ANNUALREPORT2025
April2026
MessagetoOurShareholdersWithanotheryearbehindus,wehavedeliveredstrongresultsandmademeaningfulstrides.Lookingbackon2025,theglobalindustriallandscapeunderwentprofoundchanges,withopportunitiesandchallengescloselyintertwined.Withthesteadfasttrustandbackingofourshareholders,theentireBOEteamhasrisentochallengesbygainingstrengthamidtransformationandadvancingthroughinnovation,drivingtheCompanyforwardonastableandsustainablepath.OnbehalfofBOE,Iwouldliketoextendoursincerestgratitudetoallshareholdersandpartners.DuringtheReportingPeriod,ourcorestrengthsgrewevenstronger,breakthroughsinemergingfieldsaccelerated,andourstrategicindustryfootprintcontinuedtotakesolidshape.Specifically,BOEhasmaintainedtheworld’sNo.1shipmentvolumeacrossfivemajorLCDmainstreamapplicationsandautomotivedisplays,whileshipmentsofflexibleOLEDdeviceshavealsoachievedsteadygrowth.Theinnovation-drivenbusinessesgainedstrongmomentum.Multipleentities,includingBOEVaritronix,BOEEnergy,andUPTC,haveearnedtop-tierindustryqualificationsandaccolades,furtherreinforcingtheirbenchmarkpresenceintheirrespectivenichesegments.Newprojectdeploymenthasadvancedsmoothly.Thesixth-generationnewdisplayproductionlineinBeijingandPhaseIIofthesmartterminalprojectinVietnamhavesuccessfullyenteredmassproduction,whilethefirstproductonthe8.6-generationAMOLEDproductionlineinChengduwaslitupaheadofschedule.Atthesametime,strategicinitiativessuchasZhuhaiBOEMLED,BeijingBOEHospital,andYantaiMaterialsResearchInstitutehavedeliveredtangibleresults,layingasolidfoundationfortheCompany’slong-term,high-qualitygrowth.TheseachievementsaretheresultofBOE’scontinuousexplorationanddeepcommitmenttohigh-qualityindustrialdevelopment.Overthepastyear,weremainedcommittedtostrategicguidanceandplannedtheCompany’sfuturefromalong-termperspective.Throughoutourbusinessjourney,wehavecontinuouslyrefinedastrategicdevelopmentsystemthatisuniquelyBOE.Thissystemhasgraduallybecomescientificandwell-groundedwiththestrategyof"EmpowerIoTwithDisplay"astheguidingprincipleforourdevelopment,the“NthCurve”theoryastheframeworkforstrategicevolution,the“1+4+N+Ecosystem”architectureasourbusinessdevelopmentpathway,the“ThreeHorizontalsandThreeVerticals”and“RigorousBackbonewithDelegatedBranches”mechanismsasoperationalandmanagementsupport,andthe“ThreeMindsandFiveSpirits”astheculturalfoundation.Weanchoredourdirectionwithaclearstrategyandsupportedbusinessbreakthroughswithawell-establishedsystem,steadilydeliveringsustainablegrowthintheCompany’svalue.Overthepastyear,weremainedcommittedtoinnovation-drivendevelopment,ledindustrialupgradingthroughglobaltechnologydebuts,andcontinuouslystrengthenedourcorecompetitiveness.Inthedisplaybusiness,theworld’sfirsthigh-PPIunder-displaycameraOLEDgamingsmartphonedisplaywonthe"DisplayoftheYear"awardatDisplayWeek.UBCell4.0TVproductsachievedultra-highcolorgamutandfullviewingangleswithoutcolordistortion,deliveringanexceptionalvisualexperiencecomparabletoOLEDquality.Ininnovativebusinesses,theMLEDbusiness,incollaborationwithBOEHCSemiTek,developedtheMPDP0.6double-sidedposterdisplay,whichwonthe"BestofShowAwards"atInfoComm2025intheUnitedStates.ThespinesurgeryexpertteamatChengduBOEHospitalcompletedtheworld’sfirstreverse-foldingdeformitycorrectionsurgery.TheR&Dandpilotproductionlineforglass-basedpackagingsubstratesachievedfullprocessintegration.Perovskitephotovoltaicmoduleefficiencysetfournewworldrecords.
Wefirmlyadvancedthe“AI+”strategy.InAI+manufacturing,wepioneeredtheindustry’sfirstBOEAIfactory,leveragingourself-developedBlueWhaledisplaylargemodeltocontinuouslyenhancemanufacturingefficiency.InAI+products,weestablishedafull-chaininnovationmodelspanning“devices–completeproducts–systems–scenarios".InAI+operations,wefocusedonkeyareassuchasmarketinsights,productionplanning,andintegratedsupply,continuouslydrivingqualityimprovementandefficiencyenhancement.BOEisdedicatedtobuildingrobustproductandtechnologymoatsthroughcomprehensiveinnovationpractices,continuouslystrengtheningtheCompany’ssustainableprofitability.Overthepastyear,weremainedcommittedtosustainabledevelopment,conveyingcorporateresponsibilityandhuman-centriccarethrough"green+technology".Wefirmlybelievethatagreatenterpriseshouldnotonlyleadintechnologyandmarketscale,butalsoleverageinnovativetechnologiestosafeguardabetterlifeandcreatesustainablesocialvalue.Wecollaboratedwithindustrychainpartnersthroughjointinnovationtodrivegreen,low-carbon,anddecarbonizationeffortsthroughouttheentirelifecycleofthedisplayindustry.Todate,all18ofourdisplaymanufacturingproductionlineshavebeenrecognizedas"NationalGreenFactories",withthebenchmarkeffectofgreenmanufacturingcontinuingtoexpand.InApril2025,welaunchedthedisplayindustry’sfirstsustainabilitybrand,"ONE",embodying"Open,Next,andEarth",andelevatingsustainabledevelopmentfromcorporatepracticetoanindustrystandard.Lookingahead,wewillfurtherdeepenoursustainabledevelopmentstrategy,guidedbythevaluepropositionof"CreatingValuefortheFuture",transformingourinnovation-drivenDNAintosustainedmomentumfordevelopment,andcomprehensivelypromotingthesynergybetweencorporategrowth,environmentalbenefits,andsocialvalue.Overthepastyear,weremainedcommittedtorewardingshareholdersandplacedstrongemphasisoninvestorinterests.WeintroducedtheShareholderReturnPlanfortheNextThreeYears(2025–2027),deliveringreturnsthroughmultipleapproaches.DuringtheReportingPeriod,wedistributedtotalcashdividendsofRMB1.87billionfor2024,representing35%ofnetprofitattributabletoshareholdersoftheparentcompany.WealsocompletedA-sharerepurchasesexceedingRMB1.5billionandcancelledapproximatelyRMB1billionoftreasuryA-sharesoriginallyintendedforequityincentives.Throughamulti-layeredandintegratedapproach,weeffectivelyenhancedshareholderreturnsandconveyedconfidenceintheCompany’sgrowth.BOE’slong-termdevelopmentwouldnotbepossiblewithoutthestrongsupportandpartnershipofourshareholders.Lookingahead,wewillcontinuetorefineourlong-termreturnmechanism,enhancingshareholderreturnsinaconsistent,stable,andpredictablemanner,andincreasingtheCompany’slong-terminvestmentvalue.WesincerelylookforwardtocontinuingtomoveforwardalongsideourshareholdersandsharingtheachievementsoftheCompany’shigh-qualitydevelopment.Pastachievementsmarkonlytheprologue,andthejourneyaheadcallsforevengreaterendeavor.In2026,BOEwillholdfasttoitspurposeandrisetoitsmission.Drivenby"EmpowerIoTwithDisplay"andpropelledbythe"NthCurve",wewillpressforwardontechnologyinnovation,ecosystembuilding,greendevelopment,andglobalfootprintexpansionwithdeterminationandresolve.Withstrongerconviction,morepragmaticactions,andamoreopenmindset,wewillforgeaheadtowardourgoalof"ToBetheMostRespectedCompanyonEarth".
PartIImportantNotes,TableofContentsandDefinitionsTheBoardofDirectors(orthe“Board”)aswellasthedirectorsandseniormanagementofBOETechnologyGroupCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein.Mr.ChenYanshun,theCompany’slegalrepresentative,Mr.FengQiang,ChairmanoftheExecutiveCommittee,Ms.YangXiaoping,ChiefFinancialOfficer,andMs.XuYaxiao,headofthefinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete.AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary.Anyplansforthefutureandotherforward-lookingstatementsmentionedinthisReportshallNOTbeconsideredasabsolutepromisesoftheCompanytoinvestors.Investors,amongothers,shallbesufficientlyawareoftheriskandshalldifferentiatebetweenplansandforecastsandpromises.TheBoardhasapprovedafinaldividendplanfortheReportingPeriod.Basedon37,044,328,064shares,acashdividendofRMB0.56(taxinclusive)per10sharesistobedistributedtoalltheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ThisReportanditssummaryhavebeenpreparedinChineseandtranslatedintoEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail.
TableofContents
MessagetoOurShareholders ...... 2
PartIImportantNotes,TableofContentsandDefinitions ...... 5
PartIICorporateInformationandKeyFinancialInformation ...... 9
PartIIIManagementDiscussionandAnalysis ...... 14
PartIVEnvironmental,SocialandGovernanceInformation ...... 44
PartVSignificantEvents ...... 78
PartVIShareChangesandShareholderInformation ...... 102
PartVIIBonds ...... 115
PartVIIIFinancialStatements ...... 124
DocumentsAvailableforReference
(I)ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,ChairmanoftheExecutiveCommittee,ChiefFinancialOfficerandheadofthefinancialdepartment(equivalenttofinancialmanager);and(II)TheoriginalsofallthedocumentsandannouncementsthattheCompanydisclosedonwww.cninfo.com.cnduringtheReportingPeriod.AlltheabovementioneddocumentsareavailableattheBoardSecretary’sOfficeoftheCompany.
ChairmanoftheBoard(signature):Mr.ChenYanshun
DateoftheBoard’sapprovalofthisReport:30March2026
Definitions
| Term | Definition |
| “BOE”,the“Company”,the“Group”or“we” | BOETechnologyGroupCo.,Ltd.anditsconsolidatedsubsidiaries,exceptwherethecontextotherwiserequires |
| BOEHC | BOEHCSemitekCorporation |
| BOEVaritronix,Varitronix | BOEVaritronixLimited |
| BOEEnergy,EnergyTechnology | BOEEnergyTechnologyCo.,Ltd. |
| SuzhouSensor | SuzhouBOESensorTechnologyCo.,Ltd. |
| UPTC | UPTC(Beijing)TechnologyCo.,Ltd. |
| Zhongxiangying | BeijingZhongxiangyingTechnologyCo.,Ltd. |
| EwinTechnology | EwinTechnologyCo.,Ltd. |
| Thecninfowebsite | http://www.cninfo.com.cn/ |
| CSRC | TheChinaSecuritiesRegulatoryCommission |
| SZSE,theStockExchange | TheShenzhenStockExchange |
| TheCompanyLaw | TheCompanyLawofthePeople’sRepublicofChina |
| TheSecuritiesLaw | TheSecuritiesLawofthePeople’sRepublicofChina |
| TheComplianceinOperationofMainBoardListedCompanies | GuidelineNo.1oftheShenzhenStockExchangeRegardingSelf-disciplinaryActivitiesandRegulationofListedCompanies—ComplianceinOperationofMainBoardListedCompanies |
| TheStockListingRules | TheStockListingRulesoftheShenzhenStockExchange |
| TheArticlesofAssociation | TheArticlesofAssociationofBOETechnologyGroupCo.,Ltd. |
| TheRulesofProcedurefortheBoardofDirectors | TheRulesofProcedurefortheBoardofDirectorsofBOETechnologyGroupCo.,Ltd. |
| TheRulesforIndependentDirectors | TheRulesforIndependentDirectorsofBOETechnologyGroupCo.,Ltd. |
| TheRulesofProcedurefortheSupervisoryCommittee | TheRulesofProcedurefortheSupervisoryCommitteeofBOETechnologyGroupCo.,Ltd. |
| TheMethodsfortheAdministrationofInformationDisclosure | TheMethodsfortheAdministrationofInformationDisclosureofBOETechnologyGroupCo.,Ltd. |
| InfoCommUSA | Aprofessionalaudiovisualshow |
| 2.8K | 2.8Kresolution(2880×1800pixels) |
| 2D | TwoDimensions |
| 2D/3D | Switchingbetween2Dand3Ddisplaymodes |
| 3060dual-carbon | China’scarbonpeakingtargetbefore2030andcarbonneutralitytargetbefore2060 |
| 3D | ThreeDimensions |
| 4K | 4Kresolution(3840×2160pixels) |
| 5A | 5Acertificate |
| 8K | 8Kresolution(7680×4320pixels) |
| AI | ArtificialIntelligence |
| AMOLED | Active-matrixOrganicLightEmittingDiode |
| BDCell | BOEDualCelltechnology |
| BES | BOESmartEnergyOperationSystem |
| BestofShowAwards | AwardsgrantedbyInfoCommUSA |
| BIPV | BuildingIntegratedPhotovoltaics |
| BOE-α | AsupercinemaprojectjointlydevelopedbyBOEandShanghaiFilmGroup |
| BT2020 | ITU-RBT.2020,standardizedmethodsforimageparametersoftelevisionsystems |
| BYHUltra/V1 | TwoseriesofsplicabledisplayscreenslaunchedbyBOE |
| Car-NK | ChimericAntigenReceptor-NaturalKiller |
| CCF | ChinaComputerFederation |
| CES | InternationalConsumerElectronicsShow |
| CHPI | Clock-embeddedHigh-speedPoint-to-pointInterface |
| COB | Chip(MiniLED)OnPCB |
| COG | Chip(MiniLED)OnGlass |
| DLR | DynamicLocalRefresh |
| DualGate | Adual-gatecircuitdesignschemethatreducesthenumberofsourcedriverchips |
| ESG | Environmental,SocialandGovernance |
| FPXD | FlatPanelX-RayDetector |
| FOB | FlexiblePrintedCircuitonBoard |
| GaN | GalliumNitride |
| GOA | GateonArray |
| HDR | HighDynamicRangeImaging |
| HERO | SmartcockpitinnovationscenarioscoveringHealthiness,Entertainment,RelaxationandOffice |
| Hz | Hertz(thecoreunitofmonitorrefreshrate,referringtothenumberoftimesthescreenrefreshesitsimagepersecond) |
| IFI | IFIClaims |
| IGZTO | IndiumGalliumZincTinOxide |
| InnovationAwards | AwardsgrantedbyCES |
| IoT | InternetofThings |
| IP | IntellectualProperty |
| IT | InformationTechnology |
| LCD | LiquidCrystalDisplay |
| LED | Light-emittingDiode |
| LTPS | LowTemperaturePoly-Silicon |
| M-BOX | AmodulardigitalimmersiveexhibitionjointlycreatedbyHunanMuseumandEwinTechnology |
| MEMS | Micro-Electro-MechanicalSystem |
| MiniLED | Sub-millimeterLED |
| Mini/MicroLED | Sub-millimeter/MicroLED |
| MLED | Mini/MicroLED |
| MLED(Mini/MicroLED) | Sub-millimeter/MicroLED |
| MNT | Monitor |
| MoonHalo | Ambientbacklight(moonhalo) |
| MPD | Micro-PixelDevice |
| NB | Notebook |
| nit | nit(thecorephysicalunitformeasuringthebrightnessofdisplaydevices,definedbystandardas1candelapersquaremeter) |
| NK | NaturalKiller |
| OC | OpenCell |
| OLED | OrganicLightEmittingDiode |
| Oxide | Oxidethinfilmtransistortechnology |
| P0.6 | Pitchof0.6mm |
| PC | PersonalComputer |
| PCB | PrintedCircuitBoard |
| PCT | PatentCooperationTreaty |
| PFASFree | Per-andPolyfluoroalkylSubstancesFree |
| PLC | ProgrammableLogicnController |
| ProximitySensor | Atypeofsensor |
| RGBSensor | Atypeofsensor |
| SMD | SurfaceMountTechnology |
| TADF | ThermallyActivatedDelayedFluorescence |
| Tandem | Tandemtechnology |
| TFT-LCD | ThinFilmTransistorLiquidCrystalDisplay |
| TPC | TabletPersonalComputer |
| T?VRheinlandReflection-Free | Acertificate |
| TV | Television |
| UBCell | NaturalandrealisticdisplayasUltraBlack,UltraBright,UltraBrilliant |
| UBP | UniversalBusinessPark |
| Ultra | Ahigh-endsmall-pitchdirect-viewproduct |
| X-ray | Atypeofradiation |
PartIICorporateInformationandKeyFinancialInformation
ICorporateInformation
| Stockname | BOE-A,BOE-B | Stockcode | 000725,200725 |
| Previousstockname(ifany) | N/A | ||
| Stockexchangeforstocklisting | ShenzhenStockExchange | ||
| CompanynameinChinese | 京东方科技集团股份有限公司 | ||
| Abbr. | 京东方 | ||
| CompanynameinEnglish(ifany) | BOETECHNOLOGYGROUPCO.,LTD. | ||
| Abbr.(ifany) | BOE | ||
| Legalrepresentative | ChenYanshun | ||
| Registeredaddress | 10JiuxianqiaoRoad,ChaoyangDistrict,Beijing,P.R.China | ||
| Zipcode | 100015 | ||
| Pastchangesofregisteredaddress | N/A | ||
| Officeaddress | 12XihuanMiddleRoad,BeijingEconomic-TechnologicalDevelopmentArea,P.R.China | ||
| Zipcode | 100176 | ||
| Companywebsite | www.boe.com | ||
| Emailaddress | ir@boe.com.cn | ||
IIContactInformation
| Item | BoardSecretary | SecuritiesRepresentative |
| Name | GuoHong | LuoWenjie |
| OfficeAddress | 12XihuanMiddleRoad,BeijingEconomic-TechnologicalDevelopmentArea,P.R.China | 12XihuanMiddleRoad,BeijingEconomic-TechnologicalDevelopmentArea,P.R.China |
| Tel. | 010-60965555 | 010-60965555 |
| Fax | 010-64366264 | 010-64366264 |
| E-mailaddress | guohong@boe.com.cn | luowenjie@boe.com.cn |
IIIMediaforInformationDisclosureandPlacewherethisReportIsLodged
| StockexchangewebsitewherethisReportisdisclosed | http://www.szse.cn |
| MediaandwebsitewherethisReportisdisclosed | ChinaSecuritiesJournal,ShanghaiSecuritiesNews,SecuritiesTimes,http://www.cninfo.com.cn/ |
| PlacewherethisReportislodged | BoardSecretary’sOffice |
IVChangestoCompanyRegisteredInformation
| Unifiedsocialcreditcode | 911100001011016602 |
| ChangetoprincipalactivityoftheCompanysincegoingpublic(ifany) | Nochange |
| Everychangeofcontrollingshareholdersinceincorporation(ifany) | Nochange |
VOtherInformation
TheindependentauditfirmhiredbytheCompany:
| Name | Ernst&YoungHuaMingLLP |
| Officeaddress | 16/F,Ernst&YoungBuilding,TowerE3,OrientalPlaza,1EastChang’anAvenue,DongchengDistrict,Beijing,China |
| Accountantswritingsignatures | XieFeng,andWangJing |
TheindependentsponsorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable?NotapplicableTheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod:
□Applicable?NotapplicableVIKeyFinancialInformation
Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.
□Yes?No
| Item | 2025 | 2024 | 2025-on-2024change(%) | 2023 |
| Operatingrevenue(RMB) | 204,590,222,888.00 | 198,380,605,661.00 | 3.13% | 174,543,445,895.00 |
| Netprofitattributabletothelistedcompany’sshareholders(RMB) | 5,856,966,754.00 | 5,323,248,974.00 | 10.03% | 2,547,435,360.00 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses(RMB) | 4,230,339,525.00 | 3,837,124,867.00 | 10.25% | -632,561,344.00 |
| Netcashgeneratedfrom/usedinoperatingactivities(RMB) | 48,824,555,674.00 | 47,737,577,379.00 | 2.28% | 38,301,826,884.00 |
| Basicearningspershare(RMB/share) | 0.16 | 0.14 | 14.29% | 0.06 |
| Dilutedearningspershare(RMB/share) | 0.16 | 0.14 | 14.29% | 0.06 |
| Weightedaveragereturnonequity(%) | 4.39% | 4.05% | 0.34% | 1.89% |
| Item | 31December2025 | 31December2024 | Changeof31December2025on31December2024(%) | 31December2023 |
| Totalassets(RMB) | 436,378,322,803.00 | 429,978,221,541.00 | 1.49% | 419,187,099,795.00 |
| Equityattributabletothelistedcompany’sshareholders(RMB) | 134,478,628,806.00 | 132,937,555,308.00 | 1.16% | 129,428,307,067.00 |
Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicatedthattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.
□Yes?NoIndicatebytickmarkwhetherthelowestoftheCompany’sauditedgrossprofit,netprofit,andnetprofitbeforeexceptionalgainsandlossesfortheReportingPeriodisnegative.
□Yes?NoVIIAccountingDataDifferencesunderChina’sAccountingStandardsforBusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards
1.NetProfitandEquityunderCASandIFRS
□Applicable?NotapplicableNodifferencefortheReportingPeriod.
2.NetProfitandEquityunderCASandForeignAccountingStandards
□Applicable?NotapplicableNodifferencefortheReportingPeriod.VIIIKeyFinancialInformationbyQuarter
Unit:RMB
| Item | Q1 | Q2 | Q3 | Q4 |
| Operatingrevenue | 50,598,933,939.00 | 50,679,248,196.00 | 53,269,817,390.00 | 50,042,223,363.00 |
| Netprofitattributabletothelistedcompany’sshareholders | 1,613,999,380.00 | 1,632,886,399.00 | 1,354,611,315.00 | 1,255,469,660.00 |
| Netprofitattributabletothelistedcompany’sshareholdersbeforeexceptionalgainsandlosses | 1,351,864,713.00 | 930,371,818.00 | 896,919,685.00 | 1,051,183,309.00 |
| Netcashgeneratedfrom/usedinoperatingactivities | 13,743,795,736.00 | 8,992,511,350.00 | 14,038,311,177.00 | 12,049,937,411.00 |
IndicatebytickmarkwhetheranyofthequarterlyfinancialdatainthetableaboveortheirsummationsdiffersmateriallyfromwhathavebeendisclosedintheCompany’squarterlyorinterimreports.
□Yes?No
IXExceptionalGainsandLosses
?Applicable□Notapplicable
Unit:RMB
| Item | 2025 | 2024 | 2023 | Note |
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 467,024,249.00 | 150,314,680.00 | -18,043,310.00 | N/A |
| Governmentgrantsrecognizedincurrentprofitorloss(exclusiveofthosethatarecloselyrelatedtotheCompany'snormalbusinessoperationsandgiveninaccordancewithdefinedcriteriaandincompliancewithgovernmentpolicies,andhaveacontinuingimpactontheCompany'sprofitorloss) | 1,156,541,377.00 | 1,220,722,012.00 | 3,793,619,228.00 | N/A |
| Gainorlossonfair-valuechangesinfinancialassetsandliabilitiesheldbyanon-financialenterprise,aswellasondisposaloffinancialassetsandliabilities(exclusiveoftheeffectiveportionofhedgesthatariseintheCompany’sordinarycourseofbusiness) | 490,447,697.00 | 571,124,492.00 | 360,708,461.00 | N/A |
| Capitaloccupationchargesonanon-financialenterprisethatarechargedtocurrentprofitorloss | 0.00 | 0.00 | 0.00 | N/A |
| Gainorlossonassetsentrustedtootherentitiesforinvestmentormanagement | 0.00 | 0.00 | 0.00 | N/A |
| Gainorlossonloanentrustments | 0.00 | 0.00 | 0.00 | N/A |
| AssetlossesduetoactsofGodsuchasnaturaldisasters | 0.00 | 0.00 | 0.00 | N/A |
| Reversedportionsofimpairmentallowancesforreceivableswhicharetestedindividuallyforimpairment | 6,137,798.00 | 6,099,046.00 | 43,996,519.00 | N/A |
| GainequaltotheamountbywhichinvestmentcostsfortheCompanytoobtainsubsidiaries,associatesandjointventuresarelowerthantheCompany’senjoyablefairvalueofidentifiablenetassetsofinvesteeswhenmakinginvestments | 242,086,567.00 | 0.00 | 0.00 | N/A |
| Currentprofitorlossonsubsidiariesobtainedinbusinesscombinationsinvolvingenterprisesundercommoncontrolfromtheperiod-beginningtocombinationdates,net | 0.00 | 0.00 | 0.00 | N/A |
| Gainorlossonnon-monetaryassetswaps | 0.00 | 0.00 | 0.00 | N/A |
| Gainorlossondebtrestructuring | 0.00 | 0.00 | 0.00 | N/A |
| One-offcostsincurredbytheCompanyasaresultofdiscontinuedoperations,suchasexpensesforemployeearrangements | 0.00 | 0.00 | 0.00 | N/A |
| One-timeeffectoncurrentprofitorlossduetoadjustmentsintax,accountingandotherlawsandregulations | 0.00 | 0.00 | 0.00 | N/A |
| One-timeshare-basedpaymentsrecognizedduetocancellationandmodificationofequityincentiveplans | 0.00 | 0.00 | 0.00 | N/A |
| Gainorlossonchangesinthefairvalueofemployeebenefitspayableafterthevestingdateforcash-settledshare-basedpayments | 0.00 | 0.00 | 0.00 | N/A |
| Gainorlossonfair-valuechangesininvestmentpropertyofwhichsubsequentmeasurementiscarriedoutusingthefairvaluemethod | 0.00 | 0.00 | 0.00 | N/A |
| Incomefromtransactionswithdistinctlyunfairprices | 0.00 | 0.00 | 0.00 | N/A |
| GainorlossoncontingenciesthatareunrelatedtotheCompany'snormalbusinessoperations | 0.00 | 0.00 | 0.00 | N/A |
| Incomefromchargesonentrustedmanagement | 0.00 | 0.00 | 0.00 | N/A |
| Non-operatingincomeandexpenseotherthantheabove | 28,513,604.00 | 153,063,492.00 | 333,923,695.00 | N/A |
| Othergainsandlossesthatmeetthedefinitionofexceptionalgain/loss | 0.00 | 0.00 | 0.00 | N/A |
| Less:Incometaxeffects | 450,136,684.00 | 208,616,605.00 | 227,580,473.00 | N/A |
| Non-controllinginterestseffects(netoftax) | 313,987,379.00 | 406,583,010.00 | 1,106,627,416.00 | N/A |
| Total | 1,626,627,229.00 | 1,486,124,107.00 | 3,179,996,704.00 | -- |
Particularsaboutothergainsandlossesthatmeetthedefinitionofexceptionalgain/loss:
□Applicable?NotapplicableNosuchcasesfortheReportingPeriod.ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems:
□Applicable?NotapplicableNosuchcasesfortheReportingPeriod.
PartIIIManagementDiscussionandAnalysis
IPrincipalOperationsoftheCompanyintheReportingPeriod
(I)AbouttheCompanyInconstantpursuitofexcellence,BOETechnologyGroupCo.,Ltd.isaninnovativeIoTcompanydedicatedtoprovidingintelligentinterfaceproductsandprofessionalservicesforinformationinteractionandhumanhealth.With“ToBetheMostRespectedCompanyonEarth”asitsvisionand,BOEalwayskeepsinmindthemissionof“ChangeLifewithBOEDisplayEverywhere”,upholdsthecorevaluesof“Integrity&Reliability,DedicationtoCustomers,BeingPeople-oriented,OpennessandInnovation”,aswellasadherestothebusinessphilosophyof“DoingtheRightThing,InnovationandProgressSeeking”.Ithasbeencontinuouslystrengtheningtheconstructionofitsindustrialecosystemandenhancingitsvaluecreationcapabilities.Upondecadesofrelentlessefforts,BOEhasgrownintoaworldleaderinthedisplayindustryandaglobalinnovativecompanyintheIoTsector.Adheringtoa“market-oriented,international,andprofessional”developmentapproach,ithasbuiltasignificantnumberofintelligentmanufacturingbasesinBeijing,Hefei,Chengdu,Chongqing,Fuzhou,Mianyang,Wuhan,Kunming,Ordos,Nanjing,etc.,withsubsidiariesacrossmanycountriesandregionsincludingtheUnitedStates,Germany,Japan,SouthKorea,Singapore,India,Brazil,andtheUnitedArabEmirates,aswellasabusinessnetworkthatcoversmajorregionsoftheworld,suchasEurope,Americas,Asia,andAfrica.BOEaimstoprovidecustomerswithbetterproductsandmorethoughtfulserviceexperiencewithitswell-establishedglobalnetworkandadiverseproductandservicesystem.ToadapttoanIoTera,BOEhasputforwardthedevelopmentstrategyof“EmpowerIoTwithDisplay”initsIoTtransformation.Takingintoaccountmarketconditionsandbusinesscharacteristics,BOEhasputinplaceabusinessdevelopmentarchitectureof“1+4+N+Ecosystem”toensuretheexecutionandimplementationofitsstrategies.Specifically:
“1”representsdisplay,whichisthecorecapacityandqualityresourcesaccumulatedbyBOE,aswellasthesourceandoriginofthedevelopmentstrategyof“EmpowerIoTwithDisplay”.“4”referstoIoTInnovation,Sensor,MLED,andSmartEngineeringMedicine.Thesearethehigh-potentialtrackschosenbyBOEbasedonitscorestrengthsandvaluechainextension,representingthedevelopmentdirectionsofthedevelopmentstrategyof“EmpowerIoTwithDisplay”.“N”referstothesubdividedapplicationscenariosofIoTthatarecontinuouslyexploredandcultivatedbyBOE,aswellasthespecificfocusofthedevelopmentstrategyof“EmpowerIoTwithDisplay”.“Ecosystem”isanenablingplatformforthecollaborativedevelopmentofBOE’sinnovativeecosystemandanimportantguaranteeforthedevelopmentstrategyof“EmpowerIoTwithDisplay”.(II)AbouttheCompany’sprincipaloperations
1.TheDisplayDevicesbusinessTheDisplayDevicesbusinessoffersintegrateddesignandmanufacturingservicesfordevices,andiscommittedtoprovidinginterfacedevicesapplyingTFT-LCD,AMOLEDandothertechnologies,focusingonprovidingcustomerswithhigh-qualitydisplaydevicesforsmartphones,tabletPCs,laptops,monitors,TVs,vehicles,etc.
2.TheIoTInnovationbusinessTheIoTInnovationbusinessoffersintegrateddesignandmanufacturingservicesforsystemsolutions,andprovidescustomerswithcompetitivesmartterminalproductsfortablets,laptops,monitors,TVs,low-powerdevices,IoT,3Ddisplay,etc.ByintegratingAIandbigdatacapabilities,BOEprovidesinnovativeIoTproductsandservicesthatcombinesoftwareandhardware.
3.TheSensorbusinessTheSensorbusinessoffersintegrateddesignandmanufacturingsolutions,focusesonFPXD,smartdisplaywindows,industrial
sensors,MEMS,andglasspackagingsubstrates,andprovidescustomerswithproductsandservicesincludingbackplatesforflatpanelX-raydetectors(FPXD),intelligentPDLCwindowsandPDLCsystemsolutions,consumerelectronicsandindustrialapplicationsolutions,andadvancedpackagingsubstrates,amongothers.
4.TheMLEDbusinessTheMLEDbusinessprovidesLEDsolutionswithintegratedR&D,manufacturingandmarketingservices.Focusedondevicesandsolutions,thisbusinessrendersLEDbacklightproductswithhighqualityandreliabilityforTVs,monitors,notebooks,vehicles,etc.,aswellasMini/Micro-LEDdisplayproductswithhighbrightness,highreliabilityandhighcontrastforsegmentmarketsofoutdoor,commercial,transparent,specializedandotherdisplays.
5.TheSmartEngineeringMedicinebusinessTheSmartEngineeringMedicinebusinessadoptsaprofessionalservicemodeltoprovideproducts,servicesandsolutionsinrelationtomedicalcare,smartnursing,medical-engineeringintegration,etc.Meanwhile,thisbusinessiscommittedtoprovidingaclosedloopofthrough-lifehealthserviceswithhealthmanagementasthecore,medicalterminalsasthetraction,anddigitalhospitalsandrecreationalcommunitiesasthesupport.Itconnectstestingequipment,healthcareworkersandcustomersthroughthesmarthealthmanagementecosystemwherecustomersenjoyprofessionalhealthservicesincludingprevention,treatment,therapyandnursing.
6.The“N”businessWithaspecificfocusonthe"N"business,theCompanyprovideshardwareandsoftwareintegratedsystemsolutionsfordifferentsegments,includingintelligentcarnetworking,smartenergy,industrialIoT,UHDdisplay,etc.,whichcanprovidecustomerswithmulti-functionalandsmartnewexperienceunderIoTscenarios.Intermsofintelligentcarnetworking,BOEfocusesontheintelligentcockpit"HERO"innovativeapplicationscenarios,joinshandswithglobalpartnerstoprovidenewexperienceofintelligentcockpitscenarios,andpromotesthecontinuousupgradingoffull-scenariointelligentsolutions,representinganewleadingecosystemofinnovativeandintelligenttravel.Intermsofthesmartenergybusiness,BOEfocusesonzero-carbonintegratedenergyservices.WithBESastheempoweringplatform,itrevolvesaroundvariousaspectsof"source-grid-load-storage-carbon."Itoffersazero-carbonimplementationpathof"sourcedecarbonization,processdecarbonization,endnegativecarbon,andintelligentcarbonmanagement,"providingcustomerswithcomprehensiveenergyservicesandutilization,andzero-carbonsolutions.IntermsoftheindustrialIoTbusiness,BOEiscommittedtoprovidingindustrialsoftware,intelligentmanufacturingsolutionsforthepan-semiconductorindustry.Leveragingoverthreedecadesofindustryexperience,BOEofferspan-semiconductorindustrialsoftware,industrialAI,smartfactoryservices,andotherproductsandservices,continuouslydrivinghigh-qualitydevelopmentacrosstheindustry.TheUHDdisplaybusinessadherestothe"UHD×digitalization"strategy,continuouslypromotingthewideapplicationofUHDtechnologyinfieldssuchassmartgovernmentandenterpriseservices,finance,transportation,industrialparks,andvisualarts.ItiscommittedtoembeddingUHDintomorescenarios,providingabetterexperience,achievinghigherefficiency,andcreatingmorevalue.Ithasindependentlydesignedandbuilttheworld'sfirst8K+5G+22.2UHD3Dsoundbroadcastingvehicle,representingapioneeringbreakthroughinthedomestic8KUHDcompleteproductionandbroadcastingsystem.
IIIndustryOverviewfortheReportingPeriod
In2025,globalgeopoliticaltensionscontinuedtopersist,andtheregionalizationcharacteristicsoftheindustrialchainwerebecomingincreasinglyprominent.Althoughglobaltradecontinuedtoshowagrowthtrend,theoveralleconomicgrowthratewasslowing,andstructuraldifferentiationwassignificant.Globalemergingmarketsanddevelopingeconomiesbecamethemaingrowthengines.Ontheindustryside,thedual-mainstreamtechnologylandscapefurtherdeepened.Leveragingitscostandperformanceadvantages,LCDremaineddominantinmedium-andlarge-sizeapplicationssuchasTV,MNT,andNB,withsteadymarketscaleandcontinuousproductspecificationupgrades.OLEDpenetrationinsmartphoneapplicationscontinuedtoincreaseandexpandedintoinnovativeapplicationscenariossuchasautomotivedisplays,wearables,andmedicaldisplays.Competitionin
thesmall-sizesegmentremainedintense,displaydevicepricesdeclined,andproductscontinuedtopenetratethelower-endmarket.Inaddition,theglobalAIboomhasledtoacontinuousriseinstoragechipprices,increasingtheuncertaintyriskofsalesacrossvariousapplicationterminals.Inacomplexenvironment,opportunitiesandchallengescoexisted.Ontheonehand,onthesupplyside,productionutilizationwasflexiblyadjustedinlinewithmarketdemand,whileonthedemandside,thetrendtowardlargerTVsizescontinued.Coupledwithpolicysupportsuchas“consumergoodstrade-inprograms”,thesupply-demandrelationshipintheindustryfurtherimproved.Ontheotherhand,theindustry’scompetitivelandscapecontinuedtobereshaped,withthefocusgraduallyshiftingfromcompetitioninscaleandmarketsharetocompetitioninproductinnovationcapabilitiesfeaturinghighprofitability,advancedtechnology,andhighaddedvalue,therebydrivingthecontinuedupgradingoftheindustry.The“15thFive-YearPlan”hasestablished“buildingamodernindustrialsystem”and“acceleratinghigh-levelscientificandtechnologicalself-relianceandself-strengthening”asmajordeploymentsforeconomicandsocialdevelopment.Itaimstovigorouslydevelopadvancedmanufacturingindustryclusters,strengthentheprimarypositionofenterprisesintechnologicalinnovation,andencourageenterprisestoenhanceoriginalinnovationandtacklekeycoretechnologies,pointingthewayforthefuturedevelopmentoftheindustry.Underthesupportofpoliciessuchasthe“AI+”initiative,segmentedmarketslikeindustrialinternet,smartengineeringmedicine,smartvehicleconnectivity,andsmartenergyareexpectedtoachieverapidgrowthandgraduallyformanintelligentindustrialecosystemfeaturinguniversalinterconnectivity.Atthesametime,the“15thFive-YearPlan”clearlyoutlinestheexpansionofhigh-levelopening-up,effectivelyimprovingtheoverseascomprehensiveservicesystem,andguidingthereasonableandorderlycross-borderlayoutoftheindustrialchain.Themotivationforenterprisestogoabroadhasshiftedfrompassive“survival”toproactive“victory”.Inthefuture,effortswillfocusonstrategiclayout,localizedoperations,andlong-termvaluegrowthtocontinuouslyenhanceglobaloperationalcapabilitiesandfurtherexpandoverseasmarketspace.
IIICoreCompetitivenessAnalysis
1.BuildingacorporatevaluecreationsystemofsustainablegrowthwithclearstrategyTheCompanyreliesonitsthreecoreadvantagesaccumulatedoveryearsofdeepindustrycultivation,i.e.,displaytechnology,glass-basedprocessing,andlarge-scaleintegratedintelligentmanufacturing.Byfocusingonhorizontalexpansionofthetechnologychainandverticalextensionofthevaluechain,wecontinuouslyexploreandincubateemergingfields,graduallyformingandperfectingthe“1+4+N+Ecosystem”businessdevelopmentstructure.In2021,theCompany,focusingonitsstrategictransformationtowardstheInternetofThings,proposedthe“EmpowerIoTwithDisplay”strategytoadapttothedevelopmentofthetimesandestablisheditasaphasedguideline.Basedonaprofoundsummaryofourdevelopmenthistoryandanin-depthreflectiononindustrydevelopmentpatterns,theCompanyrefinedtheevolutiontrajectoryofthe“NGrowthCurves”forenterprisedevelopmentandcreativelyproposedthestrategicelevationtheoryofthe“NthCurve”in2024.Currently,theCompanyhasdevelopedascientificdevelopmentsystemthatintegratesthe“NthCurve”theoryofdimensionalelevation,thecorestrategyof“EmpowerIoTwithDisplay”,the“1+4+N+Ecosystem”businessstructure,the“threeofficesandthreemanagements”operationalmanagementmechanism,andtheculturalcoreof“ThreeVirtuesandFiveSpirits”.ThissystemguidestheCompanythroughcyclestoachievelong-termsustainablegrowth.
2.Strengtheningindustry-leadingmarketadvantageunderecologicaldiversityTheCompanyadherestoa“market-oriented,international,andprofessional”developmentapproach,andhasestablishedlong-termandstablestrategicpartnershipswithmanywell-knownenterprisesbothdomesticallyandinternationally.Wehavegraduallybuiltabusinessnetworkcoveringmajorregionsglobally,includingEurope,America,Asia,andAfrica,providinghigh-qualityproductsandservicestoourcustomers.TheCompanyhascontinuedtoconsolidateitsleadingadvantage,withshipmentsofLCDpanelsforthefivemajormainstreamapplicationsrankingfirstgloballyforseveralconsecutiveyears,andshipmentsofflexibleOLEDdevicesmaintaininggrowth.Meanwhile,theCompanyhascontinuedtostrengthentheconstructionofitsindustrialecosystem.In2025,thenew6thgeneration
displaydeviceproductionlineinBeijingandthesecondphaseofthesmartterminalprojectinVietnamachievedmassproduction.Thefirstproductfromthe8.6thgenerationAMOLEDproductionlineinChengduwasreleasedaheadofschedule.TheBeijingFangshanLifeScienceIndustrialBasewassuccessfullyopened,andthemainstructureoftheBeijingBOEHospitalwastoppedout.ThefirstmaterialsresearchinstituteprojectcommencedinYantai,andtheprocesslinefortheresearchandindustrializationtestlineofglass-basedpackingsubstrateswascompleted.Inaddition,wecontinuouslystrengthenedthemarketcompetitivenessofourinnovativebusinessandachievedmultipleindustryqualificationsandhonorsin2025.Inthesensorbusiness,theX-rayflatpaneldetectorbackplaneproductsobtainedtheBeijing“ThreeNew”(NewTechnology,NewProduct,andNewService)certification.SmartEngineeringandMedicinewassuccessfullyapprovedtoestablishtwokeylaboratoriesinBeijing.BOEVaritronixwashonoredwiththe2025“GoldenKunpeng”BestNewQualityProductiveForcesListedCompanyAward.BOEEnergyTechnologyobtainedthreetop-tierindustrycertifications,includingtheGrade5Acertificateforcomprehensivecapabilitiesofenergy-savingservicecompanies,anditsLicenseforInstallation,Repair,andTestingofPowerFacilitieswasupgradedtoClassII.UPTCwasrecognizedasaseventhbatchSpecialized,Refined,Distinctive,andInnovative“LittleGiant”enterprise.TheUBPParkandtheLifeScienceIndustrialBaseunderthetechnologyservicessegmentwerebothawardedthetitlesofZhongguancunCharacteristicIndustrialParkandHigh-QualityScienceandTechnologyPark.TheperovskitephotovoltaicBIPVzero-carboncabinfull-scenariodemonstrationprojectreceivedoneofthefirstPhotoelectricBuildingEvaluationLabelCertificates.
3.Forgingexcellenttechnologicalleadershipabilitiesonaninnovation-drivenbasisTheCompanyconsistentlyadherestoinnovation-drivenprinciples,committedtoleadingindustrydevelopmentwithcutting-edgetechnology.Intermsofproductsandtechnologies,the18''naked-eye3DnotebookintegratedproprietaryAItechnologiessuchaseye-trackinganddynamicinterleaving,deliveringanimmersivesensoryexperienceforusers.TheautomotiveslidingandrollingflexibleOLEDproduct,capableoffreelyswitchingdisplaysizesbetween31.6''and17.6'',wontheCES2025InnovationAwards.TheBOEBlueWhaleDisplayLargeModelreceivedtheCCFScienceandTechnologyProgressAward,becomingthefirstsystematiclarge-modelapplicationachievementinthedisplaymanufacturingfieldtoreceivethishonor.TheCompanyadherestotheglobalpatentstrategyof“qualityfirst,quantityandqualityinparallel”,continuouslystrengtheningtheconstructionoftheIPoffenseanddefensesystem.Bytheendof2025,thetotalnumberofpatentapplicationsbytheCompanyhadexceeded100,000.Amongtheannualnewpatentapplications,inventionpatentsaccountedforover90%,andoverseaspatentsexceeded33%,coveringmultiplecountriesandregionssuchastheUnitedStates,Europe,Japan,andSouthKorea,andspanningvariousfieldsincludingflexibleOLED,sensor,AI,andbigdata.TheCompanyhasenteredtheglobalTOP20intheIFIU.S.patentauthorizationrankingforeightconsecutiveyears.Inaddition,ithasbeenselectedforfivestraightyearsandremainedamongtheTop100GlobalInnovatorsbyClarivateAnalytics.Atthesametime,theCompanyhascontinuouslyenhanceditsglobalindustrialdiscoursepowerandrule-makingauthority.Bytheendof2025,theCompanyhasledandparticipatedintheformulationandrevisionofatotalof469domesticandinternationaltechnicalstandards,andmultiplestandardsachievedhistoricbreakthroughsininternationalstandardizationworkforChinainspecificfields.
4.BuildinganefficientcorporateoperationalsystemwithleanmanagementTheCompanyhasbeenstrengtheningitsleanmanagementandgovernancecapabilities,adheringtopreciseresourceinvestmenttoformanagilefrontoffice,anintensivemiddleoffice,andanefficientbackoffice.Wehaveverticallyestablishedanorganizationaloperationsupportmechanismthatintegratesstrategicmanagement,processmanagement,andperformancemanagement.Wehavecontinuouslyenhancedtheinteractionbetweenthefront,middle,andbackoffices,andconsistentlydeepenedthe“threeofficesandthreemanagements”platform-basedorganizationaldesign.Relyingonabusinessmanagementmodelof“rigorouscoregovernanceanddelegatedauthorityforbranches”,theCompanyestablishedascientificandefficienthierarchicalauthorizationmechanism,definingtheboundariesofoperationalauthorityforsegmentedbusinesses.Throughanempowerment-orientedprocessmanagementsystem,wefullysupportthebusinessinbuildingmarket-orientedagileresponsecapabilities.Inaddition,theCompanyisfocusingonthreemajorareas:productionandmanufacturing,productinnovation,andbusinessoperations.Guidedbytheprincipleof“business-oriented,technology-driven”,wearecomprehensivelyempoweringindustrialupgradingthroughthe“AI+strategy”.Specifically,inthe“AI+manufacturing”field,theCompanyenabledintelligent
transformationacrosscoreareassuchasplanning,production,quality,andenvironmentalmanagement,andfocusedonbuildingAI-poweredfactorieswiththehighestefficiency,lowestcost,andoptimalquality.Inthe“AI+products”field,theCompanyestablishedanAI-driveninnovationpathwaycoveringmaterialresearch,simulationdesign,processinnovation,intelligentalgorithms,andend-userscenariodevelopment,providingmorescenario-basedandintelligentsolutions.Regarding“AI+operations”,theCompanybuiltamoreintelligententerprisedecision-makingcenterthroughaseriesofvertical-domainintelligentagentsspanningmarketinsights,productionplanning,supplychain,andoperationalmanagement.
5.InheritingtheresponsibilityandmissionasatechnologyenterpriseundergreenguidanceTheCompanycontinuouslyfulfillsitssocialresponsibilitiesbydeeplyintegratingsustainableconceptsintotheentirevaluechainoflow-carbondevelopment.Throughsixpathways—“greenmanagement,greenproducts,greenmanufacturing,greenrecycling,greeninvestment,andgreenactions”—wepromotetheharmoniouscoexistenceofindustryandnaturethroughourpractices.Currently,theCompany’s18displaydeviceproductionlineshaveallbeenawardedthetitleof“National-levelGreenFactory”.Amongthem,WuhanBOE10.5thgenerationTFT-LCDproductionline,astheCompany’sfirstchlorine-freefactory,wasselectedin2025asoneofthefirstpilot-levelsmartfactoriesnationwide.Fromtechnologyinnovationdrivingemissionreductiontothereplicationoflow-carbonmodelsacrosstheindustry,BOEhascontinuouslypromotedtheupgradingoftheindustrytowardshigh-end,intelligent,andgreendevelopmentwith“green+technology”.InApril2025,theCompanyofficiallylaunchedthedisplayindustry’sfirstsustainabilitybrand“ONE”,embodyingtheconceptsof“Open,Next,andEarth”toredefinetheresponsibilityboundariesoftechnologyenterprises.Thisinitiativeelevatessustainabledevelopmentfromcorporatepracticetoindustrystandard,advancingtheCompany’stransformationfroma“leaderintechnologicalinnovation”toa“builderofasustainableecosystem”.IVCoreBusinessAnalysis
1.Overview
1.TheDisplayDevicesbusinessTheCompany’sleadingpositionwasfurtherconsolidated,anditsproductandtechnologycapabilitieswerecomprehensivelystrengthened.DuringtheReportingPeriod,revenuereachedapproximatelyRMB166,417millionrepresentingayear-on-yearincreaseofapproximately0.86%.TheshipmentvolumeofthefivemajormainstreamLCDproductsandautomotiveapplicationpanelsremainedthehighestglobally,andtheshipmentvolumeofflexibleOLEDdevicescontinuedtogrow.Specifically,inhigh-endLCDsolutions,UBCelltechnologydrovecomprehensiveupgradesacrossTVproducts.BlackCrystalandBlackDiamondproductsachievedfull-seriesmassproductioncoveringsizesfrom55''to110''.Green,low-carbonandcircularpolarizationeye-friendlydisplaytechnologiesachievedzero-to-onebreakthroughs,settinganewbenchmarkforhealthydisplays.TheCompanygloballylaunchedintelligentcockpitprojectssuchastheBDCellirregulartriple-displayandintegratedremotelarge-screensolutions,continuouslyadvancinginnovationinautomotivedisplayformfactors.IntheOLEDfield,theCompanygloballylaunchedthe“Tandem+TADF”widecolorgamuttechnologyandcollaboratedwithcustomerstodeveloptheultra-widecolorgamutLinglongDisplay,leadingnewtrendsinbar-typesmartphoneswithexceptionalimagequality.ThefirstplanarOLED14''
2.8Knotebookproductachievedmassproductionandwassuccessfullyintroducedtomultiplebrandcustomers.
2.TheIoTInnovationbusinessMainstreamterminalsachievedhigh-qualitydevelopment,withinnovativescenariosflourishing.DuringtheReportingPeriod,revenuereachedapproximatelyRMB38,949million,representingayear-on-yeargrowthofapproximately15.14%.Inmainstreamterminalsegments,revenuefromoverseascoreTVterminalcustomersdoubledyear-on-year.TheMNTsegmentachievedbreakthroughsinmid-tohigh-endproductserieswithmultiplestrategiccustomers.TheTPCsegmentpushedthelimitsofthinandlightdesign,achievingthethinnestLCD-basedtabletproductintheindustry.Ininnovativeterminalsegments,theCompanylaunchedtheLIGHT(Low-carbon,Integration,GreenView,Hi-View,TopDesign)capabilityframework.Throughouttheyear,shipmentvolumesrankedamongtheleadingpositionsacrossmultiplesegmentedmarkets,includingwhiteboards,indoorsignage,
projectors,POSdevices,andelectronicshelflabels,continuouslyilluminatingthedevelopmentofboththeCompanyanditspartnersthrough“LIGHT”.
3.TheSensorbusinessTheCompanysteadilyexpandeditsbusinesslayoutandachievedremarkableprogressinmarketdevelopment.DuringtheReportingPeriod,revenuereachedapproximatelyRMB587million,representingayear-on-yearincreaseofapproximately52.00%.FPXDproductsalesincreasedsignificantlyyear-on-year.Thekeyproject“HighMobilityIGZTODetectorDevelopment”oftheMinistryofScienceandTechnologycompletedproductrelease.Thesmartdimmingproductsofsmartscreensweresuccessfullylaunchedonscheduleinhigh-endflagshipvehiclemodelsofkeycustomers,withmultiplenewcustomerdesign-inssecured.SuzhouSensor’shigh-precisionlaserdisplacementsensorswerefullyintroducedintoleadingcustomersinthelasermeasurementindustry,andprogrammablelogiccontroller(PLC)productsachievedmassproduction.Thefirstself-developedMEMSmicrodifferentialpressureairflowsensorpassedcustomercertification.
4.TheMLEDbusinessTheindustrialchaincontinuedtoimprove,andbusinessperformancewasdevelopingpositively.DuringtheReportingPeriod,revenuereachedapproximatelyRMB9,316million,representingayear-on-yearincreaseofabout9.81%.Inthedirectdisplaybusiness,Ultraproductsweresuccessfullydeployedinflagshipstoreprojectsofkeycustomers.IncollaborationwithBOEHCSemitek,theMPDP0.6double-sidedposterdisplayproductwasjointlydevelopedandreceivedthe“BestofShowAwards”atInfoComm2025intheUnitedStates.InpartnershipwithShanghaiFilmGroup(SFG),theCompanycarriedoutin-depthcooperationinimmersiveexperiencesandsmartdisplayterminals,creatingtheSFGBOE-αSuperCinemabenchmarkprojectandleadingthedigitaltransformationofthefilmindustry.ThebacklightdevicebusinesscontinuedtostrengthenitsproductcompetitivenessandhasachievedreadinessformassproductionofnewMNTproductsforleadingbrandcustomers.
5.TheSmartEngineeringMedicinebusinessThebrandreputationhasbeencomprehensivelyenhanced,andtheintegrationofmedicineandengineeringhasachievedremarkableresults.DuringtheReportingPeriod,revenuereachedapproximatelyRMB1,902million,representingayear-on-yearincreaseofabout3.40%.Thevolumeofdigitalhospitalservicesincreasedsignificantly.ChengduBOEHospitalsuccessfullycompletedtheon-siteevaluationforGradeIIIClassAaccreditation.Itsspinalsurgeryexpertteamperformedtheworld’sfirstreversefoldingscoliosiscorrectionsurgery,andtheDepartmentofCardiovascularMedicinewasapprovedasa2025provincialkeyclinicalspecialtyconstructionproject.HefeiBOEHospitalsuccessfullycarriedoutanartificialheartimplantationsurgeryandobtainedtrialoperationqualificationforitsreproductivecenterforinvitrofertilization(IVF).SuzhouBOEHospitalobtaineddualcertificationfromChinaChestPainCentersandChinaAtrialFibrillationCenter.TheChengduElderlyCareCommunityhasreachedanewhighinthescaleoflong-termresidentcustomers,obtainedthe“Long-termCareInsurance”qualification,andreceivedmultiplehonorsincludingtheJingruiScienceandTechnologyAward.Themedicalengineeringproductsfocusedonthepreventionandcontrolofmyopiainadolescents,creatingapanoramicreadingandwritingdeskproductthathaswonunanimousmarketpraise.TheregenerativemedicinecardiacpatchhascompletedtheenrollmentofallpatientsforPhaseIclinicaltrials.Simultaneously,wewereadvancingthedevelopmentpipelinesforuterinepatches,NK/Car-NKimmunecells,andothers.ThecerebrovasculardiseasesecondarypreventionintelligentmanagementsystemhasbeenapprovedforaClassIIregistrationcertificate.
6.The“N”businessInnovationinthemarketprogressedatmultiplelevels,andprofessionalcapabilitiesweresteadilyenhanced.BOEVaritronixaccelerateditsexpansionintothehigh-endmarket,withLTPSshipmentsincreasingsignificantlyyear-on-year,anditsoverseasstrategyeffectivelydrovegrowthinbothrevenueandshipmentvolumesinEuropeandtheUnitedStates.BOEEnergyTechnologycontinuedtoexpandthescaleofinvestmentandconstructioninnewenergypowerstationsandenergystorageprojects,bothachievingsustainedyear-on-yeargrowth.Breakthroughswerealsomadeinwindpowerandvirtualpowerplantbusinesses.BOEHCSemitekcontinuedtosecuremassproductionprojectswithleadingindustrycustomers.ItsMicroLEDproductsachievedstablemassproductionanddelivery,whileGaNdevicesweresuccessfullyintroducedtocustomersalongsidetechnologicalupgrades.UPTCachievedacommercialbreakthroughinfull-time,full-scenariolivestreamingwithits“ULiveUltra
Live”solution.ThestageproductionsSuDiChunXiaoandLinZexusetnewrecordsfor4K-levelsecond-sitecoverageandnationwidecoordinatedscale,respectively,covering31provinces,hundredsofcinemas,and20theaters.Bothtechnologicalcoordinationcomplexityandcommercializationmaturityremainedindustry-leading.Zhongxiangying’sproprietarycoreproductscontinuedtoachievebreakthroughsinkeyindustriessuchaswafers,packagingandtesting,photomasks,automotivemanufacturing,andnewenergy.Itsoverseasmarketexpansionreachedamilestonewiththefirstbreakthroughordersecured.ThetechnologyservicesUBPPark’s“FutureDisplayIndustrialPark”wasofficiallyinaugurated,whiletheZero-SecondInnovationSpacewasrecognizedasaBeijingSmallandMicroEnterpriseEntrepreneurshipandInnovationDemonstrationBase.EwinTechnologycontinuedtoenhanceitsoperationalcapabilities,cumulativelyservingmorethanonemillionstudents.Itdevelopedmultiplebenchmarkprojects,includingthetouringexhibitionseries“SeetheForbiddenCityHere”,andlaunchedseveral“smallbutrefined”scenario-basedproductssuchastheDaliIntangibleCulturalHeritageDigitalTreasureBoxandtheOneDay·MawangduiMuseumBoxM-BOX.
2.RevenueandCostAnalysis
(1)BreakdownofOperatingRevenue
Unit:RMB
| Item | 2025 | 2024 | Change(%) | ||
| Operatingrevenue | As%oftotaloperatingrevenue(%) | Operatingrevenue | As%oftotaloperatingrevenue(%) | ||
| Total | 204,590,222,888.00 | 100% | 198,380,605,661.00 | 100% | 3.13% |
| Byoperatingdivision | |||||
| DisplayDevicesbusiness | 166,417,015,418.00 | 81.34% | 165,003,592,549.00 | 83.18% | 0.86% |
| IoTInnovationbusiness | 38,949,236,781.00 | 19.04% | 33,828,880,608.00 | 17.05% | 15.14% |
| Sensorbusiness | 587,444,558.00 | 0.29% | 386,471,446.00 | 0.19% | 52.00% |
| MLEDbusiness | 9,316,052,632.00 | 4.55% | 8,483,421,034.00 | 4.28% | 9.81% |
| SmartEngineeringMedicinebusiness | 1,902,021,967.00 | 0.93% | 1,839,415,166.00 | 0.93% | 3.40% |
| Othersandoffset | -12,581,548,468.00 | -6.15% | -11,161,175,142.00 | -5.63% | 12.73% |
| Byproductcategory | |||||
| DisplayDevicesbusiness | 166,417,015,418.00 | 81.34% | 165,003,592,549.00 | 83.18% | 0.86% |
| IoTInnovationbusiness | 38,949,236,781.00 | 19.04% | 33,828,880,608.00 | 17.05% | 15.14% |
| Sensorbusiness | 587,444,558.00 | 0.29% | 386,471,446.00 | 0.19% | 52.00% |
| MLEDbusiness | 9,316,052,632.00 | 4.55% | 8,483,421,034.00 | 4.28% | 9.81% |
| SmartEngineeringMedicinebusiness | 1,902,021,967.00 | 0.93% | 1,839,415,166.00 | 0.93% | 3.40% |
| Othersandoffset | -12,581,548,468.00 | -6.15% | -11,161,175,142.00 | -5.63% | 12.73% |
| Byoperatingsegment | |||||
| MainlandChina | 102,754,305,370.00 | 50.22% | 99,522,213,629.00 | 50.17% | 3.25% |
| Otherregions | 101,835,917,518.00 | 49.78% | 98,858,392,032.00 | 49.83% | 3.01% |
| Bysalesmodel | |||||
| Directsales | 204,590,222,888.00 | 100.00% | 198,380,605,661.00 | 100.00% | 3.13% |
(2)OperatingDivision,ProductCategory,OperatingSegmentorMarketingModelContributingover10%ofOperatingRevenueorOperatingProfit?Applicable□Notapplicable
Unit:RMB
| Item | Operatingrevenue | Costofsales | Grossprofitmargin | YoYchangeinoperatingrevenue(%) | YoYchangeincostofsales(%) | YoYchangeingrossprofitmargin(%) |
| Byoperatingdivision | ||||||
| DisplayDevicesbusiness | 166,417,015,418.00 | 144,918,410,654.00 | 12.92% | 0.86% | 0.67% | 0.16% |
| IoTInnovationbusiness | 38,949,236,781.00 | 34,398,776,981.00 | 11.68% | 15.14% | 13.72% | 1.09% |
| Byproductcategory | ||||||
| DisplayDevicesbusiness | 166,417,015,418.00 | 144,918,410,654.00 | 12.92% | 0.86% | 0.67% | 0.16% |
| IoTInnovationbusiness | 38,949,236,781.00 | 34,398,776,981.00 | 11.68% | 15.14% | 13.72% | 1.09% |
| Byoperatingsegment | ||||||
| MainlandChina | 102,754,305,370.00 | 87,631,988,655.00 | 14.72% | 3.25% | 4.68% | -1.17% |
| Otherregions | 101,835,917,518.00 | 84,970,055,356.00 | 16.56% | 3.01% | 0.54% | 2.05% |
| Bysalesmodel | ||||||
| Directsales | 204,590,222,888.00 | 172,602,044,011.00 | 15.64% | 3.13% | 2.60% | 0.44% |
CorebusinessdataoftheprioryearrestatedaccordingtothechangedstatisticalcaliberfortheReportingPeriod:
□Applicable?Notapplicable
(3)WhetherRevenuefromPhysicalSalesIsHigherthanServiceRevenue?Yes□No
| Operatingdivision | Item | Unit | 2025 | 2024 | Change(%) |
| TFT-LCD | Salesvolume | K㎡ | 90,032.00 | 83,132.00 | 8.30% |
| Output | K㎡ | 90,998.00 | 83,328.00 | 9.20% | |
| Inventory | K㎡ | 6,851.00 | 5,886.00 | 16.41% | |
| AMOLED | Salesvolume | K㎡ | 2,264.00 | 2,093.00 | 8.17% |
| Output | K㎡ | 2,302.00 | 2,115.00 | 8.84% | |
| Inventory | K㎡ | 201.00 | 163.00 | 23.21% |
Reasonforanyover30%YoYmovementsinthedataabove
□Applicable?Notapplicable
(4)ExecutionProgressofMajorSignedSalesandPurchaseContractsintheReportingPeriod
□Applicable?Notapplicable
(5)BreakdownofCostofSalesByoperatingdivisionandproductcategory
Unit:RMB
| Byoperatingdivision | Item | 2025 | 2024 | Change(%) | ||
| Costofsales | As%oftotalcostofsales(%) | Costofsales | As%oftotalcostofsales(%) | |||
| DisplayDevicesbusiness | Materials,laborcosts,depreciation,etc. | 144,918,410,654.00 | 83.96% | 143,955,472,188.00 | 85.57% | 0.67% |
| IoTInnovationbusiness | Materials,laborcosts,depreciation,etc. | 34,398,776,981.00 | 19.93% | 30,247,926,452.00 | 17.98% | 13.72% |
| Sensorbusiness | Materials,laborcosts,depreciation,etc. | 429,092,455.00 | 0.25% | 304,425,278.00 | 0.18% | 40.95% |
| MLEDbusiness | Materials,laborcosts,depreciation,etc. | 8,755,995,359.00 | 5.07% | 7,993,316,575.00 | 4.75% | 9.54% |
| SmartEngineeringMedicinebusiness | Materials,laborcosts,depreciation,etc. | 1,918,849,507.00 | 1.11% | 1,899,758,297.00 | 1.13% | 1.00% |
| Othersandoffset | Materials,laborcosts,depreciation,etc. | -17,819,080,945.00 | -10.32% | -16,178,949,217.00 | -9.61% | 10.14% |
Unit:RMB
| Byproductcategory | Item | 2025 | 2024 | Change(%) | ||
| Costofsales | As%oftotalcostofsales(%) | Costofsales | As%oftotalcostofsales(%) | |||
| DisplayDevicesbusiness | Materials,laborcosts,depreciation,etc. | 144,918,410,654.00 | 83.96% | 143,955,472,188.00 | 85.57% | 0.67% |
| IoTInnovationbusiness | Materials,laborcosts,depreciation,etc. | 34,398,776,981.00 | 19.93% | 30,247,926,452.00 | 17.98% | 13.72% |
| Sensorbusiness | Materials,laborcosts,depreciation,etc. | 429,092,455.00 | 0.25% | 304,425,278.00 | 0.18% | 40.95% |
| MLEDbusiness | Materials,laborcosts,depreciation,etc. | 8,755,995,359.00 | 5.07% | 7,993,316,575.00 | 4.75% | 9.54% |
| SmartEngineeringMedicinebusiness | Materials,laborcosts,depreciation,etc. | 1,918,849,507.00 | 1.11% | 1,899,758,297.00 | 1.13% | 1.00% |
| Othersandoffset | Materials,laborcosts,depreciation,etc. | -17,819,080,945.00 | -10.32% | -16,178,949,217.00 | -9.61% | 10.14% |
Note:
Themajorcostofsalesitemssuchasmaterials,laborcostsanddepreciationareconsideredasbusinesssecrets.Inordertoavoidtheleakageofthesesecrets,whichcouldresultindamagetotheinterestsoftheCompanyanditsinvestors,costofsalesisonlypresentedwithrespecttotheindustrysegmenttowhichtheCompanybelongsinthetableabove.
(6)ChangesintheScopeofConsolidatedFinancialStatementsfortheReportingPeriod
?Yes□NoThechangesinthescopeofconsolidatedfinancialstatementsfortheReportingPeriodhadnosignificantimpactonsegmentdata.
(7)MajorChangestotheBusinessScopeorProductorServiceRangeintheReportingPeriod
□Applicable?Notapplicable
(8)MajorCustomersandSuppliersMajorcustomers:
| Totalsalestotopfivecustomers(RMB) | 74,047,425,003.00 |
| Totalsalestotopfivecustomersas%oftotalsalesoftheReportingPeriod(%) | 36.19% |
| Totalsalestorelatedpartiesamongtopfivecustomersas%oftotalsalesoftheReportingPeriod(%) | 0.00% |
Informationabouttopfivecustomers:
| No. | Customer | SalesrevenuecontributedfortheReportingPeriod(RMB) | As%oftotalsalesrevenue(%) |
| 1 | CustomerA | 27,361,878,462.00 | 13.37% |
| 2 | CustomerB | 16,755,937,612.00 | 8.19% |
| 3 | CustomerC | 11,309,121,913.00 | 5.53% |
| 4 | CustomerD | 10,072,687,129.00 | 4.92% |
| 5 | CustomerE | 8,547,799,887.00 | 4.18% |
| Total | -- | 74,047,425,003.00 | 36.19% |
Otherinformationaboutmajorcustomers:
□Applicable?NotapplicableMajorsuppliers:
| Totalpurchasesfromtopfivesuppliers(RMB) | 26,447,234,903.00 |
| Totalpurchasesfromtopfivesuppliersas%oftotalpurchasesoftheReportingPeriod(%) | 18.52% |
| Totalpurchasesfromrelatedpartiesamongtopfivesuppliersas%oftotalpurchasesoftheReportingPeriod(%) | 0.00% |
Informationabouttopfivesuppliers:
| No. | Supplier | PurchaseintheReportingPeriod(RMB) | As%oftotalpurchases(%) |
| 1 | SupplierA | 6,755,813,875.00 | 4.73% |
| 2 | SupplierB | 6,194,465,846.00 | 4.34% |
| 3 | SupplierC | 5,726,137,591.00 | 4.01% |
| 4 | SupplierD | 3,974,413,165.00 | 2.78% |
| 5 | SupplierE | 3,796,404,426.00 | 2.66% |
| Total | -- | 26,447,234,903.00 | 18.52% |
Otherinformationaboutmajorsuppliers:
□Applicable?NotapplicableIndicatebytickmarkwhethertheCompany’stradingrevenueaccountedformorethan10%ofitstotaloperatingrevenueduringtheReportingPeriod.
□Applicable?Notapplicable
3.Expense
Unit:RMB
| Item | 2025 | 2024 | Change(%) | Mainreasonforanysignificantchange |
| Sellingexpense | 2,172,622,919.00 | 1,995,294,652.00 | 8.89% | N/A |
| Administrativeexpense | 5,896,341,836.00 | 6,218,672,130.00 | -5.18% | N/A |
| Financecosts | 1,836,646,802.00 | 1,224,387,370.00 | 50.01% | IncreasednetexchangelossduringtheReportingPeriod |
| R&Dexpense | 13,836,670,878.00 | 13,123,309,231.00 | 5.44% | N/A |
4.R&DInvestments
?Applicable□Notapplicable
| NamesofmainR&Dprojects | Projectobjectives | Projectprogress | Objectivestobeachieved | ExpectedimpactonthefuturedevelopmentoftheCompany |
| UBCellSeriesUpgrade | ToproduceLCDswithanimagequalitycomparabletothatofOLEDsandacostlowerthanthatofOLEDsandenhanceBOE'scompetitivenessinhigh-endproducts. | Inprogress | MassproductionofUBCell4.0Proproducts. | Achieveaplatform-basedleapintechnologicalcapability;alreadyintroducedintohigh-endTVproducts;becomeamainstreamtechnologyfordisplayproductsandastrategicleaderforproductupgrading. |
| OxideTechnologyUpgrade | Tofurtherutilizetheadvantagesofhighmobilityandlowleakagecurrentofoxides,developnewdevicestructures,createadvancedandreliableoxideprocesscapability,andachieveoverallimprovementofproductperformance. | Inprogress | Completedevelopmentofmigrationrate20extremenarrowchanneltechnology;CompletedevelopmentofOxideDualGate1Hztechnology. | Providestrongsupportforenhancingproductcompetitivenessandcreategreenandsustainableproductswithlow-powertechnology. |
| NaturalLightDisplayTechnology | Naturallightdisplaytechnologyaimstorestoredisplaystoamorenaturalstateandcreatehealthydisplayexperiences.Atthesametime,formulatenaturallightdisplaystandardsandcontinuouslyimprovevisualhealthresearch,aswellasstandardsandcertificationsystemsforleadingtechnologies,formanintegratedhealthydisplayframeworkof“technologyinnovationandstandardimplementation”,andrapidlyenhanceBOE’sinfluenceinhealthydisplays. | Inprogress | Steadilyadvancemultipleeye-friendlytechnologies;Formulatecertifications/standards,etc. | ThefirstreleaseofthenaturallightdisplaytechnologysystemwillassistBOEincollaboratingwithglobalecologicalpartnerstobuildacomprehensive,full-chainhealthydisplayecosystem,solidifyitsleadingpositionintheindustry,promoteaprofoundtransformationofdisplaytechnologyfrom“clearvisibility”to“comfortableandhealthyviewing”,andcreategreenandsustainableproductswithhealtheye-friendlytechnology. |
| FieldSequentialTechnology | IntroducenewfieldsequentialtechnologywithBOE’s | Inprogress | Completedevelopmentoffieldsequence | Uselow-powertechnologytocreategreenandsustainable |
| existingresourcestoenhanceimagequalityandreducepowerconsumption,andprovidenewtechnologicalpathsforcommercialdisplay,automotive,TV,ande-sportsapplicationscenarios. | technology. | products,enhanceproductcompetitivenessandmarketadvantage,andprovidestabletechnicalsupportforBOE’sfuturedevelopment. | ||
| CHPIProductPromotion | PromotetheapplicationofCHPIandultra-lowpowerdrivingtechnologyinTV,MNT,andNBproducts. | Inprogress | ImportNB/MNTCHPIproductsonschedule. | Supporttheconstructionofthescreen-chip-completemachineindustrychain,createtechnicalbarriers,developgreenandsustainableproductswithlow-powertechnology,andformproductperformanceandcostadvantages. |
| LowCarbonandEnvironmentalProtection | AchievecarbonemissionreductionandenhanceproductcompetitivenessthroughtheintroductionofPFASFree,recyclablelow-volatilitymaterials,andlow-temperatureprocesses. | Inprogress | Completevalidationoflow-temperature3.0process;ExpandproductapplicationsforPFASFreeandrecyclablelow-volatilitymaterials. | Buildagreenlow-carbondisplaytechnologyplatform,andcreategreenandsustainableproductsusinglow-carbonandenvironmentallyfriendlytechnologies. |
| WideColorGamutTandemTechnology | Usenewlight-emittingdevicestoreducepowerconsumptionandextendlifespanwhileachievingtheBT2020colorgamut. | Productmassproductionachieved | Significantlyimprovebrightnessunderbothnormalmodeandhigh-brightnessmode;Doubleservicelife;Significantlyreducepowerconsumption;Achieve95%BT2020colorgamut. | AsaproprietarytechnologyofBOE,itdemonstratesBOE’sproductcompetitivenessandservesasabenchmarkfordisplayperformanceandvisualhealth,creatingnewmarketopportunitiesforOLEDproductsintheintegrationofimaginganddisplay. |
| ExtremeNarrowBorderTechnology | Reducethebordersonallfoursidesofthedisplayscreen. | Technologydevelopmentcompleted | Significantlyreducethenumericalvaluesofthedisplay’sfour-sideborders. | Asaplatform-basedtechnology,itcanbeintegratedintodifferentapplication-specificproducts,continuouslyenhancingthecompetitivenessofBOEOLEDproducts. |
| AutomotiveSwitchablePrivacyDisplayTechnology | Achievelightandviewinganglecontrolthroughdifferentiatedpixelandcircuitdesign. | Inprogress | Achieveautomotiveswitchableprivacydisplay,invisibletothedriver,visibletothefrontpassenger. | Createsustainableproductswithprivacyprotectiontechnology,leadthetrendofintelligentautomotiveapplications,andenhancethecompetitivenessofautomotiveproducts. |
| NBHighRefreshRateTechnology | Meetthetechnicalrequirementsofthegamingnotebookmarket,expandtheOLEDNBproductseries,andenhancemarketcompetitiveness;Deploy240HzdrivingtechnologyandGOAcircuits. | Inprogress | Becompatiblewithbothlowandhighrefreshrates,andsupportahighrefreshrateof240Hz. | Enterthegamingnotebookmarket,expandtheOLEDNBproductseries,andenhanceBOE’scustomerinfluence. |
| DirectDisplayCOBProject | DevelopCOBproductswithdifferentpixelpitchesundervariousMLEDproductseriestoenhancetheproductline. | MassproductionofBYHUltra/V1seriesachieved | Completelargeboarddesignandprocessverification,achieveasingleboardmoduleof14.5'',reduceseams,andenhancepictureconsistency;Achieveexcellentdisplayeffectsbyimprovingspecificationssuchasbrightness,contrastratio,andcolorgamut;Self-developpackagingtechnology,achieveultra-lowpowerconsumption,andprovideuserswithacoolscreenexperience. | ComprehensivelycreatethesuperiordisplayeffectofMLEDproductswithfocusonthreecoretechnologies:premiumoptics,sophisticatedthermologyandminimaliststructure.Continuouslyimprovethethreemajorproductplatformsforindoor,outdoor,andinnovativeapplications,andempowertheMLEDindustrytoexplorelimitlessscenarios. |
| AutomotiveMLEDBacklightProducts | CompletemassproductionofMLEDautomotiveproductswithhighpartitioning,highbrightness,andultra-highcontrast. | Massproductionofultra-thinautomotivebacklightproductsachieved | EnhancetheautomotiveLCD’sdisplayeffectthroughlocaldimming,achieveultra-highcontrastandultra-highbrightnessproductspecifications.Thebacklightbrightnesscanreach12,000nitsanditsupportsHDRdisplay,providingdriverswithadelicateandrealisticvisualexperience. | Significantlyenhanceproductlifespanandperformance,andprovideadurableandexcellentvisualwindowforsmartcockpits. |
| MiniLEDSmartTV | Developaseriesofhigh-endsmartTVproductsfeaturingMiniLED,highcolorgamut,highpicturequality,andGrade1energyefficiency. | Theproductclienthasbeenlaunched. | AchieveintegrationofAIsmartvoiceandAIcamera,and4KOCsupports144Hzfunctionality;SupportMiniLEDlocaldimmingandmeetGrade1energyefficiencyrequirements. | AchievebreakthroughsinMiniLEDproductsinbothdomesticandoverseasmarkets,enhanceBOE’shigh-endproductcompetitiveness,andachieveprofitgrowth. |
| 28.2''ProgrammingDisplay | Developamultifunctionalhigh-enddisplayandprovideuserswithaconvenientandefficientprogrammingexperienceaswellasahealthyusageexperience. | Massproduction | AchieveMoonHalosmarthalo,andsupportcustomizablelightingeffects;DevelopSmartDimming2.0basedonRGBSensor;AchievetheProximitySensorfunction;ObtainT?VRheinlandReflection-Freecertification.CertifiedasReflection-Free | Reconstructuserinteractionforms,provideanimmersiveprogrammingexperience,andmakefurthertechnicalreservesforBOE’shigh-enddisplaydevelopment. |
| Paper-likeEye-friendlyScreenTablet | Developatabletproductwithlearningfunctions,paper-likeeye-friendly,ultra-thin,and | Theproductclienthas | Completetheintroductionofnewstructuralmaterials,andreducecost | Usingeye-friendlytechnologytocreategreenandsustainableproductssets |
| ultra-lightfeatures. | beenlaunched. | andweight;CompletePCBlayerandpricereduction,andachievecostreductionandefficiencyimprovement. | abenchmarkforcostreductionandefficiencyimprovement,pavingthewayforBOEtoundertakenewprojects. | |
| 18''Naked-eye3DNB | Completetheindependentdevelopmentofa2D/3Dswitchablenaked-eye3DdisplayNBproduct. | Theproductclienthasbeenlaunched. | Achieve2D/3Dswitchablenaked-eye3Ddisplaywithlossless2Dimages,combinedwithself-developedeye-trackingandinterleavingalgorithms,andachievecrosstalk≤2%,a50°high-degree-of-freedom3Ddisplayviewingangle,andanaked-eye3Ddisplaywithalmostnoperceptibledelay. | Beingattheindustry-leadinglevel,thisproductwilleffectivelyenhanceBOE’smarketinfluenceinthe3Ddisplayfieldandlayasolidfoundationforexpandingthehigh-endcustomerbase. |
| High-performanceLightControlSolution | Applysolarpowerandwirelesstransmissiontechnology,wedevelopthesmartwindowsolutionproductthatpoweredbygreenenergyandwithoutwiringrequirements. | Massproduction | Developasmartwindowsolutionproductthatpoweredbygreenenergyandwithoutwiringrequirementsandachieveenergy-savingthroughsolaranddimmingfunctions. | Creategreenandsustainableproductsusinglow-carbonandprivacyprotectiontechnologiestosupportoverseasexpansionandenhancecustomerexperience. |
| IndustrialSensor3DOpticalInspection | Basedonspectralconfocaltechnologyandintegratedwithalgorithms,formanautomaticdetectionsolutionforFOBindentationquality. | Undermachinetesting | Developanautomaticindentationdetectionsolutiontoenhanceproductionefficiencyandquality. | Enhanceproductmarketcompetitivenessandinfluence. |
| MEMSSensor | Developsilicon-basedandglass-basedpressureMEMSchipanddeviceproducts. | Massproduction | Developmulti-formpressuresensorswithmassdeliverycapability. | DeployMEMSpressuresensorproductsandexplorehigh-growthmarketssuchasconsumer,medical,andautomotive. |
| Glass-basedpackagingsubstrates | Developlarge-size,high-performanceglass-basedpackagingsubstrates. | Inprogress | Clarifytheglass-basedsubstratetechnicalrouteandproducesamples;Solvekeytechnicalproblemsandimproveproductreliability. | Developglasssubstratetechnologytohelpupgradepackagingtechnology. |
| BOEBlueWhaleDisplayLargeModel | BasedonBOE’s30yearsofaccumulatedindustryknowledge,developaseriesoflargemodelsforthedisplayindustry,deliverleadingdigitalandintelligencesolutionstothecontinuousdevelopmentofthethreemajorbusinesssectors:productionandmanufacturing,productinnovation,andoperationalmanagement. | Theimplementationofmultipleprojectssupported | CompletethereleaseoftheBOEBlueWhaleDisplayLargeModel,whichfeaturesfull-modalitycapabilities,multi-scenarioadaptability,highprecision,andstrongreasoningcapabilities,completetheestablishmentofhigh-qualitydatasets,ahigh-performanceintelligent | BecomethecoretechnologicalenginefortheimplementationofBOE’sAI+strategy.Ontheproductionside,promotetheconstructionofAIfactories,andcontinuouslyimproveproductionefficiencyandproductquality;ontheproductside,establishanAI-drivenfull-chaininnovationpathway;andontheoperationalside,promote |
| computingplatform,andafull-chainAIsecuritysystem;encompassadisplayindustriallargemodelforoperationandmanufacturing,adisplayinterfacelargemodelforproductinnovation,andadisplayoperationallargemodelforenterpriseoperation;effectivelysupporttheimplementationofmultipleindustry-leadingcases. | enterprisemanagementtowarddata-drivenandintelligentdecision-makingupgrading.Inthefuture,BOEwillcontinuetoleadtherapidincubationandlarge-scaleimplementationofintelligentagentclusters,achievingmutualempowermentofenterprisedevelopmentandindustrialupgrading. | |||
| BOEAIFactory | Buildanewfactoryparadigmdrivenbynext-generationAItechnology,shapinganAI-nativeproductionandmanufacturingsystemacrossallelements,andachievingmoresuperiorperformanceincomprehensiveoperationalefficiency. | Multiplefactorieshavebeenimplemented | CompletethereleaseofAIfactories;successfullyimplementthefirstbatchofAIfactoryprojects,andachievecomprehensiveimprovementsinoperationandmanufacturingqualityandefficiencyinanumberofleadingAI+innovativeapplicationsystemsdeployedacrossscenariossuchasproductionplanning,materialsupply,productionandmanufacturing,qualitymanagement,energyoptimization,andenvironmentalsafety. | Effectivelyenhancemanufacturingqualityandefficiency,continuouslyleveragethepowerofAItodrivetheimplementationofBOEachievementsandvaluecreation,andbecomeakeyenablerforBOEtopropeltheintelligentmanufacturingleapinthedisplayindustry. |
| SmartAll-in-OneC100ProductProject | CompleteanAI-powered,highlyefficient,andcollaborativesmartall-in-oneproducttoenhanceuserexperienceandcorecompetitivenessinsmartofficesolutions. | Massproduction | Complete65/75/86/98/110-inch4Kproductdevelopment;beequippedwiththeBOEBlueWhaleDisplayLargeModelandmainstreamlargemodels;launchthefirstcross-devicecollaborativeBOEofficeintelligentagent,andcompletethedevelopmentofAIlargemodelmeetingminutes,deviceoperationQ&Aapp;completevoice-controlledscreenfunctiondevelopmentforsmartpen;completenaturalhandwriting3.0app,BOEShareappdevelopment,supporting4KscreensharingandBYOMfunction. | C100seriesproductsintegrateAImultimodalinteractionandlargemodeltechnology,launchingseveralindustry-leadingapplications.Focusingon“workefficiency,userexperience,informationsecurity,anddesignaesthetics”,suchproductsformthecorecompetitivenessofAI-enabledworkscenariosandeffectivelyachievemarketbreakthroughs. |
| Perovskite | Leveragetheunique | In | Achievethe | Establishaperovskite |
| PhotovoltaicTechnology | technologicaladvantagesofperovskitephotovoltaictechnology,andfocusondevelopingproductimplementationsolutionsforinnovativemarkets. | progress | productizationandimplementationofinnovativeperovskitephotovoltaicscenarios. | photovoltaicproductmatrix,incubatenewbusinessgrowthpoints,andcontributetosustainabledevelopment. |
ParticularsaboutR&Dpersonnel:
| Item | 2025 | 2024 | Change(%) |
| NumberofR&Dpersonnel | 24,263 | 22,745 | 6.67% |
| R&Dpersonnelas%oftotalemployees | 22.08% | 22.95% | -0.87% |
| EducationalbackgroundofR&Dpersonnel | |||
| Bachelor’sdegree | 14,156 | 13,593 | 4.14% |
| Master’sdegree | 8,107 | 7,202 | 12.57% |
| AgestructureofR&Dpersonnel | |||
| Below30 | 8,742 | 8,526 | 2.53% |
| 30~40 | 12,374 | 11,592 | 6.75% |
ParticularsaboutR&Dinvestments:
| Item | 2025 | 2024 | Change(%) |
| R&Dinvestments(RMB) | 13,983,061,575.00 | 13,205,274,107.00 | 5.89% |
| R&Dinvestmentsas%ofoperatingrevenue | 6.83% | 6.66% | 0.17% |
| CapitalizedR&Dinvestments(RMB) | 146,390,697.00 | 81,964,876.00 | 78.60% |
| CapitalizedR&Dinvestmentsas%oftotalR&Dinvestments | 1.05% | 0.62% | 0.43% |
ReasonsforanysignificantchangetothecompositionofR&Dpersonnelandtheimpact:
□Applicable?NotapplicableReasonsforanysignificantYoYchangeinthepercentageofR&Dinvestmentsinoperatingrevenue:
□Applicable?NotapplicableReasonsforanysharpvariationinthepercentageofcapitalizedR&Dinvestmentsandrationale:
□Applicable?Notapplicable
5.CashFlows
Unit:RMB
| Item | 2025 | 2024 | Change(%) |
| Subtotalofcashgeneratedfromoperatingactivities | 234,845,511,034.00 | 219,215,758,074.00 | 7.13% |
| Subtotalofcashusedinoperatingactivities | 186,020,955,360.00 | 171,478,180,695.00 | 8.48% |
| Netcashgeneratedfrom/usedinoperatingactivities | 48,824,555,674.00 | 47,737,577,379.00 | 2.28% |
| Subtotalofcashgeneratedfrominvestingactivities | 39,483,947,973.00 | 62,629,563,802.00 | -36.96% |
| Subtotalofcashusedininvestingactivities | 80,412,309,507.00 | 95,279,196,948.00 | -15.60% |
| Netcashgeneratedfrom/usedininvesting | -40,928,361,534.00 | -32,649,633,146.00 | -25.36% |
| activities | |||
| Subtotalofcashgeneratedfromfinancingactivities | 63,692,453,650.00 | 51,846,047,908.00 | 22.85% |
| Subtotalofcashusedinfinancingactivities | 74,917,784,783.00 | 57,363,426,898.00 | 30.60% |
| Netcashgeneratedfrom/usedinfinancingactivities | -11,225,331,133.00 | -5,517,378,990.00 | -103.45% |
| Netincreaseincashandcashequivalents | -3,793,956,734.00 | 9,912,270,763.00 | -138.28% |
Explanationofwhyanyofthedataabovevariessignificantly:
?Applicable□NotapplicableNetcashgeneratedfromoperatingactivitiesincreased2.28%yearonyear,primarilydrivenbytheincreasedsalesduringtheReportingPeriod.Netcashgeneratedfrominvestingactivitiesdecreased25.36%yearonyear,primarilydrivenbytheincreaseincashpaidfortheacquisitionandconstructionoflong-termassetsduringtheReportingPeriod.Netcashgeneratedfromfinancingactivitiesdecreased103.45%yearonyear,primarilydrivenbytheincreaseincashpaidforpurchaseminorityshareholders'equityofsubsidiariesduringtheReportingPeriod.Netincreaseincashandcashequivalentsdecreased138.28%yearonyear,primarilydrivenbytheincreaseincashpaidforacquisitionandconstructionoflong-termassetsandpurchaseminorityshareholders'equityofsubsidiariesduringtheReportingPeriod.Reasonforanybigdifferencebetweenthenetcashgeneratedfrom/usedinoperatingactivitiesandthenetprofitforthisReportingPeriod
□Applicable?Notapplicable
VAnalysisofNon-CoreBusinesses?Applicable□Notapplicable
Unit:RMB
| Item | Amount | As%oftotalprofit | Mainsource/reason | Recurrentornot |
| Returnoninvestment | 653,966,677.00 | 9.30% | Incomefromthedisposaloflong-termequityinvestmentsintheReportingPeriod | No |
| Gain/lossonchangesinfairvalue | 431,722,966.00 | 6.14% | N/A | No |
| Assetimpairments | -4,005,541,287.00 | -56.94% | Inventoryvaluationallowancesestablishedbasedonmarketconditions | No |
| Non-operatingincome | 314,980,839.00 | 4.48% | N/A | No |
| Non-operatingexpense | 63,639,776.00 | 0.90% | N/A | No |
VIAnalysisofAssetsandLiabilities
1.SignificantChangesinAssetComposition
Unit:RMB
| Item | 31December2025 | 1January2025 | Changeinpercentage(%) | Mainreasonforanysignificantchange | ||
| Amount | Asa%oftotalassets | Amount | Asa%oftotalassets | |||
| Monetaryassets | 72,222,940,175.00 | 16.55% | 74,252,625,215.00 | 17.27% | -0.72% | N/A |
| Accountsreceivable | 32,293,002,623.00 | 7.40% | 36,338,199,204.00 | 8.45% | -1.05% | N/A |
| Contractassets | 393,081,902.00 | 0.09% | 150,871,486.00 | 0.04% | 0.05% | N/A |
| Inventories | 27,748,526,136.00 | 6.36% | 23,313,464,392.00 | 5.42% | 0.94% | N/A |
| Investmentproperty | 2,146,616,904.00 | 0.49% | 1,751,189,740.00 | 0.41% | 0.08% | N/A |
| Long-termequityinvestments | 18,636,209,565.00 | 4.27% | 13,533,271,302.00 | 3.15% | 1.12% | InvestmentsinnewassociatesintheReportingPeriod |
| Fixedassets | 186,299,299,142.00 | 42.69% | 204,904,419,511.00 | 47.65% | -4.96% | N/A |
| Constructioninprogress | 52,943,124,120.00 | 12.13% | 30,159,016,097.00 | 7.01% | 5.12% | IncreasedinvestmentinnewconstructionsintheReportingPeriod |
| Right-of-useassets | 807,290,109.00 | 0.18% | 754,408,280.00 | 0.18% | 0.00% | N/A |
| Short-termborrowings | 3,655,021,437.00 | 0.84% | 1,563,317,166.00 | 0.36% | 0.48% | N/A |
| Contractliabilities | 2,223,451,538.00 | 0.51% | 2,083,836,158.00 | 0.48% | 0.03% | N/A |
| Long-termborrowings | 101,576,573,473.00 | 23.28% | 100,932,391,740.00 | 23.47% | -0.19% | N/A |
| Leaseliabilities | 687,762,666.00 | 0.16% | 631,418,986.00 | 0.15% | 0.01% | N/A |
Indicatebytickmarkwhetheroverseasassetsaccountforalargerproportionoftotalassets.
□Applicable?Notapplicable
2.AssetsandLiabilitiesatFairValue?Applicable□Notapplicable
Unit:RMB
| Item | Beginningamount | Gain/lossonfair-valuechangesintheReportingPeriod | Cumulativefair-valuechangeschargedtoequity | ImpairmentallowancefortheReportingPeriod | PurchasedintheReportingPeriod | SoldintheReportingPeriod | Otherchanges | Endingamount |
| Financialassets | ||||||||
| 1.Held-for-tradingfinancialassets(excludingderivativefinancialassets) | 3,116,435,963.00 | 436,901,252.00 | 0.00 | 0.00 | 11,059,718,618.00 | 12,942,507,103.00 | 0.00 | 1,670,548,730.00 |
| 2.Derivativefinancialassets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 3.Investmentsinotherdebtobligations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 4.Investmentsinotherequityinstruments | 441,371,815.00 | 0.00 | -123,936,943.00 | 0.00 | 0.00 | 14,356,472.00 | 0.00 | 536,217,192.00 |
| 5.Othernon-currentfinancialassets | 2,735,680,042.00 | -5,178,286.00 | 0.00 | 0.00 | 143,553,247.00 | 0.00 | 0.00 | 2,874,055,003.00 |
| Subtotaloffinancialassets | 6,293,487,820.00 | 431,722,966.00 | -123,936,943.00 | 0.00 | 11,203,271,865.00 | 12,956,863,575.00 | 0.00 | 5,080,820,925.00 |
| Investmentproperty | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Productivelivingassets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Others | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Receivablefinancing | 472,537,400.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 113,134,949.00 | 585,672,349.00 |
| Totaloftheabove | 6,766,025,220.00 | 431,722,966.00 | -123,936,943.00 | 0.00 | 11,203,271,865.00 | 12,956,863,575.00 | 113,134,949.00 | 5,666,493,274.00 |
| Financialliabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Contentsofotherchanges:N/ASignificantchangestothemeasurementattributesofthemajorassetsintheReportingPeriod:
□Yes?No
3.RestrictedAssetRightsasatthePeriod-End
Unit:RMB
| Item | Endingcarryingvalue | Reasonforrestriction |
| Monetaryassets | 911,821,466.00 | Mainlysecuritydeposits,andamountsputinpledgefortheissuanceofnotespayable |
| Notesreceivable | 391,939,462.00 | Endorsedandtransferredwithrightofrecourse,andthoseputinpledgefortheissuanceofnotespayable |
| Fixedassets | 96,417,684,719.00 | Ascollateralforloan |
| Intangibleassets | 1,581,562,962.00 | Ascollateralforloan |
| Constructioninprogress | 16,333,097,942.00 | Ascollateralforloan |
| Investmentproperty | 127,541,800.00 | Ascollateralforloan |
| Accountsreceivable | 467,691,850.00 | Aspledgeforloan |
| Total | 116,231,340,201.00 | -- |
VIIInvestmentsMade
1.TotalInvestmentAmount?Applicable□Notapplicable
| InvestmentsmadeinthisReportingPeriod(RMB) | Investmentsmadeintheprioryear(RMB) | Change(%) |
| 6,522,967,735.00 | 1,343,958,901.00 | 385.35% |
2.SignificantEquityInvestmentsAcquiredintheReportingPeriod
□Applicable?Notapplicable
3.SignificantNon-EquityInvestmentsofwhichtheAcquisitionWasUncompletedintheReportingPeriod
□Applicable?Notapplicable
4.FinancialInvestments
(1)SecuritiesInvestments
?Applicable□Notapplicable
Unit:RMB
| Varietyofsecurities | Codeofsecurities | Nameofsecurities | Initialinvestmentcost | Accountingmeasurementmodel | Beginningcarryingvalue | Profit/lossonfairvaluechangesinthisReportingPeriod | Cumulativefairvaluechangeschargedtoequity | PurchasedinthisReportingPeriod | SoldinthisReportingPeriod | Profit/lossinthisReportingPeriod | Endingcarryingvalue | Accountingtitle | Fundingsource |
| Domestic/overseasstock | 002841.SZ | CVTE | 299,999,939.00 | Fairvaluemethod | 163,511,485.00 | 12,049,613.00 | 0.00 | 0.00 | 0.00 | 15,062,016.00 | 175,561,098.00 | Held-for-tradingfinancialassets | Self-funded |
| Domestic/overseasstock | 688720.SH | ASEM | 21,030,376.00 | Fairvaluemethod | 42,340,316.00 | 24,698,061.00 | 0.00 | 0.00 | 14,233,600.00 | 24,698,061.00 | 52,804,777.00 | Held-for-tradingfinancialassets | Self-funded |
| Domestic/overseasstock | 301611.SZ | Kematek | 10,740,456.00 | Fairvaluemethod | 110,916,387.00 | 46,395,141.00 | 0.00 | 0.00 | 42,214,116.00 | 46,609,427.00 | 115,097,412.00 | Held-for-tradingfinancialassets | Self-funded |
| Domestic/overseasstock | 688545.SH | SINOPHORUS | 49,999,989.00 | Fairvaluemethod | 0.00 | 106,710,144.00 | 0.00 | 49,999,989.00 | 0.00 | 107,566,308.00 | 156,710,133.00 | Held-for-trading | Self-funded |
| financialassets | |||||||||||||
| Domestic/overseasstock | 603175.SH | DynamicElectronics | 19,999,997.00 | Fairvaluemethod | 0.00 | 49,038,517.00 | 0.00 | 19,999,997.00 | 0.00 | 49,038,517.00 | 69,038,514.00 | Held-for-tradingfinancialassets | Self-funded |
| Domestic/overseasstock | 688809.SH | Maxone | 44,783,718.00 | Fairvaluemethod | 0.00 | 70,166,807.00 | 0.00 | 44,783,718.00 | 0.00 | 70,166,807.00 | 114,950,525.00 | Held-for-tradingfinancialassets | Self-funded |
| Domestic/overseasstock | 001369.SZ | Shuangxin | 99,999,999.00 | Fairvaluemethod | 0.00 | 125,644,699.00 | 0.00 | 99,999,999.00 | 0.00 | 125,644,699.00 | 225,644,698.00 | Held-for-tradingfinancialassets | Self-funded |
| Domestic/overseasstock | 600658.SH | BEZ | 90,160,428.00 | Fairvaluemethod | 60,213,131.00 | 0.00 | -14,687,806.00 | 0.00 | 0.00 | 0.00 | 75,472,622.00 | Otherequityinstrumentinvestment | Self-funded |
| Domestic/overseasstock | 01963.HK | BankofChongqing | 120,084,375.00 | Fairvaluemethod | 141,851,349.00 | 0.00 | 58,551,357.00 | 0.00 | 0.00 | 10,493,762.00 | 178,635,732.00 | Otherequityinstrumentinvestment | Self-funded |
| Domestic/overseasstock | 01518.HK | NewCenturyHealthcare | 140,848,850.00 | Fairvaluemethod | 19,855,500.00 | 0.00 | -128,067,005.00 | 0.00 | 0.00 | 431,501.00 | 12,781,845.00 | Otherequityinstrumentinvestment | Self-funded |
| Domestic/overseasstock | 09660.HK | HorizonRobotics-W | 24,553,418.00 | Fairvaluemethod | 35,638,388.00 | 0.00 | 41,654,723.00 | 0.00 | 12,610,162.00 | 0.00 | 66,208,141.00 | Otherequityinstrume | Self-funded |
| ntinvestment | |||||||||||
| Othersecuritiesinvestmentsheldattheperiod-end | 0.00 | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -- | -- |
| Total | 922,201,545.00 | -- | 574,326,556.00 | 434,702,982.00 | -42,548,731.00 | 214,783,703.00 | 69,057,878.00 | 449,711,098.00 | 1,242,905,497.00 | -- | -- |
(2)InvestmentsinDerivativeFinancialInstruments
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.VIIISaleofMajorAssetsandEquityInterests
1.SaleofMajorAssets
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
2.SaleofMajorEquityInterests
□Applicable?NotapplicableIXMainControlledandJointStockCompanies
?Applicable□NotapplicableMainsubsidiariesandjointstockcompanieswithanover10%influenceontheCompany’snetprofit
Unit:RMB
| Name | RelationshipwiththeCompany | Principalactivities | Registeredcapital | Totalassets | Netassets | Operatingrevenue | Operatingprofit | Netprofit |
| ChongqingBOEOptoelectronicsTechnologyCo.,Ltd. | Subsidiary | R&D,Production,andsalesofsemi-conductordisplaydevice,completemachine,andrelevantproducts;importandexportbusinessandtechnologyconsultingofgoods. | 3,845,200,000.00 | 43,861,755,683.00 | 35,735,216,944.00 | 15,986,642,745.00 | 3,823,391,410.00 | 3,207,816,772.00 |
| HefeiXinshengOptoelectronicsTechnologyCo.,Ltd. | Subsidiary | Investmentconstruction,R&D,Production,andsalesofrelevantproductsofTFT-LCDanditsmatchingproducts. | 9,750,000,000.00 | 28,782,104,404.00 | 19,109,822,143.00 | 26,167,340,185.00 | 1,917,021,046.00 | 1,727,433,238.00 |
| FuzhouBOEOptoelectronicsTechnologyCo.,Ltd. | Subsidiary | Investmentconstruction,R&D,Production,andsalesofrelevantproductsofTFT-LCDanditsmatchingproducts. | 17,600,000,000.00 | 28,308,092,936.00 | 25,016,026,361.00 | 11,419,363,143.00 | 2,308,963,118.00 | 2,040,523,173.00 |
SubsidiariesobtainedordisposedinthisReportingPeriod?Applicable□Notapplicable
| Nameofsubsidiary | Howthesubsidiarywasacquiredordisposedof | Effectsontheoveralloperationsandperformance |
| SixcompaniesincludingBeijingBOEMaterialsTechnologyCo.,Ltd. | Incorporatedwithinvestment | Nosignificanteffects |
| BOETechnologyUKLimited | De-registered | Nosignificanteffects |
Informationaboutmajormajority-andminority-ownedsubsidiaries:
N/A
XStructuredBodiesControlledbytheCompany
□Applicable?Notapplicable
XIProspects
Lookingaheadto2026,theglobaleconomicstructuraldifferentiationandregionalrestructuringofindustrialchainsremainsignificant.Thefocusofindustrycompetitionisgraduallyshiftingtowardscomprehensiveinnovationintechnology,products,andecosystemscenteredonvaluecreation.Atthesametime,thenewwaveoftechnologicalrevolutionledbyAIisdeeplyintegratingintovariousindustries,acceleratingthedigitalandintelligenttransformationprocessoftraditionalindustries.Basedonthenewera’sdevelopmentopportunitiesandchallenges,theCompanywillconsistentlyalignitscorporatestrategywiththetimes,proactivelycreateafull-scenarioindustrialecosystemof“EmpowerIoTwithDisplay”,andpersistinhigh-leveltechnologicalinnovation.Wewillcontinuetobuildamodernindustrialdevelopmentsystemandactivelyintegrateintotheglobalmarket,continuouslyconsolidatingourgloballeadingpositioninthedisplayindustry.Meanwhile,ourvariousinnovativebusinesseswillkeepdevelopingflagshipproductstoenhancetheglobalinfluenceoftheIoTinnovationindustry,thuslayingasolidfoundationfortheCompany’shigh-qualitygrowth.
1.“1+4+N+Ecosystem”businessdevelopmentstructureDisplayDevicesbusiness:TheCompanywillcontinuouslyoptimizeproductstructureandleadhigh-qualitydevelopmentoftheindustry.IntheLCDbusiness,theCompanywillconsolidateitscapacityadvantagesinhigh-generationproductionlinesandacceleratethetransformationoflow-generationlinestowardinnovativeapplications,achievingindustry-leadingoveralloperationalefficiency.ForOLEDbusiness,itwillonexpandinghigh-yieldcustomers,penetratingdiversifiedmarkets,andadvancingproductdevelopmentandvolumegrowthinITandautomotiveapplications.IoTInnovationbusiness:TheCompanywillfocusonenhancingtheintegrationofsoftwareandhardwareandsystemdesigncapabilities,strivingtobuildanindustrialecosystemthatdeeplyintegratesdisplaytechnologywithIoTapplications.Byintegratingcoredisplaypanelresourcesandstrengtheningthesynergybetweencomponentsandterminals,itaimstoachievebreakthroughsinmainstreamterminalbusinesses.Atthesametime,BOEwillactivelyexploreopportunitiesininnovativeterminalmarkets,accelerateproductdifferentiationanddiversifiedcustomerexpansion,andstrengthenvaluecreation.Sensorbusiness:TheCompanywillfocusonbreakthroughsintwokeyareas:glass-basedpackagingsubstratesandindustrialsensors.Itwillbuildfull-stackverticallyintegratedcapabilitiesfromcomponentinnovationtosolutionintegration,providingadvancedproductsandhigh-qualityservicescoveringsmarthardwareandscenario-basedapplications.BusinessessuchassmartscreensandFPXDwillfurtherintegrateresources,andacceleratecustomeracquisitionandmarketexpansion.MLEDbusiness:TheCompanywillfocusonexpandingscaleandproductcategoriestocomprehensivelyenhancebusinesscapabilities.Inthedirectdisplaybusiness,theCompanywilltargetthreemajorproductplatforms—indoor,outdoor,andinnovativeapplications—whilebuildinghighlycompetitiveproductlinesbasedonCOB,COG,andSMDtechnologies.Inthebacklightbusiness,itwillstrengthentheintegratedservicechainof“LED→backlightstrip/lightboard→backlightsource→completedevice”,offeringdiversifiedproductformstomeettheneedsofdifferentcustomersandapplicationscenarios.SmartEngineeringMedicinebusiness:Withseniorsandadolescentsascorecustomers,BOEwilldelvedeeplyintocustomerdemandsandpainpoints.Usingengineeringmedicineasaguide,wewillbuildatieredservicesystem.Throughintegratedsoftwareandhardwaresolutionsandprofessionalhealthmanagementtools,wewillextendhigh-qualitymedicalresourcesandprofessionalcontinuousservicestocommunitiesandfamilies.“N”business:Relyingonthe"1+4"capabilitieslayout,theCompanywillreachthedemandsideandmarketside,continuetodeepenadvantageoustracks,andacceleratethelandingofscaledapplicationscenarios.Atthesametime,itwilladheretothe
“threeprinciples”ofbusinessdevelopment,strengthenfrontiertechnologyincubation,andhelptheCompanyenteraneweraofhigh-qualityandhigh-speedgrowth.“Ecosystem”:TheCompanywilladheretotheconceptof"in-depthcooperation,collaborativedevelopmentandvalueco-creation",fullyintegratekeyresourcesintheupstreamanddownstreamoftheindustrialchain,continuouslyenhanceoverallvaluecreationcapabilities,andworktogethertobuildanopenandwin-winindustrialecosystem.
2.ImprovementindigitalandintelligentcapabilitiesWiththegoalofbuilding“onedigitalandvisualBOE”,theCompanywillimplementaseriesofdigitaltransformationinitiativeswithprecisionanddepth,creatinganintelligentdecision-makinghub.Atthesametime,BOEwillcontinuouslyreinforceitsplatformcapabilitiesfoundationrepresentedbyAItechnologies,deepentheimplementationofitsAI+strategy,andpromotethedeepintegrationofAItechnologieswithoperationandmanufacturing,productinnovation,andbusinessoperation,therebycomprehensivelyenhancingtheCompany’soperationalandmanagementefficiency.
3.SustainabledevelopmentTheCompanywillformulateapracticalcorporatesustainabilitystrategyguidedbythenational“3060dual-carbon”strategy.Throughthesixstrategicpillarsof“OpenInnovation,EnvironmentalSustainability,Win-WinEcosystem,People-OrientedDevelopment,Integrity-basedOperation,andValueCreationfortheFuture”,weaimtointegratetechnologicalinnovation,ESG,andvaluecreationintoaclosedloop,comprehensivelypromotingthesymbioticandmutuallybeneficialdevelopmentoftheCompanywithenvironmentalbenefitsandsocialvalue.
4.Globalizationhigh-qualitydevelopmentofglobalbusinesswitha“market-oriented,international,andprofessional”mindset.Fromthemarket-orientedperspective,theCompanywillcontinuouslyimproveitsmoderncorporategovernancesystembycomprehensivelyconsideringindustrycharacteristics,businessattributes,anddevelopmentstrategiesinmanagementandtalentutilization.Intermsoftheinternationalaspect,itwilloptimizeitsglobalindustriallayoutandparticipateinglobalresourceallocationacrossbroaderscopes,widerfields,anddeeperlevels.Intermsoftheprofessionalmindset,itwillestablishmechanismsandcomplianceriskcontrolsystemstailoredtoefficientcorporateoperations,continuouslyenhancingtheprofessionalismandcapabilitiesofitstalentteams,andprovidingstrongsupportfortheCompany’shigh-qualitydevelopment.
XIICommunicationswiththeInvestmentCommunitysuchasResearches,InquiriesandInterviews?Applicable□Notapplicable
| Date | Place | Wayofcommunication | Typeofthecommunicationparty | Communicationparty | MaindiscussionsandmaterialsprovidedbytheCompany | Indextotherelevantinformation |
| 7January2025 | BOECoreCompetenceTower | On-sitevisit | Institution | ChinaAssetManagement,GuolianSecurities | Maindiscussions:Answeredquestionsfrominvestors. | www.cninfo.com.cn |
| 21January2025 | BOECoreCompetenceTower | On-sitevisit | Institution | EFundManagement,ChinaUniversalAssetManagement,GuosenSecurities | ||
| 23January2025 | Conferencecall | Byphone | Institution | CPIC,IndustrialSecurities | ||
| 23January2025 | BOETechnologyInnovationCenter | On-sitevisit | Institution | NewChinaAsset | ||
| 13February2025 | WuhanBOEOptoelectronics | On-sitevisit | Institution | GuosenSecuritiesand9otherinstitutions |
| TechnologyCo.,Ltd. | |||||
| 18February2025 | BOECoreCompetenceTower | On-sitevisit | Institution | OrientSecurities | |
| 19February2025 | Conferencecall | Byphone | Institution | FullgoalFund,GuolianMinshengSecurities | |
| 13March2025 | BOECoreCompetenceTower | On-sitevisit | Institution | YinhuaFund,GuolianMinshengSecurities | |
| 22April2025 | http://rs.p5w.net/ | Other | Other | InvestorsattendingBOE's2024AnnualResultsOnlineBriefing | Maindiscussions:Answeredquestionsfrominvestors. |
| 22April2025 | Conferencecall | Byphone | Institution | AspexManagement(HK)Limitedand140otherinstitutions | Maindiscussions:1.Industryandmarketoverview;2.TheCompany’soperatingresults;3.Performanceinterpretation;4.Shareholderreturns;5.Answeredquestionsfrominvestors. |
| 21May2025 | BOECoreCompetenceTower | On-sitevisit | Institution | ChinaSecurities,PingAnAssetManagement,ChinaLifeAssetManagement,ChinaREAsset,ChinaEverwinAsset,AnythingInvestment | Maindiscussions:Answeredquestionsfrominvestors. |
| 26May2025 | BOECoreCompetenceTower | On-sitevisit | Institution | ICBCCreditSuisseAssetManagement,TianfengSecurities | |
| 3June2025 | BOETechnologyInnovationCenter | On-sitevisit | Institution | HarvestFund | |
| 10June2025 | BOETechnologyInnovationCenter | On-sitevisit | Institution | ForesightFund,HuataiSecurities | |
| 27June2025 | BOECoreCompetenceTower | On-sitevisit | Institution | GIC | |
| 16July2025 | Conferencecall | Byphone | Institution | ChinaUniversal,ChangjiangSecurities | |
| 17July2025 | Conferencecall | Byphone | Institution | GuotaiAssetManagement,GFSecurities | |
| 18July2025 | BOECoreCompetenceTower | On-sitevisit | Institution | TianhongAssetManagement,CindaSecurities | |
| 24July2025 | BOECoreCompetenceTower | On-sitevisit | Institution | UBSAssetManagement,CITICSecurities | |
| 29July2025 | Conferencecall | Byphone | Institution | ThroughlineCapital | |
| 7August2025 | BOETechnologyInnovationCenter | On-sitevisit | Institution | ChinaSecurities | |
| 8August2025 | Conferencecall | Byphone | Institution | HanseenFund,SDICSecurities |
| 11September2025 | https://ir.p5w.net | Other | Other | InvestorsparticipatingintheCompany’sperformancebriefing | Maindiscussions:1.AnoverviewoftheCompany'soperatingperformanceinthefirsthalfoftheyear;2.On-siteQ&Asession;3.OnlineQ&Asessionwithinvestors. |
| 28September2025 | BOECoreCompetenceTower | On-sitevisit | Institution | WesternSecurities | Maindiscussions:Answeredquestionsfrominvestors. |
| 29September2025 | Conferencecall | Byphone | Institution | TigerPacificCapitalLP | |
| 31October2025 | Conferencecall | Byphone | Institution | IncTarCap,108institutionsintotal | Maindiscussions:1.Industryandmarketoverview;2.TheCompany’soperatingresults;3.Answeredquestionsfrominvestors. |
| 31October2025 | BOECoreCompetenceTower | On-sitevisit | Institution | ShenzhenHongchouInvestmentCo.,Ltd. | Maindiscussions:Answeredquestionsfrominvestors. |
| 4November2025 | BOECoreCompetenceTower | On-sitevisit | Institution | UBS,CepheiCapitalManagement,TaoshengAssetManagement,XinweiAsset,CITICSecurities | |
| 20November2025 | Conferencecall | Byphone | Institution | HwabaoWPFund,Shenyin&WanguoSecurities | |
| 21November2025 | BOECoreCompetenceTower | On-sitevisit | Institution | ChinaLifeAssetManagement,ZhongtaiSecurities | |
| 27November2025 | HefeiBOESolarTechnologyCo.,Ltd. | On-sitevisit | Institution | GuoshengPowerandNewEnergy,12institutionsintotal | |
| 2December2025 | BOECoreCompetenceTower | On-sitevisit | Institution | GuolianFund | |
| 5December2025 | BOECoreCompetenceTower | On-sitevisit | Institution | MaxwealthFund,ChangjiangSecurities | |
| 9December2025 | BOECoreCompetenceTower | On-sitevisit | Institution | HarvestFund,PenghuaFund,JTAssetManagement,SealandSecurities | |
| 18December2025 | BOECoreCompetenceTower | On-sitevisit | Institution | RabbitFund,NortheastSecurities |
XIIIFormulationandImplementationofMarketValueManagementRulesandValuationEnhancementPlanIndicatewhethertheCompanyhasformulatedmarketvaluemanagementrules.?Yes□NoIndicatewhethertheCompanyhasdisclosedavaluationenhancementplan.
□Yes?No
Inordertoeffectivelystrengtheninvestmentvalueandenhanceinvestorreturns,inaccordancewiththeCompanyLaw,theSecuritiesLaw,RegulatoryGuidelineNo.10forListedCompanies—MarketValueManagement,andotherapplicablelawsandregulations,theCompanyhasformulatedtheMarketValueManagementRules,whichwasreviewedandapprovedattheFourthMeetingofthe11thBoardofDirectorsoftheCompanyon18April2025.
XIVImplementationoftheActionPlanfor“DualEnhancementofQualityandProfitability”
IndicatewhethertheCompanyhasdiscloseditsActionPlanfor“DualEnhancementofQualityandProfitability”.?Yes□No
1.Adhereto“StrategicGuidance”BOEiscommittedtoprovidingintelligentinterfaceproductsandprofessionalservicesforinformationinteractionandhumanhealth.BasedonitsIoTstrategictransformation,theCompanyhasproposedthe“EmpowerIoTwithDisplay”strategytoadapttothedevelopmentofthetimes,andestablisheda“1+4+N+Ecosystem”businessdevelopmentstructuretocomprehensivelypromotetheexecutionandimplementationofthestrategy.Amongthese,“1”referstothedisplaybusiness,inwhichtheCompanywillfocusonhigh-qualitydevelopment,enhancedinternalcapabilitiesandleanmanagement,ensuringthatitsindustrypositionwillremainfirmlyamongthegloballeaders.“4”representshigh-potentialbusinesssectors,wheretheCompanywillcontinuouslyenhancecorecapabilitybuildingandresourcereuse,significantlyimprovingitsoverallmarketcompetitiveness.“N”pointstothediversifiedsegmentedbusinessscenarios,wheretheCompanywillcontinuetoexploreadvantageoussectors,withseveralindustrybenchmarksthatare“specialized,sophisticated,distinctive,andinnovative”alreadycreated.Inthefuture,theCompanywillconsistentlyadheretothe“NthCurve”theoryasaguide,firmlyimplementthe“EmpowerIoTwithDisplay”developmentstrategy,andfollowthe“ThreePrinciples”ofbusinessexpansion.Relyingonthreecoreadvantages,wewillcontinuouslyimprovethe“1+4+N+Ecosystem”businessdevelopmentstructure.Whileconsolidatingourleadingpositionindisplay,wewillacceleratetheexplorationofinnovativebusinesses,promotethemaximizationofresourcereuse,andachievehigh-qualitybusinessgrowth,providinggoodreturnstoourshareholders.
2.Uphold“InnovationasthePrimaryDriver”TheCompanyconsistentlyprioritizestechnologyandinnovationandcomprehensivelystrengthensitstechnologicalcompetitiveadvantagethroughintensiveR&Dinvestment.In2021,theCompany’sR&DinvestmentexceededRMB10billionforthefirsttime,andfrom2021to2025,wehaveconsistentlyinvestedmorethanRMB12billionannually,makingusaleaderinR&Dinvestmentintheglobaldisplayfield.Inaddition,theCompanyhascontinuedtostrengthenitshigh-qualitypatentportfolio.Asoftheendof2025,thetotalnumberofpatentapplicationsexceeded100,000.Amongthenewlyfiledpatentapplicationsduringtheyear,morethan90%wereinventionpatents,andover33%wereoverseaspatents,coveringmultiplecountriesandregionsincludingtheUnitedStates,Europe,Japan,andSouthKorea,andspanningdiversefieldssuchasflexibleOLED,sensors,AI,andbigdata.TheCompanyhasenteredtheglobalTOP20intheIFIU.S.patentauthorizationrankingforeightconsecutiveyears.Inaddition,ithasbeenselectedforfivestraightyearsandremainedamongtheTop100GlobalInnovatorsbyClarivateAnalytics.TheCompanyactivelyrespondstothedevelopmentrequirementsofnewqualityproductivitybyconstructsthreecoretechnologypillars—display,IoTinnovation,andsensordevices.Withthecoreobjectiveofovercomingsignificanttechnicalchallengesintheindustry,wehaveformulateddevelopmentstrategiesforkeysourcedirections,plannedthetechnologyecosystemnetwork,andcompletedthetop-leveldesignofcollaborativeinnovationwithupstreamanddownstreampartners,aswellasindustry-university-researchcooperation.Wehavealreadyachievedtheimplementationofseveralcollaborativeresults.Movingforward,theCompanywillpersistentlyuphold“innovationastheprimarydriver”,dynamicallymatchingtechnologicalcapabilitieswithmarketdemands,andleveragingtechnologicaliterationstofacilitatetheimplementationofdiversifiedecologicalscenarios.Atthesametime,wewillcontinuouslystrengthenresourceinvestmentandtheefficiencyofindustry-university-
researchintegration,deepenindustry-university-researchcooperation,andpersistentlytacklecoretechnologiestolayafoundationforbuildingindustry-leadingtechnologicalandinnovationcapabilities.
3.Maintain“EthicalandTop-QualityCorporateGovernance”TothoroughlyimplementthenewlyrevisedCompanyLawofthePeople'sRepublicofChina,promotetheoptimizationofcorporategovernancemechanisms,andimprovetheCompany'sinternalsystems,duringtheReportingPeriod,theCompanyrevisednearly30governancesystems,includingtheArticlesofAssociationanditsannexes,theCompositionandRulesofProcedureoftheRiskControlandAuditCommitteeoftheBoardofDirectors,andtheCompositionandRulesofProcedureoftheNomination,RemunerationandAppraisalCommitteeoftheBoardofDirectors,andnewlyformulatedtheManagementMeasuresfortheDepartureofDirectors,inaccordancewiththelatestlaws,regulationsandnormativedocuments.Additionally,itadjustedtheinternalsupervisorybodiestofurtherenhanceoperationalcompliance.TheCompanycontinuestoadvancegovernanceimprovementinvariousareas,continuouslystrengtheningtheperformanceofdirectorsandseniormanagement,andactivelyorganizingthemtoparticipateinspecialtraining.Byholdingspecialmeetingsforindependentdirectorsandorganizingon-sitevisitsandresearchforindependentdirectors,theCompanygivesfullplaytoindependentdirectorsandprovidessupportfortheirperformanceofduties.DuringtheReportingPeriod,theCompany'sgovernancewassoundanditsoperationalcompliancelevelwashigh.Movingforward,itwillabidebytheprinciplesof“integrity,standardization,transparency,andresponsibility”,regulateitselfandcontinuouslyimprovethelevelofgovernance.
4.ConducttransparentandefficientinformationdisclosureSofar,theCompanyhasachieved10straightyearsofGradeAratingsforinformationdisclosurebytheShenzhenStockExchange.Upholdingstrictadherencetolegalandregulatoryrequirements,theCompanyabidesbythe“accuracy,completeness,andtruthfulness”principleindisclosinginformation,cateringtoinvestorneedsandactivelyfulfillingsocialresponsibilities.Havingpublishedasocialresponsibilityreport(sustainabilityreport)for16straightyears,theCompanybolstersinformationdisclosuretransparency.Movingforward,itwillfurtherenhancedisclosurequality,effectivelycommunicatecorporatevalue,andstrivetoprovideasoundbasisforinvestors’valuationjudgmentsandinterestprotection.
5.Contributeto“CoexistenceandWin-WinwithInvestors”TheCompanypersistsinshowinggratitudetoshareholdersfortheirlong-standingsupportthroughconsistentsharerepurchasesandcashdividendsasawaytofulfillitsobligationsasapubliccompany.Inordertoestablishandimprovetheshareholderreturnmechanism,activelypaybacktoinvestors,andeffectivelyprotectthelegitimaterightsandinterestsofinvestors,theCompanyhasformulatedtheShareholderReturnPlanfortheNextThreeYears(2025-2027)inaccordancewithrelevantrulesandtherequirementsoftheArticlesofAssociation,takingintoaccounttheCompany'sactualsituation.In2025,theCompanyimplementedthe2024finaldividendpayoutofapproximatelyRMB1.87billionincash;anditcarriedoutanA-stockrepurchaseplanofoverRMB1.5billion,andallrepurchasedshareshavebeenretired,reducingtheCompany'sregisteredcapital.TheCompanypersistsinaproactive,professional,anddiverseapproachtoinvestorrelationsmanagement,andcontinuouslymakeinnovationsinthewayitcommunicateswithinvestors.Forinstitutionalinvestors,itmaintainsclosetieswiththemarketthroughinstitutionalinvestorvisits,securitiesfirms’investmentconferences,reverseroadshowsforinstitutionalinvestors,2025BOEInvestorDay,amongothermeans.Forsmallandmedium-sizedinvestors,theCompanycapitalizesonvariousplatforms,includingShareholders’Meetings,onlineresultpresentations,ShenzhenStockExchange’splatformatirm.cninfo.com.cn,investorhotline,andIRemailaddress,toengageactivelyandrespondtoqueries,gatherfeedback,andfacilitaterightsexercise.Movingforward,theCompanywillcontinuetoimplementtheShareholderReturnPlanfortheNextThreeYears(2025-2027).Adheringtothe“investor-centric”philosophy,itwillcontinuouslyimproveinvestorreturns,fulfilltheresponsibilitiesandobligationsasapubliccompany,andjointlypromotethehealthydevelopmentofthecapitalmarket.
PartIVEnvironmental,SocialandGovernanceInformation
IGeneralInformationofCorporateGovernance
1.StandardizedOperationandPerfectionofCorporateGovernanceStructureoftheCompanyintheReportingPeriodTheCompanyhasstringentlyfollowedlawsandrulessuchasCompanyLaw,SecuritiesLaws,CodeofCorporateGovernanceforListedCompanies,etc.,andrequirementsofStockListingRulesoftheShenzhenStockExchange,GuidelinesoftheMain-BoardfortheStandardizedOperationofCompanies,tocontinuouslyimprovethecorporategovernanceoftheCompany,toperfectinternalcontrolsystemaswellastopromotecorporategovernanceleveloftheCompany.DuringReportingPeriod,theCompany’sdirectorsandseniorexecutivesstrictlyinlinewiththerequirementofrelatedlawsandCompanyrulesandregulationsperformtheirobligations;ensurethestandardizationandeffectivenessofcorporategovernance.DuringtheReportingPeriod,theCompanyrevisedtheArticlesofAssociation,concurrentlyadjustedthestructureoftheinternaloversightbodies,andcontinuedtopromotetheCompany’sgovernanceinmanyways.ActivelyarrangedtheCompany'sdirectorsandseniorexecutivestojoinspecialtrainingorganizedbytheSecuritiesregulatorybureauofBeijing,andorganizedon-siteresearchforindependentdirectors.TheCompanykeptregularlyself-inspectionoftherelatedpartyfundtransaction,externalguaranteeaswellastheshareholdinganditschangesofthedirectors,supervisorsandseniorexecutives,andstrengthenedthecommunicationoftheinvestorsthroughtheShenzhenStockExchangeInvestorsInteractivePlatform.IntheReportingPeriod,corporategovernanceoftheCompanywasperfectedandoperatednormally,whichwasintotalcompliancewithvariousrequirementsoncorporategovernanceoflistedcompanies.Noproblemssuchashorizontalcompetitionorillegalrelated-partytransactionscausedbypartialrestructuringorotherreasonswerefound.TheCompanywillcontinuetofollowtheconceptof“honesty,standard,transparencyandresponsibility”,regulateitselfandcontinuouslyimprovethelevelofgovernance.MaingovernanceoftheCompanywasasfollows:
(1)AboutShareholdersandGeneralMeetingsofShareholdersAspertheCompany’sArticlesofAssociation,shareholdersenjoyedrightsandassumedobligationsaccordingtothesharestheyheld.OrganizingandconveningproceduresoftheCompany’sgeneralmeetingsofshareholderswereincompliancewithlawsandregulations.TheCompanypaidhighattentiontolegalinterestsofitsshareholders,especiallyitsminorityshareholders.Meanwhile,onthebasisofensuringlegitimacyandvalidityofgeneralmeetingsofshareholders,activelyprovidedconveniencesincludinginternetvotingforminorityshareholders’joiningthegeneralmeetingoftheshareholders.
(2)AboutRelationshipbetweentheControllingShareholderandtheCompanyTheCompanywasindependentfromthecontrollingshareholderandtheactualcontrollerintermsofpersonnel,assets,financing,organizationandbusiness.ThecontrollingshareholderandactualcontrolleroftheCompanywasabletostrictlycontrolitsbehaviors,withnodirectorindirectinterventionintheCompany’sdecision-making,productionandoperatingactivitiesbyviolatingrelevantlaws,regulationsandtheArticlesofAssociation,nobehaviorsinrelationtooccupyingsignificantfundsoftheCompany,andnobehaviorsinrelationtoaskingtheCompanytoprovideguaranteesforitorotherparties.
(3)AboutDirectorsandtheBoardofDirectorsDuringtheReportingPeriod,thecompositionoftheBoardofDirectorsoftheCompanywasinlinewithrequirementsofregulationsandtheCompany’sactualsituation.Alldirectorspossessednecessaryknowledge,skillsandqualityfordutyperformance.TheyallperformedtheirdutiesasstipulatedintheArticlesofAssociationhonestly,faithfullyanddiligently.TheylearnedaboutandkeptaconstantfocusontheCompany’sproductionandoperation,itsfinancialstatusandinfluenceandrisksofsignificantevents.Theyalsotooktheinitiativetosearchforinformationneededintheirdecision-makingsoastoensureefficientoperationandscientificdecision-makingoftheBoardofDirectors.Boardsessionswereorganizedandconvenedinstrict
compliancewiththeArticlesofAssociationandRulesofProcedurefortheBoardofDirectors.TherewerethreespecialcommitteesundertheBoardofDirectors,namely,theStrategicCommittee,theNomination,RemunerationandAppraisalCommitteeandtheRiskControlandAuditCommittee.TheCompanyalsoformulatedrulesofprocedureforallthesaidspecialcommitteessothattheycouldperformbetter.
(4)AboutInformationDisclosureandTransparencyAccordingtotheCompanyLaw,theStockListingRulesoftheShenzhenStockExchange,theGuidelinesoftheMain-BoardfortheStandardizedOperationofCompanies,theArticlesofAssociationandManagementMethodsforInformationDisclosureandotherrequirements,theCompanydisclosedinformationinatimelyandfairmannerandensuredthefactuality,accuracyandcompletenessoftheinformationdisclosed.TheCompanyhighlyvaluesinvestorrelationsandhassetupaspecializedinvestorrelationsteamtoconsistentlyexecuteinvestorrelationsfunctionswithproactive,professional,anddiversestrategies.Forinstitutionalinvestors,theCompanymaintainseffectivecommunicationchannelswithdiversetypes,ensuringpersistentmarketvisibility.Itofferstop-notchservicethroughinstitutionalsurveys,brokeragestrategysessions,organizedroadshowsforinstitutions,andorganizedInvestorDay.Intermsofservingsmallandmedium-sizedinvestors,theCompanyconsistentlyprioritizestheirserviceandupholdsequaltreatment.Itmaintainsactiveinteractionandcommunicationwithmediumandsmallinvestorsbymeansofshareholdermeetings,onlineperformancepresentations,theShenzhenStockExchange’splatform,investorhotlinesandinvestormailboxes,answerstheirquestions,heedstheirsuggestions,andfacilitatestheexerciseoftheirrights.TheCompanyactivelyinnovatedtheformatofitsonlinebriefingontheresults.Forthe2025interimresults,theonlinebriefingwasconductedsimultaneouslythroughanonlinetext-and-graphiclivestreamandofflineinteractions,enablinginvestorstomoreintuitivelyaccessmanagement’sresponsestomattersofgeneralconcern,promotingtheopen,transparent,efficientandconsistentcommunicationbetweentheCompany,investorsandanalystofsecurities,andmakingthemknownmoreaboutthedevelopmentstrategy,operationconditionsandtechnicalachievementsoftheCompany.Meanwhile,theCompanyhasjoinedhandswithathird-partyprofessionalIRserviceagencytoconductinvestorrelationsactivitiesviathedigitalplatform,whichmakesthecommunicationbecomemoreconvenientbetweentheinvestorandtheCompanyandensuresthecomplianceandfairnessoftheinvestorrelationsactivities.Intermsofinvestorprotection,theCompanyactivelyrespondstothecalloftheSecuritiesandFuturesCommission,theStockExchangeandtheChinaAssociationforPublicCompanies,andcarriesoutinvestorprotectionawarenesscampaignsthroughchannelssuchasitscorporatewebsite,withafocusonlistingrulesandriskidentification,promotingwiseinvestmentdecisions,andembodyingthesocialresponsibilityoflistedcorporations.Intermsofshareholderreturns,withaviewtoestablishingandrefiningtheCompany’sshareholderreturnmechanism,activelyrewardinginvestors,effectivelyprotectingthelegitimaterightsandinterestsoftheinvestingpublic,andguidinginvestorstoembracealong-terminvestmentphilosophy,theCompanyannouncesinApril2025theThree-Year(2025–2027)ShareholderReturnPlan.ThePlanprovidesthattheannualcashdividenddistributedeachyearoverthenextthreeyearsshallbenolessthan35%ofthenetprofitattributabletotheownersoftheCompanyastheparentforthatyear;theannualamountoffundsusedforsharerepurchaseswiththepurposeofcancellationshallbenolessthanRMB1.5billion(sharerepurchasesforequityincentivepurposesorotheruseswillbeseparatelyarranged);andwhereconditionspermit,interimprofitdistributionsmaybemade.Throughacombinationofmeasuresincludingincreasingthecashdividendpayoutratioandimplementingsharerepurchasesforcancellation,theCompanyaimstodeliverconsistent,stableandpredictableshareholderreturns.
2.CorporategovernancesystemsoftheCompanyrevisedduringtheReportingPeriodDuringtheReportingPeriod,theCompanyrevisedcertaincorporategovernancesystemsaccordingtoitsdevelopmentneeds.TherelevantsystemshavebeendisclosedontheCninfowebsite.Pleaserefertothetablebelowforspecificrevisions:
| Disclosuredate | Systemname | New/Revision |
| 15January2025 | ArticlesofAssociation | Revision |
| 15January2025 | RulesofProcedurefortheBoardofDirectors | Revision |
| 15January2025 | Shareholders'MeetingRulesofProcedure | Revision |
| 15January2025 | BoardofDirectors'StrategicCommitteeCompositionandRulesofProcedure | Revision |
| 15January2025 | BoardofDirectors'Nomination&Remuneration&AppraisalCommitteeCompositionandRulesofProcedure | Revision |
| 15January2025 | ExecutiveCommitteeChairman'sWorkingGuidelines | Revision |
| 15January2025 | ExecutiveCommitteeCompositionandRulesofProcedure | Revision |
| 15January2025 | AdministrativeRulesforProfessionalManagers | Revision |
| 28August2025 | BoardofDirectors'Nomination&Remuneration&AppraisalCommitteeCompositionandRulesofProcedure | Revision |
| 28August2025 | CompositionandRulesofProcedureoftheRiskControlandAuditCommitteeoftheBoardofDirectors | Revision |
| 28August2025 | RulesforIndependentDirectors | Revision |
| 28August2025 | ExecutiveCommitteeCompositionandRulesofProcedure | Revision |
| 28August2025 | WorkingRulesfortheChairmanoftheExecutiveCommittee | Revision |
| 28August2025 | WorkingRulesfortheCompanySecretary | Revision |
| 28August2025 | AdministrativeRulesfortheHoldingofandChangesintheCompany’sSharesbyDirectorsandSeniorManagement | Revision |
| 28August2025 | AdministrativeRulesforInvestorRelations | Revision |
| 28August2025 | AdministrativeRulesforInformationDisclosure | Revision |
| 28August2025 | RegistrationandManagementSystemforPersonswithAccesstoInsideInformation | Revision |
| 28August2025 | InternalReportingSystemforMaterialInformation | Revision |
| 28August2025 | ManagementSystemforExternalUsersofInformation | Revision |
| 28August2025 | AccountabilitySystemforMaterialErrorsintheDisclosureofInformationintheAnnualReport | Revision |
| 28August2025 | AdministrativeRulesforRelated-partyTransactions | Revision |
| 28August2025 | AdministrativeRulesforExternalGuarantees | Revision |
| 28August2025 | AdministrativeRulesforDerivativesTrading | Revision |
| 28August2025 | AdministrativeRulesfortheRaisedFunds | Revision |
| 28August2025 | ManagementSystemforWealthManagementandStructuredDepositBusiness | Revision |
| 28August2025 | AdministrativeRulesforFundTransactionswithRelatedParties | Revision |
| 28August2025 | ExternalInvestmentManagementMeasures | Revision |
| 28August2025 | AdministrativeRulesforInternalControl | Revision |
| 28August2025 | InternalAuditSystem | Revision |
| 28August2025 | AccountingFirmSelectionManagementMeasures | Revision |
| 28August2025 | AdministrativeRulesforResignationofDirectors | New |
| 17September2025 | ArticlesofAssociation | Revision |
| 17September2025 | RulesofProcedureforShareholders'Meeting | Revision |
| 17September2025 | RulesofProcedurefortheBoardofDirectors | Revision |
| 31October2025 | AdministrativeRulesforProfessionalManagers | Revision |
Indicatebytickmarkwhetherthereisanymaterialin-compliancewithlaws,administrativeregulationsandtheregulatorydocumentsissuedbytheCSRCgoverningthegovernanceoflistedcompanies.
□Yes?NoNosuchcasesintheReportingPeriod.
IITheCompany’sIndependencefromItsControllingShareholderandActualControllerinBusiness,Personnel,Asset,OrganizationandFinancialAffairsTheCompanywasindependentfromthecontrollingshareholderandtheactualcontrollerintermsofbusiness,personnel,assets,organizationandfinancing,withindependent&completebusinessandcapabilitytooperateindependently.
1.Inbusiness,theCompanywasindependentfromthecontrollingshareholderandtheactualcontroller,withitsownproductionandbusinessdepartmentsandmanagementsystem,theCompanyhadthecapabilitytomakeitsowndecisions,assumesoleresponsibilityforitsprofitsandlosses,andoperateindependentlywithindependentandcompletebusiness.
2.Inpersonnel,theCompanywascompletelyindependentinlabor,staffandremunerations.TheCompanyhaditsownoperatingmanagementteam.TheChairmanoftheExecutiveCommitteeandotherseniormanagementstaffsoftheCompanyallworkedonfull-timebasisintheCompanyanddidnotholdanypostinorreceiveanyremunerationinthecontrollingshareholderunit.
3.Inassets,theCompanyhadindependentandcompleteassets.Withclearownershiponitsassets,theCompanyindependentlyownedtheproductionsystem,ancillaryproductionsystemaswellassupportingfacilitiesformajorbusinesses,aswellasassetslikelanduserightsandintellectualpropertyrights,etc..NeitherthecontrollingshareholdernortheactualcontrollerappropriatedanyassetsoftheCompany.
4.Inorganization,theCompanyhadestablisheditsorganizationcompletelyindependentfromthecontrollingshareholderandtheactualcontroller,withindependentandsoundorgansandcorporategovernancestructure.TheCompanyhadnothandledanyofficialaffairsjointlywiththecontrollingshareholderortheactualcontroller.Therewerenosubordinaterelationshipsbetweenthecontrollingshareholder&itsfunctionaldepartmentsandtheCompany&itsfunctionaldepartments.
5.Infinancing,theCompanyhadestablishedindependentfinancialdepartments,withfull-timefinancepersonnel.TheCompanyhadalsoformulatedastandardandindependentfinanceaccountingsystemaswellasfinancialmeasurementsystem,establishedthecorporatefinancialmanagementarchivesanddeployedrelevantadministrativepersonnelforthem,openedindependentaccountinbank,andpaidtaxindependently.IIIHorizontalCompetition
□Applicable?Notapplicable
IVDirectorsandSeniorManagement
1.BasicInformation
| Name | Gender | Age | Officetitle | Incumbent/Former | Startoftenure | Endoftenure | Beginningshareholding(share) | IncreaseintheReportingPeriod(share) | DecreaseintheReportingPeriod(share) | Otherincrease/decrease(share) | Endingshareholding(share) | Reasonforchangeinshareholding |
| ChenYanshun | Male | 60 | ChairmanoftheBoard | Incumbent | 28June2019 | 13January2028 | 2,900,000 | 0 | 0 | 0 | 2,900,000 | N/A |
| ChiefStrategicPlanner | Incumbent | 14January2025 | 13January2028 | |||||||||
| ChairmanoftheExecutiveCommittee | Former | 20May2016 | 14January2025 | |||||||||
| FengQiang | Male | 49 | ViceChairmanoftheBoard | Incumbent | 27May2024 | 13January2028 | 975,700 | 0 | 0 | 0 | 975,700 | N/A |
| ChairmanoftheExecutiveCommittee,andChiefExecutiveOfficer(CEO) | Incumbent | 14January2025 | 13January2028 | |||||||||
| ViceChairmanoftheExecutiveCommittee | Former | 24July2024 | 14January2025 | |||||||||
| WangXiping | Male | 47 | ViceChairmanoftheBoard | Incumbent | 30October2025 | 13January2028 | 852,400 | 0 | 0 | 0 | 852,400 | N/A |
| ViceChairmanoftheExecutiveCommittee,andChiefOperatingOfficer(COO) | Incumbent | 14January2025 | 13January2028 | |||||||||
| MemberoftheExecutiveCommittee,andExecutiveVicePresident | Former | 28April2022 | 14January2025 | |||||||||
| Feng | Female | 53 | Director | Incumbent | 17November | 13January2028 | 1,360,000 | 0 | 0 | 0 | 1,360,000 | N/A |
| Liqiong | 2025 | |||||||||||
| MemberoftheExecutiveCommittee,andExecutiveVicePresident | Incumbent | 28June2019 | 13January2028 | |||||||||
| ChiefCounsel | Incumbent | 22August2007 | 13January2028 | |||||||||
| GuoChuan | Male | 57 | Director | Incumbent | 15November2024 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| YeFeng | Male | 60 | Director | Incumbent | 14December2021 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| JinChunyan | Female | 49 | Director | Incumbent | 14January2025 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| TangShoulian | Male | 73 | Independentdirector | Incumbent | 30May2020 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| ZhangXinmin | Male | 63 | Independentdirector | Incumbent | 18May2021 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| GuoHe | Male | 63 | Independentdirector | Incumbent | 28April2022 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| WangDuoxiang | Male | 56 | Independentdirector | Incumbent | 28April2022 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| LiYang | Male | 40 | EmployeeDirector | Incumbent | 22September2025 | 13January2028 | 0 | 0 | 0 | 0 | 0 | N/A |
| YangXiaoping | Female | 46 | MemberoftheExecutiveCommittee,andExecutiveVicePresident | Incumbent | 31March2023 | 13January2028 | 742,300 | 0 | 0 | 0 | 742,300 | N/A |
| ChiefFinancialOfficer(CFO) | Incumbent | 28April2022 | 13January2028 | |||||||||
| LiuZhiqiang | Male | 44 | MemberoftheExecutiveCommittee,andSeniorVicePresident | Incumbent | 24July2024 | 13January2028 | 247,500 | 0 | 0 | 0 | 247,500 | N/A |
| LiuJing | Male | 45 | MemberoftheExecutiveCommittee | Incumbent | 29October2024 | 13January2028 | 425,920 | 0 | 0 | 0 | 425,920 | N/A |
| SeniorVicePresident | Incumbent | 14January2025 | 13January2028 | |||||||||
| VicePresident | Former | 29October2024 | 14January2025 | |||||||||
| YunXiangnan | Male | 43 | MemberoftheExecutiveCommittee | Incumbent | 29October2024 | 13January2028 | 518,500 | 0 | 0 | 0 | 518,500 | N/A |
| SeniorVicePresident | Incumbent | 14January2025 | 13January2028 | |||||||||
| VicePresident | Former | 29October2024 | 14January2025 | |||||||||
| JiangXingqun | Male | 48 | MemberoftheExecutiveCommittee,andSeniorVicePresident | Incumbent | 14January2025 | 13January2028 | 724,200 | 0 | 0 | 0 | 724,200 | N/A |
| QiZheng | Male | 43 | MemberoftheExecutiveCommittee,andSeniorVicePresident | Incumbent | 14January2025 | 13January2028 | 741,600 | 0 | 0 | 0 | 741,600 | N/A |
| YueZhanqiu | Male | 58 | SeniorVicePresident,andChiefAuditOfficer | Incumbent | 28April2023 | 13January2028 | 553,440 | 0 | 0 | 0 | 553,440 | N/A |
| GuoHong | Female | 36 | VicePresident,andBoardSecretary | Incumbent | 14January2025 | 13January2028 | 428,500 | 0 | 0 | 0 | 428,500 | N/A |
| GaoWenbao | Male | 50 | ViceChairmanoftheBoard | Former | 14January2025 | 10October2025 | 1,860,700 | 0 | 0 | 0 | 1,860,700 | N/A |
| President,andViceChairmanoftheExecutiveCommittee | Former | 28April2022 | 14January2025 | |||||||||
| SunYun | Female | 56 | MemberoftheExecutiveCommittee,andExecutiveVicePresident | Former | 26December2014 | 14January2025 | 1,989,481 | 0 | 0 | 0 | N/A | N/A |
| Guo | Male | 48 | SeniorVice | Former | 31March2023 | 9July2025 | 0 | 0 | 0 | 0 | 0 | N/A |
| Huaping | President,andChiefCultureOfficer | |||||||||||
| LiuHongfeng | Male | 47 | VicePresident | Former | 20May2016 | 14January2025 | 1,024,500 | 0 | 0 | 0 | N/A | N/A |
| BoardSecretary | Former | 10July2013 | 14January2025 | |||||||||
| Total | -- | -- | -- | -- | -- | -- | 15,344,741 | 0 | 0 | 0 | 12,330,760 | -- |
Note:On14January2025,theFirstExtraordinaryGeneralMeetingofShareholdersin2025electedMs.JinChunyanasadirectorofthe11thBoardofDirectors.TheBoardofDirectorsappointedMr.JiangXingqun,Mr.QiZhengandMs.GuoHongasseniormanagementoftheCompany.On22September2025,theWorkersCongressoftheCompanyelectedMr.LiYangasanemployeedirectorofthe11thBoardofDirectors.Fortheaboveindividuals,thenumberofsharesheldatthetimeoftheirappointmentisusedasthebeginningshareholdingfortheseindividuals.IndicatebytickmarkwhetheranydirectororseniormanagementleftbeforetheexpiryoftheirofficetermsduringtheReportingPeriod.?Yes□No
1.On9July2025,theBoardofDirectorsoftheCompanyreceivedawrittenresignationfromMr.GuoHuaping,aseniormanagementmember.Duetoworkchanges,Mr.GuoHuapingappliedtoresignfromhispositionsasSeniorVicePresidentandChiefCultureOfficeroftheCompany.Followinghisresignation,henolongerholdsanypositionintheCompanyoritssubsidiaries.
2.On10October2025,theCompanyreceivedawrittenresignationreportfromMr.GaoWenbao,theViceChairmanoftheBoard.Forpersonalreasons,Mr.GaoWenbaoappliedtoresignfromhispositionsasaDirector,ViceChairmanoftheBoardandmemberofthespecialcommitteesoftheBoardofDirectors.Followinghisresignation,henolongerholdsanypositionintheCompanyoritssubsidiaries.
ChangeofDirectorsandSeniorManagement?Applicable□Notapplicable
| Name | Officetitle | Typeofchange | Dateofchange | Reasonforchange |
| GaoWenbao | ViceChairmanoftheBoard | Resignation | 10October2025 | Personalreasons |
| Seniormanagement | Resignationuponexpirationofterm | 14January2025 | Changeofterm | |
| SunYun | Seniormanagement | Resignationuponexpirationofterm | 14January2025 | Changeofterm |
| GuoHuaping | Seniormanagement | Dismissal | 9July2025 | Reassignment |
| LiuHongfeng | Seniormanagement | Resignationuponexpirationofterm | 14January2025 | Changeofterm |
2.BiographicalInformation
Professionalbackgrounds,majorworkexperienceandcurrentdutiesintheCompanyoftheincumbentdirectorsandseniormanagementDirectors:
Mr.ChenYanshun,MasterofEconomics,SeniorEconomist,andSeniorAccountant.JoiningtheCompanyin1993,heusedtobeSecretarytothe1stBoardofDirectorsoftheCompany,Secretarytothe2ndBoardofDirectorsandVicePresident,ExecutiveDirectorofthe3rdBoardofDirectorsandSeniorVicePresident,ExecutiveDirectorofthe4th,5thand6thBoardsofDirectorsandPresident,ViceChairmanofthe7thBoardofDirectorsandPresident,ViceChairmanofthe8thBoardofDirectorsandChairmanoftheExecutiveCommittee(ChiefExecutiveOfficer),Chairmanofthe9thBoardofDirectorsandChairmanoftheExecutiveCommittee,andChairmanofthe10thBoardofDirectorsandChairmanoftheExecutiveCommittee.Also,heoncewasChairmanoftheBoardforanumberofsubsidiariesincludingBeijingBOEOptoelectronicsTechnologyCo.,Ltd.,HefeiBOEOptoelectronicsTechnologyCo.,Ltd.,ChongqingBOEOptoelectronicsTechnologyCo.,Ltd.,andBOESmartTechnologyCo.,Ltd.Currently,heservesasChairmanofthe11thBoardofDirectorsandChiefStrategicPlanneroftheCompany.HeisalsoChairmanoftheBoardforBOEOptoelectronicsHoldingsCo.,Ltd.,BOEOptoelectronicsTechnologyCo.,Ltd.Meanwhile,heisalsoViceChairmanofChinaOptics&OptoelectronicsManufacturesAssociation(COEMA),ChairmanofChinaOptics&OptoelectronicsManufacturesAssociationLCB(CODA).HehasbeenawardedasNationalModelWorkerin2020,theEconomicFigureoftheYearbyChinaNewsWeeklyin2021,andDavidSarnoffIndustryAchievementAwardin2024.Mr.FengQiang,MasterofExecutiveMasterofBusinessAdministration,MasterofEngineering,Engineer.HejoinedtheCompanyin1998andhasservedastheDeputyGeneralManagerandGeneralManageroftheCompany'sScienceParkBusinessHeadquarters,VicePresidentoftheCompany,ChairmanofBOERegenerativeMedicineTechnologiesCo.,Ltd.,ExecutiveDirectorandExecutiveDeputyGeneralManagerofBeijingBOERealEstateCo.,Ltd.,ExecutiveDirectorandExecutiveDeputyGeneralManagerofBeijingYingheCenturyCo.,Ltd.,GeneralManagerofBeijingMatsushitaColourCRTCo.,Ltd.,Co-CEOoftheSmartHealthcareServiceBG,ChairmanandCEOofSmartEngineeringMedicinebusiness,MemberoftheCompany'sExecutiveCommittee,ExecutiveVicePresident,ChiefHumanResourceOfficer,andViceChairmanofthe10thBoardofDirectorsandViceChairmanoftheExecutiveCommittee.HeiscurrentlyservingasViceChairmanofthe11thBoardofDirectors,ChairmanoftheExecutiveCommittee,andChiefExecutiveOfficer(CEO)oftheCompany.HeisalsoChairmanofBeijingBOERealEstateCo.,Ltd.,ChairmanofBeijingYingheCenturyCo.,Ltd.,andChairmanofBeijingBOESongcaiInnovationCo.,Ltd.Mr.WangXiping,Bachelor'sdegree.HehasservedasthemanagerofNanjingHanyuCaixinTechnologyCo.,Ltd.,andhasheldpositionssuchastheheadoftheProductionManagementCentre,GeneralManagerofHefeiXinshengOptoelectronicsTechnology
Co.,Ltd.,GeneralManagerofWuhanBOEOptoelectronicsTechnologyCo.,Ltd.,Co-CEOoftheDisplayBusiness,ChiefProcurementOfficer,HeadoftheMiddleOffice,DirectoroftheCompany's10thBoardofDirectors,CommitteeMemberoftheExecutiveCommittee,andExecutiveVicePresident,etc.HeiscurrentlyservingastheViceChairmanofthe11thBoardofDirectors,ViceChairmanoftheExecutiveCommittee,andChiefOperatingOfficer(COO)oftheCompany,inadditiontobeingCEOoftheNewMaterialsBusinessandSilicon-basedMicrodisplayBusiness.HeisalsoChairmanofBeijingBOEOptoelectronicTechnologyCo.,Ltd.,ChairmanofBeijingBOEMaterialsTechnologyCo.,Ltd.,ChairmanofYantaiBOEMaterialTechnologyCo.,Ltd.,DirectorofBOEInnovationInvestmentCo.,Ltd.,andMemberoftheHigh-endManufacturingIndustryCommitteeoftheChinaAssociationforPublicCompanies.Ms.FengLiqiong,BachelorDegreeandLawyeroftheCompany,shehasservedasSeniorVicePresidentandMinisterofLegalAffairsDepartmentoftheCompany,andasSecretaryofthe5thand6thBoardofDirectors.Nowsheisadirectorofthe11thBoardofDirectors,amemberoftheExecutiveCommittee,ExecutiveVicePresident,andChiefCounseloftheCompany.Mr.GuoChuan,Master'sdegree,Level2Lawyer.HehasservedastheDirectoroftheBoardSecretaryOffice,HeadoftheLegalAffairsDepartment,BoardSecretary,GeneralCounsel,DeputyGeneralManager,andDirectorofBeijingBeichenIndustrialCo.,Ltd.,andDirectorofthe10thBoardofDirectorsoftheCompany.HeiscurrentlyservingasaDirectoroftheCompany's11thBoardofDirectors,DeputySecretaryofthePartyCommittee,Director,andGeneralManagerofBeijingState-ownedCapitalOperationandManagementCompanyLimited,DirectorofChinaResourcesPharmaceuticalGroupLimited,ChairmanandGeneralManagerofBeijingJingguoruiInvestmentManagementCo.,Ltd.,ChairmanofBeijingJingguanTaiFuFundManagementCo.,Ltd.,andChairmanofFirstCapitalSecuritiesCo.,Ltd.Mr.YeFeng,BSinEngineering,Engineer.Previously,heservedasDeputyFactoryManagerofBeijingJianzhongMachineryFactory,aDirectoroftheBoardofDirectorsandGeneralManagerofBeijingQixingHuachuangElectronicCo.,Ltd.,VicePresidentofBeijingBeiguangElectronGroupCo.,Ltd.,FactoryManagerofBeijingDahuaRadioInstrumentFactory,ChairmanofBeijingDahuaRadioInstrumentCompany,Ltd.,andDirectorofthe9thand10thBoardofDirectorsoftheCompany.HeiscurrentlyaDirectorofthe11thBoardofDirectors,afull-timeDirectorassignedbyBeijingElectronicHoldingCo.,Ltd.,aDirectorofBeijingZhaoweiElectronics(Group)Co.,Ltd.,andaDirectorofNAURATechnologyGroup.Ms.JinChunyan,MBAinBusinessAdministration,SeniorExecutive.ShehasservedastheDeputyHeadoftheFinancialManagementDepartmentofBeijingJianzhongMachineryFactory,DeputyHeadofthePlanningandFinanceDepartment,HeadoftheAuditandSupervisionDepartment,andChiefAuditorofBeijingQixingHuadianTechnologyGroupCo.,Ltd.,DeputyDirectoroftheInvestmentSecuritiesDepartment,DeputyDirectoroftheCapitalOperationsDepartment,andDirectorofBeijingElectronicsHoldingsCo.,Ltd.SheiscurrentlyservingasaDirectoroftheCompany's11thBoardofDirectors,DirectoroftheInvestmentManagementDepartmentofBeijingElectronicsHoldingsCo.,Ltd.,DirectorofBeijingYanDongMicroElectronicCo.,Ltd.,andDirectorofShanghaiNewVisionMicroelectronicsCo.,Ltd.Mr.TangShoulian,professor,holdsamaster'sdegree.HeusedtobeDirectorofFinanceOffice,DeanofSchoolofManagementandHumanities,SecretaryofPartyCommitteeofSchoolofEconomicsandManagement,ExecutiveDeanofSchoolofEconomicsandManagement,andStandingCommitteeofAcademicCommitteeandChairmanofLaborDisputeMediationCommitteeofBeijingUniversityofPostsandTelecommunications(BUPT),andIndependentDirectorofthe9thand10thBoardofDirectorsofthe
Company.HehasservedasamemberoftheExpertCommitteeonTelecommunicationsEconomyoftheMinistryofIndustryandInformationTechnology,apermanentmemberoftheChineseAssociationofMarketDevelopment,astandingmemberoftheInformationLawResearchSocietyoftheChinaLawSociety,aseniormemberoftheChineseSocietyofTechnologyEconomics,astandingmemberoftheCommerceStatisticalSocietyofChina,andarevieweroftheManagementScienceDepartmentoftheNationalNaturalScienceFoundationofChina.HeiscurrentlyanIndependentDirectorofthe11thBoardofDirectorsoftheCompany.Mr.ZhangXinmin,DoctorofManagement,Professor,wasformerlytheDeanoftheInternationalBusinessSchooloftheUniversityofInternationalBusinessandEconomics,amemberofCPC’sStandingCommitteeandVicePresidentoftheUniversityofInternationalBusinessandEconomics,andIndependentDirectorofthe9thand10thBoardofDirectorsoftheCompany.HeiscurrentlyanIndependentDirectorofthe11thBoardofDirectorsoftheCompany,anIndependentDirectorofMinmetalsDevelopmentCo.,Ltd.,anIndependentDirectorofCOFCOCapitalHoldingsCo.,Ltd.,anIndependentDirectorofNeusoftMedicalSystemsCo.,Ltd.,aprofessorofaccountinganddoctoralsupervisoroftheInternationalBusinessSchoolattheUniversityofInternationalBusinessandEconomics,amemberoftheBusinessAdministrationDisciplineReviewGroupoftheAcademicDegreesCommitteeoftheStateCouncil,VicePresidentoftheChinaCommercialAccountingInstitute,VicePresidentofBankingAccountingSocietyofChina,andarecipientwhoenjoysspecialallowancefromtheStateCouncil.Mr.GuoHe,aprofessorandPhDsupervisorattheSchoolofLaw/SchoolofIntellectualPropertyofRenminUniversityofChina.HewasformerlyanIndependentDirectorofthe10thBoardofDirectorsoftheCompany.HecurrentlyservesasanIndependentDirectorofthe11thBoardofDirectorsoftheCompany,andanIndependentNon-executiveDirectorofShanxiInstallationGroupCo.,Ltd.HealsoservesastheVicePresidentoftheChinaIntellectualPropertyResearchAssociation,theExecutiveVicePresidentoftheIntellectualPropertyLawResearchAssociationoftheChinaLawSociety,theVicePresidentofChinaWrittenWorksCopyrightSociety,etc.Mr.WangDuoxiang,DoctorofManagement,isaresearcheranddoctoralsupervisorattheSchoolofEngineering,PekingUniversity.HewastheGeneralManagerofXiamenPKUTaipuPharmaceuticalCo.,Ltd.,ChairmanofXiamenTobefarTechnologyCo.,Ltd.,theDeputyDirectoroftheCollegeofEngineeringofPekingUniversity,theDeputyMayorofBaotouMunicipalPeople'sGovernmentofInnerMongolia,theVicePresidentofSouthernUniversityofScienceandTechnology,theDirectoroftheBeijingInstituteofCollaborativeInnovation,andanIndependentDirectorofthe10thBoardofDirectorsoftheCompany.HecurrentlyservesasanIndependentDirectorofthe11thBoardofDirectorsoftheCompany,aresearcheroftheCollegeofEngineeringofPekingUniversity,theDirectoroftheBeijing-Tianjin-HebeiNationalTechnologyInnovationCentre,thePresidentofHuangpuInnovationCollege,andanIndependentDirectorofZhongguancunBank.Mr.LiYang,Bachelor'sdegree.HehasservedastheGeneralManagerofChengduBOEOptoelectronicsTechnologyCo.,Ltd.(ChengduGen4.5Line)andtheGeneralManagerofErdosYuanshengOptoelectronicsCo.,Ltd.HecurrentlyservesastheEmployeeDirectorofthe11thBoardofDirectorsandChiefHumanResourcesOfficer(CHRO).SeniorManagement:
Ms.YangXiaoping,withaMaster'sdegree,wastheDeputyDirectorandDirectoroftheAccountingandFinanceDepartmentoftheCompany,theCentreDirectoroftheAccountingandTaxationCentre,theCenterDirectoroftheBudgetCenterandtheVCFOoftheGroup.SheiscurrentlyamemberoftheExecutiveCommittee,ExecutiveVicePresident,andtheChiefFinancialOfficeroftheCompany
andaDirectorofFuzhouBOEOptoelectronicsTechnologyCo.,Ltd.,MianyangBOEOptoelectronicsTechnologyCo.,Ltd.,andWuhanBOEOptoelectronicsTechnologyCo.,Ltd.,etc.Mr.LiuZhiqiang,Bachelor'sdegree.HehasservedastheGeneralManagerandChairmanofHefeiBOEOptoelectronicsTechnologyCo.,Ltd.,ChairmanofOrdosYuanshengOptoelectronicsCo.,Ltd.,ChairmanofBOE(Hebei)MobileDisplayTechnologyCo.,Ltd.,ProjectDirectorofQingdaoBOEOptoelectronicsTechnologyCo.,Ltd.,andGeneralManagerofNanjingBOEDisplayTechnologyCo.,Ltd.HeiscurrentlyservingasaMemberoftheExecutiveCommitteeandSeniorVicePresident,ChiefProductOfficer,ChiefTechnologyOfficer,HeadoftheTechnologyandProductMiddleOffice,andaDirectorofBeijingBOETechnologyDevelopmentCo.,Ltd.,etc.Mr.LiuJing,Master'sdegree.HehasservedastheDeputyGeneralManagerofHefeiXinshengOptoelectronicsTechnologyCo.,Ltd.,ProjectDirectorandGeneralManagerofHefeiBOEDisplayTechnologyCo.,Ltd.,DeputyHeadoftheChiefChangeandITManagementOfficerOrganisation,HeadoftheDisplayDevicesandIoTInnovationBusinessMiddleOfficePlanningandOperations,andDeputyHeadoftheFrontOfficeforDisplayDevicesandIoTInnovationBusiness,etc.HeiscurrentlyservingasaMemberoftheExecutiveCommitteeandSeniorVicePresident,HeadoftheFrontOfficeforDisplayDevicesandIoTInnovationBusiness,ChairmanofChengduBOESmartTechnologyCo.,Ltd.,ChairmanofChongqingBOESmartTechnologyCo.,Ltd.,aDirectorofGuangzhouBOESmartTechnologyCo.,Ltd.,aDirectorofQingdaoBOESmartTechnologyCo.,Ltd.,aDirectorofSuzhouBOESmartTechnologyCo.,Ltd.,aDirectorofBOETECHNOLOGY(HK)LIMITED,aDirectorofBOESmartTechnologyCo.,Ltd.,aDirectorofShenzhenBOESmartTechnologyCo.,Ltd.,aDirectorofBOESmartIoTTechnologyCo.,Ltd.,andaDirectorofTPVDisplayTechnology(China)Co.,Ltd.,etc.Mr.YunXiangnan,Bachelor'sdegree.HehasservedastheGeneralManagerofFuzhouBOEOptoelectronicsTechnologyCo.,Ltd.,DeputyHeadoftheChiefChangeandITManagementOfficerOrganisation,DeputyHeadoftheGroup'sPerformanceManagementCentre,etc.HeiscurrentlyservingasaMemberoftheExecutiveCommitteeandSeniorVicePresident,HeadoftheDisplayDevicesandIoTInnovationBusinessMiddleOffice,ChairmanofFuzhouBOEDisplayTechnologyCo.,Ltd.,andaDirectorofBOETECHNOLOGY(HK)LIMITED,etc.Mr.JiangXingqun,Ph.D.HehasservedastheDeanoftheBOEIoTandArtificialIntelligenceResearchInstitute,ChiefTechnologyOfficerofSmartSystems,andChiefTechnologyOfficerofIoTSolutions,amongotherpositions.HeiscurrentlyservingasaMemberoftheExecutiveCommitteeandSeniorVicePresident,Co-ChiefTechnologyOfficer,andChiefTechnologyOfficerofSmartIoT.Mr.QiZheng,Master'sdegree.HehasservedastheHeadoftheTechnologyDepartmentofBeijingBOEOptoelectronicsTechnologyCo.,Ltd.,DirectoroftheGroupOfficeofBOETechnologyGroupCo.,Ltd.,andCo-ChiefStrategyOfficeroftheGroup,etc.HeiscurrentlyservingasaMemberoftheExecutiveCommittee,SeniorVicePresident,andChiefStrategyOfficeroftheCompany.HeisalsoDirectorofNanjingBOEDisplayTechnologyCo.,Ltd.,andDirectorofChengduBOEDisplayTechnologyCo.,Ltd.Mr.YueZhanqiu,holdingaMaster’sdegreeandcertifiedasaSeniorAccountant,hasservedastheChiefofFinanceSectionandChiefAccountantofthePowerDivisionoftheCompany,FinanceManagerofBeijingHuaminSmartCardSystemManufacturing
Co.,Ltd.,CFOofBeijingSevenstarScience&TechnologyCo.,Ltd.,CFOandBoardSecretaryofBeijingSevenstarElectronicsCo.,Ltd.,CFO,DeputyGeneralManager,andGeneralManagerofBeijingOrientalOptoelectronicsTechnologyCo.,Ltd.,aswellasVCFO,ChiefInformationOfficer,andChiefOperatingOfficerofBeijingBOEOptoelectronicsTechnologyCo.,Ltd.,VCFOandCIOoftheCompany,andCOOofBOEInnovationInvestmentCo.,Ltd.Currently,heservesasSeniorVicePresidentandChiefAuditOfficeroftheCompany.Ms.GuoHong,aMaster’sdegreeholder,wasformerlytheMNTSBUSalesDirectorandDeputyGeneralManageroftheDisplayDevicesandIoTInnovationBusinesses,andtheDirectoroftheMarketingandStrategicPlanningCenteroftheCompany,aswellastheDirectoroftheMarketInsightCenter,andtheDeputyDirectoroftheBoardSecretary’sOfficeoftheGroup.SheiscurrentlyaVicePresidentandtheSecretarytothe11thBoardofDirectorsoftheCompany.Thecontrollingshareholderandtheactualcontrollersimultaneouslyserveasthechairmanoftheboardandthegeneralmanagerofthelistedcompany:
□Applicable?NotapplicableOfficesheldconcurrentlyinshareholdingentities:
?Applicable□Notapplicable
| Name | Shareholdingentity | Officeheldintheshareholdingentity | Startoftenure | Endoftenure | Remunerationorallowancefromtheshareholdingentity |
| GuoChuan | BeijingState-ownedCapitalOperationandManagementCompanyLimited | DeputySecretaryofthePartyCommittee,Director,andGeneralManager | 1January2024 | - | Yes |
| YeFeng | BeijingElectronicsHoldingsCo.,Ltd. | Full-timeDirectorDispatched | 31August2021 | - | Yes |
| JinChunyan | BeijingElectronicsHoldingsCo.,Ltd. | DirectoroftheInvestmentManagementDepartment | 1November2023 | - | Yes |
| Notestopost-holdinginshareholder’sunit | Thedocumentsforholdingthepostsofshareholdersentitieshaven’tlistedtheexpirydate. | ||||
Officesheldconcurrentlyinotherentities:
?Applicable□Notapplicable
| Name | Otherentity | Officeheldintheentity | Startoftenure | Endoftenure | Remunerationorallowancefromtheentity |
| ZhangXinmin | UniversityofInternationalBusinessandEconomics | Professor,andDoctorAdvisor | - | - | Yes |
| GuoHe | RenminUniversityofChina | Professor,andDoctorAdvisor | - | - | Yes |
| WangDuoxiang | CollegeofEngineering(COE),PKU | Researcher,andDoctorAdvisor | - | - | Yes |
| Notestopost-holdinginotherentities | Duetotheabovepersonnel’sunitswerespecial,theirstartdatesandendingdatesoftheofficetermshavenotbeenfixed. | ||||
PunishmentsimposedintherecentthreeyearsbythesecuritiesregulatorontheincumbentdirectorsandseniormanagementaswellasthosewholeftintheReportingPeriod:
□Applicable?Notapplicable
3.RemunerationofDirectorsandSeniorManagement
Decision-makingprocedure,determinationbasisandactualpaymentsofremunerationfordirectorsandseniormanagement:
(1)DeterminingBasisandDecision-makingProcedureofRemunerationofDirectorsandSeniorManagementTheProposalonAdjustmentofAllowanceforDirectorsandSupervisorswasreviewedandapprovedonthe1stExtraordinaryGeneralMeetingofShareholdersin2019heldbytheCompanyon28June2019.TheallowancefortheCompany’sexecutivedirectorsanddirectorsholdingpostsinshareholder’sunitwascanceled.TheProposalonAdjustmentofAllowanceforIndependentDirectorswasreviewedandapprovedonthe2023AnnualGeneralMeetingofShareholdersheldbytheCompanyon26April2024,accordingtowhich,theallowanceforindependentdirectorswasadjustedtoRMB300,000(pre-tax)peryearfromRMB200,000(pre-tax)peryear.TheremunerationandassessmentoftheCompany’sseniormanagementarereviewedbytheNomination,RemunerationandAppraisalCommitteeoftheBoardofDirectorsandsubmittedtotheBoardofDirectorsforapproval.Atthe16thMeetingofthe9thBoardofDirectorsheldon11September2020,theCompanyconsideredandapprovedtheProposalonDeterminingthePrinciplesfortheRemunerationAssessmentoftheCompany’sSeniorManagement.Subsequently,atthe9thMeetingofthe11thBoardofDirectorsheldon16September2025,theCompanyconsideredandapprovedtheProposalonAmendingthePrinciplesfortheRemunerationAssessmentoftheCompany’sSeniorManagement.TheremunerationoftheCompany’sseniormanagementcomprisesbasicremuneration,performance-basedremunerationandmedium-to-long-termincentives.Amongthese,performance-basedremunerationaccountsfor60%ofthetotalannualremuneration.Theactualamountofperformance-basedremunerationrealizedissubjecttotheoveralloperatingperformanceoftheCompanyandtheoperatingperformanceofthebusinesslineforwhichtherelevantseniormanagementmemberisresponsible.
(2)DuringtheReportingPeriod,thetotalremunerationreceivedbydirectorsandseniormanagersintheCompanyamountedtoRMB49.6756million(pre-tax).Furtherinformationisprovidedinthetablebelow.RemunerationofdirectorsandseniormanagementfortheReportingPeriod
Unit:RMB'0,000
| Name | Gender | Age | Officetitle | Incumbent/Former | Totalpre-taxremunerationreceivedfromtheCompany | Anyremunerationfromrelatedparty |
| ChenYanshun | Male | 60 | ChairmanoftheBoard | Incumbent | 472.85 | No |
| ChiefStrategicPlanner | Incumbent | |||||
| ChairmanoftheExecutiveCommittee | Former | |||||
| FengQiang | Male | 49 | ViceChairmanoftheBoard | Incumbent | 523.18 | No |
| ChairmanoftheExecutiveCommittee,andChiefExecutiveOfficer(CEO) | Incumbent | |||||
| ViceChairmanoftheExecutiveCommittee | Former | |||||
| WangXiping | Male | 47 | ViceChairmanoftheBoard | Incumbent | 500.58 | No |
| ViceChairmanoftheExecutiveCommittee,andChiefOperatingOfficer(COO) | Incumbent | |||||
| MemberoftheExecutiveCommittee,andExecutiveVicePresident | Former | |||||
| FengLiqiong | Female | 53 | Director | Incumbent | 449.59 | No |
| MemberoftheExecutiveCommittee,andExecutiveVicePresident | Incumbent | |||||
| ChiefCounsel | Incumbent |
| GuoChuan | Male | 57 | Director | Incumbent | 0 | Yes |
| YeFeng | Male | 60 | Director | Incumbent | 0 | Yes |
| JinChunyan | Female | 49 | Director | Incumbent | 0 | Yes |
| TangShoulian | Male | 73 | Independentdirector | Incumbent | 30 | No |
| ZhangXinmin | Male | 63 | Independentdirector | Incumbent | 30 | No |
| GuoHe | Male | 63 | Independentdirector | Incumbent | 30 | No |
| WangDuoxiang | Male | 56 | Independentdirector | Incumbent | 30 | No |
| LiYang | Male | 40 | EmployeeDirector | Incumbent | 40.33 | No |
| YangXiaoping | Female | 46 | MemberoftheExecutiveCommittee,andExecutiveVicePresident | Incumbent | 425.2 | No |
| ChiefFinancialOfficer(CFO) | Incumbent | |||||
| LiuZhiqiang | Male | 44 | MemberoftheExecutiveCommittee,andSeniorVicePresident | Incumbent | 356.78 | No |
| LiuJing | Male | 45 | MemberoftheExecutiveCommittee | Incumbent | 319.9 | No |
| SeniorVicePresident | Incumbent | |||||
| VicePresident | Former | |||||
| YunXiangnan | Male | 43 | MemberoftheExecutiveCommittee | Incumbent | 302.89 | No |
| SeniorVicePresident | Incumbent | |||||
| VicePresident | Former | |||||
| JiangXingqun | Male | 48 | MemberoftheExecutiveCommittee,andSeniorVicePresident | Incumbent | 333.44 | No |
| QiZheng | Male | 43 | MemberoftheExecutiveCommittee,andSeniorVicePresident | Incumbent | 332.66 | No |
| YueZhanqiu | Male | 58 | SeniorVicePresident,andChiefAuditOfficer | Incumbent | 285.55 | No |
| GuoHong | Female | 36 | VicePresident,andBoardSecretary | Incumbent | 193.89 | No |
| GaoWenbao | Male | 50 | ViceChairmanoftheBoard,andSeniormanagement | Former | 180 | No |
| GuoHuaping | Male | 48 | Seniormanagement | Former | 130.72 | No |
| Total | -- | -- | -- | -- | 4,967.56 | -- |
Notes:1.Accordingtothereportingrules,thedisclosedtotalremunerationamountsrepresenttheannualcashremunerationattributedtothecurrentperiodbasedonaccrual.Notethatforsomedirectorsandseniormanagement,thetotalremunerationamountsprovidedareestimatesastheirappraisalsarestillongoing.2.On22September2025,theCompanyheldaWorkersCongress,whichelectedMr.LiYangasanemployeedirectorofthe11thBoardofDirectors.On14January2025,theCompanyheldthe1stMeetingofthe11thBoardofDirectors,atwhichMr.JiangXingqunwasappointedasaMemberoftheExecutiveCommitteeandSeniorVicePresident,Mr.QiZhengasaMemberoftheExecutiveCommitteeandSeniorVicePresident,andMs.GuoHongasVicePresidentandBoardSecretary.Thetableabovesetsoutthetotalpre-taxremunerationreceivedbyMr.LiYang,Mr.JiangXingqun,Mr.QiZhengandMs.GuoHongduringtheirrespectivetenuresasdirectorsorseniormanagementoftheCompany.3.On10October2025,Mr.GaoWenbaoresignedasaDirector,ViceChairmanandmemberofthespecialcommitteesoftheBoardofDirectorsforpersonalreasons.On9July2025,Mr.GuoHuapingresignedasSeniorVicePresidentandChiefCultureOfficeroftheCompanyduetoworkchanges.Thetableabovesetsoutthetotalpre-taxremunerationreceivedbyMr.GaoWenbaoandMr.GuoHuapingduringtheirrespectivetenuresasdirectorsorseniormanagementoftheCompany.
| BasisforassessmentofremunerationactuallyreceivedbyalldirectorsandseniormanagementasattheendoftheReportingPeriod | Remunerationofdirectorsisdeterminedinaccordancewiththedirector’sfeeschemeapprovedbythegeneralmeetingsoftheCompany.RemunerationofseniormanagementisdeterminedinaccordancewiththeRulesofProcedurefortheNomination,RemunerationandAppraisalCommitteeoftheBoardofDirectorsandthePrinciplesfortheRemunerationAssessmentofSeniorManagement,whichwere |
| consideredandapprovedbytheBoardofDirectors. | |
| AchievementofassessmentofremunerationactuallyreceivedbyalldirectorsandseniormanagementasattheendoftheReportingPeriod | Fordirectors’performance,pleaserefertothe2025ReportoftheBoardofDirectorsandthe2025ReportoftheIndependentDirectors.Forseniormanagement,thefinalassessmentresultsaredeterminedbasedonthefinancialauditresults. |
| DeferredpaymentarrangementsforremunerationactuallyreceivedbyalldirectorsandseniormanagementasattheendoftheReportingPeriod | Partoftheperformance-basedremunerationofseniormanagementispaidbasedonthefinancialauditresults. |
| CircumstancesofsuspensionandclawbackofremunerationactuallyreceivedbyalldirectorsandseniormanagementasattheendoftheReportingPeriod | N/A |
Othernotes:
□Applicable?Notapplicable
VPerformanceofDutybyDirectorsintheReportingPeriod
1.AttendanceofDirectorsatBoardMeetingsandGeneralMeetingsofShareholders
| Attendanceofdirectorsatboardmeetingsandgeneralmeetingsofshareholders | |||||||
| Director | Totalnumberofboardmeetingsthedirectorwaseligibletoattend | Boardmeetingsattendedonsite | Boardmeetingsattendedbywayoftelecommunication | Boardmeetingsattendedthroughaproxy | Boardmeetingsthedirectorfailedtoattend | Thedirectorfailedtoattendtwoconsecutiveboardmeetings(yes/no) | Generalmeetingsofshareholdersattended |
| ChenYanshun | 11 | 3 | 8 | 0 | 0 | No | 4 |
| FengQiang | 11 | 3 | 8 | 0 | 0 | No | 4 |
| WangXiping | 11 | 3 | 8 | 0 | 0 | No | 4 |
| FengLiqiong | 0 | 0 | 0 | 0 | 0 | No | 3 |
| GuoChuan | 11 | 0 | 11 | 0 | 0 | No | 0 |
| YeFeng | 11 | 3 | 8 | 0 | 0 | No | 3 |
| JinChunyan | 11 | 2 | 9 | 0 | 0 | No | 0 |
| TangShoulian | 11 | 3 | 8 | 0 | 0 | No | 4 |
| ZhangXinmin | 11 | 1 | 10 | 0 | 0 | No | 3 |
| GuoHe | 11 | 3 | 8 | 0 | 0 | No | 3 |
| WangDuoxiang | 11 | 3 | 8 | 0 | 0 | No | 4 |
| LiYang | 2 | 0 | 2 | 0 | 0 | No | 1 |
| GaoWenbao | 9 | 3 | 6 | 0 | 0 | No | 1 |
Explanationforfailuretoattendtwoconsecutiveboardmeetingsinperson:
Notapplicable.
2.ObjectionsRaisedbyDirectorsonMattersoftheCompany
IndicatebytickmarkwhetheranydirectorsraisedanyobjectionsonanymatteroftheCompany.
□Yes?No
NosuchcasesintheReportingPeriod.
3.OtherInformationaboutthePerformanceofDutybyDirectorsIndicatebytickmarkwhetheranysuggestionsfromdirectorswereadoptedbytheCompany.?Yes□NoSuggestionsfromdirectorsadoptedornotadoptedbytheCompanyTheBoardofDirectorsoftheCompanystrictlyobeyedrelevantlawsandregulationsaswellastherulesandregulationsoftheCompanytofulfilltheresponsibilitiesseriously,inordertoguaranteethestandardizationandeffectivenessofBOE'sgovernancestructure.TheCompany'sBoardofDirectorshasareasonablestructureandamoderatenumberofpeople.Allofthemareequippedwithgoodprofessionalbackground,andnecessaryknowledge,skillsandqualitytofulfilltheirresponsibilities.TheylearnedaboutandkeptaconstantfocusonBOE’sproductionandoperation,financialstatus,andinfluenceandrisksofsignificantevents.Theyalsotooktheinitiativetosearchforinformationneededintheirdecision-makingsoastoensureefficientoperationandscientificdecision-makingoftheBoardofDirectors.TheexecutivedirectorsoftheCompanyareresponsiblefortheoperationsmanagementoftheCompany.TheyunderstandthebusinessandoperationalstatusoftheCompany,andwithrichmanagementexperience,theycanmakedecisionsefficiently.Shareholderdirectors,asthecommunicationbridgebetweenshareholdersandthemanagementoftheCompany,cancombinethesuggestionsofshareholderswithlong-terminterestsoftheCompany,andparticipateinthedecision-makingprocessofsignificanteventsoftheCompanytoprotecttheinterestsofshareholders.Independentdirectorsareexpertsandscholarsinthefieldsoftechnology,finance,law,andetc.Theycanexpresstheiropinionsandviewsaccordingtotheirexpertiseandadvantages.EmployeedirectorsareelectedbytheCompany’sWorkersCongress.TheyshallsubmitopinionsandrecommendationstotheBoardofDirectorsonmotionsandproposalsthatinvolvethelegitimaterightsandinterestsofemployeesortheimmediateinterestsofthemajorityofemployees.DuringtheReportingPeriod,inaccordancewithCompanyLaw,SecuritiesLaw,MeasuresforAdministrationofIndependentDirectorsofListedCompanies,StockListingRules,ArticlesofAssociation,RulesofProcedurefortheBoardofDirectorsandIndependentDirectorPolicy,directorsoftheCompanypaidspecialattentiontothestandardizedoperationoftheCompany,performedtheirdutiesdiligently,issuedmuchpreciousprofessionaladviceintermsoftheperfectionofpoliciesandroutineoperatingdecision-making,etc.,aswellasplayedtheirduerolesinperfectingthesupervisorymechanismoftheCompany,protectingthelegalrightoftheCompanyandthewholeshareholders.
VIPerformanceofDutybySpecializedCommitteesundertheBoardintheReportingPeriod
| Committee | Members | Numberofmeetingsconvened | Conveneddate | Content | Importantopinionsandsuggestionsraised | Otherinformationabouttheperformanceofduty | Detailsaboutissueswithobjections(ifany) |
| StrategyCommitteeunderthe10thBoardofDirectors | Director:Mr.ChenYanshun;Members:Mr.FengQiang,Mr.GaoWenbao,Mr.WangXiping | 1 | 3January2025 | ReviewedtheproposalsthatrequiredsubmissiontotheBoardofDirectorsforapproval,approvedkeymeasuresfortheimplementationoftheCompany’sstrategicplanning,andadvancedtheconstructionoftheruleoflawandcompliancemanagement | Noobjection | - | N/A |
| StrategyCommitteeunderthe11thBoardof | Director:Mr.ChenYanshun;Members:Mr.FengQiang,Mr. | 12 | 14January2025 | Noobjection | - | N/A | |
| 8February2025 | Noobjection | - | N/A |
| Committee | Members | Numberofmeetingsconvened | Conveneddate | Content | Importantopinionsandsuggestionsraised | Otherinformationabouttheperformanceofduty | Detailsaboutissueswithobjections(ifany) |
| Directors | GaoWenbao,Mr.WangXiping | 18February2025 | withintheCompany | Noobjection | - | N/A | |
| 8April2025 | Noobjection | - | N/A | ||||
| 10April2025 | Noobjection | - | N/A | ||||
| 18April2025 | Noobjection | - | N/A | ||||
| 27April2025 | Noobjection | - | N/A | ||||
| 20May2025 | Noobjection | - | N/A | ||||
| 5June2025 | Noobjection | - | N/A | ||||
| 28July2025 | Noobjection | - | N/A | ||||
| 15August2025 | Noobjection | - | N/A | ||||
| 5September2025 | Noobjection | - | N/A | ||||
| StrategyCommitteeunderthe11thBoardofDirectors | Director:Mr.ChenYanshun;Members:Mr.FengQiang,Mr.WangXiping | 3 | 20October2025 | Noobjection | - | N/A | |
| 29October2025 | Noobjection | - | N/A | ||||
| 4November2025 | Noobjection | - | N/A | ||||
| RiskControlandAuditCommitteeunderthe11thBoardofDirectors | Convener(Director):Mr.ZhangXinmin;Members:Mr.TangShoulian,Mr.GuoHe,Mr.WangDuoxiang,Mr.YeFeng | 5 | 11February2025 | ReviewedthefinancialaccountingstatementspreparedbytheCompany,theReportontheAuditWorkofCPAsforAnnualAudit,andrelatedmaterials,andthe2024RiskManagementandAuditWorkSummary;reviewedthe2025auditplan | Noobjection | - | N/A |
| 8April2025 | Reviewedthefollowingproposals:2024FinancialAccountingReport,2024InternalControlSelf-AssessmentReport,2024PerformanceReportoftheAccountingFirm | Noobjection | - | N/A | |||
| 18April2025 | ReviewedtheProposalonthe2025Q1Report | Noobjection | - | N/A | |||
| 15August2025 | ReviewedtheProposalonthe2025Semi-AnnualReport,theProposalonAmendingtheAdministrativeRulesfortheSelectionandEngagementofIndependentAuditors,theProposalonAmendingtheAdministrativeRulesfor | Noobjection | - | N/A |
| Committee | Members | Numberofmeetingsconvened | Conveneddate | Content | Importantopinionsandsuggestionsraised | Otherinformationabouttheperformanceofduty | Detailsaboutissueswithobjections(ifany) |
| InternalControlandtheInternalAuditSystem,andtheProposalonPre-ApprovingtheProvisionofNon-AssuranceServicesbytheIndependentAuditor. | |||||||
| 20October2025 | Reviewedtheproposalsonthefollowing:2025Q3Report,ProposalonAmendingtheImplementationRulesfortheAdministrativeRulesfortheSelectionandEngagementofIndependentAuditors | Noobjection | - | N/A | |||
| Nomination&Remuneration&AppraisalCommitteeunderthe11thBoardofDirectors | Convener(Director):Mr.GuoHe;Members:Mr.GuoChuan,Mr.TangShoulian,Mr.ZhangXinmin,Mr.WangDuoxiang | 6 | 8April2025 | Reviewedtheproposalsonthefollowing:ProposalontheAchievementoftheConditionsfortheReleaseoftheThirdLock-UpPeriodfortheRestrictedSharesGrantedunderthe2020ShareOptionandRestrictedShareIncentivePlanandtheConditionsfortheExerciseoftheThirdExercisePeriodfortheShareOptionsGrantedundertheInitialGrant,theProposalontheRepurchaseandCancellationofCertainRestrictedShares,theProposalontheCancellationofCertainShareOptions | Noobjection | - | N/A |
| 20May2025 | ReviewedtheProposalontheRemunerationandAssessmentoftheChairmanandChiefStrategicPlannerfor2025 | Noobjection | - | N/A | |||
| 15August2025 | Reviewedtheproposalsonthefollowing:theProposalonAdjustingtheExercisePriceoftheShareOptionsunderthe2020ShareOptionandRestrictedShareIncentivePlan,theProposalontheAchievementoftheConditionsfortheExerciseoftheThirdExercisePeriodfortheShareOptionsGrantedundertheReservedGrantunderthe2020ShareOptionandRestrictedShare | Noobjection | - | N/A |
| Committee | Members | Numberofmeetingsconvened | Conveneddate | Content | Importantopinionsandsuggestionsraised | Otherinformationabouttheperformanceofduty | Detailsaboutissueswithobjections(ifany) |
| IncentivePlan,andtheProposalonWaivingtheExerciseoftheSecondExercisePeriodfortheShareOptionsGrantedundertheReservedGrant | |||||||
| 5September2025 | ReviewedtheProposalontheRemunerationandAssessmentResultsoftheChairmanandChiefStrategicPlannerfor2024andtheBenchmarkLevelofRemunerationforthePositionin2025,andtheProposalonAmendingthePrinciplesfortheRemunerationAssessmentofSeniorManagement | Noobjection | - | N/A | |||
| 20October2025 | ReviewedtheProposalonElectingNon-IndependentDirectorsofthe11thBoardofDirectors,theProposalonElectingtheViceChairmanofthe11thBoardofDirectors,andtheProposalonAmendingtheAdministrativeRulesforProfessionalManagers. | Noobjection | - | N/A | |||
| 18December2025 | ReviewedtheProposalonWaivingtheExerciseoftheThirdExercisePeriodfortheShareOptionsGrantedundertheInitialGrant | Noobjection | - | N/A |
VIIPerformanceofDutybytheAuditCommittee
IndicatebytickmarkwhethertheAuditCommitteefoundanyrisktotheCompanyduringitssupervisionintheReportingPeriod.
□Yes?NoTheAuditCommitteeraisednoobjectionsintheReportingPeriod.
VIIIEmployees
1.Number,FunctionsandEducationalBackgroundsofEmployees
| Numberofin-serviceemployeesoftheCompanyastheparentattheperiod-end | 2,939 |
| Numberofin-serviceemployeesofmajorsubsidiariesattheperiod-end | 67,979 |
| Totalnumberofin-serviceemployees | 109,895 |
| TotalnumberofpaidemployeesintheReportingPeriod | 109,895 |
| NumberofretireestowhomtheCompanyastheparentoritsmajorsubsidiariesneedtopayretirementpensions | 9 |
| Functions | |
| Function | Employees |
| Production | 72,768 |
| Sales | 2,817 |
| Technical | 29,883 |
| Financial | 936 |
| Administrative | 331 |
| Manager | 2,148 |
| Other | 1,012 |
| Total | 109,895 |
| Educationalbackgrounds | |
| Educationalbackground | Employees |
| Doctor | 417 |
| Master | 11,226 |
| Bachelor | 26,190 |
| College | 34,302 |
| Technicalsecondaryschool | 12,624 |
| Other | 25,136 |
| Total | 109,895 |
2.EmployeeRemunerationPolicy
TheCompanyhasestablishedtheremunerationsystembasedontheposition,abilityandbusinessperformance,paidattentiontotheexternalcompetitivecompensationandinternalfairness,strengtheningthecontrolofthegroupaswellasconsideringthedifferenceamongallbusinessandsubsidiaries.
3.EmployeeTrainingPlansBOEUniversity(BOEU),asaprofessionalorganizationfortalentcultivation,playsaroleintheconstructionoftheBOEtalentcultivationsystembytransmittingandpromotingtheimplementationoftheGroup’sstrategicrequirementsthrougheducationandtraining.BOEUcontinuouslyempowersintheareasofculturalconceptadvocacy,mindsetupgrading,cognitivedevelopment,andcapabilityenhancementtopromotetalentpipelineconstructionandintellectualcapitalappreciation.Meanwhile,withitsprofessionalinfluence,itactivelypromotestalentexchangeandideacollisionwithintheorganization,andstimulatesthecreationofanopenplatform.Italsoexploresandadvancestheresearchanddevelopmentoflearningtechnologiesandpromotestheconstructionofalearningorganization.In2025,BOEUfocusedonthreecorevaluepropositions:cultivationandempowerment,intellectualcapitaldevelopment,andoptimizationandinnovation.Centeredontheworkingguidelinesof“innovationleadership,closed-loopiteration,systemconsolidation,anddigitalempowerment”,BOEUcontinuedtoprovideempowermentsupportfortheimplementationoftheGroup’sstrategy:
1.Withthe“FourCultivations”systemasthecorefoundation,BOEUcloselyalignedwiththeGroup’sstrategyandbusinessneeds,adheredtotheprinciplesof“systematicdesign,strategicinvestment,andtieredandcategorizedmeasures”,establishedaclosed-looptalentcultivationmechanismfromplanningtofeedback,andadvancedtalentcultivationtoward“ecosystemco-building”and“long-termself-sustainingcapabilitygeneration”.
?ByimplementingkeyprojectssuchastheLeadershipDevelopmentProgram,GroupHigh-PotentialTalentProgram,New
ManagerProgram,andHotspotForums,wesystematicallyenhancedtheleadershipandstrategicvisionofthemanagementteamandyoungelitepersonnel.Adoptinga“companion-style”empowermentmodel,wedelvedintomultipleemergingbusinessunitstoformspecializedempowermentteams.Customizedcourses,practicalworkshops,andmentorguidancewereemployedtoassistintacklingbusinesschallengesandenhancingorganizationalcapabilities.
?Adheringtothelong-termphilosophyoftalentcultivation,BOEUhascontinuouslyimprovedandoptimizedthebasiccapacity
buildingfornewemployeesrecruitedfromcampus,andhelpedthenewgenerationquicklyintegrateandsteadilygrowthroughsystematiconboardingtraining,rotationalpractice,andgrowthmentorship.Fornewemployeesfromsocialrecruitment,BOEUdesignedastructuredintegrationplanwithanopenandinclusiveorientation,whichstrengthenedculturalalignmentandroletransitiontoacceleratetheirprofessionalcontributionandteamcollaboration.
?Inthetieredcultivationofprofessionaltalent,weconstructeddifferentiatedlearningpathsforkeysequencessuchasmarketing,
technology,manufacturing,andfunctions,andcontinuouslyenhancedemployees’professionaldepthandbusinessimpactthroughjob-levellearningprojects,skillstraining,andpracticaltasks.
2.BOEUbuiltandaccumulatedreusableorganizationalempowermentproductsandintellectualcapitaltoenhanceempowermentefficiencyandquality,promotedtheevolutionoftrainingworkfromprojectdeliverytosystematicandproduct-orientedapproaches,andaccumulatedtheorganization’sownknowledgeassets.BOEUcontinuouslyconductedinstructorempowermentandcoursedevelopmentworkcenteredaround“solvingrealproblemsandformingrealcapabilities”,fullyactivatingpart-timeinstructorsandcreatemultiplehigh-coverage,high-satisfactiongroup-levelpremiumcourses.Onlinepremiumcoursecompetitionswerecarriedouttofacilitateeducation,andinstructorsinthetechnologytrackwereempoweredtoadvancetheincubationofhigh-qualitycourses.Thenumberofcasesincludedinthedatabasereached16,103,withacumulativeviewcountof136,661.ThecasedatabasewasupgradedtoanAICaseExpertdatabase,becomingasuccessfulpilotfortheintegrationofBOE’sintellectualcapitalachievementsandnewtechnologyapplications.RelyingontheintroductionofAIcoursecreationtools,weloweredthethresholdforonlinecoursedevelopment,andeffectivelytappedintotheproductivitypotentialofcoursedevelopment.UsingAImultilingualcourseconversiontoolsasabridge,weachievedconvenientgenerationofcross-nationalcourses,activatingexistingcourseswhileeffectivelyenhancingoverseasempowermentsupportcapabilities.Thetotaltrainingexceeded520,000hoursthroughouttheyear,coveringover100,000participantsthroughbothonlineandofflinelearningmethods.Witharichvarietyoftrainingformatsandprofessional,high-qualitycoursecontent,BOEUmetthebusinessandcapabilityenhancementneedsofleaders,managers,industrialtalent,andprofessionaltalent.ThesepositiveattemptsandachievementshavelaidasolidfoundationforBOEUtobecomeaworld-classcorporateuniversity.
4.LaborOutsourcing
□Applicable?Notapplicable
IXProfitDistributions(intheFormofCashand/orStock)
Howtheprofitdistributionpolicy,especiallythecashdividendpolicy,wasformulated,executedorrevisedintheReportingPeriod:
□Applicable?NotapplicableIndicatebytickmarkwhethertheCompanyfailstoputforwardacashdividendproposalforshareholdersdespitethefactsthattheCompanyhasmadeprofitsintheReportingPeriodandtheprofitsoftheCompanyastheparentattributabletoshareholdersarepositive.
□Applicable?NotapplicableFinaldividendplanfortheReportingPeriod?Applicable□Notapplicable
| Bonussharesforevery10shares(share) | 0 |
| Dividendforevery10shares(RMB)(taxinclusive) | 0.56 |
| Totalsharesasthebasisfortheprofitdistributionproposal(share) | 37,044,328,064 |
| Cashdividends(RMB)(taxinclusive) | 2,074,482,371.58 |
| Cashdividendsinotherforms(suchassharerepurchase)(RMB) | 1,500,060,240.57 |
| Totalcashdividends(includingthoseinotherforms)(RMB) | 3,574,542,612.15 |
| Attributableprofit(RMB) | 8,276,913,823.00 |
| Totalcashdividends(includingthoseinotherforms)as%oftotalprofitdistribution(%) | 100% |
| Cashdividendpolicyadopted | |
| IftheCompanyisinagrowthstageandhasanyplanforsignificantexpenditure,inprofitdistribution,theproportionofcashdividendsshallbe20%orabove. | |
| Detailsabouttheproposalforprofitdistributionandconvertingcapitalreserveintosharecapital | |
| Basedonthetotalsharesof37,044,328,064,theCompanyplannedtodistribute,withtheundistributedprofit,acashdividendofRMB0.56(taxinclusive)per10sharestoallitsshareholders.Andnobonussharewasgranted,norwasanycapitalreserveconvertedintosharecapital.IfthetotalsharecapitaloftheCompanychangesduetofactorssuchastheconversionofconvertiblebondstoshares,sharerepurchases,theexerciseofrightsregardingequityincentives,andthelistingofincreasedsharesafterrefinancingbeforetheimplementationofthedistributionscheme,theadjustmentwillbeconductedaccordingtotheprincipleof"thedistributionamountwillbeadjustedwithafixeddistributionratio".Thespecificdistributedamountshallbesubjecttotheactualdistributedamount.ThesaidproposalisincompliancewiththeCompany’sArticlesofAssociationandrelevantapprovalprocedure,whichfullyprotectsthelegalrightsandinterestsoftheminorityinvestors. | |
XEquityIncentivePlans,EmployeeStockOwnershipPlansorOtherIncentiveMeasuresforEmployees?Applicable□Notapplicable
1.EquityincentivesTheCompanyheldthe15thMeetingofthe9thBoardofDirectorsandthe2ndExtraordinaryGeneralMeetingof2020on27August2020and17November2020respectivelyanddeliberatedandapprovedthe2020StockOptionandRestrictedStockGrantProgram,inwhichtheCompanyintendstoimplementtheEquityIncentiveScheme,includingboththeStockOptionIncentiveSchemeandtheRestrictedStockIncentiveScheme.FollowingtheapprovaloftheProposalontheFirstGrantofStockOptionsandRestrictedSharestoIncentiveObjectsatthe20thMeetingofthe9thBoardofDirectorsandthe8thMeetingofthe9thSupervisoryCommittee,theCompanydisclosedtheAnnouncementonCompletionofRegistrationoftheFirstGrantofthe2020StockOptionandRestrictedStockIncentiveScheme(AnnouncementNo.2020-086)on30December2020.FollowingtheapprovaloftheProposalontheAwardingofReservedStockOptionstoIncentiveObjectsatthe31stMeetingofthe9thBoardofDirectorsandthe13thMeetingofthe9thSupervisoryCommittee,theCompanydisclosedtheAnnouncementonCompletionofRegistrationoftheReservedandGrantedStockOptionofthe2020StockOptionandRestrictedStockIncentiveScheme(AnnouncementNo.:2021-084)on23October2021.TheCompanydisclosedtheAnnouncementontheAchievementofLiftingtheRestrictionConditionsintheThirdLiftingRestrictionPeriodforRestrictedStocksGrantedbythe2020StockOptionandRestrictedStockIncentiveSchemeandontheSatisfactionoftheExerciseConditionsoftheFirstExerciseScheduleoftheThirdGrantedStockOption(AnnouncementNo.:
2025-025)on22April2025.Theliftingoftherestrictionconditionsinthethirdliftingrestrictionperiodforrestrictedstocksgrantedbythe2020StockOptionandRestrictedStockIncentiveSchemeoftheCompanyhasbeenachieved,andthefirstexercise
scheduleofthethirdgrantedstockoptionhassatisfiedtheexerciseconditions.Atotalof667awardeesmettheconditionsfortheliftingoftherestrictions,resultinginatotalof89,096,540sharesofrestrictedstockthatcouldbelifted.Atotalof1,644awardeeswereeligibleforstockoptionexercise,resultinginatotalof160,992,209sharesofstockoptionsavailableforexercise.TheCompanydisclosedtheAnnouncementontheRepurchaseandWrite-offofCertainRestrictedStocks(AnnouncementNo.:2025-026)andtheAnnouncementontheWrite-offofCertainStockOptions(AnnouncementNo.:2025-027)on22April2025,inwhichtheCompanyintendstorepurchaseandcancel2,252,839restrictedsharesand174,412,031sharesofstockoptionthathavebeengrantedtoincentiveobjectsbuthavenotbeenexercisedbythemsincesomeincentiveobjectsresigned,retiredorfailedtomeettheperformanceappraisalgoalsforpersonalreasons.Moreover,theabove-mentionedmattersregardingtherepurchaseandcancellationofrestrictedstocksweredeliberatedandapprovedintheAnnualGeneralMeetingofShareholdersof2024heldon23May2025.TheCompanydisclosedtheReminderAnnouncementonReleaseandCirculationofRestrictedSharesGrantedunderthe2020StockOptionandRestrictedStockIncentiveSchemeintheThirdReleasePeriod(AnnouncementNo.:2025-033)on26April2025.Thetotalnumberofincentivetargetswhomeettheconditionsforreleasingtherestrictedsharesis667,andthenumberofrestrictedsharesthatcanbereleasedis89,096,540shares,accountingfor0.2367%ofthetotalsharecapitaloftheCompany.Thelistingdatefortheliftedrestrictedstocksis29April2025.TheCompanydisclosedtheAnnouncementonAdjustmentoftheExercisePriceoftheStockOptioninthe2020StockOptionandRestrictedStockIncentiveSchemeoftheCompany(AnnouncementNo.:2025-064)on28August2024.SincetheequitydistributionoftheCompanyfor2024hasbeencompleted,theexercisepriceofthefirstgrantofthestockoptioninvolvedinthisincentiveschemeisadjustedfromRMB5.029/sharetoRMB4.979/share,andtheexercisepriceofthereservedandgrantedstockoptionisadjustedfromRMB5.529/sharetoRMB5.479/share.TheCompanydisclosedtheAnnouncementontheAchievementoftheExerciseConditionsfortheThirdExercisePeriodoftheStockOptionsReservedforGrantunderthe2020StockOptionandRestrictedStockIncentivePlan(AnnouncementNo.2025-065)on28August2025,andtheconditionsfortheexerciseofthethirdexerciseperiodofthestockoptionsreservedforgrantunderthe2020StockOptionandRestrictedStockIncentivePlanoftheCompanyweremet.Thetotalnumberofincentiverecipientsmeetingtheconditionsfortheexerciseofoptionsis73,andthenumberofstockoptionsexercisableis7,046,622.
EquityincentivesfordirectorsandseniormanagementintheReportingPeriod:
?Applicable□Notapplicable
Unit:share
| Name | Officetitle | Shareoptionsheldattheperiod-begin | ShareoptionsgrantedintheReportingPeriod | SharesfeasibletoexerciseduringtheReportingPeriod | SharesexercisedduringtheReportingPeriod | ExercisepriceofexercisedsharesduringtheReportingPeriod(RMB/share) | Shareoptionsheldattheperiod-end | Marketpriceattheperiod-end(RMB/share) | Numberofrestrictedsharesheldattheperiod-begin | NumberofreleasedsharesfortheReportingPeriod | NumberofrestrictedsharesnewlygrantedduringtheReportingPeriod | Thegrantpriceofrestrictedshares(RMB/share) | Numberofrestrictedsharesheldattheperiod-end |
| ChenYanshun | ChairmanoftheBoard,andChiefStrategicPlanner | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 660,000 | 660,000 | 0 | 0 | 0 |
| FengQiang | ViceChairmanoftheBoard,ChairmanoftheExecutiveCommittee,andChiefExecutiveOfficer(CEO) | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 247,500 | 247,500 | 0 | 0 | 0 |
| WangXiping | ViceChairmanoftheBoard,ViceChairmanoftheExecutiveCommittee,andChiefOperatingOfficer(COO) | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 247,500 | 247,500 | 0 | 0 | 0 |
| FengLiqiong | Director,MemberoftheExecutiveCommittee,ExecutiveVicePresident,andChiefCounsel | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 330,000 | 330,000 | 0 | 0 | 0 |
| LiYang | EmployeeDirector | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 0 | 0 | 0 | 0 | 0 |
| YangXiaoping | MemberoftheExecutiveCommittee,ExecutiveVicePresident,andChiefFinancialOfficer(CFO) | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 209,220 | 209,220 | 0 | 0 | 0 |
| LiuZhiqiang | MemberoftheExecutiveCommittee,andSeniorVicePresident | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 247,500 | 247,500 | 0 | 0 | 0 |
| LiuJing | MemberoftheExecutiveCommittee,andSeniorVicePresident | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 209,220 | 209,220 | 0 | 0 | 0 |
| YunXiangnan | MemberoftheExecutiveCommittee,andSeniorVicePresident | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 209,220 | 209,220 | 0 | 0 | 0 |
| JiangXingqun | MemberoftheExecutiveCommittee,andSeniorVicePresident | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 209,220 | 209,220 | 0 | 0 | 0 |
| QiZheng | MemberoftheExecutiveCommittee,andSeniorVicePresident | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 209,220 | 209,220 | 0 | 0 | 0 |
| YueZhanqiu | SeniorVicePresident,andChiefAuditOfficer | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 209,220 | 209,220 | 0 | 0 | 0 |
| GuoHong | VicePresident,BoardSecretary | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 125,895 | 125,895 | 0 | 0 | 0 |
| GaoWenbao | Formerdirector | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 495,000 | 495,000 | 0 | 0 | 0 |
| SunYun | Formerseniormanagement | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 495,000 | 495,000 | 0 | 0 | 0 |
| GuoHuaping | Formerseniormanagement | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 0 | 0 | 0 | 0 | 0 |
| LiuHongfeng | Formerseniormanagement | 0 | 0 | 0 | 0 | 0 | 0 | 4.21 | 247,500 | 247,500 | 0 | 0 | 0 |
| Total | -- | 0 | 0 | 0 | 0 | -- | 0 | -- | 4,351,215 | 4,351,215 | 0 | -- | 0 |
| Note(ifany) | 1.On14January2025,theBoardofDirectorsappointedMr.JiangXingqun,Mr.QiZhengandMs.GuoHongasseniormanagementoftheCompany.On22September2025,theCompany’sWorkersCongresselectedMr.LiYangasanemployeedirector.Asdescribedabove,thebeginningnumberofrestrictedsharesheldbyMr.JiangXingqun,Mr.QiZheng,Ms.GuoHongandMr.LiYangarepresentedbasedonthenumberofrestrictedsharesheldbythemonthedateoftheirappointment.2.Theliftingoftherestrictionconditionsinthethirdliftingrestrictionperiodforrestrictedstocksgrantedbythe2020StockOptionandRestrictedStockIncentiveSchemeoftheCompanyhasbeenachieved.Thelistingdateis29April2025.TheaboveliftingoftherestrictionsresultedinareductioninthenumberofrestrictedsharesgrantedtodirectorsandseniormanagementattheendoftheReportingPeriod.?AftertheliftingofcertainrestrictedsharesheldbytheCompany’sdirectorsandseniormanagementinthisincentivescheme,thelockingandtradingofsharesheldbythemshallcomplywiththeCompanyLaw,theSecuritiesLaw,theManagementRulesforSharesHeldbyDirectorsandSeniorManagementofListedCompaniesandChangesinSuchShares,theStandardizedOperationoftheCompaniesListedontheMainboard,theGuidelinesNo.10oftheShenzhenStockExchangeontheSelf-regulationofListedCompanies--ManagementofShareChanges,andothertherelevantlawsandregulations. | ||||||||||||
AppraisalofandIncentiveforSeniorManagement
AccordingtotheArticlesofAssociation,ManagementSystemforProfessionalManagersandthePerformanceManagementSystem,membersoftheseniormanagementoftheCompanyareappointedbytheBoardofDirectorsandsigntheAppointmentContractandtheAnnualTargetResponsibilityPaper.Theannualperformanceassessmentandappointmentperiodassessmentwillbeimplemented.Theannualperformanceassessmentisdeterminedbytheannualtaskbreakdownofthecurrentyear'stargetsandtheappointmentperiodtargets,andtheappointmentperiodassessmentisbasedonmedium-andlong-termtargets,andthesalaryandrewardsaredeliveredaccordingtotheassessmentresults.Meanwhile,accordingtoBOE's2020StockOptionandRestrictedStockIncentiveSchemeandrelevantlawsandregulations,thegrantedstockinterestswillbedeterminedtobeunlockedafterthelock-upperiodbasedontheachievementofrelevantconditions.
2.ImplementationofEmployeeStockOwnershipPlans
□Applicable?Notapplicable
3.OtherIncentiveMeasuresforEmployees
□Applicable?Notapplicable
XIEstablishmentandExecutionoftheInternalControlSystemfortheReportingPeriod
1.EstablishmentandExecutionoftheInternalControlSystemInlinewiththereform,theestablishmentofinternalcontrolregulationwasenhancedaccordingtotherequirementsfortheestablishmentofinternalcontrolregulationoflistedcompaniesandtheCompany’sstrategicrequirements.Specifically,theinternalcontrolsystemwasoptimized,soastoguaranteetheimplementationofinnovationandreformandpromotethecomplianceandefficientdevelopmentofbusiness.
2.MaterialInternalControlWeaknessesIdentifiedfortheReportingPeriod
□Yes?NoXIIManagementandControloverSubsidiariesbytheCompanyfortheReportingPeriod
| Subsidiary | Integrationplan | Integrationprogress | Problem | Countermeasurestaken | Settlementprogress | Follow-upsettlementplan |
| N/A | - | - | - | - | - | - |
Abnormalityinthemanagementandcontroloversubsidiaries
□Yes?No
XIIIInternalControlEvaluationReportorIndependentAuditor’sReportonInternalControl
1.InternalControlEvaluationReport
| Disclosuredateoftheinternalcontrolself-evaluationreport | 1April2026 | |
| Indextothedisclosedinternalcontrolself-evaluationreport | On1April2026,theCompanydisclosed2025InternalControlAppraisalReport,refertowww.cninfo.com.cnfordetails. | |
| Evaluatedentities’combinedassetsas%ofconsolidatedtotalassets | 99.15% | |
| Evaluatedentities’combinedoperatingrevenueas%ofconsolidatedoperatingrevenue | 99.99% | |
| Identificationstandardsforinternalcontrolweaknesses | ||
| Type | Weaknessesininternalcontroloverfinancialreporting | Weaknessesininternalcontrolnotrelatedtofinancialreporting |
| Naturestandard | ThenaturestandardsofinternalcontroldeficiencyevaluationoverfinancialreportingdeterminedbytheCompanyareasfollows:Materialweakness:Incaseofthe | EvaluationstandardsforinternaldefectsnotrelatedtofinancialreportingspecifiedbytheCompanyareasbelow:Materialweakness:(1)ThebusinessscopeoftheCompany |
| followingsituations,itwillbedeemedasthatmajordefects(includingbutnotlimitedtothefollowingsituations)mayoccur:(1)DirectorsandSeniorManagementmakethemalpractices;(2)Theenterprisecorrectsthereleasedfinancialstatements;(3)Thecertifiedpublicaccountantfindsthatthereisamaterialmisstatementinthecurrentfinancialreport,buttheinternalcontrolfailstofindthemisstatementintheprocessofoperation;(4)Supervisionoftheriskcontrolandauditcommitteeandtheinternalauditorganizationforinternalcontrolisineffective.Seriousweaknessreferstooneorcombinationofseveralcontrolitems,anditsseverityandeconomicconsequencearelowerthanthoseofthematerialweaknessesbutmaystillaffecttherealandaccurateobjectiveofthefinancialreport.Thecommonweaknessreferstootherinternalcontrolweaknessesexceptformaterialweaknessesandseriousweaknesses. | violatesnationallawsandregulationsseriously;(2)Thedecision-makingprocedureisnotscientific,majordecisionerrorsarereleased,thedevelopmentstrategiesoftheCompanyaredeviatedfromseverelyandmajorpropertylossesarecausedfortheCompany;(3)Safetyandenvironmentalaccidentsoccur,resultinginmajornegativeeffectsontheCompany;(4)AlotofseniormanagementpersonnelandkeytechniciansleavetheCompany;(5)Importantbusinesslackssystemcontrolorthesystemisfailure;(6)Materialweaknessesorseriousweaknessesarenotcorrected.Seriousweaknessreferstooneorcombinationofseveralcontrolitems,anditsseverityandeconomicconsequencearelowerthanthoseofthematerialweaknessesbutmaystillaffecttheenterprisetodeviatefromthecontrolgoal.ThecommonweaknessreferstootherinternalcontroldefectsexceptformaterialweaknessesandSeriousweakness. | |
| Quantitativestandard | ThequantitativestandardsofinternalcontroldeficiencyevaluationoverfinancialreportingdeterminedbytheCompanyareasfollows:Materialweakness:Theamountreportedincorrectlyis≥1‰*totalamountofassetsoftheGroup(operatingrevenue)Seriousweakness:0.5‰*totalamountofassetsoftheGroup(operatingrevenue)≤theamountreportedincorrectly<1‰*totalamountofassetsoftheGroup(operatingrevenue)Commonweakness:Theamountreportedincorrectly<0.5‰*totalgroupassets(operatingrevenue) | ThequantitativestandardsforinternalcontroldefectsnotrelatedtofinancialreportingdeterminedbytheCompanyareconsistentwiththoseoverthefinancialreporting.Seetheleftsidefordetails. |
| Numberofmaterialweaknessesininternalcontroloverfinancialreporting | 0 | |
| Numberofmaterialweaknessesininternalcontrolnotrelatedtofinancialreporting | 0 | |
| Numberofseriousweaknessesininternalcontroloverfinancialreporting | 0 | |
| Numberofseriousweaknessesininternalcontrolnotrelatedtofinancialreporting | 0 | |
2.IndependentAuditor’sReportonInternalControl
?Applicable□Notapplicable
| Opinionparagraphintheindependentauditor’sreportoninternalcontrol | |
| WebelievethattheCompanyandimportantsubsidiariesmakevalidinternalcontrolonfinancialreportinallsignificantaspectsaccordingtotheBasicRulesonEnterpriseInternalControlandotherrelevantstipulations. | |
| Independentauditor’sreportoninternalcontroldisclosedornot | Disclosed |
| Disclosuredate | 1April2026 |
| Indextosuchreportdisclosed | TheCompanydisclosedtheAuditReportonInternalControlon1April2026,fordetails,pleaserefertohttp://www.cninfo.com.cn |
| Typeoftheauditor’sopinion | Standardunqualifiedopinion |
| Materialweaknessesininternalcontrolnotrelatedtofinancialreporting | No |
Indicatebytickmarkwhetheranymodifiedopinionisexpressedintheindependentauditor’sreportontheCompany’sinternalcontrol.
□Yes?NoIndicatebytickmarkwhethertheindependentauditor’sreportontheCompany’sinternalcontrolisconsistentwiththeinternalcontrolself-evaluationreportissuedbytheCompany’sBoard.?Yes□NoIndicatebytickmarkwhetheramodifiedinternalcontrolauditopinionwasissuedduringtheReportingPeriodorinthepreviousyear
□Yes?No
XIVRectificationsofProblemsIdentifiedbySelf-inspectionintheSpecialActionforListedCompanyGovernanceNotapplicable
XVEnvironmentalInformationDisclosureIndicatewhetherthelistedcompanyoranyofitsmajorsubsidiariesisincludedinthelistofcompaniesthatarerequiredbylawtodiscloseenvironmentalinformation.?Yes□No
| Numberofcompaniesincludedinthelistofcompaniesthatarerequiredbylawtodiscloseenvironmentalinformation | 20 | |
| No. | Company | Indextothereportonrequiredenvironmentalinformation |
| 1 | BOETechnologyGroupCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbytheCompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Beijing)(https://hjxxpl.bevoice.com.cn:8002/home)inFebruary2026 |
| 2 | BeijingBOEOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Beijing)(https://hjxxpl.bevoice.com.cn:8002/home)inFebruary2026 |
| 3 | ChengduBOEOptoelectronicsTechnologyCo.,Ltd.(B2) | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Sichuan)(https://103.203.219.138:8082/eps/index/enterprise-search)inFebruary2026 |
| 4 | HefeiBOEOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Anhui)(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home)inMarch2026 |
| 5 | BeijingBOEDisplayTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Beijing)(https://hjxxpl.bevoice.com.cn:8002/home)inFebruary2026 |
| 6 | HefeiXinshengOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Anhui)(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home)inFebruary2026 |
| 7 | OrdosYuanshengOptoelectronicsCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(InnerMongolia)(http://111.56.142.62:40010/support-yfpl-web/web/viewRunner.html?viewId=http://111.56.142.62:40010/support-yfpl-web/web/sps/views/yfpl/views/yfplHomeNew/index.js&cantonCode=150000)inFebruary2026 |
| 8 | ChengduBOEOptoelectronicsTechnologyCo.,Ltd.(B7) | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Sichuan)(https://103.203.219.138:8082/eps/index/enterprise-search)inFebruary2026 |
| 9 | ChongqingBOEOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Chongqing)(http://183.66.66.47:10001/eps/index/enterprise-search)inFebruary2026 |
| 10 | HefeiBOEDisplayTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Anhui)(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home)inJanuary2026 |
| 11 | FuzhouBOEOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Fujian)(http://220.160.52.213:10053/idp-province/#/enterprise-overview)inFebruary2026 |
| 12 | MianyangBOEOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Sichuan)(https://103.203.219.138:8082/eps/index/enterprise-search)inMarch2026 |
| 13 | ChongqingBOEDisplayTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Chongqing)(http://183.66.66.47:10001/eps/index/enterprise-search)inJanuary2026 |
| 14 | WuhanBOEOptoelectronicsTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(HubeiProvince)(http://219.140.164.18:8007/hbyfpl/frontal/index.html#/home/index))inMarch2026 |
| 15 | NanjingBOEDisplayTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Jiangsu)(http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js)inFebruary2026 |
| 16 | ChengduBOEDisplayTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformation |
| disclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Sichuan)(https://103.203.219.138:8082/eps/index/enterprise-search)inFebruary2026 | ||
| 17 | HefeiBOERuishengTechnologyCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Anhui)(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home)inFebruary2026 |
| 18 | HefeiBOEHospitalCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Anhui)(https://39.145.37.16:8081/zhhb/yfplpub_html/#/home)inFebruary2026 |
| 19 | ChengduBOEHospitalCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Sichuan)(https://103.203.219.138:8082/eps/index/enterprise-search)inMarch2026 |
| 20 | SuzhouBOEHospitalCo.,Ltd. | The2025AnnualReportonRequiredEnvironmentalInformationdisclosedbythecompanythroughthesystemofrequiredenvironmentalinformationofenterprises(Jiangsu)(http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js)inMarch2026 |
XVISocialResponsibility
BOE’sgreatvisionof“ToBetheMostRespectedCompanyonEarth”notonlyrepresentstechnologicalormarketleadershipbutalsoemphasizeshowtousetechnologytoservesociety,achieveharmoniouscoexistencebetweenbusinessandecology,andcreateareplicablemodelofsustainabledevelopment.Intermsofsustainabledevelopmentgovernance,BOEhasestablisheda“strategy,organization,andbrand”three-in-onesustainabledevelopmentsystem.Thisnotonlysystematicallytransforms“sustainability”intobrandcompetitivenessbutalsoachievesdualvaluebyprovidingstrategicforesightinternallyandecologicalcollaborationexternally.Atthebeginningof2025,BOEestablishedathree-levelsustainabledevelopmentorganizationalstructure,encompassingthegovernancelevel,managementlevel,andexecutionlevel.InApril2025,BOElaunchedthe“ONE”(Open,NextandEarth)sustainabledevelopmentbrand,with“Open,Next,Earth”asthethreecorebrandconnotations,profoundlyinterpretingthecorephilosophyof“protectingthefutureofhumanitythroughthepowerofopenandinnovativetechnology”.InSeptember2025,BOEreleasedtheGroup’ssustainabledevelopmentstrategy,establishingsixstrategicpillars,“OpenInnovation,EnvironmentalSustainability,Win-WinEcosystem,People-OrientedDevelopment,Integrity-basedOperation,andValueCreationfortheFuture”.Thesepillarsaimtoformthecorecompetenciesleadingthesustainabletransformationofsociety,andbuildandempoweranopen,win-winglobalIoTtechnologysustainableecosystem.InDecember2025,atthe“SustainableBusinessLeadersForum2025”,BOE,asoneofthecoredraftingunits,togetherwithUnitedNationsagencies,theChinaAssociationforStandardization,andnumerouscorporatepartners,jointlyreleasedthemilestonegroupstandard,theGuidelinesforCreatingSustainableBrands.ThissystematicallyshowcasedthethoughtleadershipandpracticalcapabilitiesofChinesetechnologyenterprisesintheglobalsustainabledevelopmentagenda.Atthesametime,BOEwasselectedasarepresentativecaseforthe“CreatingSustainableBrands”VisionInitiative(2025),becomingoneoftheexemplaryChineseenterprisesshowcasingsustainablebusinesspracticestotheworld.
Intermsofsustainabledevelopmentpractices,BOEactivelyengagesinpublicwelfareprojectsinthefieldsofeducation,health,andculture,givingbacktosocietyandfulfillingitscommitmenttosocialsustainabledevelopment.Inthefieldofeducation,BOE’s“LightingtheWaytoGrowth”projecthasbeeninoperationfortenyears.Ithasevolvedbeyondasinglepublicwelfareprojectintoanopen,diverse,andsustainablepublicwelfareplatform.CaringenterprisesfromBOE’scooperativeecosystemwereinvitedtojoin,suchasJD.com,OPPO,andOUTPUT,anddonateelectronicdevicesandAIcourses.Bytheendof2025,BOEhasestablished156smartclassroomsintenmajorprovincesandcitiesacrossthecountry,providingintegratedsoftwareandhardwaresmarteducationsolutionsandcomprehensiveteacherempowermentprogramsforover70,000teachersandstudents.Atthesametime,the“100PublicWelfareLessonsonTraditionalCultureofthePalaceMuseum”,jointlyinitiatedbyBOEandthePalaceMuseum,successfullyconcludedinOctober2025.Theprojectcoverednearly40schools,benefitingover20,000studentsbothonlineandoffline.Itcontinuouslypromotedasustainabledevelopmentmodelof“technology+education+culture”,andeffectivelyhelpedstudentsinremoteareasgaineducationalopportunitiestoexperiencethecharmofChinesetraditionalcultureupclose.Meanwhile,BOEhascontinuedtofocusontheUnitedNationsSustainableDevelopmentGoals(SDGs).Intermsofqualityeducation,BOEhasbecomethefirstChinesetechnologycompanytosupportUNESCO’s“DecadeofSciences”initiative.STEMeducationandecologicalco-constructionprojectswereimplementedinKenya,Namibia,andotherlocations.InAugust2025,bothpartiessuccessfullylaunchedthe“WindowstoSTEM”projectinKenya.Bydonatingsmarteducationequipment,conductingteachertraining,andintegratingsystematiccourses,BOEassistedthelocalcommunityingraduallybuildingindependentandsustainablescientificeducationcapabilities.InDecember2025,BOEsupportedUNESCOinlaunchingthe“AfricanScienceClubNetwork”inWindhoek,Namibia,markinganewphaseintheircollaborationfrom“single-pointempowerment”to“systematicecologicalco-construction”.Inthehealthsector,BOEleveragesitsadvancedmedicalresourcesandtalentadvantagestoprovidefreemedicalconsultationsandhealthguidancetoresidentsinremoteareasthroughvariousformsofmedicalpublicwelfareactions.Thishelpstodisseminatehealthknowledgeamongthepublicandeffectivelyimprovethecurrentstateoflocalmedicalservices.In2025,variousmedicalpublicwelfareactivitiescoveredapopulationofover168,000.Amongthem,BOEcollaboratedwiththeChinaVolunteerServiceFoundationtocarryoutthe“MedicalJourneywithMe—ChinaMedicalEmergencyFirstAidVolunteerServiceTour”activity.Centeredonpublicwelfaretrainingactivitiesforfirstaidvolunteers,itaimedtopopularizefirstaidknowledgeandskillsamongthepublicthroughlectures,training,bringingmedicalservicestoruralareas,healtheducation,andpracticalexercises.Thisinitiativepromotedthedistributionofsuperiormedicalresourcestolower-tierareasandenhancedthelevelofregionalemergencymedicalservices.In2025,fouractivitieswerecompletedinLitang,Fuping,Yushu,andBeijing,withfirstaidtrainingcoveringover600people.Intheculturalfield,BOEuseddigitaltechnologyinParisandMilantopromoteChineseintangibleculturalheritagetotheworld.InOctober2025,asthechiefdisplaytechnologypartner,BOEusedinnovativedisplayproductssuchasthe105-inchWanjingscreen,transparentscreens,andsmartcalligraphytablesatthe“RevivingCraft”China’sIntangibleCulturalHeritageandContemporaryDesignExhibitioninMilan.TheseproductsvividlypresentedintangibleculturalheritageworkslikeOnTeaandWineandOneHundredPlayingChildreninFourSeasons,breakingculturalbarrierswithinnovativetechnology.Atthesametime,asapartnerintheCentennialProjectoftheForbiddenCity,BOEprovidedcriticaltechnicalsupportfortheQianlongGarden,whichwasopenedtothepublicforthefirsttimeinnearlyacentury.Theultra-high-definitionLEDseamlesssplicingU-shapedlongscreenprovidedbyBOEvividlyillustratedtheconstructionprocessoftheNingshouPalaceGardenfromblueprinttorealityintheformofadynamicdigitallongscroll.Itcomprehensivelyshowcaseditshistoricalandculturalconnotations,andcontinuouslypromotedthedeepintegrationandinternationaldisseminationoftechnologyandculture.Since2010,BOEhadconsecutivelydisclosedSocialResponsibilityReportfor16years.PleaseviewanddownloadsuchreportviaofficialwebsiteofBOEwww.boe.comorCninfo.
XVIIConsolidationandExpansionofPovertyAlleviationOutcomes,andRuralRevitalizationThroughouttheyears,BOEhassteadfastlyleverageditsindustrialstrengthsinthetechnologysectortoactivelyalignwiththenationalruralrevitalizationstrategy.Throughconcreteactions,BOEhasempowerededucationandhealthcareinremoteregions,comprehensivelydrivenhigh-qualitydevelopmentofruralrevitalization,andcontinuouslycontributedtobuildingamoreharmoniousandprosperoussociety.BOEhaspreciselyfocusedonBeijing'spairedsupportcooperationregions.InlinewiththedevelopmentcharacteristicsandactualconditionsofBOE,wehaveexploredvariousformsofassistance.WehaveprovidedkeysupporttoregionssuchasInnerMongolia,Qinghai,Xizang,Zhangjiakou-ChengdeinHebei,andtheSouth-to-NorthWaterDiversionproject,aswellastoeconomicallyunderdevelopedvillagesundercollectiveownershipinBeijing.Oureffortsaimtodevelopindustries,increaseemployment,driveconsumption,furtherconsolidatetheachievementsofruralrevitalization,andeffectivelypromotehigh-qualitydevelopmentinthesupportedregionsandimprovedlivesoflocalresidents,fulfillingourcorporatesocialresponsibilitythroughconcreteactions.Intermsofindustrialassistance,BOEfurtherdeepeneditseffortsinindustrialsupportintheInnerMongoliaregion,promotingthequalityandefficiencyimprovementofBOE’sOrdosproductionline,therebymakingapositivecontributiontoregionaleconomicdevelopment.Intermsofassistancethroughconsumption,BOEcontinuedtoadvancetheconsumptionassistancethroughcanteenprocurementandactivelyimplementedsuchwork.Wecarefullyselectedagriculturalsupportproductsfromcooperativeregions(suchasInnerMongoliaandZhangjiakouandChengdeinHebei)andthelocationsoftheGroup’smainfactories(suchasMianyanginSichuan,HefeiinAnhui,andQingdaoinShandong),incorporatingthemintothefoodsupplysystemofcanteensin12citiesandover30factoriesnationwide.Atthesametime,wehaveestablishedafull-processtraceabilitymechanismtostrictlycontrolthequalityandsafetyoffoodingredients.Concreteactionsweretakentosupportruralrevitalizationandeffectivelysafeguardthe“safetyonthetipofthetongue”forallemployees.Thetotalamountofassistancethroughconsumptionfortheyear2025wasnearlyRMB40million.Movingforward,BOEwillcontinuetoupholdthe"OpenNextEarth"sustainabilitybrandconcept.LeveragingourleadingtechnologicalcapabilitiesinfieldssuchasdisplaytechnologyandtheInternetofThings(IoT),andwithunwaveringresolve,BOEwilldeepenitsexplorationandpracticesinruralrevitalization,continuouslyinnovateassistancemodels,andexpandsupportchannelstodelivermorecomprehensiveandin-depthsupportandservicesforadvancingthenationalruralrevitalizationstrategy.Meanwhile,byleveragingitstechnologicalandresourcestrengths,BOEwillproactivelyfulfillitssocialresponsibilities,strivetocreategreatersocietalvalueandwell-being,ensurethattechnologicaladvancementsbenefitbroaderpopulations,andcollectivelyforgeamoreharmoniousandprosperoussociety.
PartVSignificantEventsIFulfillmentofCommitments
1.CommitmentsoftheCompany’sActualController,Shareholders,RelatedPartiesandAcquirers,aswellastheCompanyItselfandotherEntitiesFulfilledintheReportingPeriodorOngoingatthePeriod-end
?Applicable□Notapplicable
| Commitment | Promisor | Typeofcommitment | Detailsofcommitment | Dateofcommitmentmaking | Termofcommitment | Fulfillment |
| Commitmentsmadeinsharereform | - | - | - | - | - | - |
| Commitmentsmadeinacquisitiondocumentsorshareholdingalterationdocuments | - | - | - | - | - | - |
| Commitmentsmadeintimeofassetrestructuring | - | - | - | - | - | - |
| CommitmentsmadeintimeofIPOorrefinancing | - | - | - | - | - | - |
| Equityincentivecommitments | - | - | - | - | - | - |
| Othercommitmentsmadetominorityinterests | TheChairmanoftheBoard:Mr.ChenYanshun;Director:Ms.FengLiqiong;FormerViceChairmanoftheBoard:Mr.GaoWenbao;FormerSupervisor:Mr.XuYangpingandMr.YanJun | Othercommitments | InaccordancewiththeAnnouncementontheCommitmentsofnotReducingtheShareholdingbySomeDirectors,SupervisorsandSeniorManagement(No.:2020-001)disclosedbytheCompanyon22February2020,someoftheCompany’sdirectors,supervisorsandseniormanagers,basedontheirconfidenceintheCompany’sfuturedevelopmentandtheirrecognitionofthecorporatevalue,promisenottoreduceortransferanysharesheldinBOE(Ashares),nottoentrustotherstomanagespecificshares,nottoauthorizeotherstoexecutetheirvotingrightbymeansofanyagreement,trustorotherarrangementsandnottorequiretheCompanytorepurchaseanyspecificsharesduringthetermsofofficeandwithin6monthsaftertheirtenuresexpiresoastopromotetheCompany’scontinuous,stableandhealthydevelopmentandmaintaintherightsandinterestsoftheCompanyandallshareholders.Foranynewly-addedsharesderivedfromtheassignmentofrightsandinterestsincludingthesharedonationandthereservedfunds | 21February2020 | Duringthetermasdirector,supervisororseniormanager,andinsixmonthsaftertheexpirationoftheterm(thetermdeterminedwhentakingoffice). | Ongoing |
| convertedintosharecapitalduringtheperiod(correspondingtothespecificshares),theyshallstillkeeptheirpromisestillthecommitmentperiodexpires. | ||||
| Othercommitments | - | |||
| Executedontimeornot | Yes | |||
| Specificreasonsforfailingtofulfillcommitmentsontimeandplansfornextstep(ifany) | N/A | |||
2.WheretherehadbeenanearningsforecastforanassetorprojectandtheReportingPeriodwasstillwithintheforecastperiod,explainwhytheforecasthasbeenreachedfortheReportingPeriod.
□Applicable?Notapplicable
3.PerformanceCommitments
□Applicable?NotapplicableIIOccupationoftheCompany’sCapitalbytheControllingShareholderoranyofItsRelatedPartiesforNon-OperatingPurposes
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.IIIIrregularitiesintheProvisionofGuarantees
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
IVExplanationsGivenbytheBoardofDirectorsRegardingtheLatest“ModifiedOpinion”ontheFinancialStatements
□Applicable?Notapplicable
VExplanationsGivenbytheBoardofDirectorsandtheIndependentDirectors(ifany)RegardingtheIndependentAuditor's“ModifiedOpinion”ontheFinancialStatementsoftheReportingPeriod
□Applicable?NotapplicableVIYoYChangestoAccountingPolicies,EstimatesorCorrectionofMaterialAccountingErrors
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
VIIYoYChangestotheScopeoftheConsolidatedFinancialStatements?Applicable□NotapplicableTheadditionstotheconsolidationscopethisyearweresolelyduetonewlyestablishedsubsidiaries,whilethereductionsresultedfromthederegistrationofsubsidiariesduringtheyear.VIIIEngagementandDisengagementofIndependentAuditor
Currentindependentauditor
| Nameofthedomesticindependentauditor | Ernst&YoungHuaMingLLP |
| TheCompany’spaymenttothedomesticindependentauditor(RMB’0,000) | 990 |
| HowmanyconsecutiveyearsthedomesticindependentauditorhasprovidedauditservicefortheCompany | 1 |
| Namesofthecertifiedpublicaccountantsfromthedomesticindependentauditorwritingsignaturesontheauditor’sreport | XieFeng,WangJing |
| HowmanyconsecutiveyearsthecertifiedpublicaccountantsfromthedomesticindependentauditorhaveprovidedauditservicefortheCompany | 1yearforXieFeng,1yearforWangJing |
| Nameoftheforeignindependentauditor(ifany) | N/A |
| TheCompany’spaymenttotheforeignindependentauditor(RMB’0,000)(ifany) | 0 |
| HowmanyconsecutiveyearstheforeignindependentauditorhasprovidedauditservicefortheCompany(ifany) | N/A |
| Namesofthecertifiedpublicaccountantsfromtheforeignindependentauditorwritingsignaturesontheauditor’sreport(ifany) | N/A |
| HowmanyconsecutiveyearsthecertifiedpublicaccountantsfromtheforeignindependentauditorhaveprovidedauditservicefortheCompany(ifany) | N/A |
IndicatebytickmarkwhethertheindependentauditorwaschangedfortheReportingPeriod.?Yes□NoIndicatebytickmarkwhethertheauditorwaschangedduringtheauditperiod
□Yes?NoIndicatebytickmarkwhethertheapprovalprocedureswerefollowedforthechangeofauditor?Yes□NoDetailedexplanationofthechangeofauditorToensuretheindependenceandobjectivityoftheaudit,andtakingintoaccounttheCompany’sbusinessdevelopmentandauditrequirements,theCompanyconductedarotationinaccordancewiththerelevantprovisionsoftheAdministrativeMeasuresfortheSelectionandEngagementofAuditorsbyState-ownedEnterprisesandListedCompaniesjointlyissuedbytheMinistryofFinanceofthePeople’sRepublicofChina,theState-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,andtheChinaSecuritiesRegulatoryCommission.Followingatenderingprocessandbasedonthebidevaluationresults,theCompanyconsideredandapprovedtheProposalontheAppointmentoftheAuditorfor2025attheBoardofDirectorsandthegeneralmeeting,andresolvedtoappointErnst&YoungHuaMingLLPastheauditorfor2025.Independentauditor,financialadvisororsponsorengagedforinternalcontrolaudit?Applicable□NotapplicableDuringtheyear,theCompanyengagedErnst&YoungHuaMingLLPastheCompany'sinternalcontrolauditaccountingfirm,andtheCompanypaidErnst&YoungHuaMingLLPtotalcompensationofRMB9.9millionforthe2025annualauditandinternalcontrolaudit.IXPossibilityofDelistingafterDisclosureofthisReport
□Applicable?Notapplicable
XInsolvencyandReorganization
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
XIMajorLegalMatters?Applicable□Notapplicable
| Generalinformation | Involvedamount(RMB’0,000) | Provision | Progress | Decisionsandeffects | Executionofdecisions | Disclosuredate | Indextodisclosedinformation |
| Litigationsfor2025(includingcarryforwardsinpreviousyears) | 67,752.51 | No | N/A | N/A | N/A | - | - |
XIIPunishmentsandRectifications
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
XIIICreditQualityoftheCompanyaswellasItsControllingShareholderandActualController
□Applicable?NotapplicableXIVMajorRelated-PartyTransactions
1.ContinuingRelated-PartyTransactions
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
2.Related-PartyTransactionsRegardingPurchaseorSalesofAssetsorEquityInterests
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
3.RelatedTransactionsRegardingJointInvestmentsinThirdParties
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
4.AmountsDuetoandfromRelatedParties
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
5.TransactionswithRelatedFinanceCompanies
□Applicable?NotapplicableTheCompanydidnotmakedepositsin,receiveloansorcreditfromandwasnotinvolvedinanyotherfinancebusinesswithanyrelatedfinancecompanyoranyotherrelatedparties.
6.TransactionswithRelatedPartiesbyFinanceCompaniesControlledbytheCompany
□Applicable?NotapplicableThefinancecompanycontrolledbytheCompanydidnotmakedeposits,receiveloansorcreditfromandwasnotinvolvedinanyotherfinancebusinesswithanyrelatedparties.
7.OtherMajorRelated-PartyTransactions
?Applicable□Notapplicable
1.TheProposalontheEstimatedContinuingRelated-partyTransactionsin2025wasreviewedandapprovedatthe4thMeetingofthe11thBoardofDirectorson18April2025,withtheactualtransactionamountin2025withintheestimatedamount.Indextothepublicannouncementsaboutthesaidrelated-partytransactionsdisclosed
| Titleofpublicannouncement | Disclosuredate | Disclosurewebsite |
| AnnouncementonEstimatedContinuingRelated-partyTransactionsfor2025 | 22April2025 | www.cninfo.com.cn |
XVMajorContractsandExecutionthereof
1.Entrustment,ContractingandLeases
(1)Entrustment
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
(2)Contracting
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
(3)Leases
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
2.MajorGuarantees?Applicable□Notapplicable
Unit:RMB'0,000
| GuaranteesprovidedbytheCompanyastheparentanditssubsidiariesforexternalparties(exclusiveofthoseforsubsidiaries) | ||||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| N/A | ||||||||||
| GuaranteesprovidedbytheCompanyastheparentforitssubsidiaries | ||||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| OrdosYuanShengOptoelectronicsCo.,Ltd. | 30November2016 | 551,918 | 15March2017 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| ChengduBOEOptoelectronicsTechnologyCo.,Ltd. | 24April2017 | 2,282,082 | 30August2017 | 512,234 | Joint-liability | N/A | N/A | 2017-9-6to2029-9-5 | Not | Not |
| ChengduBOEOptoelectronicsTechnologyCo.,Ltd. | 27August2024 | 300,000 | 23September2024 | 162,881 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | 2024-9-24to2030-9-5 | Not | Not |
| HefeiBOEDisplayTechnologyCo.,Ltd. | 30November2016 | 1,704,216 | 30August2017 | - | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | - | Yes | Not |
| MianyangBOEOptoelectronicsTechnologyCo.,Ltd. | 18May2018 | 2,117,748 | 18September2018 | 627,846 | Joint-liability | N/A | Thesecuredpartyprovidesa | 2018-9-26to2031-9-26 | Not | Not |
| counterguaranteefortheguarantor | ||||||||||
| MianyangBOEOptoelectronicsTechnologyCo.,Ltd. | 27August2024 | 340,000 | 27September2024 | 195,751 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | 2024-10-8to2031-9-26 | Not | Not |
| ChongqingBOEDisplayTechnologyCo.,Ltd. | 27April2020 | 2,059,639 | 29December2020 | 1,069,079 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | 2020-12-31to2033-12-31 | Not | Not |
| WuhanBOEOptoelectronicsTechnologyCo.,Ltd. | 25March2019 | 2,036,748 | 16August2019 | 242,300 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | 2019-8-23to2032-8-23 | Not | Not |
| WuhanBOEOptoelectronicsTechnologyCo.,Ltd. | 23December2024 | 620,000 | 25December2024 | 470,616 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | 2024-12-26to2032-8-23 | Not | Not |
| ChengduBOEHospitalCo.,Ltd. | 27April2020 | 240,000 | 15June2020 | 169,118 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteeforthe | 2020-6-15to2042-6-30 | Not | Not |
| guarantor | ||||||||||
| TotalapprovedlineforsuchguaranteesintheReportingPeriod(B1) | 0 | TotalactualamountofsuchguaranteesintheReportingPeriod(B2) | 477,185 | |||||||
| TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(B3) | 9,996,217 | TotalactualbalanceofsuchguaranteesattheendoftheReportingPeriod(B4) | 3,449,825 | |||||||
| Guaranteesprovidedbetweensubsidiaries | ||||||||||
| Obligor | Disclosuredateoftheguaranteelineannouncement | Lineofguarantee | Actualoccurrencedate | Actualguaranteeamount | Typeofguarantee | Collateral(ifany) | Counterguarantee(ifany) | Termofguarantee | Havingexpiredornot | Guaranteeforarelatedpartyornot |
| YaoguangNewEnergy(Shouguang)Co.,Ltd. | N/A | 2,462 | 30September2020 | 1,725 | Joint-liability | N/A | N/A | 2020-9-30to2034-9-30 | Not | Not |
| SuzhouIndustrialParkTaijingPhotovoltaicCo.,Ltd. | N/A | 1,915 | 30September2020 | 1,342 | Joint-liability | N/A | N/A | 2020-9-30to2034-9-30 | Not | Not |
| QingmeiSolarEnergyTechnology(Lishui)Co.,Ltd. | N/A | 2,257 | 30September2020 | 1,406 | Joint-liability | N/A | N/A | 2020-9-30to2034-9-30 | Not | Not |
| GuojiEnergy(Ningbo)Co.,Ltd. | N/A | 1,231 | 3December2020 | 794 | Joint-liability | N/A | N/A | 2020-12-3to2034-12-3 | Not | Not |
| HongyangSolarEnergyPowerGeneration(Anji)Co.,Ltd. | N/A | 1,710 | 3December2020 | 1,102 | Joint-liability | N/A | N/A | 2020-12-3to2034-12-3 | Not | Not |
| Ke’enSolarEnergyPowerGeneration(Pingyang)Co.,Ltd. | N/A | 1,094 | 3December2020 | 706 | Joint-liability | N/A | N/A | 2020-12-3to2034-12-3 | Not | Not |
| DongzePhotovoltaicPowerGeneration(Wenzhou)Co.,Ltd. | N/A | 958 | 3December2020 | 617 | Joint-liability | N/A | N/A | 2020-12-3to2034-12-3 | Not | Not |
| BOEEnergyTechnologyCo.,Ltd. | N/A | 8,755 | 23October2017 | 4,925 | Pledge | Chargingright | N/A | 2017-10-24to2032-10-23 | Not | Not |
| BOEEnergyTechnologyCo.,Ltd. | N/A | 14,063 | 15August2018 | 4,289 | Pledge | Chargingright | N/A | 2018-9-26to2032-12-21 | Not | Not |
| BOEEnergyTechnologyCo.,Ltd. | N/A | 17,386 | 28November2017 | 10,255 | Pledge | Chargingright | N/A | 2017-12-1to2032-12-1 | Not | Not |
| HefeiBOEHospitalCo.,Ltd. | 27April2018 | 130,000 | 27April2018 | 94,420 | Joint-liability | N/A | N/A | 2018-4-27to2036-4-27 | Not | Not |
| BeijingBOELifeTechnologyCo.,Ltd. | N/A | 60,000 | 29December2021 | 25,669 | Joint-liability | N/A | Thesecuredparty | 2021-12-29to2039-12-28 | Not | Not |
| providesacounterguaranteefortheguarantor | ||||||||||
| BOEVision-ElectronicTechnologyCo.,Ltd | 30March2022 | 210,864 | 23March2023 | 10,461 | Joint-liability | N/A | Thesecuredpartyprovidesacounterguaranteefortheguarantor | 23March2023tothetimewhenallordersunderthepurchaseandsalesAgreementhavebeencompleted | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 16August2024 | 2,154 | Joint-liability | N/A | N/A | 2025-2-18to2031-2-17 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 30September2021 | 34,380 | 15November2021 | 2,640 | Joint-liability | N/A | N/A | 2021-11-17to2029-9-25 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 19March2025 | 1,100 | Joint-liability | N/A | N/A | 2025-3-19to2029-5-18 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 26March2025 | 1,797 | Joint-liability | N/A | N/A | 2025-3-26to2029-3-26 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 17January2025 | 1,146 | Joint-liability | N/A | N/A | 2025-1-17to2029-1-17 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 17January2025 | 1,146 | Joint-liability | N/A | N/A | 2025-1-24to2029-1-17 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 26March2025 | 20,628 | 14May2025 | 344 | Joint-liability | N/A | N/A | 2025-11-21to2029-11-20 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 26March2025 | 20,628 | 14May2025 | 619 | Joint-liability | N/A | N/A | 2025-5-22to2029-5-20 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 26March2025 | 20,628 | 14May2025 | 183 | Joint-liability | N/A | N/A | 2025-6-24to2029-6-23 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 16August2024 | 5,673 | Joint-liability | N/A | N/A | 2024-8-23to2035-8-22 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 24December2024 | 6,091 | Joint-liability | N/A | N/A | 2024-12-24to2037-12-24 | Not | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 27January2022 | 45,840 | 10May2022 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 27January2022 | 45,840 | 17February2022 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 21January2023 | 45,840 | 17March2023 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 21January2023 | 45,840 | 1March2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 21January2023 | 45,840 | 25April2023 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 22May2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 6May2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 16August2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 26January2021 | 22,920 | 3August2021 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 21January2023 | 45,840 | 3January2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 21January2023 | 45,840 | 3January2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 2April2024 | 33,234 | 5November2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Suzhou)Co.,Ltd. | 26March2025 | 20,628 | 14May2025 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCCrystalandYunnanCo.,Ltd. | 2April2024 | 3,438 | 9January2025 | 1,090 | Joint-liability | N/A | N/A | 2025-8-25to2029-6-19 | Not | Not |
| BOEHCCrystalandYunnanCo.,Ltd. | 2April2024 | 3,438 | 9January2025 | 1,046 | Joint-liability | N/A | N/A | 2025-2-17to2032-12-21 | Not | Not |
| BOEHCCrystalandYunnanCo.,Ltd. | 2April2024 | 3,438 | 2September2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCCrystalandYunnanCo.,Ltd. | 27January2022 | 9,168 | 22November2022 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCCrystalandYunnanCo.,Ltd. | 2April2024 | 3,438 | 9January2025 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 21January2023 | 52,716 | 26January2024 | 2,258 | Joint-liability | N/A | N/A | 2024-1-29to2029-1-25 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 11April2025 | 1,146 | Joint-liability | N/A | N/A | 2025-4-28to2029-4-27 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | 435 | Joint-liability | N/A | N/A | 2024-9-29to2030-9-20 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | 327 | Joint-liability | N/A | N/A | 2024-11-25to2030-11-20 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 27November2025 | 1,463 | Joint-liability | N/A | N/A | 2025-12-8to2029-12-7 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 27November2025 | 1,329 | Joint-liability | N/A | N/A | 2025-12-17to2029-12-17 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | 380 | Joint-liability | N/A | N/A | 2025-2-18to2031-2-15 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 5June2024 | 974 | Joint-liability | N/A | N/A | 2024-6-19to2029-6-19 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 5June2024 | 2,321 | Joint-liability | N/A | N/A | 2024-8-28to2029-8-28 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 28August2025 | 860 | Joint-liability | N/A | N/A | 2025-10-15to2030-10-15 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 21January2023 | 52,716 | 28March2023 | 57 | Joint-liability | N/A | N/A | 2023-3-28to2029-3-27 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 21January2023 | 52,716 | 6April2023 | 2,235 | Joint-liability | N/A | N/A | 2023-4-6to2029-4-5 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 28November2025 | 2,292 | Joint-liability | N/A | N/A | 2025-12-2to2031-11-25 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 14May2025 | 2,292 | Joint-liability | N/A | N/A | 2025-9-5to2029-9-2 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 14May2025 | 2,292 | Joint-liability | N/A | N/A | 2025-6-4to2029-6-3 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 3November2025 | 1,604 | Joint-liability | N/A | N/A | 2025-11-4to2029-11-4 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 17July2024 | 444 | Joint-liability | N/A | N/A | 2025-4-25to2029-1-15 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 17July2024 | 244 | Joint-liability | N/A | N/A | 2025-4-28to2029-1-15 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | 10,857 | Joint-liability | N/A | N/A | 2022-10-26to2035-6-21 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | 1,031 | Joint-liability | N/A | N/A | 2025-11-13to2029-4-15 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | 1,031 | Joint-liability | N/A | N/A | 2025-11-13to2029-5-10 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | 68 | Joint-liability | N/A | N/A | 2025-12-19to2029-12-3 | Not | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 5June2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 21January2023 | 52,716 | 16June2023 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 26September2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 5June2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 26March2025 | 32,088 | 14May2025 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 2April2024 | 30,942 | 17July2024 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 11March2023 | 12,606 | 26April2023 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| BOEHCSemiTek(Zhejiang)Co.,Ltd. | 18July2022 | 30,942 | 30August2022 | - | Joint-liability | N/A | N/A | - | Yes | Not |
| TotalapprovedlineforsuchguaranteesintheReportingPeriod(C1) | 460,864 | TotalactualamountofsuchguaranteesintheReportingPeriod(C2) | 90,436 | |||||||
| TotalapprovedlineforsuchguaranteesattheendoftheReportingPeriod(C3) | 1,011,640 | TotalactualbalanceofsuchguaranteesattheendoftheReportingPeriod(C4) | 218,680 | |||||||
| Totalguaranteeamount(totalofthethreekindsofguaranteesabove) | ||||||||||
| TotalguaranteelineapprovedintheReportingPeriod(A1+B1+C1) | 460,864 | TotalactualguaranteeamountintheReportingPeriod(A2+B2+C2) | 567,621 | |||||||
| TotalapprovedguaranteelineattheendoftheReportingPeriod(A3+B3+C3) | 11,007,857 | TotalactualguaranteebalanceattheendoftheReportingPeriod(A4+B4+C4) | 3,668,505 | |||||||
| Totalguaranteebalance(A4+B4+C4)as%oftheCompany’snetassets | 27.28% |
| Ofwhich: | |
| Balanceofguaranteesprovidedforshareholders,actualcontrollerandtheirrelatedparties(D) | 0 |
| Balanceofdebtguaranteesprovideddirectlyorindirectlyforobligorswithanover70%debt/assetratio(E) | 104,881 |
| Amountbywhichthetotalguaranteeamountexceeds50%oftheCompany’snetassets(F) | 0 |
| Totalofthethreeamountsabove(D+E+F) | 104,881 |
| JointresponsibilitiespossiblyborneoralreadyborneintheReportingPeriodforundueguarantees(ifany) | N/A |
| Provisionofexternalguaranteesinbreachoftheprescribedprocedures(ifany) | N/A |
CompoundguaranteesNone
3.CashEntrustedforWealthManagement
(1)CashEntrustedforWealthManagement?Applicable□NotapplicableOverviewsofcashentrustedforwealthmanagementduringtheReportingPeriod
Unit:RMB'0,000
| Productcategory | Riskcharacteristics | BalanceofentrustedwealthmanagementduringtheReportingPeriod | Overdueandunrecoveredamount |
| Bankfinancialproducts | Principal-guaranteedwithfloatingreturn | 73,500 | 0 |
Detailsofhigh-riskentrustedwealthmanagementwheretheCompanyactsasthesoleprincipalinengagingfinancialinstitutionsforassetmanagement,orinvestsinproductswithlowersafetyandweakerliquidity:
□Applicable?Notapplicable
(2)EntrustedLoans
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
4.OtherMajorContracts
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
XVIUseofFundsRaised?Applicable□Notapplicable
1.OverallUseofFundsRaised?Applicable□Notapplicable
Unit:RMB’0,000
| Year | Wayofraising | Securitieslistingdate | Totalfundsraised | Netproceeds(1) | Totalfundsusedinthecurrentperiod | Accumulativefundsused(2) | Fundsusedas%ofnetproceedsasoftheperiod-end(3)=(2)/(1) | Totalrepurposedfundsinthecurrentperiod | Accumulativerepurposedfunds | Accumulativerepurposedfundsas%ofnetproceeds | Totalunusedfunds | Thepurposeandwhereaboutsofunusedfunds | Fundsidleforovertwoyears |
| 2025 | Publicofferingofcorporatebonds | 19June2025 | 200,000 | 200,000 | 200,000 | 200,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Publicofferingofcorporatebonds | 14November2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Publicofferingofcorporatebonds | 21November2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Issueofmediumtermnotes(MTN) | 25April2025 | 200,000 | 200,000 | 200,000 | 200,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Issueofmediumtermnotes(MTN) | 15May2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Issueofmediumtermnotes(MTN) | 26June2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Issueofmediumtermnotes(MTN) | 14July2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Issueofmediumtermnotes(MTN) | 28July2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| 2025 | Issueofmediumtermnotes(MTN) | 12August2025 | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | 0 | 0 | 0.00% | 0 | - | 0 |
| Total | -- | -- | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | 100.00% | 0 | 0 | 0.00% | 0 | -- | 0 |
Explanationofoveralluseoffundsraised:
In2025,theCompanyraisedatotalofRMB4,000,000,000throughtheissuanceofcorporatebonds.TheproceedswereusedtorefinancetheprincipalofcorporatebondspreviouslyrepaidwiththeCompany’sownfundsandtoreplacetheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance.AsatthedateofthisReport,thefundsraisedhadbeenfullyutilized,representing100%utilization,conformingtotheprovisionsoftheprospectus.In2025,theCompanyraisedatotalofRMB7,000,000,000throughtheissuanceofmediumtermnotes.Theproceedswereusedtoreplacetheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas,toreplenishworkingcapitalandtorepayinterest-bearingliabilities.AsatthedateofthisReport,thefundsraisedhadbeenfullyutilized,conformingtotheprovisionsoftheprospectus.
2.CommitmentProjectsofFundRaised
?Applicable□Notapplicable
Unit:RMB’0,000
| Financingproject | Securitieslistingdate | Committedinvestmentprojectandsuperraisefundarrangement | Projectnature | Changedornot(includingpartialchanges) | Committedinvestmentamount | Investmentamountafteradjustment(1) | InvestmentamountintheReportingPeriod | Accumulativeinvestmentamountasoftheperiod-end(2) | Investmentscheduleastheperiod-end(3)＝(2)/(1) | Dateofreachingintendeduseoftheproject | RealizedincomeintheReportingPeriod | Accumulativeincomeasoftheperiod-end | Whetherreachedanticipatedincome | Whetheroccurredsignificantchangesinprojectfeasibility |
| Committedinvestmentproject | ||||||||||||||
| 25BOEK1 | 19June2025 | Replacingtheprincipalofthecorporatebond“22BOEY1” | Repayment | No | 200,000 | 200,000 | 200,000 | 200,000 | 100.00% | - | - | - | N/A | No |
| previouslyrepaidwiththeCompany’sownfunds | ||||||||||||||
| 25BOEK2 | 6November2025 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance | Investment | No | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | - | - | - | N/A | No |
| 25BOEK3 | 14November2025 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance | Investment | No | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN001 | 25April2025 | Replacingtheissuer’sequity | Investment | No | 190,000 | 190,000 | 190,000 | 190,000 | 100.00% | - | - | - | N/A | No |
| (TechnologicalInnovationNotes) | contributionsmadewithinoneyeartotechnologyinnovationareas | |||||||||||||
| 25BOEGroupMTN001(TechnologicalInnovationNotes) | 25April2025 | Replenishingworkingcapital | Replenishingworkingcapital | No | 10,000 | 10,000 | 10,000 | 10,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN002(TechnologicalInnovationBonds) | 15May2025 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | Investment | No | 90,000 | 90,000 | 90,000 | 90,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN002(TechnologicalInnovationBonds) | 15May2025 | Replenishingworkingcapital | Replenishingworkingcapital | No | 10,000 | 10,000 | 10,000 | 10,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN003(TechnologicalInnovationBonds) | 26June2025 | Repaymentofinterest-bearingliabilities | Repayment | No | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN004(TechnologicalInnovation | 14July2025 | Replacingtheissuer’sequitycontributionsmadewithin | Investment | No | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | - | - | - | N/A | No |
| Bonds) | oneyeartotechnologyinnovationareas | |||||||||||||
| 25BOEGroupMTN005(TechnologicalInnovationBonds) | 28July2025 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | Investment | No | 100,000 | 100,000 | 100,000 | 100,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN006(TechnologicalInnovationBonds) | 12August2025 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | Investment | No | 39,000 | 39,000 | 39,000 | 39,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN006(TechnologicalInnovationBonds) | 12August2025 | Repaymentofinterest-bearingliabilities | Repayment | No | 40,000 | 40,000 | 40,000 | 40,000 | 100.00% | - | - | - | N/A | No |
| 25BOEGroupMTN006(TechnologicalInnovationBonds) | 12August2025 | Replenishingworkingcapital | Replenishingworkingcapital | No | 21,000 | 21,000 | 21,000 | 21,000 | 100.00% | - | - | - | N/A | No |
| Subtotalofcommittedinvestmentproject | -- | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | -- | -- | - | - | -- | -- | |||
| Superraisedfundsarrangement | ||||||||||||||
| N/A | ||||||||||||||
| Repaymentofbankloans(ifany) | -- | 0 | 0 | 0 | 0 | 0.00% | -- | -- | -- | -- | -- | |
| Replenishmentofworkingcapital(ifany) | -- | 0 | 0 | 0 | 0 | 0.00% | -- | -- | -- | -- | -- | |
| Subtotalofsuperraisedfundsarrangement | -- | 0 | 0 | 0 | 0 | -- | -- | - | - | -- | -- | |
| Total | -- | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | -- | -- | - | - | -- | -- | |
| Describeprojectbyprojectanyfailuretomeetthescheduleoranticipatedincome,aswellasthereasons(includingreasonsforinputting“N/A”for“Whetherreachedanticipatedincome”) | Allfundsraisedthrough25BOEGroupMTN001(TechnologicalInnovationNotes),25BOEGroupMTN002(TechnologicalInnovationBonds),25BOEGroupMTN003(TechnologicalInnovationBonds),25BOEGroupMTN004(TechnologicalInnovationBonds),25BOEGroupMTN005(TechnologicalInnovationBonds),25BOEGroupMTN006(TechnologicalInnovationBonds),25BOEK1,25BOEK2and25BOEK3areintendedforthepurposesspecifiedintheprospectus,whichareexpectedtohelpdevelopthemainbusinessoftheCompany,enhanceourcompetitiveness,strengthenourdebtrepaymentability,andimproveourfinancialconditions.Theinputof“N/A”inthe“anticipatedincome”isbecausetheseprojectsdonotdirectlygenerateeconomicbenefits. | |||||||||||
| Notesofconditionofsignificantchangesoccurredinprojectfeasibility | N/A | |||||||||||
| Amount,purposeandscheduleofsuperraisefund | N/A | |||||||||||
| Unauthorizedchangeofthepurposeofraisedfundsorillegaloccupationofraisedfunds | N/A | |||||||||||
| Changesinimplementationaddressofinvestmentproject | N/A | |||||||||||
| Adjustmentofimplementationmodeofinvestmentproject | N/A | |||||||||||
| Advanceinvestmentsinprojectsfinancedwithraisedfundsandswapsofsuchadvanceinvestmentswithsubsequentraisedfunds | Applicable | |||||||||||
| AsattheendoftheReportingPeriod,thefundsraisedfrom25BOEGroupMTN001(TechnologicalInnovationNotes)wereusedtoreplacetheissuer’sequitycontributionsofRMB1.9billionmadewithinoneyeartotechnologyinnovationareas;thefundsraisedfrom25BOEGroupMTN002(TechnologicalInnovationBonds)wereusedtoreplacetheissuer’sequitycontributionsofRMB900millionmadewithinoneyeartotechnologyinnovationareas;thefundsraisedfrom25BOEGroupMTN004(TechnologicalInnovationBonds)wereusedtoreplacetheissuer’sequitycontributionsofRMB1billionmadewithinoneyeartotechnologyinnovationareas;thefundsraisedfrom25BOEGroupMTN005(TechnologicalInnovationBonds)wereusedtoreplacetheissuer’sequitycontributionsofRMB1billionmadewithinoneyeartotechnologyinnovationareas;andthefundsraisedfrom25BOEGroupMTN006(TechnologicalInnovationBonds)wereusedtoreplacetheissuer’sequitycontributionsofRMB390millionmadewithinoneyeartotechnology | ||||||||||||
| innovationareas.AsattheendoftheReportingPeriod,thefundsraisedfrom25BOEK1wereusedtoreplacetheprincipalofthecorporatebond22BOEY1previouslyrepaidwiththeCompany’sownfunds,intheamountofRMB2billion;thefundsraisedfrom25BOEK2wereusedtoreplacetheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance,intheamountofRMB1billion;andthefundsraisedfrom25BOEK3wereusedtoreplacetheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance,intheamountofRMB1billion. | |
| Idlefundsreplenishingtheworkingcapitaltemporarily | N/A |
| Amountofsurplusinprojectimplementationandthereasons | Applicable |
| AsattheendoftheReportingPeriod,thetotalfundsraisedfromthemediumtermnoteshadbeenfullyutilized,witharemainingbalanceofRMB19,400,representinginterestincomeearnedduringthedepositperiod. | |
| Purposeandwhereaboutsofunusedfunds | N/A |
| Problemsincurredinfundusinganddisclosureorothercondition | N/A |
3.Re-purposedRaisedFunds
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
4.Sponsor’sVerificationOpinionontheUseandDepositofRaisedFunds
□Applicable?Notapplicable
XVIIOtherSignificantEvents
?Applicable□Notapplicable
1.TheCompanydisclosedtheAnnouncementonNotExercisingtheIssuer’sRenewalOptionforthe2022PublicOfferingofRenewableCorporateBondsofBOE(forprofessionalinvestors)(DigitalEconomy)(PhaseI)(AnnouncementNo.2025-008)on11February2025,andthethirdanniversaryof22BOEY1fellon25March2025.AccordingtotherelevantprovisionsoftheProspectusandtheListingDeclaration,theCompanydecidesnottoexercisetherenewaloptionofbondissuer.Thatis,thecurrentbondsweretobefullyredeemed.AstheCompanydisclosedtheAnnouncementontheRedemptionofthePrincipalandInterestofthe"22BOEY1"CorporateBondsandtheDe-listingoftheBonds(AnnouncementNo.2025-010)on21March2025,itwouldpaytheinterestofthebondsgeneratedbetween25March2024and24March2025,aswellastheprincipalofthebonds,on25March2025,andde-listthebonds.
2.TheCompanydisclosedtheAnnouncementonthePublicOfferingofCorporateBondstoProfessionalInvestorsObtainingRegistrationApprovalfromtheCSRC(AnnouncementNo.2024-052)on9October2024.TheCompanyreceivedtheCSRCPermit[2024]No.1330,whichagreedtotheCompany'spublicofferingofcorporatebondswithanaggregatenominalvalueofnomorethanRMB10billiontoprofessionalinvestors.
| Bondname | Abbr. | Bondcode | Dateofissue | Maturity |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(FirstTranche)in2025toProfessionalInvestors | 25BOEK1 | 524305.SZ | 12June2025to13June2025 | 13June2030 |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(SecondTranche)in2025toProfessionalInvestors | 25BOEK2 | 524510.SZ | 5November2025to6November2025 | 6November2030 |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(ThirdTranche)in2025toProfessionalInvestors | 25BOEK3 | 524530.SZ | 13November2025to14November2025 | 14November2030 |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(FirstTranche)in2026toProfessionalInvestors | 26BOEK1 | 524641.SZ | 22January2026to23January2026 | 23January2031 |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(SecondTranche)in2026toProfessionalInvestors | 26BOEK2 | 524715.SZ | 18March2026to19March2026 | 19March2031 |
3.TheCompanydisclosedtheAnnouncementonResolutionsofthe1stExtraordinaryGeneralMeetingin2025(AnnouncementNo.2025-002),AnnouncementonResolutionsofthe1stMeetingofthe11thBoardofDirectors(AnnouncementNo.2025-005)andAnnouncementonResolutionsofthe1stMeetingofthe11thSupervisoryCommittee(AnnouncementNo.2025-006)on15January2025,whichreviewedandapprovedproposalsrelatedtogeneralelectionandcompletedthegeneralelection.Formoredetails,pleaserefertorelevantannouncements.TheCompanydisclosedtheAnnouncementonResignationofSeniorManagement(AnnouncementNo.2025-057)on10July2025,duetojobtransfer,Mr.GuoHuapingappliedforresignationasSeniorVicePresidentandChiefCulturalOfficerandwillnotholdanypositionintheCompanyoranyofitsmajority-ownedsubsidiariesafterhisresignation.On23September2025,theCompanydisclosedtheAnnouncementontheElectionofanEmployee
Director(AnnouncementNo.2025-071).On22September2025,theCompany’stradeunionconvenedtheCompany’sWorkersCongress,whichelectedMr.LiYangasanemployeedirectorofthe11thBoardofDirectors.On11October2025,theCompanydisclosedtheAnnouncementontheResignationofaDirector(AnnouncementNo.2025-074).Forpersonalreasons,Mr.GaoWenbaoappliedtoresignfromhispositionsasaDirector,ViceChairmanandmemberofthespecialcommitteesoftheBoardofDirectors.Followinghisresignation,henolongerholdsanypositionintheCompanyoritsmajority-ownedsubsidiaries.On31October2025,theCompanydisclosedtheAnnouncementontheElectionoftheViceChairmanofthe11thBoardofDirectors(AnnouncementNo.2025-078).TheBoardofDirectorselectedMr.WangXipingasViceChairmanofthe11thBoardofDirectors,withthetermofofficecommencingfromthedateofelectionattheBoardmeetingandendingonthedateofexpiryofthetermofthecurrentsessionoftheBoard.On31October2025,theCompanydisclosedtheAnnouncementontheElectionoftheNon-IndependentDirectorofthe11thBoardofDirectors(AnnouncementNo.2025-077),andon18November2025,theAnnouncementontheResolutionsoftheThirdExtraordinaryGeneralMeetingofShareholdersin2025(AnnouncementNo.2025-089),announcingtheelectionofMs.FengLiqiongasanon-independentdirectorofthe11thBoardofDirectors.
4.The4thMeetingofthe11thBoardofDirectorsandthe2024AnnualGeneralMeetingofShareholdersoftheCompanyreviewedandapprovedtheProposalonChangingtheUseofRepurchasedSharesandCancelingThem,andon22April2025,theCompanydisclosedtheAnnouncementonChangingtheUseofRepurchasedSharesandCancelingThem(AnnouncementNo.2025-030).TheCompanyintendedtochangetheuseof228,882,900sharesheldinthespecialrepurchasesecuritiesaccountfrom“tobeusedfortheimplementationoftheCompany’sequityincentiveplan”to“tobecanceledwithacorrespondingreductionintheCompany’sregisteredcapital”,andwouldproceedwiththerelevantcancellationproceduresinaccordancewiththeapplicableregulations.On3June2025,theCompanydisclosedtheAnnouncementontheCompletionoftheCancellationofRepurchasedSharesandtheResultingChangeinShareCapital(AnnouncementNo.2025-041).On29May2025,theCompanycompletedthecancellationof228,882,900treasuryshareswiththeChinaSecuritiesDepositoryandClearingCorporationLimitedShenzhenBranch.FollowingtheapprovaloftheProposalontheRepurchaseofSomePublicSharesattheFourthMeetingofthe11thBoardofDirectorsandthe2024AnnualGeneralMeetingofShareholders,theCompanydisclosedtheAnnouncementontheRepurchaseofSomePublicShares(AnnouncementNo.2025-029)on22April2025,andtheReportontheRepurchaseofSomePublicShares(AnnouncementNo.2025-045)on10June2025.On6June2025,theCompanydisclosedtheVoluntaryInformationDisclosureAnnouncementonReceivingaLetterofLoanCommitmentandObtainingFinancingSupportforShareRepurchase(AnnouncementNo.2025-044).TheCompanyreceivedaLetterofLoanCommitmentissuedbyBeijingBranchofChinaConstructionBankCorporation,committingtoprovidetheCompanywithaspecialloanofRMB1.8billionforsharerepurchase.TheCompanycarriedoutthefirstrepurchaseon30June2025anddisclosedtheAnnouncementontheFirstRepurchaseofSomePublicShares&ShareRepurchaseProgress(AnnouncementNo.2025-055)on1July2025.On6January2026,theCompanydisclosedtheAnnouncementontheCompletionoftheImplementationoftheShareRepurchaseProgramandtheResultoftheRepurchase(AnnouncementNo.2026-001).Thesharerepurchasewasactuallycarriedoutduringtheperiodfrom30June2025to31December2025.Asat31December2025,theCompanyhasimplementedtherepurchaseoftheCompany'ssharesbymeansofcentralizedbiddingthroughaspecialsecuritiesaccountfortherepurchase,andthecumulativenumberofASharesrepurchasedwas369,552,400,accountingforapproximately1.0064%oftheCompany'sASharesand0.9877%oftheCompany'stotalsharecapital,withthehighesttransactionpriceofRMB4.26pershareandthelowesttransactionpriceofRMB3.83pershare.ThetotalamountpaidwasRMB1,500,060,240.57(exclusiveoftransactioncosts).TheaboverepurchaseoftheCompanywasinlinewiththerequirementsofrelevantlawsandregulations,aswellastheestablishedrepurchaseprogramoftheCompany.On12January2026,theCompanydisclosedtheAnnouncementontheCompletionoftheCancellationofRepurchasedSharesandtheResultingChangeinShareCapital(AnnouncementNo.2026-003).On8January2026,theCompanycompletedthecancellationof369,552,400repurchasedshareswiththeChinaSecuritiesDepositoryandClearingCorporationLimitedShenzhenBranch.
5.On19June2025,theCompanydisclosedtheAnnouncementontheDistributionofthe2024FinalDividend(AnnouncementNo.2025-053).Asthe2024FinalDividendPlanhadbeenapprovedatthe2024AnnualGeneralMeetingofShareholderson23
May2025,theCompanydistributeda2024finaldividendofRMB0.5per10shares(dividendtoB-shareholderspaidinHKDaccordingtothecentralparityrateofRMBandHKDdeclaredbythePeople’sBankofChinaonthefirstworkingdayimmediatelyafterthedateoftherelevantgeneralmeetingresolution),withnobonusissuefromeitherprofitorcapitalreserves.
| Overviewofsignificantevent | Disclosuredate | Disclosurewebsite |
| AnnouncementontheVoluntaryDisclosureoftheProposedAcquisitionofPartialEquityInterestinXianyangCHOTOptoelectronicsTechnologyCo.,Ltd. | 18June2025 | www.cninfo.com.cn |
XVIIISignificantEventsofSubsidiaries
?Applicable□NotapplicableOn9April2025,theCompanydisclosedtheAnnouncementontheOfficialListingofaMajority-ownedSubsidiaryontheNationalEquitiesExchangeandQuotations(AnnouncementNo.:2025-012).TheequitiesoftheCompany'smajority-ownedsubsidiaryBOEEnergyTechnologyCo.,Ltd.werelistedforpublictransferontheNationalEquitiesExchangeandQuotationsstartingfrom8April2025.On31October2025,theCompanydisclosedtheAnnouncementontheProposedInitialPublicOfferingofSharestoQualifiedInvestorsinGeneralandListingontheBeijingStockExchangebyaControlledSubsidiary(AnnouncementNo.2025-079).TheCompany’scontrolledsubsidiary,BOEEnergyTechnologyCo.,Ltd.(hereinafterreferredtoas“EnergyTechnology”),proposedtomakeaninitialpublicofferingofsharestoqualifiedinvestorsingeneralofnotmorethan414,230,020shares(includingthatnumber,assumingnoexerciseoftheover-allotmentoption)ornotmorethan476,364,523shares(includingthatnumber,assumingfullexerciseoftheover-allotmentoption).Fordetails,pleaserefertotherelevantannouncements.On24December2025,theCompanydisclosedtheAnnouncementontheCompletionoftheSupervisionAcceptancefortheInitialPublicOfferingofSharestoQualifiedInvestorsinGeneralandListingontheBeijingStockExchangebyaControlledSubsidiary(VoluntaryDisclosure)(AnnouncementNo.2025-091).TheCompany’scontrolledsubsidiary,BOEEnergyTechnologyCo.,Ltd.,receivedanotificationfromChinaSecuritiesCo.,Ltd.(CSC)that,followingitssupervisionbyCSC,EnergyTechnologyhadpassedthesupervisionacceptancebytheBeijingRegulatoryBureauoftheChinaSecuritiesRegulatoryCommission.On6January2026,theCompanydisclosedtheAnnouncementontheAcceptanceoftheApplicationfortheInitialPublicOfferingofSharestoQualifiedInvestorsinGeneralandListingontheBeijingStockExchangebyaControlledSubsidiary(VoluntaryDisclosure)(AnnouncementNo.2026-002).On31December2025,theCompany’scontrolledsubsidiary,BOEEnergyTechnologyCo.,Ltd.,receivedtheAcceptanceLetter(GF2025120047)issuedbytheBeijingStockExchange(BSE),confirmingthattheBSEhadformallyacceptedEnergyTechnology’sapplicationfortheinitialpublicofferingofsharestoqualifiedinvestorsingeneralandlistingontheBSE.
PartVIShareChangesandShareholderInformation
IShareChanges
1.ShareChanges
Unit:share
| Item | Before | Increase/decrease(+/-) | After | ||||||
| Number | Percentage | Newissues | Bonusshares | Bonusissuefromprofit | Other | Subtotal | Number | Percentage | |
| I.Restrictedshares | 100,576,390 | 0.27% | 0 | 0 | 0 | -90,796,145 | -90,796,145 | 9,780,245 | 0.03% |
| 1.Sharesheldbythestate | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 2.Sharesheldbystate-ownedcorporations | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 3.Sharesheldbyotherdomesticinvestors | 92,641,606 | 0.25% | 0 | 0 | 0 | -82,861,361 | -82,861,361 | 9,780,245 | 0.03% |
| Amongwhich:Sharesheldbydomesticcorporations | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Sharesheldbydomesticindividuals | 92,641,606 | 0.25% | 0 | 0 | 0 | -82,861,361 | -82,861,361 | 9,780,245 | 0.03% |
| 4.Sharesheldbyforeigninvestors | 7,934,784 | 0.02% | 0 | 0 | 0 | -7,934,784 | -7,934,784 | 0 | 0.00% |
| Amongwhich:Sharesheldbyforeigncorporations | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| Sharesheldbyforeignindividuals | 7,934,784 | 0.02% | 0 | 0 | 0 | -7,934,784 | -7,934,784 | 0 | 0.00% |
| II.Non-restrictedshares | 37,544,439,813 | 99.73% | 0 | 0 | 0 | -140,339,594 | -140,339,594 | 37,404,100,219 | 99.97% |
| 1.RMBordinaryshares | 36,851,555,686 | 97.89% | 0 | 0 | 0 | -140,339,594 | -140,339,594 | 36,711,216,092 | 98.12% |
| 2.Domesticallylistedforeignshares | 692,884,127 | 1.84% | 0 | 0 | 0 | 0 | 0 | 692,884,127 | 1.85% |
| 3.Overseaslistedforeignshares | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 4.Other | 0 | 0.00% | 0 | 0 | 0 | 0 | 0 | 0 | 0.00% |
| III.Totalshares | 37,645,016,203 | 100.00% | 0 | 0 | 0 | -231,135,739 | -231,135,739 | 37,413,880,464 | 100.00% |
Reasonsforsharechanges:
?Applicable□NotapplicableDuringtheReportingPeriod,atotalof89,096,540restrictedsharesgrantedunderequityincentiveplanswereunlocked,and2,252,839restrictedsharesthathadbeengrantedtocertainawardeesbutwerestillinlockupwererepurchasedandretired,resultinginadecreaseof91,349,379sharesinthenumberofrestrictedsharesunderequityincentiveplans.DuringtheReportingPeriod,theCompanycompleteditselectionandtransition.Sharesheldbyoutgoingdirectors,supervisorsandseniormanagementwerereleasedfromthelock-up,whileaportionofthesharesheldbynewlyappointeddirectorsandseniormanagementbecamesharesheldbyseniormanagementsubjecttolock-uprestrictions.Asaresult,thetotalnumberofsuchrestrictedsharesheldbyseniormanagementincreasedby553,234shares.DuringtheReportingPeriod,theCompanycanceled228,882,900treasuryshares.Asaresult,thetotalnumberofsharesdecreasedby231,135,739sharesduringtheReportingPeriod,ofwhichsharessubjecttolock-uprestrictionsdecreasedby90,796,145sharesandsharesnotsubjecttolock-uprestrictionsdecreasedby140,339,594shares.Approvalofsharechanges:
□Applicable?NotapplicableTransferofshareownership:
□Applicable?NotapplicableEffectsofsharechangesonthebasicanddilutedearningspershare,equitypershareattributabletotheCompany’sordinaryshareholdersandotherfinancialindicatorsoftheprioryearandtheprioraccountingperiod,respectively:
?Applicable□Notapplicable
| Item | January-December2025 |
| Basicearningspershare(RMB/share) | 0.16 |
| Dilutedearningspershare(RMB/share) | 0.16 |
| Item | 31December2025 |
| EquitypershareattributabletotheCompany’sordinaryshareholders | 3.63 |
OtherinformationthattheCompanyconsidersnecessaryorisrequiredbythesecuritiesregulatortobedisclosed:
□Applicable?Notapplicable
2.ChangesinRestrictedShares?Applicable□Notapplicable
Unit:Share
| Nameoftheshareholders | Restrictedsharesamountattheperiod-begin | Restrictedsharesincreasedoftheperiod | Restrictedsharesrelievedoftheperiod | Restrictedsharesamountattheperiod-end | Restrictedreasons | Restrictedsharesrelieveddate |
| Lockedsharesofexecutives | 9,227,011 | 553,234 | 0 | 9,780,245 | Lockedsharesofexecutives | - |
| Restrictedsharesforequityincentive | 91,349,379 | 0 | 91,349,379 | 0 | Restrictedsharesforequityincentive | - |
| Total | 100,576,390 | 553,234 | 91,349,379 | 9,780,245 | -- | -- |
IIIssuanceandListingofSecurities
1.Securities(ExclusiveofPreferredShares)IssuedintheReportingPeriod
□Applicable?Notapplicable
| Nameofstockandderivativesecurities | Issuedate | Issueprice(orinterestrate) | Issuednumber | Listingdate | Numberapprovedforlistingandtrading | Transactionterminationdate | Disclosureindex | Disclosuredate |
| Stocks | ||||||||
| N/A | ||||||||
| Convertiblecorporatebonds,detachableconvertiblecorporatebonds,andothercorporatebonds | ||||||||
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(FirstTranche)in2025toProfessionalInvestors | 13June2025 | 1.94% | RMB2,000,000,000 | 19June2025 | RMB2,000,000,000 | 13June2030 | Fordetails,pleaserefertotheAnnouncementontheListingontheShenzhenStockExchangeoftheTechnologicalInnovationCorporateBonds(FirstTranche)in2025OfferedbyBOETechnologyGroupCo.,Ltd.toProfessionalInvestors | 19June2025 |
| disclosedonhttps://www.cninfo.com.cn/. | ||||||||
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(SecondTranche)in2025toProfessionalInvestors | 6November2025 | 1.95% | RMB1,000,000,000 | 14November2025 | RMB1,000,000,000 | 6November2030 | Fordetails,pleaserefertotheAnnouncementontheListingontheShenzhenStockExchangeoftheTechnologicalInnovationCorporateBonds(SecondTranche)in2025OfferedbyBOETechnologyGroupCo.,Ltd.toProfessionalInvestorsdisclosedonhttps://www.cninfo.com.cn/. | 14November2025 |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(ThirdTranche)in2025toProfessionalInvestors | 14November2025 | 1.95% | RMB1,000,000,000 | 21November2025 | RMB1,000,000,000 | 14November2030 | Fordetails,pleaserefertotheAnnouncementontheListingontheShenzhenStockExchangeoftheTechnologicalInnovationCorporateBonds(ThirdTranche)in2025OfferedbyBOETechnologyGroupCo.,Ltd.toProfessionalInvestorsdisclosedonhttps://www.cninfo.com.cn/ | 21November2025 |
| Otherderivativesecurities | ||||||||
| N/A | ||||||||
Descriptionoftheissuanceofsecurities(ExclusiveofPreferredShares)intheReportingPeriod:N/A
2.ChangestoTotalShares,ShareholderStructureandAssetandLiabilityStructures?Applicable□Notapplicable
1.DuringtheReportingPeriod,theCompanyrepurchasedandcanceled2,252,839restrictedshares,resultinginadecreaseof2,252,839sharesoftheCompany'sshares.
2.DuringtheReportingPeriod,theCompanycancel228,882,900sharesinthespecialsecuritiesaccountforrepurchasedshares,resultinginadecreaseof228,882,900sharesoftheCompany’sshares.
3.ExistingStaff-HeldShares
□Applicable?Notapplicable
IIIShareholdersandActualController
1.TotalNumberofShareholdersandTheirShareholdings
Unit:Share
| Numberofordinaryshareholdersattheperiod-end | 995,792(including966,309A-shareholdersand29,483B-shareholders) | Numberofordinaryshareholdersatthemonth-endpriortothedisclosureofthisReport | 981,480(including952,576A-shareholdersand28,904B-shareholders) | ||||||
| 5%orgreatershareholdersortop10shareholders(exclusiveofshareslentinrefinancing) | |||||||||
| Nameofshareholder | Natureofshareholder | Shareholdingpercentage | Totalsharesheldattheperiod-end | Increase/decreaseintheReportingPeriod | Restrictedsharesheld | Unrestrictedsharesheld | Sharesinpledge,markedorfrozen | ||
| Status | Shares | ||||||||
| BeijingState-ownedCapitalOperationandManagementCompanyLimited | State-ownedlegalperson | 10.86% | 4,063,333,333 | 0 | 0 | 4,063,333,333 | N/A | 0 | |
| HongKongSecuritiesClearingCompanyLtd. | Foreignlegalperson | 7.38% | 2,760,058,253 | 93,692,368 | 0 | 2,760,058,253 | N/A | 0 | |
| BeijingBOEInvestment&DevelopmentCo.,Ltd. | State-ownedlegalperson | 2.20% | 822,092,180 | 0 | 0 | 822,092,180 | N/A | 0 | |
| BeijingJingGuoruiSoeReformandDevelopmentFund(L.P.) | Other | 1.92% | 718,132,854 | 0 | 0 | 718,132,854 | N/A | 0 | |
| IndustrialandCommercialBankofChinaCo.,Ltd.-Huatai-PinebridgeCSI300Exchange-TradedFund | Other | 1.62% | 605,300,047 | -32,614,100 | 0 | 605,300,047 | N/A | 0 | |
| FuqingHuirongVentureCapitalCo.,Ltd. | Domesticnon-state-ownedlegalperson | 1.44% | 538,599,640 | 0 | 0 | 538,599,640 | Inpledge | 21,000,000 | |
| ChinaConstructionBankCo.,Ltd.-EFundCSI300InitiatingExchange-TradedFund | Other | 1.16% | 432,588,523 | -7,486,500 | 0 | 432,588,523 | N/A | 0 | |
| PerseveranceAssetManagement-PerseveranceXiaofengNo.2ZhixinFund | Other | 0.94% | 352,000,000 | 3,000,000 | 0 | 352,000,000 | N/A | 0 | |
| IndustrialandCommercialBankofChinaCo., | Other | 0.88% | 330,121,300 | 37,604,300 | 0 | 330,121,300 | N/A | 0 | |
| Ltd.-ChinaCSI300Exchange-TradedFund | ||||||||
| ChinaForeignEconomyandTradeTrustCo.,Ltd.-FOTIC-PerseveranceXiaofengHongyuanCollectiveFundsTrustPlan | Other | 0.86% | 320,988,907 | -500,000 | 0 | 320,988,907 | N/A | 0 |
| Strategicinvestorsorgeneralcorporationsbecomingtop-tenordinaryshareholdersduetoplacingofnewshares(ifany) | N/A | |||||||
| Relatedoracting-in-concertpartiesamongtheshareholdersabove | 1.BeijingState-ownedCapitalOperationandManagementCompanyLimitedindirectlyheld100%equitiesofBeijingJingguoruiInvestmentManagementCo.,Ltd.anddirectlyheld77.5918%sharesofBeijingJingGuoruiSoeReformandDevelopmentFund(L.P.);BeijingJingguoruiInvestmentManagementCo.,Ltd.isthegeneralpartnerofBeijingJingGuoruiSoeReformandDevelopmentFund(L.P.).Inaddition,amongtheninemembersoftheInvestmentDecision-MakingCommitteeofBeijingJingGuoruiSoeReformandDevelopmentFund(L.P.),threearenominatedbyBeijingState-ownedCapitalOperationandManagementCompanyLimited.2.Exceptfortheaboverelationships,theCompanydoesnotknowanyotherconnectedpartyoracting-in-concertpartyamongthetop10shareholders. | |||||||
| Explainifanyoftheshareholdersabovewasinvolvedinentrusting/beingentrustedwithvotingrightsorwaivingvotingrights | N/A | |||||||
| Specialaccountforsharerepurchases(ifany)amongthetop10shareholders(seenote10) | AsattheendoftheReportingPeriod,amongtheCompany’stop10shareholders,369,552,400shareswereheldinthespecialsecuritiesaccountforsharerepurchasesofBOETechnologyGroupCo.,Ltd.,representing0.99%ofthetotalshares.InaccordancewiththerelevantprovisionsoftheStandardNo.2ontheContentandFormatofInformationDisclosurebyCompaniesOfferingSecuritiestothePublic,ifarepurchaseaccountexistsamongthetop10shareholders,suchaccountshallbespecificallyexplainedbutisnotincludedinthelistofthetop10shareholdersforpresentationpurposes. | |||||||
| Shareholdingsofthetoptenunrestrictedordinaryshareholders(exclusiveofshareslentinrefinancingandlockedsharesofexecutives) | ||||||||
| Nameofshareholder | Numberofunrestrictedordinarysharesheldattheperiod-end | Sharesbytype | ||||||
| Type | Shares | |||||||
| BeijingState-ownedCapitalOperationandManagementCompanyLimited | 4,063,333,333 | RMBordinaryshare | 4,063,333,333 | |||||
| HongKongSecuritiesClearingCompanyLtd. | 2,760,058,253 | RMBordinaryshare | 2,760,058,253 | |||||
| BeijingBOEInvestment&DevelopmentCo.,Ltd. | 822,092,180 | RMBordinaryshare | 822,092,180 | |||||
| BeijingJingGuoruiSoeReformandDevelopmentFund(L.P.) | 718,132,854 | RMBordinaryshare | 718,132,854 | |||||
| IndustrialandCommercialBankofChinaCo.,Ltd.-Huatai-PinebridgeCSI300Exchange-TradedFund | 605,300,047 | RMBordinaryshare | 605,300,047 | |||||
| FuqingHuirongVentureCapitalCo.,Ltd. | 538,599,640 | RMBordinaryshare | 538,599,640 | |||||
| ChinaConstructionBankCo.,Ltd.-EFundCSI300InitiatingExchange-TradedFund | 432,588,523 | RMBordinaryshare | 432,588,523 | |||||
| PerseveranceAssetManagement-PerseveranceXiaofengNo.2 | 352,000,000 | RMBordinary | 352,000,000 | |||||
| ZhixinFund | share | ||
| IndustrialandCommercialBankofChinaCo.,Ltd.-ChinaCSI300Exchange-TradedFund | 330,121,300 | RMBordinaryshare | 330,121,300 |
| ChinaForeignEconomyandTradeTrustCo.,Ltd.-FOTIC-PerseveranceXiaofengHongyuanCollectiveFundsTrustPlan | 320,988,907 | RMBordinaryshare | 320,988,907 |
| Relatedoracting-in-concertpartiesamongtop10unrestrictedordinaryshareholders,aswellasbetweentop10unrestrictedordinaryshareholdersandtop10shareholders | 1.BeijingState-ownedCapitalOperationandManagementCompanyLimitedindirectlyheld100%equitiesofBeijingJingguoruiInvestmentManagementCo.,Ltd.anddirectlyheld77.5918%sharesofBeijingJingGuoruiSoeReformandDevelopmentFund(L.P.);BeijingJingguoruiInvestmentManagementCo.,Ltd.isthegeneralpartnerofBeijingJingGuoruiSoeReformandDevelopmentFund(L.P.).Inaddition,amongtheninemembersoftheInvestmentDecision-MakingCommitteeofBeijingJingGuoruiSoeReformandDevelopmentFund(L.P.),threearenominatedbyBeijingState-ownedCapitalOperationandManagementCompanyLimited.2.Exceptfortheaboverelationships,theCompanydoesnotknowanyotherconnectedpartyoracting-in-concertpartyamongthetop10shareholders. | ||
| Top10ordinaryshareholdersinvolvedinsecuritiesmargintrading(ifany) | N/A | ||
Note:Thetotalnumberofordinaryshareholdersatthemonth-endpriortothedisclosureofthisReportisthetotalnumberofordinaryshareholdersoftheCompanyasat20March2026.5%orgreatershareholders,top10shareholdersandTop10unrestrictedshareholdersinvolvedinrefinancingshareslending
□Applicable?NotapplicableChangesintop10shareholdersandtop10unrestrictedshareholdersduetorefinancingshareslending/returncomparedwiththepriorperiod
□Applicable?NotapplicableIndicatebytickmarkwhetheranyofthetop10ordinaryshareholdersorthetop10unrestrictedordinaryshareholdersoftheCompanyconductedanypromissoryrepoduringtheReportingPeriod.
□Yes?NoNosuchcasesintheReportingPeriod.
2.ControllingShareholderNatureofthecontrollingshareholder:Controlledbyalocalstate-ownedlegalpersonTypeofthecontrollingshareholder:legalperson
| Nameofcontrollingshareholder | Legalrepresentative/personincharge | Dateofestablishment | Unifiedsocialcreditcode | Principalactivity |
| BeijingElectronicsHoldingsCo.,Ltd. | ZhangJinsong | 8April1997 | 91110000633647998H | Operationandmanagementofstate-ownedassetswithinauthorization;communicationsequipment,audio&visualproductsforbroadcastingandtelevision,computeranditssupportingequipmentandtheappliedproducts,electronicrawmaterialandcomponents,homeelectricappliancesandelectronicproducts,electronicsurveyinginstrumentsandmeters,mechanicalandelectricequipment,electronictransportationproductsandinvestmentinbusinessfieldsotherthanelectronicsanditsmanagement,developmentofrealestate,leaseandsalesofcommodityapartments,propertymanagement.(Themarketentityshallindependentlychoosebusinessitemsandcarryoutbusinessactivitiesaccordingtolaw.Foritemsrequiringapprovalaccordingtolaw,thecompanymustobtainapprovalfromrelatedauthoritiesbeforecarryingoutthebusinessactivities.Thecompanyshallnotengageinbusinessactivitiesthatarebannedandrestrictedinthenationalandmunicipalindustrialpolicies.) |
| Controllingshareholder’sholdingsinotherlistedcompaniesathomeorabroadintheReportingPeriod | BeijingElectronicsHoldingsCo.,Ltd.directlyheld508,801,304sharesofAshareofElectronicCity(StockCode:600658),whichwasof45.49%ofthetotalsharesamountofElectronicCity,andindirectlyheld31,430,563sharesofAshareofElectronicCity,whichwasof2.81%ofthetotalsharesamountofElectronicCity.BeijingElectronicsHoldingsCo.,Ltd.directlyheld67,436,337sharesofAshareofNAURATechnologyGroupCo.,Ltd.(originalBeijingSevenstarElectronicsCo.,Ltd.)(StockCode:002371),whichaccountedfor9.31%ofthetotalsharesofNAURATechnologyGroupCo.,Ltd.andindirectlyheld240,537,223sharesofAshareofNAURATechnologyGroupCo.,Ltd.,whichaccountedfor33.20%ofthetotalsharesofNAURATechnologyGroupCo.,Ltd.BeijingElectronicsHoldingsCo.,Ltd.directlyheld645,657,112sharesofAshareofBeijingYandongMicroelectronicCo.,Ltd.(StockCode:688172),whichaccountedfor45.23%ofthetotalsharesofBeijingYandongMicroelectronicCo.,Ltd.andindirectlyheld125,083,405sharesofAshareofBeijingYandongMicroelectronicCo.,Ltd.,whichaccountedfor8.76%ofthetotalsharesofBeijingYandongMicroelectronicCo.,Ltd.BeijingElectronicsHoldingsCo.,Ltd.directlyheld56,541,164sharesofAsharesofShanghaiNewVisionMicroelectronicsCo.,Ltd.(StockCode:688593),whichaccountedfor12.30%ofthetotalsharesofShanghaiNewVisionMicroelectronicsCo.,Ltd.andindirectlyheld35,964,665sharesofAsharesofKINGSEMI(StockCode:688037),whichaccountedfor17.84%ofthetotalsharesofKINGSEMI. | |||
ChangeofthecontrollingshareholderintheReportingPeriod:
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
3.ActualControllerandItsActing-in-ConcertPartiesNatureoftheactualcontroller:Localinstitutionforstate-ownedassetsmanagementTypeoftheactualcontroller:legalperson
| Nameofactualcontroller | Legalrepresentative/personincharge | Dateofestablishment | Unifiedsocialcreditcode | Principalactivity |
| BeijingElectronicsHoldingsCo.,Ltd. | ZhangJinsong | 8April1997 | 91110000633647998H | Operationandmanagementofstate-ownedassetswithinauthorization;communicationsequipment,audio&visualproductsforbroadcastingandtelevision,computeranditssupportingequipmentandtheappliedproducts,electronicrawmaterialandcomponents,homeelectricappliancesandelectronicproducts,electronicsurveyinginstrumentsandmeters,mechanicalandelectricequipment;electronictransportationproductsandinvestmentinbusinessfieldsotherthanelectronicsanditsmanagement,developmentofrealestate,leaseandsalesofcommodityapartments,propertymanagement.(Themarketentityshallindependentlychoosebusinessitemsandcarryoutbusinessactivitiesaccordingtolaw.Foritemsrequiringapprovalaccordingtolaw,thecompanymustobtainapprovalfromrelatedauthoritiesbeforecarryingoutthebusinessactivities.Thecompanyshallnotengageinbusinessactivitiesthatarebannedandrestrictedinthenationalandmunicipalindustrialpolicies.) |
| OtherlistedcompaniesathomeorabroadcontrolledbytheactualcontrollerintheReportingPeriod | BeijingElectronicsHoldingsCo.,Ltd.directlyheld508,801,304sharesofAshareofElectronicCity(StockCode:600658),whichwasof45.49%ofthetotalsharesamountofElectronicCity,andindirectlyheld31,430,563sharesofAshareofElectronicCity,whichwasof2.81%ofthetotalsharesamountofElectronicCity.BeijingElectronicsHoldingsCo.,Ltd.directlyheld67,436,337sharesofAshareofNAURATechnologyGroupCo.,Ltd.(originalBeijingSevenstarElectronicsCo.,Ltd.)(StockCode:002371),whichaccountedfor9.31%ofthetotalsharesofNAURATechnologyGroupCo.,Ltd.andindirectlyheld240,537,223sharesofAshareofNAURATechnologyGroupCo.,Ltd.,whichaccountedfor33.20%ofthetotalsharesofNAURATechnologyGroupCo.,Ltd.BeijingElectronicsHoldingsCo.,Ltd.directlyheld645,657,112sharesofAshareofBeijingYandongMicroelectronicCo.,Ltd.(StockCode:688172),whichaccountedfor45.23%ofthetotalsharesofBeijingYandongMicroelectronicCo.,Ltd.andindirectlyheld125,083,405sharesofAshareofBeijingYandong | |||
ChangeoftheactualcontrollerduringtheReportingPeriod:
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.OwnershipandcontrolrelationsbetweentheactualcontrollerandtheCompany:
Notes:1.Afterthenon-publicissuingoftheCompanyin2014,BeijingState-ownedCapitalOperationandManagementCompanyLimitedhandedover70%ofthesharesdirectlyheldbyittoBeijingElectronicsHoldingsCo.,Ltd.formanagementthroughStockManagementProtocol,andBeijingElectronicsHoldingsCo.,Ltd.gainedtheincidentalshareholders’rightsexceptfordisposingrightandusufructoftheshares,ofwhichtherest30%votingrightmaintainedunanimouswithBeijingElectronicsHoldingsCo.,Ltd.throughtheagreementaccordingtoImplementationProtocolofVotingRight.
2.Duringthenon-publicissuingoftheCompanyin2021,BeijingJingGuoruiSoeReformandDevelopmentFund(L.P.)signedtheActing-in-ConcertAgreementwithBeijingElectronicsHoldingsCo.,Ltd.IndicatebytickmarkwhethertheactualcontrollercontrolstheCompanyviatrustorotherwaysofassetmanagement.
□Applicable?Notapplicable
4.NumberofAccumulativePledgedSharesheldbytheCompany’sControllingShareholderortheLargestShareholderaswellasItsActing-in-ConcertPartiesAccountsfor80%ofallsharesoftheCompanyheldbyThem
□Applicable?Notapplicable
5.Other10%orGreaterCorporateShareholders
?Applicable□Notapplicable
MicroelectronicCo.,Ltd.,whichaccountedfor8.76%ofthetotalsharesofBeijingYandongMicroelectronicCo.,Ltd.BeijingElectronicsHoldingsCo.,Ltd.indirectlyheld35,964,665sharesofAsharesofKINGSEMI(StockCode:688037),whichaccountedfor17.84%ofthetotalsharesofKINGSEMI.
Nameofcorporateshareholder
| Nameofcorporateshareholder | Legalrepresentative/personincharge | Dateofestablishment | Registeredcapital | Principalactivity |
| BeijingState-ownedCapitalOperationandManagementCompany | PanJinfeng | 30December2008 | RMB50billion | Operationandmanagementofstate-ownedcapital,investmentandinvestmentmanagement;assetsmanagement; |
| Limited | organizethereorganizationaswellasthemergerandacquisitionoftheenterpriseassets.(“1.Thecompanyshallnotraisefundsinanypublicmanner;2.Itshallnotconductsecuritiesproductsandfinancialderivativetransactionsinanypublicmanner;3.Itshallnotissueloans;4.Itshallnotprovideguaranteesforenterprisesotherthoseitinvestsin;5.Itshallnotpromiseanyprincipalguaranteeorminimumreturntoinvestors”;(Marketparticipantsindependentlyselectthebusinessactivitiesandcarryoutthebusinessactivitiesinaccordancewithlawsandregulations;salesoffoodandbusinessactivitiessubjecttoapprovalinaccordancewithlawsandregulations,operationsmaybeconductedonlywiththeapprovalofrelevantgovernmentauthorities;businessactivitiesprohibitedandrestrictedbytheindustrialpoliciesofthestateandthecity.) |
6.LimitationsonShareholdingDecreasebytheCompany’sControllingShareholder,ActualController,ReorganizerandOtherCommitmentMakers
□Applicable?Notapplicable
IVSpecificImplementationofShareRepurchaseduringtheReportingPeriod
Progressonanysharerepurchase?Applicable□Notapplicable
| Disclosuretimeofplan | Numberofsharestoberepurchased | As%oftotalsharecapital | Amountofallrepurchasedshares | Termofrepurchase | Usage | Numberofsharesrepurchased(share) | Numberofsharesrepurchasedas%oftheunderlyingstocksinvolvedintheequityincentiveplan(ifany) |
| 22April2025 | Notlessthan240,000,000shares | Notlessthan0.64%ofthetotalsharecapitalatthetimeofdisclosureoftherepurchaseplan | NotlessthanRMB1.5billion,andnotexceedingRMB2billion | Notexceeding12monthssincethedatewhenthesharerepurchaseplanwasreviewedandapprovedbythegeneralmeetingofshareholders | CanceledwithacorrespondingreductionintheCompany’sregisteredcapital | 369,552,400 | - |
Progressonreducingtherepurchasedsharesbymeansofcentralizedbidding
□Applicable?NotapplicableVPreferenceShares
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
PartVIIBonds?Applicable□NotapplicableIEnterpriseBonds
□Applicable?NotapplicableNoenterprisebondsintheReportingPeriod.
IICorporateBonds
?Applicable□Notapplicable
1.BasicInformationoftheCorporateBonds
Unit:RMB’0,000
| Bondname | Abbr. | Bondcode | Dateofissue | Valuedate | Maturity | Balance | Couponrate | Wayofredemption | Tradeplace |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(FirstTranche)in2025toProfessionalInvestors | 25BOEK1 | 524305.SZ | 13June2025 | 13June2025 | 13June2030 | 200,000 | 1.94% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | SZSE |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(SecondTranche)in2025toProfessionalInvestors | 25BOEK2 | 524510.SZ | 6November2025 | 6November2025 | 6November2030 | 100,000 | 1.95% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | SZSE |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(ThirdTranche)in2025toProfessionalInvestors | 25BOEK3 | 524530.SZ | 14November2025 | 14November2025 | 14November2030 | 100,000 | 1.95% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemption | SZSE |
| ofprincipal. | |||||||||
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(FirstTranche)in2026toProfessionalInvestors | 26BOEK1 | 524641.SZ | 23January2026 | 23January2026 | 23January2031 | 100,000 | 2.06% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | SZSE |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBonds(SecondTranche)in2026toProfessionalInvestors | 26BOEK2 | 524715.SZ | 19March2026 | 19March2026 | 19March2031 | 100,000 | 1.97% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | SZSE |
| Appropriatearrangementoftheinvestors(ifany) | Onlyforthequalifiedinvestors | ||||||||
| Applicabletrademechanism | Centralizedbiddingtradeandnegotiatedblocktrade | ||||||||
| Riskofdelisting(ifany)andcountermeasures | Not | ||||||||
Overduebonds
□Applicable?Notapplicable
2.TheTriggerandExecutionoftheOptionClauseoftheIssuersorInvestorsandtheInvestorProtectionClause
□Applicable?Notapplicable
3.Intermediary
| Bond | Intermediary | Officeaddress | Signatureaccountant | Contactpersonofintermediary | Contactnumber |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBondsin2025toProfessionalInvestors | ChinaSecuritiesCo.,Ltd. | Building4,No.66,AnliRoad,ChaoyangDistrict,Beijing | SuXing,ChaiJing,LiuJingyuan | ZhuMingqiang,HanYong | 021-68801569 |
| ThePublicOfferingofBOETechnologyGroupCo.,Ltd.ofTechnologicalInnovationCorporateBondsin2026toProfessionalInvestors | ChinaSecuritiesCo.,Ltd. | Building4,No.66,AnliRoad,ChaoyangDistrict,Beijing | SuXing,ChaiJing,LiuJingyuan | ZhuMingqiang,HanYong | 021-68801569 |
IndicatebytickmarkwhetheraboveintermediarychangedintheReportingPeriod
□Yes?No
4.ListoftheUsageoftheRaisedFunds
Unit:RMB’0,000
| Bondcode | Abbr. | Totalamount | Promissoryusageoftheraisedfunds | Amountspent | Actualuseofraisedfunds(byusage,excludingtemporarilysupplementingworkingcapital) | Actualuseoffundsineachcategory | Unusedamount | Operationofspecialaccountforraisedfunds(ifany) | Rectificationofraisedfundsforviolationoperation(ifany) | Whetherisconsistentwiththeusage,usingplanandotheragreementsstipulatedintheraisingspecification |
| 524305.SZ | 25BOEK1 | 200,000 | Replacingtheprincipalofthecorporatebond“22BOEY1”previouslyrepaidwiththeCompany’sownfunds | 200,000 | Replacingtheprincipalofthecorporatebond“22BOEY1”previouslyrepaidwiththeCompany’sownfunds,intheamountofRMB2billion | Fullyutilized | 0 | - | - | Yes |
| 524510.SZ | 25BOEK2 | 100,000 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance | 100,000 |
ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance,intheamountofRMB1billion
| Fullyutilized | 0 | - | - | Yes | ||||||
| 524530.SZ | 25BOEK3 | 100,000 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnology | 100,000 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithin | Fullyutilized | 0 | - | - | Yes |
| innovationareaswithinthe12monthspriortotheissuance | the12monthspriortotheissuance,intheamountofRMB1billion | ||||
| 524641.SZ | 26BOEK1 | 100,000 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance | 100,000 |
ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance,intheamountofRMB1billion
| Fullyutilized | 0 | 0 | - | Yes | ||||||
| 524715.SZ | 26BOEK2 | 100,000 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance | 30,000 | ReplacingtheCompany’sownfundsusedforequityinvestmentsintechnologyinnovationareaswithinthe12monthspriortotheissuance,intheamountofRMB300million | Fullyutilized | 0 | 0 | - | Yes |
| Makingcapitalcontributionstosubsidiariesintechnologyinnovationareas | 0 | Makingcapitalcontributionsinaccordancewithprojectprogress | Unutilized | 70,000 | 0 | - | Yes |
Theraisedfundswereusedforprojectconstruction
□Applicable?NotapplicableTheCompanychangedtheusageofabovefundsraisedfrombondsduringtheReportingPeriod.
□Applicable?Notapplicable
5.AdjustmentofCreditRatingResultsduringtheReportingPeriod
□Applicable?Notapplicable
6.ExecutionandChangesofGuarantee,RepaymentPlanandOtherRepaymentGuaranteeMeasuresaswellasInfluenceonEquityofBondInvestorsduringtheReportingPeriod
□Applicable?Notapplicable
IIIDebtFinancingInstrumentsofNon-financialEnterprises?Applicable□Notapplicable
1.GeneralInformationaboutDebtFinancingInstrumentsasaNon-financialEnterprise
Unit:RMB’0,000
| Bondname | Abbr. | Bondcode | Dateofissue | Valuedate | Maturity | Balance(RMB’0,000) | Couponrate | Wayofredemption | Tradeplace |
| The2025FirstTrancheofMedium-TermNotes(TechnologicalInnovationNotes)ofBOETechnologyGroupCo.,Ltd. | 25BOEGroupMTN001(TechnologicalInnovationNotes) | 102581768 | 23April2025 | 24April2025 | 24April2035 | 200,000 | 2.23% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | China’sinter-bankbondmarket |
| The2025SecondTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 25BOEGroupMTN002(TechnologicalInnovationBonds) | 102582067 | 13May2025 | 14May2025 | 14May2035 | 100,000 | 2.23% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | China’sinter-bankbondmarket |
| The2025Third | 25BOE | 10258261 | 24June | 25June | 25June | 100,000 | 1.77% | Interest | China’s |
| TrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | GroupMTN003(TechnologicalInnovationBonds) | 5 | 2025 | 2025 | 2028 | shallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | inter-bankbondmarket | ||
| The2025FourthTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 25BOEGroupMTN004(TechnologicalInnovationBonds) | 102582852 | 10July2025 | 11July2025 | 11July2030 | 100,000 | 1.70% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | China’sinter-bankbondmarket |
| The2025FifthTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 25BOEGroupMTN005(TechnologicalInnovationBonds) | 102583095 | 24July2025 | 25July2025 | 25July2028 | 100,000 | 1.70% | Interestshallbepaidforthisissueofbondsyearly,andthelastinstallmentofinterestshallbepaidwiththeredemptionofprincipal. | China’sinter-bankbondmarket |
| The2025SixthTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 25BOEGroupMTN006(TechnologicalInnovationBonds) | 102583387 | 8August2025 | 11August2025 | 11August2028 | 100,000 | 1.79% | Interestshallbepaidforthisissueofbondsyearly,andthelast | China’sinter-bankbondmarket |
| installmentofinterestshallbepaidwiththeredemptionofprincipal. | |||
| Appropriatearrangementoftheinvestors(ifany) | InstitutionalinvestorsonChina’sinter-bankbondmarket | ||
| Applicabletrademechanism | TrademechanismofChina’sinter-bankbondmarket | ||
| Riskofdelisting(ifany)andcountermeasures | No | ||
Overduebonds
□Applicable?Notapplicable
2.TheTriggerandExecutionoftheOptionClauseoftheIssuersorInvestorsandtheInvestorProtectionClause
□Applicable?Notapplicable
3.Intermediary
| Bond | Intermediary | Officeaddress | Signatureaccountant | Contactpersonofintermediary | Contactnumber |
| The2025Medium-TermNotes/TechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | PingAnBankCo.,Ltd. | No.5047,ShennanEastRoad,LuohuDistrict,Shenzhen,GuangdongProvince | SuXing,ZhangHuan,ChaiJing | ZhangYong,YanXue | 010-66415596 |
IndicatebytickmarkwhetheraboveintermediarychangedintheReportingPeriod
□Yes?No
4.ListoftheUsageoftheRaisedFunds
Unit:RMB’0,000
| Bond | Totalamount | Promissoryusageoftheraisedfunds | Amountspent | Unusedamount | Operationofspecialaccountforraisedfunds(ifany) | Rectificationofraisedfundsforviolationoperation(ifany) | Whetherisconsistentwiththeusage,usingplanandotheragreementsstipulatedintheraisingspecification |
| The2025FirstTrancheofMedium-TermNotes(TechnologicalInnovationNotes)ofBOETechnologyGroupCo.,Ltd. | 200,000 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | 190,000 | 0 | - | - | Yes |
| Replenishmentofworkingcapital | 10,000 | 0 | - | - | Yes | ||
| The2025Second | 100,000 | Replacingthe | 90,000 | 0 | - | - | Yes |
| TrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | issuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | ||||||
| Replenishmentofworkingcapital | 10,000 | 0 | - | - | Yes | ||
| The2025ThirdTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 100,000 | Repaymentofinterest-bearingliabilities | 100,000 | 0 | - | - | Yes |
| The2025FourthTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 100,000 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | 100,000 | 0 | - | - | Yes |
| The2025FifthTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 100,000 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | 100,000 | 0 | - | - | Yes |
| The2025SixthTrancheofTechnologicalInnovationBondsofBOETechnologyGroupCo.,Ltd. | 100,000 | Replacingtheissuer’sequitycontributionsmadewithinoneyeartotechnologyinnovationareas | 39,000 | 0 | - | - | Yes |
| Repaymentofinterest-bearingliabilities | 40,000 | 0 | - | - | Yes | ||
| Replenishmentofworkingcapital | 21,000 | 0 | - | - | Yes |
Theraisedfundswereusedforprojectconstruction
□Applicable?NotapplicableTheCompanychangedtheusageofabovefundsraisedfrombondsduringtheReportingPeriod.
□Applicable?Notapplicable
5.AdjustmentofCreditRatingResultsduringtheReportingPeriod
□Applicable?Notapplicable
6.ExecutionandChangesofGuarantee,RepaymentPlanandOtherRepaymentGuaranteeMeasuresaswellasInfluenceonEquityofBondInvestorsduringtheReportingPeriod
□Applicable?NotapplicableIVConvertibleCorporateBonds
□Applicable?NotapplicableNosuchcasesintheReportingPeriod.
VLossesofScopeofConsolidatedFinancialStatementsduringtheReportingPeriodExceeding10%ofNetAssetsupthePeriod-endofLastYear
□Applicable?Notapplicable
VIMaturedInterest-bearingDebtexcludingBondsupthePeriod-end
□Applicable?Notapplicable
VIIWhethertherewasanyViolationofRulesandRegulationsduringtheReportingPeriod
□Yes?NoVIIITheMajorAccountingDataandtheFinancialIndicatorsoftheRecent2YearsoftheCompanyupthePeriod-end
Unit:RMB’0,000
| Item | 31December2025 | 31December2024 | Change |
| Currentratio | 1.40 | 1.24 | 12.90% |
| Debt/assetratio | 52.46% | 52.43% | 0.03% |
| Quickratio | 1.13 | 1.04 | 8.65% |
| Item | 2025 | 2024 | Change |
| Netprofitbeforeexceptionalgainsandlosses | 423,034 | 383,712 | 10.25% |
| EBITDA/debtratio | 33.97% | 32.25% | 1.72% |
| Interestcover(times) | 3.01 | 2.17 | 38.71% |
| Cash-to-interestcover(times) | 13.72 | 10.54 | 30.17% |
| EBITDA-to-interestcover(times) | 13.99 | 10.97 | 27.53% |
| Debtrepaymentratio(%) | 100.00% | 100.00% | 0.00% |
| Interestpaymentratio(%) | 100.00% | 100.00% | 0.00% |
PartVIIIFinancialStatementsIIndependentAuditor’sReport
| Typeoftheindependentauditor’sopinion | Standardunqualifiedauditopinion |
| Dateofsigningthisreport | 30March2026 |
| Nameoftheindependentauditor | Ernst&YoungHuaMingLLP |
| Referencenumberofauditor’sreport | Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01 |
| Nameofthecertifiedpublicaccountants | XieFeng,WangJing |
AUDITOR’SREPORT
Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01
BOETechnologyGroupCo.,Ltd.TotheshareholdersofBOETechnologyGroupCo.,Ltd.:
(I)Opinion
WehaveauditedthefinancialstatementsofBOETechnologyGroupCo.,Ltd.(the“Company”),whichcomprisetheconsolidatedandcompanybalancesheetsasat31December2025,andtheconsolidatedandcompanyincomestatements,theconsolidatedandcompanystatementsofchangesinequityandtheconsolidatedandcompanystatementsofcashflowsfortheyearthenended,andnotestothefinancialstatements.Inouropinion,theaccompanyingfinancialstatementspresentfairly,inallmaterialrespects,theconsolidatedandtheCompany’sfinancialpositionasat31December2025,andtheconsolidatedandtheCompany’sfinancialperformanceandcashflowsfortheyearthenendedinaccordancewithAccountingStandardsforBusinessEnterprises(“ASBEs”).(II)Basisforopinion
WeconductedourauditinaccordancewithChinaStandardsonAuditing(“CSAs”).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofourreport.WeareindependentoftheCompanyinaccordancewithChinaIndependenceStandardNo.1-IndependenceRequirementsforFinancialStatementAuditandReviewEngagementsandChinaCodeofEthicsforCertifiedPublicAccountants(the“Code”).WehavealsofulfilledourotherethicalresponsibilitiesinaccordancewiththeCode.Wehavecompliedwiththeindependencerequirementsrelevanttotheauditofpublicinterestentities.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.(III)KeyAuditMatters
Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthefinancialstatementsforthecurrentperiod.Thesematterswereaddressedinthecontextofourauditofthefinancialstatementsasawhole,andinformingouropinionthereon,andwedonotprovideaseparateopiniononthesematters.Foreachmatterbelow,ourdescriptionofhowourauditaddressedthematterisprovidedinthatcontext.Wehavefulfilledtheresponsibilitiesdescribedinthefinancialstatementssectionofourreport,includinginrelationtothesematters.Accordingly,ourauditincludedtheperformanceofproceduresdesignedtorespondtoourassessmentoftherisksofmaterialmisstatementofthefinancialstatements.Theresultsofourauditprocedures,includingtheproceduresperformedtoaddressthemattersbelow,providethebasisforourauditopinionontheaccompanyingfinancialstatements.
AUDITOR’SREPORT(continued)
Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01
BOETechnologyGroupCo.,Ltd.(III)KeyAuditMatters(continued)
| Keyauditmatter | Howourauditaddressedthekeyauditmatter |
| Revenuerecognition | |
| TherevenueofBOETechnologyGroupCo.,Ltd.(“BOE”)anditssubsidiaries(“BOEGroup”)ismainlyderivedfromthesaleofproductsrelatingtodisplaydeviceacrossthedomesticandoverseasmarkets.Thesalescontracts/orderssignedbetweenBOEGroupanditscustomers(mainlyelectronicequipmentmanufacturers)containvarioustradingterms.BOEGroupjudgesthetransfertimingofcontrolaccordingtothetradingterms,andrecognisesrevenueaccordingly.Dependingonthetradingterms,therevenueisusuallyrecognisedwhenthegoodsarereceived,orwhentheyarereceivedbythecarrier.WeidentifiedtherecognitionofBOEGroup’srevenueasakeyauditmatterbecauserevenue,asoneofBOEGroup’skeyperformanceindicators,andthereisaninherentriskthatrevenuemaynotberecognisedinacorrectperiod.PleaserefertoNoteIII,24fortheaccountingpolicies,andNoteV,47forfurtherdisclosures. | Theauditproceduresweperformedprimarilyincluded:?Evaluatethedesignandoperationeffectivenessofkeyinternalcontrolsrelatedtorevenuerecognitionforbusinesssegmentssuchasdisplaydevices;?Checkkeysalescontracts/ordersonasamplingbasistoidentifyrelevanttradingterms,andevaluatewhethertheaccountingpoliciesforrevenuerecognitionofBOEGroupmeettherequirementsofASBEs;?Onasamplingbasisandaccordingtodifferenttradingterms,reconciletherevenuerecordedinthecurrentyeartorelevantsupportingfilessuchasrelevantorders,shippingorders,deliveryreceipts,etc.toevaluatewhetherrevenueisrecognisedinaccordancewiththeaccountingpoliciesofBOEGroup;?Onasamplingbasisandaccordingtodifferenttradingterms,crosschecktherevenuerecognisedbeforeandafterthebalancesheetdateagainstrelevantsupportingfilessuchasrelevantorders,shippingorders,deliveryreceipts,etc.toevaluatewhetherrevenueisrecognisedinthecorrectperiod;?Selectsamplesandperformconfirmationproceduresontheaccountsreceivablebalanceasofthebalancesheetdate;?Selectsamplesofrevenueadjustments(includingsalesdiscountsandsalesreturns,etc.)occurringafterthebalancesheetdate,andcheckthemagainstrelevantsupportingdocumentation,toevaluatewhetherrevenuewasrecognisedinthecorrectperiod;?Reviewtheappropriatenessofrevenuedisclosuresinthefinancialstatements. |
AUDITOR’SREPORT(continued)
Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01
BOETechnologyGroupCo.,Ltd.(III)KeyAuditMatters(continued)
| Keyauditmatter | Howourauditaddressedthekeyauditmatter |
| Impairmentoffixedassetsandintangibleassets | |
| Asat31December2025,thecarryingamountoffixedassetsandintangibleassetsamountedtoRMB199,096,817,337,thejudgementonimpairmentindicationsandimpairmenttestarematerialtoBOEGroup’sfinancialstatements.ManagementofBOEGroupidentifiesassetgroupsbasedontheindependenceoftheirprimarycashinflowsfromthoseofotherassetsorassetgroups.Managementassesseswhetherindicatorsofimpairmentexistasofthebalancesheetdateandperformsimpairmenttestingwherenecessary,usinginternalandexternalinformationsuchasmarketsupplyanddemanddynamics,technologicaladvancements,operatingbudgets,andactualeconomicperformance.Forassetgroupswithindicatorsofimpairmentasofthebalancesheetdate,managementestimatestheirrecoverableamountandcomparesitwiththeircarryingamounttodeterminewhetheranyimpairmenthasoccurred.Therecoverableamountisbasedonthepresentvalueofexpectedfuturecashflows,whichrequiressignificantjudgment,particularlyinestimatingfuturesellingprices,salesvolumes,andthediscountrate.Giventhematerialityofthecarryingamountsofproperty,plant,andequipmentandintangibleassets,andthesignificantjudgmentinvolvedinassessingindicatorsofimpairmentandperformingimpairmenttestsonassetgroupswithsuchindicators,wehaveidentifiedtheimpairmentofproperty,plant,andequipmentandintangibleassetsasakeyauditmatter.PleaserefertoNoteIII,20fortheaccountingpolicies,andNotesV,15andV,18forfurtherdisclosures. | Theauditproceduresweperformedprimarilyincluded:?Evaluatemanagement’sidentificationofassetgroups,assessmentofimpairmentindicators,andassessthedesignandoperatingeffectivenessofkeyinternalcontrolsoverimpairmenttesting;?Evaluatewhethermanagement’sidentificationofassetgroupsandassessmentofimpairmentindicatorscomplywiththerequirementsoftheASBEs;?Forassetgroupswithsignificantindicatorsofimpairment:Reviewthekeyassumptionsusedbymanagementincalculatingtherecoverableamount,includingfuturesellingprices,salesvolumes,anddiscountrates,andassessthereasonablenessoftheseassumptionsinlightofhistoricaldata;Evaluatethecompetence,professionalqualifications,andobjectivityofexpertsengagedbymanagement;Utilizetheworkofinternalvaluationspecialiststoassessthereasonablenessofkeyvaluationparameters,suchasthecashflowmodelanddiscountrate,usedbymanagementinestimatingthepresentvalueoffuturecashflows;Performretrospectivereviewsofmanagement’shistoricalforecaststoevaluatetheiraccuracyandbias;Reviewthesensitivityanalysesperformedbymanagementonthekeyassumptionsusedintherecoverableamountcalculation.?Reviewtheappropriatenessofmanagement’sdisclosuresregardingtheimpairmentofrelatedassets. |
AUDITOR’SREPORT(continued)
Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01
BOETechnologyGroupCo.,Ltd.(IV)OtherinformationincludedintheAnnualReportBOEGroup‘smanagementareresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheAnnualReport,otherthanthefinancialstatementsandourauditor’sreportthereon.Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditoftheconsolidatedfinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththeconsolidatedfinancialstatementsorourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.(V)Responsibilitiesofmanagementandthosechargedwithgovernanceforthefinancial
statementsBOEGroup‘smanagementareresponsibleforthepreparationofthefinancialstatementsthatgiveatrueandfairviewinaccordancewithASBEs,andforsuchinternalcontrolasBOEGroup‘smanagementdetermineisnecessarytoenablethepreparationofconsolidatedfinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingtheconsolidatedfinancialstatements,BOEGroup‘smanagementareresponsibleforassessingtheGroup’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessBOEGroup‘smanagementeitherintendtoliquidatetheGrouportoceaseoperationsorhavenorealisticalternativebuttodoso.ThosechargedwithgovernanceareresponsibleforoverseeingtheCompany’sfinancialreportingprocess.
AUDITOR’SREPORT(continued)
Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01
BOETechnologyGroupCo.,Ltd.(VI)Auditor’sresponsibilitiesfortheauditofthefinancialstatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithCSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandaregenerallyconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.AspartofanauditinaccordancewithCSAs,weexerciseprofessionaljudgementandmaintainprofessionalscepticismthroughouttheaudit.Wealso:
(1)Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whether
duetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.
(2)Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignaudit
proceduresthatareappropriateinthecircumstances.
(3)Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessof
accountingestimatesandrelateddisclosuresmadebythemanagement.
(4)Concludeontheappropriatenessofthemanagement’suseofthegoingconcernbasisof
accountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditor’sreporttotherelateddisclosuresinthefinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoingconcern.
AUDITOR’SREPORT(continued)
Ernst&YoungHuaMing(2026)ShenZiNo.70008969_A01
BOETechnologyGroupCo.,Ltd.(VI)Auditor’sresponsibilitiesfortheauditofthefinancialstatements(continued)
(5)Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,including
thedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.
(6)ObtainsufficientappropriateauditevidenceregardingthefinancialinformationoftheentitiesorbusinessactivitieswithintheCompanytoexpressanopiniononthefinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.Wealsoprovidethosechargedwithgovernancewithastatementthatwehavecompliedwithrelevantethicalrequirementsregardingindependenceandtocommunicatewiththemallrelationshipsandothermattersthatmayreasonablybethoughttobearonourindependence,andwhereapplicable,actionstakentoeliminatethreatsorsafeguardsapplied.Fromthematterscommunicatedwiththosechargedwithgovernance,wedeterminethosemattersthatwereofmostsignificanceintheauditofthefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Wedescribethesemattersinourauditor’sreportunlesslaworregulationprecludespublicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,wedeterminethatamattershouldnotbecommunicatedinourreportbecausetheadverseconsequencesofdoingsowouldreasonablybeexpectedtooutweighthepublicinterestbenefitsofsuchcommunication.
Ernst&YoungHuaMingLLPChineseCertifiedPublicAccountant:XieFeng
(EngagementPartner)
ChineseCertifiedPublicAccountant:WangJingBeijing,thePeople’sRepublicofChina30March2026
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDBALANCESHEET31December2025ExpressedinRenminbiYuan
| ASSETS | NoteV | 31December2025 | 31December2024 |
Currentassets
| Currentassets | |||||
| Cashatbankandonhand | 1 | 72,222,940,175 | 74,252,625,215 | ||
| Financialassetsheldfortrading | 2 | 1,670,548,730 | 3,116,435,963 | ||
| Notesreceivable | 3 | 514,647,075 | 338,059,783 | ||
| Accountsreceivable | 4 | 32,293,002,623 | 36,338,199,204 | ||
| Receivablesfinancing | 5 | 585,672,349 | 472,537,400 | ||
| Prepayments | 6 | 810,701,464 | 634,482,224 | ||
| Otherreceivables | 7 | 822,793,900 | 812,871,521 | ||
| Inventories | 8 | 27,748,526,136 | 23,313,464,392 | ||
| Contractassets | 9 | 393,081,902 | 150,871,486 | ||
| Currentportionofnon-currentassets | 4,081,560 | 3,900,201 | |||
| Othercurrentassets | 10 | 4,809,821,866 | 3,954,007,985 |
Totalcurrentassets
| Totalcurrentassets | 141,875,817,780 | 143,387,455,374 |
Non-currentassets
| Non-currentassets | |||||
| Long-termreceivables | - | 492,067 | |||
| Long-termequityinvestments | 11 | 18,636,209,565 | 13,533,271,302 | ||
| Otherequityinvestments | 12 | 536,217,192 | 441,371,815 | ||
| Othernon-currentfinancialassets | 13 | 2,874,055,003 | 2,735,680,042 | ||
| Investmentproperties | 14 | 2,146,616,904 | 1,751,189,740 | ||
| Fixedassets | 15 | 186,299,299,142 | 204,904,419,511 | ||
| Constructioninprogress | 16 | 52,943,124,120 | 30,159,016,097 | ||
| Right-of-useassets | 17 | 807,290,109 | 754,408,280 | ||
| Intangibleassets | 18 | 12,797,518,195 | 11,263,463,194 | ||
| Developmentexpenditures | VI | 123,706,247 | 109,323,354 | ||
| Goodwill | 19 | 653,575,022 | 653,575,022 | ||
| Long-termprepaidexpenses | 20 | 599,601,573 | 598,444,923 | ||
| Deferredtaxassets | 21 | 854,033,038 | 694,888,275 | ||
| Othernon-currentassets | 22 | 15,231,258,913 | 18,991,222,545 |
Totalnon-currentassets
| Totalnon-currentassets | 294,502,505,023 | 286,590,766,167 |
Totalassets
| Totalassets | 436,378,322,803 | 429,978,221,541 |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDBALANCESHEET(CONTINUED)31December2025ExpressedinRenminbiYuan
| LIABILITIESANDEQUITY | NoteV | 31December2025 | 31December2024 |
Currentliabilities
| Currentliabilities | |||||
| Short-termborrowings | 24 | 3,655,021,437 | 1,563,317,166 | ||
| Notespayable | 25 | 1,380,128,604 | 1,399,557,969 | ||
| Accountspayable | 26 | 37,242,292,283 | 36,713,498,406 | ||
| Receiptsinadvance | 77,763,054 | 118,971,193 | |||
| Contractliabilities | 27 | 2,223,451,538 | 2,083,836,158 | ||
| Employeebenefitspayable | 28 | 3,584,824,383 | 4,076,008,388 | ||
| Taxesandsurchargespayable | 29 | 1,319,215,532 | 1,576,606,596 | ||
| Otherpayables | 30 | 20,889,438,382 | 20,827,962,570 | ||
| Currentportionofnon-currentliabilities | 31 | 26,670,312,919 | 43,506,539,611 | ||
| Othercurrentliabilities | 32 | 4,349,146,900 | 3,394,971,140 |
Totalcurrentliabilities
| Totalcurrentliabilities | 101,391,595,032 | 115,261,269,197 |
Non-currentliabilities
| Non-currentliabilities | |||||
| Long-termborrowings | 33 | 101,576,573,473 | 100,932,391,740 | ||
| Bondspayable | 34 | 10,968,768,052 | - | ||
| Leaseliabilities | 35 | 687,762,666 | 631,418,986 | ||
| Long-termpayables | 36 | 2,348,036,273 | 121,077,871 | ||
| Provisions | 37 | - | 1,652,566 | ||
| Deferredincome | 38 | 6,798,033,210 | 4,544,617,931 | ||
| Deferredtaxliabilities | 21 | 1,134,894,697 | 1,290,798,747 | ||
| Othernon-currentliabilities | 39 | 3,996,902,667 | 2,648,822,759 |
Totalnon-currentliabilities
| Totalnon-currentliabilities | 127,510,971,038 | 110,170,780,600 |
Totalliabilities
| Totalliabilities | 228,902,566,070 | 225,432,049,797 |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDBALANCESHEET(CONTINUED)31December2025ExpressedinRenminbiYuan
| LIABILITIESANDEQUITY | NoteV | 31December2025 | 31December2024 |
Equity
| Equity | |||||||
| Sharecapital | 40 | 37,413,880,464 | 37,645,016,203 | ||||
| Otherequityinstruments | 41 | - | 2,043,402,946 | ||||
| Capitalreserves | 42 | 51,859,961,722 | 52,207,573,706 | ||||
| Less:Treasuryshares | 43 | 1,499,835,264 | 1,216,490,683 | ||||
| Accumulatedothercomprehensiveincome | 44 | (766,570,036 | ) | (1,171,823,864 | ) | ||
| Specialisedreserves | 207,330,489 | 139,227,664 | |||||
| Surplusreserves | 45 | 4,035,830,324 | 3,879,754,479 | ||||
| Retainedearnings | 46 | 43,228,031,107 | 39,410,894,857 |
Totalequityattributabletoownersoftheparent
| Totalequityattributabletoownersoftheparent | 134,478,628,806 | 132,937,555,308 | ||
| ? | ||||
| Non-controllinginterests | 72,997,127,927 | 71,608,616,436 | ||
| ? | ||||
| Totalequity | 207,475,756,733 | 204,546,171,744 |
Totalliabilitiesandequity
| Totalliabilitiesandequity | 436,378,322,803 | 429,978,221,541 |
ChenYanshunChairmanoftheBoard
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDINCOMESTATEMENTFortheyearended31December2025ExpressedinRenminbiYuan
| NoteV | 2025 | 2024 |
Revenue
| Revenue | 47 | 204,590,222,888 | 198,380,605,661 | |||
| Less:Costofsales | 47 | 172,602,044,011 | 168,221,949,573 | |||
| Taxesandsurcharges | 48 | 1,425,552,345 | 1,296,146,896 | |||
| Sellingexpenses | 49 | 2,172,622,919 | 1,995,294,652 | |||
| Administrativeexpenses | 50 | 5,896,341,836 | 6,218,672,130 | |||
| Researchanddevelopmentexpenses | 51 | 13,836,670,878 | 13,123,309,231 | |||
| Financeexpenses | 52 | 1,836,646,802 | 1,224,387,370 | |||
| Including:Interestexpenses | 3,292,142,233 | 4,033,259,880 | ||||
| Interestincome | 1,828,272,699 | 2,285,948,395 | ||||
| Add:Otherincome | 53 | 2,915,429,247 | 2,288,477,566 | |||
| Investmentincome | 54 | 653,966,677 | (540,900,653 | ) | ||
| Including:Income/(loss)frominvestmentsinassociatesandjointventures | 81,175,287 | (752,455,175 | ) | |||
| Fairvaluegains | 55 | 431,722,966 | 522,447,744 | |||
| Creditimpairmentlosses | 56 | (63,490,237 | ) | (112,125,114 | ) | |
| Impairmentlossesofassets | 57 | (4,005,541,287 | ) | (3,624,262,580 | ) | |
| Gainsondisposalofnon-currentassets | 58 | 30,428,604 | 96,175,264 |
Operatingprofit
| Operatingprofit | 6,782,860,067 | 4,930,658,036 | ||
| Add:Non-operatingincome | 59 | 314,980,839 | 216,286,272 | |
| Less:Non-operatingexpenses | 60 | 63,639,776 | 61,290,675 |
Profitbeforeincometax
| Profitbeforeincometax | 7,034,201,130 | 5,085,653,633 | ||
| Less:Incometaxexpenses | 61 | 2,006,827,561 | 940,379,751 |
NetProfit
| NetProfit | 5,027,373,569 | 4,145,273,882 |
Classifiedbygoingconcern
| Classifiedbygoingconcern | ||||
| Netprofitfromcontinuingoperations | 5,027,373,569 | 4,145,273,882 |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDINCOMESTATMENT(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
| NoteV | 2025 | 2024 |
Classifiedbyownership
| Classifiedbyownership | ||||||
| Profitattributabletoownersoftheparent | 5,856,966,754 | 5,323,248,974 | ||||
| Profitattributabletonon-controllinginterests | (829,593,185 | ) | (1,177,975,092 | ) |
Othercomprehensiveincome,netoftax
| Othercomprehensiveincome,netoftax | 44 | 416,083,549 | (5,776,420 | ) |
Othercomprehensiveincome/(loss),netoftax,
attributabletoownersoftheparent
| Othercomprehensiveincome/(loss),netoftax,attributabletoownersoftheparent | 408,111,001 | (19,707,777 | ) |
Othercomprehensiveincomethatwillnotbe
reclassifiedtoprofitorloss
| Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | |||||
| Othercomprehensiveincomeusingtheequitymethodthatwillnotbereclassifiedtoprofitorloss | 38,861,322 | 45,589,853 | |||
| Changeinthefairvalueofotherequityinvestments | 95,049,059 | (35,206,474 | ) |
Othercomprehensiveincomethatmaybe
reclassifiedtoprofitorloss
| Othercomprehensiveincomethatmaybereclassifiedtoprofitorloss | |||||
| Othercomprehensiveincomeusingtheequitymethodthatmaybereclassifiedtoprofitorloss | 47,364,873 | - | |||
| Exchangedifferencesontranslationofforeigncurrencyfinancialstatements | 226,835,747 | (30,091,156 | ) |
Othercomprehensiveincome,netoftax,
attributabletonon-controllinginterests
| Othercomprehensiveincome,netoftax,attributabletonon-controllinginterests | 44 | 7,972,548 | 13,931,357 |
Totalcomprehensiveincome
| Totalcomprehensiveincome | 5,443,457,118 | 4,139,497,462 | ||||
| Including: | ||||||
| Totalcomprehensiveincomeattributabletoownersoftheparent | 6,265,077,755 | 5,303,541,197 | ||||
| Totalcomprehensiveincomeattributabletonon-controllinginterests | (821,620,637 | ) | (1,164,043,735 | ) |
Earningspershare
| Earningspershare | 62 | ||||
| Basicearningspershare | 0.16 | 0.14 | |||
| Dilutedearningspershare | 0.16 | 0.14? |
ChenYanshunChairmanoftheBoard
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITYFortheyearended31December2025ExpressedinRenminbiYuan
2025
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Attributabletoownersoftheparent | Non-controllinginterests | Totalequity | ||||||||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Specialisedreserves | Surplusreserves | Retainedearnings | Subtotal | ||||||||||||
I.
| I. | Balanceatbeginningofyear | 37,645,016,203 | 2,043,402,946 | 52,207,573,706 | 1,216,490,683 | (1,171,823,864 | 139,227,664 | 3,879,754,479 | 39,410,894,857 | 132,937,555,308 | 71,608,616,436 | 204,546,171,744 |
II.
| II. | Changesfortheyear | ||||||||||||||||||||||||||
| 1. | Totalcomprehensiveincome | - | - | - | - | 408,111,001 | - | - | 5,856,966,754 | 6,265,077,755 | (821,620,637 | ) | 5,443,457,118 | ||||||||||||||
| 2. | Capitalcontributedandreducedbyshareholders | ||||||||||||||||||||||||||
| (1) | Capitalcontributionsbynon-controllinginterests | - | - | - | - | - | - | - | - | - | 7,729,973,284 | 7,729,973,284 | |||||||||||||||
| (2) | Capitalreductionbynon-controllinginterests | - | - | - | - | - | - | - | - | - | (5,390,488,477 | (5,390,488,477 | ) | ||||||||||||||
| (3) | Equitytransactionswithnon-controllinginterests | - | - | 117,551,353 | - | - | - | - | - | 117,551,353 | (117,551,353 | - | |||||||||||||||
| (4) | Repurchaseoftreasuryshares | - | - | - | 1,499,835,264 | - | - | - | - | (1,499,835,264 | - | (1,499,835,264 | ) | ||||||||||||||
| (5) | Cancellationoftreasuryshares | (231,135,739 | ) | - | (778,740,068 | (1,009,875,807 | ) | - | - | - | - | - | - | - | |||||||||||||
| (6) | Amountofshare-basedpaymentrecognizedinshareholders'equity | - | - | 1,587,451 | (206,614,876 | - | - | - | - | 208,202,327 | (115,160 | 208,087,167 | |||||||||||||||
| (7) | Redemptionofcapitalforholdersofotherequityinstruments | - | (1,989,320,755 | ) | (10,679,245 | - | - | - | - | - | (2,000,000,000 | - | (2,000,000,000 | ) |
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
2025(continued)
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Attributabletoownersoftheparent | Non-controllinginterests | Totalequity | ||||||||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Specialisedreserves | Surplusreserves | Retainedearnings | Subtotal | ||||||||||||
II.
| II. | Changesfortheyear(continued) | ||||||||||||||||||||||||
| 3. | Profitdistribution | ||||||||||||||||||||||||
| (1) | Appropriationtosurplusreserves | - | - | - | - | - | - | 156,075,845 | (156,075,845 | ) | - | - | - | ||||||||||||
| (2) | Accruedinterestonholdersofotherequityinstruments | - | 15,917,809 | - | - | - | - | - | (15,917,809 | - | - | - | |||||||||||||
| (3) | Paymentforinterestonholdersofotherequityinstruments | - | (70,000,000 | - | - | - | - | - | - | (70,000,000 | - | (70,000,000 | ) | ||||||||||||
| (4) | Distributiontoshareholders | - | - | - | - | - | - | - | (1,870,694,023 | (1,870,694,023 | (88,730,910 | (1,959,424,933 | ) | ||||||||||||
| 4. | Transferwithinequity | ||||||||||||||||||||||||
| (1) | Transferofothercomprehensiveincometoretainedearnings | - | - | - | - | (2,857,173 | ) | - | - | 2,857,173 | - | - | - | ||||||||||||
| 5. | Specialisedreserves | ||||||||||||||||||||||||
| (1) | Appropriationfortheyear | - | - | - | - | - | 226,734,068 | - | - | 226,734,068 | 57,577,124 | 284,311,192 | |||||||||||||
| (2) | Utilisationfortheyear | - | - | - | - | - | (158,631,243 | - | - | (158,631,243 | (41,076,799 | (199,708,042 | ) | ||||||||||||
| 6 | Other | ||||||||||||||||||||||||
| (1) | Othermovementsinequityofassociates | - | - | 291,907,438 | - | - | - | - | - | 291,907,438 | - | 291,907,438 | |||||||||||||
| (2) | other | - | - | 30,761,087 | - | - | - | - | - | 30,761,087 | 60,544,419 | 91,305,506 |
III
| III | Balanceatendofyear | 37,413,880,464 | - | 51,859,961,722 | 1,499,835,264 | (766,570,036 | ) | 207,330,489 | 4,035,830,324 | 43,228,031,107 | 134,478,628,806 | 72,997,127,927 | 207,475,756,733 |
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
2024
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Attributabletoownersoftheparent | Non-controllinginterests | Totalequity | ||||||||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Specialisedreserves | Surplusreserves | Retainedearnings | Subtotal | ||||||||||||
I.
| I. | Balanceatbeginningofyear | 37,652,529,195 | 2,043,402,946 | 52,113,580,746 | 462,036,240 | (1,136,997,224 | ) | 66,472,402 | 3,571,778,635 | 35,579,576,607 | 129,428,307,067 | 68,370,379,252 | 197,798,686,319 |
II.
| II. | Changesfortheyear | ||||||||||||||||||||||||
| 1. | Totalcomprehensiveincome | - | - | - | - | (19,707,777 | ) | - | - | 5,323,248,974 | 5,303,541,197 | (1,164,043,735 | 4,139,497,462 | ||||||||||||
| 2. | Capitalcontributedandreducedbyshareholders | ||||||||||||||||||||||||
| (1) | Capitalcontributionsbynon-controllinginterests | - | - | - | - | - | - | - | - | - | 4,652,010,645 | 4,652,010,645 | |||||||||||||
| (2) | Repurchaseoftreasuryshares | - | - | - | 999,872,378 | - | - | - | - | (999,872,378 | - | (999,872,378 | ) | ||||||||||||
| (3) | Cancellationoftreasuryshares | (7,512,992 | - | (9,986,070 | (17,499,062 | ) | - | - | - | - | - | -? | - | ||||||||||||
| (4) | Amountofshare-basedpaymentrecognizedinshareholders'equity | - | - | 127,147,039 | (227,918,873 | - | - | - | - | 355,065,912 | 9,581,064 | 364,646,976 | |||||||||||||
| (5) | Other | - | - | - | - | - | - | - | - | - | (10,000,000 | (10,000,000 | ) |
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
2024(continued)
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Attributabletoownersoftheparent | Non-controllinginterests | Totalequity | ||||||||||||||||||
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Specialisedreserves | Surplusreserves | Retainedearnings | Subtotal | ||||||||||||
II.
| II. | Changesfortheyear(continued) | ||||||||||||||||||||||||
| 3. | Profitdistribution | ||||||||||||||||||||||||
| (1) | Appropriationtosurplusreserves | - | - | - | - | - | - | 307,923,188 | (307,923,188 | ) | - | - | - | ||||||||||||
| (2) | Accruedinterestonholdersofotherequityinstruments | - | 70,000,000 | - | - | - | - | - | (70,000,000 | - | - | - | |||||||||||||
| (3) | Paymentforinterestonholdersofotherequityinstruments | - | (70,000,000 | - | - | - | - | - | - | (70,000,000 | - | (70,000,000 | ) | ||||||||||||
| (4) | Distributiontoshareholders | - | - | - | - | - | - | - | (1,129,073,743 | (1,129,073,743 | (93,546,479 | (1,222,620,222 | ) | ||||||||||||
| 4. | Transferwithinequity | ||||||||||||||||||||||||
| (1) | Transferofothercomprehensiveincometoretainedearnings | - | - | - | - | (15,118,863 | ) | - | 52,656 | 15,066,207 | - | - | - | ||||||||||||
| 5. | Specialisedreserves | ||||||||||||||||||||||||
| (1) | Appropriationfortheyear | - | - | - | - | - | 209,278,103 | - | - | 209,278,103 | 51,873,021 | 261,151,124 | |||||||||||||
| (2) | Utilisationfortheyear | - | - | - | - | - | (136,522,841 | - | - | (136,522,841 | (38,689,907 | (175,212,748 | ) | ||||||||||||
| 6 | Other | ||||||||||||||||||||||||
| (1) | Othermovementsinequityofassociates | - | - | 14,652,743 | - | - | - | - | - | 14,652,743 | - | 14,652,743 | |||||||||||||
| (2) | Other | - | - | (37,820,752 | - | - | - | - | - | (37,820,752 | (168,947,425 | (206,768,177 | ) |
III
| III | Balanceatendofyear | 37,645,016,203 | 2,043,402,946 | 52,207,573,706 | 1,216,490,683 | (1,171,823,864 | ) | 139,227,664 | 3,879,754,479 | 39,410,894,857 | 132,937,555,308 | 71,608,616,436 | 204,546,171,744 |
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDSTATEMENTOFCASHFLOWSFortheyearended31December2025ExpressedinRenminbiYuan
| NoteV | 2025 | 2024 |
1.
| 1. | CASHFLOWSFROMOPERATINGACTIVITIES |
Cashreceiptsfromthesaleofgoodsandthe
renderingofservices
| Cashreceiptsfromthesaleofgoodsandtherenderingofservices | 216,446,744,340 | 207,177,636,682 | |||||
| Receiptsoftaxesandsurchargesrefunds | 10,504,844,336 | 9,436,155,018 | |||||
| Othercashreceiptsrelatingtooperatingactivities | 63 | 7,893,922,358 | 2,601,966,374 | ||||
| ? | |||||||
| Totalcashinflowsfromoperatingactivities | 234,845,511,034 | 219,215,758,074 | |||||
| ? | |||||||
| Cashpaymentsforgoodsandservices | (153,264,909,445 | ) | (139,974,564,163 | ) | |||
| Cashpaymentstoandonbehalfofemployees | (21,414,709,980 | ) | (19,215,661,123 | ) | |||
| Paymentsoftaxesandsurcharges | (6,064,623,177 | ) | (4,938,746,118 | ) | |||
| Othercashpaymentsrelatingtooperatingactivities | 63 | (5,276,712,758 | ) | (7,349,209,291 | ) | ||
| ? | |||||||
| Totalcashoutflowsfromoperatingactivities | (186,020,955,360 | ) | (171,478,180,695 | ) |
Netcashflowsfromoperatingactivities
| Netcashflowsfromoperatingactivities | 64 | 48,824,555,674 | 47,737,577,379 |
2.
| 2. | CASHFLOWSFROMINVESTINGACTIVITIES |
Cashreceiptsfromreturnsofinvestments
| Cashreceiptsfromreturnsofinvestments | 37,852,996,343 | 59,316,324,819 | |||
| Cashreceiptsfromreturnsoninvestments | 1,277,028,744 | 671,568,341 | |||
| Netcashreceiptsfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 28,669,615 | 156,338,437 | |||
| Othercashreceiptsrelatingtoinvestingactivities | 63 | 325,253,271 | 2,485,332,205 | ||
| ? | |||||
| Totalcashinflowsfrominvestingactivities | 39,483,947,973 | 62,629,563,802 |
Cashpaymentstoacquirefixedassets,intangible
assetsandotherlong-termassets
| Cashpaymentstoacquirefixedassets,intangibleassetsandotherlong-termassets | (40,094,380,995 | ) | (34,037,798,428 | ) | |||
| Cashpaymentsforinvestments | (40,128,721,276 | ) | (61,241,398,520 | ) | |||
| Othercashpaymentsrelatingtoinvestingactivities | 63 | (189,207,236 | ) | - | |||
| ? | |||||||
| Totalcashoutflowsfrominvestingactivities | (80,412,309,507 | ) | (95,279,196,948 | ) |
Netcashflowsfrominvestingactivities
| Netcashflowsfrominvestingactivities | (40,928,361,534 | ) | (32,649,633,146 | ) |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.CONSOLIDATEDSTATEMENTOFCASHFLOWS(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
| NoteV | 2025 | 2024 |
3.
| 3. | CASHFLOWSFROMFINANCINGACTIVITIES |
Cashproceedsfrominvestments
| Cashproceedsfrominvestments | 7,729,973,284 | 4,652,010,645 | |||
| Including:Cashreceiptsfromcapitalcontributionsfromnon-controllinginterestsofsubsidiaries | 7,729,973,284 | 4,652,010,645 | |||
| Cashreceiptsfromborrowings | 44,668,867,158 | 47,194,037,263 | |||
| Cashreceiptsfromissuanceofcorporatebonds | 11,000,000,000 | - | |||
| Othercashreceiptsrelatingtofinancingactivities | 63 | 293,613,208 | - |
Totalcashinflowsfromfinancingactivities
| Totalcashinflowsfromfinancingactivities | 63,692,453,650 | 51,846,047,908 |
Cashrepaymentsfordebts
| Cashrepaymentsfordebts | (59,278,101,812 | ) | (49,117,270,919 | ) | |||
| Cashpaymentsfordistributionofdividendsorprofitandinterestexpenses | (6,002,224,482 | ) | (6,390,837,882 | ) | |||
| Including:Dividendsorprofitpaidtonon-controllingshareholdersofsubsidiaries | (90,686,310 | ) | (91,448,476 | ) | |||
| Cashpaymentsforredemptionofotherequityinstruments | (2,000,000,000 | ) | - | ||||
| Othercashpaymentsrelatingtofinancingactivities | 63 | (7,637,458,489 | ) | (1,855,318,097 | ) |
Totalcashoutflowsfromfinancingactivities
| Totalcashoutflowsfromfinancingactivities | (74,917,784,783 | ) | (57,363,426,898 | ) |
Netcashflowsfromfinancingactivities
| Netcashflowsfromfinancingactivities | (11,225,331,133 | ) | (5,517,378,990 | ) |
4.
| 4. | Effectofexchangeratechangesoncashandcashandcashequivalents | (464,819,741 | ) | 341,705,520 |
5.
| 5. | Net(decrease)/increaseincashandcashequivalents | (3,793,956,734 | ) | 9,912,270,763 | |||
| Add:Cashandcashequivalentsatbeginningofyear | 64 | 62,005,252,511 | 52,092,981,748 |
6.
| 6. | Cashandcashequivalentsatendofyear | 64 | 58,211,295,777 | 62,005,252,511 |
ChenYanshunChairmanoftheBoard
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.COMPANYBALANCESHEET31December2025ExpressedinRenminbiYuan
| ASSETS | NoteXVI | 31December2025 | 31December2024 |
Currentassets
| Currentassets | |||||
| Cashatbankandonhand | 4,806,197,426 | 4,622,109,813 | |||
| Accountsreceivable | 1 | 2,198,992,377 | 3,557,166,876 | ||
| Prepayments | 6,603,029 | 6,440,618 | |||
| Otherreceivables | 2 | 22,251,324,303 | 32,075,715,118 | ||
| Inventories | 26,496,574 | 31,198,429 | |||
| Othercurrentassets | 194,206,146 | 143,433,811 | |||
| ? | |||||
| Totalcurrentassets | 29,483,819,855 | 40,436,064,665 |
Non-currentassets
| Non-currentassets | |||||
| Long-termequityinvestments | 3 | 223,119,069,186 | 203,191,541,965 | ||
| Otherequityinvestments | 76,042,654 | 60,783,163 | |||
| Othernon-currentfinancialassets | 1,712,581,473 | 1,562,089,931 | |||
| Investmentproperties | 725,255,291 | 235,247,956 | |||
| Fixedassets | 2,259,541,327 | 1,542,132,717 | |||
| Constructioninprogress | 256,643,430 | 1,262,758,363 | |||
| Right-of-useassets | 10,692,642 | 47,104,764 | |||
| Intangibleassets | 3,081,721,569 | 1,001,523,422 | |||
| Long-termprepaidexpenses | 244,430,822 | 290,214,066 | |||
| Deferredtaxassets | 101,328,877 | - | |||
| Othernon-currentassets | 614,663,026 | 320,460,049 | |||
| ? | |||||
| Totalnon-currentassets | 232,201,970,297 | 209,513,856,396 | |||
| ? | |||||
| Totalassets | 261,685,790,152 | 249,949,921,061 |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.COMPANYBALANCESHEET(CONTINUED)31December2025ExpressedinRenminbiYuan
| LIABILITIESANDEQUITY | NoteXVI | 31December2025 | 31December2024 |
Currentliabilities
| Currentliabilities | |||||
| Accountspayable | 570,702,685 | 503,922,556 | |||
| Receiptsinadvance | 1,129,345 | 13,140,209 | |||
| Contractliabilities | 2,528,158 | 719,297 | |||
| Employeebenefitspayable | 303,061,711 | 453,127,454 | |||
| Taxesandsurchargespayable | 42,036,763 | 310,771,542 | |||
| Otherpayables | 4 | 3,547,491,173 | 3,471,340,673 | ||
| Currentportionofnon-currentliabilities | 8,338,312,344 | 11,029,129,176 | |||
| Othercurrentliabilities | 87,910,687 | 609,513,850 | |||
| ? | |||||
| Totalcurrentliabilities | 12,893,172,866 | 16,391,664,757 |
Non-currentliabilities
| Non-currentliabilities | |||||
| Long-termborrowings | 5 | 39,665,261,000 | 41,257,600,000 | ||
| Bondspayable | 10,968,768,052 | - | |||
| Leaseliabilities | 2,607,211 | 555,400 | |||
| Long-termpayables | 2,247,200,008 | - | |||
| Deferredincome | 146,860,897 | 47,137,540 | |||
| Deferredtaxliabilities | - | 18,162,044 | |||
| Othernon-currentliabilities | 96,690,793,681 | 89,520,793,681 | |||
| ? | |||||
| Totalnon-currentliabilities | 149,721,490,849 | 130,844,248,665 |
Totalliabilities
| Totalliabilities | 162,614,663,715 | 147,235,913,422 |
Owners’equity
| Owners’equity | ||||||
| Sharecapital | 37,413,880,464 | 37,645,016,203 | ||||
| Otherequityinstruments | - | 2,043,402,946 | ||||
| Capitalreserves | 51,061,480,294 | 51,871,366,552 | ||||
| Less:Treasuryshares | 1,499,835,264 | 1,216,490,683 | ||||
| Accumulatedothercomprehensiveincome | (217,143,204 | ) | (267,884,908 | ) | ||
| Surplusreserves | 4,035,830,324 | 3,879,754,479 | ||||
| Retainedearnings | 8,276,913,823 | 8,758,843,050 | ||||
| ? | ||||||
| Totalequity | 99,071,126,437 | 102,714,007,639 |
Totalliabilitiesandequity
| Totalliabilitiesandequity | 261,685,790,152 | 249,949,921,061 |
ChenYanshunChairmanoftheBoard
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.COMPANYINCOMESTATEMENTFortheyearended31December2025ExpressedinRenminbiYuan
| NoteXVI | 2025 | 2024 |
Revenue
| Revenue | 6 | 4,960,667,359 | 5,558,110,352 | |||
| Less:Costofsales | 6 | 37,840,604 | 11,459,521 | |||
| Taxesandsurcharges | 46,112,168 | 41,818,720 | ||||
| Administrativeexpenses | 1,604,634,753 | 1,944,464,914 | ||||
| Researchanddevelopmentexpenses | 2,769,656,332 | 2,452,578,625 | ||||
| Financeexpenses | 558,950,225 | 494,390,647 | ||||
| Including:Interestexpenses | 620,972,124 | 528,904,973 | ||||
| Interestincome | 27,032,569 | 39,349,343 | ||||
| Add:Otherincome | 64,791,958 | 955,230,189 | ||||
| Investmentincome | 7 | 1,338,404,703 | 1,708,144,852 | |||
| Including:income/(loss)frominvestmentsinassociatesandjointventures | 88,124,345 | (476,270,739 | ) | |||
| Fairvaluegains | 6,938,295 | 3,403,675 | ||||
| Creditimpairmentlosses | (9,383 | ) | (80,000,336 | ) | ||
| Gainsondisposalofnon-currentassets | 4,846 | 818 |
Operatingprofit
| Operatingprofit | 1,353,603,696 | 3,200,177,123 | ||
| Add:Non-operatingincome | 246,812,339 | 6,601,784 | ||
| Less:Non-operatingexpenses | 11,782,120 | 22,272,166 |
Profitbeforeincometax
| Profitbeforeincometax | 1,588,633,915 | 3,184,506,741 | ||
| Less:Incometaxexpenses | 27,875,465 | 105,274,860 |
Profit
| Profit | 1,560,758,450 | 3,079,231,881 | ||
| Including:Profitfromcontinuingoperations | 1,560,758,450 | 3,079,231,881 |
Othercomprehensiveincome,netoftax
| Othercomprehensiveincome,netoftax | 50,741,704 | 29,074,708 |
Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss
| Othercomprehensiveincomethatwillnotbereclassifiedtoprofitorloss | |||||
| Othercomprehensiveincomeusingtheequitymethodthatwillnotbereclassifiedtoprofitorloss | 37,771,138 | 30,126,376 | |||
| Changeinthefairvalueofotherequityinvestments | 12,970,566 | (1,051,668 | ) |
Totalcomprehensiveincome
| Totalcomprehensiveincome | 1,611,500,154 | 3,108,306,589 |
ChenYanshunChairmanoftheBoard
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.COMPANYSTATEMENTOFCHANGESINEQUITYFortheyearended31December2025ExpressedinRenminbiYuan
2025
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Surplusreserves | Retainedearnings | Totalequity |
I.
| I. | Balanceatbeginningofyear | 37,645,016,203 | 2,043,402,946 | 51,871,366,552 | 1,216,490,683 | (267,884,908 | ) | 3,879,754,479 | 8,758,843,050 | 102,714,007,639 |
II.
| II. | Changesfortheyear | |||||||||||||||||||
| 1. | Totalcomprehensiveincome | - | - | - | - | 50,741,704 | - | 1,560,758,450 | 1,611,500,154 | |||||||||||
| 2. | Capitalcontributedandreducedbyshareholders | |||||||||||||||||||
| (1) | Repurchaseoftreasuryshares | - | - | - | 1,499,835,264 | - | - | - | (1,499,835,264 | |||||||||||
| (2) | Cancellationoftreasuryshares | (231,135,739 | ) | - | (778,740,068 | ) | (1,009,875,807 | ) | - | - | - | - | ||||||||
| (3) | Amountofshare-basedpaymentrecognizedinshareholders'equity | - | - | 1,472,291 | (206,614,876 | ) | - | - | - | 208,087,167 | ||||||||||
| (4) | Redemptionofcapitalforholdersofotherequityinstruments | - | (1,989,320,755 | ) | (10,679,245 | ) | - | - | - | - | (2,000,000,000 |
BOETechnologyGroupCo.,Ltd.COMPANYSTATEMENTOFCHANGESINEQUITY(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
2025(continued)
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Surplusreserves | Retainedearnings | Totalequity |
II.
| II. | Changesfortheyear(continued) | ||||||||||||||||||
| 3. | Profitdistribution | ||||||||||||||||||
| (1) | Appropriationtosurplusreserves | - | - | - | - | - | 156,075,845 | (156,075,845 | ) | - | |||||||||
| (2) | Accruedinterestonholdersofotherequityinstruments | - | 15,917,809 | - | - | - | - | (15,917,809 | ) | - | |||||||||
| (3) | Paymentforinterestonholdersofotherequityinstruments | - | (70,000,000 | ) | - | - | - | - | - | (70,000,000 | |||||||||
| (4) | Distributiontoshareholders | - | - | - | - | - | - | (1,870,694,023 | ) | (1,870,694,023 | |||||||||
| 4. | Others | ||||||||||||||||||
| (1) | Othermovementsinequityofassociates | - | - | (21,939,236 | ) | - | - | - | - | (21,939,236 |
III
| III | Balanceatendofyear | 37,413,880,464 | - | 51,061,480,294 | 1,499,835,264 | (217,143,204 | ) | 4,035,830,324 | 8,276,913,823 | 99,071,126,437 |
BOETechnologyGroupCo.,Ltd.COMPANYSTATEMENTOFCHANGESINEQUITY(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
2024
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Surplusreserves | Retainedearnings | Totalequity |
I.
| I. | Balanceatbeginningofyear | 37,652,529,195 | 2,043,402,946 | 51,741,820,724 | 462,036,240 | (296,433,056 | ) | 3,571,778,635 | 7,186,134,196 | 101,437,196,400 |
II.
| II. | Changesfortheyear | ||||||||||||||||||
| 1. | Totalcomprehensiveincome | - | - | - | - | 29,074,708 | - | 3,079,231,881 | 3,108,306,589 | ||||||||||
| 2. | Capitalcontributedandreducedbyshareholders | ||||||||||||||||||
| (1) | Repurchaseoftreasuryshares | - | - | - | 999,872,378 | - | - | - | (999,872,378 | ||||||||||
| (2) | Cancellationoftreasuryshares | (7,512,992 | ) | - | (9,986,070 | ) | (17,499,062 | ) | - | - | - | - | |||||||
| (3) | Amountofshare-basedpaymentrecognizedinshareholders'equity | - | - | 136,728,103 | (227,918,873 | ) | - | - | - | 364,646,976 |
BOETechnologyGroupCo.,Ltd.COMPANYSTATEMENTOFCHANGESINEQUITY(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
2024(continued)
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
| Sharecapital | Otherequityinstruments | Capitalreserves | Less:Treasuryshares | Accumulatedothercomprehensiveincome | Surplusreserves | Retainedearnings | Totalequity |
II.
| II. | Changesfortheyear(continued) | |||||||||||||||||
| 3. | Profitdistribution | |||||||||||||||||
| (1) | Appropriationtosurplusreserves | - | - | - | - | - | 307,923,188 | (307,923,188 | ) | - | ||||||||
| (2) | Accruedinterestonholdersofotherequityinstruments | - | 70,000,000 | - | - | - | - | (70,000,000 | ) | - | ||||||||
| (3) | Paymentforinterestonholdersofotherequityinstruments | - | (70,000,000 | ) | - | - | - | - | - | (70,000,000 | ||||||||
| (4) | Distributiontoshareholders | - | - | - | - | - | - | (1,129,073,743 | ) | (1,129,073,743 | ||||||||
| 4. | Transferwithinequity | |||||||||||||||||
| (1) | Transferofothercomprehensiveincometoretainedearnings | - | - | - | - | (526,560 | ) | 52,656 | 473,904 | - | ||||||||
| 5 | Other | |||||||||||||||||
| (1) | Othermovementsinequityofassociates | - | - | 2,698,287 | - | - | - | - | 2,698,287 | |||||||||
| (2) | Other | - | - | 105,508 | - | - | - | - | 105,508 |
III.
| III. | Balanceatendofyear | 37,645,016,203 | 2,043,402,946 | 51,871,366,552 | 1,216,490,683 | (267,884,908 | ) | 3,879,754,479 | 8,758,843,050 | 102,714,007,639 |
BOETechnologyGroupCo.,Ltd.COMPANYSTATEMENTOFCASHFLOWSFortheyearended31December2025ExpressedinRenminbiYuan
| 2025 | 2024 |
1.
| 1. | CASHFLOWSFROMOPERATINGACTIVITIES |
Cashreceiptsfromthesaleofgoodsandtherenderingofservices
| Cashreceiptsfromthesaleofgoodsandtherenderingofservices | 6,426,323,226 | 8,576,350,715 | ||
| Receiptsoftaxandsurchargesrefunds | 2,007 | 12,091 | ||
| Othercashreceiptsrelatingtooperatingactivities | 493,095,961 | 458,561,728 | ||
| ? | ||||
| Totalcashinflowsfromoperatingactivities | 6,919,421,194 | 9,034,924,534 |
Cashpaymentsforgoodsandservices
| Cashpaymentsforgoodsandservices | (1,512,330,793 | ) | (1,041,936,007 | ) | ||
| Cashpaymentstoandonbehalfofemployees | (1,486,641,714 | ) | (1,348,047,244 | ) | ||
| Paymentsoftaxesandsurcharges | (624,246,153 | ) | (470,413,241 | ) | ||
| Othercashpaymentsrelatingtooperatingactivities | (896,731,133 | ) | (1,204,371,696 | ) | ||
| ? | ||||||
| Totalcashoutflowsfromoperatingactivities | (4,519,949,793 | ) | (4,064,768,188 | ) |
Netcashflowsfromoperatingactivities
| Netcashflowsfromoperatingactivities | 2,399,471,401 | 4,970,156,346 |
2.
| 2. | CASHFLOWSFROMINVESTINGACTIVITIES |
Cashreceiptsfromreturnsofinvestments
| Cashreceiptsfromreturnsofinvestments | 575,858,940 | 2,807,425,581 | ||
| Cashreceiptsfromreturnsoninvestments | 2,838,215,143 | 2,527,840,286 | ||
| Netcashreceivedfromdisposaloffixedassets,intangibleassetsandotherlong-termassets | 985,435 | 842,917 | ||
| Othercashreceiptsrelatingtoinvestingactivities | 9,775,322,198 | 6,942,812,478 | ||
| ? | ||||
| Totalcashinflowsfrominvestingactivities | 13,190,381,716 | 12,278,921,262 |
Cashpaymentstoacquirefixedassets,intangible
assetsandotherlong-termassets
| Cashpaymentstoacquirefixedassets,intangibleassetsandotherlong-termassets | (588,210,040 | ) | (1,743,031,313 | ) | ||
| Cashpaymentsforinvestments | (20,213,432,135 | ) | (13,557,349,939 | ) | ||
| Othercashpaymentsrelatingtootherinvestingactivities | (913,788,092 | ) | (12,190,000,000 | ) | ||
| ? | ||||||
| Totalcashoutflowsfrominvestingactivities | (21,715,430,267 | ) | (27,490,381,252 | ) |
Netcashflowsfrominvestingactivities
| Netcashflowsfrominvestingactivities | (8,525,048,551 | ) | (15,211,459,990 | ) |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.COMPANYSTATEMENTOFCASHFLOWS(CONTINUED)Fortheyearended31December2025ExpressedinRenminbiYuan
| 2025 | 2024 |
3.
| 3. | CASHFLOWSFROMFINANCINGACTIVITIES |
Cashreceiptsfromborrowings
| Cashreceiptsfromborrowings | 10,299,661,000 | 18,520,000,000 | ||
| Cashreceiptsfromissuanceofcorporatebonds | 11,000,000,000 | - | ||
| Othercashreceiptsrelatingtofinancingactivities | 9,670,000,000 | 11,220,000,000 |
Totalcashinflowsfromfinancingactivities
| Totalcashinflowsfromfinancingactivities | 30,969,661,000 | 29,740,000,000 |
Cashrepaymentsfordebts
| Cashrepaymentsfordebts | (15,536,500,000 | ) | (14,318,800,000 | ) | ||
| Cashpaymentsfordistributionofdividendsorprofitandinterestexpenses | (3,048,358,000 | ) | (2,499,539,504 | ) | ||
| Cashpaymentsforredemptionofotherequityinstruments | (2,000,000,000 | ) | - | |||
| Othercashpaymentsrelatingtofinancingactivities | (4,059,940,393 | ) | (2,517,521,421 | ) |
Totalcashoutflowsfromfinancingactivities
| Totalcashoutflowsfromfinancingactivities | (24,644,798,393 | ) | (19,335,860,925 | ) |
Netcashflowsfromfinancingactivities
| Netcashflowsfromfinancingactivities | 6,324,862,607 | 10,404,139,075 |
4.
| 4. | Effectofexchangeratechangesoncashandcashandcashequivalents | (51,246,828 | ) | 29,846,436 |
5.
| 5. | Netincreaseincashandcashequivalents | 148,038,629 | 192,681,867 | ||
| Add:Cashandcashequivalentsatbeginningofyear | 4,442,011,688 | 4,249,329,821 |
6.
| 6. | Cashandcashequivalentsatendofyear | 4,590,050,317 | 4,442,011,688 |
ChenYanshunChairmanoftheBoard
| ChenYanshunChairmanoftheBoard | FengQiangChairmanoftheExecutiveCommittee | YangXiaopingChiefFinancialOfficer | XuYaxiaoTheheadoftheaccountingdepartment |
Theaccompanyingnotestothefinancialstatementsformanintegralpartofthesefinancialstatements.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
I.GeneralinformationBOETechnologyGroupCompanyLimited(the“Company”)isacompanylimitedbysharesestablishedon9April1993inBeijing,withitsheadofficelocatedatBeijing.TheparentoftheCompanyandtheCompany’sultimateholdingcompanyisBeijingElectronicsHoldingsCo.,Ltd.(“BeijingElectronicsHoldings”).TheCompanyanditssubsidiaries(referredtoasthe“Group”)comprisefivemainbusinesssegments:
displaybusiness,InternetofThings(IoT)innovationbusiness,sensorbusiness,MLEDbusinessandsmartmedicine&engineeringbusiness.ForinformationaboutthesubsidiariesoftheCompany,refertoNoteVIII.ThefinancialstatementswereapprovedandauthorisedforissuebytheboardofdirectorsonMarch30,2026.II.Basisofpreparationofthefinancialstatements
1.BasisofpreparationThefinancialstatementshavebeenpreparedinaccordancewiththeAccountingStandardsforBusinessEnterprises-BasicStandardandthespecificaccountingstandards,interpretations,andotherrelevantprovisionsissuedandsubsequentlyrevisedbytheMinistryofFinance(collectivelyreferredtoasthe"AccountingStandardsforBusinessEnterprises").Inaddition,thesefinancialstatementsalsopresenttherelevantfinancialinformationinaccordancewiththeRulesforthePreparationofInformationDisclosurebyCompaniesOfferingSecuritiestothePublicNo.15–GeneralProvisionsforFinancialReports.
2.GoingconcernThefinancialstatementshavebeenpreparedonagoingconcernbasis.III.Materialaccountingpoliciesandsignificantestimates
1.StatementofcomplianceThefinancialstatementshavebeenpreparedinaccordancewiththerequirementsofAccountingStandardsforBusinessEnterprises,whicharealsoreferredtoasChinaAccountingStandards(“CAS”),issuedbytheMinistryofFinance(“MOF”)ofthePeople’sRepublicofChina.ThesefinancialstatementspresenttrulyandcompletelytheconsolidatedandcompanyfinancialpositionoftheCompanyasat31December2025,andtheconsolidatedandcompanyfinancialperformanceandcashflowsoftheCompanyfortheyearthenended.
2.AccountingyearTheaccountingperiodisfrom1Januaryto31December.
3.OperatingcycleTheCompanytakestheperiodfromtheacquisitionofassetsforprocessingtountiltheultimaterealisationofcashorcashequivalentsasanormaloperatingcycle.TheoperatingcycleoftheCompanyisusuallylessthan12months.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
4.FunctionalcurrencyTheCompany’sfunctionalcurrencyisRenminbiandthesefinancialstatementsarepresentedinRenminbi.FunctionalcurrencyisdeterminedbytheCompanyanditssubsidiariesonthebasisofthecurrencyinwhichmajorincomeandcostsaredenominatedandsettled.SomeoftheCompany’ssubsidiarieshavefunctionalcurrenciesthataredifferentfromtheCompany’sfunctionalcurrency.TheirfinancialstatementshavebeentranslatedbasedontheaccountingpolicysetoutinNoteIII.9.
5.Methodusedtodeterminethematerialitythresholdandthebasisforselection
| Item | Materialitythreshold |
Significantreceivablesforwhichprovisionsforbadanddoubtful
areindividuallyassessedrecoveriesorreversalsandwritten-offs
| Significantreceivablesforwhichprovisionsforbadanddoubtfulareindividuallyassessedrecoveriesorreversalsandwritten-offs | Amountoftheindividualaccountsreceivable≥RMB50million |
| Significantprepayments,contractliabilities,accountspayableandotherpayableswithageingofmorethanoneyear | Amountoftheindividualitemsexceeds0.5%oftheGroup’stotalassets |
| Significantconstructionprojectsinprogress | CarryingamountofindividualitemattheendoftheperiodexceedsRMB10billion |
| Significantnon-wholly-ownedsubsidiaries,jointventuresorassociates | Carryingamountoflong-termequityinvestmentsinindividualinvesteeexceed5%oftheGroup’stotalassets;totalrevenueofnon-wholly-ownedsubsidiariesexceed5%oftheGroup’stotalrevenue |
| Significantcapitalisedresearchanddevelopmentprojects | AccumulatedexpenditureofindividualR&Dprojectexceeds0.5%oftheGroup’stotalassets |
6.BusinesscombinationsAtransactionoreventconstitutesabusinesscombinationwhentheGroupobtainscontrolofoneormoreentities(oragroupofassetsornetassets)whichmeetthedefinitionofabusiness.Businesscombinationsareclassifiedaseitherbusinesscombinationsinvolvingenterprisesundercommoncontrolorbusinesscombinationsnotinvolvingenterprisesundercommoncontrol.Foratransactionnotinvolvingenterprisesundercommoncontrol,theacquirerdetermineswhetheranacquiredsetofassetsconstitutesabusiness.TheGroupmayelecttoapplythesimplifiedassessmentmethod,theconcentrationtest,todeterminewhetheranacquiredsetofassetsisabusiness.Iftheconcentrationtestismet,thesetofassetsisdeterminednottobeabusiness,nofurtherassessmentisneeded.Iftheconcentrationtestisnotmet,theGroupshouldperformtheassessmentaccordingtotheguidanceonthedeterminationofabusiness.?WhenthesetofassetstheGroupacquireddoesnotconstituteabusiness,acquisitioncostsshouldbeallocatedtoeachidentifiableassetandliabilityonthebasisoftheirrelativefairvaluesatthedateofacquisition.Theaccountingtreatmentsforbusinesscombinationsdescribedbelowarenotapplied.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
6.Businesscombinations(continued)
(1)BusinesscombinationsinvolvingentitiesundercommoncontrolAbusinesscombinationinvolvingentitiesundercommoncontrolisabusinesscombinationinwhichallofthecombiningentitiesareultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthebusinesscombination,andthatcontrolisnottransitory.Theassetsacquiredandliabilitiesassumedaremeasuredbasedontheircarryingamountsintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate.Thedifferencebetweentheshareofcarryingamountofthenetassetsacquiredandtheconsiderationpaidforthecombination(orthetotalparvalueofsharesissued)isadjustedagainstsharepremiuminthecapitalreserve,withanyexcessdeductedfromsurplusreserveandretainedearningssequentially.Anycostsdirectlyattributabletothecombinationarerecognisedinprofitorlosswhenincurred.Thecombinationdateisthedateonwhichonecombiningentityobtainscontrolofothercombiningentities.
(2)BusinesscombinationsinvolvingentitiesnotundercommoncontrolAbusinesscombinationinvolvingentitiesnotundercommoncontrolisabusinesscombinationinwhichallofthecombiningentitiesarenotultimatelycontrolledbythesamepartyorpartiesbothbeforeandafterthebusinesscombination.TheGroup,astheacquirer,thesumofthefairvalueoftheassetspaid(includingtheequityoftheacquireeheldbeforetheacquisitiondate),liabilitiesincurredorassumed,andequitysecuritiesissuedontheacquisitiondate,minusthefairvalueshareoftheidentifiablenetassetsoftheacquireeacquiredinthemergerontheacquisitiondate,afterconsideringtheimpactofrelevantdeferredincometax,ifitispositive,itwillberecognizedasgoodwill(seeNoteIII.18).Ifitisnegative,itwillberecognisedinprofitorlossforthecurrentperiod.Thecostsofissuingequityordebtsecuritiesasapartoftheconsiderationfortheacquisitionareincludedinthecarryingamountsoftheseequityordebtsecuritiesuponinitialrecognition.Otheracquisition-relatedcostsareexpensedwhenincurred.Anydifferencebetweenthefairvalueandthecarryingamountoftheassetstransferredasconsiderationisrecognisedinprofitorloss.Theacquiree’sidentifiableassets,liabilitiesandcontingentliabilities,iftherecognitioncriteriaaremet,arerecognisedbytheGroupattheiracquisition-datefairvalues.Theacquisitiondateisthedateonwhichtheacquirerobtainscontroloftheacquiree.
7.Consolidatedfinancialstatements
(1)GeneralprinciplesThescopeofconsolidatedfinancialstatementsisbasedoncontrolandtheconsolidatedfinancialstatementscomprisetheCompanyanditssubsidiaries.Controlexistswhentheinvestorhasallofthefollowing:powerovertheinvestee;exposure,orrights,tovariablereturnsfromitsinvolvementwiththeinvestee;andtheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.Thefinancialposition,financialperformanceandcashflowsofsubsidiariesareincludedintheconsolidatedfinancialstatementsfromthedatethatcontrolcommencesuntilthedatethatcontrolceases.Intra-groupbalancesandtransactions,andanyunrealisedprofitorlossarisingfromintra-grouptransactions,areeliminatedwhenpreparingtheconsolidatedfinancialstatements.Unrealisedlossesresultingfromintra-grouptransactionsareeliminatedinthesamewayasunrealisedgains,unlesstheyrepresentimpairmentlossesthatarerecognisedinfullinthefinancialstatements.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
7.Consolidatedfinancialstatements(continued)
(2)SubsidiariesacquiredthroughabusinesscombinationWhereasubsidiarywasacquiredduringthereportingperiodthroughabusinesscombinationinvolvingentitiesundercommoncontrol,thefinancialstatementsofthesubsidiaryareincludedintheconsolidatedfinancialstatementsbasedonthecarryingamountsoftheassetsandliabilitiesofthesubsidiaryinthefinancialstatementsoftheultimatecontrollingpartyasifthecombinationhadoccurredatthedatethattheultimatecontrollingpartyfirstobtainedcontrol.Theopeningbalancesandthecomparativefiguresoftheconsolidatedfinancialstatementsarealsorestated.Whereasubsidiarywasacquiredduringthereportingperiodthroughabusinesscombinationinvolvingentitiesnotundercommoncontrol,theidentifiableassetsandliabilitiesoftheacquiredsubsidiariesareincludedinthescopeofconsolidationfromthedatethatcontrolcommences,basedonthefairvaluesofthoseidentifiableassetsandliabilitiesattheacquisitiondate.
(3)DisposalofsubsidiariesWhentheGrouplosescontroloverasubsidiary,anyresultingdisposalgainsorlossesarerecognisedasinvestmentincomeforthecurrentperiod.Theremainingequityinvestmentisre-measuredatitsfairvalueatthedatewhencontrolislost,andanyresultinggainsorlossesarealsorecognisedasinvestmentincomeforthecurrentperiod.
(4)Changesinnon-controllinginterestsWheretheCompanyacquiresmoreinterestinasubsidiaryfromthesubsidiary’snon-controllingshareholdersordisposesofaportionofaninterestinasubsidiarywithoutlosingcontrol,thedifferencebetweentheportionoftheinterestinthesubsidiary’snetassetsbeingacquiredordisposedofandtheamountoftheconsiderationpaidorreceivedisadjustedtothecapitalreserve(sharepremium)intheconsolidatedbalancesheet,withanyexcessdeductedfromsurplusreserveandretainedearningssequentially.
8.CashandcashequivalentsCashandcashequivalentscomprisecashonhand,depositsthatcanbereadilywithdrawnondemand,andshort-term,highlyliquidinvestmentsthatarereadilyconvertibleintoknownamountsofcashandaresubjecttoaninsignificantriskofchangeinvalue.
9.ForeigncurrencytransactionsandforeigncurrencytranslationWhentheGroupreceivescapitalinforeigncurrenciesfrominvestors,thecapitalistranslatedtoRenminbiatthespotexchangerateatthedateofthereceipt.Otherforeigncurrencytransactionsare,oninitialrecognition,translatedtoRenminbiatthespotexchangeratesonthedatesofthetransactions.MonetaryitemsdenominatedinforeigncurrenciesaretranslatedtoRenminbiatthespotexchangerateatthebalancesheetdate.Theresultingexchangedifferencesaregenerallyrecognisedinprofitorloss,unlesstheyarisefromthere-translationoftheprincipalandinterestofspecificborrowingsfortheacquisitionandconstructionofqualifyingassets(seeNoteIII.16).Non-monetaryitemsthataremeasuredathistoricalcostinforeigncurrenciesaretranslatedtoRenminbiusingtheexchangerateatthetransactiondate.Non-monetaryitemsthataremeasuredatfairvalueinforeigncurrenciesaretranslatedusingtheexchangerateatthedatethefairvalueisdetermined.Theresultingexchangedifferencesarerecognisedinprofitorloss,exceptforthedifferencesarisingfromthere-translationofequityinvestmentsatfairvaluethroughothercomprehensiveincome,whicharerecognisedinothercomprehensiveincome.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
9.Foreigncurrencytransactionsandforeigncurrencytranslation(continued)Intranslatingthefinancialstatementsofaforeignoperation,assetsandliabilitiesofforeignoperationaretranslatedtoRenminbiatthespotexchangerateatthebalancesheetdate.Equityitems,excludingretainedearningsandthetranslationdifferencesinothercomprehensiveincome,aretranslatedtoRenminbiatthespotexchangeratesatthetransactiondates.IncomeandexpensesofforeignoperationaretranslatedtoRenminbiatratesthatapproximatethespotexchangeratesatthetransactiondates.Theresultingtranslationdifferencesarerecognisedinothercomprehensiveincome.Atthetimeofdisposalofoverseasoperations,therelevanttranslationdifferencesarisingfromtranslationofforeigncurrencyfinancialstatementsistransferredfromshareholders’equitytothecurrentprofitandlossofdisposal.ForeigncurrencycashflowsandcashflowsofoverseassubsidiariesaretranslatedtoRenminbiatratesthatapproximatethespotexchangeratesatthedatethecashflowsoccur.Theeffectofexchangeratechangesoncashispresentedseparatelyasareconcilingiteminthestatementofcashflows.
10.FinancialinstrumentsFinancialinstrumentsincludecashatbankandonhand,investmentsindebtandequitysecuritiesotherthanthoseclassifiedaslong-termequityinvestments(seeNoteIII.12),receivables,payables,loansandborrowings,debenturespayableandsharecapital.
(1)RecognitionandinitialmeasurementoffinancialassetsandfinancialliabilitiesAfinancialassetorfinancialliabilityisrecognisedinthebalancesheetwhentheGroupbecomesapartytothecontractualprovisionsofafinancialinstrument.Financialassetsandfinancialliabilitiesaremeasuredinitiallyatfairvalue.Forfinancialassetsandfinancialliabilitiesmeasuredatfairvaluethroughprofitorloss,anyrelateddirectlyattributabletransactioncostsarechargedtoprofitorloss;forothercategoriesoffinancialassetsandfinancialliabilities,anyrelateddirectlyattributabletransactioncostsareincludedintheirinitialcosts.Tradereceivablesthatdonothaveasignificantfinancingcomponentordonotaccountforthesignificantfinancingcomponentinone-year-or-lesscontractsunderthepracticalexpedientareinitiallymeasuredatthetransactionpriceinaccordancewithNoteIII.24.
(2)Classificationandsubsequentmeasurementoffinancialassets(a)ClassificationoffinancialassetsTheclassificationoffinancialassetsisgenerallybasedonthebusinessmodelunderwhichafinancialassetismanagedanditscontractualcashflowcharacteristics.Oninitialrecognition,afinancialassetisclassifiedasmeasuredatamortisedcost,atfairvaluethroughothercomprehensiveincome(“FVOCI”),oratfairvaluethroughprofitorloss(“FVTPL”).FinancialassetsarenotreclassifiedsubsequenttotheirinitialrecognitionunlesstheGroupchangesitsbusinessmodelformanagingfinancialassets,inwhichcaseallaffectedfinancialassetsarereclassifiedonthefirstdayofthefirstreportingperiodfollowingthechangeinthebusinessmodel.AfinancialassetismeasuredatamortisedcostifitmeetsbothofthefollowingconditionsandisnotdesignatedasatFVTPL:
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(2)Classificationandsubsequentmeasurementoffinancialassets(continued)(a)Classificationoffinancialassets(continued)-itisheldunderabusinessmodelwhoseobjectiveistoholdassetstocollectcontractualcashflows;and-itscontractualtermsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.AfinancialassetismeasuredatFVOCIifitmeetsbothofthefollowingconditionsandisnotdesignatedasatFVTPL:
-itisheldunderabusinessmodelwhoseobjectiveisachievedbybothcollectingcontractualcashflowsandsellingfinancialassets;and-itscontractualtermsgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.Oninitialrecognitionofanequityinvestmentthatisnotheldfortrading,theGroupmayirrevocablyelecttopresentsubsequentchangesintheinvestment’sfairvalueinothercomprehensiveincome.Thiselectionismadeonaninvestment-by-investmentbasis,andtheinstrumentmeetsthedefinitionofequityfromtheperspectiveoftheissuer.AllfinancialassetsnotclassifiedasmeasuredatamortisedcostorFVOCIasdescribedabovearemeasuredatFVTPL.ThebusinessmodelreferstohowtheGroupmanagesitsfinancialassetsinordertogeneratecashflows.Thatis,theGroup’sbusinessmodeldetermineswhethercashflowswillresultfromcollectingcontractualcashflows,sellingfinancialassetsorboth.TheGroupdeterminesthebusinessmodelformanagingthefinancialassetsaccordingtothefactsandbasedonthespecificbusinessobjectiveformanagingthefinancialassetsdeterminedbytheGroup’skeymanagementpersonnel.Inassessingwhetherthecontractualcashflowsaresolelypaymentsofprincipalandinterest,theGroupconsidersthecontractualtermsoftheinstrument.Forthepurposesofthisassessment,‘principal’isdefinedasthefairvalueofthefinancialassetoninitialrecognition.‘Interest’isdefinedasconsiderationforthetimevalueofmoneyandforthecreditriskassociatedwiththeprincipalamountoutstandingduringaparticularperiodoftimeandforotherbasiclendingrisksandcosts,aswellasaprofitmargin.TheGroupalsoassesseswhetherthefinancialassetcontainsacontractualtermthatcouldchangethetimingoramountofcontractualcashflowssuchthatitwouldnotmeetthiscondition.(b)Subsequentmeasurementoffinancialassets-FinancialassetsatFVTPLThesefinancialassetsaresubsequentlymeasuredatfairvalue.Netgainsandlosses,includinganyinterestordividendincome,arerecognisedinprofitorlossunlessthefinancialassetsarepartofahedgingrelationship.-Financialassetsatamortisedcost
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(2)Classificationandsubsequentmeasurementoffinancialassets(continued)(b)Subsequentmeasurementoffinancialassets(continued)Theseassetsaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod.Againorlossonafinancialassetthatismeasuredatamortisedcostandthatisnotpartofahedgingrelationshipshouldberecognisedinprofitorlosswhenthefinancialassetisderecognised,reclassified,amortisedundertheeffectiveinterestmethodorwhenanimpairmentgainorlossisrecognised.-DebtinvestmentsatFVOCITheseassetsaresubsequentlymeasuredatfairvalue.Interestincomecalculatedusingtheeffectiveinterestmethod,andimpairmentandforeignexchangegainsandlossesarerecognisedinprofitorloss.Othernetgainsandlossesarerecognisedinothercomprehensiveincome.Onderecognition,gainsandlossesaccumulatedinothercomprehensiveincomearereclassifiedtoprofitorloss.-EquityinvestmentsatFVOCITheseassetsaresubsequentlymeasuredatfairvalue.Dividendsarerecognisedasincomeinprofitorloss.Othernetgainsandlossesarerecognisedinothercomprehensiveincome.Onderecognition,gainsandlossesaccumulatedinothercomprehensiveincomearereclassifiedtoretainedearnings.
(3)ClassificationandsubsequentmeasurementoffinancialliabilitiesFinancialliabilitiesareclassifiedasmeasuredatFVTPLorasfinancialliabilitiesmeasuredatamortisedcost.-FinancialliabilitiesatFVTPLAfinancialliabilityisclassifiedasatFVTPLifitisclassifiedasheld-for-trading(includingderivativefinancialliabilities)orifitisdesignatedassuchoninitialrecognition.FinancialliabilitiesatFVTPLaresubsequentlymeasuredatfairvalueandnetgainsandlosses,includinganyinterestexpense,arerecognisedinprofitorloss,unlessthefinancialliabilitiesarepartofahedgingrelationship.-FinancialliabilitiesatamortisedcostThesefinancialliabilitiesaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(4)OffsettingFinancialassetsandfinancialliabilitiesaregenerallypresentedseparatelyinthebalancesheet,andarenotoffset.However,afinancialassetandafinancialliabilityareoffsetandthenetamountispresentedinthebalancesheetwhenbothofthefollowingconditionsaresatisfied:
-theGroupcurrentlyhasalegallyenforceablerighttosetofftherecognisedamounts;-theGroupintendseithertosettleonanetbasis,ortorealisethefinancialassetandsettlethefinancialliabilitysimultaneously.
(5)DerecognitionoffinancialassetsandfinancialliabilitiesAfinancialassetisderecognisedwhenoneofthefollowingconditionsismet:
-theGroup’scontractualrightstothecashflowsfromthefinancialassetexpire;-thefinancialassethasbeentransferredandtheGrouptransferssubstantiallyalloftherisksandrewardsofownershipofthefinancialasset;or-thefinancialassethasbeentransferred;andalthoughtheGroupneithertransfersnorretainssubstantiallyalloftherisksandrewardsofownershipofthefinancialasset,itdoesnotretaincontroloverthetransferredasset.Whereatransferofafinancialassetinitsentiretymeetsthecriteriaforderecognition,thedifferencebetweenthetwoamountsbelowisrecognisedinprofitorloss:
-thecarryingamountofthefinancialassettransferredmeasuredatthedateofderecognition;-thesumoftheconsiderationreceivedfromthetransferand,whenthetransferredfinancialassetisadebtinvestmentatFVOCI,anycumulativegainorlossthathasbeenrecogniseddirectlyinothercomprehensiveincomeforthefinancialassetderecognised.TheGroupderecognisesafinancialliability(orpartofit)onlywhenitscontractualobligation(orpartofit)isextinguished.
(6)ImpairmentTheGrouprecogniseslossallowancesforexpectedcreditloss(ECL)on:
-financialassetsmeasuredatamortisedcost;-contractassets;-debtinvestmentsmeasuredatFVOCI;-leasereceivablesFinancialassetsmeasuredatfairvalue,includingdebtinvestmentsorequitysecuritiesatFVTPL,equitysecuritiesdesignatedatFVOCIandderivativefinancialassets,arenotsubjecttotheECLassessment.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(6)Impairment(continued)MeasurementofECLsECLsareaprobability-weightedestimateofcreditlosses.Creditlossesaremeasuredasthepresentvalueofallcashshortfalls(i.e.thedifferencebetweenthecashflowsduetotheGroupinaccordancewiththecontractandthecashflowsthattheGroupexpectstoreceive).ThemaximumperiodconsideredwhenestimatingECLsisthemaximumcontractualperiod(includingextensionoptions)overwhichtheGroupisexposedtocreditrisk.LifetimeECLsaretheECLsthatresultfromallpossibledefaulteventsovertheexpectedlifeofafinancialinstrument.12-monthECLsaretheportionofECLsthatresultfromdefaulteventsthatarepossiblewithinthe12monthsafterthebalancesheetdate(orashorterperiodiftheexpectedlifeoftheinstrumentislessthan12months).Lossallowancesfornotesreceivable,accountsreceivable,receivablesfinancingandcontractassetsarisingfromordinarybusinessactivitiessuchassaleofgoodsandprovisionofservices,aswellasleasereceivablesarisingfromleasetransactionsarealwaysmeasuredatanamountequaltolifetimeECLs.ECLsonthesefinancialassetsareestimatedusingaprovisionmatrixbasedontheGroup’shistoricalcreditlossexperience,adjustedforfactorsthatarespecifictothedebtorsandanassessmentofboththecurrentandforecastgeneraleconomicconditionsatthebalancesheetdate.Exceptfornotesreceivable,accountsreceivable,receivablesfinancing,contractassets,andleasereceivables,theGroupmeasureslossallowancesatanamountequalto12-monthECLsforthefollowingfinancialinstruments,andatanamountequaltolifetimeECLsforallotherfinancialinstruments:
-Financialinstrumentsthathavebeendeterminedtohavelowcreditriskatthebalancesheetdate;or-Financialinstrumentsforwhichcreditriskhasnotincreasedsignificantlysinceinitialrecognition.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(6)Impairment(continued)ProvisionsforbadanddoubtfuldebtsarisingfromreceivablesCategoriesofgroupsforcollectiveassessmentbasedoncreditriskcharacteristicsandbasisfordetermination
| Item | Basisforrecognition |
| ? | ? |
| Notesreceivable | Basedonthedifferentcreditriskcharacteristicsofacceptors,theGroupclassifiesnotesreceivableintotwogroups:bankacceptancebillsandcommercialacceptancebills. |
| Accountsreceivable | Historically,thereisnosignificantdifferenceintermsofoccurrenceoflossesamongdifferentcustomertypesfortheGroup.Therefore,theGroupclassifiesaccountsreceivableintothreegroups,specifically:receivablesfromcustomerswithhighcreditrisk,receivablesfromcustomerswithlowcreditriskandreceivablesfromcustomerswithmediumcreditrisk. |
| Receivablesfinancing | TheGroup’sreceivablesfinancingarebankacceptancebillsheldfordualpurposes.Astheacceptingbankshavehighcreditratings,theGroupconsidersallreceivablesfinancingasasinglegroup. |
| Otherreceivables | TheGroup’sotherreceivablesmainlyincludecashpledgesanddepositsreceivable,pettycashreceivablesduefromemployees,receivablesduefromrelatedparties,dividendsreceivable,etc.Basedonthenatureofreceivablesandthecreditriskcharacteristicsofdifferentcounterparties,theGroupclassifiesotherreceivablesintothreegroups,specifically:receivableswithhighcreditrisk,receivableswithlowcreditriskandreceivableswithmediumcreditrisk. |
| Contractassets | Historically,thereisnosignificantdifferenceintermsofoccurrenceoflossesamongdifferentcustomertypesfortheGroup.Therefore,theGroupmakesprovisionsforbadanddoubtfuldebtsarisingfromcontractassetsonthebasisofallcustomersbeingonegroupwithoutfurthersegmentationbydifferentcustomertypes. |
FinancialinstrumentsthathavelowcreditriskThecreditriskonafinancialinstrumentisconsideredlowifthefinancialinstrumenthasalowriskofdefault,theborrowerhasastrongcapacitytomeetitscontractualcashflowobligationsinthenearterm,andadversechangesineconomicandbusinessconditionsinthelongertermmay,butwillnotnecessarily,reducetheabilityoftheborrowertofulfilitscontractualcashflowobligations.SignificantincreasesincreditriskInassessingwhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognition,theGroupcomparestheriskofdefaultoccurringonthefinancialinstrumentassessedatthebalancesheetdatewiththatassessedatthedateofinitialrecognition.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(6)Impairment(continued)Significantincreasesincreditrisk(continued)Whendeterminingwhetherthecreditriskofafinancialassethasincreasedsignificantlysinceinitialrecognition,theGroupconsidersreasonableandsupportableinformationthatisrelevantandavailablewithoutunduecostoreffort,includingforward-lookinginformation.Inparticular,thefollowinginformationistakenintoaccount:
-failuretomakepaymentsofprincipalorinterestontheircontractualduedates;-anactualorexpectedsignificantdeteriorationinafinancialinstrument’sexternalorinternalcreditrating(ifavailable);-anactualorexpectedsignificantdeteriorationintheoperatingresultsofthedebtor;-existingorforecastchangesinthetechnological,market,economicorlegalenvironmentthathaveasignificantadverseeffectonthedebtor’sabilitytomeetitsobligationtotheGroup.TheGroupdeterminesthatthecreditriskonafinancialassethasincreasedsignificantlyifitismorethan30dayspastdue.Credit-impairedfinancialassetsAteachbalancesheetdate,theGroupassesseswhetherfinancialassetscarriedatamortisedcostanddebtinvestmentsatFVOCIarecredit-impaired.Afinancialassetis‘credit-impaired’whenoneormoreeventsthathaveadetrimentalimpactontheestimatedfuturecashflowsofthefinancialassethaveoccurred.Evidencethatafinancialassetiscredit-impairedincludesthefollowingobservabledata:
-significantfinancialdifficultiesoftheissuerordebtor;-abreachofcontract,suchasadefaultordelinquencyininterestorprincipalpayments;-foreconomicorcontractualreasonsrelatingtothedebtor’sfinancialdifficulties,theGrouphavinggrantedtothedebtoraconcessionthatitwouldnototherwiseconsider;-itisprobablethatthedebtorwillenterbankruptcyorotherfinancialreorganisation;-thedisappearanceofanactivemarketforthefinancialassetbecauseoffinancialdifficultiesoftheissuerordebtor.PresentationofallowanceforECLECLsareremeasuredateachbalancesheetdatetoreflectchangesinthefinancialinstrument’screditrisksinceinitialrecognition.AnychangeintheECLamountisrecognisedasanimpairmentgainorlossinprofitorloss.Lossallowancesforfinancialassetsmeasuredatamortisedcostaredeductedfromthegrosscarryingamountoftheassets.FordebtinvestmentsthataremeasuredatFVOCI,thelossallowanceisrecognisedinothercomprehensiveincomeandnotdeductedfromthecarryingamountoftheassets.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
10.Financialinstruments(continued)
(6)Impairment(continued)Write-offThegrosscarryingamountofafinancialassetiswrittenoff(eitherpartiallyorinfull)totheextentthatthereisnorealisticprospectofrecovery.Awrite-offconstitutesaderecognitionevent.ThisgenerallyoccurswhentheGroupdeterminesthatthedebtordoesnothaveassetsorsourcesofincomethatcouldgeneratesufficientcashflowstorepaytheamountssubjecttothewrite-off.However,financialassetsthatarewrittenoffcouldstillbesubjecttoenforcementactivitiesinordertocomplywiththeGroup’sproceduresforrecoveryofamountsdue.Subsequentrecoveriesofanassetthatwaspreviouslywrittenoffarerecognisedasareversalofimpairmentinprofitorlossintheperiodinwhichtherecoveryoccurs.
(7)EquityinstrumentsTheissuanceofequityinstrumentsisrecognisedattheactualissuepriceinshareholders’equity,relevanttransactioncostsaredeductedfromshareholders’equity(capitalreserve),withanyexcessdeductedfromsurplusreserveandretainedearningssequentially.ConsiderationandtransactioncostspaidbytheCompanyforrepurchasingself-issuedequityinstrumentsaredeductedfromshareholders’equity.WhentheCompanyrepurchasesitsownshares,thosesharesaretreatedastreasuryshares.Theentirerepurchaseexpenditureisrecordedasthecostofthetreasurysharesinthereferenceregister.Treasurysharesareexcludedfromprofitdistributionsandarepresentedasadeductionfromshareholders’equityonthebalancesheet.Whentreasurysharesarecancelled,thesharecapitalshouldbereducedtotheextentofthetotalparvalueofthetreasurysharescancelled.Wherethecostofthetreasurysharescancelledexceedsthetotalparvalue,theexcessisdeductedfromcapitalreserve(sharepremium),surplusreserveandretainedearningssequentially.Ifthecostoftreasurysharescancelledislessthanthetotalparvalue,thedifferenceiscreditedtothecapitalreserve(sharepremium).Whentreasurysharesaredisposedof,anyexcessofproceedsabovecostisrecognisedincapitalreserve(sharepremium);otherwise,theshortfallisdeductedagainstcapitalreserve(sharepremium),surplusreserveandretainedearningssequentially.
(8)PerpetualbondsAtinitialrecognition,perpetualbondsissuedbytheGrouportheircomponentsareclassifiedasfinancialassets,financialliabilitiesorequityinstrumentsbasedontheircontractualtermsandeconomicsubstancewithreferencetothedefinitionoffinancialassets,financialliabilitiesandequityinstruments.PerpetualbondsissuedbytheGroupthatshouldbeclassifiedasequityinstrumentsarerecognisedinequitybasedontheactualproceedsreceived.Anydistributionofdividendsorinterestsduringtheinstruments’durationistreatedasprofitappropriation.Whentheperpetualbondsareredeemedaccordingtothecontractualterms,theredemptionamountisrecognisedasadeductionfromequity.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
11.Inventories
(1)CategoriesInventoriesincluderawmaterials,workinprogress,finishedgoodsandreusablematerials.Reusablematerialsincludelow-valueconsumables,packagingmaterialsandothermaterialswhichcanbeusedrepeatedlybutwhichdonotmeetthedefinitionoffixedassets.Contractfulfillmentcostsclassifiedascurrentassetsaredisclosedatinventory.Inadditiontothepurchasecostofrawmaterials,workinprogressandfinishedgoodsincludedirectlabourcostsandanappropriateallocationofproductionoverheadsbasedonnormalcapacity.
(2)MeasurementmethodofcostofinventoriesCostofinventoriesiscalculatedusingtheweightedaveragemethod.
(3)InventorycountsystemTheGroupmaintainsaperpetualinventorysystem.
(4)Amortisationmethodforlow-valueconsumablesandpackagingmaterialsConsumablesincludinglow-valueconsumablesandpackagingmaterialsareamortizedbyone-offwriteoffmethod.Theamortisationchargeisincludedinthecostoftherelatedassetsorrecognisedinprofitorlossforthecurrentperiod.
(5)CriteriaandmethodforprovisionforobsoleteinventoriesAtthebalancesheetdate,inventoriesarecarriedatthelowerofcostandnetrealisablevalue.Anyexcessofthecostoverthenetrealisablevalueofeachcategoryofinventoriesisrecognisedasaprovisionforobsoleteinventories,andisrecognisedinprofitorloss.Thenetrealisablevalueofmaterialsheldforuseinproductionismeasuredbasedonthenetrealisablevalueofthefinishedgoodsinwhichtheywillbeincorporated.Thenetrealisablevalueofinventoryheldtosatisfysalesorservicecontractsismeasuredbasedonthecontractprice.IfthequantitiesofinventoriesheldbytheGroupexceedthequantitiesspecifiedinsalescontracts,thenetrealisablevalueoftheexcessportionofinventoriesisbasedongeneralsellingprices.12．Long-termequityinvestments
(1)Investmentcostoflong-termequityinvestments(a)Long-termequityinvestmentsacquiredthroughabusinesscombinationTheinitialcostofalong-termequityinvestmentacquiredthroughabusinesscombinationinvolvingentitiesundercommoncontrolistheCompany’sshareofthecarryingamountofthesubsidiary’sequityintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate.Thedifferencebetweentheinitialinvestmentcostandthecarryingamountoftheconsiderationgivenisadjustedtothesharepremiuminthecapitalreserve,withanyexcessdeductedfromsurplusreserveandretainedearningssequentially.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
12.Long-termequityinvestments(continued)
(1)Investmentcostoflong-termequityinvestments(continued)(a)Long-termequityinvestmentsacquiredthroughabusinesscombination(continued)Foralong-termequityinvestmentobtainedthroughabusinesscombinationnotinvolvingentitiesundercommoncontrol,theinitialcostcomprisestheaggregateofthefairvalueofassetstransferred,liabilitiesincurredorassumed,andequitysecuritiesissuedbytheCompany,inexchangeforcontroloftheacquiree.(b)Long-termequityinvestmentsacquiredotherthanthroughabusinesscombinationAlong-termequityinvestmentacquiredotherthanthroughabusinesscombinationisinitiallyrecognisedattheamountofcashpaidiftheGroupacquirestheinvestmentbycash,oratthefairvalueoftheequitysecuritiesissuedifaninvestmentisacquiredbyissuingequitysecurities.Wheretheinitialinvestmentcostofalong-termequityinvestmentexceedstheinvestor’sproportionateshareoftheinvestee’sidentifiablenetassetsatfairvalueatthetimeofinvestment,suchexcessshallbeincludedintheinitialinvestmentcost.Wheretheinitialinvestmentcostislessthantheinvestor’sproportionateshareoftheinvestee’sidentifiablenetassetsatfairvalueatthetimeofinvestment,thedifferenceshallberecognizedinprofitorlossforthecurrentperiod,andthecostofthelong-termequityinvestmentshallbeadjustedaccordingly.
(2)Subsequentmeasurementoflong-termequityinvestment(a)InvestmentsinsubsidiariesIntheCompany’sseparatefinancialstatements,long-termequityinvestmentsinsubsidiariesareaccountedforusingthecostmethodforsubsequentmeasurement.Foranyadditionalinvestmentorrecoveryofinvestment,adjustthecostoflong-termequityinvestment.TheCompanyrecognisesitsshareofthecashdividendsorprofitdistributionsdeclaredbytheinvesteeasinvestmentincomeforthecurrentperiod.(b)InvestmentinjointventuresandassociatesAjointventureisanarrangementwherebytheGroupandotherpartieshavejointcontrol(seeNoteIII.12(3))andrightstothenetassetsofthearrangement.AnassociateisanentityoverwhichtheGrouphassignificantinfluence(seeNoteIII.12(3)).Aninvestmentinajointventureoranassociateisaccountedforusingtheequitymethodforsubsequentmeasurement,unlesstheinvestmentisclassifiedasheldforsale(seeNoteIII.31).
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
12.Long-termequityinvestments(continued)
(2)Subsequentmeasurementoflong-termequityinvestment(continued)(b)Investmentinjointventuresandassociates(continued)Afteracquiringtheinvestment,theGrouprecognisesitsshareoftheinvestee’sprofitorlossandothercomprehensiveincomeasinvestmentincomeorlossesandothercomprehensiveincomerespectively,andadjuststhecarryingamountoftheinvestmentaccordingly.Whenrecognizingitsshareofthenetprofitorlossoftheinvestee,theGroupcalculatessuchshareonthebasisofthefairvalueoftheinvestee'sidentifiableassetsattheacquisitiondate,applyingtheGroup'saccountingpoliciesandfiscalperiod.Therecognitionamountisdeterminedafteradjustingtheinvestee'snetprofittoreflecttheelimination,totheextentoftheGroup'sproportionateinterest,ofintra-grouptransactiongainsorlossesarisingfromdealingswithassociatesandjointventures(exceptthatlossesfromintra-grouptransactionsthatrepresentanimpairmentlossonassetsarerecognizedinfull).Nosuchadjustmentismade,however,wheretheinvestmentinvolvesthecontributionorsaleofassetsthatconstituteabusiness.Oncetheinvesteedeclaresanycashdividendsorprofitdistributions,thecarryingamountoftheinvestmentisreducedbytheamountattributabletotheGroup.ChangesintheGroup’sshareoftheinvestee’sowners’equity,otherthanthosearisingfromtheinvestee’snetprofitorloss,othercomprehensiveincomeorprofitdistribution(referredtoas“otherchangesinowners’equity”),arerecogniseddirectlyintheGroup’sequity,andthecarryingamountoftheinvestmentisadjustedaccordingly.TheGroupdiscontinuesrecognisingitsshareoffurtherlossesoftheinvesteeafterthecarryingamountofthelong-termequityinvestmentandanylong-terminterestthatinsubstanceformspartoftheGroup’snetinvestmentinthejointventureorassociateisreducedtozero,excepttotheextentthattheGrouphasanobligationtoassumeadditionallosses.Ifthejointventureorassociatesubsequentlyreportsnetprofits,theGroupresumesrecognisingitsshareofthoseprofitsonlyafteritsshareoftheprofitshasfullycoveredtheshareoflossesnotrecognised.
(3)Criteriafordeterminingtheexistenceofjointcontrolorsignificantinfluenceoveran
investeeJointcontrolisthecontractuallyagreedsharingofcontrolofanarrangement,whichexistsonlywhendecisionsabouttherelevantactivities(activitieswithsignificantimpactonthereturnsofthearrangement)requiretheunanimousconsentofthepartiessharingcontrol.ThefollowingfactorsareusuallyconsideredwhenassessingwhethertheGroupcanexercisejointcontroloveraninvestee:
-Whethernosingleparticipantpartyisinapositiontocontroltheinvestee’srelevantactivitiesunilaterally;-Whetherdecisionsrelatingtotheinvestee’srelevantactivitiesrequiretheunanimousconsentofallparticipantpartiesthatsharecontrol.Significantinfluenceisthepowertoparticipateinthefinancialandoperatingpolicydecisionsofaninvesteebutisnotcontrolorjointcontrolofthosepolicies.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)13．InvestmentpropertiesInvestmentpropertiesarepropertiesheldeithertoearnrentalincomeorforcapitalappreciationorboth.Investmentpropertiesareinitiallymeasuredatcost.SubsequentexpendituresrelatedtoaninvestmentpropertyarerecognizedaspartofthecostoftheinvestmentpropertywhenitisprobablethattheeconomicbenefitsassociatedwiththeassetwillflowtotheGroupandthecostcanbereliablymeasured.Otherwise,suchexpendituresarerecognizedinprofitorlossasincurred.Investmentpropertiesareaccountedforusingthecostmodelandstatedinthebalancesheetatcostlessaccumulateddepreciation,amortisationandimpairmentlosses.Thecostofinvestmentproperty,lessitsestimatedresidualvalueandaccumulatedimpairmentlosses,isdepreciatedoramortisedusingthestraight-linemethodoveritsestimatedusefullife,unlesstheinvestmentpropertyisclassifiedasheldforsale(seeNoteIII.31).Theestimatedusefullives,residualvalueratesanddepreciationratesofeachclassofinvestmentpropertiesareasfollows:
| ? | Estimatedusefullife(years) | ? | Residualvaluerate(%) | ? | Depreciationrate(%) |
| ? | ? | ? | ? | ? | ? |
| Landuserights | 32-50years | ? | 0.0 | ? | 2.0-3.1 |
| Buildings | 20-40years | ? | 0.0-10.0 | ? | 2.3-5.0 |
14．Fixedassets
(1)RecognitionoffixedassetsProperty,plantandequipmentarerecognizedonlyifitisprobablethattheeconomicbenefitsassociatedwiththeassetwillflowtotheGroupandthecostoftheassetcanbereliablymeasured.AnysubsequentcostsincludingthecostofreplacingpartofanitemoffixedassetsarerecognisedasassetswhenitisprobablethattheeconomicbenefitsassociatedwiththecostswillflowtotheGroup,andthefacevalueofthereplacedpartisderecognised.Thecostsoftheday-to-daymaintenanceoffixedassetsarerecognisedinprofitorlossasincurred.Thecostofapurchasedfixedassetcomprisesthepurchaseprice,relatedtaxes,andanydirectlyattributableexpenditureforbringingtheassettoworkingconditionforitsintendeduse.Thecostofself-constructedassetsismeasuredinaccordancewiththepolicysetoutinNoteIII.15.WherethepartsofanitemoffixedassetshavedifferentusefullivesorprovidebenefitstotheGroupinadifferentpattern,thusnecessitatinguseofdifferentdepreciationratesormethods,eachpartisrecognisedasaseparatefixedasset.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)14．Fixedassets(continued)
(2)DepreciationoffixedassetsThecostofafixedasset,lessitsestimatedresidualvalueandaccumulatedimpairmentlosses,isdepreciatedusingthestraight-linemethodoveritsestimatedusefullife,unlessthefixedassetisclassifiedasheldforsale(seeNoteIII.31).Theestimatedusefullives,residualvalueratesanddepreciationratesofeachclassoffixedassetsareasfollows:
| Class | Estimatedusefullife(years) | ? | Residualvaluerate(%) | ? | Depreciationrate(%) |
| ? | ? | ? | ? | ? | ? |
| Plantandbuildings | 10-50years | ? | 3.0-10.0 | ? | 1.8-9.7 |
| Equipment | 2-25years | ? | 0.0-10.0 | ? | 3.6-50.0 |
| Others | 2-10years | ? | 0.0-10.0 | ? | 9.0-50.0 |
Usefullives,estimatedresidualvaluesanddepreciationmethodsarereviewedatleastateachyear-end,andareadjustedifnecessary.
15.ConstructioninprogressThecostofself-constructedassetsincludesthecostofmaterials,directlabour,capitalisedborrowingcosts(seeNoteIII.16),andanyothercostsdirectlyattributabletobringingtheassettoworkingconditionforitsintendeduse.Aself-constructedassetisclassifiedasconstructioninprogressandtransferredtofixedassetswhenitisreadyforitsintendeduse.Nodepreciationisrecordedagainstconstructioninprogress.Thecriteriaaccordingtowhich,constructionprojectsinprogressaretransferredtofixedassets:
| Class | Criteriaforthetransferstofixedassets |
| ? | ? |
| Plantandbuildings | Satisfytheacceptancecriteriaandbeavailableforitsintendeduse |
| Machineryandequipment | Installationandcommissioningarequalified,andbeavailableforitsintendeduse |
Whenanenterprisesellsproductsorby-productsproducedbeforeafixedassetisavailableforitsintendeduse,theproceedsandrelatedcostareaccountedforinaccordancewithCAS14–RevenueandCAS1–Inventoriesrespectively,andrecognisedinprofitorlossforthecurrentperiod.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
16.BorrowingcostsBorrowingcostsincurredthataredirectlyattributabletotheacquisitionandconstructionofaqualifyingassetarecapitalisedaspartofthecostoftheasset.Otherborrowingcostsarerecognisedasfinancialexpenseswhenincurred.Duringthecapitalisationperiod,theamountofinterest(includingamortisationofanydiscountorpremiumonborrowing)tobecapitalisedineachaccountingperiodisdeterminedasfollows:
-Wherefundsareborrowedspecificallyfortheacquisitionandconstructionofaqualifyingasset,theamountofinteresttobecapitalisedistheinterestexpensecalculatedusingeffectiveinterestratesduringtheperiodlessanyinterestincomeearnedfromdepositingtheborrowedfundsoranyinvestmentincomeonthetemporaryinvestmentofthosefundsbeforetheyareusedontheasset.-TotheextentthattheGroupborrowsfundsgenerallyandusesthemfortheacquisitionandconstructionofaqualifyingasset,theamountofborrowingcostseligibleforcapitalisationisdeterminedbyapplyingacapitalisationratetotheweightedaverageoftheexcessamountsofcumulativeexpenditureontheassetovertheaboveamountsofspecificborrowings.Thecapitalisationrateistheweightedaverageoftheinterestratesapplicabletothegeneral-purposeborrowings.Theeffectiveinterestrateisdeterminedastheratethatexactlydiscountsestimatedfuturecashflowthroughtheexpectedlifeoftheborrowingor,whenappropriate,ashorterperiodtotheinitiallyrecognisedamountoftheborrowings.Duringthecapitalisationperiod,exchangedifferencesrelatedtotheprincipalandinterestonaspecific-purposeborrowingdenominatedinforeigncurrencyarecapitalisedaspartofthecostofthequalifyingasset.Theexchangedifferencesrelatedtotheprincipalandinterestonforeigncurrencyborrowingsotherthanaspecific-purposeborrowingarerecognisedasafinancialexpensewhenincurred.Capitalisationofborrowingcostsissuspendedduringabnormalinterruptionsintheacquisitionorconstructionofaqualifyingassetthatlastforacontinuousperiodofmorethanthreemonths,providedthatsuchinterruptionsarenotnecessarytopreparetheassetforitsintendeduseorsale.Borrowingcostsincurredduringsuchinterruptionsarerecognisedasfinancialexpensesinprofitorlossuntiltheacquisitionorconstructionactivitiesresume.
17.Intangibleassets
(1)UsefullifeandamortisationmethodsForanintangibleassetwithfiniteusefullife,itscostlessestimatedresidualvalueandaccumulatedimpairmentlossesisamortisedusingthestraight-linemethodoveritsestimatedusefullife,unlesstheintangibleassetisclassifiedasheldforsale(seeNoteIII.31).
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
17.Intangibleassets(continued)Theestimatedusefullives,basisfordeterminationandamortisationmethodsofintangibleassetsareasfollows:
| Item | Estimatedusefullife(years) | ? | Basisfordetermination | ? | Amortisationmethod |
| ? | ? | ? | ? | ? | ? |
| Landuserights | 20-50years | ? | Termsoflanduserights | ? | Straight-linemethod |
| Patentandproprietarytechnology | 5-20years | ? | Termsofpatents | ? | Straight-linemethod |
| Computersoftware | 3-10years | ? | Estimatedusefullife | ? | Straight-linemethod |
| Others | 5-20years | ? | Estimatedusefullife | ? | Straight-linemethod |
Usefullivesandamortisationmethodsofintangibleassetswithfiniteusefullivesarereviewedatleastateachyear-end.AnintangibleassetisregardedashavinganindefiniteusefullifeandisnotamortisedwhenthereisnoforeseeablelimittotheperiodoverwhichtheassetisexpectedtogenerateeconomicbenefitsfortheGroup.Atthebalancesheetdate,theGroupdoesnothaveanyintangibleassetswithindefiniteusefullives.
(2)ThescopeofresearchanddevelopmentexpendituresTheGroupclassifiesallexpensesdirectlyrelatedtotheR&Dactivitiesasresearchanddevelopment(R&D)expenditure,includingtheemployeebenefitsofR&Dpersonnel,directinvestments,depreciationexpensesandlong-termdeferredexpenses,designexpenses,equipmentcommissioningcosts,amortisationexpensesofintangibleassets,developmentcostsincurredbyanentrustedexternalpartyaswellasotherexpenses.Expendituresoninternalresearchanddevelopmentprojectsareclassifiedintoexpendituresincurredduringtheresearchphaseandexpendituresincurredduringthedevelopmentphase.
(3)ThebasisfortheclassificationofinternalR&Dprojectsundertheresearchphaseandthe
developmentphase-Thephaseofplannedinvestigationstoacquirenewtechniquesandknowledgeshouldbeidentifiedastheresearchphase,whichischaracterisedby,amongotherthings,aplannedandexploratoryapproach.-Thephaseofapplyingresearchresultsorotherknowledgetoaplanordesigntoproduceneworsubstantiallyimprovedmaterials,devices,products,etc.,priortocommercialproductionoruse,shallbeidentifiedasthedevelopmentphase,whichischaracterisedbyitsrelevanceandgreaterlikelihoodofgeneratingresults.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
17.Intangibleassets(continued)
(4)ExpendituresonresearchanddevelopmentExpendituresoninternalresearchanddevelopmentprojectsareclassifiedintoexpendituresincurredduringtheresearchphaseandexpendituresincurredduringthedevelopmentphase.Expendituresduringtheresearchphaseareexpensedwhenincurred.Expendituresduringthedevelopmentphasearecapitalisedifdevelopmentcostscanbemeasuredreliably,theproductorprocessistechnicallyandcommerciallyfeasible,andtheGroupintendstoandhassufficientresourcestocompletethedevelopment.Otherdevelopmentexpendituresarerecognisedasexpensesintheperiodinwhichitisincurred.Whenanenterprisesellsproductsorby-productsproducedinthecourseofresearchanddevelopment,theproceedsandrelatedcostareaccountedforinaccordancewithCAS14–RevenueandCAS1–Inventoriesrespectively,andrecognisedinprofitorlossforthecurrentperiod.
18.GoodwillTheinitialcostofgoodwillrepresentstheexcessofthecostoftheacquisitionovertheacquirer’sinterestinthefairvalueoftheidentifiablenetassetsoftheacquireeunderabusinesscombinationnotinvolvingentitiesundercommoncontrol.Goodwillisnotamortisedandisstatedinthebalancesheetatcostlessaccumulatedimpairmentlosses(seeNoteIII.20).
19.Long-termdeferredexpensesLong-termdeferredexpensesareamortisedusingthestraight-linemethodwithinthebenefitperiod.Therespectiveamortisationperiodsforsuchexpensesareasfollows:
| Item | Amortisationperiod(years) |
| ? | ? |
| Paymentforpublicfacilitiesconstructionanduse | 10-15years |
| Leaseholdimprovements | 2-10years |
| Others | 2-12years |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
20.ImpairmentofassetsotherthaninventoriesandfinancialassetsThecarryingamountsofthefollowingassetsarereviewedateachbalancesheetdatebasedoninternalandexternalsourcesofinformationtodeterminewhetherthereisanyindicationofimpairment:
-fixedassets-constructioninprogress-right-of-useassets-intangibleassets-investmentpropertiesmeasuredusingacostmodel-long-termequityinvestments-goodwill-long-termdeferredexpensesIfanyindicationexists,therecoverableamountoftheassetisestimated.Inaddition,theGroupestimatestherecoverableamountsofgoodwillateachyear-end,irrespectiveofwhetherthereisanyindicationofimpairment.Forthepurposesofimpairmenttesting,goodwillisallocatedtoeachassetgroup,orsetofassetgroups,thatisexpectedtobenefitfromthesynergiesofthebusinesscombination.Therecoverableamountofanasset(orassetgrouporsetofassetgroups)isthehigherofitsfairvalue(seeNoteIII.21)lesscostsofdisposalandthepresentvalueofitsexpectedfuturecashflows.Anassetgroupiscomposedofassetsrelatedtocashgenerationandisthesmallestidentifiablegroupofassetsthatgeneratescashinflowsthatarelargelyindependentofthecashinflowsfromotherassetsorassetgroups.Thepresentvalueofanasset’sexpectedfuturecashflowsisdeterminedbydiscountingthefuturecashflows,estimatedtobederivedfromcontinuinguseoftheassetandfromitsultimatedisposal,totheirpresentvalueusinganappropriatepre-taxdiscountrate.Animpairmentlossisrecognisedinprofitorlosswhentherecoverableamountofanassetislessthanitscarryingamount.Aprovisionforimpairmentoftheassetisrecognisedaccordinglytoreducethecarryingamounttotherecoverableamount.Impairmentlossesrelatedtoanassetgrouporasetofassetgroupsareallocatedfirsttoreducethecarryingamountofanygoodwillallocatedtotheassetgrouporsetofassetgroups,andthentoreducethecarryingamountoftheotherassetsintheassetgrouporsetofassetgroupsonaproratabasis.However,suchallocationswouldnotreducethecarryingamountofanassetbelowthehighestofitsfairvaluelesscostsofdisposal(ifmeasurable),thepresentvalueofitsexpectedfuturecashflows(ifdeterminable)andzero.Onceanimpairmentlossisrecognised,itshouldnotbereversedinasubsequentperiod.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
21.FairvaluemeasurementUnlessotherwisespecified,theGroupmeasuresfairvalueasfollows:
Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Whenmeasuringfairvalue,theGrouptakesintoaccountthecharacteristicsoftheparticularassetorliability(includingtheconditionandlocationoftheassetandrestrictions,ifany,onthesaleoruseoftheasset)thatmarketparticipantswouldconsiderwhenpricingtheassetorliabilityatthemeasurementdate,andtheGroupusesvaluationtechniquesthatareappropriateinthecircumstancesandforwhichsufficientdataandotherinformationareavailabletomeasurefairvalue.Valuationtechniquesmainlyincludethemarketapproach,theincomeapproachandthecostapproach.
22.ProvisionsAprovisionisrecognisedforanobligationrelatedtoacontingencyiftheGrouphasapresentobligationthatcanbeestimatedreliably,anditisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation.Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Wheretheeffectofthetimevalueofmoneyismaterial,provisionsaredeterminedbydiscountingtheexpectedfuturecashflows.Factorspertainingtoacontingencysuchastherisks,uncertaintiesandtimevalueofmoneyaretakenintoaccountasawholeinreachingthebestestimate.Wherethereisacontinuousrangeofpossibleoutcomesfortheexpenditurerequired,andeachpossibleoutcomeinthatrangeisaslikelyasanyother,thebestestimateisthemid-pointofthatrange.Inothercases,thebestestimateisdeterminedasfollows:
-Wherethecontingencyinvolvesasingleitem,thebestestimateisthemostlikelyoutcome.-Wherethecontingencyinvolvesalargepopulationofitems,thebestestimateisdeterminedbyweightingallpossibleoutcomesbytheirassociatedprobabilities.TheGroupreviewsthecarryingamountsofprovisionsatthebalancesheetdateandadjuststheircarryingamountstothecurrentbestestimates.
23.Share-basedpayments
(1)Classificationofshare-basedpaymentsShare-basedpaymenttransactionsintheGroupareequity-settledshare-basedpayments.Equitysettledshare-basedpaymentsrefertotransactionsinwhichtheGroupsettlesforservicesusingsharesorotherequityinstrumentsasconsideration.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
23.Share-basedpayments(continued)
(2)Accountingtreatmentofshare-basedpayments-Equity-settledshare-basedpaymentsWheretheGroupusessharesorotherequityinstrumentsasconsiderationforservicesreceivedfromemployees,thepaymentismeasuredatthefairvalueoftheequityinstrumentsgrantedtoemployeesatthegrantdate.Iftheequityinstrumentsgranteddonotvestuntilthecompletionofservicesforaperiod,oruntiltheachievementofaspecifiedperformancecondition,theGrouprecognisesanamountateachbalancesheetdateduringthevestingperiodbasedonthebestestimateofthenumberofequityinstrumentsexpectedtovestaccordingtonewlyobtainedsubsequentinformationregardingchangesinthenumberofemployeesexpectedtovesttheequityinstruments.TheGroupmeasurestheservicesreceivedatthegrant-datefairvalueoftheequityinstrumentsandrecognisesthecostsorexpensesastheservicesarereceived,withacorrespondingincreaseincapitalreserve.
24.RevenuegeneratedfromcontractswithcustomersRevenueisrecognisedwhentheGroupsatisfiestheperformanceobligationinacontractbytransferringcontroloverrelevantgoodsorservicestothecustomers.Obtainingcontroloverrelevantgoodsorservicesreferstobeingabletodominatetheuseofthegoodsorservicesandobtainalmostalleconomicbenefitsfromthem.Whereacontracthastwoormoreperformanceobligations,theGroupdeterminesthestand-alonesellingpriceatcontractinceptionofthedistinctgoodorserviceunderlyingeachperformanceobligationinthecontractandallocatesthetransactionpriceinproportiontothosestand-alonesellingprices.TheGrouprecognisesasrevenuetheamountofthetransactionpricethatisallocatedtoeachperformanceobligation.Thestand-alonesellingpriceisthepriceatwhichtheGroupwouldsellapromisedgoodorserviceseparatelytoacustomer.Ifastand-alonesellingpriceisnotdirectlyobservable,theGroupconsidersallinformationthatisreasonablyavailabletotheGroupandmaximisestheuseofobservableinputstoestimatethestand-alonesellingprice.ForacontractinwhichtheGroupgrantsacustomertheoptiontoacquireadditionalgoodsorservices(suchasloyaltypoints,discountcouponsforfuturepurchases.),theGroupassesseswhethertheoptionprovidesamaterialrighttothecustomer.Iftheoptionprovidesamaterialright,theGrouprecognisestheoptionasaperformanceobligation,andrecognisesrevenuewhenthosefuturegoodsorservicesaretransferredorwhentheoptionexpires.Ifthestand-alonesellingpriceforacustomer’soptiontoacquireadditionalgoodsorservicesisnotdirectlyobservable,theGroupestimatesit,takingintoaccountallrelevantinformation,includingthedifferenceinthediscountthatthecustomerwouldreceivewhenexercisingtheoptionorwithoutexercisingtheoption,andthelikelihoodthattheoptionwillbeexercised.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
24.Revenuegeneratedfromcontractswithcustomers(continued)Foracontractwithawarranty,theGroupanalysesthenatureofthewarrantyprovided,ifthewarrantyprovidesthecustomerwithadistinctserviceinadditiontotheassurancethattheproductcomplieswithagreed-uponspecifications,theGrouprecognisesthepromisedwarrantyasaperformanceobligation.Otherwise,theGroupwillcarryoutaccountingtreatmentinaccordancewiththeprovisionsofNoteIIINO.22.Forcontractswithqualityassuranceclausesthatarenotincludedasindividualservices,theGroupneedstoprovideforwarrantyexpensesbasedontheactualamountincurredinpreviousyearsandtheactualsalessituationofthecurrentperiod,estimatedreasonablyasconsideredbythemanagement.ThetransactionpriceistheamountofconsiderationtowhichtheGroupexpectstobeentitledinexchangefortransferringpromisedgoodsorservicestoacustomer,excludingamountscollectedonbehalfofthirdparties.TheGrouprecognisesthetransactionpriceonlytotheextentthatitishighlyprobablethatasignificantreversalintheamountofcumulativerevenuerecognisedwillnotoccurwhentheuncertaintyassociatedwiththevariableconsiderationissubsequentlyresolved.Todeterminethetransactionpriceforcontractsinwhichacustomerpromisesconsiderationinaformotherthancash,theGroupmeasuresthenon-cashconsiderationatfairvalue.IftheGroupcannotreasonablyestimatethefairvalueofthenon-cashconsideration,theGroupmeasurestheconsiderationindirectlybyreferencetothestand-alonesellingpriceofthegoodsorservicespromisedtothecustomerinexchangefortheconsideration.Wherethecontractcontainsasignificantfinancingcomponent,theGrouprecognisesthetransactionpriceatanamountthatreflectsthepricethatacustomerwouldhavepaidforthepromisedgoodsorservicesifthecustomerhadpaidcashforthosegoodsorserviceswhen(oras)theyaretransferredtothecustomer.Thedifferencebetweentheamountofpromisedconsiderationandthecashsellingpriceisamortisedusinganeffectiveinterestmethodoverthecontractterm.TheGroupdoesnotadjusttheconsiderationforanyeffectsofasignificantfinancingcomponentifitexpects,atcontractinception,thattheperiodbetweenwhentheGrouptransfersapromisedgoodorservicetoacustomerandwhenthecustomerpaysforthatgoodorservicewillbeoneyearorless.TheGroupsatisfiesaperformanceobligationovertimeifoneofthefollowingcriteriaismet;otherwise,theperformanceobligationissatisfiedatapointintime:
-thecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheGroup’sperformanceastheGroupperforms;-thecustomercancontroltheassetcreatedorenhancedduringtheGroup’sperformance;or-theGroup’sperformancedoesnotcreateanassetwithanalternativeusetoitandtheGrouphasanenforceablerighttopaymentforperformancecompletedtodate.Foraperformanceobligationsatisfiedovertime,theGrouprecognisesrevenueovertimebymeasuringtheprogresstowardscompletesatisfactionofthatperformanceobligation.Whentheoutcomeofthatperformanceobligationcannotbemeasuredreasonably,buttheGroupexpectstorecoverthecostsincurredinsatisfyingtheperformanceobligation,theGrouprecognisesrevenueonlytotheextentofthecostsincurreduntilsuchtimethatitcanreasonablymeasuretheoutcomeoftheperformanceobligation.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
24.Revenuegeneratedfromcontractswithcustomers(continued)Foraperformanceobligationsatisfiedatapointintime,theGrouprecognisesrevenueatthepointintimeatwhichthecustomerobtainscontroloftherelevantgoodsorservices.Todeterminewhetheracustomerhasobtainedcontrolofgoodsorservices,theGroupconsidersthefollowingindicators:
-theGrouphasapresentrighttopaymentforthegoodsorservices;-theGrouphastransferredthelegalownershipoftheproducttothecustomer;-theGrouphastransferredphysicalpossessionofthegoodstothecustomer;-theGrouphastransferredthelegaltitleofthegoodsorthesignificantrisksandrewardsofownershipofthegoodstothecustomer;and-thecustomerhasacceptedthegoodsorservices.TheGroupdetermineswhetheritisaprincipaloranagent,basedonwhetheritobtainscontrolofthespecifiedgoodorservicebeforethatthegoodorserviceistransferredtoacustomer.TheGroupisaprincipalifitcontrolsthespecifiedgoodorservicebeforethatgoodorserviceistransferredtoacustomer,andrecognisesrevenueinthegrossamountofconsiderationwhichithasreceived(orwhichisreceivable).Otherwise,theGroupisanagent,andrecognisesrevenueintheamountofanyfeeorcommissiontowhichitexpectstobeentitled.ThefeeorcommissionisthenetamountofconsiderationthattheGroupretainsafterpayingtheotherpartytheconsiderationorisdeterminedaccordingtotheestablishedamountorproportion.Forthesaleofaproductwitharightofreturn,theGrouprecognisesrevenuewhenthecustomerobtainscontrolofthatproduct,intheamountofconsiderationtowhichtheGroupexpectstobeentitledinexchangefortheproducttransferred(i.e.excludingtheamountthatisexpectedtobereturned),andrecognisesarefundliabilityfortheproductsexpectedtobereturned.Meanwhile,anassetisrecognisedatanamountequaltothecarryingamountoftheproductexpectedtobereturnedlessanyexpectedcoststorecoverthoseproducts(includingpotentialdecreasesinthevalueofthereturnedproducts),andcarryforwardtocostintheamountofcarryingamountofthetransferredproductslesstheabovecosts.Ateachbalancesheetdate,theGroupupdatesitsassessmentoffuturesalesreturnliability.Ifthereisanychange,itisaccountedforasachangeinaccountingestimate.TheGroupgrantsalicenceofintellectualpropertiestoacustomer,anditdetermineswhetherthelicenceistransferredtothecustomeratapointintimeorovertime.Ifallofthefollowingcriteriaaremet,thelicencerevenueisrecognisedasaperformanceobligationsatisfiedovertime.Otherwise,thelicencerevenueisrecognisedasaperformanceobligationsatisfiedatapointintime.-thecontractrequires,orthecustomerreasonablyexpects,thattheGroupwillundertakeactivitiesthatsignificantlyaffecttheintellectualpropertytowhichthecustomerhasrights;-therightsgrantedbythelicencedirectlyexposethecustomertoanypositiveornegativeeffectsoftheGroup’sactivities;and-thoseactivitiesdonotresultinthetransferofagoodoraservicetothecustomerasthoseactivitiesoccur.TheGrouprecognisesrevenueforasales-basedorusage-basedroyaltypromisedinexchangeforalicencetointellectualpropertyonlywhen(oras)thelaterofthefollowingeventsoccurs:
-thesubsequentsaleorusageoccurs;and-theperformanceobligationhasbeensatisfied(orpartiallysatisfied)
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
24.Revenuegeneratedfromcontractswithcustomers(continued)Forachangeinthescopeorpriceofacontractthatisapprovedbythepartiestothecontract,theGroupaccountsforthecontractmodificationasfollows:
-Incaseswheretheadditionalpromisedgoodsorservicesaredistinctandthepriceofthecontractincreasesbyanamountofconsiderationthatreflectsthestand-alonesellingpricesoftheadditionalpromisedgoodsorservices,theGroupshouldaccountforthecontractmodificationasaseparatecontract.-Iftheabovecriteriaarenotmet,andtheremaininggoodsorservicesaredistinctfromthegoodsorservicestransferredonorbeforethedateofthecontractmodification,theGroupaccountsforthecontractmodificationasifitwereaterminationoftheexistingcontractandthecreationofanewcontract.-Iftheabovecriteriaarenotmet,andtheremaininggoodsorservicesarenotdistinctfromthegoodsorservicestransferredonorbeforethedateofthecontractmodification,theGroupaccountsforthecontractmodificationasifitwereapartoftheexistingcontract.Theeffectthatthecontractmodificationhasonrevenueisrecognisedasanadjustmenttorevenueinthereportingperiod.AcontractassetistheGroup’srighttoconsiderationinexchangeforgoodsorservicesthatithastransferredtoacustomerwhenthatrightisconditionalonsomethingotherthanthepassageoftime.TheGrouprecogniseslossallowancesforexpectedcreditlossoncontractassets(seeNoteIII.10(6)).AccountsreceivableistheGroup’srighttoconsiderationthatisunconditional(onlythepassageoftimeisrequired).AcontractliabilityistheGroup’sobligationtotransfergoodsorservicestoacustomerforwhichtheGrouphasreceivedconsideration(oranamountofconsiderationisdue)fromthecustomer.ThefollowingisadescriptionofaccountingpoliciesregardingrevenuefromtheGroup’sprincipalactivities:
(1)SaleofgoodsThesalescontracts/orderssignedbetweentheGroupanditscustomersusuallycontainvarioustradingterms.Dependingonthetradingterms,customersobtaincontrolofthegoodswhenthegoodsarereceived,orwhentheyarereceivedbythecarrier.Revenueofsaleofgoodsisrecognisedatthatpointintime.Forthetransferofgoodswitharightofreturn,revenueisrecognisedtotheextentthatitishighlyprobablethatasignificantreversalintheamountofcumulativerevenuerecognisedwillnotoccur.Therefore,theamountofrevenuerecognisedisadjustedfortheamountexpectedtobereturned,whichareestimatedbasedonthehistoricaldata.TheGrouprecognisesarefundliabilitybasedontheamountexpectedtobereturned.Anassetisinitiallymeasuredbyreferencetotheformercarryingamountoftheproductexpectedtobereturnedlessanyexpectedcoststorecoverthoseproducts(includingpotentialdecreasesinthevalueofreturnedproducts).Ateachbalancesheetdate,theGroupupdatesthemeasurementoftherefundliabilityforchangesinexpectationsabouttheamountofreturns.Theaboveassetsandliabilitiesareadjustedaccordingly.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
24.Revenuegeneratedfromcontractswithcustomers(continued)
(2)RenderingofservicesTheGrouprecognisestherevenuefromrenderingofserviceswithinacertainperiodoftimeaccordingtotheprogressoftheperformanceasthecustomersimultaneouslyreceivesandconsumesthebenefitsprovidedbytheGroup’sperformanceastheGroupperforms.Otherwise,forperformanceobligationsatisfiedatapointintime,theGrouprecognisesrevenueatthepointintimeatwhichthecustomerobtainscontrolofrelevantservices.
25.ContractcostsIncrementalcostsofobtainingacontractarethosecoststhattheGroupincurstoobtainacontractwithacustomerthatitwouldnothaveincurredifthecontracthadnotbeenobtained.TheGrouprecognisesasanassettheincrementalcostsofobtainingacontractwithacustomerifitexpectstorecoverthosecosts.Othercostsofobtainingacontractareexpensedwhenincurred.Ifthecoststofulfilacontractwithacustomerarenotwithinthescopeofinventoriesorotheraccountingstandards,theGrouprecognisesanassetfromthecostsincurredtofulfilacontractonlyifthosecostsmeetallofthefollowingcriteria:
-thecostsrelatedirectlytoanexistingcontractortoaspecificallyidentifiableanticipatedcontract,includingdirectlabour,directmaterials,allocationsofoverheads(orsimilarcosts),coststhatareexplicitlychargeabletothecustomerandothercoststhatareincurredonlybecausetheGroupenteredintothecontract;-thecostsgenerateorenhanceresourcesoftheGroupthatwillbeusedinsatisfying(orincontinuingtosatisfy)performanceobligationsinthefuture;-thecostsareexpectedtoberecovered.Assetsrecognisedfortheincrementalcostsofobtainingacontractandassetsrecognisedforthecoststofulfilacontract(the“assetsrelatedtocontractcosts”)areamortisedonasystematicbasisthatisconsistentwiththetransfertothecustomerofthegoodsorservicestowhichtheassetsrelateandrecognisedinprofitorlossforthecurrentperiod.TheGrouprecognisesanimpairmentlossinprofitorlosstotheextentthatthecarryingamountofanassetrelatedtocontractcostsexceeds:
-theremainingamountofconsiderationthattheGroupexpectstoreceiveinexchangeforthegoodsorservicestowhichtheassetrelates;-theestimatedcoststhatrelatedirectlytoprovidingthosegoodsorservicesthathavenotyetbeenrecognisedasexpenses.
26.Employeebenefits
(1)Short-termemployeebenefitsEmployeewagesorsalaries,bonuses,andsocialsecuritycontributionssuchasmedicalinsurance,workinjuryinsurance,maternityinsuranceandhousingfund,measuredattheamountincurredoraccruedattheapplicablebenchmarksandrates,arerecognisedasaliabilityastheemployeeprovidesservices,withacorrespondingchargetoprofitorlossorincludedinthecostofassetswhereappropriate.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
26.Employeebenefits(continued)
(2)Post-employmentbenefits–definedcontributionplansThedefinedcontributionplansinwhichtheGroupparticipatesinclude:PursuanttotherelevantlawsandregulationsofthePeople’sRepublicofChina,theGroupparticipatedinadefinedcontributionbasicpensioninsuranceplanandunemploymentinsuranceplaninthesocialinsurancesystemestablishedandmanagedbygovernmentorganisations,andannuityplanestablishedbytheGroupincompliancewiththenationalpolicyofthecorporationannuity.TheGroupmakescontributionstobasicpensionandunemploymentinsuranceplansbasedontheapplicablebenchmarksandratesstipulatedbythegovernment.Annuityisaccruedatacertainproportionofthetotalwagesofemployeeswhovoluntarilyparticipateintheannuityplan.Basicpensioninsurancecontributionspayablearerecognisedasaliabilityastheemployeeprovidesservices,withacorrespondingchargetoprofitorlossorincludedinthecostofassetswhereappropriate.
(3)TerminationbenefitsWhentheGroupterminatesanemployee’semploymentbeforetheemploymentcontractexpires,orprovidescompensationunderanoffertoencourageemployeestoacceptvoluntaryredundancy,aprovisionisrecognisedwithacorrespondingexpenseinprofitorlossattheearlierofthefollowingdates:
-WhentheGroupcannotunilaterallywithdrawtheofferofterminationbenefitsprovidedinanemployeeterminationplanoracurtailmentproposal;-WhentheGrouphasaformaldetailedrestructuringplaninvolvingthepaymentofterminationbenefitsandhasraisedavalidexpectationinthoseaffectedthatitwillcarryouttherestructuringbystartingtoimplementthatplanorannouncingitsmainfeaturestothoseaffectedbyit.
27.GovernmentgrantsAgovernmentgrantisrecognisedwhenthereisreasonableassurancethatthegrantwillbereceivedandthattheGroupwillcomplywiththeconditionsattachedtothegrant.Ifagovernmentgrantisintheformofatransferofamonetaryasset,itismeasuredattheamountreceivedorreceivable.Ifagovernmentgrantisintheformofatransferofanon-monetaryasset,itismeasuredatfairvalue.GovernmentgrantsrelatedtoassetsaregrantswhoseprimaryconditionisthattheGroupqualifyingforthemshouldpurchase,constructorotherwiseacquirelong-termassets.Governmentgrantsrelatedtoincomearegrantsotherthanthoserelatedtoassets.ThoserelatedtodailyactivitiesoftheCompanyareincludedinotherincomeorusedtowriteoffrelatedcostbasedonthenatureofeconomicbusinesses,orincludedinnon-operatingincomeandexpenseinrespectofthosenotrelatedtodailyactivitiesoftheCompany.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
27.Governmentgrants(continued)Withrespecttothegovernmentgrantsrelatedtoassets,iftheGroupfirstobtainsgovernmentgrantsrelatedtoassetsandthenrecognisesthelong-termassetspurchasedandconstructed,deferredincomeisincludedinprofitandlossbasedonareasonableandsystematicapproachbystageswhenrelatedassetsareinitiallydepreciatedoramortised;orthedeferredincomeiswrittenoffagainstthecarryingamountoftheassetwhentheassetbecomesreadyforitsintendedstatusorintendeduse.IftheGroupobtainsgovernmentgrantsrelatedtotheassetsafterrelevantlong-termassetsareputintouse,deferredincomeisincludedinprofitandlossbasedonareasonableandsystematicapproachbystageswithintheremainingusefullifeofrelevantassets,orthedeferredincomeiswrittenoffagainstthecarryingamountofrelevantassetwhenthegrantsareobtained;theassetsshallbedepreciatedoramortisedbasedonthecarryingamountafterbeingoffsetandtheremainingusefullifeofrelevantassets.Iftherelevantassetsaresold,transferred,scrappedordamagedbeforetheendoftheirusefullife,theundistributedbalanceofrelateddeferredincomeshallbetransferredtotheprofitorlossofthecurrentperiodofassetdisposals.AgrantthatcompensatestheGroupforexpensesorlossestobeincurredinthefutureisrecognisedasdeferredincome,andincludedincurrentincomeoroffsetagainstrelatedexpensesintheperiodsinwhichtheexpensesorlossesarerecognised.Otherwise,thegrantisincludedincurrentincomeoroffsetagainsttherelatedexpensesdirectly.Inrespectofthepolicy-basedpreferentialloaninterestsubsidyobtainedbytheGroup,iftheinterestsubsidyisappropriatedtothelendingbankwhichshallprovideloanstotheGroupatthepolicy-basedpreferentialinterestrate,theactualloanamountisusedastheentryvalueandrelevantborrowingcostsarecalculatedonthebasisoftheloanprincipalandthepreferentialinterestrate.IftheinterestsubsidyisdirectlyappropriatedtotheGroup,relevantborrowingcostsshallbeoffsetbycorrespondinginterestsubsidy.Ifborrowingcostsarecapitalisedaspartofthecostoftheasset(seeNoteIII.16),theinterestsubsidyshallbeusedtooffsetrelevantassetcosts.
28.SpecificreserveTheGrouprecognisesasafetyfundinthespecificreservepursuanttorelevantgovernmentregulations,withacorrespondingincreaseinthecostsoftherelatedproductsorexpenses.Whenthesafetyfundissubsequentlyusedforrevenueexpenditure,thespecificreserveisreducedaccordingly.Whenthesafetyfundissubsequentlyusedfortheconstructionoracquisitionoffixedassets,theGrouprecognisesthecapitalisedexpenditureincurredasthecostofthefixedassetswhentherelatedassetsarereadyfortheirintendeduse.Insuchcases,thespecificreserveisreducedbytheamountthatcorrespondstothecostofthefixedassetsandthecreditsideisrecognisedintheaccumulateddepreciationwithrespecttotherelatedfixedassets.Consequently,suchfixedassetsarenotdepreciatedinsubsequentperiods.
29.IncometaxCurrenttaxanddeferredtaxarerecognisedinprofitorlossexcepttotheextentthattheyrelatetoabusinesscombinationoritemsrecogniseddirectlyinequity(includingothercomprehensiveincome).Currenttaxistheexpectedtaxpayablecalculatedattheapplicabletaxrateontaxableincomefortheyear,plusanyadjustmenttotaxpayableinrespectofpreviousyears.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
29.Incometax(continued)Atthebalancesheetdate,currenttaxassetsandliabilitiesareoffsetonlyiftheGrouphasalegallyenforceablerighttosetthemoffandalsointendseithertosettleonanetbasisortorealisetheassetandsettletheliabilitysimultaneously.Deferredtaxassetsanddeferredtaxliabilitiesarisefromdeductibleandtaxabletemporarydifferencesrespectively,beingthedifferencesbetweenthecarryingamountsofassetsandliabilitiesforfinancialreportingpurposesandtheirtaxbases,whichincludedeductiblelossesandtaxcreditscarriedforwardtosubsequentperiods.Deferredtaxassetsarerecognisedtotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichdeductibletemporarydifferencescanbeutilised.Varioustaxabletemporarydifferencesarerecognizedasdeferredincometaxliabilities,unless:
(1)Taxabletemporarydifferencesariseinthefollowingtransactions:theinitialrecognitionofgoodwill,ortheinitialrecognitionofassetsorliabilitiesarisingfromasingletransactionwiththefollowingcharacteristics:thetransactionisnotabusinessmerger,anditdoesnotaffectaccountingprofitsortaxableincomeordeductiblelossesatthetimeofthetransactionAndtheinitiallyrecognizedassetsandliabilitiesdidnotresultinequaltaxabletemporarydifferencesanddeductibletemporarydifferences;
(2)Fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociates,thetimingofthereversalofsuchtemporarydifferencescanbecontrolledanditishighlylikelythattheywillnotbereversedintheforeseeablefuture.Fordeductibletemporarydifferences,deductiblelossesthatcanbecarriedforwardtofutureyears,andtaxdeductions,theGrouprecognizesdeferredincometaxassetsarisingfromthemtotheextentthatitislikelytoobtainfuturetaxableincometooffsetdeductibletemporarydifferences,deductiblelosses,andtaxdeductions,unless:
(1)Deductibletemporarydifferencesariseinthefollowingindividualtransactions:thetransactionisnotabusinessmerger,thetransactiondoesnotaffectaccountingprofitsortaxableincomeordeductiblelossesatthetimeofoccurrence,andtheinitiallyrecognizedassetsandliabilitiesdonotresultinequaltaxabletemporarydifferencesanddeductibletemporarydifferences;
(2)Fordeductibletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociates,thetemporarydifferencesarelikelytobereversedintheforeseeablefutureandtaxableincomeusedtooffsetthetemporarydifferencesislikelytobeobtainedinthefuture.Atthebalancesheetdate,deferredtaxismeasuredbasedonthetaxconsequencesthatwouldfollowfromtheexpectedmannerofrecoveryorsettlementofthecarryingamountsoftheassetsandliabilities,usingtaxratesenactedatthebalancesheetdatethatareexpectedtobeappliedintheperiodwhentheassetisrecoveredortheliabilityissettled.Onthebalancesheetdate,theGroupreviewsthebookvalueofdeferredincometaxassets.Ifitislikelythatsufficienttaxableincomewillnotbeavailableinthefuturetooffsetthebenefitsofdeferredincometaxassets,thecarryingamountofthedeferredincometaxassetswillbewrittendown.Onthebalancesheetdate,theGroupreassessesunrecognizeddeferredincometaxassetsandrecognizesthemtotheextentthatsufficienttaxableincomeislikelytobeavailableforthereversalofdeferredincometaxassets.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
29.Incometax(continued)Atthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesareoffsetifallofthefollowingconditionsaremet:
-thetaxableentityhasalegallyenforceablerighttooffsetcurrenttaxliabilitiesandcurrenttaxassets;-theyrelatetoincometaxesleviedbythesametaxauthorityoneitherthesametaxableentity;ordifferenttaxableentitieswhichintendeithertosettlethecurrenttaxliabilitiesandcurrenttaxassetsonanetbasis,ortorealisetheassetsandsettletheliabilitiessimultaneously,ineachfutureperiodinwhichsignificantamountsofdeferredtaxliabilitiesordeferredtaxassetsareexpectedtobesettledorrecovered.
30.LeasesAtinceptionofacontract,theGroupassesseswhetheracontractis,orcontains,alease.Acontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.Foracontractthatcontainsmultipleseparateleasecomponents,thelesseeandthelessorseparatetheleasecomponentsandaccountforeachleasecomponentasaleaseseparately.Foracontractthatcontainsleaseandnon-leasecomponents,thelesseeandthelessorseparatetheleasecomponentsfromthenon-leasecomponents.
(1)AsalesseeTheGrouprecognisesaright-of-useassetandaleaseliabilityattheleasecommencementdate,excludingshort-termleasesandlowvalueassetleases.TheGroupdepreciatestherightofuseassetsusingthestraight-linemethod.Ifthelesseeisreasonablycertaintoobtaintheownershipoftheleaseassetbytheendoftheleaseterm,theright-of-useassetisdepreciatedovertheremainingusefullifeoftheunderlyingasset.Otherwise,theright-of-useassetisdepreciatedovertheshorteroftheleasetermortheremainingusefullifeoftheleaseasset.Theleaseliabilityisinitiallymeasuredatthepresentvalueoftheleasepaymentsthatarenotpaidatthecommencementdate,discountedusingtheinterestrateimplicitintheleaseor,ifthatratecannotbereadilydetermined,theGroup’sincrementalborrowingrate.Aconstantperiodicrateisusedtocalculatetheinterestontheleaseliabilityineachperiodduringtheleasetermwithacorrespondingchargetoprofitorlossorincludedinthecostofassetswhereappropriate.Variableleasepaymentsnotincludedinthemeasurementoftheleaseliabilityarechargedtoprofitorlossorincludedinthecostofassetswhereappropriateasincurred.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
30.Leases(continued)
(1)Asalessee(continued)Underthefollowingcircumstancesaftertheleasecommencementdate,theGroupremeasuresleaseliabilitiesbasedonthepresentvalueofrevisedleasepayments:
-Changesinthesubstantialfixedpaymentamount;-thereisachangeintheamountsexpectedtobepayableunderaresidualvalueguarantee;-thereisachangeinfutureleasepaymentsresultingfromachangeinanindexorarateusedtodeterminethosepayments;-thereisachangeintheassessmentofwhethertheGroupwillexerciseapurchase,extensionorterminationoption,ortheGrouphasexercisedtheextensionorterminationoptioninadifferentmannerfromtheoriginalassessment.Whentheleaseliabilityisremeasured,acorrespondingadjustmentismadetothecarryingamountoftheright-of-useasset,orisrecordedinprofitorlossifthecarryingamountoftheright-of-useassethasbeenreducedtozero.TheGrouphaselectednottorecogniseright-of-useassetsandleaseliabilitiesforshort-termleasesthathavealeasetermof12monthsorlessandleasesoflow-valueassets(aleasedassetisoflowvalueindividuallywhenitisnew).TheGrouprecognisestheleasepaymentsassociatedwiththeseleasesinprofitorlossorasthecostoftheassetswhereappropriateusingthestraight-linemethodorothersystematicbasisovertheleaseterm.
(2)AsalessorTheGroupdeterminesatleaseinceptionwhethereachleaseisafinanceleaseoranoperatinglease.Aleaseisclassifiedasafinanceleaseifittransferssubstantiallyalltherisksandrewardsincidentaltoownershipofanunderlyingassetirrespectiveofwhetherthelegaltitletotheassetiseventuallytransferred.Anoperatingleaseisaleaseotherthanafinancelease.WhentheGroupisasub-lessor,itassessestheleaseclassificationofasub-leasewithreferencetotheright-of-useassetarisingfromtheheadlease,notwithreferencetotheunderlyingasset.Ifaheadleaseisashort-termleasetowhichtheGroupappliesthepracticalexpedientdescribedabove,thenitclassifiesthesub-leaseasanoperatinglease.Underafinancelease,atthecommencementdate,theGrouprecognisesthefinanceleasereceivableandderecognisestheassetunderfinancelease.TheGrouprecognisesfinanceincomeovertheleasetermwithaconstantperiodicrateofreturn.ThederecognitionandimpairmentofthefinanceleasereceivableareaccountedforinaccordancewiththeaccountingpolicyinNoteIII.10.Variableleasepaymentsnotincludedinthemeasurementofnetinvestmentintheleasearerecognisedasincomeastheyareearned.Leasereceiptsfromoperatingleasesarerecognisedasincomeusingthestraight-linemethodorothersystematicbasisovertheleaseterm.Variableleasepaymentsnotincludedinleasereceiptsarerecognisedasincomeastheyareearned.Theinitialdirectcostcapitalizationisamortizedovertheleasetermonthesamebasisastherecognitionofrentalincome,andisrecognizedinthecurrentperiod'sprofitandlossininstallments.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
31.AssetsheldforsaleanddiscontinuedoperationsNon-currentassetsordisposalgroupsheldforsaleTheGroupclassifiesanon-currentassetordisposalgroupasheldforsalewhenthecarryingamountofanon-currentassetordisposalgroupwillberecoveredthroughasaletransactionratherthanthroughcontinuinguse.Anon-currentassetordisposalgroupisclassifiedasheldforsalewhenallthefollowingcriteriaaremet:
-Accordingtothecustomarypracticesofsellingsuchassetsordisposalgroupsinsimilartransactions,thenon-currentassetordisposalgroupisavailableforimmediatesaleinitspresentcondition;-Thesaleishighlyprobabletooccur,thatis,theGrouphasmadearesolutiononasaleplanandenteredintoalegallybindingsales.Thesaleisexpectedtobecompletedwithinoneyear.Non-currentassetsordisposalgroupsheldforsalearestatedatthelowerofcarryingamountandfairvalue(seeNoteIII.21)lesscoststosell(exceptfinancialassets(seenoteIII.10)anddeferredtaxassets(seenoteIII.29))initiallyandsubsequently.Anyexcessofthecarryingamountoverthefairvalue(seeNoteIII.21)lesscoststosellisrecognisedasanimpairmentlossinprofitorloss.DiscontinuedoperationsTheGroupclassifiesaseparatecomponentasadiscontinuedoperationeitherupondisposaloftheoperationorwhentheoperationmeetsthecriteriatobeclassifiedasheldforsaleifitisseparatelyidentifiableandsatisfiesoneofthefollowingconditions:
-Itrepresentsaseparatemajorlineofbusinessoraseparategeographicalareaofoperations;-Itispartofasinglecoordinatedplantodisposeofaseparatemajorlineofbusinessoraseparategeographicalareaofoperations;-Itisasubsidiaryacquiredexclusivelywithaviewtoresale.Whereanoperationisclassifiedasdiscontinuedinthecurrentperiod,profitorlossfromcontinuingoperationsandprofitorlossfromdiscontinuedoperationsareseparatelypresentedintheincomestatementforthecurrentperiod.Thecomparativeinformationforprofitorlossfromdiscontinuedoperations,whichusedtopresentasprofitorlossfromcontinuingoperationsinthepriorperiod,isre-presentedasprofitorlossfromdiscontinuedoperationsinthecomparativeincomestatement.
32.DividendsdistributionsDividendsorprofitdistributionsproposedintheprofitappropriationplan,whichwillbeapprovedafterthebalancesheetdate,arenotrecognisedasaliabilityatthebalancesheetdatebutaredisclosedinthenotesseparately.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
33.RelatedpartiesIfapartyhasthepowertocontrol,jointlycontrolorexercisesignificantinfluenceoveranotherparty,orviceversa,orwheretwoormorepartiesaresubjecttocommoncontrolorjointcontrolfromanotherparty,theyareconsideredtoberelatedparties.Relatedpartiesmaybeindividualsorenterprises.EnterpriseswithwhichtheCompanyisundercommoncontrolonlyfromtheStateandthathavenootherrelatedpartyrelationshipsarenotregardedasrelatedparties.Inadditiontotherelatedpartiesstatedabove,theCompanydeterminesrelatedpartiesbasedonthedisclosurerequirementsoftheAdministrativeProceduresontheInformationDisclosuresofListedCompaniesissuedbytheCSRC.
34.SegmentreportingReportablesegmentsareidentifiedbasedonoperatingsegmentswhicharedeterminedbasedonthestructureoftheGroup’sinternalorganisation,managementrequirementsandinternalreportingsystemaftertakingthematerialityprincipleintoaccount.Twoormoreoperatingsegmentsmaybeaggregatedintoasingleoperatingsegmentifthesegmentshavesimilareconomiccharacteristicsandarethesameorsimilarinrespectofthenatureofproductsandservices,thenatureofproductionprocesses,thetypesproductionprocesses,thetypesorclassesofcustomersfortheproductsandservices,themethodsusedtodistributetheproductsorprovidetheservices,andthenatureoftheregulatoryenvironment.Forsegmentreporting,inter-segmentrevenuesaremeasuredonthebasisoftheactualtransactionpricesforsuchtransactions,andsegmentaccountingpoliciesareconsistentwiththoseusedtopreparetheconsolidatedfinancialstatements.
35.Significantaccountingestimatesandjudgements
Whenpreparingfinancialstatements,themanagementoftheGroupneedstoapplyjudgments,estimates,andassumptions,whichwillhaveanimpactontheapplicationofaccountingpoliciesandtheamountsofassets,liabilities,income,andexpenses.Estimatesaswellastheunderlyingassumptionsanduncertaintiesinvolvedarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisedandinanyfutureperiodsaffected.
(1)UncertaintyofestimationThefollowingarekeyassumptionsregardingthefutureandotherkeysourcesofestimationuncertaintyatthebalancesheetdate:
-Impairmentoffinancialinstrumentsandcontractassets:NoteIII,10(6);NotesV,3,4,5,7,and9;-Impairmentofgoodwill:NoteV,19;-Impairmentofnoncurrentassetsotherthanfinancialassetsandgoodwill:NoteIII,20;NoteV,15,16,17,18;-Fairvaluevaluationoffinancialinstruments:NoteX-Deferredincometaxassets:NoteIII,29;NoteV,21-Productqualityassurance:NoteIII,24;NoteV,32-Share-basedpayment:NoteXII
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
III.Materialaccountingpoliciesandsignificantestimates(continued)
35.Significantaccountingestimatesandjudgements(continued)
(2)JudgmentsIntheprocessofapplyingtheaccountingpoliciesoftheGroup,themanagementhasmadethefollowingjudgmentsthathaveasignificantimpactontheamountsrecognizedinthefinancialstatements:
-Significantjudgmentsandassumptionsregardingcontroloverotherentities:NoteVIII,1(1)-BusinessModelandContractCashFlowCharacteristics:Note3,10(2)IV.Taxation
1.Maintypesoftaxesandcorrespondingtaxrates
| Taxtype | ? | Taxbasis | ? | Taxrate |
| ? | ? | ? | ? | ? |
| Value-addedtax(VAT) | ? | Accordingtotaxlaws,outputVATiscalculatedonproductsalesandtaxableservicesrevenue.VATpayableisdeterminedbydeductinginputVATfromoutputVATfortheperiod | ? | 6%，9%，13% |
| Urbanmaintenanceandconstructiontax | ? | BasedonVATpaid,VATexemptionandoffsetfortheperiod | ? | 7%，5% |
| Educationsurchargesandlocaleducationsurcharges | ? | BasedonVATpaid,VATexemptionandoffsetfortheperiod | ? | 3%，2% |
| Corporateincometax | ? | Basedontaxableprofits | ? | 15%-30% |
2.CorporateincometaxTheincometaxrateapplicabletotheCompanyfortheyearis15%(2024:15%).PursuanttotheCorporateIncomeTaxLawofthePeople’sRepublicofChinatreatmentNo.28,corporateincometaxforkeyadvancedandhigh-techenterprisessupportedbytheStateisapplicabletoapreferentialtaxrateof15%.On30November2023,theCompanyrenewedtheHigh-techEnterpriseCertificateNo.GR202311004505,whichwasentitledjointlybyBeijingMunicipalScienceandTechnologyCommission,BeijingMunicipalFinancialBureau,BeijingMunicipalTaxService,StateTaxationAdministration.TheCompanyissubjecttocorporateincometaxrateof15%sincethedateofcertificationwiththevalidperiodofthreeyears.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
IV.Taxation(continued)
2.Corporateincometax(continued)Exceptthat32subsidiariessuchasBeijingBOEOptoelectronicsTechnologyCo.,Ltd.areapplicabletohigh-techenterprisetaxpreference,7subsidiariessuchasChongqingBOEDisplayLightingCo.,Ltd.areapplicabletoencouragedenterprisesintheWesternDevelopment,and15%corporateincometaxrateisapplicable,andoverseassubsidiariesareapplicabletolocaltaxrate,thetaxrateapplicabletootherenterprisesoftheGroupis25%.V.Notestokeyitemsoftheconsolidatedfinancialstatements
1.Cashatbankandonhand
| 2025 | 2024 |
Cashonhand
| Cashonhand | 1,355,467 | 1,528,764 | ||
| Depositswithbanks | 71,281,904,007 | 72,723,894,478 | ||
| Othermonetaryfunds | 939,680,701 | 1,527,201,973 | ||
| ? | ||||
| Total | 72,222,940,175 | 74,252,625,215 |
Including:TotaloverseasdepositswereequivalenttoRMB7,892,050,802(2024:RMB6,539,879,671).Asat31December2025,othermonetaryfundsincludeddepositswithsecuritiescompaniesbytheGroupamountingtoRMB27,859,235(2024:RMB85,440,549),usedasrefundabledepositsforstockrepurchaseandpaymentforsettlementwiththirdpartyplatform,whichcanbewithdrewondemand.Therestwasrestrictedmonetaryfunds,ofwhich,RMB205,382,358(2024:RMB595,018,149)waspledgedforissuanceofbillspayable,andanequivalenttoRMB706,439,108(2024:RMB846,743,275)wasmainlydepositsincommercialbanksassecurity.
2.Financialassetsheldfortrading
| 2025 | 2024 |
Financialassetsatfairvaluethroughprofitorloss
| Financialassetsatfairvaluethroughprofitorloss | ||||
| Structureddepositandwealthmanagementproducts | 736,987,067 | 2,779,828,500 | ||
| Investmentinequityinstruments | 933,561,663 | 336,607,463 |
Total
| Total | 1,670,548,730 | 3,116,435,963 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
3.Notesreceivable
(1)ClassificationofNotesreceivable
| 2025 | 2024 |
Bankacceptancebills
| Bankacceptancebills | 503,795,854 | 324,870,516 | ||
| Commercialacceptancebills | 10,883,873 | 13,218,845 | ||
| 514,679,727 | 338,089,361 |
Less:Impairmentallowance
| Less:Impairmentallowance | 32,652 | 29,578 |
Total
| Total | 514,647,075 | 338,059,783 |
(2)ThepledgednotesreceivableoftheGroupattheendoftheyear
2025Bankacceptancebills
| Bankacceptancebills | 31,919,605 |
(3)Notesreceivableendorsedordiscountedbutnotyetmaturedonthebalancesheetdate
| Amountderecognized | Amountnotderecognized |
Bankacceptancebills
| Bankacceptancebills | - | 360,019,857 |
Asat31December2025,thecarryingamountofnotesreceivableoftheGroupthathadbeenendorsedtosuppliersforsettlementofaccountspayableordiscountedamountedtoRMB360,019,857(2024:
RMB209,269,910).TheGroupconsidersthatitretainssubstantiallyalltherisksandrewardsincidentaltothesenotesreceivable,includingtherelateddefaultrisk,andthereforecontinuestorecognisethenotesreceivableandtherelatedsettledaccountspayableinfull.Forthe31December2025,nonotesreceivablewerereclassifiedtoaccountsreceivableduetotheissuers’inabilitytofulfilltheirobligations.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
4.Accountsreceivable
(1)Anageinganalysisofaccountsreceivableisasfollows
| 2025 | 2024 |
Within1year
| Within1year | 31,510,471,400 | 35,533,315,993 | ||
| 1to2years | 499,559,227 | 493,435,884 | ||
| 2to3years | 258,297,769 | 228,715,579 | ||
| Over3years | 312,417,748 | 311,630,959 | ||
| 32,580,746,144 | 36,567,098,415 |
Less:Provisionforbadanddoubtfuldebts
| Less:Provisionforbadanddoubtfuldebts | 287,743,521 | 228,899,211 |
Total
| Total | 32,293,002,623 | 36,338,199,204 |
Theageingiscountedstartingfromthedatewhenaccountsreceivablearerecognised.
(2)Accountsreceivablebyprovisioningmethod2025
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | ||||||||||
| -Customerswithhighcreditrisk | 109,174,696 | 0.34 | 105,473,656 | 96.61 | 3,701,040 | |||||
| -Customerswithlowcreditrisk | 475,542,607 | 1.46 | - | - | 475,542,607 | |||||
| ? | ||||||||||
| Collectiveassessment | ||||||||||
| -Customerswithmediumcreditrisk | 31,996,028,841 | 98.20 | 182,269,865 | 0.57 | 31,813,758,976 |
Total
| Total | 32,580,746,144 | 100.00 | 287,743,521 | 0.88 | 32,293,002,623 |
2024
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | |||||||||
| -Customerswithhighcreditrisk | 57,435,774 | 0.16 | 33,528,866 | 58.38 | 23,906,908 | ||||
| -Customerswithlowcreditrisk | 603,585,563 | 1.65 | - | - | 603,585,563 | ||||
| ? | |||||||||
| Collectiveassessment | |||||||||
| -Customerswithmediumcreditrisk | 35,906,077,078 | 98.19 | 195,370,345 | 0.54 | 35,710,706,733 |
Total
| Total | 36,567,098,415 | 100.00 | 228,899,211 | 0.63 | 36,338,199,204 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
4.Accountsreceivable(continued)
(2)Accountsreceivablebyprovisioningmethod(continued)(a)Criteriaforcollectiveassessmentanddetails
| Customergroup | Basis |
Customerswithhighcreditrisk
| Customerswithhighcreditrisk | Withspecialmatters,litigationsorthedeteriorationofcustomers’creditstatus |
| Customerswithlowcreditrisk | Banks,insurancecompanies,largestate-ownedenterprisesandpublicinstitutions |
| Customerswithmediumcreditrisk | Customersnotincludedingroupsabove |
(b)AssessmentofECLsonaccountsreceivableAtalltimestheGroupmeasurestheimpairmentlossforaccountsreceivableatanamountequaltolifetimeECLs,andtheECLsarebasedonthenumberofoverduedaysandtheexpectedlossrate.AccordingtotheGroup’shistoricalexperience,differentlossmodelsareapplicabletodifferentcustomergroups.
(3)DetailsofallowancefordoubtfuldebtsMovementsofprovisionsforbadanddoubtfuldebts：
| Openingbalance | Additionsduringtheyear | Recoveryorreversalduringtheyear | Others | Closingbalance |
Customerswithhigh
creditrisk
| Customerswithhighcreditrisk | 33,528,866 | 11,308,876 | (6,104,079 | ) | 66,739,993 | 105,473,656 | |||||
| Customerswithmediumcreditrisk | 195,370,345 | 89,622,479 | (34,332,710 | ) | (68,390,249 | ) | 182,269,865 |
Total
| Total | 228,899,211 | 100,931,355 | (40,436,789 | ) | (1,650,256 | ) | 287,743,521 |
(4)Fivelargestaccountsreceivableandcontractassetsbydebtorattheendofthe
yearThesubtotalofthefivelargestaccountsreceivableandcontractassetsoftheGroupattheendoftheyearisRMB12,591,208,802,representing38%ofthetotalaccountsreceivableandcontractassets.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
5.Receivablesfinancing
(1)Receivablesfinancingbycategory
| 2025 | 2024 |
Bankacceptancebills
| Bankacceptancebills | 585,672,349 | 472,537,400 |
(2)Receivablesfinancingthatareendorsedordiscountedbuthavenotmaturedatthe
endoftheyear:
| Amountderecognized | Amountnotderecognized |
Bankacceptancebills
| Bankacceptancebills | 1,214,507,608 | - |
Asattheendoftheyear,thecarryingamountoftheGroup’sreceivablesfinancingassetsendorsedtosuppliersforsettlementofaccountspayableordiscountedamountedtoRMB1,214,507,608(2024:
RMB683,496,249).Sincesubstantiallyalltherisksandrewardsoftheseinstrumentshavebeentransferredtootherparties,theGrouphasfullyderecognizedsuchinstrumentsandthecorrespondingaccountpayablesinitsbooksandrecognizedtherelateddiscountexpensesaccordingly.Forthe31December2025,noreceivablesfinancingwerereclassifiedtoaccountsreceivableduetotheissuers’inabilitytofulfilltheirobligations.
6.Prepayments
(1)Theageinganalysisofprepaymentsisasfollows:
| 2025 | 2024 | |||||
| Amount | Percentage(%) | Amount | Percentage(%) | |||
Within1year
| Within1year | 733,396,737 | 90 | 561,764,216 | 89 | ||||
| 1to2years | 43,028,675 | 5 | 15,640,256 | 2 | ||||
| 2to3years | 5,809,491 | 1 | 3,945,077 | 1 | ||||
| Over3years | 28,466,561 | 4 | 53,132,675 | 8 | ||||
| ? | ? | |||||||
| Total | 810,701,464 | 100 | 634,482,224 | 100 |
Theageingiscountedstartingfromthedatewhenprepaymentsarerecognized.ThetotalofthefivelargestprepaymentsoftheGroupattheendoftheyearisRMB320,046,324,representing39%ofthetotalprepayments.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
7.Otherreceivables
| 2025 | 2024 |
Dividendsreceivable
| Dividendsreceivable | 177,912,109 | 55,028,131 | ||
| Otherreceivables | 644,881,791 | 757,843,390 |
Total
| Total | 822,793,900 | 812,871,521 |
Otherreceivables
(1)TheageinganalysisoftheGroup’sotherreceivablesisasfollows
| 2025 | 2024 |
Within1year
| Within1year | 225,200,020 | 357,915,532 | ||
| 1to2years | 124,947,335 | 118,793,438 | ||
| 2to3years | 16,658,899 | 19,227,857 | ||
| Over3years | 299,932,879 | 280,771,308 | ||
| 666,739,133 | 776,708,135 |
Less:Provisionforbadanddoubtfuldebts
| Less:Provisionforbadanddoubtfuldebts | 21,857,342 | 18,864,745 | ||
| ? | ||||
| Total | 644,881,791 | 757,843,390 |
Theageingiscountedstartingfromthedatewhenotherreceivablesarerecognised.
(2)Theotherreceivablescategorisedbynature
| 2025 | 2024 |
Marginsanddeposits
| Marginsanddeposits | 338,508,142 | 394,212,834 | ||
| Others | 328,230,991 | 382,495,301 | ||
| Sub-total | 666,739,133 | 776,708,135 |
Less:Provisionforbadanddoubtfuldebts
| Less:Provisionforbadanddoubtfuldebts | 21,857,342 | 18,864,745 |
Total
| Total | 644,881,791 | 757,843,390 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
7.Otherreceivables(continued)Othersreceivables(continued)
(3)Otherreceivablesbyprovisioningmethod2025
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | ||||||||||
| -Amountswithhighcreditrisk | 21,793,945 | 3.27 | 21,118,108 | 96.90 | 675,837 | |||||
| -Amountswithlowcreditrisk | 569,523,880 | 85.42 | - | - | 569,523,880 | |||||
| ? | ||||||||||
| Collectiveassessment | ||||||||||
| -Amountswithmediumcreditrisk | 75,421,308 | 11.31 | 739,234 | 0.98 | 74,682,074 |
Total
| Total | 666,739,133 | 100.00 | 21,857,342 | 3.28 | 644,881,791 |
2024
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | ||||||||||
| -Amountswithhighcreditrisk | 18,297,151 | 2.36 | 18,297,151 | 100.00 | - | |||||
| -Amountswithlowcreditrisk | 689,364,770 | 88.75 | - | - | 689,364,770 | |||||
| ? | ||||||||||
| Collectiveassessment | ||||||||||
| -Amountswithmediumcreditrisk | 69,046,214 | 8.89 | 567,594 | 0.82 | 68,478,620 |
Total
| Total | 776,708,135 | 100.00 | 18,864,745 | 2.43 | 757,843,390 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
7.Otherreceivables(continued)Othersreceivables(continued)
(3)Otherreceivablesbyprovisioningmethod(continued)Themovementsoftheprovisionforbaddebtsprovidedforotherreceivablesbasedon12-monthECLandlifetimeECLrespectivelyareasfollows:
| Stage1 | Stage2 | Stage3 | Total | |||||
| 12-monthECL | LifetimeECL(notyetcredit-impaired | ) | LifetimeECL(credit-impaired | ) |
Balanceatthe
beginningoftheyear
| Balanceatthebeginningoftheyear | 562,393 | 5,201 | 18,297,151 | 18,864,745 | ||||||||
| Stagetransferofbeginningbalance | (43,613 | ) | 1,402 | 42,211 | - | |||||||
| Additionsduringtheyear | 388,160 | 10,813 | 2,812,465 | 3,211,438 | ||||||||
| Reversalsduringtheyear | (184,921 | ) | (201 | ) | (33,719 | ) | (218,841 | ) |
Balanceattheend
oftheyear
| Balanceattheendoftheyear | 722,019 | 17,215 | 21,118,108 | 21,857,342 |
(4)FivelargestotherreceivablesbydebtorattheendoftheyearAsof31December2025,thetopfivebalancesofotherreceivablesoftheGroupamountedtoRMB438,387,325representing65.75%ofthetotalyear-endbalanceofotherreceivables.Thesemainlycomprisesecuritydepositsandreceivablesfromequitytransfers,andafterassessment,noallowancefordoubtfulaccountsisconsiderednecessary.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
8.Inventories
(1)TheGroup’sinventoriesbycategory
| 2025 | 2024 | |||||||||
| Bookvalue | Provisionforimpairmentofinventories/Provisionforimpairmentofcoststofulfilacontractwithacustomer | Carryingamount | Bookvalue | Provisionforimpairmentofinventories/Provisionforimpairmentofcoststofulfilacontractwithacustomer | Carryingamount | |||||
Rawmaterials
| Rawmaterials | 10,127,483,636 | 1,491,552,605 | 8,635,931,031 | 8,973,042,046 | 1,763,382,653 | 7,209,659,393 | |||||
| Workinprogress | 7,441,707,138 | 1,625,004,821 | 5,816,702,317 | 5,803,359,611 | 1,104,535,176 | 4,698,824,435 | |||||
| Finishedgoods | 15,780,958,702 | 2,878,956,689 | 12,902,002,013 | 15,066,294,957 | 3,954,314,368 | 11,111,980,589 | |||||
| Consumables | 207,469,654 | - | 207,469,654 | 209,462,591 | 677,753 | 208,784,838 | |||||
| Coststofulfilacontractwithacustomer | 186,421,121 | - | 186,421,121 | 84,215,137 | - | 84,215,137 | |||||
| ? | |||||||||||
| Total | 33,744,040,251 | 5,995,514,115 | 27,748,526,136 | 30,136,374,342 | 6,822,909,950 | 23,313,464,392 |
TheGroup’syear-endbalanceofinventoriesincludednocapitalisedborrowingcosts(2024:Nil).Attheyearend,noinventorieswerepledgedassecuritybytheGroup(2024:Nil).
(2)AnanalysisofprovisionforimpairmentofinventoriesoftheGroupisasfollows
| Balanceatthebeginningoftheyear | Additionsduringtheyear | Reductionsduringtheyear | Balanceattheendoftheyear |
Rawmaterials
| Rawmaterials | 1,763,382,653 | 750,500,225 | (1,022,330,273 | ) | 1,491,552,605 | |||
| Workinprogress | 1,104,535,176 | 1,749,909,698 | (1,229,440,053 | ) | 1,625,004,821 | |||
| Finishedgoods | 3,954,314,368 | 3,197,964,847 | (4,273,322,526 | ) | 2,878,956,689 | |||
| Consumables | 677,753 | - | (677,753 | ) | - | |||
| ? | ? | |||||||
| Total | 6,822,909,950 | 5,698,374,770 | (6,525,770,605 | ) | 5,995,514,115 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
9.Contractassets
| 2025 | 2024 | |||||||||
| Grossamount | Impairmentallowance | Carryingamount | Grossamount | Impairmentallowance | Carryingamount | |||||
Contractassets
| Contractassets | 398,590,711 | 5,508,809 | 393,081,902 | 151,647,876 | 776,390 | 150,871,486 |
Changesinprovisionforimpairmentofcontractassetsareasfollows:
| Openingbalance | Additionsduringtheyea | Reversalsduringtheyear | Written-offduringtheyear | Closingbalance |
Provisionforbadanddoubtfuldebts
| Provisionforbadanddoubtfuldebts | 776,390 | 5,505,272 | (710,077 | ) | (62,776 | ) | 5,508,809 |
BasedontheGroup’shistoricalexperience,therearenosignificantdifferencesintheincidenceoflossesamongdifferentcustomergroups.Accordingly,theGrouptreatsallcontractassetsasasingleportfolioandrecognizesimpairmentprovisionsbasedoncollectiveassessmentofcreditriskcharacteristics.Asat31December2025,thecarryingamountofcontractassetssubjecttocollectiveimpairmentbasedoncreditriskcharacteristicsamountedtoRMB398,590,711(2024:RMB151,647,876),withimpairmentprovisionsofRMB5,508,809(2024:RMB776,390),representinganimpairmentratioof1.38%(December31,2024:0.51%).
10.Othercurrentassets
| 2025 | 2024 |
VATontaxcredits
| VATontaxcredits | 3,482,259,330 | 2,960,415,267 | ||
| Inputtaxtobeverifiedordeducted | 614,835,747 | 503,287,770 | ||
| Righttorecoverreturnedgoods | 193,068,473 | 166,513,664 | ||
| Prepaidincometaxes | 144,329,925 | 112,183,664 | ||
| Others | 375,328,391 | 211,607,620 | ||
| ? | ? | |||
| Total | 4,809,821,866 | 3,954,007,985 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
11.Long-termequityinvestments
| Balanceatthebeginningoftheyear | Balanceatthebeginningoftheyear | Movementsduringtheyear | Balanceattheendoftheyear | Balanceattheendoftheyear | ||||||||||||||||||
| Carryingamount | Provisionforimpairment | Additionsduringtheyear | Reductionsduringtheyear | Investment(loss)/incomeunderequitymethod | Othercomprehensiveincome | Otherequitymovements | Declareddistributionofcashdividends | Provisionforimpairment | Others | Carryingamount | Provisionforimpairment | |||||||||||
Jointventures
| Jointventures | 404,709,071 | - | - | - | (34,772,030 | ) | - | - | - | - | - | 369,937,041 | - |
Associates
| Associates | ||||||||||||||||||||||||||
| VusionGroupSA(formelynamed“SESImagotagSACo.,Ltd.”) | 4,890,298,637 | - | - | (1,092,038,165 | ) | 118,386,682 | 55,898,192 | 216,894,790 | - | - | 129,175,962 | 4,318,616,098 | - | |||||||||||||
| ErdosBOEEnergyInvestmentCo.,Ltd. | 1,027,841,294 | 777,858,312 | - | - | (2,989,462 | ) | - | - | - | - | - | 1,024,851,832 | 777,858,312 | |||||||||||||
| TianjinXianzhilianInvestmentCentre(LimitedPartnership) | 1,689,914,532 | - | - | (175,055,746 | ) | 64,525,979 | - | - | (2,286,665 | ) | - | - | 1,577,098,100 | - | ||||||||||||
| BeijingXindongnengInvestmentFund(LimitedPartnership) | 922,008,650 | - | - | - | 8,470,345 | (5,384,695 | ) | - | (205,607,242 | ) | - | - | 719,487,058 | - | ||||||||||||
| Others | 4,598,499,118 | 396,533,969 | 6,164,630,785 | - | (72,446,227 | ) | 44,822,948 | 75,012,648 | (184,299,836 | ) | - | - | 10,626,219,436 | 390,188,191 | ||||||||||||
| ? | ||||||||||||||||||||||||||
| Sub-total | 13,128,562,231 | 1,174,392,281 | 6,164,630,785 | (1,267,093,911 | ) | 115,947,317 | 95,336,445 | 291,907,438 | (392,193,743 | ) | - | 129,175,962 | 18,266,272,524 | 1,168,046,503 | ||||||||||||
| ? | ||||||||||||||||||||||||||
| ?Total | 13,533,271,302 | 1,174,392,281 | 6,164,630,785 | (1,267,093,911 | ) | 81,175,287 | 95,336,445 | 291,907,438 | (392,193,743 | ) | - | 129,175,962 | 18,636,209,565 | 1,168,046,503 |
Asat31December2025,certainassociatesinvestedbytheGroupsufferedlossandtheGroupdidnothaveanobligationtoassumeadditionallosses.Therefore,theGroupdiscontinuesrecognisingitsshareoffurtherlossesafterthecarryingamountoflong-termequityinvestmentisreducedtozero,theaccumulatedunrecognisedinvestmentlossesamountedtoRMB12,057,070(2024:RMB11,456,900).Fortheyearended31December2025,foreigncurrencytranslationaccountedforthechangeintheprovisionforimpairmentoftheGroup’slong-termequityinvestments.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
12.Otherequityinvestments
(1)Investmentsinotherequityinstruments
| Movementsduringtheyear | ||||||||||||
| Balanceatthebeginningoftheyear | Decreaseininvestments | Gainsorlossesrecognisedinothercomprehensiveincomeduringtheyear(“-”forlosses) | Foreigncurrencyfinancialstatementtranslation | Balanceattheendoftheyear | Dividendincomerecognisedfortheyear | Accumulatedgainsorlossesrecognisedinothercomprehensiveincome(“-”forlosses) | ||||||
Listedequityinstrument
investment
| Listedequityinstrumentinvestment | 257,558,368 | (12,610,162 | ) | 93,589,635 | - | (5,439,501 | ) | 333,098,340 | 10,925,263 | (42,548,731 | ) | |||||||
| Unlistedequityinstrumentsinvestment | 183,813,447 | (1,746,310 | ) | 25,479,196 | - | (4,427,481 | ) | 203,118,852 | 25,596,072 | (81,388,212 | ) | |||||||
| ? | ||||||||||||||||||
| Total | 441,371,815 | (14,356,472 | ) | 119,068,831 | (9,866,982 | ) | 536,217,192 | 36,521,335 | (123,936,943 | ) |
(2)Investmentsderecognisedduringtheyear
| Fairvalueatderecognition | Accumulatedgainstransferredtoretainedearningsduetoderecognition | Reasonforderecognition |
Listedequityinstrumentinvestment
| Listedequityinstrumentinvestment | 12,610,162 | 5,209,080 | Transfersoutfromdisposal | |||
| Unlistedequityinstrumentsinvestment | 1,746,310 | 179,779 | Transfersoutfromdisposal |
Total
| Total | 14,356,472 | 5,388,859 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
13.Othernon-currentfinancialassets
| 2025 | 2024 |
Financialassetsatfairvaluethroughprofitorloss
| Financialassetsatfairvaluethroughprofitorloss | 2,874,055,003 | 2,735,680,042 |
14.InvestmentpropertiesInvestmentpropertymeasuredusingthecostmodel
| Plantandbuildings | Landuserights | Total |
Cost
| Cost | ||||||||
| Balanceatthebeginningoftheyear | 1,708,322,341 | 785,342,177 | 2,493,664,518 | |||||
| Transfersfromconstructioninprogress | 503,728,513 | - | 503,728,513 | |||||
| Others | (17,311,456 | ) | - | (17,311,456 | ) |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 2,194,739,398 | 785,342,177 | 2,980,081,575 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||
| Balanceatthebeginningoftheyear | 530,220,566 | 212,254,212 | 742,474,778 | |||
| Additionsduringtheyear | 74,402,092 | 16,587,801 | 90,989,893 |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 604,622,658 | 228,842,013 | 833,464,671 |
Carryingamount
| Carryingamount | ||||||
| Attheendoftheyear | 1,590,116,740 | 556,500,164 | 2,146,616,904 | |||
| ? | ||||||
| Atthebeginningoftheyear | 1,178,101,775 | 573,087,965 | 1,751,189,740 |
InformationregardingtheGroup’sinvestmentpropertiespledgedascollateralissetoutindetailinNoteV.23.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
15.Fixedassets
| Plantandbuildings? | Equipment | Others | Total |
Cost
| Cost | ||||||||||||
| Balanceatthebeginningoftheyear | 79,261,118,702 | 345,389,359,918 | 17,406,622,698 | 442,057,101,318 | ||||||||
| Purchase | 48,274,483 | 858,350,949 | 2,053,538,603 | 2,960,164,035 | ||||||||
| Transfersfromconstructioninprogress | 2,907,865,561 | 11,864,792,911 | 1,294,194,748 | 16,066,853,220 | ||||||||
| Transferstoconstructioninprogress | - | (362,361,927 | ) | (11,078,561 | ) | (373,440,488 | ) | |||||
| Disposalsorwritten-offsduringtheyear | (30,842,317 | ) | (1,022,636,273 | ) | (368,493,337 | ) | (1,421,971,927 | ) | ||||
| Written-downagainstgovernmentinterestdiscounts | - | (314,194 | ) | (9,953 | ) | (324,147 | ) | |||||
| Others | (7,354,931 | ) | (10,091,426 | ) | (4,556,323 | ) | (22,002,680 | ) |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 82,179,061,498 | 356,717,099,958 | 20,370,217,875 | 459,266,379,331 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||||||||
| Balanceatthebeginningoftheyear | 14,105,527,564 | 209,021,095,996 | 11,970,845,588 | 235,097,469,148 | ||||||||
| Additionsduringtheyear | 2,288,458,185 | 32,491,936,604 | 2,388,540,832 | 37,168,935,621 | ||||||||
| Transferstoconstructioninprogress | - | (243,033,721 | ) | (7,229,326 | ) | (250,263,047 | ) | |||||
| Disposalsorwritten-offsduringtheyear | (18,683,051 | ) | (855,594,471 | ) | (328,608,331 | ) | (1,202,885,853 | ) | ||||
| Others | (117,084 | ) | 659,494 | (2,164,985 | ) | (1,622,575 | ) |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 16,375,185,614 | 240,415,063,902 | 14,021,383,778 | 270,811,633,294 |
Provisionforimpairment
| Provisionforimpairment | |||||||||||
| Balanceatthebeginningoftheyear | 4,203,745 | 1,812,759,153 | 238,249,761 | 2,055,212,659 | |||||||
| Additionsduringtheyear | 2,154,807 | 195,778,949 | 10,413,384 | 208,347,140 | |||||||
| Transferstoconstructioninprogress | - | (29,555,828 | ) | (455,427 | ) | (30,011,255 | ) | ||||
| Disposalsorwritten-offsduringtheyear | - | (59,900,202 | ) | (22,374,157 | ) | (82,274,359 | ) | ||||
| Others | 293,205 | 3,883,883 | (4,378 | ) | 4,172,710 |
Balanceattheendofthe
year
| Balanceattheendoftheyear | 6,651,757 | 1,922,965,955 | 225,829,183 | 2,155,446,895 |
Carryingamount
| Carryingamount | ||||||||
| Attheendoftheyear | 65,797,224,127 | 114,379,070,101 | 6,123,004,914 | 186,299,299,142 | ||||
| ? | ||||||||
| Atthebeginningoftheyear | 65,151,387,393 | 134,555,504,769 | 5,197,527,349 | 204,904,419,511 |
TheGroup’sfixedassetsheldforoperatingleasesincludebuildingsandstructures,machineryandequipment.Therecoverableamountoftherelevantassetgroupisdeterminedbyreferencetoitsfairvaluelesscostsofdisposalandthepresentvalueofitsexpectedfuturecashflows.Thecashflowforecastperiodisdeterminedbasedontheestimatedremainingusefullifeoftheasset,thecashflowsovertheestimatedremainingusefullifeoftheassetaredeterminedbasedonprojectedmarketconditions,andthepre-taxdiscountrateisdeterminedwithreferencetocomparablecompaniesandtherelevantcapitalstructure.Asat31December2025,fixedassetspendingcertificatesofownershiptotalledRMB3,536,731,228andcertificatesofownershipisstillbeingprocessed.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
16.Constructioninprogress
(1)AnalysisoftheGroup’sconstructioninprogressisasfollows
| 2025 | 2024 | ||||||||
| Bookvalue | Provisionforimpairment | Facevalue | Bookvalue | Provisionforimpairment | Facevalue | ||||
BOE8.6th-GenerationAMOLEDProductionLineProject
| BOE8.6th-GenerationAMOLEDProductionLineProject | 26,932,073,883 | - | 26,932,073,883 | 6,998,733,015 | - | 6,998,733,015 | ||||
| BOE's6thgenerationnewsemiconductordisplaydeviceproductionlineproject | 16,275,532,815 | - | 16,275,532,815 | 10,629,806,006 | - | 10,629,806,006 | ||||
| Others | 9,798,723,344 | 63,205,922 | 9,735,517,422 | 12,607,947,968 | 77,470,892 | 12,530,477,076 | ||||
| ? | ||||||||||
| Total | 53,006,330,042 | 63,205,922 | 52,943,124,120 | 30,236,486,989 | 77,470,892 | 30,159,016,097 |
InformationregardingtheGroup’sconstructioninprogresspledgedascollateralissetoutindetailinNoteV.23.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
16.Constructioninprogress(continued)
(2)Movementsofmajorconstructionprojectsinprogressduringtheyear
| Budget | Balanceatthebeginningoftheyear | Additionsduringtheyear | Transferstofixedassets | Balanceattheendoftheyear | Sourcesoffunding | Percentageofactualcosttobudget(%) | ||||||||
| ? | ||||||||||||||
| BOE8.6th-GenerationAMOLEDProductionLineProject | 63,000,000,000 | 6,998,733,015 | 20,880,757,234 | (947,416,366 | ) | 26,932,073,883 | Self-raisedfundsandborrowings | 44.75 | ||||||
| BOE's6thgenerationnewsemiconductordisplaydeviceproductionlineproject | 29,000,000,000 | 10,629,806,006 | 5,646,297,606 | (570,797 | ) | 16,275,532,815 | Self-raisedfundsandborrowings | 67.58 |
Total
| Total | 92,000,000,000 | 17,628,539,021 | 26,527,054,840 | (947,987,163 | ) | 43,207,606,698 |
Accumulatedcapitalisedinterestattheendofthe
year
| Accumulatedcapitalisedinterestattheendoftheyear | Interestcapitalisedinthecurrentyear | Interestrateforcapitalisationinthecurrentyear(%) |
BOE8.6th-GenerationAMOLEDProductionLineProject
| BOE8.6th-GenerationAMOLEDProductionLineProject | 107,255,000 | 107,255,000 | 2.85 | |||
| BOE's6thgenerationnewsemiconductordisplaydeviceproductionlineproject | 150,804,218 | 60,587,809 | 2.35 |
Total
| Total | 258,059,218 | 167,842,809 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
17.Right-of-useassets
| Plantandbuildings? | Equipment | Others | Total |
Cost
| Cost | |||||||||||
| Balanceatthebeginningoftheyear | 1,075,962,333 | 15,913,107 | 190,446,902 | 1,282,322,342 | |||||||
| Additionsduringtheyear | 189,445,223 | 23,544,055 | 3,321,873 | 216,311,151 | |||||||
| Reductionsduringtheyear | (41,233,160 | ) | (2,277,085 | ) | - | (43,510,245 | ) | ||||
| Translationdifferences | 22,324,695 | 31,985 | 79,279 | 22,435,959 | |||||||
| ? | |||||||||||
| Balanceattheendoftheyear | 1,246,499,091 | 37,212,062 | 193,848,054 | 1,477,559,207 |
Less:Accumulated
depreciation
| Less:Accumulateddepreciation | |||||||||||
| Balanceatthebeginningoftheyear | 477,999,532 | 10,683,598 | 39,230,932 | 527,914,062 | |||||||
| Chargefortheyear | 134,136,929 | 9,168,445 | 11,080,777 | 154,386,151 | |||||||
| Reductionsduringtheyear | (16,562,393 | ) | (2,009,172 | ) | - | (18,571,565 | ) | ||||
| Translationdifferences | 6,482,642 | 29,039 | 28,769 | 6,540,450 | |||||||
| ? | |||||||||||
| Balanceattheendoftheyear | 602,056,710 | 17,871,910 | 50,340,478 | 670,269,098 |
Carryingamount
| Carryingamount | ||||||||
| Attheendoftheyear | 644,442,381 | 19,340,152 | 143,507,576 | 807,290,109 | ||||
| ? | ||||||||
| Atthebeginningoftheyear | 597,962,801 | 5,229,509 | 151,215,970 | 754,408,280 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
18.Intangibleassets
| Landuserights | Patentandproprietarytechnology | Computersoftware | Others | Total |
Cost
| Cost | ||||||||||||||
| Balanceatthebeginningoftheyear | 8,330,914,335 | 6,386,074,855 | 2,540,120,486 | 816,647,150 | 18,073,756,826 | |||||||||
| Purchases | 21,470,416 | 2,195,067,434 | 130,877,137 | 2,966,041 | 2,350,381,028 | |||||||||
| Transfersfromconstructioninprogress | 711,755 | - | 225,562,667 | - | 226,274,422 | |||||||||
| Transfersfromdevelopmentcosts | - | 132,007,804 | - | - | 132,007,804 | |||||||||
| Disposals | - | - | (17,352,164 | ) | (3,212,714 | ) | (20,564,878 | ) | ||||||
| Translationdifferences | (8,327,470 | ) | 115,219 | (677,303 | ) | (853,860 | ) | (9,743,414 | ) |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 8,344,769,036 | 8,713,265,312 | 2,878,530,823 | 815,546,617 | 20,752,111,788 |
Accumulateddepreciation
| Accumulateddepreciation | ||||||||||||||
| Balanceatthebeginningoftheyear | 1,043,218,572 | 3,710,878,801 | 1,636,822,609 | 393,725,976 | 6,784,645,958 | |||||||||
| Chargefortheyear | 215,593,052 | 629,445,715 | 249,811,013 | 55,819,936 | 1,150,669,716 | |||||||||
| Reductionsduringtheyear | - | - | (4,347,851 | ) | (1,067,119 | ) | (5,414,970 | ) | ||||||
| Translationdifferences | (236,180 | ) | 115,219 | (215,652 | ) | (618,172 | ) | (954,785 | ) |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 1,258,575,444 | 4,340,439,735 | 1,882,070,119 | 447,860,621 | 7,928,945,919 |
Provisionforimpairment
| Provisionforimpairment | ||||||||||
| Balanceatthebeginningandendoftheyear | - | 25,647,674 | - | - | 25,647,674 |
Carryingamount
| Carryingamount | ||||||||||
| Attheendoftheyear | 7,086,193,592 | 4,347,177,903 | 996,460,704 | 367,685,996 | 12,797,518,195 | |||||
| ? | ||||||||||
| Atthebeginningoftheyear | 7,287,695,763 | 2,649,548,380 | 903,297,877 | 422,921,174 | 11,263,463,194 |
InformationregardingtheGroup’sIntangibleassetspledgedascollateralissetoutindetailinNoteV.23.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
19.Goodwill
(1)Goodwill
OpeningandclosingbalancesChengduBOEDisplaySci-techCo.,Ltd.(“ChengduDisplaySci-tech”)
| ChengduBOEDisplaySci-techCo.,Ltd.(“ChengduDisplaySci-tech”) | 537,038,971 | |
| NanjingBOEDisplayTechnologyCo.,Ltd.(“NanjingDisplayTechnology”) | 155,714,415 | |
| BOEHealthcareInvestment&ManagementCo.,Ltd. | 146,460,790 | |
| BeijingYingheCenturyCo.,Ltd. | 42,940,434 | |
| BOEHCSemiTekCorporation(“HCSemiTek”) | 29,596,088 | |
| BeijingZhongheUltraHighDefinitionCollaborativeTechnologyCenterCo.,Ltd | 14,285,847 | |
| K-Tronics(Suzhou)technologyCo.,Ltd. | 8,562,464 | |
| BeijingBOEOptoelectronicsTechnologyCo.,Ltd. | 4,423,876 | |
| ? | ||
| Total | 939,022,885 |
(2)Provisionforimpairment
OpeningandclosingbalancesChengduDisplaySci-tech
| ChengduDisplaySci-tech | 147,755,754 | |
| BOEHealthcareInvestment&ManagementCo.,Ltd. | 133,268,233 | |
| BeijingBOEOptoelectronicsTechnologyCo.,Ltd. | 4,423,876 | |
| ? | ||
| Total | 285,447,863 |
Therecoverableamountoftheabove-mentionedgoodwillrelatedassetgroupisdeterminedusingthemethodofestimatingthepresentvalueoffuturecashflows.Whenestimatingthepresentvalueofcashflows,thecashflowsforthenext5yearsarepredictedbasedonmarketconditions.After5years,thecashflowsforallyearsremainstable,withasustainablegrowthrateofzero;Thepretaxdiscountrateisdeterminedbasedoncomparablecompaniesandrelatedcapitalstructures,rangingfrom8%to12%.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
20.Long-termprepaidexpenses
| Balanceatthebeginningoftheyear | ? | Additionsduringtheyear | ? | Reductionsduringtheyear | ? | Balanceattheendoftheyear | |||
Technologyroyalty
feesprepaid
| Technologyroyaltyfeesprepaid | 288,093,493 | 25,556,202 | (70,966,130 | ) | 242,683,565 | ||||
| Others | 310,351,430 | 146,506,848 | (99,940,270 | ) | 356,918,008 | ||||
| ? | |||||||||
| Total | 598,444,923 | 172,063,050 | (170,906,400 | ) | 599,601,573 |
21.Deferredtaxassetsandliabilities
(1)Un-offsetdeferredtaxassets
| 2025 | 2024 | |||||
| Deductibletemporarydifferences | Deferredtaxassets | Deductibletemporarydifferences | Deferredtaxassets | |||
Accumulated
losses
| Accumulatedlosses | 3,858,464,946 | 592,660,713 | 3,787,640,423 | 586,142,140 | ||||
| Provisionforimpairmentofassets | 1,193,828,451 | 202,710,490 | 813,547,069 | 139,856,263 | ||||
| Leaseliabilities | 863,232,852 | 209,142,446 | 502,310,310 | 110,285,658 | ||||
| Others | 4,638,706,196 | 727,001,284 | 1,298,567,979 | 206,999,637 | ||||
| ? | ? | |||||||
| Sub-total | 10,554,232,445 | 1,731,514,933 | 6,402,065,781 | 1,043,283,698 |
(2)Un-offsetdeferredtaxliabilities
| 2025 | 2024 | |||||
| Taxabletemporarydifferences | Deferredtaxliabilities | Taxabletemporarydifferences | Deferredtaxliabilities | |||
Revaluationdueto
businesscombinationsinvolvingentitiesnotundercommoncontrolandDepreciationoffixedassets
| RevaluationduetobusinesscombinationsinvolvingentitiesnotundercommoncontrolandDepreciationoffixedassets | 6,405,953,955 | 1,125,382,911 | 6,973,869,010 | 1,143,270,888 | ||||
| Long-termequityinvestments | 1,375,231,979 | 257,307,379 | 1,487,863,171 | 282,505,936 | ||||
| Right-of-useassets | 832,344,471 | 201,781,949 | 503,216,511 | 101,062,209 | ||||
| Others | 2,205,665,653 | 427,904,353 | 511,688,145 | 112,355,137 | ||||
| ? | ? |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
| Sub-total | 10,819,196,058 | 2,012,376,592 | 9,476,636,837 | 1,639,194,170 |
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
21.Deferredtaxassetsandliabilities(continued)
(3)Deferredtaxassetsorliabilitiespresentedatthenetamountafteroffsetting
| 2025 | 2024 | |||||
| Amountoffset | Balanceafteroffsetting | Amountoffset | Balanceafteroffsetting | |||
Deferredtaxassets
| Deferredtaxassets | 877,481,895 | 854,033,038 | 348,395,423 | 694,888,275 | ||||
| Deferredtaxliabilities | 877,481,895 | 1,134,894,697 | 348,395,423 | 1,290,798,747 |
(4)Detailsofunrecogniseddeferredtaxassets
| 2025 | 2024 |
Deductibletemporarydifferences
| Deductibletemporarydifferences | 24,246,481,675 | 23,454,408,247 | ||
| Deductibletaxlosses | 74,771,356,495 | 66,975,969,671 | ||
| ? | ? | |||
| Total | 99,017,838,170 | 90,430,377,918 |
Asat31December2025,theaccumulateddeductibletemporarydifferencesaremainlysubsidiaries’impairmentprovisionsofassetsandaccrualofexpenses.Duetotheuncertaintythattherewillbesufficienttaxableincometocoverthesedeductibledifferencesinfutureperiods,thedeferredincometaxassetswerenotrecognisedinconsiderationofprudence.
(5)Expirationofdeductibletaxlossesforunrecogniseddeferredtaxassets
| 2025 | 2024 |
2025
| 2025 | - | 637,426,137 | ||
| 2026 | 998,653,613 | 1,070,157,082 | ||
| 2027 | 1,094,402,070 | 1,431,984,146 | ||
| 2028 | 3,275,814,153 | 3,433,591,756 | ||
| 2029 | 6,708,515,639 | 6,862,197,069 | ||
| 2030 | 6,136,610,664 | 4,250,636,379 | ||
| 2031andsubsequentyears | 56,054,666,567 | 48,528,565,336 | ||
| Non-fixedterm | 502,693,789 | 761,411,766 | ||
| ? | ||||
| Total | 74,771,356,495 | 66,975,969,671 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
22.Othernon-currentassets
| 2025 | 2024 | ||||||||
| Bookvalue | Provisionforimpairment | Carryingamount | Bookvalue | Provisionforimpairment | Carryingamount | ||||
Certificatesofdeposits
andtimedeposits
| Certificatesofdepositsandtimedeposits | 10,908,234,286 | - | 10,908,234,286 | 13,348,874,212 | - | 13,348,874,212 | |||||
| Delayinlevyingvalue-addedtaxonimportedequipment | 2,455,616,492 | - | 2,455,616,492 | - | - | - | |||||
| Prepaymentforconstructionandpurchaseoffixedassets | 828,430,843 | - | 828,430,843 | 4,518,996,586 | - | 4,518,996,586 | |||||
| Others | 1,038,977,292 | - | 1,038,977,292 | 1,123,351,747 | - | 1,123,351,747 | |||||
| ? | ? | ||||||||||
| Total | 15,231,258,913 | - | 15,231,258,913 | 18,991,222,545 | - | 18,991,222,545 |
23.Assetswithrestrictiveownershiptitlesorrightofuse2025
| Bookvalue | Carryingamount | Restriction | Detailsofrestriction |
Cashatbankandonhand
| Cashatbankandonhand | 911,821,466 | 911,821,466 | NoteV.1 | NoteV.1 | ||||
| Notesreceivable | 391,939,462 | 391,939,462 | Pledged | Endorsedwithresourceandpledgedfortheissuanceofbillspayable | ||||
| Accountsreceivable | 473,936,004 | 467,691,850 | Pledged | Pledgedasborrowing | ||||
| Investmentproperties | 137,198,683 | 127,541,800 | Mortgaged | Ascollateralforloans | ||||
| Fixedassets | 194,315,579,962 | 96,417,684,719 | Mortgaged | Ascollateralforloans | ||||
| Constructioninprogress | 16,333,097,942 | 16,333,097,942 | Mortgaged | Ascollateralforloans | ||||
| Intangibleassets | 1,869,141,730 | 1,581,562,962 | Mortgaged | Ascollateralforloans |
Total
| Total | 214,432,715,249 | 116,231,340,201 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
23.Assetswithrestrictiveownershiptitlesorrightofuse(continued)2024
| Bookvalue | Carryingamount | Restriction | Detailsofrestriction |
Cashatbankandonhand
| Cashatbankandonhand | 1,441,761,424 | 1,441,761,424 | NoteV.1 | NoteV.1 | |||||
| Notesreceivable | 246,112,676 | 246,112,676 | Pledged | ? | Endorsedwithresourceandpledgedfortheissuanceofbillspayable | ||||
| Investmentproperties | 154,510,137 | 154,510,137 | Mortgaged | ? | Mortgagedasborrowing | ||||
| Fixedassets | 237,348,939,293 | 126,896,353,640 | Mortgaged | ? | Mortgagedasborrowing | ||||
| Constructioninprogress | 11,473,130,082 | 11,473,130,082 | Mortgaged | ? | Mortgagedasborrowing | ||||
| Intangibleassets | 2,264,095,450 | 1,954,974,874 | Mortgaged | ? | Mortgagedasborrowing | ||||
| Othernon-currentassets | 157,708,950 | 157,708,950 | Others | ? | Others | ||||
| ? | ? | ? | ? | ? | ? | ||||
| Total | 253,086,258,012 | 142,324,551,783 | ? | ? | ? |
Theamortizationamountofintangibleassetspledgedascollateralin2025isRMB53,096,009(2024：
RMB60,476,811).
24.Short-termborrowings
| 2025 | 2024 |
Unsecuredborrowings
| Unsecuredborrowings | 2,820,827,279 | 292,172,026 | ||
| Guaranteedborrowings | 472,623,423 | 1,027,353,266 | ||
| Pledgeborrowings | 361,570,735 | 243,791,874 | ||
| ? | ||||
| Total | 3,655,021,437 | 1,563,317,166 |
Asat31December2025,noshort-termloanwaspastdue(2024:Nil).
25.Notespayable
| 2025 | 2024 |
Bankacceptancenotes
| Bankacceptancenotes | 1,380,128,604 | 1,390,526,726 | ||
| Commercialacceptancenotes | - | 9,031,243 |
Total
| Total | 1,380,128,604 | 1,399,557,969 |
Thereisnoduebutunpaidbillpayableattheendoftheyear.Thebillsaboveareallduewithinoneyear.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
26.Accountspayable
| 2025 | 2024 |
Salespaymentspayable
| Salespaymentspayable | 37,242,292,283 | 36,713,498,406 |
Asat31December2025,theGrouphadnosignificantaccountspayablewithageingofmorethanoneyear.AsatDecember2025,amountsreceivedbysuppliersfromcommercialbanksthroughplatformservicesincludedintheGroup’saccountspayableamountedtoRMB857,558,695.SuchplatformservicesareprovidedundercooperationbetweentheGroupandcommercialbanks,underwhichsuppliersmayvoluntarilychoosetoreceivepaymentfromcommercialbanksinadvance.ThepaymenttermsoftheGroup’spayablesremainunchangedunderthisarrangement.
27.Contractliabilities
| 2025 | 2024 |
Saleofgoods
| Saleofgoods | 2,223,451,538 | 2,083,836,158 |
ContractliabilitiesprimarilyrelatetotheGroup’sadvancesfromgoodspurchaseandsalecontracts.TheGroupreceivesacertainproportionofadvancesasagreedincontractwhenenteringintothecontractwithcustomers.TherevenuerelatedtothecontractswillberecognisedwhentheGroupsatisfiesitsperformanceobligationsAsat31December2025,theGrouphadnosignificantcontractliabilitieswithageingofmorethanoneyear.Fortheyear2025,theamountofrevenuerecognizedbytheGroupthatwasderivedfromthebeginningcarryingamountofcontractliabilitiesamountedtoRMB1,871,844,676(2024：
RMB2,779,202,988).
28.Employeebenefitspayable
(1)Employeebenefitspayable
| Balanceatthebeginningoftheyear | Accruedduringtheyear | Decreaseduringtheyear | Balanceattheendoftheyear |
Short-termemployeebenefits
| Short-termemployeebenefits | 4,028,727,032 | 19,514,838,498 | (20,013,981,927 | ) | 3,529,583,603 | ||||
| Post-employmentbenefits(definedcontributionplans) | 45,247,997 | 2,020,695,949 | (2,016,867,123 | ) | 49,076,823 | ||||
| Terminationbenefits | 2,033,359 | 33,794,507 | (29,663,909 | ) | 6,163,957 |
Total
| Total | 4,076,008,388 | 21,569,328,954 | (22,060,512,959 | ) | 3,584,824,383 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
28.Employeebenefitspayable(continued)
(2)Short-termemployeebenefits
| Balanceatthebeginningoftheyear | Accruedduringtheyear | Decreaseduringtheyear | Balanceattheendoftheyear |
Salaries,bonusesand
allowances
| Salaries,bonusesandallowances | 2,710,530,885 | 15,586,552,008 | (16,280,054,391 | ) | 2,017,028,502 | ||||
| Staffwelfare | - | 1,324,997,333 | (1,324,997,333 | ) | - | ||||
| Socialinsurance | 34,440,204 | 1,013,311,843 | (1,010,362,928 | ) | 37,389,119 | ||||
| Medicalandmaternityinsurance | 32,300,536 | 945,719,302 | (943,271,031 | ) | 34,748,807 | ||||
| Work-relatedinjuryinsurance | 2,139,668 | 67,592,541 | (67,091,897 | ) | 2,640,312 | ||||
| Housingfund | 24,714,192 | 1,163,370,130 | (1,155,842,318 | ) | 32,242,004 | ||||
| Labourunionfee,staffandworkers’educationfee | 1,236,499,162 | 422,130,553 | (240,633,251 | ) | 1,417,996,464 | ||||
| Othershort-termemployeebenefits | 22,542,589 | 4,476,631 | (2,091,706 | ) | 24,927,514 | ||||
| ? | |||||||||
| Total | 4,028,727,032 | 19,514,838,498 | (20,013,981,927 | ) | 3,529,583,603 |
(3)Post-employmentbenefits–definedcontributionplans
| Balanceatthebeginningoftheyear | Accruedduringtheyear | Decreaseduringtheyear | Balanceattheendoftheyear |
Basicpensioninsurance
| Basicpensioninsurance | 27,887,452 | 1,814,988,107 | (1,812,632,971 | ) | 30,242,588 | ||||
| Unemploymentinsurance | 928,073 | 61,389,090 | (61,394,238 | ) | 922,925 | ||||
| Annuity | 16,432,472 | 144,318,752 | (142,839,914 | ) | 17,911,310 | ||||
| ? | |||||||||
| Total | 45,247,997 | 2,020,695,949 | (2,016,867,123 | ) | 49,076,823 |
29.Taxesandsurchargespayable
| 2025 | 2024 |
Corporateincometax
| Corporateincometax | 505,006,247 | 661,144,508 | ||
| Urbanconstructiontax | 280,739,481 | 243,831,131 | ||
| Educationsurchargesandlocaleducationsurcharges | 200,512,976 | 174,228,317 | ||
| Value-addedtax(VAT) | 143,339,519 | 314,302,588 | ||
| Individualincometax | 48,931,710 | 42,608,326 | ||
| Others | 140,685,599 | 140,491,726 | ||
| ? | ||||
| Total | 1,319,215,532 | 1,576,606,596 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
30.Otherpayables
| 2025 | 2024 |
Dividendspayable
| Dividendspayable | 40,884,271 | 42,861,753 | ||
| Otherpayables | 20,848,554,111 | 20,785,100,817 |
Total
| Total | 20,889,438,382 | 20,827,962,570 |
Dividendspayable
| 2025 | 2024 |
Dividendspayableonordinaryshares
| Dividendspayableonordinaryshares | 40,884,271 | 42,861,753 |
Otherpayables
| 2025 | 2024 |
Projectsandequipment
| Projectsandequipment | 15,453,753,037 | 15,590,702,070 | ||
| Fundtransaction(Note) | 3,288,656,028 | 3,236,033,067 | ||
| Marginsanddeposits | 640,983,384 | 581,371,160 | ||
| Equitytransferconsideration | 492,419,483 | - | ||
| Repurchaseobligationofrestrictedshares | 16,947,000 | 228,786,210 | ||
| Others | 955,795,179 | 1,148,208,310 | ||
| ? | ||||
| Total | 20,848,554,111 | 20,785,100,817 |
TheGroup’ssignificantotherpayablesagedoveroneyeararepayablesofprojectsandequipment.Note:TheGroup'sfundtransactionpayablesasat31December2025wereamountsandinterestdue
tooriginalcontrollingshareholdersofNanjingDisplayTechnologyandChengduDisplayTechnology,withtheinterestratesof2.175%and0%,respectively.
31.Currentportionofnon-currentliabilities
| 2025 | 2024 |
Long-termborrowingsduewithinoneyear(V.33)
| Long-termborrowingsduewithinoneyear(V.33) | 25,492,734,175 | 42,892,065,934 | ||
| Bondspayableduewithinoneyear(V.34) | 103,778,356 | - | ||
| Leaseliabilitiesduewithinoneyear(V.35) | 156,696,306 | 147,060,968 | ||
| Long-termpayablesduewithinoneyear(V.36) | 917,104,082 | 22,944,576 | ||
| Othernon-currentliabilitiesduewithinoneyear(V.39) | - | 444,468,133 | ||
| ? | ||||
| Total | 26,670,312,919 | 43,506,539,611 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
32.Othercurrentliabilities
| 2025 | 2024 |
Warrantyprovisions
| Warrantyprovisions | 3,064,852,352 | 2,508,912,990 | ||
| Others | 1,284,294,548 | 886,058,150 | ||
| ? | ||||
| Total | 4,349,146,900 | 3,394,971,140 |
TheothercurrentliabilitiesoftheGroupwerewarrantyprovisions.Thewarrantyprovisionsmainlyrelatetotheexpectedafter-salesrepairwarrantytothecustomers.Theprovisionisestimatedbythemanagement,basedonhistoricalclaimexperienceandcurrentactualsalesoutcomes.
33.Long-termborrowings
| 2025 | 2024 |
Unsecuredborrowings
| Unsecuredborrowings | 67,800,359,549 | 79,443,787,211 | ||
| Mortgageborrowings | 55,206,407,133 | 60,149,714,863 | ||
| Guaranteedborrowings | 3,472,916,043 | 3,528,124,014 | ||
| Pledgedborrowings | 589,624,923 | 702,831,586 |
Sub-total
| Sub-total | 127,069,307,648 | 143,824,457,674 |
Less:Long-termborrowingsduewithinoneyear(V.31)
| Less:Long-termborrowingsduewithinoneyear(V.31) | 25,492,734,175 | 42,892,065,934 |
Total
| Total | 101,576,573,473 | 100,932,391,740 |
Asat31December2025，Theannualinterestrateoftheaboveborrowingsis1.20%to5.50%(December31,2024:1.20%to6.37%).
34.Bondspayable
| 2025 | 2024 |
Bondspayable
| Bondspayable | 11,072,546,408 | - |
Less:Bondspayableduewithinoneyear(V.31)
| Less:Bondspayableduewithinoneyear(V.31) | 103,778,356 | - |
Total
| Total | 10,968,768,052 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
34.Bondspayable(continued)
(1)AnalysisoftheGroup’sBondspayableisasfollows
| Parvalue | Couponrate(%) | Issuedate | Bondterm | Issuedamount | December31,2024 | Issuedincurrentperiod | Accruedinterestasperparvalue | Discountpremium | December31,2025 | Defaultornot | |||||||
| 25BOEMTN001 | 2,000,000,000 | 2.23 | 2025/4/23 | 10years | 2,000,000,000 | - | 2,000,000,000 | 30,792,329 | (5,617,377 | ) | 2,025,174,952 | NO | |||||
| 25BOEMTN002 | 1,000,000,000 | 2.23 | 2025/5/13 | 10years | 1,000,000,000 | - | 1,000,000,000 | 14,174,247 | (2,895,537 | ) | 1,011,278,710 | NO | |||||
| 25BOEMTN003 | 1,000,000,000 | 1.77 | 2025/6/24 | 3years | 1,000,000,000 | - | 1,000,000,000 | 9,213,699 | (2,470,296 | ) | 1,006,743,403 | NO | |||||
| 25BOEMTN004 | 1,000,000,000 | 1.70 | 2025/7/10 | 5years | 1,000,000,000 | - | 1,000,000,000 | 8,104,109 | (2,617,655 | ) | 1,005,486,454 | NO | |||||
| 25BOEMTN005 | 1,000,000,000 | 1.70 | 2025/7/24 | 3years | 1,000,000,000 | - | 1,000,000,000 | 7,452,055 | (2,469,247 | ) | 1,004,982,808 | NO | |||||
| 25BOEMTN006 | 1,000,000,000 | 1.79 | 2025/8/8 | 3years | 1,000,000,000 | - | 1,000,000,000 | 7,012,876 | (2,513,541 | ) | 1,004,499,335 | NO | |||||
| 25BOEK1 | 2,000,000,000 | 1.94 | 2025/6/13 | 5years | 2,000,000,000 | - | 2,000,000,000 | 21,472,876 | (6,913,542 | ) | 2,014,559,334 | NO | |||||
| 25BOEK2 | 1,000,000,000 | 1.95 | 2025/11/6 | 5years | 1,000,000,000 | - | 1,000,000,000 | 2,991,781 | (2,884,110 | ) | 1,000,107,671 | NO | |||||
| 25BOEK3 | 1,000,000,000 | 1.95 | 2025/11/14 | 5years | 1,000,000,000 | - | 1,000,000,000 | 2,564,384 | (2,850,643 | ) | 999,713,741 | NO |
Total
| Total | 11,000,000,000 | - | 11,000,000,000 | 103,778,356 | (31,231,948 | ) | 11,072,546,408 |
35.Leaseliabilities
| 2025 | 2024 |
Long-termleaseliabilities
| Long-termleaseliabilities | 844,458,972 | 778,479,954 |
Less:Leaseliabilitiesduewithinoneyear(V.31)
| Less:Leaseliabilitiesduewithinoneyear(V.31) | 156,696,306 | 147,060,968 |
Total
| Total | 687,762,666 | 631,418,986 |
In2025,asalessee,theGroupelectedthepracticalexpedientforshort-termleases,leasesoflow-valueassetsandsub-leasedright-of-useassets,andtherelatedincomeandexpenseswereimmaterial.
36.Long-termpayables
| 2025 | 2024 |
Long-termpayables
| Long-termpayables | 3,265,140,355 | 144,022,447 |
Less:Long-termpayablesduewithinoneyear(V.31)
| Less:Long-termpayablesduewithinoneyear(V.31) | 917,104,082 | 22,944,576 |
Total
| Total | 2,348,036,273 | 121,077,871 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
37.Provisions
| Balanceatthebeginningoftheyear | Accruedduringtheyear | Decreaseduringtheyear | Balanceattheendoftheyear |
Outstandinglitigation
| Outstandinglitigation | 1,652,566 | - | 1,652,566 | - |
38.Deferredincome
| Balanceatthebeginningoftheyear | Additionsduringtheyear | Amountsrecognisedinotherincome | Otherchanges | Balanceattheendoftheyear |
Relatedto
assets
| Relatedtoassets | 3,579,152,245 | 3,920,678,415 | (1,254,718,699 | ) | (103,249,206 | ) | 6,141,862,755 | ||
| Relatedtoincome | 965,465,686 | 293,699,530 | (602,234,294 | ) | (760,467 | ) | 656,170,455 | ||
| ? | |||||||||
| Total | 4,544,617,931 | 4,214,377,945 | (1,856,952,993 | ) | (104,009,673 | ) | 6,798,033,210 |
39.Othernon-currentliabilities
| 2025 | 2024 |
Contributionofnon-controllinginterestswith
redemptionprovisions
| Contributionofnon-controllinginterestswithredemptionprovisions | 2,083,780,538 | 2,491,844,290 | ||
| DeferredVATonimportedequipment | 1,555,616,492 | - | ||
| Others | 357,505,637 | 601,446,602 |
Sub-total
| Sub-total | 3,996,902,667 | 3,093,290,892 |
Less:Othernon-currentliabilitiesduewithinone
year(V.31)
| Less:Othernon-currentliabilitiesduewithinoneyear(V.31) | - | 444,468,133 |
Total
| Total | 3,996,902,667 | 2,648,822,759 |
Thecontributionofnon-controllinginterestswithredemptionprovisionsismainlyduetotheredemptionobligationoftheCompanytothenon-controllinginterestsofFuzhouBOE.TheCompanyrecognisestheabovenon-controllinginterestscontributionasafinancialliabilitywhichissubsequentlymeasuredatthecostofamortisationandwillberepurchasedaccordingtotheagreedpriceandtime.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
40.Sharecapital
| Balanceatthebeginningoftheyear | Cancellationoftreasuryshares | Balanceattheendoftheyear |
Totalshares
| Totalshares | 37,645,016,203 | (231,135,739 | ) | 37,413,880,464 |
Duringtheyearended31December2025,theCompanycancelled231,135,739sharesoftreasurysharesatChinaSecuritiesDepositoryandClearingCorporationLimitedShenzhenBranch.Afterthecompletionofthecancellationprocedures,thetotalshareswillbechangedfrom37,645,016,203sharesto37,413,880,464shares.
41.OtherequityinstrumentsFinancialinstruments(includingperpetualbonds)thatremainoutstandingaresetoutasfollows:
| Balanceatthebeginningoftheyear | Decreaseduringtheyear | Changesininterest | Balanceattheendoftheyear | ||||||||||
| Quantity | Carryingamount | Quantity | Carryingamount | Additionsduringtheyear | Paidduringtheyear | Quantity | Carryingamount | ||||||
22BOEY1
| 22BOEY1 | 20,000,000 | 2,043,402,946 | (20,000,000 | ) | (1,989,320,755 | ) | 15,917,809 | (70,000,000 | - | - |
42.Capitalreserves
| Balanceatthebeginningoftheyear | Additionsduringtheyear | Decreaseduringtheyear | Balanceattheendoftheyear |
Sharepremium
| Sharepremium | 50,268,947,500 | - | (715,417,371 | ) | 49,553,530,129 | ||||
| Othercapitalreserves | 1,938,626,206 | 367,805,387 | - | 2,306,431,593 |
Total
| Total | 52,207,573,706 | 367,805,387 | (715,417,371 | ) | 51,859,961,722 |
43.Treasuryshares
| Item | Balanceatthebeginningoftheyear | ? | Accruedduringtheyear | ? | Decreaseduringtheyear | ? | Balanceattheendoftheyear | ||||
| ? | ? | ? | ? | ? | ? | ? | ? | ||||
| Treasuryshares | 1,216,490,683 | 1,499,835,264 | (1,216,490,683 | ) | 1,499,835,264 |
In2025,pursuanttotheresolutionsoftheCompany's11thBoardofDirectors'4thmeetingand11thSupervisoryCommittee's2ndmeetingheldon18April2025,theCompanyapprovedtheProposalsonChangingthePurposeandCancellationofRepurchasedShares,theProposalofRepurchaseandCancellationofCertainRestrictedShares,andtheProposalontheFulfilmentoftheConditionsfortheReleaseofRestrictedSharesGrantedunderthe2020ShareOptionandRestrictedShareIncentivePlanduringtheThirdReleasePeriodoftheRestrictedSharesandtheFulfilmentoftheConditionsfortheThirdExercisePeriodoftheFirstExercisePeriodoftheInitialGrantofShareOptions.Accordingly,theCompanyretired228,882,900treasurysharesheldatthebeginningoftheyearandcompletedthevestingandretirementofrestrictedsharestotaling91,349,379shares.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
44.Othercomprehensiveincome
| Movementsduringtheyear | |||||||||||||||||
| BalanceattheendofpreviousyearattributabletoshareholdersoftheCompany | Before-taxamount | Less:Incometaxexpenses | Less:Amounttransferredfromothercomprehensiveincometoprofitorloss | Net-of-taxamountattributabletoshareholdersoftheCompany | Net-of-taxamountattributabletonon-controllinginterests | Less:Transferofothercomprehensiveincometoretainedearnings | BalanceattheendoftheyearattributabletoshareholdersoftheCompany | ||||||||||
| ? | |||||||||||||||||
| Itemsthatwillnotbereclassifiedtoprofitorloss | (372,167,398 | ) | 158,507,084 | 2,865,856 | - | 133,910,381 | 21,730,847 | 2,857,173 | (241,114,190 | ) | |||||||
| Including:Othercomprehensiveincomerecognisedunderequitymethod | (136,978,893 | ) | 39,438,253 | 576,931 | - | 38,861,322 | - | - | (98,117,571 | ) | |||||||
| Changesinfairvalueofinvestmentsinotherequityinstruments | (235,188,505 | ) | 119,068,831 | 2,288,925 | - | 95,049,059 | 21,730,847 | 2,857,173 | (142,996,619 | ) | |||||||
| Itemsthatmaybereclassifiedtoprofitorloss | (799,656,466 | ) | 268,975,640 | - | 8,533,319 | 274,200,620 | (13,758,299 | ) | - | (525,455,846 | ) | ||||||
| Including:Othercomprehensiveincomerecognisedunderequitymethod | (118,842 | ) | 55,898,192 | - | 8,533,319 | 47,364,873 | - | - | 47,246,031 | ||||||||
| Translationdifferencesarisingfromtranslationofforeigncurrencyfinancialstatements | (799,537,624 | ) | 213,077,448 | - | - | 226,835,747 | (13,758,299 | - | (572,701,877 | ) | |||||||
Total
| Total | (1,171,823,864 | ) | 427,482,724 | 2,865,856 | 8,533,319 | 408,111,001 | 7,972,548 | 2,857,173 | (766,570,036 | ) |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
45.Surplusreserves
| Balanceatthebeginningoftheyear | Additionsduringtheyear | Balanceattheendoftheyear |
Statutorysurplusreserve
| Statutorysurplusreserve | 3,590,083,170 | 156,075,845 | 3,746,159,015 | |||
| Discretionarysurplusreserve | 289,671,309 | - | 289,671,309 | |||
| ? | ||||||
| Total | 3,879,754,479 | 156,075,845 | 4,035,830,324 |
AccordingtotheprovisionsoftheCompanyLawandtheCompany’sArticlesofAssociation,theCompanyappropriates10%oftheprofittothestatutorysurplusreserves.Wheretheaccumulatedamountofthesurplusreservesreaches50%ormoreoftheCompany’sregisteredcapital,furtherappropriationisnotrequired.
46.Retainedearnings
| 2025 | 2024 |
Retainedearningsatthebeginningoftheyear
| Retainedearningsatthebeginningoftheyear | 39,410,894,857 | 35,579,576,607 | ||||
| NetprofitsfortheyearattributabletoshareholdersoftheCompany | 5,856,966,754 | 5,323,248,974 | ||||
| Less:Appropriationforstatutorysurplusreserve | 156,075,845 | 307,923,188 | ||||
| Interestonholdersofotherequityinstruments | 15,917,809 | 70,000,000 | ||||
| Dividendstoordinaryshares | 1,870,694,023 | 1,129,073,743 | ||||
| Transferofothercomprehensiveincometoretainedearnings | (2,857,173 | ) | (15,066,207 | ) | ||
| ? | ||||||
| Retainedearningsattheendoftheyear | 43,228,031,107 | 39,410,894,857 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
47.Operatingincomeandoperatingcosts
(1)Operatingincomeandoperatingcosts
| 2025 | 2024 | |||||
| Income | Cost | Income | Cost | |||
Principalactivities
| Principalactivities | 198,939,422,844 | 167,864,572,106 | 193,576,127,325 | 164,101,410,809 | ||||
| Otheroperatingactivities | 5,650,800,044 | 4,737,471,905 | 4,804,478,336 | 4,120,538,764 | ||||
| ? | ? | |||||||
| Total | 204,590,222,888 | 172,602,044,011 | 198,380,605,661 | 168,221,949,573 |
Including:Revenuefrom
contractswithcustomers
| Including:Revenuefromcontractswithcustomers | 203,856,384,395 | 172,481,660,922 | 197,588,200,093 | 168,118,876,665 | ||||
| Otherincome | 733,838,493 | 120,383,089 | 792,405,568 | 103,072,908 |
(2)BreakdowninformationofoperatingincomeInformationonincomeofprincipalactivitieshasbeenincludedinNoteXV.
(3)PerformanceobligationsThemainactivityfortheGrouptogeneraterevenueisthesaleofgoods,whichisaperformanceobligationfulfilledatacertainpointintime.Thesalescontracts/orderssignedbetweentheGroupanditscustomersusuallycontainvarioustradingterms.Dependingonthetradingterms,customersobtaincontrolofthegoodswhenthegoodsarereceived,orwhentheyarereceivedbythecarrier.Revenueofsaleofgoodsisrecognisedatthatpointintime.Forthetransferofgoodswitharightofreturn,revenueisrecognisedtotheextentthatitishighlyprobablethatasignificantreversalintheamountofcumulativerevenuerecognisedwillnotoccur.Therefore,theamountofrevenuerecognisedisadjustedfortheamountexpectedtobereturned,whichareestimatedbasedonthehistoricaldata.TheGrouprecognisesarefundliabilitybasedontheamountexpectedtobereturned.AnassetisinitiallymeasuredbyreferencetotheformercarryingamountofAnassetisinitiallymeasuredbyreferencetotheformercarryingamountoftheproductexpectedtobereturnedlessanyexpectedcoststorecoverthoseproducts(includingpotentialdecreasesinthevalueofreturnedproducts).Ateachbalancesheetdate,theGroupupdatesthemeasurementoftherefundliabilityforchangesinexpectationsabouttheamountofreturns.Theaboveassetsandliabilitiesareadjustedaccordingly.
(4)RelatingtoordinaryactivitiesRevenueandtherelatedcostsoftheGroup'ssalesbeforeintendeduseareasfollows:
| 2025 | 2024 |
Operatingincome
| Operatingincome | 888,691,487 | 852,474,207 | ||
| Operatingcosts | 950,313,161 | 820,315,992 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
48.Taxesandsurcharges
| 2025 | 2024 |
Propertytax
| Propertytax | 702,521,703 | 653,423,403 | ||
| Urbanmaintenanceandconstructiontax | 250,665,161 | 214,651,232 | ||
| Stampduty | 198,094,378 | 180,996,591 | ||
| Educationsurchargesandlocaleducationsurcharges | 179,388,273 | 153,632,475 | ||
| Landusetax | 73,499,453 | 70,077,226 | ||
| Others | 21,383,377 | 23,365,969 | ||
| ? | ||||
| Total | 1,425,552,345 | 1,296,146,896 |
49.Sellingexpenses
| 2025 | 2024 |
Staffcostsanddailyexpenses
| Staffcostsanddailyexpenses | 1,624,822,483 | 1,524,547,555 | ||
| Others | 547,800,436 | 470,747,097 | ||
| ? | ||||
| Total | 2,172,622,919 | 1,995,294,652 |
50.Administrativeexpenses
| 2025 | 2024 |
Staffcostsanddailyexpenses
| Staffcostsanddailyexpenses | 3,512,116,851 | 3,781,534,288 | ||
| Depreciationandamortisation | 1,217,805,235 | 1,062,279,681 | ||
| Others | 1,166,419,750 | 1,374,858,161 | ||
| ? | ||||
| Total | 5,896,341,836 | 6,218,672,130 |
51.Researchanddevelopmentexpenses
| 2025 | 2024 |
Staffcostsanddailyexpenses
| Staffcostsanddailyexpenses | 5,710,005,753 | 5,570,963,161 | ||
| Materialandtestexpenses | 3,586,849,188 | 3,331,371,532 | ||
| Depreciationandamortisation | 2,187,062,573 | 2,201,837,134 | ||
| Others | 2,352,753,364 | 2,019,137,404 | ||
| ? | ||||
| Total | 13,836,670,878 | 13,123,309,231 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
52.Financeexpenses
| 2025 | 2024 |
Interestexpensefromloansandleaseliabilities
| Interestexpensefromloansandleaseliabilities | 3,501,308,472 | 4,335,040,880 | |||
| Less:Interestincomefrombankdeposits | 1,828,272,699 | 2,285,948,395 | |||
| Borrowingcostscapitalised | 209,166,239 | 301,781,000 | |||
| Otherfinancialexpenses | 372,777,268 | (522,924,115 | ) |
Total
| Total | 1,836,646,802 | 1,224,387,370 |
TheinterestratesperannumatwhichborrowingcostswerecapitalisedbytheGroupwas2.35%~
3.46%fortheyear.Thecapitalizedamountofborrowingcostshasbeenincludedintheconstructioninprogress.
53.Otherincome
| 2025 | 2024 |
Governmentgrantsrelatedtoassets
| Governmentgrantsrelatedtoassets | 1,254,718,699 | 576,945,669 | ||
| Governmentgrantsrelatedtoincome | 1,154,981,122 | 1,220,232,805 | ||
| WeighteddeductionofinputVAT | 485,021,852 | 462,974,895 | ||
| Others | 20,707,574 | 28,324,197 | ||
| ? | ||||
| Total | 2,915,429,247 | 2,288,477,566 |
TheamountofgovernmentsubsidiesrelatedtoincomereceivedbytheGroupin2025anddirectlyincludedinotherincomewasRMB552,746,828.
54.Investmentincome/loss
| 2025 | 2024 |
Income/(loss)fromlong-termequityinvestments
accountedforusingtheequitymethod
| Income/(loss)fromlong-termequityinvestmentsaccountedforusingtheequitymethod | 81,175,287 | (752,455,175 | ) | ||
| Investmentincomefromdisposaloflong-termequityinvestments | 457,415,008 | 52,696,519 | |||
| Investmentincomefromdisposaloffinancialassetsheldfortrading | 58,724,731 | 48,676,748 | |||
| Dividendincomefrominvestmentsinotherequityinstruments | 36,521,335 | 33,201,155 | |||
| Including:Dividendincomefrominvestmentsinotherequityinstrumentsheldatthebalancesheetdate | 36,521,335 | 33,201,155 | |||
| Others | 20,130,316 | 76,980,100 | |||
| ? | |||||
| Total | 653,966,677 | (540,900,653 | ) |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
55.Fairvaluegains
| 2025 | 2024 |
Financialassetsatfairvaluethroughprofitorloss
| Financialassetsatfairvaluethroughprofitorloss | 431,722,966 | 522,447,744 |
56.Creditimpairmentlosses
| 2025 | 2024 |
Accountsreceivable
| Accountsreceivable | 60,494,566 | 106,324,987 | ||
| Otherreceivables | 2,992,597 | 5,790,193 | ||
| Notesreceivable | 3,074 | 9,934 |
Total
| Total | 63,490,237 | 112,125,114 |
57.Impairmentlossesofassets
| 2025 | 2024 |
Impairmentlossesofinventories
| Impairmentlossesofinventories | 3,792,398,952 | 3,270,730,264 | |||
| Impairmentlossesoffixedassets | 208,347,140 | 155,630,720 | |||
| Impairmentlossesofcontractassets | 4,795,195 | (41,265 | ) | ||
| Impairmentlossesofconstructioninprogress | - | 10,445,089 | |||
| Impairmentlossesoflong-termequityinvestments | - | 110,719,534 | |||
| Impairmentlossesofintangibleassets | - | 25,647,674 | |||
| Impairmentlossesofgoodwill | - | 51,130,564 |
Total
| Total | 4,005,541,287 | 3,624,262,580 |
58.Gainsondisposalofnon-currentassets(expressedwithnegativevalueforlosses)
| 2025 | 2024 |
Gainsfromdisposaloffixedassets
| Gainsfromdisposaloffixedassets | 29,963,580 | 96,788,213 | ||||
| Gains/(Losses)fromdisposalofright-of-useassets | 597,789 | (612,949 | ) | |||
| Lossesfromdisposalofintangibleassets | (132,765 | ) | - | |||
| ? | ||||||
| Total | 30,428,604 | 96,175,264 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
59.Non-operatingincome
| 2025 | 2024 | Amountrecognisedinnon-recurringgainsandlossesin2025 |
Incomearisingfromtheexcessof
theacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassetsoverthecostoftheinvestment
| Incomearisingfromtheexcessoftheacquirer’sinterestinthefairvalueoftheacquiree’sidentifiablenetassetsoverthecostoftheinvestment | 242,086,567 | - | 242,086,567 | |||
| Gainsfromdisposalofnon-currentassets | 4,897,377 | 10,758,866 | 4,897,377 | |||
| Others | 67,996,895 | 205,527,406 | 67,996,895 | |||
| ? | ||||||
| Total | 314,980,839 | 216,286,272 | 314,980,839 |
60.Non-operatingexpenses
| 2025 | 2024 | Amountrecognisedinnon-recurringgainsandlossesin2025 |
Donationsprovided
| Donationsprovided | 5,788,145 | 22,799,573 | 5,788,145 | |||
| Lossesfromscrappingofnon-currentassets | 25,716,740 | 9,315,968 | 25,716,740 | |||
| Others | 32,134,891 | 29,175,134 | 32,134,891 | |||
| ? | ||||||
| Total | 63,639,776 | 61,290,675 | 63,639,776 |
61.Incometaxexpenses
| 2025 | 2024 |
Currenttaxexpensebasedontaxlawandregulations
| Currenttaxexpensebasedontaxlawandregulations | 2,325,515,225 | 1,636,979,210 | ||||
| Changesindeferredtaxassets/liabilities | (318,687,664 | ) | (696,599,459 | ) |
Total
| Total | 2,006,827,561 | 940,379,751 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
61.Incometaxexpenses(continued)Thereconciliationbetweenincometaxexpensesandprofitbeforeincometaxisasfollows:
| 2025 | 2024 |
Profitbeforeincometax
| Profitbeforeincometax | 7,034,201,130 | 5,085,653,633 |
Incometaxexpensecalculatedatstatutorytaxrate
| Incometaxexpensecalculatedatstatutorytaxrate | 1,055,130,170 | 762,848,045 | ||||
| Effectofdifferenttaxratesappliedbysubsidiaries | (73,198,251 | ) | (23,588,496 | ) | ||
| Effectofnon-deductiblecosts,expense,losses,etc | 53,933,856 | 12,976,976 | ||||
| Taxeffectofweighteddeductionandtaxpreference | (1,400,551,871 | ) | (1,344,141,676 | ) | ||
| Utilisationofprioryeartaxlosses | (891,615,988 | ) | (634,192,216 | ) | ||
| Taxeffectofdeductibletemporarydifferencesordeductiblelossesonunrecognizeddeferredincometaxassetsinthecurrentperiod | 3,263,129,645 | 2,166,477,118 |
Incometaxexpenses
| Incometaxexpenses | 2,006,827,561 | 940,379,751 |
Note:IncometaxexpensesinmainlandChinaarecalculatedbasedonprofitsandtaxratesinmainlandChina,whileincometaxexpensesinotherregionsarecalculatedbasedonprofitsandtaxratesinthecountryorregionwherethebusinessislocated.
62.Earningspershare
| 2025 | 2024 | |||
| RMB/share | RMB/share | |||
| Basicearningspershare | ||||
| Goingconcern | 0.16 | 0.14 | ||
| Terminationofoperations | - | - |
Dilutedearningspershare
| Dilutedearningspershare | ||||
| Goingconcern | 0.16 | 0.14 | ||
| Terminationofoperations | - | - |
BasicearningspershareiscalculatedasdividingconsolidatednetprofitattributabletoordinaryshareholdersoftheCompanybytheweightedaveragenumberofordinarysharesoutstanding.TheGroupdoesnothaveanypotentialdilutiveordinarysharesforthelistedyears.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
62.Earningspershare(continued)Thespecificcalculationsforbasicearningspershareanddilutedearningspershareareasfollows:
| 2025 | 2024 |
Consolidatednetprofitattributabletoshareholdersofthecompany
| Consolidatednetprofitattributabletoshareholdersofthecompany | 5,856,966,754 | 5,323,248,974 |
Less:Currentinterestofotherequityinstruments
| Less:Currentinterestofotherequityinstruments | 15,917,809 | 70,000,000 | ||
| Less:Currentdividendsofrestrictedshareholders | - | 2,744,966 |
Adjustednetprofitattributabletoordinaryshareholdersofthe
Company
| AdjustednetprofitattributabletoordinaryshareholdersoftheCompany | 5,841,048,945 | 5,250,504,008 | ||
| ? | ||||
| Weightedaveragenumberofordinarysharesoutstanding(shares) | 37,304,502,790 | 37,519,930,241 |
Basicearningspershare(RMB/share)
| Basicearningspershare(RMB/share) | 0.16 | 0.14 |
Weightedaveragenumberofordinarysharesiscalculatedasfollows:
| 2025 | 2024 |
Issuedordinarysharesatthebeginningoftheyear
| Issuedordinarysharesatthebeginningoftheyear | 37,324,783,924 | 37,457,807,349 |
Add:Weightedaverageofrestrictedsharesreleasedfromsale
restrictionsduringtheperiod
| Add:Weightedaverageofrestrictedsharesreleasedfromsalerestrictionsduringtheperiod | 60,048,627 | 69,144,539 | ||
| Less:Weightedaveragenumberofordinarysharesrepurchasedincurrentperiod | 80,329,761 | 7,021,647 |
Weightedaveragenumberofordinarysharesat31December
| Weightedaveragenumberofordinarysharesat31December | 37,304,502,790 | 37,519,930,241 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
63.CashFlowStatementLineItemNotes
(1)Cashrelatingtooperatingactivities
| 2025 | 2024 |
Proceedsrelatingtootheroperatingactivities
| Proceedsrelatingtootheroperatingactivities | ||||
| Governmentgrantsreceived | 5,332,887,604 | 2,262,269,718 | ||
| Restrictedcashatbankandonhandaswellasothersrelatedtooperatingactivities | 2,561,034,754 | 339,696,656 | ||
| ? | ||||
| Total | 7,893,922,358 | 2,601,966,374 |
Paymentsrelatingtootheroperatingactivities
| Paymentsrelatingtootheroperatingactivities | ||||
| Periodexpensespaid,etc. | 5,276,712,758 | 7,349,209,291 |
(2)Cashrelatingtoinvestingactivities
| 2025 | 2024 |
Proceedsrelatingtootherinvestingactivities
| Proceedsrelatingtootherinvestingactivities | ||||
| Restrictedcashatbankandonhandaswellasothersrelatedtoinvestingactivities | 325,253,271 | 2,485,332,205 |
Paymentsrelatingtootherinvestingactivities
| Paymentsrelatingtootherinvestingactivities | ||||
| Accruedinterestonmaturedlarge-denominationcertificatesofdepositnotyetcollected | 189,207,236 | - |
(3)Cashrelatingtofinancingactivities
| 2025 | 2024 |
Proceedsrelatingtootherfinancingactivities
| Proceedsrelatingtootherfinancingactivities | ||||
| Restrictedcashatbankandonhandaswellasothersrelatedtofinancingactivities | 293,613,208 | - |
Paymentsforotherfinancingactivities
| Paymentsforotherfinancingactivities | ||||
| Acquisitionofnon-controllinginterestsofsubsidiaries | 5,390,488,477 | 241,418,106 | ||
| Repurchaseoftreasuryshares | 1,533,424,027 | 999,872,378 | ||
| Repurchaseofminorityshareholdercontributionswithredemptionclauses | 435,063,753 | - | ||
| Principalandinterestrelatedtoleasesandothers | 278,482,232 | 614,027,613 |
Total
| Total | 7,637,458,489 | 1,855,318,097 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
63.CashFlowStatementLineItemNotes(continued)
(3)Cashrelatingtofinancingactivities(continued)Changesinliabilitiesarisingfromfinancingactivities：
| Balanceatthebeginningoftheyear | Additionsduringtheyear | Reductionsduringtheyear | Balanceattheendoftheyear | |||||||
| Cash | Non-cash | Cash | Non-cash | |||||||
Short-termloans
| Short-termloans | 1,563,317,166 | 4,396,812,258 | 35,557,524 | (2,340,665,511 | ) | - | 3,655,021,437 | |||||||
| Otherpayables | 3,464,819,277 | - | 52,622,961 | (5,224,334 | ) | (206,614,876 | ) | 3,305,603,028 | ||||||
| Dividendspayable | 42,861,753 | - | 2,029,424,933 | (2,031,402,415 | ) | - | 40,884,271 | |||||||
| Long-termloans(includingnon-currentliabilitiesduewithinoneyear) | 143,824,457,674 | 40,272,054,900 | 3,881,053,442 | (60,908,258,368 | ) | - | 127,069,307,648 | |||||||
| Bondspayable(includingnon-currentliabilitiesduewithinoneyear) | - | 11,000,000,000 | 103,778,356 | - | (31,231,948 | ) | 11,072,546,408 | |||||||
| Leaseliabilities(includingnon-currentliabilitiesduewithinoneyear) | 778,479,954 | - | 272,911,463 | (206,932,445 | ) | - | 844,458,972 | |||||||
| Long-termpayables(includingnon-currentliabilitiesduewithinoneyear) | 144,022,447 | - | 3,885,196 | (26,715,125 | ) | - | 121,192,518 | |||||||
| Othernon-currentliabilities(includingnon-currentliabilitiesduewithinoneyear) | 3,093,290,892 | - | 27,000,001 | (435,063,753 | ) | (601,446,602 | ) | 2,083,780,538 | ||||||
| ? | ||||||||||||||
| Total | 152,911,249,163 | 55,668,867,158 | 6,406,233,876 | (65,954,261,951 | ) | (839,293,426 | ) | 148,192,794,820 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
64.SupplementaryInformationtotheCashFlowStatement
(1)SupplementaryinformationforthecashflowstatementReconciliationofnetprofit/(loss)tocashflowsfromoperatingactivities:
| 2025 | 2024 |
Netprofit/(loss)
| Netprofit/(loss) | 5,027,373,569 | 4,145,273,882 | ||||
| Add:impairmentlosses | 4,005,541,287 | 3,624,262,580 | ||||
| Creditimpairmentlosses | 63,490,237 | 112,125,114 | ||||
| Depreciationoffixedassets,investmentpropertiesandright-of-useassets | 37,378,926,183 | 37,154,186,708 | ||||
| Amortisationofintangibleassets | 1,121,074,682 | 1,097,857,402 | ||||
| Amortisationoflong-termdeferredexpenses | 168,973,551 | 169,655,830 | ||||
| Gainsfromdisposaloffixedassets,intangibleassets,andotherlong-termassets | (30,428,604 | ) | (96,175,264 | ) | ||
| Lossesfromscrappingoffixedassetsandintangibleassets/(gains) | 20,819,363 | (1,442,898 | ) | |||
| Gainsfromchangesinfairvalue | (431,722,966 | ) | (522,447,744 | ) | ||
| Financialexpenses | 2,929,596,217 | 1,910,873,352 | ||||
| Investment(gains)/losses | (653,966,677 | ) | 581,941,421 | |||
| Share-basedpayments | 70,261,151 | 125,524,945 | ||||
| Increase/(decrease)indeferredincome | 2,253,415,279 | (218,434,024 | ) | |||
| Increaseindeferredtaxassets | (162,783,614 | ) | (298,011,255 | ) | ||
| Decreaseindeferredtaxliabilities | (155,904,050 | ) | (404,560,340 | ) | ||
| Increaseininventories | (8,218,887,542 | ) | (2,464,527,331 | ) | ||
| Decrease/(increase)inoperatingreceivables | 3,652,273,004 | (3,667,418,533 | ) | |||
| Increaseinoperatingpayables | 1,701,901,454 | 6,399,187,934 | ||||
| Others | 84,603,150 | 89,705,600 | ||||
| ? | ||||||
| Netcashflowsgeneratedfromoperatingactivities | 48,824,555,674 | 47,737,577,379 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
V.Notestokeyitemsoftheconsolidatedfinancialstatements(continued)
64.SupplementaryInformationtotheCashFlowStatement
(1)Supplementaryinformationforthecashflowstatement(continued)Changeincashandcashequivalents:
| 2025 | 2024 |
Cashandcashequivalentsattheendoftheyear
| Cashandcashequivalentsattheendoftheyear | 58,211,295,777 | 62,005,252,511 | ||
| Less:Cashandcashequivalentsatthebeginningoftheyear | 62,005,252,511 | 52,092,981,748 |
Netdecrease/(increase)incashandcash
equivalents
| Netdecrease/(increase)incashandcashequivalents | (3,793,956,734 | ) | 9,912,270,763 |
(2)Detailsofcashandcashequivalents
| 2025 | 2024 |
Cashandcashequivalents
| Cashandcashequivalents | 58,211,295,777 | 62,005,252,511 | ||
| Including:Cashonhand | 1,355,467 | 1,528,764 | ||
| Bankdepositsavailableondemand | 58,182,081,075 | 61,918,283,198 | ||
| Othermonetaryfundsavailableondemand | 27,859,235 | 85,440,549 | ||
| Closingbalanceofcashandcashequivalents | 58,211,295,777 | 62,005,252,511 |
Note:Thecashandcashequivalentsdisclosedabovedonotincludebankdepositsheldforinvestmentpurpose,theinterestaccruedonbankdepositsattheendoftheperiodandtheuseofotherCashatbankandonhandsubjecttorestrictions.
(3)Monetaryfundsotherthancashandcashequivalents
| 2025 | 2024 | Reasons |
Principalandinterestonlarge
certificatesofdepositandfixed-termdepositsformorethanthreemonths
| Principalandinterestonlargecertificatesofdepositandfixed-termdepositsformorethanthreemonths | 13,099,822,932 | 10,805,611,280 | Heldforinvestmentpurposes | |||
| Restrictedcash | 911,821,466 | 1,441,761,424 | Restrictedinuseorownership | |||
| ? | ||||||
| Total | 14,011,644,398 | 12,247,372,704 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VI.ResearchandDevelopmentExpenses
1.Presentationbynature
| 2025 | 2024 |
Staffcostsanddailyexpenses
| Staffcostsanddailyexpenses | 5,774,920,078 | 5,625,237,778 | ||
| Materialandtestexpenses | 3,632,702,182 | 3,339,102,808 | ||
| Depreciationandamortisation | 2,204,236,151 | 2,213,563,118 | ||
| Others | 2,371,203,164 | 2,027,370,403 | ||
| ? | ||||
| Total | 13,983,061,575 | 13,205,274,107 | ||
| ? | ||||
| Including:Researchanddevelopmentexpendituresthatareexpensed | 13,836,670,878 | 13,123,309,231 | ||
| Researchanddevelopmentexpendituresthatarecapitalised | 146,390,697 | 81,964,876 |
2.Expendituresonresearchanddevelopmentprojectswhichareeligibleforcapitalisation
| Balanceatthebeginningoftheyear | Internaldevelopment | Recognisedasintangibleassets | Balanceattheendoftheyear |
HCSemiTektechnologydevelopmentproject
| HCSemiTektechnologydevelopmentproject | 109,323,354 | 146,390,697 | (132,007,804 | ) | 123,706,247 |
VII.ChangesinthescopeofconsolidationIncreasesintheconsolidationscopeduringtheyearwerenewsubsidiariesestablishedduringtheyear,andthedecreasesintheconsolidationscopewerecancellationsofsubsidiariesduringtheyear.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities
1.Interestsinsubsidiaries
(1)CompositionoftheGroup
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Foundedbyestablishmentorinvestment
FoundedbyestablishmentorinvestmentOrdosYuanshengOptoelectronicsCo.,Ltd.
| OrdosYuanshengOptoelectronicsCo.,Ltd. | Ordos,China | Ordos,China | TheproductionandoperationofAMOLEDandrelevantproducts | 100.00 | - | |||||
| BeijingBOEVision-electronicTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Investmentplatform,salesofLCD | 100.00 | - | |||||
| BeijingBOEVacuumElectronicsCo.,Ltd. | Beijing,China | Beijing,China | Manufactureandsalesofvacuumelectronicproducts | 57.89 | - | |||||
| BeijingYingheCenturyCo.,Ltd. | Beijing,China | Beijing,China | Managementofengineeringprojects;propertymanagementservices;leaseofcommercialbuildings;leaseofofficespace;enterprisemanagementconsulting | 100.00 | - | |||||
| BOEOpticalScienceandtechnologyCo.,Ltd. | Suzhou,China | Suzhou,China | R&D,productionandsalesofLCD,backlightfordisplayandrelatedcomponents | 94.70 | - | |||||
| BOEHyundaiLCD(Beijing)DisplayTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Development,manufactureandsaleofliquiddisplayformobiletermination | 75.00 | - | |||||
| BOE(Hebei)MobileTechnologyCo.,Ltd. | Langfang,China | Langfang,China | Manufactureandsaleofmobileflatscreendisplaytechnicalproductsandrelatedservices | 100.00 | - | |||||
| BeijingBOEEnergyTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Providecomprehensivezerocarboncomprehensiveenergyservices,coveringmultipledimensionssuchascomprehensiveenergyservices,comprehensiveenergyutilizationandzerocarbonservices | 68.40 | - | |||||
| BeijingBOELifeTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Technologypromotionservices,propertymanagement,salesofelectronicproducts | 100.00 | - | |||||
| BeijingZhongxiangyingTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Technologypromotionservices,propertymanagement,salesofelectronicproducts | 70.09 | - | |||||
| BOESemi-conductorCo.,Ltd. | Beijing,China | Beijing,China | Glassthinningprocessingandmetalpartsprocessing | 84.00 | - | |||||
| BOEOptoelectronicsHoldingCo.,Ltd | HongKong,China | BritishVirginIslands | Investmentholding | 100.00 | - | |||||
| BOE(Korea)Co.,Ltd. | Korea | Korea | Wholesaleandretailtrade | 100.00 | - | |||||
| BOEWisdomIOTTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Development,transfer,consultingandserviceoftechnology | 100.00 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Foundedbyestablishmentorinvestment
(continued)
Foundedbyestablishmentorinvestment
(continued)
HefeiBOEZhuoyinTechnologyCo.,Ltd.
| HefeiBOEZhuoyinTechnologyCo.,Ltd. | Hefei,China | Hefei,China | Investment,construction,R&D,productionandsalesofproductsrelatedtoOLEDdisplaydeviceandauxiliaryproducts | 100.00 | - | ||||
| BeijingBOELandCo.,Ltd. | Beijing,China | Beijing,China | Development,construction,propertymanagementandsupportingserviceofindustrialplantsandsupportingfacilities;informationconsultingofrealestate;leaseofcommercialfacilities,commercialattendantsandthesupportingservicefacilities;motorvehiclespublicparkingservice | 70.00 | - | ||||
| BeijingShiyanTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Generalitems:technicalservice,technicaldevelopment,technicalconsultation,technicalexchange,technologytransferandtechnologypromotion;Computersoftware,hardwareandperipheralequipmentmanufacturing;Wholesaleofcomputersoftware,hardwareandauxiliaryequipment;Retailofcomputersoftware,hardwareandauxiliaryequipment;Manufacturingofelectroniccomponents;Optoelectronicdevicemanufacturing;Displaydevicemanufacturing;Mobileterminalequipmentmanufacturing;Virtualrealityequipmentmanufacturing;TVmanufacturing;InternetofThingsequipmentmanufacturing;Salesofelectronicproducts;Displaydevicesales;Salesofmobileterminalequipment;Salesofcommunicationequipment;SalesofIoTequipment;Computerandcommunicationequipmentleasing;Integratedcircuitmanufacturing;Integratedcircuitdesign;ICsales;Integratedcircuitchipandproductmanufacturing;Softwaredevelopment;Softwaresales;Importandexportofgoods;Technologyimportandexport;SalesofClassImedicaldevices;ClassImedicaldeviceproduction;ClassImedicaldeviceleasing;SalesofClassIImedicaldevices;ClassIImedicaldeviceleasing | 73.01 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| ‘ | Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | ||||||||
Foundedbyestablishmentorinvestment
(continued)
Foundedbyestablishmentorinvestment
(continued)BeijingBOEMarketingCo.,Ltd.
| BeijingBOEMarketingCo.,Ltd. | Beijing,China | Beijing,China | Salesofcommunicationequipment,hardware&softwareofcomputerandperipheralunits,electronicproducts,equipmentmaintenance;development,transfer,consultingandserviceprovidingoftechnologies;import&exportofgoodsandtechnologies,agencyofimport&export;manufacturingconsignmentofelectronicproductsandLCDdevices | 100.00 | - | ||||
| YunnanInvensightOptoelectronicsTechnologyCo.,Ltd. | Kunming,China | Kunming,China | Development,promotion,transfer,consultationandservicesofdisplaytechnology;computersoftware,hardwareandnetworksystemservices;theconstruction,operationsandmanagementofe-commerceplatform;productdesign;conferenceservices;undertakingexhibitionsandpresentationactivities;computeranimationdesign;production,R&DandsalesofOLEDmicrodisplaysandAR/VRwholewidget;warehousingservices;Projectinvestmentsandmanagementoftheinvestedprojects;importandexportofgoodsandtechnologies;propertyleases,machineryandequipmentleases | 78.32 | - | ||||
| BeijingBOESensingTechnologyCo.,Ltd. | Beijing,China | Beijing,China | FormationofX-raysensors,microfluidicchips,biochemicalchips,genechips,securitysensors,microwaveantennas,biosensors,logisticsnetworktechnologyandothersemiconductorsensors,technologytesting,technicalconsulting,technicalservices,technologytransfer | 100.00 | - | ||||
| HefeiBOEXingyuTechnologyCo.,Ltd. | Hefei,China | Hefei,China | R&D,productionandsalesofMiniLEDbacklightcomponentsandMiniLEDdisplaymodulecomponents | 65.00 | - | ||||
| DongfangChengqi(Beijing)BusinessTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Intelligentadministrativeservicesolutionsintegratingproperty,businesstravel,procurementandconsumption | 100.00 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Foundedbyestablishmentorinvestment
(continued)
Foundedbyestablishmentorinvestment
(continued)BOESmartTechnologyCo.,Ltd.Technology
(“SmartTechnology”)
| BOESmartTechnologyCo.,Ltd.Technology(“SmartTechnology”) | Beijing,China | Beijing,China | ProvisionofhardwareandsoftwareintegratedsystemsolutionsfortheIoTmarketsegment;intelligentcity,intelligenttransport,intelligentfinance,intelligentparkandthedisplayterminalproductssuchastheintelligentall-in-onemachines | 100.00 | - | |||||
| BOEInnovationInvestmentCo.,Ltd. | Beijing,China | Beijing,China | Projectinvestmentandinvestmentmanagement | 100.00 | ||||||
| BOEMledTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Mainlyengagedintechnologydevelopment,technologyconsultation,technologytransferandtechnicalservices;Softwaredevelopment;Basicsoftwareservices;Applicationsoftwareservices;Computersystemservices;Internetdataservices(datacentersinInternetdataservices,exceptcloudcomputingdatacenterswithPUEvaluesabove1.4);Informationprocessingandstoragesupportservices;Generalconstructioncontracting,professionalcontractingandlaborsubcontracting;Equipmentinstallation,maintenanceandleases;Literaryandartisticcreation;Computeranimationdesign;Productdesign;businessmanagement;Enterprisemanagementconsulting;Salesofcomputers,softwareandauxiliaryequipment,electronicproducts | 100.00 | - | |||||
| BeijingBOESolarEnergyTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Technicalservices,technologydevelopment,technologyconsulting,technicalexchange,technologytransfer,technologypromotion;manufactureofphotovoltaicequipmentandcomponents;salesofphotovoltaicequipmentandcomponents | 100.00 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Foundedbyestablishmentorinvestment
(continued)
Foundedbyestablishmentorinvestment
(continued)ChengduBOEDisplayTechlogyCo.,Ltd.
(ChengduDisplayTechnology)
| ChengduBOEDisplayTechlogyCo.,Ltd.(ChengduDisplayTechnology) | Chengdu,China | Chengdu,China | Technicalservices,technologydevelopment,technologyconsulting,technicalexchange,technologytransfer,technologypromotion;manufacturingofdisplaydevices[operationsofbranches];saleofdisplaydevices;manufacturingofelectroniccomponents[operationsofbranches];wholesaleofelectroniccomponents;manufacturingofotherselectronicdevices[operationsofbranches];importandexportofgoods;importandexportoftechnology;businessmanagementconsulting;propertymanagement;non-residentialrealestateleasing;machineryandequipmentleasing | 52.63 | - | |||||
| BeijingBOEChuangyuanTechnologyCo.,Ltd.(“ChuangyuanTechnology”) | Beijing,China | Beijing,China | Manufacturingofdisplaydevices;saleofdisplaydevices;manufacturingofelectroniccomponents;wholesaleofelectroniccomponents;technicalservices,technologydevelopment,technologyconsulting,technicalexchange,technologytransfer,technologypromotion;importandexportofgoods;importandexportoftechnology;businessmanagementconsulting;propertymanagement;machineryandequipmentleasing;manufacturingofotherelectronicdevices | 79.31 | - | |||||
| MianyangBOEElectronicTechnologyCo.,Ltd.(“MianyangElectronicTechnology”) | Mianyang,China | Mianyang,China | Manufacturingofdisplaydevices;displaydevicesales;manufacturingofelectroniccomponents;technicalservice,technicaldevelopment,technicalconsultation,technicalexchange,technologytransferandtechnologypromotion;machineryandequipmentleasing;intelligentcontrolsystemintegration;informationsystemintegrationservices;industrialcontrolcomputerandsystemmanufacturing;InternetofThingstechnicalservices;dataprocessingservice;salesofelectronicproducts;salesofdigitalculturalcreativetechnologyandequipment;salesofsemiconductorlightingdevices;AIindustryapplicationsystemintegrationservices;cloudcomputingequipmenttechnologyservices;industrialInternetdataservice;Internetdataservice;semiconductorlightingdevicemanufacturing;salesofnewenergyprimemoverequipment;technologyimportandexport | 100.00 | - | |||||
| BeijingBOEDisplayTechnologyCo.,Ltd. | Beijing,China | Beijing,China | DevelopmentofTFT-LCD,manufactureandsaleofLCD | 97.17 | 2.83 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Foundedbyestablishmentorinvestment
(continued)
Foundedbyestablishmentorinvestment
(continued)BeijingBOEMaterialsTechnologyCo.,Ltd.
| BeijingBOEMaterialsTechnologyCo.,Ltd. | Beijing,China | Beijing,China | Salesofchemicalproducts(excludingthoserequiringspeciallicenses);salesofspecializedelectronicmaterials | 100.00 | - | |||||
| BeijingBOERoboticsCo.,Ltd. | Beijing,China | Beijing,China | Industrialdesignservices;informationsystemintegrationservices;manufacturingofsmartbasicmanufacturingequipment | 100.00 | - |
Businesscombinationinvolvingentitiesnot
undercommoncontrol
Businesscombinationinvolvingentitiesnot
undercommoncontrolChengduBOEOptoelectronicsTechnologyCo.,
Ltd.
| ChengduBOEOptoelectronicsTechnologyCo.,Ltd. | Chengdu,China | Chengdu,China | Researchanddevelopment,design,manufacture,andsaleofnewdisplaydevicesandcomponents | 100.00 | - | |||||
| HefeiBOEOptoelectronicsTechnologyCo.,Ltd. | Hefei,China | Hefei,China | Investing,researching,manufacturingandpromotingTFT-LCDproductsandaccessoryproducts | 100.00 | - | |||||
| HefeiXinshengOptoelectronicsTechnologyCo.,Ltd. | Hefei,China | Hefei,China | Investing,researching,manufacturingandpromotingTFT-LCDproductsandaccessoryproducts | 99.97 | 0.03 | |||||
| ChongqingBOEOptoelectronicsTechnologyCo.,Ltd. | Chongqing,China | Chongqing,China | Research,development,manufactureandsalesofsemiconductordisplaydevices,machineandrelevantproducts,importandexportofgoodsandtechnicalconsulting | 100.00 | - | |||||
| FuzhouBOEOptoelectronicsTechnologyCo.,Ltd. | Fuzhou,China | Fuzhou,China | Investment,construction,R&D,productionandsalesoftherelevantproductsofthinfilmtransistorLCDanditsauxiliaryproducts(separatebusinesssite);self-supportandagencyfortheimportandexportofvariousgoodsandtechnologies,exceptthosegoodsandtechnologiesthatarerestrictedbythecountryorprohibitedfromimportandexport;businessmanagementconsultingandservices;propertyleases;machineryandequipmentleases;technologydevelopment,transfer,consultingandservicesrelatedtoLCDproducts | 88.35 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Businesscombinationinvolvingentities
notundercommoncontrol(continued)
Businesscombinationinvolvingentities
notundercommoncontrol(continued)BOEHealthcareInvestment&Management
Co.,Ltd.
| BOEHealthcareInvestment&ManagementCo.,Ltd. | Beijing,China | Beijing,China | Investmentmanagementandprojectinvestment | 100.00 | - | |||||
| BeijingMatsushitaColourInnovationCo.,Ltd. | Beijing,China | Beijing,China | Propertymanagement,parkingservices,leaseofcommercialbuildings,etc | 88.80 | - | |||||
| HefeiBOEDisplayTechnologyCo.,Ltd. | Hefei,China | Hefei,China | Investment,R&DandproductionofproductsrelatedtoTFT-LCDandthesupportingfacility | 36.67 | - | |||||
| MianyangBOEOptoelectronicsTechnologyCo.,Ltd. | Mianyang,China | Mianyang,China | R&D,productionandsalesofflexibleAMOLED,theproductsaremainlyusedinsmartphones,wearabledevices,cardisplay,AR/VR,etc | 83.46 | - | |||||
| WuhanBOEOptoelectronicsTechnologyCo.,Ltd.(“WuhanBOE”) | Wuhan,China | Wuhan,China | Investmentandconstruction,researchanddevelopment,production,sales,technologydevelopment,transfer,consultandservicesofthin-filmtransistorLCDdevicesandrelatedproductsandsupportingproducts | 58.36 | - | |||||
| ChongqingBOEDisplayTechnologyCo.,Ltd.(“ChongqingBOEDisplay”) | Chongqing,China | Chongqing,China | R&D,manufactureandsalesofsemiconductordisplaydevices,wholewidgetandrelevantproducts,importandexportofgoodsandtechnicalconsulting | 38.46 | - | |||||
| FuzhouBOEDisplayTechnologyCo.,Ltd.(“FuzhouBOEDisplay”) | Fuzhou,China | Fuzhou,China | R&D,productionandsalesofsemiconductordisplaydevice-relatedproductsandrelatedproducts;importorexportofgoodsortechnology;displaydeviceandcomponent,otherelectroniccomponents,andtechnologydevelopment,technologytransfer,technicalconsulting,relatedfieldsrelatedtodisplaydevicesandelectronicproducts,technicalservices;businessmanagementconsulting;propertymanagement;houserental;machineryandequipmentrental | 43.46 | - | |||||
| NanjingDisplayTechnology | Nanjing,China | Nanjing,China | R&D,productionandsalesofTFT-LCDpanels,colorfiltersandLCDmachinemodules;Providingservicesrelatedtoproductsandbusinesses,andotherbusinessactivitiesrelatedtotheabove;Selfsupportandagencyofimportandexportbusinessofvariouscommoditiesandtechnologies | 80.83 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(1)CompositionoftheGroup(continued)
| Principalplaceofbusiness | Registeredplace | Natureofbusiness | Shareholding(orsimilarequityinterest)percentage | |||||
| Direct | Indirect | |||||||
Businesscombinationinvolvingentities
notundercommoncontrol(continued)
Businesscombinationinvolvingentities
notundercommoncontrol(continued)
ChengduDisplaySci-tech
| ChengduDisplaySci-tech | Chengdu,China | Chengdu,China | Mainlyengagedinresearchanddevelopment,production,salesandtechnicalservicesofTFT-LCDpanelsandmodules,LCDdisplays,televisions,instruments,mechanicalequipmentandaccessories;Engagedintheimportandexportofgoodsandtechnology | 35.03 | - | |||||
| BOEHCSemiTekCorporation(“HCSemiTek”) | Wuhan,China | Wuhan,China | Design,manufacturing,salesandbusinessleasingofsemiconductormaterialsanddevices,electronicmaterialsanddevices,semiconductorlightingequipment,sapphirecrystalgrowthandsapphiredeepprocessingproducts;researchanddevelopment,processingandmanufacturingofintegratedcircuitsandsensors,andprovidingtechnicalservices;importandexportofselfownedproductsandrawmaterials | 22.92 | - |
AstheCompanyhassignedagreementsofconcertedactionandotherrelevantagreementswithothershareholdersofHefeiDisplayTechnology,WuhanBOE,ChongqingBOEDisplay,FuzhouBOEDisplay,ChengduDisplaySci-techandHCSemiTek.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
1.Interestsinsubsidiaries(continued)
(2)Materialnon-whollyownedsubsidiariesAsof31December2025,theGrouphadfivesubsidiarieswithsignificantminorityinterests,andthetotalamountattributabletominorityinterestsoftheaforementionedcompanieswasRMB41,664,159,425;In2025,thetotalamountofincomeattributabletominorityshareholdersoftheaforementionedcompanywasRMB500,553,054,andthetotalamountofdividendspaidtominorityshareholderswasRMB57,454,123.
(3)Keyfinancialinformationaboutmaterialnon-whollyownedsubsidiariesThefollowingtablesetsoutthekeyfinancialinformationoftheabovesubsidiarieswithoutoffsettinginternaltransactions,butwithadjustmentsmadeforthefairvalueadjustmentattheacquisitiondateandanydifferencesinaccountingpolicies:
| 2025 | 2024 |
Currentassets
| Currentassets | 51,902,634,415 | 52,256,598,898 | ||
| Non-currentassets | 98,799,305,507 | 116,061,033,390 | ||
| Totalassets | 150,701,939,922 | 168,317,632,288 |
Currentliabilities
| Currentliabilities | 31,436,137,204 | 40,120,432,015 | ||
| Non-currentliabilities | 31,819,248,223 | 34,537,198,899 | ||
| Totalliabilities | 63,255,385,427 | 74,657,630,914 |
Operatingincome
| Operatingincome | 73,173,566,526 | 72,036,599,379 | |||
| Netloss | (983,244,564 | ) | (1,218,649,957 | ) | |
| Totalcomprehensiveincome | (1,076,903,724 | ) | (1,195,869,163 | ) |
Cashinflowsinoperatingactivities
| Cashinflowsinoperatingactivities | 21,645,916,840 | 13,923,092,833 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
VIII.InterestsinOtherEntities(continued)
2.TransactionsthatcausechangesintheGroup’sinterestsinsubsidiariesthatdonot
resultinlossofcontrol
(1)ChangesintheGroup’sinterestsinsubsidiaries:
| Beforechangesofinterests | Afterchangesofinterests |
BeijingShiyanTechnology
| BeijingShiyanTechnology | 80.00% | 73.01% |
| ChengduDisplayTechnology | 50.25% | 52.63% |
| WuhanBOE | 47.14% | 58.36% |
| HefeiBOEZhuoyinTechnology | 75.00% | 100.00% |
| BeijingZhongxiangyingTechnology | 91.10% | 70.09% |
| YunnanInvensightOptoelectronicsTechnology | 79.10% | 78.32% |
(2)Impactoftransactionsonnon-controllinginterestsandequityattributabletotheshareholdersofthe
Company:
ThechangesintheshareholdingoftheCompanyintheownersofabove-mentionedothersubsidiarieswerecausedbythenon-proportionalcapitalincreaseofshareholdersandtheacquisitionofnon-controllinginterests,whichresultsintheincreaseofcapitalreservesbyRMB56,866,309.
3.InterestsinjointventuresandassociatesNomaterialrestrictionsontransfersoffundsfrominvesteestotheGroup.ThejudgementbasisoftheCompanyanditssubsidiariestoholdlowerthan20%ofthevotingrightsofotherentitiesbuthavesignificantinfluenceontheentityisduetothefactthattheCompanyanditssubsidiarieshaveseatsintheboardofdirectorsoftheentity,andtheCompanyandsubsidiariesoftheCompanymayhavesignificantinfluenceontheentitythroughtherepresentationofthedirectorsintheprocessofformulatingfinancialandoperatingpolicies.TheGrouphasnomaterialjointventuresorassociates.PleaseseeNoteV.11fordetailsofthesummarisedfinancialinformationofthejointventuresandassociates.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
IX.Financialinstrumentsandrelatedrisks
1.RisksoffinancialinstrumentsTheGroup'sactivitiesexposeittoavarietyoffinancialrisks:mainlyincludecreditrisk,liquidityriskandmarketrisk.Theriskmanagementpolicyofthisgroupisoutlinedbelow.
(1)CreditriskCreditriskistheriskthatonepartytoafinancialinstrumentwillcauseafinanciallossfortheotherpartybyfailingtodischargeanobligation.TheGroup’screditriskisprimarilyattributabletoreceivables.Exposuretothesecreditrisksismonitoredbymanagementonanongoingbasis.ThecashatbankoftheGroupismainlyheldwithwell-knownfinancialinstitutions.ManagementdoesnotforeseeanysignificantcreditrisksfromthesedepositsanddoesnotexpectthatthesefinancialinstitutionsmaydefaultandcauselossestotheGroup.Inrespectofreceivables,theGrouphasestablishedacreditpolicyunderwhichindividualcreditevaluationsareperformedonallcustomerstodeterminethecreditlimitandtermsapplicabletothecustomers.Theseevaluationsfocusonthecustomers’financialposition,theexternalratingsofthecustomersandtherecordofprevioustransactions.Receivablesareduewithin7to180daysfromthedateofbilling.Debtorswithbalancesthatarepastduearerequestedtosettlealloutstandingbalancesbeforeanyfurthercreditisgranted.Normally,theGroupdoesnotobtaincollateralfromcustomers.TheGroup’sexposuretocreditriskisinfluencedmainlybytheindividualcharacteristicsofeachcustomer,thereforesignificantconcentrationsofcreditriskariseprimarilywhentheGrouphassignificantexposuretoindividualcustomers.Asatthebalancesheetdate,38%(2024:45%)oftotalaccountsreceivableandcontractassetswereduefromtheGroup’sfivelargestcustomers.Inaddition,thedebtorsoftheGroupthatareneitherpastduenorimpairedmainlyrelatetoawiderangeofcustomersforwhomtherewasnorecenthistoryofarrearage.Themaximumexposuretocreditriskisrepresentedbythecarryingamountofeachfinancialassetinthebalancesheet.Asat31December2025,theGroupdidnotprovideanyotherguaranteeswhichwouldexposetheGrouptocreditrisk.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
IX.Financialinstrumentsandrelatedrisks(continued)
1.Risksoffinancialinstruments(continued)
(2)LiquidityriskLiquidityriskistheriskthatanenterprisewillencounterdifficultyinmeetingobligationsthataresettledbydeliveringcashoranotherfinancialasset.TheCompanyanditsindividualsubsidiariesareresponsiblefortheirowncashmanagement,includingshort-terminvestmentofcashsurplusesandtheraisingofloanstocoverexpectedcashdemands,subjecttoapprovalbytheCompany’sboardwhentheborrowingsexceedcertainpredeterminedlevelsofauthority.TheGroup’spolicyistoregularlymonitoritsliquidityrequirementsanditscompliancewithlendingcovenants,toensurethatitmaintainssufficientreservesofcash,readilyrealisablemarketablesecuritiesandadequatecommittedlinesoffundingfrommajorfinancialinstitutionstomeetitsliquidityrequirementsintheshortandlongerterm.ThetablesbelowsummariesthematurityprofileoftheGroup'sfinancialliabilitiesandleaseliabilitiesbasedontheundiscountedcontractualcashflows:
2025
| Within1yearorondemand(inclusive) | 1to10years(inclusive) | Over10years | Total |
Short-term
borrowings
| Short-termborrowings | 3,710,310,846 | - | - | 3,710,310,846 | ||||
| Notespayable | 1,380,128,604 | - | - | 1,380,128,604 | ||||
| Accountpayable | 37,242,292,283 | - | - | 37,242,292,283 | ||||
| Otherpayable | 20,889,438,382 | - | - | 20,889,438,382 | ||||
| Bondspayable((includingtheportionduewithinoneyear) | 321,054,745 | 11,997,111,945 | - | 12,318,166,690 | ||||
| Long-termborrowings(includingtheportionduewithinoneyear) | 28,674,780,710 | 108,541,547,318 | 1,304,955,124 | 138,521,283,152 | ||||
| Leaseliabilities(includingtheportionduewithinoneyear) | 202,102,808 | 755,396,243 | - | 957,499,051 | ||||
| Othernon-currentliabilities(includingtheportionduewithinoneyear) | - | 2,247,628,813 | - | 2,247,628,813 | ||||
| Long-termpayable(includingtheportionduewithinoneyear) | 1,010,590,571 | 2,638,985,304 | - | 3,649,575,875 |
Total
| Total | 93,430,698,949 | 126,180,669,623 | 1,304,955,124 | 220,916,323,696 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
IX.Financialinstrumentsandrelatedrisks(continued)
1.Risksoffinancialinstruments(continued)
(3)MarketriskInterestrateriskInterest-bearingfinancialinstrumentsatvariableratesandatfixedratesexposetheGrouptocashflowinterestrateriskandfairvalueinterestrisk,respectively.TheGroupdeterminestheappropriateweightingsforfixedandfloatingrateinterest-bearinginstrumentsbasedoncurrentmarketconditionsandperformsregularreviewsandmonitoringtoachieveanappropriatemixoffixedandfloatingrateexposure.TheGroupdoesnotenterintofinancialderivativestohedgeinterestraterisk.Asat31December2025,itisestimatedthatageneralincrease/decreaseof100basispointsininterestratesofvariablerateinstrument,withallothervariablesheldconstant,woulddecrease/increasetheGroup’snetprofitandshareholders’equitybyRMB537,676,118(2024:RMB502,552,533).Fornon-derivativeinstrumentsatfloatinginterestratesheldatthebalancesheetdatethatexposetheGrouptocashflowinterestraterisk,theimpactonnetprofitandowner'sequityinthesensitivityanalysisabovereflectstheeffectofinterestratechangesoninterestexpensesorincomeestimatedonanannualbasis.Theanalysisfortheprioryearwasbasedonthesameassumptionsandmethodologies.ForeignCurrencyriskInrespectofcashatbankandonhand,accountsreceivableandpayable,andshort-termloansdenominatedinforeigncurrenciesotherthanthefunctionalcurrency,theGroupensuresthatitsnetexposureiskepttoanacceptablelevelbybuyingorsellingforeigncurrenciesatspotrateswhennecessarytoaddressshort-termimbalances.(a)TheGroup’sexposureasat31Decembertocurrencyriskarisingfromrecognisedforeigncurrency
assetsorliabilitiesismainlydenominatedinUSdollar.TheamountoftheUSDexposureisnetassetsexposureUSD3,037,027,933(2024:netliabilitiesexposure:USD2,564,028,518),translatedintoRMB21,346,661,935(2024:RMB18,431,262,599),usingthespotrateatthebalancesheetdate.Differencesresultingfromthetranslationofthefinancialstatementsdenominatedinforeigncurrencyareexcluded.(b)Assumingallotherriskvariablesremainedconstant,a5%strengthening/weakeningoftheRenminbiagainsttheUSdollarat31Decemberwouldhavedecreased/increasedboththeGroup’sshareholders’equityandnetprofitbytheamountRMB939,351,220(2024:decreased/increasedRMB792,219,870).Thesensitivityanalysisaboveassumesthatthechangeinforeignexchangerateshadbeenappliedtore-measurethosefinancialinstrumentsheldbytheGroupwhichexposetheGrouptoforeigncurrencyriskatthebalancesheetdate.Theanalysisexcludesdifferencesthatwouldresultfromthetranslationofforeigncurrencyfinancialstatements.Theanalysisisperformedonthesamebasisforthepreviousyear.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
IX.Financialinstrumentsandrelatedrisks(continued)
2.CapitalmanagementTheGroup’sprimaryobjectivewhenmanagingcapitalistosafeguarditsabilitytocontinueasagoingconcern,sothatitcancontinuetoprovidereturnsforshareholders,bypricingproductsandservicescommensuratelywiththelevelofrisksandbysecuringaccesstofinancingatareasonablecost.TheGroupdefines“capital”asincludingallcomponentsofequity,lessunaccruedproposeddividends.ThebalancesofrelatedpartytransactionsarenotregardedbytheGroupascapital.TheGroup’scapitalstructureisregularlyreviewedandmanagedtoachieveanoptimalstructureandreturnforshareholders.Inthisregard,factorsfortheGroup’sconsiderationinclude:itsfuturefundingrequirements,capitalefficiency,actualandexpectedprofitability,expectedcashflows,andexpectedcapitalexpenditure.AdjustmentsaremadetothecapitalstructureinlightofchangesineconomicconditionsaffectingtheGroup.TheGroup’scapitalstructureismonitoredonthebasisofanadjustednetdebt-to-capitalratio(totalliabilitiesdividedbytotalassets).ThecapitalmanagementstrategiesexertedbytheGroupremainedunchangedfrom2024.Inordertomaintainoradjusttheratio,theGroupmayadjusttheamountofdividendspaidtoshareholders,requestnewloans,issuenewshares,orsellassetstoreducedebt.TheprimaryobjectivesoftheGroup’scapitalmanagementaretosafeguardtheGroup’sabilitytocontinueasagoingconcerninordertoprovidereturnsforownersandtomaintainanoptimalcapitalstructuretoreducethecostofcapital.X.FairvaluedisclosureThefollowingtablepresentsthefairvalueinformationandfairvaluehierarchy,attheendofthecurrentreportingperiod,oftheGroup’sassetsandliabilitieswhicharemeasuredatfairvalueateachbalancesheetdateonarecurringornon-recurringbasis.Thelevelatwhichfairvaluemeasurementiscategorisedisdeterminedbythelowestlevelinputinthefairvaluehierarchythatissignificanttotheentirefairvaluemeasurement.Thelevelsaredefinedasfollows:
Level1inputs:unadjustedquotedpricesinactivemarketsthatareobservableatthemeasurement
dateforidenticalassetsorliabilities;Level2inputs:inputsotherthanLevel1inputsthatareeitherdirectlyorindirectlyobservablefor
underlyingassetsorliabilities;Level3inputs:inputsthatareunobservableforunderlyingassetsorliabilities.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
X.Fairvaluedisclosure(continued)
1.Assetsandliabilitiesmeasuredatfairvalue2025
| Fairvaluemeasurementusing | ||||||
| Quotedpricesinactivemarkets | Significantobservableinputs | Significantunobservableinputs | Total | |||
| (Level1) | (Level2) | (Level3) | ||||
Recurringfairvaluemeasurements
| Recurringfairvaluemeasurements | ||||||||
| Financialassetsheldfortrading | 228,365,875 | 115,225,380 | 1,326,957,475 | 1,670,548,730 | ||||
| Including:Structureddepositandwealthmanagementproducts | - | 115,225,380 | 621,761,687 | 736,987,067 | ||||
| Investmentinequityinstruments | 228,365,875 | - | 705,195,788 | 933,561,663 | ||||
| Receivablefinancing | - | - | 585,672,349 | 585,672,349 | ||||
| Investmentsinotherequityinstruments | 333,098,340 | - | 203,118,852 | 536,217,192 | ||||
| Othernon-currentfinancialassets | - | - | 2,874,055,003 | 2,874,055,003 | ||||
| Including:Investmentinequityinstruments | - | - | 2,874,055,003 | 2,874,055,003 |
Total
| Total | 561,464,215 | 115,225,380 | 4,989,803,679 | 5,666,493,274 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
X.Fairvaluedisclosure(continued)
1.Assetsandliabilitiesmeasuredatfairvalue(continued)2024
| Fairvaluemeasurementusing | ||||||
| Quotedpricesinactivemarkets | Significantobservableinputs | Significantunobservableinputs | Total | |||
| (Level1) | (Level2) | (Level3) | ||||
Recurringfairvaluemeasurements
| Recurringfairvaluemeasurements | ||||||||
| Financialassetsheldfortrading | 316,768,188 | 100,126,575 | 2,699,541,200 | 3,116,435,963 | ||||
| Including:Structureddepositandwealthmanagementproducts | - | 100,126,575 | 2,679,701,925 | 2,779,828,500 | ||||
| Investmentinequityinstruments | 316,768,188 | - | 19,839,275 | 336,607,463 | ||||
| Receivablefinancing | - | - | 472,537,400 | 472,537,400 | ||||
| Investmentsinotherequityinstruments | 257,558,368 | - | 183,813,447 | 441,371,815 | ||||
| Othernon-currentfinancialassets | - | - | 2,735,680,042 | 2,735,680,042 | ||||
| Including:Investmentinequityinstruments | - | - | 2,735,680,042 | 2,735,680,042 | ||||
| ? | ? | ? | ? | |||||
| Total | 574,326,556 | 100,126,575 | 6,091,572,089 | 6,766,025,220 |
2.Level1fairvaluemeasurementTheGroupusestheactivemarketquoteasthefairvalueoffinancialassetswithinLevel1.Thefairvalueoflistedequityinstrumentinvestmentanddebtinvestmentisdeterminedatthemarketprice.
3.Level2fairvaluemeasurementInterestrateswapsincludedinderivativefinancialinstrumentsaremeasuredusingvaluationtechniquesconsistentwithswapmodelsandpresentvaluemethods.Themodelincorporatesmultiplemarket?observableinputs,includingthecounterparty’screditquality,spotandforwardexchangerates,andinterestratecurves.Thecarryingamountofinterestrateswapsequalstheirfairvalue.Themark?to?marketvalueofderivativefinancialassetsrepresentsthenetamountafteradjustingforcreditvaluationadjustmentsattributabletocounterpartydefaultriskassociatedwithderivativeinstruments.Changesincounterpartycreditriskdonothaveamaterialeffectontheassessmentofhedgeeffectivenessforderivativesdesignatedinhedgingrelationships,noronotherfinancialinstrumentsmeasuredatfairvalue.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
X.Fairvaluedisclosure(continued)
4.Level3fairvaluemeasurementForwealthmanagementproductsmeasuredatfairvalue,thefairvalueisdeterminedbasedonthediscountedcashflowmethod.Receivablesfinancingarenotesreceivablewithshortremainingmaturities,forwhichthefairvaluedeterminedisequaltotheoriginalcarryingamount.Forunlistedequityinstrumentinvestments,theGroupmeasurestheirfairvaluebyapplyingvaluationtechniquesthatareappropriateinthecurrentcircumstancesandsupportedbysufficientavailabledataandotherinformation.Theobjectiveofusingvaluationtechniquesistoestimatethepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdateundercurrentmarketconditions.Valuationtechniquesgenerallyincludethemarketapproach,incomeapproachandcostapproach.TheGroupselectsoneormoreofthesevaluationtechniquesbasedonactualcircumstancestoestimatethefairvalueoftherelevantassetsorliabilities.However,inlimitedcircumstances,whererecentinformationtodeterminefairvalueisinsufficient,orwheretherangeofreasonablefairvalueestimatesissignificant,andcostrepresentsthebestestimateoffairvaluewithinthatrange,costmayconstituteanappropriateestimateoffairvaluewithinsuchrange.
5.FairvalueofassetsandliabilitiesthatarenotmeasuredatfairvaluesFairvalueoflong-termloansandbondspayableisdeterminedbydiscountedfuturecashflowmethod.withmarketyieldofotherfinancialinstrumentswithsimilarcontractualterms,creditriskandremainingperiod,whichusedasthediscountrate.Asat31December2025,itsowndefaultriskoflong-termloanswasevaluatedasinsignificant.XI.Relatedpartyrelationshipsandtransactions
1.InformationabouttheparentoftheCompany
| Nameoftheparent | Registeredaddress | Natureofbusiness | Registeredcapital | ProportionofownershipinterestintheCompany(%) | ProportionofvotingpowerintheCompany(%) | |||
| ? | ||||||||
| BeijingElectronicsHoldingCo.,Ltd. | AreaA,No.6,West6thStreet,Sanlitun,ChaoyangDistrict,Beijing | Operationandmanagementofstate-ownedassetswithinauthorization,etc | 7,007,391,319 | 0.73 | 12.45 |
TheCompany’sultimatecontrollingpartyisBeijingElectronicsHoldingCo.,Ltd.
2.InformationaboutthesubsidiariesoftheCompanyForinformationaboutthesubsidiariesoftheCompany,refertoNoteVIII.1.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XI.Relatedpartyrelationshipsandtransactions(continued)
1.JointventuresandassociatesoftheCompanyAssociatesandjointventuresthathaverelatedpartytransactionswiththeGroupduringthisyearorthepreviousyearareasfollows:
| Nameofentity | RelationshipwiththeCompany |
| ? | ? |
| GenewiseBioCo.,Ltd.(Note1) | AssociatesoftheGroup |
| ChongqingMaiteOptoelectronicsCo.,Ltd. | AssociatesoftheGroup |
| AnxianTechnology(Suzhou)Co.,Ltd. | AssociatesoftheGroup |
| ZiyangShuzhiHealthTechnologyCo.,Ltd. | AssociatesoftheGroup |
| HefeiXinjingyuanElectronicMaterialsCo.,Ltd | AssociatesoftheGroup |
| HefeiJiangchengTechnologyCo.,Ltd | AssociatesoftheGroup |
| BeijingNittanElectronicsCo.,Ltd. | AssociatesoftheGroup |
| BeijingXindongnengInvestmentManagementCo.,Ltd. | AssociatesoftheGroup |
| BeijingNissinElectronicsPrecisionComponentCo.,Ltd. | AssociatesoftheGroup |
| TPVDisplayTechnology(China)Limited | AssociatesoftheGroup |
| XianyangRainbowOptoelectronicsTechnologyCo.,Ltd | AssociatesoftheGroup |
| DongfangJuzhi(Beijing)TechnologyInnovationCo.,Ltd.anditssubsidiaries | AssociatesoftheGroupanditssubsidiaries |
| Biochain(Beijing)Science&Technology,Inc.anditssubsidiaries | AssociatesoftheGroupanditssubsidiaries |
| VusionGroupSAanditssubsidiaries | AssociatesoftheGroupanditssubsidiaries |
| CnogaMedicalLtd.anditssubsidiaries | AssociatesoftheGroupanditssubsidiaries |
| DongfangYiyunTechnologyGroupCo.,Ltd.anditssubsidiaries(Note2) | AssociatesoftheGroupanditssubsidiaries |
Note1:In2025,BeijingBOEMicrobiologyTechnologyCo.,Ltd.changeditsnametoGenewiseBioCo.,
Ltd.Note2:In2025,BeijingBOEArtCloudTechnologyCo.,Ltd.changeditsnametoDongfangYiyun
TechnologyGroupCo.,Ltd.
4.Otherrelatedparties
RelatedpartyrelationshipsBeijingElectronicsHoldingCo.,Ltd.andits
subsidiaries
| BeijingElectronicsHoldingCo.,Ltd.anditssubsidiaries | ControllingshareholderoftheCompanyandunderthesamecontroloftheultimateholdingcompany | |
| ShanghaiNationalEngineeringResearchCenterofDigitalTelevisionCo.,Ltd. | Associateofenterprisethatisunderthesamecontroloftheultimateholdingcompany | |
| ShanghaiNewVisionMicroelectronicsCo.,Ltd.anditssubsidiaries | Associateofenterprisethatisunderthesamecontroloftheultimateholdingcompany | |
| BeijingJiaxunFeihongElectricCo.,Ltd.anditssubsidiaries | Others | |
| BeijingDeHengLawOffice | Others | |
| HuaXiaBankCo.,Ltd. | Others | |
| ChinaMinshengBankingCorporationLimited | Others |
Note:HuaXiaBankCo.,Ltd.wasnolongerarelatedpartyoftheCompanyon29October2025.
ChinaMinshengBankingCorporationLimitedwasnolongerarelatedpartyoftheCompanyon31October2024.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XI.Relatedpartyrelationshipsandtransactions(continued)
5.RelatedpartytransactionsThetransactionsbelowwithrelatedpartieswereconductedundernormalcommercialtermsorrelevantagreements.
(1)Purchasesofgoodsandreceivingofservicesfromrelatedparties
| 2025 | 2024 |
Purchaseofgoods
| Purchaseofgoods | 821,964,710 | 1,036,110,867 | ||
| Procurementofequipment | 843,776,423 | 342,397,862 | ||
| Receivingservices | 53,164,555 | 22,275,482 | ||
| Paymentofinterestexpenses | 4,398,172 | 29,228,902 | ||
| ? | ? | |||
| Total | 1,723,303,860 | 1,430,013,113 |
(2)Saleofgoods/renderingofservicesfromrelatedparties
| 2025 | 2024 |
Saleofgoods
| Saleofgoods | 2,210,762,312 | 3,276,078,507 | ||
| Renderingofservices | 13,586,849 | 21,374,733 | ||
| Interestincomereceived | 20,661,288 | 38,696,473 | ||
| ? | ? | |||
| Total | 2,245,010,449 | 3,336,149,713 |
(3)LeasesAsthelessor
| Typeofassetsleased | Leaseincomerecognisedin2025 | Leaseincomerecognisedin2024 |
Investmentproperties
| Investmentproperties | 7,285,922 | 12,234,810 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XI.Relatedpartyrelationshipsandtransactions(continued)
5.Relatedpartytransactions(continued)
(3)Leases(continued)Asalessee2025
| Typeofassetsleased | Rentalexpensesforpracticalexpedientofshort-termleasesandtheleasesoflow-valueassets | Variableleasepaymentsnotincludedinthemeasurementoftheleaseliability | Rentalpayments | Assumedinterestexpensesfromleaseliabilities | Increasedright-of-useassets |
BeijingElectricControlSubsidiary
| BeijingElectricControlSubsidiary | Fixedassets | 2,113,959 | 4,258,747 | 66,601 | 3,864 | 1,545,796 |
2024
| Typeofassetsleased | Rentalexpensesforpracticalexpedientofshort-termleasesandtheleasesoflow-valueassets | Variableleasepaymentsnotincludedinthemeasurementoftheleaseliability | Rentalpayments | Assumedinterestexpensesfromleaseliabilities | Increasedright-of-useassets |
BeijingElectricControlSubsidiary
| BeijingElectricControlSubsidiary | Fixedassets | 1,156,657 | - | 1,625,411 | 9,049 | - | ||||||
| AssociatedenterprisesoftheGroup | Fixedassets | 341,135 | - | - | - | - |
(4)Remunerationofkeymanagementpersonnel
| 2025 | 2024 |
Remunerationofkeymanagementpersonnel
| Remunerationofkeymanagementpersonnel | 48.48millionyuan | 62.88millionyuan |
Theremunerationofkeymanagementpersonnelabovedoesnotincludetheonewithrespecttoshare-basedpaymentsscheme.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XI.Relatedpartyrelationshipsandtransactions(continued)
6.Receivablesfromandpayablestorelatedparties
(1)Receivablesfromrelatedparties
| 2025 | 2024 | |||||
| Bookvalue | Provisionforbadanddoubtfuldebts | Bookvalue | Provisionforbadanddoubtfuldebts | |||
Cashatbankandonhand
| Cashatbankandonhand | - | - | 612,658,442 | - | ||||
| Accountsreceivable | 653,340,278 | 5,343,349 | 765,108,795 | 5,276,893 | ||||
| Prepayments | 6,734,257 | - | 6,032,969 | - | ||||
| Otherreceivables | 174,498,869 | - | 1,521,951 | - | ||||
| Contractassets | 356,204 | - | 439,180 | - | ||||
| Othernon-currentassets | 29,267,926 | - | 55,227,648 | - |
(2)Payablestorelatedparties
| 2025 | 2024 |
Accountspayable
| Accountspayable | 233,053,726 | 314,617,966 | ||
| Receiptsinadvance | 204,018 | 202,505 | ||
| Contractliabilities | 17,414,743 | 15,549,505 | ||
| Otherpayables | 484,395,610 | 254,993,110 | ||
| Currentportionofnon-currentliabilities | - | 6,358,950 | ||
| Short-termborrowings | - | 50,043,389 | ||
| Long-termborrowings | - | 98,608,350 |
7.CommitmentsoftherelatedpartiesAsatbalancesheetdate,thecommitmentsoftherelatedparties,whicharesignedbutnotlistedinfinancialstatementareasfollowing:
| 2025 | 2024 | |||
| ? | ? | |||
| Procurementofequipment | 264,512,396 | 237,948,651 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XII.Share-basedpayments
1.EquityinstrumentsEquityinstrumentareasfollows:
| Grantedduringtheyear | Exercisedduringtheyear | Unlockedduringtheyear | Forfeitedduringtheyear | |||
| Quantity | Quantity | Quantity | Quantity |
Seniormanagementappointedby
theBoardofDirectors
| SeniormanagementappointedbytheBoardofDirectors | - | - | 3,608,715 | - | ||||
| Technicalexperts,middlemanagementandabovelevel | - | - | 85,487,825 | 2,252,839 | ||||
| Manager,seniortechnicalcadre | - | - | - | 179,807,865 |
Total
| Total | - | - | 89,096,540 | 182,060,704 |
Equityinstrumentsoutstandingattheendoftheyear:
| Shareoptionsoutstandingattheendoftheyear | Otherequityinstruments | |||||
| Rangeofexerciseprices | Remainingcontractuallife | Rangeofexerciseprices | Remainingcontractuallife | |||
Manager,seniortechnical
cadre
| Manager,seniortechnicalcadre | RMB5.479/share | 0.5year | / | / |
2.Equity-settledshare-basedpaymentsOn17November2020,theBoardofDirectorsoftheCompanyapprovedtheimplementationofshareoptionsandrestrictedshareincentiveplansfrom2020.ThesharesfortheshareoptionsandrestrictedshareincentiveplansarefromtheCompany’sRenminbiA-shareordinarysharesrepurchasedfromsecondarymarket.Amongthem,thefirst-phasestockoptionandrestrictedshareincentiveplanhasmetalltheexercisableconditionsin2024andprioryears.Thedetailsofthesecond-phasestockoptionincentiveplanareasfollows:
Grantdatewas27August2021,theactualnumberofgranteeswas110,andthenumberofgrantsis33,000,000shares,thisgrantwascompletedon22October2021.Theshareoptionsareexercisedinthreephasesafter24monthsfromthegrantdate.Theexerciseratiosforeachphaseare34%,33%,and33%,respectively.Thecorrespondingexercisedatesare2years,3years,and4yearsfromthegrantdate.WhentheCompany’sperformancemeetsthecorrespondingcriteria,theproportionofexercisablerightsoftheabove-mentionedshareoptionsisdeterminedbasedonthebusinessperformanceoftheincentiveobject’soperationandthecontributionvalueoftheincentiveobject.Inaccordancewiththeplan,theCompanywillderegisterthecurrentexercisablesharesoftheoptionsobtainedbytheincentiveobjectsiftheexercisecriteriastipulatedinthisplanarenotmet.Thecostsofequity-settledshare-basedpaymentsrecognisedforthe2025yearwereRMB1,472,291,andtheaccumulatedamountofequity-settledshare-basedpaymentsrecognisedinthecapitalreserveamountedtoRMB1,706,903,200.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XII.Share-basedpayments(continued)
2.Equity-settledshare-basedpayments(continued)Thefairvalueofequityinstrumentsatthegrantdateisdeterminedbasedontheassessedfairvalueoftheexercisableshareoptionsateachgrantdate;Ateachbalancesheetdateduringthevestingperiod,thebestestimationismadeaccordingtothelatestinformation,suchasthenumberofemployeeswhoaregrantedoptionsandthecompletionofperformanceindicators,andthenumberofequityinstrumentsexpectedtovestisrevisedaccordingly.Onthevestingdate,theestimatednumberisequaltothenumberofequityinstrumentsthatareultimatelyvested.XIII.Commitments
1.Significantcommitments
| 2025 | 2024 |
Contractsenteredintobutnotperformedor
partiallyperformed
| Contractsenteredintobutnotperformedorpartiallyperformed | 13,708,563,799 | 28,280,123,927 | ||
| Contractsauthorisedbutnotenteredinto | 69,745,879,437 | 85,050,646,514 | ||
| ? | ||||
| Total | 83,454,443,236 | 113,330,770,441 |
TheGroup’scontractsauthorisedbutnotenteredintomainlyincludedfixedassetsandprojectequipmentplannedtopurchaseinsubsequentyears.
2.ContingenciesAsof31December2025,theGrouphasnomaterialcontingentliabilitiesrequiringdisclosure.XIV.EventsafterthebalancesheetdateOnMarch30,2026,theBoardofDirectorsoftheCompanyheldameetingandproposedtheprofitdistributionplanfortheyear2025,recommendingacashdividenddistributionofRMB2,074,482,372(i.e.,acashdividendofRMB0.56per10shares).
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XV.Othersignificantevents
1.SegmentreportingconsiderationsTheGroupmanagementreviewstheoperationperformanceandallocatesresourcesaccordingtothebusinesssegmentsbelow.(a)Displaybusiness—Thedisplaybusinessintegratesdesignandmanufacturingofdisplaydevices
andstrivestoofferTFT-LCD,AMOLEDandotherintelligentinterfacedevices.Thisbusinessfocusesonprovidinghigh-qualitysmartphones,tabletPCs,laptops,monitors,TVs,vehiclesandotherdisplaydevicesforcustomers.(b)IoTInnovationBusiness-Designintegratedmanufacturingmodelsforsystemsolutions,provide
customerswithhighlycompetitivesmartterminalproductsinfieldssuchastablets,laptops,displays,televisions,low-powerconsumption,IoT,3Ddisplays,etc.,andcreateinnovativeIoTproductsandservicesthatintegratesoftwareandhardwarebyintegratingAIandbigdatafunctions.(c)SensingBusiness-Designintegratedmanufacturingmodelsforsystemsolutions,focusingon
FPXD,smartwindows,industrialsensing,MEMS,andglassbasedsealingloadingplatebusinesses.WeprovidecustomerswithproductsandservicesincludingX-rayflatpaneldetectorbackboards,intelligentdimmingwindowsanddimmingsystemsolutions,consumerelectronicsandindustrialapplicationsolutions,advancedpackagingcarriers,andmore.(d)MLEDbusiness-integratedmodelforresearch,development,manufacturing,sales,and
integrationofLEDdisplaysolutions,focusingondevicesandsolutions,providinghigh-qualityandhighlyreliableLEDbacklightproductsforTV,display,laptop,car,andotherfields;besides,itprovidesMini/Micro-LEDdisplayproductswithhighbrightness,strongreliabilityandhighcontrastforuseinoutdoordisplay,commercialdisplay,transparentdisplay,specialdisplayandotherscenarios.(e)Smartmedicineandengineeringbusiness-Thesmartmedicineandengineeringbusinessisaprofessionalservicemodel,providingservicesandsolutionsinhealthcare,intelligentrehabilitation,andmedical-engineeringintegrationproducts.Meanwhile,thesmartmedicineandengineeringbusinessiscommittedtobuildingaclosedloopoffull-cyclehealthserviceswithhealthmanagementasthecore,medical-engineeringterminalsasthetraction,digitalhospitalsandrehabilitationcommunitiesasthesupport,tocreateanintelligenthealthmanagementecosystem,toconnecttestingequipment,healthcarepersonnelandcustomers,andtoprovidecustomerswiththe"prevision-treatment-nursing"full-chainedhealthservices.(f)Others-Inadditiontotheabovebusinesses,theGroupprovidessoftware-hardwarefusionand
systemintegrationsolutionsfordifferentindustries.Specifically,itincludesmultiplesubareassuchassmartcarconnectivity,smartenergy,industrialconnectivity,andultrahighdefinitiondisplays,providingcustomerswithmultifunctionalandintelligentIoTsubscenariosandnewexperiences.ThemainreasontoseparatethesegmentsisthattheGroupindependentlymanagesthedisplaybusiness,IoTinnovationbusiness,sensorandapplicationsolutions,MLEDandsmartmedicineandengineeringandotherbusinesses.Asthesebusinesssegmentsmanufactureandsaledifferentproducts,applydifferentmanufacturingprocessesandspecifiesingrossprofit,thebusinesssegmentsaremanagedindependently.Themanagementevaluatestheperformanceandallocatesresourcesaccordingtotheprofitofeachbusinesssegmentanddoesnottakefinancingcostandinvestmentincomeintoaccount.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XV.Othersignificantevents(continued)
2.AccountingpoliciesforthemeasurementsofreportingsegmentsForthepurposesofassessingsegmentperformance,theGroup’smanagementregularlyreviewstherevenueandcostsattributabletoeachreportablesegment.Inter-segmentsalesaredeterminedwithreferencetopriceschargedtoexternalpartiesforsimilarorders.
| 2025 | ||||||||||||
| Displaybusiness | IoTinnovationbusiness | Sensorbusiness | MLEDbusiness | Smartmedicine&engineeringbusiness | Othersandoffsetting | Total | ||||||
Revenue
| Revenue | 166,417,015,418 | 38,949,236,781 | 587,444,558 | 9,316,052,632 | 1,902,021,967 | (12,581,548,468 | ) | 204,590,222,888 | |||||||
| Costofsales | 144,918,410,654 | 34,398,776,981 | 429,092,455 | 8,755,995,359 | 1,918,849,507 | (17,819,080,945 | ) | 172,602,044,011 |
2024
| 2024 | ||||||||||||
| Displaybusiness | IoTinnovationbusiness | Sensorbusiness | MLEDbusiness | Smartmedicine&engineeringbusiness | Othersandoffsetting | Total | ||||||
Revenue
| Revenue | 165,003,592,549 | 33,828,880,608 | 386,471,446 | 8,483,421,034 | 1,839,415,166 | (11,161,175,142 | ) | 198,380,605,661 | |||||||
| Costofsales | 143,955,472,188 | 30,247,926,452 | 304,425,278 | 7,993,316,575 | 1,899,758,297 | (16,178,949,217 | ) | 168,221,949,573 |
TheGroupdevelopsvariousbusinessesbyusingcommonassetsandliabilitiesandtherefore,itcouldnotanalyseassetsandliabilitiesofeachreportablesegmentrespectivelybybusiness
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XV.Othersignificantevents(continued)
3.Secondarysegmentreporting(regionalsegments)ExternalrevenueThefollowingtablesetsoutinformationaboutthegeographicallocationoftheGroup’soperatingincomefromexternalcustomers:
| Operatingincomefromexternalcustomers | ||
| 2025 | 2024 | |
MainlandChina
| MainlandChina | 102,754,305,370 | 99,522,213,629 | ||
| Otherregions | 101,835,917,518 | 98,858,392,032 | ||
| ? | ||||
| Total | 204,590,222,888 | 198,380,605,661 |
Thegeographicalinformationisbasedonthelocationofcustomersreceivingtheservicesorgoods.Non-currentassetsThegeographicallocationofthespecifiednon-currentassetsisbasedonthephysicallocationoftheasset,inthecaseoffixedassets;thelocationoftheoperationtowhichtheyareallocated,inthecaseofintangibleassetsandgoodwill;andthelocationofoperations,inthecaseofinterestsinassociatesandjointventures.Mostofthenon-currentassetsintheGrouparelocatedintheMainlandChina.
4.MajorcustomersTheGrouphas1customer(2024:1),theoperatingincomefromwhichisover10%oftheGroup’stotaloperatingincome.RevenuefromthiscustomeramountedtoRMB27,361,878,462yuan(2024:RMB29,896,086,331yuan).XVI.Notestokeyitemsofthecompanyfinancialstatements
1.Accountsreceivable
(1)Anageinganalysisofaccountsreceivableisasfollows:
| 2025 | 2024 |
Within1year
| Within1year | 1,757,974,878 | 3,217,732,115 | ||
| 1to2years | 102,626,142 | 1,322,026 | ||
| 2to3years | 1,028,594 | 785,947 | ||
| Over3years | 340,611,524 | 340,575,549 | ||
| 2,202,241,138 | 3,560,415,637 |
Less:Provisionforbadanddoubtfuldebts
| Less:Provisionforbadanddoubtfuldebts | 3,248,761 | 3,248,761 |
Total
| Total | 2,198,992,377 | 3,557,166,876 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
1.Accountsreceivable(continued)
(2)Accountsreceivablebyprovisioningmethod2025
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | ||||||||||
| -Customerswithhighcreditrisk | 3,248,761 | 0.15 | 3,248,761 | 100.00 | - | |||||
| -Customerswithlowcreditrisk | 2,198,784,663 | 99.84 | - | - | 2,198,784,663 |
Collectiveassessment
| Collectiveassessment | ||||||||||
| -Customerswithmediumcreditrisk | 207,714 | 0.01 | - | - | 207,714 |
Total
| Total | 2,202,241,138 | 100.00 | 3,248,761 | 0.15 | 2,198,992,377 |
2024
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | ||||||||||
| -Customerswithhighcreditrisk | 3,248,761 | 0.09 | 3,248,761 | 100.00 | - | |||||
| -Customerswithlowcreditrisk | 3,556,844,804 | 99.90 | - | - | 3,556,844,804 |
Collectiveassessment
| Collectiveassessment | ||||||||||
| -Customerswithmediumcreditrisk | 322,072 | 0.01 | - | - | 322,072 |
Total
| Total | 3,560,415,637 | 100.00 | 3,248,761 | 0.09 | 3,557,166,876 |
(a)Criteriaforcollectiveassessmentanddetails
| Customergroup | Basis |
Customerswithhighcreditrisk
| Customerswithhighcreditrisk | Withspecialmatters,litigationsorthedeteriorationofcustomers’creditstatus |
| Customerswithlowcreditrisk | Banks,insurancecompanies,largestate-ownedenterprisesandpublicinstitutions |
| Customerswithmediumcreditrisk | Customersnotincludedingroupsabove |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
1.Accountsreceivable(continued)
(2)Accountsreceivablebyprovisioningmethod(continued)(b)AssessmentofECLsonaccountsreceivableAtalltimestheGroupmeasurestheimpairmentlossforaccountsreceivableatanamountequaltolifetimeECLs,andtheECLsarebasedonthenumberofoverduedaysandtheexpectedlossrate.AccordingtotheGroup’shistoricalexperience,differentlossmodelsareapplicabletodifferentcustomergroups.
(3)DetailsofallowancefordoubtfuldebtsMovementsofprovisionsforbadanddoubtfuldebts：
BalanceatthebeginningandendoftheyearCustomerswithhighcreditrisk
| Customerswithhighcreditrisk | 3,248,761 |
(4)FivelargestaccountsreceivableandcontractassetsbydebtorattheendoftheyearAsat31December2025,thecompanyofthefivelargestaccountsreceivableandcontractassetsoftheGroupattheendoftheyearisRMB1,831,932,830,representing83%ofthetotalaccountsreceivableandcontractassets.
2.Otherreceivables
| 2025 | 2024 |
Dividendsreceivable
| Dividendsreceivable | 457,514,291 | 1,625,667,171 | ||
| Others | 21,793,810,012 | 30,450,047,947 | ||
| ? | ||||
| Total | 22,251,324,303 | 32,075,715,118 |
Others
(1)TheageinganalysisoftheGroup’sotherreceivablesisasfollows
| 2025 | 2024 |
Within1year
| Within1year | 4,273,657,247 | 14,613,008,207 | ||
| 1to2years | 6,491,909,842 | 15,566,224,475 | ||
| 2to3years | 10,831,614,742 | 133,433,055 | ||
| Over3years | 200,586,721 | 141,331,367 | ||
| 21,797,768,552 | 30,453,997,104 |
Less:Provisionforbadanddoubtfuldebts
| Less:Provisionforbadanddoubtfuldebts | 3,958,540 | 3,949,157 | ||
| ? | ||||
| Total | 21,793,810,012 | 30,450,047,947 |
Theageingiscountedstartingfromthedatewhenotherreceivablesarerecognised.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
2.Otherreceivables(continued)
(2)Theotherreceivablescategorisedbynature
| 2025 | 2024 |
Currentaccounts(Note)
| Currentaccounts(Note) | 21,548,637,554 | 30,195,532,432 | ||
| Others | 249,130,998 | 258,464,672 | ||
| 21,797,768,552 | 30,453,997,104 |
Less:Provisionforbadanddoubtfuldebts
| Less:Provisionforbadanddoubtfuldebts | 3,958,540 | 3,949,157 |
Total
| Total | 21,793,810,012 | 30,450,047,947 |
Note：Asof31December2025and31December2024,thecompany'scurrentaccountsmainlyconsistedofloansreceivablefromsubsidiaries.
(3)Otherreceivablesbyprovisioningmethod2025
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | |||||
| Amount | Percentage | Amount | Percentage | ||||
| (%) | (%) | ||||||
Individualassessment
| Individualassessment | |||||||||
| -Amountswithhighcreditrisk | 3,958,540 | 0.02 | 3,958,540 | 100.00 | - | ||||
| -Amountswithlowcreditrisk | 21,793,810,012 | 99.98 | - | - | 21,793,810,012 |
Total
| Total | 21,797,768,552 | 100.00 | 3,958,540 | 0.02 | 21,793,810,012 |
2024
| Bookvalue | Provisionforbadanddoubtfuldebts | Carryingamount | ||||||
| Amount | Percentage | Amount | Percentage | |||||
| (%) | (%) | |||||||
Individualassessment
| Individualassessment | |||||||||
| -Amountswithhighcreditrisk | 3,949,157 | 0.01 | 3,949,157 | 100.00 | - | ||||
| -Amountswithlowcreditrisk | 30,450,047,947 | 99.99 | - | - | 30,450,047,947 |
Total
| Total | 30,453,997,104 | 100.00 | 3,949,157 | 0.01 | 30,450,047,947 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
2.Otherreceivables(continued)
(3)Otherreceivablesbyprovisioningmethod(continued)Themovementsoftheprovisionforbaddebtsprovidedforotherreceivablesbasedon12-monthECLandlifetimeECLrespectivelyareasfollows:
| Stage3 |
| LifetimeECL(credit-impaired) |
Balanceatthebeginningoftheyear
| Balanceatthebeginningoftheyear | 3,949,157 | |
| Additionsduringtheyear | 9,383 |
Balanceattheendoftheyear
| Balanceattheendoftheyear | 3,958,540 |
(4)FivelargestotherreceivablesbydebtorattheendoftheyearAsof31December2025,thetopfiveotheraccountsreceivableinthecompany'sbookbalanceamountedtoRMB17,171,574,287,accountingfor79%ofthetotalyear-endbalanceofotheraccountsreceivable.Thenatureoftheaccountsreceivableismainlyloansfromsubsidiaries,andafterevaluation,noprovisionforbaddebtsisrequired.
3.Long-termequityinvestments
| 2025 | 2024 |
Investmentsinsubsidiaries
| Investmentsinsubsidiaries | 215,951,719,233 | 200,829,541,576 | ||
| Investmentsinassociatesandjointventures | 7,167,349,953 | 2,362,000,389 | ||
| ? | ||||
| Total | 223,119,069,186 | 203,191,541,965 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
3.Long-termequityinvestments(continued)Investmentsinsubsidiaries
| Movementsduringtheyear | |||||||||||||
| Nameofentity | Balanceatthebeginningoftheyear | Increaseininvestments | Share-basedpayments | Reductionsduringtheyear | Balanceattheendoftheyear | Balanceofprovisionforimpairmentatthebeginningoftheyear | Balanceofprovisionforimpairmentattheendoftheyear | ||||||
ChengduBOEOptoelectronicsTechnologyCo.,Ltd.
| ChengduBOEOptoelectronicsTechnologyCo.,Ltd. | 25,144,351,769 | - | 122,344 | - | 25,144,474,113 | - | - | ||||||
| MianyangBOEOptoelectronicsTechnologyCo.,Ltd. | 22,349,926,566 | - | (170,241 | - | 22,349,756,325 | - | - | ||||||
| FuzhouBOEOptoelectronicsTechnologyCo.,Ltd. | 15,245,602,817 | 444,468,133 | 40,579 | - | 15,690,111,529 | - | - | ||||||
| WuhanBOE | 12,533,302,733 | - | - | - | 12,533,302,733 | - | - | ||||||
| OrdosYuanshengOptoelectronicsCo.,Ltd. | 11,817,053,346 | - | - | - | 11,817,053,346 | - | - | ||||||
| HefeiXinshengOptoelectronicsTechnologyCo.,Ltd. | 10,430,796,372 | - | 284,661 | - | 10,431,081,033 | - | - | ||||||
| BOEHealthcareInvestment&ManagementCo.,Ltd. | 10,136,833,696 | 1,030,000,000 | - | - | 11,166,833,696 | - | - | ||||||
| ChongqingBOEDisplay | 10,019,599,110 | - | 41,186 | - | 10,019,640,296 | - | - | ||||||
| BeijingBOEDisplayTechnologyCo.,Ltd. | 9,049,663,743 | - | 324,964 | - | 9,049,988,707 | - | - | ||||||
| HefeiDisplayTechnology | 8,984,024,522 | - | - | - | 8,984,024,522 | - | - | ||||||
| ChengduBOEDisplaySci-tech | 7,562,546,220 | - | (48,503 | - | 7,562,497,717 | - | - | ||||||
| ChuangyuanTechnology | 7,427,158,963 | 4,075,108,700 | (47,897 | - | 11,502,219,766 | - | - | ||||||
| NanjingDisplayTechnology | 5,604,272,903 | - | (48,503 | - | 5,604,224,400 | - | - | ||||||
| BeijingBOEVision-electronicTechnologyCo.,Ltd. | 5,157,858,263 | 250,000,000 | - | - | 5,407,858,263 | - | - | ||||||
| BOEInnovationInvestmentCo.,Ltd. | 4,777,308,507 | 1,032,500,000 | - | - | 5,809,808,507 | - | - | ||||||
| BeijingBOESensingTechnologyCo.,Ltd. | 4,589,006,285 | 206,000,000 | (129,662 | - | 4,794,876,623 | - | - | ||||||
| ChengduDisplayTechnology | 4,499,865,000 | 6,999,535,000 | 40,579 | - | 11,499,440,579 | - | - | ||||||
| ChongqingBOEOptoelectronicsTechnologyCo.,Ltd. | 4,228,393,682 | - | 40,579 | - | 4,228,434,261 | - | - | ||||||
| BOEOptoelectronicsHoldingCo.,Ltd. | 3,487,684,762 | - | - | - | 3,487,684,762 | - | - | ||||||
| SmartTechnology | 2,936,444,400 | 72,210,000 | - | - | 3,008,654,400 | - | - | ||||||
| HefeiBOEOptoelectronicsTechnologyCo.,Ltd. | 2,779,559,286 | - | - | - | 2,779,559,286 | - | - | ||||||
| BOEHCSemiTekCorporation | 2,083,597,236 | - | - | - | 2,083,597,236 | - | - | ||||||
| BOEMledTechnologyCo.,Ltd. | 1,640,914,551 | 417,000,000 | 81,158 | - | 2,057,995,709 | - | - | ||||||
| YunnanInvensightOptoelectronicsTechnologyCo.,Ltd | 1,522,715,006 | - | (170,241 | - | 1,522,544,765 | - | - | ||||||
| MianyangElectronicsTechnology | 1,467,000,000 | 113,000,000 | - | - | 1,580,000,000 | - | - | ||||||
| BOE(Hebei)MobileTechnologyCo.,Ltd. | 1,356,796,294 | - | - | - | 1,356,796,294 | - | - | ||||||
| BeijingBOEEnergyTechnologyCo.,Ltd. | 858,892,813 | - | - | - | 858,892,813 | - | - | ||||||
| BOEOpticalScienceandtechnologyCo.,Ltd. | 670,638,292 | - | 40,579 | - | 670,678,871 | - | - | ||||||
| HefeiBOEZhuoyinTechnologyCo.,Ltd. | 606,269,816 | 276,401,977 | - | - | 882,671,793 | - | - | ||||||
| HefeiBOEXingyuTechnologyCo.,Ltd. | 507,153,667 | - | - | - | 507,153,667 | - | - | ||||||
| BeijingYingheCenturyCo.,Ltd. | 360,643,405 | - | 40,579 | - | 360,683,984 | - | - | ||||||
| BeijingBOESolarEnergyTechnologyCo.,Ltd. | 221,274,084 | 30,000,000 | - | - | 251,274,084 | - | - | ||||||
| BeijingShiyanTechnologyCo.,Ltd. | 168,899,524 | - | - | - | 168,899,524 | - | - | ||||||
| BeijingZhongxiangyingTechnologiesCo.,Ltd. | 102,547,815 | - | - | - | 102,547,815 | - | - | ||||||
| BOEHyundaiLCD(Beijing)DisplayTechnologyCo.,Ltd. | 42,614,481 | - | - | - | 42,614,481 | - | - | ||||||
| BeijingBOEMarketingCo.,Ltd. | 32,139,650 | - | - | - | 32,139,650 | - | - | ||||||
| FuzhouBOEDisplay | 23,060,520 | - | - | - | 23,060,520 | - | - | ||||||
| BeijingBOEVacuumElectronicsCo.,Ltd. | 20,211,313 | - | - | - | 20,211,313 | - | - | ||||||
| DongfangChengqi(Beijing)BusinessTechnologyCo.,Ltd. | 16,614,833 | - | - | - | 16,614,833 | - | - | ||||||
| BeijingBOETechnologyDevelopmentCo.,Ltd | 13,156,190 | - | - | - | 13,156,190 | - | - | ||||||
| BeijingBOELandCo.,Ltd. | 10,236,970 | - | - | - | 10,236,970 | - | - | ||||||
| BeijingBOELifeTechnologyCo.,Ltd. | 10,000,000 | - | - | - | 10,000,000 | - | - | ||||||
| BOEKOREACo.,Ltd | 9,638,256 | - | - | - | 9,638,256 | - | - | ||||||
| BeijingBOESemi-conductorCo.,Ltd. | 9,450,000 | - | - | - | 9,450,000 | - | - | ||||||
| BeijingMatsushitaColourInnovationCo.,Ltd. | 6,797,248 | - | - | - | 6,797,248 | - | - | ||||||
| BeijingBOEMaterialsTechnologyCo.,Ltd. | - | 175,000,000 | - | - | 175,000,000 | - | - | ||||||
| Others(note) | 307,026,667 | - | 511,686 | - | 307,538,353 | - | - | ||||||
| ? | |||||||||||||
| Total | 200,829,541,576 | 15,121,223,810 | 953,847 | - | 215,951,719,233 | - | - |
Note：Othersrepresentedequity-settledshare-basedpaymentsgrantedbytheCompanytoemployeesofothersubsidiaries.ForinformationaboutthemajorsubsidiariesoftheCompany,refertoNoteVIII.1.
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
3.Long-termequityinvestments(continued)Investmentinjointventuresandassociates
| BalanceatthebeginningoftheyearBookvalue | BalanceatthebeginningoftheyearProvisionforimpairment | Movementsduringtheyear | BalanceattheendoftheyearBookvalue | BalanceattheendoftheyearProvisionforimpairment | |||||||||||||
| Additionsduringtheyear | Reductionsduringtheyear | Investment(loss)/incomeunderequitymethod | Othercomprehensiveincome | Otherequitymovements | Declareddistributionofcashdividends | ||||||||||||
Associates
| Associates | |||||||||||||||||||
| BeijingXindongnengInvestmentFund(LimitedPartnership) | 922,008,650 | - | - | - | 8,470,345 | (5,384,695 | ) | - | (205,607,242 | ) | 719,487,058 | - | |||||||
| ErdosBOEEnergyInvestmentCo.,Ltd. | 135,677,369 | - | - | - | (448,410 | ) | - | - | - | 135,228,959 | - | ||||||||
| Others | 1,304,314,370 | - | 5,090,723,466 | - | 80,102,410 | 43,732,762 | (21,939,236 | ) | (184,299,836 | ) | 6,312,633,936 | - | |||||||
| ? | |||||||||||||||||||
| ?Total | 2,362,000,389 | - | 5,090,723,466 | - | 88,124,345 | 38,348,067 | (21,939,236 | ) | (389,907,078 | ) | 7,167,349,953 | - |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
XVIII.Notestokeyitemsofthecompanyfinancialstatements(continued)
4.Otherpayables
| 2025 | 2024 |
Dividendspayable
| Dividendspayable | 6,451,170 | 6,451,170 | ||
| Otherpayables | 3,541,040,003 | 3,464,889,503 | ||
| ? | ||||
| Total | 3,547,491,173 | 3,471,340,673 |
Otherpayables
(1)TheCompany’sotherpayablesbycategoryareasfollows
| 2025 | 2024 |
Amountsdueto/fromsubsidiaries
| Amountsdueto/fromsubsidiaries | 2,829,255,955 | 3,075,540,118 | ||
| Equitytransferconsideration | 492,419,483 | - | ||
| Repurchaseobligationofrestrictedshares | - | 211,839,210 | ||
| Purchaseofprojects,equipmentandintangibleassets | 136,799,852 | 94,897,198 | ||
| Others | 82,564,713 | 82,612,977 | ||
| ? | ||||
| Total | 3,541,040,003 | 3,464,889,503 |
5.Long-termborrowings
| 2025 | 2024 |
Unsecuredborrowings
| Unsecuredborrowings | 47,002,821,293 | 52,243,655,504 |
Less:Long-termborrowingsduewithinoneyear
| Less:Long-termborrowingsduewithinoneyear | 7,337,560,293 | 10,986,055,504 | ||
| ? | ||||
| Total | 39,665,261,000 | 41,257,600,000 |
TheinterestrateofRMBlong-termloansfortheCompanyrangedfrom1.20%to2.90%in2025(2024:
1.20%to3.10%).
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025ExpressedinRenminbiYuan
6.Operatingincomeandoperatingcosts
(1)Operatingincomeandoperatingcosts
| 2025 | 2024 | |||||
| Income | Cost | Income | Cost | |||
Principalactivities
| Principalactivities | 4,861,848,847 | 24,566,651 | 5,514,699,140 | 9,430,925 | ||||
| Otheroperatingactivities | 98,818,512 | 13,273,953 | 43,411,212 | 2,028,596 | ||||
| ? | ? | ? | ||||||
| Total | 4,960,667,359 | 37,840,604 | 5,558,110,352 | 11,459,521 | ||||
| ? | ? | ? | ||||||
| Including:Revenuefromcontractswithcustomers | 4,850,735,213 | 24,045,224 | 5,452,693,863 | 1,788,997 | ||||
| Otherincome | 109,932,146 | 13,795,380 | 105,416,489 | 9,670,524 |
7.Investmentincome
| 2025 | 2024 |
Incomefromlong-termequityinvestments
accountedforusingthecostmethod
| Incomefromlong-termequityinvestmentsaccountedforusingthecostmethod | 1,233,764,543 | 2,113,201,157 | |||
| Income/(loss)fromlong-termequityinvestmentsaccountedforusingtheequitymethod | 88,124,345 | (476,270,739 | ) | ||
| Investmentincomefromdisposaloflong-termequityinvestments | 4,462,440 | - | |||
| Others | 12,053,375 | 71,214,434 | |||
| ? | |||||
| Total | 1,338,404,703 | 1,708,144,852 |
BOETechnologyGroupCo.,Ltd.NOTESTOFINANCIALSTATEMENTS(CONTINUED)31December2025
ExpressedinRenminbiYuan
1.Non-recurringGainsandLosses:ItemsandAmounts
2025Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-
offs)
| Gainorlossondisposalofnon-currentassets(inclusiveofimpairmentallowancewrite-offs) | 467,024,249 |
| Publicsubsidieschargedtocurrentprofitsandlosses(exclusiveofpublicgrantscloselyrelatedtotheCompany’snormalbusinessoperations,incompliancewithnationalpolicies,enjoyedaccordingtodeterminedcriteria,andwithacontinuousimpactontheCompany’sprofitsandlosses) | 1,156,541,377 |
| Theprofitsorlossesgeneratedfromchangesinfairvaluearisingfromfinancialassetsandfinancialliabilitiesheldbynon-financialenterprisesandtheprofitsorlossesfromthedisposalofsuchfinancialassetsandfinancialliabilities,exceptfortheeffectivehedgingbusinessrelatedtothecompany’snormalbusinessoperations | 490,447,697 |
| Reversalofprovisionforimpairmentofreceivablesthathavebeenindividuallytestedforimpairment | 6,137,798 |
| Theincomegeneratedwhentheinvestmentcostofacquiringsubsidiaries,associates,andjointventuresislessthanthefairvalueoftheidentifiablenetassetsoftheinvestedentitythattheenterpriseshouldenjoywhenobtainingtheinvestment | 242,086,567 |
| Non-operatingincomeandexpensesotherthantheabove | 28,513,604 |
| Sub-total | 2,390,751,292 |
Incometaxeffects
| Incometaxeffects | 450,136,684 |
Non-controllinginterestseffectsaftertaxation
| Non-controllinginterestseffectsaftertaxation | 313,987,379 |
Total
| Total | 1,626,627,229 |
2.Returnonnetassetsandearningspershare
| Weightedaveragereturnonnetassets(%) | Earningspershare | |||
| Basicearningspershare | Dilutedearningspershare | |||
Netprofitsattributabletoordinaryshareholdersofthe
Company
| NetprofitsattributabletoordinaryshareholdersoftheCompany | 4.39 | 0.16 | 0.16 | ||
| NetprofitsattributabletoordinaryshareholdersoftheCompanybeforenon-recurringgainsandlosses | 3.17 | 0.11 | 0.11 |