Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
Bingshan Refrigeration & Heat Transfer
Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER,
April, 2026
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER, 2026
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.
Department hereby confirm that the financial report of the quarterly report is true and complete.
above-mentioned versions, the Chinese version shall prevail.
§1 Major accounting data
Does the Company need to make retroactive adjustments or restate the accounting data for previous years?
√ Applicable □ Inapplicable
Reason for retroactive adjustment：Corporate merger under the same control
Increase/decrease compared with
January-March, 2025
January-March, 2026 previous year
Before adjustment After adjustment After adjustment
Operating revenue 1,041,709,450.58 1,158,154,461.40 1,159,081,329.86 -10.13%
Net profit attributable to shareholders of
listed companies
Net profit belonging to the shareholders of
listed companies after the deduction of 18,108,120.62 29,933,276.68 29,934,998.45 -39.51%
non-recurring profit and loss
Net cash flow from operating activities -170,967,008.96 -187,028,757.61 -186,331,672.32 8.25%
Basic earnings per share 0.025 0.035 0.035 -28.57%
Diluted earnings per share 0.025 0.035 0.035 -28.57%
Weighted average return on net asset yield 0.67% 0.93% 0.93% Decrease 0.26 percentage point
Increase/decrease compared with
December 31, 2025
March 31, 2026 previous year
Before adjustment After adjustment After adjustment
Total assets 7,341,546,188.10 7,596,536,378.75 7,607,143,933.63 -3.49%
Owner's equity attributable to shareholders
of listed companies
Note 1: After being approved by the 5th session of the 10th board of directors of the company, the subsidiary of
the company, Bingshan Sonyo Compressor (Dalian) Co., Ltd., acquired 100% of the equity of the Company's
controlling shareholder's subsidiary, Dalian Bingshan Part Technology Co., Ltd. The acquisition of these equity
was completed in the first quarter of 2026 and constitutes a business combination under the same control. It is
necessary to retrospectively adjust the financial data of the previous year.
Note 2: The net profit attributable to the shareholders of the listed Company decreased by 27.84% year-on-year.
This was mainly due to a decrease of 9.35 million yuan in the investment income from the associated enterprises
during the same period.
√ Applicable □ Inapplicable
Amount from beginning
Item of non-recurring gains and losses of year to the end of
report period
Disposal gains and losses of non-current asset 37,785.47
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
Government subsidies included in current profit or loss 1,057,830.78
Impairment provisions for receivables that undergo impairment tests separately are reversed 1,007,623.00
Gains and losses on debt restructuring 445,742.94
One-time expenses incurred by an enterprise due to the cessation of related business
-143,368.50
activities, such as expenditures for reemploying employees, etc
Other operating revenue or expense 1,062,696.49
Income tax effect 215,312.24
Minority shareholders’ gains and losses 174,348.39
Total 3,078,649.55
√ Applicable □ Inapplicable
(1) The employee compensation payable decreased by 77.78% compared with the beginning of the year, mainly due to the
employee compensation (year-end bonuses, etc.) accrued at the end of the previous period has been paid in this period.
(2). Financial expenses increased by 244.26% year-on-year, mainly due to the losses from foreign exchange on exports, as well
as the reduction in interest rates and the decrease in interest income.
(3). The investment income decreased by 63.39% year-on-year, mainly due to the reduction in the investment income from
associated enterprises.
(4).Net cash flow arising from investment activities increased significantly year-on-year, mainly due to the reduction in time
deposits.
(5). Net cash flow generated from financing activities decreased significantly year-on-year, mainly due to the increase in cash
paid for repaying bank loans.
§2 shareholders information
Total number of shareholders in the
reporting period
Shareholding of top ten shareholders
Number of
Number of
Total shares with
Name Nature Proportion pledged shares
number sale
or shares frozen
restriction
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
Wu Xiaodong Domestic natural person 0.52% 4,442,400 0 0
Xue Hong Domestic natural person 0.43% 3,660,000 0 0
UBS AG Overseas legal person 0.38% 3,245,916 0 0
Han Guangxin Domestic natural person 0.36% 3,090,600 0 0
Chen Peiliang Domestic natural person 0.34% 2,918,000 0 0
Zhu Qiuyue Domestic natural person 0.29% 2,480,500 0 0
J. P. Morgan Securities PLC－Own Funds Overseas legal person 0.27% 2,354,272 0 0
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
Wu Xiaodong 4,442,400 Domestically listed foreign shares
Xue Hong 3,660,000 Domestically listed foreign shares
UBS AG 3,245,916 RMB denominated ordinary shares
Han Guangxin 3,090,600 RMB denominated ordinary shares
Chen Peiliang 2,918,000 RMB denominated ordinary shares
Zhu Qiuyue 2,480,500 RMB denominated ordinary shares
J. P. Morgan Securities PLC－Own Funds 2,354,272 RMB denominated ordinary shares
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
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 was57,645, including
□Applicable √Inapplicable
§3 Other important matters
□Applicable √Inapplicable
§4 Financial Report (attached)
Not audited.
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
April 24, 2026
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
CONSOLIDATED BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. March 31, 2026 Unit: RMB Yuan
Items 31-Mar-2026 1-Jan-2026
Current assets:
Monetary funds 635,003,173.95 881,961,122.28
Transaction financial assets
Financial assets which are measured by fair value and which changes
are recorded in current profit and loss
Derivative financial assets
Notes receivable 273,064,630.42 327,073,361.42
Accounts receivable 1,671,373,793.45 1,635,556,614.58
Receivables financing 352,634,759.76 335,509,461.15
Accounts in advance 187,335,763.94 155,949,650.91
Other receivables 43,984,006.40 43,092,575.59
Interest receivables
Dividend receivable
Inventories 1,424,354,086.20 1,439,914,414.18
Contract assets 156,580,357.53 161,816,928.39
Assets held for sale
Non-current asset due within one year 375,319.96 359,632.86
Other current assets 33,926,767.76 34,899,376.92
Total current assets 4,778,632,659.37 5,016,133,138.28
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable 1,215,272.28 1,215,818.17
Long-term equity investment 486,337,270.67 483,028,918.31
Other non-current financial assets 1,683,852.59 1,683,852.59
Investment property 134,136,736.17 121,350,188.47
Fixed assets 1,228,333,897.58 1,261,222,376.24
Construction in progress 12,035,146.90 15,669,392.61
Right-of-use asset 15,590,645.28 18,009,137.49
Productive biological asset
Oil and gas asset
Intangible assets 245,518,602.05 252,007,735.29
Expense on Research and Development
Goodwill 286,402,171.93 286,402,171.93
Long-term expenses to be apportioned 5,588,756.39 6,036,271.48
Deferred income tax asset 125,366,037.54 125,344,507.42
Other non-current asset 20,705,139.35 19,040,425.35
Total non-current asset 2,562,913,528.73 2,591,010,795.35
Total assets 7,341,546,188.10 7,607,143,933.63
Current liabilities:
Short-term loans 195,697,386.62 201,836,464.89
Financial liabilities which are measured by fair value and which
changes are recorded in current profit and loss
Derivative financial liabilities
Transaction financial liabilities
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
Notes payable 585,540,540.57 665,364,289.18
Accounts payable 1,683,883,366.36 1,664,582,164.08
Accounts received in advance
Contract liability 487,110,567.96 525,086,822.72
Wage payable 27,683,871.23 125,177,034.62
Taxes payable 23,243,784.48 19,752,816.57
Other accounts payable 233,319,626.65 242,101,014.95
Interest payable
Dividend payable 533,156.00 533,156.00
Liabilities held for sale
Non-current liabilities due within one year 208,301,280.86 237,446,970.64
Other current liabilities 145,577,637.34 184,739,239.53
Total current liabilities 3,590,358,062.07 3,866,086,817.18
Non-current liabilities:
Long-term loans 368,100,000.00 368,328,245.18
Bonds payable
Preferred stock
Perpetual bond
Lease liability 15,231,536.82 16,563,173.78
Long-term account payable 17,615,826.06 18,845,786.63
Long-term wage payable
Special payable
Anticipation liabilities 1,881,626.59 2,300,208.22
Deferred income 91,648,701.88 92,793,132.73
Deferred income tax liabilities 22,030,918.40 28,734,303.46
Other non-current liabilities
Total non-current liabilities 516,508,609.75 527,564,850.00
Total liabilities 4,106,866,671.82 4,393,651,667.18
Shareholders’ equity
Share capital 843,212,507.00 843,212,507.00
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve 717,097,098.38 717,830,641.15
Less:Treasury stock
Other comprehensive income 2,208,669.73 2,208,669.73
Special preparation 2,619,615.64 1,988,616.80
Surplus public reserve 923,202,335.01 923,202,335.01
Generic risk reserve
Retained profit 686,760,837.81 666,260,524.87
Total owner’s equity attributable to parent company 3,175,101,063.57 3,154,703,294.56
Minority interests 59,578,452.71 58,788,971.89
Total owner’s equity 3,234,679,516.28 3,213,492,266.45
Total liabilities and shareholder’s equity 7,341,546,188.10 7,607,143,933.63
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wu Bin
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
CONSOLIDATED INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March,2026 Unit: RMB Yuan
Items January-March, 2026 January-March, 2025
I. Total sales 1,041,709,450.58 1,159,081,329.86
II. Total operating cost 1,023,212,198.16 1,134,454,546.78
Including: Operating cost 879,712,523.98 986,379,606.60
Taxes and associate charges 7,053,809.92 6,883,984.05
Selling and distribution expenses 42,145,172.91 48,146,692.88
Administrative expenses 53,977,304.77 59,731,597.68
R&D expenses 33,104,808.19 31,215,828.25
Financial expense 7,218,578.39 2,096,837.32
Including: interest expense 5,104,146.18 5,977,107.28
interest income 1,237,682.35 1,898,546.63
Add: Other income 3,879,737.10 4,313,775.61
Gain/(loss) from investment 4,026,801.44 11,000,199.66
Including: income from investment on affiliated enterprise and jointly
enterprise
Gain/(loss) from change in fair value
Credit impairment loss (loss as “-“) -142,961.78 -616,011.11
Assets impairment loss (loss as “-“) 1,450,437.77 -2,404,508.64
Gain/(loss) from asset disposal 36,156.44 -22,586.07
III. Operating profit 27,747,423.39 36,897,652.53
Add: non-business income 1,269,325.62 683,238.00
Less: non-business expense 233,508.39 226,714.03
IV. Total profit 28,783,240.62 37,354,176.50
Less: Income tax 6,806,989.62 6,261,167.44
V. Net profit 21,976,251.00 31,093,009.06
(I) Net profit from continuous operation 21,976,251.00 31,093,009.06
(II)Net profit from discontinuing operation
Net profit attributable to parent company 21,186,770.17 29,359,869.10
Minority shareholders’ gains and losses 789,480.83 1,733,139.96
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
re-measurement
cannot be reclassified into gains and losses under the equity method
(II) Other comprehensive incomes that will be reclassified into gains and
losses
be reclassified into gains and losses under the equity method
assets
income
asset gains and losses
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
After-tax net amount of other comprehensive incomes attributable to
minority shareholders
VII Total comprehensive income 21,976,251.00 31,093,009.06
Total comprehensive income attributable to parent company 21,186,770.17 29,359,869.10
Total comprehensive income attributable to minority shareholders 789,480.83 1,733,139.96
VIII. Earnings per share
(I) basic earnings per share 0.03 0.03
(II) diluted earnings per share 0.03 0.03
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wu Bin
CONSOLIDATED CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March,2026 Unit: RMB Yuan
Items January-March, 2026 January-March, 2025
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor services 939,631,067.42 925,611,718.45
Write-back of tax received 16,036,008.71 23,024,540.42
Other cash received concerning operating activities 17,739,974.66 19,843,836.29
Subtotal of cash inflow arising from operating activities 973,407,050.79 968,480,095.16
Cash paid for purchasing commodities and receiving labor service 806,309,126.46 797,323,447.85
Cash paid to/for staff and workers 262,714,883.70 274,333,200.51
Taxes paid 22,838,171.40 32,443,096.29
Other cash paid concerning operating activities 52,511,878.19 50,712,022.83
Subtotal of cash outflow arising from operating activities 1,144,374,059.75 1,154,811,767.48
Net cash flows arising from operating activities -170,967,008.96 -186,331,672.32
II. Cash flows arising from investing activities:
Cash received from recovering investment
Cash received from investment income 11,150.00
Net cash received from disposal of fixed, intangible and other long-term assets 732,006.04 64,225.90
Net cash received from disposal of subsidiaries and other units
Other cash received concerning investing activities 50,000,000.00
Subtotal of cash inflow from investing activities 50,732,006.04 75,375.90
Cash paid for purchasing fixed, intangible and other long-term assets 14,627,053.26 21,019,681.97
Cash paid for investment 1,420,000.00
Net cash paid for achievement of subsidiaries and other business units
Other cash paid concerning investing activities 222,000.00
Subtotal of cash outflow from investing activities 16,269,053.26 21,019,681.97
Net cash flows arising from investing activities 34,462,952.78 -20,944,306.07
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 72,470,000.00 78,911,221.74
Cash received from issuing bonds
Other cash received concerning financing activities 1,000,000.00
Subtotal of cash inflow from financing activities 72,470,000.00 79,911,221.74
Cash paid for settling debts 110,092,677.44 79,120,161.00
Cash paid for dividend and profit distributing or interest paying 5,094,388.49
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2026
Including: dividends or profit paid by subsidiaries to minority shareholders
Other cash paid concerning financing activities 4,960,464.91 7,393,695.04
Subtotal of cash outflow from financing activities 119,343,180.62 91,608,244.53
Net cash flows arising from financing activities -46,873,180.62 -11,697,022.79
IV. Influence on cash due to fluctuation in exchange rate -1,586,188.66 2,205,313.80
V. Net increase of cash and cash equivalents -184,963,425.46 -216,767,687.38
Add: Balance of cash and cash equivalents at the period -begin 952,302,550.26 1,040,687,048.04
VI. Balance of cash and cash equivalents at the period–end 767,339,124.80 823,919,360.66
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wu Bin
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