Group 1 - The company held a roadshow on September 10, 2025, with participation from eight institutions including Ping An Fund and Huatai Securities Asset Management, discussing product applications, capacity, and market competition [1] - The company focuses on energy and power sectors, providing advanced system solutions and lifecycle services, with main products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [2] - The company's products are widely used in various industries such as commercial refrigeration, industrial freezing, commercial comfort air conditioning, and industrial special air conditioning [2] Group 2 - In the data center sector, the company’s subsidiaries provide cooling equipment, with products recognized in the national green data center technology directory, and successful projects both domestically and internationally [3] - The company has developed innovative technologies for nuclear power applications, supporting the safe operation and clean energy utilization of nuclear power plants, with a focus on core scenarios like nuclear island cooling [4] - The company’s subsidiary has over 20 years of experience in nuclear power services and has collaborated with Tsinghua University on technology applied in national energy projects [4]

中信证券股份有限公司 关于烟台国丰投资控股集团有限公司及其 子公司烟台国泰诚丰资产管理有限公司 豁免要约收购冰轮环境技术股份有限公司 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 8 月 21 日，冰轮环境披露了 2025 年半年度报告。结合上述 2025 年半年 度报告及日常沟通，中信证券出具了 2025 年半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 ...

冰轮环境技术股份有限公司董事会 2025 年 9 月 10 日 附件：赵铎先生简历 赵铎先生，金融学硕士，保荐代表人。加入中信证券以来主要负责或参与了 辽宁成大(600739.SH)分拆成大生物(688739.SH)科创板IPO项目、玲珑轮胎 (601966.SH)非公开发行项目、烟台国丰豁免要约收购冰轮环境(00811.SZ)项目、 济高控股非公开协议转让玉龙股份项目等，具有丰富的投资银行业务经验。 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。 2024年4月，中信证券股份有限公司（以下简称"中信证券"）接受烟台国 丰投资控股集团有限公司（以下简称"烟台国丰"）委托，担任烟台国丰及其子 公司烟台国泰诚丰资产管理有限公司（以下简称"国泰诚丰"）豁免要约收购冰 轮环境技术股份有限公司（以下简称"公司"）的财务顾问，相关股权已于2024 年9月完成过户登记。根据有关规定，持续督导期从公司公告收购报告书至收购 完成后的12个月止，即本次持续督导至2025年9月19日止。 近日，公司收到中信证券出具的《关于变更持续督导财务顾问主办人的函》， 中信证券原持续督导主办人 ...

Group 1: Business 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℃ to 200℃ [3] - A full range of magnetic levitation compressor products has been developed, showcasing significant technical advantages and market performance, particularly highlighted by their success in the Beijing Winter Olympic Village project [3] - Products are widely used across various industries, including food processing, cold chain logistics, industrial refrigeration, and special air conditioning systems [3] Group 2: Data Center Applications and Market Position - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with products recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [3][4] - Successful domestic projects include major data centers for national supercomputing and various banks, while international collaborations extend to North America, Australia, Southeast Asia, and the Middle East [3] - Upcoming product launches in July 2024 include upgraded magnetic levitation and air suspension series for data centers, enhancing competitive edge [4] Group 3: Nuclear Power Industry Engagement - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient energy use [4] - Domestic service includes major nuclear power stations, with a strong track record in providing comprehensive cooling solutions [4] - The company is a key player in drafting national standards for refrigeration equipment in nuclear applications, with extensive experience and a wide range of products [4]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Core Points - The board of directors of Icewheel Environmental Technology Co., Ltd. held its fourth meeting of 2025 on September 4, 2025, via communication methods, with all 8 directors participating in the voting [1][2] - Several resolutions were passed, including adjustments to the repurchase quantity and price of restricted stock, approval of the first lock-up period for the 2023 restricted stock incentive plan, and changes to the registered capital and company bylaws [1][2] Summary by Categories - **Restricted Stock Repurchase**: The board approved adjustments to the repurchase quantity and price of restricted stock, with a unanimous vote of 8 in favor [1] - **Incentive Plan**: The board approved the release of the first lock-up period for the restricted stock incentive plan, with two directors abstaining from the vote due to their involvement in the plan [1] - **Capital Changes**: The board approved changes to the registered capital and the revision of the company bylaws, with a unanimous vote of 8 in favor [2] - **Information Disclosure**: The board approved the temporary suspension and exemption management system for information disclosure, with a unanimous vote of 8 in favor [2] - **Audit Firm Appointment**: The board appointed Daixin Accounting Firm as the auditing agency for 2025, with an audit fee of 650,000 yuan (including tax), approved unanimously [2] - **Shareholder Meeting**: The board decided to hold the first temporary shareholders' meeting of 2025 on September 23, 2025, with a unanimous vote of 8 in favor [2]

有限公司 2023 年限制性股票激励计划实施考核管理办法》 监事会 2025 年第四次会议（临时会议）决议公告 冰轮环境技术股份有限公司监事会 2025 年第四次会议（临时会 议）于 2025 年 9 月 4 日以通讯表决方式召开，本次会议由公司监事 会主席王强先生召集和主持，会议通知已于 2025 年 8 月 28 日以邮件 方式发出。本次会议应参加表决监事 3 人，实际参加表决监事 3 人， 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性 文件和公司章程的规定。本次会议形成决议如下： 一、审议通过《关于调整限制性股票回购数量、回购价格并回购 注销部分限制性股票的议案》 经审核，监事会认为：公司本次调整限制性股票回购数量、回购 价格并回购注销部分限制性股票，符合《上市公司股权激励管理办法》 （以下简称《管理办法》）《冰轮环境技术股份有限公司 2023 年限制 性股票激励计划草案》（以下简称《激励计划》） 《冰轮环境技术股份 证券代码：000811 证券简称：冰轮环境 公告编号：2025-028 冰轮环境技术股份有限公司 （以下简称 《考核办法》）等相关规定，1 名激励对象辞职，4 名激励对象因 ...

Core Viewpoint - The legal opinion letter from Zhonglun Law Firm confirms that the 2023 Restricted Stock Incentive Plan of Ice Wheel Environmental Technology Co., Ltd. has met the necessary legal requirements and conditions for unlocking the first lock-up period of the granted restricted stocks [2][26]. Group 1: Legal Compliance and Approval - The legal opinion letter states that the company has fulfilled the necessary legal procedures for the unlocking of the restricted stocks and the adjustments and repurchase of certain restricted stocks [12][26]. - The company has provided all necessary original documents and evidence to support the legal opinion, ensuring no false or misleading statements are present [4][5]. Group 2: Unlocking Conditions - The first lock-up period for the restricted stocks is set to last from the completion of registration for 24 months until the last trading day within 36 months, with a 40% unlock ratio of the total granted restricted stocks [12][16]. - The conditions for unlocking the restricted stocks include the absence of negative audit opinions and compliance with performance assessment targets set for the years 2023-2025 [12][13]. Group 3: Performance Assessment - The company achieved a profit growth rate of 131.28% from 2019 to 2023, exceeding the assessment target of 34% [12][13]. - The average return on equity and asset-liability ratio also met the required benchmarks, confirming the fulfillment of performance assessment conditions for unlocking [13][14]. Group 4: Adjustments and Repurchase - The adjustments to the restricted stock repurchase price and quantity are based on the company's profit distribution and capital reserve transfer plans, ensuring compliance with relevant laws and regulations [20][26]. - The repurchase price for the restricted stocks has been adjusted to 5.77 yuan per share, considering the company's profit distribution and capital reserve adjustments [25][26].

General Principles - The company establishes a system for the deferral and exemption of information disclosure to ensure compliance with legal obligations and regulations [1] - The company must disclose information truthfully, accurately, completely, timely, and fairly, avoiding misuse of deferral or exemption to mislead investors [1][2] Scope and Conditions for Deferral and Exemption - The company can defer or exempt disclosure if there is sufficient evidence that the information involves state secrets or could violate confidentiality regulations [2] - Information related to commercial secrets can be deferred or exempted if it falls under specific conditions, such as core technology information that could lead to unfair competition [2][3] Internal Procedures for Deferral and Exemption - The company must follow an internal approval process for deferring or exempting information disclosure, which includes documentation and archiving for ten years [4][5] - If the reasons for deferral or exemption are no longer valid, the company must disclose the information promptly [4][5] Reporting Requirements - The company is required to submit relevant registration materials regarding deferred or exempted disclosures to the regulatory authorities within ten days after the publication of periodic reports [6]

Core Points - The company has announced that the first lock-up period for the restricted stock incentive plan of 2023 has met the conditions for lifting the lock-up [1][5][14] - A total of 616 individuals are eligible for the lifting of restrictions, with 8,874,840 shares available for release, representing 0.89% of the company's total share capital of 992,638,145 shares [1][12][14] Summary of the 2023 Restricted Stock Incentive Plan - The plan was approved to enhance the company's incentive mechanism and boost the initiative and creativity of the core management team and key personnel [1][2] - The company granted a total of 17,270,000 shares of restricted stock to 621 eligible individuals on September 8, 2023, and an additional 550,000 shares to 2 individuals on November 9, 2023 [1][2] - The first lock-up period for the restricted stock will expire on September 19, 2025, allowing for the lifting of restrictions [5][14] Performance Assessment for Lifting Lock-up Conditions - The company has conducted a review and confirmed that it has not faced any negative audit opinions or significant adverse events that would affect the lifting of restrictions [5][6] - The performance indicators set forth in the incentive plan have been met, including a net profit growth rate of 132.43% for 2023, exceeding the target of 34% [7][12] - The average return on equity and debt ratio also met the required benchmarks, confirming the eligibility for lifting the lock-up [7][12] Adjustments and Compliance - The number of individuals eligible for the incentive plan was adjusted from 642 to 623, redistributing the shares among existing participants [10][11] - The company has complied with all necessary legal and regulatory requirements for the incentive plan and the lifting of restrictions [14][15][16] - The company will proceed with the necessary disclosures regarding the lifting of restrictions and the adjustments made to the incentive plan [15][16]