BOE Technology Group Co. Ltd.ENGLISH TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2024 TO 31 DECEMBER 2024
IF THERE IS ANY CONFLICT BETWEEN THE CHINESE VERSION AND ITS ENGLISH
TRANSLATION THE CHINESE VERSION WILL PREVAILAUDITOR’S REPORT毕马威华振审字第2511030号
To the shareholders of BOE Technology Group Co. Ltd.:
Opinion
We have audited the accompanying financial statements of BOE Technology Group Co. Ltd.(“BOE”) which comprise the consolidated and company balance sheets as at 31 December
2024 the consolidated and company income statements the consolidated and company
cash flow statements the consolidated and company statements of changes in shareholders’
equity 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 company financial position of BOE as at 31 December 2024 and the
consolidated and company financial performance and cash flows of BOE for the year then
ended in accordance with the requirements of Accounting Standards for Business
Enterprises issued by the Ministry of Finance of the People’s Republic of China.Basis for Opinion
We conducted our audit in accordance with China Standards on Auditing for Certified Public
Accountants (“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 BOE in accordance with the China Code of Ethics for Certified Public
Accountants (“the Code”) and we have fulfilled our other ethical responsibilities in
accordance with the Code. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.Page 1 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
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.Revenue recognitionRefer to the accounting policies set out in the notes to the financial statements “III.Significant accounting policies and accounting estimates” 24 and “V. Notes to theconsolidated financial statements” 45.How the matter was addressed in our
The key audit matter
audit
The revenue of BOE and its subsidiaries Our audit procedures to evaluate revenue
(“BOE Group”) is mainly derived from the recognition included the following:
sale of products relating to display device Evaluate the design and operation
across the domestic and overseas markets. effectiveness of key internal controls
related to revenue recognition;
The sales contracts / orders signed between
BOE Group and its customers (mainly Check key sales contracts/orders on a
sampling basis to identify relevant trading
electronic equipment manufacturers) contain
terms and evaluate whether the
various trading terms. BOE Group judges accounting policies for revenue
the transfer timing of control according to recognition of BOE Group meet the
the trading terms and recognises revenue requirements of the Enterprise
accordingly. Depending on the trading Accounting Standards;
terms the revenue is usually recognised On a sampling basis and according to
when the goods are delivered and received different trading terms reconcile the
or when they are received by the carrier. revenue recorded in the current year to
relevant supporting files such as relevant
We identified the recognition of BOE orders shipping orders sales invoices
Group’s revenue as a key audit matter customs declarations bills of lading
because revenue as one of BOE Group’s delivery receipts etc. to evaluate whether
key performance indicators involves various revenue is recognised in accordance with
trading terms and there is an inherent risk the accounting policies of BOE Group;
that revenue may not be recognised in a On a sampling basis and according to
correct period. different trading terms cross check the
revenue recorded before and after the
balance sheet date against relevant
supporting files such as relevant orders
shipping orders sales invoices customs
declarations bills of lading delivery
receipts etc. to evaluate whether
revenue is recorded in the appropriate
period;
Page 2 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
Key Audit Matters (continued)
Revenue recognition (continued)Refer to the accounting policies set out in the notes to the financial statements “III.Significant accounting policies and accounting estimates” 24 and “V. Notes to theconsolidated financial statements” 45.How the matter was addressed in our
The key audit matter
audit
Select a sample based on the
characteristics and nature of customer's
transaction and perform confirmation
procedures on the balance of accounts
receivable as at the balance sheet date
and the sales transaction amount during
the current year;
On a sampling basis check the written-
back of revenue after the balance sheet
date (including sales discounts and sales
returns etc.) with relevant supporting
documents to evaluate whether revenue
is recorded in the appropriate period;
Select revenue accounting entries that
meet specific risk criteria and check
related supporting documents.Page 3 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
Key Audit Matters (continued)
Impairment of fixed assets and intangible assetsRefer to the accounting policies set out in the notes to the financial statements “III.Significant accounting policies and accounting estimates” 20 and “V. Notes to theconsolidated financial statements” 15 18.How the matter was addressed in our
The key audit matter
audit
BOE Group principally generates revenue Our audit procedures to evaluate
from the production and sale of display impairment of fixed assets and intangible
devices. Due to the fluctuation of supply- assets included the following:
demand relationship of display devices and
the influence of technology upgrading the Evaluate management’s identification of
profit level of different production lines suffer asset groups assessment of impairment
dramatic fluctuation. As at 31 December indications and assess the design and
2024 the book value of fixed assets and operation effectiveness of key internal
intangible assets amounted to RMB216.168 controls for impairment tests;
billion the judgement on impairment Based on our understanding of BOE
indications and impairment test are material Group’s businesses and relevant
to BOE Group’s financial statements. accounting standards evaluate
The management classifies asset groups management’s classification basis of
based on the smallest identifiable group of asset groups and judgement basis of
assets that generates cash inflows that are impairment indications;
independent and continuously monitors the For asset groups with impairment
trend of market of supply and demand as indications based on our understanding
well as the technology evolution; of the industry compare the key
comprehensively judges impairment assumptions in the calculation of
indications of each asset group in recoverable amounts used by
accordance with market trends operating management with external available data
conditions of production lines and and historical analysis including future
technological advanced performance and selling prices sales volume and discount
performs impairment test on asset groups if rate used by management evaluate the
any impairment indication exists. key assumptions and estimations used
For asset groups with impairment by the management;
indications the management assesses For asset groups with significant
whether the book value of fixed assets and impairment risk evaluate the
intangible assets as at 31 December 2024 competence professional quality and
were impaired by calculating the present objectivity of experts hired by the
value of expected future cash flows. management; and adopt our own
Calculating the present value of expected valuation experts’ work evaluate if
future cash flows requires management to discount rates used for estimating the
make significant judgements especially for present value of future cash flows by
the estimation of future selling prices sales management are within the range used
volume and applicable discount rate. by other companies in the same industry;
Page 4 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
Key Audit Matters (continued)
Impairment of fixed assets and intangible assets (continued)Refer to the accounting policies set out in the notes to the financial statements “III.Significant accounting policies and accounting estimates” 20 and “V. Notes to theconsolidated financial statements” 15 18.How the matter was addressed in our
The key audit matter
audit
We identified the impairment of fixed assets Our audit procedures to evaluate
and intangible assets as a key audit matter impairment of fixed assets and intangible
because the book value of fixed assets and assets included the following:
intangible assets is significant to the
financial statements; management’s Compare estimations used for calculating
significant judgements and estimations are the present value of expected future cash
involved in assessing the classification basis flows in the previous year by the
of asset groups existence of impairment management with the actual situation in
indications and impairment test of asset this year to consider the historical
groups with impairment indications which accuracy of management’s forecast
may exist errors or potential management results;
bias. Perform sensitivity analysis on key
assumptions including future selling
prices sales volume and discount rates
used in the calculation of recoverable
amount by the management; evaluate
how changes in key assumptions
(individually or collectively) will lead to
different results and assess whether
there are indications of management bias
in the selection of key assumptions;
Consider whether the disclosure of
impairment of fixed assets and intangible
assets in the financial statements is
consistent with relevant accounting
standards.Page 5 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
Other Information
BOE’s management is responsible for the other information. The other information comprises
all the information included in 2024 annual report of BOE 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 financial statements our responsibility is to read the other
information and in doing so consider whether the other information is materially inconsistent
with the 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.Responsibilities of Management and Those Charged with Governance for the Financial
Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the requirements of Accounting Standards for Business
Enterprises and for the design implementation and maintenance of such internal control
necessary to enable that the financial statements are free from material misstatement
whether due to fraud or error.In preparing the financial statements management is responsible for assessing BOE’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 management either intends to
liquidate BOE or to cease operations or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing BOE’s financial reporting
process.Page 6 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
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
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:
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.Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.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 BOE’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 BOE to cease to continue as a going concern.Evaluate the overall presentation (including the disclosures) structure and content of the
financial statements and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.Page 7 of 8AUDITOR’S REPORT (continued)毕马威华振审字第2511030号
Auditor’s Responsibilities for the Audit of the Financial Statement (continued)
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within BOE 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 communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence
and where applicable related safeguards.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.KPMG Huazhen LLP Certified Public Accountants
Registered in the People’s Republic of China
Su Xing (Engagement Partner)
Beijing China Liu Jingyuan
18 April 2025
Page 8 of 8BOE Technology Group Co. Ltd.Consolidated balance sheet
as at 31 December 2024
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Assets ? ? ? ?
?????
Current assets ? ? ? ?
Cash at bank and on hand V.1 74252625215 ? 72467392718
Financial assets held for trading V.2 3116435963 ? 7755964495
Bills receivable V.3 338059783 ? 375577011
Accounts receivable V.4 36338199204 ? 33365416490
Receivables under financing V.5 472537400 ? 408534622
Prepayments V.6 634482224 ? 558659780
Other receivables V.7 812871521 ? 726659207
Inventories V.8 23313464392 ? 24119667325
Contract assets V.9 150871486 ? 95710742
Non-current assets due within one
year ? 3900201 ? 8683381
Other current assets V.10 3954007985 ? 3308338931
?????
Total current assets ? 143387455374 ? 143190604702
???????
The notes on pages 30 to 143 form part of these financial statements.
1BOE Technology Group Co. Ltd.
Consolidated balance sheet
as at 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Assets (continued) ? ? ? ?
?????
Non-current assets ? ? ? ?
Long-term receivables ? 492067 ? 3341844
Long-term equity investments V.11 13533271302 ? 13731696627
Investments in other equity
instruments V.12 441371815 ? 494629577
Other non-current financial assets V.13 2735680042 ? 2253778325
Investment properties V.14 1751189740 ? 1412553446
Fixed assets V.15 204904419511 ? 210371476524
Construction in progress V.16 30159016097 ? 29670115546
Right-of-use assets V.17 754408280 ? 724344345
Intangible assets V.18 11263463194 ? 11565585700
Development costs VI.2 109323354 ? 166977531
Goodwill V.19 653575022 ? 704705586
Long-term deferred expenses V.20 598444923 ? 534494564
Deferred tax assets V.21 694888275 ? 396877020
Other non-current assets V.22 18991222545 ? 3965918458
?????
Total non-current assets ? 286590766167 ? 275996495093
??????????
Total assets ? 429978221541 ? 419187099795
??????
The notes on pages 30 to 143 form part of these financial statements.
2BOE Technology Group Co. Ltd.
Consolidated balance sheet
as at 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Liabilities and shareholders’ equity ? ? ? ?
?????
Current liabilities ? ? ? ?
Short-term loans V.23 1563317166 ? 1746184534
Bills payable V.24 1399557969 ? 919313033
Accounts payable V.25 36713498406 ? 32977603351
Advance payments received ? 118971193 ? 94704981
Contract liabilities V.26 2083836158 ? 3000168620
Employee benefits payable V.27 4076008388 ? 3100911276
Taxes payable V.28 1576606596 ? 1317080022
Other payables V.29 20827962570 ? 19487760965
Non-current liabilities due within one
year V.30 43506539611 ? 24437027442
Other current liabilities V.31 3394971140 ? 3085773591
?????
Total current liabilities ? 115261269197 ? 90166527815
???????
The notes on pages 30 to 143 form part of these financial statements.
3BOE Technology Group Co. Ltd.
Consolidated balance sheet
as at 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Liabilities and shareholders’ equity
(continued) ? ? ? ?
?????
Non-current liabilities ? ? ? ?
Long-term loans V.32 100932391740 ? 121546339022
Lease liabilities V.33 631418986 ? 542141496
Long-term payables V.34 121077871 ? 171611393
Provisions V.35 1652566 ? 3580000
Deferred income V.36 4544617931 ? 4763051955
Deferred tax liabilities V.21 1290798747 ? 1694639729
Other non-current liabilities V.37 2648822759 ? 2500522066
?????
Total non-current liabilities ? 110170780600 ? 131221885661
??????????
Total liabilities ? 225432049797 ? 221388413476
???????????
The notes on pages 30 to 143 form part of these financial statements.
4BOE Technology Group Co. Ltd.
Consolidated balance sheet
as at 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Liabilities and shareholders’ equity
(continued) ? ? ? ?
?????
Shareholders’ equity ? ? ? ?
Share capital V.38 37645016203 ? 37652529195
Other equity instruments V.39 2043402946 ? 2043402946
Capital reserve V.40 52207573706 ? 52113580746
Less: Treasury shares V.41 1216490683 ? 462036240
Other comprehensive income V.42 (1171823864) ? (1136997224)
Specific reserve ? 139227664 ? 66472402
Surplus reserve V.43 3879754479 ? 3571778635
Retained earnings V.44 39410894857 ? 35579576607
?????
Total equity attributable to
shareholders of the Company ? 132937555308 ? 129428307067
?????
Non-controlling interests ? 71608616436 ? 68370379252
?????
Total shareholders’ equity ? 204546171744 ? 197798686319
??????????
Total liabilities and shareholders’ equity ? 429978221541 ? 419187099795
???????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company
Chairman of the Chairman of the Chief Financial The head of the stamp)
Board Executive Officer accounting
Committee department
(Signature and (Signature and (Signature and (Signature and
stamp) stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
5BOE Technology Group Co. Ltd.
Company balance sheet
as at 31 December 2024
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Assets ? ? ? ?
?????
Current assets ? ? ? ?
Cash at bank and on hand ? 4622109813 ? 4255943334
Accounts receivable XVI.1 3557166876 ? 4870413096
Prepayments ? 6440618 ? 4807079
Other receivables XVI.2 32075715118 ? 28381628538
Inventories ? 31198429 ? 19337053
Other current assets ? 143433811 ? 126758000
?????
Total current assets ? 40436064665 ? 37658887100
?????
Non-current assets ? ? ? ?
Long-term equity investments XVI.3 203191541965 ? 191109201591
Investments in other equity
instruments ? 60783163 ? 62020419
Other non-current financial assets ? 1562089931 ? 1493778324
Investment properties ? 235247956 ? 246605801
Fixed assets ? 1542132717 ? 945373523
Construction in progress ? 1262758363 ? 612320190
Right-of-use assets ? 47104764 ? 86718376
Intangible assets ? 1001523422 ? 997974193
Long-term deferred expenses ? 290214066 ? 337051031
Other non-current assets ? 320460049 ? 1740557308
?????
Total non-current assets ? 209513856396 ? 197631600756
??????????
Total assets ? 249949921061 ? 235290487856
????
The notes on pages 30 to 143 form part of these financial statements.
6BOE Technology Group Co. Ltd.
Company balance sheet
as at 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Liabilities and shareholders’ equity ? ? ? ?
?????
Current liabilities ? ? ? ?
Accounts payable ? 503922556 ? 566941531
Advance payments received ? 13140209 ? 10542897
Contract liabilities ? 719297 ? 74594
Employee benefits payable ? 453127454 ? 300267423
Taxes payable ? 310771542 ? 279057718
Other payables XVI.4 3471340673 ? 3515995979
Non-current liabilities due within one
year ? 11029129176 ? 4029679945
Other current liabilities ? 609513850 ? 77354731
?????
Total current liabilities ? 16391664757 ? 8779914818
?????
Non-current liabilities ? ? ? ?
Long-term loans XVI.5 41257600000 ? 44053100000
Lease liabilities ? 555400 ? 42482289
Deferred income ? 47137540 ? 954798900
Deferred tax liabilities ? 18162044 ? 222201768
Other non-current liabilities ? 89520793681 ? 79800793681
?????
Total non-current liabilities ? 130844248665 ? 125073376638
??????????
Total liabilities ? 147235913422 ? 133853291456
???????
The notes on pages 30 to 143 form part of these financial statements.
7BOE Technology Group Co. Ltd.
Company balance sheet
as at 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
Liabilities and shareholders’ equity
(continued) ? ? ? ?
?????
Shareholders’ equity ? ? ? ?
Share capital V.38 37645016203 ? 37652529195
Other equity instruments V.39 2043402946 ? 2043402946
Capital reserve XVI.6 51871366552 ? 51741820724
Less: Treasury shares V.41 1216490683 ? 462036240
Other comprehensive income XVI.7 (267884908) ? (296433056)
Surplus reserve V.43 3879754479 ? 3571778635
Retained earnings XVI.8 8758843050 ? 7186134196
?????
Total shareholders’ equity ? 102714007639 ? 101437196400
??????????
Total liabilities and shareholders’ equity ? 249949921061 ? 235290487856
??????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company
Chairman of the Chairman of the Chief Financial The head of the stamp)
Board Executive Officer accounting
Committee department
(Signature and (Signature and (Signature and (Signature and
stamp) stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
8BOE Technology Group Co. Ltd.
Consolidated income statement
for the year ended 31 December 2024
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
I. Operating income V.45 198380605661 ? 174543445895
?????
II. Less: Operating costs V.45 168221949573 ? 154473670036
Taxes and surcharges V.46 1296146896 ? 1132985865
Selling and distribution
expenses V.47 1995294652 ? 1896331536
General and administrative
expenses V.48 6218672130 ? 5944875540
Research and development
expenses V.49 13123309231 ? 11319503088
Financial expenses V.50 1224387370 ? 1150310546
Including: Interest expenses ? 4033259880 ? 3536889899
Interest income ? 2285948395 ? 2032287888
Add: Other income V.51 2288477566 ? 4202333156
Investment income (“-” for
losses) V.52 (540900653) ? 810709642
Including: Income from
investments in
associates and
joint ventures ? (752455175) ? 702555344
Gains from changes in fair
value V.53 522447744 ? 291542233
Credit losses V.54 (112125114) ? (18562198)
Impairment losses V.55 (3624262580) ? (2406230634)
Gains from asset disposals V.56 96175264 ? 13090386
?????
III. Operating profit ? 4930658036 ? 1518651869
?????
Add: Non-operating income V.57 216286272 ? 383996163
Less: Non-operating expenses V.57 61290675 ? 69649357
???????
The notes on pages 30 to 143 form part of these financial statements.
9BOE Technology Group Co. Ltd.
Consolidated income statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
IV. Profit before income tax ? 5085653633 ? 1832998675
?????
Less: Income tax expenses V.58 940379751 ? 1463127346
?????
V. Net profit for the year ? 4145273882 ? 369871329
?????
Shareholders of the Company ? 5323248974 ? 2547435360
Non-controlling interests ? (1177975092) ? (2177564031)
??????
The notes on pages 30 to 143 form part of these financial statements.
10BOE Technology Group Co. Ltd.
Consolidated income statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
VI. Other comprehensive income net of
tax V.42 (5776420) ? (18318697)
?????
Other comprehensive income (net of
tax) attributable to shareholders of
the Company ? (19707777) ? (114919973)
(1) Items that will not be reclassified
to profit or loss ? ? ? ?
1. Other comprehensive
income recognised under
equity method ? 45589853 ? (302258742)
2. Changes in fair value of
investments in other equity
instruments ? (35206474) ? 4408730
(2) Items that may be reclassified to
profit or loss ? ? ? ?
1. Other comprehensive
income recognised under
equity method ? - ? 38009
2. Translation differences
arising from translation of
foreign currency financial
statements ? (30091156) ? 182892030
Other comprehensive income (net of
tax) attributable to non-controlling
interests ? 13931357 ? 96601276
???????
The notes on pages 30 to 143 form part of these financial statements.
11BOE Technology Group Co. Ltd.
Consolidated income statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
VII. Total comprehensive income for the
year ? 4139497462 ? 351552632
?????
Attributable to shareholders of the
Company ? 5303541197 ? 2432515387
Attributable to non-controlling
interests ? (1164043735) ? (2080962755)
?????
VIII. Earnings per share ? ? ? ?
(1) Basic earnings per share V.59 0.14 ? 0.06
(2) Diluted earnings per share V.59 Not applicable? ? Not applicable
??????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company
Chairman of the Chairman of the Chief Financial The head of the stamp)
Board Executive Officer accounting
Committee department
(Signature and (Signature and (Signature and (Signature and
stamp) stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
12BOE Technology Group Co. Ltd.
Company income statement
for the year ended 31 December 2024
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
I. Operating income XVI.9 5558110352 ? 4708465987
?????
II. Less: Operating costs XVI.9 11459521 ? 12627567
Taxes and surcharges ? 41818720 ? 43605220
General and administrative
expenses ? 1944464914 ? 1332250430
Research and development
expenses ? 2452578625 ? 2128570079
Financial expenses ? 494390647 ? 480003968
Including: Interest expenses ? 528904973 ? 545603838
Interest income ? 39349343 ? 71059318
Add: Other income ? 955230189 ? 951291761
Investment income (“-” for losses) XVI.10 1708144852 ? 1991483354
Including: Income from
investments in
associates and joint
ventures ? (476270739) ? 429364809
Gains from changes in fair value ? 3403675 ? 49498773
Credit losses ? (80000336) ? 5490866
Gains from asset disposals ? 818 ? 5077109
?????
III. Operating profit ? 3200177123 ? 3714250586
?????
Add: Non-operating income ? 6601784 ? 3921345
Less: Non-operating expenses ? 22272166 ? 6859836
?????
IV. Profit before income tax ? 3184506741 ? 3711312095
?????
Less: Income tax expenses ? 105274860 ? 405340309
?????
V. Net profit for the year ? 3079231881 ? 3305971786
???????
The notes on pages 30 to 143 form part of these financial statements.
13BOE Technology Group Co. Ltd.
Company income statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
VI. Other comprehensive income net
of tax XVI.7 29074708 ? (295598180)
?????
(1) Items that will not be reclassified
to profit or loss ? ? ? ?
1. Other comprehensive
income recognised under
equity method ? 30126376 ? (302258742)
2. Changes in fair value of
investments in other equity
instruments ? (1051668) ? 6660562
(2) Items that may be reclassified to
profit or loss ? - ? -
?????
VII. Total comprehensive income for the
year ? 3108306589 ? 3010373606
???
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company
Chairman of the Chairman of the Chief Financial The head of the stamp)
Board Executive Officer accounting
Committee department
(Signature and (Signature and (Signature and (Signature and
stamp) stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
14BOE Technology Group Co. Ltd.
Consolidated cash flow statement
for the year ended 31 December 2024
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
I. Cash flows from operating activities: ? ? ? ?
Proceeds from sale of goods and
rendering of services ? 207177636682 ? 180947736116
Refund of taxes ? 9436155018 ? 10373888040
Proceeds from other operating
activities V.60(1) a 2601966374 ? 6145484931
?????
Sub-total of cash inflows ? 219215758074 ? 197467109087
?????
Payment for goods and services ? (139974564163) ? (129474896348)
Payment to and for employees ? (19215661123) ? (18253350198)
Payment of various taxes ? (4938746118) ? (3823925586)
Payment for other operating activities V.60(1) b (7349209291) ? (7613110071)
?????
Sub-total of cash outflows ? (171478180695) ? (159165282203)
??????????
Net cash flows generated from
operating activities V.61(1) 47737577379 ? 38301826884
??????
The notes on pages 30 to 143 form part of these financial statements.
15BOE Technology Group Co. Ltd.
Consolidated cash flow statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
II. Cash flows from investing activities: ? ? ? ?
Proceeds from disposal of investments ? 59316324819 ? 70648492540
Investment returns received ? 671568341 ? 569248170
Net proceeds from disposal of fixed
assets intangible assets and other
long-term assets ? 156338437 ? 62750260
Net proceeds from acquisition of
subsidiaries V.61(2) - ? 59293141
Proceeds from other investing
activities V.60(2) a 2485332205 ? 3940488690
?????
Sub-total of cash inflows ? 62629563802 ? 75280272801
?????
Payment for acquisition of fixed assets
intangible assets and other long-term
assets ? (34037798428) ? (24807796061)
Payment for acquisition of investments ? (61241398520) ? (79608953781)
Net payment for acquisition of
subsidiaries V.61(2) - ? (165333139)
?????
Sub-total of cash outflows ? (95279196948) ? (104582082981)
??????????
Net cash flows used in investing
activities ? (32649633146) ? (29301810180)
??????
The notes on pages 30 to 143 form part of these financial statements.
16BOE Technology Group Co. Ltd.
Consolidated cash flow statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
III. Cash flows from financing activities: ? ? ? ?
Proceeds from investors ? 4652010645 ? 3291140600
Including: Proceeds from non-
controlling shareholders of
subsidiaries ? 4652010645 ? 3291140600
Proceeds from borrowings ? 47194037263 ? 27341860631
?????
Sub-total of cash inflows ? 51846047908 ? 30633001231
??????
The notes on pages 30 to 143 form part of these financial statements.
17BOE Technology Group Co. Ltd.
Consolidated cash flow statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
III. Cash flows from financing activities
(continued): ? ? ? ?
Repayments of borrowings ? (49117270919) ? (30091893380)
Payment for redemption of
debentures ? - ? (6000000000)
Payment for dividends or interest ? (6390837882) ? (8306333083)
Including: Profits paid to non-
controlling shareholders
of subsidiaries ? (91448476) ? (72650624)
Payment for other financing activities V.60(3) a (1855318097) ? (7896143409)
?????
Sub-total of cash outflows ? (57363426898) ? (52294369872)
??????????
Net cash flows used in financing
activities ? (5517378990) ? (21661368641)
?????
IV. Effect of foreign exchange rate
changes on cash and cash
equivalents ? 341705520 ? 372295921
??????????
V. Net increase/(decrease) in cash and
cash equivalents V.61(1) b 9912270763 ? (12289056016)
?????
Add: Cash and cash equivalents at
the beginning of the year ? 52092981748 ? 64382037764
?????
VI. Cash and cash equivalents at the
end of the year V.61(3) 62005252511 ? 52092981748
??????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company
Chairman of the Chairman of the Chief Financial The head of the stamp)
Board Executive Officer accounting
Committee department
(Signature and (Signature and (Signature and (Signature and
stamp) stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
18BOE Technology Group Co. Ltd.
Company cash flow statement
for the year ended 31 December 2024
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
I. Cash flows from operating activities: ? ? ? ?
Proceeds from sale of goods and
rendering of services ? 8576350715 ? 4312367550
?Refund of taxes ? 12091 ? -
Proceeds from other operating
activities ? 458561728 ? 622801775
?????
Sub-total of cash inflows ? 9034924534 ? 4935169325
?????
Payment for goods and services ? (1041936007) ? (1098622995)
Payment to and for employees ? (1348047244) ? (1333331329)
Payment of various taxes ? (470413241) ? (433065340)
Payment for other operating
activities ? (1204371696) ? (1099330089)
?????
Sub-total of cash outflows ? (4064768188) ? (3964349753)
??????????
Net cash flows generated from
operating activities XVI.11(1) 4970156346 ? 970819572
?????
II. Cash flows from investing activities: ? ? ? ?
Proceeds from disposal of
investments ? 2807425581 ? 1200350000
Investment returns received ? 2527840286 ? 955365976
Net proceeds from disposal of fixed
assets ? 842917 ? 682093
Proceeds from other investing
activities ? 6942812478 ? 1260912332
?????
Sub-total of cash inflows ? 12278921262 ? 3417310401
???????
The notes on pages 30 to 143 form part of these financial statements.
19BOE Technology Group Co. Ltd.
Company cash flow statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
II. Cash flows from investing activities
(continued): ? ? ? ?
Payment for acquisition of fixed
assets intangible assets and other
long-term assets ? (1743031313) ? (618917399)
Payment for acquisition of
investments ? (13557349939) ? (16691342703)
Payment for other investing
activities ? (12190000000) ? (5468000000)
?????
Sub-total of cash outflows ? (27490381252) ? (22778260102)
??????????
Net cash outflow used in investing
activities ? (15211459990) ? (19360949701)
?????
III. Cash flows from financing activities: ? ? ? ?
Proceeds from borrowings ? 18520000000 ? 10000000000
Proceeds from other financing
activities ? 11220000000 ? 19830000000
?????
Sub-total of cash inflows ? 29740000000 ? 29830000000
?????
Repayments of borrowings ? (14318800000) ? (4184100000)
Payment for redemption of
debentures ? - ? (6000000000)
Payment for dividends and interest ? (2499539504) ? (3751590381)
Payment for other financing
activities ? (2517521421) ? (397385776)
?????
Sub-total of cash outflows ? (19335860925) ? (14333076157)
??????????
Net cash flows generated from
financing activities ? 10404139075 ? 15496923843
???????
The notes on pages 30 to 143 form part of these financial statements.
20BOE Technology Group Co. Ltd.
Company cash flow statement
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? Note 2024 ? 2023
?????
IV. Effect of foreign exchange rate
changes on cash and cash
equivalents ? 29846436 ? 30657074
??????????
V. Net increase/(decrease) in cash and
cash equivalents XVI.11(1) 192681867 ? (2862549212)
?????
Add: Cash and cash equivalents at
the beginning of the year ? 4249329821 ? 7111879033
?????
VI. Cash and cash equivalents at the
end of the year XVI.11(2) 4442011688 ? 4249329821
???????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company
Chairman of the Chairman of the Chief Financial The head of the stamp)
Board Executive Officer accounting
Committee department
(Signature and (Signature and (Signature and (Signature and
stamp) stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
21BOE Technology Group Co. Ltd.
Consolidated statement of changes in shareholders’ equity
for the year ended 31 December 2024
(Expressed in Renminbi Yuan)
? ? Attributable to shareholders of the Company ? ? ? ?
Other
Other equity Less: Treasury comprehensive Retained Non-controlling
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Specific reserve ? Surplus reserve ? earnings ? Sub-total ? interests ? Total
???????????????????????
I. Balance at the beginning of the year ? 37652529195 ? 2043402946 ? 52113580746 ? 462036240 ? (1136997224) ? 66472402 ? 3571778635 ? 35579576607 ? 129428307067 ? 68370379252 ? 197798686319
???????????????????????
II. Movements during the year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
1. Total comprehensive income ? - ? - ? - ? - ? (19707777) ? - ? - ? 5323248974 ? 5303541197 ? (1164043735) ? 4139497462
2. Shareholders’ contributions and decrease
of capital ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Contribution by non-controlling
interests ? - ? - ? - ? - ? - ? - ? - ? - ? - ? 4652010645 ? 4652010645
(2) Repurchase of treasury shares V.38/41 - ? - ? - ? 999872378 ? - ? - ? - ? - ? (999872378) ? - ? (999872378)
(3) Cancellation of treasury shares V.38/41 (7512992) ? - ? (9986070) ? (17499062) ? - ? - ? - ? - ? - ? ? ? -
(4) Equity-settled share-based payment XII - ? - ? 127147039 ? (227918873) ? - ? - ? - ? - ? 355065912 ? 9581064 ? 364646976
(5) Others ? - ? - ? - ? - ? - ? - ? - ? - ? - ? (10000000) ? (10000000)
3. Appropriation of profits ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Appropriation for surplus reserve V.43 - ? - ? - ? - ? - ? - ? 307923188 ? (307923188) ? - ? - ? -
(2) Accrued interest on holders of other
equity instruments V.39 - ? 70000000 ? - ? - ? - ? - ? - ? (70000000) ? - ? - ? -
(3) Payment for interest on holders of
other equity instruments V.39 - ? (70000000) ? - ? - ? - ? - ? - ? - ? (70000000) ? - ? (70000000)
(4) Distributions to shareholders V.44 - ? - ? - ? - ? - ? - ? - ? (1129073743) ? (1129073743) ? (93546479) ? (1222620222)
??????
The notes on pages 30 to 143 form part of these financial statements.
22BOE Technology Group Co. Ltd.
Consolidated statement of changes in shareholders’ equity
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
? ? Attributable to shareholders of the Company ? ? ? ?
Other
Other equity Less: Treasury comprehensive Retained Non-controlling
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Specific reserve ? Surplus reserve ? earnings ? Sub-total ? interests ? Total
???????????????????????
4. Transfers within equity ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Transfer of other comprehensive
income to retained earnings V.42/43/44 - ? - ? - ? - ? (15118863) ? - ? 52656 ? 15066207 ? - ? ? ? -
5. Specific reserve ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Appropriation during the year ? - ? - ? - ? - ? - ? 209278103 ? - ? - ? 209278103 ? 51873021 ? 261151124
(2) Utilisation during the year ? - ? - ? - ? - ? - ? (136522841) ? - ? - ? (136522841) ? (38689907) ? (175212748)
6. Others ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Other movements in equity of
associates V.11 - ? - ? 14652743 ? - ? - ? - ? - ? - ? 14652743 ? - ? 14652743
(2) Others - ? - ? (37820752) ? - ? - ? - ? - ? - ? (37820752) ? (168947425) ? (206768177)
???????????????????????
III. Balance at the end of the year ? 37645016203 ? 2043402946 ? 52207573706 ? 1216490683 ? (1171823864) ? 139227664 ? 3879754479 ? 39410894857 ? 132937555308 ? 71608616436 ? 204546171744
??????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company stamp)
Chairman of the Chairman of the Chief Financial The head of the
Board Executive Committee Officer accounting department
(Signature and (Signature and (Signature and (Signature and stamp)
stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
23BOE Technology Group Co. Ltd.
Consolidated statement of changes in shareholders’ equity
for the year ended 31 December 2023 (continued)
(Expressed in Renminbi Yuan)
? ? Attributable to shareholders of the Company ? ? ? ?
Other
Other equity Less: Treasury comprehensive Retained Non-controlling
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Specific reserve ? Surplus reserve ? earnings ? Sub-total ? interests ? Total
???????????????????????
I. Balance at the beginning of the year ? 38196363421 ? 8176366808 ? 55224885675 ? 3508201911 ? (1073768030) ? - ? 3241063934 ? 35829465307 ? 136086175204 ? 65954391821 ? 202040567025
???????????????????????
II. Movements during the year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
1. Total comprehensive income ? - ? - ? - ? - ? (114919973) ? - ? - ? 2547435360 ? 2432515387 ? (2080962755) ? 351552632
2. Shareholders’ contributions of capital ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Contribution by non-controlling
interests ? - ? - ? - ? - ? - ? - ? - ? - ? - ? 3291140600 ? 3291140600
(2) Cancellation of treasury shares V.38/41 (543834226) ? - ? (2244946976) ? (2788781202) ? - ? - ? - ? - ? - ? - ? -
(3) Equity-settled share-based payment XII - ? - ? 309120206 ? (257384469) ? - ? - ? - ? - ? 566504675 ? 22319221 ? 588823896
(4) Payment for capital of holders of other
equity instruments V.39 - ? (5967915094) ? (32084906) ? - ? - ? - ? - ? - ? (6000000000) ? - ? (6000000000)
3. Appropriation of profits ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Appropriation for surplus reserve V.43 - ? - ? - ? - ? - ? - ? 330597179 ? (330597179) ? - ? - ? -
(2) Accrued interest on holders of other
equity instruments V.39 - ? 118551232 ? - ? - ? - ? - ? - ? (118551232) ? - ? - ? -
(3) Payment for interest on holders of
other equity instruments V.39 - ? (283600000) ? - ? - ? - ? - ? - ? - ? (283600000) ? - ? (283600000)
(4) Distributions to shareholders V.44 - ? - ? - ? - ? - ? - ? - ? (2296367348) ? (2296367348) ? (106934768) ? (2403302116)
???????
The notes on pages 30 to 143 form part of these financial statements.
24BOE Technology Group Co. Ltd.
Consolidated statement of changes in shareholders’ equity
for the year ended 31 December 2023 (continued)
(Expressed in Renminbi Yuan)
? ? Attributable to shareholders of the Company ? ? ? ?
Other
Other equity Less: Treasury comprehensive Retained Non-controlling
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Specific reserve ? Surplus reserve ? earnings ? Sub-total ? interests ? Total
???????????????????????
4. Transfers within equity ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Transfer of other comprehensive
income to retained earnings V.42/43/44 - ? - ? - ? - ? 51690779 ? - ? 117522 ? (51808301) ? - ? - ? -
5. Specific reserve ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Appropriation during the year ? - ? - ? - ? - ? - ? 209367057 ? - ? - ? 209367057 ? 42370558 ? 251737615
(2) Utilisation during the year ? - ? - ? - ? - ? - ? (142894655) ? - ? - ? (142894655) ? (29280043) ? (172174698)
6. Others ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Other movements in equity of
associates - ? - ? 61662689 ? - ? - ? - ? - ? - ? 61662689 ? 1229195 ? 62891884
(2) Others - ? - ? (1205055942) ? - ? - ? - ? - ? - ? (1205055942) ? 1276105423 ? 71049481
???????????????????????
III. Balance at the end of the year ? 37652529195 ? 2043402946 ? 52113580746 ? 462036240 ? (1136997224) ? 66472402 ? 3571778635 ? 35579576607 ? 129428307067 ? 68370379252 ? 197798686319
?????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company stamp)
Chairman of the Chairman of the Chief Financial The head of the
Board Executive Committee Officer accounting department
(Signature and (Signature and (Signature and (Signature and stamp)
stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
25BOE Technology Group Co. Ltd.
Company statement of changes in shareholders’ equity
for the year ended 31 December 2024
(Expressed in Renminbi Yuan)
Other
Other equity Less: Treasury comprehensive Retained
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Surplus reserve ? earnings ? Total
?????????????????
I. Balance at the beginning of the year ? 37652529195 ? 2043402946 ? 51741820724 ? 462036240 ? (296433056) ? 3571778635 ? 7186134196 ? 101437196400
II. Movements during the year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
1. Total comprehensive income ? - ? - ? - ? - ? 29074708 ? - ? 3079231881 ? 3108306589
2. Shareholders’ contributions of capital ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Repurchase of treasury shares V.41 - ? - ? - ? 999872378 ? - ? - ? - ? (999872378)
(2) Cancellation of treasury shares V.38/41 (7512992) ? - ? (9986070) ? (17499062) ? - ? - ? - ? -
(3) Equity-settled share-based payment XII - ? - ? 136728103 ? (227918873) ? - ? - ? - ? 364646976
3. Appropriation of profits ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Appropriation for surplus reserve V.43 - ? - ? - ? - ? - ? 307923188 ? (307923188) ? -
(2) Accrued interest on holders of other equity
instruments V.39 - ? 70000000 ? - ? - ? - ? - ? (70000000) ? -
(3) Payment for interest on holders of other
equity instruments V.39 - ? (70000000) ? - ? - ? - ? - ? - ? (70000000)
(4) Distributions to shareholders V.44 - ? - ? - ? - ? - ? - ? (1129073743) ? (1129073743)
???????
The notes on pages 30 to 143 form part of these financial statements.
26BOE Technology Group Co. Ltd.
Company statement of changes in shareholders’ equity
for the year ended 31 December 2024 (continued)
(Expressed in Renminbi Yuan)
Other
Other equity Less: Treasury comprehensive Retained
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Surplus reserve ? earnings ? Total
?????????????????
4. Transfers within equity ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Transfer of other comprehensive income to
retained earnings XVI.9/10 - ? - ? - ? - ? (526560) ? 52656 ? 473904 ? -
5. Others ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Other movements in equity of associates XVI.3 - ? - ? 2698287 ? - ? - ? - ? - ? 2698287
(2) Others - ? - ? 105508 - ? - - ? - ? 105508
?????????????????
III. Balance at the end of the year ? 37645016203 ? 2043402946 ? 51871366552 ? 1216490683 ? (267884908) ? 3879754479 ? 8758843050 ? 102714007639
??????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company stamp)
Chairman of the Chairman of the Chief Financial The head of the
Board Executive Committee Officer accounting department
(Signature and (Signature and (Signature and (Signature and stamp)
stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
27BOE Technology Group Co. Ltd.
Company statement of changes in shareholders’ equity
for the year ended 31 December 2023 (continued)
(Expressed in Renminbi Yuan)
Other
Other equity Less: Treasury comprehensive Retained
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Surplus reserve ? earnings ? Total
?????????????????
I. Balance at the beginning of the year ? 38196363421 ? 8176366808 ? 53693627213 ? 3508201911 ? 340345 ? 3241063934 ? 6624620470 ? 106424180280
?????????????????
II. Movements during the year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
1. Total comprehensive income ? - ? - ? - ? - ? (295598180) ? - ? 3305971786 ? 3010373606
2. Shareholders’ contributions of capital ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Cancellation of treasury shares V.38/41 (543834226) ? - ? (2244946976) ? (2788781202) ? - ? - ? - ? -
(2) Equity-settled share-based payment XII - ? - ? 331439427 ? (257384469) ? - ? - ? - ? 588823896
(3) Payment for capital of holders of other
equity instruments V.39 - ? (5967915094) ? (32084906) ? - ? - ? - ? - ? (6000000000)
3. Appropriation of profits ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Appropriation for surplus reserve V.43 - ? - ? - ? - ? - ? 330597179 ? (330597179) ? -
(2) Accrued interest on holders of other equity
instruments V.39 - ? 118551232 ? - ? - ? - ? - ? (118551232) ? -
(3) Payment for interest on holders of other
equity instruments V.39 - ? (283600000) ? - ? - ? - ? - ? - ? (283600000)
(4) Distributions to shareholders V.44 - ? - ? - ? - ? - ? - ? (2296367348) ? (2296367348)
???????
The notes on pages 30 to 143 form part of these financial statements.
28BOE Technology Group Co. Ltd.
Company statement of changes in shareholders’ equity
for the year ended 31 December 2023 (continued)
(Expressed in Renminbi Yuan)
Other
Other equity Less: Treasury comprehensive Retained
? Note Share capital ? instruments ? Capital reserve ? shares ? income ? Surplus reserve ? earnings ? Total
?????????????????
4. Transfers within equity ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Transfer of other comprehensive income to
retained earnings XVI.7/8 - ? - ? - ? - ? (1175221) ? 117522 ? 1057699 ? -
5. Others ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
(1) Other movements in equity of associates XVI.3/6 - ? - ? (6214034) ? - ? - ? - ? - ? (6214034)
?????????????????
III. Balance at the end of the year ? 37652529195 ? 2043402946 ? 51741820724 ? 462036240 ? (296433056) ? 3571778635 ? 7186134196 ? 101437196400
?????
These financial statements were approved by the Board of Directors on 18 April 2025.Chen Yanshun Feng Qiang Yang Xiaoping Xu Yaxiao (Company stamp)
Chairman of the Chairman of the Chief Financial The head of the
Board Executive Committee Officer accounting department
(Signature and (Signature and (Signature and (Signature and stamp)
stamp) stamp) stamp)
The notes on pages 30 to 143 form part of these financial statements.
29BOE Technology Group Co. Ltd.
Notes to the financial statements
(Expressed in Renminbi Yuan unless otherwise indicated)
I. Company status
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 the Company’s ultimate holding company is Beijing Electronics Holdings Co.Ltd. (“Beijing Electronics Holdings”).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.II. Basis of preparation
The financial statements have been prepared on a going concern basis.III. Significant accounting policies and accounting 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 2024 and the
consolidated and company financial performance and cash flows of the Company for the
year then ended.These financial statements also comply with the disclosure requirements of “Regulation onthe Preparation of Information Disclosures by Companies Issuing Securities No.15: GeneralRequirements for Financial Reports” as revised by the China Securities Regulatory
Commission (“CSRC”) in 2023.
2 Accounting period
The accounting period is from 1 January to 31 December.
30BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.
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 Amount of the individual accounts receivable ≥
provisions for bad and doubtful are
RMB50 million
individually assessed recoveries or
reversals and written-offs
Significant prepayments contract Amount of the individual items exceeds 0.5% of the
liabilities accounts payable and other Group’s total assets
payables with ageing of more than
one year
Significant construction projects in Carrying amount of individual item at the end of the
progress period exceeds RMB10 billion
Significant non-wholly-owned Total assets of non-wholly-owned subsidiaries
subsidiaries joint ventures or carrying amount of long-term equity investments in
associates individual investee exceed 10% of the Group’s total
assets; or total revenue of non-wholly-owned
subsidiaries exceed 10% of the Group’s total revenue
Significant capitalised research and Accumulated expenditure of individual R&D project
development projects exceeds 0.5% of the Group’s total assets
?
6 Accounting treatments for business combinations involving entities under common control
and not under common control
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.
31BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.
(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 Criteria of control and preparation of 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.
32BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.
(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 translation of foreign currency financial statements
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.
33BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.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.
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”).
34BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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:
- 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.
35BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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
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.
36BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.
37BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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 bills receivable accounts receivable receivables under 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 bills receivable accounts receivable receivables under 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.
38BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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
??
Bills receivable Based on the different credit risk characteristics of acceptors the Group
classifies bills receivable into two groups: bank acceptance bills and
commercial acceptance bills.Accounts Historically there is no significant difference in terms of occurrence of
receivable 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 under The Group’s receivables under financing are bank acceptance bills held
financing for dual purposes. As the accepting banks have high credit ratings the
Group considers all receivables under 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.
39BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.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.
40BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.
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.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.
41BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.- 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.
42BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.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).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. 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.Unrealised profits and losses resulting from transactions between the Group and its
associates or joint ventures are eliminated to the extent of the Group’s interest in the
associates or joint ventures. Unrealised losses resulting from transactions between the
Group and its associates or joint ventures are eliminated in the same way as
unrealised gains unless they represent impairment losses that are recognised in full in
the financial statements.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.
43BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.
13 Investment properties
Investment properties are properties held either to earn rental income or for capital
appreciation or both. 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 Residual value rate Depreciation rate
? life (years) ? (%) ? (%)
??????
Land use rights 32 - 50 years ? 0.0% ? 2.0% - 3.1%
Buildings 20 - 40 years ? 0% - 10.0% ? 2.3% - 5.0%
???????
14 Fixed assets
(1) Recognition of fixed assets
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.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 carrying amount 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.
44BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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% - 10% ? 1.8% - 9.7%
Equipment 2 - 25 years ? 0 - 10% ? 3.6% - 50%
Others 2 - 10 years ? 0 - 10% ? 9.0% - 50%
??????
Useful lives estimated residual values and depreciation methods are reviewed at least at
each year-end.
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
Plant and buildings available for its intended use
Installation and commissioning are
qualified and be available for its intended
Machinery and equipment 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.
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.
45BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.
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).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.
46BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.
(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).
47BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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
Item period (years)
??
Payment for public facilities construction and use 10 - 15 years
Leasehold improvements 2 - 10 years
Others 2 - 10 years
??????
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.
48BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.
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.
49BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
23 Share-based payments
(1) Classification of share-based payments
Share-based payment transactions in the Group are equity-settled share-based payments.
(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 recognition
Revenue is the gross inflow of economic benefits arising in the course of the Group’s
ordinary activities when the inflows result in increases in shareholders’ equity other than
increases relating to contributions from shareholders.Revenue is recognised when the Group satisfies the performance obligation in a contract by
transferring control over relevant goods or services to the customers.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.
50BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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 accounts for the warranty in
accordance with the requirements of CAS 13 – Contingencies.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.
51BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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 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 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)
52BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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 delivered and 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.
53BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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; and
- 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; less
- 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.
54BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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) Post-employment benefits – defined benefit plans
During the reporting period the Group did not have defined benefit plans.
(4) 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.
55BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.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.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.
56BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.Deferred tax is not recognised for temporary differences arising from the initial recognition of
assets or liabilities in a single transaction that is not a business combination affects neither
accounting profit nor taxable profit (or deductible loss) and does not give rise to equal taxable
and deductible temporary differences. Deferred tax is also not recognised for taxable
temporary differences arising from the initial recognition of goodwill.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.The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is
reduced to the extent that it is no longer probable that the related tax benefits will be utilised.Such reductions are reversed to the extent that it becomes probable that sufficient taxable
profits will be available.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.
57BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
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.The right-of-use asset is depreciated 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.Under the following circumstances after the lease commencement date the Group
remeasures lease liabilities based on the present value of revised lease payments:
- 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.
58BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(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.
31 Assets held for sale and discontinued operations
(1) 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.
59BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) 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.
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 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.
60BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
35 Significant accounting estimates and judgements
The preparation of financial statements requires management to make estimates and
assumptions that affect the application of accounting policies and the reported amounts of
assets liabilities income and expenses. Actual results may differ from these estimates.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.Except for accounting estimates relating to depreciation and amortisation of assets such as
fixed assets and intangible assets (see Notes III.14 and 17) and provision for impairment of
various types of assets (see Notes V.4 6 7 8 10 14 15 16 and 18). Other significant
accounting estimates are as follows:
(i) Note V.21: Recognition of deferred tax assets;
(ii) Note V.31: Warranty provisions;
(iii) Note X: Valuation of fair value of financial instruments; and
(iv) Note XII: Share-based payments.Significant judgements made by the Group in the application of accounting policies are as
follows:
(i) Note VIII. 1(1): Disclosure of significant judgements and assumptions of control and
exercising significant influence over other entities.
36 Changes in significant accounting policies
(1) Description of and reasons for changes in accounting policies
In 2024 the Group has adopted the following revised accounting requirements and guidance
under CASs newly issued by the Ministry of Finance (“MOF”).- Classification of Liabilities as Current or Non-current” in CAS Bulletin No. 17 (Caikuai
[2023] No. 21) (“CAS Bulletin No. 17”);
- The Accounting Treatment of Assurance-type Warranty that is not a Single PerformanceObligation” CAS Bulletin No. 18 (Caikuai [2024] No. 24) (“CAS Bulletin No. 18”).(a) Main effects of the Group’s adoption of the above requirements and guidance
(i) Requirements on the Classification of Liabilities as Current or Non-current
According to CAS Bulletin No. 17 only the Group’s substantive right to defer thesettlement of liabilities for more than one year after the balance sheet date (“theright to defer the settlement of liabilities”) is considered when classifying the
liquidity of liabilities; the subjective possibility of exercising the above right is not
considered.
61BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
For liabilities arising from the Group’s loan arrangements if the Group’s right to
defer the settlement of liabilities is subject to compliance with covenants specified
in the loan arrangements (“covenants”) only the covenants on or before the
balance sheet date when classifying the liquidity of liabilities are considered; the
effect of covenants after the balance sheet date is not considered.If the Group settles its liabilities by delivering its own equity instruments at the
option of the counterparty and classifies the above options as equity instruments
and recognises them separately as the equity component of a compound
financial instrument in accordance with CAS 37- Presentation of Financial
Instruments there will be no effect on the classification of the liquidity of the
liabilities. However there will be effects on the classification if the above options
cannot be classified as equity instruments.The adoption of this requirement does not have a significant effect on the
financial position and financial performance of the Group.(ii) Presentation of Assurance-type Warranty Expenses
According to CAS Bulletin No. 18 the Group has presented assurance-typewarranty expenses accrued by the Group as “operating cost from principalactivities” and no longer as “selling and distribution expenses”.The Group has adjusted comparative information retrospectively.(b) The effects on the financial statements
The effects on each of the line items in the consolidated income statement for the year
2024 are as follows:
Increase/
(decrease) in the
line items as a
result of applying
new accounting
? ? policies
? ? The Group
???
Operating costs ? 2144172010
Selling and distribution expenses ? (2144172010)
???
62BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(c) The effects on the comparative financial statements
The effects on each of the line items in the consolidated income statement for the year
ended 31 December 2023 are as follows:
? The Group
Before The amounts of
? adjustments ? adjustments ? After adjustments
??????
Operating costs 152633061367 ? 1840608669 ? 154473670036
Selling and distribution expenses 3736940205 ? (1840608669) ? 1896331536
?
IV. Taxation
1 Main types of taxes and corresponding tax rates
Tax type ? Tax basis ? Tax rate
?????
Value-added tax ? According to tax laws output VAT is calculated 6%，9%，13%(VAT) on product 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 7%，5%maintenance for the period
and construction
tax ?
Education ? Based on VAT paid VAT exemption and offset 3%，2%surcharges and for the period
local education
surcharges ?
Corporate income ? Based on taxable profits 15% - 30%
tax ?
??????
2 Corporate income tax
The income tax rate applicable to the Company for the year is 15% (2023: 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.Except that 32 subsidiaries such as Beijing BOE Optoelectronics Technology Co. Ltd. are
applicable to high-tech enterprise tax preference 6 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%.
63BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
V. Notes to the consolidated financial statements
1 Cash at bank and on hand
?2024?2023
RMB/ RMB/
? RMB equivalents ? RMB equivalents
????
Cash on hand 1528764 ? 802967
Deposits with banks 72723894478 ? 70593964639
Other monetary funds 1527201973 ? 1872625112
????
Total 74252625215 ? 72467392718
???????
Including: Total overseas deposits were equivalent to RMB6539879671 (2023:
RMB6120969123).As at 31 December 2024 other monetary funds included deposits with securities companies
by the Group amounting to RMB85440549 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 RMB595018149 was pledged
for issuance of bills payable and an equivalent to RMB846743275 was mainly deposits in
commercial banks as security.
2 Financial assets held for trading
31 December 31 December
Item 2024 ? 2023
????
Financial assets at fair value through profit or loss ? ? ?
- Structured deposit and wealth management
products 2779828500 ? 7476126776
- Investment in equity instruments 336607463 ? 279837719
????
Total 3116435963 ? 7755964495
???????
3 Bills receivable
(1) Classification of bills receivable
31 December 31 December
Item ? 2024 ? 2023
?????
Bank acceptance bills ? 324870516 ? 342699932
Commercial acceptance bills ? 13218845 ? 32896723
?????
Sub-total ? 338089361 ? 375596655
?????
Less: Provision for bad and doubtful debts ? 29578 ? 19644
?????
Total ? 338059783 ? 375577011
???????
All of the above bills are due within one year.
64BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) The pledged bills receivable of the Group at the end of the year
Pledged amount
at the end of the
Item year
??
Bank acceptance bills 36842766
???
(3) Outstanding endorsed or discounted bills that have not matured at the end of the year
Item 2024 ? 2024
Amount Amount not
? derecognised ? derecognised
????
Bank acceptance bills - ? 208268859
Commercial acceptance bills - ? 1001051
????
Total - ? 209269910
???????
For the year ended 31 December 2024 there was no amount transferred to accounts
receivable from bills receivable due to non-performance of the issuers of the Group (2023:
Nil).
(4) Bills receivable by provisioning method
? 31 December 2024
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Bank acceptance bills group 324870516 ? 96% ? - ? 0% ? 324870516
- Commercial acceptance bills group 13218845 ? 4% ? 29578 ? 0% ? 13189267
??????????
Total 338089361 ? 100% ? 29578 ? 0% ? 338059783
???
(5) Movements of provisions for bad and doubtful debts
?2024
Commercial
? acceptance bills
??
Balance at the beginning of the year 19644
Additions during the year 29578
Recoveries or reversals during the year (19644)
Written-off during the year -
??
Balance at the end of the year 29578
???
65BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
4 Accounts receivable
(1) The Group’s accounts receivable are as follows:
31 December 31 December
Item ? 2024 ? 2023
?????
Accounts receivable ? 36567098415 ? 33500667967
Less: Provision for bad and doubtful debts ? 228899211 ? 135251477
?????
Total ? 36338199204 ? 33365416490
?
(2) The ageing analysis of accounts receivable is as follows:
31 December 31 December
??2024?2023
?????
Within 1 year (inclusive) ? 35533315993 ? 32716203140
Over 1 year but within 2 years (inclusive) ? 493435884 ? 350015788
Over 2 years but within 3 years (inclusive) ? 228715579 ? 191517633
Over 3 years ? 311630959 ? 242931406
?????
Sub-total ? 36567098415 ? 33500667967
?????
Less: Provision for bad and doubtful debts ? 228899211 ? 135251477
?????
Total ? 36338199204 ? 33365416490
???????
The ageing is counted starting from the date when accounts receivable are recognised.
(3) Accounts receivable by provisioning method
? 31 December 2024
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
- Customers with high credit risk 57435774 ? 0% ? 33528866 ? 58% ? 23906908
- Customers with low credit risk 603585563 ? 2% ? - ? 0% ? 603585563
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Customers with medium credit risk 35906077078 ? 98% ? 195370345 ? 1% ? 35710706733
??????????
Total 36567098415 ? 100% ? 228899211 ? 1% ? 36338199204
???????
? 31 December 2023
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
- Customers with high credit risk 24192778 ? 0% ? 21753190 ? 90% ? 2439588
- Customers with low credit risk 799508925 ? 2% ? - ? 0% ? 799508925
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Customers with medium credit risk 32676966264 ? 98% ? 113498287 ? 0% ? 32563467977
??????????
Total 33500667967 ? 100% ? 135251477 ? 0% ? 33365416490
??????
66BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(a) Criteria for collective assessment and details:
Customer group Basis
??
With special matters litigations or the
Customers with high credit risk deterioration of customers’ credit status
Banks insurance companies large state-
Customers with low credit risk owned 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.
(4) Movements of provisions for bad and doubtful debts:
?2024
Customers with Customers with Customers with
? high credit risk ? low credit risk ? medium credit risk ? Total
????????
Balance at the beginning of the year 21753190 ? - ? 113498287 ? 135251477
Additions during the year 14498238 ? - ? 106227398 ? 120725636
Recoveries during the year (2440317) ? - ? (11960332) ? (14400649)
Written-off during the year (298185) ? - ? (13440498) ? (13738683)
Foreign currency translation differences 15940 ? - ? 1045490 ? 1061430
????????
Balance at the end of the year 33528866 ? - ? 195370345 ? 228899211
???????
?2023
Customers with Customers with Customers with
? high credit risk ? low credit risk ? medium credit risk ? Total
????????
Balance at the beginning of the year 59921373 ? - ? 59958424 ? 119879797
Additions during the year 4972817 ? - ? 71147926 ? 76120743
Recoveries during the year (43645120) ? - ? (17261740) ? (60906860)
Written-off during the year (68126) ? - ? (213525) ? (281651)
Foreign currency translation differences 572246 ? - ? (132798) ? 439448
????????
Balance at the end of the year 21753190 ? - ? 113498287 ? 135251477
???
(5) 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 RMB16571292900 representing 45.14% of the total accounts receivable
and contract assets.
67BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
5 Receivables under financing
(1) Receivables under financing by category
31 December 31 December
Item ? 2024 ? 2023
?????
Bank acceptance bills ? 472537400 ? 408534622
???
(2) Receivables under financing that are endorsed or discounted but have not matured at the
end of the year:
Item 2024 ? 2024
Amount Amount not
? derecognised ? derecognised
????
Bank acceptance bills 683496249 ? -
???
6 Prepayments
(1) The Group’s prepayments by category:
31 December 31 December
??2024?2023
?????
Prepayment for electricity water gas and
power ? 284648237 ? 238019515
Prepayment for inventory ? 225583907 ? 202223873
Others ? 124250080 ? 118416392
?????
Total ? 634482224 ? 558659780
???????
(2) The ageing analysis of prepayments is as follows:
? 31 December 2024 ? 31 December 2023
Ageing Amount ? Percentage (%) ? Amount ? Percentage (%)
????????
Within 1 year (inclusive) 561764216 ? 89% ? 478067697 ? 86%
Over 1 year but within 2 years (inclusive) 15640256 ? 2% ? 22099954 ? 4%
Over 2 years but within 3 years (inclusive) 3945077 ? 1% ? 53855290 ? 9%
Over 3 years 53132675 ? 8% ? 4636839 ? 1%
????????
Total 634482224 ? 100% ? 558659780 ? 100%
???????
The ageing is counted starting from the date when prepayments are recognised.The total of the five largest prepayments of the Group at the end of the year is
RMB226268106 representing 36% of the total prepayments.
68BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
7 Other receivables
31 December 31 December
? Note 2024 ? 2023
?????
Dividends receivable 55028131 ? -
Others (1) 757843390 ? 726659207
?????
Total ? 812871521 ? 726659207
?
(1) Others
(a) The Group’s other payables are as follows:
31 December 31 December
Item ? 2024 ? 2023
?????
Other receivables ? 776708135 ? 739769833
Less: Provision for bad and doubtful
debts ? 18864745 ? 13110626
?????
Total ? 757843390 ? 726659207
?
(b) The ageing analysis of the Group’s other receivables is as follows:
31 December 31 December
??2024?2023
?????
Within 1 year (inclusive) ? 357915532 ? 330573576
Over 1 year but within 2 years (inclusive) ? 118793438 ? 121561167
Over 2 years but within 3 years
(inclusive) ? 19227857 ? 40445484
Over 3 years ? 280771308 ? 247189606
?????
Sub-total ? 776708135 ? 739769833
?????
Less: Provision for bad and doubtful
debts ? 18864745 ? 13110626
?????
Total ? 757843390 ? 726659207
???????
The ageing is counted starting from the date when other receivables are recognised.
69BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(c) Other receivables by provisioning method
? 31 December 2024
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
- Amounts with high credit risk 18297151 ? 2% ? 18297151 ? 100% ? -
- Amounts with low credit risk 689364770 ? 89% ? - ? 0% ? 689364770
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Amounts with medium credit
risk 69046214 ? 9% ? 567594 ? 1% ? 68478620
??????????
Total 776708135 ? 100% ? 18864745 ? 2% ? 757843390
???????
? 31 December 2023
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
- Amounts with high credit risk 12515014 ? 2% ? 12515014 ? 100% ? -
- Amounts with low credit risk 705496057 ? 95% ? - ? 0% ? 705496057
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Amounts with medium credit
risk 21758762 ? 3% ? 595612 ? 3% ? 21163150
??????????
Total 739769833 ? 100% ? 13110626 ? 2% ? 726659207
??????
(d) Movements of provisions for bad and doubtful debts
?2024?2023
? Stage 1 ? Stage 2 ? Stage 3 ? ? ? Stage 1 ? Stage 2 ? Stage 3 ? ?
Lifetime ECL - Lifetime ECL -
Not credit Lifetime ECL - Not credit Lifetime ECL -
? 12-month ECL ? impaired ? Credit impaired ? Total ? 12-month ECL ? impaired ? Credit impaired ? Total
????????????????
Balance at the
beginning of the
year 131167 ? 464445 ? 12515014 ? 13110626 ? 9822 ? 6947 ? 10595616 ? 10612385
Additions during the
year 462980 ? 100000 ? 8885942 ? 9448922 ? 131167 ? 464145 ? 3084758 ? 3680070
Reversals during
the year (31754) ? (559244) ? (3067731) ? (3658729) ? (9822) ? (6647) ? (334930) ? (351399)
Written-off during
the year - ? - ? (32177) ? (32177) ? - ? - ? (841937) ? (841937)
Other changes - ? - ? (3897) ? (3897) ? - ? - ? 11507 ? 11507
????????????????
Balance at the end
of the year 562393 ? 5201 ? 18297151 ? 18864745 ? 131167 ? 464445 ? 12515014 ? 13110626
???????
70BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(e) The other receivables categorised by nature
31 December 31 December
Nature of other receivables ? 2024 ? 2023
?????
Amount due from equity transfer ? 200000000 ? 200000000
Margins and deposits Note 394212834 ? 398335916
Others ? 182495301 ? 141433917
?????
Sub-total ? 776708135 ? 739769833
?????
Less: Provision for bad and doubtful
debts ? 18864745 ? 13110626
?????
Total ? 757843390 ? 726659207
???????
Note: As at 31 December 2024 an equivalent to RMB220917503 (2023:
RMB217669078) of the margins and deposits mainly represented production
capacity deposits paid by the Group to suppliers.(f) Five largest other receivables by debtor at the end of the year
The total of five largest other receivables of the Group at the end of the year was
RMB475484404 most of which were deposits and amounts due from equity transfer.No provision is made for bad and doubtful debts after assessment.
8 Inventories
(1) The Group’s inventories by category:
? 31 December 2024 ? 31 December 2023
Provision for Provision for
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
? Book value ? customer ? Carrying amount ? Book value ? customer ? Carrying amount
????????????
Raw materials 8973042046 ? 1763382653 ? 7209659393 ? 9443911152 ? 2189991288 ? 7253919864
Work in progress 5803359611 ? 1104535176 ? 4698824435 ? 5564254528 ? 1144952516 ? 4419302012
Finished goods 15066294957 ? 3954314368 ? 11111980589 ? 16215828399 ? 4056038972 ? 12159789427
Consumables 209462591 ? 677753 ? 208784838 ? 189084809 ? - ? 189084809
Costs to fulfil a contract with a customer 84215137 ? - ? 84215137 ? 97571213 ? - ? 97571213
????????????
Total 30136374342 ? 6822909950 ? 23313464392 ? 31510650101 ? 7390982776 ? 24119667325
???????
The Group’s year-end balance of inventories included no capitalised borrowing costs (2023:
Nil).At the year end no inventories were pledged as security by the Group (2023: Nil).
71BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) An analysis of provision for impairment of inventories of the Group is as follows:
Balance at the
beginning of the Additions during Reductions during Balance at the
? year ? the year ? the year ? end of the year
????????
Raw materials 2189991288 ? 1169380689 ? (1595989324) ? 1763382653
Work in progress 1144952516 ? 845365942 ? (885783282) ? 1104535176
Finished goods 4056038972 ? 4235259606 ? (4336984210) ? 3954314368
Consumables - ? 1563667 ? (885914) ? 677753
????????
Total 7390982776 ? 6251569904 ? (6819642730) ? 6822909950
???????
9 Contract assets
31 December
?2024
??
Balance at the beginning of the year 96528397
??
Transfers from contract assets recognised at the beginning of the period
to receivables (93653977)
Increase in contract assets resulting from no unconditional right obtained 148773456
??
Sub-total 151647876
??
Less: Provision for bad and doubtful debts 776390
??
Balance at the end of the year 150871486
??????
10 Other current assets
31 December 31 December
??2024?2023
?????
VAT on tax credits ? 2960415267 ? 2512924348
Input tax to be verified or deducted ? 503287770 ? 291415443
Prepaid income taxes ? 112183664 ? 166028954
Right to recover returned goods ? 166513664 ? 140814527
Others ? 211607620 ? 197155659
?????
Total ? 3954007985 ? 3308338931
???????
72BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
11 Long-term equity investments
(1) The Group’s long-term equity investments by category:
?2024?2023
????
Investments in joint ventures 404709071 ? 400375826
Investments in associates 14302954512 ? 14392984350
????
Sub-total 14707663583 ? 14793360176
????
Less: Provision for impairment 1174392281 ? 1061663549
????
Total 13533271302 ? 13731696627
???????
73BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Movements of long-term equity investments during the year are as follows:
? ? ? Movements during the year ? ?
Declared
Balance at the Investment (loss) Other distribution of
beginning of the Additions during Reductions /income under comprehensive Other equity cash dividends or Balance at the
Investee year ? the year ? during the year ? equity method ? income ? movements ? profits ? Others ? end of the year
??????????????????
Joint ventures 400375826 ? - ? - ? 4333196 ? - ? - ? - ? 49 ? 404709071
??????????????????
Associates ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
VusionGroup SA(formely named “SES Imagotag SA Co.Ltd.”) 5092823075 ? - ? - ? (119593271) ? - ? - ? (35644762) ? (47286405) ? 4890298637
Erdos BOE Energy Investment Co. Ltd. 1808344074 ? - ? - ? (2815116) ? - ? 170648 ? - ? - ? 1805699606
Tianjin Xianzhilian Investment Centre (Limited
Partnership) 1875744723 ? - ? (52025505) ? (132876372) ? - ? - ? (928314) ? - ? 1689914532
Beijing Xindongneng Investment Fund
(Limited Partnership) 1864768203 ? - ? - ? (501218917) ? 6032979 ? - ? (447573615) ? - ? 922008650
Others 3751304275 ? 1261298345 ? (2207044) ? (41325466) ? 40461820 ? 17001150 ? (35716235) ? 4216242 ? 4995033087
??????????????????
Sub-total 14392984350 ? 1261298345 ? (54232549) ? (797829142) ? 46494799 ? 17171798 ? (519862926) ? (43070163) ? 14302954512
????????????????????????????????????
Total 14793360176 ? 1261298345 ? (54232549) ? (793495946) ? 46494799 ? 17171798 ? (519862926) ? (43070114) ? 14707663583
??????????????????
Less: Provision for impairment 1061663549 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 1174392281
??????????????????
Total 13731696627 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 13533271302
????
As at 31 December 2024 certain associates invested by the Group suffered loss and the Group did not have an obligation to assume additional
losses. Therefore the Company 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 RMB11456900 (2023: RMB27004563).
74BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
12 Investments in other equity instruments
(1) Investments in other equity instruments:
? ? ? Movements during the year ? ? ? ? ? ?
Gains or losses Accumulated
recognised in gains or losses
other recognised in
comprehensive other
Balance at the income during Dividend income comprehensive
beginning of the Increase in Decrease in the year Balance at the recognised for income
Item year ? investments ? investments ? (“-” for losses) ? Others ? end of the year ? the year ? (“-” for losses)
????????????????
Listed equity instrument investment 169355368 ? - ? - ? 52072670 ? 36130330 ? 257558368 ? 15162882 ? (125489785)
Unlisted equity instruments investment 325274209 ? 609769 ? (9248192) ? (82099706) ? (50722633) ? 183813447 ? 18038273 ? (102869917)
????????????????
Total 494629577 ? 609769 ? (9248192) ? (30027036) ? (14592303) ? 441371815 ? 33201155 ? (228359702)
???
75BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Investments derecognised during the year:
Accumulated gains Accumulated
transferred to losses transferred
retained earnings to retained
due to earnings due to Reason for
Item derecognition ? derecognition ? derecognition
??????
Transfers out from
Ceribell INC 14592303 ? - ? disposal
???
13 Other non-current financial assets
Item 2024 ? 2023
????
Financial assets at fair value through profit or loss 2735680042 ? 2253778325
Including: Investments in equity instruments 2735680042 ? 2253778325
?????
14 Investment properties
Construction in
? ? Land use rights ? Buildings ? progress ? Total
?????????
Cost ? ? ? ? ? ? ? ?
Balance at the beginning of the
year ? 785342177 ? 1130308269 ? 100475150 ? 2016125596
Additions during the year ? ? ? ? ? ? ? ?
- Purchases ? - ? 7195133 ? 48827787 ? 56022920
- Transfers from fixed assets ? - ? 427786123 ? - ? 427786123
Disposals during the year ? - ? (6270121) ? - ? (6270121)
Other changes ? - ? 149302937 ? (149302937) ? -
?????????
Balance at the end of the year ? 785342177 ? 1708322341 ? - ? 2493664518
?????????
Less: Accumulated depreciation or
amortisation ? ? ? ? ? ? ? ?
Balance at the beginning of the
year ? 195861681 ? 407710469 ? - ? 603572150
Additions during the year ? ? ? ? ? ? ? ?
- Charge for the year ? 16392531 ? 56926073 ? - ? 73318604
- Transfers from fixed assets ? - ? 70036824 ? - ? 70036824
Disposals during the year ? - ? (4452800) ? - ? (4452800)
?????????
Balance at the end of the year ? 212254212 ? 530220566 ? - ? 742474778
??????????????????
Carrying amount ? ? ? ? ? ? ? ?
At the end of the year ? 573087965 ? 1178101775 ? - ? 1751189740
?????????
At the beginning of the year ? 589480496 ? 722597800 ? 100475150 ? 1412553446
???????
76BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
15 Fixed assets
(1) Analysis of the Group’s fixed assets are as follows:
Plant and
Item buildings ? Equipment ? Others ? Total
????????
Cost ? ? ? ? ? ? ?
Balance at the beginning of the year 75988186206 ? 321291899960 ? 14562205110 ? 411842291276
Additions during the year ? ? ? ? ? ? ?
- Purchases 16141913 ? 788778243 ? 1473007248 ? 2277927404
- Transfers from construction in
progress 3724603362 ? 24495775553 ? 1747401008 ? 29967779923
Transfers to investment properties (427786123) ? - ? - ? (427786123)
Transfers to construction in progress - ? (607182082) ? (142127990) ? (749310072)
Disposals or written-offs during the year (40795055) ? (504619197) ? (233948748) ? (779363000)
Written-down against government
interest discounts - ? (10426505) ? - ? (10426505)
Translation differences 768399 ? (64866054) ? 86070 ? (64011585)
????????
Balance at the end of the year 79261118702 ? 345389359918 ? 17406622698 ? 442057101318
????????
Less: Accumulated depreciation ? ? ? ? ? ? ?
Balance at the beginning of the year 12031057846 ? 177593093857 ? 9837849835 ? 199462001538
Charge for the year 2167108633 ? 32345754147 ? 2435926437 ? 36948789217
Transfers to investment properties (70036824) ? - ? - ? (70036824)
Transfers to construction in progress - ? (392050352) ? (117486322) ? (509536674)
Disposals or written-offs during the year (23890897) ? (465768387) ? (184227907) ? (673887191)
Translation differences 1288806 ? (59933269) ? (1216455) ? (59860918)
????????
Balance at the end of the year 14105527564 ? 209021095996 ? 11970845588 ? 235097469148
????????
Less: Provision for impairment ? ? ? ? ? ? ?
Balance at the beginning of the year 34480 ? 1738196473 ? 270582261 ? 2008813214
Additions during the year ? ? ? ? ? ? ?
- Charge for the year 3351802 ? 142324506 ? 9954412 ? 155630720
- Others 817463 ? - ? - ? 817463
Transfers to construction in progress - ? (42346919) ? (12861390) ? (55208309)
Disposals or written-offs during the year - ? (25414907) ? (29425522) ? (54840429)
????????
Balance at the end of the year 4203745 ? 1812759153 ? 238249761 ? 2055212659
????????????????
Carrying amount ? ? ? ? ? ? ?
At the end of the year 65151387393 ? 134555504769 ? 5197527349 ? 204904419511
????????
At the beginning of the year 63957093880 ? 141960609630 ? 4453773014 ? 210371476524
???????
In 2024 some of the equipment of the Group is idle and there is no clear use plan. The
Group evaluated the recoverable amount of these equipment and made provisions for
impairment of RMB155630720 (2023: RMB199363784) based on the evaluation results.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 according
to financial budgets approved by the management and the pre-tax discount rate is
determined with reference to comparable companies and the relevant capital structure.
(2) Fixed assets pending certificates of ownership
As at 31 December 2024 fixed assets pending certificates of ownership totalled
RMB1898846096 (2023: RMB6560001886) and certificates of ownership is still being
processed.
77BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
16 Construction in progress
(1) Analysis of the Group’s construction in progress is as follows:
? 31 December 2024 ? 31 December 2023
Provision for Provision for
Item Book value ? impairment ? Face value ? Book value ? impairment ? Face value
????????????
BOE's 6th generation new semiconductor
display device production line project 10629806006 ? - ? 10629806006 ? 1147143892 ? - ? 1147143892
Others 19606680983 ? 77470892 ? 19529210091 ? 28600320360 ? 77348706 ? 28522971654
????????????
Total 30236486989 ? 77470892 ? 30159016097 ? 29747464252 ? 77348706 ? 29670115546
???????
78BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Movements of major construction projects in progress during the year
Accumulated Interest rate for
Balance at the Written-down Percentage of capitalised Interest capitalisation in
beginning of the Additions during against interest Transfers to Other Balance at the actual cost to interest at the capitalised in the current year Sources of
Project Budget ? year ? the year ? discounts ? fixed assets ? decreases ? end of the year ? budget (%) ? end of the year ? the current year ? (%) ? funding
????????????????????????
BOE's 6th generation new
semiconductor display Self-raised
device production line funds and
project 29000000000 ? 1147143892 ? 9952312682 ? - ? (469650568) ? - ? 10629806006 ? 46.11% ? 90216409 ? 80470570 ? 2.95% ? borrowings
?
79BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
17 Right-of-use assets
(1) As a lessee
Plant and
? buildings ? Equipment ? Others ? Total
????????
Cost ? ? ? ? ? ? ?
Balance at the beginning of the year 869873086 ? 15789766 ? 194845163 ? 1080508015
Additions during the year 285559071 ? 3725855 ? 525393 ? 289810319
Reductions during the year (43927050) ? (3602514) ? (4841901) ? (52371465)
Translation differences (35542774) ? - ? (81753) ? (35624527)
????????
Balance at the end of the year 1075962333 ? 15913107 ? 190446902 ? 1282322342
????????
Less: Accumulated depreciation ? ? ? ? ? ? ?
Balance at the beginning of the year 319601077 ? 6410099 ? 30152494 ? 356163670
Charge for the year 192643300 ? 7876013 ? 10157019 ? 210676332
Reductions during the year (20426328) ? (3602514) ? (1042871) ? (25071713)
Translation differences (13818517) ? - ? (35710) ? (13854227)
????????
Balance at the end of the year 477999532 ? 10683598 ? 39230932 ? 527914062
????????
Less: Provision for impairment ? ? ? ? ? ? ?
Balance at the beginning and the end
of the year - ? - ? - ? -
????????????????
Carrying amount ? ? ? ? ? ? ?
At the end of the year 597962801 ? 5229509 ? 151215970 ? 754408280
????????
At the beginning of the year 550272009 ? 9379667 ? 164692669 ? 724344345
??????
18 Intangible assets
(1) Intangible assets
Patent and
proprietary Computer
? Land use rights ? technology ? software ? Others ? Total
??????????
Cost ? ? ? ? ? ? ? ? ?
Balance at the beginning of the year 7924529154 ? 6238659015 ? 2277221781 ? 816081655 ? 17256491605
Additions during the year ? ? ? ? ? ? ? ? ?
- Purchases 389406887 ? 8044952 ? 70243638 ? - ? 467695477
- Transfers from construction in
progress 13096315 ? - ? 209602483 ? - ? 222698798
- Transfers from development costs - ? 139619053 ? - ? - ? 139619053
Translation differences 3881979 ? (248165) ? 324363 ? 565495 ? 4523672
Disposals during the year - ? - ? (17271779) ? - ? (17271779)
??????????
Balance at the end of the year 8330914335 ? 6386074855 ? 2540120486 ? 816647150 ? 18073756826
??????????
Less: Accumulated amortisation ? ? ? ? ? ? ? ? ?
Balance at the beginning of the year 830130337 ? 3121888717 ? 1410837304 ? 328049547 ? 5690905905
Charge for the year 213028049 ? 589238249 ? 242878497 ? 65331441 ? 1110476236
Translation differences 60186 ? (248165) ? 85241 ? 344988 ? 242250
Disposals during the year - ? - ? (16978433) ? - ? (16978433)
??????????
Balance at the end of the year 1043218572 ? 3710878801 ? 1636822609 ? 393725976 ? 6784645958
??????????
Less: Provision for impairment ? ? ? ? ? ? ? ? ?
Balance at the beginning of the year - ? - ? - ? - ? -
Charge for the year - ? 25647674 ? - ? - ? 25647674
??????????
Balance at the end of the year - ? 25647674 ? - ? - ? 25647674
????????????????????
Carrying amount ? ? ? ? ? ? ? ? ?
At the end of the year 7287695763 ? 2649548380 ? 903297877 ? 422921174 ? 11263463194
??????????
At the beginning of the year 7094398817 ? 3116770298 ? 866384477 ? 488032108 ? 11565585700
???????
80BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
19 Goodwill
(1) Changes in goodwill
Balance at the
beginning of the Additions during Reductions during Balance at the
Name of investee year ? the year ? the year ? end of the year
????????
Cost ? ? ? ? ? ? ?
Chengdu BOE Display Sci-tech Co. Ltd.(“Chengdu Display Sci-tech”) 537038971 ? - ? - ? 537038971
Nanjing BOE Display Technology Co. Ltd.(“Nanjing Display Technology”) 155714415 ? - ? - ? 155714415
BOE Healthcare Investment & Management
Co. Ltd. 146460790 ? - ? - ? 146460790
Beijing Yinghe Century Co. Ltd. 42940434 ? - ? - ? 42940434BOE HC SemiTek Corporation (“HCSemiTek”) 29596088 ? - ? - ? 29596088
Beijing Zhonghe Ultra High Definition
Collaborative Technology Center Co. Ltd 14285847 ? - ? - ? 14285847
K-Tronics (Suzhou) technology Co. Ltd. 8562464 ? - ? - ? 8562464
Beijing BOE Optoelectronics Technology Co.Ltd. 4423876 ? - ? - ? 4423876
????????
Sub-total 939022885 ? - ? - ? 939022885
????????
Provision for impairment ? ? ? ? ? ? ?
Chengdu BOE Display Sci-tech Co. Ltd. (147755754) ? - ? - ? (147755754)
BOE Healthcare Investment & Management
Co. Ltd. (82137669) ? (51130564) ? - ? (133268233)
Beijing BOE Optoelectronics Technology Co.Ltd. (4423876) ? - ? - ? (4423876)
????????
Sub-total (234317299) ? (51130564) ? - ? (285447863)
????????
Carrying amount 704705586 ? (51130564) ? - ? 653575022
???????
(2) Provision for impairment of goodwill
The recoverable amount of the asset group to which the above goodwill relates is determined
based on the present value of expected future cash flows. When predicting the present value
of cash flow the cash flow in the next 5 years is determined based on the financial budget
approved by the management. The cash flow in the years after the 5-year financial budget
will remain stable. The pre-tax discount rate is determined with reference to comparable
companies and related capital structures.
20 Long-term deferred expenses
Balance at the
beginning of the Additions during Reductions during Balance at the
? year ? the year ? the year ? end of the year
????????
Technology royalty fees prepaid 333718713 ? 25377702 ? (71002922) ? 288093493
Others 200775851 ? 210016686 ? (100441107) ? 310351430
????????
Total 534494564 ? 235394388 ? (171444029) ? 598444923
???????
81BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
21 Deferred tax assets / deferred tax liabilities
(1) Deferred tax assets and liabilities
?2024?2023
Deductible/ Deductible/
(taxable) (taxable)
temporary Deferred tax temporary Deferred tax
Item differences ? assets/(liabilities) ? differences ? assets/(liabilities)
????????
Deferred tax assets: ? ? ? ? ? ? ?
Accumulated losses 3787640423 ? 586142140 ? 2748927099 ? 426287990
Provision for impairment of assets 813547069 139856263 586093818 98130637
Lease liabilities 502310310 ? 110285658 ? 564279038 ? 119336111
Others 1298567979 ? 206999637 ? 576540216 ? 99639021
????????
Sub-total 6402065781 ? 1043283698 ? 4475840171 ? 743393759
????????
Amount offset ? ? (348395423) ? ? ? (346516739)
????????
Balance after offsetting ? ? 694888275 ? ? ? 396877020
????????
Deferred tax liabilities: ? ? ? ? ? ? ?
Revaluation due to business combinations
involving entities not under common
control and Depreciation of fixed assets (6973869010) ? (1143270888) ? (8900128679) ? (1487690187)
Long-term equity investments (1487863171) ? (282505936) ? (2113902264) ? (389497116)
Right-of-use assets (503216511) ? (101062209) ? (600669199) ? (130538444)
Others (511688145) ? (112355137) ? (203263744) ? (33430721)
????????
Sub-total (9476636837) ? (1639194170) ? (11817963886) ? (2041156468)
????????
Amount offset ? ? 348395423 ? ? ? 346516739
????????
Balance after offsetting ? ? (1290798747) ? ? ? (1694639729)
???????
(2) Details of unrecognised deferred tax assets
?2024?2023
????
Deductible temporary differences 23454408247 ? 23132234962
Deductible tax losses 66975969671 ? 57936466170
????
Total 90430377918 ? 81068701132
???????
As at 31 December 2024 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.
82BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(3) Expiration of deductible tax losses for unrecognised deferred tax assets
Year 2024 ? 2023
?????
2024?-?308958033
2025?637426137?883311469
2026?1070157082?1202044391
2027?1431984146?2385376981
2028?3433591756?3527170592
2029?6862197069?5008814339
2030?4250636379?4200121737
2031?2712347426?2586384422
2032?21489965319?23919302827
2033?13370606261?13399325173
2034?10955646330?-
Non-fixed term 761411766 ? 515656206
?????
Total ? 66975969671 ? 57936466170
???????
22 Other non-current assets
31 December 31 December
Item 2024 ? 2023
????
Certificates of deposits and time deposits 13348874212 -
Prepayment for construction and purchase of fixed
assets 4518996586 ? 2483239768
Others 1123351747 ? 1482678690
????
Total 18991222545 ? 3965918458
???????
23 Short-term loans
31 December 31 December
?2024?2023
????
Pledged loans 243791874 ? 23498395
Guaranteed loans 1027353266 ? 1311144222
Unsecured loans 292172026 ? 411541917
????
Total 1563317166 ? 1746184534
?
As at 31 December 2024 no short-term loan was past due (2023: Nil).
83BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
24 Bills payable
31 December 31 December
?2024?2023
????
Bank acceptance bills 1390526726 ? 919313033
Commercial acceptance bills 9031243 ? -
????
Total 1399557969 ? 919313033
???????
There is no due but unpaid bill payable at the end of the year. The bills above are all due
within one year.
25 Accounts payable
31 December 31 December
?2024?2023
????
Sales payments payable 36713498406 ? 32977603351
?
As at 31 December 2024 the Group had no significant accounts payable with ageing of more
than one year.
26 Contract liabilities
(1) Contract liabilities are as follows:
31 December 31 December
Item 2024 ? 2023
????
Sale of goods 2083836158 ? 3000168620
??????
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.
(2) Significant changes in the contract liabilities of the Group are as follows:
?2024
??
Balance at the beginning of the year 3000168620
??
Revenue recognised that was included in the contract liability balance at
the beginning of year (2779202988)
Increase of contract liabilities due to cash received at the end of the year 1862870526
??
Balance at the end of the year 2083836158
???
84BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
27 Employee benefits payable
(1) Employee benefits payable:
Balance at 1 Accrued during Decrease during Balance at 31
? Note January 2024 ? the year ? the year ? December 2024
?????????
Short-term employee benefits (2) 3044568227 ? 18512715190 ? (17528556385) ? 4028727032
Post-employment benefits ? ? ? ? ? ? ? ?
- defined contribution plans (3) 53121125 ? 1895073898 ? (1902947026) ? 45247997
Termination benefits ? 3221924 ? 29761343 ? (30949908) ? 2033359
?????????
Total ? 3100911276 ? 20437550431 ? (19462453319) ? 4076008388
???????
Balance at 1 Accrued during Decrease during Balance at 31
? Note January 2023 ? the year ? the year ? December 2023
?????????
Short-term employee benefits (2) 2656369348 ? 16850640827 ? (16462441948) ? 3044568227
Post-employment benefits ? ? ? ? ? ? ? ?
- defined contribution plans (3) 58051832 ? 1848632320 ? (1853563027) ? 53121125
Termination benefits ? 104111643 ? 50931357 ? (151821076) ? 3221924
?????????
Total ? 2818532823 ? 18750204504 ? (18467826051) ? 3100911276
??????
(2) Short-term employee benefits
Balance at 1 Accrued during Decrease during Balance at 31
? January 2024 ? the year ? the year ? December 2024
????????
Salaries bonuses and allowances 1917285682 ? 14930402847 ? (14137157644) ? 2710530885
Staff welfare - ? 1235790293 ? (1235790293) ? -
Social insurance 37193021 ? 893705699 ? (896458516) ? 34440204
- Medical insurance 35066829 ? 836299073 ? (839065366) ? 32300536
- Work-related injury insurance 2126192 ? 57406626 ? (57393150) ? 2139668
Housing fund 19697119 ? 1045337798 ? (1040320725) ? 24714192
Labour union fee staff and workers’
education fee 1046342699 ? 401911495 ? (211755032) ? 1236499162
Staff and workers’ bonus and welfare fund 20553209 ? - ? - ? 20553209
Other short-term employee benefits 3496497 ? 5567058 ? (7074175) ? 1989380
????????
Total 3044568227 ? 18512715190 ? (17528556385) ? 4028727032
???????
Balance at 1 Accrued during Decrease during Balance at 31
? January 2023 ? the year ? the year ? December 2023
????????
Salaries bonuses and allowances 1689488356 ? 13369970316 ? (13142172990) ? 1917285682
Staff welfare - ? 1200381109 ? (1200381109) ? -
Social insurance 45026603 ? 866656861 ? (874490443) ? 37193021
- Medical insurance 42596285 ? 818538486 ? (826067942) ? 35066829
- Work-related injury insurance 2430318 ? 48118375 ? (48422501) ? 2126192
Housing fund 29798139 ? 1034105760 ? (1044206780) ? 19697119
Labour union fee staff and workers’
education fee 871474749 ? 362090148 ? (187222198) ? 1046342699
Staff and workers’ bonus and welfare fund 20553209 ? - ? - ? 20553209
Other short-term employee benefits 28292 ? 17436633 ? (13968428) ? 3496497
????????
Total 2656369348 ? 16850640827 ? (16462441948) ? 3044568227
????
85BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(3) Post-employment benefits – defined contribution plans
Balance at 1 Accrued during Decrease during Balance at 31
? January 2024 ? the year ? the year ? December 2024
????????
Basic pension insurance 31997380 ? 1601749795 ? (1605859723) ? 27887452
Unemployment insurance 1040396 ? 54220057 ? (54332380) ? 928073
Annuity 20083349 ? 239104046 ? (242754923) ? 16432472
????????
Total 53121125 ? 1895073898 ? (1902947026) ? 45247997
???????
Balance at 1 Accrued during Decrease during Balance at 31
? January 2023 ? the year ? the year ? December 2023
????????
Basic pension insurance 37012623 ? 1550009517 ? (1555024760) ? 31997380
Unemployment insurance 1320821 ? 51043742 ? (51324167) ? 1040396
Annuity 19718388 ? 247579061 ? (247214100) ? 20083349
????????
Total 58051832 ? 1848632320 ? (1853563027) ? 53121125
??????
28 Taxes payable
?2024?2023
????
Corporate income tax 661144508 ? 502726541
Value-added tax (VAT) 314302588 ? 96556759
Urban construction tax 243831131 ? 309488421
Education surcharges and local education
surcharges 174228317 ? 223104253
Individual income tax 42608326 ? 39311660
Others 140491726 ? 145892388
????
Total 1576606596 ? 1317080022
???????
29 Other payables
31 December 31 December
? Note 2024 ? 2023
?????
Interest payable ? - ? 175698
Dividends payable ? 42861753 ? 39014714
Others (1) 20785100817 ? 19448570553
?????
Total ? 20827962570 ? 19487760965
???????
86BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(1) Others
The Group’s other payables by category are as follows:
31 December 31 December
? Note 2024 ? 2023
?????
Projects and equipment ? 15590702070 ? 13556738142
Fund transaction (Note) ? 3236033067 ? 3182963067
Margins and deposits ? 581371160 ? 764238522
Repurchase obligation of restricted shares V.41 228786210 ? 457401616
Others ? 1148208310 ? 1487229206
?????
Total ? 20785100817 ? 19448570553
??
The Group’s significant other payables aged over one year are payables of projects and
equipment.Note: The Group's other payables as at 31 December 2024 were amounts and interest due
to original controlling shareholders of Nanjing Display Technology and Chengdu
Display Technology with the interest rates of 2.175% and 0% respectively.
30 Non-current liabilities due within one year
As at 31 December the non-current liabilities due within one year for the Group were long-
term loans due within one year lease liabilities long-term payables and contribution from
minority shareholders with redemption provisions.
31 December 31 December
? Note 2024 ? 2023
?????
Long-term loans due within one year V.32 42892065934 ? 24221150789
Lease liabilities due within one year V.33 147060968 ? 168698260
Long-term payables due within one year V.34 22944576 ? 47178393
Contribution from minority shareholders
with redemption provisions V.37 444468133 ? -
?????
Total ? 43506539611 ? 24437027442
?
87BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
31 Other current liabilities
31 December 31 December
Item 2024 ? 2023
????
Warranty provisions 2508912990 ? 2751418713
Others 886058150 ? 334354878
????
Total 3394971140 ? 3085773591
??????
The other current liabilities of the Group were warranty provisions. The warranty provisions
mainly relate to the expected after-sales repair warranty to the customers. The provision is
estimated by the management based on historical claim experience and current actual sales
outcomes.
32 Long-term loans
31 December 31 December
? Note ? 2024 ? 2023
?????
Pledged loans ? 702831586 ? 815374959
Loans secured by mortgages ? 60149714863 ? 67886121454
Guaranteed loans ? 3528124014 ? 4721896695
Unsecured loans ? 79443787211 ? 72344096703
Less: Long-term loans due within one year V.30 42892065934 ? 24221150789
?????
Total ? 100932391740 ? 121546339022
???????
33 Lease liabilities
31 December 31 December
Item Note 2024 ? 2023
?????
Long-term lease liabilities ? 778479954 ? 710839756
Less: Lease liabilities due within one year V.30 147060968 ? 168698260
?????
Total ? 631418986 ? 542141496
??????
During the year ended 31 December 2024 income from short-term leases and leases of low-
value assets which are accounted for using the practical expedient as well as sub-leasing
right-of-use assets for which the Group as a lessee was not significant.
88BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
34 Long-term payables
31 December 31 December
Item Note 2024 ? 2023
?????
Obligations under finance leases ? 144022447 ? 218789786
Less: obligations under finance leases
due within one year V.30 22944576 ? 47178393
?????
Total ? 121077871 ? 171611393
???????
As at 31 December 2024 the Group sold and leased back some of its machinery and
equipment as well as construction in progress. Since asset sales and lease transactions are
interrelated and it is almost certain that they will be repurchased after the lease term expires
the Group conducts accounting treatment according to mortgage loans and presents them as
long-term payables.
35 Provisions
31 December 31 December
Item 2024 ? 2023
????
Outstanding litigation 1652566 ? 3580000
???
36 Deferred income
Balance at the Amounts
beginning of the Additions during recognised in Balance at the
Item year ? the year ? other income ? Other changes ? end of the year
??????????
Related to assets 3758611328 ? 419981983 ? (576945669) ? (22495397) ? 3579152245
Related to income 1004440627 ? 456060502 ? (491151584) ? (3883859) ? 965465686
??????????
Total 4763051955 ? 876042485 ? (1068097253) ? (26379256) ? 4544617931
???????
37 Other non-current liabilities
31 December 31 December
Item 2024 ? 2023
????
Contribution of non-controlling interests with
redemption provisions 2047376157 ? 2500522066
Others 601446602 ? -
????
Total 2648822759 ? 2500522066
???????
The contribution of non-controlling interests with redemption provisions is mainly due to the
redemption obligation of the Company to the non-controlling interests of Fuzhou BOE. The
Company recognises the above non-controlling interests contribution as a financial liability
which is subsequently measured at the cost of amortisation and will be repurchased at the
agreed price for the period from 2025 and 2034 according to the agreement of which the
part due in 2025 will be listed as non-current liabilities due within one year.
89BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
38 Share capital
? ? ? Changes during the year ? ?
Balance at the
beginning of the Issuance of new Cancellation of Balance at the
? year ? shares ? treasury shares ? Sub-total ? end of the year
??????????
Total shares 37652529195 ? - ? (7512992) ? (7512992) ? 37645016203
???????
On 4 June 2024 the Company repurchased and cancelled 2547779 shares of restricted
shares at China Securities Depository and Clearing Corporation Limited Shenzhen Branch.After the completion of the cancellation procedures the total shares will be changed from
37652529195 shares to 37649981416 shares.
On 9 December 2024 the Company repurchased and cancelled 4965213 shares of
restricted shares at China Securities Depository and Clearing Corporation Limited Shenzhen
Branch. After the completion of cancellation the total share capital of the Company changed
from 37649981416 shares to 37645016203 shares.
39 Other equity instruments
(1) Financial instruments (including perpetual bonds) that remain outstanding at the end of the
year are set out as follows:
Maturity
date or Conditions
Issuance Accounting Issuance renewal for Conversion
Outstanding financial instruments date ? classification ? Interest rate ? price ? Quantity ? Amount ? status ? conversion ? status
??????????????????
24 March Equity RMB RMB 2 Not Not
22BOEY1 2022 ? instrument ? 3.50% ? 100/bond ? 20 million ? billion ? 3+N years ? applicable ? applicable
???????
(2) Major terms
On 24 March 2022 with the approval document No.1801 [2019] of the China Securities
Regulatory Commission (“CSRC”) the Company issued renewable corporate bonds to
qualified investors. The full name of these bonds was Renewable Corporate Bond Publicly
Issued by BOE Technology Group Co. Ltd. (digital economy) in 2022 (the First Phase)
which referred to as 22BOEY1 (“2022 bond”).
2022 bond has a base term of 3 years and take every three interest-bearing years as a
period. The Company is entitled to choose to extend the maturity by 1 period at the end of
the agreed base term or at the end of each extended period or choose to fully derecognise
the 2022 bond at the end of the period. The nominal interest rate of the 2022 bond is fixed
during the first period and then is reset once every period. The nominal interest rate in the
first period is the initial benchmark interest rate plus the initial spread and the nominal
interest rate in the subsequent period is adjusted to the current benchmark interest rate plus
the initial spread and 300 basis points. Therefore when the Company exercises the renewal
option the nominal interest rate will significantly increase and the corresponding nominal
interest will also increase significantly. The 2022 bond have an issuer’s right to defer the
payment of interest. Unless a mandatory interest payment event occurs (including
distributions to ordinary shareholders and decrease of registered capital). At each interest
payment date of the bonds the Company may choose at its discretion whether to defer the
payment of the current interest as well as all the deferred interests and the yields under this
term until the next interest payment date without being subjected to any limit on the number
of interest deferring attempts.
90BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
As at 31 December 2024 the actual issuance of the 2022 bond amounted to
RMB2000000000 in total and the Company considers that the renewable corporate bonds
do not meet the definition of financial liabilities and therefore will charge the total amount of
the issuance to other equity instruments after deducting underwriting fees and other
transaction costs.
(3) Movement of the financial instruments (including perpetual bonds) that remain outstanding at
the end of the year:
? At the beginning of the year ? Additions during the year ? Reductions during the year ? Accumulative interest ? At the end of the year
Outstanding financial Carrying Carrying Carrying Charge for the Paid during Carrying
instruments Quantity ? amount ? Quantity ? amount ? Quantity ? amount ? year ? the year ? Quantity ? amount
????????????????????
22BOEY1 20000000 ? 2043402946 ? - ? - ? - ? - ? 70000000 ? (70000000) ? 20000000 ? 2043402946
???????
(4) Relevant information regarding amounts attributable to holders of equity instruments
31 December 31 December
?2024?2023
????
Equity attributable to shareholders of the Company 132937555308 ? 129428307067
- Equity attributable to ordinary shareholders of
the Company 130894152362 ? 127384904121
- Equity attributable to holders of the Company’s
other equity instruments 2043402946 ? 2043402946
Equity attributable to non-controlling shareholders 71608616436 ? 68370379252
- Equity attributable to non-controlling ordinary
shareholders 71608616436 ? 68370379252
- Equity attributable to non-controlling
shareholders of other equity instruments - ? -
???????
(5) Accrued interest on holders of other equity instruments
In 2024 as the above-mentioned issued renewable corporate bonds are cumulative other
equity instruments the Company accrued interest of RMB70000000 on renewable
corporate bonds from undistributed profits and paid interest of RMB70000000 on renewable
corporate bonds.
40 Capital reserve
Additions during Reductions during 31 December
Item 1 January 2024 ? the period ? the period ? 2024
?????????
Share premium ? 50340686263 ? - ? (71738763) ? 50268947500
Other capital reserves ? 1772894483 ? 165731723 ? - ? 1938626206
?????????
Total ? 52113580746 ? 165731723 ? (71738763) ? 52207573706
???????
91BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
41 Treasury shares
Balance at the
beginning of the Additions during Reductions during Balance at the
Item year ? the year ? the year ? end of the year
????????
Treasury shares 462036240 ? 999872378 ? (245417935) ? 1216490683
??????
According to the Proposal of Repurchase and Cancellation of Certain Restricted Shares by
the Company deliberated and adopted in the 28th meeting of the 10th session of the Board of
Directors meeting and the 9th meeting of the 10th session of the Board of Supervisors held on
29 March 2024 the Company completed repurchase and cancellation of 2547779 restricted
shares on 4 June 2024 at an average repurchased price of RMB 2.349/share. The
corresponding reduction of the treasury shares are RMB5984733 the shortfall between the
cancelled treasury shares and the share capital of RMB3436954 is deducted against
Capital reserve—Share premium.Pursuant to the Proposal on the Fulfilment of the Conditions for the Release of Restricted
Shares Granted under the 2020 Share Option and Restricted Share Incentive Plan during the
Second Release Period of the Restricted Shares and the Fulfilment of the Conditions for the
Second Exercise Period of the First Exercise Period of the Initial Grant of Share Options
deliberated and adopted in the 28th meeting of the 10th session of the Board of Directors
meeting and the 9th meeting of the 10th session of the Board of Supervisors on 29 March
2024 the Company recognised a total of 95859475 restricted shares that can be released
from restricted sale with the listing and circulation date on 11 April 2024 corresponding to
RMB 225173907 reduction of Other payables—the Repurchased obligation of restricted
shares (Note V. 29) and Treasury shares.According to the Proposal of Repurchase and Cancellation of Certain Restricted Shares by
the Company deliberated and adopted in the 38th meeting of the 10th session of the Board of
Directors meeting and the 13th meeting of the 10th session of the Board of Supervisors held
on 29 October 2024. The Company completed repurchase and cancellation of 4965213
restricted shares on 9 December 2024 at an average repurchased price of RMB 2.319/share.The corresponding reduction of the treasury shares are RMB11514329 the shortfall
between the cancelled treasury shares and the share capital of RMB6549116 is deducted
against Capital reserve—Share premium.According to the 38th meeting of the 10th session of the Board of Directors meeting held on
29 October 2024 the Proposal of Repurchase of Certain Public Shares of the Company was
reviewed and approved. As at 31 December 2024 the Company repurchased its shares
through the special securities account for repurchase by centralised bidding and the
accumulative A-shares repurchased was 228882900. The highest trading price of the
repurchase is RMB4.46/share the lowest trading price is RMB4.22/share and the total
amount paid is RMB999872378 (excluding transaction costs).In 2024 the Company recognised RMB2744966 of restricted share dividends against Other
payables—the Repurchased obligation of restricted shares (Note V.29) and Treasury shares.
92BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
42 Other comprehensive income
? ? ? Movements during the year ? ?
Less: Amount Less: Transfer
Balance at the transferred from Net-of-tax Net-of-tax of other Balance at the
end of previous other amount amount comprehensive end of the year
year attributable comprehensive attributable to attributable to income to attributable to
to shareholders Before-tax Less: Income income to profit shareholders of non-controlling retained shareholders of
Item of the Company ? amount ? tax expenses ? or loss ? the Company ? interests ? earnings ? the Company
????????????????
Items that will not be reclassified to profit or loss (367431914) ? 10371922 ? 719358 ? - ? 10383379 ? (730815) ? 15118863 ? (372167398)
Including: Other comprehensive income recognised
under equity method (182042186) ? 46494799 ? 904946 ? - ? 45589853 ? - ? 526560 ? (136978893)
Changes in fair value of investments in
other equity instruments (185389728) ? (36122877) ? (185588) ? - ? (35206474) ? (730815) ? 14592303 ? (235188505)
Items that may be reclassified to profit or loss (769565310) ? (15428984) ? - ? - ? (30091156) ? 14662172 ? - ? (799656466)
Including: Other comprehensive income recognised
under equity method (118842) ? - ? - ? - ? - ? - ? - ? (118842)
Translation differences arising from
translation of foreign currency financial
statements (769446468) ? (15428984) ? - ? - ? (30091156) ? 14662172 ? - ? (799537624)
????????????????
Total (1136997224) ? (5057062) ? 719358 ? - ? (19707777) ? 13931357 ? 15118863 ? (1171823864)
????
?
93BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
43 Surplus reserve
Balance at the
beginning of the Additions during Other changes Balance at the
Item year ? the year ? during the year ? end of the year
????????
Statutory surplus reserve 3282107326 ? 307923188 ? 52656 ? 3590083170
Discretionary surplus reserve 289671309 ? - ? - ? 289671309
????????
Total 3571778635 ? 307923188 ? 52656 ? 3879754479
???????
44 Retained earnings
Item Note 2024 ? 2023
?????
Retained earnings at the beginning of
the year ? 35579576607 ? 35829465307
Add: Net profits for the year
attributable to shareholders of
the Company ? 5323248974 ? 2547435360
Less: Appropriation for statutory
surplus reserve ? 307923188 ? 330597179
Interest on holders of other
equity instruments V.39 70000000 ? 118551232
Dividends to ordinary shares (a) 1129073743 ? 2296367348
Transfer of other comprehensive
income to retained earnings (b) (15066207) ? 51808301
?????
Retained earnings at the end of the
year ? 39410894857 ? 35579576607
???????
(a) According to the Annual Shareholders’ Meeting for 2023 held on 26 April 2024 the Company
distributed cash dividends to shareholders of A shares and B shares on 19 June 2024 (A
shares) and 21 June 2024 (B shares) with RMB0.3 (2023: RMB0.61) every 10 shares and a
profit distribution amount of RMB1131818709. Considering the turnover rate the
corresponding dividends of the expected non-exercisable portions of restricted shares are
RMB144471 with a profit distribution of RMB1129073743 (2023: RMB1268367 and
RMB2296367348).(b) The amount of transfers of other comprehensive income to retained earnings in 2024 was
RMB15066207 (2023: gains of RMB51808301) resulting from the transfer of accumulated
losses from changes in fair value to retained earnings due to the disposal of investments in
other equity instruments.(c) As at 31 December 2024 the consolidated retained earnings attributable to the Company
included appropriation to surplus reserves made by the Company’s subsidiaries amounting
to RMB7233974561 (2023: RMB6738372634).
94BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
45 Operating income and operating costs
(1) Operating income and operating costs
?2024?2023
Item Income ? Cost ? Income ? Cost
????????
Principal activities 193576127325 ? 164101410809 ? 169749300319 ? 150477735786
Other operating activities 4804478336 ? 4120538764 ? 4794145576 ? 3995934250
????????
Total 198380605661 ? 168221949573 ? 174543445895 ? 154473670036
????????
Including: Revenue from contracts with
customers 197588200093 ? 168118876665 ? 174029517307 ? 154364762404
Other income 792405568 ? 103072908 ? 513928588 ? 108907632
???????
Information on income of principal activities has been included in Note XV.Revenue and the related costs of the Group's sales before intended use are as follows:
Relating to ordinary activities:
?2024?2023
????
Operating income 852474207 ? 2109347934
Operating costs 820315992 ? 1877621445
????
46 Taxes and surcharges
?2024?2023
????
Property tax 653423403 ? 597939410
Urban maintenance and construction tax 214651232 ? 171689341
Stamp duty 180996591 ? 156907291
Education surcharges and local education
surcharges 153632475 ? 125103191
Land use tax 70077226 ? 59008233
Others 23365969 ? 22338399
????
Total 1296146896 ? 1132985865
???????
47 Selling and distribution expenses
?2024?2023
????
Staff costs and daily expenses 1524547555 ? 1438718863
Others 470747097 ? 457612673
????
Total 1995294652 ? 1896331536
???????
95BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
48 General and administrative expenses
?2024?2023
????
Staff costs and daily expenses 3781534288 ? 3609519043
Depreciation and amortisation 1062279681 ? 935214349
Repair expenses 39755624 ? 41921740
Others 1335102537 ? 1358220408
????
Total 6218672130 ? 5944875540
???????
49 Research and development expenses
?2024?2023
????
Staff costs and daily expenses 5570963161 ? 5007531801
Material and test expenses 3331371532 2434873103
Depreciation and amortisation 2201837134 ? 2263292470
Others 2019137404 ? 1613805714
????
Total 13123309231 ? 11319503088
???????
50 Financial expenses
?2024?2023
????
Interest expense from loans and lease liabilities 4335040880 ? 4093007199
Less: Borrowing costs capitalised 301781000 ? 556117300
Interest income from bank deposits (2285948395) ? (2032287888)
Exchange gains (543827626) ? (439326037)
Other financial expenses 20903511 ? 85034572
????
Total 1224387370 ? 1150310546
???????
The interest rates per annum at which borrowing costs were capitalised by the Group was
1.95% - 2.95% (2023: 2.95% - 3.95%) for the year.
96BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
51 Other income
?2024?2023
????
Government grants related to assets 576945669 ? 547154297
Government grants related to income 1220232805 ? 3443984813
Weighted deduction of input VAT 462974895 ? 177734568
Others 28324197 ? 33459478
????
Total 2288477566 ? 4202333156
???????
The amount of government subsidies related to income received by the Group in 2024 and
directly included in other income was RMB729081221.
52 Investment income
? Note 2024 ? 2023
?????
Income from long-term equity
investments accounted for using the
equity method V.11 (752455175) ? 702555344
Investment income from disposal of long-
term equity investments ? 52696519 ? 1581850
Investment income from disposal of
financial assets held for trading ? 48676748 ? 69166228
Dividend income from investments in
other equity instruments V.12 33201155 ? 28419020
Including: Dividend income from
investments in other equity
instruments held at the
balance sheet date ? 33201155 ? 28419020
Others ? 76980100 ? 8987200
?????
Total ? (540900653) ? 810709642
???????
53 Gains from changes in fair value
Item 2024 ? 2023
????
Financial assets held for trading 522447744 ? 291542233
???????
54 Credit losses
Item 2024 ? 2023
????
Accounts receivable 106324987 ? 15213883
Other receivables 5790193 ? 3328671
Bills receivable 9934 ? 19644
????
Total 112125114 ? 18562198
???????
97BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
55 Impairment losses
?2024?2023
????
Impairment losses of inventories 3270730264 ? 2202962576
Impairment losses of fixed assets 155630720 ? 199363784
Impairment losses of long-term equity investments 110719534 ? -
Impairment losses of goodwill 51130564 ? -
Impairment losses of intangible assets 25647674 ? -
Impairment losses of construction in progress 10445089 ? 3086619
Impairment losses of contract assets (41265) ? 817655
????
Total 3624262580 ? 2406230634
???????
56 Gains from asset disposals
Amount recognised
in extraordinary
gain and loss in
Item 2024 ? 2023 ? 2024
??????
Gains from disposal of fixed assets 96788213 ? 9798475 ? 96788213
(Losses) / Gains from disposal of right-of-use
assets (612949) ? 3291911 ? (612948)
??????
Total 96175264 ? 13090386 ? 96175264
???????
57 Non-operating income and non-operating expenses
(1) Non-operating income by item is as follows:
Amount
recognised in
extraordinary
gain and loss in
Item 2024 ? 2023 ? 2024
??????
Income from recoveries and disposals of
residual materials 156922836 ? 176876507 ? 156922836
Gains from disposal of non-current assets 10758866 ? 10212047 ? 10758866
Others 48604570 ? 196907609 ? 48604570
??????
Total 216286272 ? 383996163 ? 216286272
???????
98BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Non-operating expenses
Amount
recognised in
extraordinary
gain and loss in
?2024?2023?2024
??????
Donations provided 22799573 ? 4201070 ? 22799573
Losses from scrapping of non-current
assets 9315968 ? 42927593 ? 9315968
Others 29175134 ? 22520694 ? 29175134
??????
Total 61290675 ? 69649357 ? 61290675
???????
58 Income tax expenses
? Note 2024 ? 2023
?????
Current tax expense based on tax law and
regulations ? 1636979210 ? 1311971433
Changes in deferred tax assets/liabilities (1) (696599459) ? 151155913
?????
Total ? 940379751 ? 1463127346
???????
(1) The analysis of changes in deferred tax assets/liabilities is set out below:
?2024?2023
????
Origination and reversal of temporary differences (696599459) ? 151155913
???????
(2) Reconciliation between income tax expense and accounting profit:
?2024?2023
????
Profit before taxation 5085653633 ? 1832998675
Expected income tax expense at tax rate of 15% 762848045 ? 274949801
Add: Effect of different tax rates applied by
subsidiaries (23588496) ? 18028526
Effect of non-deductible costs expense and
losses 12976976 ? 51628306
Tax effect of weighted deduction and tax
preference (1344141676) ? (1017881773)
Utilisation of prior year tax losses (634192216) ? (269688693)
Tax effect of deductible losses of deferred tax
assets not recognised 2102425214 ? 2326078995
Tax effect of deductible temporary differences
of deferred tax assets not recognised 64051904 ? 80012184
????
Income tax expenses 940379751 ? 1463127346
???????
99BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
59 Basic earnings per share
Basic earnings per share is calculated as dividing consolidated net profit attributable to
ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding. The Group does not have any potential dilutive ordinary shares for the listed
years.?2024?2023
????
Consolidated net profit attributable to shareholders
of the Company 5323248974 ? 2547435360
Less: Current interest of other equity instruments 70000000 ? 118551232
Less: Current dividends of restricted shareholders 2744966 ? 17173897
Consolidated net profit attributable to ordinary
shareholders of the Company 5250504008 ? 2411710231
Weighted average number of ordinary shares
outstanding (shares) 37519930241 ? 37429510530
Basic earnings per share (RMB/share) 0.14 ? 0.06
???????
Weighted average number of ordinary shares is calculated as follows:
?2024?2023
????
Issued ordinary shares at the beginning of the year 37457807349 ? 37355546569
Add: Weighted average number of ordinary shares
issued in current period - ? -
Add: Weighted average of restricted shares
released from sale restrictions during the
period 69144539 ? 73963961
Less: Weighted average number of ordinary shares
repurchased in current period 7021647 ? -
????
Weighted average number of ordinary shares at 31
December 37519930241 ? 37429510530
??????
60 Cash flow statement
(1) Cash relating to operating activities
a. Proceeds relating to other operating activities
Item 2024 ? 2023
????
Government grants received 2262269718 ? 5323824411
Restricted cash at bank and on hand as well
as others related to operating activities 339696656 ? 821660520
????
Total 2601966374 ? 6145484931
???
100BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
b. Payments relating to other operating activities
Item 2024 ? 2023
????
Expenses paid during the period 7349209291 ? 7613110071
???
(2) Cash relating to investing activities
a. Proceeds relating to other investing activities
Item 2024 ? 2023
????
Interest income 1999870941 ? 1658880796
Restricted cash at bank and on hand as well
as others related to investing activities 485461264 ? 2281607894
????
Total 2485332205 ? 3940488690
???
(3) Cash relating to financing activities
a. Payments for other financing activities
Item 2024 ? 2023
????
Acquisition of non-controlling interests of
subsidiaries 241418106 ? 7429009200
Repurchase of treasury shares 999872378 ? -
Principal and interest related to leases and
others 614027613 ? 467134209
????
Total 1855318097 ? 7896143409
???
b. Changes in liabilities arising from financing activities
? ? ? Additions during the year ? Reductions during the year ? ?
Balance at the
beginning of the Balance at the
? year ? Cash ? Non-cash ? Cash ? Non-cash ? end of the year
????????????
Short-term loans 1746184534 ? 2759165678 ? 66843120 ? (2915467688) ? (93408478) ? 1563317166
Long-term loans (including non-
current liabilities due within one
year) 145767489811 ? 44434871585 ? 4923036134 ? (51300939856) ? - ? 143824457674
Lease liabilities (including non-
current liabilities due within one
year) 710839756 ? - ? 521007976 ? (453367778) ? - ? 778479954
Long-term payables (including
non-current liabilities due within
one year) 218789786 ? - ? 18478869 ? (93246208) ? - ? 144022447
Other non-current liabilities
(including non-current liabilities
due within one year) 2500522066 ? - ? 630846602 ? (38077776) ? - ? 3093290892
????????????
Total 150943825953 ? 47194037263 ? 6160212701 ? (54801099306) ? (93408478) ? 149403568133
???
101BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
61 Supplementary information for the cash flow statement
(1) Supplement to the cash flow statement
?2024?2023
????
(a) Reconciliation of net profit / (loss) to cash
flows from operating activities: ? ? ?
????
Net profit / (loss) 4145273882 ? 369871329
Add: Credit losses 112125114 ? 18562198
Impairment losses 3624262580 ? 2406230634
Depreciation of fixed assets investment
properties and right-of-use assets 37154186708 ? 33721207174
Amortisation of intangible assets 1097857402 ? 955466291
Amortisation of long-term deferred
expenses 169655830 ? 162353520
Gains from disposal of fixed assets
intangible assets and other long-term
assets (96175264) ? (13090386)
Losses from scrapping of fixed assets
and intangible assets (“-” for gains) (1442898) ? 32715546
Financial expenses 1910873352 ? 2567467227
Gains from changes in fair value (522447744) ? (291542233)
Investment losses (“-” for gains) 581941421 ? (810709642)
Share-based payments 125524945 ? 307160605
Decrease in deferred income (218434024) ? (393295377)
Increase in deferred tax assets (298011255) ? (26847208)
(Decrease)/increase in deferred tax
liabilities (404560340) ? 178771023
Increase in inventories (2464527331) ? (1825979018)
Decrease/(increase) in operating
receivables (3667418533) ? (3904919786)
(Decrease)/increase in operating
payables 6399187934 ? 4781932585
Safety fund 89705600 ? 66472402
????
Net cash flows generated from operating
activities 47737577379 ? 38301826884
??????
102BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(b) Change in cash and cash equivalents: ? ? ?
????
?2024?2023
????
Cash and cash equivalents at the end of the
year 62005252511 ? 52092981748
Less: Cash and cash equivalents at the
beginning of the year 52092981748 ? 64382037764
????
Net increase/(decrease) in cash and cash
equivalents 9912270763 ? (12289056016)
???????
(2) Information on acquisition of subsidiaries during the year
Net proceeds from acquisition of subsidiaries:
?2024?2023
????
Cash or cash equivalents paid during the year for
acquiring subsidiaries during the year - ? (150000000)
Less: Cash and cash equivalents held by acquired
subsidiaries - ? 209293141
????
Net proceeds from acquisition of subsidiaries - ? 59293141
?
Net payment for acquisition of subsidiaries:
?2024?2023
????
Cash or cash equivalents paid during the year for
acquiring subsidiaries during the year - ? (2083597236)
Less: Cash and cash equivalents held by acquired
subsidiaries - ? 1918264097
????
Net payment for acquisition of subsidiaries - ? (165333139)
????
(3) Details of cash and cash equivalents
?2024?2023
????
Cash on hand 1528764 ? 802967
Bank deposits available on demand 61918283198 ? 52089093133
Other monetary funds available on demand 85440549 ? 3085648
????
Closing balance of cash and cash equivalents 62005252511 ? 52092981748
???????
Note: The cash and cash equivalents disclosed above do not include bank deposits held not
for investment purpose the interest accrued on bank deposits at the end of the period
and the use of other currency funds subject to restrictions.
103BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(4) Monetary funds other than cash and cash equivalents
Item 2024 ? 2023 ? Rationale
??????
Held for investment
Bank deposits with fixed interest rate 10170589885 ? 17740553353 ? purpose
Mainly refer to
margin deposits
pledged for the
issuance of bills
Margin deposits 1441761424 ? 1869539464 ? payable
??????
Total 11612351309 ? 19610092817 ? ?
???????
(5) Explanation for presentation of cash flows on a net basis
Basis for
Relevant facts and presentation on a
Item circumstances ? net basis ? Financial impact
??????
Cash inflows and
Amounts of outflows for fast-
restricted deposits turnover high-
placed and value short-term
recovered are items can be
presented on a net presented on a net
Restricted monetary funds basis ? basis ? Nil
?
62 Assets with restrictive ownership titles or right of use
?2024
Details of
Item Book value ? Carrying amount ? Restriction ? restriction
????????
Cash at bank and on hand 1441761424 ? 1441761424 ? Note V.1 ? Note V.1
Endorsed with
resource and
pledged for the
issuance of bills
Bills receivable 246112676 ? 246112676 ? Pledged ? payable
Mortgaged as
Investment properties 154510137 ? 154510137 ? Mortgaged ? collateral
Mortgaged as
Fixed assets 237348939293 ? 126896353640 ? Mortgaged ? collateral
Mortgaged as
Construction in progress 11473130082 ? 11473130082 ? Mortgaged ? collateral
Mortgaged as
Intangible assets 2264095450 ? 1954974874 ? Mortgaged ? collateral
Other non-current assets 157708950 ? 157708950 ? Others ? Others
????????
Total 253086258012 ? 142324551783 ? ? ? ?
???????
104BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
?2023
Details of
Item Book value ? Carrying amount ? Restriction ? restriction
????????
Cash at bank and on hand 1869539464 ? 1869539464 ? Note V.1 ? Note V.1
Endorsed with
resource and
pledged for the
issuance of bills
Bills receivable 230354069 ? 230354069 ? Pledged ? payable
Mortgaged as
Investment properties 101775150 ? 100605150 ? Mortgaged ? collateral
Mortgaged as
Fixed assets 237742564332 ? 136319471935 ? Mortgaged ? collateral
Mortgaged as
Construction in progress 2925304165 ? 2925304165 ? Mortgaged ? collateral
Mortgaged as
Intangible assets 1806103571 ? 1546929316 ? Mortgaged ? collateral
????????
Total 244675640751 ? 142992204099 ? ? ? ?
???
VI Research and development expenses
1 Presentation by nature
Item 2024 ? 2023
????
Staff costs and daily expenses 5625237778 ? 5033127133
Material and test expenses 3339102808 2442996588
Depreciation and amortisation 2213563118 ? 2269453425
Others 2027370403 ? 1617691744
????
Total 13205274107 ? 11363268890
????
Including: research and development expenditures
that are expensed 13123309231 ? 11319503088
research and development expenditures
that are capitalised 81964876 ? 43765802
???
2 Expenditures on research and development projects which are eligible for capitalisation
Balance at the
beginning of the Internal Recognised as Balance at the
Item year ? development ? intangible assets ? end of the year
????????
HC SemiTek Corporation LED and Micro-LED
technology development 166977531 ? 81964876 ? (139619053) ? 109323354
??
VII Change of consolidation scope
Increases in the consolidation scope during the year were new subsidiaries established
during the year and the decreases in the consolidation scope were cancellations of
subsidiaries during the year.
105BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
VIII Interests in other entities
1 Interests in subsidiaries
(1) Composition of the Group
Shareholding (or similar
? ? ? ? ? ? ? equity interest) percentage ? ?
Principal place of Acquisition
Name of the subsidiary business ? Registered place ? Nature of business ? Direct ? Indirect ? method
????????????
Business
combination
involving entities
Chengdu BOE Optoelectronics Research and development design manufacture and sale of new display devices and not under
Technology Co. Ltd. Chengdu China ? Chengdu China ? components ? 100% ? - ? common control
Business
combination
involving entities
Hefei BOE Optoelectronics Technology Investing researching manufacturing and promoting TFT-LCD products and accessory not under
Co. Ltd. Hefei China ? Hefei China ? products ? 100% ? - ? common control
Founded by
Beijing BOE Display Technology Co. Ltd. Beijing China ? Beijing China ? Development of TFT-LCD manufacture and sale of LCD ? 97.17% ? 2.83% ? investment
Business
combination
involving entities
Hefei Xinsheng Optoelectronics Investing researching manufacturing and promoting TFT-LCD products and accessory not under
Technology Co. Ltd. Hefei China ? Hefei China ? products ? 99.97% ? 0.03% ? common control
Ordos Yuansheng Optoelectronics Co. Founded by
Ltd. Ordos China ? Ordos China ? The production and operation of AMOLED and relevant products ? 100% ? - ? investment
Business
combination
involving entities
Chongqing BOE Optoelectronics Research development manufacture and sales of semiconductor display devices not under
Technology Co. Ltd. Chongqing China ? Chongqing China ? machine and relevant products import and export of goods and technical consulting ? 100% ? - ? common control
Investment construction R&D production and sales of the relevant products of thin
film transistor LCD and its auxiliary products (separate business site); self-support and
agency for the import and export of various goods and technologies except those Business
goods and technologies that are restricted by the country or prohibited from import and combination
export; business management consulting and services; property leases; machinery and involving entities
Fuzhou BOE Optoelectronics Technology equipment leases; technology development transfer consulting and services related to not under
Co. Ltd. Fuzhou China ? Fuzhou China ? LCD products. ? 86.08% ? - ? common control
Beijing BOE Vision-electronic Technology Founded by
Co. Ltd. Beijing China ? Beijing China ? Investment platform sales of LCD ? 100% ? - ? investment
Founded by
Beijing BOE Vacuum Electronics Co. Ltd. Beijing China ? Beijing China ? Manufacture and sales of vacuum electronic products ? 57.89% ? - ? investment
?
106BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
Shareholding (or similar
? ? ? ? ? ? ? equity interest) percentage ? ?
Principal place of Acquisition
Name of the subsidiary business ? Registered place ? Nature of business ? Direct ? Indirect ? method
????????????
Management of engineering projects; property management services; lease of Founded by
Beijing Yinghe Century Co. Ltd. Beijing China ? Beijing China ? commercial buildings; lease of office space; enterprise management consulting ? 100% ? - ? investment
BOE Optical Science and technology Co. Founded by
Ltd. Suzhou China ? Suzhou China ? R&D production and sales of LCD back light for display and related components ? 95.17% ? - ? investment
BOE Hyundai LCD (Beijing) Display Founded by
Technology Co. Ltd. Beijing China ? Beijing China ? Development manufacture and sale of liquid display for mobile termination ? 75% ? - ? investment
Manufacture and sale of mobile flat screen display technical products and related Founded by
BOE (Hebei) Mobile Technology Co. Ltd. Langfang China ? Langfang China ? services ? 100% ? - ? investment
Provide comprehensive zero carbon comprehensive energy services covering multiple
dimensions such as comprehensive energy services comprehensive energy utilization Founded by
Beijing BOE Energy Technology Co. Ltd. Beijing China ? Beijing China ? and zero carbon services ? 68.40% ? - ? investment
Founded by
Beijing BOE Life Technology Co. Ltd. Beijing China ? Beijing China ? Technology promotion services property management sales of electronic products ? 100% ? - ? investment
Beijing Zhongxiangying Technologies Co. Founded by
Ltd. Beijing China ? Beijing China ? Technology promotion services property management sales of electronic products ? 91.10% ? - ? investment
Founded by
BOE Semi-conductor Co. Ltd. Beijing China ? Beijing China ? Glass thinning processing and metal parts processing ? 84% ? - ? investment
British Virgin Founded by
BOE Optoelectronics Holding Co.Ltd Hong Kong China ? Islands ? Investment holding ? 100% ? - ? investment
Founded by
BOE (Korea) Co.Ltd. Korea ? Korea ? Wholesale and retail trade ? 100% ? - ? investment
Business
combination
involving entities
BOE Healthcare Investment & not under
Management Co. Ltd. Beijing China ? Beijing China ? Investment management and project investment ? 100% ? - ? common control
Business
combination
involving entities
Beijing Matsushita Colour Innovation Co. not under
Ltd. Beijing China ? Beijing China ? Property management parking services lease of commercial buildings etc ? 88.80% ? - ? common control
Business
combination
involving entities
Hefei BOE Display Technology Co. Ltd. Investment R&D and production of products related to TFT-LCD and the supporting not under
(“Hefei Display Technology”) Hefei China ? Hefei China ? facility ? 36.67% ? - ? common control
Founded by
BOE Wisdom IOT Technology Co. Ltd. Beijing China ? Beijing China ? Development transfer consulting and service of technology ? 100% ? - ? investment
Investment construction R&D production and sales of products related to OLED Founded by
Hefei BOE Zhuoyin Technology Co. Ltd. Hefei China ? Hefei China ? display device and auxiliary products ? 75% ? - ? investment
Development construction property management and supporting service of industrial
plants and supporting facilities; information consulting of real estate; lease of
commercial facilities commercial attendants and the supporting service facilities; motor Founded by
Beijing BOE Land Co. Ltd. Beijing China ? Beijing China ? vehicles public parking service ? 70% ? - ? investment
?
107BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
Shareholding (or similar
? ? ? ? ? ? ? equity interest) percentage ? ?
Principal place of Acquisition
Name of the subsidiary business ? Registered place ? Nature of business ? Direct ? Indirect ? method
????????????
General items: technical service technical development technical consultation
technical exchange technology transfer and technology promotion; Computer
software hardware and peripheral equipment manufacturing; Wholesale of computer
software hardware and auxiliary equipment; Retail of computer software hardware
and auxiliary equipment; Manufacturing of electronic components; Optoelectronic
device manufacturing; Display device manufacturing; Mobile terminal equipment
manufacturing; Virtual reality equipment manufacturing; TV manufacturing; Internet of
Things equipment manufacturing; Sales of electronic products; Display device sales;
Sales of mobile terminal equipment; Sales of communication equipment; Sales of IoT
equipment; Computer and communication equipment leasing; Integrated circuit
manufacturing; Integrated circuit design; IC sales; Integrated circuit chip and product
manufacturing; Software development; Software sales; Import and export of goods;
Technology import and export; Sales of Class I medical devices; Class I medical device
production; Class I medical device leasing; Sales of Class II medical devices; Class II Founded by
Beijing Shiyan Technology Co. Ltd. Beijing China ? Beijing China ? medical device leasing. ? 80% ? - ? investment
Sales of communication equipment hardware & software of computer and peripheral
units electronic products equipment maintenance; development transfer consulting
and service providing of technologies; import & export of goods and technologies
agency of import & export; manufacturing consignment of electronic products and LCD Founded by
Beijing BOE Marketing Co. Ltd. Beijing China ? Beijing China ? devices ? 100% ? - ? investment
Business
combinations
involving entities
Mianyang BOE Optoelectronics R&D production and sales of flexible AMOLED the products are mainly used in smart not under
Technology Co. Ltd. Mianyang China ? Mianyang China ? phones wearable devices car display AR/VR etc. ? 83.46% ? - ? common control
Development promotion transfer consultation and services of display technology;
computer software hardware and network system services; the construction
operations and management of e-commerce platform; product design; conference
services; undertaking exhibitions and presentation activities; computer animation
design; production R&D and sales of OLED microdisplays and AR/VR whole widget;
warehousing services; Project investments and management of the invested projects;
Yunnan Invensight Optoelectronics import and export of goods and technologies; property leases machinery and Founded by
Technology Co. Ltd. Kunming China ? Kunming China ? equipment leases ? 79.10% ? - ? investment
Formation of X-ray sensors microfluidic chips biochemical chips gene chips security
sensors microwave antennas biosensors logistics network technology and other
semiconductor sensors technology testing technical consulting technical services Founded by
Beijing BOE Sensing Technology Co. Ltd. Beijing China ? Beijing China ? technology transfer ? 100% ? - ? investment
?
108BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
Shareholding (or similar
? ? ? ? ? ? ? equity interest) percentage ? ?
Principal place of Acquisition
Name of the subsidiary business ? Registered place ? Nature of business ? Direct ? Indirect ? method
????????????
Business
combinations
Investment and construction research and development production sales technology involving entities
Wuhan BOE Optoelectronics Technology development transfer consult and services of thin-film transistor LCD devices and not under
Co. Ltd. (“Wuhan BOE”) Wuhan China ? Wuhan China ? related products and supporting products ? 47.14% ? - ? common control
Business
combinations
involving entities
Chongqing BOE Display Technology Co. R&D manufacture and sales of semiconductor display devices whole widget and not under
Ltd. (“Chongqing BOE Display”) Chongqing China ? Chongqing China ? relevant products import and export of goods and technical consulting ? 38.46% ? - ? common control
R&D production and sales of semiconductor display device-related products and
related products; import or export of goods or technology; display device and Business
component other electronic components and technology development technology combinations
transfer technical consulting related fields related to display devices and electronic involving entities
Fuzhou BOE Display Technology Co. Ltd. products technical services; business management consulting; property management; not under
(“Fuzhou BOE Display”) Fuzhou China ? Fuzhou China ? house rental; machinery and equipment rental ? 43.46% ? - ? common control
R&D production and sales of Mini LED backlight components and Mini LED display Founded by
Hefei BOE Xingyu Technology Co. Ltd. Hefei China ? Hefei China ? module components ? 65.00% ? - ? investment
Dongfang Chengqi (Beijing) Business Intelligent administrative service solutions integrating property business travel Founded by
Technology Co. Ltd. Beijing China ? Beijing China ? procurement and consumption ? 100% ? - ? investment
Provision of hardware and software integrated system solutions for the IoT market
BOE Smart Technology Co. Ltd. segment; intelligent city intelligent transport intelligent finance intelligent park and the Founded by
Technology (“Smart Technology”) Beijing China ? Beijing China ? display terminal products such as the intelligent all-in-one machines ? 100% ? - ? investment
Founded by
BOE Innovation Investment Co. Ltd. Beijing China ? Beijing China ? Project investment and investment management ? 100% ? - ? investment
Business
R&D production and sales of TFT-LCD panels color filters and LCD machine combinations
modules; Providing services related to products and businesses and other business involving entities
activities related to the above;Self support and agency of import and export business of not under
Nanjing BOE Display Technology Co. Ltd. Nanjing China ? Nanjing China ? various commodities and technologies. ? 80.83% ? - ? common control
Business
Mainly engaged in research and development production sales and technical services combinations
of TFT-LCD panels and modules LCD displays televisions instruments mechanical involving entities
equipment and accessories; Engaged in the import and export of goods and not under
Chengdu BOE Display Sci-tech Co. Ltd. Chengdu China ? Chengdu China ? technology. 35.03% ? - ? common control
?
109BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
Shareholding (or similar
? ? ? ? ? ? ? equity interest) percentage) ? ?
Principal place of Acquisition
Name of the subsidiary business ? Registered place ? Nature of business ? Direct ? Indirect ? method
????????????
Mainly engaged in technology development technology consultation technology
transfer and technical services; Software development; Basic software services;
Application software services; Computer system services; Internet data services (data
centers in Internet data services except cloud computing data centers with PUE values
above 1.4); Information processing and storage support services; General construction
contracting professional contracting and labor subcontracting; Equipment installation
maintenance and leases; Literary and artistic creation; Computer animation design;
Product design; business management; Enterprise management consulting; Sales of Founded by
BOE Mled Technology Co. Ltd. Beijing China ? Beijing China ? computers software and auxiliary equipment electronic products. ? 100% ? - ? investment
technical services technology development technology consulting technical exchange
Beijing BOE Solar Energy Technology Co. technology transfer technology promotion; manufacture of photovoltaic equipment and Founded by
Ltd. Beijing China ? Beijing China ? components; sales of photovoltaic equipment and components. ? 100% ? - ? investment
technical services technology development technology consulting technical exchange
technology transfer technology promotion; manufacturing of display devices
[operations of branches]; sale of display devices; manufacturing of electronic
components [operations of branches]; wholesale of electronic components;
manufacturing of others electronic devices [operations of branches]; import and export
Chengdu BOE Display Techlogy Co. Ltd. of goods; import and export of technology; business management consulting; property Founded by
(Chengdu Display Technology) Chengdu China ? Chengdu China ? management; non-residential real estate leasing; machinery and equipment leasing. ? 50.25% ? - ? investment
Manufacturing of display devices; sale of display devices; manufacturing of electronic
components; wholesale of electronic components; technical services technology
development technology consulting technical exchange technology transfer
technology promotion; import and export of goods; import and export of technology;
Beijing BOE Chuangyuan Technology Co. business management consulting; property management; machinery and equipment Founded by
Ltd. (“Chuangyuan Technology”) Beijing China ? Beijing China ? leasing; manufacturing of other electronic devices. ? 79.31% ? - ? investment
Manufacturing of display devices; display device sales; manufacturing of electronic
components; technical service technical development technical consultation technical
exchange technology transfer and technology promotion; machinery and equipment
leasing; intelligent control system integration; information system integration services;
industrial control computer and system manufacturing; Internet of Things technical
services; data processing service; sales of electronic products; sales of digital cultural
creative technology and equipment; sales of semiconductor lighting devices; AI industry
application system integration services; cloud computing equipment technology
services; industrial Internet data service; Internet data service; semiconductor lighting
Mianyang BOE Electronic Technology Co. device manufacturing; sales of new energy prime mover equipment; technology import Founded by
Ltd. (“Mianyang Electronic Technology”) Mianyang China ? Mianyang China ? and export. ? 100% ? - ? investment
Design manufacturing sales and business leasing of semiconductor materials and Business
devices electronic materials and devices semiconductor lighting equipment sapphire combinations
crystal growth and sapphire deep processing products; research and development involving entities
processing and manufacturing of integrated circuits and sensors and providing not under
BOE HC SemiTek Corporation Wuhan China ? Wuhan China ? technical services; import and export of self owned products and raw materials. ? 22.92% ? - ? common control
?
110BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
As the Company has signed agreements of concerted action with other shareholders of Hefei
Display Technology Wuhan BOE Chongqing BOE Display Fuzhou BOE Display Chengdu
Display Sci-tech and HC SemiTek. The Company has 100% of the voting rights of Hefei
Display Technology Wuhan BOE Chongqing BOE Display and Fuzhou BOE Display and
96.75% of the voting rights of Chengdu Display Sci-tech. The voting right of HC SemiTek is
26.43%.
(2) Material non-wholly owned subsidiaries
Proportion of
ownership interest Loss allocated to Dividend declared Balance of non-
held by non- non-controlling to non-controlling controlling
controlling interests during shareholders interests at the
Name of the subsidiary interests ? the year ? during the year ? end of the year
????????
Subsidiary A 61.54% ? (1729392519) ? - ? 13048390413
???????
(3) Key financial information about material non-wholly owned subsidiaries
The following table sets out the key financial information of the above subsidiaries without
offsetting internal transactions but with adjustments made for the fair value adjustment at the
acquisition date and any differences in accounting policies:
? Subsidiary A
?2024?2023
????
Current assets 10383778491 ? 8098980132
Non-current assets 37068011098 ? 37527686707
????
Total assets 47451789589 ? 45626666839
????
Current liabilities 9932275658 ? 8612279639
Non-current liabilities 16316409587 ? 13005587192
????
Total liabilities 26248685245 ? 21617866831
????
Operating income 10105118112 ? 4226393760
Net (loss)/profit (2810192589) ? (1288455305)
Total comprehensive income (2810192589) ? (1288455305)
Cash inflows/(outflows) in operating activities 307572244 ? 171287026
111BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
2 Transactions that cause changes in the Group’s interests in subsidiaries that do not result in
loss of control
(1) Changes in the Group’s interests in subsidiaries:
Before changes of After changes of
? interests ? interests
????
Chengdu Display Technology 52.63% ? 50.25%
Chuangyuan Technology 60.21% ? 79.31%
HC SemiTek 23.01% ? 22.92%
???????
(2) Impact of transactions on non-controlling interests and equity attributable to the shareholders
of the Company:
The changes in the shareholding of the Company in the owners of above-mentioned other
subsidiaries were caused by the non-proportional capital increase of shareholders and the
acquisition of non-controlling interests which results in the decrease of capital reserves by
RMB61752693.
3 Interests in associates
Please see Note V.11(2) for details of the summarised financial information of the
associates.No material restrictions on transfers of funds from investees to the Group. The judgement
basis of the Company and its subsidiaries to hold lower than 20% of the voting rights of other
entities but have significant influence on the entity is due to the fact that the Company and its
subsidiaries have seats in the board of directors of the entity and the Company and
subsidiaries of the Company may have significant influence on the entity through the
representation of the directors in the process of formulating financial and operating policies.IX Risks related to financial instruments
The Group has exposure to the following main risks from its use of financial instruments in
the normal course of operations:
- Credit risk
- Liquidity risk
- Interest rate risk
- Foreign currency risk
- Other price risks
The following mainly presents information about the Group’s exposure to each of the above
risks and their sources their changes during the year and the Group’s objectives policies
and processes for measuring and managing risks and their changes during the year.
112BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
The Group aims to achieve an appropriate balance between the risks and benefits from its
use of financial instruments and to mitigate the adverse effects that the risks of financial
instruments have on the Group’s financial performance. Based on these objectives the
Group’s risk management policies have been established to identify and analyse the risks
faced by the Group to set appropriate risk limits and controls and to monitor risks. Risk
management policies and systems are reviewed regularly to reflect changes in market
conditions and the Group’s activities. The internal audit department of the Group undertakes
both regular and ad-hoc reviews to determine whether the internal control system is
implemented in accordance with the Group’s risk management policies.
1 Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the
other party by failing to discharge an obligation. The Group’s credit risk is primarily
attributable to receivables. Exposure to these credit risks is monitored by management on an
ongoing basis.The cash at bank of the Group is mainly held with well-known financial institutions.Management does not foresee any significant credit risks from these deposits and does not
expect that these financial institutions may default and cause losses to the Group.In respect of receivables the Group has established a credit policy under which individual
credit evaluations are performed on all customers to determine the credit limit and terms
applicable to the customers These evaluations focus on the customers’ financial position the
external ratings of the customers and the record of previous transactions. Receivables are
due within 7 to 180 days from the date of billing. Debtors with balances that are past due are
requested to settle all outstanding balances before any further credit is granted. Normally the
Group does not obtain collateral from customers.The Group’s exposure to credit risk is influenced mainly by the individual characteristics of
each customer therefore significant concentrations of credit risk arise primarily when the
Group has significant exposure to individual customers. As at the balance sheet date 45%
(2023: 36%) of total accounts receivable and contract assets were due from the Group’s five
largest customers. In addition the debtors of the Group that are neither past due nor
impaired mainly relate to a wide range of customers for whom there was no recent history of
arrearage.The maximum exposure to credit risk is represented by the carrying amount of each financial
asset in the balance sheet. As mentioned in Note XIV as at 31 December 2024 the Group
did not provide any other guarantees which would expose the Group to credit risk.
2 Liquidity risk
Liquidity risk is the risk that an enterprise will encounter difficulty in meeting obligations that
are settled by delivering cash or another financial asset. The Company and its individual
subsidiaries are responsible for their own cash management including short-term investment
of cash surpluses and the raising of loans to cover expected cash demands subject to
approval by the Company’s board when the borrowings exceed certain predetermined levels
of authority. The Group’s policy is to regularly monitor its liquidity requirements and its
compliance with lending covenants to ensure that it maintains sufficient reserves of cash
readily realisable marketable securities and adequate committed lines of funding from major
financial institutions to meet its liquidity requirements in the short and longer term.
113BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
The following tables set out the remaining contractual maturities at the balance sheet date of
the Group’s financial liabilities which are based on contractual undiscounted cash flows
(including interest payments computed using contractual rates or if floating based on rates
current at 31 December) and the earliest date the Group can be required to pay:
? 2024 Contractual undiscounted cash flow ? ?
Within 1 year or Over 1 year but Over 3 years but Carrying amount
on demand within 3 years within 5 years at balance sheet
? (inclusive) ? (inclusive) ? (inclusive) ? Over 5 years ? Total ? date
????????????
Financial liabilities ? ? ? ? ? ? ? ? ? ? ?
Short-term loans 1583159882 ? - ? - ? - ? 1583159882 ? 1563317166
Bills payable 1399557969 ? - ? - ? - ? 1399557969 ? 1399557969
Accounts payable 36713498406 ? - ? - ? - ? 36713498406 ? 36713498406
Other payables 20827962570 ? - ? - ? - ? 20827962570 ? 20827962570
Non-current liabilities due within one year 44178634605 ? - ? - ? - ? 44178634605 ? 43506539611
Long-term loans 3334950266 ? 19791399478 ? 19416755363 ? 75019608770 ? 117562713877 ? 100932391740
Lease liabilities - ? 299878906 ? 178097898 ? 281620430 ? 759597234 ? 631418986
Long-term payables - ? 44328318 ? 36291945 ? 52522833 ? 133143096 ? 121077871
????????????
Total 108037763698 ? 20135606702 ? 19631145206 ? 75353752033 ? 223158267639 ? 205695764319
???????
? 2023 Contractual undiscounted cash flow ? ?
Within 1 year or Over 1 year but Over 3 years but Carrying amount
on demand within 3 years within 5 years at balance sheet
? (inclusive) ? (inclusive) ? (inclusive) ? Over 5 years ? Total ? date
????????????
Financial liabilities ? ? ? ? ? ? ? ? ? ? ?
Short-term loans 1773280214 ? - ? - ? - ? 1773280214 ? 1746184534
Bills payable 919313033 ? - ? - ? - ? 919313033 ? 919313033
Accounts payable 32977603351 ? - ? - ? - ? 32977603351 ? 32977603351
Other payables 19487760965 ? - ? - ? - ? 19487760965 ? 19487760965
Non-current liabilities due within one year 24831720125 ? - ? - ? - ? 24831720125 ? 24437027442
Long-term loans 4248101826 ? 18954443798 ? 31730890357 ? 87859873238 ? 142793309219 ? 121546339022
Lease liabilities - ? 253329174 ? 164561752 ? 240102072 ? 657992998 ? 542141496
Long-term payables - ? 76675721 ? 43243078 ? 74598363 ? 194517162 ? 171611393
????????????
Total 84237779514 ? 19284448693 ? 31938695187 ? 88174573673 ? 223635497067 ? 201827981236
??????
3 Interest rate risk
Interest-bearing financial instruments at variable rates and at fixed rates expose the Group to
cash flow interest rate risk and fair value interest risk respectively. The Group determines
the appropriate weightings for fixed and floating rate interest-bearing instruments based on
current market conditions and performs regular reviews and monitoring to achieve an
appropriate mix of fixed and floating rate exposure. The Group does not enter into financial
derivatives to hedge interest rate risk.(a) As at 31 December the Group held the following interest-bearing financial instruments:
Fixed rate instruments:
?2024?2023
Effective interest Effective interest
Item rate ? Amount ? rate ? Amount
????????
Financial assets ? ? ? ? ? ? ?
- Cash at bank and on hand 0.1% ~ 5.35% ? 22379239813 ? 1.00% ~ 6.25% ? 34032083693
Financial liabilities ? ? ? ? ? ? ?
- Short-term loans 2.15% ~ 3.75% ? (778784075) ? 0.38% ~ 5.90% ? (1427826333)
- Other payables 0% ~ 2.18% ? (3000000000) ? 0% ~ 2.18% ? (3000000000)
- Non-current liabilities due within one year 1.20% ~ 6.37% ? (6428602243) ? 0% ~ 6.51% ? (11321474654)
- Long-term loans 1.20% ~ 6.37% ? (27818498512) ? 1.20% ~ 6.37% ? (39919524039)
- Lease liabilities 3.10% ~ 4.75% ? (631418986) ? 3.65% ~ 4.75% ? (542141496)
- Long-term payables 3.60% ? (121077871) ? 4.20% ~ 6.51% ? (171611393)
????????
Total ? ? (16399141874) ? ? ? (22350494222)
???????
114BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
Variable rate instruments:
?2024?2023
Effective interest Effective interest
Item rate ? Amount ? rate ? Amount
????????
Financial assets ? ? ? ? ? ? ?
- Cash at bank and on hand 0.0001% ~ 5.33% ? 51232751535 ? 0.0001% ~ 6.25% ? 37628227990
Financial liabilities ? ? ? ? ? ? ?
- Short-term loans 2.60% ~ 3.20% ? (785399999) ? 3.10% ~ 3.60% ? (316400000)
- Non-current liabilities due within one year 0.75% ~ 5.32% ? (36785444254) ? 1.00% ~ 6.33% ? (12588822776)
- Long-term loans 1.55% ~ 5.32% ? (73108053936) ? 1.00% ~ 6.33% ? (81623331304)
????????
Total ? ? (59446146654) ? ? ? (56900326090)
???????
(b) Sensitivity analysis
As at 31 December 2024 it is estimated that a general increase/decrease of 100 basis points
in interest rates of variable rate instrument with all other variables held constant would
decrease/increase the Group’s net profit and shareholders’ equity by RMB502550000
(2023: RMB481870000).
In respect of the exposure to cash flow interest rate risk arising from floating rate non-
derivative instruments held by the Group at the balance sheet date the impact on net profit
and equity of such a change in interest rates is estimated as an annualised impact on
interest expense or income. The analysis is performed on the same basis for the previous
year.
4 Foreign currency risk
In respect of cash at bank and on hand accounts receivable and payable and short-term
loans denominated in foreign currencies other than the functional currency the Group
ensures that its net exposure is kept to an acceptable level by buying or selling foreign
currencies at spot rates when necessary to address short-term imbalances.(a) The Group’s exposure as at 31 December to currency risk arising from recognised foreign
currency assets or liabilities is mainly denominated in US dollar. The amount of the USD
exposure is net assets exposure USD2564028518 (2023: net liabilities exposure:
USD191267567) translated into RMB18431262599 (2023: RMB1354690797) using
the spot rate at the balance sheet date. Differences resulting from the translation of the
financial statements denominated in foreign currency are excluded.(b) Assuming all other risk variables remained constant a 5% strengthening/weakening of the
Renminbi against the US dollar at 31 December would have decreased/increased both the
Group’s shareholders’ equity and net profit by the amount RMB792219870 (2023:
decreased/increased RMB105886060).The sensitivity analysis above assumes that the change in foreign exchange rates had been
applied to re-measure those financial instruments held by the Group which expose the Group
to foreign currency risk at the balance sheet date. The analysis excludes differences that
would result from the translation of foreign currency financial statements. The analysis is
performed on the same basis for the previous year.
5 Other price risks
Other price risks include stock price risk and commodity price risk.
115BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
X Fair value disclosure
The following table presents the fair value information and fair value hierarchy at the end of
the current reporting period of the Group’s assets and liabilities which are measured at fair
value at each balance sheet date on a recurring or non-recurring basis. The level at which
fair value measurement is categorised is determined by the lowest level input in the fair value
hierarchy that is significant to the entire fair value measurement. The levels are defined as
follows:
Level 1 inputs: unadjusted quoted prices in active markets that are observable at the
measurement date for identical assets or liabilities;
Level 2 inputs: inputs other than Level 1 inputs that are either directly or indirectly
observable for underlying assets or liabilities;
Level 3 inputs: inputs that are unobservable for underlying assets or liabilities.
1 Fair value of assets measured at fair value at the end of the year
? ? 31 December 2024
Level 1 Fair value Level 2 fair value Level 3 Fair value
Assets Note measurement ? measurements ? measurement ? Total
?????????
Recurring fair value measurements ? ? ? ? ? ? ? ?
- Financial assets held for trading V.2 316768188 ? 100126575 ? 2699541200 ? 3116435963
Including: Structured deposit
and wealth
management
products ? - ? 100126575 ? 2679701925 ? 2779828500
Investment in equity
instruments ? 316768188 ? - ? 19839275 ? 336607463
- Receivables under financing V.5 - ? - ? 472537400 ? 472537400
- Investments in other equity
instruments V.12 257558368 ? - ? 183813447 ? 441371815
- Other non-current financial assets V.13 - ? - ? 2735680042 ? 2735680042
Including: Investment in equity
instruments ? - ? - ? 2735680042 ? 2735680042
?????????
Total assets measured at fair value
on a recurring basis ? 574326556 ? 100126575 ? 6091572089 ? 6766025220
???????
? ? 31 December 2023
Level 1 Fair value Level 2 fair value Level 3 Fair value
Assets Note measurement ? measurements ? measurement ? Total
?????????
Recurring fair value measurements ? ? ? ? ? ? ? ?
- Financial assets held for trading V.2 261201215 ? - ? 7494763280 ? 7755964495
Including: Structured deposit
and wealth
management
products ? - ? - ? 7476126776 ? 7476126776
Investment in equity
instruments ? 261201215 ? - ? 18636504 ? 279837719
- Receivables under financing V.5 - ? - ? 408534622 ? 408534622
- Investments in other equity
instruments V.12 169355368 ? - ? 325274209 ? 494629577
- Other non-current financial assets V.13 - ? - ? 2253778325 ? 2253778325
Including: Investment in equity
instruments ? - ? - ? 2253778325 ? 2253778325
?????????
Total assets measured at fair value
on a recurring basis ? 430556583 ? - ? 10482350436 ? 10912907019
??????
116BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
2 Basis for determining the market price for recurring and non-recurring fair value
measurements categorised within Level 1
The Group uses the active market quote as the fair value of financial assets within Level 1.
3 Valuation techniques used and the qualitative and quantitative information of key parameters
for recurring and non-recurring fair value measurements categorised within Level 2
The fair value of interest rate swaps included in derivative financial assets is the estimated
amount that would be received or paid to transfer the swap at the end of the reporting period
taking into account current interest rates and the current creditworthiness of the swap
counterparties.
4 Valuation techniques used and the qualitative and quantitative information of key parameters
for recurring and non-recurring fair value measurements categorised within Level 3
For wealth management products measured at fair value the fair value is determined based
on the discounted cash flow method.Receivables under financing are bills receivable with short remaining maturities for which the
fair value determined is equal to the original carrying amount.Investments in equity instruments are unlisted equity investments held by the Group
including:
(i) For those who raised a new round of financing in 2024 the Group used the financing
price as the best estimates of their fair value;
(ii) For other investments in other equity instruments since the operating environment
operating conditions and financial status of the investee have not changed significantly
during the year the Group uses the book investment cost as a reasonable estimate of
fair value for measurement.
5 During 2024 there were no changes in valuation technique of fair value. As at 31 December
the Group held no assets and liabilities measured at fair value. All financial assets and
financial liabilities of the Group are carried at amounts not materially different from their fair
values.XI Related parties and related-party transactions
1 Information about the parent of the Company
Ultimate
Registered Shareholding Percentage of controlling party
Company name Registered place ? Business nature ? capital ? percentage (%) ? voting rights (%) ? of the Company
????????????
Area A No.6 West Operation and
6th Street Sanlitun management of state-
Beijing Electronics Holding Co. Chaoyang District owned assets within RMB
Ltd. Beijing ? authorization etc. ? 3139210000 ? 0.73% ? 12.37% ? Yes
???????
2 Information about the subsidiaries of the Company
For information about the subsidiaries of the Company refer to Note VIII.1.
117BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
3 Information about joint ventures and associates of the Company
Associates and joint ventures that have related party transactions with the Group during this
year or the previous year are as follows:
Name of entity Relationship with the Company
??
Beijing BOE Microbiology Technology Co. Ltd. Associates of the Group
Chongqing Maite Optoelectronics Co. Ltd. Associates of the Group
Anxian Technology (Suzhou) Co. Ltd. Associates of the Group
Ziyang Shuzhi Health Technology Co. Ltd. Associates of the Group
Hefei Xinjingyuan Electronic Materials Co. Ltd Associates of the Group
Hefei Jiangcheng Technology Co.Ltd Associates of the Group
Dongfang Juzhi (Beijing) Technology Innovation Co. Ltd. Associates of the Group and its
and its subsidiaries subsidiaries
Biochain (Beijing) Science & Technology Inc. and its Associates of the Group and its
subsidiaries subsidiaries
VusionGroup SA and its subsidiaries Associates of the Group and its
subsidiaries
Cnoga Medical Ltd. and its subsidiaries Associates of the Group and its
subsidiaries
Beijing BOE Art Cloud Technology Co. Ltd. and its Associates of the Group and the
subsidiaries Company and its subsidiaries
Beijing Nittan Electronics Co.Ltd. Associate of the Group and the
Company
Beijing Xindongneng Investment Management Co. Ltd. Associate of the Group and the
Company
Beijing Nissin Electronics Precision Component Co. Ltd. Associate of the Group and the
Company
TPV Display Technology (China) Limited Associate of the Group and the
Company
118BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
4 Information about other related parties
Name of other related parties Related-party relationship
??
Beijing Electronics Holding Co. Ltd. and its Controlling shareholder of the Company and
subsidiaries under the same control of the ultimate
holding company
Shanghai National Engineering Research Associate of enterprise that is under the
Center of Digital Television Co. Ltd. same control of the ultimate holding
company
Shanghai New Vision Microelectronics Co. Ltd. Associate of enterprise that is under the
and its subsidiaries same control of the ultimate holding
company
Beidian New Energy Technology (Jiangsu) Co. Under the same control of the ultimate
Ltd. holding company for the last 12 months
Beijing Electronics Holding & SK Technology Under the same control of the ultimate
Co. Ltd. holding company for the last 12 months
Baic Electronics SK (Jiangsu) Technology Co. Under the same control of the ultimate
Ltd. holding company for the last 12 months
Beijing DeHeng Law Offices Others
Hua Xia Bank Co. Ltd. Others
China Minsheng Banking Corporation Limited Others
Note: Hua Xia Bank Co. Ltd. Became a related party of the Company on 26 July 2024. China
Minsheng Banking Corporation Limited was no longer a related party of the Company
on 31 October 2024.
5 Transactions with related parties
The transactions below with related parties were conducted under normal commercial terms
or relevant agreements.
(1) Purchase of goods equipment and receiving of services (excluding remuneration of key
management personnel)
The Group
Nature of transaction 2024 ? 2023
????
Purchase of goods 1036110867 ? 663371654
Procurement of equipment 342397862 ? 236814153
Receiving services 22275482 ? 14986020
Payment of interest expenses 29228902 ? 33637490
????
Total 1430013113 ? 948809317
???????
119BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
The Company
Nature of transaction 2024 ? 2023
????
Purchase of goods 80548372 ? 34372208
Receiving services 34694760 ? 127843351
Procurement of equipment 115537859 ? 368000
Payment of interest expenses 24190372 ? 30926480
????
Total 254971363 ? 193510039
???????
(2) Sale of goods/rendering of services
The Group
Nature of transaction 2024 ? 2023
????
Sale of goods 3276078507 ? 3929802831
Rendering of services 21374733 ? 23418868
Interest income received 38696473 ? 28454504
????
Total 3336149713 ? 3981676203
???????
The Company
Nature of transaction 2024 ? 2023
????
Sale of goods 8144 ? 582164
Rendering of services 5449585756 ? 4610851622
Interest income received 6796437 ? 15702137
????
Total 5456390337 ? 4627135923
???????
(3) Leases
(a) As the lessor
The Group
Lease income Lease income
recognised in recognised in
Type of assets leased 2024 ? 2023
????
Investment properties 12234810 ? 9823412
???????
The Company
Lease income Lease income
recognised in recognised in
Type of assets leased 2024 ? 2023
????
Investment properties 67144944 ? 65795509
???????
120BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(b) As the lessee
The Group
Rental expenses for practical
expedient of short-term leases Variable lease payments not
and the leases of low-value included in the measurement of Assumed interest expenses
? ? ? assets ? the lease liability ? Rental payments ? from lease liabilities ? Increased right-of-use assets
Type of assets
Name of lessor leased ? 2024 ? 2023 ? 2024 ? 2023 ? 2024 ? 2023 ? 2024 ? 2023 ? 2024 ? 2023
??????????????????????
Beijing Electric Control Subsidiary Fixed assets ? 1156657 ? - ? - ? - ? 1625411 ? 2801931 ? 9049 ? 124586 ? - ? -
Associated enterprises of the Group Fixed assets ? 341135 ? 328378 ? - ? - ? - ? - ? - ? - ? - ? -
???????
The Company
Rental expenses for practical
expedient of short-term leases Variable lease payments not
and the leases of low-value included in the measurement of Assumed interest expenses
? ? ? assets ? the lease liability ? Rental payments ? from lease liabilities ? Increased right-of-use assets
Type of assets
Name of lessor leased ? 2024 ? 2023 ? 2024 ? 2023 ? 2024 ? 2023 ? 2024 ? 2023 ? 2024 ? 2023
??????????????????????
Subsidiaries of the Group Fixed assets ? 1011700 ? - ? - ? - ? 43459032 ? 42971406 ? 976744 ? 4093830 ? - ? -
????
121BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(4) Funding from related parties
The Company
Name of related Amount of
party funding ? Inception date ? Maturity date
??????
Funds received 89498000000 ? 31 December 2023 to 20 November 2024 ? Due 1-3 years
Right to request
Funds provided 30180000000 ? 19 February 2020 to 31 December 2024 ? return at any time
???????
(5) Remuneration of key management personnel
The Group and the Company
Item 2024 ? 2023
????
Remuneration of key management personnel RMB62881000 ? RMB51002000
???????
The remuneration of key management personnel above does not include the one with
respect to share-based payments scheme.
6 Unsettled items including receivables from and payables to related parties
Receivables from related parties
The Group
??2024?2023
Provision for bad Provision for bad
Item Note Book value ? and doubtful debts ? Book value ? and doubtful debts
?????????
Cash at bank and on hand (1) 612658442 ? - ? 1147791923 ? -
Accounts receivable ? 765108795 ? 5276893 ? 848755589 ? 4883714
Prepayments ? 6032969 ? - ? 10054763 ? -
Other receivables ? 1521951 ? - ? 787519 ? -
Contract assets ? 439180 ? - ? 6977790 ? -
Other non-current assets ? 55227648 ? - ? 16934571 ? -
???????
The Company
??2024?2023
Provision for bad Provision for bad
Item Note Book value ? and doubtful debts ? Book value ? and doubtful debts
?????????
Cash at bank and on hand (1) 11190339 ? - ? 511657 ? -
Accounts receivable ? 3556844804 ? - ? 4874309921 ? 4315658
Prepayments ? 535316 ? - ? - ? -
Other receivables ? 31804306639 ? 91589 ? 28179338207 ? 12280686
Other non-current assets ? 320000000 ? - ? 1740000000 ? -
???????
122BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
Payables to related parties
The Group
Item Note 2024 ? 2023
?????
Accounts payable ? 314617966 ? 114282939
Advance payments received ? 202505 ? 103733
Contract liabilities ? 15549505 ? 24068821
Other payables ? 254993110 ? 202371165
Non-current liabilities due within one year (2) 6358950 ? 6000000
Short-term loans (2) 50043389 ? -
Long-term loans (2) 98608350 ? 1107750000
???????
The Company
Item Note 2024 ? 2023
?????
Accounts payable ? 171389697 ? 89999263
Advance payments received ? 110192 ? 798119
Contract liabilities ? 169811 ? -
Other payables ? 3087450524 ? 2791489305
Long-term loans (2) - ? 1042750000
Other non-current liabilities ? 89520793681 ? 79800793681
???????
(1) The Group's and the Company's cash at bank were deposits in Hua Xia Bank Co. Ltd.(2023:
China Minsheng Banking Corp.Ltd.)
(2) The Group's and the Company's non-current liabilities short-term loans and long-term loans
due within one year are loans from Hua Xia Bank Co. Ltd. .(2023: China Minsheng Banking
Corp.Ltd.)
7 Commitments of the related parties
As at balance sheet date the commitments of the related parties which are signed but not
listed in financial statement are as following:
?2024?2023
????
Procurement of equipment 237948651 ? 65703454
???????
123BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
XII Share-based payments
1 Equity instruments
? Granted during the year ? Exercised during the year ? Unlocked during the year ? Forfeited during the year
Type of grantees Quantity ? Amount ? Quantity ? Amount ? Quantity ? Amount ? Quantity ? Amount
????????????????
Senior management appointed by the Board of
Directors - ? - ? - ? - ? 3944160 ? 10570349 ? 209220 ? 560710
Technical experts middle management and
above level - ? - ? - ? - ? 91915315 ? 246333044 ? 7303772 ? 19574109
Manager senior technical cadre - ? - ? - ? - ? - ? - ? 197248486 ? 378579815
????????????????
Total - ? - ? - ? - ? 95859475 ? 256903393 ? 204761478 ? 398714634
???
Share options or other equity instruments outstanding at the end of the year
Share options outstanding at the end of Other equity instruments outstanding at
? the year ? the end of the year
Range of exercise Remaining Range of exercise Remaining
Type of grantees prices ? contractual life ? prices ? contractual life
????????
RMB5.029 - 5.529
Manager senior technical cadre /share ? 1 - 2 years ? / ? /
???
2 Equity-settled share-based payments
On 17 November 2020 the Board of Directors of the Company approved the implementation
of share options and restricted share incentive plans from 2020. The shares for the share
options and restricted share incentive plans are from the Company’s Renminbi A-share
ordinary shares repurchased from secondary market. The plans are presented as follows:
(a) Share option incentive plan
The initial grant date was 21 December 2020 and the implementation was completed
on 25 December 2020. The actual number of grantees was 1988 with a number of
grants of 596229700 shares. The second grant date was 27 August 2021 the actual
number of grantees was 110 and the number of grants is 33000000 shares this grant
was completed on 22 October 2021.The share options are exercised in three phases after 24 months from the grant date.The exercise ratios for each phase are 34% 33% and 33% respectively. The
corresponding exercise dates are 2 years 3 years and 4 years from the grant date.When the Company’s performance meets the corresponding criteria the proportion of
exercisable rights of the above-mentioned share options is determined based on the
business performance of the incentive object’s operation and the contribution value of
the incentive object. In accordance with the plan the Company will deregister the
current exercisable shares of the options obtained by the incentive objects if the
exercise criteria stipulated in this plan are not met.(b) Restricted share incentive plan
The grant date of restricted share incentive plan was 21 December 2020 and the
implementation was completed on 29 December 2020. The actual number of grantees
was 793 with a number of grants of 321813800 share.
124BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
The lock-up periods of the restricted share incentive plan are the 24 36 and 48 months
from the grant date respectively. During the lock-up period restricted shares granted
to the incentive object under this plan shall not be transferred used for guarantee or
debt repayment before the lock-up release. Lock-up restricted shares are released in
three phases after 24 months from the grant date. The release ratios for each phase
are 34% 33% and 33% respectively. The corresponding release dates are 2 years 3
years and 4 years from the grant date. The actual number released shall be based on
performance assessment result for the previous year.When the Company’s performance meets the corresponding criteria the release
proportion of the above-mentioned restricted shares is determined based on the
business performance of the incentive object’s operation and the contribution value of
the incentive object. The Company will repurchase the locked restricted shares at the
granted price of the incentive objects if the release criteria stipulated in this plan are not
met and the incentive object shall not release the restricted shares for the current
period.The costs of equity-settled share-based payments recognised in the consolidated
financial statements for the year were RMB136728103 and the accumulated amount
of equity-settled share-based payments recognised in the capital reserve amounted to
RMB1705315749. In the Company’s financial statements the Company recognised
its long-term equity investment of RMB103864964 in its subsidiary at the fair value of
the equity instruments at the grant date and recognised expenses arising from share-
based payments of RMB32863139 as well as recognised in the capital reserve of
RMB 136728103.Based on relevant provisions of the restricted share incentive plan for the service
period if the granted object resigns before the release date the Company will
repurchase the restricted shares that have not been released at the subscription price
of the granted object. Please refer to Note V.29(1) for the repurchased obligation set
out in other payables.
(1) Method for determining the fair value of equity instruments at the grant date
Share options:
The fair value of equity instruments at the grant date is determined based on the assessed
fair value of the exercisable share options at each grant date (RMB 1.68/share RMB
1.93/share and RMB 2.09/share respectively); the fair value of equity instruments at the
reserved grant date is determined based on assessed fair value of the exercisable share
options at each reserved grant B (RMB 1.70/share RMB 2.02/share and RMB 2.17/share
respectively).Restricted shares:
The fair value of equity instruments at the grant date is determined based on the difference
between the fair value of shares at the grant date and the subscription price at RMB
2.68/share.
125BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Basis for determining the number of equity instruments expected to vest
At each balance sheet date during the vesting period the best estimation is made according
to the latest information such as the number of employees who are granted options and the
completion of performance indicators and the number of equity instruments expected to vest
is revised accordingly. On the vesting date the estimated number is equal to the number of
equity instruments that are ultimately vested.XIII. Capital management
The Group’s primary objective when managing capital is to safeguard its ability to continue
as a going concern so that it can continue to provide returns for shareholders by pricing
products and services commensurately with the level of risks and by securing access to
financing at a reasonable cost.The Group defines “capital” as including all components of equity less unaccrued proposed
dividends. The balances of related party transactions are not regarded by the Group as
capital.The Group’s capital structure is regularly reviewed and managed to achieve an optimal
structure and return for shareholders. In this regard factors for the Group’s consideration
include: its future funding requirements capital efficiency actual and expected profitability
expected cash flows and expected capital expenditure. Adjustments are made to the capital
structure in light of changes in economic conditions affecting the Group.The Group’s capital structure is monitored on the basis of an adjusted net debt-to-capital
ratio (total liabilities divided by total assets). The capital management strategies exerted by
the Group remained unchanged from 2023. In order to maintain or adjust the ratio the Group
may adjust the amount of dividends paid to shareholders request new loans issue new
shares or sell assets to reduce debt.As at 31 December 2024 and 31 December 2023 the Group’s asset-liability ratios are as
follows:
?2024?2023
????
Asset-liability ratio 52.43% ? 52.81%
???????
Neither the Company nor any of its subsidiaries are subject to externally imposed capital
requirements.
126BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
XIV. Commitments and contingencies
1 Significant commitments
(1) Capital commitments
The Group 2024 ? 2023
????
Contracts entered into but not performed or partially
performed 28280123927 ? 15399501743
Contracts authorised but not entered into 85050646514 ? 123338068701
????
Total 113330770441 ? 138737570444
???????
The Group’s contracts authorised but not entered into mainly included fixed assets and
project equipment planned to purchase in subsequent years.The Company 2024 ? 2023
????
Contracts entered into but not performed or partially
performed 34183130229 ? 42398401670
???????
The Company’s contracts entered into but not performed or partially performed mainly
included guaranteed investments in its subsidiaries.
2 Guarantee
(1) The Group as the guarantor
As at 31 December 2024 the Group did not have guarantees provided for external
enterprises.
(2) The Company as the guarantor
At 31 December 2024 The subsidiaries of the Company obtained long-term loans of RMB
40010719830 and USD1422632000. The Company provides joint-liability guarantee for
the above loans.XV. Segment reporting
1 Segment reporting considerations
The Group management reviews the operation performance and allocates resources
according to the business segments below.(a) Display business — The display business integrates design and manufacturing of display
devices and strives to offer TFT-LCD AMOLED Microdisplay and other intelligent interface
devices. This business focuses on providing high-quality smartphones tablet PCs laptops
monitors TVs vehicles VR/AR and other display devices for customers.
127BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(b) Internet of Things (IoT) innovation business — The IoT innovation business integrates
manufacturing models for system solution design providing customers with competitive
smart terminal products in the fields of TVs monitors laptops tablet PCs low power
consumption products IoT 3D displays etc. With artificial intelligence and big data as
technical support it focuses on products and services that integrate software and hardware
providing integrated solutions in IoT segments such as smart finance smart industrial parks
etc.(c) Sensor business - The sensor and application solutions integrate manufacturing models for
system solution design covering both glass-based and silicon-based areas. It focuses on
smart windows innovative glass-based sensor devices MEMS sensors industrial sensors
and consumer electronics providing customers with products and solutions including smart
dimming windows and dimming system solutions industrial sensors and solutions MEMS
sensors and X-ray flat panel detector backplanes.(d) MLED business — The integrates design and manufacturing of devices and provides Mini-
LED backlight products with high quality and strong reliability as well as high dynamic range
that allow precisely brightness adjustment for TVs monitors laptops car displays VR/AR
and other products; besides it provides Mini/Micro-LED display products with high
brightness strong reliability and high contrast for use in outdoor display commercial display
transparent display special display and other scenarios.(e) Smart medicine and engineering business - The smart medicine and engineering business is
a professional service model providing services and solutions in healthcare intelligent
rehabilitation and medical-engineering integration products. Meanwhile the smart medicine
and engineering business is committed to building a closed loop of full-cycle health services
with health management as the core medical-engineering terminals as the traction digital
hospitals and rehabilitation communities as the support to create an intelligent health
management ecosystem to connect testing equipment healthcare personnel and
customers and to provide customers with the "prevision-treatment-nursing" full-chained
health services.(f) Others - In addition to the above businesses the Group provides software-hardware fusion
and system integration solutions for different industries specifically including intelligent
internet of vehicles industrial interconnection and other segments which can provide
customers with all-round one-stop and intelligent new experiences in IoT segmented
scenarios.The main reason to separate the segments is that the Group independently manages the
display business IoT innovation business sensor and application solutions MLED and smart
medicine and engineering and other businesses. As these business segments manufacture
and sale different products apply different manufacturing processes and specifies in gross
profit the business segments are managed independently. The management evaluates the
performance and allocates resources according to the profit of each business segment and
does not take financing cost and investment income into account.
128BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
2 Accounting policies for the measurements of reporting segments
For the purposes of assessing segment performance the Group’s management regularly reviews the revenue and costs attributable to each
reportable segment. Inter-segment sales are determined with reference to prices charged to external parties for similar orders.?2024
Smart medicine
Display IoT innovation Sensor MLED & engineering Others and
? business ? business ? business ? business ? business ? offsetting ? Total
??????????????
16500359254
Operating income 9 ? 33828880608 ? 386471446 ? 8483421034 ? 1839415166 ? (11161175142) ? 198380605661
14395547218
Operating costs 8 ? 30247926452 ? 304425278 ? 7993316575 ? 1899758297 ? (16178949217) ? 168221949573
??
?2023
Smart medicine
IoT innovation & engineering Others and
? Display business ? business ? Sensor business ? MLED business ? business ? offsetting ? Total
??????????????
Operating income 146603375798 ? 33792127023 ? 405037922 ? 5664637280 ? 1676326992 ? (13598059120) ? 174543445895
Operating costs 134669314965 ? 30940234587 ? 330920417 ? 5512239740 ? 1681025214 ? (18660064887) ? 154473670036
??
The Group develops various businesses by using common assets and liabilities and therefore it could not analyse assets and liabilities of each
reportable segment respectively by business. Besides the Group restates comparative information in 2023 according to the classification of
segment reporting in 2024.
129BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
3 Secondary segment reporting (regional segments)
(a) The geographical information is based on the location of customers receiving the services or
goods
The following table sets out information about the geographical location of the Group’s
operating income from external customers:
Operating income from external
? customers
?2024?2023
????
Mainland China 99522213629 ? 80541975332
Other regions 98858392032 ? 94001470563
????
Total 198380605661 ? 174543445895
???????
(b) Divided based on asset locations
The geographical location of the specified non-current assets is based on the physical
location of the asset in the case of fixed assets; the location of the operation to which they
are allocated in the case of intangible assets and goodwill; and the location of operations in
the case of interests in associates and joint ventures. Most of the non-current assets in the
Group are located in the Mainland China.
4 Major customers
The Group has 1 customer (2023: 1) the operating income from which is over 10% of the
Group’s total operating income. The operating income from the customer which represents
approximately 15% of the Group’s total operating income is summarised in the table below:
Customer 2024 ? 2023
? RMB ? RMB
????
Customer 1 29896086331 ? 26082948856
???
130BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
XVI. Notes to the Company’s financial statements
1 Accounts receivable
(1) The Company’s accounts receivable are as follows:
31 December 31 December
Item 2024 ? 2023
????
Accounts receivable 3560415637 ? 4877977515
Less: Provision for bad and doubtful debts 3248761 ? 7564419
????
Total 3557166876 ? 4870413096
???????
(2) The ageing analysis of accounts receivable is as follows:
31 December 31 December
Ageing 2024 ? 2023
????
Within 1 year (inclusive) 3217732115 ? 3662390168
Over 1 year but within 2 years (inclusive) 1322026 ? 869370034
Over 2 years but within 3 years (inclusive) 785947 ? 37761471
Over 3 years 340575549 ? 308455842
????
Sub-total 3560415637 ? 4877977515
????
Less: Provision for bad and doubtful debts 3248761 ? 7564419
????
Total 3557166876 ? 4870413096
??????
The ageing is counted starting from the date when accounts receivable are recognised.
(3) Accounts receivable by provisioning method
?2024
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
- Customers with high credit risk 3248761 ? 0% ? 3248761 ? 100% ? -
- Customers with low credit risk 3556844804 ? 100% ? - ? 0% ? 3556844804
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Customers with medium credit risk 322072 ? 0% ? - ? 0% ? 322072
??????????
Total 3560415637 ? 100% ? 3248761 ? 0% ? 3557166876
???????
?2023
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
- Customers with high credit risk 7564419 ? 0% ? 7564419 ? 100% ? -
- Customers with low credit risk 4869994263 ? 100% ? - ? 0% ? 4869994263
??????????
Collective assessment ? ? ? ? ? ? ? ? ?
- Customers with medium credit risk 418833 ? 0% ? - ? 0% ? 418833
??????????
Total 4877977515 ? 100% ? 7564419 ? 0% ? 4870413096
??????
131BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(4) Additions and recoveries of provision for bad and doubtful debts during the year:
?2024?2023
Customers Customers Customers Customers Customers Customers
with low credit with medium with high with low credit with medium with high
? risk ? credit risk ? credit risk ? Total ? risk ? credit risk ? credit risk ? Total
????????????????
Balance at the beginning of the year - ? - ? 7564419 ? 7564419 ? - ? 79397 ? 8406011 ? 8485408
Charge during the year - ? - ? - ? - ? - ? 9367 ? - ? 9367
Recoveries during the year - ? - ? - ? - ? - ? (88764) ? (841592) ? (930356)
Written-off during the year - ? - ? (4315658) ? (4315658) ? - ? - ? - ? -
????????????????
Balance at the end of the year - ? - ? 3248761 ? 3248761 ? - ? - ? 7564419 ? 7564419
???????
(5) Five largest accounts receivable by debtor at the end of the year
The five largest accounts receivable of the Company amounted to RMB2975671682
amounting to 84% of the total accounts receivable at the end of the year and no provisions
for bad and doubtful debts were made at the end of the year.
2 Other receivables
31 December 31 December
Item Notes 2024 ? 2023
?????
Dividends receivable (1) 1625667171 ? 1189273456
Others (2) 30450047947 ? 27192355082
?????
Total ? 32075715118 ? 28381628538
???????
(1) Dividends receivable
31 December 31 December
?2024?2023
????
BOE Optoelectronics Holdings Co. Ltd. 800772478 ? 545367900
Chongqing BOE Optoelectronics Technology Co.Ltd. 400000000 ? 135000000
Beijing Matsushita Colour Innovation Co. Ltd. 382655888 ? 468758202
Beijing BOE Land Co. Ltd. 25345840 ? 40147354
Others 16892965 ? -
????
Total 1625667171 ? 1189273456
?????
(2) Others
(a) The Company’s other receivables are as follows:
31 December 31 December
Item 2024 ? 2023
????
Other receivables 30453997104 ? 27208493001
Less: Provision for bad and doubtful debts 3949157 ? 16137919
????
Total 30450047947 ? 27192355082
???????
132BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(b) The ageing analysis of other receivables of the Company is as follows:
31 December 31 December
Ageing 2024 ? 2023
????
Within 1 year (inclusive) 14613008207 ? 26906173796
Over 1 year but within 2 years (inclusive) 15566224475 ? 136005824
Over 2 years but within 3 years (inclusive) 133433055 ? 68122231
Over 3 years 141331367 ? 98191150
????
Sub-total 30453997104 ? 27208493001
????
Less: Provision for bad and doubtful debts 3949157 ? 16137919
????
Total 30450047947 ? 27192355082
???????
The ageing is counted starting from the date when other receivables are recognised.(c) Other receivables by provisioning method
?2024
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
??????????
- Amounts with high credit risk 3949157 ? 0% ? 3949157 ? 100% ? -
- Amounts with low credit risk 30450047947 ? 100% ? - ? ? ? 30450047947
??????????
Total 30453997104 ? 100% ? 3949157 ? 0% ? 30450047947
??????
?2023
? Book value ? Provision for bad and doubtful debts ? ?
Category Amount ? Percentage (%) ? Amount ? Percentage (%) ? Carrying amount
??????????
Individual assessment ? ? ? ? ? ? ? ? ?
??????????
- Amounts with high credit risk 16137919 ? 0% ? 16137919 ? 100% ? -
- Amounts with low credit risk 27192355082 ? 100% ? - ? 0% ? 27192355082
??????????
Total 27208493001 ? 100% ? 16137919 ? 0% ? 27192355082
?????
(d) Movements of provisions for bad and doubtful debts
?2024?2023
? Stage 1 ? Stage 2 ? Stage 3 ? ? ? Stage 1 ? Stage 2 ? Stage 3 ? ?
Lifetime ECL - Lifetime ECL -
Not credit Lifetime ECL - Not credit Lifetime ECL -
? 12-month ECL ? impaired ? Credit impaired ? Total ? 12-month ECL ? impaired ? Credit impaired ? Total
????????????????
Balance at the
beginning of the
year - ? - ? 16137919 ? 16137919 ? - ? - ? 20707796 ? 20707796
Charge during the
year - ? - ? 80000336 ? 80000336 ? - ? - ? 176044 ? 176044
Reversals during the
year - ? - ? - ? - ? - ? - ? (4745921) ? (4745921)
Written-off during the
year - ? - ? (92189098) ? (92189098) ? - ? - ? - ? -
????????????????
Balance at the end of
the year - ? - ? 3949157 ? 3949157 ? - ? - ? 16137919 ? 16137919
???????
133BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(e) The Group’s other receivables categorised by nature
31 December 31 December
Item Note 2024 ? 2023
?????
Current accounts (i) 30195532432 ? 26989987234
Others ? 258464672 ? 218505767
?????
Sub-total ? 30453997104 ? 27208493001
?????
Less: Provision for bad and
doubtful debts ? 3949157 ? 16137919
?????
Total ? 30450047947 ? 27192355082
???????
(i) As at 31 December 2024 and 31 December 2023 the Company's current
accounts mainly consisted of loans receivable from subsidiaries.(f) Five largest other receivables by debtor at the end of the year
Other receivables at the end of the year due from the top five debtors of the Company
amounted to RMB23215154567 in total most of which are amounts due to / from
related parties within the Group. No provision is made for bad and doubtful debts after
assessment.
3 Long-term equity investments
(1) The Company’s long-term equity investments by category:
31 December 31 December
?2024?2023
????
Investments in subsidiaries 200829541576 ? 187984376186
Investments in associates and joint ventures 2362000389 ? 3156825405
????
Sub-total 203191541965 ? 191141201591
????
Less: Provision for impairment - ? 32000000
????
Total 203191541965 ? 191109201591
???????
134BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Investments in subsidiaries
? ? ? Movements during the year ? ? ? ? ? ?
Balance of
provision for Balance of
Balance at the impairment at the provision for
beginning of the Increase in Share-based Reductions during Balance at the beginning of the impairment at the
Name of entity year ? investments ? payments ? the year ? end of the year ? year ? end of the year
??????????????
Chengdu BOE Optoelectronics
Technology Co. Ltd. 25132862300 ? - ? 11489469 ? - ? 25144351769 ? - ? -
Hefei BOE Optoelectronics Technology
Co. Ltd. 2774220036 ? - ? 5339250 ? - ? 2779559286 ? - ? -
Beijing BOE Display Technology Co.Ltd. 9023454530 ? - ? 26209213 ? - ? 9049663743 ? - ? -
Hefei Xinsheng Optoelectronics
Technology Co. Ltd. 10424839990 ? - ? 5956382 ? - ? 10430796372 ? - ? -
Ordos Yuansheng Optoelectronics Co.Ltd. 11816424205 ? - ? 629141 ? - ? 11817053346 ? - ? -
Chongqing BOE Optoelectronics
Technology Co. Ltd. 4225776398 ? - ? 2617284 ? - ? 4228393682 ? - ? -
Fuzhou BOE Optoelectronics
Technology Co. Ltd. 15243649837 ? - ? 1952980 ? - ? 15245602817 ? - ? -
Beijing BOE Vision-electronic
Technology Co. Ltd. 4447858263 ? 710000000 ? - ? - ? 5157858263 ? - ? -
Beijing BOE Vacuum Electronics Co.Ltd. 20126113 ? - ? 85200 ? - ? 20211313 ? - ? -
Beijing BOE Vacuum Technology Co.Ltd. 32000000 ? - ? - ? (32000000) ? - ? 32000000 ? -
Beijing Yinghe Century Co. Ltd. 358184475 ? - ? 2458930 ? - ? 360643405 ? - ? -
BOE Optical Science and technology
Co. Ltd. 669553238 ? - ? 1085054 ? - ? 670638292 ? - ? -
BOE Hyundai LCD (Beijing) Display
Technology Co. Ltd. 43836688 ? - ? (1222207) ? - ? 42614481 ? - ? -
BOE (Hebei) Mobile Technology Co.Ltd. 1356796294 ? - ? - ? - ? 1356796294 ? - ? -
Beijing BOE Multimedia Technology
Co. Ltd. 400000000 ? - ? - ? (400000000) ? - ? - ? -
Beijing BOE Energy Technology Co.Ltd. 858249916 ? - ? 642897 ? - ? 858892813 ? - ? -
Beijing BOE Life Technology Co. Ltd. 10000000 ? - ? - ? - ? 10000000 ? - ? -
Beijing Zhongxiangying Technologies
Co. Ltd. 102490962 ? - ? 56853 ? - ? 102547815 ? - ? -
Beijing BOE Semi-conductor Co. Ltd. 9450000 ? - ? - ? - ? 9450000 ? - ? -
BOE Optoelectronics Holding Co. Ltd 3487684762 ? - ? - ? - ? 3487684762 ? - ? -
BOE Healthcare Investment &
Management Co. Ltd. 9422994176 ? 713000000 ? 839520 ? - ? 10136833696 ? - ? -
Hefei BOE Display Technology Co. Ltd. 8979853583 ? - ? 4170939 ? - ? 8984024522 ? - ? -
Beijing BOE Technology Development
Co. Ltd 2955574 ? 10000000 ? 200616 ? - ? 13156190 ? - ? -
Hefei BOE Zhuoyin Technology Co.Ltd. 605598776 ? - ? 671040 ? - ? 606269816 ? - ? -
Beijing BOE Land Co. Ltd. 10000162 ? - ? 236808 ? - ? 10236970 ? - ? -
Beijing BOE Marketing Co. Ltd. 31885370 ? - ? 254280 ? - ? 32139650 ? - ? -
BOE KOREA Co. Ltd 8993260 ? - ? 644996 ? - ? 9638256 ? - ? -
Yunnan Invensight Optoelectronics
Technology Co. Ltd. 1521548388 ? - ? 1166618 ? - ? 1522715006 ? - ? -
Mianyang BOE Optoelectronics
Technology Co. Ltd. 22347538961 ? - ? 2387605 ? - ? 22349926566 ? - ? -
Beijing BOE Sensing Technology Co.Ltd. 4537093774 ? 50000000 ? 1912511 ? - ? 4589006285 ? - ? -
Wuhan BOE Optoelectronics
Technology Co. Ltd. 12530838461 ? - ? 2464272 ? - ? 12533302733 ? - ? -
Chongqing BOE Display Technology
Co. Ltd. 10017479885 ? - ? 2119225 ? - ? 10019599110 ? - ? -
Fuzhou BOE Display Technology Co.Ltd. 23060520 ? - ? - ? - ? 23060520 ? - ? -
Beijing Matsushita Colour Innovation
Co. Ltd. 6146008 ? - ? 651240 ? - ? 6797248 ? - ? -
BOE Innovation Investment Co. Ltd. 3677760342 ? 1099000000 ? 548165 ? - ? 4777308507 ? - ? -
Hefei BOE Xingyu Technology Co. Ltd. 506907751 ? - ? 245916 ? - ? 507153667 ? - ? -
BOE Education Technology Co. Ltd. 29259274 ? - ? - ? (29259274) ? - ? - ? -
Dongfang Chengqi (Beijing) Business
Technology Co. Ltd. 15927168 ? - ? 687665 ? - ? 16614833 ? - ? -
BOE Smart Technology Co. Ltd. 2722000000 ? 214444400 ? - ? - ? 2936444400 ? - ? -
Nanjing BOE Display Technology Co.Ltd. 5602671987 ? - ? 1600916 ? - ? 5604272903 ? - ? -
Chengdu BOE Display Sci-tech Co.Ltd. 7561638738 ? - ? 907482 ? - ? 7562546220 ? - ? -
BOE Mled Technology Co. Ltd. 1464806545 ? 174000000 ? 2108006 ? - ? 1640914551 ? - ? -
Beijing BOE Solar Energy Technology
Co. Ltd. 51886158 ? 170000000 ? (612074) ? - ? 221274084 ? - ? -
Chengdu BOE Display Technology Co.Ltd. 399988000 ? 4099877000 ? - ? - ? 4499865000 ? - ? -
Beijing BOE Chuangyuan Technology
Co. Ltd. 2249653000 ? 5175238300 ? 2267663 ? - ? 7427158963 ? - ? -
Mianyang BOE Electronics Technology
Co. Ltd. 680000000 ? 787000000 ? - ? - ? 1467000000 ? - ? -
Beijing Shiyan Technology Co. Ltd. 167200000 ? - ? 1699524 ? - ? 168899524 ? - ? -
BOE HC SemiTek Corporation 2083597236 ? - ? - ? - ? 2083597236 ? - ? -
Others* 287635082 ? - ? 19391585 ? - ? 307026667 ? - ? -
??????????????
Total 187984376186 ? 13202559700 ? 103864964 ? (461259274) ? 200829541576 ? 32000000 ? -
??????
* Others represented equity-settled share-based payments granted by the Company to
employees of other subsidiaries.For information about the major subsidiaries of the Company refer to Note VIII.1.
135BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(3) Investments in associates
? ? ? Movements during the year ? ? ? ?
Declared Balance of
Balance at the Investment (loss) Other distribution of provision for
beginning of the Additions during Reductions /income under comprehensive Other changes in cash dividends or Balance at the impairment at the
Investee year ? the year ? during the year ? equity method ? income ? equity ? profits ? end of the year ? end of the year
??????????????????
Beijing Xindongneng Investment Fund
(Limited Partnership) 1864768203 ? - ? - ? (501218917) ? 6032979 ? - ? (447573615) ? 922008650 ? -
Erdos BOE Energy Investment Co. Ltd. 135928979 ? - ? - ? (422258) ? - ? 170648 ? - ? 135677369 ? -
Others 1156128223 ? 110179400 ? - ? 25370436 ? 24998343 ? 2527639 ? (14889671) ? 1304314370 ? -
?????????????????-
?3156825405?110179400?-?(476270739)?31031322?2698287?(462463286)?2362000389?-
???????
136BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
4 Other payables
31 December 31 December
Item Note 2024 ? 2023
?????
Dividends payable ? 6451170 ? 6451170
Others (1) 3464889503 ? 3509544809
?????
Total ? 3471340673 ? 3515995979
???????
(1) The Company’s other payables by category are as follows
31 December 31 December
Item Note 2024 ? 2023
?????
Amounts due to / from subsidiaries ? 3075540118 ? 2791489305
Repurchase obligation of restricted shares V.41 211839210 ? 457401616
Purchase of projects equipment and
intangible assets ? 94897198 ? 132545852
Others ? 82612977 ? 128108036
?????
Total ? 3464889503 ? 3509544809
???????
5 Long-term loans
31 December 31 December
?2024?2023
????
Unsecured loans 52243655504 ? 48042049084
Less: Long-term loans due within one year 10986055504 ? 3988949084
????
Total 41257600000 ? 44053100000
???????
The interest rate of RMB long-term loans for the Company ranged from 1.20% to 3.10% in
2024 (2023: 1.20% to 3.30%).
6 Capital reserve
Additions during Reductions during
Item ? 1 January 2024 ? the period ? the period ? 31 December 2024
?????????
Share premium ? 50789584924 ? - ? (9986070) ? 50779598854
Other capital reserves ? 952235800 ? 139531898 ? - ? 1091767698
?????????
Balance at the end of the year ? 51741820724 ? 139531898 ? (9986070) ? 51871366552
??
137BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
7 Other comprehensive income
? ? ? Movements during the year ? ?
Less: Transfer of Less: Transfer of
other other
Balance at the comprehensive comprehensive
beginning of the Less: Income tax income to profit or income to retained Balance at the
Item year ? Before-tax amount ? expenses ? loss ? earnings ? end of the year
????????????
Items that will not be reclassified to profit or loss (296327466) ? 29794066 ? 719358 ? - ? 526560 ? (267779318)
Including: Other comprehensive income
recognised under equity method (181822570) ? 31031322 ? 904946 ? - ? 526560 ? (152222754)
Changes in fair value of
investments in other equity
instruments (114504896) ? (1237256) ? (185588) ? - ? - ? (115556564)
Items that may be reclassified to profit or loss (105590) ? - ? - ? - ? - ? (105590)
????????????
Total (296433056) ? 29794066 ? 719358 ? - ? 526560 ? (267884908)
??????
8 Retained earnings
31 December 31 December
Item 2024 ? 2023
????
Retained earnings at the beginning of the year 7186134196 ? 6624620470
Add: Net profits for the year 3079231881 ? 3305971786
Less: Appropriation for statutory surplus reserve 307923188 ? 330597179
Interest on holders of other equity instruments 70000000 ? 118551232
Dividends to ordinary shares 1129073743 ? 2296367348
Transfer of other comprehensive income to
retained earnings (473904) ? (1057699)
????
Retained earnings at the end of the year 8758843050 ? 7186134196
???????
9 Operating income and operating costs
?2024?2023
Item Income ? Cost ? Income ? Cost
????????
Principal activities 5514699140 ? 9430925 ? 4669890971 ? 11551234
Other operating activities 43411212 ? 2028596 ? 38575016 ? 1076333
????????
Total 5558110352 ? 11459521 ? 4708465987 ? 12627567
????????
Including: Revenue from contracts with
customers 5452693863 ? 1788997 ? 4604652687 ? 3072136
Other income 105416489 ? 9670524 ? 103813300 ? 9555431
??
138BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
10 Investment income
?2024?2023
????
Income from long-term equity investments
accounted for using the cost method 2113201157 ? 1555817904
Income from long-term equity investments
accounted for using the equity method (476270739) ? 429364809
Investment income from disposal of long-term
equity investments - ? 1581850
Dividend income from investments in other equity
instruments - ? 728606
Including: Dividend income from investments in
other equity instruments held at the
balance sheet date - ? 728606
Others 71214434 ? 3990185
????
Total 1708144852 ? 1991483354
??????
139BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
11 Supplementary information for the cash flow statement
(1) Supplement to the cash flow statement
?2024?2023
????
(a) Reconciliation of net profit to cash flows from
operating activities: ? ? ?
????
Net profit 3079231881 ? 3305971786
Add: Depreciation of fixed assets investment
properties and right-of-use assets 212111340 ? 205071503
Amortisation of intangible assets 153958598 ? 181868535
Amortisation of long-term deferred
expenses 72877017 ? 73436949
Losses from scrapping of fixed assets 8766 ? 4248142
Gains from disposal of fixed assets
intangible assets and other long-term
assets (818) ? (5077109)
Credit losses 80000336 ? (5490866)
Gains from changes in fair value (3403675) ? (49498773)
Financial expenses 515803000 ? 414990764
Investment income (1708144852) ? (1991483354)
Share-based payments 32863140 ? 76890841
Changes in deferred income (907661360) ? (978788846)
Changes in deferred tax liabilities (204759083) ? 97968124
Increase in inventories (11861376) ? (4271106)
Decrease/(increase) in operating
receivables 2630702553 ? (411585912)
Increase in operating payables 1028430879 ? 56568894
????
Net cash flows generated from operating
activities 4970156346 ? 970819572
???????
(b) Change in cash and cash equivalents: ? ? ?
31 December 31 December
?2024?2023
????
Cash and cash equivalents at the end of the
year 4442011688 ? 4249329821
Less: Cash and cash equivalents at the
beginning of the year 4249329821 ? 7111879033
????
Net increase/(decrease) in cash and cash
equivalents 192681867 ? (2862549212)
???????
140BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
(2) Details of cash and cash equivalents
31 December 31 December
?2024?2023
????
Cash on hand 13969 ? 14205
Bank deposits available on demand 4437526860 ? 4248378624
Other monetary funds available on demand 4470859 ? 936992
????
Closing balance of cash and cash equivalents 4442011688 ? 4249329821
???????
Note: Cash and cash equivalents disclosed above exclude bank deposits held for investment
purposes bank deposit interest accrued at the end of the period and other monetary
fund with restricted usage.XVII. Extraordinary gains and losses in 2024
?2024
??
Gains and losses from disposal of non-current assets including the
written-off on the provisions for impairment of assets 150314680
Government grants recognised in profit or loss (except for those which
are closely related to the company’s normal operations which the
company is entitled to under established standards in accordance with
government policies and which have a continuing impact on the profits
and losses of the company) 1220722012
For a company which is not a financial institution gains and losses
arising from changes in the fair value of financial assets and financial
liabilities held by the company and those arising from the disposal of
financial assets and financial liabilities other than those held for
effective hedging related to normal operations 571124492
Reversal of provision for bad and doubtful debts assessed on an
individual basis 6099046
Other non-operating income and expenses besides the items above 153063492
??
Sub-total 2101323722
??
Tax effect 208616605
Effect on non-controlling interests after taxation 406583010
??
Total 1486124107???? ??
Notes: 1. There is no significant impact of the implementation of Interpretive
Pronouncement on the Preparation of Information Disclosures of Companies
Issuing Public Shares No. 1 – Extraordinary Gains and Losses (Revised in 2023)
on the Group’s extraordinary gains and losses.
2. Extraordinary gain and loss item listed above are presented in the amount before
taxation.
141BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
XVIII. Return on net assets and earnings per share
In accordance with Regulation on the Preparation of Information Disclosures by Companies
Issuing Securities No. 9 – Calculation and Disclosure of Return on Net Assets and Earnings
Per Share (2010 revised) issued by the CSRC and relevant accounting standards the
Group’s return on net assets and earnings per share are calculated as follows:
Weighted
average return Basic earnings Diluted earnings
Profit for the reporting period on net assets (%) ? per share ? per share
??????
Net profit attributable to the Company’s
ordinary equity shareholders 4.05% ? 0.14 ? Not applicable
Net profit excluding extraordinary gains
and losses attributable to the
Company’s ordinary equity
shareholders 2.90% ? 0.10 ? Not applicable
???????
1 Calculation of earnings per share
(1) Basic earnings per share
For the calculation of basic earnings per share refer to Note V.59.
(2) Basic earnings per share excluding extraordinary gains and losses
Basic earnings per share excluding extraordinary gains and losses is calculated by dividing
consolidated net profit excluding extraordinary gains and losses attributable to ordinary
shareholders of the Company by the weighted average number of ordinary shares
outstanding:
?2024?2023
????
Consolidated net profit attributable to ordinary
shareholders of the Company 5250504008 ? 2411710231
Extraordinary gains and losses attributable to
ordinary shareholders of the Company 1486124107 ? 3179996704
Consolidated net profit/(loss) excluding
extraordinary gains and losses attributable to the
Company’s ordinary equity shareholders 3764379901 ? (768286473)
Weighted average number of ordinary shares
outstanding 37519930241 ? 37429510530
Basic earnings per share excluding extraordinary
gains and losses (RMB/share) 0.10 ? (0.02)
??????
142BOE Technology Group Co. Ltd.
Financial statements for the year ended 31 December 2024
2 Calculation of weighted average return on net assets
(1) Weighted average return on net assets
Weighted average return on net assets is calculated by dividing consolidated net profit
attributable to ordinary shareholders of the Company by the weighted average amount of
consolidated net assets:
?2024?2023
????
Consolidated net profit attributable to ordinary
shareholders of the Company 5250504008 ? 2411710231
Weighted average amount of consolidated net
assets 129663993599 ? 127674255464
Weighted average return on net assets 4.05% ? 1.89%
??????
The calculation of the weighted average amount of consolidated net assets is as follows:
?2024?2023
????
Consolidated net assets at the beginning of the
year 127384904121 ? 127909808396
Effect of consolidated net profit attributable to
ordinary shareholders of the Company 2625252004 ? 1205855116
Effect of non-public issuance of shares - ? -
Effect of repurchase of treasury shares (16830932) ? -
Profit distribution to ordinary equity shareholders (564536872) ? (1335983365)
Effect of changes in shareholding ratio of
subsidiaries (24300265) ? (418139849)
Effect of other equity changes attributable to the
Company’s ordinary equity shareholders 259505543 ? 312715166
????
Weighted average amount of consolidated net
assets 129663993599 ? 127674255464
??????
(2) Weighted average return on net assets excluding extraordinary gains and losses
Weighted average return on net assets excluding extraordinary gains and losses is
calculated by dividing consolidated net profit excluding extraordinary gains and losses
attributable to ordinary shareholders of the Company by the weighted average amount of
consolidated net assets:
?2024?2023
????
Consolidated net profit/(loss) excluding
extraordinary gains and losses attributable to the
Company’s ordinary equity shareholders 3764379901 ? (768286473)
Weighted average amount of consolidated net
assets 129663993599 ? 127674255464
Weighted average return on net assets excluding
extraordinary gains and losses 2.90% ? (0.60%)
??????
143
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