Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B; No: 2026-008
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
I． Important Notes
This summary is extracted from the original of the annual report. For more information, the
investors are recommended to refer to the original.
Note to the “Non-standardized Opinion”
□Applicable √Inapplicable
The profit distribution proposal
√Applicable □Inapplicable
Transfer the capital reserve to increase capital stock
□Applicable √Inapplicable
The profit distribution proposal reviewed and adopted at this Board meeting of the Company is:
based on the total share capital of the Company of 843,212,507 shares, pay to all shareholders the
cash dividend of 0.5 yuan (inclusive the tax) for every 10 shares .The Company will not transfer
the capital reserve to increase capital stock.
II. Company Profile
§1 Company Profile
Short form of the stock Bingshan; Bingshan B
Stock code 000530; 200530
Listed stock exchange Shenzhen Stock Exchange
Contact
Secretary of the Board of Directors Authorized representative in charge of securities affairs
persons
Name Song Wenbao Du Yu
Securities﹠Legal Affairs No.106, Liaohe
Securities﹠Legal AffairsNo.106, Liaohe East Road,
Contact address East Road, Dalian Economic and
Dalian Economic and Technological Development Zone
Technological Development Zone
Telephone 0411-87968130 0411-87968822
Fax 0411-87968125 0411-87968125
E-mail 000530@bingshan.com 000530@bingshan.com
§2 Company Profile
Brief introduction of main business or products during reporting period
Focusing on the hot and cold business, the Company is committed to the development of
industrial refrigeration and heating business, commercial refrigeration business, air
conditioning and environment business, engineering and service business and new business
fields, covering the key areas of the hot and cold industry chain and creating a complete hot
and cold industry chain.
The Company's main products include piston type, screw type, vortex type, lithium bromide
absorption refrigeration machines/units, as well as pressure vessels, combination warehouses,
controlled atmosphere fresh-keeping warehouses, refrigeration stations, quick freezing
machine, heat pump, etc. The Company provides product sales and comprehensive solutions
for both domestic and international markets, with self operated sales as the main focus and
channel sales as a supplement.
In 2025, the Company focuses on the hot and cold business, deeply cultivates segmented
markets, solidly enhances core competitiveness, effectively expands industry influence, and
continuously strengthens its main business. In 2025, the Company achieved operating revenue
of 4,398.09 million yuan, with a year-on-year decrease of 2.94%; net profit attributable to
shareholders of the listed company was 62.04 million yuan, also decreasing by43.77%
year-on-year; and net profit attributable to shareholders of the listed company after deducting
non-recurring gains and losses was 44.01 million yuan, showing a year-on-year increase of
During the reporting period, the Company continued to strive for progress and maintain
steady development. The second phase of the rooftop photovoltaic project at the new factory
was officially connected to the grid and generated electricity, earning a five-star Zero Carbon
Factory (Type I) certification from China Classification Society. The drop-film opening screw
chiller began mass production and was introduced to the market. The cross-critical CO2
refrigeration and heat integration coupling unit and the OCCS liquefaction unit were selected
as an "Innovative Product" for the 2025 China Refrigeration Exhibition. The project "Key
Technology R&D and Demonstration Application of Special Deep Cryogenic Wind Tunnel
Purification Environment System" was awarded the 2025 China Refrigeration Society
Science and Technology Progress Prize, Category I.
During the reporting period, the Company's subsidiary, Bingshan Engineering, continued to
deepen its focus on niche markets. In the product sector, it actively served high-end clients,
securing bids for several high-standard projects such as the CNOOC Shell Project, the Jilin
Petrochemical Project of CNPC, and the Maoming Petrochemical Project of Sinopec. In the
engineering sector, it undertook key projects including the Phase I Project of the Guangzhou
Eastern Rail-Road Intermodal Hub, the Comprehensive Cold Chain Logistics Project of
Shenzhen International Group, the BYD Intelligent New Energy Vehicle Integrated Test Site
Project. In the energy sector, orders for energy storage thermal management projects and
CCUS projects continued to grow.
During the reporting period, the subsidiary of the Company, Wuhan New World Refrigeration,
continuously optimized its products and solutions. The development of oil-free compressors
is progressing in an orderly manner. Focusing on the advantages of natural gas pressure
energy generation, mining explosion-proof refrigeration equipment, process gas compression
and other segmented markets, we will solidly explore with the help of professional groups.
The customer system construction continues to be strengthened, and the sales of innovative
products have achieved incremental growth.
During the reporting period, the subsidiary of the Company, Bingshan Guardian, focused on
energy-saving and intelligent control of cold and hot systems, and innovated and iterated
development. The large-scale implementation of energy storage products and the two-way
breakthrough of industrial energy-saving technology standardization continue to strengthen
the leading advantage. Energy storage customers are expanding in an orderly manner, and
energy storage orders continue to grow. Efficient development of a new generation control
system based on AI applications, with a good start to customer applications.
During the reporting period, the subsidiary of the Company, Sonyo Compressor, achieved
independent innovation and qualitative growth. The large-scale vortex intelligent workshop
has been officially put into operation, accelerating the development of overseas markets and
steadily increasing market share. Selected for the "2025 5G Factory List" by the Ministry of
Industry and Information Technology of China. The 160cc high-efficiency variable frequency
scroll compressor for energy storage has been selected as an "innovative product" at the 2025
China Refrigeration Exhibition. Selected as the "Liaoning Province Manufacturing Industry
Single Champion Enterprise" for its main product, the vortex compressor for light
commercial air conditioning.
During the reporting period, the subsidiary of the Company, Sonyo Refrigeration, focused on
industrial energy conservation and strengthened innovative growth. The intelligent hybrid air
source heat pump unit has been selected as an "innovative product" at the 2025 China
Refrigeration Exhibition. The seawater cooled absorption unit under all operating conditions
has been selected for the 2025 "Recommended Catalogue of Energy saving and Carbon
Reduction Technologies and Products for Refrigeration and Air Conditioning Applications".
Selected as the "Liaoning Province Manufacturing Industry Single Champion Enterprise"
with its main product lithium bromide chiller.
During the reporting period, the subsidiary of the Company, Sonyo Refrigerator, focused on
product development and focused on the dual carbon and energy storage fields. The research
and development of energy storage units is progressing in an orderly manner, and
breakthroughs have been made in expanding energy storage customers. The carbon dioxide
trans critical refrigeration system is widely used in commercial applications, and multiple
projects of the sixth generation trans critical full injection refrigeration unit have been
successfully delivered. Refined management improves quality and efficiency, with monthly
output repeatedly reaching new highs.
§3 Summary of Accounting Data and Financial Indexes
Did the Company retroactively adjust or restate the accounting data of previous years due to
change in the accounting policy and correction of accounting mistakes?
□Applicable √ Not applicable
Increase/decrease compared with
previous year
Operating revenue 4,398,094,389.06 4,531,147,208.98 -2.94% 4,815,941,467.70
Net profit attributable to shareholders of listed
companies
Net profit belonging to the shareholders of
listed companies after the deduction of 44,012,772.84 34,268,377.84 28.44% 16,483,449.17
non-recurring profit and loss
Net cash flow from operating activities 122,211,684.48 237,154,274.44 -48.47% -24,440,667.74
Basic earnings per share 0.07 0.13 -46.15% 0.06
Diluted earnings per share 0.07 0.13 -46.15% 0.06
Weighted average return on net asset yield 1.94% 3.57% Decrease 1.63 percentage points 1.63%
Increase/decrease compared with
previous year
Total assets 7,596,536,378.75 7,628,315,487.35 -0.42% 8,162,848,294.25
Owner's equity attributable to shareholders of
listed companies
In 2025, the net profit attributable to shareholders of the listed company decreased by 43.77%
compared to the same period last year. This was mainly due to the fact that in the same period last
year, the company sold a portion of its holdings in Guotai Junan Securities, which contributed
approximately 51.38 million yuan to the Company's net profit for 2024.
the first quarter the second quarter the third quarter the fourth quarter
Operating revenue 1,158,154,461.40 1,222,166,320.51 1,232,737,829.79 785,035,777.36
Net profit attributable to shareholders of listed
companies
Net profit belonging to the shareholders of listed
companies after the deduction of non-recurring 29,933,276.68 42,978,706.10 6,277,524.31 -35,176,734.25
profit and loss
Net cash flow from operating activities -187,028,757.61 185,996,243.15 -14,186,761.54 137,430,960.48
§4 Share Capital and Shareholders' Information
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
Name Nature Proportion Total number shares pledged
with sale shares or
restriction shares
frozen
Domestic non-state-owned
Dalian Bingshan Group Co., Ltd. 20.27% 170,916,934 0 0
legal person
Sanyo Electric Co., Ltd. Overseas legal person 8.72% 73,503,150 0 0
Lin Zhenming Foreign natural person 0.80% 6,710,000 0 0
Goldman Sachs International - Own Funds Overseas legal person 0.61% 5181813 0 0
BARCLAYS BANK PLC Overseas legal person 0.58% 4,885,813 0 0
Xue Hong Domestic natural person 0.43% 3,660,000 0 0
Chen Peiliang Domestic natural person 0.35% 2,918,000 0 0
MORGAN STANLEY & CO. INTERNATIONAL
Overseas legal person 0.33% 2,802,149 0 0
PLC.
J. P. Morgan Securities PLC－Own Funds Overseas legal person 0.33% 2,759,131 0 0
Han Guangxin Domestic natural person 0.31% 2,595,600 0 0
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.
above shareholders Sanyo 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 was66,006,
including 59,075A-share shareholders and 6,931 B-share shareholders.
shareholders of the company
□Applicable √Inapplicable
Dalian Bingshan Group Co., Ltd.
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
§5 Information on Corporate bonds
□Applicable √Inapplicable
III． Important items
□Applicable √Inapplicable
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
April 24, 2026
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