Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B; No: 2020-023
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
2020 Semiannual Report Summary
Important Notes
This summary is extracted from the original of the semiannual report. For more information, the
investors are recommended to refer to the original.
Non-standard audit opinion presentation □ Applicable √ Not applicable
Profit distribution and dividend payment □ Applicable √ Not applicable
§1 Company Profile
Short form of the stock Bingshan; Bingshan B
Stock code 000530; 200530
Listed stock exchange Shenzhen Stock Exchange
Legal name in Chinese 冰山冷热科技股份有限公司
Short form of legal name 冰山冷热
Legal English name Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
Abbreviation of legal English name Bingshan
Legal representative Ji Zhijian
§2 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?
□ Yes √ No Unit: RMB Yuan
Increase/decrease compared with
2020.1-6 2019.1-6
the same period of last year
Operating revenue 873,403,414.46 1,075,729,240.57 -18.81%
Net profit attributable to shareholders of listed companies -23,604,345.52 108,373,919.30 -121.78%
Net profit belonging to the shareholders of listed companies
-8,256,994.99 35,262,178.97 -123.42%
after the deduction of non-recurring profit and loss
Net cash flow from operating activities -78,350,688.75 -77,776,037.88 -0.74%
Basic earnings per share -0.028 0.127 -122.05%
Diluted earnings per share -0.028 0.127 -122.05%
Weighted average return on net asset yield -0.70% 3.16% Decrease 3.86 percentage points
Increase/decrease compared with
2020.6.30 2019.12.31
2019.12.31
Total assets 5,612,514,325.40 5,525,503,256.26 1.57%
Owner's equity attributable to shareholders of listed companies 3,330,664,309.16 3,379,565,029.89 -1.45%
Net profit attributable to parent company decreased and slipped into loss significantly y-o-y ,
mainly due to 1.in the same period of last year, there was a large amount of non-recurring
gains,following:(1) The Gain from change in fair value of Guotai Junan has been recorded into the
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current profit and loss since Jan. 1, 2019, which is about 40.46 million yuan;(2) During the same
period of last year, the Company's exchangeable corporate bondholders exchanged a total of 8.3889
million shares, increasing the current investment income about 40.57 million yuan. 2.During the
reporting period, there are large amount of non-recurring losses, mainly due to that the negative
change in fair value of Guotai Junan has made the Company loss about 16.42 million yuan first
half-year.3.During the first half of 2020, with the affection of the 2019-nCo, the profit of the
Company and associated companies has decreased along with the operating revenue.
§3 Statement of shares held by the top ten common shareholders
Total number of shareholders in the reporting period 47,718
Shareholding of top ten shareholders
Number of Number of
shares with pledged shares
Name Nature Proportion Total number
sale or shares
restriction frozen
Dalian Bingshan Group Co., Ltd. Domestic non-state-owned legal person 20.27% 170,916,934 0 0
Sanyo Electric Co., Ltd. Overseas legal person 8.72% 73,503,150 0 0
Zhang Sufen Domestic natural person 2.00% 16,900,000 0 0
Lin Zhenming Foreign natural person 0.80% 6,753,920 0 0
Wu An Domestic natural person 0.53% 4,500,000 0 0
Sun Huiming Domestic natural person 0.52% 4,384,079 0 0
Xue Hong Domestic natural person 0.42% 3,530,730 0 0
Dalian industrial development
Domestic non-state-owned legal person 0.40% 3,406,725 0 0
investment Co., Ltd.
Li Xiaohua Domestic natural person 0.36% 3,011,908 0 0
Chen Naisheng Domestic natural person 0.27% 2,311,330 0 0
Dalian Bingshan Group Co., Ltd. had the association relationship with Sanyo Electric
Notes to the associated relationship and uniform actions of the
Co., Ltd. among the above shareholders. Sanyo Electric Co., Ltd. holds 26.6% of
above shareholders
Dalian Bingshan Group Co., Ltd.'s equity.
§4 Variation in controlling shareholders or actual controllers
Variation in controlling shareholders in the report period
□ Applicable √ Not applicable
Variation in actual controllers in the report period
□ Applicable √ Not applicable
§5 Information on Preferred Stock
□ Applicable √ Not applicable
In the reporting period, the Company didn’t own preferred stock.
§6 Corporate Bonds
The Company’s non-public issuance of exchangeable corporate bonds was listed at the Shanghai
Stock Exchange on August 6, 2018. As of August 1, 2018, according to the using plan disclosed in
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the prospectus, the raised funds of the Company’s non-public issuance of exchangeable corporate
bonds have been used to repay bank loans. The special account for the Company's 2018
exchangeable corporate bonds fund raising was cancelled in March 2019. During the reporting
period, the Company's exchangeable corporate were not exchanged for shares.
§7 Business discussion and analysis
In the first half of 2020, the Company continued to focus on "exploitation, pragmatism,
collaboration and action" to maintain strategic momentum, strengthen development confidence,
focus on hot and cold main businesses, deepen market segmentation, continuously improve and
innovate, and strive to achieve major business objectives. In the first half of 2020, the Company
achieved operating income of 873,403 thousand yuan, a year-on-year decrease of 18.81%;
achieved net profit attributable to shareholders of the Company of -23,604 thousand yuan. Net
profit decreased and slipped into loss significantly y-o-y, mainly due to: in the same period of last
year, there were large amount of non-recurring gains; during the reporting period, there were large
amount of non-recurring losses; during the reporting period, with the affection of the 2019-nCo,
the profit has decreased along with the operating revenue for the Company and associate
companies.
During the reporting period, the Company made steady progress and operated prudently. The
prevention and control of the epidemic situation was carried out pragmatically, the production and
operation were stable and orderly, and the sales and orders steadily rebounded. The Company
undertook the "Liaoning Province Novel Corona virus Infection Pneumonia Centralized
Treatment Center Project and the Sixth Hospital of Dalian Negative Pressure Ward Reconstruction
Project", contributing professional strength to the prevention and control of the epidemic. We
optimized business and collaboration systems, implemented matrix management, and the
technology and market were integrated more closely. We also renamed the Company, unified the
trade name and trademark, enhanced the brand value of Bingshan, and highlighted the Company’s
hot and cold main business.
During the reporting period, Wuhan New World Refrigeration, a subsidiary of the Company,
faced the impact of the epidemic and resumed work in an orderly manner. It overcame many
difficulties such as travel limitation and isolation, and assisted the key project of country's poverty
alleviation, i.e. the refrigeration system complete installation project for developing the collective
economic poultry industry at the impoverished villages of Moyu County, Hetian District, Xinjiang,
to ensure the feeding and production on schedule. Comprehensive solutions such as natural gas
liquefaction, industrial waste heat utilization, and coal mine shaft antifreeze were further
optimized.
During the reporting period, Bingshan Engineering Company, a subsidiary of the Company,
established several professional work departments to further develop its superior market segment.
In the food cold chain market, it gave full play to the first-class qualification advantages,
integrated resources, established strategic cooperation with major customers, won bids for carbon
dioxide projects, corn deep processing projects, central kitchen projects, ammonia system
renovation projects and other representative projects; in the petrochemical market, it continued to
consolidate its inherent advantages; in the beer and dairy market, key customers have been well
maintained, and orders have increased significantly on a year-on-year basis; in the natural gas
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liquefaction market, it has achieved new developments, and LNG engineering general contracting
projects have received orders again; in the ship market, R717, R507, and R404 refrigerant
refrigerating units have been successfully launched, the installation of the freezing station for large
air-cooled cold-storage boats that broke the monopoly of foreign ships was completed.
During the reporting period, Bingshan Service Company, the Company's subsidiary, accelerated
digital applications through online and offline two-wheel drive. Bingshan Shared Service Platform
has been built in an orderly manner and has provided services for many Bingshan-funded
enterprises. Through product traceability, APP one-click repair service, 4S regional security
management, remote operation and maintenance services, computer room hosting and
transportation and other system solutions, it can effectively solve the customers’ pain points.
During the reporting period, Panasonic Appliances Compressor, an associate company of the
Company, continued its transformation. Through the reform of the marketing system and the
construction of product informatization, the focus of sales has shifted from large customers to
small and medium customers. It established a quality center testing center to integrate testing
resources and improve the efficiency of quality management. The horizontal scroll compressor
obtained the first batch of orders and officially entered the European electric bus market.
During the reporting period, Panasonic Appliances Cold Chain, an associate company of the
Company, focused on the new retail and new catering markets. Aiming at the novel corona virus
epidemic, urged consumption patterns to change business opportunities, focused on core products
such as refrigerating smart self pick-up cabinets, heating smart dining cabinets, and refrigerating
smart vending cabinets, optimized contactless distribution/sales solutions, and further developed
IoT smart cabinets in China and international markets.
During the reporting period, Panasonic Appliances Refrigeration, the Company's associated
company, consolidated and improved its engineering competitiveness. It transformed from
regional marketing to field marketing, tilted towards key industries, deeply explored market
segment, the engineering orders increased significantly on a year-on-year basis. The full life cycle
cold chain engineering network cloud platform with integrated solutions as the core was built in
an orderly manner, and digital applications were solidly promoted.
During the reporting period, Fuji Bingshan, an associate company of the Company, continued to
promote the intelligent and diversified development of its products. The newly developed
multi-function intelligent addressing mini supermarket expanded the sales function of multiple
categories. Fully automatic freshly brewed coffee machines, vending machines selling masks, and
fresh machines placed in the community have all been officially launched.
During the reporting period, Jingxue Company, an associate company of the Company, as an
enterprise under review for the initial public offering on the ChiNext of the China Securities
Regulatory Commission, submitted relevant applications to the ChiNext, which began the
implementation of the registration system pilot, and has been officially accepted by the Shenzhen
Stock Exchange on July 1, 2020, and is currently under review.
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During the reporting period, the Company actively promoted the cultivation and incubation of
emerging businesses while transforming and upgrading its original businesses. Bingshan Wisdom
Park Company, the Company's indirect associate company, cooperated in the construction of the
old factory's intelligent industrial park, enriched humanistic feelings, and focused on intelligent
innovation; Hua Hui Da actively expanded financing channels and enlarged business scale around
the high-quality customers of the hot and cold businesses of Bingshan; Fuji Bingshan Control
helped the smart energy management of Bingshan, steadily promoted demonstration customers in
market segments; Kelvins Technology implemented the growth strategy of software driving
hardware, energizing the hot and cold business with innovative technology.
§8 Matters related to financial report
8.1 Change in accounting policies, accounting estimates and accounting methods compared with
the financial statements of the previous year
√Applicable □Not applicable
The Ministry of Finance issued on July 5, 2017 about revision issued by the accounting standards
for enterprises no. 14 - revenue income guidelines (hereinafter generally referred to as the "income
guidelines"), in domestic and at the same time, listed companies and listed overseas and adopted
international financial reporting standards or companies prepare financial statements on the
accounting standard for business enterprises, effective as of January 1, 2018; Other domestic listed
enterprises shall enter into force as of January 1, 2020; Non-listed enterprises that implement the
accounting standards for Business Enterprises shall enter into force as of January 1, 2021. In
accordance with the above requirements, the Company will implement the relevant guidelines as
of January 1, 2020.
8.2 Correction of major accounting mistakes in the reporting period, which should be retroactively
restated
□ Applicable √ Not applicable
8.3 Explanation on change of consolidation scope in the report period compared with the latest
annual report
□ Applicable √ Not applicable
Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
August 22, 2020
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