Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% compared to the previous year, with a net profit of 428 million CNY, down 9.68% [3] Group 2: Business Operations 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 [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling systems [3] - The low-temperature refrigeration segment saw a slight decline in revenue, while the special air conditioning and thermal management segments experienced growth [4] Group 3: Market Applications - The company's products are widely used in food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - Specific applications include data centers, nuclear power plants, and various industrial cooling systems [4][6] - The company has established a strong presence in the data center market, providing cooling equipment and solutions [5][6] Group 4: International Presence and Collaborations - The company collaborates with local integrators in North America, Australia, Southeast Asia, and the Middle East, maintaining a high market demand [6] - Dunham-Bush, a subsidiary, has successfully served numerous data center projects across China and internationally [5][6] - The company is recognized for its innovative cooling technologies, including those for nuclear power applications, and has a significant number of domestic and international case studies [6]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45%, with a net profit of 428 million CNY, down 9.68% [3] 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, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and closed cooling towers [4][6] - Notable projects include collaborations with major data centers in China and partnerships with local integrators in North America, Australia, and Southeast Asia [5][6] Nuclear Power Sector - The company is actively involved in nuclear power, focusing on core areas such as nuclear island cooling and heat recovery technologies [7] - Recent projects include supplying cooling systems for various nuclear power stations across China [7] Thermal Management Innovations - The company is advancing its thermal management solutions in response to carbon neutrality policies, with a focus on industrial heat pumps and waste heat recovery technologies [9] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative technologies [8][9] Solid Oxide Fuel Cell (SOFC) Development - Since 2022, the company has collaborated with Xi'an Jiaotong University on SOFC technology, achieving significant advancements in output characteristics and sealing materials [10] - The project has led to the successful design and testing of a 5kW stack module and the development of high-stability SOFCs [10]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45%, with a net profit of 428 million CNY, down 9.68% [3] 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, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial cooling systems, commercial air conditioning, and energy recovery [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and heat exchangers [4][6] - Notable projects include collaborations with major data centers across China and partnerships in North America, Australia, and Southeast Asia [5][6] Nuclear Power Sector - The company is actively involved in nuclear power, focusing on cooling and heat recovery technologies, with successful implementations in several nuclear power stations [6][7] - Innovations include a no-power cooling system for safety shells and technologies for efficient heat utilization [7] Thermal Management and Carbon Neutrality - The company is developing industrial heat pump solutions to support energy management and respond to carbon neutrality policies [8][9] - Technologies for waste heat recovery and high-temperature heat pumps are positioned to meet increasing regulatory demands [9] Solid Oxide Fuel Cell (SOFC) Research - Since 2022, the company has collaborated with Xi'an Jiaotong University on SOFC technology, achieving significant advancements in output characteristics and integration methods [10] - The project has led to the development of new sealing materials and successful performance testing of SOFC modules [10]

Core Insights - The report emphasizes seizing growth opportunities arising from industrial upgrades in the machinery sector [4][6] - Investment recommendations focus on capturing growth lines and identifying quality leading companies with core competitiveness [5][7] Group 1: Industry Overview - The machinery industry is entering a second phase of industrial upgrading, with high-end manufacturing poised for significant growth opportunities [11][13] - The industry is characterized by a broad distribution across various downstream sectors, with a focus on high-end equipment and autonomous manufacturing [39][43] Group 2: Emerging Growth Directions - Key emerging growth areas include humanoid robots, AI infrastructure, and unmanned forklifts, driven by AI advancements and energy transformation [6][10] - The report highlights the potential of humanoid robots, which are currently in a transformative phase, with significant commercial prospects anticipated in the near future [1][49] Group 3: Engineering Machinery - Domestic engineering machinery has stabilized, with expectations of continued recovery driven by equipment updates and major infrastructure projects [7][10] - The global layout of engineering machinery is expected to smooth domestic cyclical fluctuations and enhance profitability [7] Group 4: Self-Control and Localization - The report identifies significant opportunities in domestic substitution and self-control, particularly in scientific instruments and semiconductor components [7][10] - The focus is on increasing localization rates in core segments, which presents substantial growth potential [7][10] Group 5: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is experiencing favorable conditions, with ongoing improvements in the nuclear fission power industry and future growth potential in controlled nuclear fusion [7][10] Group 6: Value Directions - The report emphasizes the importance of detection services, general equipment, and tire molds as key value directions within the machinery industry [7][10] - It recommends focusing on companies with strong cash flow and resilience in the current economic environment [7][10] Group 7: Investment Recommendations - The report suggests a combination of growth and forward-looking investment opportunities, highlighting specific companies across various segments [7][10] - Long-term investment recommendations include companies in detection services, engineering machinery, and renewable energy equipment [7][10]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Viewpoint - The company has announced that the first lock-up period for the restricted stock incentive plan of 2023 has met the conditions for release, allowing 286,000 shares to be unlocked for two incentive recipients, representing 0.0288% of the total share capital [2][10][16]. Summary by Sections 1. Announcement of Release Conditions - The first lock-up period for the restricted stock incentive plan has been fulfilled, allowing for the release of 286,000 shares for two recipients [2][10]. - The total share capital of the company is currently 992,638,145 shares [16]. 2. Approval Process and Disclosure - The company implemented the restricted stock incentive plan in 2023, granting a total of 17,270,000 shares to 621 recipients on September 8, 2023, and an additional 550,000 shares to 2 recipients on November 9, 2023 [2][4]. - The plan underwent necessary approvals from the board and supervisory committee, with independent opinions provided [3][4]. 3. Changes in Incentive Plan - The number of recipients for the incentive plan was adjusted from 642 to 623, resulting in a total of 17,820,000 shares being allocated [11]. - The company has made adjustments to the repurchase price of the restricted shares due to various factors, including employee turnover [12][13]. 4. Conditions for Release - The release conditions for the first lock-up period are based on the total number of shares granted, with 40% eligible for release after the specified period [15]. - The two recipients who are eligible for the release have met the performance criteria set forth in the incentive plan [18]. 5. Legal and Financial Opinions - Legal opinions confirm that the adjustments and release conditions comply with relevant laws and regulations [18]. - Independent financial advisors have also validated that the conditions for the release of the restricted shares have been met [19].

证券代码：000811 证券简称：冰轮环境 公告编号：2025-041 关于公司 2023 年限制性股票激励计划推迟授予的限制性股 票第一个限售期符合解除限售条件的公告 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。 2、2023年7月19日，公司收到烟台市人民政府国有资产监督管理 委员会（以下简称"烟台市国资委"）《关于冰轮环境技术股份有限 公司实施2023年限制性股票激励计划的批复》（烟国资〔2023〕55 号），烟台市国资委原则同意公司实施限制性股票激励计划。 3、2023 年 7 月 26 日，公司监事会披露了《冰轮环境技术股份 有限公司监事会关于公司 2023 年限制性股票激励计划激励对象名单 的公示情况说明及审核意见》。自 2023 年 7 月 15 日至 2023 年 7 月 24 日期间，公司通过公司网站公示了公司 2023 年限制性股票激励计 划授予激励对象名单。截至公示期满，公司监事会未收到任何员工对 公司本次激励计划授予激励对象提出的任何异议。公司监事会对本次 激励计划授予激励对象名单进行了核查。 特别提示： 1、公司 2023 年限制性 ...

Company Overview - Ice Wheel Environment (SZ 000811) announced on November 14, 2025, that its seventh temporary board meeting was held via communication, discussing the proposal for the re-election of members for the Strategic and ESG Committee and the Nomination Committee [1] Financial Performance - For the first half of 2025, Ice Wheel Environment's revenue composition was as follows: Industrial product sales accounted for 82.58%, engineering construction for 9.36%, and other industries for 8.07% [1] - As of the report date, Ice Wheel Environment's market capitalization was 14.1 billion yuan [1]

证券代码:000811 证券简称:冰轮环境 中国银河证券股份有限公司 关于 冰轮环境技术股份有限公司 2023 年限制性股票激励计划推迟授予部分 第一个解除限售期解除限售条件成就相关事项 之 独立财务顾问报告 1/15 目录 | 日录 . | | --- | | 第一章 释义 … | | 第二章 声明 . | | 第三章 基本假设 … | | 第四章 2023 年限制性股票激励计划已履行的审批程序及实施情况 . | | 第五章 关于本次实施的激励计划与已披露的激励计划存在差异的说明 | | 第六章 激励计划推迟授予部分第一个解除限售期解除限售条件成就的情况.11 | | 一、推迟授予部分第一个限售期情况 | | 二、推迟授予部分第一个解除限售期解除限售条件成就的说明 11 | | 第七章 可解除限售的激励对象及可解除限售的限制性股票数量的情况 ……… 13 | | 第八章 独立财务顾问意见 … | 2 第一章 释义 以下词语如无特殊说明,在本文中具有如下含义: 独立财务顾问 2025 年 11 月 一、本独立财务顾问报告所依据的文件、材料由冰轮环境提供,本激励计划 所涉及的各方已向独立财务顾问保证:所提供的出 ...

北京市中伦律师事务所 关于冰轮环境技术股份有限公司 2023 年限制性股票激励计划相关事项的 法律意见书 2025 年 11 月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty | | | 北京市中伦律师事务所 关于冰轮环境技术股份有限公司 股票激励计划相关事项的 法律意见书 致：冰轮环境技术股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受冰轮环境技术股份有限公司 （以下简称"冰轮环境"或"公司"）的委托，担任其 2023 年限制性股票激励计划 （以下简称"本次激励计划"）事宜的专项法律顾问 ...