Stock Code: 000530; 200530 Short Form of the Stock: Daleng Gufen; Daleng B; No: 2019-035
Dalian Refrigeration Co., Ltd.
2019 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 DALENG GUFEN; DALENG-B
Stock code 000530; 200530
Listed stock exchange Shenzhen Stock Exchange
Contact persons Secretary of the Board of Directors Authorized representative in charge of securities affairs
Name Song Wenbao Du Yu
DALENG GUFEN Securities﹠
DALENG GUFEN Securities﹠Legal AffairsNo.106,
Legal Affairs No.106, Liaohe East
Contact address Liaohe East Road, Dalian Economic and Technological
Road, Dalian Economic and
Development Zone
Technological Development Zone
Telephone 0411-87968130 0411-87968822
Fax 0411-87968125 0411-87968125
E-mail 000530@bingshan.com 000530@bingshan.com
§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
2019.1-6 2018.1-6
the same period of last year
Operating revenue 1,075,729,240.57 1,029,078,536.79 4.53%
Net profit attributable to shareholders of listed companies 108,373,919.30 59,017,542.28 83.63%
Net profit belonging to the shareholders of listed companies after the
35,262,178.97 57,185,177.31 -38.34%
deduction of non-recurring profit and loss
Net cash flow from operating activities -77,776,037.88 -115,328,757.17 32.56%
Basic earnings per share 0.127 0.069 84.06%
Diluted earnings per share 0.127 0.069 84.06%
Weighted average return on net asset yield 3.16% 1.67% Increase 1.49 percentage points
Increase/decrease compared with
2019.6.30 2018.12.31
2018.12.31
Total assets 5,607,305,672.24 5,568,279,452.26 0.70%
Owner's equity attributable to shareholders of listed companies 3,419,054,562.97 3,377,633,617.02 1.23%
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Net profit attributable to parent Company increased significantly y-o-y, mainly due to (1)The Gain
from change in fair value of Guotai Junan has been recorded into the current profit and loss, which
is about 40.46 million yuan;(2)During the reporting period, the Company's exchangeable
corporate bondholders exchanged a total of 8.3889 million shares, increasing the current
investment income by about 40.57 million yuan. All profit above has been recorded into the
non-recurring gains and losses.
§3 Statement of shares held by the top ten common shareholders
Total number of shareholders in the reporting period 54,558
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 0
legal person
Sanyo Electric Co., Ltd. Overseas legal person 8.72% 73,503,150 0 0
Zhang Sufen Domestic natural person 0.77% 6,520,000 0 0
Lin Zhenming Foreign natural person 0.76% 6,400,000 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
BOCI SECURITIES LIMITED Overseas legal person 0.41% 3,471,602 0 0
Dalian industrial development investment Co., Domestic non-state-owned
0.40% 3,406,725 0 0
Ltd. legal person
Xue Hong Domestic natural person 0.35% 2,940,000 0 0
Li Xiaohua Domestic natural person 0.32% 2,704,208 0 0
Dalian Bingshan Group Co., Ltd. had the association relationship with Sanyo
Notes to the associated relationship and uniform
Electric Co., Ltd. among the above shareholders. Sanyo Electric Co., Ltd. holds
actions of the above shareholders
26.6% of 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
the prospectus, the raised funds of the Company’s non-public issuance of exchangeable corporate
bonds have been used to repay bank loans. During the reporting period, the Company's
exchangeable corporate bondholders exchanged a total of 8.3889 million shares.
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§7 Business discussion and analysis
In the first half of 2019, the Company focused on “exploitation, pragmatism, collaboration and
action”, strengthened strategic resources, strengthened market development, strengthened internal
management, converted restriction into coordination, converted control into service, strengthened
confidence, acted immediately, and strived to achieve main business objectives. In the first half of
2019, the Company achieved operating income of 1,075,729 thousand yuan, a year-on-year
growth of 4.53%; achieved total profit of 120,536 thousand yuan, a year-on-year increase of
94.53%.
During the reporting period, the Company’s BSMAU series modular ice water installation was
selected as “2019 Energy Saving and Environment-friendly Products Catalogue of the Chinese
Association of Refrigeration”; the national high-end equipment manufacturing standardization
pilot work was promoted in an orderly manner; stainless steel pressure vessels achieved the first
production and became the Company’s new business growth point.
During the reporting period, the Company’s subsidiary Wuhan New World Refrigeration
accelerated the strategic transformation. The water vapor screw expander was selected as “2019
China Refrigeration Innovative Product”; the natural gas pipeline network pressure energy
comprehensive utilization technology was selected as “2019 Energy Saving and Environmental
Protection Technology Catalogue of the Chinese Association of Refrigeration”; new product
optimization and standardization work were actively implemented.
During the reporting period, the Company’s subsidiary, Bingshan Engineering Company
continued to deepen the hot and cold market segment around the deep enthalpy energy solutions.
After the low-speed wind tunnel and the icing wind tunnel projects, it successfully signed the wind
tunnel drying system development project to help China’s aerospace equipment continue to
improve the climatic and environmental adaptability.
During the reporting period, Bingshan Service Company, the Company’s subsidiary, quickly
expanded its producer services. It actively promoted the compressor room hosting and
transportation business, and continuously optimized the layout of national service networks.
Bingshan sharing service platform was built orderly, and began to provide services for a number
of Bingshan-funded enterprises.
During the reporting period, the Company’s subsidiary, Bingshan Engineering & Trading,
followed the national Belt and Road strategy, deepening the advantageous markets in Southeast
Asia and opening up the emerging markets in Africa. It established the first overseas office in
Africa to explore the aquatic product processing markets in neighboring countries.
During the reporting period, the Company’s subsidiary, Bingshan Guardian, focused on the
automatic control of the Internet of Things in the field of freezing and refrigeration, and launched
intelligent devices with edge computing capabilities such as BINGO-BOX. As a member of the
Edge Computing Alliance, it undertook the development of the experimental platform for the
“Freezing and Refrigeration IoT Test Bed Based on TSN and OPC-UA Technology”.
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During the reporting period, Panasonic Compressor, the Company’s associated company, actively
promoted the transformation. Faced with the unfavorable situation of the shrinking total volume of
the scroll compressor market, it made great efforts to consolidate the field of electric buses and
rail transit, and increased investments in heat pump, freezing and refrigeration and other fields,
and the sales of horizontal scroll compressors achieved rapid growth. The CO2 twin-rotor
compressor for refrigeration and heat pump was selected as “2019 China Refrigeration Innovative
Product”.
During the reporting period, Panasonic Cold Chain, an associated company of the Company,
further focused on the new retail and new catering market. With the “Energy Management and
Store Intelligent System”, it was awarded the “2019 China Convenience Store Innovation Award”
by the China Chain Store & Franchise Association. The intelligent food collection cabinet has
been successfully embedded in the Hema Fresh platform series, and has accumulatively provided
cold chain solutions for more than 30 stores. The overseas IoT smart cabinet business has made
new breakthroughs, and it has successfully entered Australia after the United States and Mexico.
During the reporting period, Panasonic Air-conditioning and Refrigeration, the Company’s
associated company, actively deployed in emerging markets such as coking, petrochemical, and
fermentation industries, and achieved breakthroughs in transformation. The development of
high-efficiency warm water and large temperature difference units has been completed, which can
deeply recycle the industrial waste heat. The gas-fired water-fluorine hybrid air-conditioning heat
pump system was selected as “2019 China Refrigeration Innovation Product”.
During the reporting period, Panasonic Refrigeration System, the Company’s associated company,
strengthened the construction of quality projects to create an industry benchmark. The
self-developed 80-horsepower CO2 unit was sold to Japan; the 40-horsepower semi-closed piston
refrigeration compressor was successfully launched; the heat pump assembly production line was
established and commissioned.
During the reporting period, Fuji Bingshan, an associated company of the Company, further
promoted the development of product intelligence, modularization, and diversification to quickly
respond to customer needs. It also innovated the marketing methods and promoted diversified
sales. The construction of intelligent plants continued to be advanced and the quality assurance
was effectively improved.
During the reporting period, Bingshan Metal, the Company’s associated company, continued to
promote technological innovation and management progress, and spared no effort to develop the
market and optimize customer group, and achieved better business performance.
During the reporting period, Jingxue Company, an associated company of the Company, applied
for its initial public offering of shares and applied for listing on the GEM, which have been
formally accepted by the China Securities Regulatory Commission.
During the reporting period, the Company actively promoted the cultivation and incubation of new
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businesses while the original business was undergoing transformation and upgrading. Bingshan
Wisdom Park Company, an indirect joint venture company of the Company, cooperated in the
comprehensive utilization of the old factory area and created an intelligent innovation industrial
park to gather and search new kinetic energy for Bingshan. Bingshan Huahuida, an indirect joint
venture company of the Company, effectively expanded the financial leasing business around
high-quality customers in Bingshan cold and hot business, and boosted the sales and payment
collection of the various funded enterprises of Bingshan. Fuji Bingshan Control, an indirect joint
venture company of the Company, deeply explored the energy-saving potential, and helped the
smart energy management of Bingshan. Kelvin Technology, an indirect joint venture company of
the Company, energized unmanned retail with innovative technology, and the new retail model
was rapidly promoted.
§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
(1) March 2017, the Ministry of Finance, respectively, revised and issued the accounting standards
for enterprises No. 22 - recognition and measurement of financial instruments, the accounting
standards for enterprises No. 23 - transfer of financial assets, the accounting standards for
enterprises No. 24 - hedging accounting, the accounting standards for enterprises No. 37 -
presentation of financial instruments such as the four related financial instruments accounting
standards (hereinafter generally referred to as the "rule of financial instruments), in domestic and
at the same time, listed companies and listed overseas and adopted international financial
reporting standards accounting standards to prepare its financial report or enterprises, effective as
of January 1, 2018; Other domestic listed enterprises shall take effect from January 1, 2019. In
accordance with the above requirements, the Company will implement the above four accounting
standards from January 1, 2019.
(2) On April 30, 2019, the Ministry of Finance issued the notice on revising and issuing the 2019
annual general enterprise financial statement format (financial accounting [2019] No. 6), which
revised the general enterprise financial statement format.
The Company has prepared financial statements according to the requirements of the new
financial statement format. If the items of presentation of financial statements are changed, the
Company has adjusted the comparison data during the comparable period according to the
relevant provisions of the accounting standards for enterprises No. 30 - presentation of financial
statements.
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 Dalian Refrigeration Co., Ltd.
August 24, 2019
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