中信证券股份有限公司 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）。 2025 年 4 月 17 日，冰轮环境披露了 2024 年年度报告。结合上述 2024 年年度报 告及日常沟通，中信证券出具了 2024 年年度报告的持续督导意见（以下简称"本意 见"）。 一、交易资产的交付或过户情况 （一）本次豁免要约收购情况 本次收购前，收购人烟台国丰、国泰诚丰未直接持有冰轮环境股份，烟台国丰全 资子公司烟台冰轮控股有限公司（以下简称"冰轮控股"）、烟台国盛投资控股有限 公司 ...

冰轮公众号 抖音官方号 公司地址：山东省烟台市芝罘区冰轮路1号 公司网址：http://www.moon-tech.com 关于本报告 2 董事长致辞 3 2024年可持续发展亮点 4 走进冰轮 5 目录 COMTENTS 1 SECTION 可持续发展（ESG）治理 8 2SECTION 守护地球环境，绿色和谐发展 13 第一节 应对气候变化 13 第二节 能源利用与循环经济 18 第三节 污染物与废弃物管理 20 3SECTION | 担当社会责任 开拓创新未来 | 22 | | --- | --- | | 第一节 员工权益与职业健康 | 22 | | 第二节 产品与服务安全与质量 | 32 | | 第三节 商业道德 | 36 | | 第四节 数据安全与客户隐私保护 | 38 | | 第五节 供应链安全 | 39 | | 第六节 平等对待中小企业 | 41 | | 第七节 创新驱动与科技伦理 | 42 | | 第八节 乡村振兴与社会贡献 | 46 | 报告简介 本报告是冰轮环境技术股份有限公司（以下简称"冰轮环境""公司""我们"）发布的2024年环境、 社会和公司治理 (ESG)报告，旨在向各利益相关方 ...

证券代码：000811 证券简称：冰轮环境 公告编号：2025-011 冰轮环境技术股份有限公司董事会 2025 年 第二次会议（临时会议）决议公告 冰轮环境技术股份有限公司（以下简称"公司"）董事会 2025 年第二次会议 （临时会议）于 2025 年 4 月 29 日以通讯方式召开。会议通知已于 2025 年 4 月 22 日以邮件方式发出。会议应参加表决董事 8 人，实际参加表决董事 8 人，全体监 事收悉全套会议资料。会议由董事长李增群先生召集、主持，会议形成决议如下： 一、审议通过 2025 年第一季度报告 表决情况：同意 8 票，反对 0 票，弃权 0 票；表决结果：通过。 二、审议通过 2024 年度环境、社会和公司治理（ESG）报告，详见巨潮资讯网 （http://www.cninfo.com.cn）。 表决情况：同意 8 票，反对 0 票，弃权 0 票；表决结果：通过。 冰轮环境技术股份有限公司董事会 2025 年 4 月 29 日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,372,925,379.61, a decrease of 16.05% compared to ¥1,635,333,353.78 in the same period last year[5] - Net profit attributable to shareholders was ¥93,725,984.08, down 22.45% from ¥122,486,303.04 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥82,935,358.85, a decrease of 12.12% compared to ¥94,372,428.75 in the previous year[5] - The basic and diluted earnings per share were both ¥0.12, representing a decline of 25.00% from ¥0.16 in the same period last year[5] - The weighted average return on equity decreased by 0.66 percentage points to 1.60% from 2.22% year-on-year[5] - Net profit for the current period is CNY 105,406,816.81, a decrease of 16.1% compared to CNY 125,666,801.60 in the previous period[20] - Operating profit for the current period is CNY 122,832,142.91, down 17.2% from CNY 148,395,329.76 in the previous period[20] - Total comprehensive income for the current period is CNY 88,384,795.05, a decrease from CNY 175,378,139.24 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,404,787,890.11, down 3.88% from ¥11,865,695,815.86 at the end of the previous year[5] - Current assets totaled RMB 7,534,301,324.41, down from RMB 7,941,776,920.55 at the beginning of the period, reflecting a decrease of 5.14%[16] - Non-current assets amounted to RMB 3,870,486,565.70, a decrease of 1.36% from RMB 3,923,918,895.31 at the beginning of the period[16] - Total liabilities were RMB 5,090,892,660.33, down from RMB 5,655,853,500.14, indicating a decrease of 10.00%[17] - Total equity increased to RMB 6,313,895,229.78 from RMB 6,209,842,315.72, reflecting an increase of 1.68%[17] Cash Flow - The net cash flow from operating activities was -¥376,254,333.55, showing a slight improvement of 1.20% compared to -¥376,655,161.39 in the previous year[5] - Cash flow from operating activities shows a net outflow of CNY 376,254,333.55, compared to a net outflow of CNY 380,807,348.91 in the previous period[21] - Cash flow from investing activities has a net inflow of CNY 206,881,484.12, a significant improvement from a net outflow of CNY 204,534,272.01 in the previous period[22] - Cash flow from financing activities resulted in a net outflow of CNY 45,033,651.76, contrasting with a net inflow of CNY 96,757,934.92 in the previous period[22] Shareholder Information - The company reported a total of 35,703 common shareholders at the end of the reporting period[12] - The equity attributable to shareholders increased by 1.58% to ¥5,903,538,332.32 from ¥5,811,898,795.23 at the end of the previous year[5] Operating Costs - Total operating costs amounted to RMB 1,285,951,901.23, down 16.43% from RMB 1,538,514,364.05 in the previous period[19] - Operating costs included RMB 1,029,278,816.83 in operating expenses, a decrease of 17.55% from RMB 1,248,494,260.15 in the previous period[19] Other Financial Metrics - Cash and cash equivalents at the end of the period were RMB 2,131,836,359.45, down from RMB 2,358,686,568.43, a decrease of 9.59%[15] - Accounts receivable decreased to RMB 1,696,487,789.45 from RMB 1,929,435,357.23, a decline of 12.06%[15] - The cash and cash equivalents at the end of the period amount to CNY 2,099,545,306.95, compared to CNY 1,755,587,423.60 at the end of the previous period[22] - Other comprehensive income after tax shows a loss of CNY 17,022,021.76, compared to a gain of CNY 49,711,337.64 in the previous period[20]

Group 1: Company Overview and Performance - Ice Wheel Environment has achieved a revenue of 6.635 billion CNY in 2024, marking the second highest profit since its establishment, with a net profit of 628 million CNY [6] - The company experienced a revenue increase from 4 billion CNY in 2020 to 7.5 billion CNY in 2023 [6] - The overall industry performance in 2024 was subdued due to a slowdown in downstream demand, but Ice Wheel Environment maintained a relatively strong operational status compared to peers [3][4] Group 2: Strategic Goals and Future Outlook - For 2025, the company aims for a strategic theme of "starting with the end in mind and aiming high," focusing on world-class standards and maintaining technological leadership [5] - The operational strategy for 2025 includes "two increases, one decrease, and three improvements": increasing revenue and profit growth rates above national economic growth, reducing cost rates, and enhancing R&D investment and operational quality [5][6] - The company plans to target new business growth opportunities in overseas data center cooling markets and energy management [4] Group 3: Shareholder Engagement and Corporate Governance - The company emphasizes the importance of shareholder engagement and transparency, with independent directors committed to fulfilling their responsibilities and obligations [3] - The management team is focused on enhancing investor confidence through interactive communication and effective market value management [3][4] - The major shareholder's buyback process is ongoing, with no new notifications received [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.635 billion yuan in 2024, a decrease of 11.48% year-on-year, with a net profit attributable to shareholders of 628 million yuan, down 4.76% [4][5] - The domestic market faced a decline in demand, leading to a 20.53% drop in revenue from the domestic market, while the overseas market saw a revenue increase of 20.95% [5] - The company has a strong technical advantage and has made significant R&D investments, with a new product filling a domestic gap and achieving international leading standards [6] - The company adjusted its revenue forecasts downward due to short-term domestic demand fluctuations but raised profit forecasts based on better-than-expected profit margins [7] Financial Summary - In 2024, the company achieved a gross margin of 27.63% and a net margin of 10.06%, both showing improvements year-on-year [5][10] - The projected revenues for 2025-2027 are 6.935 billion, 7.558 billion, and 8.386 billion yuan, respectively, with corresponding net profits of 662 million, 740 million, and 852 million yuan [7][10] - The diluted EPS for 2025-2027 is projected to be 0.87, 0.97, and 1.12 yuan, respectively, with current P/E ratios of 14, 12, and 11 times [7][10]

欢迎广大投资者积极参与！ 特此公告。 冰轮环境技术股份有限公司董事会 冰轮环境技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 17 日在 巨潮资讯网 （https://www.cninfo.com.cn/）披露了 2024 年年度报告。为便于 广大投资者能更全面地了解公司的经营发展情况，公司将于 2025 年 4 月 28 日（星期一）15:00-16:00 在中证路演中心通过网络互动方式举办 2024 年度业 绩说明会。公司参会人员为董事长李增群先生，独立董事步延东先生，副总裁、 财务总监吴利利女士，董事会秘书孙秀欣先生。 投资者可于 2025 年 4 月 28 日（星期一）15:00-16:00 通过网址中证路演中 心（https://www.cs.com.cn/roadshow/szse/000811/pb251/）或使用微信扫描 下方小程序码在线参与本次业绩说明会，公司将以文字直播方式及时回答投资者 提问。 投资者可于 2025 年 4 月 27 日 17:00 前将相关问题通过电子邮件的形式发 送至本公司邮箱：zqb@moon-tech.com。公司将于 2024 年度业绩说明会上对 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total revenue of 6.635 billion yuan for 2024, a year-on-year decrease of 11.48%. The net profit attributable to the parent company was 628 million yuan, down 4.76% year-on-year. The net profit excluding non-recurring items was 519 million yuan, a decline of 8.21% year-on-year. However, the revenue decline narrowed in Q4 2024, and the year-end contract liabilities showed a positive growth of 1.9%, marking the first positive growth in the past six quarters, which may support revenue for 2025. The overseas revenue grew by 20.95% year-on-year, accounting for 29.8% of total revenue, indicating successful market expansion [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.635 billion yuan, with a year-on-year decline of 11.48%. The net profit attributable to the parent company was 628 million yuan, down 4.76% year-on-year. The net profit excluding non-recurring items was 519 million yuan, a decrease of 8.21% year-on-year. In Q4 2024, the revenue was 1.679 billion yuan, a year-on-year decline of 12.6%, while the net profit attributable to the parent company increased by 71.8% to 154 million yuan [2][6]. Revenue Breakdown - Domestic revenue was 4.656 billion yuan, down 20.53% year-on-year, while overseas revenue reached 1.979 billion yuan, up 20.95% year-on-year, with the overseas market share increasing by 8.0 percentage points [12]. Strategic Outlook - The company has set a strategic theme for 2025 as "Starting with the End in Mind, Standing Tall," focusing on maintaining technological leadership and achieving global breakthroughs. The goal is to ensure revenue and profit growth rates exceed national economic growth rates [12]. Profitability Metrics - The net profit margin for 2024 was 10.06%, an increase of 1.19 percentage points year-on-year. The gross margin was 27.6%, up 2.07 percentage points, primarily due to a 15.06% decrease in direct material costs. The total expense ratio was 18.2%, up 1.14 percentage points year-on-year [12]. Cash Flow and Dividends - The net cash flow from operating activities for 2024 was 721 million yuan, a year-on-year increase of 112%. The total cash dividend for the year was approximately 191 million yuan, with a dividend payout ratio of 30.39% and a dividend yield of about 2.3% [12]. Earnings Forecast - The company is expected to achieve revenues of 7.144 billion yuan, 7.832 billion yuan, and 8.618 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.7%, 9.6%, and 10.0%. The net profit attributable to the parent company is projected to be 696 million yuan, 785 million yuan, and 879 million yuan for the same years, with corresponding growth rates of 10.8%, 12.9%, and 12.0% [12].

Core Viewpoint - Ice Wheel Environment announced a 2024 annual distribution plan proposing a 10-for-3 stock split and a cash dividend of 1.5 yuan (including tax) [2] Financial Performance - The company reported a total revenue of 6.635 billion yuan for the year, representing a year-on-year decline of 11.48% [2] - The net profit for the year was 628 million yuan, down 4.76% compared to the previous year [2] - Basic earnings per share were 0.82 yuan, with a weighted average return on equity of 10.96% [2] Market Activity - The stock experienced a net inflow of 1.3454 million yuan from main funds today, with a total net inflow of 15.3331 million yuan over the past five days [3] - The latest margin trading balance for the stock is 504 million yuan, which has decreased by 26.7559 million yuan over the past five days, reflecting a decline of 5.04% [4] Distribution Plan Overview - As of the report, 1,309 companies have announced their 2024 distribution plans, with 98 including stock splits. Among these, 50 saw their stock prices rise on the announcement day, and 46 experienced price increases over the following five days [4] - The distribution plan history for Ice Wheel Environment shows a trend of fluctuating net profits and dividend payouts over the years, with the most recent net profit being 628.09 million yuan, down 4.76% year-on-year [5]

Group 1 - The company announced a 2024 annual distribution plan, proposing a 10-for-3 stock split and a cash dividend of 1.5 yuan (including tax), with a total cash payout of 115 million yuan, accounting for 18.24% of net profit [2][3] - The company reported a revenue of 6.635 billion yuan for the year, a year-on-year decrease of 11.48%, and a net profit of 628 million yuan, down 4.76% year-on-year, with basic earnings per share of 0.82 yuan and a weighted average return on equity of 10.96% [3][4] - The stock experienced a net inflow of 1.3454 million yuan from main funds today, with a total net inflow of 15.3331 million yuan over the past five days [4] Group 2 - The latest margin financing balance for the stock is 504 million yuan, with a decrease of 26.7559 million yuan over the past five days, representing a decline of 5.04% [5] - In the mechanical equipment industry, 115 companies have announced their 2024 distribution plans, with China CNR leading with a cash payout of 6.027 billion yuan, followed by Zoomlion and Zhengzhou Coal Mining Machinery Group with payouts of 2.603 billion yuan and 1.956 billion yuan, respectively [5][6]