Stock Code: 000530; 200530 Short Form of the Stock:Bingshan; Bingshan B No:2022-050
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR THIRD QUARTER, 2022
The directors and the Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
hereby confirm that there are no any important omissions, fictitious statements or serious misleading carried in
this report.
Important Notes
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.
2. Chairman of the Board of Directors of the Company Mr. Ji Zhijian, Financial Majordomo Mrs. Wang Jinxiu
and the head of Accounting Department Mr. Li Sheng hereby confirm that the financial report of the quarterly
report is true and complete.
3. The Company’s quarterly financial report has not been audited.
§1 Major accounting data and changes of shareholders
1.1 Major accounting data and financial indexes
Is there any traceable adjustment to the financial statements for the previous report period?
□ Yes √ No
Increase/decrease Increase/decrease
2022.7-9 2021.7-9 2022.1-9 2021.1-9
over 2021.7-9 over 2021.1-9
Total operating income 752,258,640.60 657,628,182.17 14.39% 2,044,117,549.31 1,751,913,803.14 16.68%
Net profit attributable to
-21,540,127.71 -26,965,424.33 20.12% 8,028,223.81 -41,549,634.34 119.32%
parent company
Net profit attributable to
parent company after
-23,177,485.56 -39,026,942.89 40.61% -12,472,367.21 -50,909,617.50 75.50%
deducting non-recurring
gains/losses
Net cash generated from
_ _ _ -294,901,573.59 4,865,672.01 -6,160.86%
operating activities
Basic earnings per share -0.026 -0.030 13.33% 0.01 -0.049 120.41%
Diluted earnings per
-0.026 -0.030 13.33% 0.01 -0.049 120.41%
share
Weighted average return Increase0.08 Increase 1.47
-0.72% -0.80% 0.27% -1.20%
on net asset yield percentage points percentage points
2022.9.30 2021.12.31 Increase/decrease over 2021.12.31
Total assets 5,919,364,392.25 5,735,570,604.67 3.20%
Shareholder’s equity
attributable to parent 2,996,716,902.50 3,002,842,837.47 -0.20%
company
In the first three quarters of 2022, the Company's net profit turned from loss to profit, mainly due to the following
reasons:
1. During the reporting period, the Company focused on the hot and cold business, deeply cultivated the
advantageous market segments, solidly enhanced the core competitiveness, and continuously improved the main
business. Affected by adverse factors, and new retail related to the joint venture investment income significantly
reduced.
2. During the reporting period, the Company transferred 17.8% equity of Cold King Container Temperature
Control (Suzhou) Co., LTD., and achieved net income of about 36.5 million Yuan in the current period; The
Company reduced its holding of Jingxue Energy Saving by 2% through bulk transactions, achieving a net income
of about 14.5 million yuan in the current period; The negative change in fair value of Guotai Junan brought a net
loss of about 39 million yuan to the Company in the current period. The above items belong to non-recurring
1
gains and losses.
Amount of this Amount from beginning of
Item of non-recurring gains and losses report period year to the end of report period
Profit and loss from disposal of non-current assets 50,429.22 117,689.42
Government subsidies which were included in the current profits and
5,353,698.82 7,337,869.44
losses
When the investment cost of a subsidiary, associate or joint venture is
less than that of the investment, an enterprise shall enjoy the income
14,673,186.02 17,507,806.65
generated by the fair value of the identifiable net assets of the invested
entity
Disposal gains from investments on financial assets available for sale,
-16,692,312.24 -2,821,708.72
and gains from fair value change of other non-current financial assets
Other non-operating incomes and expenses except the above mentioned 1,798,538.68 3,076,578.46
Income tax effects 3,342,620.35 4,335,503.48
Minority equity interests effects (after tax) 203,562.30 382,140.75
Total 1,637,357.85 20,500,591.02
1.3 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
(1). Notes receivable increased 42.59% compared with the beginning of the year, mainly due to the increase in
settlement bills.
(2). Accounts receivable increased 36.61% compared with the beginning of the year, mainly due to the increase in
operating revenue, the increase in engineering projects, the overall proportion of accounts receivable increased.
(3). Receivables financing decreased 44.49% compared with the beginning of the year, mainly due to high credit
banks not due acceptance.
(4). Accounts paid in advance increased 57.01% compared with the beginning of the year, mainly due to the
increase of orders in this period, especially the increase of engineering projects, we need to pay the suppliers in
advance.
(5). Other Non-current financial assets decreased 42.30% compared with the beginning of the year, Mainly due to
the transfer of the company's 17.8% stake in Cold King Container Temperature Control (Suzhou) Co., LTD., and
the negative change in the share price of Guotai Junan.
(6). Construction in progress increased 60.13% compared with the beginning of the year, mainly because of the
transformation of the workshop heat pump.
(7). Right of use assets decreased 36.18% compared with the beginning of the year, mainly due to a decrease in
leased office space.
(8). Salary payable decreased 36.31% compared with the beginning of the year, mainly due to the current period
has been paid at the end of the last period of the staff salary (year-end bonus, etc.)
(9). Taxes payable increased 184.77% compared with the beginning of the year, mainly due to pay value added tax,
income tax changes.
(10). Other accounts payable decreased 55.74% compared with the beginning of the year, mainly to pay for
personal reimbursement of the balance and pay for freight and other exchange expenses reduced.
(11). Deferred income tax liabilities decreased 41.75% compared with the beginning of the year, mainly because
Guotai Junan stock price negative change.
(12).Gain from investment increased 341.07% on a year-on-year basis, mainly due to the transfer of 17.8% of the
Company's holding of Cold King Container Temperature Control (Suzhou) Co., LTD., and the reduction of 2% of
Crystal Snow Energy-saving shares.
(13). Gain from change in fair value decreased 1,328.51% on a year-on-year basis, mainly because Guotai Junan
stock price negative change.
(14).Net cash flows arising from operating activities decreased 299.77 million yuan on a year-on-year basis,
mainly due to an increase in product and engineering orders and an increase in cash paid for the purchase of raw
materials and engineering construction.
(15). Net cash flows arising from investing activities increased 155.56 million yuan on a year-on-year basis,
mainly due to the transfer of 17.8% of the company's holding of Cold King Container Temperature Control
(Suzhou) Co., LTD., and the reduction of 2% of Jing xue Energy-saving shares.
(16).Net cash flows arising from financing activities increased 82.96million yuan on a year-on-year basis, mainly
due to lower cash payments to service debt.
2. Shareholders' information
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2.1 Total number and particulars of the shareholders by the end of the report period
Total number of shareholders in the reporting Total number of shareholders as of the last month
77,661
period before disclosure of the annual report
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
legal person
Sanyo Electric Co., Ltd. Overseas legal person 8.72% 73,503,150
Shen Dongrong Domestic natural person 1.46% 12,288,400
Liu Zhaoshui Domestic natural person 0.99% 8,374,200
Lin Zhenming Foreign natural person 0.80% 6,730,000
Chen Xianlai Domestic natural person 0.58% 4,926,200
Chen Yong Domestic natural person 0.53% 4,494,500
Xue Hong Domestic natural person 0.42% 3,580,000
Wu An Domestic natural person 0.41% 3,415,200
Dalian industrial development investment Domestic non-state-owned
0.40% 3,406,725
Co., Ltd. legal person
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
Shen Dongrong 12,288,400 RMB denominated ordinary shares
Liu Zhaoshui 8,374,200 RMB denominated ordinary shares
Lin Zhenming 6,730,000 Domestically listed foreign shares
Chen Xianlai 4,926,200 RMB denominated ordinary shares
Chen Yong 4,494,500 RMB denominated ordinary shares
Xue Hong 3,580,000 Domestically listed foreign shares
Wu An 3,415,200 Domestically listed foreign shares
Dalian industrial development investment Co., Ltd. 3,406,725 RMB denominated ordinary shares
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 was 77,661, including 70,316
A-share shareholders and 7,345 B-share shareholders.
2.2 Information on the total number of preferred shareholders and the shares held by top ten preferred
shareholders as of the end of the reporting period
□ Yes √ No
§3 Other important Matters
During the reporting period, the Company reduced its holdings of Jingxue Energy Saving by 2,160,000 shares
through bulk trading, accounting for 2% of the total capital stock of Jingxue Energy Saving; A total of 1,080,000
shares of Jingxue Energy Saving have been engaged in refinancing securities lending transactions, accounting for
1% of the total capital stock of Jingxue Energy Saving.
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§4 Financial Statements
CONSOLIDATION BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. September 30, 2022 Unit: RMB Yuan
Items 30-Sep-2022 1-Jan-2022
Current assets:
Monetary funds 433,278,755.30 522,658,505.79
Financial assets which are measured by fair value and which changes are
recorded in current profit and loss
Derivative financial assets
Transaction financial assets
Notes receivable 237,312,309.92 166,430,365.74
Accounts receivable 1,122,280,028.43 821,548,678.85
Receivables financing 24,259,183.49 43,704,310.38
Accounts paid in advance 286,854,417.59 182,701,403.55
Other receivables 52,212,418.76 60,340,096.45
Interest receivables
Dividend receivable 1,003,568.75
Inventories 1,035,944,382.77 1,014,527,127.82
Contract assets 130,188,419.06 109,859,658.79
Assets held for sale
Non-current asset due within one year 14,990,989.30 14,990,989.30
Other current assets 10,559,853.74 24,525,076.71
Total current assets 3,347,880,758.36 2,961,286,213.38
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 1,169,106,175.09 1,231,504,533.45
Other Non-current financial assets 150,823,661.95 261,410,664.61
Investment property 116,305,340.46 120,752,809.61
Fixed assets 822,099,451.09 855,395,405.85
Construction in progress 62,409,744.48 38,974,478.45
Right of use assets 15,274,461.64 23,934,703.37
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 137,188,907.01 142,592,738.10
Expense on Research and Development
Goodwill 1,750,799.49 1,750,799.49
Long-term expenses to be apportioned 7,306,719.87 8,088,684.23
Deferred income tax asset 89,218,372.81 89,879,574.13
Other non-current asset
Total non-current asset 2,571,483,633.89 2,774,284,391.29
Total assets 5,919,364,392.25 5,735,570,604.67
4
Current liabilities:
Short-term loans 247,000,000.00 245,937,091.72
Financial liabilities which are measured by fair value and which changes are
recorded in current profit and loss
Derivative financial liabilities
Transaction financial liabilities
Notes payable 355,757,939.78 380,033,039.56
Accounts payable 1,168,375,475.66 919,871,927.53
Accounts received in advance
Contract liabilities 480,236,940.48 499,719,963.40
Wage payable 22,387,897.94 35,148,782.48
Taxes payable 38,485,990.05 13,514,847.82
Other accounts payable 24,469,031.04 55,284,140.21
Interest payable
Dividend payable 2,333,156.00 3,008,156.00
Liabilities held for sale
Non-current liabilities due within one year 17,363,993.35 24,175,388.12
Other current liabilities 229,518,856.01 195,213,206.91
Total current liabilities 2,583,596,124.31 2,368,898,387.75
Non-current liabilities:
Long-term loans 140,000,000.00 150,000,000.00
Bonds payable
Preferred stock
Perpetual bond
Lease liability 997,434.45 5,394,021.14
Long-term account payable 20,768,932.49 19,998,913.29
Long-term wage payable
Special Payable
Anticipation liabilities
Deferred income 102,801,093.39 106,185,323.82
Deferred income tax liabilities 20,734,470.21 35,596,349.70
Other non-current liabilities 285,301,930.54 317,174,607.95
Total non-current liabilities 2,868,898,054.85 2,686,072,995.70
Total liabilities
Shareholders’ equity
Share capital 843,212,507.00 843,212,507.00
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve 714,493,833.07 720,215,866.78
Less: Treasury stock
Other comprehensive income 2,178,681.73 2,178,681.73
Special preparation
Surplus public reserve 809,471,199.64 809,471,199.64
Generic risk reserve
Retained profit 627,360,681.06 627,764,582.32
5
Total owner’s equity attributable to parent company 2,996,716,902.50 3,002,842,837.47
Minority interests 53,749,434.90 46,654,771.50
Total owner’s equity 3,050,466,337.40 3,049,497,608.97
Total liabilities and shareholder’s equity 5,919,364,392.25 5,735,570,604.67
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
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CONSOLIDATION INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2022 Unit: RMB Yuan
Items January-September, 2022 January- September, 2021
I. Total sales 2,044,117,549.31 1,751,913,803.14
II. Total operating cost 2,057,243,064.66 1,818,095,119.51
Including: Operating cost 1,779,802,998.39 1,537,686,115.03
Taxes and associate charges 15,646,694.55 14,782,923.04
Selling and distribution expenses 92,218,838.90 91,119,255.32
Administrative expenses 108,550,680.84 108,999,166.58
R&D expenses 52,363,696.66 54,388,434.55
Financial expense 8,660,155.32 11,119,224.99
Including: interest expense 11,655,789.18 14,919,014.00
interest income 2,768,663.68 5,032,852.90
Add: Other income 3,357,636.01 1,360,302.53
Gain/(loss) from investment 84,086,155.71 19,064,313.18
Including: income from investment on
-1,089,360.88 9,479,575.98
affiliated enterprise and jointly enterprise
Gain/(loss) from change in fair value (loss as “-“) -46,118,233.76 3,754,002.40
Credit impairment loss (loss as “-“) -14,115,428.91 -5,784,568.00
Assets impairment loss (loss as “-“) -755,169.48 -8,258,805.29
Gain/(loss) from asset disposal (loss as “-“) 117,689.42 27,171.60
III. Operating profit 13,447,133.64 -56,018,899.95
Add: non-business income 3,648,490.08 7,547,220.30
Less: non-business expense 571,911.62 1,004,350.24
IV. Total profit 16,523,712.10 -49,476,029.89
Less: Income tax 5,635,364.87 -1,445,628.95
V. Net profit 10,888,347.23 -48,030,400.94
(I) Net profit from continuous operation 10,888,347.23 -48,030,400.94
(II)Net profit from discontinuing operation
Net profit attributable to parent company 8,028,223.81 -41,549,634.34
Minority shareholders’ gains and losses 2,860,123.42 -6,480,766.60
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. Gains and losses on fair value changes of
available-for-sale financial assets
3. Gains and losses on reclassifying held-to-maturity
investments into available-for-sale financial assets
4. Effective hedging gains and losses on cash flows
7
5. Foreign-currency financial statement translation
difference
6、Others
……
After-tax net amount of other comprehensive incomes
attributable to minority shareholders
VII Total comprehensive income 10,888,347.23 -48,030,400.94
Total comprehensive income attributable to parent
company 8,028,223.81 -41,549,634.34
Total comprehensive income attributable to minority
shareholders 2,860,123.42 -6,480,766.60
VIII. Earnings per share
(I) basic earnings per share 0.01 -0.049
(II) diluted earnings per share 0.01 -0.049
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
8
CONSOLIDATION CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2022 Unit: RMB Yuan
Items January-September, 2022 January - September, 2021
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing
labor services 1,829,040,062.90 1,366,490,775.49
Write-back of tax received 19,518,381.48 15,767,416.25
Other cash received concerning operating activities 54,399,279.15 76,419,830.88
Subtotal of cash inflow arising from operating activities 1,902,957,723.53 1,458,678,022.62
Cash paid for purchasing commodities and receiving
labor service 1,744,352,580.69 991,847,218.79
Cash paid to/for staff and workers 268,660,102.51 258,665,354.27
Taxes paid 59,392,595.29 61,236,522.09
Other cash paid concerning operating activities 125,454,018.63 142,063,255.46
Subtotal of cash outflow arising from operating
activities 2,197,859,297.12 1,453,812,350.61
Net cash flows arising from operating activities -294,901,573.59 4,865,672.01
II. Cash flows arising from investing activities:
Cash received from recovering investment 139,133,456.91 1,703,262.34
Cash received from investment income 92,354,809.76 80,638,354.58
Net cash received from disposal of fixed, intangible and
other long-term assets 644,321.28 718,371.68
Net cash received from disposal of subsidiaries and
other units 5,605,792.62 36,263,700.00
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 237,738,380.57 119,323,688.60
Cash paid for purchasing fixed, intangible and other
long-term assets 17,235,374.55 8,985,428.62
Cash paid for investment 45,400,000.00
Net cash paid for achievement of subsidiaries and other
business units
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 17,235,374.55 54,385,428.62
Net cash flows arising from investing activities 220,503,006.02 64,938,259.98
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 247,850,000.00 258,870,000.00
Cash received from issuing bonds
Other cash received concerning financing activities 96,398,036.29 60,343,934.67
Subtotal of cash inflow from financing activities 344,248,036.29 319,213,934.67
Cash paid for settling debts 237,000,000.00 337,563,543.19
Cash paid for dividend and profit distributing or interest
paying 25,307,407.67 24,159,906.92
Including: dividends or profit paid by subsidiaries to
minority shareholders
Other cash paid concerning financing activities 76,335,398.74 34,847,480.91
Subtotal of cash outflow from financing activities 338,642,806.41 396,570,931.02
Net cash flows arising from financing activities 5,605,229.88 -77,356,996.35
IV. Influence on cash due to fluctuation in exchange rate 2,465,826.18 188,430.42
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V. Net increase of cash and cash equivalents -66,327,511.51 -7,364,633.94
Add: Balance of cash and cash equivalents at the period
-begin 438,969,337.87 314,978,460.49
VI. Balance of cash and cash equivalents at the
period–end 372,641,826.36 307,613,826.55
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
October 28, 2022
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