Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B No:2024-025
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR THIRD QUARTER, 2024
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 Mrs. Wubin 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/decreas Increase/decrease
2024.7-9 2023.7-9 2024.1-9 2023.1-9
e over 2023.7-9 over 2023.1-9
Total operating
1,251,298,834.59 1,274,571,520.64 -1.83% 3,714,576,184.29 3,602,108,233.69 3.12%
income
Net profit attributable
16,044,687.93 14,469,128.62 10.89% 94,574,665.85 71,883,527.84 31.57%
to parent company
Net profit attributable
to parent company
3,705,366.38 1,479,838.85 150.39% 71,052,345.33 46,938,009.37 51.37%
after deducting non-
recurring gains/losses
Net cash generated
from operating — — — -45,286,230.18 -166,271,484.31 72.76%
activities
Basic earnings per
0.02 0.02 - 0.11 0.09 22.22%
share
Diluted earnings per
0.02 0.02 - 0.11 0.09 22.22%
share
Weighted average Increase0.05
Increase0.74
return on net asset 0.52% 0.47% percentage 3.08% 2.34%
percentage points
yield points
2024.9.30 2023.12.31 Increase/decrease over 2023.12.31
Total assets 7,686,096,758.19 8,162,848,294.25 -5.84%
Shareholder’s equity
attributable to parent 3,118,076,325.55 3,047,513,577.75 2.32%
company
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 -1,621,839.37 8,345,044.23
Government subsidies which were included in the current profits and
2,223,609.30 14,003,857.91
losses
1
When the investment cost of a subsidiary, associate or joint venture is
less than that of the investment, an enterprise shall enjoy the income
12,546,509.20 -1,963,801.44
generated by the fair value of the identifiable net assets of the invested
entity
Allowance for impairment reversal of receivables tested separately for
395,042.85
impairment
Gains and losses on debt restructuring -131,678.14 894,060.53
Profit or loss arising from contingencies unrelated to the normal
operation of the company
Other non-operating incomes and expenses except the above mentioned 1,501,752.86 5,710,593.06
Income tax effects 2,185,179.88 3,908,916.30
Minority equity interests effects (after tax) -6,147.58 -46,439.68
Total 12,339,321.55 23,522,320.52
1.3 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
(1). Other accounts payable decreased 41.31% compared with the beginning of the year, mainly due to the maturity
of notes payable on the supply chain platform and the decrease in the issuance of current payments.
(2). Other current liabilities decreased 36.53% compared with the beginning of the year, mainly due to the decrease
in the maturity of notes receivable that have been endorsed and cannot be terminated.
(3). Other income increased 20.51 million yuan on a year-on-year basis, mainly due to an increase in the benefit of
the VAT allowance.
(4). Gain from change in fair value decreased 12.33 million on a year-on-year basis, mainly due to negative
changes in Guotai Junan stock price.
(5). Gain from asset disposal increased 8.11 million on a year-on-year basis, mainly due to the Company's subsidiary
Sonyo compressor sold machinery and equipment and gage molds.
(6).Net cash flows arising from operating activities increased 120.99 million yuan on a year-on-year basis, mainly
due to strengthening the recovery of goods, improving payment methods and increasing bills and other payments at
the same time
(7). Net cash flows arising from investing activities increased 135.63 million yuan on a year-on-year basis, mainly
due to the cash inflow from the disposal of fixed assets and the impact of time deposits of the investment nature of
subsidiaries.
(8).Net cash flows arising from financing activities decreased 138.24 million yuan on a year-on-year basis, mainly
due to the repayment of merger and acquisition loans and CDB 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
48,960 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
Zhang Sufen Domestic natural person 1.65% 13,900,000
Chen Xianlai Domestic natural person 0.97% 8,165,500
Lin Zhenming Foreign natural person 0.80% 6,730,000
Cao Yifan Domestic natural person 0.62% 5,192,600
Li Xiaohua Domestic natural person 0.52% 4,419,908
Xue Hong Domestic natural person 0.43% 3,660,000
Chen Yong Domestic natural person 0.35% 2,960,000
Zhan Hanbin Domestic natural person 0.32% 2,728,290
2
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
Zhang Sufen 13,900,000 RMB denominated ordinary shares
Chen Xianlai 8,165,500 RMB denominated ordinary shares
Lin Zhenming 6,730,000 Domestically listed foreign shares
Cao Yifan 5,192,600 Domestically listed foreign shares
Li Xiaohua 4,419,908 RMB denominated ordinary shares
Xue Hong 3,660,000 Domestically listed foreign shares
Chen Yong 2,960,000 RMB denominated ordinary shares
Zhan Hanbin 2,728,290 Domestically listed foreign 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 48,960, including 42,001A-
share shareholders and 6,959 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
3
§4 Financial Statements
CONSOLIDATION BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. September 30, 2024 Unit: RMB Yuan
Items 30-Sep-2024 1-Jan-2024
Current assets:
Monetary funds 747,217,471.87 951,039,570.11
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 265,897,827.72 353,428,922.42
Accounts receivable 1,790,784,947.37 1,576,433,924.16
Receivables financing 326,542,791.34 303,585,218.53
Accounts paid in advance 190,960,228.66 153,388,660.48
Other receivables 45,959,603.23 41,396,223.27
Interest receivables
Dividend receivable 14,495.00
Inventories 1,294,560,621.91 1,638,139,479.14
Contract assets 236,160,414.82 237,076,878.71
Assets held for sale
Non-current asset due within one year
Other current assets 21,950,019.03 26,074,342.33
Total current assets 4,920,033,925.95 5,280,563,219.15
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable
Long-term equity investment 498,378,709.84 521,274,947.50
Other Non-current financial assets 162,060,970.19 164,024,771.63
Investment property 117,416,747.80 123,589,681.50
Fixed assets 1,230,640,841.13 1,291,851,402.46
Construction in progress 95,624,774.91 114,801,351.21
Right of use assets 23,238,971.36 30,548,057.08
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 208,934,061.04 210,554,161.22
Expense on Research and Development
Goodwill 286,402,171.93 286,402,171.93
Long-term expenses to be apportioned 6,136,344.16 5,346,321.60
Deferred income tax asset 116,985,890.44 113,648,859.53
Other non-current asset 20,243,349.44 20,243,349.44
Total non-current asset 2,766,062,832.24 2,882,285,075.10
Total assets 7,686,096,758.19 8,162,848,294.25
Current liabilities:
4
Short-term loans 297,960,954.73 262,287,784.38
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 576,353,233.30 670,720,999.48
Accounts payable 1,741,669,925.38 1,655,835,363.01
Accounts received in advance
Contract liabilities 517,352,870.29 787,685,294.53
Wage payable 116,552,114.95 149,497,113.46
Taxes payable 23,619,935.79 22,216,492.26
Other accounts payable 163,624,696.34 278,804,152.17
Interest payable
Dividend payable 533,156.00 533,156.00
Liabilities held for sale
Non-current liabilities due within one year 158,860,023.21 150,645,347.64
Other current liabilities 129,035,385.52 203,315,864.43
Total current liabilities 3,725,029,139.51 4,181,008,411.36
Non-current liabilities:
Long-term loans 597,900,000.00 679,700,000.00
Bonds payable
Preferred stock
Perpetual bond
Lease liability 21,638,639.42 24,134,986.97
Long-term account payable 11,940,599.75 10,331,937.30
Long-term wage payable
Special Payable
Anticipation liabilities 2,761,821.54 4,544,802.88
Deferred income 96,257,719.04 98,274,267.80
Deferred income tax liabilities 55,927,685.95 60,811,462.07
Other non-current liabilities
Total non-current liabilities 786,426,465.70 877,797,457.02
Total liabilities 4,511,455,605.21 5,058,805,868.38
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 1,733,832.12 449,374.96
Surplus public reserve 888,012,501.22 867,159,439.34
Generic risk reserve
Retained profit 665,811,717.10 617,386,488.34
Total owner’s equity attributable to parent company 3,118,076,325.55 3,047,513,577.75
5
Minority interests 56,564,827.43 56,528,848.12
Total owner’s equity 3,174,641,152.98 3,104,042,425.87
Total liabilities and shareholder’s equity 7,686,096,758.19 8,162,848,294.25
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
6
CONSOLIDATION INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2024 Unit: RMB Yuan
Items January-September, 2024 January- September, 2023
I. Total sales 3,714,576,184.29 3,602,108,233.69
II. Total operating cost 3,619,395,880.14 3,500,188,858.95
Including: Operating cost 3,083,066,536.66 2,992,350,493.45
Taxes and associate charges 25,301,740.22 25,820,709.54
Selling and distribution expenses 177,733,416.52 168,639,007.67
Administrative expenses 192,041,104.19 172,345,836.79
R&D expenses 122,466,256.78 115,096,900.39
Financial expense 18,786,825.77 25,935,911.11
Including: interest expense 26,197,636.85 29,152,253.80
interest income 7,366,985.80 8,078,792.66
Add: Other income 22,721,435.20 2,206,719.66
Gain/(loss) from investment 21,039,521.01 3,666,199.84
Including: income from investment on
16,051,027.33 -3,158,300.72
affiliated enterprise and jointly enterprise
Gain/(loss) from change in fair value (loss as “-“) -1,963,801.44 10,364,507.60
Credit impairment loss (loss as “-“) -25,467,136.16 -42,792,710.31
Assets impairment loss (loss as “-“) -916,551.56 2,110,878.83
Gain/(loss) from asset disposal (loss as “-“) 9,109,374.48 1,002,383.35
III. Operating profit 119,703,145.68 78,477,353.71
Add: non-business income 7,965,638.73 13,080,515.09
Less: non-business expense 8,104,547.75 3,204,263.53
IV. Total profit 119,564,236.66 88,353,605.27
Less: Income tax 22,084,391.48 12,568,374.96
V. Net profit 97,479,845.18 75,785,230.31
(I) Net profit from continuous operation 97,479,845.18 75,785,230.31
(II)Net profit from discontinuing operation
Net profit attributable to parent company 94,574,665.85 71,883,527.84
Minority shareholders’ gains and losses 2,905,179.33 3,901,702.47
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 97,479,845.18 75,785,230.31
Total comprehensive income attributable to parent
company 94,574,665.85 71,883,527.84
Total comprehensive income attributable to minority
shareholders 2,905,179.33 3,901,702.47
VIII. Earnings per share
(I) basic earnings per share 0.11 0.09
(II) diluted earnings per share 0.11 0.09
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
8
CONSOLIDATION CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2024 Unit: RMB Yuan
Items January-September, 2024 January - September, 2023
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing
labor services 2,905,758,529.20 3,229,896,254.25
Write-back of tax received 22,011,582.05 21,889,014.28
Other cash received concerning operating activities 91,745,477.33 78,453,591.90
Subtotal of cash inflow arising from operating activities 3,019,515,588.58 3,330,238,860.43
Cash paid for purchasing commodities and receiving
labor service 2,138,541,505.29 2,602,049,135.49
Cash paid to/for staff and workers 584,474,379.93 537,303,228.95
Taxes paid 143,074,236.32 153,454,073.42
Other cash paid concerning operating activities 198,711,697.22 203,703,906.88
Subtotal of cash outflow arising from operating
activities 3,064,801,818.76 3,496,510,344.74
Net cash flows arising from operating activities -45,286,230.18 -166,271,484.31
II. Cash flows arising from investing activities:
Cash received from recovering investment 34,931,610.00
Cash received from investment income 8,235,252.15 10,144,138.79
Net cash received from disposal of fixed, intangible and
other long-term assets 32,604,598.86 1,493,813.50
Net cash received from disposal of subsidiaries and
other units
Other cash received concerning investing activities 168,000,000.00
Subtotal of cash inflow from investing activities 243,771,461.01 11,637,952.29
Cash paid for purchasing fixed, intangible and other
long-term assets 57,610,696.26 49,050,141.37
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 100,000,000.00
Subtotal of cash outflow from investing activities 157,610,696.26 61,107,092.39
Net cash flows arising from investing activities 86,160,764.75 -49,469,140.10
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 285,663,418.15 355,908,174.90
Cash received from issuing bonds
Other cash received concerning financing activities 3,500,097.68 6,600,000.00
Subtotal of cash inflow from financing activities 289,163,515.83 362,508,174.90
Cash paid for settling debts 292,575,097.77 266,276,141.98
Cash paid for dividend and profit distributing or interest
paying 50,908,684.76 32,167,304.24
Including: dividends or profit paid by subsidiaries to
minority shareholders
Other cash paid concerning financing activities 58,758,250.92 38,899,306.16
Subtotal of cash outflow from financing activities 402,242,033.45 337,342,752.38
Net cash flows arising from financing activities -113,078,517.62 25,165,422.52
IV. Influence on cash due to fluctuation in exchange rate 3,224,803.13 -900,644.83
9
V. Net increase of cash and cash equivalents -68,979,179.92 -191,475,846.72
Add: Balance of cash and cash equivalents at the period
-begin 670,440,335.98 921,663,803.17
VI. Balance of cash and cash equivalents at the period–
end 601,461,156.06 730,187,956.45
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
October 24, 2024
10
