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公司公告

大 冷B:2015年年度报告摘要(英文版)2016-03-30  

						Stock Code: 000530; 200530 Short Form of the Stock: Daleng Gufen; Daleng B; No: 2016-023


                             Dalian Refrigeration Co., Ltd.
                             2015 Annual Report Summary

§1 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 360,164,975 shares, pay to all shareholders the
cash dividend of 1 yuan (inclusive the tax) and transfer to all shareholders the capital reserve to
increase capital stock, 5 shares for every 10 shares.

Company Profile
Short form of the stock                                DALENG GUFEN; DALENG-B
Stock code                                             000530; 200530
Listed stock exchange                                  Shenzhen Stock Exchange
                                                               Authorized representative in charge
Contact persons       Secretary of the Board of Directors
                                                               of securities affairs
Name                 Song Wenbao                               Song Wenbao (proxy)
                     DALENG GUFEN Securities and               DALENG GUFEN Securities and
Contact address      Legal Affairs Department, No. 888,        Legal Affairs Department, No. 888,
                     Xinan Road, Shahekou District, Dalian     Xinan Road, Shahekou District, Dalian
Telephone            0411-86538130                             0411-86538130
Fax                  0411-86654530                             0411-86654530
E-mail               000530@bingshan.com                       000530@bingshan.com


§2 The Company’s Main business during the reporting period
The Company, as the largest industrial refrigeration equipment production enterprise in China, is
committed to developing the business of industrial refrigeration, food freezing and cold storage,
central and commercial air-conditioning, refrigeration components and engineering service, have
covered the key areas of the refrigeration industrial chain and forged the most complete cold and
hot industrial chain in China.



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§3 Summary of Accounting Data and Financial Indexes
3.1 Main accounting data (Unit: RMB Yuan)
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 √Inapplicable

                                                                                         Increase/decrease compared
                                                    2015                  2014                                            2013
                                                                                             with previous year
Operating revenue                               1,607,518,439.61      1,425,715,596.96                      12.75% 1,535,706,911.25
Net profit attributable to shareholders of
                                                  129,947,307.39        115,439,722.39                      12.57%     153,006,057.13
listed companies
Net profit attributable to the
shareholders of listed companies after
                                                  126,122,809.25        105,435,245.61                      19.62%     121,207,821.52
the deduction of non-recurring profit
and loss
Net cash flow from operating activities           -50,568,474.38         28,495,772.47                    -277.46%       7,630,456.44

Basic earning per share                                      0.36                 0.33                        9.09%                0.44

Diluted earnings per share                                   0.36                 0.33                        9.09%                0.44
Weighted average return on net asset
                                                            6.38%                5.98% Increase 0.4percentage point               8.27%
yield
                                                                                         Increase/decrease compared    At the end of
                                              At the end of 2015    At the end of 2014
                                                                                             with previous year            2013
Total assets                                    4,082,499,864.42      3,053,930,248.25                      33.68% 2,967,390,234.89

Owner's        equity    attributable    to
                                                2,647,609,091.41      1,967,027,256.13                      34.60% 1,907,018,190.46
shareholders of listed companies


3.2 The quarter main financial indicators (Unit: RMB Yuan)
                                        The first quarter       The second quarter        The third quarter       The fourth quarter

Operating revenue                             393,941,332.13            317,799,010.00         484,517,139.92          411,260,957.56

Net profit attributable to
shareholders of listed                         22,435,890.92             43,041,885.07           33,950,019.32          31,166,513.94
companies
Net profit attributable to the
shareholders of listed
                                               22,373,319.52             41,507,008.99           33,885,912.04          28,356,568.70
companies after the deduction
of non-recurring profit and loss
Net cash flow from operating
                                              -128,634,794.42            -1,955,126.95          -34,878,030.37         115,832,707.36
activities




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§4 Share Capital and Shareholders' Information

4.1 Statement of shares held by the top ten shareholders

Total number of shareholders                              Total number of shareholders as of the 5th trading
                                            31,566                                                                        31,058
in the reporting period                                   day before disclosure of the annual report
                                                Shareholding of top ten shareholders
                                                                                                                         Number of
                                                                                                          Number of
                                                                                                                          pledged
                                                                                Proport      Total        shares with
                     Name                                     Nature                                                     shares or
                                                                                  ion       number           sale
                                                                                                                          shares
                                                                                                          restriction
                                                                                                                          frozen
                                                     Domestic non-state-owned
Dalian Bingshan Group Co., Ltd.                                                  21.34%     76,855,683      19,213,921               0
                                                     legal person
Sanyo Electric Co., Ltd.                             Overseas legal person        9.72%     35,001,500              0                0
National Social Security Fund 107 Portfolio          Others                       3.04%     10,946,061              0                0
Lion flexible configuration hybrid securities
                                                     Others                       1.39%      5,000,000              0                0
investment fund
Vanguard harmony growth hybrid securities in
                                                     Others                       1.11%      3,988,558              0                0
vestment fund
China industry selected hybrid securities
                                                     Others                       1.07%      3,862,484              0                0
investment fund
Lin Zhenming                                         Overseas natural person      0.75%      2,700,000              0                0
Upthrow morgan manufacturing excellence equity
                                                     Others                       0.68%      2,464,869              0                0
investment funds
Sun Huiming                                          Domestic natural person      0.68%      2,458,966              0                0
Jiang Youchang                                       Domestic natural person      0.67%      2,417,328              0                0

                                                                     Dalian Bingshan Group Co., Ltd. had the association

  Notes to the associated relationship and uniform actions of the    relationship with Sanyo Electric Co., Ltd. among the above

                           above shareholders                        shareholders. Sanyo Electric Co., Ltd. holds 26.6% of Dalian
                                                                     Bingshan Group Co., Ltd.'s equity.




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                                               4.2 Particulars about controlling shareholders and actual controller of the Company
Commission of Dalian Municipality Government

                                               State-owned Assets Supervision and Administration




                                                                                                                                                                       Dalian State-owned Assets Management Co., Ltd.
                                                                                                                      Dalian Equipment Manufacture Investment




                                                                                                                                                                                                                                                                                                                Dalan Zhonghuida Refrigeration




                                                                                                                                                                                                                                                                                                                                                         Sanyo Electric Co., Ltd.
                                                                                                                                                                                                                                    Yida Group Co., Ltd.




                                                                                                                                                                                                                                                                    Dayang Co., Ltd.




                                                                                                                                                                                                                                                                                         Technology Co., Ltd.
                                                                                                          Co., Ltd.




                                                                                                   100%                                                         100%




                                                                                                      22.2%                                                        4.4%                                                     13.3%                               13.3%                  20.2%                                                     26.6%




                                                                                                                                                                         Dalian Bingshan Group Co., Ltd.


                                                                                                                                                                                                                                                           21.34%

                                                                                                                                                                                                                        Dalian Refrigeration Co., Ltd.


                                               §5 Discussion and analysis of the management

                                               5.1 Business review for 2015
                                               In 2015, despite of various challenges, the Company held confidence to accelerate integration of
                                               capital resources, speed up business model innovation and optimize industry chain under the
                                               operating policy of “leading innovation and creating value” pursuant to its middle-term
                                               development plan with supports from the effective implementation of the first batch of restricted
                                               share option scheme, striving to enhance operation management quality, realize operation target
                                               and promote transformation and upgrade.
                                               In 2015, the Company realized operating income of RMB 1,607.52 million, representing 97.43%
                                               of the annual plan of RMB 1,650 million and a year-on-year increase of 12.75%. The Company
                                               realized total profit of RMB 135.95 million, representing 90.63% of the annual plan of RMB150
                                               million and a year-on-year increase of 9.65%. The Company realized net profit attributable to
                                               shareholders of listed companies of RMB 129.95 million, with a year-on-year increase of 12.57%.
                                               During the reporting period, the Company mainly focused on food freezing and refrigeration,
                                               engineer trading and services sectors to actively respond to market changes, aiming to deliver best
                                               value for customers. The Company succeeded in execution of CO2 cascade refrigeration
                                               system-Beida Huangtaihua Project, which provided sample project for the Company to further
                                               expand CO2 market. Riding on this project, it was able to improve the comprehensive solution and

                                                                                                                                                                                                                                4
special solutions with respect to full-auto logistic refrigerator, safety improvement of ammonia
system and pre-refrigeration in manufacturing places, enabling the Company to establish effective
connect with market demands and industry requirements.
During the reporting period, the Company accelerated integration of capital resources based on
expectation on growth and yield. It acquired 49% equity interests of Wuxin Refrigeration, making
the latter to become its wholly owned subsidiary instead of a holding subsidiary. Through this
acquisition, it was expected to implement integrated operation and deliver differential products.
Besides, it acquired 30% equity interests of Sanyang Gaoxiao, making the latter to become its
holding subsidiary instead of an associate calculated under equity method. Through this
acquisition where it introduced private capital and innovative technology, the Company
strengthened its capability of heat exchange during the cooling and heating industry chain.
Furthermore, it improved efficiency through resources integration after it facilitated absorption
and combination of Bingshan Lingshe (a holding subsidiary) and Bingshan Metal Processing (a
wholly-owned subsidiary). It also expanded cold plate business through acquisition of 29.212%
equity interests of Jingxue Refrigeration, which enabled the Company to optimize industry layout
and strengthen industry synergism.
During the reporting period, the Company continued to improve sales platform, construct service
platform and accelerate business model innovation. The sale platform Dalian Bingshan Group
Sales Company Limited actively innovated marketing model, emphasized comprehensive solution
to satisfy higher requirements from market and customers, and substantially enhanced its market
influence and competitiveness. The service platform Bingshan Technology Service (Dalian)
Company has been put into official operation, recording enhancement of service quality,
expansion of service market, initial effects of service network construction, substantial increase of
accessories income and maintenance income, which remarked new service model for cooling and
heating industry and represented the switch of the Company from a refrigerator equipment
supplier to refrigeration service supplier.
During the reporting period, the Company realized successful implementation of information
construction projects including PDM and ERP projects, which enabled it to achieve orderly
improvement of refined management. Construction of new smart plant is being promoted as
scheduled.
During the reporting period, the Company actively facilitated construction of the virtual
technology R&D platform under cooperation between the parent company and Wuxin
Refrigeration Company, and implemented its plan to jointly develop new products. Design of
pre-cooling equipments based on production bases and recycling facilities have been completed
and are available for commerce. Wuxin Refrigeration Company succeeded to generate power by
expansion of natural gas and to realize commercialization of cooling energy recycle machine sets,
realizing recycle of pressure energy from natural gas grid which filled the relevant blank in
domestic market.
During the reporting period, its subsidiary Bingshan Jiade continued to develop and upgrade
Bingshan IOT Cloud management platform and energy management system, aiming to become
the technology leader through construction of technological entry barrier. The FSO series
refrigeration fan energy saving controller as jointly designed and manufactured by Bingshan Jiade
can help the company to greatly improve its ability of saving refrigeration energy.



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During the reporting period, challenged by the reduced demands from traditional air conditioner
operators, its associated company Panasonic Compressor actively turned to develop freon system
based refrigeration market, targeting for continuous increase of sales of scroll horizontal
compressors used by electric buses. R32 scroll compressor was honored as an innovative product
in the PRC refrigeration exhibition, which will take the advantage in new coolant switch.
Half-closed single compound two stage frequency conversion screw compressor unit has
successfully passed certification as scientific achievement, the overall technology of which was
leading in international market.
During the reporting period, its associated company Panasonic Refrigeration Link fully
implemented value-oriented marketing, transferring from market leader to market creator. It
launched comprehensive solutions including intelligent convenience shop and intelligent fresh
delivery which filled market blanks. Besides, it developed CO2 subcritical parallel refrigeration
unit and completed upgrade and reform of CO2 refrigeration systems in certain Metro shops.
Through construction of flexible PULL production, it realized flexible production in small
quantity with various units, which obviously shortened the production cycle.
During the reporting period, its associated company Panasonic Refrigeration adequately adjusted
marketing strategy to divide brominating and lithiation markets in detail, and realized high
temperature water double effects and low temperature water single effect parallel refrigeration
process for the first time. In relation to VRF market, the company actively developed agents and
mini stores to expand selling channels. For the first time also, P-AIMS system was used to
monitor energy utilization by air conditioner system, saving more than 10% of energy.
During the reporting period, its associated company Dalian Fushi Bingshan innovated operating
system, pursuant to which, it established sales companies and developed beverage operators such
as Nongfu Spring and Coca Cola. Under the policy of intelligence, module, diversification and
environment-friendly, the Company achieved rapid growth with sales volume of over 23,000 units
and substantial increase of selling income and net profit, through innovation of touch screen
machines, goods combination, payment methods and post-sale service Wechat platform. In
addition, it also passed high-tech enterprise certification in Dalian, accomplishing monitor review
on quality, environment and occupation health & safety system.
During the reporting period, its associated company Keihin Grand-Ocean obtained the
qualification of level A supplier for Faw-Volkswagen, which laid firm foundation for it to obtain
projects from Volkswagen. Implementation of ERP system assisted the company to improve
tracing quality of products.

5.2 Major change or adjustment in the Company's main business in the reporting period
□Applicable √Inapplicable

5.3 Main business structure
√Applicable □ Inapplicable
                                                                    Increase/decrea Increase/decreas
                                                           Gross    se of operating e of operating Increase/decrease of
     Product name     Operating revenue Operating profit             revenues on a     profit on a    gross profit on a
                                                           profit     year-on-year    year-on-year   year-on-year basis
                                                                         basis            basis
Refrigeration and                                                                                         Decrease 5.90
air-conditioning       1,590,994,011.67   291,467,877.55   18.32%          13.17%         -14.40%
equipment                                                                                              percentage points



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5.4 Is there a need to pay particular attention to the operation of seasonal or cyclical features?
□Applicable √Inapplicable
5.5 Major change in the Company's business revenue, business cost, or net profit attributable to
shareholders of listed companies in the reporting period
□Applicable √Inapplicable
5.6 Face suspension of listing and termination of the listing
□Applicable √Inapplicable

§6 Matters related to financial report
6.1 Change in accounting policies, accounting estimates and accounting methods compared with
the financial statements of the previous year
□Applicable √Inapplicable
6.2 Correction of major accounting mistakes in the reporting period, which should be retroactively
restated
□Applicable √Inapplicable
6.3 Explanation on change of consolidation scope in the report period compared with the latest
annual report
√Applicable □Inapplicable
During the reporting period, the Company acquired 30% equity interests of Sanyo High-efficient
held by Sanyo Electric Co., Ltd., making the latter to become its holding subsidiary instead of an
associate calculated under equity method. Sanyo High-efficient was then included in the
consolidation scope.
During the reporting period, Bingshan Technical Service (Dalian) Co., Ltd. (“Bingshan Service”),
theshusidiary of the Company, put into operation officially, and was then included in the
consolidation scope.
6.4 Explanation of the Board of Directors to the “Non-standardized Opinion”
□Applicable √Inapplicable



                                     Board of Directors of Dalian Refrigeration Co., Ltd.
                                                     March 30, 2016




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