2025年年度报告（英文版）

1Bingshan Refrigeration & Heat TransferTechnologies Co., Ltd.2025 Annual ReportApril, 20262Section 1Important Notice, Table of Contents, and DefinitionsThe directors and the Board of Directors and Senior staff members of BingshanRefrigeration & Heat Transfer Technologies Co., Ltd. (hereinafter referred to asthe Company) hereby confirm that there are not any important omissions,fictitious statements or serious misleading carried in this report, and shall takeall responsibilities, individual and/or joint, for the reality, accuracy andcompleteness of the whole contents.Chairman of the Board of Directors of the Company Mr. Ji Zhijian, FinancialMajordomo Mrs. Wang Jinxiu and the head of Accounting Department Mrs. WuBin hereby confirm that the financial report of the annual report is true andcomplete.All the directors have attended this Board meeting of the Company.There is no significant risk having adverse influence on attainment of theCompany's future development strategy and business targets. The paragraph "The prospect of the Company's future development " in Section 3 of this AnnualReport describes major risks the Company may be confronted with, includingthe risk of Increasing market competition risk, and the Accounts receivable is onthe high side. See the related sections for the countermeasures to be taken by theCompany.The profit distribution proposal reviewed and adopted at this Board meeting ofthe Company is: Based on the total capital stock of 843,212,507 shares, thedividend of RMB 0.5 in cash (including tax) will be distributed for every 10shares; The Company will not transfer the capital reserve to increase capitalstock.This report is written respectively in Chinese and in English. In the event of anydiscrepancy between the two above-mentioned versions, the Chinese versionshall prevail.3CONTENTSSection 1 Important Notice, Table of Contents, and Definitions.................................................................... ............2Section 2 About the Company and Main Financial Indicators....................................................................................6Section 3 Management discussion and analysis.......................................................................................................... 9Section 4 Corporate governance Environmental and Social Responsibility......................................................... .. 19Section 5 Importantitems........................................................................................................................................... 27Section 6 Change in Share Capital and Shareholders' Information…………………………………… ...……......30Section 7 Information on Corporate bonds................................................................................................................33Section 8 Financial Report.........................................................................................................................................344Reference Document