Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
Bingshan Refrigeration & Heat Transfer
Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER,
2023
April, 2023
1
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR FIRST QUARTER, 2023
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 Chairman of the Board of Directors of the Company, Financial Majordomo, and the head of Accounting
Department hereby confirm that the financial report of the quarterly report is true and complete.
1.3 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.
§1 Major accounting data
1.1 Major accounting data and financial indexes
Increase/decrease compared
January-March, 2023 January-March, 2022
with previous year
Operating revenue 1,072,560,425.76 580,124,203.74 84.88%
Net profit attributable to shareholders of
25,392,393.54 -12,758,270.89 299.03%
listed companies
Net profit belonging to the shareholders of
listed companies after the deduction of 13,312,360.06 5,827,430.25 128.44%
non-recurring profit and loss
Net cash flow from operating activities -158,425,157.75 -106,839,308.54 -48.28%
Basic earnings per share 0.03 -0.02 250.00%
Diluted earnings per share 0.03 -0.02 250.00%
Weighted average return on net asset yield 0.84% -0.43% Increase 1.27 percentage points
Increase/decrease compared
March 31, 2023 December 31, 2022
with year beginning
Total assets 7,493,875,954.26 7,601,935,329.60 -1.42%
Owner's equity attributable to shareholders of
3,031,583,225.38 3,006,190,831.84 0.84%
listed companies
1.2 non-recurring gains and losses
√ Applicable □ Inapplicable
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 6,743.57
Government subsidies included in current profit or loss 2,533,270.09
Disposal gains from investments on other non-current
financial assets, or gains from fair value change of other 8,400,706.16
non-current financial assets
Other operating revenue or expense 1,963,520.45
Income tax effect 729,811.18
Minority shareholders’ gains and losses 94,395.61
Total 12,080,033.48
1.3 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
(1). Other accounts receivable decreased by 31.58% compared to the beginning of the year, mainly due to refunds and refunds
of bid security, reserve funds, etc.
(2). Salary payable decreased 65.26% compared with the beginning of the year, mainly due to the payment of provision
employee compensation of last period-end during the reporting period.
(3). Other accounts payable decreased 51.31% compared with the beginning of the year, mainly due to the increase of current
expenses such as the balance of reimbursement paid to individuals and the payment of freight.
(4).The operating revenue increased by 84.88% year-on-year, mainly due to the increase in orders, as well as the inclusion of
Sonyo Compressors and Sonyo Refrigeration System in the consolidation scope.
(5).Sales expenses increased by 58.44% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo
Refrigerators in the consolidation scope.
(6). Management expenses increased by 78.50% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo
Refrigerators in the consolidation scope.
(7). R&D expenses increased by 117.49% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo
Refrigerators in the consolidation scope.
(8). Financial expenses increased by 216.69% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo
Refrigerators in the merger scope, as well as an increase in mergers and acquisitions loans.
(9). The investment income from affiliated enterprises and joint ventures decreased by 60.33% year-on-year, mainly due to the
conversion of Sonyo Compressors and Sonyo Refrigerators into subsidiaries.
(10). Gain from change in fair value increased 135.21% on a year-on-year basis, mainly due to the positive change of Goutai
Junan share price.
(11). Net cash flows arising from operating activities decreased 51.58 million yuan on a year-on-year basis, mainly due to the
increase of product and engineering orders and the increase of cash paid for the purchase of raw materials and engineering
construction.
(12).Net cash flow arising from investment activities decreased by 26.41 million yuan year-on-year, mainly due to the higher
amount of cash received from investment income during the same period last year.
(13).Net cash flows arising from financing activities increased 51.84 million yuan on a year-on-year basis, mainly due to an
increase in working capital loans and a decrease in cash payments for debt repayment.
§2 shareholders information
2.1 Total number and particulars of the shareholders by the end of the report period
Total number of shareholders in the reporting period 61,099
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
Zhang Sufen Domestic natural person 0.93% 7,830,000 0
Lin Zhenming Foreign natural person 0.80% 6,730,000 0
Chen Xianlai Domestic natural person 0.77% 6,518,500 0
Mao Shunhua Domestic natural person 0.65% 5,507,268 0
Chen Yong Domestic natural person 0.51% 4,333,600 0
Xue Hong Domestic natural person 0.43% 3,600,000 0
Dalian industrial development investment Co., Domestic non-state-owned
0.40% 3,406,725 0
Ltd. legal person
Chen Cirou Domestic natural person 0.40% 3,374,280 0
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
Zhang Sufen 7,830,000 RMB denominated ordinary shares
Lin Zhenming 6,730,000 Domestically listed foreign shares
Chen Xianlai 6,518,500 RMB denominated ordinary shares
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
Mao Shunhua 5,507,268 RMB denominated ordinary shares
Chen Yong 4,333,600 RMB denominated ordinary shares
Xue Hong 3,600,000 Domestically listed foreign shares
Dalian industrial development investment Co., Ltd. 3,406,725 RMB denominated ordinary shares
Chen Cirou 3,374,280 Domestically listed foreign 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.
Explanation on the participation of the top 10 ordinary shareholders
None
in margin trading and securities lending business
Note: At the end of the reporting period, the total number of shareholders of the Company was 61,099, including
53,857 A-share shareholders and 7,242 B-share shareholders.
2.2 Total number of preferred shareholders and shareholding of top 10 preferred shareholders of the company
□Applicable √Inapplicable
§3 Other important matters
□Applicable √Inapplicable
§4 Financial Report (attached)
Not audited.
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
April 26, 2023
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
CONSOLIDATED BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. March 31, 2023 Unit: RMB Yuan
Items 31-Mar-2023 1-Jan-2023
Current assets:
Monetary funds 853,844,610.15 1,006,165,899.18
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 468,295,665.50 505,945,261.18
Accounts receivable 1,603,152,057.97 1,409,978,442.95
Receivables financing 74,536,558.56 58,792,792.70
Accounts in advance 194,298,154.06 171,991,468.12
Other receivables 35,163,339.52 51,394,474.24
Interest receivables
Dividend receivable 2,751,127.55 14,495.00
Inventories 1,275,316,729.29 1,395,344,780.24
Contract assets 221,226,623.68 225,790,875.78
Assets held for sale
Non-current asset due within one year 15,715,631.52 15,715,631.52
Other current assets 33,794,186.00 33,499,577.60
Total current assets 4,775,343,556.25 4,874,619,203.51
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable 5,162,458.90 5,162,458.90
Long-term equity investment 566,321,122.40 562,987,771.94
Other non-current financial assets 158,351,567.47 149,950,861.31
Investment property 113,886,774.36 115,332,918.20
Fixed assets 1,196,467,911.57 1,229,029,368.93
Construction in progress 129,783,279.27 115,577,902.54
Right-of-use asset 27,467,715.74 30,941,662.26
Productive biological asset
Oil and gas asset
Intangible assets 166,422,187.16 168,076,720.07
Expense on Research and Development
Goodwill 248,345,508.41 248,345,508.41
Long-term expenses to be apportioned 6,428,525.17 6,486,566.92
Deferred income tax asset 99,895,347.56 95,424,386.61
Other non-current asset
Total non-current asset 2,718,532,398.01 2,727,316,126.09
Total assets 7,493,875,954.26 7,601,935,329.60
Current liabilities:
Short-term loans 300,142,121.90 274,052,990.15
Financial liabilities which are measured by fair value and which
changes are recorded in current profit and loss
Derivative financial liabilities
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
Transaction financial liabilities
Notes payable 657,829,792.74 618,944,384.85
Accounts payable 1,543,630,846.50 1,586,098,060.59
Accounts received in advance
Contract liability 599,927,107.41 647,645,820.57
Wage payable 41,063,233.44 118,216,683.23
Taxes payable 35,694,840.09 33,691,523.62
Other accounts payable 32,645,482.47 67,054,250.25
Interest payable
Dividend payable 533,156.00 533,156.00
Liabilities held for sale
Non-current liabilities due within one year 66,488,644.67 63,105,954.56
Other current liabilities 198,040,125.75 204,650,003.24
Total current liabilities 3,475,462,194.97 3,613,459,671.06
Non-current liabilities:
Long-term loans 715,100,000.00 715,100,000.00
Bonds payable
Preferred stock
Perpetual bond
Lease liability 13,549,427.18 11,230,532.05
Long-term account payable 31,948,205.66 31,009,644.16
Long-term wage payable
Special payable
Anticipation liabilities 18,588,480.94 18,805,967.43
Deferred income 99,338,888.60 99,754,346.39
Deferred income tax liabilities 54,004,297.99 52,306,365.68
Other non-current liabilities
Total non-current liabilities 932,529,300.37 928,206,855.71
Total liabilities 4,407,991,495.34 4,541,666,526.77
Shareholders’ equity
Share capital 843,212,507.00 843,212,507.00
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve 717,097,098.38 717,097,098.38
Less:Treasury stock
Other comprehensive income 2,208,669.73 2,208,669.73
Special preparation
Surplus public reserve 825,226,634.15 825,226,634.15
Generic risk reserve
Retained profit 643,838,316.12 618,445,922.58
Total owner’s equity attributable to parent company 3,031,583,225.38 3,006,190,831.84
Minority interests 54,301,233.54 54,077,970.99
Total owner’s equity 3,085,884,458.92 3,060,268,802.83
Total liabilities and shareholder’s equity 7,493,875,954.26 7,601,935,329.60
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
CONSOLIDATED INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March, 2023 Unit: RMB Yuan
Items January-March, 2023 January-March, 2022
I. Total sales 1,072,560,425.76 580,124,203.74
II. Total operating cost 1,039,597,110.06 577,913,040.39
Including: Operating cost 893,235,841.55 498,267,124.81
Taxes and associate charges 7,355,461.08 3,902,568.08
Selling and distribution expenses 44,194,998.88 27,893,989.00
Administrative expenses 55,492,524.43 31,089,049.53
R&D expenses 30,168,249.27 13,871,052.81
Financial expense 9,150,034.85 2,889,256.16
Including: interest expense 9,229,081.55 3,488,895.03
interest income 2,817,923.65 1,293,302.61
Add: Other income 1,247,311.30 1,330,265.28
Gain/(loss) from investment 4,117,367.95 9,816,076.84
Including: income from investment on affiliated enterprise and jointly
enterprise 4,117,367.95 10,379,456.43
Gain/(loss) from change in fair value 8,400,706.16 -23,861,817.44
Credit impairment loss (loss as “-“) -16,010,380.50 -7,027,144.32
Assets impairment loss (loss as “-“) -3,411,761.41 -559,933.94
Gain/(loss) from asset disposal 6,743.57 1,328.76
III. Operating profit 27,313,302.77 -18,090,061.47
Add: non-business income 2,004,115.73 939,431.78
Less: non-business expense 40,595.28 39,496.07
IV. Total profit 29,276,823.22 -17,190,125.76
Less: Income tax 3,661,167.12 -5,232,554.10
V. Net profit 25,615,656.10 -11,957,571.66
(I) Net profit from continuous operation
(II)Net profit from discontinuing operation
Net profit attributable to parent company 25,392,393.54 -12,758,270.89
Minority shareholders’ gains and losses 223,262.56 800,699.23
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
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
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
6.Others
After-tax net amount of other comprehensive incomes attributable to
minority shareholders
VII Total comprehensive income 25,615,656.10 -11,957,571.66
Total comprehensive income attributable to parent company 25,392,393.54 -12,758,270.89
Total comprehensive income attributable to minority shareholders 223,262.56 800,699.23
VIII. Earnings per share
(I) basic earnings per share 0.03 -0.02
(II) diluted earnings per share 0.03 -0.02
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
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Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. Quarterly Report For First Quarter, 2023
CONSOLIDATED CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March, 2023 Unit: RMB Yuan
Items January-March, 2023 January-March, 2022
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing labor services 848,311,616.94 500,361,015.88
Write-back of tax received 6,265,704.09 3,578,931.71
Other cash received concerning operating activities 28,555,774.47 18,461,468.38
Subtotal of cash inflow arising from operating activities 883,133,095.50 522,401,415.97
Cash paid for purchasing commodities and receiving labor service 711,343,062.20 473,893,381.54
Cash paid to/for staff and workers 224,231,527.95 101,373,036.54
Taxes paid 42,840,851.22 13,478,309.63
Other cash paid concerning operating activities 63,142,811.88 40,495,996.80
Subtotal of cash outflow arising from operating activities 1,041,558,253.25 629,240,724.51
Net cash flows arising from operating activities -158,425,157.75 -106,839,308.54
II. Cash flows arising from investing activities:
Cash received from recovering investment 300,000.00
Cash received from investment income 14,495.00 27,612,431.60
Net cash received from disposal of fixed, intangible and other long-term assets 180,542.32 98,000.00
Net cash received from disposal of subsidiaries and other units
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 195,037.32 28,010,431.60
Cash paid for purchasing fixed, intangible and other long-term assets 14,142,179.85 5,116,381.41
Cash paid for investment
Net cash paid for achievement of subsidiaries and other business units
Other cash paid concerning investing activities 10,428,455.96
Subtotal of cash outflow from investing activities 14,142,179.85 15,544,837.37
Net cash flows arising from investing activities -13,947,142.53 12,465,594.23
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 178,525,821.90 147,000,000.00
Cash received from issuing bonds
Other cash received concerning financing activities 58,691,779.74 96,864,996.29
Subtotal of cash inflow from financing activities 237,217,601.64 243,864,996.29
Cash paid for settling debts 147,000,000.00 187,633,750.00
Cash paid for dividend and profit distributing or interest paying 7,471,261.97 5,179,787.72
Including: dividends or profit paid by subsidiaries to minority shareholders
Other cash paid concerning financing activities 62,728,621.32 82,872,922.79
Subtotal of cash outflow from financing activities 217,199,883.29 275,686,460.51
Net cash flows arising from financing activities 20,017,718.35 -31,821,464.22
IV. Influence on cash due to fluctuation in exchange rate -406,667.62 86,419.22
V. Net increase of cash and cash equivalents -152,761,249.55 -126,108,759.31
Add: Balance of cash and cash equivalents at the period -begin 921,663,803.17 438,969,337.87
VI. Balance of cash and cash equivalents at the period–end 768,902,553.62 312,860,578.56
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
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