Summary of Ice Wheel Environment's Conference Call Company Overview - **Company**: Ice Wheel Environment - **Period**: First half of 2025 - **Revenue**: 3.12 billion CNY, a year-on-year increase of 3.8% [2][3] - **Net Profit**: 266 million CNY, a year-on-year decrease of 20% [3][4] Financial Performance - **Domestic Revenue**: 2.1 billion CNY, a year-on-year decrease of 18% [3] - **Overseas Revenue**: 1.02 billion CNY, a year-on-year increase of 30% [2][3] - **Cooling Equipment Segment**: Revenue decreased by 15%, accounting for 55% of total revenue [2][6] - **Special Air Conditioning Segment**: Revenue accounted for 39% of total revenue [2][6] - **Thermal Management Segment**: Revenue increased by 17%, accounting for 6% of total revenue [2][6] - **Data Center Business**: Revenue of 560 million CNY, with overseas market contributing 480 million CNY [2][7] Key Insights - **Profit Decline Reasons**: - Overseas subsidiaries ended loss compensation and began paying taxes, leading to increased tax liabilities [4] - Domestic tax adjustments and early invoicing requests from state-owned enterprises [4] - **Data Center Orders**: Total orders reached 1 billion CNY, with a delivery peak starting in September [7] - **Profitability**: Data center business has a profit margin comparable to nuclear power projects, exceeding the overall gross margin of special air conditioning at 31% [8] Market Challenges - **Capacity Issues**: Skilled labor shortages in Malaysia and North America are impacting production capacity [10] - **Supply Chain Adjustments**: Orders originally from Malaysia to the US are being replaced by local Chinese production [11] - **Production Capacity**: Expected to reach 3 billion CNY by 2025, with data center business occupying 90% of capacity [12][13] Future Outlook - **Market Demand**: Anticipated high demand for 2026, with orders extending into the second quarter of that year [19] - **North American Market Share**: Approximately 11% in the data center market [19] - **Pricing Strategy**: Price increases are being negotiated on a per-order basis, with new orders reflecting these changes [21] Competitive Landscape - **Foreign Competitors**: Notable competitors like Carrier and Johnson Controls face production limitations in the US and lack expansion plans due to long construction timelines [23] - **Market Demand**: Strong demand in overseas markets, particularly in North America, Australia, and ASEAN regions [24] Product Development - **Nuclear Power Products**: Offering three types of products for nuclear power, with a focus on expanding into nuclear fusion [27] - **Low-Carbon Business**: Long-term planning in low-carbon products, with readiness for market growth once national policies are established [30][32] Strategic Initiatives - **Industrial Thermal Control Strategy**: Aiming to integrate cooling and heating solutions to expand market applications [29] - **Promotion of Low-Carbon Products**: Establishing a dedicated division for low-carbon energy products, although current promotion levels are below expectations [31] Conclusion Ice Wheel Environment is navigating a complex landscape of financial performance, market challenges, and strategic initiatives. The company is poised for growth in the data center and low-carbon sectors, while addressing capacity and labor challenges in its production facilities.

Core Viewpoint - The company, Ice Wheel Environment, announced on August 21 that its subsidiaries, Dunhanbushi and Ice Wheel Heat Exchange Technology, provide cooling equipment for data centers, highlighting their advanced products recognized by the Ministry of Industry and Information Technology [1] Group 1: Product Offerings - Dunhanbushi's "Variable Frequency Centrifugal Chiller" and "Air-Cooled Screw Chiller with Integrated Natural Cooling Function" are included in the national directory of advanced applicable technologies for green data centers [1] - The "Variable Frequency Centrifugal Chiller" includes both "High-Pressure Variable Frequency Centrifugal Chiller" and "Magnetic Suspension Variable Frequency Centrifugal Chiller" [1] Group 2: Domestic and International Projects - The company has successfully served numerous domestic projects, including the National Supercomputing Center in Guangzhou (Tianhe-2), China Mobile's big data center in Guizhou, and various data centers for major banks and institutions [1] - Internationally, the company collaborates with local integrators to serve projects in North America, Australia, Southeast Asia, and the Middle East, indicating a high market demand [1] Group 3: Manufacturing and Expansion - The overseas manufacturing base is undergoing tactical expansion to meet increasing market needs [1]

Core Insights - The company, Ice Wheel Environment, announced on August 21 that the national nuclear power construction has accelerated, indicating a positive trend in the industry [1] - The company focuses on core scenarios such as nuclear island cooling and nuclear energy heating, developing innovative technologies to support the safe and efficient operation of nuclear power plants [1] Company Developments - Ice Wheel Environment has developed a series of technologies including nuclear island cooling, waste heat recovery, and non-powered air coolers for safety shells, which provide solid technical support for the efficient use of clean energy [1] - The company has served multiple nuclear power stations in China, including Hongyanhe, Ningde, Yangjiang, and others, showcasing its extensive involvement in the domestic nuclear power sector [1] Technological Innovations - The company's heat exchange technology subsidiary has innovated a non-powered air cooler for the safety shell's cooling water system, supplying the world's first commercial fourth-generation high-temperature gas-cooled reactor [1] - The subsidiary, Dunhan Bush, is a global service provider for nuclear island refrigeration, with over 20 years of experience and significant contributions to national standards in nuclear air and gas treatment [1] Collaborative Efforts - The company’s subsidiary, Huayuan Taimeng, has collaborated with Tsinghua University to develop technologies for water-thermal co-production and long-distance heating using nuclear energy, which have been applied in the "Warm Nuclear No. 1" project [1] - The project has been recognized by national media, highlighting its significance as China's first cross-city nuclear energy heating project [1]

证券日报网讯 冰轮环境8月21日发布公告，在公司回答调研者提问时表示，2025年上半年公司实现营业 收入31.2亿元，同比下滑7%，归母净利润2.66亿元，同比下降20%。第二季度营收同比转增。总体上国 内业务下游需求放缓，短期市场承压，实现营收21亿元；"向海"战略顺利展开，海外业务显著增长 30%，达到10.2亿元。 （编辑 袁冠琳） ...

证券日报网讯 8月20日晚间，冰轮环境发布公告称，2025年半年度公司实现营业收入3，118，447， 423.99元，同比下降6.92%；归属于上市公司股东的净利润为265，805，887.02元，同比下降19.71%。 （文章来源：证券日报） ...

昨日基金共对17家公司进行调研，扎堆调研冰轮环境、山金国际、太辰光等。 证券时报·数据宝统计，8月20日共18家公司被机构调研，按调研机构类型看，基金参与17家公司的调研 活动，其中，10家以上基金扎堆调研公司共7家。冰轮环境最受关注，参与调研的基金达29家；山金国 际、太辰光等分别获27家、22家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有7家，创业板公司有9家，科创板公司有1 家。所属行业来看，基金调研的公司共涉及9个行业，所属通信、有色金属等行业个股最多，均有3只个 股上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有2家，其中总市值超千亿元的有牧原股 份等，总市值不足100亿元的有6家，分别是速达股份、骏鼎达、长海股份等。 业绩方面，基金调研公司中，15家公司已经公布了半年报，净利润同比增幅最高的是牧原股份、南极 光，净利润增长幅度为1169.77%、982.43%。公布上半年业绩预告的共有1家，业绩预告类型来看，预 增有1只。以净利润增幅中值来看，净利润增幅最高的是广电计量，预计净利润中值为9750.00万元，同 比增幅为22.34%。（数据宝） 8月20日 ...

公司股东户数为5.56万户，前十大股东持股数量为4.40亿股，占总股本比例为44.30%，前十大股东持股 情况如下： 公司最新资产负债率为46.10%，较上季度资产负债率增加1.47个百分点，较去年同期资产负债率增加 0.59个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 烟台国丰投资控股集团有限公司 | 14.50% | | 2 | 烟台冰轮投资有限公司 | 12.43% | | 3 | 烟台国泰诚丰资产管理有限公司 | 10.16% | | 4 | 红塔创新投资股份有限公司 | 3.44% | | 5 | 全国社保基金 -- 四组合 | 0.89% | | ଚ | 香港中央结算有限公司 | 0.87% | | 7 | 招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金 | 0.65% | | 8 | 孙根 | 0.57% | | 9 | 上海浦东发展银行股份有限公司-财通资管数字经济混合型发起式证券投资基金 | 0.41% | | 10 | 招商银行股份有限公司-华夏中证1000交易型开放式指数证券投资基金 | 0.38% | 20 ...

Group 1 - The A-share market experienced a collective pullback in liquid cooling concept stocks, with notable declines in several companies [1] - Feilong Co. and Jintian Co. hit the daily limit down, while Cambridge Technology, Hongfuhang, Tongfei Co., Kexin Innovation Source, and Debang Technology fell over 7% [1] - Other companies such as Fangsheng Co., Binglun Environment, Chuanrun Co., and Dingtong Technology dropped more than 6%, while Gaolan Co., Chuanhuan Technology, Shenling Environment, Liou Co., Yimikang, and Zhongshi Technology saw declines exceeding 5% [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.12 billion CNY, a year-on-year decline of 7% [5] - The net profit attributable to shareholders was 266 million CNY, down 20% year-on-year [5] - Revenue in the second quarter showed a year-on-year increase, with total revenue reaching 2.1 billion CNY [5] - The overseas business grew significantly by 30%, reaching 1.02 billion CNY [5] Group 2: Business Segments and Products - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers [5] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [5] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages [5] Group 3: Applications and Innovations - The company’s products are widely used in various sectors, including food processing, cold chain logistics, industrial cooling systems, and data centers [5] - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, with products recognized in the national green data center technology directory [6] - Recent innovations include a series of nuclear cooling technologies aimed at enhancing safety and efficiency in nuclear power plants [6] Group 4: Strategic Initiatives - The company is enhancing its overseas business by deploying skilled engineers and expanding its sales network [7] - A focus on industrial heat management aligns with national carbon reduction strategies, promoting clean and efficient energy systems [7]

（文章来源：证券日报） 证券日报网讯 8月20日晚间，冰轮环境发布公告称，公司董事会2025年第三次会议（临时会议）审议通 过了《2025年半年度报告全文及摘要》等多项议案。 ...