is committed to providing a closed

loop of through-life health services with health management as the core medical terminals as the traction and digital hospitals and

recreational communities as the support. It connects testing equipment healthcare workers and customers through the smart health

management ecosystem where customers enjoy professional health services including prevention treatment therapy and nursing.

6. The “N” business

With a specific focus on the "N" business the Company provides hardware and software integrated system solutions for different

segments including intelligent car networking smart energy industrial IoT UHD display etc. which can provide customers with

multi-functional and smart new experience under IoT scenarios.In terms of intelligent car networking BOE focuses on the intelligent cockpit "HERO" innovative application scenarios joins

hands with global partners to provide new experience of intelligent cockpit scenarios and promotes the continuous upgrading of

full-scenario intelligent solutions representing a new leading ecosystem of innovative and intelligent travel.In terms of the smart energy business BOE focuses on zero-carbon integrated energy services. With BES as the empowering

platform it revolves around various aspects of "source-grid-load-storage-carbon." It offers a zero-carbon implementation path of

"source decarbonization process decarbonization end negative carbon and intelligent carbon management" providing customers

with comprehensive energy services and utilization and zero-carbon solutions.In terms of the industrial IoT business BOE is committed to providing industrial software intelligent manufacturing solutions for

the pan-semiconductor industry. Leveraging over three decades of industry experience BOE offers pan-semiconductor industrial

software industrial AI smart factory services and other products and services continuously driving high-quality development

across the industry.The UHD display business adheres to the "UHD × digitalization" strategy continuously promoting the wide application of UHD

technology in fields such as smart government and enterprise services finance transportation industrial parks and visual arts. It is

committed to embedding UHD into more scenarios providing a better experience achieving higher efficiency and creating more

value. It has independently designed and built the world's first 8K+5G+22.2 UHD 3D sound broadcasting vehicle representing a

pioneering breakthrough in the domestic 8K UHD complete production and broadcasting system.II Industry Overview for the Reporting Period

In 2025 global geopolitical tensions continued to persist and the regionalization characteristics of the industrial chain were

becoming increasingly prominent. Although global trade continued to show a growth trend the overall economic growth rate was

slowing and structural differentiation was significant. Global emerging markets and developing economies became the main

growth engines. On the industry side the dual-mainstream technology landscape further deepened. Leveraging its cost and

performance advantages LCD remained dominant in medium- and large-size applications such as TV MNT and NB with steady

market scale and continuous product specification upgrades. OLED penetration in smartphone applications continued to increase

and expanded into innovative application scenarios such as automotive displays wearables and medical displays. Competition in

15BOE Technology Group Co. Ltd. Annual Report 2025

the small-size segment remained intense display device prices declined and products continued to penetrate the lower-end market.In addition the global AI boom has led to a continuous rise in storage chip prices increasing the uncertainty risk of sales across

various application terminals.In a complex environment opportunities and challenges coexisted. On the one hand on the supply side production utilization was

flexibly adjusted in line with market demand while on the demand side the trend toward larger TV sizes continued. Coupled with

policy support such as “consumer goods trade-in programs” the supply-demand relationship in the industry further improved. On

the other hand the industry’s competitive landscape continued to be reshaped with the focus gradually shifting from competition

in scale and market share to competition in product innovation capabilities featuring high profitability advanced technology and

high added value thereby driving the continued upgrading of the industry. The “15th Five-Year Plan” has established “building amodern industrial system” and “accelerating high-level scientific and technological self-reliance and self-strengthening” as major

deployments for economic and social development. It aims to vigorously develop advanced manufacturing industry clusters

strengthen the primary position of enterprises in technological innovation and encourage enterprises to enhance original

innovation and tackle key core technologies pointing the way for the future development of the industry. Under the support of

policies such as the “AI+” initiative segmented markets like industrial internet smart engineering medicine smart vehicle

connectivity and smart energy are expected to achieve rapid growth and gradually form an intelligent industrial ecosystem

featuring universal interconnectivity.At the same time the “15th Five-Year Plan” clearly outlines the expansion of high-level opening-up effectively improving the

overseas comprehensive service system and guiding the reasonable and orderly cross-border layout of the industrial chain. The

motivation for enterprises to go abroad has shifted from passive “survival” to proactive “victory”. In the future efforts will focus

on strategic layout localized operations and long-term value growth to continuously enhance global operational capabilities and

further expand overseas market space.III Core Competitiveness Analysis

1. Building a corporate value creation system of sustainable growth with clear strategy

The Company relies on its three core advantages accumulated over years of deep industry cultivation i.e. display technology

glass-based processing and large-scale integrated intelligent manufacturing. By focusing on horizontal expansion of the

technology chain and vertical extension of the value chain we continuously explore and incubate emerging fields gradually

forming and perfecting the “1+4+N+Ecosystem” business development structure. In 2021 the Company focusing on its strategic

transformation towards the Internet of Things proposed the “Empower IoT with Display” strategy to adapt to the development of

the times and established it as a phased guideline. Based on a profound summary of our development history and an in-depth

reflection on industry development patterns the Company refined the evolution trajectory of the “N Growth Curves” for enterprise

development and creatively proposed the strategic elevation theory of the “Nth Curve” in 2024.Currently the Company has developed a scientific development system that integrates the “Nth Curve” theory of dimensional

elevation the core strategy of “Empower IoT with Display” the “1+4+N+Ecosystem” business structure the “three offices andthree managements” operational management mechanism and the cultural core of “Three Virtues and Five Spirits”. This system

guides the Company through cycles to achieve long-term sustainable growth.

2. Strengthening industry-leading market advantage under ecological diversity

The Company adheres to a “market-oriented international and professional” development approach and has established long-

term and stable strategic partnerships with many well-known enterprises both domestically and internationally. We have gradually

built a business network covering major regions globally including Europe America Asia and Africa providing high-quality

products and services to our customers.The Company has continued to consolidate its leading advantage with shipments of LCD panels for the five major mainstream

applications ranking first globally for several consecutive years and shipments of flexible OLED devices maintaining growth.Meanwhile the Company has continued to strengthen the construction of its industrial ecosystem. In 2025 the new 6th generation

16BOE Technology Group Co. Ltd. Annual Report 2025

display device production line in Beijing and the second phase of the smart terminal project in Vietnam achieved mass production.The first product from the 8.6th generation AMOLED production line in Chengdu was released ahead of schedule. The Beijing

Fangshan Life Science Industrial Base was successfully opened and the main structure of the Beijing BOE Hospital was topped

out. The first materials research institute project commenced in Yantai and the process line for the research and industrialization

test line of glass-based packing substrates was completed.In addition we continuously strengthened the market competitiveness of our innovative business and achieved multiple industry

qualifications and honors in 2025. In the sensor business the X-ray flat panel detector backplane products obtained the Beijing

“Three New” (New Technology New Product and New Service) certification. Smart Engineering and Medicine was successfully

approved to establish two key laboratories in Beijing. BOE Varitronix was honored with the 2025 “Golden Kunpeng” Best New

Quality Productive Forces Listed Company Award. BOE Energy Technology obtained three top-tier industry certifications

including the Grade 5A certificate for comprehensive capabilities of energy-saving service companies and its License for

Installation Repair and Testing of Power Facilities was upgraded to Class II. UPTC was recognized as a seventh batch

Specialized Refined Distinctive and Innovative “Little Giant” enterprise. The UBP Park and the Life Science Industrial Base

under the technology services segment were both awarded the titles of Zhongguancun Characteristic Industrial Park and High-

Quality Science and Technology Park. The perovskite photovoltaic BIPV zero-carbon cabin full-scenario demonstration project

received one of the first Photoelectric Building Evaluation Label Certificates.

3. Forging excellent technological leadership abilities on an innovation-driven basis

The Company consistently adheres to innovation-driven principles committed to leading industry development with cutting-edge

technology. In terms of products and technologies the 18'' naked-eye 3D notebook integrated proprietary AI technologies such as

eye-tracking and dynamic interleaving delivering an immersive sensory experience for users. The automotive sliding and rolling

flexible OLED product capable of freely switching display sizes between 31.6'' and 17.6'' won the CES 2025 Innovation Awards.The BOE Blue Whale Display Large Model received the CCF Science and Technology Progress Award becoming the first

systematic large-model application achievement in the display manufacturing field to receive this honor.The Company adheres to the global patent strategy of “quality first quantity and quality in parallel” continuously strengthening

the construction of the IP offense and defense system. By the end of 2025 the total number of patent applications by the Company

had exceeded 100000. Among the annual new patent applications invention patents accounted for over 90% and overseas patents

exceeded 33% covering multiple countries and regions such as the United States Europe Japan and South Korea and spanning

various fields including flexible OLED sensor AI and big data. The Company has entered the global TOP20 in the IFI U.S.patent authorization ranking for eight consecutive years. In addition it has been selected for five straight years and remained

among the Top 100 Global Innovators by Clarivate Analytics. At the same time the Company has continuously enhanced its

global industrial discourse power and rule-making authority. By the end of 2025 the Company has led and participated in the

formulation and revision of a total of 469 domestic and international technical standards and multiple standards achieved historic

breakthroughs in international standardization work for China in specific fields.

4. Building an efficient corporate operational system with lean management

The Company has been strengthening its lean management and governance capabilities adhering to precise resource investment to

form an agile front office an intensive middle office and an efficient back office. We have vertically established an organizational

operation support mechanism that integrates strategic management process management and performance management. We havecontinuously enhanced the interaction between the front middle and back offices and consistently deepened the “three officesand three managements” platform-based organizational design. Relying on a business management model of “rigorous coregovernance and delegated authority for branches” the Company established a scientific and efficient hierarchical authorization

mechanism defining the boundaries of operational authority for segmented businesses. Through an empowerment-oriented

process management system we fully support the business in building market-oriented agile response capabilities.In addition the Company is focusing on three major areas: production and manufacturing product innovation and business

operations. Guided by the principle of “business-oriented technology-driven” we are comprehensively empowering industrial

upgrading through the “AI+ strategy”. Specifically in the “AI+ manufacturing” field the Company enabled intelligent

17BOE Technology Group Co. Ltd. Annual Report 2025

transformation across core areas such as planning production quality and environmental management and focused on building

AI-powered factories with the highest efficiency lowest cost and optimal quality. In the “AI+ products” field the Company

established an AI-driven innovation pathway covering material research simulation design process innovation intelligentalgorithms and end-user scenario development providing more scenario-based and intelligent solutions. Regarding “AI+operations” the Company built a more intelligent enterprise decision-making center through a series of vertical-domain intelligent

agents spanning market insights production planning supply chain and operational management.

5. Inheriting the responsibility and mission as a technology enterprise under green guidance

The Company continuously fulfills its social responsibilities by deeply integrating sustainable concepts into the entire value chainof low-carbon development. Through six pathways—“green management green products green manufacturing green recyclinggreen investment and green actions”—we promote the harmonious coexistence of industry and nature through our practices.Currently the Company’s 18 display device production lines have all been awarded the title of “National-level Green Factory”.Among them Wuhan BOE 10.5th generation TFT-LCD production line as the Company’s first chlorine-free factory was selected

in 2025 as one of the first pilot-level smart factories nationwide. From technology innovation driving emission reduction to the

replication of low-carbon models across the industry BOE has continuously promoted the upgrading of the industry towards high-

end intelligent and green development with “green + technology”.In April 2025 the Company officially launched the display industry’s first sustainability brand “ONE” embodying the concepts of

“Open Next and Earth” to redefine the responsibility boundaries of technology enterprises. This initiative elevates sustainabledevelopment from corporate practice to industry standard advancing the Company’s transformation from a “leader intechnological innovation” to a “builder of a sustainable ecosystem”.IV Core Business Analysis

1. Overview

1. The Display Devices business

The Company’s leading position was further consolidated and its product and technology capabilities were comprehensively

strengthened. During the Reporting Period revenue reached approximately RMB166417 million representing a year-on-year

increase of approximately 0.86%. The shipment volume of the five major mainstream LCD products and automotive application

panels remained the highest globally and the shipment volume of flexible OLED devices continued to grow. Specifically in high-

end LCD solutions UB Cell technology drove comprehensive upgrades across TV products. Black Crystal and Black Diamond

products achieved full-series mass production covering sizes from 55'' to 110''. Green low-carbon and circular polarization eye-

friendly display technologies achieved zero-to-one breakthroughs setting a new benchmark for healthy displays. The Company

globally launched intelligent cockpit projects such as the BD Cell irregular triple-display and integrated remote large-screen

solutions continuously advancing innovation in automotive display form factors. In the OLED field the Company globally

launched the “Tandem+TADF” wide color gamut technology and collaborated with customers to develop the ultra-wide color

gamut Linglong Display leading new trends in bar-type smartphones with exceptional image quality. The first planar OLED 14''

2.8K notebook product achieved mass production and was successfully introduced to multiple brand customers.

2. The IoT Innovation business

Mainstream terminals achieved high-quality development with innovative scenarios flourishing. During the Reporting Period

revenue reached approximately RMB38949 million representing a year-on-year growth of approximately 15.14%. In mainstream

terminal segments revenue from overseas core TV terminal customers doubled year-on-year. The MNT segment achieved

breakthroughs in mid- to high-end product series with multiple strategic customers. The TPC segment pushed the limits of thin and

light design achieving the thinnest LCD-based tablet product in the industry. In innovative terminal segments the Company

launched the LIGHT (Low-carbon Integration GreenView Hi-View Top Design) capability framework. Throughout the year

shipment volumes ranked among the leading positions across multiple segmented markets including whiteboards indoor signage

18BOE Technology Group Co. Ltd. Annual Report 2025

projectors POS devices and electronic shelf labels continuously illuminating the development of both the Company and its

partners through “LIGHT”.

3. The Sensor business

The Company steadily expanded its business layout and achieved remarkable progress in market development. During the

Reporting Period revenue reached approximately RMB587 million representing a year-on-year increase of approximately 52.00%.FPXD product sales increased significantly year-on-year. The key project “High Mobility IGZTO Detector Development” of the

Ministry of Science and Technology completed product release. The smart dimming products of smart screens were successfully

launched on schedule in high-end flagship vehicle models of key customers with multiple new customer design-ins secured.Suzhou Sensor’s high-precision laser displacement sensors were fully introduced into leading customers in the laser measurement

industry and programmable logic controller (PLC) products achieved mass production. The first self-developed MEMS micro

differential pressure airflow sensor passed customer certification.

4. The MLED business

The industrial chain continued to improve and business performance was developing positively. During the Reporting Period

revenue reached approximately RMB9316 million representing a year-on-year increase of about 9.81%. In the direct display

business Ultra products were successfully deployed in flagship store projects of key customers. In collaboration with BOE HC

Semitek the MPD P0.6 double-sided poster display product was jointly developed and received the “Best of Show Awards” at

InfoComm 2025 in the United States. In partnership with Shanghai Film Group (SFG) the Company carried out in-depth

cooperation in immersive experiences and smart display terminals creating the SFG BOE-α Super Cinema benchmark project and

leading the digital transformation of the film industry. The backlight device business continued to strengthen its product

competitiveness and has achieved readiness for mass production of new MNT products for leading brand customers.

5. The Smart Engineering Medicine business

The brand reputation has been comprehensively enhanced and the integration of medicine and engineering has achieved

remarkable results. During the Reporting Period revenue reached approximately RMB1902 million representing a year-on-year

increase of about 3.40%. The volume of digital hospital services increased significantly. Chengdu BOE Hospital successfully

completed the on-site evaluation for Grade III Class A accreditation. Its spinal surgery expert team performed the world’s first

reverse folding scoliosis correction surgery and the Department of Cardiovascular Medicine was approved as a 2025 provincial

key clinical specialty construction project. Hefei BOE Hospital successfully carried out an artificial heart implantation surgery and

obtained trial operation qualification for its reproductive center for in vitro fertilization (IVF). Suzhou BOE Hospital obtained dual

certification from China Chest Pain Centers and China Atrial Fibrillation Center. The Chengdu Elderly Care Community has

reached a new high in the scale of long-term resident customers obtained the “Long-term Care Insurance” qualification and

received multiple honors including the Jingrui Science and Technology Award. The medical engineering products focused on the

prevention and control of myopia in adolescents creating a panoramic reading and writing desk product that has won unanimous

market praise. The regenerative medicine cardiac patch has completed the enrollment of all patients for Phase I clinical trials.Simultaneously we were advancing the development pipelines for uterine patches NK/Car-NK immune cells and others. The

cerebrovascular disease secondary prevention intelligent management system has been approved for a Class II registration

certificate.

6. The “N” business

Innovation in the market progressed at multiple levels and professional capabilities were steadily enhanced. BOE Varitronix

accelerated its expansion into the high-end market with LTPS shipments increasing significantly year-on-year and its overseas

strategy effectively drove growth in both revenue and shipment volumes in Europe and the United States. BOE Energy

Technology continued to expand the scale of investment and construction in new energy power stations and energy storage

projects both achieving sustained year-on-year growth. Breakthroughs were also made in wind power and virtual power plant

businesses. BOE HC Semitek continued to secure mass production projects with leading industry customers. Its Micro LED

products achieved stable mass production and delivery while GaN devices were successfully introduced to customers alongsidetechnological upgrades. UPTC achieved a commercial breakthrough in full-time full-scenario live streaming with its “ULive Ultra

19BOE Technology Group Co. Ltd. Annual Report 2025Live” solution. The stage productions Su Di Chun Xiao and Lin Zexu set new records for 4K-level second-site coverage and

nationwide coordinated scale respectively covering 31 provinces hundreds of cinemas and 20 theaters. Both technological

coordination complexity and commercialization maturity remained industry-leading. Zhongxiangying’s proprietary core products

continued to achieve breakthroughs in key industries such as wafers packaging and testing photomasks automotive

manufacturing and new energy. Its overseas market expansion reached a milestone with the first breakthrough order secured. The

technology services UBP Park’s “Future Display Industrial Park” was officially inaugurated while the Zero-Second Innovation

Space was recognized as a Beijing Small and Micro Enterprise Entrepreneurship and Innovation Demonstration Base. Ewin

Technology continued to enhance its operational capabilities cumulatively serving more than one million students. It developed

multiple benchmark projects including the touring exhibition series “See the Forbidden City Here” and launched several “smallbut refined” scenario-based products such as the Dali Intangible Cultural Heritage Digital Treasure Box and the One

Day · Mawangdui Museum Box M-BOX.

2. Revenue and Cost Analysis

(1) Breakdown of Operating Revenue

Unit: RMB

20252024

As % of As % of

Item Changetotal total

Operating revenue Operating revenue (%)

operating operating

revenue (%) revenue (%)

Total 204590222888.00 100% 198380605661.00 100% 3.13%

By operating division

Display Devices business 166417015418.00 81.34% 165003592549.00 83.18% 0.86%

IoT Innovation business 38949236781.00 19.04% 33828880608.00 17.05% 15.14%

Sensor business 587444558.00 0.29% 386471446.00 0.19% 52.00%

MLED business 9316052632.00 4.55% 8483421034.00 4.28% 9.81%

Smart Engineering Medicine

1902021967.000.93%1839415166.000.93%3.40%

business

Others and offset -12581548468.00 -6.15% -11161175142.00 -5.63% 12.73%

By product category

Display Devices business 166417015418.00 81.34% 165003592549.00 83.18% 0.86%

IoT Innovation business 38949236781.00 19.04% 33828880608.00 17.05% 15.14%

Sensor business 587444558.00 0.29% 386471446.00 0.19% 52.00%

MLED business 9316052632.00 4.55% 8483421034.00 4.28% 9.81%

Smart Engineering Medicine

1902021967.000.93%1839415166.000.93%3.40%

business

Others and offset -12581548468.00 -6.15% -11161175142.00 -5.63% 12.73%

By operating segment

Mainland China 102754305370.00 50.22% 99522213629.00 50.17% 3.25%

Other regions 101835917518.00 49.78% 98858392032.00 49.83% 3.01%

By sales model

Direct sales 204590222888.00 100.00% 198380605661.00 100.00% 3.13%

(2) Operating Division Product Category Operating Segment or Marketing Model Contributing over

10% of Operating Revenue or Operating Profit

□Applicable □ Not applicable

20BOE Technology Group Co. Ltd. Annual Report 2025

Unit: RMB

YoY

YoY

YoY change in

Gross change in

Item change in grossOperating revenue Cost of sales profit operating

cost of profit

margin revenue

sales (%) margin

(%)

(%)

By operating division

Display Devices

166417015418.00144918410654.0012.92%0.86%0.67%0.16%

business

IoT Innovation

38949236781.0034398776981.0011.68%15.14%13.72%1.09%

business

By product category

Display Devices

166417015418.00144918410654.0012.92%0.86%0.67%0.16%

business

IoT Innovation

38949236781.0034398776981.0011.68%15.14%13.72%1.09%

business

By operating segment

Mainland China 102754305370.00 87631988655.00 14.72% 3.25% 4.68% -1.17%

Other regions 101835917518.00 84970055356.00 16.56% 3.01% 0.54% 2.05%

By sales model

Direct sales 204590222888.00 172602044011.00 15.64% 3.13% 2.60% 0.44%

Core business data of the prior year restated according to the changed statistical caliber for the Reporting Period:

□ Applicable□ Not applicable

(3) Whether Revenue from Physical Sales Is Higher than Service Revenue

□Yes □ No

Operating division Item Unit 2025 2024 Change (%)

Sales volume K㎡ 90032.00 83132.00 8.30%

TFT-LCD Output K㎡ 90998.00 83328.00 9.20%

Inventory K㎡ 6851.00 5886.00 16.41%

Sales volume K㎡ 2264.00 2093.00 8.17%

AMOLED Output K㎡ 2302.00 2115.00 8.84%

Inventory K㎡ 201.00 163.00 23.21%

Reason for any over 30% YoYmovements in the data above

□ Applicable□ Not applicable

(4) Execution Progress of Major Signed Sales and Purchase Contracts in the Reporting Period

□Applicable□ Not applicable

(5) Breakdown of Cost of Sales

By operating division and product category

Unit: RMB

21BOE Technology Group Co. Ltd. Annual Report 2025

20252024

By operating

Item As % of As % of

Change

division Cost of sales total cost of Cost of sales total cost of (%)

sales (%) sales (%)

Display Devices Materials labor costs

144918410654.0083.96%143955472188.0085.57%0.67%

business depreciation etc.IoT Innovation Materials labor costs

34398776981.0019.93%30247926452.0017.98%13.72%

business depreciation etc.Materials labor costs

Sensor business 429092455.00 0.25% 304425278.00 0.18% 40.95%

depreciation etc.Materials labor costs

MLED business 8755995359.00 5.07% 7993316575.00 4.75% 9.54%

depreciation etc.Smart Engineering Materials labor costs

1918849507.001.11%1899758297.001.13%1.00%

Medicine business depreciation etc.Materials labor costs

Others and offset -17819080945.00 -10.32% -16178949217.00 -9.61% 10.14%

depreciation etc.Unit: RMB

20252024

As % of As % of ChangeBy product category Item

Cost of sales total cost of Cost of sales total cost of (%)

sales (%) sales (%)

Display Devices Materials labor costs

144918410654.0083.96%143955472188.0085.57%0.67%

business depreciation etc.IoT Innovation Materials labor costs

34398776981.0019.93%30247926452.0017.98%13.72%

business depreciation etc.Materials labor costs

Sensor business 429092455.00 0.25% 304425278.00 0.18% 40.95%

depreciation etc.Materials labor costs

MLED business 8755995359.00 5.07% 7993316575.00 4.75% 9.54%

depreciation etc.Smart Engineering Materials labor costs

1918849507.001.11%1899758297.001.13%1.00%

Medicine business depreciation etc.Materials labor costs

Others and offset -17819080945.00 -10.32% -16178949217.00 -9.61% 10.14%

depreciation etc.Note:

The major cost of sales items such as materials labor costs and depreciation are considered as business secrets. In order to avoid

the leakage of these secrets which could result in damage to the interests of the Company and its investors cost of sales is only

presented with respect to the industry segment to which the Company belongs in the table above.

(6) Changes in the Scope of Consolidated Financial Statements for the Reporting Period

□Yes □ No

The changes in the scope of consolidated financial statements for the Reporting Period had no significant impact on segment data.

(7) Major Changes to the Business Scope or Product or Service Range in the Reporting Period

□Applicable□ Not applicable

22BOE Technology Group Co. Ltd. Annual Report 2025

(8) Major Customers and Suppliers

Major customers:

Total sales to top five customers (RMB) 74047425003.00

Total sales to top five customers as % of total sales of the

36.19%

Reporting Period (%)

Total sales to related parties among top five customers as % of

0.00%

total sales of the Reporting Period (%)

Information about top five customers:

Sales revenue contributed for As % of total sales revenue

No. Customer

the Reporting Period (RMB) (%)

1 Customer A 27361878462.00 13.37%

2 Customer B 16755937612.00 8.19%

3 Customer C 11309121913.00 5.53%

4 Customer D 10072687129.00 4.92%

5 Customer E 8547799887.00 4.18%

Total -- 74047425003.00 36.19%

Other information about major customers:

□ Applicable□ Not applicable

Major suppliers:

Total purchases from top five suppliers (RMB) 26447234903.00

Total purchases from top five suppliers as % of total purchases of

18.52%

the Reporting Period (%)

Total purchases from related parties among top five suppliers

0.00%

as % of total purchases of the Reporting Period (%)

Information about top five suppliers:

Purchase in the Reporting

No. Supplier As % of total purchases (%)

Period (RMB)

1 Supplier A 6755813875.00 4.73%

2 Supplier B 6194465846.00 4.34%

3 Supplier C 5726137591.00 4.01%

4 Supplier D 3974413165.00 2.78%

5 Supplier E 3796404426.00 2.66%

Total -- 26447234903.00 18.52%

Other information about major suppliers:

□ Applicable□ Not applicable

Indicate by tick mark whether the Company’s trading revenue accounted for more than 10% of its total operating revenue during

the Reporting Period.□ Applicable□ Not applicable

23BOE Technology Group Co. Ltd. Annual Report 2025

3. Expense

Unit: RMB

Item Main reason for any2025 2024 Change (%)

significant change

Selling expense 2172622919.00 1995294652.00 8.89% N/A

Administrative expense 5896341836.00 6218672130.00 -5.18% N/A

Increased net exchange

Finance costs 1836646802.00 1224387370.00 50.01% loss during the

Reporting Period

R&D expense 13836670878.00 13123309231.00 5.44% N/A

4. R&D Investments

□Applicable □ Not applicable

Names of main Project Expected impact on the future

Project objectives Objectives to be achieved

R&D projects progress development of the Company

Achieve a platform-based

To produce LCDs with an

leap in technological

image quality comparable to

capability; already introduced

that of OLEDs and a cost

UB Cell Series In Mass production of UB into high-end TV products;

lower than that of OLEDs and

Upgrade progress Cell 4.0 Pro products. become a mainstream

enhance BOE's

technology for display

competitiveness in high-end

products and a strategic leader

products.for product upgrading.To further utilize the

advantages of high mobility Complete development of Provide strong support for

and low leakage current of migration rate 20 extreme

narrow channel enhancing productoxides develop new device

Oxide Technology In technology; competitiveness and createstructures create advanced

Upgrade progress green and sustainable

and reliable oxide process Complete development of products with low-power

capability and achieve overall Oxide Dual Gate 1Hz technology.improvement of product technology.performance.Natural light display

The first release of the natural

technology aims to restore

light display technology

displays to a more natural

system will assist BOE in

state and create healthy

collaborating with global

display experiences. At the

ecological partners to build a

same time formulate natural

comprehensive full-chain

light display standards and

healthy display ecosystem

continuously improve visual Steadily advance multipleeye-friendly technologies; solidify its leading position in

Natural Light health research as well as In

the industry promote a

Display Technology standards and certification progress Formulate profound transformation of

systems for leading certifications/standards display technology from

technologies form an etc. “clear visibility” to

integrated healthy display“comfortable and healthyframework of “technologyviewing” and create green

innovation and standard

and sustainable products withimplementation” and rapidly

health eye-friendly

enhance BOE’s influence in

technology.healthy displays.Field Sequential Introduce new field sequential In Complete development of Use low-power technology to

Technology technology with BOE’s progress field sequence create green and sustainable

24BOE Technology Group Co. Ltd. Annual Report 2025

existing resources to enhance technology. products enhance product

image quality and reduce competitiveness and market

power consumption and advantage and provide stable

provide new technological technical support for BOE’s

paths for commercial display future development.automotive TV and e-sports

application scenarios.Support the construction of

the screen-chip-complete

machine industry chain

Promote the application of

create technical barriers

CHPI Product CHPI and ultra-low power In Import NB/MNT CHPI

develop green and sustainable

Promotion driving technology in TV progress products on schedule.products with low-power

MNT and NB products.technology and form product

performance and cost

advantages.Achieve carbon emission Complete validation of Build a green low-carbon

reduction and enhance low-temperature 3.0 display technology platform

Low Carbon and product competitiveness process; and create green and

In

Environmental through the introduction of sustainable products using

progress Expand product

Protection PFAS Free recyclable low- applications for PFAS low-carbon and

volatility materials and low- Free and recyclable low- environmentally friendly

temperature processes. volatility materials. technologies.Significantly improve As a proprietary technology

brightness under both of BOE it demonstrates

normal mode and high- BOE’s product

Use new light-emitting

Product brightness mode; competitiveness and serves as

devices to reduce power

Wide Color Gamut mass

consumption and extend Double service life;

a benchmark for display

Tandem Technology productio performance and visual

lifespan while achieving the

n achieved Significantly reduce health creating new market

BT2020 color gamut. power consumption; opportunities for OLED

Achieve 95% BT2020 products in the integration of

color gamut. imaging and display.As a platform-based

Technolog technology it can be

Significantly reduce the

y integrated into different

Extreme Narrow Reduce the borders on all four numerical values of the

developm application-specific products

Border Technology sides of the display screen. display’s four-side

ent continuously enhancing the

borders.completed competitiveness of BOE

OLED products.Create sustainable products

Achieve automotive with privacy protection

Achieve light and viewing

Automotive switchable privacy technology lead the trend of

angle control through In

Switchable Privacy display invisible to the intelligent automotive

differentiated pixel and circuit progress

Display Technology driver visible to the front applications and enhance the

design.passenger. competitiveness of

automotive products.Meet the technical

requirements of the gaming Enter the gaming notebook

notebook market expand the Be compatible with both

OLED NB product series and market expand the OLEDNB High Refresh In low and high refresh

enhance market NB product series andRate Technology progress rates and support a high

competitiveness; enhance BOE’s customerrefresh rate of 240 Hz.influence.Deploy 240 Hz driving

technology and GOA circuits.

25BOE Technology Group Co. Ltd. Annual Report 2025

Complete large board

design and process

verification achieve a Comprehensively create the

single board module of superior display effect of

14.5'' reduce seams and MLED products with focus

enhance picture on three core technologies:

Mass consistency; premium optics sophisticated

Develop COB products with productio

Direct Display COB different pixel pitches under n of BYH Achieve excellent display

thermology and minimalist

effects by improving structure. Continuously

Project various MLED product series Ultra /V1 specifications such as improve the three major

to enhance the product line. series brightness contrast ratio product platforms for indoor

achieved and color gamut; outdoor and innovative

Self-develop packaging applications and empower

technology achieve ultra- the MLED industry to explore

low power consumption limitless scenarios.and provide users with a

cool screen experience.Enhance the automotive

LCD’s display effect

Mass through local dimming

productio achieve ultra-high

Complete mass production of n of ultra- contrast and ultra-high Significantly enhance product

MLED automotive products thin brightness product lifespan and performance and

Automotive MLED

with high partitioning high automotiv specifications. The provide a durable and

Backlight Products

brightness and ultra-high e backlight brightness can excellent visual window for

contrast. backlight reach 12000 nits and it smart cockpits.products supports HDR display

achieved providing drivers with a

delicate and realistic

visual experience.Achieve integration of AI

smart voice andAI

Develop a series of high-end The camera and 4K OC Achieve breakthroughs in

smart TV products featuring product supports 144 Hz

Mini LED Smart Mini LED products in both

Mini LED high color gamut client has functionality;

TV domestic and overseas

high picture quality and been Support Mini LED local markets enhance BOE’s

Grade 1 energy efficiency. launched. dimming and meet Grade high-end product

1 energy efficiency competitiveness and achieve

requirements. profit growth.Achieve MoonHalo smart

halo and support

customizable lighting

effects;

Develop a multifunctional Develop Smart Dimming Reconstruct user interaction

high-end display and provide

Mass 2.0 based on RGB Sensor;

forms provide an immersive

28.2'' Programming users with a convenient and programming experience and

productio

Display efficient programming Achieve the Proximity make further technical

n

experience as well as a Sensor function; reserves for BOE’s high-end

healthy usage experience. Obtain TüV Rheinland display development.Reflection-Free

certification.Certified as Reflection-

Free

Paper-like Eye- Develop a tablet product with The Complete the introduction Using eye-friendly

friendly Screen learning functions paper-like product of new structural technology to create green

Tablet eye-friendly ultra-thin and client has materials and reduce cost and sustainable products sets

26BOE Technology Group Co. Ltd. Annual Report 2025

ultra-light features. been and weight; a benchmark for cost

launched. reduction and efficiency

Complete PCB layer and

improvement paving the way

price reduction and

for BOE to undertake new

achieve cost reduction

projects.and efficiency

improvement.Achieve 2D/3D

switchable naked-eye 3D

display with lossless 2D

images combined with Being at the industry-leading

The self-developed eye- level this product will

Complete the independent

product tracking and interleaving effectively enhance BOE’s

18'' Naked-eye 3D development of a 2D/3D

client has algorithms and achieve market influence in the 3D

NB switchable naked-eye 3D

been crosstalk ≤2% a 50° display field and lay a solid

display NB product.launched. high-degree-of-freedom foundation for expanding the

3D display viewing angle high-end customer base.

and a naked-eye 3D

display with almost no

perceptible delay.Develop a smart window

Apply solar power and

solution product that Create green and sustainable

wireless transmission

powered by green energy products using low-carbon

High-performance technology we develop the Mass

and without wiring and privacy protection

Light Control smart window solution productio

requirements and achieve technologies to support

Solution product that powered by n

energy-saving through overseas expansion and

green energy and without

solar and dimming enhance customer experience.wiring requirements.functions.Based on spectral confocal Develop an automatic

Industrial Sensor technology and integrated Under indentation detection Enhance product market

3D Optical with algorithms form an machine solution to enhance competitiveness and

Inspection automatic detection solution testing production efficiency and influence.for FOB indentation quality. quality.Deploy MEMS pressure

Develop silicon-based and Mass Develop multi-form sensor products and explore

MEMS Sensor glass-based pressure MEMS productio pressure sensors with high-growth markets such as

chip and device products. n mass delivery capability. consumer medical and

automotive.Clarify the glass-based

substrate technical route

Glass-based Develop large-size high-

In and produce samples;

Develop glass substrate

packaging performance glass-based technology to help upgrade

progress

substrates packaging substrates. Solve key technical packaging technology.problems and improve

product reliability.Based on BOE’s 30 years of Complete the release of Become the core

accumulated industry the BOE Blue Whale technological engine for the

knowledge develop a series Display Large Model implementation of BOE’s AI+

of large models for the which features full- strategy. On the production

The

display industry deliver modality capabilities side promote the construction

implement

BOE Blue Whale leading digital and multi-scenario of AI factories and

ation of

Display Large intelligence solutions to the adaptability high continuously improve

multiple

Model continuous development of precision and strong production efficiency and

projects

the three major business reasoning capabilities product quality; on the

supported

sectors: production and complete the product side establish an AI-

manufacturing product establishment of high- driven full-chain innovation

innovation and operational quality datasets a high- pathway; and on the

management. performance intelligent operational side promote

27BOE Technology Group Co. Ltd. Annual Report 2025

computing platform and a enterprise management

full-chain AI security toward data-driven and

system; encompass a intelligent decision-making

display industrial large upgrading. In the future BOE

model for operation and will continue to lead the rapid

manufacturing a display incubation and large-scale

interface large model for implementation of intelligent

product innovation and a agent clusters achieving

display operational large mutual empowerment of

model for enterprise enterprise development and

operation; effectively industrial upgrading.support the

implementation of

multiple industry-leading

cases.Complete the release of

AI factories; successfully

implement the first batch

of AI factory projects and

achieve comprehensive

Effectively enhance

Build a new factory paradigm improvements in

manufacturing quality and

driven by next-generation AI operation and

efficiency continuously

technology shaping an AI- Multiple manufacturing quality and

leverage the power of AI to

native production and factories efficiency in a number of

drive the implementation of

BOE AI Factory manufacturing system across have been leading AI+ innovative

BOE achievements and value

all elements and achieving implement application systems

creation and become a key

more superior performance in ed deployed across scenarios

enabler for BOE to propel the

comprehensive operational such as production

intelligent manufacturing leap

efficiency. planning material supply

in the display industry.production and

manufacturing quality

management energy

optimization and

environmental safety.Complete

65/75/86/98/110-inch 4K

product development; be

equipped with the BOE

Blue Whale Display

Large Model and C100 series products integrate

mainstream large models; AI multimodal interaction and

launch the first cross- large model technology

Complete an AI-powered device collaborative BOE launching several industry-

highly efficient and office intelligent agent leading applications.Smart All-in-One collaborative smart all-in-one Mass and complete the Focusing on “work efficiencyC100 Product product to enhance user productio development of AI large user experience information

Project experience and core n model meeting minutes security and designcompetitiveness in smart device operation Q&A aesthetics” such products

office solutions. app; complete voice- form the core competitiveness

controlled screen function of AI-enabled work scenarios

development for smart and effectively achieve

pen; complete natural market breakthroughs.handwriting 3.0 app BOE

Share app development

supporting 4K screen

sharing and BYOM

function.Perovskite Leverage the unique In Achieve the Establish a perovskite

28BOE Technology Group Co. Ltd. Annual Report 2025

Photovoltaic technological advantages of progress productization and photovoltaic product matrix

Technology perovskite photovoltaic implementation of incubate new business growth

technology and focus on innovative perovskite points and contribute to

developing product photovoltaic scenarios. sustainable development.implementation solutions for

innovative markets.Particulars about R&D personnel:

Item 2025 2024 Change (%)

Number of R&D personnel 24263 22745 6.67%

R&D personnel as % of total employees 22.08% 22.95% -0.87%

Educational background of R&D personnel

Bachelor’s degree 14156 13593 4.14%

Master’s degree 8107 7202 12.57%

Age structure of R&D personnel

Below 30 8742 8526 2.53%

30~4012374115926.75%

Particulars about R&D investments:

Item 2025 2024 Change (%)

R&D investments (RMB) 13983061575.00 13205274107.00 5.89%

R&D investments as % of operating revenue 6.83% 6.66% 0.17%

Capitalized R&D investments (RMB) 146390697.00 81964876.00 78.60%

Capitalized R&D investments as % of total

1.05%0.62%0.43%

R&D investments

Reasons for any significant change to the composition of R&D personnel and the impact:

□ Applicable□ Not applicable

Reasons for any significant YoY change in the percentage of R&D investments in operating revenue:

□ Applicable□ Not applicable

Reasons for any sharp variation in the percentage of capitalized R&D investments and rationale:

□ Applicable□ Not applicable

5. Cash Flows

Unit: RMB

Item 2025 2024 Change (%)

Subtotal of cash generated from operating

234845511034.00219215758074.007.13%

activities

Subtotal of cash used in operating activities 186020955360.00 171478180695.00 8.48%

Net cash generated from/used in operating

48824555674.0047737577379.002.28%

activities

Subtotal of cash generated from investing

39483947973.0062629563802.00-36.96%

activities

Subtotal of cash used in investing activities 80412309507.00 95279196948.00 -15.60%

Net cash generated from/used in investing -40928361534.00 -32649633146.00 -25.36%

29BOE Technology Group Co. Ltd. Annual Report 2025

activities

Subtotal of cash generated from financing

63692453650.0051846047908.0022.85%

activities

Subtotal of cash used in financing activities 74917784783.00 57363426898.00 30.60%

Net cash generated from/used in financing

-11225331133.00-5517378990.00-103.45%

activities

Net increase in cash and cash equivalents -3793956734.00 9912270763.00 -138.28%

Explanation of why any of the data above varies significantly:

□Applicable □ Not applicable

Net cash generated from operating activities increased 2.28% year on year primarily driven by the increased sales during the

Reporting Period.Net cash generated from investing activities decreased 25.36% year on year primarily driven by the increase in cash paid for the

acquisition and construction of long-term assets during the Reporting Period.Net cash generated from financing activities decreased 103.45% year on year primarily driven by the increase in cash paid for

purchase minority shareholders' equity of subsidiaries during the Reporting Period.Net increase in cash and cash equivalents decreased 138.28% year on year primarily driven by the increase in cash paid for

acquisition and construction of long-term assets and purchase minority shareholders' equity of subsidiaries during the Reporting

Period.Reason for any big difference between the net cash generated from/used in operating activities and the net profit for this Reporting

Period

□ Applicable□ Not applicable

V Analysis of Non-Core Businesses

□Applicable □ Not applicable

Unit: RMB

Item As % of totalAmount Main source/reason Recurrent or not

profit

Income from the disposal of

Return on investment 653966677.00 9.30% long-term equity investments in No

the Reporting Period

Gain/loss on changes

431722966.00 6.14% N/A No

in fair value

Inventory valuation allowances

Asset impairments -4005541287.00 -56.94% established based on market No

conditions

Non-operating income 314980839.00 4.48% N/A No

Non-operating expense 63639776.00 0.90% N/A No

30BOE Technology Group Co. Ltd. Annual Report 2025

VI Analysis of Assets and Liabilities

1. Significant Changes in Asset Composition

Unit: RMB

31 December 2025 1 January 2025 Change in Main reason for

Item As a % of total As a % of total percentage any significant

Amount Amount

assets assets (%) change

Monetary assets 72222940175.00 16.55% 74252625215.00 17.27% -0.72% N/A

Accounts

32293002623.00 7.40% 36338199204.00 8.45% -1.05% N/A

receivable

Contract assets 393081902.00 0.09% 150871486.00 0.04% 0.05% N/A

Inventories 27748526136.00 6.36% 23313464392.00 5.42% 0.94% N/A

Investment

2146616904.00 0.49% 1751189740.00 0.41% 0.08% N/A

property

Investments in

Long-term new associates

equity 18636209565.00 4.27% 13533271302.00 3.15% 1.12% in the

investments Reporting

Period

Fixed assets 186299299142.00 42.69% 204904419511.00 47.65% -4.96% N/A

Increased

investment in

Construction in new

52943124120.0012.13%30159016097.007.01%5.12%

progress constructions in

the Reporting

Period

Right-of-use

807290109.00 0.18% 754408280.00 0.18% 0.00% N/A

assets

Short-term 3655021437.00

0.84% 1563317166.00 0.36% 0.48% N/A

borrowings

Contract

2223451538.00 0.51% 2083836158.00 0.48% 0.03% N/A

liabilities

Long-term

101576573473.00 23.28% 100932391740.00 23.47% -0.19% N/A

borrowings

Lease liabilities 687762666.00 0.16% 631418986.00 0.15% 0.01% N/A

Indicate by tick mark whether overseas assets account for a larger proportion of total assets.□ Applicable□ Not applicable

31BOE Technology Group Co. Ltd. Annual Report 2025

2. Assets and Liabilities at Fair Value

□Applicable □ Not applicable

Unit: RMB

Gain/loss on fair-

Cumulative fair- Impairment

value changes in Purchased in the Sold in the

Item Beginning amount value changes allowance for the Other changes Ending amount

the Reporting Reporting Period Reporting Period

charged to equity Reporting Period

Period

Financial assets

1. Held-for-trading

financial assets

3116435963.00436901252.000.000.0011059718618.0012942507103.000.001670548730.00

(excluding derivative

financial assets)

2.Derivative financial

0.000.000.000.000.000.000.000.00

assets

3. Investments in other

0.000.000.000.000.000.000.000.00

debt obligations

4. Investments in other

441371815.000.00-123936943.000.000.0014356472.000.00536217192.00

equity instruments

5. Other non-current

2735680042.00-5178286.000.000.00143553247.000.000.002874055003.00

financial assets

Subtotal of financial

6293487820.00431722966.00-123936943.000.0011203271865.0012956863575.000.005080820925.00

assets

Investment property 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Productive living assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Receivable financing 472537400.00 0.00 0.00 0.00 0.00 0.00 113134949.00 585672349.00

Total of the above 6766025220.00 431722966.00 -123936943.00 0.00 11203271865.00 12956863575.00 113134949.00 5666493274.00

Financial liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Contents of other changes: N/A

Significant changes to the measurement attributes of the major assets in the Reporting Period:

32BOE Technology Group Co. Ltd. Annual Report 2025

□ Yes□ No

3. Restricted Asset Rights as at the Period-End

Unit: RMB

Item Ending carrying value Reason for restriction

Monetary assets 911821466.00 Mainly security deposits and amounts put in pledge for the issuance of notespayable

391939462.00 Endorsed and transferred with right of recourse and those put in pledge for theNotes receivable issuance of notes payable

Fixed assets 96417684719.00 As collateral for loan

Intangible assets 1581562962.00 As collateral for loan

Construction in progress 16333097942.00 As collateral for loan

Investment property 127541800.00 As collateral for loan

Accounts receivable 467691850.00 As pledge for loan

Total 116231340201.00 --

VII Investments Made

1. Total Investment Amount

□Applicable □ Not applicable

Investments made in this Reporting Period (RMB) Investments made in the prior year (RMB) Change (%)

6522967735.001343958901.00385.35%

2. Significant Equity Investments Acquired in the Reporting Period

□Applicable□ Not applicable

33BOE Technology Group Co. Ltd. Annual Report 2025

3. Significant Non-Equity Investments of which the Acquisition Was Uncompleted in the Reporting Period

□Applicable□ Not applicable

4. Financial Investments

(1) Securities Investments

□Applicable □ Not applicable

Unit: RMB

Profit/loss

Accounti on fair Cumulative

Purchased Sold in Profit/loss Fundi

Code of Initial ng Beginning value fair value Ending

Variety of Name of in this this in this Account ng

securitie investment measure carrying changes in changes carrying

securities securities Reporting Reporting Reporting ing title sourc

s cost ment value this charged to value

Period Period Period e

model Reporting equity

Period

Held-

Fair for- Self-

Domestic/ove 002841. 29999993 16351148 12049613 15062016 175561098.CVTE value 0.00 0.00 0.00 trading funde

rseas stock SZ 9.00 5.00 .00 .00 00

method financial d

assets

Held-

Fair for- Self-

Domestic/ove 688720. 21030376 42340316 24698061 1423360 24698061 52804777.0

ASEM value 0.00 0.00 trading funde

rseas stock SH .00 .00 .00 0.00 .00 0

method financial d

assets

Held-

Fair for- Self-

Domestic/ove 301611. 10740456 11091638 46395141 4221411 46609427 115097412.Kematek value 0.00 0.00 trading funde

rseas stock SZ .00 7.00 .00 6.00 .00 00

method financial d

assets

Fair Held- Self-

Domestic/ove 688545. SINOPHO 49999989 10671014 49999989 10756630 156710133.value 0.00 0.00 0.00 for- funde

rseas stock SH RUS .00 4.00 .00 8.00 00

method trading d

34BOE Technology Group Co. Ltd. Annual Report 2025

financial

assets

Held-

Fair for- Self-

Domestic/ove 603175. Dynamic 19999997 49038517 19999997 49038517 69038514.0

value 0.00 0.00 0.00 trading funde

rseas stock SH Electronics .00 .00 .00 .00 0

method financial d

assets

Held-

Fair for- Self-

Domestic/ove 688809. 44783718 70166807 44783718 70166807 114950525.Maxone value 0.00 0.00 0.00 trading funde

rseas stock SH .00 .00 .00 .00 00

method financial d

assets

Held-

Fair for- Self-

Domestic/ove 001369. 99999999 12564469 99999999 12564469 225644698.Shuangxin value 0.00 0.00 0.00 trading funde

rseas stock SZ .00 9.00 .00 9.00 00

method financial d

assets

Other

equity

Fair - Self-

Domestic/ove 600658. 90160428 60213131 75472622.0 instrume

BEZ value 0.00 14687806 0.00 0.00 0.00 funde

rseas stock SH .00 .00 0 nt

method .00 d

investm

ent

Other

equity

Fair Self-

Domestic/ove 01963. Bank of 12008437 14185134 58551357 10493762 178635732. instrume

value 0.00 0.00 0.00 funde

rseas stock HK Chongqing 5.00 9.00 .00 .00 00 nt

method d

investm

ent

Other

equity

New Fair - Self-

Domestic/ove 01518. 14084885 19855500 12781845.0 instrume

Century value 0.00 12806700 0.00 0.00 431501.00 funde

rseas stock HK 0.00 .00 0 nt

Healthcare method 5.00 d

investm

ent

Horizon Fair Other Self-

Domestic/ove 09660. 24553418 35638388 41654723 1261016 66208141.0

Robotics- value 0.00 0.00 0.00 equity funde

rseas stock HK .00 .00 .00 2.00 0

W method instrume d

35BOE Technology Group Co. Ltd. Annual Report 2025

nt

investm

ent

Other securities investments held at the

0.00--0.000.000.000.000.000.000.00----

period-end

-

92220154574326554347029821478370690578744971109124290549

Total -- 42548731 -- --

5.006.002.003.008.008.007.00.00

(2) Investments in Derivative Financial Instruments

□Applicable□ Not applicable

No such cases in the Reporting Period.VIII Sale of Major Assets and Equity Interests

1. Sale of Major Assets

□Applicable□ Not applicable

No such cases in the Reporting Period.

2. Sale of Major Equity Interests

□Applicable□ Not applicable

IX Main Controlled and Joint Stock Companies

□Applicable □ Not applicable

Main subsidiaries and joint stock companies with an over 10% influence on the Company’s net profit

Unit: RMB

36BOE Technology Group Co. Ltd. Annual Report 2025

Relationship

Name with the Principal activities Registered capital Total assets Net assets Operating revenue Operating profit Net profit

Company

R&D Production and

sales of semi-

Chongqing

conductor display

BOE

device complete

Optoelectr

Subsidiary machine and relevant 3845200000.00 43861755683.00 35735216944.00 15986642745.00 3823391410.00 3207816772.00

onics

products; import and

Technolog

export business and

y Co. Ltd.technology consulting

of goods.Hefei Investment

Xinsheng construction R&D

Optoelectr Production and sales

Subsidiary 9750000000.00 28782104404.00 19109822143.00 26167340185.00 1917021046.00 1727433238.00

onics of relevant products of

Technolog TFT-LCD and its

y Co. Ltd. matching products.Fuzhou Investment

BOE construction R&D

Optoelectr Production and sales

Subsidiary 17600000000.00 28308092936.00 25016026361.00 11419363143.00 2308963118.00 2040523173.00

onics of relevant products of

Technolog TFT-LCD and its

y Co. Ltd. matching products.Subsidiaries obtained or disposed in this Reporting Period

□Applicable □ Not applicable

Name of subsidiary How the subsidiary was acquired or disposed of Effects on the overall operations and performance

Six companies including Beijing BOE Materials Technology

Incorporated with investment No significant effects

Co. Ltd.BOE Technology UK Limited De-registered No significant effects

Information about major majority- and minority-owned subsidiaries:

N/A

37BOE Technology Group Co. Ltd. Annual Report 2025

X Structured Bodies Controlled by the Company

□Applicable□ Not applicable

XI Prospects

Looking ahead to 2026 the global economic structural differentiation and regional restructuring of industrial chains remain

significant. The focus of industry competition is gradually shifting towards comprehensive innovation in technology products and

ecosystems centered on value creation. At the same time the new wave of technological revolution led by AI is deeply integrating

into various industries accelerating the digital and intelligent transformation process of traditional industries.Based on the new era’s development opportunities and challenges the Company will consistently align its corporate strategy with

the times proactively create a full-scenario industrial ecosystem of “Empower IoT with Display” and persist in high-level

technological innovation. We will continue to build a modern industrial development system and actively integrate into the global

market continuously consolidating our global leading position in the display industry. Meanwhile our various innovative

businesses will keep developing flagship products to enhance the global influence of the IoT innovation industry thus laying a

solid foundation for the Company’s high-quality growth.

1. “1+4+N+Ecosystem” business development structure

Display Devices business: The Company will continuously optimize product structure and lead high-quality development of the

industry. In the LCD business the Company will consolidate its capacity advantages in high-generation production lines and

accelerate the transformation of low-generation lines toward innovative applications achieving industry-leading overall

operational efficiency. For OLED business it will on expanding high-yield customers penetrating diversified markets and

advancing product development and volume growth in IT and automotive applications.IoT Innovation business: The Company will focus on enhancing the integration of software and hardware and system design

capabilities striving to build an industrial ecosystem that deeply integrates display technology with IoT applications. By

integrating core display panel resources and strengthening the synergy between components and terminals it aims to achieve

breakthroughs in mainstream terminal businesses. At the same time BOE will actively explore opportunities in innovative

terminal markets accelerate product differentiation and diversified customer expansion and strengthen value creation.Sensor business: The Company will focus on breakthroughs in two key areas: glass-based packaging substrates and industrial

sensors. It will build full-stack vertically integrated capabilities from component innovation to solution integration providing

advanced products and high-quality services covering smart hardware and scenario-based applications. Businesses such as smart

screens and FPXD will further integrate resources and accelerate customer acquisition and market expansion.MLED business: The Company will focus on expanding scale and product categories to comprehensively enhance business

capabilities. In the direct display business the Company will target three major product platforms—indoor outdoor and

innovative applications—while building highly competitive product lines based on COB COG and SMD technologies. In thebacklight business it will strengthen the integrated service chain of “LED → backlight strip/light board → backlight source →complete device” offering diversified product forms to meet the needs of different customers and application scenarios.Smart Engineering Medicine business: With seniors and adolescents as core customers BOE will delve deeply into customer

demands and pain points. Using engineering medicine as a guide we will build a tiered service system. Through integrated

software and hardware solutions and professional health management tools we will extend high-quality medical resources and

professional continuous services to communities and families.“N” business: Relying on the "1+4" capabilities layout the Company will reach the demand side and market side continue to

deepen advantageous tracks and accelerate the landing of scaled application scenarios. At the same time it will adhere to the

38BOE Technology Group Co. Ltd. Annual Report 2025

“three principles” of business development strengthen frontier technology incubation and help the Company enter a new era of

high-quality and high-speed growth.“Ecosystem”: The Company will adhere to the concept of "in-depth cooperation collaborative development and value co-

creation" fully integrate key resources in the upstream and downstream of the industrial chain continuously enhance overall value

creation capabilities and work together to build an open and win-win industrial ecosystem.

2. Improvement in digital and intelligent capabilities

With the goal of building “one digital and visual BOE” the Company will implement a series of digital transformation initiatives

with precision and depth creating an intelligent decision-making hub. At the same time BOE will continuously reinforce its

platform capabilities foundation represented by AI technologies deepen the implementation of its AI+ strategy and promote the

deep integration of AI technologies with operation and manufacturing product innovation and business operation thereby

comprehensively enhancing the Company’s operational and management efficiency.

3. Sustainable development

The Company will formulate a practical corporate sustainability strategy guided by the national “3060 dual-carbon” strategy.Through the six strategic pillars of “Open Innovation Environmental Sustainability Win-Win Ecosystem People-OrientedDevelopment Integrity-based Operation and Value Creation for the Future” we aim to integrate technological innovation ESG

and value creation into a closed loop comprehensively promoting the symbiotic and mutually beneficial development of the

Company with environmental benefits and social value.

4. Globalization

high-quality development of global business with a “market-oriented international and professional” mindset. From the market-

oriented perspective the Company will continuously improve its modern corporate governance system by comprehensively

considering industry characteristics business attributes and development strategies in management and talent utilization. In terms

of the international aspect it will optimize its global industrial layout and participate in global resource allocation across broader

scopes wider fields and deeper levels. In terms of the professional mindset it will establish mechanisms and compliance risk

control systems tailored to efficient corporate operations continuously enhancing the professionalism and capabilities of its talent

teams and providing strong support for the Company’s high-quality development.XII Communications with the Investment Community such as Researches Inquiries and

Interviews

□Applicable □ Not applicable

Type of

Way of Main discussions and Index to the

the

Date Place communic Communication party materials provided by relevant

communic

ation the Company information

ation party

China Asset

BOE Core On-site

7 January 2025 Institution Management Guolian

Competence Tower visit

Securities

E Fund Management

BOE Core On-site China Universal Asset

21 January 2025 Institution

Competence Tower visit Management Guosen Main discussions:

Securities www.cninfoAnswered questions.com.cn

CPIC Industrial from investors.

23 January 2025 Conference call By phone Institution

Securities

BOE Technology On-site

23 January 2025 Institution New China Asset

Innovation Center visit

Wuhan BOE On-site Guosen Securities and

13 February 2025 Institution

Optoelectronics visit 9 other institutions

39BOE Technology Group Co. Ltd. Annual Report 2025

Technology Co.Ltd.BOE Core On-site

18 February 2025 Institution Orient Securities

Competence Tower visit

Fullgoal Fund

19 February 2025 Conference call By phone Institution Guolian Minsheng

Securities

BOE Core On-site Yinhua Fund Guolian

13 March 2025 Institution

Competence Tower visit Minsheng Securities

Investors attending

Main discussions:

BOE's 2024 Annual

22 April 2025 http://rs.p5w.net/ Other Other Answered questions

Results Online

from investors.Briefing

Main discussions:

1. Industry and

market overview;

2. The Company’s

Aspex

operating results;

Management (HK)

22 April 2025 Conference call By phone Institution 3. Performance

Limited and 140 other

interpretation;

institutions

4. Shareholder

returns;

5. Answered questions

from investors.China Securities Ping

An Asset

Management China

BOE Core On-site Life Asset

21 May 2025 Institution

Competence Tower visit Management China

REAsset China

Everwin Asset

Anything Investment

ICBC Credit Suisse

BOE Core On-site

26 May 2025 Institution Asset Management

Competence Tower visit

Tianfeng Securities

BOE Technology On-site

3 June 2025 Institution Harvest Fund

Innovation Center visit

BOE Technology On-site Foresight Fund

10 June 2025 Institution

Innovation Center visit Huatai Securities Main discussions:

BOE Core On-site

27 June 2025 Institution GIC Answered questions

Competence Tower visit from investors.China Universal

16 July 2025 Conference call By phone Institution

Changjiang Securities

Guotai Asset

17 July 2025 Conference call By phone Institution Management GF

Securities

TianhongAsset

BOE Core On-site

18 July 2025 Institution Management Cinda

Competence Tower visit

Securities

UBSAsset

BOE Core On-site

24 July 2025 Institution Management CITIC

Competence Tower visit

Securities

29 July 2025 Conference call By phone Institution Throughline Capital

BOE Technology On-site

7 August 2025 Institution China Securities

Innovation Center visit

Hanseen Fund SDIC

8 August 2025 Conference call By phone Institution

Securities

40BOE Technology Group Co. Ltd. Annual Report 2025

Main discussions:

1. An overview of the

Company's operating

Investors participating performance in the

11 September 2025 https://ir.p5w.net Other Other in the Company’s first half of the year;

performance briefing 2. On-site Q&A

session;

3. Online Q&A

session with investors.BOE Core On-site

28 September 2025 Institution Western Securities

Competence Tower visit Main discussions:

Answered questions

Tiger Pacific Capital

29 September 2025 Conference call By phone Institution from investors.

LP

Main discussions:

1. Industry and

market overview;

IncTar Cap 108

31 October 2025 Conference call By phone Institution 2. The Company’s

institutions in total

operating results;

3. Answered questions

from investors.BOE Core On-site Shenzhen Hongchou

31 October 2025 Institution

Competence Tower visit Investment Co. Ltd.UBS Cephei Capital

Management

BOE Core On-site Taosheng Asset

4 November 2025 Institution

Competence Tower visit Management Xinwei

Asset CITIC

Securities

Hwabao WP Fund

20 November 2025 Conference call By phone Institution Shenyin & Wanguo

Securities

China Life Asset

BOE Core On-site

21 November 2025 Institution Management

Competence Tower visit Main discussions:

Zhongtai Securities Answered questions

Hefei BOE Solar Guosheng Power and from investors.On-site

27 November 2025 Technology Co. Institution New Energy 12

visit

Ltd. institutions in total

BOE Core On-site

2 December 2025 Institution Guolian Fund

Competence Tower visit

BOE Core On-site Maxwealth Fund

5 December 2025 Institution

Competence Tower visit Changjiang Securities

Harvest Fund

BOE Core On-site Penghua Fund JT

9 December 2025 Institution

Competence Tower visit Asset Management

Sealand Securities

BOE Core On-site Rabbit Fund

18 December 2025 Institution

Competence Tower visit Northeast Securities

XIII Formulation and Implementation of Market Value Management Rules and Valuation

Enhancement Plan

Indicate whether the Company has formulated market value management rules.□Yes □ No

Indicate whether the Company has disclosed a valuation enhancement plan.□ Yes□ No

41BOE Technology Group Co. Ltd. Annual Report 2025

In order to effectively strengthen investment value and enhance investor returns in accordance with the Company Law the

Securities Law Regulatory Guideline No. 10 for Listed Companies—Market Value Management and other applicable laws and

regulations the Company has formulated the Market Value Management Rules which was reviewed and approved at the Fourth

Meeting of the 11th Board of Directors of the Company on 18 April 2025.XIV Implementation of the Action Plan for “Dual Enhancement of Quality and Profitability”

Indicate whether the Company has disclosed its Action Plan for “Dual Enhancement of Quality and Profitability”.□Yes □ No

1. Adhere to “Strategic Guidance”

BOE is committed to providing intelligent interface products and professional services for information interaction and human

health. Based on its IoT strategic transformation the Company has proposed the “Empower IoT with Display” strategy to adapt to

the development of the times and established a “1+4+N+Ecosystem” business development structure to comprehensively promote

the execution and implementation of the strategy. Among these “1” refers to the display business in which the Company will

focus on high-quality development enhanced internal capabilities and lean management ensuring that its industry position will

remain firmly among the global leaders. “4” represents high-potential business sectors where the Company will continuously

enhance core capability building and resource reuse significantly improving its overall market competitiveness. “N” points to the

diversified segmented business scenarios where the Company will continue to explore advantageous sectors with several industry

benchmarks that are “specialized sophisticated distinctive and innovative” already created.In the future the Company will consistently adhere to the “Nth Curve” theory as a guide firmly implement the “Empower IoTwith Display” development strategy and follow the “Three Principles” of business expansion. Relying on three core advantages

we will continuously improve the “1+4+N+Ecosystem” business development structure. While consolidating our leading position

in display we will accelerate the exploration of innovative businesses promote the maximization of resource reuse and achieve

high-quality business growth providing good returns to our shareholders.

2. Uphold “Innovation as the Primary Driver”

The Company consistently prioritizes technology and innovation and comprehensively strengthens its technological competitive

advantage through intensive R&D investment. In 2021 the Company’s R&D investment exceeded RMB10 billion for the first

time and from 2021 to 2025 we have consistently invested more than RMB12 billion annually making us a leader in R&D

investment in the global display field. In addition the Company has continued to strengthen its high-quality patent portfolio. As of

the end of 2025 the total number of patent applications exceeded 100000. Among the newly filed patent applications during the

year more than 90% were invention patents and over 33% were overseas patents covering multiple countries and regions

including the United States Europe Japan and South Korea and spanning diverse fields such as flexible OLED sensors AI and

big data. The Company has entered the global TOP20 in the IFI U.S. patent authorization ranking for eight consecutive years. In

addition it has been selected for five straight years and remained among the Top 100 Global Innovators by Clarivate Analytics.The Company actively responds to the development requirements of new quality productivity by constructs three core technology

pillars—display IoT innovation and sensor devices. With the core objective of overcoming significant technical challenges in the

industry we have formulated development strategies for key source directions planned the technology ecosystem network and

completed the top-level design of collaborative innovation with upstream and downstream partners as well as industry-university-

research cooperation. We have already achieved the implementation of several collaborative results.Moving forward the Company will persistently uphold “innovation as the primary driver” dynamically matching technological

capabilities with market demands and leveraging technological iterations to facilitate the implementation of diversified ecological

scenarios. At the same time we will continuously strengthen resource investment and the efficiency of industry-university-

42BOE Technology Group Co. Ltd. Annual Report 2025

research integration deepen industry-university-research cooperation and persistently tackle core technologies to lay a foundation

for building industry-leading technological and innovation capabilities.

3. Maintain “Ethical and Top-Quality Corporate Governance”

To thoroughly implement the newly revised Company Law of the People's Republic of China promote the optimization of

corporate governance mechanisms and improve the Company's internal systems during the Reporting Period the Company

revised nearly 30 governance systems including the Articles of Association and its annexes the Composition and Rules of

Procedure of the Risk Control and Audit Committee of the Board of Directors and the Composition and Rules of Procedure of the

Nomination Remuneration and Appraisal Committee of the Board of Directors and newly formulated the Management Measures

for the Departure of Directors in accordance with the latest laws regulations and normative documents. Additionally it adjusted

the internal supervisory bodies to further enhance operational compliance.The Company continues to advance governance improvement in various areas continuously strengthening the performance of

directors and senior management and actively organizing them to participate in special training. By holding special meetings for

independent directors and organizing on-site visits and research for independent directors the Company gives full play to

independent directors and provides support for their performance of duties.During the Reporting Period the Company's governance was sound and its operational compliance level was high. Moving

forward it will abide by the principles of “integrity standardization transparency and responsibility” regulate itself and

continuously improve the level of governance.

4. Conduct transparent and efficient information disclosure

So far the Company has achieved 10 straight years of Grade A ratings for information disclosure by the Shenzhen StockExchange. Upholding strict adherence to legal and regulatory requirements the Company abides by the “accuracy completenessand truthfulness” principle in disclosing information catering to investor needs and actively fulfilling social responsibilities.Having published a social responsibility report (sustainability report) for 16 straight years the Company bolsters information

disclosure transparency. Moving forward it will further enhance disclosure quality effectively communicate corporate value and

strive to provide a sound basis for investors’ valuation judgments and interest protection.

5. Contribute to “Coexistence and Win-Win with Investors”

The Company persists in showing gratitude to shareholders for their long-standing support through consistent share repurchases

and cash dividends as a way to fulfill its obligations as a public company.In order to establish and improve the shareholder return mechanism actively pay back to investors and effectively protect the

legitimate rights and interests of investors the Company has formulated the Shareholder Return Plan for the Next Three Years

(2025-2027) in accordance with relevant rules and the requirements of the Articles of Association taking into account the

Company's actual situation. In 2025 the Company implemented the 2024 final dividend payout of approximately RMB1.87 billion

in cash; and it carried out an A-stock repurchase plan of over RMB1.5 billion and all repurchased shares have been retired

reducing the Company's registered capital.The Company persists in a proactive professional and diverse approach to investor relations management and continuously make

innovations in the way it communicates with investors. For institutional investors it maintains close ties with the market through

institutional investor visits securities firms’ investment conferences reverse roadshows for institutional investors 2025 BOE

Investor Day among other means. For small and medium-sized investors the Company capitalizes on various platforms including

Shareholders’ Meetings online result presentations Shenzhen Stock Exchange’s platform at irm.cninfo.com.cn investor hotline

and IR email address to engage actively and respond to queries gather feedback and facilitate rights exercise.Moving forward the Company will continue to implement the Shareholder Return Plan for the Next Three Years (2025-2027).Adhering to the “investor-centric” philosophy it will continuously improve investor returns fulfill the responsibilities and

obligations as a public company and jointly promote the healthy development of the capital market.

43BOE Technology Group Co. Ltd. Annual Report 2025

Part IV Environmental Social and Governance Information

I General Information of Corporate Governance

1. Standardized Operation and Perfection of Corporate Governance Structure of the Company in the Reporting Period

The Company has stringently followed laws and rules such as Company Law Securities Laws Code of Corporate Governance for

Listed Companies etc. and requirements of Stock Listing Rules of the Shenzhen Stock Exchange Guidelines of the Main-Board

for the Standardized Operation of Companies to continuously improve the corporate governance of the Company to perfect

internal control system as well as to promote corporate governance level of the Company.During Reporting Period the Company’s directors and senior executives strictly in line with the requirement of related laws and

Company rules and regulations perform their obligations; ensure the standardization and effectiveness of corporate governance.During the Reporting Period the Company revised the Articles of Association concurrently adjusted the structure of the internal

oversight bodies and continued to promote the Company’s governance in many ways. Actively arranged the Company's directors

and senior executives to join special training organized by the Securities regulatory bureau of Beijing and organized on-site

research for independent directors. The Company kept regularly self-inspection of the related party fund transaction external

guarantee as well as the shareholding and its changes of the directors supervisors and senior executives and strengthened the

communication of the investors through the Shenzhen Stock Exchange Investors Interactive Platform.In the Reporting Period corporate governance of the Company was perfected and operated normally which was in total

compliance with various requirements on corporate governance of listed companies. No problems such as horizontal competition

or illegal related-party transactions caused by partial restructuring or other reasons were found. The Company will continue to

follow the concept of “honesty standard transparency and responsibility” regulate itself and continuously improve the level of

governance.Main governance of the Company was as follows:

(1) About Shareholders and General Meetings of Shareholders

As per the Company’s Articles of Association shareholders enjoyed rights and assumed obligations according to the shares they

held. Organizing and convening procedures of the Company’s general meetings of shareholders were in compliance with laws and

regulations. The Company paid high attention to legal interests of its shareholders especially its minority shareholders. Meanwhile

on the basis of ensuring legitimacy and validity of general meetings of shareholders actively provided conveniences including

internet voting for minority shareholders’ joining the general meeting of the shareholders.

(2) About Relationship between the Controlling Shareholder and the Company

The Company was independent from the controlling shareholder and the actual controller in terms of personnel assets financing

organization and business. The controlling shareholder and actual controller of the Company was able to strictly control its

behaviors with no direct or indirect intervention in the Company’s decision-making production and operating activities by

violating relevant laws regulations and the Articles of Association no behaviors in relation to occupying significant funds of the

Company and no behaviors in relation to asking the Company to provide guarantees for it or other parties.

(3) About Directors and the Board of Directors

During the Reporting Period the composition of the Board of Directors of the Company was in line with requirements of

regulations and the Company’s actual situation. All directors possessed necessary knowledge skills and quality for duty

performance. They all performed their duties as stipulated in the Articles of Association honestly faithfully and diligently. They

learned about and kept a constant focus on the Company’s production and operation its financial status and influence and risks of

significant events. They also took the initiative to search for information needed in their decision-making so as to ensure efficient

operation and scientific decision-making of the Board of Directors. Board sessions were organized and convened in strict

44BOE Technology Group Co. Ltd. Annual Report 2025

compliance with the Articles of Association and Rules of Procedure for the Board of Directors. There were three special

committees under the Board of Directors namely the Strategic Committee the Nomination Remuneration and Appraisal

Committee and the Risk Control and Audit Committee. The Company also formulated rules of procedure for all the said special

committees so that they could perform better.

(4) About Information Disclosure and Transparency

According to the Company Law the Stock Listing Rules of the Shenzhen Stock Exchange the Guidelines of the Main-Board for

the Standardized Operation of Companies the Articles of Association and Management Methods for Information Disclosure and

other requirements the Company disclosed information in a timely and fair manner and ensured the factuality accuracy and

completeness of the information disclosed.The Company highly values investor relations and has set up a specialized investor relations team to consistently execute investor

relations functions with proactive professional and diverse strategies.For institutional investors the Company maintains effective communication channels with diverse types ensuring persistent

market visibility. It offers top-notch service through institutional surveys brokerage strategy sessions organized roadshows for

institutions and organized Investor Day.In terms of serving small and medium-sized investors the Company consistently prioritizes their service and upholds equal

treatment. It maintains active interaction and communication with medium and small investors by means of shareholder meetings

online performance presentations the Shenzhen Stock Exchange’s platform investor hotlines and investor mailboxes answers

their questions heeds their suggestions and facilitates the exercise of their rights. The Company actively innovated the format of

its online briefing on the results. For the 2025 interim results the online briefing was conducted simultaneously through an online

text-and-graphic live stream and offline interactions enabling investors to more intuitively access management’s responses to

matters of general concern promoting the open transparent efficient and consistent communication between the Company

investors and analyst of securities and making them known more about the development strategy operation conditions and

technical achievements of the Company.Meanwhile the Company has joined hands with a third-party professional IR service agency to conduct investor relations

activities via the digital platform which makes the communication become more convenient between the investor and the

Company and ensures the compliance and fairness of the investor relations activities.In terms of investor protection the Company actively responds to the call of the Securities and Futures Commission the Stock

Exchange and the China Association for Public Companies and carries out investor protection awareness campaigns through

channels such as its corporate website with a focus on listing rules and risk identification promoting wise investment decisions

and embodying the social responsibility of listed corporations.In terms of shareholder returns with a view to establishing and refining the Company’s shareholder return mechanism actively

rewarding investors effectively protecting the legitimate rights and interests of the investing public and guiding investors to

embrace a long-term investment philosophy the Company announces in April 2025 the Three-Year (2025–2027) Shareholder

Return Plan. The Plan provides that the annual cash dividend distributed each year over the next three years shall be no less than

35% of the net profit attributable to the owners of the Company as the parent for that year; the annual amount of funds used for

share repurchases with the purpose of cancellation shall be no less than RMB1.5 billion (share repurchases for equity incentive

purposes or other uses will be separately arranged); and where conditions permit interim profit distributions may be made.Through a combination of measures including increasing the cash dividend payout ratio and implementing share repurchases for

cancellation the Company aims to deliver consistent stable and predictable shareholder returns.

2. Corporate governance systems of the Company revised during the Reporting Period

During the Reporting Period the Company revised certain corporate governance systems according to its development needs. The

relevant systems have been disclosed on the Cninfo website. Please refer to the table below for specific revisions:

Disclosure date System name New/Revision

45BOE Technology Group Co. Ltd. Annual Report 2025

15 January 2025 Articles of Association Revision

15 January 2025 Rules of Procedure for the Board of Directors Revision

15 January 2025 Shareholders' Meeting Rules of Procedure Revision

15 January 2025 Board of Directors' Strategic Committee Composition and Rules of Procedure Revision

15 January 2025 Board of Directors' Nomination & Remuneration & Appraisal CommitteeComposition and Rules of Procedure Revision

15 January 2025 Executive Committee Chairman's Working Guidelines Revision

15 January 2025 Executive Committee Composition and Rules of Procedure Revision

15 January 2025 Administrative Rules for Professional Managers Revision

28 August 2025 Board of Directors' Nomination & Remuneration & Appraisal CommitteeComposition and Rules of Procedure Revision

28 August 2025 Composition and Rules of Procedure of the Risk Control and Audit Committeeof the Board of Directors Revision

28 August 2025 Rules for Independent Directors Revision

28 August 2025 Executive Committee Composition and Rules of Procedure Revision

28 August 2025 Working Rules for the Chairman of the Executive Committee Revision

28 August 2025 Working Rules for the Company Secretary Revision

28 August 2025 Administrative Rules for the Holding of and Changes in the Company’s Sharesby Directors and Senior Management Revision

28 August 2025 Administrative Rules for Investor Relations Revision

28 August 2025 Administrative Rules for Information Disclosure Revision

28 August 2025 Registration and Management System for Persons with Access to InsideInformation Revision

28 August 2025 Internal Reporting System for Material Information Revision

28 August 2025 Management System for External Users of Information Revision

28 August 2025 Accountability System for Material Errors in the Disclosure of Information in theAnnual Report Revision

28 August 2025 Administrative Rules for Related-party Transactions Revision

28 August 2025 Administrative Rules for External Guarantees Revision

28 August 2025 Administrative Rules for Derivatives Trading Revision

28 August 2025 Administrative Rules for the Raised Funds Revision

28 August 2025 Management System for Wealth Management and Structured Deposit Business Revision

28 August 2025 Administrative Rules for Fund Transactions with Related Parties Revision

28 August 2025 External Investment Management Measures Revision

28 August 2025 Administrative Rules for Internal Control Revision

28 August 2025 Internal Audit System Revision

28 August 2025 Accounting Firm Selection Management Measures Revision

28 August 2025 Administrative Rules for Resignation of Directors New

17 September 2025 Articles of Association Revision

17 September 2025 Rules of Procedure for Shareholders' Meeting Revision

17 September 2025 Rules of Procedure for the Board of Directors Revision

31 October 2025 Administrative Rules for Professional Managers Revision

Indicate by tick mark whether there is any material in-compliance with laws administrative regulations and the regulatory

documents issued by the CSRC governing the governance of listed companies.□ Yes□ No

No such cases in the Reporting Period.II The Company’s Independence from Its Controlling Shareholder and Actual Controller in

Business Personnel Asset Organization and Financial Affairs

The Company was independent from the controlling shareholder and the actual controller in terms of business personnel assets

organization and financing with independent & complete business and capability to operate independently.

1. In business the Company was independent from the controlling shareholder and the actual controller with its own production

and business departments and management system the Company had the capability to make its own decisions assume sole

responsibility for its profits and losses and operate independently with independent and complete business.

46BOE Technology Group Co. Ltd. Annual Report 2025

2. In personnel the Company was completely independent in labor staff and remunerations. The Company had its own operating

management team. The Chairman of the Executive Committee and other senior management staffs of the Company all worked on

full-time basis in the Company and did not hold any post in or receive any remuneration in the controlling shareholder unit.

3. In assets the Company had independent and complete assets. With clear ownership on its assets the Company independently

owned the production system ancillary production system as well as supporting facilities for major businesses as well as assets

like land use rights and intellectual property rights etc.. Neither the controlling shareholder nor the actual controller appropriated

any assets of the Company.

4. In organization the Company had established its organization completely independent from the controlling shareholder and the

actual controller with independent and sound organs and corporate governance structure. The Company had not handled any

official affairs jointly with the controlling shareholder or the actual controller. There were no subordinate relationships between

the controlling shareholder & its functional departments and the Company & its functional departments.

5. In financing the Company had established independent financial departments with full-time finance personnel. The Company

had also formulated a standard and independent finance accounting system as well as financial measurement system established

the corporate financial management archives and deployed relevant administrative personnel for them opened independent

account in bank and paid tax independently.III Horizontal Competition

□Applicable□ Not applicable

47BOE Technology Group Co. Ltd. Annual Report 2025

IV Directors and Senior Management

1. Basic Information

Increase in

Beginning Decrease in Other Ending Reason for

the Reporting

Name Gender Age Office title Incumbent/Former Start of tenure End of tenure shareholding the Reporting increase/decrease shareholding change in

Period

(share) Period (share) (share) (share) shareholding

(share)

Chairman of the

Incumbent 28 June 2019 13 January 2028

Board

Chief Strategic

Chen Incumbent 14 January 2025 13 January 2028

Male 60 Planner 2900000 0 0 0 2900000 N/A

Yanshun

Chairman of the

Executive Former 20 May 2016 14 January 2025

Committee

Vice Chairman

Incumbent 27 May 2024 13 January 2028

of the Board

Chairman of the

Executive

Feng Committee and Incumbent 14 January 2025 13 January 2028

Male 49 975700 0 0 0 975700 N/A

Qiang Chief Executive

Officer (CEO)

Vice Chairman

of the Executive Former 24 July 2024 14 January 2025

Committee

Vice Chairman

Incumbent 30 October 2025 13 January 2028

of the Board

Vice Chairman

of the Executive

Committee and Incumbent 14 January 2025 13 January 2028

Wang Chief Operating

Male 47 852400 0 0 0 852400 N/A

Xiping Officer (COO)

Member of the

Executive

Committee and Former 28 April 2022 14 January 2025

Executive Vice

President

Feng Female 53 Director Incumbent 17 November 13 January 2028 1360000 0 0 0 1360000 N/A

48BOE Technology Group Co. Ltd. Annual Report 2025

Liqiong 2025

Member of the

Executive

Committee and Incumbent 28 June 2019 13 January 2028

Executive Vice

President

Chief Counsel Incumbent 22 August 2007 13 January 2028

Guo

Male 57 Director Incumbent 15 November2024 13 January 2028 0 0 0 0 0 N/AChuan

Ye Feng Male 60 Director Incumbent 14 December2021 13 January 2028 0 0 0 0 0 N/A

Jin

Female 49 Director Incumbent 14 January 2025 13 January 2028 0 0 0 0 0 N/A

Chunyan

Tang Independent

Male 73 Incumbent 30 May 2020 13 January 2028 0 0 0 0 0 N/A

Shoulian director

Zhang Independent

Male 63 Incumbent 18 May 2021 13 January 2028 0 0 0 0 0 N/A

Xinmin director

Independent

Guo He Male 63 Incumbent 28 April 2022 13 January 2028 0 0 0 0 0 N/A

director

Wang Independent

Male 56 Incumbent 28 April 2022 13 January 2028 0 0 0 0 0 N/A

Duoxiang director

Employee

Li Yang Male 40 Incumbent 22 September 13 January 2028 0 0 0 0 0 N/A

Director 2025

Member of the

Executive

Committee and Incumbent 31 March 2023 13 January 2028

Yang

Female 46 Executive Vice 742300 0 0 0 742300 N/A

Xiaoping President

Chief Financial

Incumbent 28 April 2022 13 January 2028

Officer (CFO)

Member of the

Executive

Liu

Male 44 Committee and Incumbent 24 July 2024 13 January 2028 247500 0 0 0 247500 N/A

Zhiqiang

Senior Vice

President

Member of the

Liu Jing Male 45 Executive Incumbent 29 October 2024 13 January 2028 425920 0 0 0 425920 N/A

Committee

49BOE Technology Group Co. Ltd. Annual Report 2025

Senior Vice

Incumbent 14 January 2025 13 January 2028

President

Vice President Former 29 October 2024 14 January 2025

Member of the

Executive Incumbent 29 October 2024 13 January 2028

Yun Committee

Male 43 518500 0 0 0 518500 N/A

Xiangnan Senior Vice

Incumbent 14 January 2025 13 January 2028

President

Vice President Former 29 October 2024 14 January 2025

Member of the

Executive

Jiang

Male 48 Committee and Incumbent 14 January 2025 13 January 2028 724200 0 0 0 724200 N/A

Xingqun

Senior Vice

President

Member of the

Executive

Qi Zheng Male 43 Committee and Incumbent 14 January 2025 13 January 2028 741600 0 0 0 741600 N/A

Senior Vice

President

Senior Vice

Yue President and

Male 58 Incumbent 28 April 2023 13 January 2028 553440 0 0 0 553440 N/A

Zhanqiu Chief Audit

Officer

Vice President

Guo

Female 36 and Board Incumbent 14 January 2025 13 January 2028 428500 0 0 0 428500 N/A

Hong

Secretary

Vice Chairman

Former 14 January 2025 10 October 2025

of the Board

Gao

Male 50 President and 1860700 0 0 0 1860700 N/A

Wenbao Vice Chairman

Former 28 April 2022 14 January 2025

of the Executive

Committee

Member of the

Executive

Sun Yun Female 56 Committee and Former 26 December2014 14 January 2025 1989481 0 0 0 N/A N/A

Executive Vice

President

Guo Male 48 Senior Vice Former 31 March 2023 9 July 2025 0 0 0 0 0 N/A

50BOE Technology Group Co. Ltd. Annual Report 2025

Huaping President and

Chief Culture

Officer

Liu Vice President Former 20 May 2016 14 January 2025

Male 47

Hongfeng Board Secretary Former 10 July 2013 14 January 2025

1024500 0 0 0 N/A N/A

Total -- -- -- -- -- -- 15344741 0 0 0 12330760 --

Note: On 14 January 2025 the First Extraordinary General Meeting of Shareholders in 2025 elected Ms. Jin Chunyan as a director of the 11th Board of Directors. The Board of Directors

appointed Mr. Jiang Xingqun Mr. Qi Zheng and Ms. Guo Hong as senior management of the Company. On 22 September 2025 the Workers Congress of the Company elected Mr. Li Yang as

an employee director of the 11th Board of Directors. For the above individuals the number of shares held at the time of their appointment is used as the beginning shareholding for these

individuals.Indicate by tick mark whether any director or senior management left before the expiry of their office terms during the Reporting Period.□Yes □ No

1. On 9 July 2025 the Board of Directors of the Company received a written resignation from Mr. Guo Huaping a senior management member. Due to work changes Mr. Guo Huaping

applied to resign from his positions as Senior Vice President and Chief Culture Officer of the Company. Following his resignation he no longer holds any position in the Company or its

subsidiaries.

2. On 10 October 2025 the Company received a written resignation report from Mr. Gao Wenbao the Vice Chairman of the Board. For personal reasons Mr. Gao Wenbao applied to resign

from his positions as a Director Vice Chairman of the Board and member of the special committees of the Board of Directors. Following his resignation he no longer holds any position in the

Company or its subsidiaries.

51BOE Technology Group Co. Ltd. Annual Report 2025

Change of Directors and Senior Management

□Applicable □ Not applicable

Name Office title Type of change Date of change Reason for change

Vice Chairman of the

Resignation 10 October 2025 Personal reasons

Board

Gao Wenbao

Resignation upon

Senior management 14 January 2025 Change of term

expiration of term

Resignation upon

Sun Yun Senior management 14 January 2025 Change of term

expiration of term

Guo Huaping Senior management Dismissal 9 July 2025 Reassignment

Resignation upon

Liu Hongfeng Senior management 14 January 2025 Change of term

expiration of term

2. Biographical Information

Professional backgrounds major work experience and current duties in the Company of the incumbent directors and senior

management

Directors:

Mr. Chen Yanshun Master of Economics Senior Economist and Senior Accountant. Joining the Company in 1993 he used to be

Secretary to the 1st Board of Directors of the Company Secretary to the 2nd Board of Directors and Vice President Executive

Director of the 3rd Board of Directors and Senior Vice President Executive Director of the 4th 5th and 6th Boards of Directors and

President Vice Chairman of the 7th Board of Directors and President Vice Chairman of the 8th Board of Directors and Chairman of

the Executive Committee (Chief Executive Officer) Chairman of the 9th Board of Directors and Chairman of the Executive

Committee and Chairman of the 10th Board of Directors and Chairman of the Executive Committee. Also he once was Chairman of

the Board for a number of subsidiaries including Beijing BOE Optoelectronics Technology Co. Ltd. Hefei BOE Optoelectronics

Technology Co. Ltd. Chongqing BOE Optoelectronics Technology Co. Ltd. and BOE Smart Technology Co. Ltd.Currently he serves as Chairman of the 11th Board of Directors and Chief Strategic Planner of the Company. He is also Chairman of

the Board for BOE Optoelectronics Holdings Co. Ltd. BOE Optoelectronics Technology Co. Ltd. Meanwhile he is also Vice

Chairman of China Optics & Optoelectronics Manufactures Association (COEMA) Chairman of China Optics & Optoelectronics

Manufactures Association LCB (CODA). He has been awarded as National Model Worker in 2020 the Economic Figure of the Year

by China News Weekly in 2021 and David Sarnoff Industry Achievement Award in 2024.Mr. Feng Qiang Master of Executive Master of Business Administration Master of Engineering Engineer. He joined the Company

in 1998 and has served as the Deputy General Manager and General Manager of the Company's Science Park Business Headquarters

Vice President of the Company Chairman of BOE Regenerative Medicine Technologies Co. Ltd. Executive Director and Executive

Deputy General Manager of Beijing BOE Real Estate Co. Ltd. Executive Director and Executive Deputy General Manager of

Beijing Yinghe Century Co. Ltd. General Manager of Beijing Matsushita Colour CRT Co. Ltd. Co-CEO of the Smart Healthcare

Service BG Chairman and CEO of Smart Engineering Medicine business Member of the Company's Executive Committee

Executive Vice President Chief Human Resource Officer and Vice Chairman of the 10th Board of Directors and Vice Chairman of

the Executive Committee.He is currently serving as Vice Chairman of the 11th Board of Directors Chairman of the Executive Committee and Chief

Executive Officer (CEO) of the Company. He is also Chairman of Beijing BOE Real Estate Co. Ltd. Chairman of Beijing Yinghe

Century Co. Ltd. and Chairman of Beijing BOE Songcai Innovation Co. Ltd.Mr. Wang Xiping Bachelor's degree. He has served as the manager of Nanjing Hanyu Caixin Technology Co. Ltd. and has held

positions such as the head of the Production Management Centre General Manager of Hefei Xinsheng Optoelectronics Technology

52BOE Technology Group Co. Ltd. Annual Report 2025

Co. Ltd. General Manager of Wuhan BOE Optoelectronics Technology Co. Ltd. Co-CEO of the Display Business Chief

Procurement Officer Head of the Middle Office Director of the Company's 10th Board of Directors Committee Member of the

Executive Committee and Executive Vice President etc.He is currently serving as the Vice Chairman of the 11th Board of Directors Vice Chairman of the Executive Committee and Chief

Operating Officer (COO) of the Company in addition to being CEO of the New Materials Business and Silicon-based Microdisplay

Business. He is also Chairman of Beijing BOE Optoelectronic Technology Co. Ltd. Chairman of Beijing BOE Materials

Technology Co. Ltd. Chairman of Yantai BOE Material Technology Co. Ltd. Director of BOE Innovation Investment Co. Ltd.and Member of the High-end Manufacturing Industry Committee of the China Association for Public Companies.Ms. Feng Liqiong Bachelor Degree and Lawyer of the Company she has served as Senior Vice President and Minister of Legal

Affairs Department of the Company and as Secretary of the 5th and 6th Board of Directors.Now she is a director of the 11th Board of Directors a member of the Executive Committee Executive Vice President and Chief

Counsel of the Company.Mr. Guo Chuan Master's degree Level 2 Lawyer. He has served as the Director of the Board Secretary Office Head of the Legal

Affairs Department Board Secretary General Counsel Deputy General Manager and Director of Beijing Beichen Industrial Co.Ltd. and Director of the 10th Board of Directors of the Company.He is currently serving as a Director of the Company's 11th Board of Directors Deputy Secretary of the Party Committee Director

and General Manager of Beijing State-owned Capital Operation and Management Company Limited Director of China Resources

Pharmaceutical Group Limited Chairman and General Manager of Beijing Jingguorui Investment Management Co. Ltd. Chairman

of Beijing Jingguan Tai Fu Fund Management Co. Ltd. and Chairman of First Capital Securities Co. Ltd.Mr. Ye Feng BS in Engineering Engineer. Previously he served as Deputy Factory Manager of Beijing Jianzhong Machinery

Factory a Director of the Board of Directors and General Manager of Beijing Qixing Huachuang Electronic Co. Ltd. Vice President

of Beijing Beiguang Electron Group Co. Ltd. Factory Manager of Beijing Dahua Radio Instrument Factory Chairman of Beijing

Dahua Radio Instrument Company Ltd. and Director of the 9th and 10th Board of Directors of the Company.He is currently a Director of the 11th Board of Directors a full-time Director assigned by Beijing Electronic Holding Co. Ltd. a

Director of Beijing Zhaowei Electronics (Group) Co. Ltd. and a Director of NAURA Technology Group.Ms. Jin Chunyan MBA in Business Administration Senior Executive. She has served as the Deputy Head of the Financial

Management Department of Beijing Jianzhong Machinery Factory Deputy Head of the Planning and Finance Department Head of

the Audit and Supervision Department and Chief Auditor of Beijing Qixing Huadian Technology Group Co. Ltd. Deputy Director

of the Investment Securities Department Deputy Director of the Capital Operations Department and Director of Beijing Electronics

Holdings Co. Ltd.She is currently serving as a Director of the Company's 11th Board of Directors Director of the Investment Management Department

of Beijing Electronics Holdings Co. Ltd. Director of Beijing YanDong MicroElectronic Co. Ltd. and Director of Shanghai New

Vision Microelectronics Co. Ltd.Mr. Tang Shoulian professor holds a master's degree. He used to be Director of Finance Office Dean of School of Management

and Humanities Secretary of Party Committee of School of Economics and Management Executive Dean of School of Economics

and Management and Standing Committee of Academic Committee and Chairman of Labor Dispute Mediation Committee of

Beijing University of Posts and Telecommunications (BUPT) and Independent Director of the 9th and 10th Board of Directors of the

53BOE Technology Group Co. Ltd. Annual Report 2025

Company. He has served as a member of the Expert Committee on Telecommunications Economy of the Ministry of Industry and

Information Technology a permanent member of the Chinese Association of Market Development a standing member of the

Information Law Research Society of the China Law Society a senior member of the Chinese Society of Technology Economics a

standing member of the Commerce Statistical Society of China and a reviewer of the Management Science Department of the

National Natural Science Foundation of China.He is currently an Independent Director of the 11th Board of Directors of the Company.Mr. Zhang Xinmin Doctor of Management Professor was formerly the Dean of the International Business School of the

University of International Business and Economics a member of CPC’s Standing Committee and Vice President of the University

of International Business and Economics and Independent Director of the 9th and 10th Board of Directors of the Company.He is currently an Independent Director of the 11th Board of Directors of the Company an Independent Director of Minmetals

Development Co. Ltd. an Independent Director of COFCO Capital Holdings Co. Ltd. an Independent Director of Neusoft Medical

Systems Co. Ltd. a professor of accounting and doctoral supervisor of the International Business School at the University of

International Business and Economics a member of the Business Administration Discipline Review Group of the Academic Degrees

Committee of the State Council Vice President of the China Commercial Accounting Institute Vice President of Banking

Accounting Society of China and a recipient who enjoys special allowance from the State Council.Mr. Guo He a professor and PhD supervisor at the School of Law / School of Intellectual Property of Renmin University of China.He was formerly an Independent Director of the 10th Board of Directors of the Company.He currently serves as an Independent Director of the 11th Board of Directors of the Company and an Independent Non-executive

Director of Shanxi Installation Group Co. Ltd. He also serves as the Vice President of the China Intellectual Property Research

Association the Executive Vice President of the Intellectual Property Law Research Association of the China Law Society the Vice

President of China Written Works Copyright Society etc.Mr. Wang Duoxiang Doctor of Management is a researcher and doctoral supervisor at the School of Engineering Peking

University. He was the General Manager of Xiamen PKU Taipu Pharmaceutical Co. Ltd. Chairman of Xiamen Tobefar Technology

Co. Ltd. the Deputy Director of the College of Engineering of Peking University the Deputy Mayor of Baotou Municipal People's

Government of Inner Mongolia the Vice President of Southern University of Science and Technology the Director of the Beijing

Institute of Collaborative Innovation and an Independent Director of the 10th Board of Directors of the Company.He currently serves as an Independent Director of the 11th Board of Directors of the Company a researcher of the College of

Engineering of Peking University the Director of the Beijing-Tianjin-Hebei National Technology Innovation Centre the President of

Huangpu Innovation College and an Independent Director of Zhongguancun Bank.Mr. Li Yang Bachelor's degree. He has served as the General Manager of Chengdu BOE Optoelectronics Technology Co. Ltd.

(Chengdu Gen 4.5 Line) and the General Manager of Erdos Yuansheng Optoelectronics Co. Ltd.

He currently serves as the Employee Director of the 11th Board of Directors and Chief Human Resources Officer (CHRO).Senior Management:

Ms. Yang Xiaoping with a Master's degree was the Deputy Director and Director of the Accounting and Finance Department of the

Company the Centre Director of the Accounting and Taxation Centre the Center Director of the Budget Center and the VCFO of the

Group.She is currently a member of the Executive Committee Executive Vice President and the Chief Financial Officer of the Company

54BOE Technology Group Co. Ltd. Annual Report 2025

and a Director of Fuzhou BOE Optoelectronics Technology Co. Ltd. Mianyang BOE Optoelectronics Technology Co. Ltd. and

Wuhan BOE Optoelectronics Technology Co. Ltd. etc.Mr. Liu Zhiqiang Bachelor's degree. He has served as the General Manager and Chairman of Hefei BOE Optoelectronics

Technology Co. Ltd. Chairman of Ordos Yuansheng Optoelectronics Co. Ltd. Chairman of BOE (Hebei) Mobile Display

Technology Co. Ltd. Project Director of Qingdao BOE Optoelectronics Technology Co. Ltd. and General Manager of Nanjing

BOE Display Technology Co. Ltd.He is currently serving as a Member of the Executive Committee and Senior Vice President Chief Product Officer Chief

Technology Officer Head of the Technology and Product Middle Office and a Director of Beijing BOE Technology Development

Co. Ltd. etc.Mr. Liu Jing Master's degree. He has served as the Deputy General Manager of Hefei Xinsheng Optoelectronics Technology Co.Ltd. Project Director and General Manager of Hefei BOE Display Technology Co. Ltd. Deputy Head of the Chief Change and IT

Management Officer Organisation Head of the Display Devices and IoT Innovation Business Middle Office Planning and

Operations and Deputy Head of the Front Office for Display Devices and IoT Innovation Business etc.He is currently serving as a Member of the Executive Committee and Senior Vice President Head of the Front Office for Display

Devices and IoT Innovation Business Chairman of Chengdu BOE Smart Technology Co. Ltd. Chairman of Chongqing BOE Smart

Technology Co. Ltd. a Director of Guangzhou BOE Smart Technology Co. Ltd. a Director of Qingdao BOE Smart Technology

Co. Ltd. a Director of Suzhou BOE Smart Technology Co. Ltd. a Director of BOE TECHNOLOGY (HK) LIMITED a Director of

BOE Smart Technology Co. Ltd. a Director of Shenzhen BOE Smart Technology Co. Ltd. a Director of BOE Smart IoT

Technology Co. Ltd. and a Director of TPV Display Technology (China) Co. Ltd. etc.Mr. Yun Xiangnan Bachelor's degree. He has served as the General Manager of Fuzhou BOE Optoelectronics Technology Co.Ltd. Deputy Head of the Chief Change and IT Management Officer Organisation Deputy Head of the Group's Performance

Management Centre etc.He is currently serving as a Member of the Executive Committee and Senior Vice President Head of the Display Devices and IoT

Innovation Business Middle Office Chairman of Fuzhou BOE Display Technology Co. Ltd. and a Director of BOE

TECHNOLOGY (HK) LIMITED etc.Mr. Jiang Xingqun Ph.D. He has served as the Dean of the BOE IoT and Artificial Intelligence Research Institute Chief

Technology Officer of Smart Systems and Chief Technology Officer of IoT Solutions among other positions.He is currently serving as a Member of the Executive Committee and Senior Vice President Co-Chief Technology Officer and Chief

Technology Officer of Smart IoT.Mr. Qi Zheng Master's degree. He has served as the Head of the Technology Department of Beijing BOE Optoelectronics

Technology Co. Ltd. Director of the Group Office of BOE Technology Group Co. Ltd. and Co-Chief Strategy Officer of the

Group etc.He is currently serving as a Member of the Executive Committee Senior Vice President and Chief Strategy Officer of the Company.He is also Director of Nanjing BOE Display Technology Co. Ltd. and Director of Chengdu BOE Display Technology Co. Ltd.Mr. Yue Zhanqiu holding a Master’s degree and certified as a Senior Accountant has served as the Chief of Finance Section and

Chief Accountant of the Power Division of the Company Finance Manager of Beijing Huamin Smart Card System Manufacturing

55BOE Technology Group Co. Ltd. Annual Report 2025

Co. Ltd. CFO of Beijing Sevenstar Science & Technology Co. Ltd. CFO and Board Secretary of Beijing Sevenstar Electronics Co.Ltd. CFO Deputy General Manager and General Manager of Beijing Oriental Optoelectronics Technology Co. Ltd. as well as

VCFO Chief Information Officer and Chief Operating Officer of Beijing BOE Optoelectronics Technology Co. Ltd. VCFO and

CIO of the Company and COO of BOE Innovation Investment Co. Ltd.Currently he serves as Senior Vice President and Chief Audit Officer of the Company.Ms. Guo Hong a Master’s degree holder was formerly the MNT SBU Sales Director and Deputy General Manager of the Display

Devices and IoT Innovation Businesses and the Director of the Marketing and Strategic Planning Center of the Company as well as

the Director of the Market Insight Center and the Deputy Director of the Board Secretary’s Office of the Group.She is currently a Vice President and the Secretary to the 11th Board of Directors of the Company.The controlling shareholder and the actual controller simultaneously serve as the chairman of the board and the general manager of

the listed company:

□ Applicable□ Not applicable

Offices held concurrently in shareholding entities:

□Applicable □ Not applicable

Remunerati

on or

Office held in the shareholding End of allowance

Name Shareholding entity Start of tenure

entity tenure from the

shareholdin

g entity

Beijing State-owned Capital Deputy Secretary of the Party

Guo

Operation and Management Committee Director and 1 January 2024 - Yes

Chuan

Company Limited General Manager

Beijing Electronics Holdings Co.Ye Feng Full-time Director Dispatched 31 August 2021 - Yes

Ltd.Jin Beijing Electronics Holdings Co. Director of the Investment

1 November 2023 - Yes

Chunyan Ltd. Management Department

Notes to

post-

holding in The documents for holding the posts of shareholders entities haven’t listed the expiry date.sharehold

er’s unit

Offices held concurrently in other entities:

□Applicable □ Not applicable

Remunerati

on or

Name Other entity Office held in the entity Start of tenure End oftenure allowancefrom the

entity

Zhang University of International

Xinmin Business and Economics Professor and Doctor Advisor - - Yes

Guo He Renmin University of China Professor and Doctor Advisor - - Yes

Wang College of Engineering(COE) Researcher and Doctor

- - Yes

Duoxiang PKU Advisor

Notes to

post-

holding in Due to the above personnel’s units were special their start dates and ending dates of the office terms have not been fixed.other

entities

56BOE Technology Group Co. Ltd. Annual Report 2025

Punishments imposed in the recent three years by the securities regulator on the incumbent directors and senior management as

well as those who left in the Reporting Period:

□ Applicable□ Not applicable

3. Remuneration of Directors and Senior Management

Decision-making procedure determination basis and actual payments of remuneration for directors and senior management:

(1) Determining Basis and Decision-making Procedure of Remuneration of Directors and Senior Management

The Proposal on Adjustment of Allowance for Directors and Supervisors was reviewed and approved on the 1st Extraordinary

General Meeting of Shareholders in 2019 held by the Company on 28 June 2019. The allowance for the Company’s executive

directors and directors holding posts in shareholder’s unit was canceled. The Proposal on Adjustment of Allowance for

Independent Directors was reviewed and approved on the 2023 Annual General Meeting of Shareholders held by the Company on

26 April 2024 according to which the allowance for independent directors was adjusted to RMB300000 (pre-tax) per year from

RMB200000 (pre-tax) per year.The remuneration and assessment of the Company’s senior management are reviewed by the Nomination Remuneration and

Appraisal Committee of the Board of Directors and submitted to the Board of Directors for approval. At the 16th Meeting of the

9th Board of Directors held on 11 September 2020 the Company considered and approved the Proposal on Determining the

Principles for the Remuneration Assessment of the Company’s Senior Management. Subsequently at the 9th Meeting of the 11th

Board of Directors held on 16 September 2025 the Company considered and approved the Proposal on Amending the Principles

for the Remuneration Assessment of the Company’s Senior Management. The remuneration of the Company’s senior management

comprises basic remuneration performance-based remuneration and medium-to-long-term incentives. Among these performance-

based remuneration accounts for 60% of the total annual remuneration. The actual amount of performance-based remuneration

realized is subject to the overall operating performance of the Company and the operating performance of the business line for

which the relevant senior management member is responsible.

(2) During the Reporting Period the total remuneration received by directors and senior managers in the Company amounted to

RMB49.6756 million (pre-tax). Further information is provided in the table below.Remuneration of directors and senior management for the Reporting Period

Unit: RMB'0000

Total pre-tax Any

Name Gender Age Office title Incumbent/ remuneration remuneratioFormer received from the n from

Company related party

Chairman of the Board Incumbent

Chen

Yanshun Male 60 Chief Strategic Planner Incumbent 472.85 No

Chairman of the Executive Committee Former

Vice Chairman of the Board Incumbent

Feng Chairman of the Executive Committee and

Qiang Male 49 Incumbent 523.18 NoChief Executive Officer (CEO)

Vice Chairman of the Executive Committee Former

Vice Chairman of the Board Incumbent

Vice Chairman of the Executive

Wang Committee and Chief Operating Officer Incumbent

Male 47 500.58 No

Xiping (COO)

Member of the Executive Committee and

Former

Executive Vice President

Director Incumbent

Feng Member of the Executive Committee and

Female 53 Incumbent 449.59 No

Liqiong Executive Vice President

Chief Counsel Incumbent

57BOE Technology Group Co. Ltd. Annual Report 2025

Guo

Chuan Male 57 Director Incumbent 0 Yes

Ye Feng Male 60 Director Incumbent 0 Yes

Jin

Female 49 Director Incumbent 0 Yes

Chunyan

Tang

Male 73 Independent director Incumbent 30 No

Shoulian

Zhang

Xinmin Male 63 Independent director Incumbent 30 No

Guo He Male 63 Independent director Incumbent 30 No

Wang

Duoxiang Male 56 Independent director Incumbent 30 No

Li Yang Male 40 Employee Director Incumbent 40.33 No

Member of the Executive Committee and

Yang Incumbent

Xiaoping Female 46 Executive Vice President 425.2 No

Chief Financial Officer (CFO) Incumbent

Liu Member of the Executive Committee and

Zhiqiang Male 44 Incumbent 356.78 NoSenior Vice President

Member of the Executive Committee Incumbent

Liu Jing Male 45 Senior Vice President Incumbent 319.9 No

Vice President Former

Member of the Executive Committee Incumbent

Yun

Xiangnan Male 43 Senior Vice President Incumbent 302.89 No

Vice President Former

Jiang Member of the Executive Committee and

Male 48 Incumbent 333.44 No

Xingqun Senior Vice President

Member of the Executive Committee and

Qi Zheng Male 43 Incumbent 332.66 No

Senior Vice President

Yue Senior Vice President and Chief Audit

Male 58 Incumbent 285.55 No

Zhanqiu Officer

Guo Hong Female 36 Vice President and Board Secretary Incumbent 193.89 No

Gao Vice Chairman of the Board and Senior

Male 50 Former 180 No

Wenbao management

Guo

Male 48 Senior management Former 130.72 No

Huaping

Total -- -- -- -- 4967.56 --

Notes: 1. According to the reporting rules the disclosed total remuneration amounts represent the annual cash remuneration

attributed to the current period based on accrual. Note that for some directors and senior management the total remuneration

amounts provided are estimates as their appraisals are still ongoing. 2. On 22 September 2025 the Company held a Workers

Congress which elected Mr. Li Yang as an employee director of the 11th Board of Directors. On 14 January 2025 the Company

held the 1st Meeting of the 11th Board of Directors at which Mr. Jiang Xingqun was appointed as a Member of the Executive

Committee and Senior Vice President Mr. Qi Zheng as a Member of the Executive Committee and Senior Vice President and Ms.Guo Hong as Vice President and Board Secretary. The table above sets out the total pre-tax remuneration received by Mr. Li Yang

Mr. Jiang Xingqun Mr. Qi Zheng and Ms. Guo Hong during their respective tenures as directors or senior management of the

Company. 3. On 10 October 2025 Mr. Gao Wenbao resigned as a Director Vice Chairman and member of the special committees

of the Board of Directors for personal reasons. On 9 July 2025 Mr. Guo Huaping resigned as Senior Vice President and Chief

Culture Officer of the Company due to work changes. The table above sets out the total pre-tax remuneration received by Mr. Gao

Wenbao and Mr. Guo Huaping during their respective tenures as directors or senior management of the Company.Remuneration of directors is determined in accordance

with the director’s fee scheme approved by the general

meetings of the Company. Remuneration of senior

Basis for assessment of remuneration actually received by all directors management is determined in accordance with

and senior management as at the end of the Reporting Period the Rules of Procedure for the Nomination

Remuneration and Appraisal Committee of the Board

of Directors and the Principles for the Remuneration

Assessment of Senior Management which were

58BOE Technology Group Co. Ltd. Annual Report 2025

considered and approved by the Board of Directors.For directors’ performance please refer to the 2025

Report of the Board of Directors and the 2025 Report

Achievement of assessment of remuneration actually received by all

of the Independent Directors. For senior management

directors and senior management as at the end of the Reporting Period

the final assessment results are determined based on the

financial audit results.Deferred payment arrangements for remuneration actually received by

Part of the performance-based remuneration of senior

all directors and senior management as at the end of the Reporting

management is paid based on the financial audit results.Period

Circumstances of suspension and clawback of remuneration actually

received by all directors and senior management as at the end of the N/A

Reporting Period

Other notes:

□ Applicable□ Not applicable

V Performance of Duty by Directors in the Reporting Period

1. Attendance of Directors at Board Meetings and General Meetings of Shareholders

Attendance of directors at board meetings and general meetings of shareholders

The director

Total number Board

Board Board failed to

of board Board meetings General

meetings meetings the attend two

meetings the meetings attended by meetings of

Director attended director consecutive

director was attended on way of shareholders

through a failed to board

eligible to site telecommuni attended

proxy attend meetings

attend cation

(yes/no)

Chen

11 3 8 0 0 No 4

Yanshun

Feng Qiang 11 3 8 0 0 No 4

Wang Xiping 11 3 8 0 0 No 4

Feng Liqiong 0 0 0 0 0 No 3

Guo Chuan 11 0 11 0 0 No 0

Ye Feng 11 3 8 0 0 No 3

Jin Chunyan 11 2 9 0 0 No 0

Tang

11 3 8 0 0 No 4

Shoulian

Zhang

11 1 10 0 0 No 3

Xinmin

Guo He 11 3 8 0 0 No 3

Wang

11 3 8 0 0 No 4

Duoxiang

Li Yang 2 0 2 0 0 No 1

Gao Wenbao 9 3 6 0 0 No 1

Explanation for failure to attend two consecutive board meetings in person:

Not applicable.

2. Objections Raised by Directors on Matters of the Company

Indicate by tick mark whether any directors raised any objections on any matter of the Company.□ Yes□ No

59BOE Technology Group Co. Ltd. Annual Report 2025

No such cases in the Reporting Period.

3. Other Information about the Performance of Duty by Directors

Indicate by tick mark whether any suggestions from directors were adopted by the Company.□Yes □ No

Suggestions from directors adopted or not adopted by the Company

The Board of Directors of the Company strictly obeyed relevant laws and regulations as well as the rules and regulations of the

Company to fulfill the responsibilities seriously in order to guarantee the standardization and effectiveness of BOE's governance

structure. The Company's Board of Directors has a reasonable structure and a moderate number of people. All of them are

equipped with good professional background and necessary knowledge skills and quality to fulfill their responsibilities. They

learned about and kept a constant focus on BOE’s production and operation financial status and influence and risks of significant

events. They also took the initiative to search for information needed in their decision-making so as to ensure efficient operation

and scientific decision-making of the Board of Directors. The executive directors of the Company are responsible for the

operations management of the Company. They understand the business and operational status of the Company and with rich

management experience they can make decisions efficiently. Shareholder directors as the communication bridge between

shareholders and the management of the Company can combine the suggestions of shareholders with long-term interests of the

Company and participate in the decision-making process of significant events of the Company to protect the interests of

shareholders. Independent directors are experts and scholars in the fields of technology finance law and etc. They can express

their opinions and views according to their expertise and advantages. Employee directors are elected by the Company’s Workers

Congress. They shall submit opinions and recommendations to the Board of Directors on motions and proposals that involve the

legitimate rights and interests of employees or the immediate interests of the majority of employees. During the Reporting Period

in accordance with Company Law Securities Law Measures for Administration of Independent Directors of Listed Companies

Stock Listing Rules Articles of Association Rules of Procedure for the Board of Directors and Independent Director Policy

directors of the Company paid special attention to the standardized operation of the Company performed their duties diligently

issued much precious professional advice in terms of the perfection of policies and routine operating decision-making etc. as well

as played their due roles in perfecting the supervisory mechanism of the Company protecting the legal right of the Company and

the whole shareholders.VI Performance of Duty by Specialized Committees under the Board in the Reporting

Period

Numb Important Other Detailser of opinions informatio about

Committee Members meetin Convened date Content and n about issuesgs the with

conve suggestions raised performan objectionsned ce of duty (if any)

Director: Mr.Strategy Reviewed the proposals that

Chen Yanshun;

Committee required submission to the

Members: Mr.under the 10th 1 3 January 2025 Board of Directors for

No

- N/A

Feng Qiang Mr.Board of approval approved key

objection

Gao Wenbao Mr.Directors measures for the

Wang Xiping implementation of the

Strategy Director: Mr. 14 January 2025 Company’s strategic No - N/A

Committee Chen Yanshun; planning and advanced the objection

12

under the 11th Members: Mr. 8 February 2025 construction of the rule of law No

Board of Feng Qiang Mr. and compliance management - N/Aobjection

60BOE Technology Group Co. Ltd. Annual Report 2025

Numb Important Other Detailser of opinions informatio about

Committee Members meetin Convened date Content and n about issuesgs

conve suggestion

the with

s raised performan objectionsned ce of duty (if any)

Directors Gao Wenbao Mr. 18 February 2025 within the Company No - N/A

Wang Xiping objection

8 April 2025 No - N/A

objection

10 April 2025 No - N/A

objection

18 April 2025 No - N/A

objection

27 April 2025 No - N/A

objection

20 May 2025 No - N/A

objection

5 June 2025 No - N/A

objection

28 July 2025 No - N/A

objection

15 August 2025 No - N/A

objection

5 September 2025 No - N/A

objection

No

Strategy Director: Mr. 20 October 2025 - N/Aobjection

Committee Chen Yanshun;

No

under the 11th Members: Mr. 3 29 October 2025 - N/A

objection

Board of Feng Qiang Mr.Directors Wang Xiping 4 November 2025 No - N/A

objection

Reviewed the financial

accounting statements

prepared by the Company the

Report on the Audit Work of

11 February 2025 NoCPAs for Annual Audit and - N/A

objection

related materials and the

2024 Risk Management and

Audit Work Summary;

reviewed the 2025 audit plan

Convener Reviewed the following

Risk Control (Director): Mr. proposals: 2024 Financial

and Audit Zhang Xinmin; Accounting Report 2024

Committee Members: Mr. 8 April 2025

No

Internal Control Self- - N/A

5 objection

under the 11th Tang Shoulian Assessment Report 2024

Board of Mr. Guo He Mr. Performance Report of the

Directors Wang Duoxiang Accounting Firm

Mr. Ye Feng 18 April 2025 Reviewed the Proposal on the No - N/A

2025 Q1 Report objection

Reviewed the Proposal on the

2025 Semi-Annual Report

the Proposal on Amending the

15 August 2025 Administrative Rules for the No - N/A

Selection and Engagement of objection

Independent Auditors

the Proposal on Amending the

Administrative Rules for

61BOE Technology Group Co. Ltd. Annual Report 2025

Numb Important Other Detailser of opinions informatio about

Committee Members meetin Convened date Content and n about issuesgs

conve suggestion

the with

ned s raised

performan objections

ce of duty (if any)

Internal Control and the

Internal Audit System and

the Proposal on Pre-

Approving the Provision of

Non-Assurance Services by

the Independent Auditor.Reviewed the proposals on

the following: 2025 Q3

Report Proposal on

20 October 2025 Amending the No - N/A

Implementation Rules for the objection

Administrative Rules for the

Selection and Engagement of

Independent Auditors

Reviewed the proposals on

the following: Proposal on the

Achievement of the

Conditions for the Release of

the Third Lock-Up Period for

the Restricted Shares Granted

under the 2020 Share Option

and Restricted Share

Incentive Plan and the

8 April 2025 NoConditions for the Exercise of - N/A

objection

the Third Exercise Period for

the Share Options Granted

under the Initial Grant

the Proposal on the

Repurchase and Cancellation

Convener of Certain Restricted Shares

Nomination & (Director): Mr. the Proposal on the

Remuneration Guo He; Cancellation of Certain Share

&Appraisal Members: Mr. Options

Committee Guo Chuan Mr. 6

Reviewed the Proposal on the

under the 11th Tang Shoulian

Remuneration and

Board of Mr. Zhang 20 May 2025 NoAssessment of the Chairman - N/A

Directors Xinmin Mr. objection

and Chief Strategic Planner

Wang Duoxiang

for 2025

Reviewed the proposals on

the following: the Proposal on

Adjusting the Exercise Price

of the Share Options under

the 2020 Share Option and

Restricted Share Incentive

15 August 2025 Plan the Proposal on the No - N/A

Achievement of the objection

Conditions for the Exercise of

the Third Exercise Period for

the Share Options Granted

under the Reserved Grant

under the 2020 Share Option

and Restricted Share

62BOE Technology Group Co. Ltd. Annual Report 2025

Numb Important Other Detailser of opinions informatio about

Committee Members meetings Convened date Content and

n about issues

suggestion the withconve s raised performan objectionsned ce of duty (if any)

Incentive Plan and

the Proposal on Waiving the

Exercise of the Second

Exercise Period for the Share

Options Granted under the

Reserved Grant

Reviewed the Proposal on the

Remuneration and

Assessment Results of the

Chairman and Chief Strategic

Planner for 2024 and the

5 September 2025 NoBenchmark Level of - N/A

objection

Remuneration for the Position

in 2025 and the Proposal on

Amending the Principles for

the Remuneration Assessment

of Senior Management

Reviewed the Proposal on

Electing Non-Independent

Directors of the 11th Board of

Directors the Proposal on

20 October 2025 Electing the Vice Chairman of No - N/A

the 11th Board of Directors objection

and the Proposal on

Amending the Administrative

Rules for Professional

Managers.Reviewed the Proposal on

Waiving the Exercise of the

18 December 2025 NoThird Exercise Period for the - N/A

objection

Share Options Granted under

the Initial Grant

VII Performance of Duty by the Audit Committee

Indicate by tick mark whether the Audit Committee found any risk to the Company during its supervision in the Reporting Period.□Yes□ No

The Audit Committee raised no objections in the Reporting Period.VIII Employees

1. Number Functions and Educational Backgrounds of Employees

Number of in-service employees of the Company as the parent

2939

at the period-end

Number of in-service employees of major subsidiaries at the

67979

period-end

Total number of in-service employees 109895

63BOE Technology Group Co. Ltd. Annual Report 2025

Total number of paid employees in the Reporting Period 109895

Number of retirees to whom the Company as the parent or its

9

major subsidiaries need to pay retirement pensions

Functions

Function Employees

Production 72768

Sales 2817

Technical 29883

Financial 936

Administrative 331

Manager 2148

Other 1012

Total 109895

Educational backgrounds

Educational background Employees

Doctor 417

Master 11226

Bachelor 26190

College 34302

Technical secondary school 12624

Other 25136

Total 109895

2. Employee Remuneration Policy

The Company has established the remuneration system based on the position ability and business performance paid attention to

the external competitive compensation and internal fairness strengthening the control of the group as well as considering the

difference among all business and subsidiaries.

3. Employee Training Plans

BOE University (BOEU) as a professional organization for talent cultivation plays a role in the construction of the BOE talent

cultivation system by transmitting and promoting the implementation of the Group’s strategic requirements through education and

training. BOEU continuously empowers in the areas of cultural concept advocacy mindset upgrading cognitive development and

capability enhancement to promote talent pipeline construction and intellectual capital appreciation. Meanwhile with its

professional influence it actively promotes talent exchange and idea collision within the organization and stimulates the creation

of an open platform. It also explores and advances the research and development of learning technologies and promotes the

construction of a learning organization.In 2025 BOEU focused on three core value propositions: cultivation and empowerment intellectual capital development andoptimization and innovation. Centered on the working guidelines of “innovation leadership closed-loop iteration systemconsolidation and digital empowerment” BOEU continued to provide empowerment support for the implementation of the

Group’s strategy:

1. With the “Four Cultivations” system as the core foundation BOEU closely aligned with the Group’s strategy and business

needs adhered to the principles of “systematic design strategic investment and tiered and categorized measures” established aclosed-loop talent cultivation mechanism from planning to feedback and advanced talent cultivation toward “ecosystem co-building” and “long-term self-sustaining capability generation”.

64BOE Technology Group Co. Ltd. Annual Report 2025

By implementing key projects such as the Leadership Development Program Group High-Potential Talent Program New

Manager Program and Hotspot Forums we systematically enhanced the leadership and strategic vision of the management team

and young elite personnel. Adopting a “companion-style” empowerment model we delved into multiple emerging business units

to form specialized empowerment teams. Customized courses practical workshops and mentor guidance were employed to assist

in tackling business challenges and enhancing organizational capabilities.Adhering to the long-term philosophy of talent cultivation BOEU has continuously improved and optimized the basic capacity

building for new employees recruited from campus and helped the new generation quickly integrate and steadily grow through

systematic onboarding training rotational practice and growth mentorship. For new employees from social recruitment BOEU

designed a structured integration plan with an open and inclusive orientation which strengthened cultural alignment and role

transition to accelerate their professional contribution and team collaboration.In the tiered cultivation of professional talent we constructed differentiated learning paths for key sequences such as marketing

technology manufacturing and functions and continuously enhanced employees’ professional depth and business impact through

job-level learning projects skills training and practical tasks.

2. BOEU built and accumulated reusable organizational empowerment products and intellectual capital to enhance empowerment

efficiency and quality promoted the evolution of training work from project delivery to systematic and product-oriented

approaches and accumulated the organization’s own knowledge assets. BOEU continuously conducted instructor empowerment

and course development work centered around “solving real problems and forming real capabilities” fully activating part-time

instructors and create multiple high-coverage high-satisfaction group-level premium courses. Online premium course

competitions were carried out to facilitate education and instructors in the technology track were empowered to advance the

incubation of high-quality courses. The number of cases included in the database reached 16103 with a cumulative view count of

136661. The case database was upgraded to an AI Case Expert database becoming a successful pilot for the integration of BOE’s

intellectual capital achievements and new technology applications. Relying on the introduction of AI course creation tools we

lowered the threshold for online course development and effectively tapped into the productivity potential of course development.Using AI multilingual course conversion tools as a bridge we achieved convenient generation of cross-national courses activating

existing courses while effectively enhancing overseas empowerment support capabilities. The total training exceeded 520000

hours throughout the year covering over 100000 participants through both online and offline learning methods. With a rich

variety of training formats and professional high-quality course content BOEU met the business and capability enhancement

needs of leaders managers industrial talent and professional talent. These positive attempts and achievements have laid a solid

foundation for BOEU to become a world-class corporate university.

4. Labor Outsourcing

□Applicable□ Not applicable

IX Profit Distributions (in the Form of Cash and/or Stock)

How the profit distribution policy especially the cash dividend policy was formulated executed or revised in the Reporting Period:

□ Applicable□ Not applicable

Indicate by tick mark whether the Company fails to put forward a cash dividend proposal for shareholders despite the facts that the

Company has made profits in the Reporting Period and the profits of the Company as the parent attributable to shareholders are

positive.□Applicable□ Not applicable

Final dividend plan for the Reporting Period

□Applicable □ Not applicable

65BOE Technology Group Co. Ltd. Annual Report 2025

Bonus shares for every 10 shares (share) 0

Dividend for every 10 shares (RMB) (tax inclusive) 0.56

Total shares as the basis for the profit distribution proposal

37044328064

(share)

Cash dividends (RMB) (tax inclusive) 2074482371.58

Cash dividends in other forms (such as share repurchase)

1500060240.57

(RMB)

Total cash dividends (including those in other forms) (RMB) 3574542612.15

Attributable profit (RMB) 8276913823.00

Total cash dividends (including those in other forms) as % of

100%

total profit distribution (%)

Cash dividend policy adopted

If the Company is in a growth stage and has any plan for significant expenditure in profit distribution the proportion of cash

dividends shall be 20% or above.Details about the proposal for profit distribution and converting capital reserve into share capital

Based on the total shares of 37044328064 the Company planned to distribute with the undistributed profit a cash dividend of

RMB0.56 (tax inclusive) per 10 shares to all its shareholders. And no bonus share was granted nor was any capital reserve

converted into share capital. If the total share capital of the Company changes due to factors such as the conversion of convertible

bonds to shares share repurchases the exercise of rights regarding equity incentives and the listing of increased shares after

refinancing before the implementation of the distribution scheme the adjustment will be conducted according to the principle of

"the distribution amount will be adjusted with a fixed distribution ratio". The specific distributed amount shall be subject to the

actual distributed amount. The said proposal is in compliance with the Company’s Articles of Association and relevant approval

procedure which fully protects the legal rights and interests of the minority investors.X Equity Incentive Plans Employee Stock Ownership Plans or Other Incentive Measures

for Employees

□Applicable □ Not applicable

1. Equity incentives

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. Following the

approval of the Proposal on the Awarding of Reserved Stock Options to Incentive Objects at the 31st Meeting of the 9th Board of

Directors and the 13th Meeting of the 9th Supervisory Committee the Company disclosed the Announcement on Completion of

Registration of the Reserved and Granted Stock Option of the 2020 Stock Option and Restricted Stock Incentive Scheme

(Announcement No.: 2021-084) on 23 October 2021.

The Company disclosed the Announcement on the Achievement of Lifting the Restriction Conditions in the Third Lifting

Restriction Period for Restricted Stocks Granted by the 2020 Stock Option and Restricted Stock Incentive Scheme and on the

Satisfaction of the Exercise Conditions of the First Exercise Schedule of the Third Granted Stock Option (Announcement No.:

2025-025) on 22 April 2025. The lifting of the restriction conditions in the third lifting restriction period for restricted stocks

granted by the 2020 Stock Option and Restricted Stock Incentive Scheme of the Company has been achieved and the first exercise

66BOE Technology Group Co. Ltd. Annual Report 2025

schedule of the third granted stock option has satisfied the exercise conditions. A total of 667 awardees met the conditions for the

lifting of the restrictions resulting in a total of 89096540 shares of restricted stock that could be lifted. A total of 1644 awardees

were eligible for stock option exercise resulting in a total of 160992209 shares of stock options available for exercise. The

Company disclosed the Announcement on the Repurchase and Write-off of Certain Restricted Stocks (Announcement No.: 2025-

026) and the Announcement on the Write-off of Certain Stock Options (Announcement No.: 2025-027) on 22 April 2025 in

which the Company intends to repurchase and cancel 2252839 restricted shares and 174412031 shares of stock option that have

been granted to incentive objects but have not been exercised by them since some incentive objects resigned retired or failed to

meet the performance appraisal goals for personal reasons. Moreover the above-mentioned matters regarding the repurchase and

cancellation of restricted stocks were deliberated and approved in the Annual General Meeting of Shareholders of 2024 held on 23

May 2025. 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. The listing date for the lifted restricted stocks is 29 April 2025. The Company disclosed the Announcement on

Adjustment of the Exercise Price of the Stock Option in the 2020 Stock Option and Restricted Stock Incentive Scheme of the

Company (Announcement No.: 2025-064) on 28 August 2024. Since the equity distribution of the Company for 2024 has been

completed the exercise price of the first grant of the stock option involved in this incentive scheme is adjusted from

RMB5.029/share to RMB4.979/share and the exercise price of the reserved and granted stock option is adjusted from

RMB5.529/share to RMB5.479/share. The Company disclosed the Announcement on the Achievement of the Exercise Conditions

for the Third Exercise Period of the Stock Options Reserved for Grant under the 2020 Stock Option and Restricted Stock Incentive

Plan (Announcement No. 2025-065) on 28 August 2025 and the conditions for the exercise of the third exercise period of the

stock options reserved for grant under the 2020 Stock Option and Restricted Stock Incentive Plan of the Company were met. The

total number of incentive recipients meeting the conditions for the exercise of options is 73 and the number of stock options

exercisable is 7046622.

67BOE Technology Group Co. Ltd. Annual Report 2025

Equity incentives for directors and senior management in the Reporting Period:

□Applicable □ Not applicable

Unit: share

Number

Exercise

Number Number of Number

Share Shares price of

Share Shares Share of of restricted The grant of

options feasible to exercised Market price

options exercised options restricted released shares price of restricted

granted in exercise shares at the

Name Office title held at the during the held at the shares shares for newly restricted shares

the during the during the period-end

period- Reporting period- held at the the granted shares held at the

Reporting Reporting Reporting (RMB/share)

begin Period end period- Reporting during the (RMB/share) period-

Period Period Period

begin Period Reporting end

(RMB/share)

Period

Chairman of the Board

Chen

and Chief Strategic 0 0 0 0 0 0 4.21 660000 660000 0 0 0

Yanshun

Planner

Vice Chairman of the

Board Chairman of the

Feng

Executive Committee and 0 0 0 0 0 0 4.21 247500 247500 0 0 0

Qiang

Chief Executive Officer

(CEO)

Vice Chairman of the

Board Vice Chairman of

Wang

the Executive Committee 0 0 0 0 0 0 4.21 247500 247500 0 0 0

Xiping

and Chief Operating

Officer (COO)

Director Member of the

Feng Executive Committee

0000004.21330000330000000

Liqiong Executive Vice President

and Chief Counsel

Li Yang Employee Director 0 0 0 0 0 0 4.21 0 0 0 0 0

Member of the Executive

Yang Committee Executive

0000004.21209220209220000

Xiaoping Vice President and Chief

Financial Officer (CFO)

Member of the Executive

Liu

Committee and Senior 0 0 0 0 0 0 4.21 247500 247500 0 0 0

Zhiqiang

Vice President

68BOE Technology Group Co. Ltd. Annual Report 2025

Member of the Executive

Liu Jing Committee and Senior 0 0 0 0 0 0 4.21 209220 209220 0 0 0

Vice President

Member of the Executive

Yun

Committee and Senior 0 0 0 0 0 0 4.21 209220 209220 0 0 0

Xiangnan

Vice President

Member of the Executive

Jiang

Committee and Senior 0 0 0 0 0 0 4.21 209220 209220 0 0 0

Xingqun

Vice President

Member of the Executive

Qi Zheng Committee and Senior 0 0 0 0 0 0 4.21 209220 209220 0 0 0

Vice President

Yue Senior Vice President and

0000004.21209220209220000

Zhanqiu Chief Audit Officer

Guo Vice President Board

0000004.21125895125895000

Hong Secretary

Gao

Former director 0 0 0 0 0 0 4.21 495000 495000 0 0 0

Wenbao

Former senior

Sun Yun 0 0 0 0 0 0 4.21 495000 495000 0 0 0

management

Guo Former senior

0000004.2100000

Huaping management

Liu Former senior

0000004.21247500247500000

Hongfeng management

Total -- 0 0 0 0 -- 0 -- 4351215 4351215 0 -- 0

1. On 14 January 2025 the Board of Directors appointed Mr. Jiang Xingqun Mr. Qi Zheng and Ms. Guo Hong as senior management of the Company. On 22

September 2025 the Company’s Workers Congress elected Mr. Li Yang as an employee director. As described above the beginning number of restricted shares held

by Mr. Jiang Xingqun Mr. Qi Zheng Ms. Guo Hong and Mr. Li Yang are presented based on the number of restricted shares held by them on the date of their

appointment.

2. The lifting of the restriction conditions in the third lifting restriction period for restricted stocks granted by the 2020 Stock Option and Restricted Stock Incentive

Note (if any) Scheme of the Company has been achieved. The listing date is 29 April 2025. The above lifting of the restrictions resulted in a reduction in the number of restricted

shares granted to directors and senior management at the end of the Reporting Period.? After the lifting of certain restricted shares held by the Company’s directors

and senior management in this incentive scheme the locking and trading of shares held by them shall comply with the Company Law the Securities Law the

Management Rules for Shares Held by Directors and Senior Management of Listed Companies and Changes in Such Shares the Standardized Operation of the

Companies Listed on the Mainboard the Guidelines No. 10 of the Shenzhen Stock Exchange on the Self-regulation of Listed Companies -- Management of Share

Changes and other the relevant laws and regulations.Appraisal of and Incentive for Senior Management

69BOE Technology Group Co. Ltd. Annual Report 2025

According to the Articles of Association Management System for Professional Managers and the Performance Management System members of the senior management of the Company are

appointed by the Board of Directors and sign the Appointment Contract and the Annual Target Responsibility Paper. The annual performance assessment and appointment period assessment

will be implemented. The annual performance assessment is determined by the annual task breakdown of the current year's targets and the appointment period targets and the appointment

period assessment is based on medium- and long-term targets and the salary and rewards are delivered according to the assessment results. Meanwhile according to BOE's 2020 Stock Option

and Restricted Stock Incentive Scheme and relevant laws and regulations the granted stock interests will be determined to be unlocked after the lock-up period based on the achievement of

relevant conditions.

70BOE Technology Group Co. Ltd. Annual Report 2025

2. Implementation of Employee Stock Ownership Plans

□Applicable□ Not applicable

3. Other Incentive Measures for Employees

□Applicable□ Not applicable

XI Establishment and Execution of the Internal Control System for the Reporting Period

1. Establishment and Execution of the Internal Control System

In line with the reform the establishment of internal control regulation was enhanced according to the requirements for the

establishment of internal control regulation of listed companies and the Company’s strategic requirements. Specifically the

internal control system was optimized so as to guarantee the implementation of innovation and reform and promote the

compliance and efficient development of business.

2. Material Internal Control Weaknesses Identified for the Reporting Period

□Yes□ No

XII Management and Control over Subsidiaries by the Company for the Reporting Period

Integration Countermeasur Settlement Follow-up

Subsidiary Integration plan Problem

progress es taken progress settlement plan

N/A - - - - - -

Abnormality in the management and control over subsidiaries

□Yes□ No

XIII Internal Control Evaluation Report or Independent Auditor’s Report on Internal

Control

1. Internal Control Evaluation Report

Disclosure date of the internal control

self-evaluation report 1 April 2026

Index to the disclosed internal control On 1 April 2026 the Company disclosed 2025 Internal Control Appraisal Report

self-evaluation report refer to www.cninfo.com.cn for details.Evaluated entities’ combined assets as %

of consolidated total assets 99.15%

Evaluated entities’ combined operating

revenue as % of consolidated operating 99.99%

revenue

Identification standards for internal control weaknesses

Type Weaknesses in internal control over Weaknesses in internal control notfinancial reporting related to financial reporting

The nature standards of internal control Evaluation standards for internal defects

deficiency evaluation over financial not related to financial reporting

Nature standard reporting determined by the Company specified by the Company are as below:

are as follows: Material weakness:

Material weakness: In case of the (1) The business scope of the Company

71BOE Technology Group Co. Ltd. Annual Report 2025

following situations it will be deemed as violates national laws and regulations

that major defects (including but not seriously;

limited to the following situations) may (2) The decision-making procedure is not

occur: scientific major decision errors are

(1) Directors and Senior Management released the development strategies of

make the malpractices; the Company are deviated from severely

(2) The enterprise corrects the released and major property losses are caused for

financial statements; the Company;

(3) The certified public accountant finds (3) Safety and environmental accidents

that there is a material misstatement in occur resulting in major negative effects

the current financial report but the on the Company;

internal control fails to find the (4) A lot of senior management personnel

misstatement in the process of operation; and key technicians leave the Company;

(4) Supervision of the risk control and (5) Important business lacks system

audit committee and the internal audit control or the system is failure;

organization for internal control is (6) Material weaknesses or serious

ineffective. Serious weakness refers to weaknesses are not corrected.one or combination of several control Serious weakness refers to one or

items and its severity and economic combination of several control items and

consequence are lower than those of the its severity and economic consequence

material weaknesses but may still affect are lower than those of the material

the real and accurate objective of the weaknesses but may still affect the

financial report. enterprise to deviate from the control

The common weakness refers to other goal.internal control weaknesses except for The common weakness refers to other

material weaknesses and serious internal control defects except for

weaknesses. material weaknesses and Serious

weakness.The quantitative standards of internal

control deficiency evaluation over

financial reporting determined by the

Company are as follows:

Material weakness: The amount reported The quantitative standards for internal

incorrectly is ≥1‰* total amount of control defects not related to financial

assets of the Group (operating revenue) reporting determined by the Company

Quantitative standard Serious weakness: 0.5‰*total amount of are consistent with those over the

assets of the Group (operating revenue)≤ financial reporting. See the left side for

the amount reported details.incorrectly<1‰*total amount of assets

of the Group (operating revenue)

Common weakness: The amount

reported incorrectly <0.5‰*total group

assets (operating revenue)

Number of material weaknesses in

internal control over financial reporting 0

Number of material weaknesses in

internal control not related to financial 0

reporting

Number of serious weaknesses in

internal control over financial reporting 0

Number of serious weaknesses in

internal control not related to financial 0

reporting

2. Independent Auditor’s Report on Internal Control

□Applicable □ Not applicable

Opinion paragraph in the independent auditor’s report on internal control

We believe that the Company and important subsidiaries make valid internal control on financial report in all significant aspects

according to the Basic Rules on Enterprise Internal Control and other relevant stipulations.Independent auditor’s report on internal control disclosed or

not Disclosed

Disclosure date 1 April 2026

72BOE Technology Group Co. Ltd. Annual Report 2025

The Company disclosed the Audit Report on Internal Control

Index to such report disclosed on 1 April 2026 for details please refer to

http://www.cninfo.com.cn

Type of the auditor’s opinion Standard unqualified opinion

Material weaknesses in internal control not related to financial

reporting No

Indicate by tick mark whether any modified opinion is expressed in the independent auditor’s report on the Company’s internal

control.□Yes□ No

Indicate by tick mark whether the independent auditor’s report on the Company’s internal control is consistent with the internal

control self-evaluation report issued by the Company’s Board.□Yes □ No

Indicate by tick mark whether a modified internal control audit opinion was issued during the Reporting Period or in the previous

year

□Yes□ No

XIV Rectifications of Problems Identified by Self-inspection in the Special Action for Listed

Company Governance

Not applicable

XV Environmental Information Disclosure

Indicate whether the listed company or any of its major subsidiaries is included in the list of companies that are required by law to

disclose environmental information.□Yes □ No

Number of companies included in the list of companies that

20

are required by law to disclose environmental information

No. Company Index to the report on required environmental information

The 2025 Annual Report on Required Environmental Information

disclosed by the Company through the system of required

1 BOE Technology Group Co. Ltd.

environmental information of enterprises (Beijing)

(https://hjxxpl.bevoice.com.cn:8002/home) in February 2026

The 2025 Annual Report on Required Environmental Information

Beijing BOE Optoelectronics Technology Co. disclosed by the company through the system of required

2

Ltd. environmental information of enterprises (Beijing)

(https://hjxxpl.bevoice.com.cn:8002/home) in February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Chengdu BOE Optoelectronics Technology Co.

3 environmental information of enterprises (Sichuan)

Ltd. (B2)

(https://103.203.219.138:8082/eps/index/enterprise-search) in

February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

4 Hefei BOE Optoelectronics Technology Co. Ltd. environmental information of enterprises (Anhui)

(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home) in March

2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

5 Beijing BOE Display Technology Co. Ltd.

environmental information of enterprises (Beijing)

(https://hjxxpl.bevoice.com.cn:8002/home) in February 2026

73BOE Technology Group Co. Ltd. Annual Report 2025

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Hefei Xinsheng Optoelectronics Technology Co.

6 environmental information of enterprises (Anhui)

Ltd.(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home) in February

2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

environmental information of enterprises (Inner Mongolia)

(http://111.56.142.62:40010/support-yfpl-

7 Ordos Yuansheng Optoelectronics Co. Ltd.

web/web/viewRunner.htmlviewId=http://111.56.142.62:40010/sup

port-yfpl-

web/web/sps/views/yfpl/views/yfplHomeNew/index.js&cantonCod

e=150000) in February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Chengdu BOE Optoelectronics Technology Co.

8 environmental information of enterprises (Sichuan)

Ltd. (B7)

(https://103.203.219.138:8082/eps/index/enterprise-search) in

February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Chongqing BOE Optoelectronics Technology

9 environmental information of enterprises (Chongqing)

Co. Ltd.(http://183.66.66.47:10001/eps/index/enterprise-search) in

February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

10 Hefei BOE Display Technology Co. Ltd. environmental information of enterprises (Anhui)

(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home) in January

2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Fuzhou BOE Optoelectronics Technology Co.

11 environmental information of enterprises (Fujian)

Ltd.(http://220.160.52.213:10053/idp-province/#/enterprise-overview)

in February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Mianyang BOE Optoelectronics Technology Co.

12 environmental information of enterprises (Sichuan)

Ltd.(https://103.203.219.138:8082/eps/index/enterprise-search) in

March 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

13 Chongqing BOE Display Technology Co. Ltd. environmental information of enterprises (Chongqing)

(http://183.66.66.47:10001/eps/index/enterprise-search) in January

2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

Wuhan BOE Optoelectronics Technology Co.

14 environmental information of enterprises (Hubei Province)

Ltd.(http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/inde

x) ) in March 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

environmental information of enterprises (Jiangsu)

(http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-

15 Nanjing BOE Display Technology Co. Ltd.

webapp/web/viewRunner.htmlviewId=http://ywxt.sthjt.jiangsu.go

v.cn:18181/spsarchive-

webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js) in

February 2026

16 Chengdu BOE Display Technology Co. Ltd. The 2025 Annual Report on Required Environmental Information

74BOE Technology Group Co. Ltd. Annual Report 2025

disclosed by the company through the system of required

environmental information of enterprises (Sichuan)

(https://103.203.219.138:8082/eps/index/enterprise-search) in

February 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

17 Hefei BOE Ruisheng Technology Co. Ltd. environmental information of enterprises (Anhui)

(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home) in February

2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

18 Hefei BOE Hospital Co. Ltd. environmental information of enterprises (Anhui)

(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home) in February

2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

19 Chengdu BOE Hospital Co. Ltd. environmental information of enterprises (Sichuan)

(https://103.203.219.138:8082/eps/index/enterprise-search) in

March 2026

The 2025 Annual Report on Required Environmental Information

disclosed by the company through the system of required

environmental information of enterprises (Jiangsu)

(http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-

20 Suzhou BOE Hospital Co. Ltd.

webapp/web/viewRunner.htmlviewId=http://ywxt.sthjt.jiangsu.go

v.cn:18181/spsarchive-

webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js) in

March 2026

XVI Social Responsibility

BOE’s great vision of “To Be the Most Respected Company on Earth” not only represents technological or market leadership but

also emphasizes how to use technology to serve society achieve harmonious coexistence between business and ecology and

create a replicable model of sustainable development.In terms of sustainable development governance BOE has established a “strategy organization and brand” three-in-one

sustainable development system. This not only systematically transforms “sustainability” into brand competitiveness but also

achieves dual value by providing strategic foresight internally and ecological collaboration externally.At the beginning of 2025 BOE established a three-level sustainable development organizational structure encompassing the

governance level management level and execution level. In April 2025 BOE launched the “ONE” (Open Next and Earth)

sustainable development brand with “Open Next Earth” as the three core brand connotations profoundly interpreting the core

philosophy of “protecting the future of humanity through the power of open and innovative technology”. In September 2025 BOEreleased the Group’s sustainable development strategy establishing six strategic pillars “Open Innovation EnvironmentalSustainability Win-Win Ecosystem People-Oriented Development Integrity-based Operation and Value Creation for the Future”.These pillars aim to form the core competencies leading the sustainable transformation of society and build and empower an open

win-win global IoT technology sustainable ecosystem. In December 2025 at the “Sustainable Business Leaders Forum 2025”

BOE as one of the core drafting units together with United Nations agencies the China Association for Standardization and

numerous corporate partners jointly released the milestone group standard the Guidelines for Creating Sustainable Brands. This

systematically showcased the thought leadership and practical capabilities of Chinese technology enterprises in the globalsustainable development agenda. At the same time BOE was selected as a representative case for the “Creating SustainableBrands” Vision Initiative (2025) becoming one of the exemplary Chinese enterprises showcasing sustainable business practices to

the world.

75BOE Technology Group Co. Ltd. Annual Report 2025

In terms of sustainable development practices BOE actively engages in public welfare projects in the fields of education health

and culture giving back to society and fulfilling its commitment to social sustainable development.In the field of education BOE’s “Lighting the Way to Growth” project has been in operation for ten years. It has evolved beyond a

single public welfare project into an open diverse and sustainable public welfare platform. Caring enterprises from BOE’s

cooperative ecosystem were invited to join such as JD.com OPPO and OUTPUT and donate electronic devices and AI courses.By the end of 2025 BOE has established 156 smart classrooms in ten major provinces and cities across the country providing

integrated software and hardware smart education solutions and comprehensive teacher empowerment programs for over 70000

teachers and students. At the same time the “100 Public Welfare Lessons on Traditional Culture of the Palace Museum” jointly

initiated by BOE and the Palace Museum successfully concluded in October 2025. The project covered nearly 40 schoolsbenefiting over 20000 students both online and offline. It continuously promoted a sustainable development model of “technology+ education + culture” and effectively helped students in remote areas gain educational opportunities to experience the charm of

Chinese traditional culture up close.Meanwhile BOE has continued to focus on the United Nations Sustainable Development Goals (SDGs). In terms of quality

education BOE has become the first Chinese technology company to support UNESCO’s “Decade of Sciences” initiative. STEM

education and ecological co-construction projects were implemented in Kenya Namibia and other locations. In August 2025 both

parties successfully launched the “Windows to STEM” project in Kenya. By donating smart education equipment conducting

teacher training and integrating systematic courses BOE assisted the local community in gradually building independent andsustainable scientific education capabilities. In December 2025 BOE supported UNESCO in launching the “African Science ClubNetwork” in Windhoek Namibia marking a new phase in their collaboration from “single-point empowerment” to “systematicecological co-construction”.In the health sector BOE leverages its advanced medical resources and talent advantages to provide free medical consultations and

health guidance to residents in remote areas through various forms of medical public welfare actions. This helps to disseminate

health knowledge among the public and effectively improve the current state of local medical services. In 2025 various medical

public welfare activities covered a population of over 168000. Among them BOE collaborated with the China Volunteer Service

Foundation to carry out the “Medical Journey with Me—China Medical Emergency First Aid Volunteer Service Tour” activity.Centered on public welfare training activities for first aid volunteers it aimed to popularize first aid knowledge and skills among

the public through lectures training bringing medical services to rural areas health education and practical exercises. This

initiative promoted the distribution of superior medical resources to lower-tier areas and enhanced the level of regional emergency

medical services. In 2025 four activities were completed in Litang Fuping Yushu and Beijing with first aid training covering

over 600 people.In the cultural field BOE used digital technology in Paris and Milan to promote Chinese intangible cultural heritage to the world.In October 2025 as the chief display technology partner BOE used innovative display products such as the 105-inch Wanjing

screen transparent screens and smart calligraphy tables at the “Reviving Craft” China’s Intangible Cultural Heritage and

Contemporary Design Exhibition in Milan. These products vividly presented intangible cultural heritage works like On Tea and

Wine and One Hundred Playing Children in Four Seasons breaking cultural barriers with innovative technology. At the same time

as a partner in the Centennial Project of the Forbidden City BOE provided critical technical support for the Qianlong Garden

which was opened to the public for the first time in nearly a century. The ultra-high-definition LED seamless splicing U-shaped

long screen provided by BOE vividly illustrated the construction process of the Ningshou Palace Garden from blueprint to reality

in the form of a dynamic digital long scroll. It comprehensively showcased its historical and cultural connotations and

continuously promoted the deep integration and international dissemination of technology and culture.Since 2010 BOE had consecutively disclosed Social Responsibility Report for 16 years. Please view and download such report via

official website of BOE www.boe.com or Cninfo.

76BOE Technology Group Co. Ltd. Annual Report 2025

XVII Consolidation and Expansion of Poverty Alleviation Outcomes and Rural

Revitalization

Throughout the years BOE has steadfastly leveraged its industrial strengths in the technology sector to actively align with

the national rural revitalization strategy. Through concrete actions BOE has empowered education and healthcare in remote

regions comprehensively driven high-quality development of rural revitalization and continuously contributed to building a more

harmonious and prosperous society.BOE has precisely focused on Beijing's paired support cooperation regions. In line with the development characteristics and actual

conditions of BOE we have explored various forms of assistance. We have provided key support to regions such as Inner

Mongolia Qinghai Xizang Zhangjiakou-Chengde in Hebei and the South-to-North Water Diversion project as well as to

economically underdeveloped villages under collective ownership in Beijing. Our efforts aim to develop industries increase

employment drive consumption further consolidate the achievements of rural revitalization and effectively promote high-quality

development in the supported regions and improved lives of local residents fulfilling our corporate social responsibility through

concrete actions.In terms of industrial assistance BOE further deepened its efforts in industrial support in the Inner Mongolia region promoting the

quality and efficiency improvement of BOE’s Ordos production line thereby making a positive contribution to regional economic

development.In terms of assistance through consumption BOE continued to advance the consumption assistance through canteen procurement

and actively implemented such work. We carefully selected agricultural support products from cooperative regions (such as Inner

Mongolia and Zhangjiakou and Chengde in Hebei) and the locations of the Group’s main factories (such as Mianyang in Sichuan

Hefei in Anhui and Qingdao in Shandong) incorporating them into the food supply system of canteens in 12 cities and over 30

factories nationwide. At the same time we have established a full-process traceability mechanism to strictly control the quality andsafety of food ingredients. Concrete actions were taken to support rural revitalization and effectively safeguard the “safety on thetip of the tongue” for all employees. The total amount of assistance through consumption for the year 2025 was nearly RMB40

million.Moving forward BOE will continue to uphold the "Open Next Earth" sustainability brand concept. Leveraging our leading

technological capabilities in fields such as display technology and the Internet of Things (IoT) and with unwavering resolve BOE

will deepen its exploration and practices in rural revitalization continuously innovate assistance models and expand support

channels to deliver more comprehensive and in-depth support and services for advancing the national rural revitalization strategy.Meanwhile by leveraging its technological and resource strengths BOE will proactively fulfill its social responsibilities strive to

create greater societal value and well-being ensure that technological advancements benefit broader populations and collectively

forge a more harmonious and prosperous society.

77BOE Technology Group Co. Ltd. Annual Report 2025

Part V Significant Events

I Fulfillment of Commitments

1. Commitments of the Company’s Actual Controller Shareholders Related Parties and Acquirers as well as the Company Itself and other Entities

Fulfilled in the Reporting Period or Ongoing at the Period-end

□Applicable □ Not applicable

Date of

Commitment Promisor Type ofcommitment Details of commitment commitment

Term of

making commitment

Fulfillment

Commitments made in share reform - - - - - -

Commitments made in acquisition

documents or shareholding alteration - - - - - -

documents

Commitments made in time of asset

restructuring - - - - - -

Commitments made in time of IPO or

refinancing - - - - - -

Equity incentive commitments - - - - - -

In accordance with the Announcement on the

Commitments of not Reducing the Shareholding by Some

Directors Supervisors and Senior Management (No.:

2020-001) disclosed by the Company on 22 February

2020 some of the Company’s directors supervisors and During the term

The Chairman of the Board: senior managers based on their confidence in the

as director

Company’s future development and their recognition of the supervisor or

Mr. Chen Yanshun; corporate value promise not to reduce or transfer any senior manager

Director: Ms. Feng Liqiong;

Other commitments made to minority Other shares held in BOE (A shares) not to entrust others to

and in six

interests Former Vice Chairman of the commitments manage specific shares not to authorize others to execute 21 February 2020

months after Ongoing

Board: Mr. Gao Wenbao; their voting right by means of any agreement trust or other

the expiration

arrangements and not to require the Company to of the term (theFormer Supervisor: Mr. Xu

Yangping and Mr. Yan Jun repurchase any specific shares during the terms of office

term

and within 6 months after their tenures expire so as to determined

promote the Company’s continuous stable and healthy when taking

development and maintain the rights and interests of the office).Company and all shareholders. For any newly-added

shares derived from the assignment of rights and interests

including the share donation and the reserved funds

78BOE Technology Group Co. Ltd. Annual Report 2025

converted into share capital during the period

(corresponding to the specific shares) they shall still keep

their promises till the commitment period expires.Other commitments -

Executed on time or not Yes

Specific reasons for failing to fulfill

commitments on time and plans for N/A

next step (if any)

79BOE Technology Group Co. Ltd. Annual Report 2025

2. Where there had been an earnings forecast for an asset or project and the Reporting Period was still

within the forecast period explain why the forecast has been reached for the Reporting Period.□Applicable□ Not applicable

3. Performance Commitments

□Applicable□ Not applicable

II Occupation of the Company’s Capital by the Controlling Shareholder or any of Its

Related Parties for Non-Operating Purposes

□Applicable□ Not applicable

No such cases in the Reporting Period.III Irregularities in the Provision of Guarantees

□Applicable□ Not applicable

No such cases in the Reporting Period.IV Explanations Given by the Board of Directors Regarding the Latest “Modified Opinion”

on the Financial Statements

□Applicable□ Not applicable

V Explanations Given by the Board of Directors and the Independent Directors (if any)

Regarding the Independent Auditor's “Modified Opinion” on the Financial Statements of

the Reporting Period

□Applicable□ Not applicable

VI YoY Changes to Accounting Policies Estimates or Correction of Material Accounting

Errors

□Applicable□ Not applicable

No such cases in the Reporting Period.VII YoY Changes to the Scope of the Consolidated Financial Statements

□Applicable □ Not applicable

The additions to the consolidation scope this year were solely due to newly established subsidiaries while the reductions resulted

from the deregistration of subsidiaries during the year.VIII Engagement and Disengagement of Independent Auditor

Current independent auditor

80BOE Technology Group Co. Ltd. Annual Report 2025

Name of the domestic independent auditor Ernst & Young Hua Ming LLP

The Company’s payment to the domestic independent auditor

(RMB’0000) 990

How many consecutive years the domestic independent auditor

has provided audit service for the Company 1

Names of the certified public accountants from the domestic

independent auditor writing signatures on the auditor’s report Xie Feng Wang Jing

How many consecutive years the certified public accountants

from the domestic independent auditor have provided audit 1 year for Xie Feng 1 year for Wang Jing

service for the Company

Name of the foreign independent auditor (if any) N/A

The Company’s payment to the foreign independent auditor

(RMB’0000) (if any) 0

How many consecutive years the foreign independent auditor

has provided audit service for the Company (if any) N/A

Names of the certified public accountants from the foreign

independent auditor writing signatures on the auditor’s report N/A

(if any)

How many consecutive years the certified public accountants

from the foreign independent auditor have provided audit N/A

service for the Company (if any)

Indicate by tick mark whether the independent auditor was changed for the Reporting Period.□Yes □ No

Indicate by tick mark whether the auditor was changed during the audit period

□Yes□ No

Indicate by tick mark whether the approval procedures were followed for the change of auditor

□Yes □ No

Detailed explanation of the change of auditor

To ensure the independence and objectivity of the audit and taking into account the Company’s business development and audit

requirements the Company conducted a rotation in accordance with the relevant provisions of the Administrative Measures for the

Selection and Engagement of Auditors by State-owned Enterprises and Listed Companies jointly issued by the Ministry of Finance

of the People’s Republic of China the State-owned Assets Supervision and Administration Commission of the State Council and

the China Securities Regulatory Commission. Following a tendering process and based on the bid evaluation results the Company

considered and approved the Proposal on the Appointment of the Auditor for 2025 at the Board of Directors and the general

meeting and resolved to appoint Ernst & Young Hua Ming LLP as the auditor for 2025.Independent auditor financial advisor or sponsor engaged for internal control audit

□Applicable □ Not applicable

During the year the Company engaged Ernst & Young Hua Ming LLP as the Company's internal control audit accounting firm

and the Company paid Ernst & Young Hua Ming LLP total compensation of RMB9.9 million for the 2025 annual audit and

internal control audit.IX Possibility of Delisting after Disclosure of this Report

□Applicable□ Not applicable

X Insolvency and Reorganization

□Applicable□ Not applicable

No such cases in the Reporting Period.

81BOE Technology Group Co. Ltd. Annual Report 2025

XI Major Legal Matters

□Applicable □ Not applicable

Index

Involved Disclo to

General information amount Provision Progress Decisions and Execution of sure disclo

(RMB’0000) effects decisions date sedinform

ation

Litigations for 2025 (including 67752.51 No N/A N/A N/A - -

carryforwards in previous years )

XII Punishments and Rectifications

□Applicable□ Not applicable

No such cases in the Reporting Period.XIII Credit Quality of the Company as well as Its Controlling Shareholder and Actual

Controller

□Applicable□ Not applicable

XIV Major Related-Party Transactions

1. Continuing Related-Party Transactions

□Applicable□ Not applicable

No such cases in the Reporting Period.

2. Related-Party Transactions Regarding Purchase or Sales of Assets or Equity Interests

□Applicable□ Not applicable

No such cases in the Reporting Period.

3. Related Transactions Regarding Joint Investments in Third Parties

□Applicable□ Not applicable

No such cases in the Reporting Period.

4. Amounts Due to and from Related Parties

□Applicable□ Not applicable

No such cases in the Reporting Period.

5. Transactions with Related Finance Companies

□Applicable□ Not applicable

The Company did not make deposits in receive loans or credit from and was not involved in any other finance business with any

related finance company or any other related parties.

82BOE Technology Group Co. Ltd. Annual Report 2025

6. Transactions with Related Parties by Finance Companies Controlled by the Company

□Applicable□ Not applicable

The finance company controlled by the Company did not make deposits receive loans or credit from and was not involved in any

other finance business with any related parties.

7. Other Major Related-Party Transactions

□Applicable □ Not applicable

1. The Proposal on the Estimated Continuing Related-party Transactions in 2025 was reviewed and approved at the 4th Meeting of

the 11th Board of Directors on 18 April 2025 with the actual transaction amount in 2025 within the estimated amount.Index to the public announcements about the said related-party transactions disclosed

Title of public announcement Disclosure date Disclosure website

Announcement on Estimated Continuing Related-party

22 April 2025 www.cninfo.com.cn

Transactions for 2025

XVMajor Contracts and Execution thereof

1. Entrustment Contracting and Leases

(1) Entrustment

□Applicable□ Not applicable

No such cases in the Reporting Period.

(2) Contracting

□Applicable□ Not applicable

No such cases in the Reporting Period.

(3) Leases

□Applicable□ Not applicable

No such cases in the Reporting Period.

83BOE Technology Group Co. Ltd. Annual Report 2025

2. Major Guarantees

□Applicable □ Not applicable

Unit: RMB'0000

Guarantees provided by the Company as the parent and its subsidiaries for external parties (exclusive of those for subsidiaries)

Guarantee

Disclosure date of Actual CounterLine of Actual occurrence Collateral Having for aObligor the guarantee line guarantee date guarantee Type of guarantee guarantee (if Term of guarantee expired or relatedannouncement amount (if any) any) not party or

not

N/A

Guarantees provided by the Company as the parent for its subsidiaries

Guarantee

Disclosure date of Actual Counter Having for a

Obligor the guarantee line Line of Actual occurrenceguarantee date guarantee Type of guarantee

Collateral

guarantee (if Term of guarantee expired or related

announcement amount (if any) any) not party or

not

Ordos YuanSheng 30 November 2016 551918 15 March 2017 - Joint-liability N/A N/A - Yes Not

Optoelectronics Co. Ltd.Chengdu BOE Optoelectronics 24 April 2017 2017-9-6 to 2029-9-2282082 30 August 2017 512234 Joint-liability N/A N/A Not Not

Technology Co. Ltd. 5

The secured

party

provides a

Chengdu BOE Optoelectronics 27 August 2024 300000 23 September 2024

2024-9-24 to 2030-

162881 Joint-liability N/A counter Not Not

Technology Co. Ltd. 9-5

guarantee

for the

guarantor

The secured

party

provides a

Hefei BOE Display 30 November 2016 1704216 30 August 2017 - Joint-liability N/A counter - Yes Not

Technology Co. Ltd.guarantee

for the

guarantor

Mianyang BOE The secured

2018-9-26 to 2031-

Optoelectronics Technology 18 May 2018 2117748 18 September 2018 627846 Joint-liability N/A party Not Not

Co. Ltd. provides a

84BOE Technology Group Co. Ltd. Annual Report 2025

counter

guarantee

for the

guarantor

The secured

party

Mianyang BOE provides a

Optoelectronics Technology 27 August 2024 340000 27 September 2024

2024-10-8 to 2031-

195751 Joint-liability N/A counter Not Not

Co. Ltd. guarantee

for the

guarantor

The secured

party

provides a

Chongqing BOE Display 27 April 2020 2020-12-31 to2059639 29 December 2020 1069079 Joint-liability N/A counter Not Not

Technology Co. Ltd. 2033-12-31

guarantee

for the

guarantor

The secured

party

provides a

Wuhan BOE Optoelectronics 25 March 2019 2019-8-23 to 2032-2036748 16 August 2019 242300 Joint-liability N/A counter Not Not

Technology Co. Ltd. 8-23

guarantee

for the

guarantor

The secured

party

provides a

Wuhan BOE Optoelectronics 23 December 2024 620000 25 December 2024

2024-12-26 to

470616 Joint-liability N/A counter Not Not

Technology Co. Ltd. 2032-8-23

guarantee

for the

guarantor

The secured

party

Chengdu BOE Hospital Co. 27 April 2020 240000 15 June 2020

provides a 2020-6-15 to 2042-

169118 Joint-liability N/A Not Not

Ltd. counter 6-30

guarantee

for the

85BOE Technology Group Co. Ltd. Annual Report 2025

guarantor

Total approved line for such guarantees in the Total actual amount of such

Reporting Period (B1) 0 guarantees in the Reporting 477185Period (B2)

Total approved line for such guarantees at the end of Total actual balance of such

the Reporting Period (B3) 9996217 guarantees at the end of the 3449825Reporting Period (B4)

Guarantees provided between subsidiaries

Guarantee

Disclosure date of Actual Counter

Obligor the guarantee line Line of Actual occurrence guarantee Type of guarantee Collateral

Having for a

guarantee date guarantee (if Term of guarantee expired or relatedannouncement amount (if any) any) not party or

not

Yaoguang New Energy 2020-9-30 to 2034-

N/A 2462 30 September 2020 1725 Joint-liability N/A N/A Not Not

(Shouguang) Co. Ltd. 9-30

Suzhou Industrial Park Taijing

N/A 1915 30 September 2020

2020-9-30 to 2034-

1342 Joint-liability N/A N/A Not Not

Photovoltaic Co. Ltd. 9-30

Qingmei Solar Energy 2020-9-30 to 2034-

N/A 2257 30 September 2020 1406 Joint-liability N/A N/A Not Not

Technology (Lishui) Co. Ltd. 9-30

Guoji Energy (Ningbo) Co. 2020-12-3 to 2034-

N/A 1231 3 December 2020 794 Joint-liability N/A N/A Not Not

Ltd. 12-3

Hongyang Solar Energy Power

N/A 1710 3 December 2020

2020-12-3 to 2034-

1102 Joint-liability N/A N/A Not Not

Generation (Anji) Co. Ltd. 12-3

Ke’en Solar Energy Power

2020-12-3 to 2034-

Generation (Pingyang) Co. N/A 1094 3 December 2020 706 Joint-liability N/A N/A Not Not

Ltd.Dongze Photovoltaic Power

Generation (Wenzhou) Co. N/A 958 3 December 2020

2020-12-3 to 2034-

617 Joint-liability N/A N/A Not Not

Ltd.BOE Energy Technology Co.N/A 8755 23 October 2017 4925 Pledge Charging

2017-10-24 to

right N/A Not NotLtd. 2032-10-23

BOE Energy Technology Co.N/A 14063 15 August 2018 4289 Pledge Charging

2018-9-26 to 2032-

right N/A Not NotLtd. 12-21

BOE Energy Technology Co. 28 November 2017 Pledge Charging 2017-12-1 to 2032-N/A 17386 10255 N/A Not Not

Ltd. right 12-1

27 April 2018 2018-4-27 to 2036-Hefei BOE Hospital Co. Ltd. 27 April 2018 130000 94420 Joint-liability N/A N/A Not Not

Beijing BOE Life Technology

N/A 60000 29 December 2021

The secured 2021-12-29 to

25669 Joint-liability N/A Not Not

Co. Ltd. party 2039-12-28

86BOE Technology Group Co. Ltd. Annual Report 2025

provides a

counter

guarantee

for the

guarantor

The secured

23 March 2023 to

party

the time when all

provides a

BOE Vision-Electronic 30 March 2022 23 March 2023 orders under the210864 10461 Joint-liability N/A counter Not Not

Technology Co. Ltd purchase and sales

guarantee

Agreement have

for the

been completed

guarantor

BOE HC SemiTek (Suzhou) 2 April 2024 2025-2-18 to 2031-33234 16 August 2024 2154 Joint-liability N/A N/A Not Not

Co. Ltd. 2-17

BOE HC SemiTek (Suzhou) 30 September 2021 34380 15 November 2021

2021-11-17 to 2029-

2640 Joint-liability N/A N/A Not Not

Co. Ltd. 9-25

BOE HC SemiTek (Suzhou) 2 April 2024 2025-3-19 to 2029-33234 19 March 2025 1100 Joint-liability N/A N/A Not Not

Co. Ltd. 5-18

BOE HC SemiTek (Suzhou) 2 April 2024 2025-3-26 to 2029-33234 26 March 2025 1797 Joint-liability N/A N/A Not Not

Co. Ltd. 3-26

BOE HC SemiTek (Suzhou) 2 April 2024 17 January 2025 2025-1-17 to 2029-33234 1146 Joint-liability N/A N/A Not Not

Co. Ltd. 1-17

BOE HC SemiTek (Suzhou) 2 April 2024 2025-1-24 to 2029-33234 17 January 2025 1146 Joint-liability N/A N/A Not Not

Co. Ltd. 1-17

BOE HC SemiTek (Suzhou) 26 March 2025 20628 14 May 2025

2025-11-21 to 2029-

344 Joint-liability N/A N/A Not Not

Co. Ltd. 11-20

BOE HC SemiTek (Suzhou) 26 March 2025 20628 14 May 2025

2025-5-22 to 2029-

619 Joint-liability N/A N/A Not Not

Co. Ltd. 5-20

BOE HC SemiTek (Suzhou) 26 March 2025 2025-6-24 to 2029-20628 14 May 2025 183 Joint-liability N/A N/A Not Not

Co. Ltd. 6-23

BOE HC SemiTek (Suzhou) 2 April 2024 33234 16 August 2024

2024-8-23 to 2035-

5673 Joint-liability N/A N/A Not Not

Co. Ltd. 8-22

BOE HC SemiTek (Suzhou) 2 April 2024 33234 24 December 2024

2024-12-24 to

6091 Joint-liability N/A N/A Not Not

Co. Ltd. 2037-12-24

BOE HC SemiTek (Suzhou) 27 January 2022 45840 10 May 2022 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 27 January 2022 45840 17 February 2022 - Joint-liability N/A N/A - Yes Not

Co. Ltd.

87BOE Technology Group Co. Ltd. Annual Report 2025

BOE HC SemiTek (Suzhou) 21 January 2023 45840 17 March 2023 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 21 January 2023 45840 1 March 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 21 January 2023 45840 25 April 2023 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 2 April 2024 33234 22 May 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 2 April 2024 33234 6 May 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 2 April 2024 33234 16 August 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 26 January 2021 22920 3 August 2021 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 21 January 2023 45840 3 January 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 21 January 2023 45840 3 January 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 2 April 2024 33234 5 November 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Suzhou) 26 March 2025 20628 14 May 2025 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC Crystaland Yunnan 2 April 2024 3438 9 January 2025

2025-8-25 to 2029-

1090 Joint-liability N/A N/A Not Not

Co. Ltd. 6-19

BOE HC Crystaland Yunnan 2 April 2024 2025-2-17 to 2032-3438 9 January 2025 1046 Joint-liability N/A N/A Not Not

Co. Ltd. 12-21

BOE HC Crystaland Yunnan 2 April 2024 3438 2 September 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC Crystaland Yunnan 27 January 2022 9168 22 November 2022 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC Crystaland Yunnan 2 April 2024 3438 9 January 2025 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 21 January 2023 26 January 2024 2024-1-29 to 2029-52716 2258 Joint-liability N/A N/A Not Not

Co. Ltd. 1-25

BOE HC SemiTek (Zhejiang) 26 March 2025 11 April 2025 2025-4-28 to 2029-32088 1146 Joint-liability N/A N/A Not Not

Co. Ltd. 4-27

BOE HC SemiTek (Zhejiang) 2 April 2024 30942 26 September 2024

2024-9-29 to 2030-

435 Joint-liability N/A N/A Not Not

Co. Ltd. 9-20

88BOE Technology Group Co. Ltd. Annual Report 2025

BOE HC SemiTek (Zhejiang) 2 April 2024 26 September 2024 2024-11-25 to 2030-30942 327 Joint-liability N/A N/A Not Not

Co. Ltd. 11-20

BOE HC SemiTek (Zhejiang) 26 March 2025 32088 27 November 2025

2025-12-8 to 2029-

1463 Joint-liability N/A N/A Not Not

Co. Ltd. 12-7

BOE HC SemiTek (Zhejiang) 26 March 2025 32088 27 November 2025

2025-12-17 to

1329 Joint-liability N/A N/A Not Not

Co. Ltd. 2029-12-17

BOE HC SemiTek (Zhejiang) 2 April 2024 30942 26 September 2024

2025-2-18 to 2031-

380 Joint-liability N/A N/A Not Not

Co. Ltd. 2-15

BOE HC SemiTek (Zhejiang) 2 April 2024 2024-6-19 to 2029-30942 5 June 2024 974 Joint-liability N/A N/A Not Not

Co. Ltd. 6-19

BOE HC SemiTek (Zhejiang) 2 April 2024 2024-8-28 to 2029-30942 5 June 2024 2321 Joint-liability N/A N/A Not Not

Co. Ltd. 8-28

BOE HC SemiTek (Zhejiang) 26 March 2025 32088 28 August 2025

2025-10-15 to

860 Joint-liability N/A N/A Not Not

Co. Ltd. 2030-10-15

BOE HC SemiTek (Zhejiang) 21 January 2023 52716 28 March 2023

2023-3-28 to 2029-

57 Joint-liability N/A N/A Not Not

Co. Ltd. 3-27

BOE HC SemiTek (Zhejiang) 21 January 2023 6 April 2023 2023-4-6 to 2029-4-52716 2235 Joint-liability N/A N/A Not Not

Co. Ltd. 5

BOE HC SemiTek (Zhejiang) 26 March 2025 32088 28 November 2025

2025-12-2 to 2031-

2292 Joint-liability N/A N/A Not Not

Co. Ltd. 11-25

BOE HC SemiTek (Zhejiang) 26 March 2025 32088 14 May 2025

2025-9-5 to 2029-9-

2292 Joint-liability N/A N/A Not Not

Co. Ltd. 2

BOE HC SemiTek (Zhejiang) 26 March 2025 32088 14 May 2025

2025-6-4 to 2029-6-

2292 Joint-liability N/A N/A Not Not

Co. Ltd. 3

BOE HC SemiTek (Zhejiang) 26 March 2025 2025-11-4 to 2029-32088 3 November 2025 1604 Joint-liability N/A N/A Not Not

Co. Ltd. 11-4

BOE HC SemiTek (Zhejiang) 2 April 2024 30942 17 July 2024

2025-4-25 to 2029-

444 Joint-liability N/A N/A Not Not

Co. Ltd. 1-15

BOE HC SemiTek (Zhejiang) 2 April 2024 30942 17 July 2024

2025-4-28 to 2029-

244 Joint-liability N/A N/A Not Not

Co. Ltd. 1-15

BOE HC SemiTek (Zhejiang) 18 July 2022 30942 30 August 2022

2022-10-26 to

10857 Joint-liability N/A N/A Not Not

Co. Ltd. 2035-6-21

BOE HC SemiTek (Zhejiang) 18 July 2022 30 August 2022 2025-11-13 to 2029-30942 1031 Joint-liability N/A N/A Not Not

Co. Ltd. 4-15

BOE HC SemiTek (Zhejiang) 18 July 2022 30 August 2022 2025-11-13 to 2029-30942 1031 Joint-liability N/A N/A Not Not

Co. Ltd. 5-10

BOE HC SemiTek (Zhejiang) 18 July 2022 30942 30 August 2022

2025-12-19 to

68 Joint-liability N/A N/A Not Not

Co. Ltd. 2029-12-3

89BOE Technology Group Co. Ltd. Annual Report 2025

BOE HC SemiTek (Zhejiang) 2 April 2024 30942 5 June 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 21 January 2023 52716 16 June 2023 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 2 April 2024 30942 26 September 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 2 April 2024 30942 26 September 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 2 April 2024 30942 26 September 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 2 April 2024 30942 26 September 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 2 April 2024 30942 5 June 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 26 March 2025 32088 14 May 2025 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 2 April 2024 30942 17 July 2024 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 11 March 2023 12606 26 April 2023 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 18 July 2022 30942 30 August 2022 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 18 July 2022 30942 30 August 2022 - Joint-liability N/A N/A - Yes Not

Co. Ltd.BOE HC SemiTek (Zhejiang) 18 July 2022 30942 30 August 2022 - Joint-liability N/A N/A - Yes Not

Co. Ltd.Total approved line for such guarantees in the Total actual amount of such

Reporting Period (C1) 460864 guarantees in the Reporting 90436Period (C2)

Total approved line for such guarantees at the end of Total actual balance of such

the Reporting Period (C3) 1011640 guarantees at the end of the 218680Reporting Period (C4)

Total guarantee amount (total of the three kinds of guarantees above)

Total guarantee line approved in the Reporting Period Total actual guarantee amount in

(A1+B1+C1) 460864 the Reporting Period 567621(A2+B2+C2)

Total approved guarantee line at the end of the Total actual guarantee balance at

Reporting Period (A3+B3+C3) 11007857 the end of the Reporting Period 3668505(A4+B4+C4)

90BOE Technology Group Co. Ltd. Annual Report 2025

Total guarantee balance (A4+B4+C4) as % of the Company’s net assets 27.28%

Of which:

Balance of guarantees provided for shareholders actual controller and their related parties (D) 0

Balance of debt guarantees provided directly or indirectly for obligors with an over 70%

debt/asset ratio (E) 104881

Amount by which the total guarantee amount exceeds 50% of the Company’s net assets (F) 0

Total of the three amounts above (D+E+F) 104881

Joint responsibilities possibly borne or already borne in the Reporting Period for undue

guarantees (if any) N/A

Provision of external guarantees in breach of the prescribed procedures (if any) N/A

Compound guarantees

None

3. Cash Entrusted forWealth Management

(1) Cash Entrusted for Wealth Management

□Applicable □ Not applicable

Overviews of cash entrusted for wealth management during the Reporting Period

Unit: RMB'0000

Balance of entrusted wealth management

Product category Risk characteristics Overdue and unrecovered amount

during the Reporting Period

Bank financial products Principal-guaranteed with floating return 73500 0

Details of high-risk entrusted wealth management where the Company acts as the sole principal in engaging financial institutions for asset management or invests in products with lower safety

and weaker liquidity:

□ Applicable□ Not applicable

(2) Entrusted Loans

□Applicable□ Not applicable

No such cases in the Reporting Period.

91BOE Technology Group Co. Ltd. Annual Report 2025

4. Other Major Contracts

□Applicable□ Not applicable

No such cases in the Reporting Period.XVI Use of Funds Raised

□Applicable □ Not applicable

1. Overall Use of Funds Raised

□Applicable □ Not applicable

Unit: RMB’0000

Funds

used

Total

as % of Total The purpose

funds Accumulative Funds

Total Net Accumulative net repurposed Accumulative Total and

Securities listing used in repurposed idle for

Year Way of raising funds proceeds funds used proceeds funds in repurposed unused whereabouts

date the funds as % of over two

raised (1) (2) as of the the current funds funds of unused

current net proceeds years

period- period funds

period

end (3) =

(2)/(1)

Public offering of

2025 19 June 2025 200000 200000 200000 200000 100.00% 0 0 0.00% 0 - 0

corporate bonds

Public offering of

2025 14 November 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

corporate bonds

Public offering of

2025 21 November 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

corporate bonds

Issue of medium

2025 25 April 2025 200000 200000 200000 200000 100.00% 0 0 0.00% 0 - 0

term notes (MTN)

Issue of medium

2025 15 May 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

term notes (MTN)

Issue of medium

2025 26 June 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

term notes (MTN)

92BOE Technology Group Co. Ltd. Annual Report 2025

Issue of medium

2025 14 July 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

term notes (MTN)

Issue of medium

2025 28 July 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

term notes (MTN)

Issue of medium

2025 12 August 2025 100000 100000 100000 100000 100.00% 0 0 0.00% 0 - 0

term notes (MTN)

Total -- -- 1100000 1100000 1100000 1100000 100.00% 0 0 0.00% 0 -- 0

Explanation of overall use of funds raised:

In 2025 the Company raised a total of RMB4000000000 through the issuance of corporate bonds. The proceeds were used to refinance the principal of corporate bonds previously repaid

with the Company’s own funds and to replace the Company’s own funds used for equity investments in technology innovation areas within the 12 months prior to the issuance. As at the date

of this Report the funds raised had been fully utilized representing 100% utilization conforming to the provisions of the prospectus.In 2025 the Company raised a total of RMB7000000000 through the issuance of medium term notes. The proceeds were used to replace the issuer’s equity contributions made within one

year to technology innovation areas to replenish working capital and to repay interest-bearing liabilities. As at the date of this Report the funds raised had been fully utilized conforming to

the provisions of the prospectus.

2. Commitment Projects of Fund Raised

□Applicable □ Not applicable

Unit: RMB’0000

Committed Investment Date of Whether

Changed Investment Investment Accumulative Realized

investment schedule reaching Accumulative Whether occurred

Securities or not Committed amount amount in investment income in

Financing project and Project as the intended income as of reached significant

listing (including investment after the amount as of the

project super raise nature period-end use of the period- anticipated changes

date partial amount adjustment Reporting the period- Reporting

fund (3)＝ the end income in project

changes) (1) Period end (2) Period

arrangement (2)/(1) project feasibility

Committed investment project

Replacing

the principal

19 June of the25BOEK1 2025 Repayment No 200000 200000 200000 200000 100.00% - - - N/A Nocorporate

bond

“22BOEY1”

93BOE Technology Group Co. Ltd. Annual Report 2025

previously

repaid with

the

Company’s

own funds

Replacing

the

Company’s

own funds

used for

equity

6 investments

25BOEK2 November in Investment No 100000 100000 100000 100000 100.00% - - - N/A No

2025 technology

innovation

areas within

the 12

months prior

to the

issuance

Replacing

the

Company’s

own funds

used for

equity

14 investments

25BOEK3 November in Investment No 100000 100000 100000 100000 100.00% - - - N/A No

2025 technology

innovation

areas within

the 12

months prior

to the

issuance

25 BOE Replacing

Group 25 April2025 the issuer’s Investment No 190000 190000 190000 190000 100.00% - - - N/A No

MTN001 equity

94BOE Technology Group Co. Ltd. Annual Report 2025

(Technological contributions

Innovation made within

Notes) one year to

technology

innovation

areas

25 BOE

Group

Replenishing Replenishing

MTN001 25 April

2025 working working No 10000 10000 10000 10000 100.00% - - - N/A No(Technological

capital capital

Innovation

Notes)

Replacing

the issuer’s

25 BOE

equity

Group

contributions

MTN002 15 May

2025 made within Investment No 90000 90000 90000 90000 100.00% - - - N/A No(Technological

one year to

Innovation

technology

Bonds)

innovation

areas

25 BOE

Group

Replenishing Replenishing

MTN002 15 May working working No 10000 10000 10000 10000 100.00% - - - N/A No

(Technological 2025

capital capital

Innovation

Bonds)

25 BOE

Group Repayment

MTN003 26 June of interest-

(Technological 2025

Repayment No 100000 100000 100000 100000 100.00% - - - N/A No

bearing

Innovation liabilities

Bonds)

25 BOE Replacing

Group the issuer’s

MTN004 14 July2025 equity Investment No 100000 100000 100000 100000 100.00% - - - N/A No

(Technological contributions

Innovation made within

95BOE Technology Group Co. Ltd. Annual Report 2025

Bonds) one year to

technology

innovation

areas

Replacing

the issuer’s

25 BOE

equity

Group

contributions

MTN005 28 July

2025 made within Investment No 100000 100000 100000 100000 100.00% - - - N/A No(Technological

one year to

Innovation

technology

Bonds)

innovation

areas

Replacing

the issuer’s

25 BOE

equity

Group

contributions

MTN006 12 August

2025 made within Investment No 39000 39000 39000 39000 100.00% - - - N/A No(Technological

one year to

Innovation

technology

Bonds)

innovation

areas

25 BOE

Group Repayment

MTN006 12 August of interest- Repayment No 40000 40000 40000 40000 100.00% - - - N/A No

(Technological 2025 bearing

Innovation liabilities

Bonds)

25 BOE

Group

Replenishing Replenishing

MTN006 12 August

2025 working working No 21000 21000 21000 21000 100.00% - - - N/A No(Technological

capital capital

Innovation

Bonds)

Subtotal of committed investment project -- 1100000 1100000 1100000 1100000 -- -- - - -- --

Super raised funds arrangement

N/A

96BOE Technology Group Co. Ltd. Annual Report 2025

Repayment of bank loans (if any) -- 0 0 0 0 0.00% -- -- -- -- --

Replenishment of working capital (if any) -- 0 0 0 0 0.00% -- -- -- -- --

Subtotal of super raised funds arrangement -- 0 0 0 0 -- -- - - -- --

Total -- 1100000 1100000 1100000 1100000 -- -- - - -- --

Describe project by project

any failure to meet the

All funds raised through 25 BOE Group MTN001 (Technological Innovation Notes) 25 BOE Group MTN002 (Technological Innovation Bonds) 25 BOE Group MTN003

schedule or anticipated

(Technological Innovation Bonds) 25 BOE Group MTN004 (Technological Innovation Bonds) 25 BOE Group MTN005 (Technological Innovation Bonds) 25 BOE Group MTN006

income as well as the

(Technological Innovation Bonds) 25BOEK1 25BOEK2 and 25BOEK3 are intended for the purposes specified in the prospectus which are expected to help develop the main business

reasons (including reasons

of the Company enhance our competitiveness strengthen our debt repayment ability and improve our financial conditions. The input of “N/A” in the “anticipated income” is because

for inputting “N/A” for

these projects do not directly generate economic benefits.“Whether reachedanticipated income”)

Notes of condition of

significant changes

N/A

occurred in project

feasibility

Amount purpose and

N/A

schedule of super raise fund

Unauthorized change of the

purpose of raised funds or

N/A

illegal occupation of raised

funds

Changes in implementation

address of investment N/A

project

Adjustment of

implementation mode of N/A

investment project

Applicable

Advance investments in

projects financed with As at the end of the Reporting Period the funds raised from 25 BOE Group MTN001 (Technological Innovation Notes) were used to replace the issuer’s equity contributions of

raised funds and swaps of RMB1.9 billion made within one year to technology innovation areas; the funds raised from 25 BOE Group MTN002 (Technological Innovation Bonds) were used to replace the

such advance investments issuer’s equity contributions of RMB900 million made within one year to technology innovation areas; the funds raised from 25 BOE Group MTN004 (Technological Innovation

with subsequent raised Bonds) were used to replace the issuer’s equity contributions of RMB1 billion made within one year to technology innovation areas; the funds raised from 25 BOE Group MTN005

funds (Technological Innovation Bonds) were used to replace the issuer’s equity contributions of RMB1 billion made within one year to technology innovation areas; and the funds raised

from 25 BOE Group MTN006 (Technological Innovation Bonds) were used to replace the issuer’s equity contributions of RMB390 million made within one year to technology

97BOE Technology Group Co. Ltd. Annual Report 2025

innovation areas.As at the end of the Reporting Period the funds raised from 25BOEK1 were used to replace the principal of the corporate bond 22BOEY1 previously repaid with the Company’s own

funds in the amount of RMB2 billion; the funds raised from 25BOEK2 were used to replace the Company’s own funds used for equity investments in technology innovation areas

within the 12 months prior to the issuance in the amount of RMB1 billion; and the funds raised from 25BOEK3 were used to replace the Company’s own funds used for equity

investments in technology innovation areas within the 12 months prior to the issuance in the amount of RMB1 billion.Idle funds replenishing the

N/A

working capital temporarily

Amount of surplus in Applicable

project implementation and As at the end of the Reporting Period the total funds raised from the medium term notes had been fully utilized with a remaining balance of RMB19400 representing interest income

the reasons earned during the deposit period.Purpose and whereabouts of

N/A

unused funds

Problems incurred in fund

using and disclosure or N/A

other condition

98BOE Technology Group Co. Ltd. Annual Report 2025

3. Re-purposed Raised Funds

□Applicable□ Not applicable

No such cases in the Reporting Period.

4. Sponsor’s Verification Opinion on the Use and Deposit of Raised Funds

□Applicable□ Not applicable

XVII 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 the Public Offering of Corporate Bonds to Professional Investors Obtaining

Registration Approval from the CSRC (Announcement No. 2024-052) on 9 October 2024. The Company received the CSRC

Permit [2024] No. 1330 which agreed to the Company's public offering of corporate bonds with an aggregate nominal value of no

more than RMB10 billion to professional investors.Bond name Abbr. Bond code Date of issue Maturity

The Public Offering of BOE Technology Group Co.

12 June 2025 to 13

Ltd. of Technological Innovation Corporate Bonds 25BOEK1 524305.SZ 13 June 2030

June 2025

(First Tranche) in 2025 to Professional Investors

The Public Offering of BOE Technology Group Co.

5 November 2025 to 6

Ltd. of Technological Innovation Corporate Bonds 25BOEK2 524510.SZ 6 November 2030

November 2025

(Second Tranche) in 2025 to Professional Investors

The Public Offering of BOE Technology Group Co.

13 November 2025 to

Ltd. of Technological Innovation Corporate Bonds 25BOEK3 524530.SZ 14 November 2030

14 November 2025

(Third Tranche) in 2025 to Professional Investors

The Public Offering of BOE Technology Group Co.

22 January 2026 to 23

Ltd. of Technological Innovation Corporate Bonds 26BOEK1 524641.SZ 23 January 2031

January 2026

(First Tranche) in 2026 to Professional Investors

The Public Offering of BOE Technology Group Co. 18 March 2026 to 19

Ltd. of Technological Innovation Corporate Bonds 26BOEK2 524715.SZ 19 March 2031March 2026

(Second Tranche) in 2026 to Professional Investors

3. 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. The Company disclosed the Announcement on Resignation of Senior Management

(Announcement No. 2025-057) on 10 July 2025 due to job transfer Mr. Guo Huaping applied for resignation as Senior Vice

President and Chief Cultural Officer and will not hold any position in the Company or any of its majority-owned subsidiaries after

his resignation. On 23 September 2025 the Company disclosed the Announcement on the Election of an Employee

99BOE Technology Group Co. Ltd. Annual Report 2025

Director (Announcement No. 2025-071). On 22 September 2025 the Company’s trade union convened the Company’s Workers

Congress which elected Mr. Li Yang as an employee director of the 11th Board of Directors. On 11 October 2025 the Company

disclosed the Announcement on the Resignation of a Director (Announcement No. 2025-074). For personal reasons Mr. Gao

Wenbao applied to resign from his positions as a Director Vice Chairman and member of the special committees of the Board of

Directors. Following his resignation he no longer holds any position in the Company or its majority-owned subsidiaries. On 31

October 2025 the Company disclosed the Announcement on the Election of the Vice Chairman of the 11th Board of

Directors (Announcement No. 2025-078). The Board of Directors elected Mr. Wang Xiping as Vice Chairman of the 11th Board

of Directors with the term of office commencing from the date of election at the Board meeting and ending on the date of expiry

of the term of the current session of the Board. On 31 October 2025 the Company disclosed the Announcement on the Election of

the Non-Independent Director of the 11th Board of Directors (Announcement No. 2025-077) and on 18 November 2025

the Announcement on the Resolutions of the Third Extraordinary General Meeting of Shareholders in 2025 (Announcement No.

2025-089) announcing the election of Ms. Feng Liqiong as a non-independent director of the 11th Board of Directors.

4. The 4th Meeting of the 11th Board of Directors and the 2024 Annual General Meeting of Shareholders of the Company

reviewed and approved the Proposal on Changing the Use of Repurchased Shares and Canceling Them and on 22 April 2025 the

Company disclosed the Announcement on Changing the Use of Repurchased Shares and Canceling Them (Announcement No.

2025-030). The Company intended to change the use of 228882900 shares held in the special repurchase securities account from

“to be used for the implementation of the Company’s equity incentive plan” to “to be canceled with a corresponding reduction inthe Company’s registered capital” and would proceed with the relevant cancellation procedures in accordance with the applicable

regulations. On 3 June 2025 the Company disclosed the Announcement on the Completion of the Cancellation of Repurchased

Shares and the Resulting Change in Share Capital (Announcement No. 2025-041). On 29 May 2025 the Company completed the

cancellation of 228882900 treasury shares with the China Securities Depository and Clearing Corporation Limited Shenzhen

Branch. Following the approval of the Proposal on the Repurchase of Some Public Shares at the Fourth Meeting of the 11th Board

of Directors and the 2024 Annual General Meeting of Shareholders the Company disclosed the Announcement on the Repurchase

of Some Public Shares (Announcement No. 2025-029) on 22 April 2025 and the Report on the Repurchase of Some Public Shares

(Announcement No. 2025-045) on 10 June 2025. On 6 June 2025 the Company disclosed the Voluntary Information Disclosure

Announcement on Receiving a Letter of Loan Commitment and Obtaining Financing Support for Share

Repurchase (Announcement No. 2025-044). The Company received a Letter of Loan Commitment issued by Beijing Branch of

China Construction Bank Corporation committing to provide the Company with a special loan of RMB1.8 billion for share

repurchase. The Company carried out the first repurchase on 30 June 2025 and disclosed the Announcement on the First

Repurchase of Some Public Shares & Share Repurchase Progress (Announcement No. 2025-055) on 1 July 2025. On 6 January

2026 the Company disclosed the Announcement on the Completion of the Implementation of the Share Repurchase Program and

the Result of the Repurchase (Announcement No. 2026-001). The share repurchase was actually carried out during the period from

30 June 2025 to 31 December 2025. As at 31 December 2025 the Company has implemented the repurchase of the Company's

shares by means of centralized bidding through a special securities account for the repurchase and the cumulative number of A

Shares repurchased was 369552400 accounting for approximately 1.0064% of the Company's A Shares and 0.9877% of the

Company's total share capital with the highest transaction price of RMB4.26 per share and the lowest transaction price of

RMB3.83 per share. The total amount paid was RMB1500060240.57 (exclusive of transaction costs). The above repurchase of

the Company was in line with the requirements of relevant laws and regulations as well as the established repurchase program of

the Company. On 12 January 2026 the Company disclosed the Announcement on the Completion of the Cancellation of

Repurchased Shares and the Resulting Change in Share Capital (Announcement No. 2026-003). On 8 January 2026 the Company

completed the cancellation of 369552400 repurchased shares with the China Securities Depository and Clearing Corporation

Limited Shenzhen Branch.

5. On 19 June 2025 the Company disclosed the Announcement on the Distribution of the 2024 Final Dividend (Announcement

No. 2025-053). As the 2024 Final Dividend Plan had been approved at the 2024 Annual General Meeting of Shareholders on 23

100BOE Technology Group Co. Ltd. Annual Report 2025

May 2025 the Company distributed a 2024 final dividend of RMB0.5 per 10 shares (dividend to B-shareholders paid in HKD

according to the central parity rate of RMB and HKD declared by the People’s Bank of China on the first working day

immediately after the date of the relevant general meeting resolution) with no bonus issue from either profit or capital reserves.Overview of significant event Disclosure date Disclosure website

Announcement on the Voluntary Disclosure of the Proposed Acquisition of Partial

Equity Interest in Xianyang CHOT Optoelectronics Technology Co. Ltd. 18 June 2025 www.cninfo.com.cn

XVIII Significant Events of Subsidiaries

□Applicable □ Not applicable

On 9 April 2025 the Company disclosed the Announcement on the Official Listing of a Majority-owned Subsidiary on the

National Equities Exchange and Quotations (Announcement No.: 2025-012). The equities of the Company's majority-owned

subsidiary BOE Energy Technology Co. Ltd. were listed for public transfer on the National Equities Exchange and Quotations

starting from 8 April 2025. On 31 October 2025 the Company disclosed the Announcement on the Proposed Initial Public

Offering of Shares to Qualified Investors in General and Listing on the Beijing Stock Exchange by a Controlled

Subsidiary (Announcement No. 2025-079). The Company’s controlled subsidiary BOE Energy Technology Co. Ltd. (hereinafter

referred to as “Energy Technology”) proposed to make an initial public offering of shares to qualified investors in general of not

more than 414230020 shares (including that number assuming no exercise of the over-allotment option) or not more than

476364523 shares (including that number assuming full exercise of the over-allotment option). For details please refer to the

relevant announcements. On 24 December 2025 the Company disclosed the Announcement on the Completion of the Supervision

Acceptance for the Initial Public Offering of Shares to Qualified Investors in General and Listing on the Beijing Stock Exchange

by a Controlled Subsidiary (Voluntary Disclosure) (Announcement No. 2025-091). The Company’s controlled subsidiary BOE

Energy Technology Co. Ltd. received a notification from China Securities Co. Ltd. (CSC) that following its supervision by CSC

Energy Technology had passed the supervision acceptance by the Beijing Regulatory Bureau of the China Securities Regulatory

Commission. On 6 January 2026 the Company disclosed the Announcement on the Acceptance of the Application for the Initial

Public Offering of Shares to Qualified Investors in General and Listing on the Beijing Stock Exchange by a Controlled Subsidiary

(Voluntary Disclosure) (Announcement No. 2026-002). On 31 December 2025 the Company’s controlled subsidiary BOE

Energy Technology Co. Ltd. received the Acceptance Letter (GF2025120047) issued by the Beijing Stock Exchange (BSE)

confirming that the BSE had formally accepted Energy Technology’s application for the initial public offering of shares to

qualified investors in general and listing on the BSE.

101BOE Technology Group Co. Ltd. Annual Report 2025

Part VI Share Changes and Shareholder Information

I Share Changes

1. Share Changes

Unit: share

Before Increase/decrease (+/-) After

Item Bonus issue from

Number Percentage New issues Bonus shares Other Subtotal Number Percentage

profit

I. Restricted shares 100576390 0.27% 0 0 0 -90796145 -90796145 9780245 0.03%

1. Shares held by the

state 0 0.00% 0 0 0 0 0 0 0.00%

2. Shares held by state-

owned corporations 0 0.00% 0 0 0 0 0 0 0.00%

3. Shares held by other

domestic investors 92641606 0.25% 0 0 0 -82861361 -82861361 9780245 0.03%

Among which: Shares

held by domestic 0 0.00% 0 0 0 0 0 0 0.00%

corporations

Shares

held by domestic 92641606 0.25% 0 0 0 -82861361 -82861361 9780245 0.03%

individuals

4. Shares held by foreign

investors 7934784 0.02% 0 0 0 -7934784 -7934784 0 0.00%

Among which: Shares

held by foreign 0 0.00% 0 0 0 0 0 0 0.00%

corporations

Shares

held by foreign 7934784 0.02% 0 0 0 -7934784 -7934784 0 0.00%

individuals

II. Non-restricted shares 37544439813 99.73% 0 0 0 -140339594 -140339594 37404100219 99.97%

1. RMB ordinary shares 36851555686 97.89% 0 0 0 -140339594 -140339594 36711216092 98.12%

2. Domestically listed

foreign shares 692884127 1.84% 0 0 0 0 0 692884127 1.85%

3. Overseas listed foreign

shares 0 0.00% 0 0 0 0 0 0 0.00%

4. Other 0 0.00% 0 0 0 0 0 0 0.00%

102BOE Technology Group Co. Ltd. Annual Report 2025

III. Total shares 37645016203 100.00% 0 0 0 -231135739 -231135739 37413880464 100.00%

Reasons for share changes:

□Applicable □ Not applicable

During the Reporting Period a total of 89096540 restricted shares granted under equity incentive plans were unlocked and 2252839 restricted shares that had been granted to certain

awardees but were still in lockup were repurchased and retired resulting in a decrease of 91349379 shares in the number of restricted shares under equity incentive plans.During the Reporting Period the Company completed its election and transition. Shares held by outgoing directors supervisors and senior management were released from the lock-up while a

portion of the shares held by newly appointed directors and senior management became shares held by senior management subject to lock-up restrictions. As a result the total number of such

restricted shares held by senior management increased by 553234 shares.During the Reporting Period the Company canceled 228882900 treasury shares.As a result the total number of shares decreased by 231135739 shares during the Reporting Period of which shares subject to lock-up restrictions decreased by 90796145 shares and shares

not subject to lock-up restrictions decreased by 140339594 shares.Approval of share changes:

□ Applicable□ Not applicable

Transfer of share ownership:

□ Applicable□ Not applicable

Effects of share changes on the basic and diluted earnings per share equity per share attributable to the Company’s ordinary shareholders and other financial indicators of the prior year and the

prior accounting period respectively:

□Applicable □ Not applicable

Item January-December 2025

Basic earnings per share (RMB/share) 0.16

Diluted earnings per share (RMB/share) 0.16

Item 31 December 2025

Equity per share attributable to the Company’s ordinary shareholders 3.63

Other information that the Company considers necessary or is required by the securities regulator to be disclosed:

□ Applicable□ Not applicable

103BOE Technology Group Co. Ltd. Annual Report 2025

2. Changes in Restricted Shares

□Applicable □ Not applicable

Unit: Share

Name of the Restricted sharesamount at the period- Restricted shares Restricted shares Restricted shares Restricted sharesshareholders begin increased of the period relieved of the period amount at the period-end

Restricted reasons relieved date

Locked shares of Locked shares of

executives 9227011 553234 0 9780245 executives -

Restricted shares for

equity incentive 91349379 0 91349379 0

Restricted shares for

equity incentive -

Total 100576390 553234 91349379 9780245 -- --

II Issuance and Listing of Securities

1. Securities (Exclusive of Preferred Shares) Issued in the Reporting Period

□Applicable□ Not applicable

Issue

price Number approved

Name of stock and Transaction

Issue date (or Issued number Listing date for listing and Disclosure index Disclosure date

derivative securities termination date

interest trading

rate)

Stocks

N/A

Convertible corporate bonds detachable convertible corporate bonds and other corporate bonds

For details please refer to

the Announcement on the

The Public Offering of BOE

Listing on the Shenzhen

Technology Group Co. Ltd.Stock Exchange of the

of Technological Innovation 13 June 2025 1.94% RMB2000000000 19 June 2025 RMB2000000000 13 June 2030 Technological Innovation 19 June 2025

Corporate Bonds (First

Corporate Bonds (First

Tranche) in 2025 to

Tranche) in 2025 Offered by

Professional Investors

BOE Technology Group Co.Ltd. to Professional Investors

104BOE Technology Group Co. Ltd. Annual Report 2025

disclosed on

https://www.cninfo.com.cn/.For details please refer to

the Announcement on the

Listing on the Shenzhen

The Public Offering of BOE

Stock Exchange of the

Technology Group Co. Ltd.Technological Innovation

of Technological Innovation 6 November 2025 1.95% RMB1000000000 14 November 2025 RMB1000000000 6 November 2030 Corporate Bonds (Second 14 November 2025

Corporate Bonds (Second

Tranche) in 2025 Offered by

Tranche) in 2025 to

BOE Technology Group Co.Professional Investors

Ltd. to Professional Investors

disclosed on

https://www.cninfo.com.cn/.For details please refer to

the Announcement on the

Listing on the Shenzhen

The Public Offering of BOE

Stock Exchange of the

Technology Group Co. Ltd.Technological Innovation

of Technological Innovation 14 November 2025 1.95% RMB1000000000 21 November 2025 RMB1000000000 14 November 2030 Corporate Bonds (Third 21 November 2025

Corporate Bonds (Third

Tranche) in 2025 Offered by

Tranche) in 2025 to

BOE Technology Group Co.Professional Investors

Ltd. to Professional Investors

disclosed on

https://www.cninfo.com.cn/

Other derivative securities

N/A

Description of the issuance of securities (Exclusive of Preferred Shares) in the Reporting Period: N/A

2. Changes to Total Shares Shareholder Structure and Asset and Liability Structures

□Applicable □ Not applicable

1. During the Reporting Period the Company repurchased and canceled 2252839 restricted shares resulting in a decrease of 2252839 shares of the Company's shares.

2. During the Reporting Period the Company cancel 228882900 shares in the special securities account for repurchased shares resulting in a decrease of 228882900 shares of the

Company’s shares.

105BOE Technology Group Co. Ltd. Annual Report 2025

3. Existing Staff-Held Shares

□Applicable□ Not applicable

III Shareholders and Actual Controller

1. Total Number of Shareholders and Their Shareholdings

Unit: Share

Number of ordinary shareholders at the

Number of ordinary shareholders at the period- 995792 (including 966309A-shareholders 981480 (including 952576A-shareholders and

month-end prior to the disclosure of this

end and 29483 B-shareholders) 28904 B-shareholders)

Report

5% or greater shareholders or top 10 shareholders (exclusive of shares lent in refinancing)

Total shares Increase/decrease Shares in pledge marked or

Name of shareholder Nature of Shareholdingshareholder percentage held at the in the Reporting

Restricted shares Unrestricted frozen

period-end Period held shares held Status Shares

Beijing State-owned Capital Operation and State-owned

Management Company Limited legal person 10.86% 4063333333 0 0 4063333333 N/A 0

Hong Kong Securities Clearing Company Ltd. Foreignlegal person 7.38% 2760058253 93692368 0 2760058253 N/A 0

Beijing BOE Investment & Development Co. State-owned

Ltd. 2.20% 822092180 0 0 822092180 N/A 0legal person

Beijing Jing Guorui Soe Reform and

Development Fund (L.P.) Other 1.92% 718132854 0 0 718132854 N/A 0

Industrial and Commercial Bank of China Co.Ltd.- Huatai-Pinebridge CSI 300 Exchange- Other 1.62% 605300047 -32614100 0 605300047 N/A 0

Traded Fund

Domestic

Fuqing Huirong Venture Capital Co. Ltd. non-state- 1.44% 538599640 0 0 538599640 In pledge 21000000

owned legal

person

China Construction Bank Co. Ltd.- E Fund CSI

Other 1.16% 432588523 -7486500 0 432588523 N/A 0

300 Initiating Exchange-Traded Fund

Perseverance Asset Management- Perseverance

Other 0.94% 352000000 3000000 0 352000000 N/A 0

Xiaofeng No.2 Zhixin Fund

Industrial and Commercial Bank of China Co. Other 0.88% 330121300 37604300 0 330121300 N/A 0

106BOE Technology Group Co. Ltd. Annual Report 2025

Ltd.- China CSI 300 Exchange-Traded Fund

China Foreign Economy and Trade Trust Co.Ltd.-FOTIC-Perseverance Xiaofeng Hongyuan Other 0.86% 320988907 -500000 0 320988907 N/A 0

Collective Funds Trust Plan

Strategic investors or general corporations becoming top-ten

ordinary shareholders due to placing of new shares (if any) N/A

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

Related or acting-in-concert parties among the shareholders Reform and Development Fund (L.P.). In addition among the nine members of the Investment Decision-Making Committee of

above 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.Explain if any of the shareholders above was involved in

entrusting/being entrusted with voting rights or waiving voting N/A

rights

As at the end of the Reporting Period among the Company’s top 10 shareholders 369552400 shares were held in the special

securities account for share repurchases of BOE Technology Group Co. Ltd. representing 0.99% of the total shares. In

Special account for share repurchases (if any) among the top 10

shareholders (see note 10) accordance with the relevant provisions of the Standard No. 2 on the Content and Format of Information Disclosure by

Companies Offering Securities to the Public if a repurchase account exists among the top 10 shareholders such account shall be

specifically explained but is not included in the list of the top 10 shareholders for presentation purposes.Shareholdings of the top ten unrestricted ordinary shareholders (exclusive of shares lent in refinancing and locked shares of executives)

Shares by type

Name of shareholder Number of unrestricted ordinary shares held at the period-end

Type Shares

Beijing State-owned Capital Operation and Management

Company Limited 4063333333

RMB ordinary

share 4063333333

Hong Kong Securities Clearing Company Ltd. 2760058253 RMB ordinaryshare 2760058253

Beijing BOE Investment & Development Co. Ltd. 822092180 RMB ordinaryshare 822092180

Beijing Jing Guorui Soe Reform and Development Fund (L.P.) 718132854 RMB ordinaryshare 718132854

Industrial and Commercial Bank of China Co. Ltd.- Huatai-

605300047 RMB ordinaryshare 605300047Pinebridge CSI 300 Exchange-Traded Fund

Fuqing Huirong Venture Capital Co. Ltd. 538599640 RMB ordinaryshare 538599640

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

432588523 RMB ordinaryshare 432588523Exchange-Traded Fund

Perseverance Asset Management- Perseverance Xiaofeng No.2 352000000 RMB ordinary 352000000

107BOE Technology Group Co. Ltd. Annual Report 2025

Zhixin Fund share

Industrial and Commercial Bank of China Co. Ltd.- China CSI

330121300 RMB ordinary 330121300

300 Exchange-Traded Fund share

China Foreign Economy and Trade Trust Co. Ltd.-FOTIC-

320988907 RMB ordinaryshare 320988907Perseverance Xiaofeng Hongyuan Collective Funds Trust Plan

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

Related or acting-in-concert parties among top 10 unrestricted

ordinary shareholders as well as between top 10 unrestricted Reform and Development Fund (L.P.). In addition among the nine members of the Investment Decision-Making Committee of

ordinary shareholders and top 10 shareholders 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 ordinary shareholders involved in securities margin

trading (if any) N/A

Note: The total number of ordinary shareholders at the month-end prior to the disclosure of this Report is the total number of ordinary shareholders of the Company as at 20 March 2026.

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

Indicate by tick mark whether any of the top 10 ordinary shareholders or the top 10 unrestricted ordinary shareholders of the Company conducted any promissory repo during the Reporting

Period.□ Yes□ No

No such cases in the Reporting Period.

1082. Controlling Shareholder

Nature of the controlling shareholder: Controlled by a local state-owned legal person

Type of the controlling shareholder: legal person

Legal

Name of controlling representativ Date of Unified social credit

shareholder e/person in establishment code Principal activity

charge

Operation and management of state-

owned assets within authorization;

communications equipment audio

& visual products for broadcasting

and television computer and its

supporting equipment and the

applied products electronic raw

material and components home

electric appliances and electronic

products electronic surveying

instruments and meters mechanical

and electric equipment electronic

transportation products and

investment in business fields other

than electronics and its

Beijing Electronics Zhang

Holdings Co. Ltd. Jinsong 8 April 1997 91110000633647998H management development of real

estate lease and sales of

commodity apartments property

management. (The market entity

shall independently choose business

items and carry out business

activities according to law. For

items requiring approval according

to law the company must obtain

approval from related authorities

before carrying out the business

activities. The company shall not

engage in business activities that

are banned and restricted in the

national and municipal industrial

policies.)

Beijing Electronics Holdings Co. Ltd. directly held 508801304 shares of A share of Electronic City

(Stock Code: 600658) which was of 45.49% of the total shares amount of Electronic City and

indirectly held 31430563 shares of A share of Electronic City which was of 2.81% of the total shares

amount of Electronic City. Beijing Electronics Holdings Co. Ltd. directly held 67436337 shares of A

share of NAURATechnology Group Co. Ltd. (original Beijing Sevenstar Electronics Co. Ltd. ) (Stock

Code: 002371) which accounted for 9.31% of the total shares of NAURA Technology Group Co. Ltd.Controlling

and indirectly held 240537223 shares of A share of NAURA Technology Group Co. Ltd. which

shareholder’s holdings

accounted for 33.20% of the total shares of NAURA Technology Group Co. Ltd. Beijing Electronics

in other listed

Holdings Co. Ltd. directly held 645657112 shares of A share of Beijing Yandong Microelectronic Co.companies at home or

Ltd. (Stock Code: 688172) which accounted for 45.23% of the total shares of Beijing Yandong

abroad in the Reporting

Microelectronic Co. Ltd. and indirectly held 125083405 shares of A share of Beijing Yandong

Period

Microelectronic Co. Ltd. which accounted for 8.76% of the total shares of Beijing Yandong

Microelectronic Co. Ltd. Beijing Electronics Holdings Co. Ltd. directly held 56541164 shares of A

shares of Shanghai New Vision Microelectronics Co. Ltd. (Stock Code: 688593) which accounted for

12.30% of the total shares of Shanghai New Vision Microelectronics Co. Ltd. and indirectly held

35964665 shares of A shares of KINGSEMI (Stock Code:688037) which accounted for 17.84% of the

total shares of KINGSEMI.

110Change of the controlling shareholder in the Reporting Period:

□ Applicable□ Not applicable

No such cases in the Reporting Period.

3. Actual Controller and Its Acting-in-Concert Parties

Nature of the actual controller: Local institution for state-owned assets management

Type of the actual controller: legal person

Legal

Name of actual representative/ Date of Unified social credit

controller person in establishment code Principal activity

charge

Operation and management of

state-owned assets within

authorization; communications

equipment audio & visual

products for broadcasting and

television computer and its

supporting equipment and the

applied products electronic raw

material and components home

electric appliances and electronic

products electronic surveying

instruments and meters

mechanical and electric

equipment; electronic

transportation products and

investment in business fields

Beijing Electronics

Holdings Co. Ltd. Zhang Jinsong 8 April 1997 91110000633647998H other than electronics and its

management development of real

estate lease and sales of

commodity apartments property

management. (The market entity

shall independently choose

business items and carry out

business activities according to

law. For items requiring approval

according to law the company

must obtain approval from related

authorities before carrying out the

business activities. The company

shall not engage in business

activities that are banned and

restricted in the national and

municipal industrial policies.)

Beijing Electronics Holdings Co. Ltd. directly held 508801304 shares of A share of Electronic City

(Stock Code: 600658) which was of 45.49% of the total shares amount of Electronic City and

indirectly held 31430563 shares of A share of Electronic City which was of 2.81% of the total shares

Other listed companies amount of Electronic City. Beijing Electronics Holdings Co. Ltd. directly held 67436337 shares of A

at home or abroad share of NAURATechnology Group Co. Ltd. (original Beijing Sevenstar Electronics Co. Ltd. ) (Stock

controlled by the actual Code: 002371) which accounted for 9.31% of the total shares of NAURA Technology Group Co. Ltd.controller in the and indirectly held 240537223 shares of A share of NAURA Technology Group Co. Ltd. which

Reporting Period accounted for 33.20% of the total shares of NAURA Technology Group Co. Ltd. Beijing Electronics

Holdings Co. Ltd. directly held 645657112 shares of A share of Beijing Yandong Microelectronic Co.Ltd. (Stock Code: 688172) which accounted for 45.23% of the total shares of Beijing Yandong

Microelectronic Co. Ltd. and indirectly held 125083405 shares of A share of Beijing Yandong

111Microelectronic Co. Ltd. which accounted for 8.76% of the total shares of Beijing Yandong

Microelectronic Co. Ltd. Beijing Electronics Holdings Co. Ltd. indirectly held 35964665 shares of A

shares of KINGSEMI (Stock Code:688037) which accounted for 17.84% of the total shares of

KINGSEMI.Change of the actual controller during the Reporting Period:

□ Applicable□ Not applicable

No such cases in the Reporting Period.Ownership and control relations between the actual controller and the Company:

Notes: 1. After the non-public issuing of the Company in 2014 Beijing State-owned Capital Operation and

Management Company Limited handed over 70% of the shares directly held by it to Beijing Electronics Holdings

Co. Ltd. for management through Stock Management Protocol and Beijing Electronics Holdings Co. Ltd. gained

the incidental shareholders’ rights except for disposing right and usufruct of the shares of which the rest 30%

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

to Implementation Protocol of Voting Right.

2. 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.Indicate by tick mark whether the actual controller controls the Company via trust or other ways of asset

management.□ Applicable□ Not applicable

4. Number of Accumulative Pledged Shares held by the Company’s Controlling Shareholder

or the Largest Shareholder as well as Its Acting-in-Concert Parties Accounts for 80% of all

shares of the Company held by Them

□Applicable□ Not applicable

5. Other 10% or Greater Corporate Shareholders

□Applicable □ Not applicable

Legal

Name of corporate representativ Date of

shareholder e/person in establishment Registered capital Principal activity

charge

Beijing State-owned Operation and management of state-

Capital Operation and Pan Jinfeng 30 December 2008 RMB50 billion owned capital investment and investment

Management Company management; assets management;

112Limited organize the reorganization as well as the

merger and acquisition of the enterpriseassets. (“1. The company shall not raisefunds in any public manner; 2. It shall not

conduct securities products and financial

derivative transactions in any public

manner; 3. It shall not issue loans; 4. It

shall not provide guarantees for

enterprises other those it invests in; 5. It

shall not promise any principal guaranteeor minimum return to investors”; (Market

participants independently select the

business activities and carry out the

business activities in accordance with

laws and regulations; sales of food and

business activities subject to approval in

accordance with laws and regulations

operations may be conducted only with

the approval of relevant government

authorities; business activities prohibited

and restricted by the industrial policies of

the state and the city.)

6. Limitations on Shareholding Decrease by the Company’s Controlling Shareholder Actual

Controller Reorganizer and Other Commitment Makers

□Applicable□ Not applicable

IV Specific Implementation of Share Repurchase during the Reporting Period

Progress on any share repurchase

□Applicable □ Not applicable

Number of

shares

repurchased

Disclosure time of Number of

Amount of Number of

shares to be As % of total all Term of shares

as % of the

plan repurchased share capital repurchased repurchase

Usage repurchased underlying

shares (share) stocks involvedin the equity

incentive plan

(if any)

Not

exceeding 12

Not less than months since

0.64% of the Not less than the date Canceled with

total share RMB1.5 when the a

Not less than capital at the billion and share corresponding

22April 2025 240000000 time of not repurchase reduction in the 369552400 -

shares disclosure of exceeding plan was Company’s

the RMB2 reviewed and registered

repurchase billion approved by capital

plan the general

meeting of

shareholders

Progress on reducing the repurchased shares by means of centralized bidding

113□Applicable□ Not applicable

V Preference Shares

□Applicable□ Not applicable

No such cases in the Reporting Period.

114Part VII Bonds

□Applicable □ Not applicable

I Enterprise Bonds

□Applicable□ Not applicable

No enterprise bonds in the Reporting Period.II Corporate Bonds

□Applicable □ Not applicable

1. Basic Information of the Corporate Bonds

Unit: RMB’0000

Bond name Abbr. Bond code Date of Value Coupo Way of Tradeissue date Maturity Balance n rate redemption place

Interest shall

be paid for

The Public Offering

this issue of

of BOE Technology

bonds

Group Co. Ltd. of

yearly and

Technological

13 June 13 June 13 June the last

Innovation Corporate 25BOEK1 524305.SZ 200000 1.94% SZSE

2025 2025 2030 installment

Bonds (First Tranche)

of interest

in 2025 to

shall be paid

Professional

with the

Investors

redemption

of principal.Interest shall

be paid for

The Public Offering

this issue of

of BOE Technology

bonds

Group Co. Ltd. of

yearly and

Technological 6 6 6 the last

Innovation Corporate 25BOEK2 524510.SZ Novembe Novembe Novembe 100000 1.95% SZSE

Bonds (Second r 2025 r 2025 r 2030

installment

of interest

Tranche) in 2025 to

shall be paid

Professional

with the

Investors

redemption

of principal.Interest shall

The Public Offering be paid for

of BOE Technology this issue of

Group Co. Ltd. of bonds

Technological 14 14 14 yearly and

Innovation Corporate 25BOEK3 524530.SZ Novembe Novembe Novembe 100000 1.95% the last SZSE

Bonds (Third r 2025 r 2025 r 2030 installment

Tranche) in 2025 to of interest

Professional shall be paid

Investors with the

redemption

115of principal.

Interest shall

be paid for

The Public Offering

this issue of

of BOE Technology

bonds

Group Co. Ltd. of

yearly and

Technological 23 23 23

Innovation Corporate 26BOEK1 524641.SZ January January January

the last

100000 2.06% SZSE

2026 2026 2031 installmentBonds (First Tranche)

of interest

in 2026 to

shall be paid

Professional

with the

Investors

redemption

of principal.Interest shall

be paid for

The Public Offering

this issue of

of BOE Technology

bonds

Group Co. Ltd. of

yearly and

Technological

the last

Innovation Corporate 26BOEK2 524715.SZ 19 March 19 March 19 March2026 2026 2031 100000 1.97% SZSEinstallment

Bonds (Second

of interest

Tranche) in 2026 to

shall be paid

Professional

with the

Investors

redemption

of principal.Appropriate arrangement of the investors (if any) Only for the qualified investors

Applicable trade mechanism Centralized bidding trade and negotiated block trade

Risk of delisting (if any) and countermeasures Not

Overdue bonds

□Applicable□ Not applicable

2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the

Investor Protection Clause

□Applicable□ Not applicable

3. Intermediary

Bond Intermediary Office address Signature Contact person of Contactaccountant intermediary number

The Public Offering of

BOE Technology

Building 4 No. 66

Group Co. Ltd. of

China Securities Anli Road Su Xing Chai Zhu Mingqiang

Technological 021-68801569

Co. Ltd. Chaoyang District Jing Liu Jingyuan Han Yong

Innovation Corporate

Beijing

Bonds in 2025 to

Professional Investors

The Public Offering of

BOE Technology

Building 4 No. 66

Group Co. Ltd. of

China Securities Anli Road Su Xing Chai Zhu Mingqiang

Technological 021-68801569

Co. Ltd. Chaoyang District Jing Liu Jingyuan Han Yong

Innovation Corporate

Beijing

Bonds in 2026 to

Professional Investors

116Indicate by tick mark whether above intermediary changed in the Reporting Period

□Yes□ No

4. List of the Usage of the Raised Funds

Unit: RMB’0000

Whether

is

Opera Rectific consistent

Actual use of tion of ation of with the

raised funds Actual specia raised usage

Promissory (by usage use of l funds using planAmount

Bond code Abbr. Total usage of the excluding funds in Unused accou for and otheramount spent temporarily amount nt for violatio agreement

raised funds supplementin each raised n s

g working category funds operatio stipulated

capital) (if n (if in the

any) any) raising

specificati

on

Replacing the

Replacing principal of

the principal the corporate

of the bond

corporate “22BOEY1”

bond previously

Fully

524305.SZ 25BOEK1 200000 “22BOEY1 200000 repaid with 0 - - Yesutilized

” previously the

repaid with Company’s

the own funds in

Company’s the amount of

own funds RMB2

billion

Replacing the

Replacing

Company’s

the

own funds

Company’s

used for

own funds

equity

used for

investments

equity

in technology

investments

innovation Fully

524510.SZ 25BOEK2 100000 in 100000 0 - - Yes

areas within utilized

technology

the 12

innovation

months prior

areas within

to the

the 12

issuance in

months

the amount of

prior to the

RMB1

issuance

billion

Replacing Replacing the

the Company’s

Company’s own funds

own funds used for

Fully

524530.SZ 25BOEK3 100000 used for 100000 equity 0 - - Yes

utilized

equity investments

investments in technology

in innovation

technology areas within

117innovation the 12

areas within months prior

the 12 to the

months issuance in

prior to the the amount of

issuance RMB1

billion

Replacing the

Replacing

Company’s

the

own funds

Company’s

used for

own funds

equity

used for

investments

equity

in technology

investments

innovation Fully

524641.SZ 26BOEK1 100000 in 100000 0 0 - Yes

areas within utilized

technology

the 12

innovation

months prior

areas within

to the

the 12

issuance in

months

the amount of

prior to the

RMB1

issuance

billion

Replacing the

Replacing

Company’s

the

own funds

Company’s

used for

own funds

equity

used for

investments

equity

in technology

investments

innovation Fully

in 30000 0 0 - Yes

areas within utilized

technology

the 12

innovation

months prior

areas within

to the

the 12

524715.SZ 26BOEK2 100000 issuance inmonths

the amount of

prior to the

RMB300

issuance

million

Making

capital

Making

contribution

capital

s to

contributions Unutiliz

subsidiaries 0 70000 0 - Yes

in accordance ed

in

with project

technology

progress

innovation

areas

The raised funds were used for project construction

□Applicable□ Not applicable

The Company changed the usage of above funds raised from bonds during the Reporting Period.□Applicable□ Not applicable

1185. Adjustment of Credit Rating Results during the Reporting Period

□Applicable□ Not applicable

6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee

Measures as well as Influence on Equity of Bond Investors during the Reporting Period

□Applicable□ Not applicable

III Debt Financing Instruments of Non-financial Enterprises

□Applicable □ Not applicable

1. General Information about Debt Financing Instruments as a Non-financial Enterprise

Unit: RMB’0000

Balance Coup Way of

Date of Trade

Bond name Abbr. Bond code Value date Maturity (RMB’00 on redemptio

issue place

00) rate n

Interest

shall be

paid for

this issue

of bonds

The 2025 First yearly

25 BOE

Tranche of Medium- and the

Group China’s

Term Notes last

MTN001 10258176 23April 24 April 24 April inter-bank

(Technological 200000 2.23% installme

(Technological 8 2025 2025 2035 bond

Innovation Notes) of nt of

Innovation market

BOE Technology interest

Notes)

Group Co. Ltd. shall be

paid with

the

redemptio

n of

principal.Interest

shall be

paid for

this issue

of bonds

yearly

The 2025 Second 25 BOE

and the

Tranche of Group China’s

last

Technological MTN002 10258206 13 May 14 May 14 May inter-bank

100000 2.23% installme

Innovation Bonds of (Technological 7 2025 2025 2035 bond

nt of

BOE Technology Innovation market

interest

Group Co. Ltd. Bonds)

shall be

paid with

the

redemptio

n of

principal.The 2025 Third 25 BOE 10258261 24 June 25 June 25 June 100000 1.77% Interest China’s

119Tranche of Group 5 2025 2025 2028 shall be inter-bank

Technological MTN003 paid for bond

Innovation Bonds of (Technological this issue market

BOE Technology Innovation of bonds

Group Co. Ltd. Bonds) yearly

and the

last

installme

nt of

interest

shall be

paid with

the

redemptio

n of

principal.Interest

shall be

paid for

this issue

of bonds

yearly

The 2025 Fourth 25 BOE

and the

Tranche of Group China’s

last

Technological MTN004 10258285 10 July 11 July 11 July inter-bank

100000 1.70% installme

Innovation Bonds of (Technological 2 2025 2025 2030 bond

nt of

BOE Technology Innovation market

interest

Group Co. Ltd. Bonds)

shall be

paid with

the

redemptio

n of

principal.Interest

shall be

paid for

this issue

of bonds

yearly

The 2025 Fifth 25 BOE

and the

Tranche of Group China’s

last

Technological MTN005 10258309 24 July 25 July 25 July inter-bank

100000 1.70% installme

Innovation Bonds of (Technological 5 2025 2025 2028 bond

nt of

BOE Technology Innovation market

interest

Group Co. Ltd. Bonds)

shall be

paid with

the

redemptio

n of

principal.Interest

The 2025 Sixth 25 BOE shall be

Tranche of Group paid for China’s

Technological MTN006 10258338 8 August 11 August 11 August this issue inter-bank

1000001.79%

Innovation Bonds of (Technological 7 2025 2025 2028 of bonds bond

BOE Technology Innovation yearly market

Group Co. Ltd. Bonds) and the

last

120installme

nt of

interest

shall be

paid with

the

redemptio

n of

principal.Appropriate arrangement of the investors (if any) Institutional investors on China’s inter-bank bond market

Applicable trade mechanism Trade mechanism of China’s inter-bank bond market

Risk of delisting (if any) and countermeasures No

Overdue bonds

□Applicable□ Not applicable

2. The Trigger and Execution of the Option Clause of the Issuers or Investors and the

Investor Protection Clause

□Applicable□ Not applicable

3. Intermediary

Bond Intermediary Office address Signature Contact person ofaccountant intermediary Contact number

The 2025 Medium-Term No. 5047 Shennan

Notes/ Technological East Road Luohu

Ping An Bank Co. Su Xing Zhang Zhang Yong Yan

Innovation Bonds of District Shenzhen 010-66415596

Ltd. Huan Chai Jing Xue

BOE Technology Group Guangdong

Co. Ltd. Province

Indicate by tick mark whether above intermediary changed in the Reporting Period

□Yes□ No

4. List of the Usage of the Raised Funds

Unit: RMB’0000

Whether is

consistent

Operation of Rectification with theof raised usage using

Total Promissory usage of Amount specialBond Unusedamount amount account for

funds for plan and

the raised funds spent raised funds violation other

(if any) operation (if agreementsany) stipulated in

the raising

specification

Replacing the

The 2025 First Tranche issuer’s equity

of Medium-Term Notes contributions made

(Technological 190000 0 - - Yes

200000 within one year to

Innovation Notes) of technology

BOE Technology Group innovation areas

Co. Ltd.Replenishment of

10000 0 - - Yes

working capital

The 2025 Second 100000 Replacing the 90000 0 - - Yes

121Tranche of Technological issuer’s equity

Innovation Bonds of contributions made

BOE Technology Group within one year to

Co. Ltd. technology

innovation areas

Replenishment of

10000 0 - - Yes

working capital

The 2025 Third Tranche

of Technological Repayment of

Innovation Bonds of 100000 interest-bearing 100000 0 - - Yes

BOE Technology Group liabilities

Co. Ltd.Replacing the

The 2025 Fourth Tranche

issuer’s equity

of Technological

contributions made

Innovation Bonds of 100000 100000 0 - - Yes

within one year to

BOE Technology Group

technology

Co. Ltd.innovation areas

Replacing the

The 2025 Fifth Tranche

issuer’s equity

of Technological

contributions made

Innovation Bonds of 100000 100000 0 - - Yes

within one year to

BOE Technology Group

technology

Co. Ltd.innovation areas

Replacing the

issuer’s equity

contributions made

39000 0 - - Yes

The 2025 Sixth Tranche within one year to

of Technological technology

Innovation Bonds of 100000 innovation areas

BOE Technology Group Repayment of

Co. Ltd. interest-bearing 40000 0 - - Yes

liabilities

Replenishment of

21000 0 - - Yes

working capital

The raised funds were used for project construction

□Applicable□ Not applicable

The Company changed the usage of above funds raised from bonds during the Reporting Period.□Applicable□ Not applicable

5. Adjustment of Credit Rating Results during the Reporting Period

□Applicable□ Not applicable

6. Execution and Changes of Guarantee Repayment Plan and Other Repayment Guarantee

Measures as well as Influence on Equity of Bond Investors during the Reporting Period

□Applicable□ Not applicable

IV Convertible Corporate Bonds

□Applicable□ Not applicable

No such cases in the Reporting Period.

122V Losses of Scope of Consolidated Financial Statements during the Reporting

Period Exceeding 10% of Net Assets up the Period-end of Last Year

□Applicable□ Not applicable

VI Matured Interest-bearing Debt excluding Bonds up the Period-end

□Applicable□ Not applicable

VII Whether there was any Violation of Rules and Regulations during the

Reporting Period

□Yes□ No

VIII The Major Accounting Data and the Financial Indicators of the Recent 2

Years of the Company up the Period-end

Unit: RMB’0000

Item 31 December 2025 31 December 2024 Change

Current ratio 1.40 1.24 12.90%

Debt/asset ratio 52.46% 52.43% 0.03%

Quick ratio 1.13 1.04 8.65%

Item 2025 2024 Change

Net profit before exceptional

gains and losses 423034 383712 10.25%

EBITDA/debt ratio 33.97% 32.25% 1.72%

Interest cover (times) 3.01 2.17 38.71%

Cash-to-interest cover (times) 13.72 10.54 30.17%

EBITDA-to-interest cover

(times) 13.99 10.97 27.53%

Debt repayment ratio (%) 100.00% 100.00% 0.00%

Interest payment ratio (%) 100.00% 100.00% 0.00%

123Part VIII Financial Statements

I Independent Auditor’s Report

Type of the independent auditor’s opinion Standard unqualified audit opinion

Date of signing this report 30 March 2026

Name of the independent auditor Ernst & Young Hua Ming LLP

Reference number of auditor’s report Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

Name of the certified public accountants Xie Feng Wang Jing

AUDITOR’S REPORT

Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

BOE Technology Group Co. Ltd.To the shareholders of BOE Technology Group Co. Ltd. :

(I) Opinion

We have audited the financial statements of BOE Technology Group Co. Ltd. (the “Company”)

which comprise the consolidated and company balance sheets as at 31 December 2025 and the

consolidated and company income statements the consolidated and company statements of

changes in equity and the consolidated and company statements of cash flows for the year then

ended and notes to the financial statements.In our opinion the accompanying financial statements present fairly in all material respects the

consolidated and the Company’s financial position as at 31 December 2025 and the consolidated

and the Company’s financial performance and cash flows for the year then ended in accordance

with Accounting Standards for Business Enterprises (“ASBEs”).(II) Basis for opinion

We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our

responsibilities under those standards are further described in the Auditor’s responsibilities for the

audit of the financial statements section of our report. We are independent of the Company in

accordance with China Independence Standard No. 1 - Independence Requirements for Financial

Statement Audit and Review Engagements and China Code of Ethics for Certified Public

Accountants (the “Code”). We have also fulfilled our other ethical responsibilities in accordance

with the Code. We have complied with the independence requirements relevant to the audit of

public interest entities. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.(III) Key Audit Matters

Key audit matters are those matters that in our professional judgement were of most significance

in our audit of the financial statements for the current period. These matters were addressed in the

context of our audit of the financial statements as a whole and in forming our opinion thereon and

we do not provide a separate opinion on these matters. For each matter below our description of

how our audit addressed the matter is provided in that context.We have fulfilled the responsibilities described in the financial statements section of our report

including in relation to these matters. Accordingly our audit included the performance of

procedures designed to respond to our assessment of the risks of material misstatement of the

financial statements. The results of our audit procedures including the procedures performed to

address the matters below provide the basis for our audit opinion on the accompanying financial

statements.

124AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

BOE Technology Group Co. Ltd.(III) Key Audit Matters (continued)

Key audit matter How our audit addressed the key audit matter

Revenue recognition

The revenue of BOE Technology Group Co. The audit procedures we performed primarily

Ltd. (“BOE”) and its subsidiaries (“BOE included:Group”) is mainly derived from the sale of

products relating to display device across the * Evaluate the design and operation effectiveness

domestic and overseas markets. of key internal controls related to revenuerecognition for business segments such as

The sales contracts / orders signed between display devices;

BOE Group and its customers (mainly

electronic equipment manufacturers) contain * Check key sales contracts/orders on a sampling

various trading terms. BOE Group judges the basis to identify relevant trading terms and

transfer timing of control according to the evaluate whether the accounting policies for

trading terms and recognises revenue revenue recognition of BOE Group meet the

accordingly. Depending on the trading terms requirements of ASBEs;

the revenue is usually recognised when the * On a sampling basis and according to different

goods are received or when they are received trading terms reconcile the revenue recorded in

by the carrier. the current year to relevant supporting files such

We identified the recognition of BOE Group’s as relevant orders shipping orders delivery

revenue as a key audit matter because receipts etc. to evaluate whether revenue is

revenue as one of BOE Group’s key recognised in accordance with the accounting

performance indicators and there is an policies of BOE Group;

inherent risk that revenue may not be * On a sampling basis and according to different

recognised in a correct period. trading terms cross check the revenue

Please refer to Note III 24 for the accounting recognised before and after the balance sheet

policies and Note V 47 for further disclosures. date against relevant supporting files such asrelevant orders shipping orders delivery

receipts etc. to evaluate whether revenue is

recognised in the correct period;

* Select samples and perform confirmation

procedures on the accounts receivable balance

as of the balance sheet date;

* Select samples of revenue adjustments

(including sales discounts and sales returns

etc.) occurring after the balance sheet date and

check them against relevant supporting

documentation to evaluate whether revenue

was recognised in the correct period;

* Review the appropriateness of revenue

disclosures in the financial statements.

125AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

BOE Technology Group Co. Ltd.(III) Key Audit Matters (continued)

Key audit matter How our audit addressed the key audit matter

Impairment of fixed assets and intangible assets

As at 31 December 2025 the carrying amount of The audit procedures we performed primarily

fixed assets and intangible assets amounted to included:

RMB 199096817337 the judgement on

impairment indications and impairment test are * Evaluate management’s identification of

material to BOE Group’s financial statements. asset groups assessment of impairmentindicators and assess the design and

Management of BOE Group identifies asset groups operating effectiveness of key internal

based on the independence of their primary cash controls over impairment testing;

inflows from those of other assets or asset groups.Management assesses whether indicators of * Evaluate whether management’s

impairment exist as of the balance sheet date and identification of asset groups and

performs impairment testing where necessary assessment of impairment indicators

using internal and external information such as comply with the requirements of the

market supply and demand dynamics technological ASBEs;

advancements operating budgets and actual * For asset groups with significant indicators

economic performance. of impairment:

For asset groups with indicators of impairment as of Review the key assumptions used by

the balance sheet date management estimates management in calculating the recoverable

their recoverable amount and compares it with their amount including future selling prices

carrying amount to determine whether any sales volumes and discount rates and

impairment has occurred. assess the reasonableness of these

The recoverable amount is based on the present assumptions in light of historical data;

value of expected future cash flows which requires Evaluate the competence professional

significant judgment particularly in estimating future qualifications and objectivity of experts

selling prices sales volumes and the discount rate. engaged by management;

Given the materiality of the carrying amounts of Utilize the work of internal valuation

property plant and equipment and intangible specialists to assess the reasonableness

assets and the significant judgment involved in of key valuation parameters such as the

assessing indicators of impairment and performing cash flow model and discount rate used

impairment tests on asset groups with such by management in estimating the present

indicators we have identified the impairment of value of future cash flows;

property plant and equipment and intangible

assets as a key audit matter. Perform retrospective reviews ofmanagement’s historical forecasts to

Please refer to Note III 20 for the accounting evaluate their accuracy and bias;

policies and Notes V 15 and V 18 for further

disclosures. Review the sensitivity analyses performedby management on the key assumptions

used in the recoverable amount

calculation.* Review the appropriateness of

management’s disclosures regarding the

impairment of related assets.

126AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

BOE Technology Group Co. Ltd.(IV) Other information included in the Annual Report

BOE Group‘s management are responsible for the other information. The other information

comprises the information included in the Annual Report other than the financial statements and

our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements our responsibility is to read

the other information and in doing so consider whether the other information is materially

inconsistent with the consolidated financial statements or our knowledge obtained in the audit or

otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement of this

other information we are required to report that fact. We have nothing to report in this regard.(V) Responsibilities of management and those charged with governance for the financial

statements

BOE Group‘s management are responsible for the preparation of the financial statements that give

a true and fair view in accordance with ASBEs and for such internal control as BOE Group‘s

management determine is necessary to enable the preparation of consolidated financial

statements that are free from material misstatement whether due to fraud or error.In preparing the consolidated financial statements BOE Group‘s management are responsible for

assessing the Group’s ability to continue as a going concern disclosing as applicable matters

related to going concern and using the going concern basis of accounting unless BOE Group‘s

management either intend to liquidate the Group or to cease operations or have no realistic

alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reporting

process.

127AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

BOE Technology Group Co. Ltd.(VI) Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a

whole are free from material misstatement whether due to fraud or error and to issue an auditor’s

report that includes our opinion. Reasonable assurance is a high level of assurance but is not a

guarantee that an audit conducted in accordance with CSAs will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are generally

considered material if individually or in the aggregate they could reasonably be expected to

influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

(1) Identify and assess the risks of material misstatement of the financial statements whether

due to fraud or error design and perform audit procedures responsive to those risks and

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one

resulting from error as fraud may involve collusion forgery intentional omissions

misrepresentations or the override of internal control.

(2) Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances.

(3) Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the management.

(4) Conclude on the appropriateness of the management’s use of the going concern basis of

accounting and based on the audit evidence obtained whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Company’s ability to

continue as a going concern. If we conclude that a material uncertainty exists we are

required to draw attention in our auditor’s report to the related disclosures in the financial

statements or if such disclosures are inadequate to modify our opinion. Our conclusions

are based on the audit evidence obtained up to the date of our auditor’s report. However

future events or conditions may cause the Company to cease to continue as a going

concern.

128AUDITOR’S REPORT (continued)

Ernst & Young Hua Ming (2026) Shen Zi No. 70008969_A01

BOE Technology Group Co. Ltd.(VI) Auditor’s responsibilities for the audit of the financial statements (continued)

(5) Evaluate the overall presentation structure and content of the financial statements including

the disclosures and whether the financial statements represent the underlying transactions

and events in a manner that achieves fair presentation.

(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities

or business activities within the Company to express an opinion on the financial statements.We are responsible for the direction supervision and performance of the group audit. We

remain solely responsible for our audit opinion.We communicate with those charged with governance regarding among other matters the

planned scope and timing of the audit and significant audit findings including any significant

deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with

relevant ethical requirements regarding independence and to communicate with them all

relationships and other matters that may reasonably be thought to bear on our independence and

where applicable actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance we determine those matters

that were of most significance in the audit of the financial statements of the current period and are

therefore the key audit matters. We describe these matters in our auditor’s report unless law or

regulation precludes public disclosure about the matter or when in extremely rare circumstances

we determine that a matter should not be communicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh the public interest benefits of

such communication.Ernst & Young Hua Ming LLP Chinese Certified Public Accountant: Xie Feng

(Engagement Partner)

Chinese Certified Public Accountant: Wang Jing

Beijing the People’s Republic of China 30 March 2026

129BOE Technology Group Co. Ltd.

CONSOLIDATED BALANCE SHEET

31 December 2025 Expressed in Renminbi Yuan

ASSETS Note V 31 December 2025 31 December 2024

Current assets

Cash at bank and on hand 1 72222940175 74252625215

Financial assets held for trading 2 1670548730 3116435963

Notes receivable 3 514647075 338059783

Accounts receivable 4 32293002623 36338199204

Receivables financing 5 585672349 472537400

Prepayments 6 810701464 634482224

Other receivables 7 822793900 812871521

Inventories 8 27748526136 23313464392

Contract assets 9 393081902 150871486

Current portion of non-current assets 4081560 3900201

Other current assets 10 4809821866 3954007985

Total current assets 141875817780 143387455374

Non-current assets

Long-term receivables - 492067

Long-term equity investments 11 18636209565 13533271302

Other equity investments 12 536217192 441371815

Other non-current financial assets 13 2874055003 2735680042

Investment properties 14 2146616904 1751189740

Fixed assets 15 186299299142 204904419511

Construction in progress 16 52943124120 30159016097

Right-of-use assets 17 807290109 754408280

Intangible assets 18 12797518195 11263463194

Development expenditures VI 123706247 109323354

Goodwill 19 653575022 653575022

Long-term prepaid expenses 20 599601573 598444923

Deferred tax assets 21 854033038 694888275

Other non-current assets 22 15231258913 18991222545

Total non-current assets 294502505023 286590766167

Total assets 436378322803 429978221541

The accompanying notes to the financial statements form an integral part of these financial statements.

1BOE Technology Group Co. Ltd.

CONSOLIDATED BALANCE SHEET (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

LIABILITIES AND EQUITY Note V 31 December 2025 31 December 2024

Current liabilities

Short-term borrowings 24 3655021437 1563317166

Notes payable 25 1380128604 1399557969

Accounts payable 26 37242292283 36713498406

Receipts in advance 77763054 118971193

Contract liabilities 27 2223451538 2083836158

Employee benefits payable 28 3584824383 4076008388

Taxes and surcharges payable 29 1319215532 1576606596

Other payables 30 20889438382 20827962570

Current portion of non-current liabilities 31 26670312919 43506539611

Other current liabilities 32 4349146900 3394971140

Total current liabilities 101391595032 115261269197

Non-current liabilities

Long-term borrowings 33 101576573473 100932391740

Bonds payable 34 10968768052 -

Lease liabilities 35 687762666 631418986

Long-term payables 36 2348036273 121077871

Provisions 37 - 1652566

Deferred income 38 6798033210 4544617931

Deferred tax liabilities 21 1134894697 1290798747

Other non-current liabilities 39 3996902667 2648822759

Total non-current liabilities 127510971038 110170780600

Total liabilities 228902566070 225432049797

The accompanying notes to the financial statements form an integral part of these financial statements.

2BOE Technology Group Co. Ltd.

CONSOLIDATED BALANCE SHEET (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

LIABILITIES AND EQUITY Note V 31 December 2025 31 December 2024

Equity

Share capital 40 37413880464 37645016203

Other equity instruments 41 - 2043402946

Capital reserves 42 51859961722 52207573706

Less: Treasury shares 43 1499835264 1216490683

Accumulated other comprehensive income 44 (766570036) (1171823864)

Specialised reserves 207330489 139227664

Surplus reserves 45 4035830324 3879754479

Retained earnings 46 43228031107 39410894857

Total equity attributable to owners of the parent 134478628806 132937555308

?

Non-controlling interests 72997127927 71608616436

?

Total equity 207475756733 204546171744

Total liabilities and equity 436378322803 429978221541

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Chief Financial Officer The head of the

Executive accounting

Committee department

The accompanying notes to the financial statements form an integral part of these financial statements.

3BOE Technology Group Co. Ltd.

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2025 Expressed in Renminbi Yuan

Note V 2025 2024

Revenue 47 204590222888 198380605661

Less: Cost of sales 47 172602044011 168221949573

Taxes and surcharges 48 1425552345 1296146896

Selling expenses 49 2172622919 1995294652

Administrative expenses 50 5896341836 6218672130

Research and development expenses 51 13836670878 13123309231

Finance expenses 52 1836646802 1224387370

Including: Interest expenses 3292142233 4033259880

Interest income 1828272699 2285948395

Add: Other income 53 2915429247 2288477566

Investment income 54 653966677 (540900653)

Including: Income/(loss) from investments

in associates and joint

ventures 81175287 (752455175)

Fair value gains 55 431722966 522447744

Credit impairment losses 56 (63490237) (112125114)

Impairment losses of assets 57 (4005541287) (3624262580)

Gains on disposal of non-current assets 58 30428604 96175264

Operating profit 6782860067 4930658036

Add: Non-operating income 59 314980839 216286272

Less: Non-operating expenses 60 63639776 61290675

Profit before income tax 7034201130 5085653633

Less: Income tax expenses 61 2006827561 940379751

Net Profit 5027373569 4145273882

Classified by going concern

Net profit from continuing operations 5027373569 4145273882

The accompanying notes to the financial statements form an integral part of these financial statements.

4BOE Technology Group Co. Ltd.

CONSOLIDATED INCOME STATMENT (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

Note V 2025 2024

Classified by ownership

Profit attributable to owners of the parent 5856966754 5323248974

Profit attributable to non-controlling interests (829593185) (1177975092)

Other comprehensive income net of tax 44 416083549 (5776420)

Other comprehensive income/(loss) net of tax

attributable to owners of the parent 408111001 (19707777)

Other comprehensive income that will not be

reclassified to profit or loss

Other comprehensive income using the equity

method that will not be reclassified to profit or

loss 38861322 45589853

Change in the fair value of other equity

investments 95049059 (35206474)

Other comprehensive income that may be

reclassified to profit or loss

Other comprehensive income using the equity

method that may be reclassified to profit or 47364873 -

loss

Exchange differences on translation of foreign

currency financial statements 226835747 (30091156)

Other comprehensive income net of tax

attributable to non-controlling interests 44 7972548 13931357

Total comprehensive income 5443457118 4139497462

Including:

Total comprehensive income attributable to

owners of the parent 6265077755 5303541197

Total comprehensive income attributable to

non-controlling interests (821620637) (1164043735)

Earnings per share 62

Basic earnings per share 0.16 0.14

Diluted earnings per share 0.16 0.14?

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Chief Financial Officer The head of the

Executive accounting

Committee department

The accompanying notes to the financial statements form an integral part of these financial statements.

5BOE Technology Group Co. Ltd.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2025

Attributable to owners of the parent Non-controlling Total equity

interests

Share capital Other equity Capital reserves Less: Treasury Accumulated other Specialised Surplus Retained Subtotal

instruments shares comprehensive reserves reserves earnings

income

I. Balance at beginning of year 37645016203 2043402946 52207573706 1216490683 (1171823864) 139227664 3879754479 39410894857 132937555308 71608616436 204546171744

II. Changes for the year

1. Total comprehensive income - - - - 408111001 - - 5856966754 6265077755 (821620637) 5443457118

2. Capital contributed and reduced by

shareholders

(1)Capital contributions by non-

controlling interests - - - - - - - - - 7729973284 7729973284

(2)Capital reduction by non-

controlling interests - - - - - - - - - (5390488477) (5390488477)

(3)Equity transactions with non-

controlling interests - - 117551353 - - - - - 117551353 (117551353) -

(4)Repurchase of treasury shares - - - 1499835264 - - - - (1499835264) - (1499835264)

(5)Cancellation of treasury shares (231135739) - (778740068) (1009875807) - - - - - - -

(6)Amount of share-based payment

recognized in shareholders'

equity - - 1587451 (206614876) - - - - 208202327 (115160) 208087167

(7)Redemption of capital for holders

of other equity instruments - (1989320755) (10679245) - - - - - (2000000000) - (2000000000)

The accompanying notes to the financial statements form an integral part of these financial statements.

6BOE Technology Group Co. Ltd.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2025 (continued)

Attributable to owners of the parent Non-controlling Total equity

interests

Share capital Other equity Capital reserves Less: Treasury Accumulated other Specialised Surplus Retained earnings Subtotal

instruments shares comprehensive reserves reserves

income

II. Changes for the year (continued)

3. Profit distribution

(1) Appropriation to surplus reserves - - - - - - 156075845 (156075845) - - -

(2) Accrued interest on holders of other

equity instruments - 15917809 - - - - - (15917809) - - -

(3) Payment for interest on holders of other

equity instruments - (70000000 ) - - - - - - (70000000) - (70000000)

(4) Distribution to shareholders - - - - - - - (1870694023) (1870694023) (88730910) (1959424933)

4. Transfer within equity

(1) Transfer of other comprehensive income

to retained earnings - - - - (2857173) - - 2857173 - - -

5. Specialised reserves

(1) Appropriation for the year - - - - - 226734068 - - 226734068 57577124 284311192

(2) Utilisation for the year - - - - - (158631243) - - (158631243) (41076799) (199708042)

6 Other

(1) Other movements in equity of associates - - 291907438 - - - - - 291907438 - 291907438

(2) other - - 30761087 - - - - - 30761087 60544419 91305506

III Balance at end of year 37413880464 - 51859961722 1499835264 (766570036) 207330489 4035830324 43228031107 134478628806 72997127927 207475756733

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Executive Committee Chief Financial Officer The head of the accounting department

The accompanying notes to the financial statements form an integral part of these financial statements.

7BOE Technology Group Co. Ltd.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2024

Attributable to owners of the parent Non-controlling Total equity

interests

Share capital Other equity Capital reserves Less: Treasury Accumulated other Specialised Surplus Retained Subtotal

instruments shares comprehensive reserves reserves earnings

income

I. Balance at beginning of year 37652529195 2043402946 52113580746 462036240 (1136997224) 66472402 3571778635 35579576607 129428307067 68370379252 197798686319

II. Changes for the year

1. Total comprehensive income - - - - (19707777) - - 5323248974 5303541197 (1164043735) 4139497462

2. Capital contributed and reduced by

shareholders

(1)Capital contributions by non-

controlling interests - - - - - - - - - 4652010645 4652010645

(2)Repurchase of treasury shares - - - 999872378 - - - - (999872378) - (999872378)

(3)Cancellation of treasury shares (7512992) - (9986070) (17499062) - - - - - -? -

(4)Amount of share-based payment

recognized in shareholders'

equity - - 127147039 (227918873) - - - - 355065912 9581064 364646976

(5)Other - - - - - - - - - (10000000) (10000000)

The accompanying notes to the financial statements form an integral part of these financial statements.

8BOE Technology Group Co. Ltd.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2024 (continued)

Attributable to owners of the parent Non-controlling Total equity

interests

Share capital Other equity Capital reserves Less: Treasury Accumulated other Specialised Surplus Retained Subtotal

instruments shares comprehensive reserves reserves earnings

income

II. Changes for the year (continued)

3. Profit distribution

(1)Appropriation to surplus reserves - - - - - - 307923188 (307923188) - - -

(2)Accrued interest on holders of

other equity instruments - 70000000 - - - - - (70000000) - - -

(3)Payment for interest on holders of

other equity instruments - (70000000) - - - - - - (70000000) - (70000000)

(4)Distribution to shareholders - - - - - - - (1129073743) (1129073743) (93546479) (1222620222)

4. Transfer within equity

(1)Transfer of other comprehensive

income to retained earnings - - - - (15118863) - 52656 15066207 - - -

5. Specialised reserves

(1)Appropriation for the year - - - - - 209278103 - - 209278103 51873021 261151124

(2)Utilisation for the year - - - - - (136522841) - - (136522841) (38689907) (175212748)

6 Other

(1)Other movements in equity of

associates - - 14652743 - - - - - 14652743 - 14652743

(2)Other - - (37820752) - - - - - (37820752) (168947425) (206768177)

III Balance at end of year 37645016203 2043402946 52207573706 1216490683 (1171823864) 139227664 3879754479 39410894857 132937555308 71608616436 204546171744

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Executive Committee Chief Financial Officer The head of the accounting department

The accompanying notes to the financial statements form an integral part of these financial statements.

9BOE Technology Group Co. Ltd.

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2025 Expressed in Renminbi Yuan

Note V 2025 2024

1. CASH FLOWS FROM OPERATING ACTIVITIES

Cash receipts from the sale of goods and the

rendering of services 216446744340 207177636682

Receipts of taxes and surcharges refunds 10504844336 9436155018

Other cash receipts relating to operating activities 63 7893922358 2601966374

?

Total cash inflows from operating activities 234845511034 219215758074

?

Cash payments for goods and services (153264909445) (139974564163)

Cash payments to and on behalf of employees (21414709980) (19215661123)

Payments of taxes and surcharges (6064623177) (4938746118)

Other cash payments relating to operating

activities 63 (5276712758) (7349209291)

?

Total cash outflows from operating activities (186020955360) (171478180695)

Net cash flows from operating activities 64 48824555674 47737577379

2. CASH FLOWS FROM INVESTING ACTIVITIES

Cash receipts from returns of investments 37852996343 59316324819

Cash receipts from returns on investments 1277028744 671568341

Net cash receipts from disposal of fixed assets

intangible assets and other long-term assets 28669615 156338437

Other cash receipts relating to investing activities 63 325253271 2485332205

?

Total cash inflows from investing activities 39483947973 62629563802

Cash payments to acquire fixed assets intangible

assets and other long-term assets (40094380995) (34037798428)

Cash payments for investments (40128721276) (61241398520)

Other cash payments relating to investing

activities 63 (189207236) -

?

Total cash outflows from investing activities (80412309507) (95279196948)

Net cash flows from investing activities (40928361534) (32649633146)

The accompanying notes to the financial statements form an integral part of these financial statements.

10BOE Technology Group Co. Ltd.

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

Note V 2025 2024

3. CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from investments 7729973284 4652010645

Including: Cash receipts from capital

contributions from non-controlling

interests of subsidiaries 7729973284 4652010645

Cash receipts from borrowings 44668867158 47194037263

Cash receipts from issuance of corporate bonds 11000000000 -

Other cash receipts relating to financing activities 63 293613208 -

Total cash inflows from financing activities 63692453650 51846047908

Cash repayments for debts (59278101812) (49117270919)

Cash payments for distribution of dividends or

profit and interest expenses (6002224482) (6390837882)

Including: Dividends or profit paid to non-

controlling shareholders of

subsidiaries (90686310) (91448476)

Cash payments for redemption of other equity

instruments (2000000000) -

Other cash payments relating to financing

activities 63 (7637458489) (1855318097)

Total cash outflows from financing activities (74917784783) (57363426898)

Net cash flows from financing activities (11225331133) (5517378990)

4. Effect of exchange rate changes on cash and cash

and cash equivalents (464819741) 341705520

5. Net (decrease )/increase in cash and cash

equivalents (3793956734) 9912270763

Add: Cash and cash equivalents at beginning of

year 64 62005252511 52092981748

6. Cash and cash equivalents at end of year 64 58211295777 62005252511

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Chief Financial Officer The head of the

Executive accounting

Committee department

The accompanying notes to the financial statements form an integral part of these financial statements.

11BOE Technology Group Co. Ltd.

COMPANY BALANCE SHEET

31 December 2025 Expressed in Renminbi Yuan

ASSETS Note XVI 31 December 2025 31 December 2024

Current assets

Cash at bank and on hand 4806197426 4622109813

Accounts receivable 1 2198992377 3557166876

Prepayments 6603029 6440618

Other receivables 2 22251324303 32075715118

Inventories 26496574 31198429

Other current assets 194206146 143433811

?

Total current assets 29483819855 40436064665

Non-current assets

Long-term equity investments 3 223119069186 203191541965

Other equity investments 76042654 60783163

Other non-current financial assets 1712581473 1562089931

Investment properties 725255291 235247956

Fixed assets 2259541327 1542132717

Construction in progress 256643430 1262758363

Right-of-use assets 10692642 47104764

Intangible assets 3081721569 1001523422

Long-term prepaid expenses 244430822 290214066

Deferred tax assets 101328877 -

Other non-current assets 614663026 320460049

?

Total non-current assets 232201970297 209513856396

?

Total assets 261685790152 249949921061

The accompanying notes to the financial statements form an integral part of these financial statements.

12BOE Technology Group Co. Ltd.

COMPANY BALANCE SHEET (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

LIABILITIES AND EQUITY Note XVI 31 December 2025 31 December 2024

Current liabilities

Accounts payable 570702685 503922556

Receipts in advance 1129345 13140209

Contract liabilities 2528158 719297

Employee benefits payable 303061711 453127454

Taxes and surcharges payable 42036763 310771542

Other payables 4 3547491173 3471340673

Current portion of non-current liabilities 8338312344 11029129176

Other current liabilities 87910687 609513850

?

Total current liabilities 12893172866 16391664757

Non-current liabilities

Long-term borrowings 5 39665261000 41257600000

Bonds payable 10968768052 -

Lease liabilities 2607211 555400

Long-term payables 2247200008 -

Deferred income 146860897 47137540

Deferred tax liabilities - 18162044

Other non-current liabilities 96690793681 89520793681

?

Total non-current liabilities 149721490849 130844248665

Total liabilities 162614663715 147235913422

Owners’ equity

Share capital 37413880464 37645016203

Other equity instruments - 2043402946

Capital reserves 51061480294 51871366552

Less: Treasury shares 1499835264 1216490683

Accumulated other comprehensive income (217143204) (267884908)

Surplus reserves 4035830324 3879754479

Retained earnings 8276913823 8758843050

?

Total equity 99071126437 102714007639

Total liabilities and equity 261685790152 249949921061

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Chief Financial Officer The head of the

Executive accounting

Committee department

The accompanying notes to the financial statements form an integral part of these financial statements.

13BOE Technology Group Co. Ltd.

COMPANY INCOME STATEMENT

For the year ended 31 December 2025 Expressed in Renminbi Yuan

Note XVI 2025 2024

Revenue 6 4960667359 5558110352

Less: Cost of sales 6 37840604 11459521

Taxes and surcharges 46112168 41818720

Administrative expenses 1604634753 1944464914

Research and development expenses 2769656332 2452578625

Finance expenses 558950225 494390647

Including: Interest expenses 620972124 528904973

Interest income 27032569 39349343

Add: Other income 64791958 955230189

Investment income 7 1338404703 1708144852

Including: income/(loss) from

investments in associates

and joint ventures 88124345 (476270739)

Fair value gains 6938295 3403675

Credit impairment losses (9383) (80000336)

Gains on disposal of non-current assets 4846 818

Operating profit 1353603696 3200177123

Add: Non-operating income 246812339 6601784

Less: Non-operating expenses 11782120 22272166

Profit before income tax 1588633915 3184506741

Less: Income tax expenses 27875465 105274860

Profit 1560758450 3079231881

Including: Profit from continuing operations 1560758450 3079231881

Other comprehensive income net of tax 50741704 29074708

Other comprehensive income that will not be

reclassified to profit or loss

Other comprehensive income using the equity

method that will not be reclassified to profit or

loss 37771138 30126376

Change in the fair value of other equity

investments 12970566 (1051668)

Total comprehensive income 1611500154 3108306589

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Chief Financial Officer The head of the

Executive accounting

Committee department

The accompanying notes to the financial statements form an integral part of these financial statements.

14BOE Technology Group Co. Ltd.

COMPANY STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2025

Share capital Other equity Capital reserves Less: Treasury Accumulated other Surplus Retained Total equity

instruments shares comprehensive reserves earnings

income

I. Balance at beginning of year 37645016203 2043402946 51871366552 1216490683 (267884908) 3879754479 8758843050 102714007639

II. Changes for the year

1. Total comprehensive income - - - - 50741704 - 1560758450 1611500154

2. Capital contributed and reduced

by shareholders

(1) Repurchase of treasury shares - - - 1499835264 - - - (1499835264)

(2) Cancellation of treasury shares (231135739) - (778740068) (1009875807) - - - -

(3) Amount of share-based

payment recognized in

shareholders' equity - - 1472291 (206614876) - - - 208087167

(4) Redemption of capital for

holders of other equity

instruments - (1989320755) (10679245) - - - - (2000000000)

The accompanying notes to the financial statements form an integral part of these financial statements.

15BOE Technology Group Co. Ltd.

COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2025 (continued)

Share capital Other equity Capital reserves Less: Treasury Accumulated other Surplus Retained Total equity

instruments shares comprehensive reserves earnings

income

II. Changes for the year

(continued)

3. Profit distribution

(1) Appropriation to surplus

reserves - - - - - 156075845 (156075845) -

(2) Accrued interest on holders of

other equity instruments - 15917809 - - - - (15917809) -

(3) Payment for interest on holders

of other equity instruments - (70000000) - - - - - (70000000)

(4) Distribution to shareholders - - - - - - (1870694023) (1870694023)

4. Others

(1)Other movements in equity of

associates - - (21939236) - - - - (21939236)

III Balance at end of year 37413880464 - 51061480294 1499835264 (217143204) 4035830324 8276913823 99071126437

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Executive Committee Chief Financial Officer The head of the accounting department

The accompanying notes to the financial statements form an integral part of these financial statements

16BOE Technology Group Co. Ltd.

COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2024

Share capital Other equity Capital reserves Less: Treasury Accumulated other Surplus Retained Total equity

instruments shares comprehensive reserves earnings

income

I. Balance at beginning of year 37652529195 2043402946 51741820724 462036240 (296433056) 3571778635 7186134196 101437196400

II. Changes for the year

1. Total comprehensive income - - - - 29074708 - 3079231881 3108306589

2. Capital contributed and reduced

by shareholders

(1) Repurchase of treasury shares - - - 999872378 - - - (999872378)

(2) Cancellation of treasury shares (7512992) - (9986070) (17499062) - - - -

(3) Amount of share-based

payment recognized in

shareholders' equity - - 136728103 (227918873) - - - 364646976

The accompanying notes to the financial statements form an integral part of these financial statements.

17BOE Technology Group Co. Ltd.

COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

2024 (continued)

Share capital Other equity Capital reserves Less: Treasury Accumulated other Surplus Retained Total equity

instruments shares comprehensive reserves earnings

income

II. Changes for the year

(continued)

3. Profit distribution

(1) Appropriation to surplus

reserves - - - - - 307923188 (307923188) -

(2) Accrued interest on holders of

other equity instruments - 70000000 - - - - (70000000) -

(3) Payment for interest on holders

of other equity instruments - (70000000) - - - - - (70000000)

(4) Distribution to shareholders - - - - - - (1129073743) (1129073743)

4. Transfer within equity

(1) Transfer of other

comprehensive income to

retained earnings - - - - (526560) 52656 473904 -

5 Other

(1)Other movements in equity of

associates - - 2698287 - - - - 2698287

(2)Other - - 105508 - - - - 105508

III. Balance at end of year 37645016203 2043402946 51871366552 1216490683 (267884908) 3879754479 8758843050 102714007639

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Executive Committee Chief Financial Officer The head of the accounting department

The accompanying notes to the financial statements form an integral part of these financial statements.

18BOE Technology Group Co. Ltd.

COMPANY STATEMENT OF CASH FLOWS

For the year ended 31 December 2025 Expressed in Renminbi Yuan

20252024

1. CASH FLOWS FROM OPERATING ACTIVITIES

Cash receipts from the sale of goods and the rendering

of services 6426323226 8576350715

Receipts of tax and surcharges refunds 2007 12091

Other cash receipts relating to operating activities 493095961 458561728

?

Total cash inflows from operating activities 6919421194 9034924534

Cash payments for goods and services (1512330793) (1041936007)

Cash payments to and on behalf of employees (1486641714) (1348047244)

Payments of taxes and surcharges (624246153) (470413241)

Other cash payments relating to operating activities (896731133) (1204371696)

?

Total cash outflows from operating activities (4519949793) (4064768188)

Net cash flows from operating activities 2399471401 4970156346

2. CASH FLOWS FROM INVESTING ACTIVITIES

Cash receipts from returns of investments 575858940 2807425581

Cash receipts from returns on investments 2838215143 2527840286

Net cash received from disposal of fixed assets

intangible assets and other long-term assets 985435 842917

Other cash receipts relating to investing activities 9775322198 6942812478

?

Total cash inflows from investing activities 13190381716 12278921262

Cash payments to acquire fixed assets intangible

assets and other long-term assets (588210040) (1743031313)

Cash payments for investments (20213432135) (13557349939)

Other cash payments relating to other investing

activities (913788092) (12190000000)

?

Total cash outflows from investing activities (21715430267) (27490381252)

Net cash flows from investing activities (8525048551) (15211459990)

The accompanying notes to the financial statements form an integral part of these financial statements.

19BOE Technology Group Co. Ltd.

COMPANY STATEMENT OF CASH FLOWS (CONTINUED)

For the year ended 31 December 2025 Expressed in Renminbi Yuan

20252024

3. CASH FLOWS FROM FINANCING ACTIVITIES

Cash receipts from borrowings 10299661000 18520000000

Cash receipts from issuance of corporate bonds 11000000000 -

Other cash receipts relating to financing activities 9670000000 11220000000

Total cash inflows from financing activities 30969661000 29740000000

Cash repayments for debts (15536500000) (14318800000)

Cash payments for distribution of dividends or profit and

interest expenses (3048358000) (2499539504)

Cash payments for redemption of other equity

instruments (2000000000) -

Other cash payments relating to financing activities (4059940393) (2517521421)

Total cash outflows from financing activities (24644798393) (19335860925)

Net cash flows from financing activities 6324862607 10404139075

4. Effect of exchange rate changes on cash and cash and

cash equivalents (51246828) 29846436

5. Net increase in cash and cash equivalents 148038629 192681867

Add: Cash and cash equivalents at beginning of year 4442011688 4249329821

6. Cash and cash equivalents at end of year 4590050317 4442011688

Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao

Chairman of the Board Chairman of the Chief Financial Officer The head of the

Executive accounting

Committee department

The accompanying notes to the financial statements form an integral part of these financial statements.

20BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025

Expressed in Renminbi Yuan

I. General information

BOE Technology Group Company Limited (the “Company”) is a company limited by shares established

on 9 April 1993 in Beijing with its head office located at Beijing. The parent of the Company and theCompany’s ultimate holding company is Beijing Electronics Holdings Co. Ltd. (“Beijing ElectronicsHoldings”).The Company and its subsidiaries (referred to as the “Group”) comprise five main business segments:

display business Internet of Things (IoT) innovation business sensor business MLED business and

smart medicine & engineering business. For information about the subsidiaries of the Company refer to

Note VIII.The financial statements were approved and authorised for issue by the board of directors on March 30

2026.

II. Basis of preparation of the financial statements

1. Basis of preparation

The financial statements have been prepared in accordance with the Accounting Standards for Business

Enterprises - Basic Standardand the specific accounting standards interpretations and other relevant

provisions issued and subsequently revised by the Ministry of Finance (collectively referred to as the

"Accounting Standards for Business Enterprises").In addition these financial statements also present

the relevant financial information in accordance with the Rules for the Preparation of Information

Disclosure by Companies Offering Securities to the Public No. 15 – General Provisions for Financial

Reports.

2. Going concern

The financial statements have been prepared on a going concern basis.III. Material accounting policies and significant estimates

1. Statement of compliance

The financial statements have been prepared in accordance with the requirements of Accounting

Standards for Business Enterprises which are also referred to as China Accounting Standards (“CAS”)

issued by the Ministry of Finance (“MOF”) of the People’s Republic of China. These financial statements

present truly and completely the consolidated and company financial position of the Company as at 31

December 2025 and the consolidated and company financial performance and cash flows of the

Company for the year then ended.

2. Accounting year

The accounting period is from 1 January to 31 December.

3. Operating cycle

The Company takes the period from the acquisition of assets for processing to until the ultimate

realisation of cash or cash equivalents as a normal operating cycle. The operating cycle of the Company

is usually less than 12 months.

21BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

4. Functional currency

The Company’s functional currency is Renminbi and these financial statements are presented in

Renminbi. Functional currency is determined by the Company and its subsidiaries on the basis of the

currency in which major income and costs are denominated and settled. Some of the Company’s

subsidiaries have functional currencies that are different from the Company’s functional currency. Their

financial statements have been translated based on the accounting policy set out in Note III.9.

5. Method used to determine the materiality threshold and the basis for selection

Item Materiality threshold

Significant receivables for which provisions for bad and doubtful Amount of the individual accounts receivable ≥ RMB50 million

are individually assessed recoveries or reversals and written-offs

Significant prepayments contract liabilities accounts payable and Amount of the individual items exceeds 0.5% of the Group’s total

other payables with ageing of more than one year assets

Significant construction projects in progress Carrying amount of individual item at the end of the period exceeds

RMB10 billion

Significant non-wholly-owned subsidiaries joint ventures or Carrying amount of long-term equity investments in individual

associates investee exceed 5% of the Group’s total assets; total revenue of non-

wholly-owned subsidiaries exceed 5% of the Group’s total revenue

Significant capitalised research and development projects Accumulated expenditure of individual R&D project exceeds 0.5% of

the Group’s total assets

6. Business combinations

A transaction or event constitutes a business combination when the Group obtains control of one or

more entities (or a group of assets or net assets) which meet the definition of a business. Business

combinations are classified as either business combinations involving enterprises under common control

or business combinations not involving enterprises under common control.For a transaction not involving enterprises under common control the acquirer determines whether an

acquired set of assets constitutes a business. The Group may elect to apply the simplified assessment

method the concentration test to determine whether an acquired set of assets is a business. If the

concentration test is met the set of assets is determined not to be a business no further assessment is

needed. If the concentration test is not met the Group should perform the assessment according to the

guidance on the determination of a business.?

When the set of assets the Group acquired does not constitute a business acquisition costs should be

allocated to each identifiable asset and liability on the basis of their relative fair values at the date of

acquisition. The accounting treatments for business combinations described below are not applied.

22BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

6. Business combinations (continued)

(1) Business combinations involving entities under common control

A business combination involving entities under common control is a business combination in which all

of the combining entities are ultimately controlled by the same party or parties both before and after the

business combination and that control is not transitory. The assets acquired and liabilities assumed are

measured based on their carrying amounts in the consolidated financial statements of the ultimate

controlling party at the combination date. The difference between the share of carrying amount of the net

assets acquired and the consideration paid for the combination (or the total par value of shares issued)

is adjusted against share premium in the capital reserve with any excess deducted from surplus reserve

and retained earnings sequentially. Any costs directly attributable to the combination are recognised in

profit or loss when incurred. The combination date is the date on which one combining entity obtains

control of other combining entities.

(2) Business combinations involving entities not under common control

A business combination involving entities not under common control is a business combination in which

all of the combining entities are not ultimately controlled by the same party or parties both before and

after the business combination. The Group as the acquirer the sum of the fair value of the assets paid

(including the equity of the acquiree held before the acquisition date) liabilities incurred or assumed

and equity securities issued on the acquisition date minus the fair value share of the identifiable net

assets of the acquiree acquired in the merger on the acquisition date after considering the impact of

relevant deferred income tax if it is positive it will be recognized as goodwill (see Note III.18). If it is

negative it will be recognised in profit or loss for the current period. The costs of issuing equity or debt

securities as a part of the consideration for the acquisition are included in the carrying amounts of these

equity or debt securities upon initial recognition. Other acquisition-related costs are expensed when

incurred. Any difference between the fair value and the carrying amount of the assets transferred as

consideration is recognised in profit or loss. The acquiree’s identifiable assets liabilities and contingent

liabilities if the recognition criteria are met are recognised by the Group at their acquisition-date fair

values. The acquisition date is the date on which the acquirer obtains control of the acquiree.

7. Consolidated financial statements

(1) General principles

The scope of consolidated financial statements is based on control and the consolidated financial

statements comprise the Company and its subsidiaries. Control exists when the investor has all of the

following: power over the investee; exposure or rights to variable returns from its involvement with the

investee; and the ability to affect those returns through its power over the investee. The financial

position financial performance and cash flows of subsidiaries are included in the consolidated financial

statements from the date that control commences until the date that control ceases.Intra-group balances and transactions and any unrealised profit or loss arising from intra-group

transactions are eliminated when preparing the consolidated financial statements. Unrealised losses

resulting from intra-group transactions are eliminated in the same way as unrealised gains unless they

represent impairment losses that are recognised in full in the financial statements.

23BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

7. Consolidated financial statements (continued)

(2) Subsidiaries acquired through a business combination

Where a subsidiary was acquired during the reporting period through a business combination involving

entities under common control the financial statements of the subsidiary are included in the

consolidated financial statements based on the carrying amounts of the assets and liabilities of the

subsidiary in the financial statements of the ultimate controlling party as if the combination had occurred

at the date that the ultimate controlling party first obtained control. The opening balances and the

comparative figures of the consolidated financial statements are also restated.Where a subsidiary was acquired during the reporting period through a business combination involving

entities not under common control the identifiable assets and liabilities of the acquired subsidiaries are

included in the scope of consolidation from the date that control commences based on the fair values of

those identifiable assets and liabilities at the acquisition date.

(3) Disposal of subsidiaries

When the Group loses control over a subsidiary any resulting disposal gains or losses are recognised

as investment income for the current period. The remaining equity investment is re-measured at its fair

value at the date when control is lost and any resulting gains or losses are also recognised as

investment income for the current period.

(4) Changes in non-controlling interests

Where the Company acquires more interest in a subsidiary from the subsidiary’s non-controlling

shareholders or disposes of a portion of an interest in a subsidiary without losing control the difference

between the portion of the interest in the subsidiary’s net assets being acquired or disposed of and the

amount of the consideration paid or received is adjusted to the capital reserve (share premium) in the

consolidated balance sheet with any excess deducted from surplus reserve and retained earnings

sequentially.

8. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand deposits that can be readily withdrawn on demand

and short-term highly liquid investments that are readily convertible into known amounts of cash and

are subject to an insignificant risk of change in value.

9. Foreign currency transactions and foreign currency translation

When the Group receives capital in foreign currencies from investors the capital is translated to

Renminbi at the spot exchange rate at the date of the receipt. Other foreign currency transactions are

on initial recognition translated to Renminbi at the spot exchange rates on the dates of the transactions.Monetary items denominated in foreign currencies are translated to Renminbi at the spot exchange rate

at the balance sheet date. The resulting exchange differences are generally recognised in profit or loss

unless they arise from the re-translation of the principal and interest of specific borrowings for the

acquisition and construction of qualifying assets (see Note III.16). Non-monetary items that are

measured at historical cost in foreign currencies are translated to Renminbi using the exchange rate at

the transaction date. Non-monetary items that are measured at fair value in foreign currencies are

translated using the exchange rate at the date the fair value is determined. The resulting exchange

differences are recognised in profit or loss except for the differences arising from the re-translation of

equity investments at fair value through other comprehensive income which are recognised in other

comprehensive income.

24BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

9. Foreign currency transactions and foreign currency translation (continued)

In translating the financial statements of a foreign operation assets and liabilities of foreign operation

are translated to Renminbi at the spot exchange rate at the balance sheet date. Equity items excluding

retained earnings and the translation differences in other comprehensive income are translated to

Renminbi at the spot exchange rates at the transaction dates. Income and expenses of foreign

operation are translated to Renminbi at rates that approximate the spot exchange rates at the

transaction dates. The resulting translation differences are recognised in other comprehensive income.At the time of disposal of overseas operations the relevant translation differences arising from

translation of foreign currency financial statements is transferred from shareholders’ equity to the current

profit and loss of disposal.Foreign currency cash flows and cash flows of overseas subsidiaries are translated to Renminbi at rates

that approximate the spot exchange rates at the date the cash flows occur. The effect of exchange rate

changes on cash is presented separately as a reconciling item in the statement of cash flows.

10. Financial instruments

Financial instruments include cash at bank and on hand investments in debt and equity securities other

than those classified as long-term equity investments (see Note III.12) receivables payables loans and

borrowings debentures payable and share capital.

(1) Recognition and initial measurement of financial assets and financial liabilities

A financial asset or financial liability is recognised in the balance sheet when the Group becomes a party

to the contractual provisions of a financial instrument.Financial assets and financial liabilities are measured initially at fair value. For financial assets and

financial liabilities measured at fair value through profit or loss any related directly attributable

transaction costs are charged to profit or loss; for other categories of financial assets and financial

liabilities any related directly attributable transaction costs are included in their initial costs. Trade

receivables that do not have a significant financing component or do not account for the significant

financing component in one-year-or-less contracts under the practical expedient are initially measured at

the transaction price in accordance with Note III.24.

(2) Classification and subsequent measurement of financial assets

(a) Classification of financial assets

The classification of financial assets is generally based on the business model under which a financial

asset is managed and its contractual cash flow characteristics. On initial recognition a financial asset is

classified as measured at amortised cost at fair value through other comprehensive income (“FVOCI”)

or at fair value through profit or loss (“FVTPL”).Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its

business model for managing financial assets in which case all affected financial assets are reclassified

on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortised cost if it meets both of the following conditions and is not

designated as at FVTPL:

25BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(2) Classification and subsequent measurement of financial assets (continued)

(a) Classification of financial assets (continued)

- it is held under a business model whose objective is to hold assets to collect contractual cash

flows; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal

and interest on the principal amount outstanding.A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated

as at FVTPL:

- it is held under a business model whose objective is achieved by both collecting contractual cash

flows and selling financial assets; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal

and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading the Group may irrevocably elect

to present subsequent changes in the investment’s fair value in other comprehensive income. This

election is made on an investment-by-investment basis and the instrument meets the definition of equity

from the perspective of the issuer.All financial assets not classified as measured at amortised cost or FVOCI as described above are

measured at FVTPL.The business model refers to how the Group manages its financial assets in order to generate cash

flows. That is the Group’s business model determines whether cash flows will result from collecting

contractual cash flows selling financial assets or both. The Group determines the business model for

managing the financial assets according to the facts and based on the specific business objective for

managing the financial assets determined by the Group’s key management personnel.In assessing whether the contractual cash flows are solely payments of principal and interest the Group

considers the contractual terms of the instrument. For the purposes of this assessment ‘principal’ is

defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration

for the time value of money and for the credit risk associated with the principal amount outstanding

during a particular period of time and for other basic lending risks and costs as well as a profit margin.The Group also assesses whether the financial asset contains a contractual term that could change the

timing or amount of contractual cash flows such that it would not meet this condition.(b) Subsequent measurement of financial assets

- Financial assets at FVTPL

These financial assets are subsequently measured at fair value. Net gains and losses including any

interest or dividend income are recognised in profit or loss unless the financial assets are part of a

hedging relationship.- Financial assets at amortised cost

26BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(2) Classification and subsequent measurement of financial assets (continued)

(b) Subsequent measurement of financial assets (continued)

These assets are subsequently measured at amortised cost using the effective interest method. A gain

or loss on a financial asset that is measured at amortised cost and that is not part of a hedging

relationship should be recognised in profit or loss when the financial asset is derecognised reclassified

amortised under the effective interest method or when an impairment gain or loss is recognised.- Debt investments at FVOCI

These assets are subsequently measured at fair value. Interest income calculated using the effective

interest method and impairment and foreign exchange gains and losses are recognised in profit or loss.Other net gains and losses are recognised in other comprehensive income. On derecognition gains and

losses accumulated in other comprehensive income are reclassified to profit or loss.- Equity investments at FVOCI

These assets are subsequently measured at fair value. Dividends are recognised as income in profit or

loss. Other net gains and losses are recognised in other comprehensive income. On derecognition

gains and losses accumulated in other comprehensive income are reclassified to retained earnings.

(3) Classification and subsequent measurement of financial liabilities

Financial liabilities are classified as measured at FVTPL or as financial liabilities measured at amortised

cost.- Financial liabilities at FVTPL

A financial liability is classified as at FVTPL if it is classified as held-for-trading (including derivative

financial liabilities) or if it is designated as such on initial recognition.Financial liabilities at FVTPL are subsequently measured at fair value and net gains and losses

including any interest expense are recognised in profit or loss unless the financial liabilities are part of

a hedging relationship.- Financial liabilities at amortised cost

These financial liabilities are subsequently measured at amortised cost using the effective interest

method.

27BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(4) Offsetting

Financial assets and financial liabilities are generally presented separately in the balance sheet and are

not offset. However a financial asset and a financial liability are offset and the net amount is presented

in the balance sheet when both of the following conditions are satisfied:

- the Group currently has a legally enforceable right to set off the recognised amounts;

- the Group intends either to settle on a net basis or to realise the financial asset and settle the

financial liability simultaneously.

(5) Derecognition of financial assets and financial liabilities

A financial asset is derecognised when one of the following conditions is met:

- the Group’s contractual rights to the cash flows from the financial asset expire;

- the financial asset has been transferred and the Group transfers substantially all of the risks and

rewards of ownership of the financial asset; or

- the financial asset has been transferred; and although the Group neither transfers nor retains

substantially all of the risks and rewards of ownership of the financial asset it does not retain control

over the transferred asset.Where a transfer of a financial asset in its entirety meets the criteria for derecognition the difference

between the two amounts below is recognised in profit or loss:

- the carrying amount of the financial asset transferred measured at the date of derecognition;

- the sum of the consideration received from the transfer and when the transferred financial asset is

a debt investment at FVOCI any cumulative gain or loss that has been recognised directly in other

comprehensive income for the financial asset derecognised.The Group derecognises a financial liability (or part of it) only when its contractual obligation (or part of

it) is extinguished.

(6) Impairment

The Group recognises loss allowances for expected credit loss (ECL) on:

- financial assets measured at amortised cost;

- contract assets;

- debt investments measured at FVOCI;

- lease receivables

Financial assets measured at fair value including debt investments or equity securities at FVTPL equity

securities designated at FVOCI and derivative financial assets are not subject to the ECL assessment.

28BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(6) Impairment (continued)

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present

value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance

with the contract and the cash flows that the Group expects to receive).The maximum period considered when estimating ECLs is the maximum contractual period (including

extension options) over which the Group is exposed to credit risk.Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a

financial instrument.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12

months after the balance sheet date (or a shorter period if the expected life of the instrument is less than

12 months).

Loss allowances for notes receivable accounts receivable receivables financing and contract assets

arising from ordinary business activities such as sale of goods and provision of services as well as

lease receivables arising from lease transactions are always measured at an amount equal to lifetime

ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s

historical credit loss experience adjusted for factors that are specific to the debtors and an assessment

of both the current and forecast general economic conditions at the balance sheet date.Except for notes receivable accounts receivable receivables financing contract assets and lease

receivables the Group measures loss allowances at an amount equal to 12-month ECLs for the

following financial instruments and at an amount equal to lifetime ECLs for all other financial

instruments:

- Financial instruments that have been determined to have low credit risk at the balance sheet date;

or

- Financial instruments for which credit risk has not increased significantly since initial recognition.

29BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(6) Impairment (continued)

Provisions for bad and doubtful debts arising from receivables

Categories of groups for collective assessment based on credit risk characteristics and basis for

determination

Item Basis for recognition

??

Notes receivable Based on the different credit risk characteristics of acceptors the Group

classifies notes receivable into two groups: bank acceptance bills and

commercial acceptance bills.Accounts receivable Historically there is no significant difference in terms of occurrence of losses

among different customer types for the Group. Therefore the Group classifies

accounts receivable into three groups specifically: receivables from customers

with high credit risk receivables from customers with low credit risk and

receivables from customers with medium credit risk.Receivables financing The Group’s receivables financing are bank acceptance bills held for dual

purposes. As the accepting banks have high credit ratings the Group considers

all receivables financing as a single group.Other receivables The Group’s other receivables mainly include cash pledges and deposits

receivable petty cash receivables due from employees receivables due from

related parties dividends receivable etc. Based on the nature of receivables

and the credit risk characteristics of different counterparties the Group

classifies other receivables into three groups specifically: receivables with high

credit risk receivables with low credit risk and receivables with medium credit

risk.Contract assets Historically there is no significant difference in terms of occurrence of losses

among different customer types for the Group. Therefore the Group makes

provisions for bad and doubtful debts arising from contract assets on the basis

of all customers being one group without further segmentation by different

customer types.Financial instruments that have low credit risk

The credit risk on a financial instrument is considered low if the financial instrument has a low risk of

default the borrower has a strong capacity to meet its contractual cash flow obligations in the near term

and adverse changes in economic and business conditions in the longer term may but will not

necessarily reduce the ability of the borrower to fulfil its contractual cash flow obligations.Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial

recognition the Group compares the risk of default occurring on the financial instrument assessed at the

balance sheet date with that assessed at the date of initial recognition.

30BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(6) Impairment (continued)

Significant increases in credit risk (continued)

When determining whether the credit risk of a financial asset has increased significantly since initial

recognition the Group considers reasonable and supportable information that is relevant and available

without undue cost or effort including forward-looking information. In particular the following information

is taken into account:

- failure to make payments of principal or interest on their contractual due dates;

- an actual or expected significant deterioration in a financial instrument’s external or internal credit

rating (if available);

- an actual or expected significant deterioration in the operating results of the debtor;

- existing or forecast changes in the technological market economic or legal environment that have

a significant adverse effect on the debtor’s ability to meet its obligation to the Group.The Group determines that the credit risk on a financial asset has increased significantly if it is more

than 30 days past due.Credit-impaired financial assets

At each balance sheet date the Group assesses whether financial assets carried at amortised cost and

debt investments at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more

events that have a detrimental impact on the estimated future cash flows of the financial asset have

occurred. Evidence that a financial asset is credit-impaired includes the following observable data:

- significant financial difficulties of the issuer or debtor;

- a breach of contract such as a default or delinquency in interest or principal payments;

- for economic or contractual reasons relating to the debtor’s financial difficulties the Group having

granted to the debtor a concession that it would not otherwise consider;

- it is probable that the debtor will enter bankruptcy or other financial reorganisation;

- the disappearance of an active market for the financial asset because of financial difficulties of the

issuer or debtor.Presentation of allowance for ECL

ECLs are remeasured at each balance sheet date to reflect changes in the financial instrument’s credit

risk since initial recognition. Any change in the ECL amount is recognised as an impairment gain or loss

in profit or loss. Loss allowances for financial assets measured at amortised cost are deducted from the

gross carrying amount of the assets. For debt investments that are measured at FVOCI the loss

allowance is recognised in other comprehensive income and not deducted from the carrying amount of

the assets.

31BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

10. Financial instruments (continued)

(6) Impairment (continued)

Write-off

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that

there is no realistic prospect of recovery. A write-off constitutes a derecognition event. This generally

occurs when the Group determines that the debtor does not have assets or sources of income that

could generate sufficient cash flows to repay the amounts subject to the write-off. However financial

assets that are written off could still be subject to enforcement activities in order to comply with the

Group’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognised as a reversal of

impairment in profit or loss in the period in which the recovery occurs.

(7) Equity instruments

The issuance of equity instruments is recognised at the actual issue price in shareholders’ equity

relevant transaction costs are deducted from shareholders’ equity (capital reserve) with any excess

deducted from surplus reserve and retained earnings sequentially. Consideration and transaction costs

paid by the Company for repurchasing self-issued equity instruments are deducted from shareholders’

equity.When the Company repurchases its own shares those shares are treated as treasury shares. The

entire repurchase expenditure is recorded as the cost of the treasury shares in the reference register.Treasury shares are excluded from profit distributions and are presented as a deduction from

shareholders’ equity on the balance sheet.When treasury shares are cancelled the share capital should be reduced to the extent of the total par

value of the treasury shares cancelled. Where the cost of the treasury shares cancelled exceeds the

total par value the excess is deducted from capital reserve (share premium) surplus reserve and

retained earnings sequentially. If the cost of treasury shares cancelled is less than the total par value

the difference is credited to the capital reserve (share premium).When treasury shares are disposed of any excess of proceeds above cost is recognised in capital

reserve (share premium); otherwise the shortfall is deducted against capital reserve (share premium)

surplus reserve and retained earnings sequentially.

(8) Perpetual bonds

At initial recognition perpetual bonds issued by the Group or their components are classified as financial

assets financial liabilities or equity instruments based on their contractual terms and economic

substance with reference to the definition of financial assets financial liabilities and equity instruments.Perpetual bonds issued by the Group that should be classified as equity instruments are recognised in

equity based on the actual proceeds received. Any distribution of dividends or interests during the

instruments’ duration is treated as profit appropriation. When the perpetual bonds are redeemed

according to the contractual terms the redemption amount is recognised as a deduction from equity.

32BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

11. Inventories

(1) Categories

Inventories include raw materials work in progress finished goods and reusable materials. Reusable

materials include low-value consumables packaging materials and other materials which can be used

repeatedly but which do not meet the definition of fixed assets. Contract fulfillment costs classified as

current assets are disclosed at inventory.In addition to the purchase cost of raw materials work in progress and finished goods include direct

labour costs and an appropriate allocation of production overheads based on normal capacity.

(2) Measurement method of cost of inventories

Cost of inventories is calculated using the weighted average method.

(3) Inventory count system

The Group maintains a perpetual inventory system.

(4) Amortisation method for low-value consumables and packaging materials

Consumables including low-value consumables and packaging materials are amortized by one-off write

off method. The amortisation charge is included in the cost of the related assets or recognised in profit

or loss for the current period.

(5) Criteria and method for provision for obsolete inventories

At the balance sheet date inventories are carried at the lower of cost and net realisable value. Any

excess of the cost over the net realisable value of each category of inventories is recognised as a

provision for obsolete inventories and is recognised in profit or loss.The net realisable value of materials held for use in production is measured based on the net realisable

value of the finished goods in which they will be incorporated. The net realisable value of inventory held

to satisfy sales or service contracts is measured based on the contract price. If the quantities of

inventories held by the Group exceed the quantities specified in sales contracts the net realisable value

of the excess portion of inventories is based on general selling prices.

12． Long-term equity investments

(1) Investment cost of long-term equity investments

(a) Long-term equity investments acquired through a business combination

The initial cost of a long-term equity investment acquired through a business combination involving

entities under common control is the Company’s share of the carrying amount of the subsidiary’s equity

in the consolidated financial statements of the ultimate controlling party at the combination date. The

difference between the initial investment cost and the carrying amount of the consideration given is

adjusted to the share premium in the capital reserve with any excess deducted from surplus reserve

and retained earnings sequentially.

33BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

12. Long-term equity investments (continued)

(1) Investment cost of long-term equity investments (continued)

(a) Long-term equity investments acquired through a business combination (continued)

For a long-term equity investment obtained through a business combination not involving entities under

common control the initial cost comprises the aggregate of the fair value of assets transferred liabilities

incurred or assumed and equity securities issued by the Company in exchange for control of the

acquiree.(b) Long-term equity investments acquired other than through a business combination

A long-term equity investment acquired other than through a business combination is initially recognised

at the amount of cash paid if the Group acquires the investment by cash or at the fair value of the equity

securities issued if an investment is acquired by issuing equity securities.Where the initial investment cost of a long-term equity investment exceeds the investor’s proportionate

share of the investee’s identifiable net assets at fair value at the time of investment such excess shall

be included in the initial investment cost. Where the initial investment cost is less than the investor’s

proportionate share of the investee’s identifiable net assets at fair value at the time of investment the

difference shall be recognized in profit or loss for the current period and the cost of the long-term equity

investment shall be adjusted accordingly.

(2) Subsequent measurement of long-term equity investment

(a) Investments in subsidiaries

In the Company’s separate financial statements long-term equity investments in subsidiaries are

accounted for using the cost method for subsequent measurement. For any additional investment or

recovery of investment adjust the cost of long-term equity investment. The Company recognises its

share of the cash dividends or profit distributions declared by the investee as investment income for the

current period.(b) Investment in joint ventures and associates

A joint venture is an arrangement whereby the Group and other parties have joint control (see Note

III.12(3)) and rights to the net assets of the arrangement. An associate is an entity over which the Group

has significant influence (see Note III.12(3)).An investment in a joint venture or an associate is accounted for using the equity method for subsequent

measurement unless the investment is classified as held for sale (see Note III.31).

34BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

12. Long-term equity investments (continued)

(2) Subsequent measurement of long-term equity investment (continued)

(b) Investment in joint ventures and associates (continued)

After acquiring the investment the Group recognises its share of the investee’s profit or loss and other

comprehensive income as investment income or losses and other comprehensive income respectively

and adjusts the carrying amount of the investment accordingly. When recognizing its share of the net

profit or loss of the investee the Group calculates such share on the basis of the fair value of the

investee's identifiable assets at the acquisition date applying the Group's accounting policies and fiscal

period. The recognition amount is determined after adjusting the investee's net profit to reflect the

elimination to the extent of the Group's proportionate interest of intra-group transaction gains or losses

arising from dealings with associates and joint ventures (except that losses from intra-group transactions

that represent an impairment loss on assets are recognized in full). No such adjustment is made

however where the investment involves the contribution or sale of assets that constitute a business.Once the investee declares any cash dividends or profit distributions the carrying amount of the

investment is reduced by the amount attributable to the Group. Changes in the Group’s share of the

investee’s owners’ equity other than those arising from the investee’s net profit or loss other

comprehensive income or profit distribution (referred to as “other changes in owners’ equity”) are

recognised directly in the Group’s equity and the carrying amount of the investment is adjusted

accordingly.The Group discontinues recognising its share of further losses of the investee after the carrying amount

of the long-term equity investment and any long-term interest that in substance forms part of the Group’s

net investment in the joint venture or associate is reduced to zero except to the extent that the Group

has an obligation to assume additional losses. If the joint venture or associate subsequently reports net

profits the Group resumes recognising its share of those profits only after its share of the profits has

fully covered the share of losses not recognised.

(3) Criteria for determining the existence of joint control or significant influence over an

investee

Joint control is the contractually agreed sharing of control of an arrangement which exists only when

decisions about the relevant activities (activities with significant impact on the returns of the

arrangement) require the unanimous consent of the parties sharing control.The following factors are usually considered when assessing whether the Group can exercise joint

control over an investee:

- Whether no single participant party is in a position to control the investee’s relevant activities

unilaterally;

- Whether decisions relating to the investee’s relevant activities require the unanimous consent of all

participant parties that share control.Significant influence is the power to participate in the financial and operating policy decisions of an

investee but is not control or joint control of those policies.

35BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

13． Investment properties

Investment properties are properties held either to earn rental income or for capital appreciation or both.Investment properties are initially measured at cost. Subsequent expenditures related to an investment

property are recognized as part of the cost of the investment property when it is probable that the

economic benefits associated with the asset will flow to the Group and the cost can be reliably

measured. Otherwise such expenditures are recognized in profit or loss as incurred.Investment properties are accounted for using the cost model and stated in the balance sheet at cost

less accumulated depreciation amortisation and impairment losses. The cost of investment property

less its estimated residual value and accumulated impairment losses is depreciated or amortised using

the straight-line method over its estimated useful life unless the investment property is classified as held

for sale (see Note III.31).The estimated useful lives residual value rates and depreciation rates of each class of investment

properties are as follows:

Estimated useful life ? Residual value rate Depreciation rate? (years) (%) ? (%)

??????

Land use rights 32 - 50 years ? 0.0 ? 2.0 - 3.1

Buildings 20 - 40 years ? 0.0 - 10.0 ? 2.3 - 5.0

14． Fixed assets

(1) Recognition of fixed assets

Property plant and equipment are recognized only if it is probable that the economic benefits associated

with the asset will flow to the Group and the cost of the asset can be reliably measured. Any subsequent

costs including the cost of replacing part of an item of fixed assets are recognised as assets when it is

probable that the economic benefits associated with the costs will flow to the Group and the face value

of the replaced part is derecognised. The costs of the day-to-day maintenance of fixed assets are

recognised in profit or loss as incurred.The cost of a purchased fixed asset comprises the purchase price related taxes and any directly

attributable expenditure for bringing the asset to working condition for its intended use. The cost of self-

constructed assets is measured in accordance with the policy set out in Note III.15.Where the parts of an item of fixed assets have different useful lives or provide benefits to the Group in

a different pattern thus necessitating use of different depreciation rates or methods each part is

recognised as a separate fixed asset.

36BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

14． Fixed assets (continued)

(2) Depreciation of fixed assets

The cost of a fixed asset less its estimated residual value and accumulated impairment losses is

depreciated using the straight-line method over its estimated useful life unless the fixed asset is

classified as held for sale (see Note III.31).The estimated useful lives residual value rates and depreciation rates of each class of fixed assets are

as follows:

Estimated useful Residual value rate Depreciation rate

Class life (years) ? (%) ? (%)

??????

Plant and buildings 10 - 50 years ? 3.0 - 10.0 ? 1.8 - 9.7

Equipment 2 - 25 years ? 0.0 - 10.0 ? 3.6 - 50.0

Others 2 - 10 years ? 0.0 - 10.0 ? 9.0 - 50.0

Useful lives estimated residual values and depreciation methods are reviewed at least at each year-

end and are adjusted if necessary.

15. Construction in progress

The cost of self-constructed assets includes the cost of materials direct labour capitalised borrowing

costs (see Note III.16) and any other costs directly attributable to bringing the asset to working condition

for its intended use.A self-constructed asset is classified as construction in progress and transferred to fixed assets when it

is ready for its intended use. No depreciation is recorded against construction in progress.The criteria according to which construction projects in progress are transferred to fixed assets:

Class Criteria for the transfers to fixed assets

??

Satisfy the acceptance criteria and be available for

Plant and buildings its intended use

Installation and commissioning are qualified and

Machinery and equipment be available for its intended use

When an enterprise sells products or by-products produced before a fixed asset is available for its

intended use the proceeds and related cost are accounted for in accordance with CAS 14 – Revenue

and CAS 1 – Inventories respectively and recognised in profit or loss for the current period.

37BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

16. Borrowing costs

Borrowing costs incurred that are directly attributable to the acquisition and construction of a qualifying

asset are capitalised as part of the cost of the asset. Other borrowing costs are recognised as financial

expenses when incurred.During the capitalisation period the amount of interest (including amortisation of any discount or

premium on borrowing) to be capitalised in each accounting period is determined as follows:

- Where funds are borrowed specifically for the acquisition and construction of a qualifying asset the

amount of interest to be capitalised is the interest expense calculated using effective interest rates

during the period less any interest income earned from depositing the borrowed funds or any investment

income on the temporary investment of those funds before they are used on the asset.- To the extent that the Group borrows funds generally and uses them for the acquisition and

construction of a qualifying asset the amount of borrowing costs eligible for capitalisation is determined

by applying a capitalisation rate to the weighted average of the excess amounts of cumulative

expenditure on the asset over the above amounts of specific borrowings. The capitalisation rate is the

weighted average of the interest rates applicable to the general-purpose borrowings.The effective interest rate is determined as the rate that exactly discounts estimated future cash flow

through the expected life of the borrowing or when appropriate a shorter period to the initially

recognised amount of the borrowings.During the capitalisation period exchange differences related to the principal and interest on a specific-

purpose borrowing denominated in foreign currency are capitalised as part of the cost of the qualifying

asset. The exchange differences related to the principal and interest on foreign currency borrowings

other than a specific-purpose borrowing are recognised as a financial expense when incurred.Capitalisation of borrowing costs is suspended during abnormal interruptions in the acquisition or

construction of a qualifying asset that last for a continuous period of more than three months provided

that such interruptions are not necessary to prepare the asset for its intended use or sale. Borrowing

costs incurred during such interruptions are recognised as financial expenses in profit or loss until the

acquisition or construction activities resume.

17. Intangible assets

(1) Useful life and amortisation methods

For an intangible asset with finite useful life its cost less estimated residual value and accumulated

impairment losses is amortised using the straight-line method over its estimated useful life unless the

intangible asset is classified as held for sale (see Note III.31).

38BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

17. Intangible assets (continued)

The estimated useful lives basis for determination and amortisation methods of intangible assets are as

follows:

Estimated useful life

Item (years) ? Basis for determination ? Amortisation method

??????

Land use rights 20 - 50 years ? Terms of land use rights ? Straight-line method

Patent and proprietary

technology 5 - 20 years ? Terms of patents ? Straight-line method

Computer software 3 - 10 years ? Estimated useful life ? Straight-line method

Others 5 - 20 years ? Estimated useful life ? Straight-line method

Useful lives and amortisation methods of intangible assets with finite useful lives are reviewed at least at

each year-end.An intangible asset is regarded as having an indefinite useful life and is not amortised when there is no

foreseeable limit to the period over which the asset is expected to generate economic benefits for the

Group. At the balance sheet date the Group does not have any intangible assets with indefinite useful

lives.

(2) The scope of research and development expenditures

The Group classifies all expenses directly related to the R&D activities as research and development

(R&D) expenditure including the employee benefits of R&D personnel direct investments depreciation

expenses and long-term deferred expenses design expenses equipment commissioning costs

amortisation expenses of intangible assets development costs incurred by an entrusted external party

as well as other expenses. Expenditures on internal research and development projects are classified

into expenditures incurred during the research phase and expenditures incurred during the development

phase.

(3) The basis for the classification of internal R&D projects under the research phase and the

development phase

- The phase of planned investigations to acquire new techniques and knowledge should be identified

as the research phase which is characterised by among other things a planned and exploratory

approach.- The phase of applying research results or other knowledge to a plan or design to produce new or

substantially improved materials devices products etc. prior to commercial production or use shall be

identified as the development phase which is characterised by its relevance and greater likelihood of

generating results.

39BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

17. Intangible assets (continued)

(4) Expenditures on research and development

Expenditures on internal research and development projects are classified into expenditures incurred

during the research phase and expenditures incurred during the development phase.Expenditures during the research phase are expensed when incurred. Expenditures during the

development phase are capitalised if development costs can be measured reliably the product or

process is technically and commercially feasible and the Group intends to and has sufficient resources

to complete the development. Other development expenditures are recognised as expenses in the

period in which it is incurred.When an enterprise sells products or by-products produced in the course of research and development

the proceeds and related cost are accounted for in accordance with CAS 14 – Revenue and CAS 1 –

Inventories respectively and recognised in profit or loss for the current period.

18. Goodwill

The initial cost of goodwill represents the excess of the cost of the acquisition over the acquirer’s

interest in the fair value of the identifiable net assets of the acquiree under a business combination not

involving entities under common control.Goodwill is not amortised and is stated in the balance sheet at cost less accumulated impairment losses

(see Note III.20).

19. Long-term deferred expenses

Long-term deferred expenses are amortised using the straight-line method within the benefit period. The

respective amortisation periods for such expenses are as follows:

Amortisation period

Item (years)

??

Payment for public facilities construction and use 10 - 15 years

Leasehold improvements 2 - 10 years

Others 2 - 12 years

40BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

20. Impairment of assets other than inventories and financial assets

The carrying amounts of the following assets are reviewed at each balance sheet date based on internal

and external sources of information to determine whether there is any indication of impairment:

- fixed assets

- construction in progress

- right-of-use assets

- intangible assets

- investment properties measured using a cost model

- long-term equity investments

- goodwill

- long-term deferred expenses

If any indication exists the recoverable amount of the asset is estimated. In addition the Group

estimates the recoverable amounts of goodwill at each year-end irrespective of whether there is any

indication of impairment. For the purposes of impairment testing goodwill is allocated to each asset

group or set of asset groups that is expected to benefit from the synergies of the business combination.The recoverable amount of an asset (or asset group or set of asset groups) is the higher of its fair value

(see Note III.21) less costs of disposal and the present value of its expected future cash flows.An asset group is composed of assets related to cash generation and is the smallest identifiable group

of assets that generates cash inflows that are largely independent of the cash inflows from other assets

or asset groups.The present value of an asset’s expected future cash flows is determined by discounting the future cash

flows estimated to be derived from continuing use of the asset and from its ultimate disposal to their

present value using an appropriate pre-tax discount rate.An impairment loss is recognised in profit or loss when the recoverable amount of an asset is less than

its carrying amount. A provision for impairment of the asset is recognised accordingly to reduce the

carrying amount to the recoverable amount. Impairment losses related to an asset group or a set of

asset groups are allocated first to reduce the carrying amount of any goodwill allocated to the asset

group or set of asset groups and then to reduce the carrying amount of the other assets in the asset

group or set of asset groups on a pro rata basis. However such allocations would not reduce the

carrying amount of an asset below the highest of its fair value less costs of disposal (if measurable) the

present value of its expected future cash flows (if determinable) and zero.Once an impairment loss is recognised it should not be reversed in a subsequent period.

41BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

21. Fair value measurement

Unless otherwise specified the Group measures fair value as follows:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date.When measuring fair value the Group takes into account the characteristics of the particular asset or

liability (including the condition and location of the asset and restrictions if any on the sale or use of the

asset) that market participants would consider when pricing the asset or liability at the measurement

date and the Group uses valuation techniques that are appropriate in the circumstances and for which

sufficient data and other information are available to measure fair value. Valuation techniques mainly

include the market approach the income approach and the cost approach.

22. Provisions

A provision is recognised for an obligation related to a contingency if the Group has a present obligation

that can be estimated reliably and it is probable that an outflow of economic benefits will be required to

settle the obligation.A provision is initially measured at the best estimate of the expenditure required to settle the related

present obligation. Where the effect of the time value of money is material provisions are determined by

discounting the expected future cash flows. Factors pertaining to a contingency such as the risks

uncertainties and time value of money are taken into account as a whole in reaching the best estimate.Where there is a continuous range of possible outcomes for the expenditure required and each possible

outcome in that range is as likely as any other the best estimate is the mid-point of that range. In other

cases the best estimate is determined as follows:

- Where the contingency involves a single item the best estimate is the most likely outcome.- Where the contingency involves a large population of items the best estimate is determined by

weighting all possible outcomes by their associated probabilities.The Group reviews the carrying amounts of provisions at the balance sheet date and adjusts their

carrying amounts to the current best estimates.

23. Share-based payments

(1) Classification of share-based payments

Share-based payment transactions in the Group are equity-settled share-based payments.Equity settled share-based payments refer to transactions in which the Group settles for services using

shares or other equity instruments as consideration.

42BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

23. Share-based payments (continued)

(2) Accounting treatment of share-based payments

- Equity-settled share-based payments

Where the Group uses shares or other equity instruments as consideration for services received from

employees the payment is measured at the fair value of the equity instruments granted to employees at

the grant date. If the equity instruments granted do not vest until the completion of services for a period

or until the achievement of a specified performance condition the Group recognises an amount at each

balance sheet date during the vesting period based on the best estimate of the number of equity

instruments expected to vest according to newly obtained subsequent information regarding changes in

the number of employees expected to vest the equity instruments. The Group measures the services

received at the grant-date fair value of the equity instruments and recognises the costs or expenses as

the services are received with a corresponding increase in capital reserve.

24. Revenue generated from contracts with customers

Revenue is recognised when the Group satisfies the performance obligation in a contract by transferring

control over relevant goods or services to the customers. Obtaining control over relevant goods or

services refers to being able to dominate the use of the goods or services and obtain almost all

economic benefits from them.Where a contract has two or more performance obligations the Group determines the stand-alone

selling price at contract inception of the distinct good or service underlying each performance obligation

in the contract and allocates the transaction price in proportion to those stand-alone selling prices. The

Group recognises as revenue the amount of the transaction price that is allocated to each performance

obligation. The stand-alone selling price is the price at which the Group would sell a promised good or

service separately to a customer. If a stand-alone selling price is not directly observable the Group

considers all information that is reasonably available to the Group and maximises the use of observable

inputs to estimate the stand-alone selling price.For a contract in which the Group grants a customer the option to acquire additional goods or services

(such as loyalty points discount coupons for future purchases.) the Group assesses whether the option

provides a material right to the customer. If the option provides a material right the Group recognises

the option as a performance obligation and recognises revenue when those future goods or services

are transferred or when the option expires. If the stand-alone selling price for a customer’s option to

acquire additional goods or services is not directly observable the Group estimates it taking into

account all relevant information including the difference in the discount that the customer would receive

when exercising the option or without exercising the option and the likelihood that the option will be

exercised.

43BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

24. Revenue generated from contracts with customers (continued)

For a contract with a warranty the Group analyses the nature of the warranty provided if the warranty

provides the customer with a distinct service in addition to the assurance that the product complies with

agreed-upon specifications the Group recognises the promised warranty as a performance obligation.Otherwise the Group will carry out accounting treatment in accordance with the provisions of Note III

NO.22. For contracts with quality assurance clauses that are not included as individual services the

Group needs to provide for warranty expenses based on the actual amount incurred in previous years

and the actual sales situation of the current period estimated reasonably as considered by the

management.The transaction price is the amount of consideration to which the Group expects to be entitled in

exchange for transferring promised goods or services to a customer excluding amounts collected on

behalf of third parties. The Group recognises the transaction price only to the extent that it is highly

probable that a significant reversal in the amount of cumulative revenue recognised will not occur when

the uncertainty associated with the variable consideration is subsequently resolved. To determine the

transaction price for contracts in which a customer promises consideration in a form other than cash the

Group measures the non-cash consideration at fair value. If the Group cannot reasonably estimate the

fair value of the non-cash consideration the Group measures the consideration indirectly by reference

to the stand-alone selling price of the goods or services promised to the customer in exchange for the

consideration. Where the contract contains a significant financing component the Group recognises the

transaction price at an amount that reflects the price that a customer would have paid for the promised

goods or services if the customer had paid cash for those goods or services when (or as) they are

transferred to the customer. The difference between the amount of promised consideration and the cash

selling price is amortised using an effective interest method over the contract term. The Group does not

adjust the consideration for any effects of a significant financing component if it expects at contract

inception that the period between when the Group transfers a promised good or service to a customer

and when the customer pays for that good or service will be one year or less.The Group satisfies a performance obligation over time if one of the following criteria is met; otherwise

the performance obligation is satisfied at a point in time:

- the customer simultaneously receives and consumes the benefits provided by the Group’s

performance as the Group performs;

- the customer can control the asset created or enhanced during the Group’s performance; or

- the Group’s performance does not create an asset with an alternative use to it and the Group has

an enforceable right to payment for performance completed to date.For a performance obligation satisfied over time the Group recognises revenue over time by measuring

the progress towards complete satisfaction of that performance obligation. When the outcome of that

performance obligation cannot be measured reasonably but the Group expects to recover the costs

incurred in satisfying the performance obligation the Group recognises revenue only to the extent of the

costs incurred until such time that it can reasonably measure the outcome of the performance obligation.

44BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

24. Revenue generated from contracts with customers (continued)

For a performance obligation satisfied at a point in time the Group recognises revenue at the point in

time at which the customer obtains control of the relevant goods or services. To determine whether a

customer has obtained control of goods or services the Group considers the following indicators:

- the Group has a present right to payment for the goods or services;

- the Group has transferred the legal ownership of the product to the customer;

- the Group has transferred physical possession of the goods to the customer;

- the Group has transferred the legal title of the goods or the significant risks and rewards of

ownership of the goods to the customer; and

- the customer has accepted the goods or services.The Group determines whether it is a principal or an agent based on whether it obtains control of the

specified good or service before that the good or service is transferred to a customer. The Group is a

principal if it controls the specified good or service before that good or service is transferred to a

customer and recognises revenue in the gross amount of consideration which it has received (or which

is receivable). Otherwise the Group is an agent and recognises revenue in the amount of any fee or

commission to which it expects to be entitled. The fee or commission is the net amount of consideration

that the Group retains after paying the other party the consideration or is determined according to the

established amount or proportion.For the sale of a product with a right of return the Group recognises revenue when the customer

obtains control of that product in the amount of consideration to which the Group expects to be entitled

in exchange for the product transferred (i.e. excluding the amount that is expected to be returned) and

recognises a refund liability for the products expected to be returned. Meanwhile an asset is

recognised at an amount equal to the carrying amount of the product expected to be returned less any

expected costs to recover those products (including potential decreases in the value of the returned

products) and carry forward to cost in the amount of carrying amount of the transferred products less

the above costs. At each balance sheet date the Group updates its assessment of future sales return

liability. If there is any change it is accounted for as a change in accounting estimate.The Group grants a licence of intellectual properties to a customer and it determines whether the

licence is transferred to the customer at a point in time or over time. If all of the following criteria are met

the licence revenue is recognised as a performance obligation satisfied over time. Otherwise the

licence revenue is recognised as a performance obligation satisfied at a point in time.- the contract requires or the customer reasonably expects that the Group will undertake activities

that significantly affect the intellectual property to which the customer has rights;

- the rights granted by the licence directly expose the customer to any positive or negative effects of

the Group’s activities; and

- those activities do not result in the transfer of a good or a service to the customer as those

activities occur.The Group recognises revenue for a sales-based or usage-based royalty promised in exchange for a

licence to intellectual property only when (or as) the later of the following events occurs:

- the subsequent sale or usage occurs; and

- the performance obligation has been satisfied (or partially satisfied)

45BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

24. Revenue generated from contracts with customers (continued)

For a change in the scope or price of a contract that is approved by the parties to the contract the

Group accounts for the contract modification as follows:

- In cases where the additional promised goods or services are distinct and the price of the contract

increases by an amount of consideration that reflects the stand-alone selling prices of the additional

promised goods or services the Group should account for the contract modification as a separate

contract.- If the above criteria are not met and the remaining goods or services are distinct from the goods or

services transferred on or before the date of the contract modification the Group accounts for the

contract modification as if it were a termination of the existing contract and the creation of a new

contract.- If the above criteria are not met and the remaining goods or services are not distinct from the

goods or services transferred on or before the date of the contract modification the Group accounts for

the contract modification as if it were a part of the existing contract. The effect that the contract

modification has on revenue is recognised as an adjustment to revenue in the reporting period.A contract asset is the Group’s right to consideration in exchange for goods or services that it has

transferred to a customer when that right is conditional on something other than the passage of time.The Group recognises loss allowances for expected credit loss on contract assets (see Note III.10(6)).Accounts receivable is the Group’s right to consideration that is unconditional (only the passage of time

is required). A contract liability is the Group’s obligation to transfer goods or services to a customer for

which the Group has received consideration (or an amount of consideration is due) from the customer.The following is a description of accounting policies regarding revenue from the Group’s principal

activities:

(1) Sale of goods

The sales contracts / orders signed between the Group and its customers usually contain various

trading terms. Depending on the trading terms customers obtain control of the goods when the goods

are received or when they are received by the carrier. Revenue of sale of goods is recognised at that

point in time.For the transfer of goods with a right of return revenue is recognised to the extent that it is highly

probable that a significant reversal in the amount of cumulative revenue recognised will not occur.Therefore the amount of revenue recognised is adjusted for the amount expected to be returned which

are estimated based on the historical data. The Group recognises a refund liability based on the amount

expected to be returned. An asset is initially measured by reference to the former carrying amount of the

product expected to be returned less any expected costs to recover those products (including potential

decreases in the value of returned products). At each balance sheet date the Group updates the

measurement of the refund liability for changes in expectations about the amount of returns. The above

assets and liabilities are adjusted accordingly.

46BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

24. Revenue generated from contracts with customers (continued)

(2) Rendering of services

The Group recognises the revenue from rendering of services within a certain period of time according

to the progress of the performance as the customer simultaneously receives and consumes the benefits

provided by the Group’s performance as the Group performs. Otherwise for performance obligation

satisfied at a point in time the Group recognises revenue at the point in time at which the customer

obtains control of relevant services.

25. Contract costs

Incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with

a customer that it would not have incurred if the contract had not been obtained. The Group recognises

as an asset the incremental costs of obtaining a contract with a customer if it expects to recover those

costs. Other costs of obtaining a contract are expensed when incurred.If the costs to fulfil a contract with a customer are not within the scope of inventories or other accounting

standards the Group recognises an asset from the costs incurred to fulfil a contract only if those costs

meet all of the following criteria:

-the costs relate directly to an existing contract or to a specifically identifiable anticipated contract

including direct labour direct materials allocations of overheads (or similar costs) costs that are

explicitly chargeable to the customer and other costs that are incurred only because the Group entered

into the contract;

- the costs generate or enhance resources of the Group that will be used in satisfying (or in

continuing to satisfy) performance obligations in the future;

- the costs are expected to be recovered.Assets recognised for the incremental costs of obtaining a contract and assets recognised for the costs

to fulfil a contract (the “assets related to contract costs”) are amortised on a systematic basis that is

consistent with the transfer to the customer of the goods or services to which the assets relate and

recognised in profit or loss for the current period.The Group recognises an impairment loss in profit or loss to the extent that the carrying amount of an

asset related to contract costs exceeds:

- the remaining amount of consideration that the Group expects to receive in exchange for the goods

or services to which the asset relates;

- the estimated costs that relate directly to providing those goods or services that have not yet been

recognised as expenses.

26. Employee benefits

(1) Short-term employee benefits

Employee wages or salaries bonuses and social security contributions such as medical insurance

work injury insurance maternity insurance and housing fund measured at the amount incurred or

accrued at the applicable benchmarks and rates are recognised as a liability as the employee provides

services with a corresponding charge to profit or loss or included in the cost of assets where

appropriate.

47BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

26. Employee benefits (continued)

(2) Post-employment benefits – defined contribution plans

The defined contribution plans in which the Group participates include: Pursuant to the relevant laws

and regulations of the People’s Republic of China the Group participated in a defined contribution basic

pension insurance plan and unemployment insurance plan in the social insurance system established

and managed by government organisations and annuity plan established by the Group in compliance

with the national policy of the corporation annuity. The Group makes contributions to basic pension and

unemployment insurance plans based on the applicable benchmarks and rates stipulated by the

government. Annuity is accrued at a certain proportion of the total wages of employees who voluntarily

participate in the annuity plan. Basic pension insurance contributions payable are recognised as a

liability as the employee provides services with a corresponding charge to profit or loss or included in

the cost of assets where appropriate.

(3) Termination benefits

When the Group terminates an employee’s employment before the employment contract expires or

provides compensation under an offer to encourage employees to accept voluntary redundancy a

provision is recognised with a corresponding expense in profit or loss at the earlier of the following

dates:

- When the Group cannot unilaterally withdraw the offer of termination benefits provided in an

employee termination plan or a curtailment proposal;

- When the Group has a formal detailed restructuring plan involving the payment of termination

benefits and has raised a valid expectation in those affected that it will carry out the restructuring by

starting to implement that plan or announcing its main features to those affected by it.

27. Government grants

A government grant is recognised when there is reasonable assurance that the grant will be received

and that the Group will comply with the conditions attached to the grant.If a government grant is in the form of a transfer of a monetary asset it is measured at the amount

received or receivable. If a government grant is in the form of a transfer of a non-monetary asset it is

measured at fair value.Government grants related to assets are grants whose primary condition is that the Group qualifying for

them should purchase construct or otherwise acquire long-term assets. Government grants related to

income are grants other than those related to assets.Those related to daily activities of the Company are included in other income or used to write off related

cost based on the nature of economic businesses or included in non-operating income and expense in

respect of those not related to daily activities of the Company.

48BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

27. Government grants (continued)

With respect to the government grants related to assets if the Group first obtains government grants

related to assets and then recognises the long-term assets purchased and constructed deferred income

is included in profit and loss based on a reasonable and systematic approach by stages when related

assets are initially depreciated or amortised; or the deferred income is written off against the carrying

amount of the asset when the asset becomes ready for its intended status or intended use. If the Group

obtains government grants related to the assets after relevant long-term assets are put into use

deferred income is included in profit and loss based on a reasonable and systematic approach by

stages within the remaining useful life of relevant assets or the deferred income is written off against the

carrying amount of relevant asset when the grants are obtained; the assets shall be depreciated or

amortised based on the carrying amount after being offset and the remaining useful life of relevant

assets. If the relevant assets are sold transferred scrapped or damaged before the end of their useful

life the undistributed balance of related deferred income shall be transferred to the profit or loss of the

current period of asset disposals.A grant that compensates the Group for expenses or losses to be incurred in the future is recognised as

deferred income and included in current income or offset against related expenses in the periods in

which the expenses or losses are recognised. Otherwise the grant is included in current income or

offset against the related expenses directly.In respect of the policy-based preferential loan interest subsidy obtained by the Group if the interest

subsidy is appropriated to the lending bank which shall provide loans to the Group at the policy-based

preferential interest rate the actual loan amount is used as the entry value and relevant borrowing costs

are calculated on the basis of the loan principal and the preferential interest rate. If the interest subsidy

is directly appropriated to the Group relevant borrowing costs shall be offset by corresponding interest

subsidy. If borrowing costs are capitalised as part of the cost of the asset (see Note III.16) the interest

subsidy shall be used to offset relevant asset costs.

28. Specific reserve

The Group recognises a safety fund in the specific reserve pursuant to relevant government regulations

with a corresponding increase in the costs of the related products or expenses.When the safety fund is subsequently used for revenue expenditure the specific reserve is reduced

accordingly. When the safety fund is subsequently used for the construction or acquisition of fixed

assets the Group recognises the capitalised expenditure incurred as the cost of the fixed assets when

the related assets are ready for their intended use. In such cases the specific reserve is reduced by the

amount that corresponds to the cost of the fixed assets and the credit side is recognised in the

accumulated depreciation with respect to the related fixed assets. Consequently such fixed assets are

not depreciated in subsequent periods.

29. Income tax

Current tax and deferred tax are recognised in profit or loss except to the extent that they relate to a

business combination or items recognised directly in equity (including other comprehensive income).Current tax is the expected tax payable calculated at the applicable tax rate on taxable income for the

year plus any adjustment to tax payable in respect of previous years.

49BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

29. Income tax (continued)

At the balance sheet date current tax assets and liabilities are offset only if the Group has a legally

enforceable right to set them off and also intends either to settle on a net basis or to realise the asset

and settle the liability simultaneously.Deferred tax assets and deferred tax liabilities arise from deductible and taxable temporary differences

respectively being the differences between the carrying amounts of assets and liabilities for financial

reporting purposes and their tax bases which include deductible losses and tax credits carried forward

to subsequent periods. Deferred tax assets are recognised to the extent that it is probable that future

taxable profits will be available against which deductible temporary differences can be utilised.Various taxable temporary differences are recognized as deferred income tax liabilities unless:

(1) Taxable temporary differences arise in the following transactions: the initial recognition of goodwill or

the initial recognition of assets or liabilities arising from a single transaction with the following

characteristics: the transaction is not a business merger and it does not affect accounting profits or

taxable income or deductible losses at the time of the transaction And the initially recognized assets and

liabilities did not result in equal taxable temporary differences and deductible temporary differences;

(2) For taxable temporary differences related to investments in subsidiaries joint ventures and

associates the timing of the reversal of such temporary differences can be controlled and it is highly

likely that they will not be reversed in the foreseeable future.For deductible temporary differences deductible losses that can be carried forward to future years and

tax deductions the Group recognizes deferred income tax assets arising from them to the extent that it

is likely to obtain future taxable income to offset deductible temporary differences deductible losses

and tax deductions unless:

(1) Deductible temporary differences arise in the following individual transactions: the transaction is not

a business merger the transaction does not affect accounting profits or taxable income or deductible

losses at the time of occurrence and the initially recognized assets and liabilities do not result in equal

taxable temporary differences and deductible temporary differences;

(2) For deductible temporary differences related to investments in subsidiaries joint ventures and

associates the temporary differences are likely to be reversed in the foreseeable future and taxable

income used to offset the temporary differences is likely to be obtained in the future.At the balance sheet date deferred tax is measured based on the tax consequences that would follow

from the expected manner of recovery or settlement of the carrying amounts of the assets and liabilities

using tax rates enacted at the balance sheet date that are expected to be applied in the period when the

asset is recovered or the liability is settled.On the balance sheet date the Group reviews the book value of deferred income tax assets. If it is likely

that sufficient taxable income will not be available in the future to offset the benefits of deferred income

tax assets the carrying amount of the deferred income tax assets will be written down. On the balance

sheet date the Group reassesses unrecognized deferred income tax assets and recognizes them to the

extent that sufficient taxable income is likely to be available for the reversal of deferred income tax

assets.

50BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

29. Income tax (continued)

At the balance sheet date deferred tax assets and deferred tax liabilities are offset if all of the following

conditions are met:

- the taxable entity has a legally enforceable right to offset current tax liabilities and current tax

assets;

- they relate to income taxes levied by the same tax authority on either the same taxable entity; or

different taxable entities which intend either to settle the current tax liabilities and current tax assets on

a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which

significant amounts of deferred tax liabilities or deferred tax assets are expected to be settled or

recovered.

30. Leases

At inception of a contract the Group assesses whether a contract is or contains a lease. A contract is

or contains a lease if the contract conveys the right to control the use of an identified asset for a period

of time in exchange for consideration.For a contract that contains multiple separate lease components the lessee and the lessor separate the

lease components and account for each lease component as a lease separately. For a contract that

contains lease and non-lease components the lessee and the lessor separate the lease components

from the non-lease components.

(1) As a lessee

The Group recognises a right-of-use asset and a lease liability at the lease commencement date

excluding short-term leases and low value asset leases.The Group depreciates the right of use assets using the straight-line method. If the lessee is reasonably

certain to obtain the ownership of the lease asset by the end of the lease term the right-of-use asset is

depreciated over the remaining useful life of the underlying asset. Otherwise the right-of-use asset is

depreciated over the shorter of the lease term or the remaining useful life of the lease asset.The lease liability is initially measured at the present value of the lease payments that are not paid at the

commencement date discounted using the interest rate implicit in the lease or if that rate cannot be

readily determined the Group’s incremental borrowing rate.A constant periodic rate is used to calculate the interest on the lease liability in each period during the

lease term with a corresponding charge to profit or loss or included in the cost of assets where

appropriate. Variable lease payments not included in the measurement of the lease liability are charged

to profit or loss or included in the cost of assets where appropriate as incurred.

51BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

30. Leases (continued)

(1) As a lessee (continued)

Under the following circumstances after the lease commencement date the Group remeasures lease

liabilities based on the present value of revised lease payments:

- Changes in the substantial fixed payment amount;

- there is a change in the amounts expected to be payable under a residual value guarantee;

- there is a change in future lease payments resulting from a change in an index or a rate used to

determine those payments;

- there is a change in the assessment of whether the Group will exercise a purchase extension or

termination option or the Group has exercised the extension or termination option in a different manner

from the original assessment.When the lease liability is remeasured a corresponding adjustment is made to the carrying amount of

the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has

been reduced to zero.The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that

have a lease term of 12 months or less and leases of low-value assets (a leased asset is of low value

individually when it is new). The Group recognises the lease payments associated with these leases in

profit or loss or as the cost of the assets where appropriate using the straight-line method or other

systematic basis over the lease term.

(2) As a lessor

The Group determines at lease inception whether each lease is a finance lease or an operating lease. A

lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to

ownership of an underlying asset irrespective of whether the legal title to the asset is eventually

transferred. An operating lease is a lease other than a finance lease.When the Group is a sub-lessor it assesses the lease classification of a sub-lease with reference to the

right-of-use asset arising from the head lease not with reference to the underlying asset. If a head lease

is a short-term lease to which the Group applies the practical expedient described above then it

classifies the sub-lease as an operating lease.Under a finance lease at the commencement date the Group recognises the finance lease receivable

and derecognises the asset under finance lease.The Group recognises finance income over the lease term with a constant periodic rate of return. The

derecognition and impairment of the finance lease receivable are accounted for in accordance with the

accounting policy in Note III.10. Variable lease payments not included in the measurement of net

investment in the lease are recognised as income as they are earned.Lease receipts from operating leases are recognised as income using the straight-line method or other

systematic basis over the lease term. Variable lease payments not included in lease receipts are

recognised as income as they are earned. The initial direct cost capitalization is amortized over the

lease term on the same basis as the recognition of rental income and is recognized in the current

period's profit and loss in installments.

52BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

31. Assets held for sale and discontinued operations

Non-current assets or disposal groups held for sale

The Group classifies a non-current asset or disposal group as held for sale when the carrying amount of

a non-current asset or disposal group will be recovered through a sale transaction rather than through

continuing use.A non-current asset or disposal group is classified as held for sale when all the following criteria are met:

- According to the customary practices of selling such assets or disposal groups in similar

transactions the non-current asset or disposal group is available for immediate sale in its present

condition;

- The sale is highly probable to occur that is the Group has made a resolution on a sale plan and

entered into a legally binding sales. The sale is expected to be completed within one year.Non-current assets or disposal groups held for sale are stated at the lower of carrying amount and fair

value (see Note III.21) less costs to sell (except financial assets (see note III.10) and deferred tax assets

(see note III.29)) initially and subsequently. Any excess of the carrying amount over the fair value (see

Note III.21) less costs to sell is recognised as an impairment loss in profit or loss.Discontinued operations

The Group classifies a separate component as a discontinued operation either upon disposal of the

operation or when the operation meets the criteria to be classified as held for sale if it is separately

identifiable and satisfies one of the following conditions:

- It represents a separate major line of business or a separate geographical area of operations;

- It is part of a single coordinated plan to dispose of a separate major line of business or a separate

geographical area of operations;

- It is a subsidiary acquired exclusively with a view to resale.Where an operation is classified as discontinued in the current period profit or loss from continuing

operations and profit or loss from discontinued operations are separately presented in the income

statement for the current period. The comparative information for profit or loss from discontinued

operations which used to present as profit or loss from continuing operations in the prior period is re-

presented as profit or loss from discontinued operations in the comparative income statement.

32. Dividends distributions

Dividends or profit distributions proposed in the profit appropriation plan which will be approved after

the balance sheet date are not recognised as a liability at the balance sheet date but are disclosed in

the notes separately.

53BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

33. Related parties

If a party has the power to control jointly control or exercise significant influence over another party or

vice versa or where two or more parties are subject to common control or joint control from another

party they are considered to be related parties. Related parties may be individuals or enterprises.Enterprises with which the Company is under common control only from the State and that have no

other related party relationships are not regarded as related parties.In addition to the related parties stated above the Company determines related parties based on the

disclosure requirements of the Administrative Procedures on the Information Disclosures of Listed

Companies issued by the CSRC.

34. Segment reporting

Reportable segments are identified based on operating segments which are determined based on the

structure of the Group’s internal organisation management requirements and internal reporting system

after taking the materiality principle into account. Two or more operating segments may be aggregated

into a single operating segment if the segments have similar economic characteristics and are the same

or similar in respect of the nature of products and services the nature of production processes the

typesproduction processes the types or classes of customers for the products and services the

methods used to distribute the products or provide the services and the nature of the regulatory

environment.For segment reporting inter-segment revenues are measured on the basis of the actual transaction

prices for such transactions and segment accounting policies are consistent with those used to prepare

the consolidated financial statements.

35. Significant accounting estimates and judgements

When preparing financial statements the management of the Group needs to apply judgments

estimates and assumptions which will have an impact on the application of accounting policies and the

amounts of assets liabilities income and expenses. Estimates as well as the underlying assumptions

and uncertainties involved are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised and in any future periods affected.

(1) Uncertainty of estimation

The following are key assumptions regarding the future and other key sources of estimation uncertainty

at the balance sheet date:

-Impairment of financial instruments and contract assets: Note III 10 (6); Notes V 3 4 5 7 and 9;

-Impairment of goodwill: Note V 19;

-Impairment of non current assets other than financial assets and goodwill: Note III 20; Note V 15 16

1718;

-Fair value valuation of financial instruments: Note X

-Deferred income tax assets: Note III 29; Note V 21

-Product quality assurance: Note III 24; Note V 32

-Share-based payment: Note XII

54BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

III. Material accounting policies and significant estimates (continued)

35. Significant accounting estimates and judgements (continued)

(2) Judgments

In the process of applying the accounting policies of the Group the management has made the

following judgments that have a significant impact on the amounts recognized in the financial

statements:

-Significant judgments and assumptions regarding control over other entities: Note VIII 1 (1)

-Business Model and Contract Cash Flow Characteristics: Note 3 10 (2)

IV. Taxation

1. Main types of taxes and corresponding tax rates

Tax type ? Tax basis ? Tax rate

?????

Value-added ? According to tax laws output VAT is calculated on product 6%，9%，13%tax (VAT) sales and taxable services revenue. VAT payable is

determined by deducting input VAT from output VAT for the

period ?

Urban ? Based on VAT paid VAT exemption and offset for the period 7%，5%maintenanc

e and

constructio

n tax ?

Education ? Based on VAT paid VAT exemption and offset for the period 3%，2%surcharges

and local

education

surcharges ?

Corporate ? Based on taxable profits 15% - 30%

income tax ?

2. Corporate income tax

The income tax rate applicable to the Company for the year is 15% (2024: 15%).Pursuant to the Corporate Income Tax Law of the People’s Republic of China treatment No.28

corporate income tax for key advanced and high-tech enterprises supported by the State is applicable to

a preferential tax rate of 15%.On 30 November 2023 the Company renewed the High-tech Enterprise Certificate No.GR202311004505 which was entitled jointly by Beijing Municipal Science and Technology Commission

Beijing Municipal Financial Bureau Beijing Municipal Tax Service State Taxation Administration. The

Company is subject to corporate income tax rate of 15% since the date of certification with the valid

period of three years.

55BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

IV. Taxation (continued)

2. Corporate income tax (continued)

Except that 32 subsidiaries such as Beijing BOE Optoelectronics Technology Co. Ltd. are applicable to

high-tech enterprise tax preference 7 subsidiaries such as Chongqing BOE Display Lighting Co. Ltd.are applicable to encouraged enterprises in the Western Development and 15% corporate income tax

rate is applicable and overseas subsidiaries are applicable to local tax rate the tax rate applicable to

other enterprises of the Group is 25%.V. Notes to key items of the consolidated financial statements

1. Cash at bank and on hand

20252024

Cash on hand 1355467 1528764

Deposits with banks 71281904007 72723894478

Other monetary funds 939680701 1527201973

?

Total 72222940175 74252625215

Including: Total overseas deposits were equivalent to RMB 7892050802 (2024: RMB 6539879671).As at 31 December 2025 other monetary funds included deposits with securities companies by the

Group amounting to RMB 27859235 (2024: RMB 85440549) used as refundable deposits for stock

repurchase and payment for settlement with third party platform which can be withdrew on demand.The rest was restricted monetary funds of which RMB 205382358 (2024: RMB 595018149) was

pledged for issuance of bills payable and an equivalent to RMB 706439108 (2024: RMB 846743275)

was mainly deposits in commercial banks as security.

2. Financial assets held for trading

20252024

Financial assets at fair value through profit or loss

Structured deposit and wealth management products 736987067 2779828500

Investment in equity instruments 933561663 336607463

Total 1670548730 3116435963

56BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

3. Notes receivable

(1) Classification of Notes receivable

20252024

Bank acceptance bills 503795854 324870516

Commercial acceptance bills 10883873 13218845

514679727338089361

Less: Impairment allowance 32652 29578

Total 514647075 338059783

(2) The pledged notes receivable of the Group at the end of the year

2025

Bank acceptance bills 31919605

(3) Notes receivable endorsed or discounted but not yet matured on the balance sheet date

Amount derecognized Amount notderecognized

Bank acceptance bills - 360019857

As at 31 December 2025 the carrying amount of notes receivable of the Group that had been endorsed

to suppliers for settlement of accounts payable or discounted amounted to RMB 360019857 (2024:

RMB 209269910). The Group considers that it retains substantially all the risks and rewards incidental

to these notes receivable including the related default risk and therefore continues to recognise the

notes receivable and the related settled accounts payable in full.For the 31 December 2025 no notes receivable were reclassified to accounts receivable due to the

issuers’ inability to fulfill their obligations.

57BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

4. Accounts receivable

(1) An ageing analysis of accounts receivable is as follows

20252024

Within 1 year 31510471400 35533315993

1 to 2 years 499559227 493435884

2 to 3 years 258297769 228715579

Over 3 years 312417748 311630959

3258074614436567098415

Less: Provision for bad and doubtful debts 287743521 228899211

Total 32293002623 36338199204

The ageing is counted starting from the date when accounts receivable are recognised.

(2) Accounts receivable by provisioning method

2025

Provision for bad and

Book value doubtful debts Carrying amount

Amount Percentage Amount Percentage

(%)(%)

Individual assessment

- Customers with high credit risk 109174696 0.34 105473656 96.61 3701040

- Customers with low credit risk 475542607 1.46 - - 475542607

?

Collective assessment

- Customers with medium credit risk 31996028841 98.20 182269865 0.57 31813758976

Total 32580746144 100.00 287743521 0.88 32293002623

2024

Provision for bad and

Book value doubtful debts Carrying amount

Amount Percentage Amount Percentage

(%)(%)

Individual assessment

- Customers with high credit risk 57435774 0.16 33528866 58.38 23906908

- Customers with low credit risk 603585563 1.65 - - 603585563

?

Collective assessment

- Customers with medium credit risk 35906077078 98.19 195370345 0.54 35710706733

Total 36567098415 100.00 228899211 0.63 36338199204

58BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

4. Accounts receivable (continued)

(2) Accounts receivable by provisioning method (continued)

(a) Criteria for collective assessment and details

Customer group Basis

With special matters litigations or the deterioration

Customers with high credit risk of customers’ credit status

Banks insurance companies large state-owned

Customers with low credit risk enterprises and public institutions

Customers with medium credit risk Customers not included in groups above

(b) Assessment of ECLs on accounts receivable

At all times the Group measures the impairment loss for accounts receivable at an amount equal to

lifetime ECLs and the ECLs are based on the number of overdue days and the expected loss rate.According to the Group’s historical experience different loss models are applicable to different customer

groups.

(3) Details of allowance for doubtful debts

Movements of provisions for bad and doubtful debts：

Opening Additions Recovery or Others Closing

balance during the reversal during balance

year the year

Customers with high

credit risk 33528866 11308876 (6104079) 66739993 105473656

Customers with medium

credit risk 195370345 89622479 (34332710) (68390249) 182269865

Total 228899211 100931355 (40436789) (1650256) 287743521

(4) Five largest accounts receivable and contract assets by debtor at the end of the

year

The subtotal of the five largest accounts receivable and contract assets of the Group at the end of the

year is RMB12591208802 representing 38% of the total accounts receivable and contract assets.

59BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

5. Receivables financing

(1) Receivables financing by category

20252024

Bank acceptance bills 585672349 472537400

(2) Receivables financing that are endorsed or discounted but have not matured at the

end of the year:

Amount not

Amount derecognized derecognized

Bank acceptance bills 1214507608 -

As at the end of the year the carrying amount of the Group’s receivables financing assets endorsed to

suppliers for settlement of accounts payable or discounted amounted to RMB 1214507608 (2024:

RMB 683496249). Since substantially all the risks and rewards of these instruments have been

transferred to other parties the Group has fully derecognized such instruments and the corresponding

account payables in its books and recognized the related discount expenses accordingly.For the 31 December 2025 no receivables financing were reclassified to accounts receivable due to the

issuers’ inability to fulfill their obligations.

6. Prepayments

(1) The ageing analysis of prepayments is as follows:

20252024

Amount Percentage Amount Percentage

(%)(%)

Within 1 year 733396737 90 561764216 89

1 to 2 years 43028675 5 15640256 2

2 to 3 years 5809491 1 3945077 1

Over 3 years 28466561 4 53132675 8

??

Total 810701464 100 634482224 100

The ageing is counted starting from the date when prepayments are recognized.The total of the five largest prepayments of the Group at the end of the year is RMB 320046324

representing 39% of the total prepayments.

60BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

7. Other receivables

20252024

Dividends receivable 177912109 55028131

Other receivables 644881791 757843390

Total 822793900 812871521

Other receivables

(1) The ageing analysis of the Group’s other receivables is as follows

20252024

Within 1 year 225200020 357915532

1 to 2 years 124947335 118793438

2 to 3 years 16658899 19227857

Over 3 years 299932879 280771308

666739133776708135

Less: Provision for bad and doubtful debts 21857342 18864745

?

Total 644881791 757843390

The ageing is counted starting from the date when other receivables are recognised.

(2) The other receivables categorised by nature

20252024

Margins and deposits 338508142 394212834

Others 328230991 382495301

Sub-total 666739133 776708135

Less: Provision for bad and doubtful debts 21857342 18864745

Total 644881791 757843390

61BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

7. Other receivables (continued)

Others receivables (continued)

(3) Other receivables by provisioning method

2025

Book value Provision for bad and Carryingdoubtful debts amount

Amount Percentage Amount Percentage

(%)(%)

Individual assessment

- Amounts with high

credit risk 21793945 3.27 21118108 96.90 675837

- Amounts with low

credit risk 569523880 85.42 - - 569523880

?

Collective assessment

- Amounts with medium

credit risk 75421308 11.31 739234 0.98 74682074

Total 666739133 100.00 21857342 3.28 644881791

2024

Book value Provision for bad and Carryingdoubtful debts amount

Amount Percentage Amount Percentage

(%)(%)

Individual assessment

- Amounts with high

credit risk 18297151 2.36 18297151 100.00 -

- Amounts with low

credit risk 689364770 88.75 - - 689364770

?

Collective assessment

- Amounts with medium

credit risk 69046214 8.89 567594 0.82 68478620

Total 776708135 100.00 18864745 2.43 757843390

62BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

7. Other receivables (continued)

Others receivables (continued)

(3) Other receivables by provisioning method(continued)

The movements of the provision for bad debts provided for other receivables based on 12-month ECL

and lifetime ECL respectively are as follows:

Stage 1 Stage 2 Stage 3 Total

Lifetime ECL

12-month (not yet credit- Lifetime ECL

ECL impaired) (credit-impaired)

Balance at the

beginning of the

year 562393 5201 18297151 18864745

Stage transfer of

beginning

balance (43613) 1402 42211 -

Additions during

the year 388160 10813 2812465 3211438

Reversals during

the year (184921) (201) (33719) (218841)

Balance at the end

of the year 722019 17215 21118108 21857342

(4) Five largest other receivables by debtor at the end of the year

As of 31 December 2025 the top five balances of other receivables of the Group amounted to RMB

438387325 representing 65.75% of the total year-end balance of other receivables. These mainly

comprise security deposits and receivables from equity transfers and after assessment no allowance

for doubtful accounts is considered necessary.

63BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

8. Inventories

(1) The Group’s inventories by category

20252024

Book value Provision for Carrying amount Book value Provision for Carrying amount

impairment of impairment of

inventories/ inventories/

Provision for Provision for

impairment of impairment of

costs to fulfil a costs to fulfil a

contract with a contract with a

customer customer

Raw materials 10127483636 1491552605 8635931031 8973042046 1763382653 7209659393

Work in

progress 7441707138 1625004821 5816702317 5803359611 1104535176 4698824435

Finished

goods 15780958702 2878956689 12902002013 15066294957 3954314368 11111980589

Consumables 207469654 - 207469654 209462591 677753 208784838

Costs to fulfil a

contract with a

customer 186421121 - 186421121 84215137 - 84215137

?

Total 33744040251 5995514115 27748526136 30136374342 6822909950 23313464392

The Group’s year-end balance of inventories included no capitalised borrowing costs (2024: Nil).At the year end no inventories were pledged as security by the Group (2024: Nil).

(2) An analysis of provision for impairment of inventories of the Group is as follows

Balance at the Additions during the Reductions during Balance at the

beginning of the year year the year end of the year

Raw materials 1763382653 750500225 (1022330273) 1491552605

Work in progress 1104535176 1749909698 (1229440053) 1625004821

Finished goods 3954314368 3197964847 (4273322526) 2878956689

Consumables 677753 - (677753) -

??

Total 6822909950 5698374770 (6525770605) 5995514115

64BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

9. Contract assets

20252024

Gross Impairment Carrying Gross Impairment Carrying

amount allowance amount amount allowance amount

Contract

assets 398590711 5508809 393081902 151647876 776390 150871486

Changes in provision for impairment of contract assets are as follows:

Opening balance Additions Reversals Written-off Closing

during the during the during the balance

yea year year

Provision for bad and

doubtful debts 776390 5505272 (710077) (62776) 5508809

Based on the Group’s historical experience there are no significant differences in the incidence of

losses among different customer groups. Accordingly the Group treats all contract assets as a single

portfolio and recognizes impairment provisions based on collective assessment of credit risk

characteristics.As at 31 December 2025 the carrying amount of contract assets subject to collective impairment based

on credit risk characteristics amounted to RMB 398590711 (2024: RMB 151647876) with impairment

provisions of RMB 5508809 (2024: RMB 776390) representing an impairment ratio of 1.38%

(December 31 2024: 0.51%).

10. Other current assets

20252024

VAT on tax credits 3482259330 2960415267

Input tax to be verified or deducted 614835747 503287770

Right to recover returned goods 193068473 166513664

Prepaid income taxes 144329925 112183664

Others 375328391 211607620

??

Total 4809821866 3954007985

65BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

11. Long-term equity investments

Balance at the Balance at the Balance at the end

beginning of the beginning of of the year Balance at the

year the year Movements during the year end of the year

Carrying amount Provision for Additions during Reductions during Investment (loss) Other Other Declared Provision for Others Carrying amount Provision for

impairment the year the year /income under comprehensive equity distribution of impairment impairment

equity method income movements cash dividends

Joint ventures 404709071 - - - (34772030) - - - - - 369937041 -

Associates

Vusion Group SA

(formely named“SES ImagotagSA Co. Ltd.”) 4890298637 - - (1092038165) 118386682 55898192 216894790 - - 129175962 4318616098 -

Erdos BOE Energy

Investment Co.Ltd. 1027841294 777858312 - - (2989462) - - - - - 1024851832 777858312

Tianjin Xianzhilian

Investment

Centre (Limited

Partnership) 1689914532 - - (175055746) 64525979 - - (2286665) - - 1577098100 -

Beijing

Xindongneng

Investment Fund

(Limited

Partnership) 922008650 - - - 8470345 (5384695) - (205607242) - - 719487058 -

Others 4598499118 396533969 6164630785 - (72446227) 44822948 75012648 (184299836) - - 10626219436 390188191

?

Sub-total 13128562231 1174392281 6164630785 (1267093911) 115947317 95336445 291907438 (392193743) - 129175962 18266272524 1168046503

?

?Total 13533271302 1174392281 6164630785 (1267093911) 81175287 95336445 291907438 (392193743) - 129175962 18636209565 1168046503

As at 31 December 2025 certain associates invested by the Group suffered loss and the Group did not have an obligation to assume additional losses. Therefore the Group

discontinues recognising its share of further losses after the carrying amount of long-term equity investment is reduced to zero the accumulated unrecognised investment

losses amounted to RMB12057070 (2024: RMB11456900).For the year ended 31 December 2025 foreign currency translation accounted for the change in the provision for impairment of the Group’s long-term equity investments.

66BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

12. Other equity investments

(1) Investments in other equity instruments

Movements during the year

Balance at the beginning of Decrease in investments Gains or losses recognised in Foreign currency Balance at the end Dividend Accumulated gains

the year other comprehensive income financial statement of the year income or losses

during the year translation recognised recognised in other

(“-” for losses) for the year comprehensive

income

(“-” for losses)

Listed equity instrument

investment 257558368 (12610162) 93589635 - (5439501) 333098340 10925263 (42548731)

Unlisted equity instruments

investment 183813447 (1746310) 25479196 - (4427481) 203118852 25596072 (81388212)

?

Total 441371815 (14356472) 119068831 (9866982) 536217192 36521335 (123936943)

(2) Investments derecognised during the year

Accumulated gains transferred to retained

Fair value at derecognition earnings due to derecognition Reason for derecognition

Listed equity instrument investment 12610162 5209080 Transfers out from disposal

Unlisted equity instruments investment 1746310 179779 Transfers out from disposal

Total 14356472 5388859

67BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025

Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

13. Other non-current financial assets

20252024

Financial assets at fair value through profit or loss 2874055003 2735680042

14. Investment properties

Investment property measured using the cost model

Plant and buildings Land use Total

rights

Cost

Balance at the beginning of the year 1708322341 785342177 2493664518

Transfers from construction in progress 503728513 - 503728513

Others (17311456) - (17311456)

Balance at the end of the year 2194739398 785342177 2980081575

Accumulated depreciation

Balance at the beginning of the year 530220566 212254212 742474778

Additions during the year 74402092 16587801 90989893

Balance at the end of the year 604622658 228842013 833464671

Carrying amount

At the end of the year 1590116740 556500164 2146616904

?

At the beginning of the year 1178101775 573087965 1751189740

Information regarding the Group’s investment properties pledged as collateral is set out in detail in Note

V.23.

68BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

15. Fixed assets

Plant and buildings ? Equipment Others Total

Cost

Balance at the beginning of

the year 79261118702 345389359918 17406622698 442057101318

Purchase 48274483 858350949 2053538603 2960164035

Transfers from construction

in progress 2907865561 11864792911 1294194748 16066853220

Transfers to construction in

progress - (362361927) (11078561) (373440488)

Disposals or written-offs

during the year (30842317) (1022636273) (368493337) (1421971927)

Written-down against

government interest

discounts - (314194) (9953) (324147)

Others (7354931) (10091426) (4556323) (22002680)

Balance at the end of the

year 82179061498 356717099958 20370217875 459266379331

Accumulated depreciation

Balance at the beginning of

the year 14105527564 209021095996 11970845588 235097469148

Additions during the year 2288458185 32491936604 2388540832 37168935621

Transfers to construction in

progress - (243033721) (7229326) (250263047)

Disposals or written-offs

during the year (18683051) (855594471) (328608331) (1202885853)

Others (117084) 659494 (2164985) (1622575)

Balance at the end of the

year 16375185614 240415063902 14021383778 270811633294

Provision for impairment

Balance at the beginning of

the year 4203745 1812759153 238249761 2055212659

Additions during the year 2154807 195778949 10413384 208347140

Transfers to construction in

progress - (29555828) (455427) (30011255)

Disposals or written-offs

during the year - (59900202) (22374157) (82274359)

Others 293205 3883883 (4378) 4172710

Balance at the end of the

year 6651757 1922965955 225829183 2155446895

Carrying amount

At the end of the year 65797224127 114379070101 6123004914 186299299142

?

At the beginning of the year 65151387393 134555504769 5197527349 204904419511

The Group’s fixed assets held for operating leases include buildings and structures machinery and

equipment.The recoverable amount of the relevant asset group is determined by reference to its fair value less

costs of disposal and the present value of its expected future cash flows. The cash flow forecast period

is determined based on the estimated remaining useful life of the asset the cash flows over the

estimated remaining useful life of the asset are determined based on projected market conditions and

the pre-tax discount rate is determined with reference to comparable companies and the relevant capital

structure.As at 31 December 2025 fixed assets pending certificates of ownership totalled RMB3536731228 and

certificates of ownership is still being processed.

69BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

16. Construction in progress

(1) Analysis of the Group’s construction in progress is as follows

20252024

Book value Provision for Face value Book value Provision for Face value

impairment impairment

BOE 8.6th-Generation AMOLED Production Line Project 26932073883 - 26932073883 6998733015 - 6998733015

BOE's 6th generation new semiconductor display device

production line project 16275532815 - 16275532815 10629806006 - 10629806006

Others 9798723344 63205922 9735517422 12607947968 77470892 12530477076

?

Total 53006330042 63205922 52943124120 30236486989 77470892 30159016097

Information regarding the Group’s construction in progress pledged as collateral is set out in detail in Note V.23.

70BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

16. Construction in progress (continued)

(2) Movements of major construction projects in progress during the year

Budget Balance at the Additions during the Transfers to fixed a Balance at the end of Sources of Percentage

beginning of the year year ssets the year funding of actual

cost to

budget (%)

?

BOE 8.6th-Generation AMOLED Production Line Self-raised funds

Project 63000000000 6998733015 20880757234 (947416366) 26932073883 and borrowings 44.75

BOE's 6th generation new semiconductor display Self-raised funds

device production line project 29000000000 10629806006 5646297606 (570797) 16275532815 and borrowings 67.58

Total 92000000000 17628539021 26527054840 (947987163) 43207606698

Accumulated

capitalised interest Interest capitalised

Interest rate for

capitalisation in the

at the end of the in the current year current year (%)

year

BOE 8.6th-Generation AMOLED Production Line Project 107255000 107255000 2.85

BOE's 6th generation new semiconductor display device production line project 150804218 60587809 2.35

Total 258059218 167842809

71BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025

Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

17. Right-of-use assets

Plant and buildings

? Equipment Others Total

Cost

Balance at the beginning

of the year 1075962333 15913107 190446902 1282322342

Additions during the year 189445223 23544055 3321873 216311151

Reductions during the

year (41233160) (2277085) - (43510245)

Translation differences 22324695 31985 79279 22435959

?

Balance at the end of the

year 1246499091 37212062 193848054 1477559207

Less:Accumulated

depreciation

Balance at the beginning

of the year 477999532 10683598 39230932 527914062

Charge for the year 134136929 9168445 11080777 154386151

Reductions during the

year (16562393) (2009172) - (18571565)

Translation differences 6482642 29039 28769 6540450

?

Balance at the end of the

year 602056710 17871910 50340478 670269098

Carrying amount

At the end of the year 644442381 19340152 143507576 807290109

?

At the beginning of the

year 597962801 5229509 151215970 754408280

72BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

18. Intangible assets

Land use rights Patent and Computer Others Total

proprietary software

technology

Cost

Balance at the

beginning of the

year 8330914335 6386074855 2540120486 816647150 18073756826

Purchases 21470416 2195067434 130877137 2966041 2350381028

Transfers from

construction in

progress 711755 - 225562667 - 226274422

Transfers from

development costs - 132007804 - - 132007804

Disposals - - (17352164) (3212714) (20564878)

Translation

differences (8327470) 115219 (677303) (853860) (9743414)

Balance at the end

of the year 8344769036 8713265312 2878530823 815546617 20752111788

Accumulated

depreciation

Balance at the

beginning of the

year 1043218572 3710878801 1636822609 393725976 6784645958

Charge for the

year 215593052 629445715 249811013 55819936 1150669716

Reductions during

the year - - (4347851) (1067119) (5414970)

Translation

differences (236180) 115219 (215652) (618172) (954785)

Balance at the end

of the year 1258575444 4340439735 1882070119 447860621 7928945919

Provision for

impairment

Balance at the

beginning and end

of the year - 25647674 - - 25647674

Carrying amount

At the end of the

year 7086193592 4347177903 996460704 367685996 12797518195

?

At the beginning of

the year 7287695763 2649548380 903297877 422921174 11263463194

Information regarding the Group’s Intangible assets pledged as collateral is set out in detail in Note V.23.

73BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

19. Goodwill

(1) Goodwill

Opening and

closing balances

Chengdu BOE Display Sci-tech Co. Ltd. (“Chengdu Display Sci-tech”) 537038971

Nanjing BOE Display Technology Co. Ltd. (“Nanjing Display Technology”) 155714415

BOE Healthcare Investment & Management Co. Ltd. 146460790

Beijing Yinghe Century Co. Ltd. 42940434

BOE HC SemiTek Corporation (“HC SemiTek”) 29596088

Beijing Zhonghe Ultra High Definition Collaborative Technology Center Co. Ltd 14285847

K-Tronics (Suzhou) technology Co. Ltd. 8562464

Beijing BOE Optoelectronics Technology Co. Ltd. 4423876

?

Total 939022885

(2) Provision for impairment

Opening and

closing balances

Chengdu Display Sci-tech 147755754

BOE Healthcare Investment & Management Co. Ltd. 133268233

Beijing BOE Optoelectronics Technology Co. Ltd. 4423876

?

Total 285447863

The recoverable amount of the above-mentioned goodwill related asset group is determined using the

method of estimating the present value of future cash flows. When estimating the present value of cash

flows the cash flows for the next 5 years are predicted based on market conditions. After 5 years the

cash flows for all years remain stable with a sustainable growth rate of zero; The pre tax discount rate is

determined based on comparable companies and related capital structures ranging from 8% to 12%.

74BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

20. Long-term prepaid expenses

Balance at the ? Additions during ? Reductions during Balance at the end

beginning of the the year the year ? of the year

year

Technology royalty

fees prepaid 288093493 25556202 (70966130) 242683565

Others 310351430 146506848 (99940270) 356918008

?

Total 598444923 172063050 (170906400) 599601573

21. Deferred tax assets and liabilities

(1) Un-offset deferred tax assets

20252024

Deductible Deferred tax Deductible Deferred tax

temporary assets temporary assets

differences differences

Accumulated

losses 3858464946 592660713 3787640423 586142140

Provision for

impairment of

assets 1193828451 202710490 813547069 139856263

Lease liabilities 863232852 209142446 502310310 110285658

Others 4638706196 727001284 1298567979 206999637

??

Sub-total 10554232445 1731514933 6402065781 1043283698

(2) Un-offset deferred tax liabilities

20252024

Taxable temporary Deferred tax Taxable temporary Deferred tax

differences liabilities differences liabilities

Revaluation due to

business

combinations

involving entities not

under common

control and

Depreciation of fixed

assets 6405953955 1125382911 6973869010 1143270888

Long-term equity

investments 1375231979 257307379 1487863171 282505936

Right-of-use assets 832344471 201781949 503216511 101062209

Others 2205665653 427904353 511688145 112355137

??

75BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

Sub-total 10819196058 2012376592 9476636837 1639194170

V. Notes to key items of the consolidated financial statements (continued)

21. Deferred tax assets and liabilities (continued)

(3) Deferred tax assets or liabilities presented at the net amount after offsetting

20252024

Amount offset Balance after Amount offset Balance after

offsetting offsetting

Deferred tax assets 877481895 854033038 348395423 694888275

Deferred tax liabilities 877481895 1134894697 348395423 1290798747

(4) Details of unrecognised deferred tax assets

20252024

Deductible temporary differences 24246481675 23454408247

Deductible tax losses 74771356495 66975969671

??

Total 99017838170 90430377918

As at 31 December 2025 the accumulated deductible temporary differences are mainly subsidiaries’

impairment provisions of assets and accrual of expenses. Due to the uncertainty that there will be

sufficient taxable income to cover these deductible differences in future periods the deferred income tax

assets were not recognised in consideration of prudence.

(5) Expiration of deductible tax losses for unrecognised deferred tax assets

20252024

2025-637426137

20269986536131070157082

202710944020701431984146

202832758141533433591756

202967085156396862197069

203061366106644250636379

2031 and subsequent years 56054666567 48528565336

Non-fixed term 502693789 761411766

?

Total 74771356495 66975969671

76BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025

Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

22. Other non-current assets

20252024

Book value Provision for Carrying amount Book value Provision for Carrying amount

impairment impairment

Certificates of deposits

and time deposits 10908234286 - 10908234286 13348874212 - 13348874212

Delay in levying value-

added tax on

imported equipment 2455616492 - 2455616492 - - -

Prepayment for

construction and

purchase of fixed

assets 828430843 - 828430843 4518996586 - 4518996586

Others 1038977292 - 1038977292 1123351747 - 1123351747

??

Total 15231258913 - 15231258913 18991222545 - 18991222545

23. Assets with restrictive ownership titles or right of use

2025

Book value Carrying amount Restriction Details of restriction

Cash at bank and

on hand 911821466 911821466 Note V.1 Note V.1

Endorsed with resource

and pledged for the

Notes receivable 391939462 391939462 Pledged issuance of bills payable

Accounts

receivable 473936004 467691850 Pledged Pledged as borrowing

Investment

properties 137198683 127541800 Mortgaged As collateral for loans

Fixed assets 194315579962 96417684719 Mortgaged As collateral for loans

Construction in

progress 16333097942 16333097942 Mortgaged As collateral for loans

Intangible assets 1869141730 1581562962 Mortgaged As collateral for loans

Total 214432715249 116231340201

77BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

23. Assets with restrictive ownership titles or right of use (continued)

2024

Book value Carrying amount Restriction Details of restriction

Cash at bank and on hand 1441761424 1441761424 Note V.1 Note V.1

Endorsed with resource

and pledged for the

Notes receivable 246112676 246112676 Pledged? issuance of bills payable

Investment properties 154510137 154510137 Mortgaged? Mortgaged as borrowing

Fixed assets 237348939293 126896353640 Mortgaged? Mortgaged as borrowing

Construction in progress 11473130082 11473130082 Mortgaged? Mortgaged as borrowing

Intangible assets 2264095450 1954974874 Mortgaged? Mortgaged as borrowing

Other non-current assets 157708950 157708950 Others? Others

??????

Total 253086258012 142324551783 ?? ?

The amortization amount of intangible assets pledged as collateral in 2025 is RMB 53096009 (2024：

RMB 60476811).

24. Short-term borrowings

20252024

Unsecured borrowings 2820827279 292172026

Guaranteed borrowings 472623423 1027353266

Pledge borrowings 361570735 243791874

?

Total 3655021437 1563317166

As at 31 December 2025 no short-term loan was past due (2024: Nil).

25. Notes payable

20252024

Bank acceptance notes 1380128604 1390526726

Commercial acceptance notes - 9031243

Total 1380128604 1399557969

There is no due but unpaid bill payable at the end of the year. The bills above are all due within one

year.

78BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

26. Accounts payable

20252024

Sales payments payable 37242292283 36713498406

As at 31 December 2025 the Group had no significant accounts payable with ageing of more than one

year.As at December 2025 amounts received by suppliers from commercial banks through platform services

included in the Group’s accounts payable amounted to RMB 857558695.Such platform services are provided under cooperation between the Group and commercial banks

under which suppliers may voluntarily choose to receive payment from commercial banks in advance.The payment terms of the Group’s payables remain unchanged under this arrangement.

27. Contract liabilities

20252024

Sale of goods 2223451538 2083836158

Contract liabilities primarily relate to the Group’s advances from goods purchase and sale contracts. The

Group receives a certain proportion of advances as agreed in contract when entering into the contract

with customers. The revenue related to the contracts will be recognised when the Group satisfies its

performance obligations

As at 31 December 2025 the Group had no significant contract liabilities with ageing of more than one

year.For the year 2025 the amount of revenue recognized by the Group that was derived from the beginning

carrying amount of contract liabilities amounted to RMB 1871844676 (2024：RMB 2779202988).

28. Employee benefits payable

(1) Employee benefits payable

Balance at the

beginning of the Accrued during the Decrease during Balance at the

year year the year end of the year

Short-term employee benefits 4028727032 19514838498 (20013981927) 3529583603

Post-employment benefits

(defined contribution plans) 45247997 2020695949 (2016867123) 49076823

Termination benefits 2033359 33794507 (29663909) 6163957

Total 4076008388 21569328954 (22060512959) 3584824383

79BOE Technology Group Co. Ltd.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

31 December 2025 Expressed in Renminbi Yuan

V. Notes to key items of the consolidated financial statements (continued)

28. Employee benefits payable (continued)

(2) Short-term employee benefits

Balance at the

beginning of Accrued during Decrease during Balance at the

the year the year the year end of the year

Salaries bonuses and

allowances 2710530885 15586552008 (16280054391) 2017028502

Staff welfare - 1324997333 (1324997333) -

Social insurance 34440204 1013311843 (1010362928) 37389119

Medical and maternity

insurance 32300536 945719302 (943271031) 34748807

Work-related injury

insurance 2139668 67592541 (67091897) 2640312

Housing fund 24714192 1163370130 (1155842318) 32242004

Labour union fee staff and

workers’ education fee 1236499162 422130553 (240633251) 1417996464

Other short-term employee

benefits 22542589 4476631 (2091706) 24927514