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] - The product matrix includes various types of compressors such as screw, centrifugal, absorption chillers, and industrial heat pumps, showcasing significant technological advantages and market performance [3] - The company has participated in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [3] Group 2: Applications and Market Segments - Products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, and special environments like aerospace and mining [3] - The company has successfully served numerous data centers in China and abroad, including major projects like the National Supercomputing Center and various banking data centers [3][4] - The company’s cooling solutions for data centers include advanced technologies recognized in the national green data center product directory [4] Group 3: Industrial Heat Management and Nuclear Power - The company is a pioneer in industrial heat pump technology, focusing on clean, low-carbon energy systems and offering comprehensive heat control solutions [4] - In the nuclear power sector, the company has developed innovative technologies for cooling and heat recovery, supporting the safe and efficient operation of nuclear power plants [4][5] - The company has extensive experience in providing cooling solutions for various nuclear power stations across China [5]

Group 1: Company Overview - The company was established in 2001 and listed on the Shenzhen Stock Exchange in 2011, with total assets reaching 8.023 billion RMB as of mid-2025 [2][3] - It is a key supplier of aluminum materials for automotive thermal management and lightweight systems, focusing on sectors such as automotive, aerospace, marine engineering, and new energy [3][4] Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of 3.724 billion RMB and a net profit attributable to shareholders of 208 million RMB [3] - The net profit after deducting non-recurring gains and losses was approximately 191 million RMB [3] Group 3: Competitive Advantages - The company has established partnerships with major clients like Mahle, Valeo, and Bosch, generating over 3 billion RMB in revenue from automotive thermal management products, accounting for about 42% of total revenue in 2024 [4] - In the lightweight system components sector, it generated nearly 3.1 billion RMB, representing approximately 41% of total revenue [4] Group 4: Profit Distribution - In May 2025, the company distributed cash dividends of 2.00 RMB per 10 shares, totaling approximately 247 million RMB [5][6] - For the second half of 2025, a planned cash dividend of 1.00 RMB per 10 shares is expected, amounting to around 123 million RMB [6] Group 5: Project Progress - As of mid-2025, the construction of a 100,000-ton green electricity high-end aluminum material project is progressing well, with some production lines entering the commissioning phase [6] Group 6: Future Outlook - The company anticipates growth opportunities driven by global sustainable development policies and the upgrading of industrial structures, particularly in the automotive sector [7] - It aims to leverage its expertise in lightweight materials and thermal management to meet the evolving demands in various industries, including aerospace and energy storage [7]

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] - The product matrix includes various types of compressors such as screw, centrifugal, absorption chillers, piston, and industrial heat pumps, showcasing significant technological advantages and market performance [3] - The company has developed a full range of magnetic levitation compressor products, which demonstrated reliability and efficiency during the Beijing Winter Olympics project [3] Group 2: Market Applications and Client Industries - Products are widely used in food and agricultural product freezing, cold chain logistics, industrial cooling systems, and special environments in energy and chemical production [3] - The company serves various sectors including rail transportation, commercial real estate, public venues, and data centers, with applications in energy recovery and clean emissions [3] - The company has successfully collaborated with numerous domestic and international data centers, enhancing its market presence in North America, Australia, Southeast Asia, and the Middle East [3][4] Group 3: Innovations and Technological Developments - The company is a pioneer in industrial heat management, focusing on clean, low-carbon, safe, and efficient energy systems, and has launched comprehensive solutions for industrial heat control [4] - Recent innovations include technologies for nuclear power applications, such as cooling systems and heat recovery solutions, supporting the safe and efficient use of nuclear energy [4][5] - The company has established a strong presence in the nuclear power sector, providing services to multiple nuclear power stations across China [4][5] Group 4: Competitive Landscape and Market Position - The company faces competition from leading HVAC manufacturers in the overseas market, including Carrier, York, and Trane [4] - The company is enhancing its competitiveness with new product launches, including upgraded versions of its magnetic levitation and air suspension series for data centers [3][4] - The company is strategically expanding its manufacturing capabilities to support overseas markets while maintaining a robust domestic production base [4]

1. Report Industry - The report focuses on the general equipment industry [2] 2. Core Viewpoints - The report analyzes the business and product application scenarios of Binglun Environment, highlighting its technical strength and market performance in multiple fields [22][23][26] 3. Summary by Directory 3.1. Research Basic Situation - The research object is Binglun Environment, belonging to the general equipment industry, with a reception time of September 1, 2025, and the listed company's reception staff is the board secretary, Sun Xiuxin [17] 3.2. Detailed Research Institutions - The research institutions include Panjing Investment (represented by Chang Yile) and Huachuang Securities (represented by Ding Yi and Chen Hongyang) [18] 3.3. Main Content Data 3.3.1. Business and Industrial Sector - Binglun Environment provides advanced system solutions and full - life - cycle services in the energy and power fields, with main products such as compressors and heat exchange devices, covering a temperature range from - 271°C to 200°C. It has a full - series magnetic levitation compressor product matrix and participates in national standard drafting [22] - The company's products are widely used in various industries, including commercial refrigeration, industrial freezing, commercial air - conditioning, industrial special air - conditioning, energy utilization, casting, and intelligent control [23] 3.3.2. Product Application and Production Capacity in Data Centers - Dunham - Bush and Binglun Heat Exchange Technology provide cooling equipment for data centers and liquid - cooling systems. Two products of Dunham - Bush are on the national green data center list. The company has served many domestic and overseas data centers [23][24] - In 2024, new products were launched, and some technologies of Binglun Heat Exchange Technology were recognized. There are thresholds in the IDC cold - water unit market, and overseas manufacturing bases are expanding production [24][25] 3.3.3. Industrial Thermal Management Business - Guided by the national dual - carbon strategy, the company launched the "Industrial Full - domain Thermal Control Comprehensive Solution", which benefits from urban heat network transformation [26] 3.3.4. Products Applied in the Nuclear Power Industry - The company has developed a series of innovative technologies for nuclear power, serving many domestic nuclear power plants. Different subsidiaries have unique technologies and rich experience in the nuclear power field [26][27]

Group 1: Ice Wheel Environment (冰轮环境) - The company aims to promote global sustainable development, focusing on artificial environment control technology and energy utilization technology [1] - In the first half of 2025, the company achieved operating revenue of 3.12 billion yuan, a year-on-year decline of 7%, and a net profit attributable to shareholders of 266 million yuan, down 20% year-on-year [1] - Main products include compressors and heat exchangers, with a full range of magnetic suspension compressor products covering a temperature range of -271℃ to 200℃ [1] - The company provides cooling equipment for data centers and has developed technologies for nuclear power cooling and waste heat recovery [1] - Successfully developed a helium compressor for controlled nuclear fusion applications [1] Group 2: Sanwei Chemical (三维化学) - The company is a technology-driven chemical group involved in chemical and petrochemical technology R&D, engineering services, and catalyst production [1] - In the first half of 2025, the company reported total revenue of 1.25 billion yuan, a year-on-year increase of 21.81%, and a net profit of 120.36 million yuan, up 42.54% year-on-year [1] - The company has signed uncompleted orders worth 1.63 billion yuan in its engineering business [1] - It employs a flexible production model and is advancing projects to optimize cellulose acetate products and upgrade cellulose derivatives [1] - The company plans to distribute cash dividends of 1.00 yuan per 10 shares, totaling 64.89 million yuan [1] Group 3: Furuya Co., Ltd. (福瑞股份) - The company announced a strategic collaboration with Novo Nordisk to promote the early diagnosis and treatment of MASH following the approval of semaglutide for a new indication [2] - Orders are sufficient despite not yet receiving feedback from distributors and hospitals regarding the new indication [2] - The company is focused on its established goals and will not adjust its strategies or action plans [2] - The North American market is experiencing good growth, driven by the new drug approval and increased awareness [2] - The performance in traditional Chinese medicine has improved mainly due to e-commerce growth and increased demand for liver protection [2] Group 4: Jin Ying Fund (金鹰基金) - As of now, the fund has an asset management scale of 68.025 billion yuan, ranking 74th among 210 [3] - The fund has 156 public funds under management, ranking 50th among 210 [3] - The best-performing fund in the past year is Jin Ying Technology Zhi Yuan Mixed A, with a net value of 1.88 and a growth of 95.67% [3] - The latest public fund product launched is Jin Ying Zhong Zheng Quan Zhi Zi You Xian Jin Liu Zhi Shu A, which is an index-type stock fund [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.12 billion CNY, a year-on-year decline of 7%, with a net profit attributable to shareholders of 266 million CNY, down 20% year-on-year [4] - The second quarter saw a year-on-year revenue increase, with domestic business revenue at 2.1 billion CNY, while overseas business grew significantly by 30%, reaching 1.02 billion CNY [4] Group 2: Business Segments and Products - 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, covering a temperature range of -271℃ to 200℃ [4] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling function screw chillers, which have been recognized in the national green data center technology catalog [5] - Successful projects include major data centers across China and collaborations with local integrators in North America, Australia, Southeast Asia, and the Middle East [5] Group 4: Nuclear Power Industry - 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 [6][7] - It has provided services to multiple nuclear power stations in China, enhancing operational safety and efficiency [6][7] Group 5: Industrial Heat Management - In line with national carbon reduction strategies, the company has launched comprehensive industrial heat control solutions, integrating high-temperature and wide-temperature range heat pump technologies [8] - The solutions aim to achieve efficient energy recovery and utilization across various industrial applications, reflecting the company's long-term strategic vision [8]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.12 billion CNY, a year-on-year decline of 7% [5] - The net profit attributable to shareholders was 266 million CNY, down 20% year-on-year [5] - Revenue in the second quarter showed a year-on-year increase, with total revenue reaching 2.1 billion CNY [5] - The overseas business grew significantly by 30%, reaching 1.02 billion CNY [5] Group 2: Business Segments and Products - 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 [5] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [5] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages [5] Group 3: Applications and Innovations - The company’s products are widely used in various sectors, including food processing, cold chain logistics, industrial cooling systems, and data centers [5] - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, with products recognized in the national green data center technology directory [6] - Recent innovations include a series of nuclear cooling technologies aimed at enhancing safety and efficiency in nuclear power plants [6] Group 4: Strategic Initiatives - The company is enhancing its overseas business by deploying skilled engineers and expanding its sales network [7] - A focus on industrial heat management aligns with national carbon reduction strategies, promoting clean and efficient energy systems [7]

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 [2] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly noted during the Beijing Winter Olympics [2] - The company is involved in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [2] Group 2: Applications in Data Centers - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling function screw chillers, which are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [2] - Successful projects include major data centers across China, such as the National Supercomputing Center in Guangzhou and various banks and telecom companies [2] - The company plans to launch upgraded products for data centers in July 2024, enhancing its competitive edge [2] Group 3: Nuclear Power Industry Products - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios like nuclear island cooling and heat recovery [3] - It has supplied products to several nuclear power stations in China, ensuring safe and efficient operation [3] - The company is recognized for its contributions to the development of cooling systems for nuclear power plants, with extensive domestic and international case studies [3] Group 4: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, promoting a comprehensive solution for industrial heat control [4] - It has been recognized as a national-level specialized "little giant" enterprise, with numerous patents and awards for its innovative technologies [4] - The company’s technologies are included in national energy-saving technology directories and have received various national awards [4] Group 5: Marine Economy Product Layout - The company is committed to high-quality development in the marine economy, focusing on ship refrigeration systems as a traditional strength [5] - It provides comprehensive smart solutions for deep-sea fishing and seafood processing industries, with certified ship refrigeration products widely used [5] - The company is actively developing low-carbon energy systems for marine applications, aligning with current industry demands [5]

Group 1: Company Business Overview - The company provides advanced system solutions and lifecycle services in the energy and power sectors, focusing on compressors and heat exchange devices, managing temperature control and pressure boosting across a temperature range of -271°C to 200°C [2] - The product matrix includes various types of compressors and heat pumps, showcasing significant technological advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key customer industries include food freezing and cold chain logistics, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Products for Controlled Nuclear Fusion - The company has developed helium compressors for superconducting magnets used in magnetic confinement fusion devices, operating at extremely low temperatures near absolute zero (-269°C) [2] - In 2016, the company successfully developed a helium compressor for ultra-low temperature applications, filling a domestic gap and supplying to the Chinese Academy of Sciences [2] - The helium compressor is recognized as a major technological equipment project by the National Energy Administration, supporting significant scientific research projects [2] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [3] - Products have been successfully implemented in numerous domestic data centers, including the National Supercomputing Center and various banks and telecom companies [3] - The company is expanding its overseas manufacturing base to meet high market demand in North America, Australia, Southeast Asia, and the Middle East [3] Group 4: Nuclear Power Industry Products - The company focuses on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery [4] - Recent projects include providing solutions for multiple nuclear power stations across China, enhancing safety and efficiency in energy utilization [4] - The company is recognized for its extensive experience and comprehensive product offerings in the nuclear island refrigeration sector [5] Group 5: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, promoting a clean, low-carbon, safe, and efficient energy system [6] - It has launched comprehensive industrial heat control solutions, integrating multi-source and multi-level system technologies [6] - The company has received numerous accolades for its innovative technologies and has a significant number of patents and software copyrights [6]

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℃ to 200℃ [2] - The product matrix includes various types of compressors such as screw, centrifugal, absorption, piston, and scroll compressors, as well as industrial heat pumps and energy storage devices [2] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly highlighted by their success in the Beijing Winter Olympic Village project [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 recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [2] - Successful projects include major data centers for national supercomputing and various banks, with international collaborations in North America, Australia, Southeast Asia, and the Middle East [2] - Upcoming product launches include upgraded versions of magnetic levitation and gas suspension series products, enhancing competitiveness in the data center market [2] Group 3: Nuclear Power Industry Innovations - 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 [3][4] - It has provided services to multiple nuclear power stations across China, including Red River, Ningde, and Yangjiang [3] - The company’s subsidiary has extensive experience in nuclear refrigeration, being a key contributor to national standards and having a comprehensive range of products for nuclear applications [4] Group 4: Industrial Heat Management Solutions - In alignment with national carbon reduction strategies, the company offers comprehensive industrial heat control solutions, integrating advanced technologies for efficient energy recovery and utilization [4] - The focus is on high-temperature, large temperature difference, and wide temperature range heat pump technologies, aiming for full coverage across various industrial applications [4] Group 5: Marine Economy Product Development - The company is a leader in the marine refrigeration market, providing smart solutions for deep-sea fishing and seafood processing industries [5] - Recent initiatives include developing low-carbon energy systems for marine applications, aligning with industry trends towards decarbonization and smart technology [5] - Notable products include re-liquefaction devices for LNG carriers and carbon capture systems for offshore platforms [5] Group 6: Corporate Governance and Incentives - Discussions included the company's governance structure and market mechanisms, as well as the 2023 equity incentive plan [6]