Summary of Ice Wheel Environment Conference Call Company Overview - Ice Wheel Environment operates primarily through its subsidiary Dunham-Bush, which has a 130-year history and a first-mover advantage in the data center cooling sector. Their variable frequency centrifugal chillers and integrated natural cooling air-cooled scroll chillers are included in the Ministry of Industry and Information Technology's directory and are used in several large data center projects [2][3][13]. Industry Insights - The data center cooling system accounts for approximately 5%-6% of the total investment in data centers, although Ice Wheel Environment does not have access to the total investment amounts from clients, making this figure a rough estimate [2][5]. - The domestic data center construction model is shifting towards direct owner construction, with a preference for professional general contractors to manage overall solutions, similar to trends seen abroad [2][19]. Key Financial Metrics - The company expects a higher gross margin in 2024 compared to 2023, driven by cost and expense control, an increase in high-value and high-margin products, and a slight decrease in steel prices. Continuous improvements in quality and efficiency are anticipated [2][23][24]. - The overseas business has shown significant growth, with orders in both price and volume exceeding domestic orders, particularly in North America and Southeast Asia. However, capacity constraints limit the ability to fully meet large orders from general contractors [2][4][33]. Competitive Landscape - Major competitors in the data center business include Johnson Controls, York International, Carrier, McQuay, and Daikin Industries, with a relatively stable competitive landscape and good profitability [2][10]. - Ice Wheel Environment's market share in North America is estimated at around 10%, but specific data for the domestic market is not available [11]. Market Dynamics - The company is enhancing its collaboration with domestic contractors while focusing on coastal and overseas orders due to their larger volumes and higher prices [2][8]. - The current order distribution shows a significant shift towards overseas markets, with overseas business now surpassing domestic business [2][33]. Future Outlook - The company plans to expand its production capacity in the U.S. and Malaysia, with an expected annual output value of 1 billion RMB post-expansion [2][17]. - Data center-related orders are expected to continue growing rapidly in 2025, while the chemical industry is anticipated to remain stable [2][33][31]. Additional Considerations - The company is facing challenges in meeting the increasing demand for cooling systems due to global capacity shortages, with some general contractors placing large orders that cannot be fully fulfilled [2][15]. - The domestic market is experiencing delays in cooling equipment tenders, with some major players like Alibaba and ByteDance beginning to issue tenders, indicating a potential shift in market dynamics [2][35][36]. Conclusion - Ice Wheel Environment is well-positioned in the data center cooling market with a strong product offering and growing international presence. The company is navigating challenges related to capacity and market dynamics while maintaining a focus on profitability and efficiency improvements.

Group 1: Company Overview - Ice Wheel Environment Technology Co., Ltd. is involved in providing cooling equipment and heat exchange devices for data centers [4] - The company has successfully served numerous domestic projects, including the National Supercomputing Center in Guangzhou and various data centers for major telecommunications and banking institutions [4] Group 2: Product Offerings - Key products include "Variable Frequency Centrifugal Chillers" and "Air-Cooled Screw Chillers with Integrated Natural Cooling Function," both listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for green data centers [4] - The company is expanding its presence in the overseas data center market, which is showing positive trends [4] Group 3: Technical Discussion - The discussion covered the basic principles of two technical routes for data center temperature control systems: air cooling and liquid cooling [4]

Group 1: Company Overview - Ice Wheel Environment Technology Co., Ltd. is involved in the cooling equipment sector, specifically for data centers [2] - The company has subsidiaries, including Dunhanbushi and Heat Exchange Technology, which provide cooling solutions [2] Group 2: Product Applications - Key products include "Variable Frequency Centrifugal Chiller" and "Air-cooled Screw Chiller with Integrated Natural Cooling Function," both listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [2] - Successful projects include major data centers such as the National Supercomputing Center in Guangzhou, China Mobile's data center in Guizhou, and several others across various regions [2] Group 3: Market Potential - Future growth opportunities are identified in upgrading existing markets and accelerating new market growth, focusing on "sea" and "heat" [2] Group 4: Aftermarket Services - The company has established a Technical Service Division to provide maintenance, system optimization, and green low-carbon utilization services for equipment beyond the warranty period [2]

Group 1: Company Overview - Ice Wheel Environment Technology Co., Ltd. is involved in providing cooling equipment for data centers, including "variable frequency centrifugal chillers" and "integrated natural cooling function air-cooled screw chillers" [2] - The company has successfully served numerous domestic projects, including the National Supercomputing Center in Guangzhou and various data centers for major telecommunications companies [2] Group 2: Product Applications - The company's products have been included in the Ministry of Industry and Information Technology's "National Green Data Center Advanced Applicable Technology Product Catalog" [2] - Key clients include China Mobile, China Unicom, and several banks, indicating a strong presence in the domestic data center market [2] Group 3: Future Development - The company aims to capitalize on market upgrades and accelerate growth in new markets, focusing on expanding into "marine" and "thermal" sectors [2]

Group 1: Company Overview - Ice Wheel Environment Technology Co., Ltd. focuses on creating artificial environments through temperature and pressure management, providing advanced system solutions in the energy and power sectors [2] - The company's product categories include compressors and heat exchangers, emphasizing lifecycle service [2] Group 2: Data Center Applications - The company’s subsidiaries, Dunham Bush and Heat Exchange Technology, supply cooling equipment and cooling towers for data centers, with notable products like the "Variable Frequency Centrifugal Chiller" and "Air-Cooled Screw Chiller with Integrated Natural Cooling Function" listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for green data centers [2] - Successful projects include major data centers such as the National Supercomputing Center in Guangzhou (Tianhe-2), China Mobile (Guizhou), China Unicom (Xi'an), and several others across China, with positive trends in the overseas data center market [2] Group 3: Ownership and Business Structure - The company holds a 98.65% stake in Dunham Bush Group, which has seen its overseas business proportion exceed that of domestic operations in recent years [2]

Core Viewpoint - The project represents the first ultra-low temperature green smart cold chain project in Southwest China, highlighting its significance in the region's logistics infrastructure [1] Group 1: Project Overview - The project is officially completed and operational, marking a key milestone for Chongqing's international logistics hub [1] - It is identified as a major project for Chongqing city, emphasizing its importance in local economic development [1] Group 2: Technological Innovation - The project utilizes an independently developed carbon dioxide composite refrigeration system by Ice Wheel Environment, which minimizes the environmental impact of refrigerants [1] - The system is designed to significantly reduce the damage caused by hydrochlorofluorocarbon refrigerants to the ozone layer, showcasing a commitment to sustainability [1] - It provides users with an efficient and energy-saving refrigeration experience, indicating advancements in cold chain technology [1]

Group 1: Company Overview - The company specializes in creating artificial environments through temperature and pressure management, focusing on advanced system solutions and full lifecycle services in the energy and power sectors [2] - The main product categories include compressors and heat exchangers [2] Group 2: Product Applications - The company’s subsidiaries provide cooling equipment and cooling towers for data centers, with notable products like the "variable frequency centrifugal chiller" and "air-cooled screw chiller with integrated natural cooling function" included in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [2] - Successful domestic projects include major data centers for the National Supercomputing Center in Guangzhou, China Mobile, China Unicom, and several banks [2] Group 3: Future Development - Future growth opportunities lie in upgrading existing markets and accelerating new market expansion, with a focus on "sea" and "heat" [2]

编号：【2025】第 006 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 | 中金公司张杰敏、张梓丁、严佳 | | | 时间 | 2025 年 2 月 17 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 | | | 活动期间谈论的主要内容如下： | 一、讨论了公司定期报告披露的经营情况 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 二、讨论了公司产品在数据中心的应用 | 公司旗下顿汉布什公司和换热技术公司为数据中心提供冷 | | | | | | | | | 源装备和热交换装置等冷却装备，"变频离心式冷水机组""集成 | 自然冷却功能的风冷螺杆冷水机组"两项产品入选工信部《国家 | | | | | | | | | 绿色数据中心先进适用技术产品目录》。 ...

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：【2025】第 005 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 | | 平安基金黄维、林清源、王博、刘文平、浙商证券王华君、陈姝 | | 及人员姓名 | 姝、胡飘、谭凌岚 | | | 时间 | 2025 年 2 月 17 日 | | | 地点 | 腾讯会议 | | | 上市公司接 | 董事会秘书孙秀欣 | | | 待人员姓名 | | | | | 活动期间谈论的主要内容如下： | | | | | | --- | --- | --- | --- | --- | --- | | | 一、概括介绍了公司产品 | | | | | | | 从功能来讲属于从温度和压力两个维度进行人工环境营造 | | | | | | | 装备，重点在能源与动力领域提供先进的系统解决方案和全生命 | | | | | | | 周期服务。从形态来 ...

| | √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 | | 易方达基金胡硕倬、国联基金梁勤之、阳光资产李曦辰、富兰克 林华美投信邱泓瑞、合远投资林映吟、景顺长城林昕阳、国信证 | | 及人员姓名 | 券吴双、张宇翔 | | | 时间 | 2025 年 2 月 13 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 | | 证券代码：000811 证券简称：冰轮环境 | | 活动期间谈论的主要内容如下： | | | | | | --- | --- | --- | --- | --- | --- | | | 一、概括介绍了公司产品 | | | | | | | 从功能来讲属于从温度和压力两个维度进行人工环境营造 | | | | | | | 装备，重点在能源与动力领域提供先进的系统解决方案和全生命 | | | | | | | 周期服务。从形态来讲是压缩机和换热器。 | | | | | ...