TigerResearch/tigerbot-earning-plugin huggingface dataset:
Type of the independent auditor’s opinion| Standard unqualified audit opinion
 Date of signing this report|31 March 2023
 Name of the independent auditor| KPMG Huazhen Certified Public Accountants (LLP)
 Reference number of auditor’s report| KPMGHZSZ No.【2303647】
 Name of the certified public accountants| Su Xing, Chai Jing
AUDITOR’S REPORT
毕马威华振审字第2303647号
The Shareholders of BOE Technology Group Co., Ltd.:
We have audited the accompanying financial statements of BOE Technology Group Co., Ltd.(“BOE”), which comprise the consolidated and company balance sheets as at 31 December2022, the consolidated and company income statements, the consolidated and company
cash flow statements, the consolidated and company statements of changes in shareholders’ equity for the year then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated and company financial position of BOE as at 31 December 2022, and the consolidated and company financial performance and cash flows of BOE for the year then ended in accordance with Accounting Standards for Business Enterprises issued by the
Ministry of Finance of the People’s Republic of China.
We conducted our audit in accordance with China Standards on Auditing for Certified Public Accountants (“CSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of BOE in accordance with the China Code of Ethics for Certified Public
Accountants (“the Code”), and we have fulfilled our other ethical responsibilities in
accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
AUDITOR’S REPORT (continued)
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Revenue recognition|
 Refer to the accounting policies set out in the notes to the financial statements “III. Significant accounting policies and accounting estimates”23 and “V. Notes to the consolidated financial statements”43.|
 The Key Audit Matter| How the matter was addressed in our audit
 The revenue of BOE and its subsidiaries(“BOE Group”) is mainly derived from the sales of products relating to display device across the domestic and overseas market. The sales contracts/orders signed between BOE Group and its customers (mainly electronic equipment manufacturers) contain various trading terms. BOE Group judges the transfer timing of control according to the trading terms, and recognises revenue accordingly. Depending on the trading terms, the income is usually recognized when the goods are delivered and received, or when they are received by the carrier. We identified the recognition of BOE Group’s revenue as a key audit matter because revenue, as one of BOE Group’s key performance indicators, involves various trading terms, and there is an inherent risk that revenue may not be recognised in a correct period.| Our audit procedures to evaluate revenue recognition included the following: Evaluate the design and operation effectiveness of key internal controls related to revenue recognition; Check key sales contracts/orders on a sampling basis to identify relevant trading terms, and evaluate whether the accounting policies for revenue recognition of BOE Group meet the requirements of the Enterprise Accounting Standards; On a sampling basis and according to different trading terms, reconcile the revenue recorded in the current year to relevant supporting files such as relevant orders, shipping orders, sales invoices, customs declarations, bills of lading, delivery receipts, etc. to evaluate whether revenue is recognised in accordance with the accounting policy of BOE Group; On a sampling basis and according to different trading terms, cross check the revenue recorded before and after the balance sheet date against relevant supporting files such as relevant orders, shipping orders, sales invoices, customs declarations, bills of lading, delivery receipts, etc. to evaluate whether revenue is recorded in the appropriate period;
Revenue recognition (continued)|
 Refer to Note III. 23 of the accounting policy to the financial statements and Note V. 43 to to the consolidated financial statements.|
 The Key Audit Matter| How the matter was addressed in our audit
| Select a sample based on the characteristics and nature of customer's transaction, and perform confirmation procedures on the balance of accounts receivable as at the balance sheet date and the sales transaction amount during the current year; On a sampling basis, check the written- back of revenue after the balance sheet date (including sales discounts and sales returns, etc.) with relevant supporting documents to assess whether revenue is recorded in the appropriate period; Select revenue accounting entries that meet specific risk criteria and check related supporting documents.
Book value of fixed assets and construction in progress|
 Refer to the accounting policies set out in the notes to the financial statements “III. Significant accounting policies and accounting estimates”13, 14 and “V. Notes to the consolidated financial statements”14, 15.|
 The Key Audit Matter| How the matter was addressed in our audit
 BOE Group continued to invest in building production lines of display device to expand its production capacity. As at 31 December2022, the book value of fixed assets and construction in progress amounted to RMB249.373 billion. The judgement made by the management on the following aspects will affect the book value of fixed assets and construction in progress, including: Determine which type of expenditures are qualified for capitalisation; Determine the timing for transferring construction in progress to fixed assets and making depreciation; Estimate the useful life and residual value of corresponding fixed assets. We identified the book value of fixed assets and construction in progress of BOE Group as a key audit matter because the valuation of the book value of fixed assets and construction in progress involves significant judgement from the management and it is of importance to the consolidated financial statements.| Our audit procedures to assess the book value of fixed assets and construction in progress included the following: Evaluate the design and operation effectiveness of key internal controls(including estimating useful life and residual values, etc.) related to the integrity, existence and accuracy of fixed assets and construction in progress; Check the physical status of construction in progress and fixed assets on a sampling basis; Check capital expenditures with relevant supporting documents (including purchase agreements/ orders, acceptance orders, engineering construction contracts, project progress reports, etc.) on a sampling basis; Assess whether the capitalised commissioning expenses for the current year are in compliance with relevant capitalization conditions; check the commissioning expenses with relevant supporting documents on a sampling basis; On the basis of sampling, assess the timing for transferring construction in progress to fixed assets, through the inspection of commissioning situation and the documents for transferring construction in progress to fixed assets; Based on our understanding of industry practices and actual operating conditions of assets, we evaluate the management's estimation of the useful life and residual value of fixed assets.
Impairment of fixed assets and intangible assets|
 Refer to the accounting policies set out in the notes to the financial statements “III. Significant accounting policies and accounting estimates”19 and “V. Notes to the consolidated financial statements”14, 16.|
 The Key Audit Matter| How the matter was addressed in our audit
 BOE Group principally generates revenue from the production and sale of display device. Due to the fluctuation of supply- demand relationship of display device and the influence of technology upgrading, the profit level of different production lines suffer dramatic fluctuation. As at 31 December2022, the book value of fixed assets and intangible assets amounted to RMB 214.935 billion, the judgement on impairment indications and impairment test are material to BOE Group’s financial statements. The management classifies asset groups based on the smallest identifiable group of assets that generates cash inflows that are independent, and continuously monitors the trend of market of supply and demand as well as the technology evolution; comprehensively judges impairment indications of each asset group in accordance with market trends, operating conditions of production lines and technological advanced performance, and performs impairment test on asset groups if any impairment indication exists. For asset groups with impairment indications, the management assesses whether the book value of fixed assets and intangible assets as at 31 December 2022 were impaired by calculating the present value of expected future cash flows. Calculating the present value of expected future cash flows requires management to make significant judgements, especially for the estimation of future selling prices, sales volume and applicable discount rate.| Our audit procedures to evaluate impairment of fixed assets and intangible assets included the following: Evaluate management’s identification of asset groups, assessment of impairment indications, and assess the design and operation effectiveness of key internal controls for impairment tests; Based on our understanding of BOE Group’s businesses and relevant accounting standards, evaluate management’s classification basis of asset groups and judgement basis of impairment indications; For asset groups with impairment indications, based on our understanding of the industry, compare the key assumptions in the calculation of recoverable amounts used by management with external available data and historical analysis, including future selling prices, sales volume and discount rate used by management, evaluate the key assumptions and estimations used by the management; For asset groups with significant impairment risk, assess the competence, professional quality and objectivity of experts hired by the management; and adopt our own valuation experts’work, assess if discount rates used for estimating the present value of future cash flows by management are within the range used by other companies in the same industry;
Impairment of fixed assets and intangible assets (continued)|
 Refer to the accounting policies set out in the notes to the financial statements “III. Significant accounting policies and accounting estimates”19 and “V. Notes to the consolidated financial statements”14, 16.|
 The Key Audit Matter| How the matter was addressed in our audit
 We identified the impairment of fixed assets and intangible assets as a key audit matter because the book value of fixed assets and intangible assets is significant to the financial statements; management’s significant judgements and estimations are involved in assessing the classification basis of asset groups, existence of impairment indications and impairment test of asset groups with impairment indications, which may exist errors or potential management bias.| Our audit procedures to evaluate impairment of fixed assets and intangible assets included the following: Compare estimations used for calculating the present value of expected future cash flows in the previous year by the management with the actual situation in this year to consider the historical accuracy of management’s forecast results; Perform sensitivity analysis on key assumptions, including future selling prices, sales volume and discount rates, used in the calculation of recoverable amount by the management; assess how changes in key assumptions (individually or collectively) will lead to different results and assess whether there are indications of management bias in the selection of key assumptions; Consider whether the disclosure of impairment of fixed assets and intangible assets in the financial statements is consistent with relevant accounting policy.
BOE’s management is responsible for the other information. The other information comprises all the information included in 2022 annual report of BOE, other than the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the Accounting Standards for Business Enterprises, and for the design, implementation and maintenance of such internal control necessary to enable that the financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing BOE’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to
liquidate BOE or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing BOE’s financial reporting process.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with CSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
•Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on BOE’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause BOE to cease to continue as a going concern.
•Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
•Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within BOE to express an opinion on the financial
statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
KPMG Huazhen LLP  Certified Public Accountants
Registered in the People’s Republic of China
Su Xing (Engagement Partner)
Beijing, China Chai Jing
31 March 2023
BOE Technology Group Co., Ltd. Consolidated balance sheet
as at 31 December 2022
(Expressed in Renminbi Yuan)
Note 2022 2021
Current assets
Cash at bank and on hand V.1 68,800,307,369 80,986,835,088 Financial assets held for trading V.2 17,187,993,936 10,028,172,853 Bills receivable V.3 211,792,061 217,734,298 Accounts receivable V.4 28,203,647,569 35,503,414,820 Prepayments V.5 589,764,680 1,112,880,007 Other receivables V.6 975,809,236 1,922,828,378 Inventories V.7 22,787,814,225 27,805,161,436 Contract assets V.8 71,636,461 75,698,324 Non-current assets due within one
year 8,561,307 7,700,735 Other current assets V.9 3,394,036,919 3,578,919,710
Total current assets 142,231,363,763 161,239,345,649
The notes on pages 30 to 175 form part of these financial statements. BOE Technology Group Co., Ltd. Consolidated balance sheet
as at 31 December 2022 (continued)(Expressed in Renminbi Yuan)
Assets (continued) Non-current assets
Long-term receivables 28,637,449 29,918,542 Long-term equity investments V.10 12,421,878,851 6,040,948,317 Investments in other equity
instruments V.11 483,060,306 519,088,146 Other non-current financial assets V.12 2,022,967,681 606,895,447 Investment properties V.13 1,122,025,138 1,158,365,401 Fixed assets V.14 205,987,050,430 227,141,366,884 Construction in progress V.15 43,386,134,668 32,099,711,879 Right-of-use assets V.60 687,120,946 753,164,237 Intangible assets V.16 8,948,327,143 11,209,498,406 Goodwill V.17 660,823,651 1,130,006,987 Long-term deferred expenses V.18 556,941,377 636,530,502 Deferred tax assets V.19 70,250,425 190,335,524 Other non-current assets V.20 1,955,521,384 7,477,427,483
Total non-current assets 278,330,739,449 288,993,257,755 Total assets 420,562,103,212 450,232,603,404
Liabilities and shareholders’equity Current liabilities
Short-term loans V.21 2,373,938,871 2,072,057,332 Bills payable V.22 870,221,538 827,958,031 Accounts payable V.23 29,834,720,464 32,455,830,694 Advance payments received V.24 79,848,977 146,140,084 Contract liabilities V.25 2,411,717,792 3,765,081,554 Employee benefits payable V.26 2,818,532,823 5,133,155,237 Taxes payable V.27 1,331,401,188 2,200,249,305 Other payables V.28 19,632,223,269 23,835,374,942 Non-current liabilities due within one
year V.29 22,703,750,744 28,874,958,714 Other current liabilities V.30 3,613,967,673 4,051,532,509
Total current liabilities 85,670,323,339 103,362,338,402
Liabilities and shareholders’equity(continued)
Long-term loans V.31 123,143,479,690 116,078,666,587 Debentures payable V.32 - 359,586,437 Lease liabilities V.60 538,586,010 669,130,264 Long-term payables V.33 229,587,077 906,592,838 Deferred income V.34 5,156,347,332 6,416,089,611 Deferred tax liabilities V.19 1,274,406,833 1,525,622,873 Other non-current liabilities V.35 2,499,075,805 3,535,809,876
Total non-current liabilities 132,841,482,747 129,491,498,486 Total liabilities 218,511,806,086 232,853,836,888
Shareholders’equity
Share capital V.36 38,196,363,421 38,445,746,482 Other equity instruments V.37 8,176,366,808 14,146,997,427 Capital reserve V.38 55,218,504,392 53,917,609,094 Less: Treasury shares V.39 3,508,201,911 3,415,768,207 Other comprehensive income V.40 (1,073,768,030) 113,551,147 Surplus reserve V.41 3,241,063,934 2,889,590,205 Retained earnings V.42 35,839,081,781 37,106,514,799
Total equity attributable to
shareholders of the Company 136,089,410,395 143,204,240,947 Non-controlling interests 65,960,886,731 74,174,525,569 Total shareholders’equity 202,050,297,126 217,378,766,516 Total liabilities and shareholders’equity 420,562,103,212 450,232,603,404 These financial statements were approved by the Board of Directors of the Company on 31 March 2023.
Chen Yanshun Chairman of the Board
Gao Wenbao
Yang Xiaoping Chief Financial Officer
Teng Jiao
The head of the accounting
(Company stamp)
(Signature and stamp)
The notes on pages 30 to 175 form part of these financial statements. BOE Technology Group Co., Ltd. Company balance sheet
Cash at bank and on hand 7,121,641,234 5,609,364,822 Accounts receivable XV.1 4,863,665,269 4,828,855,275 Prepayments 7,045,311 12,669,107 Other receivables XV.2 19,878,145,375 15,449,830,610 Inventories 15,065,947 15,853,238 Other current assets 57,226,515 167,179,023
Total current assets 31,942,789,651 26,083,752,075
Non-current assets
Long-term equity investments XV.3 214,308,953,020 210,945,821,235 Investments in other equity
instruments 60,434,464 63,458,868 Other non-current financial assets 1,416,072,234 - Investment properties 251,870,591 261,526,129 Fixed assets 921,510,043 961,944,766 Construction in progress 616,247,335 551,352,449 Right-of-use assets 126,373,643 170,173,793 Intangible assets 1,122,230,564 1,243,806,868 Long-term deferred expenses 384,123,386 441,560,097 Other non-current assets 1,080,322,988 1,744,751,520
Total non-current assets 220,288,138,268 216,384,395,725 Total assets 252,230,927,919 242,468,147,800
Accounts payable 312,100,258 61,519,244 Advance payments received 14,819,929 20,038,334 Contract liabilities 19,200 - Employee benefits payable 282,792,422 640,728,285 Taxes payable 139,166,672 244,586,957 Other payables XV.5 4,249,391,146 2,880,884,768 Non-current liabilities due within one
year 2,704,607,119 10,909,326,195 Other current liabilities 20,283,257 29,190,783
Total current liabilities 7,723,180,003 14,786,274,566 Non-current liabilities
Long-term loans XV.6 39,557,500,000 32,208,500,000 Lease liabilities 85,830,813 129,343,868 Deferred income 1,933,587,746 2,906,951,707 Deferred tax liabilities XV.4 111,987,272 225,816,218 Other non-current liabilities XV.7 96,394,661,805 74,506,661,805
Total non-current liabilities 138,083,567,636 109,977,273,598 Total liabilities 145,806,747,639 124,763,548,164
Share capital V.36 38,196,363,421 38,445,746,482 Other equity instruments V.37 8,176,366,808 14,146,997,427 Capital reserve XV.8 53,693,627,213 53,598,033,152 Less: Treasury shares V.39 3,508,201,911 3,415,768,207 Other comprehensive income XV.9 340,345 89,024,650 Surplus reserve V.41 3,241,063,934 2,889,590,205 Retained earnings XV.10 6,624,620,470 11,950,975,927
Total shareholders’equity 106,424,180,280 117,704,599,636 Total liabilities and shareholders’equity 252,230,927,919 242,468,147,800
These financial statements were approved by the Board of Directors of the Company on 31 March 2023.
The notes on pages 30 to 175 form part of these financial statements. BOE Technology Group Co., Ltd. Consolidated income statement
for the year ended 31 December 2022(Expressed in Renminbi Yuan)
I. Operating income V.43 178,413,731,179 221,035,718,012 II. Less: Operating costs V.43 157,530,566,152 157,298,825,781
Taxes and surcharges V.44 1,275,171,339 1,424,205,826 Selling and distribution expenses V.45 4,233,290,297 5,484,589,978 General and administrative
expenses V.46 6,247,637,006 6,693,373,589 Research and development