Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

Bingshan Refrigeration & Heat Transfer

Technologies Co. Ltd.QUARTERLYREPORT FOR FIRST QUARTER

2026

April 2026

1Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd.QUARTERLYREPORT FOR FIRST QUARTER 2026

Important Notes

1.1 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 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.

1.2 Chairman of the Board of Directors of the Company Financial Majordomo and the head of Accounting

Department 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 two

above-mentioned versions the Chinese version shall prevail.§1 Major accounting data

1.1 Major accounting data and financial indexes

Does the Company need to make retroactive adjustments or restate the accounting data for previous years

√ Applicable □ Inapplicable

Reason for retroactive adjustment：Corporate merger under the same control

January-March 2025 Increase/decrease compared with

January-March 2026 previous year

Before adjustment After adjustment After adjustment

Operating revenue 1041709450.58 1158154461.40 1159081329.86 -10.13%

Net profit attributable to shareholders of

21186770.1729358147.3329359869.10-27.84%

listed companies

Net profit belonging to the shareholders of

listed companies after the deduction of 18108120.62 29933276.68 29934998.45 -39.51%

non-recurring profit and loss

Net cash flow from operating activities -170967008.96 -187028757.61 -186331672.32 8.25%

Basic earnings per share 0.025 0.035 0.035 -28.57%

Diluted earnings per share 0.025 0.035 0.035 -28.57%

Weighted average return on net asset yield 0.67% 0.93% 0.93% Decrease 0.26 percentage point

December 31 2025 Increase/decrease compared with

March 31 2026 previous year

Before adjustment After adjustment After adjustment

Total assets 7341546188.10 7596536378.75 7607143933.63 -3.49%

Owner's equity attributable to shareholders

3175101063.573153969751.793154703294.560.65%

of listed companies

Note 1: After being approved by the 5th session of the 10th board of directors of the company the subsidiary of

the company Bingshan Sonyo Compressor (Dalian) Co. Ltd. acquired 100% of the equity of the Company's

controlling shareholder's subsidiary Dalian Bingshan Part Technology Co. Ltd. The acquisition of these equity

was completed in the first quarter of 2026 and constitutes a business combination under the same control. It is

necessary to retrospectively adjust the financial data of the previous year.Note 2: The net profit attributable to the shareholders of the listed Company decreased by 27.84% year-on-year.This was mainly due to a decrease of 9.35 million yuan in the investment income from the associated enterprises

during the same period.

1.2 non-recurring gains and losses

√ Applicable □ Inapplicable

Amount from beginning

Item of non-recurring gains and losses of year to the end of

report period

Disposal gains and losses of non-current asset 37785.47

2Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

Government subsidies included in current profit or loss 1057830.78

Impairment provisions for receivables that undergo impairment tests separately are reversed 1007623.00

Gains and losses on debt restructuring 445742.94

One-time expenses incurred by an enterprise due to the cessation of related business

activities such as expenditures for reemploying employees etc -143368.50

Other operating revenue or expense 1062696.49

Income tax effect 215312.24

Minority shareholders’ gains and losses 174348.39

Total 3078649.55

1.3 Major changes in main financial items and indexes and description of the cause

√ Applicable □ Inapplicable

(1) The employee compensation payable decreased by 77.78% compared with the beginning of the year mainly due to the

employee compensation (year-end bonuses etc.) accrued at the end of the previous period has been paid in this period.

(2). Financial expenses increased by 244.26% year-on-year mainly due to the losses from foreign exchange on exports as well

as the reduction in interest rates and the decrease in interest income.

(3). The investment income decreased by 63.39% year-on-year mainly due to the reduction in the investment income from

associated enterprises.

(4).Net cash flow arising from investment activities increased significantly year-on-year mainly due to the reduction in time

deposits.

(5). Net cash flow generated from financing activities decreased significantly year-on-year mainly due to the increase in cash

paid for repaying bank loans.§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 57645

Shareholding of top ten shareholders

Number of

Number of

Total shares with

Name Nature Proportion pledged shares

number sale

or shares frozen

restriction

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

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

Lin Zhenming Foreign natural person 0.80% 6710000 0 0

Wu Xiaodong Domestic natural person 0.52% 4442400 0 0

Xue Hong Domestic natural person 0.43% 3660000 0 0

UBS AG Overseas legal person 0.38% 3245916 0 0

Han Guangxin Domestic natural person 0.36% 3090600 0 0

Chen Peiliang Domestic natural person 0.34% 2918000 0 0

Zhu Qiuyue Domestic natural person 0.29% 2480500 0 0

J. P. Morgan Securities PLC－Own Funds Overseas legal person 0.27% 2354272 0 0

Shareholding of top ten shareholders without sale restriction

Number of shares without

Name Type of shares

sale restriction

Dalian Bingshan Group Co. Ltd. 170916934 RMB denominated ordinary shares

Sanyo Electric Co. Ltd. 73503150 Domestically listed foreign shares

Lin Zhenming 6710000 Domestically listed foreign shares

Wu Xiaodong 4442400 Domestically listed foreign shares

Xue Hong 3660000 Domestically listed foreign shares

UBS AG 3245916 RMB denominated ordinary shares

Han Guangxin 3090600 RMB denominated ordinary shares

Chen Peiliang 2918000 RMB denominated ordinary shares

Zhu Qiuyue 2480500 RMB denominated ordinary shares

J. P. Morgan Securities PLC－Own Funds 2354272 RMB denominated ordinary shares

3Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

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 was57645 including

50868A-share shareholders and 6777 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 24 2026

4Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

CONSOLIDATED BALANCE SHEET

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. March 31 2026 Unit: RMB Yuan

Items 31-Mar-2026 1-Jan-2026

Current assets:

Monetary funds 635003173.95 881961122.28

Transaction financial assets

Financial assets which are measured by fair value and which changes

are recorded in current profit and loss

Derivative financial assets

Notes receivable 273064630.42 327073361.42

Accounts receivable 1671373793.45 1635556614.58

Receivables financing 352634759.76 335509461.15

Accounts in advance 187335763.94 155949650.91

Other receivables 43984006.40 43092575.59

Interest receivables

Dividend receivable

Inventories 1424354086.20 1439914414.18

Contract assets 156580357.53 161816928.39

Assets held for sale

Non-current asset due within one year 375319.96 359632.86

Other current assets 33926767.76 34899376.92

Total current assets 4778632659.37 5016133138.28

Non-current assets:

Finance asset held available for sales

Held-to-maturity investment

Long-term account receivable 1215272.28 1215818.17

Long-term equity investment 486337270.67 483028918.31

Other non-current financial assets 1683852.59 1683852.59

Investment property 134136736.17 121350188.47

Fixed assets 1228333897.58 1261222376.24

Construction in progress 12035146.90 15669392.61

Right-of-use asset 15590645.28 18009137.49

Productive biological asset

Oil and gas asset

Intangible assets 245518602.05 252007735.29

Expense on Research and Development

Goodwill 286402171.93 286402171.93

Long-term expenses to be apportioned 5588756.39 6036271.48

Deferred income tax asset 125366037.54 125344507.42

Other non-current asset 20705139.35 19040425.35

Total non-current asset 2562913528.73 2591010795.35

Total assets 7341546188.10 7607143933.63

Current liabilities:

Short-term loans 195697386.62 201836464.89

Financial liabilities which are measured by fair value and which

changes are recorded in current profit and loss

Derivative financial liabilities

Transaction financial liabilities

5Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

Notes payable 585540540.57 665364289.18

Accounts payable 1683883366.36 1664582164.08

Accounts received in advance

Contract liability 487110567.96 525086822.72

Wage payable 27683871.23 125177034.62

Taxes payable 23243784.48 19752816.57

Other accounts payable 233319626.65 242101014.95

Interest payable

Dividend payable 533156.00 533156.00

Liabilities held for sale

Non-current liabilities due within one year 208301280.86 237446970.64

Other current liabilities 145577637.34 184739239.53

Total current liabilities 3590358062.07 3866086817.18

Non-current liabilities:

Long-term loans 368100000.00 368328245.18

Bonds payable

Preferred stock

Perpetual bond

Lease liability 15231536.82 16563173.78

Long-term account payable 17615826.06 18845786.63

Long-term wage payable

Special payable

Anticipation liabilities 1881626.59 2300208.22

Deferred income 91648701.88 92793132.73

Deferred income tax liabilities 22030918.40 28734303.46

Other non-current liabilities

Total non-current liabilities 516508609.75 527564850.00

Total liabilities 4106866671.82 4393651667.18

Shareholders’ equity

Share capital 843212507.00 843212507.00

Other equity instruments

Preferred stock

Perpetual bond

Capital public reserve 717097098.38 717830641.15

Less:Treasury stock

Other comprehensive income 2208669.73 2208669.73

Special preparation 2619615.64 1988616.80

Surplus public reserve 923202335.01 923202335.01

Generic risk reserve

Retained profit 686760837.81 666260524.87

Total owner’s equity attributable to parent company 3175101063.57 3154703294.56

Minority interests 59578452.71 58788971.89

Total owner’s equity 3234679516.28 3213492266.45

Total liabilities and shareholder’s equity 7341546188.10 7607143933.63

Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wu Bin

6Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

CONSOLIDATED INCOME STATEMENT

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. January-March2026 Unit: RMB Yuan

Items January-March 2026 January-March 2025

I. Total sales 1041709450.58 1159081329.86

II. Total operating cost 1023212198.16 1134454546.78

Including: Operating cost 879712523.98 986379606.60

Taxes and associate charges 7053809.92 6883984.05

Selling and distribution expenses 42145172.91 48146692.88

Administrative expenses 53977304.77 59731597.68

R&D expenses 33104808.19 31215828.25

Financial expense 7218578.39 2096837.32

Including: interest expense 5104146.18 5977107.28

interest income 1237682.35 1898546.63

Add: Other income 3879737.10 4313775.61

Gain/(loss) from investment 4026801.44 11000199.66

Including: income from investment on affiliated enterprise and jointly

enterprise 3741700.41 13092468.56

Gain/(loss) from change in fair valueCredit impairment loss (loss as “-“) -142961.78 -616011.11Assets impairment loss (loss as “-“) 1450437.77 -2404508.64Gain/(loss) from asset disposal 36156.44 -22586.07

III. Operating profit 27747423.39 36897652.53

Add: non-business income 1269325.62 683238.00

Less: non-business expense 233508.39 226714.03

IV. Total profit 28783240.62 37354176.50

Less: Income tax 6806989.62 6261167.44

V. Net profit 21976251.00 31093009.06

(I) Net profit from continuous operation 21976251.00 31093009.06

(II)Net profit from discontinuing operation

Net profit attributable to parent company 21186770.17 29359869.10

Minority shareholders’ gains and losses 789480.83 1733139.96

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. 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

5. Held-to-maturity investments are reclassified as saleable financial

asset gains and losses

6.Others

7Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

After-tax net amount of other comprehensive incomes attributable to

minority shareholders

VII Total comprehensive income 21976251.00 31093009.06

Total comprehensive income attributable to parent company 21186770.17 29359869.10

Total comprehensive income attributable to minority shareholders 789480.83 1733139.96

VIII. Earnings per share

(I) basic earnings per share 0.03 0.03

(II) diluted earnings per share 0.03 0.03

Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wu Bin

CONSOLIDATED CASH FLOW STATEMENT

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. January-March2026 Unit: RMB Yuan

Items January-March 2026 January-March 2025

I. Cash flows arising from operating activities:

Cash received from selling commodities and providing labor services 939631067.42 925611718.45

Write-back of tax received 16036008.71 23024540.42

Other cash received concerning operating activities 17739974.66 19843836.29

Subtotal of cash inflow arising from operating activities 973407050.79 968480095.16

Cash paid for purchasing commodities and receiving labor service 806309126.46 797323447.85

Cash paid to/for staff and workers 262714883.70 274333200.51

Taxes paid 22838171.40 32443096.29

Other cash paid concerning operating activities 52511878.19 50712022.83

Subtotal of cash outflow arising from operating activities 1144374059.75 1154811767.48

Net cash flows arising from operating activities -170967008.96 -186331672.32

II. Cash flows arising from investing activities:

Cash received from recovering investment

Cash received from investment income 11150.00

Net cash received from disposal of fixed intangible and other long-term assets 732006.04 64225.90

Net cash received from disposal of subsidiaries and other units

Other cash received concerning investing activities 50000000.00

Subtotal of cash inflow from investing activities 50732006.04 75375.90

Cash paid for purchasing fixed intangible and other long-term assets 14627053.26 21019681.97

Cash paid for investment 1420000.00

Net cash paid for achievement of subsidiaries and other business units

Other cash paid concerning investing activities 222000.00

Subtotal of cash outflow from investing activities 16269053.26 21019681.97

Net cash flows arising from investing activities 34462952.78 -20944306.07

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 72470000.00 78911221.74

Cash received from issuing bonds

Other cash received concerning financing activities 1000000.00

Subtotal of cash inflow from financing activities 72470000.00 79911221.74

Cash paid for settling debts 110092677.44 79120161.00

Cash paid for dividend and profit distributing or interest paying 5094388.49

8Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. Quarterly Report For First Quarter 2026

Including: dividends or profit paid by subsidiaries to minority shareholders

Other cash paid concerning financing activities 4960464.91 7393695.04

Subtotal of cash outflow from financing activities 119343180.62 91608244.53

Net cash flows arising from financing activities -46873180.62 -11697022.79

IV. Influence on cash due to fluctuation in exchange rate -1586188.66 2205313.80

V. Net increase of cash and cash equivalents -184963425.46 -216767687.38

Add: Balance of cash and cash equivalents at the period -begin 952302550.26 1040687048.04

VI. Balance of cash and cash equivalents at the period–end 767339124.80 823919360.66

Legal Representative: Ji Zhijian Chief Financial Official: Wang Jinxiu Person in Charge of Accounting Organization: Wu Bin

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