公司是一家专业从事暖通家居产品和暖通零配件的研发、设计、生产和销售的高新技术企业。公司本次 拟募集资金6.65亿元，募集资金拟投资于年产100万套毛巾架自动化生产线建设项目、年产130万套毛巾 架自动化生产线技改升级项目、补充流动资金。本次发行保荐机构为浙商证券股份有限公司。 财务数据显示，2020年—2022年公司实现营业收入分别为5.57亿元、8.00亿元、7.62亿元，实现净利润 分别为1292.72万元、7007.60万元、9313.10万元。增幅方面，2022年公司营业收入下降4.73%，净利润 同比增长32.90%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计，根据深交所发行上市审核进度，5月26日，艾芬达首发申请审核状态变更为"提 交注册"，公司首发获深交所上市委审议通过日期为2023年4月27日。 公司主要财务指标 | 财务指标/时间 | 2022年 | 2021年 | 2020年 | | --- | --- | --- | --- | | 营业收入（万元） | 76221.75 | 80006.28 | 55652.00 | | 归属母公司股东的净利润（万元） | 9313.1 ...

Core Viewpoint - The forum focused on the critical issue of updating high-energy-consuming equipment under the "dual carbon" goals, highlighting the importance of energy efficiency in the HVAC and refrigeration industry [1][2]. Group 1: Event Overview - The forum was held on May 23 in Xi'an, organized by the Shaanxi HVAC and Refrigeration Industry Association, attracting industry experts and company representatives [1]. - Xi'an Standard Industrial Co., Ltd. showcased its innovative technologies and strategic layout, marking its significant contribution to the green transformation of the HVAC industry [1]. Group 2: Key Presentations - Lin Jun, a senior industry consultant from Standard Co., delivered a keynote speech on building a "Standard Efficient Refrigeration Room," analyzing the construction path from planning, equipment selection, intelligent control, to energy efficiency management [2]. - Pan Dong, the Deputy General Manager and General Manager of the Digital Technology Division at Standard Co., reiterated the positive value of efficient refrigeration room solutions from the perspectives of industry value, technological innovation, and development opportunities [2]. Group 3: Future Directions - The successful forum marked an important step in energy efficiency improvement actions in the HVAC field in Shaanxi Province, emphasizing that updating high-energy-consuming equipment is essential for the green transformation of the industrial sector [2]. - Standard Co. plans to focus on optimizing intelligent control systems and upgrading energy efficiency management to enhance its digital service capabilities in HVAC solutions, aiming to meet the evolving market demands with practical low-carbon solutions [2].

Summary of Trane Technologies (TT) FY Conference Call - May 21, 2025 Company Overview - **Company**: Trane Technologies (TT) - **Industry**: Commercial HVAC and related technologies Key Financial Performance - **Revenue Growth**: Reported a 12% CAGR over the last four years [4] - **EPS Growth**: Achieved over 20% EPS growth each year for the past four years [5] - **Free Cash Flow**: Average of 108% free cash flow as a percentage of net income over the last four years [5] - **2025 Guidance**: Expected revenue growth of 78% and EPS between $12.70 to $12.90, with a strong outlook for free cash flow [5] Business Segments and Market Trends - **Americas Focus**: The Americas is the largest and most important region for Trane, with a strong emphasis on customer service and innovation [8][9] - **Commercial HVAC Growth**: Significant growth in the commercial HVAC sector, with applied business growth of 200% over the last four years [10] - **Product Innovation**: Launched 190 new products last year, indicating a strong innovation pipeline [10] - **Residential Market**: Experienced high teens growth in the first quarter, but expects mid-single digits for the total year due to market conditions [14][16] - **Tariff Impact**: Estimated unmitigated impact from tariffs at $250 to $275 million, with recent changes potentially reducing this amount [21][22] Competitive Advantages - **Manufacturing Strategy**: 95% of products sold in the U.S. are manufactured domestically, providing a competitive edge over competitors reliant on imports [25][32] - **Supply Chain Resilience**: Focus on regional manufacturing and a robust supply chain strategy to mitigate tariff impacts and ensure operational flexibility [23][24] Market Dynamics - **Transport Market**: Anticipated decline of 20% in the transport market, with expectations of recovery in 2026 and 2027 [39][40] - **Applied Systems**: Strong growth in applied systems, with a healthy pipeline and a focus on diverse verticals [46][48] - **K-12 Education**: Stable environment in K-12 education, with ongoing opportunities despite reduced funding from ESSER [52][54] Technology and Future Outlook - **Brainbox AI Acquisition**: Acquisition of Brainbox AI enhances building automation capabilities, expected to save customers up to 25% on energy costs [80][81] - **Cloud-Based Solutions**: Introduction of cloud-based building management systems to improve operational efficiency [82] - **Long-Term Growth**: Confidence in continued growth across various verticals, with a focus on innovation and customer service [46][60] Additional Insights - **Market Divergence**: Notable divergence in market performance across different sectors, with some experiencing growth while others face challenges [13] - **Data Center Growth**: Data centers remain a strong vertical, with normalized order rates providing better visibility for future growth [61] This summary encapsulates the key points discussed during the Trane Technologies FY Conference Call, highlighting the company's financial performance, market dynamics, competitive advantages, and future growth strategies.

Core Insights - Bosch achieved a sales revenue of €90.3 billion for the fiscal year 2024, with an EBIT margin of 3.5% [1][4] - Bosch's sales in China reached ¥142.7 billion, reflecting a year-on-year growth of 2.7% [4][5] - The company plans to focus on electrification and smart technology in its future investments in China [5] Financial Performance - For fiscal year 2024, Bosch's sales decreased by 1.4% compared to the previous year, with an adjusted decline of 0.5% after currency effects [4] - The EBIT for Bosch was €3.1 billion, maintaining a profit margin of 3.5% [4] - In Q1 2025, Bosch's sales grew by 4% year-on-year [4] Investment Strategy - Over the past decade, Bosch has invested more than ¥60 billion in China [1][5] - Bosch's venture capital arm established a new €250 million fund to support innovative Chinese startups [4][5] - The company emphasizes collaboration with local enterprises to enhance its presence in electrification and smart technology sectors [5] Future Outlook - Bosch aims for an annual sales growth of 6% to 8% by 2030, with a target EBIT margin of 7% by 2026 [4] - The establishment of Bosch Electric Drive Systems (Nanchang) Co., Ltd. in early 2025 will focus on electric drive systems for light commercial vehicles [5] - Bosch plans to integrate HVAC businesses from Johnson Controls and Hitachi as part of its comfort technology strategy [5]

中化新网讯 "热泵正逐步替代传统燃煤锅炉。据中研普华产业研究院预测，到2025年，我国热泵市场规 模有望突破千亿元，其中光伏热泵细分赛道年增速预计超过50%。"在近日于上海新国际博览中心举行 的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上传递出这一信息。 本届展会上还出现了一个新场景：展商们把融入自研"看家技术"的主流大型设备搬到了现场。一台台精 密的热泵机组嗡嗡运转、数据中心冷却系统闪烁着蓝光、冷链物流装备整齐排列、AI控制的智能温控 系统正实时调整参数。 在青岛北冰洋科技公司展区，一台多工况应用大压比离心机组正模拟演示着以企业自研的双轴伸大压比 离心压缩机实现单电机驱动下的多级压缩。另一台复叠离心式超高温机组，则可实现高温出水达 140℃，亦可实现蒸汽制取，能满足化工与石油炼化、食品与饮料加工等多种场景的高温需求。相比传 统锅炉，该设备采用低温级循环从环境余热中提取热量，确保高效稳定的强力供能。该公司总经理王进 杰介绍说，传统热泵技术受制于压缩机和冷媒性能，出水温度多停留在60℃至80℃区间，难以满足工业 高温需求。而北冰洋99℃大压比热泵离心机组通过超高效离心压缩机技术、新型环保冷媒适配与 ...

Financial Data and Key Metrics Changes - Total net sales increased by 22.9% year over year to $322.1 million, up from $262.1 million in Q1 2024 [16][10] - Gross profit decreased by 6.4% to $86.4 million, with gross margin at 26.8% compared to 35.2% in Q1 2024 [18][12] - Diluted earnings per share was $0.35, down 23.9% from a year ago, while adjusted earnings were $0.37, down 20% [22][18] - Cash flow used in operations was $9.2 million compared to cash flows provided by operations of $92.4 million in the same period last year [23] Business Line Data and Key Metrics Changes - Sales of Basics branded equipment surged by 374.8%, driven by strong demand for airside and liquid cooling solutions for data centers [11][25] - Aon branded equipment sales declined by 19.1%, primarily due to weak bookings and production issues related to rooftop units [11][17] - Gross margin at the Aon Oklahoma segment decreased by 1380 basis points to 23.5%, while gross margins at the Basics and Aon Coil Products segments improved by 350 and 100 basis points, respectively [19][26] Market Data and Key Metrics Changes - Total backlog reached a record level of $1 billion, up 83.9% year over year and 18.4% quarter over quarter [13][29] - Backlog of Aon branded equipment increased by 44.9% year over year and 23.4% quarter over quarter, indicating strong demand [29][14] - Backlog of Basics branded equipment rose by 122.7% year over year and 15.4% quarter over quarter, driven by robust bookings [33][14] Company Strategy and Development Direction - The company focuses on three strategic pillars: leading in innovation and custom solutions, driving sustainable organic growth, and being a best-in-class operator [7][9] - The development of heat pumps and liquid cooling solutions is a key part of the company's strategy to drive market share gains [10][8] - The company aims to enhance operational efficiencies and expand production capacity, particularly in the Basics and Aon Coil Products segments [34][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of production volumes and profitability in the second quarter, despite ongoing macroeconomic uncertainties [31][31] - The sentiment across the sales channel remains upbeat, with expectations of continued market share gains [32][31] - Management anticipates full-year sales growth in the mid to high teens, with gross margins similar to those realized in 2024 [36][36] Other Important Information - The company plans to host an Investor Day on June 10 in New York City [38] - Capital expenditures for 2025 are expected to be approximately $220 million [24] Q&A Session Summary Question: What does K to 12 public bid data indicate about industry pricing? - Management noted that the Aon price premium has contracted, allowing for increased competitiveness and market share [46] Question: What is the current market share in national accounts? - Management indicated that while current market share is low, there is significant acceleration in national account activity, particularly with the Alpha Class product line [48] Question: How did the rooftop business perform in terms of orders? - Management confirmed that pushouts from the previous quarter have rebounded, and there is a traditional strengthening of orders [60] Question: What is the outlook for the Oklahoma business? - Management stated that the guidance remains unchanged, with uncertainty primarily in Q4 due to macroeconomic factors [100] Question: How is the company positioned regarding tariffs? - Management expressed confidence in their vertical integration and reliance on US partners, which mitigates tariff impacts compared to competitors [92] Question: What is the diversification of customers within the Basics branded products? - Management emphasized ongoing efforts to diversify the customer base and reduce reliance on any single customer [95]

Financial Data and Key Metrics Changes - Total net sales increased by 22.9% year over year to $322.1 million from $262.1 million in Q1 2024, driven by a 374.8% increase in Basics branded equipment sales [15][9] - Gross profit decreased by 6.4% to $86.4 million, with gross margin at 26.8% compared to 35.2% in Q1 2024 [17][18] - Diluted earnings per share was $0.35, down 23.9% from a year ago, while adjusted earnings were $0.37, down 20% [21][22] - Total backlog reached a record level of $1 billion, up 83.9% year over year and 18.4% quarter over quarter [12][29] Business Line Data and Key Metrics Changes - Sales of Basics branded equipment were up 374.8%, while Aon branded equipment sales declined by 19.1% [9][16] - Gross margin at the Basics segment increased by 350 basis points to 24%, while Aon Coil Products gross margin rose by 100 basis points to 34.6% [26] - Aon Oklahoma segment sales decreased by 23%, primarily due to weak bookings and supply chain issues related to new refrigerants [16][27] Market Data and Key Metrics Changes - Backlog of Aon branded equipment was $44 million, up 44.9% year over year and 23.4% quarter over quarter [29] - Backlog of Basics branded equipment was $623 million, up 122.7% year over year and 15.4% quarter over quarter [33] Company Strategy and Development Direction - The company focuses on three strategic pillars: leading in innovation, driving sustainable organic growth, and being a best-in-class operator [6][7] - The development of heat pumps and custom air solutions is expected to drive market share gains at profitable levels [8] - The company aims to increase production rates significantly in the second quarter, leveraging a strong backlog [12][30] Management's Comments on Operating Environment and Future Outlook - Management noted that while the macroeconomic environment remains uncertain, the sentiment across the sales channel is relatively upbeat [31] - The company anticipates production and profitability improvements in the second quarter, driven by a strong backlog and abating supply chain issues [31][34] - The full-year outlook remains unchanged, with expectations for mid to high teens sales growth and gross margins similar to 2024 [36] Other Important Information - The company plans to host an Investor Day on June 10 in New York City [37] - Capital expenditures for 2025 are anticipated to be approximately $220 million [24] Q&A Session Summary Question: What does K-12 public bid data indicate about industry pricing? - Management indicated that Aon's price premium has contracted, allowing for increased market share [44] Question: What is the current market share for national accounts? - National accounts are currently low in Aon's portfolio, but there is noticeable acceleration in activity and adoption of Aon's products [46][48] Question: How did the rooftop business perform in terms of orders? - Management noted that pushouts from the previous quarter have rebounded, and there is a traditional strengthening of orders [56][60] Question: What is the outlook for the Oklahoma business? - The full-year revenue guidance remains unchanged, with uncertainty primarily in Q4 due to macroeconomic factors [102][104] Question: How is the company positioned regarding tariffs? - Aon is better positioned than competitors due to vertical integration and reliance on US manufacturing, though some tariff impacts are expected [92][94]

Financial Data and Key Metrics Changes - The company reported sales of $5.2 billion with 2% organic sales growth, including about 2 points from price increases [15][16] - Adjusted EPS was $0.65, up 27% year over year, driven by strong productivity performance [17][18] - Free cash flow for the quarter was $420 million, stronger than expected, driven by higher net income and lower capital expenditures [18][19] Business Line Data and Key Metrics Changes - Climate Solutions Americas (CSA) segment had organic sales growth of 9%, with residential and commercial sales up around 20% each [19][20] - Climate Solutions Europe (CSE) saw organic sales down 7%, with mid-single-digit growth in commercial offset by a decline in residential light commercial [21] - Climate Solutions Asia, Middle East, and Africa (CS AME) experienced a 6% decline in organic sales, primarily due to weakness in residential China [23] - Transportation segment's organic sales were up 2%, driven by a 20% increase in container sales [24] Market Data and Key Metrics Changes - Total company backlog was up about 10% year over year and 15% sequentially [4] - Organic orders momentum continued, with high single-digit growth across most segments except CS AME, where orders were down [24] Company Strategy and Development Direction - The company is focused on driving sustained growth through differentiated products, aftermarket services, and systems [5][6] - A new partnership with Google was announced to enhance grid resilience and support smarter energy management [8] - The company is committed to mitigating tariff exposure through supply chain and productivity actions, with a balance of $300 million via price increases [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit organic sales growth for the full year, with adjusted EPS guidance increased to $3 to $3.1 [13][28] - The macroeconomic environment remains uncertain, but the company is focused on customer needs and investing in differentiation [13][28] Other Important Information - The company is on track to achieve over $200 million in cost synergies by the end of next year [10] - The new German coalition government supports heat pump subsidies and infrastructure investments, which is expected to boost demand [11] Q&A Session Summary Question: Confirmation of Q2 guidance and EPS expectations - Management confirmed expectations of mid-single-digit organic growth and sales of about $6 billion for Q2, with adjusted EPS growth close to 20% [30][31] Question: Insights on the Americas segment performance - The residential side is expected to see high single-digit to low double-digit growth, while light commercial is projected to decline by about 10% for the full year [38][40] Question: Clarification on tariffs and pricing impact - The company has effectively mitigated most tariff impacts, with $300 million remaining to be offset through pricing [35][114] Question: Update on Viasman and margin expectations - Management expects Viasman to remain flat for the year, with margin improvement anticipated in the low teens [55][59] Question: Dynamics of free cash flow in the quarter - Free cash flow was stronger than typical for Q1, driven by lower working capital use [104][105] Question: Service business growth and initiatives - The service business is expected to continue double-digit growth, with initiatives to harmonize operations globally [106][110]

Financial Data and Key Metrics Changes - The company reported sales of $5.2 billion with 2% organic sales growth, including about 2 points from price increases [16][17] - Adjusted EPS was $0.65, up 27% year over year, driven by strong productivity performance [18] - Free cash flow for the quarter was $420 million, stronger than expected due to higher net income and lower capital expenditures [18][19] Business Line Data and Key Metrics Changes - The Climate Solutions Americas (CSA) segment had organic sales growth of 9%, with residential and commercial sales up around 20% each [19][20] - The Climate Solutions Europe (CSE) segment saw organic sales down 7%, with mid single-digit growth in commercial offset by a 10% decline in residential light commercial [21] - The Climate Solutions Asia, Middle East, and Africa (CS AME) segment experienced a 6% decline in organic sales, primarily due to weakness in residential China [23] - The Commercial Systems Transportation (CST) segment had organic sales up 2%, driven by a 20% increase in container sales [24] Market Data and Key Metrics Changes - Total company backlog was up about 10% year over year and 15% sequentially [6] - Organic orders momentum continued with high single-digit growth across most segments, except for CS AME [25] - In the Americas, organic sales growth is expected to pick up in the second quarter, with mid-teens growth anticipated [33] Company Strategy and Development Direction - The company is focused on driving sustained growth through differentiated products, aftermarket services, and systems integration [7][8] - A new partnership with Google aims to enhance grid resilience and support smarter energy management [10] - The company is committed to mitigating tariff exposure through supply chain and productivity actions, with a focus on maintaining competitive pricing [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit organic sales growth for the full year, with strong margin expansion and close to 20% adjusted EPS growth anticipated [28] - The macroeconomic environment remains uncertain, but the company is focused on customer needs and investing in differentiation [15][14] - Management noted that the new German coalition government supports climate goals, which is expected to drive demand for heat pumps [12] Other Important Information - The company repurchased $1.3 billion worth of shares in the quarter and plans to target $3 billion in share repurchases for 2025 [19] - Adjusted operating profit increased by 10% compared to last year, driven by strong productivity and pricing [17] Q&A Session Summary Question: Confirmation of Q2 guidance and EPS - Management confirmed expectations of mid-single-digit organic growth and approximately $6 billion in sales for Q2, with adjusted EPS growth close to 20% [30][31] Question: Insights on the Americas segment performance - Management indicated that residential sales in the Americas are expected to be strong, with a potential increase in guidance for the full year [40][41] Question: Clarification on tariffs and pricing impact - Management stated that they have effectively mitigated most tariff impacts, with $300 million remaining to be offset through pricing [35][119] Question: Update on Viasman and margin expectations - Management expects Viasman to remain flat for the year, with margin improvements anticipated as the business integrates [58][63] Question: Discussion on commercial HVAC business growth - Management highlighted strong growth in the commercial HVAC sector, particularly in data centers, and noted that capacity increases have allowed for more aggressive sales efforts [66][123] Question: Inquiry about inventory levels and pre-buy effects - Management acknowledged elevated inventory levels but indicated that movement has been strong, with careful monitoring of distributor inventory [99][127]

美的楼宇科技锚定磁悬浮技术领域，研发突破了传统机械轴承的物理限制，通过磁悬浮轴承实现压缩机 转子的无摩擦悬浮运行，从而显著提升能效、可靠性和环境适应性。具体而言，这一技术通过电磁力支 撑转子，消除了机械接触带来的能量损耗（如摩擦阻力降低90%以上），并结合变频控制技术实现 10%-100% 的无级冷量调节，彻底解决了传统离心机在低负荷运行时易发生的 "喘振" 问题。 2024年上半年，中国磁悬浮离心机市场逆势增长，美的、海尔等国产品牌占据主导地位，代表未来全球 离心机市场的新力量。 美的楼宇科技事业部水机产品公司总经理兼研发总监骆名文早前表示，现在离心式冷水机组的发展趋势 转向无油化，因为其更符合绿色低碳的发展要求，其中，磁悬浮无疑是一个很重要的方向。 4月29日，美的集团发布的2025年第一季度财报显示，营业总收入1284亿元，同比增长20.6%；净利润 127.5亿元，同比增长41.1%；归母净利润124亿元，同比增长38.0%，净利率9.9%。 就在前不久，第36届国际制冷、空调、供暖、通风及食品冷冻加工展览会（简称"2025中国制冷展"）于 4月27日-29日在上海举行，美的集团旗下美的楼宇科技展示自 ...