Core Viewpoint - Gree Electric Appliances and Hefei General Machinery Research Institute announced two international standards for refrigeration compressors, aiming to enhance the global competitiveness of Chinese companies in the air conditioning sector [2][4]. Company Summary - Gree Electric Appliances, as the largest split air conditioner manufacturer globally, produces 50 million compressors annually and is now establishing international standards to leverage its technology [2][4]. - The company reported a revenue of 189.2 billion yuan for 2024, a decrease of 7.26% year-on-year, while the first quarter of 2025 saw a revenue of 41.507 billion yuan, an increase of 14.14% year-on-year [5]. Industry Summary - The global refrigeration compressor market is valued at 128.55 billion yuan in 2023 and is projected to grow to 177.22 billion yuan by 2029, highlighting the importance of developing efficient compressors and establishing standards for industry growth [4]. - The international standards announced include performance evaluation for centrifugal and volumetric refrigeration compressors, which are crucial for various applications such as air conditioning, heat pumps, and refrigeration [4][5]. - The global air conditioning market is expected to triple by 2050, reaching 4.5 billion units, with significant growth anticipated in tropical and non-traditional regions [3].

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Company Overview - Sanhua Intelligent is the largest manufacturer of refrigeration and air conditioning control components globally and a leading supplier of automotive thermal management system components [3] - The company operates in two main segments: refrigeration and air conditioning components, and automotive components, while also expanding into emerging fields such as bionic robotics and electromechanical actuators [3] Market Position - According to Frost & Sullivan, Sanhua holds approximately 45.5% market share in the global refrigeration and air conditioning control components market and ranks fifth in the automotive thermal management system components market with a 4.1% share [3] - In the refrigeration and air conditioning components sector, Sanhua is a key supplier for various applications, including HVAC systems and household appliances, with a product range that includes valves, heat exchangers, pumps, and controllers [3] Product Rankings - For 2024, Sanhua ranks first in the global refrigeration and air conditioning valves, heat exchangers, and pumps market, and second in the control components market [4] - Specific product rankings include: - Four-way reversing valve: 55.4% market share - Electronic expansion valve: 51.4% market share - Microchannel heat exchanger: 43.4% market share - Other valves and pumps also hold significant market shares [4] Financial Performance - Revenue figures for Sanhua are projected to be approximately 21.35 billion RMB in 2022, 24.56 billion RMB in 2023, and 27.95 billion RMB in 2024, with corresponding profits of about 2.61 billion RMB, 2.93 billion RMB, and 3.11 billion RMB respectively [5] - The company has maintained a gross profit margin of around 25.6% in 2022, increasing to 27.4% in 2023, and slightly decreasing to 27.3% in 2024 [6]

Core Viewpoint - Sanhua Intelligent Control has successfully completed its IPO filing and is preparing for listing on the Hong Kong Stock Exchange, establishing an "A+H" dual financing platform alongside its existing listing on the Shenzhen Stock Exchange [1] Financial Performance - The current stock price of Sanhua Intelligent Control is 27.7 yuan, with a market capitalization of 1,034 billion yuan [2] - In 2022, the company's revenue was 21.348 billion yuan, with operating profit of 3.226 billion yuan and net profit of 2.6 billion yuan. In 2023, revenue increased to 24.558 billion yuan, with operating profit and net profit reaching 3.719 billion yuan and 2.934 billion yuan, respectively. By 2024, revenue further rose to 27.947 billion yuan, a year-on-year increase of 13.8%, with net profit at 3.1 billion yuan, up 6.1% [2][3] - The company has consistently paid dividends, distributing 8.94 billion yuan in 2022, 9 billion yuan in 2023, and 13 billion yuan in the first nine months of 2024 [2] Asset and Equity Structure - As of the end of 2024, total assets reached approximately 36.355 billion yuan, a 14% increase from the previous year. The net assets attributable to shareholders were about 19.298 billion yuan, up 7.84% [3] - The shareholding structure indicates that Sanhua Holdings Group holds 45.31% of the voting rights, with the founder's family controlling 71.98% of the voting rights through agreements and entities [3][4] Market Position and Innovation - Sanhua Intelligent Control is recognized as a leading manufacturer in the refrigeration and air conditioning control components and automotive thermal management systems sectors. The company has also ventured into the bionic robotics industry, focusing on electromechanical actuators [2][5] - The company emphasizes continuous technological innovation and market expansion, leveraging its strong R&D capabilities and manufacturing strength to drive further growth in the global market [5]

Core Points - China has eliminated approximately 628,000 tons of ozone-depleting substances (ODS), accounting for over half of the total elimination in developing countries [1][2] - The implementation of the "National Plan" aims to strengthen the management of ODS and hydrofluorocarbons (HFCs), promoting green and low-carbon development across various industries [1][2] Group 1: National Plan and Regulatory Framework - The "National Plan" outlines the control of nine substances, including chlorofluorocarbons, halons, and HFCs, with specific reduction targets set for 2025 and 2030 [2][3] - The plan mandates a 67.5% reduction in controlled uses of hydrochlorofluorocarbons (HCFCs) by 2025 and a 97.5% reduction by 2030 [3] - HFCs will see a 10% reduction in controlled uses by 2029 [3] Group 2: Industry Challenges and Opportunities - The fluorochemical industry is a significant part of China's emerging strategic industries, producing over 50% of global fluorochemical products [6] - The household appliance sector has adopted propane (R290) as an environmentally friendly alternative, with over 10 million R290 air conditioners produced by the end of 2024 [6] - The automotive industry is a major user of HFCs, with regulations set to ban high GWP refrigerants in new vehicle air conditioning systems starting July 1, 2029 [5][7] Group 3: Technological Development and Innovation - The refrigeration and air conditioning industry has seen substantial growth, with a total output value of 460 billion yuan in 2023, significantly larger than when the phase-out of CFCs began [10] - The foam industry faces challenges in finding suitable alternatives to HFCs, with various replacement technologies having different cost and safety implications [10][11] - The fire protection industry is also seeking new alternatives to HFC-based extinguishing agents, emphasizing the need for innovation and collaboration between academia and industry [11]

Group 1: Industry Overview - China's building energy consumption accounted for 44.8% of the total national energy consumption in 2022, with carbon emissions from the building sector making up 48.3% of national energy-related carbon emissions [2] - Only about 3%-5% of newly constructed buildings each year are energy-efficient, with air conditioning, lighting, and power facilities consuming nearly 80% of the energy [2] - The building energy-saving market in China has seen an average annual growth rate of over 15% in the past five years, with expectations to exceed 300 billion yuan by 2029, indicating significant market potential [5] Group 2: Policy and Targets - By 2025, the building sector aims to have a more robust energy-saving and carbon reduction system, with new ultra-low energy buildings increasing by over 20 million square meters compared to 2023, and existing building energy-saving renovations increasing by over 200 million square meters [4] - Policies such as the "14th Five-Year Plan for Building Energy Conservation and Green Building Development" emphasize the importance of smart energy-saving technologies and the promotion of ultra-low energy and near-zero energy buildings [2][4] Group 3: Technological Innovations - Hitachi has introduced the SET-FREE RIII series multi-split air conditioning units, which utilize new pressure control technology to reduce renovation costs and improve energy efficiency [6][7] - The SET-FREE Extreme series employs high-efficiency heat recovery technology, achieving energy savings of 30%-70% compared to traditional methods, and is designed for various industrial applications [7] - Hitachi has completed its digital transformation, achieving breakthroughs in AI energy optimization and zero-carbon algorithm models, with a goal to reduce carbon emissions across its product lifecycle by 41% and production emissions by 16% [10]

Group 1 - Gree Electric's GMV9 Zhiyue multi-split air conditioning unit is the first AI multi-split unit in the industry designed with energy efficiency as the control target, achieving an average energy saving rate of 25% through real-time AI energy-saving control strategies [1] - The GMV9 Zhiyue multi-split unit is recognized as an important achievement in promoting the green transformation of the industry, with its technology reaching "international leading" level as certified by a panel of experts [1] - The launch of the GMV9 Zhiyue multi-split unit signifies Gree Electric's commitment to advancing the air conditioning industry towards a more efficient, greener, and smarter phase [1] Group 2 - Gree's "Zero Carbon Source" photovoltaic storage direct drive air conditioning system integrates photovoltaic power generation, energy storage, direct current distribution, and flexible electricity usage, achieving a photovoltaic direct drive utilization rate of 99.06% [2] - This system is widely applicable in public buildings, factories, venues, schools, hotels, hospitals, and commercial complexes, and has served over 35 countries and regions globally [2]

Group 1 - The 36th International Refrigeration, Air Conditioning, Heating, Ventilation, and Food Freezing Processing Exhibition (2025 China Refrigeration Exhibition) opened in Shanghai, focusing on the entire industry chain's technology, products, and solutions under the theme "Smart Connected Heating and Cooling, Sharing the Future" [1] - Qingdao Hisense Hitachi Air Conditioning Marketing Co., Ltd. showcased its new products, including the SET-FREE RIII series and SET-FREE Extreme Series, emphasizing its technological advancements in energy-efficient building renovations and industrial low-carbon needs [1][2] - The company aims to transition from a technology pioneer to an ecological builder, having completed its digital transformation and achieved breakthroughs in AI energy optimization, zero-carbon algorithms, and new energy coupling technologies [1][2] Group 2 - To accelerate carbon neutrality, the company established the industry's first "Product Lifecycle Carbon Management Platform" in 2024, collaborating with 430 global partners to promote lightweight materials and low-carbon manufacturing processes [2] - The company's green factories have achieved a 41% reduction in product carbon emissions and a 16% decrease in production carbon emissions, with a goal of achieving carbon neutrality across the entire industry chain by 2030 [2] - The company integrates "green genes" into product design and manufacturing processes, continuously exploring low-carbon pathways in collaboration with industry partners [2] Group 3 - During the exhibition, the company presented its villa space solution tailored for the high-end home decoration market, utilizing a global user big data model to create a comfortable ecological space for villa users [3] - The solution integrates cooling, underfloor heating, fresh air, dehumidification, and humidification systems, employing AI algorithms for self-operation and self-sensing [3] - The low-carbon matrix includes internationally recognized products such as water-source multi-connected machines and photovoltaic multi-connected machines, designed to meet diverse air demand scenarios in industrial parks and super high-rise buildings [3]

丨 来源：新华社客户端 2025-03-07 一对一协助排忧解难 深交所持续走访上市公司 上交所启动百家民营企业大调研 深入一线问计问需 切实推动解决实际问题 增强民企发展信心 近期，深交所持续走访调研上市公司，深入了解上市公司当前遇到的实际困难、问题和诉 求建议，针对性提供一对一"答疑解惑"，着力协助上市公司排忧解难，进一步支持上市公司更 好发展。 记者获悉，自2024年11月以来至目前，深交所已走访调研北京、上海、广东、浙江、江 苏、山东等地逾90家上市公司。汇川技术、德赛西威、三花智控等相关上市公司在与深交所交 流时表示，将好好把握来之不易的优势，保持战略定力，以实现更长远的发展目标，为投资者 创造更多价值。 走访调研中，深市上市公司介绍了近年来聚焦主业、深耕产业实现高质量发展的实践经 验，提出了在关键核心技术攻关、开辟发展新领域新赛道、塑造发展新动能新优势等方面存在 的问题和困难，还对如何利用资本市场推动自主创新、塑造发展新动能新优势提出意见建议。 不久前，德赛西威43.99亿元定增获证监会批文，是资本市场支持下加速产品智能化升级 的案例之一。"本次向特定对象发行股票有利于德赛西威通过有序的产能扩张提 ...