调研速递|冰轮环境接受银华基金等2家机构调研 数据中心液冷产品服务多项目 核电领域中标小型堆项目

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. is focusing on advanced system solutions and lifecycle services in the energy and power sector, with a strong emphasis on data center liquid cooling systems, nuclear power products, HRSG products, and thermal management. Group 1: Main Business and Product Layout - Ice Wheel Environmental specializes in energy and power, offering advanced systems and lifecycle services, with core products including compressors and heat exchange devices that manage temperature control and energy efficiently across a range of applications [2] - The company's products serve various sectors, including commercial refrigeration, industrial cooling, comfort air conditioning, special industrial air conditioning, and energy recovery systems [2] - In the first three quarters of 2025, the low-temperature refrigeration segment saw a slight revenue decline, while the special air conditioning and thermal management segments experienced year-on-year growth [2] Group 2: Data Center Liquid Cooling Systems - The company provides liquid cooling systems for data centers through its subsidiaries, Dunham-Bush and Ice Wheel Heat Exchange Technology [3] - Dunham-Bush, with a 131-year history, offers advanced cooling solutions and has been involved in significant projects such as the National Supercomputing Center in Guangzhou and various data centers for major telecom companies [3] - The company is expanding its overseas manufacturing capacity to support global demand, particularly in North America, Australia, Southeast Asia, and the Middle East [4] Group 3: Nuclear Power Sector - Ice Wheel Environmental is focusing on nuclear island cooling and nuclear energy heating, with innovative technologies for cooling and heat recovery [5] - The company has secured contracts for cooling systems in various nuclear power plants and is involved in the development of small modular reactor projects [5] - A collaboration with Tsinghua University on nuclear heating technology has led to the successful implementation of a cross-city nuclear heating project [5] Group 4: HRSG Products and Thermal Management - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry, specializes in HRSG products, with a projected revenue exceeding 700 million yuan in 2024 [6] - The thermal management segment focuses on industrial heat pumps and is positioned as a key growth area, benefiting from urban renewal and energy efficiency policies [7] - The company’s technologies in heat recovery and high-temperature heat pumps are expected to become essential for high-energy-consuming enterprises as carbon neutrality policies advance [7] Group 5: Other Technical Applications - Ice Wheel Environmental is also involved in the liquefaction of aerospace fuels, with a patented high-efficiency helium screw compressor recognized as a significant technological advancement [8] - The company believes that traditional temperature cooling methods for chips are limited and that efficient cooling solutions remain the mainstream approach [8] - The lithium bromide absorption chiller developed by the company can utilize waste heat from gas turbines for combined power and cooling applications, enhancing energy efficiency [8]