Bingshan Refrigeration & Heat Transfer Technologies Co.

000530.SZ

Industrial - Machinery · Industrials

Price

¥5.14

-0.03 (-0.58%)

Market Cap

¥3.09B

Exchange

Shenzhen Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+5.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 840.8M (2021) → 886.3M (2025)

Winston Score History

The full picture

Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. is a Chinese enterprise focused on the comprehensive lifecycle of industrial and commercial cooling and climate control equipment, encompassing everything from initial design and manufacturing to sales, installation, and ongoing maintenance. The company also extends its operations into refrigerated and frozen food storage, heating solutions, environmental air conditioning systems, and various engineering and technical support services. Its offerings include robust after-sales assistance, upkeep, and warranty provisions. Founded in 1930, the firm was formerly known as Dalian Refrigeration Company Limited until it rebranded to its current name in December 2019. Its corporate headquarters are located in Dalian, China.

Score breakdown

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Quality

Profit per sale

Gross Margin

15.3%

Thin — 15.3% gross margin

Profit after running costs

Operating Margin

1.4%

Thin — 1.4% operating margin

Return on the money invested

ROCE

0.5%

Weak — 0.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-6.5%

Shrinking sales (-6.5% YoY)

Profit growth

EPS YoY

-67.9%

Earnings shrinking (-67.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

99%

Turns 99% of profit into real cash

Spare cash per sale

FCF Margin

-3.3%

Burning cash (-3.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.46

Conservative — low debt load (0.46)

Covers its interest

Interest Cover

1.13x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

126.0x

Expensive — P/E 126.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+85.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (126.0 → 40.3)

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Dividends

Dividend

Dividend Yield

0.97%

Small dividend — 0.97% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+40.0%

Dividend growing fast (40.0% YoY)

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