Core Viewpoint - Company reported a 25.07% year-on-year increase in revenue for Q1 2025, but net profit decreased by 22.53% due to delayed project acceptance affecting revenue recognition [63][34][15]. Group 1: Financial Performance - In Q1 2025, the company's revenue reached 933 million yuan, reflecting a 25.07% increase year-on-year [63]. - The net profit attributable to shareholders was 48.01 million yuan, down 22.53% compared to the previous year [63]. - The gross profit margin for the company was reported at 26.45% [63]. Group 2: Revenue Growth Factors - The company experienced a 30.04% revenue growth in 2024, with some projects not yet accepted impacting revenue recognition [2]. - The company maintains an optimistic outlook for 2025, citing strong demand in its main business areas and solid industry position [9]. Group 3: Market and Operational Insights - The company is closely monitoring changes in U.S. tariff policies, noting that overseas revenue accounted for 14.38% of total revenue in 2024, suggesting limited impact from tariffs [3]. - The company has a stable order book and production capacity across multiple bases, including Shenzhen and Suzhou, to meet current demand [13][52]. Group 4: R&D and Future Prospects - The company is increasing its R&D investments, with a 32.98% rise in R&D expenses in 2024, focusing on innovative products like ultra-thin dehumidifiers [27]. - The liquid cooling business is experiencing growing demand, although it is influenced by chip types [7]. Group 5: Stock Performance and Investor Relations - The company's stock has faced a continuous decline, with management emphasizing the importance of value enhancement and shareholder returns [16][50]. - The company adheres to consistent information disclosure principles and encourages investors to refer to official reports for updates [4][51].

| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | √业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 及人员姓名 | 投资者 | | | 时间 | 2025 年 4 月 28 日 | | | 地点 | 中证路演中心 | | | 上市公司接 待人员姓名 | 董事长李增群先生，独立董事步延东先生，副总裁、 | 财务总监吴利利女士，董事会秘书孙秀欣先生 | | | 提问 | 活动期间谈论的主要内容如下： 问题内容 | 回答 | 回答内容 | | --- | --- | --- | --- | --- | | | 人 | | 嘉宾 | | | 投资者关系活动 主要内容介绍 | 清风 | 冰轮环境，这个卓越的上市公司是我 | 李增群 | 您好，冰轮有我，有您，有我们大家，为了美好的明天，齐心协力，共同 | | | | 们大家的。作为冰轮环境的职工，有 | | | | | | 股权激励带来的股票，冰轮环境的投 | | | | | | 资人，也坚定的选择投资冰环境。通 | | | ...

金十数据4月28日讯，就美国关税政策对公司2025年的业绩会影响有多大的问题，英维克4月25日在业绩 说明会上表示，关税政策不断在变动，公司在密切跟踪情况，对影响尚未能做出准确的评估，由于公司 2024年海外收入占比14.38%，故影响不会很大。 （证券时报） 英维克：美国关税政策对公司业绩影响不会很大 ...

自80年代冷柜进入中国家庭以来，经历了持续的技术迭代创新。澳柯玛摸索将应用于商用冷柜、医用冷柜的低温速冻、 精准温控等技术应用于家用制冷产品，取得全新突破。2016年，澳柯玛推出-40℃低温冷柜，通过快速低温冷冻，可使 食材细胞快速通过"最大冰晶生成带"。2020年，澳柯玛又推出家用-60℃低温冷柜，采用-60℃细胞级养鲜技术。2023 年，澳柯玛再次推出-70℃低温冷柜。 澳柯玛低温冷柜的诞生，解决了家庭、高档餐厅、料理店等对三文鱼、金枪鱼等高端食材保鲜需求，也让普通食材的保 鲜进入一个超低温原鲜存储的新时代。 二十五年前，当一台澳柯玛冷柜踏入陕西古城刘大爷的家门，它就成了家里的一员，见证着家庭生活的变迁，默默为家 人守护着每一份新鲜食材。最让刘大爷欣慰的是，这台冷柜自从买来以后，始终稳定运行都没出过故障，冷藏冷冻效果 都非常好，静音还省电。 一台陪伴家庭变迁的澳柯玛冷柜，不仅给家人带了更多美好回忆，也慢慢的成为了家庭的一员，承载着亲情、友情和爱 情的沉淀。 自去年国家推出以旧换新政策以来，看着家里的这台老伙计，刘大爷心中萌生了换一台新冷柜的念头。从售后服务中心 得知此事后，澳柯玛陕西工作人员第一时间与刘大 ...

本报讯 （记者贾丽） 4月27日，第三十六届国际制冷、空调、供暖、通风及食品冷冻加工展览会（以下简称"2025中国制冷 展"）在上海新国际博览中心启幕。本届展会以"智联冷暖，共享未来"为主题，覆盖全产业链技术、产 品与解决方案。 青岛海信日立空调营销股份有限公司（以下简称"日立中央空调"）以"碳索适界 昱AI同行"为主题亮相 展会，针对建筑节能改造和工业低碳需求，全球首发SET-FREE RIII更新系列顶出风多联机与SET-FREE 极昱系列两大工装新品，展现了日立在制冷空调领域的深厚技术积累。 青岛海信日立空调营销股份有限公司总经理王学斌表示，日立中央空调以"社会创新"为使命，致力于实 现从技术先驱到生态构建者的跨越。目前公司已率先完成数字化转型，在AI能效优化、零碳算法模 型、新能源耦合技术等领域取得突破性进展。例如全球创新的冷凝热回收技术，不仅大幅提升综合能 效，还可通过余热回收为建筑提供免费生活热水，真正践行"能源零浪费"的承诺。 此外，为加速碳中和进程，日立中央空调于2024年建立行业首个"产品全生命周期碳管理平台"，携手全 球430家产业链伙伴，推动轻量化材料、低碳制造工艺的规模化应用。截至目前 ...

Core Viewpoint - The successful development of China's first 10,000-watt helium refrigerator marks a significant breakthrough in ultra-large helium low-temperature refrigeration technology, which will support major scientific infrastructure and clean energy solutions [1][2]. Group 1: Technology and Innovation - The helium refrigerator has a liquefaction rate of 3,370 liters per hour, which will be utilized in the accelerator-driven transmutation research facility for nuclear waste processing [1]. - The refrigerator operates at liquid helium temperatures (minus 269 degrees Celsius) and is essential for cutting-edge research in large scientific installations such as accelerators and controlled nuclear fusion [1]. - All core components of the refrigerator, including the helium gas compressor and the ultra-large high-vacuum insulated cold box, are independently developed by China [2]. Group 2: Specifications and Features - The ultra-large high-vacuum insulated cold box measures approximately 28 meters in length, over 4 meters in diameter, and weighs 180 tons [2]. - The helium gas bearing turbine expander can achieve speeds of 100,000 to 150,000 revolutions per minute under heavy load and high power conditions [2]. Group 3: Applications and Impact - The helium refrigeration technology is expected to provide critical support for basic scientific research, medical device development, and rare gas separation, while also addressing challenges in the storage and transportation of large-scale clean energy [1]. - The development of this technology is anticipated to promote the sustainable development of the new energy industry [1].

"青神竹编"劳务品牌让指尖技艺变致富密码。卿 萱摄（中经视觉） 另一朵"花"是"斑布"，即四川环龙新材料有限公司生产的全国首张竹纤维本色生活用纸。该企业以当地漫山 遍野的竹子为原料，截至目前，累计使用竹材超400万吨，累计销售额突破120亿元，助力农民增收近25亿 元。近年来，斑布在"双11"购物节中始终稳居本色纸销量榜首，是星巴克、肯德基等品牌的重要供应商。公 司相关负责人刘玮哲表示，斑布备受青睐，得益于其低温萃取不漂白技术，在环保性与安全性上优势显著。 2022年，斑布健康竹产业园一期项目建成投产，年产值超25亿元。待二期项目全面建成投产后，整个产业园 预计可实现产值100亿元，带动5000余人就业，帮助农民增收10亿元。 创新驱动产业突围 青神的产业发展，不仅在于竹韵悠长，机械制造产业同样奏响了高质量发展的强音。如今，青神机械制造产 业聚集成链，成功培育两家本地上市企业、4家国家级专精特新"小巨人"企业、14家国家级高新技术企业，跻 身全国机械产业集群百强。 30年前，四川德恩精工科技股份有限公司还是一家小作坊。如今，德恩精工已成长为涵盖工业机器人、数控 切削机床、机械传动与传动联结件、机械非标定制件产 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.021 billion yuan, a year-on-year increase of 15%, and a net profit attributable to the parent company of 218 million yuan, up 4% year-on-year [6] - The report highlights strong growth in the automotive thermal management segment, driven by the increasing production and sales of new energy vehicles, which saw a year-on-year growth of 50.4% and 47.1% respectively in Q1 2025 [6] - The report anticipates a recovery in profit margins in Q2 2025 as copper prices are expected to decline, which will help stabilize the company's gross margin [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are 14.383 billion yuan, with a year-on-year growth rate of 13.4% [2] - The net profit attributable to the parent company is forecasted to be 1.170 billion yuan in 2025, representing a year-on-year increase of 12% [2] - The earnings per share (EPS) is expected to be 1.10 yuan in 2025, with a projected gross margin of 18.9% [2] Market Data - As of April 25, 2025, the closing price of the stock is 12.12 yuan, with a market capitalization of 11.106 billion yuan [3] - The stock has a price-to-book ratio of 2.3 and a projected price-to-earnings ratio of 11 for 2025 [3] Business Segment Analysis - The report indicates that the refrigeration parts segment is experiencing growth, with domestic and export sales of household air conditioners increasing by 6.2% and 24.5% respectively in Q1 2025 [6] - The refrigeration equipment segment is expected to remain in a downward trend due to reduced capital expenditure in the lithium battery and photovoltaic sectors [6]

【环球网科技综合报道】4月27日，2025中国制冷展于上海新国际博览中心启幕。海尔智慧楼宇发布五大创新成果：行业首个磁气悬浮国标划定能耗基准， 行业首创大模型AI多联机通过AI技术应用实现节能30%，全球首台气悬浮热泵离心机组省去了维保支出，行业首个高效机房暖通智能体管理提效50%，以及 新品牌PROFROID高效节能热泵新品，以此推进建筑领域向AI低碳建筑转型。 其中在磁气悬浮国标划定能耗基准方面，据介绍，磁气悬浮离心机组的IPLV、COP 值显著超过国家一级能效标准值，且海尔已实现节能50%以上。标准发 布后，磁气悬浮与传统机组能效标准分开划线，便于用户选到更节能的方案；对于行业而言，国标设定的能效参数、噪声、振动等硬性指标，将促进行业转 型升级。 在气悬浮热泵离心机组方面，其夏天能制冷、冬天能制热，选配热回收功能后还可回收废热提供免费热水，适用于酒店、政府公建、医院、工厂等多场景定 制化部署。 在大模型AI多联机方面，海尔智家智慧楼宇产业中国区总经理王晓强表示，其将AI技术贯穿了从生产到运维全过程，可以为用户带来30%的节能效果。同时 机组还做到了单机行业最大48HP，减少设备用量约10%，降低投入成本 ...

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Insights - The company reported a significant revenue growth in Q1, but the change in product structure has put pressure on the gross margin [1] - The company achieved a revenue of 2.83 billion yuan in 2024, a year-on-year decrease of 11.67%, and a net profit attributable to the parent company of 353.66 million yuan, down 14.39% year-on-year [8] - The company is expected to see a recovery in revenue growth from 2025 onwards, with projected revenues of 3.19 billion yuan in 2025, 3.63 billion yuan in 2026, and 3.99 billion yuan in 2027 [3][10] Financial Performance Summary - In 2024, the company achieved a gross margin of 27.8%, down 1.9 percentage points year-on-year, with specific margins for different product lines: 35.3% for frozen display cabinets, 14% for refrigerated display cabinets, 21.7% for supermarket display cabinets, and 22.1% for smart vending machines [8] - The company’s net profit margin for 2024 was 12.5%, a decrease of 0.4 percentage points year-on-year [8] - The company’s earnings per share (EPS) are projected to be 1.02 yuan in 2025, 1.18 yuan in 2026, and 1.35 yuan in 2027 [3][10] Revenue and Growth Projections - The company’s total revenue is expected to grow at a rate of 12.63% in 2025, 14.00% in 2026, and 9.77% in 2027 [3][10] - The revenue from frozen display cabinets is projected to grow by 5% in 2025, 15% in 2026, and 10% in 2027, while refrigerated display cabinets are expected to see growth rates of 30%, 15%, and 10% respectively during the same period [9][10] Market Position and Strategy - The company holds a leading market share and brand influence in the frozen display cabinet sector, with a comprehensive coverage of mainstream beverage brands in the domestic market [8] - The growth in refrigerated display cabinets is attributed to North American customers placing orders in anticipation of tariff changes [8]