中信证券股份有限公司 关于烟台国丰投资控股集团有限公司及其 子公司烟台国泰诚丰资产管理有限公司 豁免要约收购冰轮环境技术股份有限公司 的持续督导意见 中信证券股份有限公司（以下简称"中信证券"、"财务顾问"）接受委托， 担任烟台国丰投资控股集团有限公司（以下简称"烟台国丰"、"收购人一"）及 其子公司烟台国泰诚丰资产管理有限公司（以下简称"国泰诚丰"、"收购人二"） 豁免要约收购冰轮环境技术股份有限公司（以下简称"冰轮环境"、"上市公司"） 的财务顾问。依照《中华人民共和国证券法》、《上市公司收购管理办法》（以下 简称"《收购办法》"）、《上市公司并购重组财务顾问业务管理办法》等有关规 定，持续督导期从冰轮环境公告收购报告书至收购完成后的 12 个月止（即从 2024 年 4 月 26 日至收购完成后的 12 个月止）。 2024 年 10 月 29 日，冰轮环境披露了 2024 年三季度报告。结合上述 2024 年三 季度报告及日常沟通，中信证券出具了 2024 年三季度报告（从 2024 年 7 月 1 日至 2024 年 9 月 30 日，以下简称"本持续督导期"）的持续督导意见（以下简称"本意 见"） ...

山东睿扬(烟台)律师事务所 关于冰轮环 有限公司 2024年第 次临时股东大会的 F Ray&Young 地址:山东省烟台市莱山区双河东路 1919 号六楼 电话: 0535-6779859 山东睿扬(烟台)律师事务所 关于冰轮环境技术股份有限公司 2024 年第一次临时股东大会的 法律意见书 睿扬法意字(2024) 第 0173 号 致:冰轮环境技术股份有限公司 山东睿扬(烟台)律师事务所(下称"本所")接受冰轮环境技术股份有限公司 (以下简称"公司") 委托，指派本所律师列席公司 2024年第一次临时股东大会, 并出具本法律意见书。 为出具本法律意见书,本所律师列席了公司 2024年第一次临时股东大会,查 阅了本所律师认为出具本法律意见所必须查阅的文件,对公司本次股东大会的召集 和召开程序、出席会议人员资格、表决方式、表决程序的合法性、有效性进行了认 真核查。 本所及经办律师依据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大会规则》 (以下简称《股东大会规则》)、《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则》 ...

第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 证券代码：000811 证券简称：冰轮环境 公告编号：2024-031 冰轮环境技术股份有限公司2024年 公司董事长李增群，董事、总裁赵宝国，董事、常务副总裁舒建国，独立董事 步延东，监事会主席王强，监事齐宝荣，副总裁、财务负责人吴利利，董事会秘书 孙秀欣, 山东睿扬（烟台）律师事务所王兰兰、李春颖律师出席了会议。 二、提案审议表决情况 本次股东大会议案采用现场投票与网络投票相结合的表决方式，议案的表决 结果如下： 1.审议通过《关于变更公司经营范围并修改公司章程相应条款的议案》 总表决情况： 同意 365,256,929 股，占出席本次股东会有效表决权股份总数的 99.7134％； 反对 925,565 股，占出席本次股东会有效表决权股份总数的 0.2527％；弃权 124,252 股（其中，因未投票默认弃权 0 股），占出席本次股东会有效表决权股份 总 ...

证券代码：000811 证券简称：冰轮环境 公告编号：2024-032 冰轮环境技术股份有限公司 关于回购注销部分限制性股票通知债权人的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导 性陈述或重大遗漏。 一、通知债权人原因 冰轮环境技术股份有限公司（以下简称"公司"）分别于 2024 年 10 月 17 日召开董事会 2024 年第四次会议和监事会 2024 年第四次会议，2024 年 11 月 5 日召开 2024 年第一次临时股东大会审议通过了《关于调整限制性股票回购价格 并回购注销部分限制性股票的议案》。 公司 2023 年限制性股票激励计划的 2 名激励对象因客观原因与公司终止劳 动关系，2 名激励对象因个人原因离职，上述 4 名激励对象不再具备激励资格， 根据公司 2023 年限制性股票激励计划有关规定，公司将对上述激励对象已获授 但尚未解除限售的共计 90,000 股限制性股票进行回购注销。 本次回购完毕后，公司将向中国证券登记结算有限责任公司深圳分公司申请 该部分股票的注销。 本次回购注销部分限制性股票的具体情况详见公司于 2024 年 10 月 19 日在 《中 ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2024】第 023 号 | --- | --- | --- | --- | --- | --- | |-------------------------|------------------------------|----------------------------------------------|-------|-------|-------| | | | | | | | | | √ 特定对象调研 | □ 分析师会议 | | | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | | | □ 现场参观 | □ 其他 | | | | | 参与单位名称 及人员姓名 | | 华夏基金戴方哲、高爽、张景松，长江证券贾少波 | | | | | 时间 | 2024 年 11 月 4 日 | | | | | | 地点 | 腾讯会议 | | | | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | | | | | ...

[Table_StockNameRptType] 冰轮环境（000811） 公司点评 冰轮环境：业绩短期扰动，看好公司长期发展 | --- | --- | |---------------------------------------|------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： 2024-11-01 | | | 570 收盘价（元） | 10.20 | | 近 12 个月最高/最低（元） | 14.68/7.73 | | 总股本（百万股） | 763.66 | | 流通股本（百万股） | 745.83 | | 流通股比例（%） | 97.67% | | 总市值（亿元） | 77.89 | | 流通市值（亿元） | 76.07 | | | | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 30% 冰轮环境 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com [Ta ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2024】第 022 号 | --- | --- | --- | --- | |-------------------------|-------------------------------|--------------|-------| | | | | | | | √ 特定对象调研 | □ 分析师会议 | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | □ 其他 | | | 参与单位名称 及人员姓名 | 国泰基金陈雨杨 | | | | 时间 | 2024 年 10 月 30 日 | | | | 地点 | 腾讯会议 | | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | | | --- | --- | |-----------------------------|------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 4.956 billion yuan for the first three quarters of 2024, a year-on-year decrease of 11.1%. The net profit attributable to the parent company was 474 million yuan, down 16.5% year-on-year. In Q3 alone, revenue was 1.606 billion yuan, also down 16.5% year-on-year, with a net profit of 143 million yuan, a decline of 26.1% [3][4]. Summary by Sections Revenue Performance - In Q3 2024, the company's revenue continued to face pressure, reflecting a trend that began in the second half of 2023. The central air conditioning segment (Dunhanbushi Group) generated approximately 1.16 billion yuan in revenue, showing a growth of 4.3% year-on-year, but this growth rate has significantly slowed compared to 2023. The revenue from refrigeration compressor equipment is expected to decline year-on-year due to high base effects from the previous year and weak demand this year [4][5]. Profitability Metrics - The net profit margin for Q3 2024 was 9.80%, a slight decrease of 0.65 percentage points year-on-year. The gross margin was 28.07%, down 1.08 percentage points year-on-year. The expense ratio increased to 19.78%, up 1.94 percentage points year-on-year, primarily due to a significant reduction in foreign exchange gains and increases in management and sales expense ratios [6]. Cash Flow Analysis - The net cash flow from operating activities for Q1, Q2, and Q3 of 2024 was -377 million yuan, 118 million yuan, and 181 million yuan, respectively, with Q3 cash flow net amount decreasing by 25.1% year-on-year. The cash collection ratio for the first three quarters was 92.4%, slightly down by 1.0 percentage points year-on-year [6]. Market Position and Future Outlook - The company has over 60 years of experience in compressor technology and holds a leading market share of over 30% in the cold chain sector. The "14th Five-Year Plan" for cold chain logistics is expected to drive an investment scale of approximately 71.7 billion yuan in refrigeration compressor equipment. The company is also well-positioned in the energy and chemical sectors, with significant demand for orders in petrochemicals, LNG, and lithium batteries. Future growth is anticipated in carbon capture and hydrogen energy equipment [7]. Financial Forecast - The company is projected to achieve revenues of 6.93 billion yuan, 7.51 billion yuan, and 8.26 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -7.5%, +8.3%, and +10.0%. The net profit attributable to the parent company is expected to be 592 million yuan, 659 million yuan, and 728 million yuan for the same years, with corresponding growth rates of -9.6%, +11.4%, and +10.5%. The price-to-earnings (PE) ratios are estimated at 13.2x, 11.8x, and 10.7x for 2024, 2025, and 2026 [6][7].

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2024】第 021 号 | --- | --- | --- | --- | --- | --- | |-------------------------|-------------------------------|------------------------------------------------|-------|-------|-------| | | | | | | | | | √ 特定对象调研 | □ 分析师会议 | | | | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | | | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | | | □ 现场参观 | □ 其他 | | | | | 参与单位名称 及人员姓名 | | 兴全基金姚佳、汇添富基金袁天洋、广发证券汪家豪 | | | | | 时间 | 2024 年 10 月 29 日 | | | | | | 地点 | 公司 | | | | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | | | | ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,606,077,000, a decrease of 16.55% compared to CNY 1,924,352,000 in the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was CNY 132,891,000, down 26.12% from CNY 184,230,000 year-on-year[3] - The basic earnings per share for Q3 2024 was CNY 0.20, a decline of 16.67% compared to CNY 0.24 in the previous year[3] - The weighted average return on equity decreased to 2.46% in Q3 2024, down 1.18 percentage points from 3.99% in the same period last year[3] - Total operating revenue for Q3 2024 was CNY 4,956,233,573.64, a decrease of 11.1% from CNY 5,577,630,805.97 in Q3 2023[12] - Net profit for Q3 2024 was CNY 507,012,207.07, down 11.9% from CNY 575,578,420.48 in Q3 2023[13] - The total comprehensive income for Q3 2024 was CNY 522,373,484.43, slightly down from CNY 532,154,458.76 in Q3 2023[14] - The operating profit for Q3 2024 was CNY 573,977,955.28, down 12.0% from CNY 652,610,126.71 in Q3 2023[13] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 11,398,970,196.21, reflecting a 0.88% increase from the previous year[3] - As of September 30, 2024, the total assets amounted to CNY 11,595,344,444.96, an increase from CNY 11,493,894,899.70 at the beginning of the period, reflecting a growth of approximately 0.89%[11] - The total liabilities decreased to CNY 5,318,776,807.15 from CNY 5,665,322,653.90, reflecting a reduction of 6.1%[12] - The total current liabilities decreased from CNY 3,479,000,000 to CNY 3,200,000,000, indicating a reduction of about 8.0%[11] - The total non-current liabilities increased to CNY 824,018,617.76 from CNY 609,897,769.00, marking a rise of 35.2%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,579, with the largest shareholder holding 13.46%[7] - The equity attributable to shareholders increased by 7.59% to CNY 5,376,009,210.02 compared to the previous year[3] - The company's retained earnings rose to CNY 4,028,772,068.00, up from CNY 3,631,151,578.48, an increase of 10.9%[12] Cash Flow and Investments - The company reported a cash flow from operating activities of CNY 33,640,000, a decrease of 19.24% compared to the previous year[3] - The cash inflow from operating activities for the current period is ¥4,693,981,222.17, a decrease of 11.5% compared to ¥5,307,341,882.26 in the previous period[15] - The net cash flow from operating activities is -¥78,044,100.65, compared to -¥70,488,250.46 in the previous period, indicating a worsening cash flow situation[15] - The total cash inflow from investment activities is ¥523,138,529.55, down 34.4% from ¥797,742,831.45 in the previous period[16] - The net cash flow from investment activities is -¥233,512,731.07, compared to -¥24,229,668.59 in the previous period, reflecting increased cash outflows[16] - The cash inflow from financing activities is ¥490,845,973.70, a decrease of 40.7% from ¥828,016,532.47 in the previous period[16] - The net cash flow from financing activities is -¥100,333,507.15, compared to a positive net flow of ¥164,406,607.31 in the previous period, indicating a significant decline[16] - The ending balance of cash and cash equivalents is ¥1,822,671,149.14, down from ¥2,301,251,790.07 in the previous period, showing a decrease of 20.8%[16] Operational Metrics - The company's cash and cash equivalents decreased to CNY 1,853,893,693.66 from CNY 2,294,107,047.42, representing a decline of about 19.2%[10] - Accounts receivable increased to CNY 1,829,511,969.09 from CNY 1,710,602,387.54, showing a growth of approximately 6.9%[11] - The company's inventory slightly decreased to CNY 1,404,162,611.45 from CNY 1,406,875,229.47, a marginal decline of about 0.2%[11] - The long-term equity investments increased to CNY 375,982,091.67 from CNY 332,948,088.71, reflecting a growth of approximately 12.9%[11] - The company reported a decrease in contract liabilities from CNY 1,034,921,108.47 to CNY 858,232,708.82, a reduction of about 17.0%[11] - The total non-current assets increased to CNY 4,062,446,938.81 from CNY 3,919,560,312.63, indicating a growth of approximately 3.6%[11] - The company's short-term borrowings decreased significantly from CNY 380,499,609.34 to CNY 254,911,217.11, a decline of about 33.0%[11] - The total current assets slightly decreased to CNY 7,532,897,506.15 from CNY 7,574,334,587.07, reflecting a decline of approximately 0.5%[11] Research and Development - Research and development expenses for Q3 2024 were CNY 189,949,301.65, a decrease of 9.2% compared to CNY 209,155,649.86 in Q3 2023[13] Other Information - The company acquired 100% equity of Yantai Binglun Group Co., Ltd. in the first half of 2024, which was included in the consolidated financial statements[3] - Non-operating income from government subsidies amounted to CNY 20,623,852.55 year-to-date[4] - The company received ¥14,939,983.75 in tax refunds, slightly down from ¥15,441,299.15 in the previous period[15] - The company has not undergone an audit for the third quarter report[16]