Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
Bingshan Refrigeration & Heat Transfer
Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER,
2021
April, 2021
1
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER, 2021
§1 Important Notes
1.1 The directors and the Board of Directors, the supervisors and the Supervisory Board, and Senior staff
members of Bingshan Refrigeration & Heat Transfer 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.
1.2 All the directors have attended this Board meeting of the Company.
1.3 Chairman of the Board of Directors of the Company Mr. Ji Zhijian, Financial Majordomo Mr. Ma Yun, and the
head of Accounting Department Mrs. Wang Jinxiu hereby confirm that the financial report of the quarterly report
is true and complete.
1.4 This report is written respectively in Chinese and in English. In the event of any discrepancy between the two
above-mentioned versions, the Chinese version shall prevail.
§2 Company Profile
2.1 Major accounting data and financial indexes
Increase/decrease compared
January-March, 2021 January-March, 2020
with previous year
Operating revenue 491,609,773.09 463,218,112.74 6.13%
Net profit attributable to shareholders of
-28,904,736.89 -58,673,476.79 50.74%
listed companies
Net profit belonging to the shareholders of
listed companies after the deduction of -16,049,142.03 -29,177,871.92 45.00%
non-recurring profit and loss
Net cash flow from operating activities 17,535,066.89 -81,344,046.60 121.56%
Basic earnings per share -0.034 -0.070 51.43%
Diluted earnings per share -0.034 -0.070 51.43%
Weighted average return on net asset yield -0.86% -1.75% Increase 0.89 percentage points
Increase/decrease compared
March 31, 2021 December 31, 2020
with year beginning
Total assets 5,808,295,767.48 5,681,568,328.36 2.23%
Owner's equity attributable to shareholders of
3,346,705,051.18 3,375,609,788.07 -0.86%
listed companies
The net profit of the Company was in deficit (year-on-year loss reduction) , mainly due to 1.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 14.16million yuan in first quarter,2021.2. During the reporting period,
affected by the rising price of raw materials, the cost pressure of the Company and its affiliates increased, and the
improvement effect of the Company's main business was not fully reflected.
non-recurring gains and losses
√ Applicable □ Inapplicable
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
Item of non-recurring gains and losses Amount from beginning of year to the end of report period
Disposal gains and losses of non-current asset -581.47
Government subsidies included in current profit or loss 293,055.99
Disposal gains from investments on other non-current
financial assets, or gains from fair value change of other -16,653,910.32
non-current financial assets
Other operating revenue or expense 1,579,351.60
Income tax effect -2,179,769.97
Minority shareholders’ gains and losses 253,280.63
Total -12,855,594.86
2.2 Total number and particulars of the shareholders by the end of the report period
Total number of shareholders in the reporting period 45,887
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 0
legal person
Sanyo Electric Co., Ltd. Overseas legal person 8.72% 73,503,150 0
Lin Zhenming Foreign natural person 0.80% 6,740,000 0
Wu An Domestic natural person 0.53% 4,500,000 0
Zhang Hui Domestic natural person 0.52% 4,388,975 0
Zhang Sufen Domestic natural person 0.48% 4,100,000 0
Sun Huiming Domestic natural person 0.43% 3,620,979 0
Xue Hong Domestic natural person 0.42% 3,570,000 0
Kong Guiyan Domestic natural person 0.42% 3,554,754 0
Dalian industrial development investment Co., Domestic non-state-owned
0.40% 3,406,725 0
Ltd. legal person
Shareholding of top ten shareholders without sale restriction
Number of shares without sale
Name Type of shares
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 6,740,000 Domestically listed foreign shares
Wu An 4,500,000 Domestically listed foreign shares
Zhang Hui 4,388,975 RMB denominated ordinary shares
Zhang Sufen 4,100,000 RMB denominated ordinary shares
Sun Huiming 3,620,979 Domestically listed foreign shares
Xue Hong 3,570,000 Domestically listed foreign shares
Kong Guiyan 3,554,754 RMB denominated ordinary shares
Dalian industrial development investment Co., Ltd. 3,406,725 RMB denominated ordinary shares
Dalian Bingshan Group Co., Ltd. had the association relationship with
Notes to the associated relationship and uniform actions
Sanyo Electric Co., Ltd. among the above shareholders. Sanyo Electric
of the above shareholders Co., Ltd. holds 26.6% of Dalian Bingshan Group Co., Ltd.'s equity.
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
§3 Important Matters
3.1 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
1.Accounts in advance has increased significantly compared with the beginning of the year, mainly due to the increase of orders
in this period, especially the increase of engineering projects, and the need to pay the supplier in advance.
2. Other receivables has decreased significantly compared with the beginning of the year, mainly due to the receipt of the second
phase of the Bingshan Consulting equity transfer price.
3. Contract liability has increased significantly compared with the beginning of the year, mainly due to the increase of orders,
advance payment increased.
4. The salary payable has decreased significantly compared with the beginning of the year, mainly due to the payment of
provision employee compensation of last period-end during the reporting period.
5. The selling expenses has increased significantly y-o-y, mainly due to the 2019-nCoV has limited the sales activities in the
same period last year.
6. Net cash flows arising from operating activities has increased significantly y-o-y, mainly due to the increase in cash received
from selling commodities.
7. Net cash flows arising from investing activities has increased significantly y-o-y, mainly due to the receipt of the second phase
of the Bingshan Consulting equity transfer price.
8. Net cash flows arising from financing activities has decreased significantly y-o-y, mainly due to a decrease in cash received
for borrowing and an increase in cash paid for debt repayment.
3.2 Important Progress and the analysis of the influence and solution
□Applicable√Inapplicable
Progress of share buybacks
□Applicable√Inapplicable
Progress of share buybacks in the way of centralized bidding for reduction
□Applicable√Inapplicable
3.3 Commitments of the Company or its shareholders, actual controller and other related parties in the reporting
period or carried to the reporting period
□ Applicable √ Inapplicable
3.4. Financial asset investment
1. The securities investment
√Applicable □Inapplicable
Accumu
lated
Fair Value
Short Fair Curre Gains and
Accounting Change Gains Account
Type of Stock Form of Initial cost of Begin Book Value nt losses during Source
Measurement and Losses in Current Sale Final Book value ing
securities Code the investment value Change Purc the reporting of funds
Model the Current subjects
Stock Include hase period
Period
d in
Equity
Other
non-curr
Guotai Measuring at Own
Stock 601211 12,910,008.00 226,312,440.24 -16,653,910.32 0.00 0.00 0.00 -16,653,910.32 209,658,529.92 ent
Junan fair value fund
financial
assets
Total 12,910,008.00 -- 226,312,440.24 -16,653,910.32 0.00 0.00 0.00 -16,653,910.32 209,658,529.92 -- --
2. Derivative investment
□ Applicable √ Inapplicable
3.5 Progress of investment projects raised funds
□ Applicable √ Inapplicable
3.6 Estimated operating results for the period January-June 2021
□ Applicable √ Inapplicable
3.7 Daily operation of major contracts
□ Applicable √ Inapplicable
3.8 Trust management
□ Applicable √ Inapplicable
3.9 Violation of external guaranty
□ Applicable √ Inapplicable
3.10 Non-operation capital occupation by holding shareholders and their related parties in the listed company
□ Applicable √ Inapplicable
3.11 3.7 Table of investigation, communication, interview received
□ Applicable √ Inapplicable
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
§4 Financial Report (attached)
Not audited.
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd..
April 24, 2021
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. March 31, 2021 Unit: RMB Yuan
31-Mar-2021 31-Dec-2020
Items
Consolidation Parent Company Consolidation Parent Company
Current assets:
Monetary funds 401,044,513.70 261,305,621.61 373,445,731.67 208,325,740.71
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 128,707,637.20 60,765,850.04 139,121,037.78 42,858,563.72
Accounts receivable 863,745,293.92 391,911,142.47 817,011,955.75 408,625,925.91
Receivables financing 80,507,734.57 10,664,377.09 61,737,282.56 5,752,810.30
Accounts in advance 204,002,671.24 69,364,442.73 154,481,509.35 62,620,914.33
Other receivables 38,640,100.04 9,054,590.75 67,527,176.86 41,183,397.14
Interest receivables 321,988.49 321,988.49 46,879.68 46,879.68
Dividend receivable 25,923.75 25,923.75
Inventories 792,750,387.93 274,456,276.18 731,658,797.98 255,635,206.96
Contract assets 83,407,671.84 37,238,332.18 91,430,011.60 38,366,253.50
Assets held for sale
Non-current asset due within one year 42,315,866.24 19,488,435.75 42,003,576.60 19,488,435.75
Other current assets 19,407,344.18 1,260,508.41 23,214,091.44 27,637.13
Total current assets 2,654,529,220.86 1,135,509,577.21 2,501,631,171.59 1,082,884,885.45
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable 65,842,873.64 45,964,783.15 65,867,973.25 45,964,783.15
Long-term equity investment 1,604,169,334.74 2,287,881,997.71 1,597,241,363.62 2,280,377,981.04
Other non-current financial assets 222,650,188.51 221,235,046.01 239,304,098.83 237,888,956.33
Investment property 125,015,274.56 99,546,575.61 126,288,477.92 100,762,366.02
Fixed assets 853,606,901.24 709,753,931.04 891,147,058.82 721,701,015.39
Construction in progress 33,921,264.98 8,817,853.13 34,254,599.42 9,160,965.22
Right-of-use asset 22,836,784.65
Productive biological asset
Oil and gas asset
Intangible assets 145,540,687.31 76,218,720.92 145,442,721.24 76,619,078.55
Expense on Research and Development
Goodwill 1,750,799.49 - 1,750,799.49 -
Long-term expenses to be apportioned 9,267,574.61 7,886,026.14 9,660,538.07 8,259,220.68
Deferred income tax asset 69,164,862.89 13,890,619.39 68,979,526.11 13,940,130.98
Other non-current asset
Total non-current asset 3,153,766,546.62 3,471,195,553.10 3,179,937,156.77 3,494,674,497.36
Total assets 5,808,295,767.48 4,606,705,130.31 5,681,568,328.36 4,577,559,382.81
Current liabilities:
Short-term loans 277,471,600.00 265,011,600.00 282,971,600.00 276,011,600.00
Financial liabilities which are measured by fair value
and which changes are recorded in current profit and
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
loss
Derivative financial liabilities
Transaction financial liabilities
Notes payable 300,313,580.50 207,469,985.96 295,151,372.38 202,747,834.50
Accounts payable 825,621,029.01 323,407,586.23 767,267,232.43 254,630,956.73
Accounts received in advance
Contract liability 434,290,421.60 75,977,220.76 295,100,657.10 67,468,174.27
Wage payable 7,600,893.68 1,180,039.25 31,125,808.94 11,187,502.65
Taxes payable 9,964,599.41 5,916,590.79 9,714,194.25 4,244,948.37
Other accounts payable 42,847,008.57 8,750,284.74 43,017,466.38 17,179,194.67
Interest payable 534,524.58 506,666.89 1,839,166.81 1,839,166.81
Dividend payable 533,156.00 533,156.00 533,156.00 533,156.00
Liabilities held for sale
Non-current liabilities due within one year 42,798,019.69 25,000,034.00 37,157,126.41 25,000,034.00
Other current liabilities 145,868,671.40 60,654,208.54 152,173,946.30 50,815,558.18
Total current liabilities 2,086,775,823.86 973,367,550.27 1,913,679,404.19 909,285,803.37
Non-current liabilities:
Long-term loans 150,000,000.00 150,000,000.00 160,000,000.00 160,000,000.00
Bonds payable
Preferred stock
Perpetual bond
Lease liability 13,813,161.87
Long-term account payable - 14,622,463.75 -
Long-term wage payable
Special payable
Anticipation liabilities 7,592,239.01 7,592,239.01
Deferred income 102,838,577.85 62,788,076.85 104,457,568.86 64,121,068.86
Deferred income tax liabilities 29,512,278.29 29,512,278.29 32,010,364.83 32,010,364.83
Other non-current liabilities
Total non-current liabilities 303,756,257.02 242,300,355.14 318,682,636.45 256,131,433.69
Total liabilities 2,390,532,080.88 1,215,667,905.41 2,232,362,040.64 1,165,417,237.06
Shareholders’ equity
Share capital 843,212,507.00 843,212,507.00 843,212,507.00 843,212,507.00
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve 726,768,468.00 771,270,562.83 726,768,468.00 771,270,562.83
Less:Treasury stock
Other comprehensive income 2,501,459.77 1,539,359.10 2,501,459.77 1,539,359.10
Special preparation
Surplus public reserve 805,525,775.33 805,525,775.33 805,525,775.33 805,525,775.33
Generic risk reserve
Retained profit 968,696,841.08 969,489,020.64 997,601,577.97 990,593,941.49
Total owner’s equity attributable to parent company 3,346,705,051.18 3,391,037,224.90 3,375,609,788.07 3,412,142,145.75
Minority interests 71,058,635.42 - 73,596,499.65 -
Total owner’s equity 3,417,763,686.60 3,391,037,224.90 3,449,206,287.72 3,412,142,145.75
Total liabilities and shareholder’s equity 5,808,295,767.48 4,606,705,130.31 5,681,568,328.36 4,577,559,382.81
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March,2021 Unit: RMB Yuan
January-March, 2021 January-March, 2020
Items
Consolidation Parent Company Consolidation Parent Company
I. Total sales 491,609,773.09 207,068,046.50 463,218,112.74 217,808,613.09
II. Total operating cost 516,884,426.17 221,810,715.80 485,575,464.17 226,346,383.90
Including: Operating cost 436,518,281.93 183,709,910.61 414,328,988.51 196,082,951.13
Taxes and associate charges 4,447,799.12 3,080,853.02 4,038,552.44 2,331,118.74
Selling and distribution expenses 24,476,670.80 9,934,114.53 16,095,155.55 4,224,366.98
Administrative expenses 33,940,534.49 15,100,337.50 35,455,415.17 12,585,339.27
R&D expenses 14,447,195.16 7,004,699.31 11,662,148.49 7,332,035.22
Financial expense 3,053,944.68 2,980,800.84 3,995,204.01 3,790,572.56
Including: interest expense 4,333,295.72 3,417,512.19 4,750,606.24 3,778,395.12
interest income 785,952.58 734,141.25 448,047.40 284,041.47
Add: Other income 293,055.99 - 285,999.00 -
Gain/(loss) from investment 6,927,971.12 7,504,016.67 -3,197,862.88 -2,976,730.68
Including: income from investment on affiliated
6,927,971.12 7,504,016.67 -3,197,862.88 -2,976,730.68
enterprise and jointly enterprise
Gain/(loss) from change in fair value -16,653,910.32 -16,653,910.32 -34,719,117.68 -34,719,117.68
Credit impairment loss (loss as “-“) 288,504.20 6,808.26 -4,769,827.90 -1,497,367.18
Assets impairment loss (loss as “-“) -337,530.96 333,269.01 - -
Gain/(loss) from asset disposal -581.47 -399.28 - -
III. Operating profit -34,757,144.52 -23,552,884.96 -64,758,160.89 -47,730,986.35
Add: non-business income 1,713,891.63 48.54 33,981.40 -
Less: non-business expense 134,540.03 659.38 6,217.62 -
IV. Total profit -33,177,792.93 -23,553,495.80 -64,730,397.11 -47,730,986.35
Less: Income tax -1,735,191.80 -2,448,574.95 -4,689,773.68 -5,432,472.71
V. Net profit -31,442,601.12 -21,104,920.85 -60,040,623.43 -42,298,513.64
(I) Net profit from continuous operation -31,442,601.12 -21,104,920.85 -60,040,623.43 -42,298,513.64
(II)Net profit from discontinuing operation
Net profit attributable to parent company -28,904,736.89 -21,104,920.85 -58,673,476.79 -42,298,513.64
Minority shareholders’ gains and losses -2,537,864.23 - -1,367,146.64 -
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
1. Changes in net liabilities or assets with a
defined benefit plan upon re-measurement
2. Enjoyable shares in other comprehensive
incomes in 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
1. Enjoyable shares in other comprehensive
incomes in invests that will be reclassified into gains
and losses under the equity method
2. Changes in the fair value of other debt
investments
3. Gains and losses on fair value changes of
available-for-sale financial assets
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
4. The amount of financial assets reclassified
into other comprehensive income
5. Held-to-maturity investments are reclassified
as saleable financial asset gains and losses
6.Others
After-tax net amount of other comprehensive
incomes attributable to minority shareholders
VII Total comprehensive income -31,442,601.12 -21,104,920.85 -60,040,623.43 -42,298,513.64
Total comprehensive income attributable to parent
-28,904,736.89 -21,104,920.85 -58,673,476.79 -42,298,513.64
company
Total comprehensive income attributable to
-2,537,864.23 - -1,367,146.64 -
minority shareholders
VIII. Earnings per share
(I) basic earnings per share -0.034 - -0.070 -
(II) diluted earnings per share -0.034 - -0.070 -
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Wang Jinxiu
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March,2021 Unit: RMB Yuan
January-March, 2021 January-March, 2020
Items
Consolidation Parent Company Consolidation Parent Company
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor
443,778,928.68 216,681,750.84 257,472,529.16 125,683,620.91
services
Write-back of tax received 5,865,413.95 - 7,307,826.92 5,313,787.64
Other cash received concerning operating activities 16,836,637.09 3,422,644.44 20,384,332.77 12,349,840.37
Subtotal of cash inflow arising from operating activities 466,480,979.72 220,104,395.28 285,164,688.85 143,347,248.92
Cash paid for purchasing commodities and receiving labor
287,732,394.01 118,663,130.48 242,147,949.65 141,669,537.38
service
Cash paid to/for staff and workers 107,685,576.50 33,014,930.96 86,707,677.37 28,940,034.25
Taxes paid 18,796,664.89 11,280,347.35 13,355,622.64 6,304,759.03
Other cash paid concerning operating activities 34,731,277.43 13,405,854.15 24,297,485.79 6,731,739.07
Subtotal of cash outflow arising from operating activities 448,945,912.83 176,364,262.94 366,508,735.45 183,646,069.73
Net cash flows arising from operating activities 17,535,066.89 43,740,132.34 -81,344,046.60 -40,298,820.81
II. Cash flows arising from investing activities:
Cash received from recovering investment - -
Cash received from investment income 33,450.00 -
Net cash received from disposal of fixed, intangible and other
5,000.00 5,000.00 - -
long-term assets
Net cash received from disposal of subsidiaries and other
36,263,700.00 36,263,700.00 - -
units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 36,268,700.00 36,268,700.00 33,450.00 -
Cash paid for purchasing fixed, intangible and other
1,642,241.62 1,278,562.43 2,463,218.90 2,059,890.98
long-term assets
Cash paid for investment
Net cash paid for achievement of subsidiaries and other
business units
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 1,642,241.62 1,278,562.43 2,463,218.90 2,059,890.98
Net cash flows arising from investing activities 34,626,458.38 34,990,137.57 -2,429,768.90 -2,059,890.98
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 136,330,000.00 127,000,000.00 151,880,000.00 147,000,000.00
Cash received from issuing bonds
Other cash received concerning financing activities 78,196,961.15 23,123,472.43 30,591,791.66 743,155.00
Subtotal of cash inflow from financing activities 214,526,961.15 150,123,472.43 182,471,791.66 147,743,155.00
Cash paid for settling debts 154,668,693.39 148,000,000.00 135,080,832.44 130,000,000.00
Cash paid for dividend and profit distributing or interest
5,404,836.44 4,750,012.11 7,527,840.11 6,747,169.98
paying
Including: dividends or profit paid by subsidiaries to minority
shareholders
Other cash paid concerning financing activities 59,364,339.93 22,103,989.52 6,904,480.50 2,195,748.00
Subtotal of cash outflow from financing activities 219,437,869.76 174,854,001.63 149,513,153.05 138,942,917.98
Net cash flows arising from financing activities -4,910,908.61 -24,730,529.20 32,958,638.61 8,800,237.02
IV. Influence on cash due to fluctuation in exchange rate 232,247.23 -376.90 137,331.79 168.88
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2021
V. Net increase of cash and cash equivalents 47,482,863.89 53,999,363.81 -50,677,845.10 -33,558,305.89
Add: Balance of cash and cash equivalents at the period -begin 314,978,460.49 185,202,268.28 301,527,354.56 174,843,096.46
VI. Balance of cash and cash equivalents at the period–end 362,461,324.38 239,201,632.09 250,849,509.46 141,284,790.57
Legal Representative: Ji Zhijian Chief Financial Official: Ma Yun Person in Charge of Accounting Organization: Wang Jinxiu
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