Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B No:2023-027
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR THIRD QUARTER, 2023
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
2023.7-9 2022.7-9 2023.1-9 2022.1-9
over 2022.7-9 over 2022.1-9
Total operating
1,274,571,520.64 752,258,640.60 69.43% 3,602,108,233.69 2,044,117,549.31 76.22%
income
Net profit attributable
14,469,128.62 -21,540,127.71 167.17% 71,883,527.84 8,028,223.81 795.39%
to parent company
Net profit attributable
to parent company
1,479,838.85 -23,177,485.56 106.38% 46,938,009.37 -12,472,367.21 476.34%
after deducting non-
recurring gains/losses
Net cash generated
from operating — — — -166,271,484.31 -294,901,573.59 43.62%
activities
Basic earnings per
0.02 -0.03 166.67% 0.09 0.01 800.00%
share
Diluted earnings per
0.02 -0.03 166.67% 0.09 0.01 800.00%
share
Weighted average
Increase1.19 Increase 2.07
return on net asset 0.47% -0.72%
percentage points
2.34% 0.27%
percentage points
yield
2023.9.30 2022.12.31 Increase/decrease over 2022.12.31
Total assets 8,248,498,357.51 7,601,935,329.60 8.51%
Shareholder’s equity
attributable to parent 3,069,642,234.61 3,006,190,831.84 2.11%
company
In the first three quarters of 2023, he Company's net profit increased significantly year-on-year, mainly due to the
Company's focus on hot and cold business, deep cultivation of market segments, solid improvement of core
competitiveness, increased revenue and profit from increased orders, and the Company completed major asset
restructuring in November 2022, resulting in more profit contributions from new subsidiaries.
1
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 681,888.50 188,194.83
Government subsidies which were included in the current profits and
1,690,071.81 5,953,349.59
losses
Gains and losses on debt restructuring 144,767.32 1,120,121.82
Profit or loss arising from contingencies unrelated to the normal
3,290,560.80
operation of the company
When the investment cost of a subsidiary, associate or joint venture is
less than that of the investment, an enterprise shall enjoy the income
6,000,504.40 10,364,507.60
generated by the fair value of the identifiable net assets of the invested
entity
Allowance for impairment reversal of receivables tested separately for
1,037,705.78
impairment
Other non-operating incomes and expenses except the above mentioned 6,606,547.35 7,253,231.17
Income tax effects 2,139,176.82 4,160,080.75
Minority equity interests effects (after tax) -4,687.21 102,072.37
Total 12,989,289.77 24,945,518.47
1.3 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
(1). Receivables financing increased 345.04% compared with the beginning of the year, mainly due to the high
credit bank has not expired acceptance, Sonyo compressor and Sonyo refrigeration included in the scope of the
merger.
(2). Other receivables decreased 40.98% compared with the beginning of the year, mainly due to recover bid security
and imprest
(3). Contract assets increased 35.58% compared with the beginning of the year, mainly due the increase and
consolidation of Sonyo refrigeration, as well as the increase in operating income, the increase in outstanding quality
guarantees and the increase in revenue to be settled according to the time period method.
(4). Other current assets increased 106.86% compared with the beginning of the year, mainly due to the increase in
the pre-paid VAT of Sonyo refrigeration and the increase in the input tax to be deducted from the VAT of the
combined unit.
(5). Notes payable increased 34.62% compared with the beginning of the year, mainly due to affected by Sonyo
Compressor and Sonyo refrigeration.
(6). Non-current liabilities due within one year increased 62.16% compared with the beginning of the year, mainly
due to an increase in long-term borrowing due within a year.
(7). Other current liabilities increased 66.66% compared with the beginning of the year, mainly due to the increase
in endorsed bills and sales orders, pending the impact of the resale tax increase.
(8). Lease liability increased 54.86% compared with the beginning of the year, mainly due to Sonyo Compressor
and Sonyo refrigeration and other subsidiaries merged into the impact, as well as the impact of financial leasing.
(9). Long-term account payable decreased 45.28% compared with the beginning of the year, mainly due to the
reduced impact of factoring commitments.
(10). Anticipation liabilities decreased 65.32% compared with the beginning of the year, mainly due to Sonyo
compressor a project of first instance judgment loss reduction.
(11). Operating income increased 76.22% on a year-on-year basis, mainly due to the increase in orders, and the
increase in Sonyo compressor, Sonyo refrigeration system, and Sonyo refrigeration included in the consolidation
scope.
(12). Selling and distribution expenses increased 82.87% on a year-on-year basis, mainly due to an increase in sales
orders, a decrease in business t rips during the same period, and an increase in Sonyo Compressor, Sonyo
refrigeration system, and Sonyo refrigeration.
(13). Administrative expenses increased 58.77% on a year-on-year basis, mainly due to an increase in Sonyo
Compressors, Sonyo refrigeration system, and Sonyo refrigeration.
(14). R&D expenses increased 119.80% on a year-on-year basis, Mainly due to the increase in research and
development investment and Sonyo compressor, Sonyo refrigeration system, and Sonyo refrigeration into the scope
of the merger increased.
(15). Financial expense increased 199.49% on a year-on-year basis, Mainly due to Sonyo compressor, Sonyo
refrigeration system, and Sonyo refrigeration included in the scope of the merger increased and merger loan interest
increased.
2
(16). Gain from change in fair value increased significantly on a year-on-year basis, mainly due to positive changes
in Guotai Junan stock price.
(17). Credit impairment loss increased203.16% on a year-on-year basis, mainly because Sonyo compressor, Sonyo
refrigeration system, and Sonyo refrigeration into the scope of consolidation.
(18). Non-business income increased significantly on a year-on-year basis, mainly due to the influence of Sonyo
compressor.
(19). Net cash flows arising from operating activities increased 128.63 million yuan on a year-on-year basis, mainly
due to the increase in sales orders and the improvement in payment collection.
(20). Net cash flows arising from investing activities decreased 269.97 million yuan on a year-on-year basis, mainly
due to the investment income received in the same period last year more cash and the current period Sonyo
compressor transferred to the subsidiary fixed assets investment impact.
(21).Net cash flows arising from financing activities increased 19.56 million yuan on a year-on-year basis, mainly
due to an increase in M&A loans..
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 Total number of shareholders as of the last month
50,299 0
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
China Merchants Bank Co., Ltd.-Dongfang
HongRuize three years regular open flexible
Others 1.90% 15,980,700
allocation of hybrid securities investment
funds
Zhang Sufen Domestic natural person 1.30% 10,990,000
We Assets - Minsheng Bank - We Assets -
Shengshi Select No. 2 Collection Asset Others 1.12% 9,431,200
Management Product (Phase 2)
Chen Xianlai Domestic natural person 0.85% 7,180,000
Lin Zhenming Foreign natural person 0.80% 6,730,000
China Merchants Bank Co., LTD-Dongfang
HongRui Man Shanghai, Hong Kong and
Others 0.71% 5,968,250
Shenzhen Flexible Allocation Hybrid
Securities Investment Fund (LOF)
Xue Hong Domestic natural person 0.43% 3,620,000
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
China Merchants Bank Co., Ltd.-Dongfang HongRuize three
years regular open flexible allocation of hybrid securities 15,980,700 RMB denominated ordinary shares
investment funds
Zhang Sufen 10,990,000 RMB denominated ordinary shares
We Assets - Minsheng Bank - We Assets - Shengshi Select No.
9,431,200 RMB denominated ordinary shares
2 Collection Asset Management Product (Phase 2)
Chen Xianlai 7,180,000 RMB denominated ordinary shares
3
Lin Zhenming 6,730,000 Domestically listed foreign shares
China Merchants Bank Co., LTD-Dongfang HongRui Man
Shanghai, Hong Kong and Shenzhen Flexible Allocation Hybrid 5,968,250 RMB denominated ordinary shares
Securities Investment Fund (LOF)
Xue Hong 3,620,000 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. Sanyo
above shareholders 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 50,299, including 43,121 A-
share shareholders and 7,178 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
□ Yes √ No
4
§4 Financial Statements
CONSOLIDATION BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. September 30, 2023 Unit: RMB Yuan
Items 30-Sep-2023 1-Jan-2023
Current assets:
Monetary funds 810,073,486.50 1,006,165,899.18
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 534,917,754.03 505,945,261.18
Accounts receivable 1,547,419,861.13 1,409,978,442.95
Receivables financing 261,653,329.35 58,792,792.70
Accounts paid in advance 196,296,251.82 171,991,468.12
Other receivables 30,330,908.72 51,394,474.24
Interest receivables
Dividend receivable 14,495.00
Inventories 1,614,785,351.28 1,395,344,780.24
Contract assets 306,123,195.32 225,790,875.78
Assets held for sale
Non-current asset due within one year 12,571,309.30 15,715,631.52
Other current assets 69,298,415.43 33,499,577.60
Total current assets 5,383,469,862.88 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 557,185,801.07 562,987,771.94
Other Non-current financial assets 160,315,368.91 149,950,861.31
Investment property 112,914,295.13 115,332,918.20
Fixed assets 1,298,540,800.22 1,229,029,368.93
Construction in progress 123,215,966.04 115,577,902.54
Right of use assets 15,298,911.87 30,941,662.26
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 213,374,561.69 168,076,720.07
Expense on Research and Development
Goodwill 270,800,976.03 248,345,508.41
Long-term expenses to be apportioned 5,819,165.04 6,486,566.92
Deferred income tax asset 102,400,189.73 95,424,386.61
Other non-current asset
Total non-current asset 2,865,028,494.63 2,727,316,126.09
Total assets 8,248,498,357.51 7,601,935,329.60
Current liabilities:
5
Short-term loans 288,908,174.90 274,052,990.15
Financial liabilities which are measured by fair value and which changes are
recorded in current profit and loss
Derivative financial liabilities
Transaction financial liabilities
Notes payable 833,206,601.11 618,944,384.85
Accounts payable 1,727,626,102.95 1,586,098,060.59
Accounts received in advance
Contract liabilities 714,023,045.39 647,645,820.57
Wage payable 127,928,244.84 118,216,683.23
Taxes payable 20,927,650.75 33,691,523.62
Other accounts payable 51,443,359.88 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 102,329,555.20 63,105,954.56
Other current liabilities 310,545,621.84 204,650,003.24
Total current liabilities 4,176,938,356.86 3,613,459,671.06
Non-current liabilities:
Long-term loans 739,400,000.00 715,100,000.00
Bonds payable
Preferred stock
Perpetual bond
Lease liability 17,392,057.69 11,230,532.05
Long-term account payable 16,968,459.97 31,009,644.16
Long-term wage payable
Special Payable
Anticipation liabilities 6,521,234.94 18,805,967.43
Deferred income 98,155,169.74 99,754,346.39
Deferred income tax liabilities 65,501,170.25 52,306,365.68
Other non-current liabilities
Total non-current liabilities 943,938,092.59 928,206,855.71
Total liabilities 5,120,876,449.45 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 681,897,325.35 618,445,922.58
Total owner’s equity attributable to parent company 3,069,642,234.61 3,006,190,831.84
6
Minority interests 57,979,673.45 54,077,970.99
Total owner’s equity 3,127,621,908.06 3,060,268,802.83
Total liabilities and shareholder’s equity 8,248,498,357.51 7,601,935,329.60
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
7
CONSOLIDATION INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2023 Unit: RMB Yuan
Items January-September, 2023 January- September, 2022
I. Total sales 3,602,108,233.69 2,044,117,549.31
II. Total operating cost 3,500,188,858.95 2,057,243,064.66
Including: Operating cost 2,992,350,493.45 1,779,802,998.39
Taxes and associate charges 25,820,709.54 15,646,694.55
Selling and distribution expenses 168,639,007.67 92,218,838.90
Administrative expenses 172,345,836.79 108,550,680.84
R&D expenses 115,096,900.39 52,363,696.66
Financial expense 25,935,911.11 8,660,155.32
Including: interest expense 29,152,253.80 11,655,789.18
interest income 8,078,792.66 2,768,663.68
Add: Other income 2,206,719.66 3,357,636.01
Gain/(loss) from investment 3,666,199.84 84,086,155.71
Including: income from investment on
-3,158,300.72 -1,089,360.88
affiliated enterprise and jointly enterprise
Gain/(loss) from change in fair value (loss as “-“) 10,364,507.60 -46,118,233.76
Credit impairment loss (loss as “-“) -42,792,710.31 -14,115,428.91
Assets impairment loss (loss as “-“) 2,110,878.83 -755,169.48
Gain/(loss) from asset disposal (loss as “-“) 1,002,383.35 117,689.42
III. Operating profit 78,477,353.71 13,447,133.64
Add: non-business income 13,080,515.09 3,648,490.08
Less: non-business expense 3,204,263.53 571,911.62
IV. Total profit 88,353,605.27 16,523,712.10
Less: Income tax 12,568,374.96 5,635,364.87
V. Net profit 75,785,230.31 10,888,347.23
(I) Net profit from continuous operation 75,785,230.31 10,888,347.23
(II)Net profit from discontinuing operation
Net profit attributable to parent company 71,883,527.84 8,028,223.81
Minority shareholders’ gains and losses 3,901,702.47 2,860,123.42
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
8
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 75,785,230.31 10,888,347.23
Total comprehensive income attributable to parent
company 71,883,527.84 8,028,223.81
Total comprehensive income attributable to minority
shareholders 3,901,702.47 2,860,123.42
VIII. Earnings per share
(I) basic earnings per share 0.09 0.01
(II) diluted earnings per share 0.09 0.01
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
9
CONSOLIDATION CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2023 Unit: RMB Yuan
Items January-September, 2023 January - September, 2022
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing
labor services 3,229,896,254.25 1,829,040,062.90
Write-back of tax received 21,889,014.28 19,518,381.48
Other cash received concerning operating activities 78,453,591.90 54,399,279.15
Subtotal of cash inflow arising from operating activities 3,330,238,860.43 1,902,957,723.53
Cash paid for purchasing commodities and receiving
labor service 2,602,049,135.49 1,744,352,580.69
Cash paid to/for staff and workers 537,303,228.95 268,660,102.51
Taxes paid 153,454,073.42 59,392,595.29
Other cash paid concerning operating activities 203,703,906.88 125,454,018.63
Subtotal of cash outflow arising from operating
activities 3,496,510,344.74 2,197,859,297.12
Net cash flows arising from operating activities -166,271,484.31 -294,901,573.59
II. Cash flows arising from investing activities:
Cash received from recovering investment 139,133,456.91
Cash received from investment income 10,144,138.79 92,354,809.76
Net cash received from disposal of fixed, intangible and
other long-term assets 1,493,813.50 644,321.28
Net cash received from disposal of subsidiaries and
other units 5,605,792.62
Other cash received concerning investing activities
Subtotal of cash inflow from investing activities 11,637,952.29 237,738,380.57
Cash paid for purchasing fixed, intangible and other
long-term assets 49,050,141.37 17,235,374.55
Cash paid for investment
Net cash paid for achievement of subsidiaries and other
business units 12,056,951.02
Other cash paid concerning investing activities
Subtotal of cash outflow from investing activities 61,107,092.39 17,235,374.55
Net cash flows arising from investing activities -49,469,140.10 220,503,006.02
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 355,908,174.90 247,850,000.00
Cash received from issuing bonds
Other cash received concerning financing activities 6,600,000.00 96,398,036.29
Subtotal of cash inflow from financing activities 362,508,174.90 344,248,036.29
Cash paid for settling debts 266,276,141.98 237,000,000.00
Cash paid for dividend and profit distributing or interest
paying 32,167,304.24 25,307,407.67
Including: dividends or profit paid by subsidiaries to
minority shareholders
Other cash paid concerning financing activities 38,899,306.16 76,335,398.74
Subtotal of cash outflow from financing activities 337,342,752.38 338,642,806.41
Net cash flows arising from financing activities 25,165,422.52 5,605,229.88
IV. Influence on cash due to fluctuation in exchange rate -900,644.83 2,465,826.18
10
V. Net increase of cash and cash equivalents -191,475,846.72 -66,327,511.51
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 730,187,956.45 372,641,826.36
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 27, 2023
11
