Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B No:2026-034
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
QUARTERLY REPORT FOR THIRD QUARTER, 2026
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
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.
and the head of Accounting Department Mrs. Wubin hereby confirm that the financial report of the quarterly
report is true and complete.
§1 Major accounting data and changes of shareholders
Is there any traceable adjustment to the financial statements for the previous report period?
√ Yes □No
Increase/decrease Increase/decrease over
Before adjustment After adjustment After adjustment After adjustment After adjustment After adjustment
Total operating income 1,116,337,439.29 1,232,737,829.79 1,235,957,000.48 -9.68% 3,296,007,784.85 3,613,058,611.70 3,621,231,786.53 -8.98%
Net profit attributable to
parent company
Net profit attributable to
parent company after
deducting non-recurring
gains/losses
Net cash generated from
— — — — 70,910,195.43 -15,219,276.00 -14,194,712.68 -
operating activities
Basic earnings per share 0.017 0.014 0.014 21.43% 0.07 0.11 0.11 -36.36%
Diluted earnings per
share
Weighted average return Increase 0.07 Decrease 0.93
on net asset yield percentage points percentage points
Before adjustment After adjustment After adjustment
Total assets 7,601,412,364.04 7,596,536,378.75 7,607,143,933.63 -0.08%
Shareholder’s equity
attributable to parent 3,174,170,184.40 3,153,969,751.79 3,154,703,294.56 0.62%
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 -62,948.52 -196,147.78
Government subsidies which were included in the current profits and
losses
Allowance for impairment reversal of receivables tested separately for
impairment
The net profit and loss of the subsidiary period from the beginning to the
consolidation date of the company under the same control.
Gains and losses on debt restructuring -1,080,258.77 1,493,068.34
The one-time expenses incurred by the enterprise due to the
-401,976.34 -1,090,039.09
discontinuation of related business activities
Other non-operating incomes and expenses except the above mentioned 4,157,204.10 6,311,980.86
Income tax effects 446,218.54 2,022,999.64
Minority equity interests effects (after tax) -12,785.80 172,681.56
Total 6,095,837.15 22,504,901.07
√ Applicable □ Inapplicable
(1). Other current assets decreased by 43.19% compared with the beginning of the year, mainly due to the reduction
in the input tax amount of value-added tax to be deducted.
(2). The construction in progress increased by 78.86% compared to the beginning of the year, mainly due to the
investment for the digital upgrade and transformation of the production line of the subsidiary company Sonyo
Compressor has increased.
(3).Other non-current assets increased by 37.25% compared to the beginning of the year, mainly due to the addition
of properties used for debt settlement in the current period.
(4). Employee compensation payable has decreased by 48.68% compared to the beginning of the year, mainly due
to the fact that the employee compensation (year-end bonuses, etc.) accrued at the end of the previous period has
been paid in the current period.
(5). Financial expenses increased by 80.35% year-on-year, mainly due to the impact of exchange rate losses.
(6).The net cash flow from operating activities has increased significantly year-on-year, mainly due to the
strengthened collection of receivables and the rational matching of cash payments.
(7). The net cash flow generated from investment activities has increased significantly year-on-year, mainly due to
the capital investment in fixed assets of the company's subsidiary Sonyo Compressor, as well as the impact of time
deposits during the same period
Total number of shareholders in the reporting Total number of shareholders as of the last month
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
Lin Zhenming Foreign natural person 0.80% 6,710,000
Wu Xiaodong Domestic natural person 0.55% 4,613,400
Xue Hong Domestic natural person 0.43% 3,660,000
UBS AG Overseas legal person 0.40% 3,363,908
MORGAN STANLEY & CO.INT ERNATI ONAL
Overseas legal person 0.36% 3,021,649
PLC.
Che Shuliang Domestic natural person 0.28% 2,390,200
Chen Naisheng Domestic natural person 0.27% 2,311,330
J. P. Morgan Securities PLC Overseas legal person 0.26% 2,188,673
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
Lin Zhenming 6,710,000 Domestically listed foreign shares
Wu Xiaodong 4,613,400 Domestically listed foreign shares
Xue Hong 3,660,000 Domestically listed foreign shares
UBS AG 3,363,908 RMB denominated ordinary shares
MORGAN STANLEY & CO.INT ERNATI ONAL PLC. 3,021,649 RMB denominated ordinary shares
Che Shuliang 2,390,200 RMB denominated ordinary shares
Chen Naisheng 2,311,330 RMB denominated ordinary shares
J. P. Morgan Securities PLC 2,188,673 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 58,398 including 51,748A-
share shareholders and 6,650 B-share shareholders.
shareholders as of the end of the reporting period
□ Yes √ No
§3 Other important Matters
□ Yes √ No
§4 Financial Statements
CONSOLIDATION BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. September 30, 2026 Unit: RMB Yuan
Items 30-Sep-2026 1-Jan-2026
Current assets:
Monetary funds 745,896,300.23 881,961,122.28
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 287,133,162.20 327,073,361.42
Accounts receivable 1,826,149,691.72 1,635,556,614.58
Receivables financing 322,504,636.56 335,509,461.15
Accounts paid in advance 191,530,312.30 155,949,650.91
Other receivables 42,403,978.89 43,092,575.59
Interest receivables
Dividend receivable
Inventories 1,459,756,587.05 1,439,914,414.18
Contract assets 155,138,816.72 161,816,928.39
Assets held for sale
Non-current asset due within one year 403,438.22 359,632.86
Other current assets 19,827,385.84 34,899,376.92
Total current assets 5,050,744,309.73 5,016,133,138.28
Non-current assets:
Finance asset held available for sales
Held-to-maturity investment
Long-term account receivable 1,215,310.60 1,215,818.17
Long-term equity investment 496,801,708.60 483,028,918.31
Other Non-current financial assets 1,683,852.59 1,683,852.59
Investment property 135,314,187.07 121,350,188.47
Fixed assets 1,183,797,695.78 1,261,222,376.24
Construction in progress 28,025,970.54 15,669,392.61
Right of use assets 16,120,339.11 18,009,137.49
Engineering material
Disposal of fixed asset
Productive biological asset
Oil and gas asset
Intangible assets 240,920,477.27 252,007,735.29
Expense on Research and Development
Goodwill 286,402,171.93 286,402,171.93
Long-term expenses to be apportioned 6,777,261.05 6,036,271.48
Deferred income tax asset 127,475,391.42 125,344,507.42
Other non-current asset 26,133,688.35 19,040,425.35
Total non-current asset 2,550,668,054.31 2,591,010,795.35
Total assets 7,601,412,364.04 7,607,143,933.63
Current liabilities:
Short-term loans 206,876,071.77 201,836,464.89
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 765,375,813.45 665,364,289.18
Accounts payable 1,785,521,607.72 1,664,582,164.08
Accounts received in advance
Contract liabilities 532,078,974.10 525,086,822.72
Wage payable 64,243,867.20 125,177,034.62
Taxes payable 20,398,618.94 19,752,816.57
Other accounts payable 196,023,454.77 242,101,014.95
Interest payable
Dividend payable 533,156.00 533,156.00
Liabilities held for sale
Non-current liabilities due within one year 191,028,706.54 237,446,970.64
Other current liabilities 164,685,701.43 184,739,239.53
Total current liabilities 3,926,232,815.92 3,866,086,817.18
Non-current liabilities:
Long-term loans 304,100,000.00 368,328,245.18
Bonds payable
Preferred stock
Perpetual bond
Lease liability 13,019,492.77 16,563,173.78
Long-term account payable 15,734,198.72 18,845,786.63
Long-term wage payable
Special Payable
Anticipation liabilities 3,036,070.48 2,300,208.22
Deferred income 79,023,548.98 92,793,132.73
Deferred income tax liabilities 26,096,060.27 28,734,303.46
Other non-current liabilities
Total non-current liabilities 441,009,371.22 527,564,850.00
Total liabilities 4,367,242,187.14 4,393,651,667.18
Shareholders’ equity
Share capital 843,212,507.00 843,212,507.00
Other equity instruments
Preferred stock
Perpetual bond
Capital public reserve 717,097,098.38 717,830,641.15
Less: Treasury stock
Other comprehensive income 2,208,669.73 2,208,669.73
Special preparation 3,722,764.40 1,988,616.80
Surplus public reserve 947,945,927.76 923,202,335.01
Generic risk reserve
Retained profit 659,983,217.13 666,260,524.87
Total owner’s equity attributable to parent company 3,174,170,184.40 3,154,703,294.56
Minority interests 59,999,992.50 58,788,971.89
Total owner’s equity 3,234,170,176.90 3,213,492,266.45
Total liabilities and shareholder’s equity 7,601,412,364.04 7,607,143,933.63
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
CONSOLIDATION INCOME STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2026 Unit: RMB Yuan
Items January-September, 2026 January-September, 2025
I. Total sales 3,296,007,784.85 3,621,231,786.53
II. Total operating cost 3,247,198,908.47 3,539,351,270.91
Including: Operating cost 2,753,383,561.95 3,025,681,296.65
Taxes and associate charges 24,609,370.45 24,515,216.19
Selling and distribution expenses 149,832,423.57 173,608,819.73
Administrative expenses 191,968,092.25 192,220,929.46
R&D expenses 105,059,787.57 110,934,948.81
Financial expense 22,345,672.68 12,390,060.07
Including: interest expense 15,428,791.69 18,195,326.75
interest income 3,307,840.82 4,667,033.71
Add: Other income 13,243,780.87 14,731,762.26
Gain/(loss) from investment 20,518,973.86 28,221,773.48
Including: income from investment on
affiliated enterprise and jointly enterprise
Gain/(loss) from change in fair value (loss as “-“)
Credit impairment loss (loss as “-“) -11,921,487.21 -16,524,460.56
Assets impairment loss (loss as “-“) -888,651.05 -6,555,914.51
Gain/(loss) from asset disposal (loss as “-“) -182,990.76 -69,094.32
III. Operating profit 69,578,502.09 101,684,581.97
Add: non-business income 7,752,815.44 8,143,535.01
Less: non-business expense 1,453,991.64 2,929,703.75
IV. Total profit 75,877,325.89 106,898,413.23
Less: Income tax 12,506,937.69 13,047,901.84
V. Net profit 63,370,388.20 93,850,511.39
(I) Net profit from continuous operation 63,370,388.20 93,850,511.39
(II)Net profit from discontinuing operation
Net profit attributable to parent company 61,313,367.59 90,677,731.91
Minority shareholders’ gains and losses 2,057,020.61 3,172,779.48
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
benefit plan upon re-measurement
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
invests that will be reclassified into gains and losses
under the equity method
for-sale financial assets
investments into available-for-sale financial assets
difference
……
After-tax net amount of other comprehensive incomes
attributable to minority shareholders
VII Total comprehensive income 63,370,388.20 93,850,511.39
Total comprehensive income attributable to parent
company
Total comprehensive income attributable to minority
shareholders
VIII. Earnings per share
(I) basic earnings per share 0.07 0.11
(II) diluted earnings per share 0.07 0.11
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wubin
CONSOLIDATION CASH FLOW STATEMENT
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January - September, 2026 Unit: RMB Yuan
Items January-September, 2026 January - September, 2025
I. Cash flows arising from operating activities:
Cash received from selling commodities and providing 3,104,263,345.11 3,172,528,743.46
labor services
Write-back of tax received 28,184,421.93 39,150,019.09
Other cash received concerning operating activities 66,180,310.44 71,057,590.32
Subtotal of cash inflow arising from operating activities 3,198,628,077.48 3,282,736,352.87
Cash paid for purchasing commodities and receiving
labor service
Cash paid to/for staff and workers 584,464,988.22 588,280,727.68
Taxes paid 99,052,096.37 136,726,662.32
Other cash paid concerning operating activities 171,082,515.16 188,577,992.19
Subtotal of cash outflow arising from operating
activities
Net cash flows arising from operating activities 70,910,195.43 -14,194,712.68
II. Cash flows arising from investing activities:
Cash received from recovering investment 4,830,000.00
Cash received from investment income 4,167,028.57 3,778,795.29
Net cash received from disposal of fixed, intangible and
other long-term assets
Net cash received from disposal of subsidiaries and
other units
Other cash received concerning investing activities 50,000,000.00 50,000,000.00
Subtotal of cash inflow from investing activities 59,823,608.30 54,259,424.10
Cash paid for purchasing fixed, intangible and other
long-term assets
Cash paid for investment 1,420,000.00 1,800,000.00
Net cash paid for achievement of subsidiaries and other
business units
Other cash paid concerning investing activities 75,000,000.00 100,000,000.00
Subtotal of cash outflow from investing activities 121,622,151.99 213,847,768.72
Net cash flows arising from investing activities -61,798,543.69 -159,588,344.62
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 177,094,396.67 152,932,821.74
Cash received from issuing bonds
Other cash received concerning financing activities 9,316,798.58 10,997,196.67
Subtotal of cash inflow from financing activities 186,411,195.25 163,930,018.41
Cash paid for settling debts 274,681,543.95 238,642,506.56
Cash paid for dividend and profit distributing or interest
paying
Including: dividends or profit paid by subsidiaries to
minority shareholders
Other cash paid concerning financing activities 16,012,158.61 24,064,630.32
Subtotal of cash outflow from financing activities 350,284,462.84 320,799,898.19
Net cash flows arising from financing activities -163,873,267.59 -156,869,879.78
IV. Influence on cash due to fluctuation in exchange rate -4,463,373.26 3,571,436.47
V. Net increase of cash and cash equivalents -159,224,989.11 -327,081,500.61
Add: Balance of cash and cash equivalents at the period
-begin
VI. Balance of cash and cash equivalents at the period–
end
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 22, 2026
