FIRST QUARTER REPORT 2018
April 2018
BOE Technology Group Co., Ltd. First Quarter Report 2018 Part I Important Notes
The Board of Directors (or the “Board”), the Supervisory Board as well as the Directors, Supervisors and senior management of BOE Technology Group Co., Ltd. (inclusive of its consolidated subsidiaries, the “Company”; exclusive of its subsidiaries, the “Parent Company”, except where the context otherwise requires) hereby guarantee the factuality, accuracy and completeness of the contents of this Report, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions in this Report. All theCompany’s Directors have attended the Board meeting for the review of this Report. Mr. Wang Dongsheng, theCompany’s legal representative, Mr. Chen Yanshun, President of the Execution Committee (Chief Executive Officer) of the Company, Ms. Sun Yun, theCompany’s Chief Financial Officer, and Ms. Yang Xiaoping, head of theCompany’s financial department (equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate and complete.
This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail.
BOE Technology Group Co., Ltd. First Quarter Report 2018 Part II Key Corporate Information
I Key Financial Information
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes√ No
|||||
|-|-|-|-|
|Item|January-March 2018|January-March 2017|Change|
|Sales revenue (RMB)|21,566,813,037.00|21,854,974,362.00|-1.32%|
|Net income attributable to shareholders of|2,018,692,554.00|2,413,015,650.00|-16.34%|
|the listed company (RMB)||||
|Net income attributable to shareholders of|973,191,629.00|2,301,442,129.00|-57.71%|
|the listed company before nonrecurring||||
|gains and losses (RMB)||||
|Net cash flows from operating activities|7,198,088,816.00|6,216,049,821.00||
||||15.80%|
|(RMB)||||
|Basic earnings per share (RMB/share)|0.058|0.069|-15.94%|
|Diluted earnings per share (RMB/share)|0.058|0.069|-15.94%|
|Weighted average return on equity (%)|2.35%|3.02%|-0.67%|
|Item|March 31, 2018|December 31, 2017|Change|
|Total assets (RMB)|262,729,417,350.00|256,108,741,849.00|2.59%|
|Equity attributable to shareholders of the|86,611,338,154.00|84,809,816,377.00||
||||2.12%|
|listed company (RMB)||||

Nonrecurring gains and losses:
√ Applicable□ Not applicable
Unit: RMB
||||
|-|-|-|
|Item|January-March 2018|Note|
|Gains and losses on disposal of non-current assets (inclusive of offset allowance for|||
||2,268,256.00|N/A|
|asset impairments)|||
|Tax rebates, reductions and exemptions with ultra vires approval or in lack of duly|||
||0.00|N/A|
|approved document|||
|Government subsidies charged to current profit and loss (exclusive of government|||
|subsidies given in the Company’s ordinary course of business at fixed quotas or|1,061,024,730.00|N/A|
|amounts as per government’s uniform standards )|||
|Capital occupation charges on non-financial enterprises that are charged to current|||
||0.00|N/A|
|gains and losses|||
|Income equal to the amount by which investment costs for the Company to obtain|0.00|N/A|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|subsidiaries, associates and joint ventures are lower than the Company’s enjoyable|||
|fair value of identifiable net assets of investees when making investments|||
|Gains and losses on non-monetary asset swap|0.00|N/A|
|Gains and losses on investment or asset management entrustments to other entities|0.00|N/A|
|Allowance for asset impairments due to acts of God such as natural disasters|0.00|N/A|
|Gains and losses on debt restructuring|0.00|N/A|
|Restructuring costs in staff arrangement, integration, etc.|0.00|N/A|
|Gains and losses on over-fair value amount as a result of transactions with|||
||0.00|N/A|
|distinctly unfair prices|||
|Current gains and losses on subsidiaries acquired through business mergers under|||
||0.00|N/A|
|same control from period-beginning to merger dates, net|||
|Gains and losses on contingencies that do not arise in the Company’s ordinary|||
||0.00|N/A|
|course of business|||
|Gains and losses on changes in fair value of trading financial assets and liabilities|||
|& investment income from disposal of trading financial assets and liabilities and|||
||93,646,189.00|N/A|
|available-for-sale financial assets (exclusive of effective portion of hedges that|||
|arise in the Company’s ordinary course of business)|||
|Reversed portion of impairment allowance for accounts receivable which are tested|||
||67,880.00|N/A|
|individually for impairment|||
|Gains and losses on loan entrustment|0.00|N/A|
|Gains and losses on fair value changes in investment property of which subsequent|||
||0.00|N/A|
|measurement is carried out using fair value method|||
|Effects of all adjustments required by taxation, accounting and other applicable|||
||0.00|N/A|
|laws and regulations on current gains and losses|||
|Income from charges on entrusted management|0.00|N/A|
|Non-operating income and expense other than above|7,239,099.00|N/A|
|Other gains and losses that meet definition of nonrecurring gain/loss|0.00|N/A|
|Less: Income tax effects|62,318,035.00|N/A|
|Non-controlling interests effects (net of tax)|49,577,969.00|N/A|
|Total|1,052,350,150.00|--|

 Explanation of why the Company classifies an item as a nonrecurring gain/loss according to the definition in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to thePublic—Nonrecurring Gains and Losses, or reclassifies any nonrecurring gain/loss item listed in the said explanatory announcement as a recurring gain/loss:□ Applicable√ Not applicable
No such cases for the Reporting Period.
BOE Technology Group Co., Ltd. First Quarter Report 2018 II Total Number of Shareholders and Top 10Shareholders’ Holdings at Period-End
1. Numbers of Common Shareholders and Preferred Shareholders with Resumed Voting Rights as well as Holdings of Top 10 Shareholders
Unit: share
||||||||
|-|-|-|-|-|-|-|
|Common shareholders at period-end||1,313,406 (including 1,275,197 A-share holders and 38,209 B-share holders)|||||
|Top 10 shareholders|||||||
|||Shareholding|||Pledged or frozen shares||
||Nature of|percentage at||Restricted|||
|Name of shareholder|||Shares||||
||shareholder|period-end||shares|Status|Shares|
|||(%)|||||
|Beijing State-owned CapitalOperation and ManagementCenter|State-ownedjuridicalperson|11.68%|4,063,333,333|0|||
||||||N/A|0|
|Chongqing EzcapitalOpto-electronics IndustryInvestment Co., Ltd.|State-ownedjuridicalperson|7.62%|2,653,000,041|0|||
||||||N/A|0|
|Hefei Jianxiang InvestmentCo., Ltd.|State-ownedjuridicalperson|7.21%|2,510,142,953|0|||
||||||N/A|0|
|Beijing Yizhuang InvestmentHoldings Limited|State-ownedjuridicalperson|3.57%|1,241,423,641|0|||
||||||N/A|0|
|Beijing BOE Investment &Development Co., Ltd.|State-ownedjuridicalperson|2.36%|822,092,180|0|||
||||||N/A|0|
|National Social Security FundPortfolio 108|Other|1.27%|440,893,536|0|||
||||||N/A|0|
|Hong Kong Securities ClearingCompany Ltd.|Other|1.01%|350,950,718|0|||
||||||N/A|0|
|Beijing Electronics HoldingCo., Ltd.|On behalf ofthegovernment|0.79%|273,735,583|0|||
||||||N/A|0|
|Central Huijin AssetManagement Co., Ltd.|Other|0.71%|248,305,300|0|||
||||||N/A|0|
|National Social Security FundPortfolio 101|Other|0.69%|239,271,500|0|||
||||||N/A|0|
|Top 10 non-restricted shareholders|||||||
|Name of shareholder||Non-restricted shares held at period-end|||Type of shares||

BOE Technology Group Co., Ltd. First Quarter Report 2018
|||||
|-|-|-|-|
|||Type|Shares|
|Beijing State-owned Capital Operation andManagement Center|4,063,333,333|RMB common||
||||4,063,333,333|
|||stock||
|Chongqing Ezcapital Opto-electronicsIndustry Investment Co., Ltd.|2,653,000,041|RMB common||
||||2,653,000,041|
|||stock||
|Hefei Jianxiang Investment Co., Ltd.|2,510,142,953|RMB common||
||||2,510,142,953|
|||stock||
|Beijing Yizhuang Investment HoldingsLimited|1,241,423,641|RMB common||
||||1,241,423,641|
|||stock||
|Beijing BOE Investment & DevelopmentCo., Ltd.|822,092,180|RMB common||
||||822,092,180|
|||stock||
|National Social Security Fund Portfolio 108|440,893,536|RMB common||
||||440,893,536|
|||stock||
|Hong Kong Securities Clearing CompanyLtd.|350,950,718|RMB common||
||||350,950,718|
|||stock||
|Beijing Electronics Holding Co., Ltd.|273,735,583|RMB common||
||||273,735,583|
|||stock||
|Central Huijin Asset Management Co., Ltd.|248,305,300|RMB common||
||||248,305,300|
|||stock||
|National Social Security Fund Portfolio 101|239,271,500|RMB common||
||||239,271,500|
|||stock||
||1. Beijing State-owned Capital Operation and Management Center held 100%|||
||equities of Beijing Electronics Holdings Co., Ltd.|||
||2. Beijing Electronics Holdings Co., Ltd. held 66.25% equities of Beijing BOE|||
||Investment & Development Co., Ltd. and was its controlling shareholder.|||
||3. After the non-public issuing of BOE in 2014, Hefei Jianxiang Investment Co., Ltd.|||
||and Chongqing Capital Photoelectricity Investment Co., Ltd., by entering into|||
||Implementation Protocol of Voting Right respectively, agreed to maintain all of the|||
||shares held by them respectively unanimous with Beijing BOE Investment &|||
||Development Co., Ltd. when executing the voting rights of the shareholders.|||
|Related or acting-in-concert parties among||||
||4. After the non-public issuing of the Company in 2014, Beijing State-owned Capital|||
|shareholders above||||
||Operation and Management Center handed over 70% of the shares directly held by it|||
||to Beijing Electronics Holdings Co., Ltd. for management through Stock|||
||Management Protocol, and Beijing Electronics Holdings Co., Ltd. gained the|||
||incidental shareholders’ rights except for disposing right and usufruct of the shares,|||
||of which the rest 30% voting right maintained unanimous with Beijing Electronics|||
||Holdings Co., Ltd. through the agreement according to Implementation Protocol of|||
||Voting Right.|||
||5. Except for relationship among the above shareholders, the Company is not aware|||
||of whether the other top ten shareholders exist associated relationship or not, or they|||

BOE Technology Group Co., Ltd. First Quarter Report 2018
|||
|-|-|
||are persons acting in concert or not.|
|Shareholders conducting securities margin||
||N/A|
|trading (if any)||

Indicate by tick mark whether any of the top 10 common shareholders or the top 10 non-restricted common shareholders of the Company conducted any promissory repo during the Reporting Period.
□ Yea√ No
No such cases in the Reporting Period.
2. Number of Preferred Shareholders and Shareholdings of Top 10 of Them
□ Applicable√ Not applicable
BOE Technology Group Co., Ltd. First Quarter Report 2018 Part III Significant Events
I Changes in Selected Financial Statement Items and Explanation of why
√ Applicable□ Not applicable
1. Intangible assets as of March 31, 2018 increased70% compared to December 31, 2017, primarily driven by the business mergers during the Reporting Period (January-March 2018).
2. Goodwill as of March 31, 2018 increased268% compared to December 31, 2017, primarily driven by the business mergers during the Reporting Period.
3. Short-term borrowings as of March 31, 2018 decreased30% compared to December 31, 2017, primarily driven by the repayment of certain bank loans in the Reporting Period.
4. Interest payable as of March 31, 2018 decreased82% compared to December 31, 2017, primarily driven by the payment of interest on bonds and loans during the Reporting Period.
5. Deferred income as of March 31, 2018 increased264% compared to December 31, 2017, primarily because the debt forgiveness received during the Reporting Period was considered governmental subsidies associated with assets and was thus recognized in deferred income.
6. Deferred income tax liabilities as of March 31, 2018 increased59% compared to December 31, 2017, primarily driven by the business mergers during the Reporting Period.
7. Asset impairment losses went down54% during the Reporting Period (January-March 2018) compared to the same period of last year (January-March 2017), primarily driven by a decrease in the inventory valuation allowance recorded for the Reporting Period according to the lower of cost and net realizable value.
8. Investment income went up1434% during the Reporting Period compared to the same period of last year, primarily driven by the increase in income from investments inbank’s wealth management products during the Reporting Period.
9. Other income went up700% during the Reporting Period compared to the same period of last year, primarily driven by the increase in governmental subsidies during the Reporting Period.
II Progress, Influence and Solutions Associated with Significant Events
√ Applicable□ Not applicable
1. The Company respectively published Pre-announcement on Reducing the Shares Held by Shareholders owning5% or above Shares (No. 2017-061) and Pre-announcement on Reducing the Shares Held by Shareholders owning5% or above Shares (No. 2017-062) on November 22, 2017 and November 25, 2017. TheCompany’s shareholder Hefei Jianxiang Investment Co., Ltd. and Chongqing Capital Optoelectronics Industry Investment Co., Ltd. were expected to reduce their holding shares no more than1.00% of thecompany’s general capital by means of the centralized bidding within 3 months after 15 business days upon the disclosure of such announcements. Up to January 15, 2018 and January 19, 2018, the above shareholders completed their reducing of holding shares.
2. On June 17, 2017, the Company issued Announcement on Purchasing Shares of SES-imagotag (NO.: 2017-036), the Company proposed to assign its wholly-owned subsidiary on its behalf to purchase more than50.01% shares of SES and consolidateSES’s financial statements together with the joint-venture company SPV established by the Company and the investment platform designated by the SES management. Up to March 16, 2018, SPV purchased 10,789,186 shares from SES in total by means of block trading and comprehensive offer, occupying79.94% ofSES’s issued and outstanding shares, paid the total consideration Euros 323,675,580.
Please refer to Announcement on Completing the Purchase of SES-imagotag Shares (NO.: 2018-017) issued on March 17, 2018 for
BOE Technology Group Co., Ltd. First Quarter Report 2018 detailed information.
3. BOE Technology (HK) Limited, one of theCompany’s wholly-owned subsidiaries, filed a lawsuit before the Beijing HighPeople’s Court over a disputed sales contract against LeTV Mobile Intelligent Information Technology (Beijing) Co., Ltd. (hereinafter referred to as “LeTV Mobile”), LeTV Holdings (Beijing) Co., Ltd., Le Sai Mobile Technology (Beijing) Co., Ltd. and Mr. JiaYueting for approximately USD 41.84 million in total. The court issued the Case Acceptance Notice and the Civil Ruling for property preservation respectively on July 6, 2017 and July 31, 2017. The jurisdiction objection put forward by LeTV Mobile was rejected by the court, and has instituted an appeal on the ruling of such jurisdiction objection to the SupremePeople’s Court. Now, the absolute decree of the SupremePeople’s Court is pending. As for relevant receivables of this lawsuit, the Company has made relevant bad debt provision according to accounting standard. This case is now waiting for thecourt’s trial. Therefore, its effects on the Company are uncertain. 4. The public corporate bonds (Phase 1) of BOE Technology Group Co., Ltd. in 2016 issued to qualified investors by BOE from March 21 to March 22, 2016 reach one year on March 21, 2017. The interest shall be settled once a year within interest accrual period based on the regulations. On March 16, 2018, BOE disclosed “16BOE01” 2017 Announcement of Interest Settlement (No.: 2018-016), specifying that the interest of 10 bonds is RMB31.5 (tax included).
||||
|-|-|-|
|Summary of significant event|Disclosure date|Index to related announcement|
|Announcement on Investment in Construction of Chongqing 6thGeneration AMILED (flexible) Production Line and on RelatedTransactions|||
||03/09/2018|www.cninfo.com.cn|
|Announcement on Investment in Construction of Production Linefor Wuhan Gaoshidai TFT-LCD and Its Matching Projects||www.cninfo.com.cn|
||03/09/2018||
|Announcement on Investment in BOE (Suzhou) Industrial Park|03/09/2018|www.cninfo.com.cn|

III Commitments that theCompany’s Actual Controller, Shareholders, Related Parties and Acquirers, as well as the Company and Other Commitment Makers, Failed to Fulfill on Time during Reporting Period
□ Applicable√ Not applicable
No such cases in the Reporting Period.
IV Operating Result Forecast for January-June 2018
Warning of a forecast loss on or a forecast significant year-over-year change in net income for January-June 2018, as well as explanation of why:
□ Applicable√ Not applicable
BOE Technology Group Co., Ltd. First Quarter Report 2018
V Securities Investments
√ Applicable□ Not applicable
|||||||||||||
|-|-|-|-|-|-|-|-|-|-|-|-|
||||||||Closing|||||
||||Initial||Opening|||||||
|Variety of|Symbol of|||Opening holding||Closing holding|holding||Gain/loss in|||
|||Name of security|investment cost||holding|||Closing book|Reporting|Accounting title|Source|
|security|security|||(share)||(share)|percentag|value (RMB)||||
||||(RMB)||percentage||||Period (RMB)|||
||||||||e|||||
|||TPV Technology||||||||Available-for-sale|Self-owned|
|Stock|HK00903||134,658,158.00|24,360,191|1.04%|24,360,191|1.04%|18,985,975.00|196,070.00|||
|||||||||||financial asset|funds|
|||Electronic Zone||||||||Available-for-sale|Self-owned|
|Stock|SH600658||90,160,428.00|9,819,493|1.69%|9,819,493|1.23%|93,285,184.00|0.00|||
|||||||||||financial asset|funds|
|||||||||||Available-for-sale|Self-owned|
|Stock|HK01963|Bank of Chongqing|120,084,375.00|25,195,000|0.93%|25,195,000|0.81%|123,121,264.00|0.00|||
|||||||||||financial asset|funds|
|||BlackRock Global||||||||||
|||||||||||Available-for-sale|Self-owned|
|Funds|BLK|Allocation Fund A2|4,004,297.00|16,989|0.06%|16,989|0.06%|6,019,693.00|0.00|||
|||||||||||financial asset|funds|
|||USD||||||||||
|||||||||||Available-for-sale|Self-owned|
|Stock|HK06066|China Securities|70,041,364.00|11,387,500|0.16%|11,387,500|0.16%|59,570,389.00|0.00|||
|||||||||||financial asset|funds|
|||New Century||||||||Available-for-sale|Self-owned|
|Stock|HK01518||141,558,280.00|21,550,000|4.49%|21,550,000|4.40%|187,139,483.00|0.00|||
|||Healthcare||||||||financial asset|funds|
|Domestic/||||145,306|0.02%|145,306|0.02%|266,360.00|0.00|||
|||Z-Obee Holdings||||||||Available-for-sale|Self-owned|
|overseas|HK00948||0.00|||||||||
|||Ltd.||||||||financial asset|funds|
|stock||||||||||||
|Other securities investments held at the||||||||||||
||||0.00|0|--|0|--|0.00|0.00|--|--|
|period-end||||||||||||
|Total|||560,506,902.00|92,474,479|--|92,474,479|--|488,388,348.00|196,070.00|--|--|

BOE Technology Group Co., Ltd. First Quarter Report 2018
|||
|-|-|
|Disclosure date of announcement on||
||N/A|
|Board’s consent for securities investment||
|Disclosure date of announcement on||
|shareholders’ meeting’s consent for|N/A|
|securities investment (if any)||

VI Investments in Derivative Financial Instruments
□ Applicable√ Not applicable
No such cases in the Reporting Period.
BOE Technology Group Co., Ltd. First Quarter Report 2018 VII Visits Paid to the Company for Purposes of Research, Communication, Interview, etc. during Reporting Period
√ Applicable□ Not applicable
|||||
|-|-|-|-|
|Date of visit|Way of visit|Type of visitor|About|
|01/10/2018|By one-on-one meeting|Institution||
|01/15/2018|By one-on-one meeting|Institution||
|01/16/2018|By one-on-one meeting|Institution||
|01/17/2018|By one-on-one meeting|Institution||
|01/19/2018|By phone|Institution||
|01/22/2018|By one-on-one meeting|Institution||
|01/24/2018|By one-on-one meeting|Institution||
|01/25/2018|By one-on-one meeting|Institution||
||||Main content discussed:|
|03/01/2018|By one-on-one meeting|Institution||
||||1. Performance of the Company and|
|03/07/2018|By one-on-one meeting|Institution||
||||industrial situation;|
|03/08/2018|By one-on-one meeting|Institution||
||||2. Main operating information of the|
|03/09/2018|By one-on-one meeting|Institution|Company;|
|03/12/2018|By one-on-one meeting|Institution|3. Technology and product innovation|
||||4. Future strategic layout.|
|03/13/2018|By one-on-one meeting|Institution||
||||See www.cninfo.com.cn for details.|
|03/14/2018|By one-on-one meeting|Institution||
|03/15/2018|By one-on-one meeting|Institution||
|03/16/2018|By one-on-one meeting|Institution||
|03/20/2018|By one-on-one meeting|Institution||
|03/21/2018|By one-on-one meeting|Institution||
|03/22/2018|By one-on-one meeting|Institution||
|03/23/2018|By phone|Institution||
|03/26/2018|By phone|Institution||
|03/29/2018|By phone|Institution||

VIII Irregularities in Provision of Guarantees for External Parties
□ Applicable√ Not applicable
No such cases in the Reporting Period.
BOE Technology Group Co., Ltd. First Quarter Report 2018 IX Occupation of theCompany’s Money by Its Controlling Shareholder or Related Parties for Non-Operating Purposes
□ Applicable√ Not applicable
No such cases in the Reporting Period.
BOE Technology Group Co., Ltd. First Quarter Report 2018 Part IV Financial Statements
I Financial Statements
1. Consolidated Balance Sheet
Prepared by BOE Technology Group Co., Ltd.
March 31, 2018
Unit: RMB
||||
|-|-|-|
|Item|March 31, 2018|December 31, 2017|
|Current assets:|||
|Monetary assets|54,077,391,428.00|57,128,659,576.00|
|Settlement reserve|0.00|0.00|
|Interbank loans granted|0.00|0.00|
|Financial assets at fair value through profit or loss|0.00|0.00|
|Derivative financial assets|0.00|0.00|
|Notes receivable|784,406,924.00|833,268,127.00|
|Accounts receivable|14,069,001,897.00|15,513,763,252.00|
|Prepayments|593,628,727.00|587,126,751.00|
|Premiums receivable|0.00|0.00|
|Reinsurance receivables|0.00|0.00|
|Receivable reinsurance contract reserve|0.00|0.00|
|Interest receivable|97,251,941.00|89,628,559.00|
|Dividends receivable|196,070.00|0.00|
|Other receivables|722,744,609.00|728,395,573.00|
|Financial assets purchased under resale agreements|0.00|0.00|
|Inventories|10,661,929,415.00|8,957,719,381.00|
|Assets classified as held for sale|0.00|0.00|
|Current portion of non-current assets|25,416,682.00|17,303,152.00|
|Other current assets|15,183,231,091.00|15,924,433,978.00|
|Total current assets|96,215,198,784.00|99,780,298,349.00|
|Non-current assets:|||
|Loans and advances to customers|0.00|0.00|
|Available-for-sale financial assets|831,371,804.00|859,899,356.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Held-to-maturity investments|0.00|0.00|
|Long-term receivables|0.00|0.00|
|Long-term equity investments|7,644,759,426.00|6,928,854,415.00|
|Investment property|1,295,109,525.00|1,296,662,205.00|
|Property, plant and equipment|86,129,707,485.00|88,625,296,761.00|
|Construction in progress|60,573,097,541.00|50,761,250,426.00|
|Construction materials|0.00|0.00|
|Proceeds from disposal of property, plant and equipment|0.00|0.00|
|Productive living assets|0.00|0.00|
|Oil and gas assets|0.00|0.00|
|Intangible assets|5,056,552,295.00|2,982,664,308.00|
|R&D expense|0.00|0.00|
|Goodwill|727,692,724.00|197,963,688.00|
|Long-term prepaid expense|364,417,263.00|379,829,430.00|
|Deferred income tax assets|170,520,725.00|106,255,657.00|
|Other non-current assets|3,720,989,778.00|4,189,767,254.00|
|Total non-current assets|166,514,218,566.00|156,328,443,500.00|
|Total assets|262,729,417,350.00|256,108,741,849.00|
|Current liabilities:|||
|Short-term borrowings|2,270,115,119.00|3,249,736,430.00|
|Borrowings from central bank|0.00|0.00|
|Customer deposits and deposits from banks and other financial|||
||0.00|0.00|
|institutions|||
|Interbank loans obtained|0.00|0.00|
|Financial liabilities at fair value through profit or loss|0.00|0.00|
|Derivative financial liabilities|0.00|0.00|
|Notes payable|684,344,606.00|543,798,835.00|
|Accounts payable|17,314,040,948.00|16,205,788,698.00|
|Advances from customers|849,194,477.00|781,324,522.00|
|Financial assets sold under repurchase agreements|0.00|0.00|
|Handling charges and commissions payable|0.00|0.00|
|Payroll payable|1,271,559,983.00|2,217,066,944.00|
|Taxes payable|889,451,222.00|775,621,146.00|
|Interest payable|149,746,018.00|847,955,186.00|
|Dividends payable|12,286,948.00|9,651,170.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Other payables|14,153,985,996.00|15,264,806,774.00|
|Reinsurance payables|0.00|0.00|
|Insurance contract reserve|0.00|0.00|
|Payables for trading of securities|0.00|0.00|
|Payables for underwriting of securities|0.00|0.00|
|Liabilities directly associated with assets classified as held for sale|0.00|0.00|
|Current portion of non-current liabilities|10,923,746,679.00|9,109,708,511.00|
|Other current liabilities|1,045,504,719.00|730,709,590.00|
|Total current liabilities|49,563,976,715.00|49,736,167,806.00|
|Non-current liabilities:|||
|Long-term borrowings|78,426,221,039.00|78,973,633,010.00|
|Bonds payable|9,968,897,303.00|9,966,467,496.00|
|Including: Preferred shares|0.00|0.00|
|Perpetual bonds|0.00|0.00|
|Long-term payables|1,388,617,933.00|1,176,250,982.00|
|Long-term payroll payable|0.00|0.00|
|Specific payables|0.00|0.00|
|Provisions|16,501,552.00|16,457,010.00|
|Deferred income|8,239,382,253.00|2,261,955,307.00|
|Deferred income tax liabilities|894,221,715.00|563,302,910.00|
|Other non-current liabilities|7,829,151,387.00|9,130,244,495.00|
|Total non-current liabilities|106,762,993,182.00|102,088,311,210.00|
|Total liabilities|156,326,969,897.00|151,824,479,016.00|
|Owners’ equity:|||
|Share capital|34,798,398,763.00|34,798,398,763.00|
|Other equity instruments|0.00|0.00|
|Including: Preferred shares|0.00|0.00|
|Perpetual bonds|0.00|0.00|
|Capital reserves|38,587,939,720.00|38,585,515,122.00|
|Less: Treasury shares|0.00|0.00|
|Other comprehensive income|229,889,143.00|150,602,933.00|
|Specific reserve|0.00|0.00|
|Surplus reserves|889,640,475.00|889,640,475.00|
|General reserve|0.00|0.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Retained earnings|12,105,470,053.00|10,385,659,084.00|
|Total equity attributable to owners of Parent Company|86,611,338,154.00|84,809,816,377.00|
|Non-controlling interests|19,791,109,299.00|19,474,446,456.00|
|Total owners’ equity|106,402,447,453.00|104,284,262,833.00|
|Total liabilities and owners’ equity|262,729,417,350.00|256,108,741,849.00|

 Legal representative: Wang Dongsheng Chief Financial Officer: Sun Yun Head of theCompany’s Financial Department: Yang Xiaoping
2. Parent Company Balance Sheet
Unit: RMB
||||
|-|-|-|
|Item|March 31, 2018|December 31, 2017|
|Current assets:|||
|Monetary assets|4,414,016,786.00|2,990,801,501.00|
|Financial assets at fair value through profit or loss|0.00|0.00|
|Derivative financial assets|0.00|0.00|
|Notes receivable|400,000,000.00|0.00|
|Accounts receivable|41,225,284.00|39,897,385.00|
|Prepayments|16,732,544.00|10,315,083.00|
|Interest receivable|0.00|0.00|
|Dividends receivable|10,600,217.00|10,404,147.00|
|Other receivables|1,512,928,189.00|1,824,727,573.00|
|Inventories|12,328,932.00|12,751,847.00|
|Assets classified as held for sale|0.00|0.00|
|Current portion of non-current assets|3,599,620,000.00|3,648,840,000.00|
|Other current assets|51,082,184.00|61,082,075.00|
|Total current assets|10,058,534,136.00|8,598,819,611.00|
|Non-current assets:|||
|Available-for-sale financial assets|130,959,190.00|149,269,107.00|
|Held-to-maturity investments|0.00|0.00|
|Long-term receivables|0.00|0.00|
|Long-term equity investments|127,111,004,569.00|121,193,680,391.00|
|Investment property|293,775,956.00|292,544,063.00|
|Property, plant and equipment|967,010,132.00|982,985,346.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Construction in progress|276,796,169.00|274,400,649.00|
|Construction materials|0.00|0.00|
|Proceeds from disposal of property, plant and equipment|0.00|0.00|
|Productive living assets|0.00|0.00|
|Oil and gas assets|0.00|0.00|
|Intangible assets|506,102,389.00|530,490,988.00|
|R&D expense|0.00|0.00|
|Goodwill|0.00|0.00|
|Long-term prepaid expense|104,251,664.00|112,776,691.00|
|Deferred income tax assets|132,494,546.00|150,206,185.00|
|Other non-current assets|680,969,226.00|480,909,226.00|
|Total non-current assets|130,203,363,841.00|124,167,262,646.00|
|Total assets|140,261,897,977.00|132,766,082,257.00|
|Current liabilities:|||
|Short-term borrowings|0.00|0.00|
|Financial liabilities at fair value through profit or loss|0.00|0.00|
|Derivative financial liabilities|0.00|0.00|
|Notes payable|0.00|0.00|
|Accounts payable|20,310,060.00|50,152,503.00|
|Advances from customers|1,953,317,415.00|1,375,022,585.00|
|Payroll payable|110,334,751.00|283,000,193.00|
|Taxes payable|168,411,912.00|119,584,927.00|
|Interest payable|44,627,220.00|312,029,252.00|
|Dividends payable|6,451,171.00|6,451,170.00|
|Other payables|13,354,459,387.00|9,713,912,548.00|
|Liabilities directly associated with assets classified as held for sale|0.00|0.00|
|Current portion of non-current liabilities|4,092,620,000.00|4,031,840,000.00|
|Other current liabilities|0.00|0.00|
|Total current liabilities|19,750,531,916.00|15,891,993,178.00|
|Non-current liabilities:|||
|Long-term borrowings|20,660,000,000.00|23,943,000,000.00|
|Bonds payable|9,968,897,303.00|9,966,467,496.00|
|Including: Preferred shares|0.00|0.00|
|Perpetual bonds|0.00|0.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Long-term payables|0.00|0.00|
|Long-term payroll payable|0.00|0.00|
|Specific payables|0.00|0.00|
|Provisions|0.00|0.00|
|Deferred income|6,197,294,120.00|130,652,127.00|
|Deferred income tax liabilities|0.00|0.00|
|Other non-current liabilities|7,600,000,000.00|7,600,000,000.00|
|Total non-current liabilities|44,426,191,423.00|41,640,119,623.00|
|Total liabilities|64,176,723,339.00|57,532,112,801.00|
|Owners’ equity:|||
|Share capital|34,798,398,763.00|34,798,398,763.00|
|Other equity instruments|0.00|0.00|
|Including: Preferred shares|0.00|0.00|
|Perpetual bonds|0.00|0.00|
|Capital reserves|37,590,966,191.00|37,588,541,593.00|
|Less: Treasury shares|0.00|0.00|
|Other comprehensive income|176,534,059.00|192,097,489.00|
|Specific reserve|0.00|0.00|
|Surplus reserves|889,640,475.00|889,640,475.00|
|Retained earnings|2,629,635,150.00|1,765,291,136.00|
|Total owners’ equity|76,085,174,638.00|75,233,969,456.00|
|Total liabilities and owners’ equity|140,261,897,977.00|132,766,082,257.00|

 3. Consolidated Income Statement
Unit: RMB
||||
|-|-|-|
|Item|January-March 2018|January-March 2017|
|1. Operating revenue|21,566,813,037.00|21,854,974,362.00|
|Including: Sales revenue|21,566,813,037.00|21,854,974,362.00|
|Interest revenue|0.00|0.00|
|Premium revenue|0.00|0.00|
|Handling charge and commission revenue|0.00|0.00|
|2. Cost of operating revenue|20,263,550,173.00|18,908,353,214.00|
|Including: Cost of sales|17,087,543,193.00|15,597,540,474.00|
|Interest expense|0.00|0.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Handling charge and commission expense|0.00|0.00|
|Surrenders|0.00|0.00|
|Net claims paid|0.00|0.00|
|Net amount provided as insurance contract reserve|0.00|0.00|
|Expenditure on policy dividends|0.00|0.00|
|Reinsurance premium expense|0.00|0.00|
|Taxes and surtaxes|126,606,726.00|164,990,714.00|
|Selling expense|645,056,446.00|692,246,016.00|
|Administrative expense|1,810,493,873.00|1,502,882,338.00|
|Finance costs|374,634,713.00|478,912,917.00|
|Asset impairment losses|219,215,222.00|471,780,755.00|
|Add: Gains on changes in fair value (“-” for losses)|339,163.00|371,955.00|
|Investment income (“-” for loss)|83,598,808.00|5,451,144.00|
|Including: Share of profit or loss of joint ventures and associates|1,295,650.00|1,524,106.00|
|Foreign exchange gains (“-” for losses)|0.00|0.00|
|Asset disposal income (“-” for loss)|1,632,178.00|-124,730.00|
|Other income|969,676,260.00|121,205,532.00|
|3. Operating income (“-” for loss)|2,358,509,273.00|3,073,525,049.00|
|Add: Non-operating revenue|36,995,667.00|23,697,437.00|
|Less: Non-operating expense|6,417,967.00|17,861,453.00|
|4. Pretax income (“-” for loss)|2,389,086,973.00|3,079,361,033.00|
|Less: Income tax expense|452,265,009.00|474,494,165.00|
|5. Net income (“-” for net loss)|1,936,821,964.00|2,604,866,868.00|
|5.1 Net income from continuing operations (“-” for net loss)|1,936,821,964.00|2,604,866,868.00|
|5.2 Net income from discontinued operations (“-” for net loss)|0|0.00|
|Attributable to owners of Parent Company|2,018,692,554.00|2,413,015,650.00|
|Attributable to non-controlling interests|-81,870,590.00|191,851,218.00|
|6. Other comprehensive income, net of tax|26,569,758.00|22,533,903.00|
|Attributable to owners of Parent Company|79,286,210.00|29,780,126.00|
|6.1 Items that will not be reclassified to profit or loss|0.00|0.00|
|6.1.1 Changes in net liabilities or assets caused by|||
||0.00|0.00|
|re-measurements on defined benefit pension schemes|||
|6.1.2 Share of other comprehensive income of investees that|||
||0.00|0.00|
|will not be reclassified to profit or loss under equity method|||
|6.2 Items that may subsequently be reclassified to profit or loss|79,286,210.00|29,780,126.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|6.2.1 Share of other comprehensive income of investees that|||
||0.00|0.00|
|will be reclassified to profit or loss under equity method|||
|6.2.2 Gains/Losses on changes in fair value of|||
||11,492,337.00|24,733,506.00|
|available-for-sale financial assets|||
|6.2.3 Gains/Losses arising from reclassification of|||
||0.00|0.00|
|held-to-maturity investments to available-for-sale financial assets|||
|6.2.4 Effective gains/losses on cash flow hedges|0.00|0.00|
|6.2.5 Differences arising from translation of foreign|||
||67,793,873.00|5,046,620.00|
|currency-denominated financial statements|||
|6.2.6 Other|0.00|0.00|
|Attributable to non-controlling interests|-52,716,452.00|-7,246,223.00|
|7. Total comprehensive income|1,963,391,722.00|2,627,400,771.00|
|Attributable to owners of Parent Company|2,097,978,764.00|2,442,795,776.00|
|Attributable to non-controlling interests|-134,587,042.00|184,604,995.00|
|8. Earnings per share|||
|8.1 Basic earnings per share|0.058|0.069|
|8.2 Diluted earnings per share|0.058|0.069|

 Where business mergers under the same control occurred in the current period, the net income achieved by the merged parties before the business mergers was RMB0.00, with the amount for the same period of last year being RMB0.00.
Legal representative: Wang Dongsheng Chief Financial Officer: Sun Yun Head of theCompany’s Financial Department: Yang Xiaoping
4. Parent Company Income Statement
Unit: RMB
||||
|-|-|-|
|Item|January-March 2018|January-March 2017|
|1. Sales revenue|1,357,965,239.00|347,598,307.00|
|Less: Cost of sales|4,315,232.00|2,883,337.00|
|Taxes and surtaxes|11,104,418.00|480,962.00|
|Selling expense|289,489.00|653,041.00|
|Administrative expense|400,291,220.00|344,053,640.00|
|Finance costs|158,619,260.00|92,796,398.00|
|Asset impairment losses|0.00|0.00|
|Add: Gains on changes in fair value (“-” for losses)|0.00|0.00|
|Investment income (“-” for loss)|1,295,650.00|1,524,106.00|
|Including: Share of profit or loss of joint ventures and|1,295,650.00|1,524,106.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|associates|||
|Asset disposal income (“-” for loss)|0.00|-20,681.00|
|Other income|227,603,341.00|4,507,201.00|
|2. Operating income (“-” for loss)|1,012,244,611.00|-87,258,445.00|
|Add: Non-operating revenue|1,217,875.00|627,184.00|
|Less: Non-operating expense|314,221.00|45,207.00|
|3. Pretax income (“-” for loss)|1,013,148,265.00|-86,676,468.00|
|Less: Income tax expense|148,804,250.00|0.00|
|4. Net income (“-” for net loss)|864,344,015.00|-86,676,468.00|
|4.1 Net income from continuing operations (“-” for net loss)|864,344,015.00|-86,676,468.00|
|4.2 Net income from discontinued operations (“-” for net loss)|0.00|1.00|
|5. Other comprehensive income, net of tax|-15,563,430.00|19,844,191.00|
|5.1 Items that will not be reclassified to profit or loss|0.00|0.00|
|5.1.1 Changes in net liabilities or assets caused by|||
||0.00|0.00|
|re-measurements on defined benefit pension schemes|||
|5.1.2 Share of other comprehensive income of investees that will|||
||0.00|0.00|
|not be reclassified into profit or loss under equity method|||
|5.2 Items that may subsequently be reclassified to profit or loss|-15,563,430.00|19,844,191.00|
|5.2.1 Share of other comprehensive income of investees that will|||
||0.00|0.00|
|be reclassified into profit or loss under equity method|||
|5.2.2 Gains/Losses on changes in fair value of available-for-sale|||
||-15,563,430.00|19,844,191.00|
|financial assets|||
|5.2.3 Gains/Losses arising from reclassification of|||
||0.00|0.00|
|held-to-maturity investments to available-for-sale financial assets|||
|5.2.4 Effective gains/losses on cash flow hedges|0.00|0.00|
|5.2.5 Differences arising from translation of foreign|||
||0.00|0.00|
|currency-denominated financial statements|||
|5.2.6 Other|0.00|0.00|
|6. Total comprehensive income|848,780,585.00|-66,832,277.00|
|7. Earnings per share|||
|7.1 Basic earnings per share|0.0248|-0.0025|
|7.2 Diluted earnings per share|0.0248|-0.0025|

 5. Consolidated Cash Flow Statement
Unit: RMB
||||
|-|-|-|
|Item|January-March 2018|January-March 2017|
|1. Cash generated by or used in operating activities:|||

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Proceeds from sale of commodities and rendering of services|23,118,428,990.00|22,790,725,860.00|
|Net increase in customer deposits and deposits from banks and|||
||0.00|0.00|
|other financial institutions|||
|Net increase in loans from central bank|0.00|0.00|
|Net increase in loans from other financial institutions|0.00|0.00|
|Premiums received on original insurance contracts|0.00|0.00|
|Net proceeds from reinsurance|0.00|0.00|
|Net increase in deposits and investments of policy holders|0.00|0.00|
|Net increase in proceeds from disposal of financial assets at fair|||
||0.00|0.00|
|value through profit or loss|||
|Interest, handling charges and commissions received|0.00|0.00|
|Net increase in interbank loans obtained|0.00|0.00|
|Net increase in proceeds from repurchase transactions|0.00|0.00|
|Tax rebates|1,805,270,382.00|2,002,200,439.00|
|Cash generated by other operating activities|2,205,347,118.00|242,538,036.00|
|Subtotal of cash generated by operating activities|27,129,046,490.00|25,035,464,335.00|
|Payments for commodities and services|13,690,161,934.00|13,472,279,930.00|
|Net increase in loans and advances to customers|0.00|0.00|
|Net increase in deposits in central bank and in interbank loans|||
||0.00|0.00|
|granted|||
|Payments for claims on original insurance contracts|0.00|0.00|
|Interest, handling charges and commissions paid|0.00|0.00|
|Policy dividends paid|0.00|0.00|
|Cash paid to and for employees|2,994,748,596.00|2,215,299,698.00|
|Taxes paid|753,214,990.00|925,829,731.00|
|Cash used in other operating activities|2,492,832,154.00|2,206,005,155.00|
|Subtotal of cash used in operating activities|19,930,957,674.00|18,819,414,514.00|
|Net cash flows from operating activities|7,198,088,816.00|6,216,049,821.00|
|2. Cash generated by or used in investing activities:|||
|Proceeds from disinvestments|16,230,696,269.00|1,029,221,840.00|
|Investment income|130,869,955.00|5,684,907.00|
|Net proceeds from disposal of property, plant and equipment,|||
||5,615,725.00|57,346,613.00|
|intangible assets and other long-lived assets|||
|Net proceeds from disposal of subsidiaries or other business units|0.00|0.00|
|Cash generated by other investing activities|2,311,084,521.00|2,470,307,272.00|
|Subtotal of cash generated by investing activities|18,678,266,470.00|3,562,560,632.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Payments for acquisition of property, plant and equipment,|||
||11,114,423,433.00|14,048,658,723.00|
|intangible assets and other long-lived assets|||
|Payments for investments|19,209,443,548.00|4,742,577,876.00|
|Net increase in pledged loans granted|0.00|0.00|
|Net payments for acquisition of subsidiaries and other business|||
||0.00|0.00|
|units|||
|Cash used in other investing activities|1,421,766,786.00|2,001,547,461.00|
|Subtotal of cash used in investing activities|31,745,633,767.00|20,792,784,060.00|
|Net cash flows from investing activities|-13,067,367,297.00|-17,230,223,428.00|
|3. Cash generated by or used in financing activities:|||
|Capital contributions received|10,800,000.00|2,003,250,000.00|
|Including: Capital contributions by non-controlling interests to|||
||10,800,000.00|2,003,250,000.00|
|subsidiaries|||
|Increase in borrowings obtained|11,080,692,010.00|7,178,610,681.00|
|Net proceeds from issuance of bonds|0.00|0.00|
|Cash generated by other financing activities|871,517,387.00|1,427,668,220.00|
|Subtotal of cash generated by financing activities|11,963,009,397.00|10,609,528,901.00|
|Repayment of borrowings|4,142,696,634.00|4,591,781,545.00|
|Payments for interest and dividends|1,613,157,999.00|876,562,888.00|
|Including: Dividends paid by subsidiaries to non-controlling|||
||0.00|0.00|
|interests|||
|Cash used in other financing activities|466,162,322.00|445,895,738.00|
|Subtotal of cash used in financing activities|6,222,016,955.00|5,914,240,171.00|
|Net cash flows from financing activities|5,740,992,442.00|4,695,288,730.00|
|4. Effect of foreign exchange rate changes on cash and cash|||
||-597,677,611.00|-153,892,076.00|
|equivalents|||
|5. Net increase in cash and cash equivalents|-725,963,650.00|-6,472,776,953.00|
|Add: Cash and cash equivalents, beginning of the period|47,913,287,583.00|49,354,810,388.00|
|6. Cash and cash equivalents, end of the period|47,187,323,933.00|42,882,033,435.00|

 6. Parent Company Cash Flow Statement
Unit: RMB
||||
|-|-|-|
|Item|January-March 2018|January-March 2017|
|1. Cash generated by or used in operating activities:|||
|Proceeds from sale of commodities and rendering of services|1,294,746,503.00|77,962,032.00|
|Tax rebates|0.00|0.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|Cash generated by other operating activities|657,722,589.00|180,589,466.00|
|Subtotal of cash generated by operating activities|1,952,469,092.00|258,551,498.00|
|Payments for commodities and services|127,644,428.00|2,334,829,824.00|
|Cash paid to and for employees|302,566,071.00|163,954,406.00|
|Taxes paid|161,742,076.00|101,967,995.00|
|Cash used in other operating activities|187,172,675.00|128,385,741.00|
|Subtotal of cash used in operating activities|779,125,250.00|2,729,137,966.00|
|Net cash flows from operating activities|1,173,343,842.00|-2,470,586,468.00|
|2. Cash generated by or used in investing activities:|||
|Proceeds from disinvestments|142,759,980.00|1,005,147,500.00|
|Investment income|0.00|278,000,000.00|
|Net proceeds from disposal of property, plant and equipment,|||
||310.00|0.00|
|intangible assets and other long-lived assets|||
|Net proceeds from disposal of subsidiaries or other business units|0.00|0.00|
|Cash generated by other investing activities|506,485,679.00|83,021.00|
|Subtotal of cash generated by investing activities|649,245,969.00|1,283,230,521.00|
|Payments for acquisition of property, plant and equipment,|||
||79,067,306.00|30,102,902.00|
|intangible assets and other long-lived assets|||
|Payments for investments|5,928,800,200.00|5,059,100,000.00|
|Net payments for acquisition of subsidiaries and other business|||
||0.00|0.00|
|units|||
|Cash used in other investing activities|0.00|700,009,544.00|
|Subtotal of cash used in investing activities|6,007,867,506.00|5,789,212,446.00|
|Net cash flows from investing activities|-5,358,621,537.00|-4,505,981,925.00|
|3. Cash generated by or used in financing activities:|||
|Capital contributions received|0.00|0.00|
|Increase in borrowings obtained|7,367,000,000.00|4,150,000,000.00|
|Net proceeds from issuance of bonds|0.00|0.00|
|Cash generated by other financing activities|0.00|0.00|
|Subtotal of cash generated by financing activities|7,367,000,000.00|4,150,000,000.00|
|Repayment of borrowings|1,340,000,000.00|51,270,607.00|
|Payments for interest and dividends|418,524,483.00|350,573,339.00|
|Cash used in other financing activities|0.00|147,525,210.00|
|Sub-total of cash used in financing activities|1,758,524,483.00|549,369,156.00|
|Net cash flows from financing activities|5,608,475,517.00|3,600,630,844.00|

BOE Technology Group Co., Ltd. First Quarter Report 2018
||||
|-|-|-|
|4. Effect of foreign exchange rate changes on cash and cash|||
||17,463.00|-519,888.00|
|equivalents|||
|5. Net increase in cash and cash equivalents|1,423,215,285.00|-3,376,457,437.00|
|Add: Cash and cash equivalents, beginning of the period|2,990,801,501.00|7,548,700,412.00|
|6. Cash and cash equivalents, end of the period|4,414,016,786.00|4,172,242,975.00|

 II IndependentAuditor’s Report
Indicate by tick mark whether the Q1 financial statements have been audited by an independent auditor.
□Yes√ No
The Q1 financial statements have not been audited by such an auditor.
Chairman of the Board(signature)：
Wang Dongsheng Date of theBoard’s approval of this Report: April 23, 2018