THIRD QUARTERLY REPORT 2025
October 2025
Stock Code: 000725 Stock Name: BOE-A Announcement No. 2025-076Stock Code: 200725 Stock Name: BOE-B Announcement No. 2025-076
BOE TECHNOLOGY GROUP CO., LTD.
THIRD QUARTERLY REPORT 2025
BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) and all themembers of the Company’s Board of Directors hereby guarantee that the contents of thisReport are true, accurate and complete and free of any misrepresentations, misleadingstatements or material omissions.
Important Notes:
The Board of Directors (or the “Board”) as well as the directors and senior management of BOE Technology GroupCo., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completenessof the contents of this Report, and shall be jointly and severally liable for any misrepresentations, misleadingstatements or material omissions therein.All the Company’s directors have attended the Board meeting for the review of this Report.Mr. Chen Yanshun, the Company’s legal representative, Mr. Feng Qiang, Chairman of the Executive Committee,Ms. Yang Xiaoping, Chief Financial Officer, and Ms. Xu Yaxiao, head of the financial department (equivalent tofinancial manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate andcomplete.This Report has been prepared in both Chinese and English. Should there be any discrepancies ormisunderstandings between the two versions, the Chinese version shall prevail.The financial statements in this Report have not been audited by an independent auditor.
I Key Financial Information
(I) Key Accounting Data and Financial IndicatorsIndicate by tick mark whether there is any retrospectively restated datum in the table below.
□Yes ? No
| Item | Q3 2025 | YoY change (%) | Q1-Q3 2025 | YoY change (%) |
| Operating revenue (RMB) | 53,269,817,390.00 | 5.81% | 154,547,999,525.00 | 7.53% |
| Net profit attributable to the listed company’s shareholders (RMB) | 1,354,611,315.00 | 32.07% | 4,601,497,094.00 | 39.03% |
| Net profit attributable to the listed company’s shareholders before exceptional items (RMB) | 896,919,685.00 | 29.15% | 3,179,156,216.00 | 37.75% |
| Net cash generated from/used in operating activities (RMB) | — | — | 36,774,618,263.00 | 8.58% |
| Basic earnings per share (RMB/share) | 0.04 | 33.33% | 0.12 | 33.33% |
| Diluted earnings per share (RMB/share) | 0.04 | 33.33% | 0.12 | 33.33% |
| Weighted average return on equity (%) | 1.04% | 0.26% | 3.46% | 0.93% |
| Item | 30 September 2025 | 31 December 2024 | YoY change (%) | |
| Total assets (RMB) | 430,745,273,396.00 | 429,978,221,541.00 | 0.18% | |
| Equity attributable to the listed company’s shareholders (RMB) | 133,789,154,205.00 | 132,937,555,308.00 | 0.64% | |
(II) Exceptional Gains and Losses
? Applicable □ Not applicable
Unit: RMB
| Item | Q3 2025 | Q1-Q3 2025 | Note |
| Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) | 13,856,426.00 | 533,769,595.00 | N/A |
| Government grants recognized in profit or loss (exclusive of those that are closely related to the Company's normal business operations and given in accordance with defined criteria and in compliance with government policies, and have a continuing impact on the Company's profit or loss) | 201,086,162.00 | 898,029,294.00 | N/A |
| Gain or loss on fair-value changes in financial assets and liabilities held by a non-financial enterprise, as well as on disposal of financial assets and liabilities (exclusive of the effective portion of hedges that is related to the Company's normal business operations) | 117,426,852.00 | 205,981,377.00 | N/A |
| Capital occupation charges on non-financial enterprises that are charged to current gains and losses | 0.00 | 0.00 | N/A |
| Gains and losses on investment or asset management entrustments to other entities | 0.00 | 0.00 | N/A |
| Gains and losses on loan entrustment | 0.00 | 0.00 | N/A |
| Allowance for asset impairments due to acts of God such as natural disasters | 0.00 | 0.00 | N/A |
| Reversed portion of impairment allowance for accounts receivable which are tested individually for impairment | 246,347.00 | 476,167.00 | N/A |
| Income equal to the amount by which investment costs for the Company to obtain subsidiaries, associates and joint ventures are lower than the Company’s enjoyable fair value of identifiable net assets of investees when making investments | 242,086,567.00 | 242,086,567.00 | N/A |
| Current gains and losses on subsidiaries acquired through business mergers under same control from period-beginning to merger dates, net | 0.00 | 0.00 | N/A |
| Gains and losses on non-monetary asset swap | 0.00 | 0.00 | N/A |
| Gains and losses on debt restructuring | 0.00 | 0.00 | N/A |
| One-off costs incurred by the Company as a result of discontinued operations, such as expenses for employee arrangements | 0.00 | 0.00 | N/A |
| One-time effect on profit or loss due to adjustments in tax, accounting and other laws and regulations | 0.00 | 0.00 | N/A |
| One-time share-based payments recognized due to cancellation and modification of equity incentive plans | 0.00 | 0.00 | N/A |
| Gain or loss on changes in the fair value of employee benefits payable after the vesting date for cash-settled share-based payments | 0.00 | 0.00 | N/A |
| Gain or loss on fair-value changes in investment property of which subsequent measurement is carried out using the fair value method | 0.00 | 0.00 | N/A |
| Income from transactions with distinctly unfair prices | 0.00 | 0.00 | N/A |
| Gain or loss on contingencies that are unrelated to the Company's normal business operations | 0.00 | 0.00 | N/A |
| Income from charges on entrusted management | 0.00 | 0.00 | N/A |
| Non-operating income and expense other than the above | 45,737,965.00 | 168,438,827.00 | N/A |
| Other gains and losses that meet the definition of exceptional gain/loss | 0.00 | 0.00 | N/A |
| Less: Income tax effects | 78,135,274.00 | 367,441,311.00 | N/A |
| Non-controlling interests effects (net of tax) | 84,613,415.00 | 258,999,638.00 | N/A |
| Total | 457,691,630.00 | 1,422,340,878.00 | -- |
Other items that meet the definition of exceptional gain/loss:
□Applicable ? Not applicable
No such cases in the Reporting Period.Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items:
□Applicable ? Not applicable
No such cases in the Reporting Period.(III) Major Changes in Financial Statement Items and Explanation of why? Applicable □ Not applicableMajor changes in items of the balance sheet and explanation of why:
1. Construction in progress as at 30 September 2025 rose 57% compared to 1 January 2025, primarily driven by the increasedinvestment in new construction projects during the Reporting Period.
2. Long-term equity investments as at 30 September 2025 rose 32% compared to 1 January 2025, primarily driven by the acquisitionof equity interests in associates during the Reporting Period.
3. Current portion of non-current liabilities as at 30 September 2025 declined 35% compared to 1 January 2025, primarily driven bythe repayment of long-term borrowings due within one year during the Reporting Period.
Major changes in items of the income statement and explanation of why:
1. Asset impairment loss declined 51% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven by the decreased inventoryvaluation allowances that were established according to the lower between the costs and net realizable value.
2. Other income rose 43% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven by the increased government grants duringthe Reporting Period.
3. Return on investment rose 495% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven by the income from the disposalof long-term equity investments during the Reporting Period.
4. Non-operating income rose 162% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven by the acquisition of associateswhere the considerations paid were less than the corresponding portions of the fair value of the acquirees’ identifiable equities.
5. Income tax expense rose 85% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven by the temporary differences inassets during the Reporting Period.
Major changes in items of the cash flow statement and explanation of why:
1. Net cash generated from operating activities rose 8.58% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven by theincreased sales during the Reporting Period.
2. Net cash generated from investing activities declined 37.94% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven bythe increased payments for the construction and acquisition of long-lived assets during the Reporting Period.
3. Net cash generated from financing activities declined 31.97% during Q1-Q3 2025 compared to Q1-Q3 2024, primarily driven bythe repayment of perpetual bonds and the repurchase of equities during the Reporting Period.
II Shareholder Information
(I) Numbers of Ordinary Shareholders and Preference Shareholders with Resumed Voting Rights as wellas Holdings of Top 10 Shareholders
Unit: share
| Number of ordinary shareholders at the period-end | 1,045,898 (including 1,016,278 A-shareholders and 29,620 B-shareholders) | ||||||
| Top 10 shareholders (exclusive of shares lent in refinancing) | |||||||
| Name of shareholder | Nature of shareholder | Shareholding percentage | Total shares held | Restricted shares | Shares in pledge, marked or frozen | ||
| Status | Shares | ||||||
| Beijing State-owned Capital Operation and Management Company Limited | State-owned legal person | 10.86% | 4,063,333,333 | 0 | N/A | 0 | |
| Hong Kong Securities Clearing Company Ltd. | Overseas legal person | 7.23% | 2,704,795,565 | 0 | N/A | 0 | |
| Beijing BOE Investment & Development Co., Ltd. | State-owned legal person | 2.20% | 822,092,180 | 0 | N/A | 0 | |
| Beijing Jing Guorui Soe Reform and Development Fund (L.P.) | Other | 1.92% | 718,132,854 | 0 | N/A | 0 | |
| Hefei Jianxiang Investment Co., Ltd. | State-owned legal person | 1.78% | 666,195,772 | 0 | N/A | 0 | |
| Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI 300 Exchange-Traded Fund | Other | 1.67% | 626,033,147 | 0 | N/A | 0 | |
| Fuqing Huirong Venture Capital Co., Ltd. | Domestic non-state-owned legal person | 1.44% | 538,599,640 | 0 | In pledge | 21,000,000 | |
| China Construction Bank Co., Ltd.- E Fund CSI 300 Initiating Exchange-Traded Fund | Other | 1.21% | 451,960,023 | 0 | N/A | 0 | |
| Perseverance Asset Management- Perseverance Xiaofeng No.2 Zhixin Fund | Other | 0.94% | 352,000,000 | 0 | N/A | 0 | |
| Industrial and Commercial Bank of China | Other | 0.90% | 337,271,700 | 0 | N/A | 0 | |
| Co., Ltd.－China CSI 300 Exchange-Traded Fund | |||
| Top 10 unrestricted shareholders (exclusive of shares lent in refinancing and locked shares of executives) | |||
| Name of shareholder | Unrestricted shares held | Shares by class | |
| Class | Shares | ||
| Beijing State-owned Capital Operation and Management Company Limited | 4,063,333,333 | RMB ordinary share | 4,063,333,333 |
| Hong Kong Securities Clearing Company Ltd. | 2,704,795,565 | RMB ordinary share | 2,704,795,565 |
| Beijing BOE Investment & Development Co., Ltd. | 822,092,180 | RMB ordinary share | 822,092,180 |
| Beijing Jing Guorui Soe Reform and Development Fund (L.P.) | 718,132,854 | RMB ordinary share | 718,132,854 |
| Hefei Jianxiang Investment Co., Ltd. | 666,195,772 | RMB ordinary share | 666,195,772 |
| Industrial and Commercial Bank of China Co., Ltd.- Huatai-Pinebridge CSI 300 Exchange-Traded Fund | 626,033,147 | RMB ordinary share | 626,033,147 |
| Fuqing Huirong Venture Capital Co., Ltd. | 538,599,640 | RMB ordinary share | 538,599,640 |
| China Construction Bank Co., Ltd.- E Fund CSI 300 Initiating Exchange-Traded Fund | 451,960,023 | RMB ordinary share | 451,960,023 |
| Perseverance Asset Management- Perseverance Xiaofeng No.2 Zhixin Fund | 352,000,000 | RMB ordinary share | 352,000,000 |
| Industrial and Commercial Bank of China Co., Ltd.－China CSI 300 Exchange-Traded Fund | 337,271,700 | RMB ordinary share | 337,271,700 |
| Related or acting-in-concert parties among the shareholders above | 1. Beijing State-owned Capital Operation and Management Company Limited indirectly held 100% equities of Beijing Jingguorui Investment Management Co., Ltd. and directly held 77.5918% shares of Beijing Jing Guorui Soe Reform and Development Fund (L.P.); Beijing Jingguorui Investment Management Co., Ltd. is the general partner of Beijing Jing Guorui Soe Reform and Development Fund (L.P.). In addition, among the nine members of the Investment Decision-Making Committee of Beijing Jing Guorui Soe Reform and Development Fund (L.P.), three are nominated by Beijing State-owned Capital Operation and Management Company Limited. 2. Except for the above relationships, the Company does not know any other connected party or acting-in-concert party among the top 10 shareholders. | ||
| Top 10 shareholders involved in securities margin trading (if any) | N/A | ||
5% or greater shareholders, top 10 shareholders and Top 10 unrestricted shareholders involved in refinancing shares lending
□Applicable ? Not applicable
Changes in top 10 shareholders and top 10 unrestricted shareholders due to refinancing shares lending/return compared with the priorperiod
□Applicable ? Not applicable
(II) Number of Preference Shareholders and Shareholdings of Top 10 of Them
□Applicable ? Not applicable
III Other Significant Events
? Applicable □ Not applicable
1. The Company held the 15th Meeting of the 9th Board of Directors and the 2nd Extraordinary General Meeting of 2020 on 27August 2020 and 17 November 2020 respectively and deliberated and approved the 2020 Stock Option and Restricted Stock GrantProgram, in which the Company intends to implement the Equity Incentive Scheme, including both the Stock Option Incentive
Scheme and the Restricted Stock Incentive Scheme. Following the approval of the Proposal on the First Grant of Stock Options andRestricted Shares to Incentive Objects at the 20th Meeting of the 9th Board of Directors and the 8th Meeting of the 9th SupervisoryCommittee, the Company disclosed the Announcement on Completion of Registration of the First Grant of the 2020 Stock Optionand Restricted Stock Incentive Scheme (Announcement No. 2020-086) on 30 December 2020. Following the approval of the Proposalon the Awarding of Reserved Stock Options to Incentive Objects at the 31st Meeting of the 9th Board of Directors and the 13thMeeting of the 9th Supervisory Committee, the Company disclosed the Announcement on Completion of Registration of the Reservedand Granted Stock Option of the 2020 Stock Option and Restricted Stock Incentive Scheme (Announcement No.: 2021-084) on 23October 2021. The Company disclosed the Announcement on the Achievement of the Exercise Conditions for the Third ExercisePeriod of the Stock Options Reserved for Grant under the 2020 Stock Option and Restricted Stock Incentive Plan (AnnouncementNo. 2025-065) on 28 August 2025. The total number of incentive recipients meeting the conditions for the exercise of options is 73,and the number of stock options exercisable is 7,046,622, accounting for 0.02% of the Company’s total share capital.
2. Following the approval of the Proposal on the Repurchase of Some Public Shares at the Fourth Meeting of the 11th Board ofDirectors and the 2024 Annual General Meeting of Shareholders, the Company disclosed the Announcement on the Repurchase ofSome Public Shares (Announcement No. 2025-029) on 22 April 2025, and the Report on the Repurchase of Some Public Shares(Announcement No. 2025-045) on 10 June 2025. On 11 October 2025, the Company disclosed the Announcement on Progress of theRepurchase of Some Public Shares (Announcement No. 2025-073). As at 30 September 2025, the Company has implemented therepurchase of the Company's shares by means of centralized bidding through a special securities account for the repurchase, and thecumulative number of A Shares repurchased was 164,662,200, accounting for approximately 0.4484% of the Company's A Sharesand 0.4401% of the Company's total share capital, with the highest transaction price of RMB4.25 per share and the lowest transactionprice of RMB3.94 per share. The total amount paid was RMB663,395,137.00 (exclusive of transaction costs). The above repurchaseof the Company was in line with the requirements of relevant laws and regulations, as well as the established repurchase program ofthe Company.
3. The Company disclosed the Announcement on Resignation of Senior Management (Announcement No. 2025-057) on 10 July2025. Due to job transfer, Mr. Guo Huaping applied for resignation as Senior Vice President and Chief Cultural Officer and will nothold any position in the Company or any of its majority-owned subsidiaries after his resignation. On 23 September 2025, the Companydisclosed the Announcement on the Election of Employee Director (Announcement No.: 2025-071). The Company's Labor Unionconvened a meeting of employee representatives on 22 September 2025, electing Mr. Li Yang as an employee director of theCompany's 11th Board of Directors. On 11 October 2025, the Company disclosed the Announcement on the Resignation of a Director(Announcement No.: 2025-074). For personal reasons, Mr. Gao Wenbao applied to resign from his positions as Director, ViceChairman of the Board, and member of special committees of the Board of Directors. Following his resignation, he will no longerhold any position in the Company or its majority-owned subsidiaries. On 31 October 2025, the Company disclosed the Announcementon the Election of Non-Independent Directors of the 11th Board of Directors (Announcement No.: 2025-077) and the Announcementon the Election of Vice Chairman of the 11th Board of Directors (Announcement No.: 2025-078).The Company's Board of Directorsagreed to nominate Ms. Feng Liqiong as a candidate for non-independent director of the Company's 11th Board of Directors, with aterm commencing on the date of approval by the Company's Shareholders' Meeting and ending on the expiration of the current Boardof Directors' term. The Company's Board of Directors also elected Mr. Wang Xiping as Vice Chairman of the 11th Board of Directors,with a term commencing on the date of approval by the Board of Directors and ending on the expiration of the current Board ofDirectors' term.
IV Quarterly Financial Statements(I) Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
30 September 2025
Unit: RMB
| Item | 30 September 2025 | 1 January 2025 |
| Current assets: | ||
| Monetary assets | 71,237,608,081.00 | 74,252,625,215.00 |
| Settlement reserve | 0.00 | 0.00 |
| Loans to other banks and financial institutions | 0.00 | 0.00 |
| Held-for-trading financial assets | 2,364,784,477.00 | 3,116,435,963.00 |
| Derivative financial assets | 0.00 | 0.00 |
| Notes receivable | 393,041,202.00 | 338,059,783.00 |
| Accounts receivable | 34,706,536,909.00 | 36,338,199,204.00 |
| Receivables financing | 459,229,458.00 | 472,537,400.00 |
| Prepayments | 706,694,360.00 | 634,482,224.00 |
| Premiums receivable | 0.00 | 0.00 |
| Reinsurance receivables | 0.00 | 0.00 |
| Receivable reinsurance contract reserve | 0.00 | 0.00 |
| Other receivables | 653,119,436.00 | 812,871,521.00 |
| Including: Interest receivable | 0.00 | 0.00 |
| Dividends receivable | 0.00 | 55,028,131.00 |
| Financial assets purchased under resale agreements | 0.00 | 0.00 |
| Inventories | 27,857,623,564.00 | 23,313,464,392.00 |
| Including: Data resource | 0.00 | 0.00 |
| Contract assets | 181,742,886.00 | 150,871,486.00 |
| Assets held for sale | 0.00 | 0.00 |
| Current portion of non-current assets | 4,035,444.00 | 3,900,201.00 |
| Other current assets | 4,180,217,806.00 | 3,954,007,985.00 |
| Total current assets | 142,744,633,623.00 | 143,387,455,374.00 |
| Non-current assets: | ||
| Loans and advances to customers | 0.00 | 0.00 |
| Debt investments | 0.00 | 0.00 |
| Other debt investments | 0.00 | 0.00 |
| Long-term receivables | 0.00 | 492,067.00 |
| Long-term equity investments | 17,882,079,406.00 | 13,533,271,302.00 |
| Investments in other equity instruments | 490,950,852.00 | 441,371,815.00 |
| Other non-current financial assets | 2,805,301,220.00 | 2,735,680,042.00 |
| Investment property | 2,170,819,693.00 | 1,751,189,740.00 |
| Fixed assets | 188,831,362,910.00 | 204,904,419,511.00 |
| Construction in progress | 47,320,287,651.00 | 30,159,016,097.00 |
| Productive living assets | 0.00 | 0.00 |
| Oil and gas assets | 0.00 | 0.00 |
| Right-of-use assets | 670,496,200.00 | 754,408,280.00 |
| Intangible assets | 10,834,591,116.00 | 11,263,463,194.00 |
| Including: Data resource | 0.00 | 0.00 |
| Development costs | 99,438,926.00 | 109,323,354.00 |
| Including: Data resource | 0.00 | 0.00 |
| Goodwill | 653,575,022.00 | 653,575,022.00 |
| Long-term prepaid expense | 589,609,479.00 | 598,444,923.00 |
| Deferred income tax assets | 780,849,057.00 | 694,888,275.00 |
| Other non-current assets | 14,871,278,241.00 | 18,991,222,545.00 |
| Total non-current assets | 288,000,639,773.00 | 286,590,766,167.00 |
| Total assets | 430,745,273,396.00 | 429,978,221,541.00 |
| Current liabilities: | ||
| Short-term borrowings | 2,132,262,114.00 | 1,563,317,166.00 |
| Borrowings from the central bank | 0.00 | 0.00 |
| Loans from other banks and financial institutions | 0.00 | 0.00 |
| Held-for-trading financial liabilities | 0.00 | 0.00 |
| Derivative financial liabilities | 0.00 | 0.00 |
| Notes payable | 1,587,246,373.00 | 1,399,557,969.00 |
| Accounts payable | 37,203,054,035.00 | 36,713,498,406.00 |
| Advances from customers | 82,925,389.00 | 118,971,193.00 |
| Contract liabilities | 1,843,359,526.00 | 2,083,836,158.00 |
| Financial assets sold under repurchase agreements | 0.00 | 0.00 |
| Customer deposits and deposits from other banks and financial institutions | 0.00 | 0.00 |
| Payables for acting trading of securities | 0.00 | 0.00 |
| Payables for underwriting of securities | 0.00 | 0.00 |
| Employee benefits payable | 4,434,365,097.00 | 4,076,008,388.00 |
| Taxes and levies payable | 1,059,435,328.00 | 1,576,606,596.00 |
| Other payables | 18,586,796,412.00 | 20,827,962,570.00 |
| Including: Interest payable | 0.00 | 0.00 |
| Dividends payable | 32,287,134.00 | 42,861,753.00 |
| Fees and commissions payable | 0.00 | 0.00 |
| Reinsurance payables | 0.00 | 0.00 |
| Liabilities directly associated with assets held for sale | 0.00 | 0.00 |
| Current portion of non-current liabilities | 28,110,399,855.00 | 43,506,539,611.00 |
| Other current liabilities | 4,349,193,260.00 | 3,394,971,140.00 |
| Total current liabilities | 99,389,037,389.00 | 115,261,269,197.00 |
| Non-current liabilities: | ||
| Insurance contract reserve | 0.00 | 0.00 |
| Long-term borrowings | 103,662,394,996.00 | 100,932,391,740.00 |
| Bonds payable | 9,027,097,718.00 | 0.00 |
| Including: Preference shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 0.00 |
| Lease liabilities | 616,558,932.00 | 631,418,986.00 |
| Long-term payables | 113,995,856.00 | 121,077,871.00 |
| Long-term employee benefits payable | 0.00 | 0.00 |
| Provisions | 0.00 | 1,652,566.00 |
| Deferred income | 7,066,075,654.00 | 4,544,617,931.00 |
| Deferred income tax liabilities | 1,430,432,697.00 | 1,290,798,747.00 |
| Other non-current liabilities | 4,517,346,955.00 | 2,648,822,759.00 |
| Total non-current liabilities | 126,433,902,808.00 | 110,170,780,600.00 |
| Total liabilities | 225,822,940,197.00 | 225,432,049,797.00 |
| Owners’ equity: | ||
| Share capital | 37,413,880,464.00 | 37,645,016,203.00 |
| Other equity instruments | 0.00 | 2,043,402,946.00 |
| Including: Preference shares | 0.00 | 0.00 |
| Perpetual bonds | 0.00 | 2,043,402,946.00 |
| Capital reserves | 51,713,010,035.00 | 52,207,573,706.00 |
| Less: Treasury stock | 663,394,957.00 | 1,216,490,683.00 |
| Other comprehensive income | -886,875,479.00 | -1,171,823,864.00 |
| Specific reserve | 206,999,544.00 | 139,227,664.00 |
| Surplus reserves | 3,879,754,479.00 | 3,879,754,479.00 |
| General reserve | 0.00 | 0.00 |
| Retained earnings | 42,125,780,119.00 | 39,410,894,857.00 |
| Total equity attributable to owners of the parent company | 133,789,154,205.00 | 132,937,555,308.00 |
| Non-controlling interests | 71,133,178,994.00 | 71,608,616,436.00 |
| Total owners’ equity | 204,922,333,199.00 | 204,546,171,744.00 |
| Total liabilities and owners’ equity | 430,745,273,396.00 | 429,978,221,541.00 |
Legal representative: Chen Yanshun Chairman of the Executive Committee: Feng QiangChief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Xu Yaxiao
2. Consolidated Income Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2025 | Q1~Q3 2024 |
| 1. Revenues | 154,547,999,525.00 | 143,731,526,962.00 |
| Including: Operating revenue | 154,547,999,525.00 | 143,731,526,962.00 |
| Interest revenue | 0.00 | 0.00 |
| Insurance premium income | 0.00 | 0.00 |
| Fee and commission income | 0.00 | 0.00 |
| 2. Costs and expenses | 149,931,981,909.00 | 138,602,226,180.00 |
| Including: Cost of sales | 132,266,891,686.00 | 121,906,881,890.00 |
| Interest costs | 0.00 | 0.00 |
| Fee and commission expense | 0.00 | 0.00 |
| Surrenders | 0.00 | 0.00 |
| Net insurance claims paid | 0.00 | 0.00 |
| Net amount provided as insurance contract reserve | 0.00 | 0.00 |
| Expenditure on policy dividends | 0.00 | 0.00 |
| Reinsurance premium expense | 0.00 | 0.00 |
| Taxes and levies | 1,076,171,073.00 | 948,343,350.00 |
| Selling expense | 1,367,912,773.00 | 1,400,595,911.00 |
| Administrative expense | 4,426,439,285.00 | 4,279,365,236.00 |
| R&D expense | 9,560,125,776.00 | 8,823,894,392.00 |
| Finance costs | 1,234,441,316.00 | 1,243,145,401.00 |
| Including: Interest costs | 2,488,576,089.00 | 3,037,656,516.00 |
| Interest revenue | 1,398,667,769.00 | 1,757,214,611.00 |
| Add: Other income | 2,121,443,629.00 | 1,486,572,111.00 |
| Return on investment (“-” for loss) | 584,572,416.00 | -147,989,541.00 |
| Including: Share of profit or loss of joint ventures and associates | -8,866,758.00 | -297,377,764.00 |
| Income from the derecognition of financial assets at amortized cost (“-” for loss) | 0.00 | 0.00 |
| Exchange gain (“-” for loss) | 0.00 | 0.00 |
| Net gain on exposure hedges (“-” for loss) | 0.00 | 0.00 |
| Gain on changes in fair value (“-” for loss) | 156,413,122.00 | 64,434,231.00 |
| Credit impairment loss (“-” for loss) | -79,632,190.00 | -31,082,421.00 |
| Asset impairment loss (“-” for loss) | -1,877,779,491.00 | -3,844,557,105.00 |
| Asset disposal income (“-” for loss) | 29,660,155.00 | 10,809,326.00 |
| 3. Operating profit (“-” for loss) | 5,550,695,257.00 | 2,667,487,383.00 |
| Add: Non-operating income | 434,400,007.00 | 165,887,427.00 |
| Less: Non-operating expense | 24,429,123.00 | 55,832,151.00 |
| 4. Gross profit (“-” for loss) | 5,960,666,141.00 | 2,777,542,659.00 |
| Less: Income tax expense | 1,555,987,842.00 | 840,256,816.00 |
| 5. Net profit (“-” for net loss) | 4,404,678,299.00 | 1,937,285,843.00 |
| 5.1 By operating continuity | ||
| 5.1.1 Net profit from continuing operations (“-” for net loss) | 4,404,678,299.00 | 1,937,285,843.00 |
| 5.1.2 Net profit from discontinued operations (“-” for net loss) | 0.00 | 0.00 |
| 5.2 By ownership | ||
| 5.2.1 Net profit attributable to owners of the parent company (“-” for net loss) | 4,601,497,094.00 | 3,309,765,650.00 |
| 5.2.2 Net profit attributable to non-controlling interests (“-” for net loss) | -196,818,795.00 | -1,372,479,807.00 |
| 6. Other comprehensive income, net of tax | 288,314,427.00 | 63,130,099.00 |
| Attributable to owners of the parent company | 284,948,385.00 | 67,824,592.00 |
| 6.1 Items that will not be reclassified to profit or loss | 70,483,603.00 | 41,258,125.00 |
| 6.1.1 Changes caused by remeasurements on defined benefit schemes | 0.00 | 0.00 |
| 6.1.2 Other comprehensive income that will not be reclassified to profit or loss under the equity method | 22,548,650.00 | 6,186,990.00 |
| 6.1.3 Changes in the fair value of investments in other equity instruments | 47,934,953.00 | 35,071,135.00 |
| 6.1.4 Changes in the fair value arising from changes in own credit risk | 0.00 | 0.00 |
| 6.1.5 Other | 0.00 | 0.00 |
| 6.2 Items that will be reclassified to profit or loss | 214,464,782.00 | 26,566,467.00 |
| 6.2.1 Other comprehensive income that will be reclassified to profit or loss under the equity method | 30,244,269.00 | 0.00 |
| 6.2.2 Changes in the fair value of other debt investments | 0.00 | 0.00 |
| 6.2.3 Other comprehensive income arising from the reclassification of financial assets | 0.00 | 0.00 |
| 6.2.4 Credit impairment allowance for other debt investments | 0.00 | 0.00 |
| 6.2.5 Reserve for cash flow hedges | 0.00 | 0.00 |
| 6.2.6 Differences arising from the translation of foreign currency-denominated financial statements | 184,220,513.00 | 26,566,467.00 |
| 6.2.7 Other | 0.00 | 0.00 |
| Attributable to non-controlling interests | 3,366,042.00 | -4,694,493.00 |
| 7. Total comprehensive income | 4,692,992,726.00 | 2,000,415,942.00 |
| 7.1 Attributable to owners of the parent company | 4,886,445,479.00 | 3,377,590,242.00 |
| 7.2 Attributable to non-controlling interests | -193,452,753.00 | -1,377,174,300.00 |
| 8. Earnings per share | ||
| 8.1 Basic earnings per share | 0.12 | 0.09 |
| 8.2 Diluted earnings per share | 0.12 | 0.09 |
Where business combinations under common control occurred in the current period, the net profit achieved by the acquirees beforethe combinations was RMB0.00, with the amount for the same period of last year being RMB0.00.Legal representative: Chen Yanshun Chairman of the Executive Committee: Feng QiangChief Financial Officer: Yang Xiaoping Head of the Company’s Financial Department: Xu Yaxiao
3. Consolidated Cash Flow Statement for Q1~Q3
Unit: RMB
| Item | Q1~Q3 2025 | Q1~Q3 2024 |
| 1. Cash flows from operating activities: | ||
| Proceeds from sale of commodities and rendering of services | 162,913,530,442.00 | 157,029,796,628.00 |
| Net increase in customer deposits and deposits from other banks and financial institutions | 0.00 | 0.00 |
| Net increase in borrowings from the central bank | 0.00 | 0.00 |
| Net increase in loans from other financial institutions | 0.00 | 0.00 |
| Premiums received on original insurance contracts | 0.00 | 0.00 |
| Net proceeds from reinsurance | 0.00 | 0.00 |
| Net increase in deposits and investments of policy holders | 0.00 | 0.00 |
| Interest, fees and commissions received | 0.00 | 0.00 |
| Net increase in loans from other banks and financial institutions | 0.00 | 0.00 |
| Net increase in proceeds from repurchase transactions | 0.00 | 0.00 |
| Net proceeds from acting trading of securities | 0.00 | 0.00 |
| Tax and levy rebates | 8,278,853,221.00 | 7,412,260,417.00 |
| Cash generated from other operating activities | 6,686,338,067.00 | 2,460,372,219.00 |
| Subtotal of cash generated from operating activities | 177,878,721,730.00 | 166,902,429,264.00 |
| Payments for commodities and services | 116,323,701,695.00 | 108,325,875,778.00 |
| Net increase in loans and advances to customers | 0.00 | 0.00 |
| Net increase in deposits in the central bank and other banks and financial institutions | 0.00 | 0.00 |
| Payments for claims on original insurance contracts | 0.00 | 0.00 |
| Net increase in loans to other banks and financial institutions | 0.00 | 0.00 |
| Interest, fees and commissions paid | 0.00 | 0.00 |
| Policy dividends paid | 0.00 | 0.00 |
| Cash paid to and for employees | 16,430,825,707.00 | 14,671,663,429.00 |
| Taxes and levies paid | 4,602,965,436.00 | 4,141,702,815.00 |
| Cash used in other operating activities | 3,746,610,629.00 | 5,893,935,162.00 |
| Subtotal of cash used in operating activities | 141,104,103,467.00 | 133,033,177,184.00 |
| Net cash generated from/used in operating activities | 36,774,618,263.00 | 33,869,252,080.00 |
| 2. Cash flows from investing activities: | ||
| Proceeds from disinvestment | 31,918,245,508.00 | 29,124,904,292.00 |
| Return on investment | 1,026,331,233.00 | 598,537,867.00 |
| Net proceeds from the disposal of fixed assets, intangible assets and other long-lived assets | 17,924,335.00 | 94,270,981.00 |
| Net proceeds from the disposal of subsidiaries and other business units | 0.00 | 0.00 |
| Cash generated from other investing activities | 194,395,484.00 | 2,086,355,404.00 |
| Subtotal of cash generated from investing activities | 33,156,896,560.00 | 31,904,068,544.00 |
| Payments for the acquisition of fixed assets, intangible assets and other long-lived assets | 30,031,729,690.00 | 23,528,299,873.00 |
| Payments for investments | 34,570,099,884.00 | 31,323,487,421.00 |
| Net increase in pledged loans granted | 0.00 | 0.00 |
| Net payments for the acquisition of subsidiaries and other business units | 0.00 | 0.00 |
| Cash used in other investing activities | 228,735,845.00 | 13,576,187.00 |
| Subtotal of cash used in investing activities | 64,830,565,419.00 | 54,865,363,481.00 |
| Net cash generated from/used in investing activities | -31,673,668,859.00 | -22,961,294,937.00 |
| 3. Cash flows from financing activities: | ||
| Capital contributions received | 5,061,118,800.00 | 2,663,757,000.00 |
| Including: Capital contributions by non-controlling interests to subsidiaries | 5,061,118,800.00 | 2,663,757,000.00 |
| Borrowings received | 44,103,248,864.00 | 28,296,631,553.00 |
| Cash generated from other financing activities | 205,925,191.00 | 32,859,119.00 |
| Subtotal of cash generated from financing activities | 49,370,292,855.00 | 30,993,247,672.00 |
| Repayment of borrowings | 46,775,467,838.00 | 33,303,275,960.00 |
| Interest and dividends paid | 5,154,710,034.00 | 5,420,980,532.00 |
| Including: Dividends paid by subsidiaries to non-controlling interests | 76,213,256.00 | 27,452,890.00 |
| Cash used in other financing activities | 8,284,714,451.00 | 486,625,574.00 |
| Subtotal of cash used in financing activities | 60,214,892,323.00 | 39,210,882,066.00 |
| Net cash generated from/used in financing activities | -10,844,599,468.00 | -8,217,634,394.00 |
| 4. Effect of foreign exchange rates changes on cash and cash equivalents | -158,362,448.00 | -92,500,888.00 |
| 5. Net increase in cash and cash equivalents | -5,902,012,512.00 | 2,597,821,861.00 |
| Add: Cash and cash equivalents, beginning of the period | 62,005,252,511.00 | 52,092,981,748.00 |
| 6. Cash and cash equivalents, end of the period | 56,103,239,999.00 | 54,690,803,609.00 |
(II) Adjustments to Financial Statement Items at the Beginning of the Year of the First Implementation ofthe New Accounting Standards Implemented since 2025
□ Applicable ? Not applicable
(III) Independent Auditor’s ReportIndicate by tick mark whether the financial statements above have been audited by an independent auditor.
□Yes ? No
These financial statements have not been audited by such an auditor.
The Board of DirectorsBOE Technology Group Co., Ltd.30 October 2025