2025-08-13-深交所-冰山B_2025年半年度报告（英文版）页_141页_668kb

Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. 2025 Semiannual Report Summary

Core Content Overview

This report provides an overview of Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd.'s operations, financial performance, and strategic developments from January 1, 2025, to June 30, 2025. The Company focuses on the hot and cold industry, offering a wide range of products and services in industrial refrigeration and heating, commercial refrigeration, air conditioning and environment, engineering and service, and new business fields such as energy storage and CCUS.

Main Financial Indicators

Main Business Analysis

1. Main Business Segments

• Industrial Refrigeration and Heating Business:

  • A core area of the Company, reflecting its technological strength.
  • The Company has reached a level close to international competitors and is improving energy efficiency through heat utilization.
  • Key projects: CNOOC Shell, PetroChina Jilin Petrochemical, Sinopec Maoming Petrochemical.
  • Product range: Piston type, screw type, vortex type refrigeration machines, lithium bromide absorption units, etc.

• Commercial Refrigeration Business:

  • The core business in China, with a focus on green intelligent cold chain solutions.
  • Patented products include pre-cooling equipment, quick freezers, and ammonia and CO₂ refrigeration systems.
  • Key projects: Guangzhou East Rail Intermodal Hub, Shenzhen China Railway Comprehensive Cold Chain Logistics, Shunde Prefabricated Vegetable Project.

• Air Conditioning and Environment Business:

  • Emphasizes energy-saving and environmental protection products, aligned with the "Blue Sky Project."
  • Provides tailored solutions for hospitals, electronic factories, high-end real estate, and rail transit.
  • Bingshan Air Conditioning developed air source heat pump business.

• Engineering and Service Business:

  • The Company has transitioned from equipment manufacturer to a comprehensive solution provider.
  • Offers services from consulting to installation and maintenance.
  • Key projects: BYD Intelligent New Energy Vehicle Comprehensive Testing Field Project.

• New Business Fields:

  • Energy storage thermal management and CCUS are progressing well.
  • The Company is contributing to the national carbon peak and carbon neutral strategy.

2. Financial Performance Highlights

• Operating Revenue: Declined by 2.52% year-on-year, mainly due to market competition and payment recovery challenges.
• Net Profit: Increased by 1.29% year-on-year, showing resilience.
• Net Profit (after non-recurring): Rose by 10.12%, indicating better performance after excluding one-time gains/losses.
• Net Cash Flow from Operating Activities: Improved significantly by 96.83%, attributed to increased sales and better payment collection.
• R&D Expenses: Reduced by 11.94% compared to the same period in 2024, but the Company continued to innovate.

3. Key Projects and Innovations

• The -95 °C low-temperature ethylene cascade unit was selected for the 2024 China Refrigeration Society Energy Conservation, Carbon Reduction, and Environmental Protection Product Catalog.
• OCCS liquefaction unit won a gold medal at the 2025 China Refrigeration Exhibition.
• Carbon dioxide transcritical cold and heat integrated coupling unit was selected as an innovative product at the 2025 China Refrigeration Exhibition.
• 160cc high-efficiency variable frequency scroll compressor for energy storage was also recognized as an innovative product.

Subsidiary Performance

• Bingshan Engineering Company:

  • Deeply cultivated segmented markets.
  • Won bids for high-standard projects.
  • Increased orders in energy storage and CCUS.

• Wuxin Refrigeration (Wuhan New World Refrigeration):

  • Optimized products and solutions.
  • Progressing in oil-free compressor development.

• Bingshan Jiade:

  • Focused on energy-saving and intelligent control.
  • Expanded energy storage customers and orders.
  • Launched a standardized energy-saving solution: "permanent magnet motor + universal frequency conversion + MPC algorithm."

• Sonyo Compressor:

  • Completed a large-scale vortex intelligent workshop.
  • Contributed to data center cooling transformation.
  • Increased orders for energy storage heat exchange units.

• Sonyo Refrigeration:

  • Won key projects including CNOOC Shell Huizhou Phase III Ethylene Project.
  • Developed marine lithium bromide absorption chiller/heater units.

• Sonyo Refrigerator:

  • Focused on product development in dual carbon and energy storage fields.
  • Continued R&D in fluorine pump compressor composite integrated energy storage units.

Challenges and Countermeasures

• Market Competition: Increased competition and payment recovery difficulties are noted.
• Accounts Receivable: High accounts receivable levels pose a risk, but the Company is taking measures to improve collection.
• Strategic Response: The Company is actively expanding into new markets and developing innovative products to maintain competitiveness.

Key Financial Data by Category

By Industry

By Product

By Region

Asset and Liability Changes

• Monetary Funds: Decreased by 2.13 percentage points (from 13.66% to 11.53%).
• Accounts Receivable: Increased by 3.94 percentage points (from 19.56% to 23.50%).
• Inventories: Decreased by 1.58 percentage points (from 18.27% to 16.69%).
• Investment Property: Increased by 0.32 percentage points (from 1.55% to 1.87%).
• Long-term Equity Investment: Increased by 0.42 percentage points (from 6.32% to 6.74%).
• Fixed Assets: Increased by 0.22 percentage points (from 15.89% to 16.11%).
• Construction in Progress: Decreased by 0.37 percentage points (from 1.13% to 0.76%).
• Right of Use Assets: Decreased by 0.05 percentage points (from 0.31% to 0.26%).

Conclusion

The Company has maintained a strong focus on the hot and cold industry, continuously improving its core business and expanding into new markets and technologies. Despite a slight decline in operating revenue, the Company has shown growth in net profit and significant improvements in cash flow from operating activities. The development of innovative products and the expansion of energy storage and CCUS projects highlight the Company's commitment to sustainability and technological advancement.