Bingshan Refrigeration & Heat Transfer
Technologies Co., Ltd.QUARTERLY REPORT FOR FIRST QUARTER,
2023
April, 2023
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.QUARTERLY REPORT FOR FIRST QUARTER, 2023
Important Notes
1.1 The directors and the Board of Directors, the supervisors and the Supervisory Board, and Senior staffmembers of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. (hereinafter referred to as theCompany) hereby confirm that there are no any important omissions, fictitious statements or serious misleadingcarried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy andcompleteness of the whole contents.
1.2 Chairman of the Board of Directors of the Company, Financial Majordomo, and the head of AccountingDepartment hereby confirm that the financial report of the quarterly report is true and complete.
1.3 This report is written respectively in Chinese and in English. In the event of any discrepancy between the twoabove-mentioned versions, the Chinese version shall prevail.
§1 Major accounting data
1.1 Major accounting data and financial indexes
| January-March, 2023 | January-March, 2022 | Increase/decrease compared with previous year | |
| Operating revenue | 1,072,560,425.76 | 580,124,203.74 | 84.88% |
| Net profit attributable to shareholders of listed companies | 25,392,393.54 | -12,758,270.89 | 299.03% |
| Net profit belonging to the shareholders of listed companies after the deduction of non-recurring profit and loss | 13,312,360.06 | 5,827,430.25 | 128.44% |
| Net cash flow from operating activities | -158,425,157.75 | -106,839,308.54 | -48.28% |
| Basic earnings per share | 0.03 | -0.02 | 250.00% |
| Diluted earnings per share | 0.03 | -0.02 | 250.00% |
| Weighted average return on net asset yield | 0.84% | -0.43% | Increase 1.27 percentage points |
| March 31, 2023 | December 31, 2022 | Increase/decrease compared with year beginning | |
| Total assets | 7,493,875,954.26 | 7,601,935,329.60 | -1.42% |
| Owner's equity attributable to shareholders of listed companies | 3,031,583,225.38 | 3,006,190,831.84 | 0.84% |
1.2 non-recurring gains and losses
√ Applicable □ Inapplicable
| Item of non-recurring gains and losses | Amount from beginning of year to the end of report period |
| Disposal gains and losses of non-current asset | 6,743.57 |
| Government subsidies included in current profit or loss | 2,533,270.09 |
| Disposal gains from investments on other non-current financial assets, or gains from fair value change of other non-current financial assets | 8,400,706.16 |
| Other operating revenue or expense | 1,963,520.45 |
| Income tax effect | 729,811.18 |
| Minority shareholders’ gains and losses | 94,395.61 |
| Total | 12,080,033.48 |
1.3 Major changes in main financial items and indexes, and description of the cause
√ Applicable □ Inapplicable
| (2). Salary payable decreased 65.26% compared with the beginning of the year, mainly due to the payment of provision employee compensation of last period-end during the reporting period. (3). Other accounts payable decreased 51.31% compared with the beginning of the year, mainly due to the increase of current expenses such as the balance of reimbursement paid to individuals and the payment of freight. (4).The operating revenue increased by 84.88% year-on-year, mainly due to the increase in orders, as well as the inclusion of Sonyo Compressors and Sonyo Refrigeration System in the consolidation scope. (5).Sales expenses increased by 58.44% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo Refrigerators in the consolidation scope. (6). Management expenses increased by 78.50% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo Refrigerators in the consolidation scope. (7). R&D expenses increased by 117.49% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo Refrigerators in the consolidation scope. (8). Financial expenses increased by 216.69% year-on-year, mainly due to the inclusion of Sonyo Compressors and Sonyo Refrigerators in the merger scope, as well as an increase in mergers and acquisitions loans. (9). The investment income from affiliated enterprises and joint ventures decreased by 60.33% year-on-year, mainly due to the conversion of Sonyo Compressors and Sonyo Refrigerators into subsidiaries. (10). Gain from change in fair value increased 135.21% on a year-on-year basis, mainly due to the positive change of Goutai Junan share price. (11). Net cash flows arising from operating activities decreased 51.58 million yuan on a year-on-year basis, mainly due to the increase of product and engineering orders and the increase of cash paid for the purchase of raw materials and engineering construction. (12).Net cash flow arising from investment activities decreased by 26.41 million yuan year-on-year, mainly due to the higher amount of cash received from investment income during the same period last year. (13).Net cash flows arising from financing activities increased 51.84 million yuan on a year-on-year basis, mainly due to an increase in working capital loans and a decrease in cash payments for debt repayment. |
§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 period | 61,099 | |||||||
| 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 | 0 | ||||
| Sanyo Electric Co., Ltd. | Overseas legal person | 8.72% | 73,503,150 | 0 | ||||
| Zhang Sufen | Domestic natural person | 0.93% | 7,830,000 | 0 | ||||
| Lin Zhenming | Foreign natural person | 0.80% | 6,730,000 | 0 | ||||
| Chen Xianlai | Domestic natural person | 0.77% | 6,518,500 | 0 | ||||
| Mao Shunhua | Domestic natural person | 0.65% | 5,507,268 | 0 | ||||
| Chen Yong | Domestic natural person | 0.51% | 4,333,600 | 0 | ||||
| Xue Hong | Domestic natural person | 0.43% | 3,600,000 | 0 | ||||
| Dalian industrial development investment Co., Ltd. | Domestic non-state-owned legal person | 0.40% | 3,406,725 | 0 | ||||
| Chen Cirou | Domestic natural person | 0.40% | 3,374,280 | 0 | ||||
| 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 | ||||||
| Zhang Sufen | 7,830,000 | RMB denominated ordinary shares | ||||||
| Lin Zhenming | 6,730,000 | Domestically listed foreign shares | ||||||
| Chen Xianlai | 6,518,500 | RMB denominated ordinary shares | ||||||
| Mao Shunhua | 5,507,268 | RMB denominated ordinary shares |
| Chen Yong | 4,333,600 | RMB denominated ordinary shares |
| Xue Hong | 3,600,000 | Domestically listed foreign shares |
| Dalian industrial development investment Co., Ltd. | 3,406,725 | RMB denominated ordinary shares |
| Chen Cirou | 3,374,280 | Domestically listed foreign 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. | |
| Explanation on the participation of the top 10 ordinary shareholders in margin trading and securities lending business | None | |
Note: At the end of the reporting period, the total number of shareholders of the Company was 61,099, including53,857 A-share shareholders and 7,242 B-share shareholders.
2.2 Total number of preferred shareholders and shareholding of top 10 preferred shareholders of the company
□Applicable √Inapplicable
§3 Other important matters
□Applicable √Inapplicable
§4 Financial Report (attached)Not audited.
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
April 26, 2023
CONSOLIDATED BALANCE SHEET
Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. March 31, 2023 Unit: RMB Yuan
| Items | 31-Mar-2023 | 1-Jan-2023 |
Current assets:
| Current assets: |
Monetary funds
| Monetary funds | 853,844,610.15 | 1,006,165,899.18 |
| Transaction financial assets | ||
| Financial assets which are measured by fair value and which changes are recorded in current profit and loss |
Derivative financial assets
| Derivative financial assets | ||
| Notes receivable | 468,295,665.50 | 505,945,261.18 |
Accounts receivable
| Accounts receivable | 1,603,152,057.97 | 1,409,978,442.95 |
| Receivables financing | 74,536,558.56 | 58,792,792.70 |
Accounts in advance
| Accounts in advance | 194,298,154.06 | 171,991,468.12 |
Other receivables
| Other receivables | 35,163,339.52 | 51,394,474.24 |
| Interest receivables |
Dividend receivable
| Dividend receivable | 2,751,127.55 | 14,495.00 |
Inventories
| Inventories | 1,275,316,729.29 | 1,395,344,780.24 |
| Contract assets | 221,226,623.68 | 225,790,875.78 |
Assets held for sale
| Assets held for sale | ||
| Non-current asset due within one year | 15,715,631.52 | 15,715,631.52 |
Other current assets
| Other current assets | 33,794,186.00 | 33,499,577.60 |
Total current assets
| Total current assets | 4,775,343,556.25 | 4,874,619,203.51 |
| Non-current assets: |
Finance asset held available for sales
| Finance asset held available for sales | ||
| Held-to-maturity investment |
Long-term account receivable
| Long-term account receivable | 5,162,458.90 | 5,162,458.90 |
Long-term equity investment
| Long-term equity investment | 566,321,122.40 | 562,987,771.94 |
| Other non-current financial assets | 158,351,567.47 | 149,950,861.31 |
| Investment property | 113,886,774.36 | 115,332,918.20 |
Fixed assets
| Fixed assets | 1,196,467,911.57 | 1,229,029,368.93 |
| Construction in progress | 129,783,279.27 | 115,577,902.54 |
Right-of-use asset
| Right-of-use asset | 27,467,715.74 | 30,941,662.26 |
| Productive biological asset |
Oil and gas asset
| Oil and gas asset |
Intangible assets
| Intangible assets | 166,422,187.16 | 168,076,720.07 |
| Expense on Research and Development |
Goodwill
| Goodwill | 248,345,508.41 | 248,345,508.41 |
Long-term expenses to be apportioned
| Long-term expenses to be apportioned | 6,428,525.17 | 6,486,566.92 |
| Deferred income tax asset | 99,895,347.56 | 95,424,386.61 |
Other non-current asset
| Other non-current asset | ||
| Total non-current asset | 2,718,532,398.01 | 2,727,316,126.09 |
Total assets
| Total assets | 7,493,875,954.26 | 7,601,935,329.60 |
Current liabilities:
| Current liabilities: | ||
| Short-term loans | 300,142,121.90 | 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
| Derivative financial liabilities |
| Transaction financial liabilities | ||
| Notes payable | 657,829,792.74 | 618,944,384.85 |
Accounts payable
| Accounts payable | 1,543,630,846.50 | 1,586,098,060.59 |
Accounts received in advance
| Accounts received in advance | ||
| Contract liability | 599,927,107.41 | 647,645,820.57 |
Wage payable
| Wage payable | 41,063,233.44 | 118,216,683.23 |
| Taxes payable | 35,694,840.09 | 33,691,523.62 |
Other accounts payable
| Other accounts payable | 32,645,482.47 | 67,054,250.25 |
Interest payable
| Interest payable | ||
| Dividend payable | 533,156.00 | 533,156.00 |
Liabilities held for sale
| Liabilities held for sale | ||
| Non-current liabilities due within one year | 66,488,644.67 | 63,105,954.56 |
Other current liabilities
| Other current liabilities | 198,040,125.75 | 204,650,003.24 |
Total current liabilities
| Total current liabilities | 3,475,462,194.97 | 3,613,459,671.06 |
| Non-current liabilities: |
Long-term loans
| Long-term loans | 715,100,000.00 | 715,100,000.00 |
Bonds payable
| Bonds payable | ||
| Preferred stock |
Perpetual bond
| Perpetual bond | ||
| Lease liability | 13,549,427.18 | 11,230,532.05 |
Long-term account payable
| Long-term account payable | 31,948,205.66 | 31,009,644.16 |
Long-term wage payable
| Long-term wage payable | ||
| Special payable |
Anticipation liabilities
| Anticipation liabilities | 18,588,480.94 | 18,805,967.43 |
| Deferred income | 99,338,888.60 | 99,754,346.39 |
Deferred income tax liabilities
| Deferred income tax liabilities | 54,004,297.99 | 52,306,365.68 |
Other non-current liabilities
| Other non-current liabilities | ||
| Total non-current liabilities | 932,529,300.37 | 928,206,855.71 |
Total liabilities
| Total liabilities | 4,407,991,495.34 | 4,541,666,526.77 |
| Shareholders’ equity |
Share capital
| Share capital | 843,212,507.00 | 843,212,507.00 |
Other equity instruments
| Other equity instruments | ||
| Preferred stock |
Perpetual bond
| Perpetual bond |
Capital public reserve
| Capital public reserve | 717,097,098.38 | 717,097,098.38 |
| Less:Treasury stock |
Other comprehensive income
| Other comprehensive income | 2,208,669.73 | 2,208,669.73 |
| Special preparation |
Surplus public reserve
| Surplus public reserve | 825,226,634.15 | 825,226,634.15 |
Generic risk reserve
| Generic risk reserve | ||
| Retained profit | 643,838,316.12 | 618,445,922.58 |
Total owner’s equity attributable to parent company
| Total owner’s equity attributable to parent company | 3,031,583,225.38 | 3,006,190,831.84 |
| Minority interests | 54,301,233.54 | 54,077,970.99 |
Total owner’s equity
| Total owner’s equity | 3,085,884,458.92 | 3,060,268,802.83 |
Total liabilities and shareholder’s equity
| Total liabilities and shareholder’s equity | 7,493,875,954.26 | 7,601,935,329.60 |
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
CONSOLIDATED INCOME STATEMENTPrepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March, 2023 Unit: RMB Yuan
| Items | January-March, 2023 | January-March, 2022 |
I. Total sales
| I. Total sales | 1,072,560,425.76 | 580,124,203.74 |
II. Total operating cost
| II. Total operating cost | 1,039,597,110.06 | 577,913,040.39 |
| Including: Operating cost | 893,235,841.55 | 498,267,124.81 |
Taxes and associate charges
| Taxes and associate charges | 7,355,461.08 | 3,902,568.08 |
| Selling and distribution expenses | 44,194,998.88 | 27,893,989.00 |
Administrative expenses
| Administrative expenses | 55,492,524.43 | 31,089,049.53 |
R&D expenses
| R&D expenses | 30,168,249.27 | 13,871,052.81 |
| Financial expense | 9,150,034.85 | 2,889,256.16 |
Including: interest expense
| Including: interest expense | 9,229,081.55 | 3,488,895.03 |
| interest income | 2,817,923.65 | 1,293,302.61 |
Add: Other income
| Add: Other income | 1,247,311.30 | 1,330,265.28 |
Gain/(loss) from investment
| Gain/(loss) from investment | 4,117,367.95 | 9,816,076.84 |
| Including: income from investment on affiliated enterprise and jointly enterprise | 4,117,367.95 | 10,379,456.43 |
| Gain/(loss) from change in fair value | 8,400,706.16 | -23,861,817.44 |
Credit impairment loss (loss as “-“)
| Credit impairment loss (loss as “-“) | -16,010,380.50 | -7,027,144.32 |
| Assets impairment loss (loss as “-“) | -3,411,761.41 | -559,933.94 |
Gain/(loss) from asset disposal
| Gain/(loss) from asset disposal | 6,743.57 | 1,328.76 |
III. Operating profit
| III. Operating profit | 27,313,302.77 | -18,090,061.47 |
| Add: non-business income | 2,004,115.73 | 939,431.78 |
Less: non-business expense
| Less: non-business expense | 40,595.28 | 39,496.07 |
| IV. Total profit | 29,276,823.22 | -17,190,125.76 |
Less: Income tax
| Less: Income tax | 3,661,167.12 | -5,232,554.10 |
V. Net profit
| V. Net profit | 25,615,656.10 | -11,957,571.66 |
| (I) Net profit from continuous operation |
(II)Net profit from discontinuing operation
| (II)Net profit from discontinuing operation | ||
| Net profit attributable to parent company | 25,392,393.54 | -12,758,270.89 |
Minority shareholders’ gains and losses
| Minority shareholders’ gains and losses | 223,262.56 | 800,699.23 |
VI. After-tax net amount of other comprehensive incomes
| 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 gainsand losses
| (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
| 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.
Changes in the fair value of other debt investments
| 2. Changes in the fair value of other debt investments | ||
| 3. Gains and losses on fair value changes of available-for-sale financial assets |
4. The amount of financial assets reclassified into other comprehensive
income
| 4. The amount of financial assets reclassified into other comprehensive income | ||
| 5. Held-to-maturity investments are reclassified as saleable financial asset gains and losses |
| 6.Others | ||
| After-tax net amount of other comprehensive incomes attributable to minority shareholders | ||
| VII Total comprehensive income | 25,615,656.10 | -11,957,571.66 |
Total comprehensive income attributable to parent company
| Total comprehensive income attributable to parent company | 25,392,393.54 | -12,758,270.89 |
| Total comprehensive income attributable to minority shareholders | 223,262.56 | 800,699.23 |
VIII. Earnings per share
| VIII. Earnings per share |
(I) basic earnings per share
| (I) basic earnings per share | 0.03 | -0.02 |
| (II) diluted earnings per share | 0.03 | -0.02 |
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng
CONSOLIDATED CASH FLOW STATEMENTPrepared by Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. January-March, 2023 Unit: RMB Yuan
| Items | January-March, 2023 | January-March, 2022 |
I. Cash flows arising from operating activities:
| I. Cash flows arising from operating activities: |
Cash received from selling commodities and providing labor services
| Cash received from selling commodities and providing labor services | 848,311,616.94 | 500,361,015.88 |
| Write-back of tax received | 6,265,704.09 | 3,578,931.71 |
Other cash received concerning operating activities
| Other cash received concerning operating activities | 28,555,774.47 | 18,461,468.38 |
| Subtotal of cash inflow arising from operating activities | 883,133,095.50 | 522,401,415.97 |
Cash paid for purchasing commodities and receiving labor service
| Cash paid for purchasing commodities and receiving labor service | 711,343,062.20 | 473,893,381.54 |
Cash paid to/for staff and workers
| Cash paid to/for staff and workers | 224,231,527.95 | 101,373,036.54 |
| Taxes paid | 42,840,851.22 | 13,478,309.63 |
Other cash paid concerning operating activities
| Other cash paid concerning operating activities | 63,142,811.88 | 40,495,996.80 |
| Subtotal of cash outflow arising from operating activities | 1,041,558,253.25 | 629,240,724.51 |
Net cash flows arising from operating activities
| Net cash flows arising from operating activities | -158,425,157.75 | -106,839,308.54 |
II. Cash flows arising from investing activities:
| II. Cash flows arising from investing activities: | ||
| Cash received from recovering investment | 300,000.00 |
Cash received from investment income
| Cash received from investment income | 14,495.00 | 27,612,431.60 |
Net cash received from disposal of fixed, intangible and other long-term assets
| Net cash received from disposal of fixed, intangible and other long-term assets | 180,542.32 | 98,000.00 |
| Net cash received from disposal of subsidiaries and other units |
Other cash received concerning investing activities
| Other cash received concerning investing activities | ||
| Subtotal of cash inflow from investing activities | 195,037.32 | 28,010,431.60 |
Cash paid for purchasing fixed, intangible and other long-term assets
| Cash paid for purchasing fixed, intangible and other long-term assets | 14,142,179.85 | 5,116,381.41 |
Cash paid for investment
| Cash paid for investment | ||
| Net cash paid for achievement of subsidiaries and other business units |
Other cash paid concerning investing activities
| Other cash paid concerning investing activities | 10,428,455.96 | |
| Subtotal of cash outflow from investing activities | 14,142,179.85 | 15,544,837.37 |
Net cash flows arising from investing activities
| Net cash flows arising from investing activities | -13,947,142.53 | 12,465,594.23 |
III. Cash flows arising from financing activities
| 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
| Cash received from loans | 178,525,821.90 | 147,000,000.00 |
| Cash received from issuing bonds |
Other cash received concerning financing activities
| Other cash received concerning financing activities | 58,691,779.74 | 96,864,996.29 |
Subtotal of cash inflow from financing activities
| Subtotal of cash inflow from financing activities | 237,217,601.64 | 243,864,996.29 |
| Cash paid for settling debts | 147,000,000.00 | 187,633,750.00 |
Cash paid for dividend and profit distributing or interest paying
| Cash paid for dividend and profit distributing or interest paying | 7,471,261.97 | 5,179,787.72 |
| Including: dividends or profit paid by subsidiaries to minority shareholders |
Other cash paid concerning financing activities
| Other cash paid concerning financing activities | 62,728,621.32 | 82,872,922.79 |
Subtotal of cash outflow from financing activities
| Subtotal of cash outflow from financing activities | 217,199,883.29 | 275,686,460.51 |
| Net cash flows arising from financing activities | 20,017,718.35 | -31,821,464.22 |
IV. Influence on cash due to fluctuation in exchange rate
| IV. Influence on cash due to fluctuation in exchange rate | -406,667.62 | 86,419.22 |
| V. Net increase of cash and cash equivalents | -152,761,249.55 | -126,108,759.31 |
Add: Balance of cash and cash equivalents at the period -begin
| 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
| VI. Balance of cash and cash equivalents at the period–end | 768,902,553.62 | 312,860,578.56 |
Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Li Sheng