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BOE TECHNOLOGY GROUP CO LTD THE THIRD QUARTERLY

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					 BOE TECHNOLOGY GROUP CO., LTD.




THE THIRD QUARTERLY REPORT 2011
           (Full Text)




          October 2011




                                  1
                   BOE TECHNOLOGY GROUP CO., LTD.
                   THE THIRD QUARTERLY REPORT 2011
 1
§ Important Notice
1.1 The Board of Directors, the Supervisory Committee, directors, supervisors and
other senior management personnel of BOE Technology Group Co., Ltd. (hereinafter
referred to as the Company) hereby guarantee that this report carries no false
information, misleading statements or major omissions, and accept, individually and
collectively, the responsibility for the factuality, accuracy and completeness of the
information set forth herein.
1.2 The Financial Report in this quarterly report has not been audited by a CPA firm.
1.3 Mr. Wang Dongsheng and Mr. Chen Yanshun, Person-in-charge of the Company,
Ms. Sun Yun, Person-in-charge of the accounting work, and Ms. Yang Xiaoping,
Person-in-charge of the accounting organ (Financial manager) hereby confirm the
factuality and completeness of the Financial Report in this quarterly report.

 2.
§ Company Profile
2.1 Main accounting data and financial indexes
                                                                                                 Unit: RMB Yuan
                                             As at 30 Sept. 2011          As at 31 Dec. 2010      Increase/decrease (%)
Total assets (Yuan)                             64,956,153,690.00           54,229,952,769.00                     19.78%
Owners’ equity attributable to
                                                 22,743,662,796.00          24,955,013,046.00                     -8.86%
shareholders of listed company (Yuan)
Share capital (Share)                            13,521,542,341.00          11,267,951,951.00                     20.00%
Net assets per share attributable to
shareholders of listed company (Yuan                               1.68                   2.21                   -23.98%
/share)
                                                              Increase/decrease                    Increase/decrease
                                             Jul.-Sept. 2011                     Jan.-Sept. 2011
                                                              year-on-year (%)                     year-on-year (%)
Total operation income (Yuan)                3,574,602,557.00           77.34% 8,514,636,554.00              37.29%
Net profit attributable to shareholders                                          -2,143,088,601.0
                                              -927,604,124.00         -106.99%                             -116.73%
of listed company (Yuan)                                                                         0
Net cash flows generated from                                                    -1,045,906,306.0
                                                            -                  -                           -309.48%
operating activities (Yuan)                                                                      0
Net cash flows per share generated
                                                               -                  -               -0.08         -166.67%
from operating activities (Yuan /share)
Basic earnings per share (Yuan /share)                    -0.07            -40.00%                -0.16          -33.33%
Diluted earnings per share (Yuan
                                                          -0.07            -40.00%                -0.16          -33.33%
/share)
Weighted average return on net assets
                                                        -3.99%               -1.39%              -8.99%           -3.34%
(%)
Weighted average return on net assets
after deducting non-recurring gains                     -4.18%               -1.46%              -9.40%           -3.52%
and losses (%)
Items of non-recurring gains and losses
√Applicable         □Inapplicable
                                                                                                 Unit: RMB Yuan
          Items of non-recurring gains and losses                          Amount                 Notes (If applicable)
Gains and losses from disposal of non-current assets                           9,061,219.00
Government subsidies measured into the current period
gains and losses, excluding those government subsidies
closely related to the Company’s normal business that the                      82,728,932.00
Company enjoyed continually at the certain standard rating
and in conformity with provisions of policies of the State
Impairment reserves reversal of account receivables
                                                                                      3,000.00
individually taking the impairment tests
Gains and losses on change in fair value from tradable
                                                                               -8,670,137.00
financial assets and tradable financial liabilities, as well as



                                                                                                                          2
investment income from disposal of tradable financial
assets and tradable financial liabilities and financial assets
available for sales except for effective hedging related
with normal businesses of the Company
Other non-operating income and expenses besides the
                                                                     17,389,689.00
above items
Effect on income tax                                                   -330,116.00
Effect on minority interests                                         -1,249,536.00
                            Total                                    98,933,051.00             -
2.2 Total number of shareholders and shareholding of top ten shareholders holding
tradable shares
                                                                      Unit: share
                                               465,373 shareholders (including 424,819 A-share holders and
          Total number of shareholders
                                               40,554 B-share holders)
                         Shareholding of top ten shareholders holding tradable shares
                                                Number of tradable shares held
          Full name of shareholder                                                       Type of share
                                                         at period-end
BEIJING     BOE        INVESTMENT           &
                                                                    860,981,080 RMB ordinary shares
DEVELOPMENT CO., LTD.
BEIJING     E-TOWN         INTERNATIONAL
                                                                    700,000,001 RMB ordinary shares
INVESTMENT & DEVELOPMENT CO., LTD.
BEIJING ELECTRONICS HOLDING CO.,
                                                                    275,303,883 RMB ordinary shares
LTD.
KE XIPING                                                           254,000,000 RMB ordinary shares
BEIJING INDUSTRY DEVELOPMENT &
                                                                     46,016,711 RMB ordinary shares
INVESTMENT MANAGEMENT CO., LTD.
                                                                                 Domestically listed foreign
CITI(NOMINEES)LIMITED                                                43,661,561
                                                                                 shares
                                                                                 Domestically listed foreign
HUANG YINGBIN                                                        43,171,594
                                                                                 shares
CHENGDU HI-TECH INVESTMENT GROUP
                                                                     40,765,635 RMB ordinary shares
LTD.
CHENGDU INDUSTRY INVESTMENT
                                                                     39,706,497 RMB ordinary shares
GROUP CO., LTD.
UBS CUSTODY SERVICES SINGAPORE PTE.                                              Domestically listed foreign
                                                                     33,362,328
LTD                                                                              shares


 3.
§ Significant events
3.1 Particulars about large-margin changes in main items of accounting statements
and financial indexes, as well as reasons for the changes
√Applicable            □Inapplicable
1. Transactional financial assets decreased 100% over the end of last year, which was
mainly because some forward foreign exchange contracts signed last year to avoid any
foreign currency exchange risk that might be incurred by exchange rate fluctuations
were settled in the reporting period.
2. Account receivables increased 65% over the end of last year, which was mainly
because receivables from customers due to products sold to them increased after the
new projects realized mass production.
3. Prepayments increased 154% over the end of last year, which was mainly because
prepayments for purchases increased in the reporting period.
4. Interest receivable increased 50% over the end of last year, which was mainly
because monetary funds increased due to the private A-share issue carried out by the
Company last year.
5. Other receivables decreased 55% over the end of last year, which was mainly
because the VAT export rebates receivable last year were received by the Company in
the reporting period.



                                                                                                         3
6. Inventory increased 42% over the end of last year, which was mainly because the
new projects realized mass production.
7. Other current assets increased 286% over the end of last year, which was mainly
because the overpaid VAT increased in the reporting period.
8. Available-for-sale financial assets decreased 38% over the end of last year, which
was mainly because fair values of available-for-sale financial assets dropped in the
reporting period.
9. Construction in process increased 121% over the end of last year, which was mainly
because some projects were still in the construction period and the expenses on
construction and equipment purchases increased accordingly.
10. Short-term borrowings increased 84% over the end of last year, which was mainly
because some foreign-currency borrowings were obtained for the projects still in the
construction period.
11. Accounts payable increased 41% over the end of last year, which was mainly
because payables to suppliers increased.
12. Accounts received in advance increased 154% over the end of last year, which was
mainly because advances from customers increased.
13. Interest payable increased 63% over the end of last year, which was mainly due to
more borrowings.
14. Non-current liabilities due within one year increased 276% over the end of last
year, which was mainly because some long-term borrowings became due within one
year.
15. Long-term borrowings increased 88% over the end of last year, which was mainly
due to more borrowings for the new projects.
16. Operating revenues increased 37% over the same period of last year, which was
mainly because the new production lines were finished and put into operation,
generating more sales incomes.
17. Operating cost increased 48% over the same period of last year, which was mainly
because the new production lines were finished and put into operation and the
operating cost increased along with the growth of operating revenues.
18. Selling expense increased 80% over the same period of last year, which was mainly
because the new production lines were finished and put into operation and the
consolidation scope expanded.
19. Financial expense increased 227% over the same period of last year, which was
mainly because the interest expense increased in the reporting period.
20. Asset impairment loss increased 265% over the same period of last year, which was
mainly because some provisions were made for inventories and other assets according
to market conditions.
21. Non-business income increased 117% over the same period of last year, which was
mainly because governmental subsidies increased in the reporting period.
22. Net cash flows from operating activities decreased 309% over the same period of
last year, which was mainly due to fluctuations in markets for main products in the
reporting period.
3.2 Progress and influence of significant events, as well as the analysis on solutions
3.2.1 Concerning non-standard audit opinions
□Applicable         √Inapplicable
3.2.2 Whether the Company provided funds for the controlling shareholder or its
related parties or provided guarantees for external parties in violation of prescribed


                                                                                   4
procedures
√Applicable               □Inapplicable

  During the report period, the company paid 630,000.00RMB for controlling
  shareholder, by the end of reporting period, the controlling shareholder has paid back
  the money.
3.2.3 Signing and execution of significant contracts concerning the routine operation
□Applicable         √Inapplicable
3.2.4 Others
√Applicable         □Inapplicable
1. About the Beijing 8G TFT-LCD Production Line Project: The project had
successfully realized mass production in the third quarter of 2011 with comprehensive
product yield rate as 85%.
2. The Company’s subordinate subsidiary—Hefei BOE Optoelectronics Technology
Co., Ltd.—could apply for refunds of overpaid taxes for equipment imports, which was
disclosed by the Company in the Announcement No. 2010-058 on 22 Nov. 2010. Up to
30 Sept. 2011, Hefei BOE Optoelectronics Technology Co., Ltd. had received refunds
of overpaid taxes for equipment imports of RMB 1.283 billion in total.
3.3 Fulfillment of commitments made by the Company, shareholders and the actual
controller
Commitments made by the Company, its directors, supervisors, senior executives,
shareholders with an over 5% shareholding, actual controller and other stakeholders
during the reporting period, or such commitments carried down into the reporting
period:
□Applicable           √Inapplicable
3.4 Warnings of possible losses or major changes of the accumulative net profit
achieved during the period from the year-begin to the end of the next reporting period
compared with the same period of last year, as well as explanation on reasons
√Applicable           □Inapplicable
Performance forecast                                                    Deficit
                                                                   1 Jan. 2010-31
                                   1 Jan. 2011-31 Dec. 2011                              Increase/ decrease (%)
                                                                     Dec. 2010
Estimated accumulative net
                           -320,000.00 --           -300,000.00       -200,381.31 Decrease           -      --        -
profit (RMB Ten thousand)
Basic earnings per share (RMB
                                        -0.24 --           -0.22             -0.20 Decrease          -      --        -
Yuan/share)
                              1. Reasons: Since the beginning of the second half of 2011, the global electronic
                              end-consumer market remains weak. Consequently, prices of the Company’s main
                              LCD panel products also remain at low levels, which may lead to a relatively large
                              deficit for the year 2011.
                              Other explanations:
                              1. On 24 Oct. 2011, the Proposal on a Subsidiary’s Transferring Equities of Ordos
                              BOE Energy Investment Limited was reviewed and approved by the Company’s
                              Board of Directors. For details of the proposal, please refer to the announcement
Notes to performance forecast (No. 2011-035) disclosed by the Company on 26 Oct. 2011. Currently, the Company
                              is trying its best to push forward the said equity transfer. And it is uncertain whether
                              the equity transfer can be concluded within this year and how it will influence this
                              year’s gains and losses. Investors are kindly reminded to keep an eye on investment
                              risks.
                              2. Due to the deficit in 2010, if the Company continues to go into a deficit for 2011,
                              a delisting risk warning will be issued on the Company’s stock trading according to
                              the Stock Listing Rules of the Shenzhen Stock Exchange. Investors are kindly
                              reminded to keep an eye on investment risks.
                              3. The Company will disclose in detail specific data about its business performance



                                                                                                                  5
                                 in 2011 in the 2011 annual report.
3.5 Other significant events that need to be explained
3.5.1 Investments into securities
□Applicable         √Inapplicable
3.5.2 Researches, interviews and visits received in the reporting period
                                                                                                  Main discussion and
                                           Way of
       Time                 Place                                      Visitor                    materials provided by
                                          reception
                                                                                                     the Company
                                                  Daiwa Securities SMBC – Cathay
                         Conference
                                            Field Co., Ltd. (Taiwan), Daiwa Securities,
1 Jul. 2011              Room of the
                                          researchDaiwa Securities SMBC Co., Ltd.
                          Company
                                                  (Beijing)
                                                  The Sumitomo Trust & Banking
                         Conference               Company Limited, Deutsche
                                           Field
5 Jul. 2011              Room of the              Securities Inc., Qilu Securities Co.,
                                         research                                        Main discussion:
                          Company                 Ltd., Huatai Securities Co., Ltd.,
                                                  Huatai Asset Management Co., Ltd. 1. Operation of the
                                                                                         Company and its future
                                       Communicat
                                                  Jiangsu Z&H Fund Investment Co., development strategy;
13 Jul. 2011            Phone research    ion by
                                                  Ltd.                                   2. Current status and
                                          phone
                                                                                         development trends in
                                                  Guodu Securities Co., Ltd., Cinda
                                                                                         the industry;
                                                  Securities Co., Ltd., Hongyuan
                                                                                         3. Particulars about the
                                                  Securities Co., Ltd., CITIC Securities
                                                                                         Chengdu              4.5G
                                                  Co., Ltd., Bohai Securities Co., Ltd.,
                                                                                         Production Line, Beijing
                                                  Industrial Securities Co., Ltd., China
                                                                                         5G Production Line,
                         Conference               Securities Co., Ltd., Guotai Junan
                                           Field                                         Hefei 6G Production
14 Jul. 2011             Room of the              Securities Co., Ltd., CICC, Founder
                                         research                                        Line and Beijing 8.5G
                          Company                 Securities Co., Ltd., Chang Xin Asset
                                                                                         Production Line;
                                                  Management Co., Ltd., China Post
                                                  Securities Co., Ltd., Huachuang
                                                                                         Materials provided:
                                                  Securities Co., Ltd., China Galaxy
                                                                                         The 2010 Annual
                                                  Securities Co., Ltd., Shenyin &
                                                                                         Report, the brochure of
                                                  Wanguo Securities Co., Ltd.
                                                                                         the Company and other
                                       Communicat
                                                  Wuhan Jialun Investment                materials available for
29 Aug. 2011            Phone research    ion by
                                                  Management Co., Ltd.                   public access
                                          phone
                         Conference
                                           Field
7 Sept. 2011             Room of the              Asian century Quest Capital.LLC
                                         research
                          Company
                         Conference
                                           Field
13 Sept. 2011            Room of the              TX Investment Consulting Co., Ltd.
                                         research
                          Company
3.6 Investment on derivative products
□Applicable        √Inapplicable
3.6.1 Number of derivative products held at the end of the reporting period
□Applicable        √Inapplicable

 4
§ Appendix
4.1 Balance sheet
Prepared by BOE Technology Group Co., Ltd.                     30 Sept. 2011                          Unit: RMB Yuan
                                         Balance as at 30 Sept. 2011                  Balance as at 31 Dec. 2010
                Items
                                       Consolidation       The Company            Consolidation         The Company
Current assets:
  Monetary capital                  19,684,537,758.00 2,608,457,758.00           23,997,831,673.00     11,570,776,269.00
  Settlement funds                                     -                   -                      -                       -
  Outgoing call loans                                  -                   -                      -                       -
  Transaction financial assets                         -                   -        67,794,013.00                         -
  Notes receivable                     468,059,649.00        2,049,851.00          378,937,778.00           1,309,602.00



                                                                                                                     6
  Accounts receivables               2,083,599,248.00    62,241,613.00     1,263,204,267.00      51,608,542.00
  Prepayments                         102,254,523.00       1,855,254.00      40,275,676.00         7,261,899.00
  Premium receivables                               -                 -                   -                    -
  Receivables from reinsures                        -                 -                   -                    -
   Reinsurance contract reserve
                                                    -                 -                   -                    -
receivables
  Interest receivables                  86,537,208.00    14,121,158.00       57,851,997.00       13,899,504.00
  Dividend receivables                              -      8,204,147.00                   -        8,204,147.00
  Other receivables                   149,443,189.00    247,879,349.00      333,128,771.00      521,691,925.00
  Financial assets purchased
                                                    -                 -                   -                    -
under agreements to resell
  Inventories                        1,849,196,851.00      1,233,310.00    1,300,479,825.00        1,566,813.00
  Non-current assets due within 1
                                                    -                 -                   -                    -
year
  Other current assets               1,361,432,332.00    25,687,978.00      352,781,119.00       22,389,271.00
Total current assets                25,785,060,758.00 2,971,730,418.00    27,792,285,119.00   12,198,707,972.00
Non-current assets:                                 -                                     -                    -
  Loan and payment on other’s
                                                    -                 -                   -                    -
behalf disbursed
  Available-for-sale financial
                                      108,291,709.00    108,291,709.00      173,899,899.00      173,899,899.00
assets
  Investments held to maturity                      -                 -                   -                    -
  Long-term receivables                             -                 -                   -                    -
  Long-term equity investments          59,381,694.00 25,823,080,070.00      63,164,307.00    16,842,762,737.00
  Investment properties              1,370,259,249.00   183,896,440.00     1,407,773,542.00     187,567,077.00
  Fixed assets                      18,319,247,209.00   382,145,671.00    15,287,867,884.00     377,003,935.00
  Construction in progress          17,908,031,218.00      9,155,730.00    8,098,446,109.00      15,050,501.00
  Engineering materials                             -                 -                   -                    -
  Disposal of fixed assets                          -                 -                   -                    -
  Production biological assets                      -                 -                   -                    -
  Oil-gas assets                                    -                 -                   -                    -
  Intangible assets                  1,077,242,433.00    66,976,739.00     1,112,496,157.00      58,347,672.00
  R & D expense                                     -                 -                   -                    -
  Goodwill                              55,926,774.00                 -      55,926,774.00                     -
  Long-term deferred expenses           12,326,220.00      3,831,797.00      13,270,680.00         4,601,663.00
  Deferred income tax assets            49,747,912.00                 -      51,053,166.00                     -
  Other non-current assets            210,638,514.00     86,107,531.00      173,769,132.00        58,112,218.00
Total non-current assets            39,171,092,932.00 26,663,485,687.00   26,437,667,650.00   17,717,345,702.00
Total assets                        64,956,153,690.00 29,635,216,105.00   54,229,952,769.00   29,916,053,674.00
Current liabilities:                                -                 -                   -                    -
  Short-term borrowings              9,134,478,561.00    52,856,453.00     4,964,412,066.00      74,889,216.00
  Borrowings from central bank                      -                 -                   -                    -
  Deposits received and held for
                                                    -                 -                   -                    -
others
  Call loan received                                -                 -                   -                    -
  Trading financial liabilities                     -                 -                   -                    -
  Notes payable                         64,313,453.00                 -      37,148,093.00                     -
  Accounts payable                   3,192,772,008.00      6,768,237.00    2,267,112,387.00        5,061,943.00




                                                                                                           7
  Advances from customers            209,622,885.00      613,038,588.00            82,635,808.00       614,107,270.00
  Financial assets sold under
                                                     -                   -                      -                       -
agreements to repurchase
  Handling charges and
                                                     -                   -                      -                       -
commissions payable
  Payroll payables                   231,978,772.00       35,340,443.00           256,486,006.00        31,770,662.00
  Taxes payable                        20,338,959.00        4,858,217.00           15,603,988.00            2,223,606.00
  Interest payables                    90,824,059.00           713,552.00          55,863,170.00            1,324,503.00
  Dividend payables                     6,451,171.00        6,451,171.00             6,453,111.00           6,453,111.00
  Other payables                    3,633,372,125.00     244,361,147.00          3,091,332,938.00      387,298,564.00
  Accounts due to reinsurance                        -                   -                      -                       -
  Insurance contract reserves                        -                   -                      -                       -
  Trusted trading of securities                      -                   -                      -                       -
  Trusted selling of securities                      -                   -                      -                       -
  Non-current liabilities due
                                     977,732,630.00      200,000,000.00           260,068,100.00       200,000,000.00
within 1 year
  Other current liabilities            44,579,490.00                               23,407,481.00
Total current liabilities          17,606,464,113.00 1,164,387,808.00        11,060,523,148.00        1,323,128,875.00
Non-current liabilities:                             -                   -                      -                       -
  Long-term borrowings             14,098,653,764.00                             7,504,827,507.00
  Bonds payable                                      -                   -                      -                       -
  Long-term payables                                 -                   -                      -                       -
  Special payables                                   -                   -                      -                       -
  Estimated liabilities                36,282,611.00                               37,049,896.00
  Deferred tax liabilities           286,965,139.00                               294,904,213.00
  Other non-current liabilities     1,030,683,383.00      62,133,901.00          1,072,839,752.00       64,414,064.00
Total non-current liabilities      15,452,584,897.00      62,133,901.00          8,909,621,368.00       64,414,064.00
Total liabilities                  33,059,049,010.00 1,226,521,709.00        19,970,144,516.00        1,387,542,939.00
Owners’ equity (or shareholders’
                                                     -                   -                      -                       -
equity)
  Paid-in capital (or share capital) 13,521,542,341.00 13,521,542,341.00     11,267,951,951.00       11,267,951,951.00
  Capital surplus                  15,165,155,571.00 14,978,066,668.00       17,484,354,151.00      17,297,265,248.00
  Less: treasury stock                               -                   -                      -                       -
  Specific reserves                                  -                   -                      -                       -
  Surplus reserves                   499,092,613.00      499,092,613.00           499,092,613.00       499,092,613.00
  General risk provision                             -                   -                      -                       -
  Retained earnings                -6,438,261,071.00     -590,007,226.00     -4,295,172,470.00         -535,799,077.00
  Foreign exchange difference          -3,866,658.00                                -1,213,199.00
   Total owners’ equity
                                   22,743,662,796.00 28,408,694,396.00       24,955,013,046.00      28,528,510,735.00
attributable to the Company
  Minority interest                 9,153,441,884.00                             9,304,795,207.00
Total owner’s equity               31,897,104,680.00 28,408,694,396.00       34,259,808,253.00      28,528,510,735.00
Total liabilities & owner’s equity 64,956,153,690.00 29,635,216,105.00       54,229,952,769.00      29,916,053,674.00


4.2 Income statement for Jul.-Sept. 2011
Prepared by BOE Technology Group Co., Ltd.                     Jul.-Sept. 2011                      Unit: RMB Yuan
                                             Jul.-Sept. 2011                              Jul.-Sept. 2010
                Items
                                     Consolidation       The Company         Consolidation           The Company



                                                                                                                    8
I. Total operation revenue               3,574,602,557.00    48,808,606.00 2,015,634,016.00     52,638,038.00
Including: sales revenue                 3,574,602,557.00    48,808,606.00 2,015,634,016.00     52,638,038.00
         Interest income                                 -                -                 -                 -
         Premium income                                  -                -                 -                 -
      Handling charges            and
                                                         -                -                 -                 -
commission income
II. Total operation cost                 4,601,302,728.00    78,477,445.00 2,563,916,109.00     51,281,737.00
Including: cost of sales                 3,933,386,632.00    21,241,267.00 2,125,493,876.00     18,876,643.00
         Interest expenses                               -                -                 -                 -
      Handling charges            and
                                                         -                -                 -                 -
commission expenses
      Insurance discharge
                                                         -                -                 -                 -
payment
         Claim expenses-net                              -                -                 -                 -
       Provision for         insurance
                                                         -                -                 -                 -
contract reserve-net
         Insurance policy dividends
                                                         -                -                 -                 -
paid
         Reinsurance expenses                            -                -                 -                 -
       Business        taxes      and
                                             6,616,591.00     2,040,213.00       4,415,026.00    1,855,703.00
surcharges
         Sales expenses                    103,150,895.00       498,605.00     54,614,550.00       706,082.00
         Administrative expenses           363,510,977.00    72,446,197.00    387,236,499.00    45,494,375.00
         Financial expenses                124,509,310.00    -17,825,232.00    -16,584,832.00   -15,964,567.00
         Impairment loss                    70,128,323.00        76,395.00       8,740,990.00      313,501.00
   Add: gain/loss from changes in
                                                         -                -                 -                 -
fair value (―-‖ for loss)
        Gain/loss from investment
                                              -949,930.00      -949,930.00      -1,340,590.00    -1,300,144.00
(―-‖ for loss)
         Including: investment
gain from associates and joint                -949,930.00      -949,930.00      -1,340,590.00    -1,300,144.00
ventures
      Gain/loss from   foreign
exchange difference  (―-‖ for                            -                -                 -                 -
loss)
III. Operation profit        (―-‖ for
                                         -1,027,650,101.00   -30,618,769.00   -549,622,683.00       56,157.00
loss)
  Add: non-operating incomes                46,843,668.00     4,744,004.00     24,542,511.00    15,799,860.00
  Less: non-operating expenses               3,354,418.00         5,016.00       3,613,030.00
     Including: loss from disposal
                                             2,776,416.00         5,016.00       3,456,162.00
of non-current assets
IV. Total profit       (―-‖ for total
                                          -984,160,851.00    -25,879,781.00   -528,693,202.00   15,856,017.00
loss)
  Less: income tax expenses                    982,049.00                        1,306,598.00
V. Net profit    (―-‖ for total loss)     -985,142,900.00    -25,879,781.00   -529,999,800.00   15,856,017.00
   Attributable to owners of the
                                          -927,604,124.00    -25,879,781.00   -448,137,532.00   15,856,017.00
Company
       Minority interest                   -57,538,776.00                      -81,862,268.00
VI. Earnings per share                                   -                -                 -                 -
       (I) Basic EPS                                 -0.07           -0.002             -0.05           0.002
       (II) Diluted EPS                              -0.07           -0.002             -0.05           0.002




                                                                                                          9
Ⅶ. Other composite income                       -47,274,830.00        -44,307,246.00        13,060,326.00            12,713,874.00
Ⅷ. Total composite income                     -1,032,417,730.00       -70,187,027.00       -516,939,474.00           28,569,891.00
  Attributable to owners of the
                                               -974,878,954.00        -70,187,027.00       -435,077,206.00           28,569,891.00
Company
    Attributable        to      minority
                                                -57,538,776.00                              -81,862,268.00
shareholders
Where there were business combinations under the same control in this reporting
period, the combined parties achieved net profit of RMB 0.00 before the
combinations.

4.3 Income statement for Jan.-Sept. 2011
Prepared by BOE Technology Group Co., Ltd.                                Jan.-Sept. 2011                        Unit: RMB Yuan
                                                          Jan.-Sept. 2011                            Jan.-Sept. 2010
                Items
                                                 Consolidation        The Company           Consolidation        The Company
I. Total operation revenue                      8,514,636,554.00       140,666,309.00 6,202,063,899.00            155,348,854.00
Including: sales revenue                        8,514,636,554.00       140,666,309.00 6,202,063,899.00            155,348,854.00
       Interest income                                            -                    -                     -                  -
       Premium income                                             -                    -                     -                  -
      Handing     charges               and
                                                                  -                    -                     -                  -
commission income
II. Total operation cost                       10,928,202,542.00       213,796,321.00 7,383,372,275.00            154,742,199.00
Including: cost of sales                        9,278,104,413.00        59,941,350.00 6,250,732,367.00             55,960,526.00
       Interest expenses                                          -                    -                     -                  -
      Handling    charges               and
                                                                  -                    -                     -                  -
commission expenses
       Insurance discharge payment                                -                    -                     -                  -
       Claim expenses-net                                         -                    -                     -                  -
       Provision for              insurance
                                                                  -                    -                     -                  -
contract reserve-net
       Insurance policy dividends
                                                                  -                    -                     -                  -
paid
       Reinsurance expenses                                       -                    -                     -                  -
       Business              taxes      and
                                                   17,587,636.00         4,288,149.00         13,582,943.00         5,948,748.00
surcharges
       Sales expenses                             272,911,852.00            542,726.00       151,517,241.00         1,068,182.00
       Administrative expenses                  1,181,463,915.00       217,742,451.00        917,230,556.00       129,415,394.00
       Financial expenses                          49,227,494.00       -68,948,445.00         15,039,747.00        -38,313,394.00
       Asset impairment loss                      128,907,232.00            230,090.00        35,269,421.00            662,743.00
   Add: gain/loss from changes in
                                                   -8,670,137.00
fair value (―-‖ for loss)
        Gain/loss from investment
                                                     -352,581.00          -252,634.00          4,169,923.00         -3,306,213.00
(―-‖ for loss)
         Including:  investment
gain from associates and joint                     -3,782,614.00        -3,682,668.00          2,011,566.00         -4,699,016.00
ventures
    Gain/loss from foreign
                                                                  -                    -                     -                  -
exchange difference (―-‖ for loss)
III. Operation profit        (―-‖ for loss)    -2,422,588,706.00       -73,382,646.00 -1,177,138,453.00             -2,699,558.00
  Add: non-operating incomes                      120,083,345.00        19,360,069.00         55,247,602.00        23,305,898.00
  Less: non-operating expenses                     10,903,506.00            185,572.00         9,496,871.00         3,062,914.00




                                                                                                                              10
     Including: loss from disposal
                                                 9,683,737.00           185,572.00       8,023,304.00         2,062,914.00
of non-current assets
IV. Total profit     (―-‖ for total loss)    -2,313,408,867.00    -54,208,149.00 -1,131,387,722.00           17,543,426.00
  Less: income tax expenses                      -1,727,651.00                         16,291,254.00         14,159,922.00
V. Net profit      (―-‖ for total loss)      -2,311,681,216.00    -54,208,149.00 -1,147,678,976.00            3,383,504.00
   Attributable to owners of the
                                 -2,143,088,601.00                -54,208,149.00      -988,843,759.00         3,383,504.00
Company
     Minority interest                        -168,592,615.00                         -158,835,217.00
VI. Earnings per share                                       -                   -                    -                    -
     (I) Basic EPS                                       -0.16               -0.00              -0.12                 0.00
     (II) Diluted EPS                                    -0.16               -0.00              -0.12                 0.00
Ⅶ. Other composite income                      -68,261,649.00     -65,608,190.00       -22,692,892.00        -16,449,876.00
Ⅷ. Total composite income                    -2,379,942,865.00   -119,816,339.00 -1,170,371,868.00           -13,066,372.00
  Attributable to owners of the
                                -2,211,350,250.00                -119,816,339.00 -1,011,536,651.00           -13,066,372.00
Company
    Attributable         to       minority
                                              -168,592,615.00                         -158,835,217.00
shareholders
Where there were business combinations under the same control from the year-begin
to the period-end, the combined parties achieved net profit of RMB 0.00 before the
combinations.

4.4 Cash flow statement for Jan.-Sept. 2011
Prepared by BOE Technology Group Co., Ltd.                          Jan.-Sept. 2011                       Unit: RMB Yuan
                                                      Jan.-Sept. 2011                          Jan.-Sept. 2010
                Items
                                             Consolidation       The Company          Consolidation          The Company
I. Cash flows from operating
activities
    Cash received from sales of
                                             6,946,995,699.00      65,712,685.00      5,993,924,770.00         69,007,889.00
goods or rendering of services
     Net increase of deposits
received from and held for
customers
    Net increase of borrowings
from central bank
      Net increase of inter-bank
loans from other financial
institutions
     Cash      received     against
original insurance contract
     Net Cash          received    from
reinsurance
    Net increase of               client
deposits and investments
     Net increase in disposal of
transaction financial assets
   Interests, handling charges
and commission received
     Net increase of call loan
    Net increase of cash received
under repurchasing
     Tax and fare refunded                     248,672,878.00           141,215.00       24,789,262.00
     Other cash received from                  757,652,972.00     209,700,808.00        642,508,946.00        879,080,304.00



                                                                                                                        11
operating activities
        Sub-total of cash inflow
                                            7,953,321,549.00   275,554,708.00     6,661,222,978.00   948,088,193.00
from operating activities
     Cash paid for goods and
                                            6,799,800,994.00    93,870,069.00     5,515,658,167.00    35,086,032.00
services
     Net increase of loans and
advances from customers
     Net increase of deposits in
central bank, banks and other
financial institutions
     Cash paid          for     original
contract claim
    Cash paid for interests,
handling    charges     and
commissions
     Cash     paid       for      policy
dividends
    Cash paid          to      and   for
                                            1,013,484,045.00   107,402,356.00      583,366,091.00     51,169,473.00
employees
     Taxes and fares paid                    144,311,438.00     27,910,843.00      147,901,071.00     72,579,537.00
     Other cash paid relating to
                                            1,041,631,378.00   278,783,689.00      669,723,275.00    300,564,529.00
operating activities
       Sub-total of cash outflows
                                            8,999,227,855.00   507,966,957.00     6,916,648,604.00   459,399,571.00
from operating activities
           Net cash flow from
                                           -1,045,906,306.00   -232,412,249.00     -255,425,626.00   488,688,622.00
operating activities
II. Cash Flows from investing
activities
     Cash       received from
                                                                                                      37,066,443.00
investment retractions
     Cash       received from
                                                3,430,033.00      3,430,033.00        2,838,604.00      2,838,801.00
investment income
     Net cash received from
disposal of fixed assets, intangible            1,089,108.00       972,287.00       12,006,264.00
assets and other long-term assets
     Net cash received from
disposal of subsidiaries and other
operating units
     Other cash received relating
                                            1,456,606,939.00   355,128,317.00      309,295,740.00     52,352,975.00
to investing activities
        Sub-total of cash inflows
                                            1,461,126,080.00   359,530,637.00      324,140,608.00     92,258,219.00
of investing activities
     Cash paid for acquiring fixed
assets, intangible assets and other        15,760,161,627.00    54,591,899.00    10,006,820,707.00   195,170,323.00
long-term assets
     Cash paid         for     acquiring
                                              24,446,914.00 8,983,446,914.00        28,195,991.00    367,695,991.00
investments
     Net increase of pledge loans
      Net cash paid for acquisition
of subsidiaries and other operating           15,306,439.00     20,000,000.00      253,900,000.00
units
     Other cash paid relating to
                                            2,986,245,887.00                      4,728,361,663.00   356,219,660.00
investing activities
        Sub-total of cash outflows
                                           18,786,160,867.00 9,058,038,813.00    15,017,278,361.00   919,085,974.00
of investing activities
          Net cash flow from
                             -17,325,034,787.00 -8,698,508,176.00 -14,693,137,753.00                 -826,827,755.00
investing activities



                                                                                                               12
III. Cash Flows from financing
activities:
     Cash      received   from
                                                                            5,500,000,000.00
absorbing investments
     Including: Cash received
from minority shareholders of
subsidiaries
     Cash      received      from
                                     19,641,916,106.00    30,338,847.00     8,641,057,787.00    48,536,987.00
borrowings
     Cash received from bonds
issuing
      Other cash received relating
                                         85,367,637.00    14,948,000.00      121,180,306.00
to financing activities
        Sub-total of cash inflows
                                     19,727,283,743.00    45,286,847.00    14,262,238,093.00    48,536,987.00
of financing activities
    Cash paid for settling debts      8,167,198,497.00    52,032,252.00     3,180,806,064.00       978,970.00
     Cash paid for distribution of
dividends     or     profits    or     415,904,247.00       1,471,096.00     166,458,114.00       2,016,748.00
reimbursing interest
     Including:   dividends or
profits    paid    to     minority
shareholders by subsidiaries
     Other cash paid relating to
                                      2,124,277,148.00      7,476,924.00      13,749,942.00         40,842.00
financing activities
        Sub-total of cash outflows
                                     10,707,379,892.00    60,980,272.00     3,361,014,120.00      3,036,560.00
of financing activities
          Net cash flows of
                                      9,019,903,851.00    -15,693,425.00   10,901,223,973.00    45,500,427.00
financing activities
IV. Effect of foreign exchange
                                        -43,168,022.00      -756,662.00       -13,514,370.00      -240,902.00
rate on cash and cash equivalents
V. Net decrease in cash and cash
                                     -9,394,205,264.00 -8,947,370,512.00   -4,060,853,776.00   -292,879,608.00
equivalents
      Add : Opening amount of
                                     19,097,948,638.00 11,478,796,269.00   15,230,490,504.00 2,789,984,272.00
cash and cash equivalents
VI. Closing balance of cash and
                                      9,703,743,374.00 2,531,425,757.00    11,169,636,728.00 2,497,104,664.00
cash equivalents

4.5 Auditor’s report
Audit opinion: Unaudited




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