Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B No:2025-033
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR THIRD QUARTER, 2025
The directors and the Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
hereby confirm that there are no any important omissions, fictitious statements or serious misleading carried in
this report.
Important Notes
Technologies Co., Ltd. (hereinafter referred to as the Company) hereby confirm that there are no any important
omissions, fictitious statements or serious misleading carried in this report, and shall take all responsibilities,
individual and/or joint, for the reality, accuracy and completeness of the whole contents.
and the head of Accounting Department Mrs. Wubin hereby confirm that the financial report of the quarterly
report is true and complete.
§1 Major accounting data and changes of shareholders
Is there any traceable adjustment to the financial statements for the previous report period?
□ Yes √ No
Increase/decreas Increase/decrease
e over 2024.7-9 over 2024.1-9
Total operating
income
Net profit attributable
to parent company
Net profit attributable
to parent company
after deducting non-
recurring gains/losses
Net cash generated
from operating — — — -15,219,276.00 -45,286,230.18 66.39%
activities
Basic earnings per
share
Diluted earnings per
share
Weighted average Decrease0.18
Decrease0.22
return on net asset 0.34% 0.52% percentage 2.86% 3.08%
percentage points
yield points
Total assets 7,566,212,368.93 7,628,315,487.35 -0.81%
Shareholder’s equity
attributable to parent 3,182,280,951.42 3,132,102,966.64 1.60%
company
Amount of this Amount from beginning of
Item of non-recurring gains and losses report period year to the end of report period
Profit and loss from disposal of non-current assets -701,591.42 -582,196.07
Government subsidies which were included in the current profits and
losses
Allowance for impairment reversal of receivables tested separately for
impairment
Gains and losses on debt restructuring 244,352.95 -1,113,845.58
The one-time expenses incurred by the enterprise due to the
-334,875.19 -2,918,697.97
discontinuation of related business activities
Other non-operating incomes and expenses except the above mentioned 1,485,157.26 5,777,569.79
Income tax effects 731,408.58 1,188,862.54
Minority equity interests effects (after tax) 15,876.50 -57,268.94
Total 5,725,155.12 11,103,610.12
√ Applicable □ Inapplicable
(1). Advance payments increased by 54.78% compared to the beginning of the year, mainly due to the increase in
ongoing projects and the rise in equipment and material preparation costs.
(2). Other current assets decreased by 47.43% compared with the beginning of the year, mainly due to the reduction
in the input tax amount of value-added tax to be deducted.
(3). The construction in progress decreased by 60.42% compared to the beginning of the year, mainly due to the
production lines reaching the predetermined usable state and the properties obtaining property ownership certificates.
(4). Employee compensation payable has decreased by 27.86% compared to the beginning of the year, mainly due
to the fact that the employee compensation (year-end bonuses, etc.) accrued at the end of the previous period has
been paid in the current period.
(5). Financial expenses decreased by 6.43 million yuan year-on-year, mainly due to the reduction in borrowing in
the current period and the decline in borrowing interest rates, resulting in a corresponding decrease in interest
expenses.
(6). Other income decreased by 8.01 million yuan year-on-year, mainly due to the reduction in input tax and the
additional deduction for value-added tax in the current period.
(7). Asset disposal gains decreased by 9.19 million yuan year-on-year, mainly due to the sale of machinery and
equipment as well as inspection tools and molds by the subsidiary Songyang Compressor in the same period last
year.
(8). Non-operating expenses decreased by 5.26 million yuan year-on-year, mainly due to the scrapping of fixed
assets of the subsidiary Songyang Compressor in the same period last year.2. Shareholders' information.
(9).The net cash flow from operating activities increased by 30.07 million yuan year-on-year. This was mainly due
to the strengthened recovery of payment for goods and the change of payment methods, including the increase in
bills, supply chain payments, etc.
(10). The net cash flow generated from investment activities decreased by 245.69 million yuan year-on-year, mainly
due to the purchase of fixed assets such as factory buildings and equipment in the current period, as well as the sale
of machinery and equipment and inspection tools and molds by the subsidiary Songyang Compressor in the same
period last year.
(11). The net cash flow from financing activities decreased by 43.17 million yuan year-on-year, mainly due to the
reduction in working capital borrowings.
Total number of shareholders in the reporting Total number of shareholders as of the last month
period before disclosure of the annual report
Shareholding of top ten shareholders
Number of
Number of
pledged
shares
Name Nature Proportion Total number shares or
with sale
shares
restriction
frozen
Domestic non-state-owned
Dalian Bingshan Group Co., Ltd. 20.27% 170,916,934
legal person
Sanyo Electric Co., Ltd. Overseas legal person 8.72% 73,503,150
Lin Zhenming Foreign natural person 0.80% 6,710,000
Xue Hong Domestic natural person 0.43% 3,660,000
Wang Zhongbo Domestic natural person 0.38% 3,223,400
Chen Peiliang Domestic natural person 0.38% 3,168,000
Cao Meng Domestic natural person 0.28% 2,395,600
Zhang Lianyun Domestic natural person 0.28% 2,331,500
Chen Naisheng Domestic natural person 0.27% 2,311,330
Chaohuang Investment Co., LTD Overseas legal person 0.24% 2,037,000
Shareholding of top ten shareholders without sale restriction
Number of shares without
Name Type of shares
sale restriction
Dalian Bingshan Group Co., Ltd. 170,916,934 RMB denominated ordinary shares
Sanyo Electric Co., Ltd. 73,503,150 Domestically listed foreign shares
Lin Zhenming 6,710,000 Domestically listed foreign shares
Xue Hong 3,660,000 Domestically listed foreign shares
Wang Zhongbo 3,223,400 RMB denominated ordinary shares
Chen Peiliang 3,168,000 RMB denominated ordinary shares
Cao Meng 2,395,600 RMB denominated ordinary shares
Zhang Lianyun 2,331,500 RMB denominated ordinary shares
Chen Naisheng 2,311,330 RMB denominated ordinary shares
Chaohuang Investment Co., LTD 2,037,000 Domestically listed foreign shares
Dalian Bingshan Group Co., Ltd. had the association relationship
Notes to the associated relationship and uniform actions of the with Sanyo Electric Co., Ltd. among the above shareholders. Sanyo
above shareholders Electric Co., Ltd. holds 26.6% of Dalian Bingshan Group Co.,
Ltd.'s equity.
At the end of the report period, the total number of shareholders of the Company was 60,824, including 53,864A-
share shareholders and 6,960 B-share shareholders.
shareholders as of the end of the reporting period
□ Yes √ No
§3 Other important Matters
□ Yes √ No
§4 Financial Statements
CONSOLIDATION BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. September 30, 2025 Unit: RMB Yuan
Items 30-Sep-2025 1-Jan-2025
Current assets:
Monetary funds 764,025,869.76 1,042,143,744.67
Financial assets which are measured by fair value and which changes are
recorded in current profit and loss
Derivative financial assets
Transaction financial assets
Notes receivable 387,446,535.35 352,854,863.48
Accounts receivable 1,862,414,072.30 1,492,234,348.90
Receivables financing 298,058,040.60 382,073,283.27
Accounts paid in advance 253,899,386.48 164,042,640.06
Other receivables 35,802,720.86 45,759,566.06
Interest receivables
Dividend receivable 11,150.00
Inventories 1,269,622,419.50 1,393,653,788.81
Contract assets 189,105,525.26 184,760,940.32
Assets held for sale
Non-current asset due within one year 57,550.43 57,550.43
Other current assets 14,528,239.42 27,636,378.46
Total current assets 5,074,960,359.96 5,085,217,104.46
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable 146,331.69 140,017.84
Long-term equity investment 509,341,389.13 481,973,415.36
Other Non-current financial assets 1,683,852.59 1,683,852.59
Investment property 137,954,811.97 117,931,720.24
Fixed assets 1,164,641,931.03 1,211,794,069.63
Construction in progress 34,130,422.21 86,221,660.80
Right of use assets 29,623,559.11 23,318,732.46
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 196,669,758.23 203,999,076.19
Expense on Research and Development
Goodwill 286,402,171.93 286,402,171.93
Long-term expenses to be apportioned 6,089,455.07 5,719,603.26
Deferred income tax asset 104,407,091.13 103,752,827.71
Other non-current asset 20,161,234.88 20,161,234.88
Total non-current asset 2,491,252,008.97 2,543,098,382.89
Total assets 7,566,212,368.93 7,628,315,487.35
Current liabilities:
Short-term loans 157,583,011.63 167,283,407.26
Financial liabilities which are measured by fair value and which changes are
recorded in current profit and loss
Derivative financial liabilities
Transaction financial liabilities
Notes payable 582,330,936.02 569,117,426.19
Accounts payable 1,756,927,346.69 1,601,381,790.80
Accounts received in advance
Contract liabilities 436,560,385.37 645,711,808.53
Wage payable 105,848,821.46 146,734,696.02
Taxes payable 17,573,457.17 30,276,580.76
Other accounts payable 241,810,694.55 227,361,207.96
Interest payable
Dividend payable 533,156.00 533,156.00
Liabilities held for sale
Non-current liabilities due within one year 209,164,190.49 161,421,072.72
Other current liabilities 237,782,257.68 191,009,526.67
Total current liabilities 3,745,581,101.06 3,740,297,516.91
Non-current liabilities:
Long-term loans 420,850,000.00 547,346,541.25
Bonds payable
Preferred stock
Perpetual bond
Lease liability 23,944,568.36 19,071,845.78
Long-term account payable 12,343,995.59 12,451,396.59
Long-term wage payable
Special Payable
Anticipation liabilities 2,788,993.75 2,703,369.53
Deferred income 96,004,583.96 90,733,480.29
Deferred income tax liabilities 23,678,906.52 26,601,881.56
Other non-current liabilities
Total non-current liabilities 579,611,048.18 698,908,515.00
Total liabilities 4,325,192,149.24 4,439,206,031.91
Shareholders’ equity
Share capital 843,212,507.00 843,212,507.00
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve 717,097,098.38 717,097,098.38
Less: Treasury stock
Other comprehensive income 2,208,669.73 2,208,669.73
Special preparation 2,045,492.92
Surplus public reserve 910,830,538.64 895,618,513.69
Generic risk reserve
Retained profit 706,886,644.75 673,966,177.84
Total owner’s equity attributable to parent company 3,182,280,951.42 3,132,102,966.64
Minority interests 58,739,268.27 57,006,488.80
Total owner’s equity 3,241,020,219.69 3,189,109,455.44
Total liabilities and shareholder’s equity 7,566,212,368.93 7,628,315,487.35
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
CONSOLIDATION INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2025 Unit: RMB Yuan
Items January-September, 2025 January- September, 2024
I. Total sales 3,613,058,611.70 3,714,576,184.29
II. Total operating cost 3,531,600,397.20 3,619,395,880.14
Including: Operating cost 3,019,327,445.86 3,083,066,536.66
Taxes and associate charges 24,486,110.52 25,301,740.22
Selling and distribution expenses 173,604,482.44 177,733,416.52
Administrative expenses 190,894,681.36 192,041,104.19
R&D expenses 110,934,948.81 122,466,256.78
Financial expense 12,352,728.21 18,786,825.77
Including: interest expense 18,160,617.18 26,197,636.85
interest income 4,666,551.00 7,366,985.80
Add: Other income 14,709,185.74 22,721,435.20
Gain/(loss) from investment 28,221,773.48 21,039,521.01
Including: income from investment on
affiliated enterprise and jointly enterprise
Gain/(loss) from change in fair value (loss as “-“) -1,963,801.44
Credit impairment loss (loss as “-“) -16,524,780.51 -25,467,136.16
Assets impairment loss (loss as “-“) -6,543,974.88 -916,551.56
Gain/(loss) from asset disposal (loss as “-“) -76,900.15 9,109,374.48
III. Operating profit 101,243,518.18 119,703,145.68
Add: non-business income 8,112,066.33 7,965,638.73
Less: non-business expense 2,841,785.98 8,104,547.75
IV. Total profit 106,513,798.53 119,564,236.66
Less: Income tax 13,047,901.84 22,084,391.48
V. Net profit 93,465,896.69 97,479,845.18
(I) Net profit from continuous operation 93,465,896.69 97,479,845.18
(II)Net profit from discontinuing operation
Net profit attributable to parent company 90,293,117.21 94,574,665.85
Minority shareholders’ gains and losses 3,172,779.48 2,905,179.33
VI. After-tax net amount of other comprehensive
incomes
After-tax net amount of other comprehensive incomes
attributable to owners of the Company
(I) Other comprehensive incomes that will not be
reclassified into gains and losses
benefit plan upon re-measurement
invests that cannot be reclassified into gains and losses
under the equity method
(II) Other comprehensive incomes that will be
reclassified into gains and losses
invests that will be reclassified into gains and losses
under the equity method
for-sale financial assets
investments into available-for-sale financial assets
difference
……
After-tax net amount of other comprehensive incomes
attributable to minority shareholders
VII Total comprehensive income 93,465,896.69 97,479,845.18
Total comprehensive income attributable to parent
company
Total comprehensive income attributable to minority
shareholders
VIII. Earnings per share
(I) basic earnings per share 0.11 0.11
(II) diluted earnings per share 0.11 0.11
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
CONSOLIDATION CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2025 Unit: RMB Yuan
Items January-September, 2025 January - September, 2024
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing 3,167,200,898.07 2,905,758,529.20
labor services
Write-back of tax received 39,150,019.09 22,011,582.05
Other cash received concerning operating activities 70,935,030.85 91,745,477.33
Subtotal of cash inflow arising from operating activities 3,277,285,948.01 3,019,515,588.58
Cash paid for purchasing commodities and receiving
labor service
Cash paid to/for staff and workers 582,802,958.40 584,474,379.93
Taxes paid 135,365,245.83 143,074,236.32
Other cash paid concerning operating activities 187,723,488.06 198,711,697.22
Subtotal of cash outflow arising from operating
activities
Net cash flows arising from operating activities -15,219,276.00 -45,286,230.18
II. Cash flows arising from investing activities:
Cash received from recovering investment 34,931,610.00
Cash received from investment income 3,778,795.29 8,235,252.15
Net cash received from disposal of fixed, intangible and
other long-term assets
Net cash received from disposal of subsidiaries and
other units
Other cash received concerning investing activities 50,000,000.00 168,000,000.00
Subtotal of cash inflow from investing activities 54,258,789.10 243,771,461.01
Cash paid for purchasing fixed, intangible and other
long-term assets
Cash paid for investment 1,800,000.00
Net cash paid for achievement of subsidiaries and other
business units
Other cash paid concerning investing activities 100,000,000.00 100,000,000.00
Subtotal of cash outflow from investing activities 213,791,616.72 157,610,696.26
Net cash flows arising from investing activities -159,532,827.62 86,160,764.75
III. Cash flows arising from financing activities
Cash received from absorbing investment
Including: Cash received from absorbing minority
shareholders' equity investment by subsidiaries
Cash received from loans 152,932,821.74 285,663,418.15
Cash received from issuing bonds
Other cash received concerning financing activities 10,997,196.67 3,500,097.68
Subtotal of cash inflow from financing activities 163,930,018.41 289,163,515.83
Cash paid for settling debts 238,642,506.56 292,575,097.77
Cash paid for dividend and profit distributing or interest
paying
Including: dividends or profit paid by subsidiaries to
minority shareholders
Other cash paid concerning financing activities 23,449,118.32 58,758,250.92
Subtotal of cash outflow from financing activities 320,184,386.19 402,242,033.45
Net cash flows arising from financing activities -156,254,367.78 -113,078,517.62
IV. Influence on cash due to fluctuation in exchange rate 3,571,436.47 3,224,803.13
V. Net increase of cash and cash equivalents -327,435,034.93 -68,979,179.92
Add: Balance of cash and cash equivalents at the period
-begin
VI. Balance of cash and cash equivalents at the period–
end
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co.,
Ltd.
October 23, 2025
首页
微信公众号
证券之星APP
