Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B No:2026-034

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

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

Increase/decrease Increase/decrease over

2025.7-9 2025.1-9

2026.7-9 over 2025.7-9 2026.1-9 2025.1-9

Before adjustment After adjustment After adjustment After adjustment After adjustment After adjustment

Total operating income 1116337439.29 1232737829.79 1235957000.48 -9.68% 3296007784.85 3613058611.70 3621231786.53 -8.98%

Net profit attributable to

parent company 14170751.52 12002679.43 12133955.62 16.79% 61313367.59 90293117.21 90677731.91 -32.38%

Net profit attributable to

parent company after

deducting non-recurring 8074914.37 6277524.31 6277524.31 28.63% 38808466.52 79189507.09 79189507.09 -50.99%

gains/losses

Net cash generated from

operating activities — — — — 70910195.43 -15219276.00 -14194712.68 -

Basic earnings per share 0.017 0.014 0.014 21.43% 0.07 0.11 0.11 -36.36%

Diluted earnings per

share 0.017 0.014 0.014 21.43% 0.07 0.11 0.11 -36.36%

Weighted average return Increase 0.07 Decrease 0.93

on net asset yield 0.45% 0.38% 0.38% 1.94% 2.86% 2.87%percentage points percentage points

2025.12.31 Increase/decrease over 2025.12.31

2026.9.30

Before adjustment After adjustment After adjustment

Total assets 7601412364.04 7596536378.75 7607143933.63 -0.08%

Shareholder’s equity

attributable to parent 3174170184.40 3153969751.79 3154703294.56 0.62%

company

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

Profit and loss from disposal of non-current assets -62948.52 -196147.78

Government subsidies which were included in the current profits and

losses 3417249.42 15135400.54

Allowance for impairment reversal of receivables tested separately for

impairment 500000.00 3012140.03

The net profit and loss of the subsidiary period from the beginning to the

consolidation date of the company under the same control. 34179.37

Gains and losses on debt restructuring -1080258.77 1493068.34

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

discontinuation of related business activities -401976.34 -1090039.09

Other non-operating incomes and expenses except the above mentioned 4157204.10 6311980.86

Income tax effects 446218.54 2022999.64

Minority equity interests effects (after tax) -12785.80 172681.56

Total 6095837.15 22504901.07

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

√ Applicable □ Inapplicable

(1). Other current assets decreased by 43.19% compared with the beginning of the year mainly due to the reduction

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

(2). The construction in progress increased by 78.86% compared to the beginning of the year mainly due to the

investment for the digital upgrade and transformation of the production line of the subsidiary company Sonyo

Compressor has increased.

(3).Other non-current assets increased by 37.25% compared to the beginning of the year mainly due to the addition

of properties used for debt settlement in the current period.

(4). Employee compensation payable has decreased by 48.68% 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 increased by 80.35% year-on-year mainly due to the impact of exchange rate losses.

(6).The net cash flow from operating activities has increased significantly year-on-year mainly due to the

strengthened collection of receivables and the rational matching of cash payments.

(7). The net cash flow generated from investment activities has increased significantly year-on-year mainly due to

the capital investment in fixed assets of the company's subsidiary Sonyo Compressor as well as the impact of time

deposits during the same period

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

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

period 58398 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-ownedlegal person 20.27% 170916934

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

Lin Zhenming Foreign natural person 0.80% 6710000

Wu Xiaodong Domestic natural person 0.55% 4613400

Xue Hong Domestic natural person 0.43% 3660000

UBS AG Overseas legal person 0.40% 3363908

MORGAN STANLEY & CO.INT ERNATI ONAL Overseas legal person 0.36% 3021649

PLC.Che Shuliang Domestic natural person 0.28% 2390200

Chen Naisheng Domestic natural person 0.27% 2311330

J. P. Morgan Securities PLC Overseas legal person 0.26% 2188673

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 4613400 Domestically listed foreign shares

Xue Hong 3660000 Domestically listed foreign shares

UBS AG 3363908 RMB denominated ordinary shares

MORGAN STANLEY & CO.INT ERNATI ONAL PLC. 3021649 RMB denominated ordinary shares

Che Shuliang 2390200 RMB denominated ordinary shares

Chen Naisheng 2311330 RMB denominated ordinary shares

J. P. Morgan Securities PLC 2188673 RMB denominated ordinary 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 58398 including 51748A-

share shareholders and 6650 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

§4 Financial Statements

CONSOLIDATION BALANCE SHEET

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. September 30 2026 Unit: RMB Yuan

Items 30-Sep-2026 1-Jan-2026

Current assets:

Monetary funds 745896300.23 881961122.28

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 287133162.20 327073361.42

Accounts receivable 1826149691.72 1635556614.58

Receivables financing 322504636.56 335509461.15

Accounts paid in advance 191530312.30 155949650.91

Other receivables 42403978.89 43092575.59

Interest receivables

Dividend receivable

Inventories 1459756587.05 1439914414.18

Contract assets 155138816.72 161816928.39

Assets held for sale

Non-current asset due within one year 403438.22 359632.86

Other current assets 19827385.84 34899376.92

Total current assets 5050744309.73 5016133138.28

Non-current assets:

Finance asset held available for sales

Held-to-maturity investment

Long-term account receivable 1215310.60 1215818.17

Long-term equity investment 496801708.60 483028918.31

Other Non-current financial assets 1683852.59 1683852.59

Investment property 135314187.07 121350188.47

Fixed assets 1183797695.78 1261222376.24

Construction in progress 28025970.54 15669392.61

Right of use assets 16120339.11 18009137.49

Engineering material

Disposal of fixed asset

Productive biological asset

Oil and gas asset

Intangible assets 240920477.27 252007735.29

Expense on Research and Development

Goodwill 286402171.93 286402171.93

Long-term expenses to be apportioned 6777261.05 6036271.48

Deferred income tax asset 127475391.42 125344507.42

Other non-current asset 26133688.35 19040425.35

Total non-current asset 2550668054.31 2591010795.35

Total assets 7601412364.04 7607143933.63

Current liabilities:

Short-term loans 206876071.77 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

Notes payable 765375813.45 665364289.18

Accounts payable 1785521607.72 1664582164.08

Accounts received in advance

Contract liabilities 532078974.10 525086822.72

Wage payable 64243867.20 125177034.62

Taxes payable 20398618.94 19752816.57

Other accounts payable 196023454.77 242101014.95

Interest payable

Dividend payable 533156.00 533156.00

Liabilities held for sale

Non-current liabilities due within one year 191028706.54 237446970.64

Other current liabilities 164685701.43 184739239.53

Total current liabilities 3926232815.92 3866086817.18

Non-current liabilities:

Long-term loans 304100000.00 368328245.18

Bonds payable

Preferred stock

Perpetual bond

Lease liability 13019492.77 16563173.78

Long-term account payable 15734198.72 18845786.63

Long-term wage payable

Special Payable

Anticipation liabilities 3036070.48 2300208.22

Deferred income 79023548.98 92793132.73

Deferred income tax liabilities 26096060.27 28734303.46

Other non-current liabilities

Total non-current liabilities 441009371.22 527564850.00

Total liabilities 4367242187.14 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 3722764.40 1988616.80

Surplus public reserve 947945927.76 923202335.01

Generic risk reserve

Retained profit 659983217.13 666260524.87

Total owner’s equity attributable to parent company 3174170184.40 3154703294.56

Minority interests 59999992.50 58788971.89

Total owner’s equity 3234170176.90 3213492266.45

Total liabilities and shareholder’s equity 7601412364.04 7607143933.63

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

CONSOLIDATION INCOME STATEMENT

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. January - September 2026 Unit: RMB Yuan

Items January-September 2026 January-September 2025

I. Total sales 3296007784.85 3621231786.53

II. Total operating cost 3247198908.47 3539351270.91

Including: Operating cost 2753383561.95 3025681296.65

Taxes and associate charges 24609370.45 24515216.19

Selling and distribution expenses 149832423.57 173608819.73

Administrative expenses 191968092.25 192220929.46

R&D expenses 105059787.57 110934948.81

Financial expense 22345672.68 12390060.07

Including: interest expense 15428791.69 18195326.75

interest income 3307840.82 4667033.71

Add: Other income 13243780.87 14731762.26

Gain/(loss) from investment 20518973.86 28221773.48

Including: income from investment on

affiliated enterprise and jointly enterprise 19496117.58 29335619.06Gain/(loss) from change in fair value (loss as “-“)Credit impairment loss (loss as “-“) -11921487.21 -16524460.56Assets impairment loss (loss as “-“) -888651.05 -6555914.51Gain/(loss) from asset disposal (loss as “-“) -182990.76 -69094.32III. Operating profit 69578502.09 101684581.97

Add: non-business income 7752815.44 8143535.01

Less: non-business expense 1453991.64 2929703.75

IV. Total profit 75877325.89 106898413.23

Less: Income tax 12506937.69 13047901.84

V. Net profit 63370388.20 93850511.39

(I) Net profit from continuous operation 63370388.20 93850511.39

(II)Net profit from discontinuing operation

Net profit attributable to parent company 61313367.59 90677731.91

Minority shareholders’ gains and losses 2057020.61 3172779.48

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

5. Foreign-currency financial statement translation

difference

6、Others

……

After-tax net amount of other comprehensive incomes

attributable to minority shareholders

VII Total comprehensive income 63370388.20 93850511.39

Total comprehensive income attributable to parent

company 61313367.59 90677731.91

Total comprehensive income attributable to minority

shareholders 2057020.61 3172779.48

VIII. Earnings per share

(I) basic earnings per share 0.07 0.11

(II) diluted earnings per share 0.07 0.11

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

CONSOLIDATION CASH FLOW STATEMENT

Prepared by Bingshan Refrigeration & Heat Transfer Technologies Co. Ltd. January - September 2026 Unit: RMB Yuan

Items January-September 2026 January - September 2025

I. Cash flows arising from operating activities:

Cash received from selling commodities and providing 3104263345.11 3172528743.46

labor services

Write-back of tax received 28184421.93 39150019.09

Other cash received concerning operating activities 66180310.44 71057590.32

Subtotal of cash inflow arising from operating activities 3198628077.48 3282736352.87

Cash paid for purchasing commodities and receiving

labor service 2273118282.30 2383345683.36

Cash paid to/for staff and workers 584464988.22 588280727.68

Taxes paid 99052096.37 136726662.32

Other cash paid concerning operating activities 171082515.16 188577992.19

Subtotal of cash outflow arising from operating

activities 3127717882.05 3296931065.55

Net cash flows arising from operating activities 70910195.43 -14194712.68

II. Cash flows arising from investing activities:

Cash received from recovering investment 4830000.00

Cash received from investment income 4167028.57 3778795.29

Net cash received from disposal of fixed intangible and

other long-term assets 826579.73 480628.81

Net cash received from disposal of subsidiaries and

other units

Other cash received concerning investing activities 50000000.00 50000000.00

Subtotal of cash inflow from investing activities 59823608.30 54259424.10

Cash paid for purchasing fixed intangible and other

long-term assets 45202151.99 112047768.72

Cash paid for investment 1420000.00 1800000.00

Net cash paid for achievement of subsidiaries and other

business units

Other cash paid concerning investing activities 75000000.00 100000000.00

Subtotal of cash outflow from investing activities 121622151.99 213847768.72

Net cash flows arising from investing activities -61798543.69 -159588344.62

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 177094396.67 152932821.74

Cash received from issuing bonds

Other cash received concerning financing activities 9316798.58 10997196.67

Subtotal of cash inflow from financing activities 186411195.25 163930018.41

Cash paid for settling debts 274681543.95 238642506.56

Cash paid for dividend and profit distributing or interest

paying 59590760.28 58092761.31

Including: dividends or profit paid by subsidiaries to

minority shareholders

Other cash paid concerning financing activities 16012158.61 24064630.32

Subtotal of cash outflow from financing activities 350284462.84 320799898.19

Net cash flows arising from financing activities -163873267.59 -156869879.78

IV. Influence on cash due to fluctuation in exchange rate -4463373.26 3571436.47

V. Net increase of cash and cash equivalents -159224989.11 -327081500.61

Add: Balance of cash and cash equivalents at the period

-begin 722021877.01 951579683.60

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

end 562796887.90 624498182.99

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 22 2026