Company Stock Code: 603236.SS
Short Name of the Company: Quectel

Quectel Wireless Solutions Co., Ltd.
2023 Annual Financial Report

Disclosure Date: April 22, 2024

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China
www.quectel.com
page 1
Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Email: info@quectel.com

Website:Website: www.quectel.com

page 1

ContentsContents ......................................................................................................................................................11

Key Accounting Data and Financial Metrics ....................................................................................2Key Accounting Data for the Last 3 Years...........................................................................................2Key Financial Metrics for the Last 3 Years ..........................................................................................3Key Accounting Data by Quarter..........................................................................................................42Financial Reports ...............................................................................................................................5
Consolidated Balance Sheet ................................................................................................................5
Consolidated Income Statement..........................................................................................................7
Consolidated Cash Flow Statement .....................................................................................................9

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 11Key Accounting Data and Financial Metrics

Key Accounting Data for the Last 3 Years
Unit: Ten Thousand Yuan Currency: RMB
2022

Key Accounting
Data2023

Operating Income

1,386,117.51 1,423,024.65 1,423,024.65 -2.59

Net Profit
Attributable to9,070.61
Shareholders of theCompany
Net Profit
Attributable to
Shareholders of theCompany After
566.91
Deducting NonRecurring Gainsand Losses
Net Cash Flows
from Operating
103,684.26
Activities

After
Adjustment

BeforeAdjustment

2021
After
Adjustment

BeforeAdjustment

1,126,192.17 1,126,192.17

62,257.39

62,281.84-85.4333,557.39

35,806.02

48,158.65

48,183.10-98.8235,828.83

33,534.58

50,171.18

50,171.18

106.66-48,810.18-48,810.18

2022
2023

Year-Over-Year
Growth (%)

After
Adjustment

BeforeAdjustment

372,023.04

372,024.69

Year-Over-Year
Growth (%)

By the End of 2021
After
Adjustment

BeforeAdjustment

Net Assets
Attributable to
Shareholders of
the Company

363,257.17-2.36

320,868.96

320,846.15

Total Assets

1,123,300.62 1,027,368.54 1,027,317.32 9.34

814,024.93

814,002.12

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 2

Key Financial Metrics for the Last 3 Years

Key FinancialMetrics

2022
2023

Basic Earnings Per0.34
Share (Yuan/Share)
Diluted Earnings
Per Share
0.34(Yuan/Share)
Basic Earnings
Per Share After
Deducting Non0.02
Recurring Gainsand Losses(Yuan/Share)
Weighted Average
2.41
ROE (%)
Weighted Average
ROE (%) After
Deducting Non0.15
Recurring Gainsand Losses

After
Adjustment

BeforeAdjustment

2.35

2.35

2.35

Year-Over-Year
Growth (%)

2021
After
Adjustment

BeforeAdjustment-85.531.35

1.352.35-85.53

1.35

1.35

1.82

1.82

-98.90

1.27

1.27

17.98

17.98

Decreased by
15.57 percent

12.72

12.72

13.91

13.91

Decreased by
13.76 percent

11.91

11.91

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 3

Key Accounting Data by Quarter
Unit: Yuan Currency: RMB
Q1 2023(January to March)

Q2 2023(April to June)

Q3 2023(July to September)

Q4 2023(October to December)Operating Income

3,136,793,163.68

3,375,057,461.12

3,454,944,994.47

3,894,379,446.39

Net Profit
Attributable to
Shareholdersof the Company-134,907,489.28

19,534,067.07

97,348,787.67

108,730,754.63-145,644,542.25-9,020,050.58

89,685,342.64

70,648,394.92

278,466,831.14-122,847,115.49

208,598,492.92

672,624,381.63

Net Profit
Attributable to
Shareholders ofthe Company
After Deducting
Non-Recurring
Gains and Losses
Net Cash Flows
from Operating
Activities

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 4

2

Financial Reports
Consolidated Balance Sheet
December 31, 2023

Business name: Quectel Wireless Solutions Co., Ltd
Unit: Yuan Currency: RMB
December 31, 2023

December 31, 2022

Cash and Bank Balances

1,871,655,491.62

2,198,895,359.92

Financial Assets Held for Trading-23,045,661.96

Bills Receivable

376,754,505.53

288,267,958.90

Accounts Receivable

1,653,066,678.77

2,056,369,637.41

Accounts Receivable Financing

352,986,002.70

174,832,161.40

Prepayments

100,821,995.99

129,472,748.21

Other Receivables

238,533,690.49

153,516,286.09

Inventories

3,523,491,182.17

3,013,664,013.65

Other Current Assets

417,202,048.55

262,702,212.20

8,534,511,595.82

8,300,766,039.74

Long-Term Equity Investments

39,357,027.56

39,419,091.42

Other Equity Instrument Investments

34,357,689.50

51,462,716.57

Fixed Assets

1,188,407,962.63

1,219,128,608.85

Constructions in Process

101,984,612.77

98,395,710.59

Right-of-Use Assets

818,157,652.37

59,978,502.25

Intangible Assets

395,553,938.52

377,596,657.61

Long-Term Deferred Expenses

67,267,501.22

72,409,305.53

Deferred Tax Assets

28,867,072.11

21,353,024.61

Other Non-Current Assets

24,541,131.01

33,175,701.86

2,698,494,587.69

1,972,919,319.29

11,233,006,183.51

10,273,685,359.03

Items
Current Assets:

Total Current Assets
Non-Current Assets

Total Non-Current Assets
Total Assets

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 5Current Liabilities
Short-Term Borrowings

719,557,936.65

2,015,119,188.34

Notes Payable

1,282,326,865.14

697,435,647.79

Accounts Payable

2,775,732,195.78

2,011,631,628.07

Contract Liabilities

218,695,562.18

177,471,576.39

Employee Salaries Payable

243,194,739.83

315,636,100.31

Taxes Payable

36,949,704.66

61,614,708.04

Other Payables

10,694,417.24

18,839,950.03

Non-Current Liabilities
Maturing within 1 Year88,246,148.02

83,885,465.14

Other Current Liabilities

199,788,157.09

143,555,751.60

5,575,185,726.59

5,525,190,015.71

Long-Term Borrowings

1,436,800,106.49

973,030,925.90

Lease Liabilities

557,514,018.10

31,071,394.76

Deferred Revenues

39,261,118.38

24,164,076.94

Deferred Income Tax Liability

41,167.24

528,545.20

2,033,616,410.21

1,028,794,942.80

7,608,802,136.80

6,553,984,958.51

Share Capital

264,574,906.00

188,982,076.00

Capital Reserve

2,116,906,062.95

2,172,856,355.00

Subtract: Treasury Share

20,848,388.78-

Other Comprehensive Income-43,966,410.00-55,182,836.66

Special Reserve

606,623.29-Surplus Reserve

142,875,039.57

142,875,039.57

Retained Earnings

1,172,423,847.60

1,270,699,803.51

Total Equity Attributable to Parent
Company (or Shareholders)

3,632,571,680.63

3,720,230,437.42

Minority Shareholders’ Interest-8,367,633.92-530,036.90

3,624,204,046.71

3,719,700,400.52

11,233,006,183.51

10,273,685,359.03

Total Current Liabilities
Non-Current Liabilities:

Total Non-Current Liabilities
Total Liabilities
Shareholders’ Equity

Total Shareholders’ Equity
Total Liabilities and Shareholders’EquityBuilding 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, ChinaEmail: info@quectel.com

Website: www.quectel.com

page 6

Consolidated Income Statement
January to December, 2023
Unit: Yuan Currency: RMB
Items

2023

2022

I. Revenue

13,861,175,065.66

14,230,246,484.07

Including: Operating Revenue

13,861,175,065.66

14,230,246,484.07

II. Total Operating Costs

13,835,799,901.09

13,667,805,333.82

Including: Costs of Sales

11,235,291,407.94

11,415,715,726.24

Taxes and Surcharges

12,169,898.19

11,839,608.99

Selling Expenses

445,220,329.62

455,247,615.04

Administrative Expenses

460,626,640.82

339,968,444.18

Research and Development
Expenses

1,604,178,479.67

1,334,713,635.65

Finance Expenses

78,313,144.85

110,320,303.72

Including: Interest Expenses

89,914,964.94

49,555,822.57

18,853,322.22

2,670,579.75

69,795,029.89

49,936,186.73

28,874,308.02

65,284,031.04

28,033.56-356,848.20-23,045,661.96

5,857,365.95-11,057,208.26-47,387,184.46-79,094,701.36-79,531.68-34,081.64

82,435,152.29

610,521,038.72

Add: Non-Operating Income

2,218,164.95

7,263,781.35

Subtract: Non-Operating Expenses

8,031,617.14

4,456,742.33

IV. Total Profit (Loss Expressed with "-")

76,621,700.10

613,328,077.74-7,605,387.80-6,952,278.82

84,227,087.90

620,280,356.56

Interest Income
Add: Other Income
Investment Income(loss expressed with "-")
Including: Investment Income
from Associates and Joint Ventures
Fair Value Gains(Loss Expressed with "-")
Credit Impairment Losses(Loss Expressed with "-")
Asset Impairment Losses(loss expressed with "-")
Gains/Loss on Asset Disposal (LossExpressed with "-")
III. Operating Profit(Loss Expressed with "-")

Subtract: Income Tax Expenses
V. Net Profit (Loss Expressed with "-")

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 7

A. Classification by Business Continuity
Net Profit from Continuing Operations(Loss Expressed with "-")

84,227,087.90

620,280,356.56

90,706,120.09

622,573,916.09-6,479,032.19-2,293,559.53

11,216,426.66-23,691,517.96

11,216,426.66-23,691,517.96

12,894,972.93-13,537,256.43

12,894,972.93-13,537,256.43

2. Other Comprehensive
Income to be Reclassified toProfit or Loss

-1,678,546.27-10,154,261.53

Differences inTranslation of Foreign
Currency FinancialStatements-1,678,546.27-10,154,261.53

VII. Total Comprehensive Income

95,443,514.56

596,588,838.60

101,922,546.75

598,882,398.13-6,479,032.19-2,293,559.53

0.34

2.35

0.34

2.35

B. Classification by Ownership
1. Net Profit Attributable toShareholders of Parent Company(Loss Expressed with "-")
2. Minority Interest(Loss Expressed with "-")
VI. Other Comprehensive
Income (Net After-Tax)
A. Other Net After-Tax
Comprehensive Income Attributableto Owners of the Parent Company
1. Other Comprehensive
Income that cannot be
Reclassified into
Profit or Loss
Changes in Fair Valueof Other Equity
Instrument Investments

A. Total Comprehensive Income
Attributable to Shareholders ofthe Parent
B. Total Comprehensive Income
Attributable to Minority
Shareholders
VIII. Earnings Per ShareA. Basic Earnings Per Share(Yuan/share)
B. Diluted Earnings Per Share(Yuan/share)

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 8Consolidated Cash Flow Statement
January to December, 2023
Unit: Yuan Currency: RMB
2023

2022

Cash Received from Sales of Goods orRendering of Services

12,865,469,571.30

12,695,899,083.47

Refunds of Taxes

822,985,213.56

879,172,413.10

Cash Received from Other OperatingActivities
Sub-total of Cash Inflows
from Operating Activities

113,638,666.98

77,469,577.15

13,802,093,451.84

13,652,541,073.72

10,336,342,732.97

11,218,755,566.19

1,890,796,434.87

1,546,646,523.50

Cash Paid for All Types of Taxes

48,275,686.33

18,777,857.89

Cash Paid for Other Operating Activities489,836,007.47

366,649,345.98

12,765,250,861.64

13,150,829,293.56

1,036,842,590.20

501,711,780.16

82,391,936.42

67,458,564.90

90,097.42

50,000.00

8,019,450.60

2,523,482.81-

2,810,000.00-

41,640,000.00

90,501,484.44

114,482,047.71

of Fixed Assets, Intangible Assets andOther Long-Term Assets

285,310,513.70

339,578,429.93

Cash Paid for the Acquisition of Investment-34,999,973.00

Cash Paid for Other Investing
Activities-41,640,000.00

Items
I. Cash Flows from Operating Activities

Cash Paid to Purchase Goods and ReceiveServices
Cash Paid to and on Behalf ofEmployees

Sub-Total of Cash Outflows
from Operating Activities
Net Cash Flows fromOperating Activities
II. Cash Flows from Investing Activities
Cash Received from Disposal orReturns of Investments
Cash Received from Returns onInvestments
Net Cash Received from the
Disposal of Fixed Assets, Intangible
Assets and Other Long-Term Assets
Net Cash Received from Disposal ofSubsidiaries and Other Business Units
Cash Received for Other Investing Activities
Sub-Total of Cash Inflows
from Investing Activities
Cash Paid for the Purchase and Construction

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 9Sub-Total of Cash Outflows from
Investing Activities

285,310,513.70

416,218,402.93-194,809,029.26-301,736,355.22

Cash Received by Absorbing
Investments-924,409.41

Including: Subsidiaries
Absorb Cash Received from
Minorityshareholders'investments
Cash Received
from Borrowings-924,409.41

1,304,996,765.50

3,036,238,131.67

Sub-Total of Cash Inflows
from Financing Activities

1,304,996,765.50

3,037,162,541.08

Cash Repayments of Borrowings

2,138,709,831.10

2,070,584,192.80

Cash Paid for Distributionof Dividends, Profits or forInterest Expenses

279,897,476.97

143,799,152.00

Other Cash Paid Related to Financing
activities

75,100,549.03

35,638,940.79

2,493,707,857.10

2,250,022,285.59-1,188,711,091.60

787,140,255.49

IV. Effect of Exchange Rate Fluctuation
on Cash and Cash equivalents

19,437,661.61

78,670,892.99

V. Net Increase in Cash and CashEquivalents-327,239,869.05

1,065,786,573.42

2,198,795,359.92

1,133,008,786.50

1,871,555,490.87

2,198,795,359.92

Net Cash Flows fromInvesting Activities
III. Cash Flows from Financing Activities

Sub-total of Cash
Outflows from Financing Activities
Net Cash Flows
from Financing Activities

Add: Balance of Cash andCash Equivalents at theBeginning of the Period
VI. Balance of Cash and Cash
Equivalents at the End of the Period

Building 5, Shanghai Business Park Phase III (Area B), No.1016 Tianlin Road, Minhang District, Shanghai 200233, China

Email: info@quectel.com

Website: www.quectel.com

page 10