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Iceberg Cold & Heat Technology Co., Ltd.

Iceberg Hot and Cold

Harmonious Iceberg, Soaring Dreams

Iceberg Hot and Cold

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3: Company’s 2021 Annual Financial Settlement Report

2021 Document No. 3 for the Annual General Meeting

Regarding the Company’s 2021 Annual Financial Settlement Report

Dear Shareholders:

Audited by PwC Zhonghui Certified Public Accountants, the Company’s asset position and the completion status of its key financial and economic indicators for the year 2021 are as follows:

I. Company Asset Status

2021 At year-end, the company’s total assets amounted to RMB 573,557 million, an increase of 2.12% compared with year-end 2020. Specifically: current assets totaled RMB 296,129 million, up 18.37% from year-end 2020, primarily due to an increase in cash and cash equivalents and the inclusion of completed but not yet accepted turnkey projects in inventory; non-current assets totaled RMB 277,428 million, a decrease of 11.04% from year-end 2020.

Among non-current assets, fixed assets amounted to RMB 855.40 million, a decrease of 4.01% compared with the end of 2020; long-term equity investments totaled RMB 1,231.50 million, down 18.38% from the end of 2020, primarily due to the company’s transfer of its 40% equity interest in Panasonic Refrigeration and a decline in investment income from associates; construction-in-progress stood at RMB 38.97 million, up 13.78% from the end of 2020; other non-current financial assets amounted to RMB 261.41 million, an increase of 9.24% from the end of 2020; investment property was RMB 120.75 million, a decrease of 4.38% from the end of 2020; intangible assets totaled RMB 142.59 million, down 1.96% from the end of 2020; and other assets amounted to RMB 123.66 million, a reduction of 15.46% from the end of 2020, mainly attributable to a decline in long-term receivables.

2021 At year-end, the company’s total liabilities amounted to RMB 268,607 million, an increase of 20.32% compared with the end of 2020. Specifically, current liabilities totaled RMB 236,881 million, up 23.87% from the end of 2020, primarily due to an increase in orders and a corresponding rise in contract liabilities; non-current liabilities stood at RMB 31,726 million, down 0.45% from the end of 2020.

2021 At year-end, total shareholders’ equity amounted to RMB 30,495 million, a decrease of 9.26% compared with the end of 2020; equity attributable to parent company shareholders totaled RMB 30,028.4 million, down 8.65% from the end of 2020. The decline in shareholders’ equity was primarily attributable to substantial losses for the period.

II. Status of Achievement of the Company’s Key Financial and Economic Indicators

1 In 2021, operating revenue reached RMB 208,921 million, representing a year-on-year increase of 20.95% from RMB 172,727 million in the same period last year.

2 In 2021, the company recorded a total profit of RMB -289.49 million and a net profit attributable to owners of the parent company of RMB -269.06 million, resulting in substantial losses. The primary reasons are as follows:

First, due to the substantial increase in raw material prices and intensifying market competition, the gross profit margin declined by 5.59 percentage points year on year, resulting in a RMB 55.07 million reduction in gross profit.

Second, due to the increase in long-aged accounts receivable, in accordance with the company’s policy on impairment provisions for assets, the company recognized an additional credit impairment loss of RMB 56.08 million; furthermore, in line with the principle of more prudent asset valuation, the company also recognized additional inventory write-down provisions and impairment provisions for contract fulfillment costs totaling RMB 36.15 million.

Third, among the Company’s associates, the adoption of the new Financial Instruments Standard by its Sino-foreign joint ventures effective January 1, 2021 resulted in a substantial increase in provisions for credit impairment losses. In addition, adverse factors such as a sharp rise in raw material prices and the significant impact of the COVID-19 pandemic on the new retail equipment leasing business led to a year-on-year decrease of RMB 149.93 million in the Company’s investment income from its associates.

Please review the above report.

2022 May 18, Year