Stock Code: 000530; 200530 Short Form of the Stock: Bingshan; Bingshan B; No: 2020-023
Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
2020 Semiannual Report Summary
Important NotesThis summary is extracted from the original of the semiannual report. For more information, theinvestors are recommended to refer to the original.Non-standard audit opinion presentation □ Applicable √ Not applicableProfit distribution and dividend payment □ Applicable √ Not applicable
§1 Company Profile
| Short form of the stock | Bingshan; Bingshan B |
| Stock code | 000530; 200530 |
| Listed stock exchange | Shenzhen Stock Exchange |
| Legal name in Chinese | 冰山冷热科技股份有限公司 |
| Short form of legal name | 冰山冷热 |
| Legal English name | Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. |
| Abbreviation of legal English name | Bingshan |
| Legal representative | Ji Zhijian |
§2 Summary of Accounting Data and Financial IndexesDid the Company retroactively adjust or restate the accounting data of previous years due tochange in the accounting policy and correction of accounting mistakes?
□ Yes √ No Unit: RMB Yuan
| 2020.1-6 | 2019.1-6 | Increase/decrease compared with the same period of last year | |
| Operating revenue | 873,403,414.46 | 1,075,729,240.57 | -18.81% |
| Net profit attributable to shareholders of listed companies | -23,604,345.52 | 108,373,919.30 | -121.78% |
| Net profit belonging to the shareholders of listed companies after the deduction of non-recurring profit and loss | -8,256,994.99 | 35,262,178.97 | -123.42% |
| Net cash flow from operating activities | -78,350,688.75 | -77,776,037.88 | -0.74% |
| Basic earnings per share | -0.028 | 0.127 | -122.05% |
| Diluted earnings per share | -0.028 | 0.127 | -122.05% |
| Weighted average return on net asset yield | -0.70% | 3.16% | Decrease 3.86 percentage points |
| 2020.6.30 | 2019.12.31 | Increase/decrease compared with 2019.12.31 | |
| Total assets | 5,612,514,325.40 | 5,525,503,256.26 | 1.57% |
| Owner's equity attributable to shareholders of listed companies | 3,330,664,309.16 | 3,379,565,029.89 | -1.45% |
Net profit attributable to parent company decreased and slipped into loss significantly y-o-y ,mainly due to 1.in the same period of last year, there was a large amount of non-recurringgains,following:(1) The Gain from change in fair value of Guotai Junan has been recorded into the
current profit and loss since Jan. 1, 2019, which is about 40.46 million yuan;(2) During the sameperiod of last year, the Company's exchangeable corporate bondholders exchanged a total of 8.3889million shares, increasing the current investment income about 40.57 million yuan. 2.During thereporting period, there are large amount of non-recurring losses, mainly due to that the negativechange in fair value of Guotai Junan has made the Company loss about 16.42 million yuan firsthalf-year.3.During the first half of 2020, with the affection of the 2019-nCo, the profit of theCompany and associated companies has decreased along with the operating revenue.
§3 Statement of shares held by the top ten common shareholders
| Total number of shareholders in the reporting period | 47,718 | |||||
| Shareholding of top ten shareholders | ||||||
| Name | Nature | Proportion | Total number | Number of shares with sale restriction | Number of pledged shares or shares frozen | |
| Dalian Bingshan Group Co., Ltd. | Domestic non-state-owned legal person | 20.27% | 170,916,934 | 0 | 0 | |
| Sanyo Electric Co., Ltd. | Overseas legal person | 8.72% | 73,503,150 | 0 | 0 | |
| Zhang Sufen | Domestic natural person | 2.00% | 16,900,000 | 0 | 0 | |
| Lin Zhenming | Foreign natural person | 0.80% | 6,753,920 | 0 | 0 | |
| Wu An | Domestic natural person | 0.53% | 4,500,000 | 0 | 0 | |
| Sun Huiming | Domestic natural person | 0.52% | 4,384,079 | 0 | 0 | |
| Xue Hong | Domestic natural person | 0.42% | 3,530,730 | 0 | 0 | |
| Dalian industrial development investment Co., Ltd. | Domestic non-state-owned legal person | 0.40% | 3,406,725 | 0 | 0 | |
| Li Xiaohua | Domestic natural person | 0.36% | 3,011,908 | 0 | 0 | |
| Chen Naisheng | Domestic natural person | 0.27% | 2,311,330 | 0 | 0 | |
| Notes to the associated relationship and uniform actions of the above shareholders | Dalian Bingshan Group Co., Ltd. had the association relationship with Sanyo Electric Co., Ltd. among the above shareholders. Sanyo Electric Co., Ltd. holds 26.6% of Dalian Bingshan Group Co., Ltd.'s equity. | |||||
§4 Variation in controlling shareholders or actual controllersVariation in controlling shareholders in the report period
□ Applicable √ Not applicable
Variation in actual controllers in the report period
□ Applicable √ Not applicable
§5 Information on Preferred Stock
□ Applicable √ Not applicable
In the reporting period, the Company didn’t own preferred stock.
§6 Corporate BondsThe Company’s non-public issuance of exchangeable corporate bonds was listed at the ShanghaiStock Exchange on August 6, 2018. As of August 1, 2018, according to the using plan disclosed in
the prospectus, the raised funds of the Company’s non-public issuance of exchangeable corporatebonds have been used to repay bank loans. The special account for the Company's 2018exchangeable corporate bonds fund raising was cancelled in March 2019. During the reportingperiod, the Company's exchangeable corporate were not exchanged for shares.
§7 Business discussion and analysisIn the first half of 2020, the Company continued to focus on "exploitation, pragmatism,collaboration and action" to maintain strategic momentum, strengthen development confidence,focus on hot and cold main businesses, deepen market segmentation, continuously improve andinnovate, and strive to achieve major business objectives. In the first half of 2020, the Companyachieved operating income of 873,403 thousand yuan, a year-on-year decrease of 18.81%;achieved net profit attributable to shareholders of the Company of -23,604 thousand yuan. Netprofit decreased and slipped into loss significantly y-o-y, mainly due to: in the same period of lastyear, there were large amount of non-recurring gains; during the reporting period, there were largeamount of non-recurring losses; during the reporting period, with the affection of the 2019-nCo,the profit has decreased along with the operating revenue for the Company and associatecompanies.
During the reporting period, the Company made steady progress and operated prudently. Theprevention and control of the epidemic situation was carried out pragmatically, the production andoperation were stable and orderly, and the sales and orders steadily rebounded. The Companyundertook the "Liaoning Province Novel Corona virus Infection Pneumonia CentralizedTreatment Center Project and the Sixth Hospital of Dalian Negative Pressure Ward ReconstructionProject", contributing professional strength to the prevention and control of the epidemic. Weoptimized business and collaboration systems, implemented matrix management, and thetechnology and market were integrated more closely. We also renamed the Company, unified thetrade name and trademark, enhanced the brand value of Bingshan, and highlighted the Company’shot and cold main business.
During the reporting period, Wuhan New World Refrigeration, a subsidiary of the Company,faced the impact of the epidemic and resumed work in an orderly manner. It overcame manydifficulties such as travel limitation and isolation, and assisted the key project of country's povertyalleviation, i.e. the refrigeration system complete installation project for developing the collectiveeconomic poultry industry at the impoverished villages of Moyu County, Hetian District, Xinjiang,to ensure the feeding and production on schedule. Comprehensive solutions such as natural gasliquefaction, industrial waste heat utilization, and coal mine shaft antifreeze were furtheroptimized.
During the reporting period, Bingshan Engineering Company, a subsidiary of the Company,established several professional work departments to further develop its superior market segment.In the food cold chain market, it gave full play to the first-class qualification advantages,integrated resources, established strategic cooperation with major customers, won bids for carbondioxide projects, corn deep processing projects, central kitchen projects, ammonia systemrenovation projects and other representative projects; in the petrochemical market, it continued toconsolidate its inherent advantages; in the beer and dairy market, key customers have been wellmaintained, and orders have increased significantly on a year-on-year basis; in the natural gas
liquefaction market, it has achieved new developments, and LNG engineering general contractingprojects have received orders again; in the ship market, R717, R507, and R404 refrigerantrefrigerating units have been successfully launched, the installation of the freezing station for largeair-cooled cold-storage boats that broke the monopoly of foreign ships was completed.
During the reporting period, Bingshan Service Company, the Company's subsidiary, accelerateddigital applications through online and offline two-wheel drive. Bingshan Shared Service Platformhas been built in an orderly manner and has provided services for many Bingshan-fundedenterprises. Through product traceability, APP one-click repair service, 4S regional securitymanagement, remote operation and maintenance services, computer room hosting andtransportation and other system solutions, it can effectively solve the customers’ pain points.
During the reporting period, Panasonic Appliances Compressor, an associate company of theCompany, continued its transformation. Through the reform of the marketing system and theconstruction of product informatization, the focus of sales has shifted from large customers tosmall and medium customers. It established a quality center testing center to integrate testingresources and improve the efficiency of quality management. The horizontal scroll compressorobtained the first batch of orders and officially entered the European electric bus market.
During the reporting period, Panasonic Appliances Cold Chain, an associate company of theCompany, focused on the new retail and new catering markets. Aiming at the novel corona virusepidemic, urged consumption patterns to change business opportunities, focused on core productssuch as refrigerating smart self pick-up cabinets, heating smart dining cabinets, and refrigeratingsmart vending cabinets, optimized contactless distribution/sales solutions, and further developedIoT smart cabinets in China and international markets.
During the reporting period, Panasonic Appliances Refrigeration, the Company's associatedcompany, consolidated and improved its engineering competitiveness. It transformed fromregional marketing to field marketing, tilted towards key industries, deeply explored marketsegment, the engineering orders increased significantly on a year-on-year basis. The full life cyclecold chain engineering network cloud platform with integrated solutions as the core was built inan orderly manner, and digital applications were solidly promoted.
During the reporting period, Fuji Bingshan, an associate company of the Company, continued topromote the intelligent and diversified development of its products. The newly developedmulti-function intelligent addressing mini supermarket expanded the sales function of multiplecategories. Fully automatic freshly brewed coffee machines, vending machines selling masks, andfresh machines placed in the community have all been officially launched.
During the reporting period, Jingxue Company, an associate company of the Company, as anenterprise under review for the initial public offering on the ChiNext of the China SecuritiesRegulatory Commission, submitted relevant applications to the ChiNext, which began theimplementation of the registration system pilot, and has been officially accepted by the ShenzhenStock Exchange on July 1, 2020, and is currently under review.
During the reporting period, the Company actively promoted the cultivation and incubation ofemerging businesses while transforming and upgrading its original businesses. Bingshan WisdomPark Company, the Company's indirect associate company, cooperated in the construction of theold factory's intelligent industrial park, enriched humanistic feelings, and focused on intelligentinnovation; Hua Hui Da actively expanded financing channels and enlarged business scale aroundthe high-quality customers of the hot and cold businesses of Bingshan; Fuji Bingshan Controlhelped the smart energy management of Bingshan, steadily promoted demonstration customers inmarket segments; Kelvins Technology implemented the growth strategy of software drivinghardware, energizing the hot and cold business with innovative technology.
§8 Matters related to financial report
8.1 Change in accounting policies, accounting estimates and accounting methods compared withthe financial statements of the previous year
√Applicable □Not applicable
The Ministry of Finance issued on July 5, 2017 about revision issued by the accounting standardsfor enterprises no. 14 - revenue income guidelines (hereinafter generally referred to as the "incomeguidelines"), in domestic and at the same time, listed companies and listed overseas and adoptedinternational financial reporting standards or companies prepare financial statements on theaccounting standard for business enterprises, effective as of January 1, 2018; Other domestic listedenterprises shall enter into force as of January 1, 2020; Non-listed enterprises that implement theaccounting standards for Business Enterprises shall enter into force as of January 1, 2021. Inaccordance with the above requirements, the Company will implement the relevant guidelines asof January 1, 2020.
8.2 Correction of major accounting mistakes in the reporting period, which should be retroactivelyrestated
□ Applicable √ Not applicable
8.3 Explanation on change of consolidation scope in the report period compared with the latestannual report
□ Applicable √ Not applicable
Board of Directors of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.
August 22, 2020