Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B No:2025-033

Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd.QUARTERLY REPORT FOR THIRD QUARTER 2025

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 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.

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 shareholders

1.1 Major accounting data and financial indexes

Is there any traceable adjustment to the financial statements for the previous report period

□ Yes √ No

2025.7-9 2024.7-9 Increase/decreas 2025.1-9 2024.1-9 Increase/decrease e over 2024.7-9 over 2024.1-9

Total operating

income 1211825882.35 1251298834.59 -3.16% 3613058611.70 3714576184.29 -2.73%

Net profit attributable

to parent company 10752059.33 16044687.93 -32.99% 90293117.21 94574665.85 -4.53%

Net profit attributable

to parent company

after deducting non- 5026904.21 3705366.38 35.67% 79189507.09 71052345.33 11.45%

recurring gains/losses

Net cash generated

from operating — — — -15219276.00 -45286230.18 66.39%

activities

Basic earnings per

share 0.013 0.019 -31.58% 0.11 0.11 -

Diluted earnings per

share 0.013 0.019 -31.58% 0.11 0.11 -

Weighted average Decrease0.18

return on net asset 0.34% 0.52% percentage Decrease0.22 2.86% 3.08%

points percentage pointsyield

2025.9.30 2024.12.31 Increase/decrease over 2024.12.31

Total assets 7566212368.93 7628315487.35 -0.81%

Shareholder’s equity

attributable to parent 3182280951.42 3132102966.64 1.60%

company

Item of non-recurring gains and losses Amount of this Amount from beginning of report period year to the end of report period

Profit and loss from disposal of non-current assets -701591.42 -582196.07

Government subsidies which were included in the current profits and

losses 4548074.08 9187051.00

Allowance for impairment reversal of receivables tested separately for

impairment 1231322.52 1885322.55

1Gains and losses on debt restructuring 244352.95 -1113845.58

The one-time expenses incurred by the enterprise due to the

discontinuation of related business activities -334875.19 -2918697.97

Other non-operating incomes and expenses except the above mentioned 1485157.26 5777569.79

Income tax effects 731408.58 1188862.54

Minority equity interests effects (after tax) 15876.50 -57268.94

Total 5725155.12 11103610.12

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

√ Applicable □ Inapplicable

(1). Advance payments increased by 54.78% compared to the beginning of the year mainly due to the increase in

ongoing projects and the rise in equipment and material preparation costs.

(2). Other current assets decreased by 47.43% compared with the beginning of the year mainly due to the reduction

in the input tax amount of value-added tax to be deducted.

(3). The construction in progress decreased by 60.42% compared to the beginning of the year mainly due to the

production lines reaching the predetermined usable state and the properties obtaining property ownership certificates.

(4). Employee compensation payable has decreased by 27.86% 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 decreased by 6.43 million yuan year-on-year mainly due to the reduction in borrowing in

the current period and the decline in borrowing interest rates resulting in a corresponding decrease in interest

expenses.

(6). Other income decreased by 8.01 million yuan year-on-year mainly due to the reduction in input tax and the

additional deduction for value-added tax in the current period.

(7). Asset disposal gains decreased by 9.19 million yuan year-on-year mainly due to the sale of machinery and

equipment as well as inspection tools and molds by the subsidiary Songyang Compressor in the same period last

year.

(8). Non-operating expenses decreased by 5.26 million yuan year-on-year mainly due to the scrapping of fixed

assets of the subsidiary Songyang Compressor in the same period last year.2. Shareholders' information.

(9).The net cash flow from operating activities increased by 30.07 million yuan year-on-year. This was mainly due

to the strengthened recovery of payment for goods and the change of payment methods including the increase in

bills supply chain payments etc.

(10). The net cash flow generated from investment activities decreased by 245.69 million yuan year-on-year mainly

due to the purchase of fixed assets such as factory buildings and equipment in the current period as well as the sale

of machinery and equipment and inspection tools and molds by the subsidiary Songyang Compressor in the same

period last year.

(11). The net cash flow from financing activities decreased by 43.17 million yuan year-on-year mainly due to the

reduction in working capital borrowings.

2.1 Total number and particulars of the shareholders by the end of the report period

Total number of shareholders in the reporting

period 60824

Total number of shareholders as of the last month

before disclosure of the annual report 0

Shareholding of top ten shareholders

Number of

Number of

pledged

shares

Name Nature Proportion Total number shares or

with sale

shares

restriction

frozen

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

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

Lin Zhenming Foreign natural person 0.80% 6710000

Xue Hong Domestic natural person 0.43% 3660000

Wang Zhongbo Domestic natural person 0.38% 3223400

Chen Peiliang Domestic natural person 0.38% 3168000

2Cao Meng Domestic natural person 0.28% 2395600

Zhang Lianyun Domestic natural person 0.28% 2331500

Chen Naisheng Domestic natural person 0.27% 2311330

Chaohuang Investment Co. LTD Overseas legal person 0.24% 2037000

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

Xue Hong 3660000 Domestically listed foreign shares

Wang Zhongbo 3223400 RMB denominated ordinary shares

Chen Peiliang 3168000 RMB denominated ordinary shares

Cao Meng 2395600 RMB denominated ordinary shares

Zhang Lianyun 2331500 RMB denominated ordinary shares

Chen Naisheng 2311330 RMB denominated ordinary shares

Chaohuang Investment Co. LTD 2037000 Domestically listed foreign shares

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. Sanyo

above shareholders 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 60824 including 53864A-

share shareholders and 6960 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

3§4 Financial Statements

CONSOLIDATION BALANCE SHEET

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. September 30 2025 Unit: RMB Yuan

Items 30-Sep-2025 1-Jan-2025

Current assets:

Monetary funds 764025869.76 1042143744.67

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 387446535.35 352854863.48

Accounts receivable 1862414072.30 1492234348.90

Receivables financing 298058040.60 382073283.27

Accounts paid in advance 253899386.48 164042640.06

Other receivables 35802720.86 45759566.06

Interest receivables

Dividend receivable 11150.00

Inventories 1269622419.50 1393653788.81

Contract assets 189105525.26 184760940.32

Assets held for sale

Non-current asset due within one year 57550.43 57550.43

Other current assets 14528239.42 27636378.46

Total current assets 5074960359.96 5085217104.46

Non-current assets:

Finance asset held available for sales

Held-to-maturity investment

Long-term account receivable 146331.69 140017.84

Long-term equity investment 509341389.13 481973415.36

Other Non-current financial assets 1683852.59 1683852.59

Investment property 137954811.97 117931720.24

Fixed assets 1164641931.03 1211794069.63

Construction in progress 34130422.21 86221660.80

Right of use assets 29623559.11 23318732.46

Engineering material

Disposal of fixed asset

Productive biological asset

Oil and gas asset

Intangible assets 196669758.23 203999076.19

Expense on Research and Development

Goodwill 286402171.93 286402171.93

Long-term expenses to be apportioned 6089455.07 5719603.26

Deferred income tax asset 104407091.13 103752827.71

Other non-current asset 20161234.88 20161234.88

Total non-current asset 2491252008.97 2543098382.89

Total assets 7566212368.93 7628315487.35

Current liabilities:

4Short-term loans 157583011.63 167283407.26

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 582330936.02 569117426.19

Accounts payable 1756927346.69 1601381790.80

Accounts received in advance

Contract liabilities 436560385.37 645711808.53

Wage payable 105848821.46 146734696.02

Taxes payable 17573457.17 30276580.76

Other accounts payable 241810694.55 227361207.96

Interest payable

Dividend payable 533156.00 533156.00

Liabilities held for sale

Non-current liabilities due within one year 209164190.49 161421072.72

Other current liabilities 237782257.68 191009526.67

Total current liabilities 3745581101.06 3740297516.91

Non-current liabilities:

Long-term loans 420850000.00 547346541.25

Bonds payable

Preferred stock

Perpetual bond

Lease liability 23944568.36 19071845.78

Long-term account payable 12343995.59 12451396.59

Long-term wage payable

Special Payable

Anticipation liabilities 2788993.75 2703369.53

Deferred income 96004583.96 90733480.29

Deferred income tax liabilities 23678906.52 26601881.56

Other non-current liabilities

Total non-current liabilities 579611048.18 698908515.00

Total liabilities 4325192149.24 4439206031.91

Shareholders’ equity

Share capital 843212507.00 843212507.00

Other equity instruments

Preferred stock

Perpetual bond

Capital public reserve 717097098.38 717097098.38

Less: Treasury stock

Other comprehensive income 2208669.73 2208669.73

Special preparation 2045492.92

Surplus public reserve 910830538.64 895618513.69

Generic risk reserve

Retained profit 706886644.75 673966177.84

Total owner’s equity attributable to parent company 3182280951.42 3132102966.64

5Minority interests 58739268.27 57006488.80

Total owner’s equity 3241020219.69 3189109455.44

Total liabilities and shareholder’s equity 7566212368.93 7628315487.35

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

6CONSOLIDATION INCOME STATEMENT

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. January - September 2025 Unit: RMB Yuan

Items January-September 2025 January- September 2024

I. Total sales 3613058611.70 3714576184.29

II. Total operating cost 3531600397.20 3619395880.14

Including: Operating cost 3019327445.86 3083066536.66

Taxes and associate charges 24486110.52 25301740.22

Selling and distribution expenses 173604482.44 177733416.52

Administrative expenses 190894681.36 192041104.19

R&D expenses 110934948.81 122466256.78

Financial expense 12352728.21 18786825.77

Including: interest expense 18160617.18 26197636.85

interest income 4666551.00 7366985.80

Add: Other income 14709185.74 22721435.20

Gain/(loss) from investment 28221773.48 21039521.01

Including: income from investment on

affiliated enterprise and jointly enterprise 29335619.06 16051027.33Gain/(loss) from change in fair value (loss as “-“) -1963801.44Credit impairment loss (loss as “-“) -16524780.51 -25467136.16Assets impairment loss (loss as “-“) -6543974.88 -916551.56Gain/(loss) from asset disposal (loss as “-“) -76900.15 9109374.48III. Operating profit 101243518.18 119703145.68

Add: non-business income 8112066.33 7965638.73

Less: non-business expense 2841785.98 8104547.75

IV. Total profit 106513798.53 119564236.66

Less: Income tax 13047901.84 22084391.48

V. Net profit 93465896.69 97479845.18

(I) Net profit from continuous operation 93465896.69 97479845.18

(II)Net profit from discontinuing operation

Net profit attributable to parent company 90293117.21 94574665.85

Minority shareholders’ gains and losses 3172779.48 2905179.33

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

75. Foreign-currency financial statement translation

difference

6、Others

……

After-tax net amount of other comprehensive incomes

attributable to minority shareholders

VII Total comprehensive income 93465896.69 97479845.18

Total comprehensive income attributable to parent

company 90293117.21 94574665.85

Total comprehensive income attributable to minority

shareholders 3172779.48 2905179.33

VIII. Earnings per share

(I) basic earnings per share 0.11 0.11

(II) diluted earnings per share 0.11 0.11

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

8CONSOLIDATION CASH FLOW STATEMENT

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. January - September 2025 Unit: RMB Yuan

Items January-September 2025 January - September 2024

I. Cash flows arising from operating activities:

Cash received from selling commodities and providing 3167200898.07 2905758529.20

labor services

Write-back of tax received 39150019.09 22011582.05

Other cash received concerning operating activities 70935030.85 91745477.33

Subtotal of cash inflow arising from operating activities 3277285948.01 3019515588.58

Cash paid for purchasing commodities and receiving

labor service 2386613531.72 2138541505.29

Cash paid to/for staff and workers 582802958.40 584474379.93

Taxes paid 135365245.83 143074236.32

Other cash paid concerning operating activities 187723488.06 198711697.22

Subtotal of cash outflow arising from operating

activities 3292505224.01 3064801818.76

Net cash flows arising from operating activities -15219276.00 -45286230.18

II. Cash flows arising from investing activities:

Cash received from recovering investment 34931610.00

Cash received from investment income 3778795.29 8235252.15

Net cash received from disposal of fixed intangible and

other long-term assets 479993.81 32604598.86

Net cash received from disposal of subsidiaries and

other units

Other cash received concerning investing activities 50000000.00 168000000.00

Subtotal of cash inflow from investing activities 54258789.10 243771461.01

Cash paid for purchasing fixed intangible and other

long-term assets 111991616.72 57610696.26

Cash paid for investment 1800000.00

Net cash paid for achievement of subsidiaries and other

business units

Other cash paid concerning investing activities 100000000.00 100000000.00

Subtotal of cash outflow from investing activities 213791616.72 157610696.26

Net cash flows arising from investing activities -159532827.62 86160764.75

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 152932821.74 285663418.15

Cash received from issuing bonds

Other cash received concerning financing activities 10997196.67 3500097.68

Subtotal of cash inflow from financing activities 163930018.41 289163515.83

Cash paid for settling debts 238642506.56 292575097.77

Cash paid for dividend and profit distributing or interest

paying 58092761.31 50908684.76

Including: dividends or profit paid by subsidiaries to

minority shareholders

Other cash paid concerning financing activities 23449118.32 58758250.92

Subtotal of cash outflow from financing activities 320184386.19 402242033.45

Net cash flows arising from financing activities -156254367.78 -113078517.62

IV. Influence on cash due to fluctuation in exchange rate 3571436.47 3224803.13

9V. Net increase of cash and cash equivalents -327435034.93 -68979179.92

Add: Balance of cash and cash equivalents at the period

-begin 951579683.60 670440335.98

VI. Balance of cash and cash equivalents at the period–

end 624144648.67 601461156.06

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 23 2025

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