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资讯 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
1. The Directors and the Board of Directors, 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 importan 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 shareholder
1.1 Major accounting data and financial indexes
√ Yes □No
Is there any traceable adjustment to the financial statements for the previous report period?
| 2026.7-9 | 2025.7-9 | Increase/decrease over 2025.7-9 | 2026.1-9 | 2025.1-9 | Increase/decrease over 2025.1-9 | |||
| 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 | 14,170,751.52 | 12,002,679.43 | 12,133,955.62 | 16.79% | 61,313,367.59 | 90,293,117.21 | 90,677,731.91 | -32.38% |
| Net profit attributable to parent company after deducting non-recurring gains/losses | 8,074,914.37 | 6,277,524.31 | 6,277,524.31 | 28.63% | 38,808,466.52 | 79,189,507.09 | 79,189,507.09 | -50.99% |
| Net cash generated from operating activities | — | — | — | — | 70,910,195.43 | -15,219,276.00 | -14,194,712.68 | — |
| Basic earnings per share | 0.017 | 0.014 | 0.014 | 21.43% | 0.07 | 0.11 | 0.11 | -36.36% |
| Diluted earnings per share | 0.017 | 0.014 | 0.014 | 21.43% | 0.07 | 0.11 | 0.11 | -36.36% |
| Weighted average return on net asset yield | 0.45% | 0.38% | 0.38% | Increase 0.07 percentage points | 1.94% | 2.86% | 2.87% | Decrease 0.93 percentage points |
| 2026.9.30 | 2025.12.31 | Increase/decrease over 2025.12.31 | ||||||
| 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 company | 3,174,170,184.40 | 3,153,969,751.79 | 3,154,703,294.56 | 0.62% | ||||
| Item of non-recurring gains and losses | Amount of this report period | Amount from beginning of 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 | 3,417,249.42 | 15,135,400.54 |
| Allowance for impairment reversal of receivables tested separately for impairment | 500,000.00 | 3,012,140.03 |
| The net profit and loss of the subsidiary period from the beginning to the consolidation date of the company under the same control. | 34,179.37 | |
| 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 discontinuation of related business activities | -401,976.34 | -1,090,039.09 |
| 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 |
1.3 Major changes in main financial items and indexes, and description of the cause
√ 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
2.1 Total number and particulars of the shareholders by the end of the report period
| Total number of shareholders in the reporting period | 58,398 | Total number of shareholders as of the last month before disclosure of the annual report | 0 | |||
| Shareholding of top ten shareholders | ||||||
| Name | Nature | Proportion | Total number | Number of shares with sale restriction | Number of pledged shares or shares frozen | |
| Dalian Bingshan Group Co., Ltd. | Domestic non-state-owned legal person | 20.27% | 170,916,934 | |||
| 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 PLC. | Overseas legal person | 0.36% | 3,021,649 | |||
| 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 | ||||||
| Name | Number of shares without sale restriction | Type of shares | ||||
| 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 | ||||
| Notes to the associated relationship and uniform actions of the above shareholders | Dalian Bingshan Group Co., Ltd. had the association relationship with Sanyo Electric Co., Ltd. among the above shareholders. Sanyo 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 51,748Ashare shareholders and 6,650 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
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. September 30, 2026 Unit: RMB Yuan
§4 Financial Statements
CONSOLIDATION BALANCE SHEET
| 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
| 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 | 19,496,117.58 | 29,335,619.06 |
| 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 | ||
| 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 | ||
| 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 | 63,370,388.20 | 93,850,511.39 |
| Total comprehensive income attributable to parent company | 61,313,367.59 | 90,677,731.91 |
| Total comprehensive income attributable to minority shareholders | 2,057,020.61 | 3,172,779.48 |
| 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
| Items | January-September, 2026 | January - September, 2025 |
| I. Cash flows arising from operating activities: | ||
| Cash received from selling commodities and providing labor services | 3,104,263,345.11 | 3,172,528,743.46 |
| 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 | 2,273,118,282.30 | 2,383,345,683.36 |
| 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 | 3,127,717,882.05 | 3,296,931,065.55 |
| 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 | 826,579.73 | 480,628.81 |
| 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 | 45,202,151.99 | 112,047,768.72 |
| 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 | 59,590,760.28 | 58,092,761.31 |
| 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 | 722, 021, 877. 01 | 951, 579, 683. 60 |
| VI. Balance of cash and cash equivalents at the period-end | 562, 796, 887. 90 | 624, 498, 182. 99 |
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
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