The 2015 Annual Report
April 2016
The 2015 Annual Report of BOE Technology Group Co., Ltd.
Section I Important Statements, Contents and Definitions
The Board of Directors, Supervisory Committee, directors, supervisors and senior management of
staff of BOE Technology Group Co., Ltd. (hereinafter referred to as the “Company”) hereby
guarantee that the information presented in this Report is factual, accurate and complete, and shall
be jointly and severally liable for any false information, misleading statements or material
omissions carried in this Report.
Mr. Wang Dongsheng, Chairman of the Board, Mr. Chen Yanshun, President of the Company, Ms.
Sun Yun, chief of the accounting work, and Ms. Yang Xiaoping, chief of the accounting organ (chief
of accounting), hereby confirm that the financial report carried in this Report is factual, accurate
and complete.
All directors attended the board meeting for the review of this Report.
The Board has considered and approved the following preliminary plan for profit distribution:
Based on the total shares of 35,153,067,743, a cash dividend of RMB0.1 (tax inclusive) per 10
shares will be distributed to all the shareholders of the Company. No bonus shares will be granted
and no capital reserves will be converted into share capital.
This Report has been prepared in compliance with the Chinese “Accounting Standards for Business
Enterprises” and other relevant regulations. KPMG Huazhen LLP has issued a standard auditor’s
report with unqualified opinion for the Company.
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.
The 2015 Annual Report of BOE Technology Group Co., Ltd.
Contents
Section I Important Statements, Contents and Definitions ............................................................ 1
Section II Corporate Profile and Financial Results ........................................................................ 4
Section III Business Profile ............................................................................................................. 10
Section IV Management Discussion and Analysis ......................................................................... 13
Section V Significant Events ........................................................................................................... 34
Section VI Share Changes and Information about Shareholders ............................................... 61
Section VII Preference Shares ........................................................................................................ 72
Section VIII Directors, Supervisors, Senior Management and Employees ................................ 73
Section IX Corporate Governance ................................................................................................. 87
Section X Financial Report ............................................................................................................. 98
Section XI Documents Available for Reference ............................................................................. 97
The 2015 Annual Report of BOE Technology Group Co., Ltd.
Definitions
Term Definition
BOE, the Company, Company BOE Technology Group Co., Ltd.
Stock Listing Rules Stock Listing Rules of Shenzhen Stock Exchange (Revised in 2014)
SZSE, the Stock Exchange Shenzhen Stock Exchange
CSRC China Securities Regulation Commission
CSRC Beijing China Securities Regulation Commission Beijing Bureau
Articles of Association Articles of Association of BOE Technology Group Co., Ltd.
The “Company Law” The “Company Law of the People’s Republic of China”
The “Securities Law” The “Securities Law of the People’s Republic of China”
The cninfo website http://www.cninfo.com.cn/
BOEOST BOE Optical Science and Technology Co., Ltd.
Chengdu BOE Chengdu BOE Optoelectronics Technology Co., Ltd.
Hefei BOE Hefei BOE Optoelectronics Technology Co., Ltd.
BOE Display Beijing BOE Display Technology Co., Ltd.
Hefei Xinsheng Hefei Xinsheng Optoelectronics Technology Co., Ltd.
Yuansheng Optoelectronics Ordos Yuansheng Optoelectronics Co., Ltd.
Chongqing BOE Chongqing BOE Optoelectronics Technology Co., Ltd.
OASIS Hospital OASIS International Hospital
The 2015 Annual Report of BOE Technology Group Co., Ltd.
Section II Corporate Profile and Financial Results
I Corporate information
Stock abbr. BOE A, BOE B Stock code 000725, 200725
Stock exchange Shenzhen Stock Exchange
Company name in Chinese 京东方科技集团股份有限公司
Abbr. of the Company name in Chinese 京东方
Company name in English (if any) BOE TECHNOLOGY GROUP CO., LTD.
Abbr. of the Company name in English (if any) BOE
Legal representative Wang Dongsheng
Registered address 10 Jiuxianqiao Road, Chaoyang District, Beijing, P.R.China
Zip code
12 Xihuan Middle Road, Beijing Economic-Technological Development Area,
Office address
P.R.China
Zip code
Company website http://www.boe.com
Email web.master@boe.com.cn
II Contact information
Item Company Secretary Representative for Securities Affairs
Name Liu Hongfeng -
12 Xihuan Middle Road, Beijing Economic-Technological
Address -
Development Area, P.R.China
Tel. 010－64318888 ext. -
Fax 010－64366264 -
E-mail liuhongfeng@boe.com.cn -
III Information disclosure and place where this Report is kept
Newspapers designated by the Company for information China Securities Journal, Shanghai Securities News, Securities Times,
disclosure Ta Kung Pao (HK)
Website designated by the China Securities Regulatory
http://www.cninfo.com.cn/
Commission (CSRC) for the publication of this Report
Place where this Report is kept Company Secretary Office
The 2015 Annual Report of BOE Technology Group Co., Ltd.
IV Company registration and alteration
According to the new rules of the industry and commerce administration for company registration,
the business license, the organization code certificate and the tax registration certificate of the
Organization code Company have been changed into a business license with a credibility code
(911100001011016602). For details, please refer to The Public Announcement No. 2015-074 on
Company Registration Alteration disclosed by the Company dated 14 November 2015.
Changes in main business
activities since the Company No changes
was listed (if any)
On 10 March 2015, the Company received The Notice Regarding Change of the Controlling
Shareholder from actual controller Beijing Electronics Holdings Co., Ltd., notifying that the
Changes of the controlling Company’s controlling shareholder changed from Beijing BOE Investment & Development Co.,
shareholder (if any) Ltd. to Beijing Electronics Holdings Co., Ltd. and that the actual controller remained Beijing
Electronics Holdings Co., Ltd. For details, see the Indicative Public Announcement (No.
2015-008) disclosed by the Company on 12 March 2015.
V Other information
The CPAs firm hired by the Company
Name KPMG Huazhen LLP
Office address 8/F, KPMG Tower, Oriental Plaza, No. 1 East Chang An Avenue, Beijing, P.R.China
Accountants writing signatures Su Xing, Liu Jingyuan
Sponsor engaged by the Company to continuously perform its supervisory function during the Reporting Period
√ Applicable □ Not applicable
Name Office address Representative Supervisory period
2014.04.05-2015.12.31 (Up to 31 December
2015, the funds raised by the Company
Room 2203, North Tower, Shanghai through a private A-share offering had not
Zhu Mingqiang,
China Securities Co., Ltd. Stock Exchange Building, 528 Pudong yet been used up. Therefore, China
Zhao Jun
South Road, Shanghai, P.R.China Securities Co., Ltd. and its representatives
would continue to perform their supervisory
function on the Company.
Financial advisor engaged by the Company to continuously perform its supervisory function during the Reporting Period
□ Applicable √ Not applicable
VI Accounting and financial results
Whether the Company performed a retroactive adjustment to or restatement of accounting data due to changes of accounting policies
or correction of accounting errors
□ Yes √ No
The 2015 Annual Report of BOE Technology Group Co., Ltd.
Item 2015 2014 Increase/decrease (%) 2013
Operating revenues (RMB) 48,623,732,312.00 36,816,316,676.00 32.07% 33,774,285,620.00
Net profits attributable to shareholders
1,636,270,488.00 2,562,128,829.00 -36.14% 2,353,365,694.00
of the Company (RMB)
Net profits attributable to shareholders
of the Company after extraordinary 613,814,833.00 1,827,866,642.00 -66.42% 1,713,985,503.00
gains and losses (RMB)
Net cash flows from operating activities
10,493,385,445.00 8,095,825,923.00 29.61% 8,956,439,250.00
(RMB)
Basic earnings per share (RMB/share) 0.046 0.087 -47.13% 0.174
Diluted earnings per share (RMB/share) 0.046 0.087 -47.13% 0.174
Weighted average return on equity (%) 2.13% 4.29% -2.16% 8.70%
Item 31 December 2015 31 December 2014 Increase/decrease (%) 31 December 2013
Total assets (RMB) 152,592,894,442.00 136,240,283,477.00 12.00% 92,538,451,492.00
Net assets attributable to shareholders
77,485,275,564.00 76,155,071,579.00 1.75% 28,251,815,361.00
of the Company (RMB)
Note: The year 2015 saw violent fluctuations in the forex market, with the RMB down 6% against the US dollar. In particular, the
RMB depreciated over 4.6% altogether against the US dollar for a row of three days after the People’s Bank of China unveiled The
Announcement on Improvements to Quotation of RMB Central Parity Against US Dollar on 11 August 2015. That caused an
exchange loss of approximately RMB815 million to the Company for 2015. With the said exchange loss excluded, the net profit
attributable to shareholders of the Company was about RMB2.443 billion for 2015.
VII Differences in accounting data under domestic and overseas accounting standards
1. Differences in the net profits and the net assets disclosed in the financial reports prepared under
international and Chinese accounting standards
□ Applicable √ Not applicable
No such differences for the Reporting Period.
2. Differences in the net profits and the net assets disclosed in the financial reports prepared under overseas
and Chinese accounting standards
□ Applicable √ Not applicable
No such differences for the Reporting Period.
VIII Financial results by quarter
Unit: RMB
Item Q1 Q2 Q3 Q4
Operating revenues 11,582,854,379.00 11,387,993,733.00 13,449,597,930.00 12,203,286,270.00
The 2015 Annual Report of BOE Technology Group Co., Ltd.
Net profits attributable to shareholders
978,140,971.00 973,029,881.00 41,216,719.00 -356,117,083.00
of the Company
Net profits attributable to shareholders
of the Company after extraordinary 880,748,144.00 695,649,793.00 -168,061,110.00 -794,521,994.00
gains and losses
Net cash flows from operating activities 2,302,553,649.00 3,150,837,839.00 2,380,219,615.00 2,659,774,342.00
Whether there are any material differences between the financial indicators above or their summations and those which have been
disclosed in quarterly or semi-annual reports
□ Yes √ No
IX Extraordinary gains/losses
√ Applicable □ Not applicable
Unit: RMB
Item 2015 2014 2013 Note
Gains/losses on disposal of non-current assets (including offset
-8,350,324.00 -15,575,867.00 -112,722,720.00 -
amount of asset impairment provisions)
Tax rebates, reductions and exemptions due to approval beyond
0.00 0.00 0.00 -
authority or the lack of official approval documents
Government grants charged to the gains/losses for the Reporting
Period (except for the government grants closely related to the
1,045,101,727.00 830,471,170.00 838,279,656.00 -
business of the Company and given at a fixed quota or amount in
accordance with the State’s uniform standards)
Capital occupation charges on non-financial enterprises that are
0.00 0.00 0.00 -
charged to the gains/losses for the Reporting Period
Gains due to the situation where investment costs for the
Company to obtain subsidiaries, associates and joint ventures are
163,082.00 10,168,409.00 0.00 -
lower than the enjoyable fair value of identifiable net assets of
investees when making investments
Gains/losses on non-monetary asset swap 0.00 0.00 0.00 -
Gains/losses on entrusting others with investments or asset
0.00 0.00 0.00 -
management
Asset impairment provisions due to acts of God such as natural
0.00 0.00 0.00 -
disasters
Gains/losses on debt restructuring 0.00 0.00 0.00 -
Expenses on business reorganization, such as expenses on staff
0.00 0.00 0.00 -
arrangements, integration, etc.
Gains/losses on the part over the fair value due to transactions
0.00 0.00 0.00 -
with distinctly unfair prices
Reporting Period net gains/losses of subsidiaries acquired
0.00 0.00 0.00 -
through business mergers under the same control from
The 2015 Annual Report of BOE Technology Group Co., Ltd.
period-beginnings to merger dates
Gains/losses on contingencies irrelevant to the Company’s
0.00 0.00 0.00 -
normal business activities
Gains and losses on fair value changes of transactional financial
assets and liabilities & investment gains on disposal of
transactional financial assets and liabilities as well as financial 173,159,454.00 6,113,418.00 0.00 -
assets available for sale, except for effectively hedging business
related to normal business operations of the Company
Impairment provision reversal for accounts receivable on which
4,535,849.00 5,583,021.00 500,938.00 -
the impairment test is carried out separately
Gains/losses on entrusted loans 0.00 0.00 0.00 -
Gains/losses on fair value changes in investing properties of
which the subsequent measurement is carried out adopting the 0.00 0.00 0.00 -
fair value method
Effect on Reporting Period gains/losses when a one-off
adjustment is made to Reporting Period gains/losses according
