Group 1: Company Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2] - Key products include various types of compressors (screw, centrifugal, absorption, piston, and scroll), industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, and marine refrigeration equipment [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Applications in Various Industries - The company serves multiple sectors, including food freezing and refrigeration, chemical production, rail transportation, commercial real estate, and data centers [2] - In data centers, the company provides cooling equipment and heat exchange devices, with products recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [3] - The company has successfully served numerous domestic and international data center projects, including partnerships in North America, Australia, Southeast Asia, and the Middle East [3] Group 3: Nuclear Power Industry Contributions - The company has developed innovative technologies for nuclear power, focusing on core scenarios such as nuclear island cooling and heat recovery [4] - It has supplied cooling systems for the first commercial fourth-generation high-temperature gas-cooled reactor [4] - The company collaborates with Tsinghua University on technologies for nuclear energy utilization, including seawater desalination and heating projects [4] Group 4: Carbon Capture and Industrial Heat Management - The company is a leader in carbon capture equipment, having established a fully autonomous carbon capture project in Yantai [5] - It has developed an "Industrial Full-Field Heat Control Comprehensive Solution" to enhance energy efficiency and promote low-carbon strategies [6] - The company has been recognized for its innovative technologies in industrial heat management, with numerous patents and awards for its products [6] Group 5: Marine Technology and Deep-Sea Applications - The company provides comprehensive solutions for deep-sea fishing and seafood processing, focusing on rapid freezing and preservation systems [7] - It is developing low-carbon energy systems for marine applications, aligning with industry trends towards decarbonization and smart technology [7] - The company has received awards for its research and application of marine green energy equipment and systems integration [7]

Core Viewpoint - The company, Ice Wheel Environment, is focused on providing advanced system solutions and lifecycle services in the energy and power sectors, with a range of products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [2][3]. Group 1: Business Overview - The company offers a variety of products such as screw compressors, centrifugal compressors, absorption compressors, piston compressors, and various industrial heat pumps, among others [2][3]. - The company has a mature supply of magnetic suspension compressor products, which have been used in venues for the Beijing Winter Olympics [3]. - The customer industries served include food freezing and refrigeration, cold chain logistics, industrial cooling systems, commercial air conditioning, and special industrial air conditioning [3]. Group 2: Technological Advancements - The company has developed a helium compressor for superconducting magnets used in controlled nuclear fusion devices, which operates at extremely low temperatures [4]. - The company has made significant advancements in screw compressor technology, leading to improved performance and quality, and has received national recognition for its innovations [5]. Group 3: Financial Performance - The company's Q1 2025 report shows a main revenue of 1.373 billion yuan, a year-on-year decrease of 16.05%, and a net profit of 93.726 million yuan, down 22.45% year-on-year [6]. - The company has a debt ratio of 44.64% and a gross profit margin of 25.03% [6]. Group 4: Market Sentiment and Predictions - In the last 90 days, three institutions have given buy ratings for the stock [7]. - Detailed profit forecasts indicate expected net profits of 679 million yuan for 2025, 757 million yuan for 2026, and 854 million yuan for 2027 from various institutions [9].

Group 1: Company Overview and Business Segments - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, managing temperature control and pressure across a range of -271°C to 200°C [2] - Key products include various types of compressors (screw, centrifugal, absorption, piston, and scroll), industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, and marine refrigeration equipment [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Applications in Data Centers - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and air-cooled screw chillers, which are 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 for national supercomputing, China Mobile, and various banks, with international collaborations in North America, Australia, Southeast Asia, and the Middle East [2] Group 3: Nuclear Power Industry Products - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery [3] - It has supplied the world's first commercial fourth-generation high-temperature gas-cooled reactor with a passive cooling system [4] - Collaborations with Tsinghua University have led to advancements in nuclear energy utilization technologies, including seawater desalination and long-distance heating [4] Group 4: Low-Temperature Applications - The company successfully developed helium compressors for ultra-low temperature applications, supplying major national laboratories and contributing to significant scientific research projects [5] - These compressors are essential for maintaining the cooling cycles in superconducting magnets used in magnetic confinement fusion devices [5] Group 5: Thermal Energy Management - The company is responding to carbon reduction policies with a full range of industrial heat pump services, particularly through its subsidiary, Beijing Huayuan Taima [6] - The subsidiary has been recognized as a national-level specialized "little giant" enterprise, holding 96 patents and 33 software copyrights as of the end of 2024 [6] - Various technologies developed have been included in national energy-saving and environmental protection directories, reflecting the company's commitment to sustainable practices [6]

Group 1: Company Business Overview - 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, operating within a temperature range of -271°C to 200°C [2] - Main product types include screw compressors, centrifugal compressors, absorption compressors, piston compressors, and various industrial heat pumps [2] - The company has a mature supply of magnetic suspension compressor products, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Applications and Industries - Key customer industries include food freezing and refrigeration, cold chain logistics, industrial cooling systems, and commercial air conditioning [2] - The company also serves sectors such as data centers, energy power, and cleanroom environments, as well as applications in new energy equipment and gas compression [2] Group 3: Product Development and Innovation - The company successfully developed a helium compressor for superconducting magnets in nuclear fusion devices, which operates at near absolute zero temperatures (-269°C) [2] - Since 2016, the company has supplied helium compressors for major scientific research projects, contributing to the construction of low-temperature cooling systems [2] Group 4: Market Strategy and Performance - Over the past five years, the company has seen rapid development in screw compressors due to a focused product development strategy and technological advancements [3] - The company has implemented a "two replacements" strategy, promoting domestic alternatives and replacing piston compressors with more efficient screw compressors, yielding positive results [3]

Group 1: Company Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [3] - Key products include various types of compressors (screw, centrifugal, absorption, piston, and scroll), industrial heat pumps, energy storage devices, and vacuum freeze-drying equipment [3] - The company has a mature supply of magnetic levitation compressors, which have been applied in venues for the Beijing Winter Olympics [3] Group 2: Applications in Data Centers - The company’s subsidiaries, Dunham-Bush and Ice Wheel Heat Exchange Technology, provide cooling equipment and heat exchange devices for data centers [4] - Notable products include variable frequency centrifugal chillers and air-cooled screw chillers, which are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [4] Group 3: Nuclear Power Industry Products - The company is actively involved in the nuclear power sector, focusing on core scenarios such as nuclear island cooling and heat recovery [6] - It has developed innovative technologies for nuclear power plants, including a no-power air cooler for the containment shell and a high-temperature gas-cooled reactor [6] Group 4: Controlled Nuclear Fusion Products - The company has developed helium compressors for superconducting magnets used in magnetic confinement fusion devices, capable of operating at temperatures close to absolute zero (-269°C) [7] - These compressors have been supplied to major national laboratories for significant scientific research projects [7] Group 5: Thermal Energy Management - The company offers a full range of industrial heat pump services, focusing on energy management in response to carbon neutrality policies [8] - It has been recognized as a national-level specialized "little giant" enterprise, holding 96 patents and 33 software copyrights as of the end of 2024 [8] Group 6: Carbon Capture and Utilization (CCUS) - The company is a leader in carbon capture equipment, having established a fully autonomous carbon capture project in Yantai [8] - It has received the "China Carbon Dioxide Application Promotion Award" and is actively contributing to global sustainable development [8] Group 7: Development of Screw Compressors - The company has seen rapid development in screw compressors over the past five years due to strategic product development and innovation [8] - It has implemented a "two replacements" strategy to replace piston compressors with more efficient screw compressors, achieving positive market results [8]

Summary of the Conference Call for Beinuo Environment Industry Overview - Beinuo Environment focuses on compressors and heat exchangers, with downstream applications primarily in four categories: food cold chain, chemical process cooling, special air conditioning, and industrial thermal management equipment. Special air conditioning now accounts for over 40% of orders, showing a significant year-on-year increase [2][5]. Core Business Insights - The company has over ten years of experience in the data center sector, providing variable frequency centrifugal chillers and integrated natural cooling air-cooled screw chillers. These products have been applied in various domestic and international data center projects and are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for green data centers [2][3]. - Beinuo Environment has collaborated with the Chinese Academy of Sciences to develop helium compressors for ultra-low temperature systems, achieving temperatures as low as -271 degrees Celsius, which supports research projects like controlled nuclear fusion [2][8]. - The screw chillers have performed better than expected in several downstream applications, including IDC cooling systems, nuclear power plant construction, and vacuum freeze-drying equipment in the cold chain sector. The industrial thermal management system market is also showing better-than-expected conditions [2][9]. Order and Market Performance - The company’s orders are categorized into four main sectors: food-related cold chain equipment, chemical process cooling, special air conditioning, and industrial thermal management equipment, with the latter showing a year-on-year growth of approximately 30% [5]. - For 2025, Beinuo Environment anticipates a recovery from a low point, despite 2024 being the second-highest peak in its history [6]. - The AIDC (Artificial Intelligence Data Center) segment has performed exceptionally well in overseas markets, particularly in North America and Australia, while domestic projects face delays due to land issues [12][17]. Competitive Landscape - Beinuo Environment's overseas projects yield significantly higher profit margins compared to domestic projects, with U.S. clients investing twice as much as Chinese clients on similar projects, enhancing pricing and profitability in the North American market [18]. - The company has established partnerships with various domestic IDC cooling system integrators and has developed competitive liquid cooling system heat exchangers, positioning itself well for future domestic AIDC construction [12][13]. Production and Capacity - The production capacity utilization rates at the Malaysian and U.S. bases have reached over 100%, indicating full production status [22]. - The company has a robust supply chain management and cost control capabilities, which contribute to its competitive advantage in the market [21]. Future Outlook - Beinuo Environment's order situation is currently very strong, and as orders are confirmed, performance is expected to normalize. The company is viewed as having long-term investment value within the mechanical sector, with a valuation of around a dozen times earnings [25]. Additional Insights - The company has made significant technological advancements in screw compressor design, including collaborations with educational institutions and recognition from the State Council for technological progress [24]. - The market for CCS (Carbon Capture and Storage) equipment is currently experiencing a slowdown, but the company is preparing for future opportunities as the market matures [11]. This summary encapsulates the key points from the conference call, highlighting Beinuo Environment's strategic positioning, market performance, and future outlook within the compressor and heat exchanger industry.

| | √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 | 国泰海通证券张越 | | | 时间 | 2025 年 6 月 17 日 | | | 地点 | 公司会议室 | | | 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、讨论了公司业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式压缩机、活塞式压缩机、涡 | | | 旋式压缩机、各类工业热泵、储能蓄能装置、真空冻干设备、速 | | | 冻装置、换热设备、船用制冷设备、多联机等。 | | | 公司有成熟的批量供货多年的磁悬浮压缩机产品。北京冬奥 | ...

Group 1: Company Overview and Product Offerings - The main products include compressors and heat exchange devices, focusing on cooling, heating, and pressurization functions [2] - Key products include screw compressors, centrifugal compressors, absorption compressors, piston compressors, and various industrial heat pumps [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Industry Applications - Products are utilized in various sectors such as food freezing and refrigeration, cold chain logistics, chemical production, and commercial air conditioning [2] - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [2] - Successful projects include major data centers for national supercomputing and telecommunications companies, both domestically and internationally [2] Group 3: Nuclear Power Sector - The company focuses on nuclear island cooling and heat recovery technologies, supporting the safe operation of nuclear power plants [3][4] - Innovations include a no-power air cooler for safety shells and a helium compressor for superconducting magnets in nuclear fusion applications [4][5] Group 4: Energy Management and Environmental Technologies - The company is committed to energy management through a full range of industrial heat pumps, with a focus on sustainable technologies [5][6] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding 96 patents and 33 software copyrights [5][6] - Technologies developed include absorption heat exchangers and low-temperature waste heat recovery systems, which have received national awards and recognitions [6]

Group 1 - Zhongtai Securities' controlling shareholder plans to increase its stake in the company by 300 million to 500 million yuan within three months, representing up to 0.76% of the total share capital [2] - Fangzheng Technology intends to raise no more than 1.98 billion yuan through a private placement, with the controlling shareholder participating in the subscription [4] - Kexing Pharmaceutical plans to transfer 100% equity of its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., to Guangxi Zhuang Autonomous Region Drug Research Institute, with no significant legal obstacles [2] Group 2 - Deep Kangjia A has decided to terminate the acquisition of 78% equity in Hongjing Microelectronics due to disagreements on core terms with the counterparty [6] - Haimer Technology is planning a change in company control, with stock suspension continuing for up to three trading days [7] - Dongfang Electric Heat has signed a strategic cooperation agreement with Shanghai Zhishi to develop electronic skin for robots [8] Group 3 - Redik plans to acquire 51% equity in Chengzhan Precision Technology Co., Ltd. for a total consideration of 104 million yuan, aiming to enter the embodied intelligence field [9] - Vanke A sold 22 million A-shares on June 10, raising approximately 146 million yuan, accounting for 0.18% of the total share capital [10] - Jintai Technology has not yet engaged in any business related to stablecoin concepts, despite recent market interest [11] Group 4 - Apac Co., Ltd. received a project designation from a large domestic automotive group, with an expected total sales amount of approximately 360 million yuan over a six-year lifecycle [12] - Ice Wheel Environment won two large cold chain projects with a total bid price exceeding 190 million yuan, representing about 2.9% of the company's projected revenue for 2024 [13] - Songyuan Safety received a project designation from a well-known domestic automotive manufacturer, totaling approximately 45 million yuan [14]

Group 1 - Vanke A announced the sale of 22 million A-share treasury stocks for a total of 146 million yuan, representing 0.18% of the company's total share capital, aimed at supplementing liquidity without impacting current profits [1] - Tencent Music plans to acquire 100% of Himalaya for a total consideration of $1.26 billion, which includes cash and shares, to expand its audio content ecosystem [1] - Dongfang Electric Heat signed a strategic cooperation agreement with Xiaomi's subsidiary to develop robotic electronic skin, focusing on flexible fabric pressure sensing applications [3] Group 2 - Chengdu Huamei launched a 4-channel, 12-bit, 16G high-precision RF direct sampling ADC chip, marking a significant breakthrough in high-speed data conversion technology [4] - Jinshi Technology clarified that it has not engaged in any business related to stablecoins, despite recent market interest, and noted a significant stock price increase of 76.51% over six trading days [5] - Xiantan Co. reported a 14.22% year-on-year increase in chicken product sales revenue for May, amounting to 469 million yuan [7]