Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B; No: 2025-005

Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd.2024 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 persons Secretary of the Board of Directors Authorized representative in charge of securities affairs

Name Song Wenbao Du Yu

Securities﹠Legal Affairs No.106 Liaohe

Securities﹠Legal AffairsNo.106 Liaohe East Road

Contact address East Road Dalian Economic and

Dalian Economic and Technological Development Zone

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 industry 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

and cold industry chain.

1During the reporting period the Company continued to strive and develop steadily. Optimize

the incentive policy for all employees strengthen market and product planning and simplify

key business processes. Give full play to the advantages of differentiation and strengthen the

exploration of new fields. Guided by customer needs accelerate the development of innovative

products. The Company's "Multi energy Complementary Series Technology and Equipment for

Achieving Zero Carbon Goals in the Meat Industry" has passed the scientific and technological

evaluation of the China Meat Association and the overall project has reached the international

advanced level with individual devices and technologies reaching the international leading

level. The Company's key technology research and industrialization of the falling film semi

closed screw chiller unit won the second prize of Liaoning Provincial Science and Technology

Progress Award. The -95℃ ethylene ultra-low temperature cascade unit has been selected as

an innovative product at the 2024 China Refrigeration Exhibition. Successfully passed the

ISO50001 energy management system certification.During the reporting period the subsidiary of the Company Bingshan Engineering Company

continued to deeply cultivate the segmented market. In the field of product business it actively

serves high-end customers and have signed multiple high standard projects in areas such as

petroleum refining integration fine chemicals and new materials. In the field of engineering

several key projects including the Linshui County Cold Chain Logistics Park project the

Beijing debut project the Guangzhou Yihai Kerry project the Dazhuang Phase III project and

the Baotou Vanke Ice and Snow Center have successfully won bids. The Shanghai Lingang

Yaoxue Ice and Snow World Indoor Ice and Snow Venue project has been completed and

delivered. In the field of energy the rapid promotion of energy storage thermal management

projects and CCUS projects has led to a significant increase in orders.During the reporting period the subsidiary of the Company Wuhan New World Refrigeration

continuously optimized its products and solutions. Based on market trends focus on

breakthroughs in advantageous areas such as natural gas pressure energy generation mining

explosion-proof refrigeration devices water vapor compression and process gas compression.Breaking through technological barriers the 100000 cubic meter MRC natural gas liquefaction

unit of the New Land Energy project has successfully operated. Professional assistance in

energy security has led to a significant increase in orders in the coal mining industry. The

mining explosion-proof refrigeration device has been selected as an innovative product at the

2024 China Refrigeration Exhibition.

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 battery management system (BMS) of energy storage power stations is being

commercialized on a large scale and the energy storage inverter system (PCS) is actively

expanding. It was selected as a pilot demonstration enterprise in the "5G+Industrial Internet"

integrated application pilot area. The practice of digital workshop construction with the goal of

improving efficiency has won the first prize of Dalian Enterprise Management Innovation

Achievement.

2During the reporting period the subsidiary of the Company Sonyo Compressor achieved

independent innovation and qualitative growth. Actively expanding into the European and

South American markets with rapid growth in export revenue. Effectively responding to the

rise in raw material prices and steadily improving actual profitability. The development of R290

environmentally friendly refrigerant models is fully underway and specialized models for

energy storage and liquid cooling are being accelerated for promotion. The high-efficiency

scroll compressor with an evaporation temperature of -42℃ for ultra-low ambient temperature

air source heat pumps has been selected as an innovative product at the 2024 China

Refrigeration Exhibition. Received the title of "National Green Factory".During the reporting period the subsidiary of the Company Sonyo Refrigeration focused on

industrial energy conservation and amplified synergies. Establish an overseas business unit

quickly connect overseas channels and vigorously promote the export of lithium bromide

absorption refrigeration units. Solidly expand new products and applications based on vacuum

technology and waste heat recovery technology. The new product of gas electric hybrid air

source heat pump fills the gap in the domestic industry. The Stirling waste heat generator unit

has been selected as an innovative product at the 2024 China Refrigeration Exhibition.During the reporting period the subsidiary of the Company Sonyo Refrigerator focused on

product development and focused on new areas of dual carbon and energy storage. The orders

for high-efficiency thermal management heat exchange units for energy storage batteries have

significantly increased and production capacity has rapidly improved. The carbon dioxide

transcritical refrigeration system is widely used in commercial applications and the sixth

generation transcritical full injection refrigeration unit has been successfully developed. The

world's first set of marine carbon dioxide transcritical refrigeration equipment carbon capture

system has been independently developed and applied in an orderly manner.§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

Increase/decrease compared with

202420232022

previous year

Operating revenue 4531147208.98 4815941467.70 -5.91% 2893085310.29

Net profit attributable to shareholders of listed

110335139.0649375900.83123.46%18731969.48

companies

Net profit belonging to the shareholders of listed

companies after the deduction of non-recurring 34268377.84 16483449.17 107.90% -272983508.15

profit and loss

Net cash flow from operating activities 237154274.44 -24440667.74 - -56247299.36

Basic earnings per share 0.13 0.06 116.67% 0.02

3Diluted earnings per share 0.13 0.06 116.67% 0.02

Weighted average return on net asset yield 3.57% 1.63% Increase 1.94 percentage points 0.61%

Increase/decrease compared with

2024.12.312023.12.312022.12.31

previous year

Total assets 7628315487.35 8162848294.25 -6.55% 7601935329.60

Owner's equity attributable to shareholders of

3132102966.643047513577.752.78%3006120427.03

listed companies

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

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

Operating revenue 1160307673.73 1302969675.97 1251298834.59 816571024.69

Net profit attributable to shareholders of listed companies 29260174.46 49269803.46 16044687.93 15760473.21

Net profit belonging to the shareholders of listed

companies after the deduction of non-recurring profit and 24431907.94 42915071.01 3705366.38 -36783967.49

loss

Net cash flow from operating activities -158187622.10 125601637.35 -12700245.43 282440504.62

§4 Share Capital and Shareholders' Information

4.1 Statement of shares held by the top ten shareholders

Total number of shareholders in the Total number of shareholders as of the last month before

7136668984

reporting period disclosure of the annual report

Shareholding of top ten shareholders

Number of Number of

Proportio

Name Nature Total number shares with sale pledged shares or

n

restriction shares frozen

Dalian Bingshan Group Co. Ltd. Domestic non-state-owned legal person 20.27% 170916934 0 0

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

Xu Yayun Domestic natural person 1.89% 15909891

Xu Hongliang Domestic natural person 0.92% 7776761

Lin Zhenming Domestic natural person 0.80% 6710000

Cao Yifan Domestic natural person 0.76% 6410000

Xue Hong Domestic natural person 0.43% 3660000

Li Xiaohua Domestic natural person 0.38% 3220408

Shi Jiangen Domestic natural person 0.38% 3219690

Chen Yong Domestic natural person 0.32% 2700000

Dalian Bingshan Group Co. Ltd. had the association relationship with

otes to the associated relationship and uniform actions of the above

Sanyo Electric Co. Ltd. among the above shareholders. Sanyo Electric

shareholders

Co. Ltd. holds 26.6% of Dalian Bingshan Group Co. Ltd.'s equity.

4Explanation on the participation of the top 10 ordinary shareholders

None

in margin trading and securities lending business

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.

20.27%

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 2025

5

Panasonic Corporation of China

Sanyo Electric Co. Ltd.Dalan Zhonghuida Refrigeration

Technology Co. Ltd.Dayang Co. Ltd.Dalian State-owned Assets Management Co. Ltd.Dalian Equipment Manufacture Investment

Co. Ltd.State-owned Assets Supervision and

Administration Commission ofDalian Municipality

Government