Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B; No: 2026-008

Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd.2025 Annual Report Summary

I． Important Notes

This summary is extracted from the original of the annual report. For more information the

investors are recommended to refer to the original.Note to the “Non-standardized Opinion”

□Applicable √Inapplicable

The profit distribution proposal

√Applicable □Inapplicable

Transfer the capital reserve to increase capital stock

□Applicable √Inapplicable

The profit distribution proposal reviewed and adopted at this Board meeting of the Company is:

based on the total share capital of the Company of 843212507 shares pay to all shareholders the

cash dividend of 0.5 yuan (inclusive the tax) for every 10 shares .The Company will not transfer

the capital reserve to increase capital stock.II. Company Profile

§1 Company Profile

Short form of the stock Bingshan; Bingshan B

Stock code 000530; 200530

Listed stock exchange Shenzhen Stock Exchange

Contact

Secretary of the Board of Directors Authorized representative in charge of securities affairs

persons

Name Song Wenbao Du Yu

Securities﹠Legal Affairs No.106 Liaohe

Contact address Securities﹠Legal AffairsNo.106 Liaohe East RoadEast Road Dalian Economic and

Technological Development Zone Dalian Economic and Technological Development Zone

Telephone 0411-87968130 0411-87968822

Fax 0411-87968125 0411-87968125

E-mail 000530@bingshan.com 000530@bingshan.com

§2 Company Profile

Brief introduction of main business or products during reporting period

Focusing on the hot and cold business the Company is committed to the development of

industrial refrigeration and heating business commercial refrigeration business air

conditioning and environment business engineering and service business and new business

fields covering the key areas of the hot and cold industry chain and creating a complete hot

1and cold industry chain.

The Company's main products include piston type screw type vortex type lithium bromide

absorption refrigeration machines/units as well as pressure vessels combination warehouses

controlled atmosphere fresh-keeping warehouses refrigeration stations quick freezing

machine heat pump etc. The Company provides product sales and comprehensive solutions

for both domestic and international markets with self operated sales as the main focus and

channel sales as a supplement.In 2025 the Company focuses on the hot and cold business deeply cultivates segmented

markets solidly enhances core competitiveness effectively expands industry influence and

continuously strengthens its main business. In 2025 the Company achieved operating revenue

of 4398.09 million yuan with a year-on-year decrease of 2.94%; net profit attributable to

shareholders of the listed company was 62.04 million yuan also decreasing by43.77%

year-on-year; and net profit attributable to shareholders of the listed company after deducting

non-recurring gains and losses was 44.01 million yuan showing a year-on-year increase of

28.44%.

During the reporting period the Company continued to strive for progress and maintain

steady development. The second phase of the rooftop photovoltaic project at the new factory

was officially connected to the grid and generated electricity earning a five-star Zero Carbon

Factory (Type I) certification from China Classification Society. The drop-film opening screw

chiller began mass production and was introduced to the market. The cross-critical CO2

refrigeration and heat integration coupling unit and the OCCS liquefaction unit were selected

as an "Innovative Product" for the 2025 China Refrigeration Exhibition. The project "Key

Technology R&D and Demonstration Application of Special Deep Cryogenic Wind Tunnel

Purification Environment System" was awarded the 2025 China Refrigeration Society

Science and Technology Progress Prize Category I.During the reporting period the Company's subsidiary Bingshan Engineering continued to

deepen its focus on niche markets. In the product sector it actively served high-end clients

securing bids for several high-standard projects such as the CNOOC Shell Project the Jilin

Petrochemical Project of CNPC and the Maoming Petrochemical Project of Sinopec. In the

engineering sector it undertook key projects including the Phase I Project of the Guangzhou

Eastern Rail-Road Intermodal Hub the Comprehensive Cold Chain Logistics Project of

Shenzhen International Group the BYD Intelligent New Energy Vehicle Integrated Test Site

Project. In the energy sector orders for energy storage thermal management projects and

CCUS projects continued to grow.During the reporting period the subsidiary of the Company Wuhan NewWorld Refrigeration

continuously optimized its products and solutions. The development of oil-free compressors

is progressing in an orderly manner. Focusing on the advantages of natural gas pressure

energy generation mining explosion-proof refrigeration equipment process gas compression

and other segmented markets we will solidly explore with the help of professional groups.

2The customer system construction continues to be strengthened and the sales of innovative

products have achieved incremental growth.During the reporting period the subsidiary of the Company Bingshan Guardian focused on

energy-saving and intelligent control of cold and hot systems and innovated and iterated

development. The large-scale implementation of energy storage products and the two-way

breakthrough of industrial energy-saving technology standardization continue to strengthen

the leading advantage. Energy storage customers are expanding in an orderly manner and

energy storage orders continue to grow. Efficient development of a new generation control

system based on AI applications with a good start to customer applications.During the reporting period the subsidiary of the Company Sonyo Compressor achieved

independent innovation and qualitative growth. The large-scale vortex intelligent workshop

has been officially put into operation accelerating the development of overseas markets and

steadily increasing market share. Selected for the "2025 5G Factory List" by the Ministry of

Industry and Information Technology of China. The 160cc high-efficiency variable frequency

scroll compressor for energy storage has been selected as an "innovative product" at the 2025

China Refrigeration Exhibition. Selected as the "Liaoning Province Manufacturing Industry

Single Champion Enterprise" for its main product the vortex compressor for light

commercial air conditioning.During the reporting period the subsidiary of the Company Sonyo Refrigeration focused on

industrial energy conservation and strengthened innovative growth. The intelligent hybrid air

source heat pump unit has been selected as an "innovative product" at the 2025 China

Refrigeration Exhibition. The seawater cooled absorption unit under all operating conditions

has been selected for the 2025 "Recommended Catalogue of Energy saving and Carbon

Reduction Technologies and Products for Refrigeration and Air Conditioning Applications".Selected as the "Liaoning Province Manufacturing Industry Single Champion Enterprise"

with its main product lithium bromide chiller.During the reporting period the subsidiary of the Company Sonyo Refrigerator focused on

product development and focused on the dual carbon and energy storage fields. The research

and development of energy storage units is progressing in an orderly manner and

breakthroughs have been made in expanding energy storage customers. The carbon dioxide

trans critical refrigeration system is widely used in commercial applications and multiple

projects of the sixth generation trans critical full injection refrigeration unit have been

successfully delivered. Refined management improves quality and efficiency with monthly

output repeatedly reaching new highs.§3 Summary of Accounting Data and Financial Indexes

3.1 Main accounting data (Unit: RMB Yuan)

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

□Applicable √ Not applicable

32025 2024 Increase/decrease compared with 2023

previous year

Operating revenue 4398094389.06 4531147208.98 -2.94% 4815941467.70

Net profit attributable to shareholders of listed 62038793.70 110335139.06 -43.77% 49375900.83

companies

Net profit belonging to the shareholders of

listed companies after the deduction of 44012772.84 34268377.84 28.44% 16483449.17

non-recurring profit and loss

Net cash flow from operating activities 122211684.48 237154274.44 -48.47% -24440667.74

Basic earnings per share 0.07 0.13 -46.15% 0.06

Diluted earnings per share 0.07 0.13 -46.15% 0.06

Weighted average return on net asset yield 1.94% 3.57% Decrease 1.63 percentage points 1.63%

2025.12.31 2024.12.31 Increase/decrease compared with 2023.12.31

previous year

Total assets 7596536378.75 7628315487.35 -0.42% 8162848294.25

Owner's equity attributable to shareholders of

3153969751.793132102966.640.70%3047513577.75

listed companies

In 2025 the net profit attributable to shareholders of the listed company decreased by 43.77%

compared to the same period last year. This was mainly due to the fact that in the same period last

year the company sold a portion of its holdings in Guotai Junan Securities which contributed

approximately 51.38 million yuan to the Company's net profit for 2024.

3.2 The quarter main financial indicators (Unit: RMB Yuan)

the first quarter the second quarter the third quarter the fourth quarter

Operating revenue 1158154461.40 1222166320.51 1232737829.79 785035777.36

Net profit attributable to shareholders of listed

29358147.3348932290.4512002679.43-28254323.51

companies

Net profit belonging to the shareholders of listed

companies after the deduction of non-recurring 29933276.68 42978706.10 6277524.31 -35176734.25

profit and loss

Net cash flow from operating activities -187028757.61 185996243.15 -14186761.54 137430960.48

§4 Share Capital and Shareholders' Information

Total number of shareholders in the reporting 66006 Total number of shareholders as of the last monthperiod before disclosure of the annual report 57645

Shareholding of top ten shareholders

Number of Number of

Name Nature Proportion Total number shares pledged

with sale shares or

4restriction shares

frozen

Domestic non-state-owned

Dalian Bingshan Group Co. Ltd. 20.27% 170916934 0 0

legal person

Sanyo Electric Co. Ltd. Overseas legal person 8.72% 73503150 0 0

Lin Zhenming Foreign natural person 0.80% 6710000 0 0

Goldman Sachs International - Own Funds Overseas legal person 0.61% 5181813 0 0

BARCLAYS BANK PLC Overseas legal person 0.58% 4885813 0 0

Xue Hong Domestic natural person 0.43% 3660000 0 0

Chen Peiliang Domestic natural person 0.35% 2918000 0 0

MORGAN STANLEY & CO. INTERNATIONAL

Overseas legal person 0.33% 2802149 0 0

PLC.J. P. Morgan Securities PLC－Own Funds Overseas legal person 0.33% 2759131 0 0

Han Guangxin Domestic natural person 0.31% 2595600 0 0

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.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 was66006

including 59075A-share shareholders and 6931 B-share shareholders.

4.2 The total number of preferred shareholders and the shareholding of the top 10 preferred

shareholders of the company

□Applicable √Inapplicable

4.3 Particulars about controlling shareholders and actual controller of the Company

100%100%

24.97%8.28%13.3%20.2%26.6%6.65%

Dalian Bingshan Group Co. Ltd.

520.27%

Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd.§5 Information on Corporate bonds

□Applicable √Inapplicable

III． Important items

□Applicable √Inapplicable

Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd.April 24 2026

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