证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2025】第 081 号 | 投资者关 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | | | □媒体采访 □业绩说明会 | | 系 | □新闻发布会 √路演活动 | | | 活动类别 | □现场参观 □其他 | | | 参与单位 | 阳光保险张学鹏、财通基金张胤、百年保险祝景悦、太平养老张凯、 | | | 名称 | 中汇人寿蒋鸿丞、淡水泉刘耀阳、碧云资本吕品贤、凯丰投资季忆、 | | | 及人员姓 | 华宝自营宋泽元、鑫巢資本吴桢、长江证券贾少波、阳光资产张学鹏、 | | | | Green Court Sophie Lu、西部利得周晶、银河基金刘丛菁、泓德基 | | | 名 | 金李昕阳 | | | 时间 | 2025 年 11 月 21 日 | | | 地点 | 公司会议室 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 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 ...

格隆汇11月21日丨冰山冷热(000530.SZ)在投资者互动平台表示，军工方面：公司参加了大型风洞、气 候环境试验室等军民融合项目建设，为精准模拟高空低温环境及飞机需要的各种自然环境提供制冷系统 解决方案。公司承建的结冰风洞、CTW风洞项目填补了国内大型风洞、大型气候环境试验空白，解 决"卡脖子"课题，专业助力国防军工。 数据中心液冷方面：公司有技术储备。 ...

调研基本信息 11月19日，冰轮环境技术股份有限公司（以下简称"冰轮环境"）在公司会议室接待了特定对象调研，汇 添富基金吕天傲、银华基金张伯伦、长江证券贾少波等3家机构代表参与。公司董事会秘书孙秀欣出席 并与机构就业绩表现、业务布局、重点板块进展等进行深入交流。 业绩表现：三季度单季增长显著 前三季度受行业影响承压 据介绍，冰轮环境第三季度实现营收17.2亿元，同比增长6.88%；归母净利润1.6亿元，同比增长 13.54%，单季度业绩呈现良好增长态势。不过，受上半年行业整体环境影响，公司前三季度累计实现 营收48.3亿元，同比下滑2.45%；归母净利润4.28亿元，同比下滑9.68%。 从业务板块营收趋势看，前三季度低温制冷板块虽略有下滑，但降幅逐季收敛；特种空调和热管理板块 则实现同比增长，成为拉动业绩的重要力量。 业务布局：覆盖全温区温控 多领域应用广泛 交流中，公司详细介绍了核心业务布局。冰轮环境专注于能源和动力领域，提供系统解决方案及全生命 周期服务，主要产品包括螺杆式、离心式、活塞式等各类压缩机，以及吸收式制冷机、工业热泵、储能 蓄能装置、换热设备等，可实现-271℃至200℃全温区的温控、增压等 ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 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、吸收式制冷机、活塞式压缩机、涡旋式压缩机、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。 投资者关 系活动主 要内容介 绍 从客户行业维度看公司产品广泛应用于食品/农副产品冷冻冷藏 及深加工、冷链物流基地建设、食品/药品真空冻干、冰雪运动场馆、 加工预处理产线等商业制冷系统；能源/化工生产工艺冷却、航天风 洞/超导科研等人工特殊环境、建筑骨料冷却、隧道矿井探凿冻结等 工业冷冻系统；轨道交通、商业地产、公共场馆、科研文教等商用舒 适空调；数据中心、核电站、冶金石化、洁净空间、电子厂房、制药、 矿井热害、节能改造等工业特种空调；以及余热余能利用、气体压缩 及液化、储能系统、新能源装备、洁净排放；黑色金属铸造、有色金 属铸造、铸件精密加工、3D 智能成型；工业智控、智能产线、智慧 物流等 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "small giant" in data center cooling technology, with a revenue of 279 million yuan in Q1-Q3 2025, representing a year-on-year growth of 61% [5] - The company focuses on efficient cooling technology and provides a full lifecycle of services for data center infrastructure products, including immersion phase change liquid cooling and cold plate liquid cooling solutions [5][8] - The company aims to expand its market presence in Southeast Asia and has established a subsidiary in Singapore to explore overseas markets [8] Financial Performance - The company achieved a revenue of 506 million yuan in 2024 and a net profit of 61.42 million yuan [5] - Revenue projections for 2025 are estimated at 794 million yuan, with a net profit of 67 million yuan, reflecting a significant recovery from previous years [7] - The company has a market share of 61.30% in the liquid cooling infrastructure market, maintaining its leading position for three consecutive years [8] Product Development - The company has launched the C7000-F phase change cold plate liquid cooling solution, transitioning domestic liquid cooling from laboratory to production line [5] - The company is actively involved in setting industry standards, including the first national standard for green data centers and a general specification for quick connectors in liquid cooling data centers [5][6] Market Trends - The demand for liquid cooling solutions is driven by stricter energy efficiency requirements for data centers, with PUE values for cold plate liquid cooling dropping to a minimum of 1.15 [6] - The internet industry accounts for 46.3% of the domestic liquid cooling server market, indicating a strong demand for these technologies [5] Future Outlook - The company is expected to see a net profit of 67 million yuan in 2025, with projections of 151 million yuan and 201 million yuan for 2026 and 2027, respectively [7][8] - The company plans to enhance product value and profitability through R&D investments and the establishment of production bases [8]

Core Viewpoint - The company is actively involved in providing cooling equipment for data centers and liquid cooling systems, with a focus on advanced technology and international expansion [1] Group 1: Company Overview - The company operates through its subsidiaries, Dunham-Bush and Icewheel Heat Exchange Technology, which supply primary cooling source equipment and heat exchange devices [1] - Dunham-Bush's products have been included in the Ministry of Industry and Information Technology's "National Advanced Applicable Technology Product Catalog for Green Data Centers" [1] Group 2: Market Presence - The company has served key domestic projects such as the National Supercomputing Center in Guangzhou and China Mobile's big data center in Guizhou [1] - Internationally, the company collaborates with local integrators across North America, Australia, Southeast Asia, and the Middle East [1] Group 3: Product Development - The share of centrifugal chillers, particularly magnetic levitation chillers, is increasing in the IDC chiller market, with Dunham-Bush having a history of centrifugal machine R&D and manufacturing since 1965 [1] - The company is strategically expanding its overseas manufacturing base while also supporting the domestic market for international operations [1]

Group 1: Financial Performance - In Q3 2025, the company achieved 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 net profit down 9.68% to 428 million CNY [3] Group 2: Business Operations and Product Offerings - The company focuses on 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℃ to 200℃ [3] - Key products include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Group 3: Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Group 4: Data Center Solutions - The company provides cooling equipment for data centers, including liquid cooling systems, through its subsidiaries [6] - Dunham-Bush has a strong presence in the HVAC market, with products recognized in the national green data center technology catalog [5] Group 5: Nuclear Power Applications - The company is involved in nuclear power projects, focusing on core scenarios like nuclear island cooling and heat recovery [7] - Recent projects include cooling systems for various nuclear power stations across China [7] Group 6: Thermal Management and Carbon Neutrality - 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 [8] - The company has been recognized for its innovative technologies and has a significant number of patents in this area [8]

Core Insights - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to collaborate on data center liquid cooling technology innovation, green energy-saving solutions, and global market expansion [2] Group 1 - The cooperation will focus on key areas such as technological innovation in liquid cooling for data centers [2] - The partnership aims to implement green energy-saving solutions [2] - The collaboration will also target global market expansion strategies [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company is positioned to benefit from the dual growth of liquid cooling and nuclear power, with significant growth potential under favorable policies [1][5] - The company reported a revenue of 1.717 billion yuan for Q3 2025, a year-on-year increase of 6.88%, and a net profit of 162 million yuan, up 13.54% year-on-year [3][4] Summary by Sections Business Performance - In Q3 2025, the company achieved a revenue of 1.717 billion yuan, representing a 6.88% increase year-on-year, and a net profit of 162 million yuan, which is a 13.54% increase year-on-year [3][4] Market Positioning - The company has established a strong brand recognition in the domestic high-end data center cooling equipment market, having served major projects such as the National Supercomputing Center in Guangzhou and China Mobile's data center in Guizhou [4] - The company is actively expanding into strategic emerging sectors, aligning with national "dual carbon" strategies and marine economic development plans [5] Technological Advancements - The company has developed innovative technologies for nuclear power cooling and energy utilization, including a series of cooling systems and heat recovery solutions [6][7] - The company’s subsidiary has over 20 years of experience in nuclear power services and has contributed to the drafting of national standards for refrigeration equipment [7] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 7.502 billion yuan, 8.503 billion yuan, and 9.740 billion yuan respectively, with corresponding EPS of 0.71 yuan, 0.84 yuan, and 1.03 yuan [8][10] - The current stock price corresponds to a PE ratio of 21.2, 18.1, and 14.7 for the years 2025, 2026, and 2027 respectively [8][10]

Core Viewpoint - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to innovate in data center liquid cooling technology, implement green energy-saving solutions, and expand in global markets [1] Group 1: Partnership Details - The partnership is based on the principle of resource complementarity and win-win cooperation [1] - Grundfos is a global water technology development and pump manufacturing company headquartered in Denmark, with a strong presence in the Chinese market [1] - The collaboration will leverage Grundfos's advanced experience in fluid control and energy efficiency management alongside Xinpeng's strategic development and product manufacturing in the liquid cooling sector [1] Group 2: Areas of Focus - Key areas of collaboration include innovation in data center liquid cooling technology [1] - Implementation of green energy-saving solutions [1] - Global market expansion efforts [1]